The Sherwin-Williams Company (SHW) 10-K 23 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Jan. 31, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	SHERWIN WILLIAMS CO
Entity Central Index Key	89,800
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 32,731,587,330
Entity Common Stock, Shares Outstanding		93,993,791

Statements of Consolidated Inco

Statements of Consolidated Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Net sales	$ 14,983,788	$ 11,855,602	$ 11,339,304
Cost of goods sold	8,202,577	5,932,851	5,779,691
Gross profit	$ 6,781,211	$ 5,922,751	$ 5,559,613
Percent to net sales	45.30%	50.00%	49.00%
Selling, general and administrative expenses	$ 4,785,415	$ 4,134,517	$ 3,885,668
Percent to net sales	31.90%	34.90%	34.30%
Other general expense - net	$ 20,865	$ 12,368	$ 30,268
Amortization	206,764	25,404	28,237
Impairment of goodwill and trademarks	2,022	10,688	0
Interest expense	263,471	154,088	61,791
Interest and net investment income	(8,571)	(4,960)	(1,399)
Other (income) expense - net	(16,974)	(4,587)	6,082
Income from continuing operations before income taxes	1,528,219	1,595,233	1,548,966
Income tax (credit) expense	(285,583)	462,530	495,117
Net income from continuing operations	1,813,802	1,132,703	1,053,849
Loss from discontinued operations
Income taxes	41,540
Net loss from discontinued operations	(41,540)	0	0
Net income	$ 1,772,262	$ 1,132,703	$ 1,053,849
Basic net income per common share:
Continuing operations (in dollars per share)	$ 19.52	$ 12.33	$ 11.43
Discontinued operations (in dollars per share)	(0.44)	0	0
Net income per common share - basic (in dollars per share)	19.08	12.33	11.43
Diluted net income per common share
Continuing operations (in dollars per share)	19.11	11.99	11.15
Discontinued operations (in dollars per share)	(0.44)	0	0
Net income per common share - diluted (in dollars per share)	$ 18.67	$ 11.99	$ 11.15

Statements of Consolidated Comp

Statements of Consolidated Comprehensive Income - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income		$ 1,772,262	$ 1,132,703	$ 1,053,849
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		147,930	(18,648)	(128,245)
Pension and other postretirement benefit adjustments:
Amounts recognized in other comprehensive loss	[1]	47,995	(28,385)	7,974
Amounts reclassified from other comprehensive loss	[2]	(7,762)	7,635	5,847
Pension and other postretirement benefits		40,233	(20,750)	13,821
Unrealized net gains (losses) on available-for-sale securities:
Amounts recognized in other comprehensive loss	[3]	2,026	1,046	(1,191)
Amounts reclassified from other comprehensive loss	[4]	(720)	89	478
Unrealized net gains (losses) on available-for-sale securities		1,306	1,135	(713)
Unrealized net gains on cash flow hedges:
Amounts recognized in other comprehensive loss	[5]	(30,765)	85,007	0
Amounts reclassified from other comprehensive loss	[6]	3,223
Unrealized net gains (losses) on cash flow hedges		(33,988)	85,007	0
Other comprehensive income (loss)		155,481	46,744	(115,137)
Comprehensive income		1,927,743	1,179,447	938,712
Net actuarial gains (losses) and prior service costs arising during period, tax		(19,313)	17,200	(3,399)
Amortization of net actuarial gains (losses) and prior service costs included in Net pension costs, tax		4,764	(4,691)	(1,647)
Unrealized holding gains (losses) arising during period, tax		(1,244)	(643)	736
Reclassification adjustments for losses (gains) included in net income, tax		442	(55)	$ (296)
Unrealized holding losses on cash flow hedges, amounts recognized in other comprehensive loss, tax		18,884	$ (52,226)
Unrealized holding losses on cash flow hedges, amounts reclassified from other comprehensive loss, tax		$ 1,978
[1]	Net of taxes of $(19,313), $17,200 and $(3,399), in 2017, 2016 and 2015, respectively.
[2]	Net of taxes of $4,764, $(4,691) and $(1,647), in 2017, 2016 and 2015, respectively.
[3]	Net of taxes of $(1,244), $(643) and $736, in 2017, 2016 and 2015, respectively.
[4]	Net of taxes of $442, $(55) and $(296) in 2017, 2016 and 2015, respectively.
[5]	Net of taxes of $18,884 and $(52,226) in 2017 and 2016, respectively.
[6]	Net of taxes of $1,978 in 2017.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 204,213	$ 889,793	$ 205,744
Accounts receivable, less allowance	2,104,555	1,230,987	1,114,275
Inventories:
Finished goods	1,415,339	898,627	840,603
Work in process and raw materials	386,036	169,699	177,927
Total inventory	1,801,375	1,068,326	1,018,530
Deferred income taxes	0	57,162	87,883
Other current assets	355,697	381,030	230,748
Total current assets	4,465,840	3,627,298	2,657,180
Goodwill	6,814,345	1,126,892	1,143,333
Intangible assets	6,002,361	255,010	255,371
Deferred pension assets	296,743	225,529	244,882
Other assets	502,023	421,904	436,309
Property, plant and equipment:
Land	254,676	115,555	119,530
Buildings	962,094	714,815	696,202
Machinery and equipment	2,572,963	2,153,437	2,026,617
Construction in progress	177,056	117,126	81,082
Total gross property, plant and equipment	3,966,789	3,100,933	2,923,431
Less allowances for depreciation	2,089,674	2,005,045	1,881,569
Total net property, plant and equipment	1,877,115	1,095,888	1,041,862
Total Assets	19,958,427	6,752,521	5,778,937
Current liabilities:
Short-term borrowings	633,731	40,739	39,462
Accounts payable	1,791,552	1,034,608	1,157,561
Compensation and taxes withheld	508,166	398,045	338,256
Accrued taxes	79,901	76,765	81,146
Current portion of long-term debt	1,179	700,475	3,154
Other accruals	972,651	578,547	522,280
Total current liabilities	3,987,180	2,829,179	2,141,859
Long-term debt	9,885,745	1,211,326	1,907,278
Postretirement benefits other than pensions	274,675	250,397	248,523
Deferred income taxes	1,434,196	73,833	138,709
Other long-term liabilities	684,443	509,345	474,658
Shareholders’ equity:
Common stock	117,561	116,563	115,761
Other capital	2,723,183	2,488,564	2,330,426
Retained earnings	5,502,730	4,049,497	3,228,876
Treasury stock, at cost	(4,266,416)	(4,235,832)	(4,220,058)
Cumulative other comprehensive loss	(384,870)	(540,351)	(587,095)
Total shareholders’ equity	3,692,188	1,878,441	867,910
Total Liabilities and Shareholders’ Equity	$ 19,958,427	$ 6,752,521	$ 5,778,937

