THE SHERWIN-WILLIAMS COMPANY SHW Cash Flow

The sherwin-williams company (SHW)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09	Sep'09	Jun'09	Mar'09
OPERATING ACTIVITIES
Net income
321,700	248,622	576,438	471,040	245,200	100,942	354,027	403,604	250,127	853,031	316,606	319,111	239,152	203,027	386,733	378,064	164,876	198,017	374,491	349,937	131,404	132,743	326,240	291,447	115,457	116,123	262,966	257,287	116,185	68,052	234,953	227,813	100,216	14,552	179,877	179,115	68,316	72,918	175,258	181,706	32,603	65,338	175,208	158,023	37,279
Adjustments to reconcile net income to net operating cash:
Depreciation
66,500	67,143	65,209	65,048	64,700	66,686	67,381	72,542	71,591	122,786	67,249	50,370	44,595	43,687	41,589	43,829	42,895	43,351	42,391	42,081	42,500	43,326	42,248	42,105	41,408	41,070	39,392	39,409	38,892	38,881	37,829	37,623	37,884	38,405	38,000	37,475	37,332	39,674	34,467	33,103	33,103	35,575	36,411	37,317	35,883
Non-cash lease expense
93,800	-	-	-	90,700	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of intangible assets
78,100	78,400	77,548	78,052	78,800	79,081	80,077	73,893	85,049	88,001	83,711	28,918	6,170	5,855	8,183	5,584	5,782	8,268	6,249	6,815	6,905	7,247	7,465	7,594	7,552	7,558	7,346	6,463	7,664	6,886	7,136	6,364	6,599	6,429	10,136	6,733	6,394	13,190	8,568	6,459	6,747	6,899	6,623	5,968	6,228
Gain (Loss) on Extinguishment of Debt
-21,300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of credit facility and debt issuance costs
1,900	1,889	2,963	2,148	2,200	2,588	3,999	2,764	2,749	2,331	3,029	1,956	984	18,936	19,132	19,035	6,656	485	445	1,083	1,083	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock-based compensation expense
20,100	30,805	23,235	24,560	23,100	29,468	16,356	22,165	14,611	31,154	23,280	18,545	17,321	23,994	16,167	16,183	15,765	24,504	15,260	14,499	18,079	20,922	14,250	13,705	15,858	22,056	11,971	12,071	11,906	21,304	11,099	11,177	10,768	16,401	10,342	10,340	11,093	13,778	9,009	8,977	10,512	3,120	8,904	8,895	2,352
Environmental Remediation Expense
2,200	5,126	10,602	6,672	600	141,983	2,299	31,253	765	9,588	4,183	1,110	519	21,713	683	2,507	18,029	12,383	7,128	10,510	1,050	25,012	11,209	259	-434	-5,104	584	1,446	323	-2,885	528	3,988	5,105	1,756	2,694	-702	5,352	393	1,974	2,785	1,937	6,171	9,383	2,950	6,201
Defined benefit pension plans net cost
1,900	2,736	2,330	2,834	35,200	39,479	-2,211	-2,213	1,345	2,954	4,692	5,399	5,155	2,301	2,602	2,956	6,992	1,126	1,789	1,789	1,787	-4,450	1,814	1,813	1,813	5,678	4,988	4,988	4,987	5,527	4,927	4,927	4,928	478	3,920	3,983	3,945	4,696	4,482	4,530	4,396	6,591	8,294	7,478	9,004
Provisions for qualified exit costs
-	-	-	-	-	1,797	3,162	6,142	3,799	18,084	19,588	9,972	2,856	1,497	119	296	1,126	2,273	6,006	721	761	3,349	790	6,542	2,897	3,834	481	212	155	-3,914	5,066	1,529	53	-804	402	561	375	-	-	-	164	6,493	5,671	3,284	6,384
Deferred income taxes
9,500	-87,701	-13,184	-27,615	-2,600	-144,884	-25,971	24,004	3,451	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net decrease in postretirement liability
-	-	-	-	-	-16,896	0	0	996	-10,478	0	-9,332	1,910	-13,334	0	0	961	-6,534	0	0	-111	-5,173	1,485	1,485	1,485	2,533	900	900	900	966	900	900	900	4,746	247	900	900	2,989	438	600	600	-797	600	600	700
Other
-1,100	-39,300	27,924	2,976	-7,400	32,767	-28,962	10,010	-15	-1,007	-723	-36,737	37,367	3,114	-6,615	-1,980	147	-2,333	-5,823	754	3,785	4,235	1,886	-353	-2,747	31,516	-2,885	3,748	-5,165	15,374	3,469	-3,812	3,318	-1,395	-6,601	3,478	1,381	7,296	4,372	-21,168	6,170	-7,048	3,309	173	4,002
Change in working capital accounts - net
430,100	-	-171,191	-82,073	500,400	-	-390,075	88,833	382,842	-	-75,982	181,093	58,402	-	30,047	-86,769	298,341	-	-130,976	-15,412	254,221	-	-143,202	-54,973	257,041	-	-143,129	-73,897	269,219	-	-75,766	-80,471	301,361	-	-102,326	521,886	-276,747	-	-1,479	-138,589	206,444	-	-112,614	-168,404	208,088
