Analysis of Reportable Segments
Sherwin-Williams Co. operates in 3 segments: Paint Stores Group; Consumer Brands Group; and Performance Coatings Group.
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Segment Profit Margin
Sherwin-Williams Co., profit margin by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group |
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).
The annual reportable segment profit margin data reveals distinct trends and fluctuations across the three business groups over the observed five-year period.
- Paint Stores Group
- The profit margin for this segment showed a general decline from 22.09% in 2020 to 19.63% in 2022, indicating a period of decreasing profitability. However, margins recovered strongly in the subsequent years, reaching 22.28% in 2023 and slightly declining to 22.01% in 2024. This pattern suggests increased cost control or improved pricing strategies after 2022, leading to stabilization and a return to earlier profitability levels.
- Consumer Brands Group
- This segment experienced a steady decline in profit margin from 8.6% in 2020 to a low of 3.6% in 2023, reflecting significant margin pressure over these years. In 2024, there is a marked improvement to 7.01%, indicating a notable recovery. The initial decline might suggest challenges such as increased costs, competitive pressures, or operational inefficiencies, while the later upturn could result from strategic adjustments, cost reductions, or market improvements.
- Performance Coatings Group
- The profit margins in this group displayed variability but an overall positive trend. Margins decreased from 9.88% in 2020 to 7.9% in 2021, followed by consistent growth over the next three years, achieving 15% in 2024. This steady improvement could demonstrate successful initiatives in product mix enhancement, operational efficiency, or pricing power, driving higher profitability over time.
In summary, while the Paint Stores Group experienced a dip and then recovery in margins, the Consumer Brands Group saw a sharp margin decline with a subsequent partial recovery. The Performance Coatings Group showed initial softness but followed by sustained margin expansion. These trends indicate differing operational and market conditions across segments, potentially guiding strategic focus areas for enhancing profitability in the future.
Segment Profit Margin: Paint Stores Group
Sherwin-Williams Co.; Paint Stores Group; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income before income taxes | |||||
| Net sales and intersegment transfers | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2024 Calculation
Segment profit margin = 100 × Income before income taxes ÷ Net sales and intersegment transfers
= 100 × ÷ =
The analysis of the annual data for the Paint Stores Group segment reveals several notable trends over the five-year period ending in 2024.
- Income Before Income Taxes
- Income before income taxes exhibits a generally increasing trend with some fluctuations. Starting at 2,294,100 thousand US dollars in 2020, it decreased slightly in 2021 to 2,182,200 thousand US dollars. Afterward, it increased steadily in 2022, 2023, and 2024, reaching 2,902,600 thousand US dollars in 2024, which represents an overall growth of approximately 26.5% over the five years. This indicates an improvement in profitability before tax expenses, particularly marked by the substantial growth observed between 2022 and 2023.
- Net Sales and Intersegment Transfers
- Net sales and intersegment transfers show a consistent upward trajectory throughout the period. Sales increased from 10,383,200 thousand US dollars in 2020 to 13,188,000 thousand US dollars in 2024. This growth signifies approximately a 27% increase in sales, suggesting expanding market demand or increased sales volume. The year-over-year growth is steady, with no apparent declines or stagnation.
- Segment Profit Margin
- The segment profit margin demonstrates some variability but generally remains within a narrow range around 20%. It started at 22.09% in 2020, declined to a low of 19.63% in 2022, and then recovered to 22.28% in 2023 before slightly decreasing to 22.01% in 2024. The margin dip in 2021 and 2022 may indicate increased costs or pricing pressures during that period, while the recovery in subsequent years suggests an improvement in operational efficiency or pricing power.
Overall, the Paint Stores Group shows strong sales growth and increasing income before taxes with a relatively stable profit margin. The rebound in profit margin after 2022 highlights a positive shift in profitability despite earlier margin compression. These trends suggest effective management of costs and sales expansion over the analyzed period.
Segment Profit Margin: Consumer Brands Group
Sherwin-Williams Co.; Consumer Brands Group; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income before income taxes | |||||
| Net sales and intersegment transfers | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2024 Calculation
Segment profit margin = 100 × Income before income taxes ÷ Net sales and intersegment transfers
= 100 × ÷ =
- Net Sales and Intersegment Transfers
- The net sales and intersegment transfers exhibited an overall upward trend from 2020 to 2022, increasing from approximately $6.74 billion to $8.60 billion. However, this growth plateaued in 2023 and slightly declined in 2024, with values near $8.60 billion and $8.41 billion respectively. This suggests a period of rapid expansion followed by stabilization and a minor decrease in sales volume or pricing.
- Income Before Income Taxes
- Income before income taxes demonstrated significant volatility over the five-year span. Starting at $579.6 million in 2020, it sharply declined to $415.3 million in 2021 and further dropped to the lowest point of $309.3 million in 2023. In the subsequent year, 2024, it recovered substantially to $589.9 million, surpassing the initial 2020 level. This fluctuation indicates challenges in profitability during the middle years, with a strong recovery in the most recent period.