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Shareholders’ equity:
Common stock, par value (in dollars per share)	$ 1	$ 1	$ 1
Common stock, shares outstanding (in shares)	93,883,645	93,013,031	92,246,525

Statements of Consolidated Cash

Statements of Consolidated Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
OPERATING ACTIVITIES
Net income	$ 1,772,262	$ 1,132,703	$ 1,053,849
Adjustments to reconcile net income to net operating cash:
Loss from discontinued operations	41,540	0	0
Depreciation	284,997	172,074	170,323
Amortization of intangible assets	206,764	25,404	28,237
Amortization of inventory purchase accounting adjustments	54,924
Impairment of goodwill and trademarks	2,022	10,688	0
Amortization of credit facility and debt issuance costs	8,313	63,759	3,096
Provisions for environmental-related matters	15,443	42,932	31,071
Provisions for qualified exit costs	50,503	3,038	9,761
Deferred income taxes	(606,135)	(68,241)	4,976
Defined benefit pension plans net cost	18,153	14,851	6,491
Stock-based compensation expense	90,292	72,109	72,342
Net decrease in postretirement liability	(17,865)	(12,373)	(6,645)
Decrease in non-traded investments	65,703	64,689	65,144
Loss (gain) on sale or disposition of assets	5,422	(30,564)	(803)
Other	1,051	5,334	3,617
Change in working capital accounts:
(Increase) in accounts receivable	(49,850)	(113,855)	(56,873)
(Increase) in inventories	(89,959)	(52,577)	(40,733)
Increase (decrease) in accounts payable	166,687	(118,893)	160,111
(Decrease) increase in accrued taxes	(20,878)	(2,159)	4,606
Increase (decrease) in accrued compensation and taxes withheld	11,286	60,632	(13,128)
(Increase) decrease in refundable income taxes	(15,520)	(1,343)	19,230
Other	16,270	56,215	(955)
Costs incurred for environmental-related matters	(13,792)	(15,178)	(11,995)
Costs incurred for qualified exit costs	(45,422)	(6,267)	(11,200)
Other	(68,243)	5,594	(43,059)
Net operating cash	1,883,968	1,308,572	1,447,463
Investing Activities
Capital expenditures	(222,767)	(239,026)	(234,340)
Acquisitions of businesses, net of cash acquired	(8,810,315)		0
Proceeds from sale of assets	47,246	38,434	11,300
Increase in other investments	(61,526)	(103,182)	(65,593)
Net investing cash	(9,047,362)	(303,774)	(288,633)
Financing Activities
Net increase (decrease) in short-term borrowings	356,320	(899)	(630,226)
Proceeds from long-term debt	8,275,169	500	797,514
Payments of long-term debt	(1,852,812)	(1,111)	0
Payments for credit facility and debt issuance costs	(49,376)	(65,119)
Payments of cash dividends	(319,029)	(312,082)	(249,647)
Proceeds from stock options exercised	143,579	86,831	89,990
Income tax effect of stock-based compensation exercises and vesting	0	0	89,691
Treasury stock purchased		0	(1,035,291)
Other	(39,761)	(15,473)	(42,384)
Net financing cash	6,514,090	(307,353)	(980,353)
Effect of exchange rate changes on cash	(36,276)	(13,396)	(13,465)
Net (decrease) increase in cash and cash equivalents	(685,580)	684,049	165,012
Cash and cash equivalents at beginning of year	889,793	205,744	40,732
Cash and cash equivalents at end of year	204,213	889,793	205,744
Taxes paid on income	419,695	477,786	335,119
Interest paid on debt	$ 220,630	$ 153,850	$ 48,644

Statements of Consolidated Shar

Statements of Consolidated Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Other Capital	Retained Earnings	Treasury Stock	Cumulative Other Comprehensive Loss
Balance at Dec. 31, 2014	$ 996,470	$ 114,525	$ 2,079,639	$ 2,424,674	$ (3,150,410)	$ (471,958)
Shareholders' Equity [Roll Forward]
Net income	1,053,849			1,053,849
Other comprehensive income (loss)	(115,137)					(115,137)
Treasury stock purchased	(1,035,291)				(1,035,291)
Stock-based compensation activity	127,975	1,236	161,096		(34,357)
Income tax effect of stock compensation	89,691		89,691
Cash dividends	(249,647)			(249,647)
Balance at Dec. 31, 2015	867,910	115,761	2,330,426	3,228,876	(4,220,058)	(587,095)
Shareholders' Equity [Roll Forward]
Net income	1,132,703			1,132,703
Other comprehensive income (loss)	46,744					46,744
Stock-based compensation activity	143,166	802	158,138		(15,774)
Cash dividends	(312,082)			(312,082)
Balance at Dec. 31, 2016	1,878,441	116,563	2,488,564	4,049,497	(4,235,832)	(540,351)
Shareholders' Equity [Roll Forward]
Net income	1,772,262			1,772,262
Other comprehensive income (loss)	155,481					155,481
Stock-based compensation activity	202,765	998	232,351		(30,584)
Acquired noncontrolling interest	2,268		2,268
Cash dividends	(319,029)			(319,029)
Balance at Dec. 31, 2017	$ 3,692,188	$ 117,561	$ 2,723,183	$ 5,502,730	$ (4,266,416)	$ (384,870)

Statements of Consolidated Sha8

Statements of Consolidated Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 3.40	$ 3.36	$ 2.68