Other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22,370	-10,855	-	3,518	4,541	3,234
Change in working capital accounts:
Change in operating lease liabilities
-89,100	-	-	-	-80,600	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Costs incurred for environmental-related matters
7,900	6,077	8,923	6,500	4,600	3,709	5,518	4,404	4,069	5,546	2,195	2,687	3,372	6,353	2,109	1,680	5,036	3,844	2,578	2,698	2,875	2,658	2,063	1,571	3,384	2,803	2,844	2,100	4,792	7,075	4,449	9,876	10,289	12,531	9,740	3,267	4,913	5,899	5,597	7,384	12,000	10,280	11,909	8,163	6,634
Costs incurred for qualified exit costs
-	-	-	-	-	1,605	5,270	6,241	8,084	18,475	18,021	7,908	996	1,193	919	1,287	2,868	5,378	777	3,079	1,966	2,156	4,849	3,348	529	968	496	1,769	4,186	2,203	467	810	1,097	1,091	1,161	2,507	1,422	1,388	17,805	-3,457	-4,461	18,736	-2,373	-1,696	-2,345
Other
-36,100	-26,334	10,750	107,884	4,300	-46,278	-55,249	13,681	1,246	-103,117	9,157	12,369	13,291	-1,266	7,803	17,806	-18,749	18,567	-33,719	-32,228	4,321	-4,871	9,825	-658	-10,948	-26,082	4,534	4,150	889	6,660	-2,666	-10,967	-5,227	9,327	-5,847	571	-2,410	-	-	-	-	-	-	-	-
Net operating cash
54,900	659,893	903,406	794,001	-36,000	512,485	852,119	538,347	40,749	625,168	672,699	354,317	231,816	342,038	456,551	572,042	-62,059	544,959	553,484	404,088	-55,068	200,218	549,730	414,699	-83,119	305,855	475,836	393,206	-91,131	318,621	367,153	356,951	-154,839	289,849	337,797	261,332	-153,166	228,980	241,154	352,274	-115,818	243,545	349,217	378,692	-112,268
INVESTING ACTIVITIES
Capital expenditures
106,600	104,075	96,946	76,479	51,400	84,816	64,358	59,573	42,253	79,394	59,771	42,156	41,479	65,899	59,020	62,082	51,999	76,350	70,448	44,639	42,903	64,642	69,033	37,506	29,364	58,180	36,374	40,894	31,232	54,123	33,017	37,189	32,783	56,918	27,954	41,978	26,951	49,046	28,663	22,030	25,423	27,772	22,660	18,460	22,436
Acquisitions of businesses, net of cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,347	35	1,040	13,018
Proceeds from sale of assets
2,300	-16	4,166	-50	2,800	46	24,000	7,002	7,352	7,672	2,397	2,369	34,762	32,889	3,506	1,051	988	141	3,138	1,344	6,677	479	1,410	-373	0	253	-712	-1,595	-991	-20,742	2,086	5,399	3,580	644	5,585	388	6,225	3,501	3,725	589	520	3,848	247	1,230	274
Decrease (increase) in other investments
-6,400	65,324	-54,139	28,515	23,600	51,552	-32,063	13,861	5,650	64,999	-14,943	-11,750	23,194	34,039	32,193	26,424	10,526	50,647	13,460	1,430	56	80,344	13,189	1,783	15,705	38,867	3,018	35,086	17,768	59,556	51,070	-11,686	-3,162	25,966	45,945	12,189	8,274	3,535	12,381	41,410	17,635	-1,067	-8,121	22,996	15,422
Net investing cash
-97,900	-174,079	-111,277	-105,044	-72,200	-136,322	-8,295	-66,432	-40,551	-136,707	-46,463	-8,834,319	-29,911	-67,075	-87,707	-87,455	-61,537	-126,856	-80,770	-44,725	-36,282	-144,507	-81,558	-38,916	-45,069	-84,460	-126,460	-79,385	-48,009	-167,416	-84,901	-64,097	-26,041	-96,829	-95,549	-56,391	-29,000	-82,901	-252,598	-111,912	-42,538	-24,204	-14,327	-41,266	-50,602
FINANCING ACTIVITIES
Net (decrease) increase in short-term borrowings
849,700	13,778	-371,670	-15,508	496,200	277,511	-596	-264,881	288,866	470,242	114,843	-229,111	326	-7,446	-8,771	-70,452	85,770	4,089	-1,118,951	-247,097	731,733	627,370	-4,022	-22,993	-8,932	-196,607	245,648	-18,075	668	-269,609	-275,423	-68,634	328,827	-171,672	-40,139	-111,990	280,455	33,174	143,936	-42,169	222,894	-388,212	-89,097	-267,267	249,587
Proceeds from long-term debt
999,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	997,589	262	-1,075	2,921	11,869	-1,717	23,910	6,715	12,412	1,057	-111	1,440	485,458	1,798	11,104	-6,624
Payments of long-term debt
