Attached files
| file | filename |
|---|---|
| EX-99.3 - EXHIBIT 99.3 - SHERWIN WILLIAMS CO | shw-2017xex993proformafina.htm |
| EX-23.1 - EXHIBIT 23.1 - SHERWIN WILLIAMS CO | shw-2017xex231eyconsent.htm |
| 8-K - 8-K - SHERWIN WILLIAMS CO | a8-k.htm |
Exhibit 99.4
Unaudited Pro Forma Computation of Ratio of Earnings to Fixed Charges
The ratios of earnings to fixed charges on a consolidated basis for the periods indicated were as follows:
(Dollars in millions) | |||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||
Fixed Charges: | |||||||||||||||||||||||||||
Interest expense (a) | $ | 26 | $ | 26 | $ | 154 | $ | 62 | $ | 64 | $ | 63 | $ | 43 | |||||||||||||
Rent expense | 36 | 34 | 138 | 130 | 125 | 108 | 103 | ||||||||||||||||||||
Total fixed charges | $ | 62 | $ | 60 | $ | 292 | $ | 192 | $ | 189 | $ | 171 | $ | 146 | |||||||||||||
Earnings: | |||||||||||||||||||||||||||
Income before taxes | $ | 307 | $ | 216 | $ | 1,595 | $ | 1,549 | $ | 1,258 | $ | 1,086 | $ | 907 | |||||||||||||
Fixed charges per above | 62 | 60 | 292 | 192 | 189 | 171 | 146 | ||||||||||||||||||||
Total earnings, as adjusted | $ | 369 | $ | 276 | $ | 1,887 | $ | 1,741 | $ | 1,447 | $ | 1,257 | $ | 1,053 | |||||||||||||
Ratio of Earnings to Fixed Charges | 6.0 | 4.6 | 6.5 | 9.1 | 7.7 | 7.4 | 7.2 | ||||||||||||||||||||
The pro forma ratio of earnings to fixed charges on a consolidated basis for the periods indicated were as follows:
Three Months Ended March 31, 2017 | Year Ended December 31, 2016 | |||||||
Pro Forma Fixed Charges: | ||||||||
Interest expense (a) | $ | 107 | $ | 430 | ||||
Rent expense | 39 | 151 | ||||||
Total fixed charges | $ | 146 | $ | 581 | ||||
Pro Forma Earnings: | ||||||||
Income before taxes | $ | 244 | $ | 1,640 | ||||
Fixed charges per above | 146 | 581 | ||||||
Total earnings, as adjusted | $ | 390 | $ | 2,221 | ||||
Pro Forma Ratio of Earnings to Fixed Charges | 2.7 | 3.8 | ||||||
(a) The interest expense included in fixed charges above reflects only interest on third party indebtedness and excludes any interest expense accrued on uncertain tax positions, as permitted by Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 740, Income Taxes.