Sherwin-Williams Financial and Demographic Overview
Regulation G Reconciliation
Adjusted EPS
Diluted net income per share
Trademark impairment
Brazil indirect tax credit
California litigation expense
Solar tax credit investment loss
Pension plan settlement expense
Environmental expense provision
Year Ended
December 31, 2014
Tax
Year Ended
December 31, 2015
Year Ended
December 31, 2016
Tax
Year Ended
December 31, 2017
SHERWIN-WILLIAMS
Year Ended
December 31, 2018
Year Ended
December 31, 2019
Tax
Tax
Tax
Tax
Pre-Tax
After-Tax
(1)
Pre-Tax
Effect
Effect (1)
After-Tax
Pre-Tax
After-Tax
Pre-Tax
After-Tax
Effect
(1)
Effect
(1)
Pre-Tax
After-Tax
Effect
(1)
Pre-Tax
Effect (1)
After-Tax
$ 8.77
$ 11.15
$ 11.99
$ 18.64
$ 11.67
$ 16.49
1.31
0.31
1.00
(0.54) (0.18) (0.36)
1.44
0.35
1.09
(0.37)
(0.09) (0.28)
(0.79) 0.79
0.40
0.10
0.30
0.35
0.08
0.27
1.75
0.43
1.32
One-time benefit from deferred tax benefits
7.04
(7.04)
Total other adjustments
$
$
$
$
$
$
$
$
$
$
$ 7.04 $ (7.04)
$ 3.59 $ 0.88 $ 2.71
$ 0.75 $ (0.67) $ 1.42
Transaction and integration costs
(2)
1.41
0.55
0.86
1.46
0.58
0.88
1.65
0.10
1.55
Acquisition-related amortization expense
(3)
3.06
0.94
2.12
3.44
0.84
2.60
0.88
3.29
0.19
0.77
0.69
2.52
Inventory accounting change
0.62
0.15
0.47
Total acquisition-related costs
$
$
$
$
$
$
$ 1.41 $ 0.55 $ 0.86
$ 5.15 $ 1.68 $ 3.47
$ 5.09 $ 0.94 $ 4.15
$ 4.17 $ 0.96 $ 3.21
Adjusted diluted net income per share
$ 8.77
$ 11.15
$ 12.85
$15.07
$ 18.53
$ 21.12
(1) The tax effect is calculated based on the statutory rate and the nature of the item, unless otherwise noted.
(2) 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.
(3) Acquisition-related amortization expense consists primarily of the amortization of intangible assets related to the Valspar acquisition and is included in Amortization.
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