- Segment Profit Margin
- The segment profit margin followed a downward trajectory from 8.6% in 2020 to a low of approximately 3.6% in 2023. Notably, the margin showed a rebound in 2024, increasing to 7.01%, which, while still below the 2020 peak, represents significant improvement compared to the previous three years. The profit margin trend mirrors the fluctuations seen in pre-tax income, suggesting that profitability pressures were alleviated in the final year.
- Overall Insights
- The data reveals that while net sales grew impressively in the early part of the observed period, they stagnated and slightly declined towards the end. Simultaneously, income before taxes and profit margins faced considerable declines, indicating increasing cost pressures or reduced operational efficiency between 2021 and 2023. The marked recovery in 2024 points to effective corrective measures or favorable market conditions that restored profitability closer to earlier levels despite slightly lower sales.
Segment Profit Margin: Performance Coatings Group
Sherwin-Williams Co.; Performance Coatings Group; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income before income taxes | |||||
| Net sales and intersegment transfers | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2024 Calculation
Segment profit margin = 100 × Income before income taxes ÷ Net sales and intersegment transfers
= 100 × ÷ =
The reportable segment exhibits notable variations in financial performance over the five-year period. Income before income taxes exhibits an upward trajectory from 2020 through 2024, starting at 500,100 thousand US dollars and increasing to 1,027,900 thousand US dollars by the end of 2024. This represents a substantial improvement, suggesting enhanced profitability and operational efficiency over time.
Net sales and intersegment transfers show a general increase from 5,059,500 thousand US dollars in 2020 to a peak of 7,040,900 thousand US dollars in 2023, before experiencing a slight decline to 6,854,100 thousand US dollars in 2024. This growth trend until 2023 indicates strong revenue generation capabilities, although the slight decrease in the final year could indicate emerging challenges or market adjustments.
The segment profit margin percentage, a critical measure of profitability, follows a fluctuating but overall positive trend. It declines from 9.88% in 2020 to 7.9% in 2021 but subsequently recovers and rises steadily to 15% by the end of 2024. The decline in 2021 may reflect increased costs or competitive pressures, whereas the subsequent increases highlight effective cost management and improved profit generation relative to sales.
- Income before income taxes
- Increased significantly, more than doubling over the period, reflecting strengthened profitability.
- Net sales and intersegment transfers
- Demonstrated consistent growth through 2023, followed by a modest reduction in 2024, indicating a potential market contraction or strategic shifts.
- Segment profit margin
- Experienced an initial decline but improved substantially after 2021, reaching its highest point in 2024 which indicates enhanced operational performance and cost control.
Overall, the segment exhibits robust financial health characterized by growing profitability and strong sales performance through 2023, with slight signs of revenue pressure in 2024. The improving profit margin suggests effective management strategies aimed at maximizing returns despite fluctuating sales volumes.
Segment Return on Assets (Segment ROA)
Sherwin-Williams Co., ROA by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group |
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).
The data indicates varying trends in the Return on Assets (ROA) across three reportable segments over the five-year period.
- Paint Stores Group
- ROA for this segment remained relatively stable from 2020 to 2022, with percentages fluctuating modestly between 39.67% and 42.59%. A marked increase occurred in 2023, reaching 49.79%, followed by a slight decline to 49.38% in 2024. Overall, the segment demonstrates strong asset profitability with a significant improvement from 2022 onward.
- Consumer Brands Group
- This group shows a declining trend from 2020 to 2022, where ROA decreased from 10.76% to 4.66%, stabilizing at that level in 2023. However, in 2024, the ROA rose to 8.61%, indicating a partial recovery after three years of decline and stagnation. The ROA remains markedly lower compared to the Paint Stores Group.
- Performance Coatings Group
- The segment exhibits consistent growth in ROA throughout the period. Starting at 6.2% in 2020, it experienced a slight drop to 5.8% in 2021, but subsequently showed steady increases each year, reaching 13.1% in 2024. This trend suggests improving asset utilization and profitability in this segment.
In summary, the Paint Stores Group maintains the highest ROA with a notable uplift in the latter years. The Consumer Brands Group faced challenges reducing its ROA until 2023, followed by recovery in 2024. The Performance Coatings Group steadily enhanced its profitability, more than doubling its ROA from 2021 to 2024. These insights reflect differential segment performance dynamics over the analyzed timeframe.
Segment ROA: Paint Stores Group
Sherwin-Williams Co.; Paint Stores Group; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income before income taxes | |||||
| Identifiable assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
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).
1 2024 Calculation
Segment ROA = 100 × Income before income taxes ÷ Identifiable assets
= 100 × ÷ =
The "Paint Stores Group" segment has exhibited several notable trends over the reported five-year period. The income before income taxes has demonstrated overall growth, with some fluctuations. Starting at 2,294,100 thousand US dollars in 2020, it slightly decreased in 2021 to 2,182,200 thousand US dollars, but then rose steadily in the subsequent years, reaching 2,908,600 thousand US dollars by 2024. This reflects an improvement in profitability in recent years.
