Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

Sherwin-Williams Co., consolidated statement of comprehensive income

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	2,681,400)	2,388,800)	2,020,100)	1,864,400)	2,030,400)
Foreign currency translation adjustments	(256,000)	93,900)	(108,700)	(30,600)	(14,100)
Amounts recognized in AOCI	23,000)	3,900)	106,800)	48,700)	(19,400)
Amounts reclassified from AOCI	(14,200)	(17,900)	3,700)	6,300)	1,400)
Pension and other postretirement benefit adjustments	8,800)	(14,000)	110,500)	55,000)	(18,000)
Amounts reclassified from AOCI	(3,700)	(3,600)	(4,000)	(4,500)	(6,700)
Unrealized net gains (losses) on cash flow hedges	(3,700)	(3,600)	(4,000)	(4,500)	(6,700)
Other comprehensive income (loss), net of tax	(250,900)	76,300)	(2,200)	19,900)	(38,800)
Comprehensive income	2,430,500)	2,465,100)	2,017,900)	1,884,300)	1,991,600)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Net Income: Net income demonstrated variability over the five-year period, initially declining from 2,030,400 thousand US dollars in 2020 to 1,864,400 thousand US dollars in 2021. This was followed by a moderate recovery in 2022 to 2,020,100 thousand US dollars and a further increase in 2023 and 2024, reaching 2,388,800 and 2,681,400 thousand US dollars respectively. Overall, the trend suggests a strong upward movement in profitability toward the end of the period.
Foreign Currency Translation Adjustments: These adjustments fluctuated notably, starting with a negative figure of -14,100 thousand US dollars in 2020 and progressively worsening to -108,700 thousand US dollars in 2022. A significant positive adjustment occurred in 2023 at 93,900 thousand US dollars, which then swung back sharply to -256,000 thousand US dollars in 2024, indicating heightened foreign exchange volatility affecting the company.
Amounts Recognized in Accumulated Other Comprehensive Income (AOCI): This line showed variability with a transition from a negative balance of -19,400 thousand US dollars in 2020 to positive balances in 2021 and 2022 at 48,700 and 106,800 thousand US dollars respectively. It then dropped to 3,900 thousand US dollars in 2023 before increasing to 23,000 thousand US dollars in 2024, suggesting fluctuating but overall improving unrealized gains or losses recognized in equity.
Amounts Reclassified from AOCI: Amounts reclassified from AOCI displayed modest positive values in the initial years, peaking at 6,300 thousand US dollars in 2021, before turning negative in both 2023 and 2024 (-17,900 and -14,200 thousand US dollars respectively). This reversal indicates increased reclassification losses in recent years.
Pension and Other Postretirement Benefit Adjustments: These adjustments experienced significant oscillation, moving from a negative element of -18,000 thousand US dollars in 2020 to positive figures in 2021 and 2022 (55,000 and 110,500 thousand US dollars). However, the trend reversed in 2023 recording -14,000 thousand US dollars before returning to a positive 8,800 thousand US dollars in 2024. This reflects the volatility in actuarial gains or losses and benefit plan costs.
Unrealized Net Gains (Losses) on Cash Flow Hedges: The unrealized net gains or losses on cash flow hedges have shown consistent negative values, ranging narrowly from -6,700 thousand US dollars in 2020 to around -3,700 thousand US dollars in 2024. The relatively small variation over time indicates maintained exposure to hedging regimes with consistent unrealized losses.
Other Comprehensive Income (Loss), Net of Tax: Other comprehensive income or loss net of tax displayed considerable volatility, starting with a loss of -38,800 thousand US dollars in 2020, improving to a gain of 19,900 thousand US dollars in 2021. This was followed by a slight loss of -2,200 thousand US dollars in 2022, a gain of 76,300 thousand US dollars in 2023, and a steep loss of -250,900 thousand US dollars in 2024. The fluctuations suggest fluctuating market and currency impacts on comprehensive income, with a sizeable adverse impact in the final year.
Comprehensive Income: Comprehensive income broadly followed net income trends but with less fluctuation overall. It started at 1,991,600 thousand US dollars in 2020, slightly decreased in 2021 to 1,884,300 thousand US dollars, increased progressively to peak at 2,465,100 thousand US dollars in 2023, and slightly declined to 2,430,500 thousand US dollars in 2024. This indicates that despite currency and other comprehensive income volatility, overall comprehensive income maintained an upward trajectory.

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Sherwin-Williams Co. (NYSE:SHW)

Statement of Comprehensive Income