771,200	-	-	-	-	623	700,183	150,986	808	901,547	951,077	105	71	-39	1,066	84	0	0	0	-96	96	500,371	-462	72	680	9,792	191	679	270	1,057	779	6,911	5,253	16,216	235	29,128	4,302	66,256	3,931	88,677	558	-	-	-	-
Payments for credit facility and debt issuance costs
10,000	-	-	-	-	65	5,022	0	113	378	3,568	45,447	7	3,686	0	19,583	41,850	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of cash dividends
122,900	105,941	105,102	104,957	104,800	80,361	80,898	80,613	81,028	79,984	80,082	79,484	79,450	78,219	78,142	77,987	77,734	62,405	61,991	62,642	62,609	53,085	53,342	53,746	55,090	50,626	51,052	51,555	51,745	40,345	40,156	40,075	40,363	37,861	37,802	38,845	39,004	38,738	38,903	39,415	39,368	37,927	41,444	41,547	41,643
Proceeds from stock options exercised
30,000	43,445	45,628	40,627	24,900	16,415	40,866	11,824	21,595	49,809	14,634	37,395	41,762	20,494	22,629	23,991	19,717	15,970	16,600	19,926	37,494	26,877	13,750	10,785	48,657	20,788	8,351	19,888	20,734	58,710	74,234	21,297	66,885	28,033	3,320	14,737	23,446	29,827	9,907	42,729	19,746	9,267	14,992	5,430	6,907
Income tax effect of stock-based compensation exercises and vesting
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,890	14,272	19,897	52,632	12,460	10,944	5,357	39,896	6,308	5,565	12,019	23,635	42,812	25,434	16,346	20,266	3,420	1,508	3,099	4,931	4,630	2,942	8,981	3,123	777	4,021	1,440	1,407
Treasury stock purchased
890,300	201,023	127,270	145,407	305,100	244,966	34,179	93,007	241,148	-	0	0	0	-	-	-	-	269,204	86,638	64,538	614,911	394,593	428,578	409,101	256,391	277,249	259,500	151,084	81,438	124,713	70,430	181,829	180,794	38,630	196,008	41,917	90,817	122,119	78,066	149,721	25,771	254,141	226,855	27,057	22,310
Proceeds from treasury stock issued
57,400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-26,000	-7,885	-2,889	-58,626	-59,800	75,956	-28,761	-182	-14,813	-19,366	5,986	-3,718	-22,702	-2,829	1	-3,062	-9,583	-357	-7,946	-973	-33,108	-714	-43	-1,588	-21,766	921	412	134	-18,989	-7,183	13,170	-10,852	-16,694	15,343	161	207	-80	444	151	994	-5,960	-6,560	19	16	-4,275
Net financing cash
115,700	-504,727	-757,075	-635,998	51,400	-421,214	-808,773	-489,264	-27,449	-475,954	-613,709	7,663,905	-60,142	-71,647	-64,849	-147,177	-23,680	-308,963	-447,194	-335,331	111,135	-280,582	-460,829	-471,358	-254,306	-505,784	-50,767	-189,352	-107,405	656,204	-273,688	-271,733	175,795	-205,714	-270,912	-179,927	181,344	-146,626	37,093	-289,581	175,546	-182,906	-341,031	-341,942	183,049
Effect of exchange rate changes on cash
4,000	-8,927	9,014	-1,787	-4,300	19,053	-8,513	13,709	-18,349	-16,251	-14,639	8,338	-13,748	-16,092	-4,082	-5,302	12,080	5,575	-9,559	-12,977	3,496	4,257	-13,195	-3,692	4,070	-6,435	-3,980	2,685	-2,115	0	1	2	-2,118	-636	3,127	-7,398	-3,816	-5,816	-9,102	6,447	4,654	124	-10,348	11,530	-4,146
Net increase (decrease) in cash and cash equivalents
76,700	-27,840	44,068	51,172	-61,100	-25,998	26,538	-3,640	-45,600	-3,744	-2,112	-807,759	128,015	187,224	299,913	332,108	-135,196	114,715	15,961	11,055	23,281	-220,614	-5,852	-99,267	-378,424	-290,824	294,629	127,154	-248,660	807,409	8,565	21,123	-7,203	-13,330	-25,537	17,616	-4,638	-6,363	16,547	-42,772	21,844	36,559	-16,489	7,014	16,033
Income taxes paid
18,300	97,394	186,274	107,732	16,100	55,614	141,405	67,271	27,910	16,205	282,380	112,440	8,675	163,123	241,027	50,481	23,155	99,281	190,519	29,275	16,044	136,609	139,436	20,966	13,028	39,332	126,750	21,659	13,007	59,172	66,448	19,150	78,559	93,332	59,863	21,528	21,424	41,809	71,686	15,864	8,513	77,121	42,388	14,215	12,661
Interest paid
82,700	89,251	66,388	122,561	57,900	122,266	60,669	127,308	57,757	131,824	56,960	975	30,841	38,480	48,787	36,031	30,552	14,652	8,758	15,853	9,381	23,251	10,162	23,534	10,359	21,406	8,697	22,352	8,590	11,701	8,951	11,921	8,978	11,217	19,736	2,543	9,401	24,004	13,925	28,080	12,738	3,185	13,724	5,804	18,393