Identifiable assets for the segment show a general upward trajectory, albeit with some variability. From 5,386,600 thousand US dollars in 2020, the assets increased to 5,501,300 thousand US dollars in 2021, continued to grow to 5,873,600 thousand US dollars in 2022, saw a minor decline to 5,745,300 thousand US dollars in 2023, and then returned to growth with 5,878,000 thousand US dollars in 2024. This pattern suggests ongoing investment and asset growth with minor adjustments in 2023.
The segment return on assets (ROA) exhibits an interesting pattern. Beginning at a high of 42.59% in 2020, it declined to 39.67% in 2021 and slightly recovered to 39.98% in 2022. A significant increase occurred in 2023, where ROA rose sharply to 49.79%, before a small decrease to 49.38% in 2024. The ROA levels in the last two years indicate enhanced efficiency in asset utilization by the segment.
- Income before income taxes
- Experienced a dip in 2021 but increased overall, peaking in 2024, indicating growing profitability.
- Identifiable assets
- Generally increased across the period with a slight pullback in 2023, representing continued investment in assets.
- Segment ROA
- Fell in 2021 and 2022 but saw a marked improvement in 2023 and 2024, reflecting better asset utilization and profitability.
Segment ROA: Consumer Brands Group
Sherwin-Williams Co.; Consumer Brands Group; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income before income taxes | |||||
| Identifiable assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
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).
1 2024 Calculation
Segment ROA = 100 × Income before income taxes ÷ Identifiable assets
= 100 × ÷ =
The analysis of the annual financial data for the Consumer Brands Group reveals several significant trends over the five-year period ending in 2024.
- Income before Income Taxes
- The income before income taxes experienced a marked decline from 579,600 thousand US dollars in 2020 to 309,300 thousand US dollars in 2023, representing a reduction of nearly 47%. This downward trend indicates a contraction in profitability or operational challenges during this period. However, in 2024, income before income taxes rebounded substantially to 589,900 thousand US dollars, surpassing the initial 2020 level. This recovery suggests improved operational efficiency, cost management, or possibly favorable market conditions towards the end of the period.
- Identifiable Assets
- Identifiable assets decreased slightly from 5,387,400 thousand US dollars in 2020 to 5,287,700 thousand US dollars in 2021, indicating a modest contraction. Subsequently, a significant increase occurred in 2022 to 6,749,600 thousand US dollars, followed by a slight decrease to 6,631,800 thousand US dollars in 2023. By 2024, assets further increased to 6,854,700 thousand US dollars. The overall trend from 2020 to 2024 shows an increase of approximately 27%, reflecting potential investment in assets, acquisitions, or capital expenditures that could support future growth.
- Segment Return on Assets (ROA)
- The segment ROA displayed a consistent downward trajectory from 10.76% in 2020 to 4.66% in 2022 and 2023, indicating diminishing efficiency in utilizing assets to generate income. Despite a modest recovery to 8.61% in 2024, the ROA remains below the 2020 peak. This pattern suggests that while asset utilization efficiency declined significantly during the middle years, there was some restoration of profitability relative to asset base in the final year analyzed.
In summary, the Consumer Brands Group experienced a notable decline in profitability and asset efficiency during the early to mid-period. This downturn could be attributed to external economic factors, competitive pressures, or internal operational challenges. The partial recovery in income before income taxes and segment ROA in 2024, alongside sustained growth in identifiable assets, indicates positive developments that may enhance future performance. However, compared to the initial years, asset utilization efficiency has yet to fully return to prior levels, highlighting areas for potential strategic focus.
Segment ROA: Performance Coatings Group
Sherwin-Williams Co.; Performance Coatings Group; segment ROA calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Income before income taxes | |||||
| Identifiable assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
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).
1 2024 Calculation
Segment ROA = 100 × Income before income taxes ÷ Identifiable assets
= 100 × ÷ =
An analysis of the annual performance data for the segment reveals several notable trends over the five-year period ending December 31, 2024.
- Income Before Income Taxes
- The income before income taxes demonstrates a fluctuating yet overall upward trajectory. Starting at approximately $500.1 million in 2020, the figure sees a slight decline in 2021 to $486.2 million. However, a marked recovery occurs in 2022, with income increasing substantially to $734.9 million. This upward momentum continues through 2023 and 2024, culminating in $991.6 million and $1.0289 billion, respectively. The data indicates significant growth in profitability from 2021 onwards.
- Identifiable Assets
- Identifiable assets exhibit modest variation over the timeframe, beginning at $8.07 billion in 2020 and rising slightly to $8.39 billion by 2021. Thereafter, a gradual decline takes place through the subsequent years, descending to $8.30 billion in 2022, $8.27 billion in 2023, and eventually $7.85 billion in 2024. This trend suggests a measured reduction in assets, possibly related to asset sales, depreciation, or revaluation processes, despite income growth.