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Consolidation. The consolidated financial statements include the accounts of The Sherwin-Williams Company and its wholly owned subsidiaries (collectively, the Company). Inter-company accounts and transactions have been eliminated. In order to facilitate our year-end closing process, Valspar foreign subsidiaries’ financial results are included in our consolidated financial statements on a one-month lag. Use of estimates. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those amounts. Nature of operations. The Company is engaged in the development, manufacture, distribution and sale of paint, coatings and related products to professional, industrial, commercial and retail customers primarily in North and South America, with additional operations in the Caribbean region, Europe, Asia and Australia. Reportable segments. See Note 18 for further details. Cash flows. Management considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Fair value of financial instruments. The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: Cash and cash equivalents: The carrying amounts reported for Cash and cash equivalents approximate fair value. Short-term investments: The carrying amounts reported for Short-term investments approximate fair value. Investments in securities: Investments classified as available-for-sale are carried at market value. See the recurring fair value measurement table on page 47 . Non-traded investments: The Company has investments in the U.S. affordable housing and historic renovation real estate markets and certain other investments that have been identified as variable interest entities. However, because the Company does not have the power to direct the day-to-day operations of the investments and the risk of loss is limited to the amount of contributed capital, the Company is not considered the primary beneficiary. In accordance with the Consolidation Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), the investments are not consolidated. For affordable housing investments entered into prior to the January 1, 2015 adoption of Accounting Standard Update (ASU) No. 2014-01, the Company uses the effective yield method to determine the carrying value of the investments. Under the effective yield method, the initial cost of the investments is amortized to income tax expense over the period that the tax credits are recognized. For affordable housing investments entered into on or after the January 1, 2015 adoption of ASU No. 2014-01, the Company uses the proportional amortization method. Under the proportional amortization method, the initial cost of the investments is amortized to income tax expense in proportion to the tax credits and other tax benefits received. The carrying amounts of the investments, included in Other assets, were $189,386 , $193,413 and $189,484 at December 31, 2017 , 2016 and 2015 , respectively. The liabilities recorded on the balance sheets for estimated future capital contributions to the investments were $179,026 , $178,584 and $172,899 at December 31, 2017 , 2016 and 2015 , respectively. Short-term borrowings: The carrying amounts reported for Short-term borrowings approximate fair value. Long-term debt (including current portion): The fair values of the Company’s publicly traded debt, shown below, are based on quoted market prices. The fair values of the Company’s non-traded debt, also shown below, are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The Company's publicly traded debt and non-traded debt are classified as level 1 and level 2, respectively, in the fair value hierarchy. See Note 7 . December 31, 2017 2016 2015 Carrying Fair Carrying Fair Carrying Fair Amount Value Amount Value Amount Value Publicly traded debt $ 8,742,739 $ 9,054,277 $ 1,907,704 $ 1,912,646 $ 1,905,650 $ 1,960,169 Non-traded debt 1,144,185 1,088,630 4,097 3,783 4,782 4,555 Derivative instruments: The Company utilizes derivative instruments as part of its overall financial risk management policy. The Company entered into foreign currency option and forward currency exchange contracts with maturity dates of less than twelve months in 2017 , 2016 , and 2015 , primarily to hedge against value changes in foreign currency. See Note 13 . There were no material foreign currency option and forward contracts outstanding at December 31, 2017 , 2016 and 2015 . In 2016 , the Company entered into a series of interest rate lock agreements which were designated as cash flow hedges. The interest rate locks settled during 2017 . See Note 7 . Fair value measurements. The following tables summarize the Company’s assets and liabilities measured on a recurring and non-recurring basis in accordance with the Fair Value Measurements and Disclosures Topic of the ASC: Assets and Liabilities Reported at Fair Value on a Recurring Basis Fair Value at December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Deferred compensation plan assets (1) $ 61,097 $ 34,433 $ 26,664 Liabilities: Deferred compensation plan liabilities (2) $ 70,850 $ 70,850 (1) The deferred compensation plan assets consists of the investment funds maintained for the future payments under the Company’s executive deferred compensation plans, which are structured as rabbi trusts. The investments are marketable securities accounted for under the Debt and Equity Securities Topic of the ASC. The level 1 investments are valued using quoted market prices multiplied by the number of shares. The level 2 investments are valued based on vendor or broker models. The cost basis of the investment funds is $56,326 . (2) The deferred compensation plan liabilities are the Company’s liabilities under its deferred compensation plans. The liabilities represent the fair value of the participant shadow accounts, and the value is based on quoted market prices in active markets for identical assets. Assets and Liabilities Reported at Fair Value on a Nonrecurring Basis. As a result of the 2017 annual trademark impairment test performed in accordance with the Intangibles Topic of the ASC, a trademark with a carrying value of $2,022 was written off. See Note 4. Except for this trademark measurement and the acquisition-related fair value measurements described in Note 2, there were no assets and liabilities measured at fair value on a nonrecurring basis in 2017 . These fair value measurements qualify as level 3 measurements. Accounts receivable and allowance for doubtful accounts. Accounts receivable were recorded at the time of credit sales net of provisions for sales returns and allowances. The Company recorded an allowance for doubtful accounts of $52,997 , $40,450 and $49,420 at December 31, 2017 , 2016 and 2015 , respectively, to reduce Accounts receivable to their estimated net realizable value. The allowance was based on an analysis of historical bad debts, a review of the aging of Accounts receivable and the current creditworthiness of customers. Accounts receivable balances are written-off against the allowance if a final determination of uncollectibility is made. All provisions for allowances for doubtful collection of accounts are related to the creditworthiness of accounts and are included in Selling, general and administrative expenses. Reserve for obsolescence. The Company recorded a reserve for obsolescence of $103,698 , $87,715 and $91,217 at December 31, 2017 , 2016 and 2015 , respectively, to reduce Inventories to their estimated net realizable value. Goodwill. Goodwill represents the cost in excess of fair value of net assets acquired in business combinations accounted for by the purchase method. In accordance with the Intangibles Topic of the ASC, goodwill is tested for impairment on an annual basis and in between annual tests if events or circumstances indicate potential impairment. See Note 4 . Intangible assets. Intangible assets include indefinite-lived trademarks, customer relationships and intellectual property. As required by the Goodwill and Other Intangibles Topic of the ASC, indefinite-lived trademarks are not amortized, but instead are tested annually for impairment, and between annual tests whenever an event occurs or circumstances indicate potential impairment. See Note 4 . The costs of finite-lived intangible assets are amortized on a straight-line basis over the expected period of benefit, which ranges primarily from 15 to 20 years. Impairment of long-lived assets. In accordance with the Property, Plant and Equipment Topic of the ASC, management evaluates the recoverability and estimated remaining lives of long-lived assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed. See Notes 4 and 5 . Property, plant and equipment. Property, plant and equipment is stated on the basis of cost. Depreciation is provided by the straight-line method. Depreciation and amortization are included in the appropriate Cost of goods sold or Selling, general and administrative expense caption on the Statements of Consolidated Income. Included in Property, plant and equipment are leasehold improvements. The