Why Invest in SHW?
Regulation G Reconciliation
Adjusted EBITDA
($ in millions)
Net income from continuing operations
2017
2018
2019
2020
2021
2022
$
1,769.5 $
1,108.7 $
1,541.3 $
2,030.4 $
1,864.4 $
2,020.1
Interest expense
263.5
366.7
349.3
340.4
334.7
390.8
Income taxes
(300.2)
251.0
440.5
488.8
384.2
553.0
Depreciation
285.0
278.2
262.1
268.0
263.1
264.0
Amortization
206.8
318.1
312.8
313.4
309.5
317.1
EBITDA from continuing operations
$
2,224.6 $
2,322.7 $
2,906.0 $
3,441.0 $
3,155.9
$
3,545.0
Severance and other
Impairment
122.1
47.3
15.5
Loss on divestiture
111.9
Brazil indirect tax credit
(50.8)
California litigation expense
136.3
(34.7)
Domestic pension plan settlement expense
37.6
32.4
Environmental expense provision
167.6
Transaction and integration costs (1)
Inventory accounting change
Adjusted EBITDA
$
139.0
58.9
2,422.5 $
157.7
81.8
2,821.9
$
3,056.8
$
3,441.0 $
3,267.8
$
3,607.8
(1) Transaction and integration costs consist primarily of professional service expenses, salaries and other employee-related expenses dedicated directly to the integration effort, and severance expense. These costs are included in
Selling, general and administrative and other expenses and Cost of goods sold.
SHERWIN-WILLIAMS. 33View entire presentation