- Segment Return on Assets (ROA)
- The segment ROA shows a consistent and significant improvement across the five years. Beginning at 6.2% in 2020, the metric slightly decreases to 5.8% in 2021, aligning with the dip in income during that year. However, a robust recovery follows, with ROA rising sharply to 8.86% in 2022, then jumping to 12% in 2023, and further to 13.1% in 2024. This progression highlights enhanced efficiency and profitability in asset utilization within the segment over time.
In summary, the segment experienced a slight downturn in income and return on assets in 2021, followed by substantial improvements in financial performance and asset efficiency in the subsequent years. Concurrently, identifiable assets have slightly decreased from their earlier peak, indicating possible strategic asset management amid growing income and profitability.
Segment Asset Turnover
Sherwin-Williams Co., asset turnover by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group |
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).
- Paint Stores Group
-
The asset turnover ratio for the Paint Stores Group demonstrated a consistent upward trend over the observed period from 2020 to 2024. Starting at 1.93 in 2020 and maintaining the same level in 2021, the ratio increased to 2.04 in 2022, followed by further rises to 2.23 in 2023 and 2.24 in 2024. This steady improvement indicates increasingly efficient use of assets in generating sales within this segment.
- Consumer Brands Group
-
The Consumer Brands Group exhibited more variability in asset turnover ratios during the period. The ratio increased from 1.25 in 2020 to 1.42 in 2021, suggesting an initial improvement in asset efficiency. However, the ratio declined to 1.27 in 2022, then saw a slight recovery to 1.30 in 2023, before decreasing again to 1.23 in 2024. Overall, this pattern reflects fluctuating efficiency levels, with a slight downward tilt toward the end of the period.
- Performance Coatings Group
-
The Performance Coatings Group showed a steady and moderate increase in asset turnover ratios from 0.63 in 2020 to 0.87 in 2024. The ratio grew incrementally each year, indicating progressive improvement in the capacity of this segment to generate revenue from its assets, though the overall efficiency remains lower compared to the other two segments.
Segment Asset Turnover: Paint Stores Group
Sherwin-Williams Co.; Paint Stores Group; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales and intersegment transfers | |||||
| Identifiable assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
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).
1 2024 Calculation
Segment asset turnover = Net sales and intersegment transfers ÷ Identifiable assets
= ÷ =
- Net Sales and Intersegment Transfers
- The data shows a consistent upward trend in net sales and intersegment transfers over the five-year period. Starting from $10,383.2 million in 2020, the figure increased steadily each year, reaching $13,188.0 million by 2024. This indicates continuous growth in revenue within the segment, with the most significant increase occurring between 2021 and 2022.
- Identifiable Assets
- Identifiable assets exhibited moderate fluctuations over the observed period. The assets increased from $5,386.6 million in 2020 to a peak of $5,873.6 million in 2022. However, there was a slight decline in 2023 to $5,745.3 million, followed by a rebound to $5,878.0 million in 2024. Overall, identifiable assets have remained relatively stable, with minor variations reflecting changes in asset management or capital investment.
- Segment Asset Turnover
- Segment asset turnover demonstrated a positive upward trend from 1.93 in 2020 and 2021 to 2.24 in 2024. The ratio increased gradually each year, suggesting improved efficiency in utilizing the segment's assets to generate sales. The steady growth in asset turnover ratio implies enhanced operational performance and better asset utilization over time.
- Summary
- The segment performed strongly in terms of sales growth, with consistent increases in net sales over the five-year period. Although identifiable assets experienced slight fluctuations, their overall level remained relatively stable. The improving asset turnover ratio further highlights enhanced efficiency in converting assets into revenue. Collectively, these trends suggest robust operational management and a strengthening sales position within the segment.
Segment Asset Turnover: Consumer Brands Group
Sherwin-Williams Co.; Consumer Brands Group; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales and intersegment transfers | |||||
| Identifiable assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
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).
1 2024 Calculation
Segment asset turnover = Net sales and intersegment transfers ÷ Identifiable assets
= ÷ =
The analysis of the annual data for the Consumer Brands Group segment reveals several notable trends over the five-year period from 2020 to 2024.
- Net Sales and Intersegment Transfers
- The net sales showed a consistent upward trend from 2020 through 2022, increasing from approximately $6.74 billion to $8.60 billion. However, sales stabilized in 2023, with a minimal decrease to about $8.60 billion, followed by a slight decline in 2024 to approximately $8.41 billion. This indicates strong growth in the initial years, followed by a plateau and a modest reduction in the most recent year.
- Identifiable Assets
- Identifiable assets exhibited a fluctuating trend. After a slight decrease from around $5.39 billion in 2020 to $5.29 billion in 2021, the assets increased significantly in 2022 to approximately $6.75 billion. This higher level of assets was relatively sustained, with minor variations through 2023 and 2024, ending at about $6.85 billion in 2024. This pattern suggests an initial consolidation or asset reduction phase, followed by an investment or acquisition period leading to asset growth.