major classes of assets and ranges of annual depreciation rates are: Buildings 4.0% – 20.0% Machinery and equipment 10.0% – 20.0% Furniture and fixtures 6.7% – 33.3% Automobiles and trucks 10.0% – 33.3% Standby letters of credit. The Company occasionally enters into standby letter of credit agreements to guarantee various operating activities. These agreements provide credit availability to the various beneficiaries if certain contractual events occur. Amounts outstanding under these agreements totaled $75,272 , $43,658 and $45,407 at December 31, 2017 , 2016 and 2015 , respectively. Product warranties. The Company offers product warranties for certain products. The specific terms and conditions of such warranties vary depending on the product or customer contract requirements. Management estimated the costs of unsettled product warranty claims based on historical results and experience and included an amount in Other accruals. Management periodically assesses the adequacy of the accrual for product warranty claims and adjusts the accrual as necessary. Changes in the Company’s accrual for product warranty claims during 2017 , 2016 and 2015 , including customer satisfaction settlements during the year, were as follows: 2017 2016 2015 Balance at January 1 $ 34,419 $ 31,878 $ 27,723 Charges to expense 39,707 38,954 43,484 Settlements (53,143 ) (36,413 ) (39,329 ) Acquisition 130,442 Balance at December 31 $ 151,425 $ 34,419 $ 31,878 Warranty accruals of $130,442 were acquired in connection with the Valspar acquisition. This amount includes warranties from certain products under extended furniture protection plans along with other general customer warranties. Revenue related to the furniture protection plans is deferred and recognized over the contract life. Environmental matters. Capital expenditures for ongoing environmental compliance measures were recorded in Property, plant and equipment, and related expenses were included in the normal operating expenses of conducting business. The Company is involved with environmental investigation and remediation activities at some of its currently and formerly owned sites and at a number of third-party sites. The Company accrued for environmental-related activities for which commitments or clean-up plans have been developed and when such costs could be reasonably estimated based on industry standards and professional judgment. All accrued amounts were recorded on an undiscounted basis. Environmental-related expenses included direct costs of investigation and remediation and indirect costs such as compensation and benefits for employees directly involved in the investigation and remediation activities and fees paid to outside engineering, consulting and law firms. See Notes 8 and 13 . Employee Stock Purchase and Savings Plan. The Company accounts for the Employee Stock Purchase and Savings Plan (ESOP) in accordance with the Employee Stock Ownership Plans Subtopic of the Compensation – Stock Ownership Topic of the ASC. The Company recognized compensation expense for amounts contributed to the ESOP. See Note 11 . Defined benefit pension and other postretirement benefit plans. The Company accounts for its defined benefit pension and other postretirement benefit plans in accordance with the Retirement Benefits Topic of the ASC, which requires the recognition of a plan’s funded status as an asset for overfunded plans and as a liability for unfunded or underfunded plans. See Note 6 . Stock-based compensation. The cost of the Company’s stock-based compensation is recorded in accordance with the Stock Compensation Topic of the ASC. See Note 12 . Foreign currency translation. All consolidated non-highly inflationary foreign operations use the local currency of the country of operation as the functional currency and translated the local currency asset and liability accounts at year-end exchange rates while income and expense accounts were translated at average exchange rates. The resulting translation adjustments were included in Cumulative other comprehensive loss, a component of Shareholders’ equity. Cumulative other comprehensive loss. At December 31, 2017 , the ending balance of Cumulative other comprehensive loss included adjustments for foreign currency translation of $353,346 , net prior service costs and net actuarial losses related to pension and other postretirement benefit plans of $84,863 , unrealized net gains on marketable equity securities of $2,320 and unrealized net gains on interest rate lock cash flow hedges of $51,019 . At December 31, 2016 and 2015 , the ending balance of Cumulative other comprehensive loss included adjustments for foreign currency translation of $501,277 and $482,629 , respectively, net prior service costs and net actuarial losses related to pension and other postretirement benefit plans of $125,096 and $104,346 , respectively, and unrealized gains and losses on marketable equity securities of $1,015 and $120 , respectively. Revenue recognition. The Company recognized revenue when products were shipped and title passed to unaffiliated customers. Collectibility of amounts recorded as revenue was reasonably assured at the time of recognition. Third-party service revenue. The Company uses subcontractors to provide installation services for customers. Under these arrangements, the Company invoices the customer for both the product and installation and remitted payment to the subcontractor for the installation. Starting in the third quarter of 2016 , the Company recorded the installation revenue in Net sales and the payments to subcontractors in Cost of goods sold. Prior to the third quarter of 2016 , these amounts were netted and immaterial. Customer and vendor consideration. The Company offered certain customers rebate and sales incentive programs which were classified as reductions in Net sales. Such programs were in the form of volume rebates, rebates that constituted a percentage of sales or rebates for attaining certain sales goals. The Company received consideration from certain suppliers of raw materials in the form of volume rebates or rebates that constituted a percentage of purchases. These rebates were recognized on an accrual basis by the Company as a reduction of the purchase price of the raw materials and a subsequent reduction of Cost of goods sold when the related product was sold. Costs of goods sold. Included in Costs of goods sold were costs for materials, manufacturing, distribution and related support. Distribution costs included expenses related to the distribution of products including inbound freight charges, purchase and receiving costs, warehousing costs, internal transfer costs and other costs incurred to ship products. Also included in Costs of goods sold were total technical expenditures, which included research and development costs, quality control, product formulation expenditures and other similar items. Research and development costs included in technical expenditures were $58,474 , $58,041 and $57,667 for 2017 , 2016 and 2015 , respectively. See Note 9 . Selling, general and administrative expenses. Selling costs included advertising expenses, marketing costs, employee and store costs and sales commissions. The cost of advertising was expensed as incurred. The Company incurred $374,059 , $351,002 and $338,188 in advertising costs during 2017 , 2016 and 2015 , respectively. General and administrative expenses included human resources, legal, finance and other support and administrative functions. Earnings per share. Common stock held in a revocable trust (see Note 10 ) was not included in outstanding shares for basic or diluted income per common share calculations. All references to “shares” or “per share” information throughout this report relate to common shares and are stated on a diluted per common share basis, unless otherwise indicated. Basic and diluted net income per common share were calculated using the treasury stock method in accordance with the Earnings Per Common Share Topic of the ASC. Basic net income per common share amounts were computed based on the weighted-average number of common shares outstanding during the year. Diluted net income per common share amounts were computed based on the weighted-average number of common shares outstanding plus all dilutive securities potentially outstanding during the year. See Note 15 . Impact of recently issued accounting standards. Effective January 1, 2017, the Company adopted ASU No. 2015-17, "Balance Sheet Classification of Deferred Taxes," which eliminates the requirement for separate presentation of current and non-current portions of deferred tax. Subsequent to adoption, all deferred tax assets and deferred tax liabilities are presented as non-current on the balance sheet. The changes have been applied prospectively as permitted by the ASU and prior years have not been restated. The adoption of this ASU does not have a material effect on the Company's results of operations, financial condition or liquidity. In March 2017, the FASB issued ASU No. 