- Segment Asset Turnover
- Segment asset turnover, a measure of efficiency in using assets to generate sales, increased from 1.25 in 2020 to 1.42 in 2021, indicating improved efficiency during this time. However, it decreased in 2022 to 1.27 and remained relatively stable around 1.30 in 2023 before declining to 1.23 in 2024. This indicates that despite higher asset levels, the efficiency in utilizing these assets for sales generation declined somewhat after 2021, suggesting possible diminishing returns or operational challenges affecting turnover.
Overall, the segment demonstrated strong sales growth accompanied by a significant increase in assets during the middle years. However, the recent years show signs of moderation in sales growth and a decrease in asset turnover, which may imply efficiency pressures or market challenges that warrant further management attention.
Segment Asset Turnover: Performance Coatings Group
Sherwin-Williams Co.; Performance Coatings Group; segment asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales and intersegment transfers | |||||
| Identifiable assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
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).
1 2024 Calculation
Segment asset turnover = Net sales and intersegment transfers ÷ Identifiable assets
= ÷ =
The Performance Coatings Group demonstrates notable trends over the five-year period ending December 31, 2024. Net sales and intersegment transfers show a steady increase from 2020 through 2022, rising from approximately $5.06 billion to nearly $7.00 billion. However, there is a slight decline in net sales in the subsequent two years, decreasing to about $6.85 billion by 2024.
Identifiable assets remain relatively stable throughout the period, with minor fluctuations. Starting at approximately $8.07 billion in 2020, the asset base increases slightly in 2021, reaching about $8.39 billion, before gradually decreasing to $7.85 billion by 2024. This suggests moderate asset management and possible divestitures or asset impairments in later years.
Segment asset turnover exhibits a consistent improvement across the years, indicating enhanced efficiency in utilizing assets to generate sales. The ratio climbs from 0.63 in 2020 to 0.87 in 2024. The upward trend suggests more effective asset deployment and potentially stronger operational performance despite the slight decline in net sales in the final years.
- Net Sales and Intersegment Transfers
- Increased steadily from 2020 to 2022, followed by a mild decline through 2023 and 2024.
- Identifiable Assets
- Generally stable with a slight peak in 2021 and a gradual reduction by 2024, indicating controlled asset base with potential optimization.
- Segment Asset Turnover
- Consistent improvement, rising from 0.63 to 0.87, signifying enhanced asset utilization and operational efficiency.
Overall, while net sales experienced a peak followed by a modest decrease, the efficiency in asset utilization improved notably. The slight reduction in assets paired with increased asset turnover points to better management practices or structural changes aimed at maintaining performance amid evolving market conditions.
Segment Capital Expenditures to Depreciation
Sherwin-Williams Co., capital expenditures to depreciation by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group |
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).
The capital expenditures to depreciation ratios for the annual reportable segments exhibit distinct trends over the five-year period from 2020 to 2024. These trends provide insight into the relative investment levels compared to asset depreciation within each segment.
- Paint Stores Group
- The ratio for this segment shows a consistent upward trajectory throughout the period. Starting at 0.88 in 2020, the ratio steadily increased each year, reaching 1.57 by 2024. This indicates a progressive increase in capital expenditures relative to depreciation, suggesting an ongoing expansion or reinvestment strategy within this segment. The continuous growth in the ratio signals an emphasis on enhancing or replacing assets at a rate exceeding their depreciation.
- Consumer Brands Group
- The Consumer Brands Group experienced significant fluctuations. The ratio rose sharply from 1.03 in 2020 to a peak of 2.34 in 2022, indicating strong capital investment in that year. However, after this peak, the ratio declined to 2.04 in 2023 and further decreased to 1.78 in 2024, though remaining above the 2020 level. This pattern suggests a period of intensified asset investment followed by a gradual reduction, possibly as the group moved from an expansion phase into a maintenance or optimization phase of capital investment.
- Performance Coatings Group
- This segment shows a different pattern with an initial increase in the ratio from 0.62 in 2020 to 1.37 in 2021, indicating a notable rise in capital expenditures relative to depreciation. However, after 2021, the ratio declines progressively, reaching 0.84 by 2024. The decreasing trend in recent years suggests a scaling back of capital investment relative to asset depreciation, which could imply a shift in strategic focus or possibly completion of major investment projects prior to 2022.
Overall, the Paint Stores Group demonstrates steady capital reinvestment growth, the Consumer Brands Group reflects a peak in investment followed by moderate reduction, and the Performance Coatings Group indicates a peak followed by a consistent decline in capital expenditures relative to depreciation. These varying patterns reflect differing strategic priorities and investment cycles across the segments.