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Costs." The standard requires the service component of pension and other postretirement benefit expense to be presented in the same income statement lines as other employee compensation costs, however, the other components will be presented outside of operating income. In addition, only the service cost component will be eligible for capitalization in assets. The standard is effective starting in 2018 , with early adoption permitted. Retrospective application is required for the guidance on the income statement presentation. Prospective application is required for the guidance on the cost capitalization in assets. The standard is not expected to have a material effect on the Company's results of operations, financial condition or liquidity . In January 2017, the FASB issued ASU No. 2017-04, “Simplifying the Test for Goodwill Impairment.” This standard simplifies the accounting for goodwill impairment by eliminating the Step 2 requirement to calculate the implied fair value of goodwill. Instead, if a reporting unit's carrying amount exceeds its fair value, an impairment charge will be recorded based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The standard will be applied prospectively and is effective for impairment tests performed after December 15, 2019, with early adoption permitted. The standard is not expected to have a material effect on the Company's results of operations, financial condition or liquidity. In February 2016, the FASB issued ASU No. 2016-02, “Leases,” which consists of a comprehensive lease accounting standard. Under the new standard, assets and liabilities arising from most leases will be recognized on the balance sheet. Leases will be classified as either operating or financing, and the lease classification will determine whether expense is recognized on a straight line basis (operating leases) or based on an effective interest method (financing leases). The new standard is effective for interim and annual periods starting in 2019. A modified retrospective transition approach is required with certain practical expedients available. The Company has made significant progress with its assessment process, and anticipates this standard will have a material impact on its consolidated balance sheet. While the Company continues to assess all potential impacts of the standard, it currently believes the most significant impact relates to recording lease assets and related liabilities on the balance sheet for its retail operations in The Americas Group. In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” which amends the guidance for certain aspects of recognition, measurement and disclosure of financial instruments. The standard is effective for interim and annual periods starting in 2018, and early adoption is not permitted. Although the Company continues to assess the potential impacts of the standard, it currently believes that the main impact will be that changes in fair value of marketable securities currently classified as available-for-sale will be recognized in earnings rather than in other comprehensive income. The standard is not expected to have a material effect on the Company's results of operations, financial condition or liquidity. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which consists of a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The standard is effective for interim and annual periods beginning after December 15, 2017. The Company will adopt the standard using the modified retrospective method. The Company has completed its determination of the expanded disclosures regarding revenue, as well as any impacts on the timing of recognition in some arrangements or contracts for the sale of goods or services. Management's assessment identified certain revenue components within the Consumer Brands Group that are recorded as Selling, general and administrative expenses of approximately $60.0 million as of December 31, 2017 , which upon adoption of the new standard would be recorded as a contra revenue in Net sales on the Statements of Consolidated Income. In addition, the Company has made enhancements to its information systems and internal controls in response to the new rule requirements. The Company is prepared to provide expanded disclosures in the consolidated financial statements upon adoption and it is expected that the adoption of this standard will not materially impact Net income or the Company's liquidity. Reclassification. Certain amounts in the notes to the consolidated financial statements for 2015 and 2016 have been reclassified to conform to the 2017 presentation.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS On June 1, 2017, the Company completed the acquisition of The Valspar Corporation (Valspar) at $113 per share in an all cash transaction for a total purchase price of $8.9 billion , net of divestiture proceeds of $431.0 million (Acquisition). On April 11, 2017, the Company and Valspar entered into a definitive agreement with Axalta Coating Systems Ltd. to divest the assets related to Valspar's North American industrial wood coatings business. The divestiture was also completed on June 1, 2017, and is reported as a discontinued operation with no pre-tax gain or loss, but includes the tax expense effect of this separate transaction. Proceeds of $431.0 million were received for the divested assets sold. The divestiture resulted in a tax provision of $41.5 million , which reduced basic and diluted net income per common share by $.44 and $.44 , respectively, for the year ended December 31, 2017 . The Acquisition expands the Company's diversified array of brands and technologies, expands its global platform and adds new capabilities in its packaging and coil businesses. The preliminary allocation of the fair value of the Acquisition is summarized in the following table. Allocations are based on the acquisition method of accounting and in-process third-party valuation appraisals. The allocation of the fair value will be finalized within the allowable measurement period. (millions of dollars) Cash $ 129.1 Accounts receivable 817.5 Inventories 684.5 Indefinite-lived trademarks 775.9 Finite-lived intangible assets 5,071.8 Goodwill 5,675.2 Property, plant and equipment 833.0 All other assets 231.1 Accounts payable (553.2 ) Long-term debt (1,603.5 ) Deferred taxes (2,028.9 ) All other liabilities (1,093.1 ) Total $ 8,939.4 Total, net of cash $ 8,810.3 Finite-lived intangible assets include customer relationships of $3.3 billion and intellectual property and technology of $1.8 billion , which are being amortized over weighted average amortization periods ranging from 15 to 20 years. Based on the preliminary purchase accounting, goodwill of $2.3 billion , $1.9 billion and $1.5 billion was recorded in The Americas Group, Performance Coatings Group and Consumer Brands Group, respectively, and relates primarily to expected synergies. The Company's Net sales and Net income for the year ended December 31, 2017 include sales of $2.464 billion and a profit before tax of $115.8 million related to the Acquisition. Net income for the year ended December 31, 2017 includes $183.1 million of intangibles amortization expense. During the year ended December 31, 2017 , the Company incurred transaction and integration related SG&A expense of $126.8 million and interest expense of $179.3 million related to the Acquisition. During the year ended December 31, 2016 , the Company incurred transaction and integration related SG&A expense of $58.4 million and interest expense of $72.8 million related to the anticipated acquisition of Valspar. The following pro forma information presents consolidated financial information as if Valspar had been acquired at the beginning of 2016 . Pro forma adjustments have been made to exclude Valspar's North American industrial wood coatings business results and certain transaction and integration costs from all periods presented. Interest expense has been adjusted as though total debt related to the Acquisition had been outstanding at January 1, 2016. Amortization of acquired intangibles and fixed asset step-ups has been adjusted as though the amortization period started January 1, 2016. The $54.9 million amortization of inventory cost increases resulting from the preliminary purchase accounting has been included in 2016 to reflect the pro forma transaction date of January 1, 2016, and thus this amount has been excluded for the year ended December 31, 2017 . The unaudited pro forma consolidated financial information does not necessarily reflect the actual results that would have occurred had the Acquisition taken place on January 1, 2016, nor is it meant to be indicative of future results of operations of the combined companies under the ownership and operation of the Company. 2017 2016 Net sales $ 16,634,913 $ 15,861,367 Net income from continuing operations 1,854,613 1,008,138 Net income per common share from continuing operations Basic $ 19.96 $ 10.98 Diluted $ 19.54 $ 10.67