Segment Capital Expenditures to Depreciation: Paint Stores Group
Sherwin-Williams Co.; Paint Stores Group; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Capital expenditures | |||||
| Depreciation | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation
= ÷ =
- Capital Expenditures
- Capital expenditures demonstrate a consistent upward trend over the five-year period. Starting at 63,900 thousand US dollars in 2020, the amount increased steadily each year, reaching 141,300 thousand US dollars by 2024. This represents more than a twofold increase, signaling significant investment growth within the segment.
- Depreciation
- Depreciation values show slight fluctuations but generally follow a moderate increasing trend. Beginning at 73,000 thousand US dollars in 2020, depreciation decreased marginally in 2021 to 71,300 thousand US dollars, then gradually rose each subsequent year to 89,900 thousand US dollars by 2024. This suggests a steady consumption of capital assets over time, although at a slower pace compared to capital expenditures.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation indicates accelerating investment relative to asset consumption. It starts below one at 0.88 in 2020, rising steadily to 1.57 by 2024. This upward trajectory implies that capital investments increasingly outpace depreciation, reflecting a strategy emphasizing asset growth and potential capacity expansion within the segment.
Segment Capital Expenditures to Depreciation: Consumer Brands Group
Sherwin-Williams Co.; Consumer Brands Group; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Capital expenditures | |||||
| Depreciation | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation
= ÷ =
- Capital Expenditures
- Capital expenditures increased substantially from 89,800 thousand US dollars in 2020 to a peak of 309,600 thousand US dollars in 2023, followed by a moderate decrease to 290,300 thousand US dollars in 2024. This indicates a significant investment surge in assets or projects during the 2021-2023 period, with a slight reduction in the most recent year.
- Depreciation
- Depreciation expenses exhibited a steady upward trend over the years, rising from 87,600 thousand US dollars in 2020 to 162,700 thousand US dollars in 2024. This consistent increase suggests growing asset bases or utilization of capital assets over time, reflecting ongoing depreciation of the capital expenditure investments.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation showed a marked increase from 1.03 in 2020 to a peak of 2.34 in 2022. Subsequently, this ratio declined to 2.04 in 2023 and further to 1.78 in 2024. The initial rise indicates the company was investing substantially more than it was depreciating, which aligns with the growth in capital expenditures. The recent decline suggests a normalization but still indicates capital expenditures exceeding depreciation by a notable margin.
- Overall Insights
- The data reflects a period of aggressive capital investment between 2021 and 2023, far surpassing depreciation levels, implying expansion initiatives or modernization efforts. The decrease in ratio and capital expenditures in 2024 may signal a strategic shift to a more conservative investment approach or the completion of major projects. Depreciation steadily rising indicates the accumulation and aging of fixed assets, consistent with the prior investment activity.
Segment Capital Expenditures to Depreciation: Performance Coatings Group
Sherwin-Williams Co.; Performance Coatings Group; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Capital expenditures | |||||
| Depreciation | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation
= ÷ =
- Capital Expenditures
- Capital expenditures exhibited significant volatility over the analyzed period. Starting at $43,000 thousand in 2020, there was a marked increase to $90,800 thousand in 2021. This was followed by a sharp decline to $38,700 thousand in 2022, and a continued downward trend to $15,200 thousand by the end of 2024. The data suggests a reduction in investment activity in recent years after a peak in 2021.
- Depreciation
- Depreciation expenses consistently declined throughout the period, beginning at $69,100 thousand in 2020 and decreasing steadily to $18,000 thousand in 2024. This decreasing trend may indicate asset base changes, such as asset disposals, reduced capital investment, or changes in depreciation policy or asset lifespan assumptions.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation showed fluctuation, starting at 0.62 in 2020 and peaking at 1.37 in 2021. It remained relatively stable at 1.33 in 2022 and 1.25 in 2023 before declining to 0.84 in 2024. The peak ratios in the early years indicate capital spending exceeded depreciation, suggesting asset base expansion or renewal, whereas the ratio below 1.0 in 2020 and 2024 points to periods where depreciation outpaced capital investments, signifying potential asset base contraction or aging assets.
Net sales and intersegment transfers
Sherwin-Williams Co., net sales and intersegment transfers by reportable segment
US$ in thousands
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group | |||||
| Administrative | |||||
| Consolidated totals |
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).
The data reveals distinct trends in net sales and intersegment transfers across different business segments over the five-year period from 2020 to 2024. Overall, the consolidated totals exhibited a steady increase until 2023, followed by a plateau in 2024.
- Paint Stores Group
- This segment shows consistent growth year-over-year. Starting at approximately 10.38 billion US dollars in 2020, net sales increased annually, reaching nearly 13.19 billion US dollars by 2024. The largest annual increase occurred between 2021 and 2022, reflecting robust expansion in this segment.
- Consumer Brands Group
- The Consumer Brands Group experienced growth from 2020 through 2022, with net sales rising from about 6.74 billion US dollars to 8.60 billion US dollars. However, a slight decline is observed in 2023 and 2024, where sales dipped marginally to around 8.42 billion US dollars by the end of 2024. This suggests some market challenges or saturation affecting this segment in the latter years.