Inventories

Inventories	12 Months Ended
	Dec. 31, 2017
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories were principally stated at the lower of cost or market with cost determined on the last-in, first-out (LIFO) method. The following presents the effect on inventories, net income and net income per common share had the Company used the first-in, first-out (FIFO) inventory valuation method adjusted for income taxes at the statutory rate in effect at each reporting date and assuming no other adjustments. Management believes that the use of LIFO results in a better matching of costs and revenues. This information is presented to enable the reader to make comparisons with companies using the FIFO method of inventory valuation. The decrease in percentage of total inventories on LIFO in 2017 was due to the Acquisition which only carried approximately 40 percent of its inventory on the LIFO method. 2017 2016 2015 Percentage of total inventories on LIFO 66 % 79 % 78 % Excess of FIFO over LIFO $ 286,961 $ 253,353 $ 251,060 (Decrease) increase in net (20,669 ) (1,421 ) 49,658 (Decrease) increase in net (.22 ) (.02 ) .53

Goodwill, Intangible and Long-L

Goodwill, Intangible and Long-Lived Assets	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS	GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS In accordance with the Property, Plant and Equipment Topic of the ASC, whenever events or changes in circumstances indicate that the carrying value of long-lived assets may not be recoverable or the useful life may have changed, impairment tests are to be performed. Undiscounted cash flows are to be used to calculate the recoverable value of long-lived assets to determine if such assets are impaired. Where impairment is identified, a discounted cash flow valuation model, incorporating discount rates commensurate with the risks involved for each group of assets, is to be used to determine the fair value for the assets to measure any potential impairment. No material impairments were recorded in 2016 , 2015 and 2014. During 2017 , the Company recorded preliminary goodwill of $5,675,244 , finite-lived intangibles of $5,071,800 and indefinite-lived trademarks of $775,900 in connection with the Acquisition. See Note 2. In accordance with the Goodwill and Other Intangibles Topic of the ASC, goodwill and indefinite-lived intangible assets are tested for impairment annually, and interim impairment tests are performed whenever an event occurs or circumstances change that indicate an impairment has more likely than not occurred. October 1 has been established for the annual impairment review. At the time of impairment testing, values are estimated separately for goodwill and trademarks with indefinite lives using a discounted cash flow valuation model, incorporating discount rates commensurate with the risks involved for each group of assets. An optional qualitative assessment may alleviate the need to perform the quantitative goodwill impairment test when impairment is unlikely. The annual impairment review performed as of October 1, 2017 resulted in trademark impairment of $2,022 in The Americas Group related to lower than anticipated sales of an acquired brand and no goodwill impairment. The annual impairment review performed as of October 1, 2016 resulted in goodwill and trademark impairment in The Americas Group of $10,455 and $233 , respectively. The annual impairment review performed as of October 1, 2015 did not result in any goodwill or trademark impairment. A summary of changes in the Company’s carrying value of goodwill by Reportable Segment is as follows: Goodwill The Americas Group Consumer Brands Group Performance Coatings Group Consolidated Totals Balance at January 1, 2015 (1) $ 295,129 $ 702,206 $ 161,011 $ 1,158,346 Currency and other adjustments (77 ) (1,135 ) (13,801 ) (15,013 ) Balance at December 31, 2015 (1) 295,052 701,071 147,210 1,143,333 Impairment charged to operations (10,455 ) (10,455 ) Currency and other adjustments 813 (1,197 ) (5,602 ) (5,986 ) Balance at December 31, 2016 (2) 285,410 699,874 141,608 1,126,892 Acquisition 2,276,127 1,473,239 1,925,878 5,675,244 Currency and other adjustments (5,928 ) 60,128 (41,991 ) 12,209 Balance at December 31, 2017 (2) $ 2,555,609 $ 2,233,241 $ 2,025,495 $ 6,814,345 (1) Net of accumulated impairment losses of $8,904 ( $8,113 in the Consumer Brands Group and $791 in the Performance Coatings Group). (2) Net of accumulated impairment losses of $19,359 ( $8,113 in the Consumer Brands Group, $791 in the Performance Coatings Group and $10,455 in The Americas Group). A summary of the Company’s carrying value of intangible assets is as follows: Finite-Lived Intangible Assets Trademarks With Indefinite Lives Total Intangible Assets Software Customer Relationships Intellectual Property All Other Subtotal December 31, 2017 Weighted-average amortization period 7 years 15 years 20 years 13 years 17 years Gross $ 165,019 $ 3,361,675 $ 1,774,000 $ 329,440 $ 5,630,134 Accumulated amortization (116,621 ) (129,568 ) (51,742 ) (257,506 ) (555,437 ) Net value $ 48,398 $ 3,232,107 $ 1,722,258 $ 71,934 $ 5,074,697 $ 927,664 $ 6,002,361 December 31, 2016 Weighted-average amortization period 7 years 11 years 10 years Gross $ 144,557 $ 313,613 $ 458,170 Accumulated amortization (103,735 ) (240,217 ) (343,952 ) Net value $ 40,822 $ 73,396 $ 114,218 $ 140,792 $ 255,010 December 31, 2015 Weighted-average amortization period 8 years 12 years 11 years Gross $ 123,863 $ 312,119 $ 435,982 Accumulated amortization (95,008 ) (228,921 ) (323,929 ) Net value $ 28,855 $ 83,198 $ 112,053 $ 143,318 $ 255,371 Amortization of finite-lived intangible assets based on the in-process third-party valuation appraisals is as follows for the next five years: $330,029 in 2018 , $330,045 in 2019 , $326,992 in 2020 , $325,215 in 2021 and $322,245 in 2022 .