- Performance Coatings Group
- Performance Coatings reflected an upward trend from 2020 to 2022, increasing from roughly 5.06 billion US dollars to nearly 7 billion US dollars. Despite this growth, the segment plateaus in 2023 and shows a modest decline to approximately 6.85 billion US dollars in 2024, indicating potential slowing momentum or increasing competition.
- Administrative
- Administrative expenses, recorded as negative values, increased in magnitude from 3.82 billion US dollars in 2020 to a peak of about 5.43 billion US dollars in 2022. Post-2022, administrative costs stabilized somewhat, remaining near 5.36 billion US dollars through 2024. The rising cost trend until 2022 may reflect increased overhead or investments in administrative functions, followed by cost containment efforts.
- Consolidated Totals
- The aggregate net sales demonstrate a steady upward trend from about 18.36 billion US dollars in 2020 to 23.05 billion US dollars in 2023, marking substantial growth over the period. In 2024, total net sales plateau slightly at 23.10 billion US dollars, indicating that overall growth may be reaching a saturation point or being influenced by segment-specific declines.
Income before income taxes
Sherwin-Williams Co., income before income taxes by reportable segment
US$ in thousands
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group | |||||
| Administrative | |||||
| Consolidated totals |
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).
The segment income before income taxes data demonstrates varied trends across different business groups over the five-year period.
- Paint Stores Group
- This segment exhibits a generally positive growth trajectory. Starting at 2,294,100 thousand USD in 2020, income slightly decreased to 2,182,200 thousand USD in 2021 but rebounded significantly in the following years. By 2024, the segment income reached 2,902,600 thousand USD, marking a strong recovery and an overall upward trend. The increase from 2022 to 2023 and the subsequent slight rise in 2024 indicate resilience and steady improvement in earnings within this segment.
- Consumer Brands Group
- The income from this segment shows a declining pattern initially, falling sharply from 579,600 thousand USD in 2020 to a low of 309,300 thousand USD in 2023. However, 2024 data reveals a significant turnaround, with income rising to 589,900 thousand USD, exceeding the initial 2020 value. This pattern suggests challenges in the middle years, followed by a robust recovery in the most recent period.
- Performance Coatings Group
- This group recorded consistent growth throughout the entire period. Income before taxes increased steadily from 500,100 thousand USD in 2020 to 1,027,900 thousand USD in 2024. The sharp rise between 2021 and 2023, particularly the jump from 486,200 to 991,600 thousand USD, reflects accelerated expansion and improved profitability in this segment.
- Administrative
- Administrative expenses are reported as negative figures, reflecting costs. Data is missing for 2020 and 2021 but is available for the subsequent years. From 2022 through 2024, these expenses have shown a moderate increase in magnitude, from -824,100 thousand USD in 2022 to -1,068,600 thousand USD in 2024. This upward trend in administrative costs may indicate increasing overheads or investments, which could impact overall profitability if not matched by income growth.
- Consolidated Totals
- The overall income before income taxes consolidates the segment performances and administrative expenses. The total was 3,373,800 thousand USD in 2020, then declined to 2,573,100 thousand USD by 2022. Following this trough, income recovered to 3,451,800 thousand USD by 2024. This pattern mirrors the fluctuations in segment incomes and administrative costs, showing resilience and a return to growth after a period of contraction.
Identifiable assets
Sherwin-Williams Co., identifiable assets by reportable segment
US$ in thousands
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group | |||||
| Administrative | |||||
| Consolidated totals |
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).
The identifiable assets data over the five-year period exhibits distinct trends across the reportable segments. Each segment demonstrates variations reflective of strategic, operational, and possibly market-driven influences.
- Paint Stores Group
- The assets in this segment show a generally moderate upward trend from 2020 to 2024. Starting at approximately $5.39 billion in 2020, the value increased through 2022 to about $5.87 billion. There was a slight decline in 2023, followed by a recovery in 2024, reaching about $5.88 billion. The fluctuations suggest some stability with minor variations, indicating consistent investment or asset retention within this segment.
- Consumer Brands Group
- This segment reveals more pronounced variability. From $5.39 billion in 2020, there was a decrease in 2021 to approximately $5.29 billion. However, it experienced a significant increase in 2022, peaking around $6.75 billion. A small dip occurred in 2023, but it rebounded in 2024 to approximately $6.85 billion. The trend indicates growth momentum post-2021 with potentially strategic expansions or asset acquisitions driving the rise.
- Performance Coatings Group
- Assets within this group show a peak in 2021 at about $8.39 billion, up from $8.07 billion in 2020. Subsequently, there was a slight decline through 2022 and 2023, descending to approximately $8.27 billion by the end of 2023, and a more noticeable drop in 2024 to roughly $7.85 billion. This decline after 2021 suggests possible asset divestitures, market challenges, or revaluation affecting the segment's asset base.