Exit or Disposal Activities

Exit or Disposal Activities	12 Months Ended
	Dec. 31, 2017
Restructuring and Related Activities [Abstract]
EXIT OR DISPOSAL ACTIVITIES	EXIT OR DISPOSAL ACTIVITIES Management is continually re-evaluating the Company’s operating facilities, including acquired operating facilities, against its long-term strategic goals. Liabilities associated with exit or disposal activities are recognized as incurred in accordance with the Exit or Disposal Cost Obligations Topic of the ASC. Provisions for qualified exit costs are made at the time a facility is no longer operational. Qualified exit costs primarily include post-closure rent expenses or costs to terminate the contract before the end of its term and costs of employee terminations. Adjustments may be made to liabilities accrued for qualified exit costs if information becomes available upon which more accurate amounts can be reasonably estimated. Concurrently, property, plant and equipment is tested for impairment in accordance with the Property, Plant and Equipment Topic of the ASC, and if impairment exists, the carrying value of the related assets is reduced to estimated fair value. Additional impairment may be recorded for subsequent revisions in estimated fair value. Adjustments to prior provisions and additional impairment charges for property, plant and equipment of closed sites being held for disposal are recorded in Other general expense – net. During 2017 , 13 stores in The Americas Group and 2 branches in the Performance Coatings Group were closed due to lower demand or redundancy. Accruals for exit and disposal activities of $4,456 were acquired in connection with the Acquisition. The Company is currently evaluating all legacy operations in response to the Acquisition in order to optimize operations. These Acquisition-related restructuring charges are recorded in the Administrative segment as presented in the table below. Provisions of $47,308 and $143 for severance and other qualified exit costs related to the Acquisition and other 2017 activity were charged to the Administrative Segment and Performance Coatings Group, respectively. Provisions for severance and other qualified exit costs related to manufacturing facilities, distribution facilities, stores and branches closed prior to 2017 of $3,052 were recorded. During 2016 , 16 stores in The Americas Group, 13 branches in the Performance Coatings Group and 2 facilities in Consumer Brands Group were closed due to lower demand or redundancy. Provisions for severance and other qualified exit costs of $1,020 and $505 were charged to the Consumer Brands Group and Performance Coatings Group, respectively. Provisions for severance and other qualified exit costs related to manufacturing facilities, distribution facilities, stores and branches closed prior to 2016 of $1,513 were recorded. During 2015 , 32 stores in The Americas Group and 7 branches in the Performance Coatings Group were closed due to lower demand or redundancy. In addition, the Performance Coatings Group exited a business in Europe. Provisions for severance and other qualified exit cost of $168 and $8,329 were charged to The Americas Group and Performance Coatings Group, respectively. Provisions for severance and other qualified exit costs related to manufacturing facilities, distribution facilities, stores and branches closed prior to 2015 of $1,264 were recorded. At December 31, 2017 , a portion of the remaining accrual for qualified exit costs relating to facilities shutdown prior to 2015 is expected to be incurred by the end of 2018 . The remaining portion of the ending accrual for facilities shutdown prior to 2015 primarily represented post-closure contractual expenses related to certain owned facilities which are closed and being held for disposal. The Company cannot reasonably estimate when such matters will be concluded to permit disposition. The following tables summarize the activity and remaining liabilities associated with qualified exit costs: (Thousands of dollars) Balance at December 31, 2016 Acquired Balances Provisions in Actual Balance at December 31, 2017 Administrative segment Acquisition-related restructuring in 2017: Severance and related costs $ 3,303 $ 38,739 $ (36,023 ) $ 6,019 Other qualified exit costs 1,153 8,569 (4,181 ) 5,541 Performance Coatings Group stores shutdown in 2017: Severance and related costs 14 14 Other qualified exit costs 129 (8 ) 121 Consumer Brands Group facilities shutdown in 2016: Severance and related costs $ 907 2,910 (3,796 ) 21 Performance Coatings Group stores shutdown in 2016: Severance and related costs 136 (136 ) Other qualified exit costs 269 97 (255 ) 111 The Americas Group stores shutdown in 2015: Other qualified exit costs 195 20 (215 ) Performance Coatings Group stores shutdown in 2015: Other qualified exit costs 433 25 (446 ) 12 Severance and other qualified exit costs for facilities shutdown prior to 2015 1,908 (362 ) 1,546 Totals $ 3,848 $ 4,456 $ 50,503 $ (45,422 ) $ 13,385 (Thousands of dollars) Balance at December 31, 2015 Provisions in Actual Balance at December 31, 2016 Consumer Brands Group facilities shutdown in 2016: Severance and related costs $ 1,020 $ (113 ) $ 907 Performance Coatings Group stores shutdown in 2016: Severance and related costs 136 136 Other qualified exit costs 369 (100 ) 269 The Americas Group stores shutdown in 2015: Other qualified exit costs $ 12 481 (298 ) 195 Performance Coatings Group stores shutdown in 2015: Severance and related costs 1,096 (1,096 ) Other qualified exit costs 2,750 499 (2,816 ) 433 The Americas Group stores shutdown in 2014: Other qualified exit costs 184 (81 ) 103 Consumer Brands Group facilities shutdown in 2014: Severance and related costs 445 (46 ) 399 Other qualified exit costs 52 (39 ) 13 Performance Coatings Group exit of business in 2014: Severance and related costs 430 (430 ) Other qualified exit costs 353 430 (600 ) 183 Severance and other qualified exit costs for facilities shutdown prior to 2014 1,755 103 (648 ) 1,210 Totals $ 7,077 $ 3,038 $ (6,267 ) $ 3,848 (Thousands of dollars) Balance at December 31, 2014 Provisions in Actual Balance at December 31, 2015 The Americas Group stores shutdown in 2015: Other qualified exit costs $ 168 $ (156 ) $ 12 Performance Coatings Group stores shutdown in 2015: Severance and related costs 1,341 (245 ) 1,096 Other qualified exit costs 6,988 (4,238 ) 2,750 The Americas Group stores shutdown in 2014: Other qualified exit costs $ 280 142 (238 ) 184 Consumer Brands Group facilities shutdown in 2014: Severance and related costs 2,732 466 (2,753 ) 445 Other qualified exit costs 781 6 (735 ) 52 Performance Coatings Group exit of business in 2014: Severance and related costs 104 326 430 Other qualified exit costs 1,080 324 (1,051 ) 353 The Americas Group facility shutdown in 2013: Severance and related costs 654 (654 ) Other qualified exit costs 1,205 (411 ) 794 Performance Coatings Group stores shutdown in 2013: Severance and related costs 28 (28 ) Other qualified exit costs 138 (138 ) Severance and other qualified exit costs for facilities shutdown prior to 2013 1,514 (553 ) 961 Totals $ 8,516 $ 9,761 $ (11,200 ) $ 7,077