- Administrative
- The administrative assets display a marked upward trajectory over the period. Beginning at around $1.56 billion in 2020, it slightly decreased in 2021. From 2021 onward, there was a significant and steady increase, reaching about $3.05 billion by 2024. This growth might reflect increased corporate infrastructure investment, centralization of resources, or capital expenditures related to administrative functions.
- Consolidated Totals
- The total identifiable assets consolidate the segment data and show consistent growth over the five years. Starting at $20.40 billion in 2020, the total assets increased annually with minor deceleration, culminating at approximately $23.63 billion in 2024. This steady increase underscores overall asset growth, driven by increases in Consumer Brands and Administrative segments, despite some setbacks in Performance Coatings.
Capital expenditures
Sherwin-Williams Co., capital expenditures by reportable segment
US$ in thousands
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group | |||||
| Administrative | |||||
| Consolidated totals |
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).
- Overall Capital Expenditures Trend
- The total capital expenditures have shown a consistent upward trajectory over the five-year period. Starting at $303.8 million in 2020, the expenditures increased steadily each year, reaching $1.07 billion in 2024. The most significant jumps occurred between 2021 and 2022, and then again between 2022 and 2023, reflecting substantial investment growth.
- Paint Stores Group
- This segment exhibits a clear upward trend in capital expenditures. Starting from $63.9 million in 2020, there is a gradual increase each year, culminating at $141.3 million in 2024. The pace of growth accelerates notably from 2022 onward, indicating increased investment focus.
- Consumer Brands Group
- Capital expenditures in this group exhibit marked growth, particularly pronounced between 2021 and 2022 where the figure more than doubled from $125.5 million to $295 million. Although expenditures slightly decreased from 2023 to 2024 ($309.6 million to $290.3 million), the overall trend remains strongly upward compared to earlier years.
- Performance Coatings Group
- This segment shows a different pattern, with capital expenditures peaking in 2021 at $90.8 million, followed by a sharp decline over the subsequent years to $15.2 million in 2024. This downward trend suggests a strategic reduction or completion of investment initiatives in this area.
- Administrative
- Administrative capital expenditures have undergone significant fluctuations. An initial decrease from $107.1 million in 2020 to $78.1 million in 2021 is followed by substantial increases in the next years, reaching $623.2 million in 2024. This sharp rise in administrative spending could indicate expanded corporate infrastructure investments or other administrative capital projects.
- Insights
- The data reflect strategic shifts with growing investment emphasis on Paint Stores and Consumer Brands Groups, while Performance Coatings Group experiences cutbacks in capital expenditures. The sizeable increase in Administrative expenditures in later years signals possible organizational scaling or facility improvements. Overall, the company is intensifying capital deployment, especially from 2022 onward, likely aiming to support growth and operational capacity expansion.
Depreciation
Sherwin-Williams Co., depreciation by reportable segment
US$ in thousands
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Paint Stores Group | |||||
| Consumer Brands Group | |||||
| Performance Coatings Group | |||||
| Administrative | |||||
| Consolidated totals |
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).
- Paint Stores Group
- The depreciation expense for this segment exhibited moderate fluctuations over the five-year period. It decreased slightly from $73,000 thousand in 2020 to $71,300 thousand in 2021, but subsequently increased steadily each year, reaching $89,900 thousand by 2024. This upward trend from 2021 onwards suggests an increasing asset base or accelerated depreciation practices within this segment.
- Consumer Brands Group
- This segment showed a consistent and significant increase in depreciation expenses, growing from $87,600 thousand in 2020 to $162,700 thousand in 2024. The most notable rise occurred between 2021 and 2022, with a sharp jump from $88,800 thousand to $126,200 thousand. This pattern indicates substantial investments or asset additions coupled with accelerated depreciation during this period.
- Performance Coatings Group
- Depreciation expenses in this segment declined considerably over the five years, starting at $69,100 thousand in 2020 and dropping sharply to $18,000 thousand by 2024. The most significant decrease took place between 2021 and 2022, where depreciation reduced from $66,200 thousand to $29,100 thousand. This downward trend could suggest asset disposals, reduced capital expenditures, or asset write-offs in the later years.
- Administrative
- The administrative depreciation expense showed a gradual decline from $38,300 thousand in 2020 to $26,800 thousand in 2024, with a slight recovery observed in 2023 at $35,900 thousand. Overall, the trend suggests a reduction in capital assets related to administrative functions or changes in asset depreciation methods.
- Consolidated Totals
- Total depreciation expenses for the company remained relatively stable from 2020 through 2022, fluctuating slightly between $263,100 thousand and $268,000 thousand. However, there was a notable increase in 2023 to $292,300 thousand, followed by a marginal rise to $297,400 thousand in 2024. The increase in total depreciation mainly reflects the rising depreciation in the Paint Stores and Consumer Brands Groups, offsetting declines observed in the Performance Coatings Group and Administrative expenses.