Pension, Health Care and Postre

Pension, Health Care and Postretirement Benefits Other Than Pensions	12 Months Ended
	Dec. 31, 2017
Retirement Benefits [Abstract]
PENSION, HEALTH CARE AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	PENSION, HEALTH CARE AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS The Company provides pension benefits to substantially all employees through primarily noncontributory defined contribution or defined benefit plans and certain health care and life insurance benefits to domestic active employees and eligible retirees. In accordance with the Retirement Benefits Topic of the ASC, the Company recognizes an asset for overfunded defined benefit pension or other postretirement benefit plans and a liability for unfunded or underfunded plans. In addition, actuarial gains and losses and prior service costs of such plans are recorded in Cumulative other comprehensive loss, a component of Shareholders’ equity. The amounts recorded in Cumulative other comprehensive loss will continue to be modified as actuarial assumptions and service costs change, and all such amounts will be amortized to expense over a period of years through the net pension cost (credit) and net periodic benefit cost. Health care plans. The Company provides certain domestic health care plans that are contributory and contain cost-sharing features such as deductibles and coinsurance. There were 26,565 , 22,708 and 21,918 active employees entitled to receive benefits under these plans at December 31, 2017 , 2016 and 2015 , respectively. The cost of these benefits for active employees, which includes claims incurred and claims incurred but not reported, amounted to $281,158 , $220,589 and $217,781 for 2017 , 2016 and 2015 , respectively. Defined contribution pension plans. The Company’s annual contribution for its domestic defined contribution pension plan was $38,426 , $36,731 and $35,435 for 2017 , 2016 and 2015 , respectively. The contribution percentage ranges from two percent to seven percent of compensation for covered employees based on an age and service formula. Assets in employee accounts of the domestic defined contribution pension plan are invested in various investment funds as directed by the participants. These investment funds did not own a significant number of shares of the Company’s common stock for any year presented. In connection with the Acquisition, the Company acquired two defined contribution plans. The Company’s annual contributions for its foreign defined contribution pension plans, which are based on various percentages of compensation for covered employees up to certain limits, were $10,480 , $6,676 and $5,888 for 2017 , 2016 and 2015 , respectively. Assets in employee accounts of the foreign defined contribution pension plans are invested in various investment funds. These investment funds did not own a significant number of shares of the Company’s common stock for any year presented. Defined benefit pension plans. Prior to December 31, 2017 , the Company had one salaried and one hourly domestic defined benefit pension plan. In connection with the Acquisition, the Company acquired Valspar's domestic defined benefit pension plan. Effective December 31, 2017 , the three domestic defined benefit pension plans were merged into one plan. The Company also has thirty-one foreign defined benefit pension plans, twelve of which were acquired through the Acquisition. At December 31, 2017 , the domestic defined benefit pension plan was overfunded, with a projected benefit obligation of $916,175 , fair value of plan assets of $1,188,638 and excess plan assets of $272,463 . The plan is funded in accordance with all applicable regulations at December 31, 2017 and no funding will be required in 2018 . At December 31, 2016 , the domestic salaried and hourly defined benefit pension plans were overfunded, with a projected benefit obligation of $632,797 , fair value of plan assets of $847,013 and excess plan assets of $214,216 . At December 31, 2015 , the domestic salaried and hourly defined benefit pension plan were overfunded, with a projected benefit obligation of $624,791 , fair value of plan assets of $858,605 and excess plan assets of $233,814 . At December 31, 2017 , twenty-six of the Company’s foreign defined benefit pension plans were unfunded or underfunded, with combined accumulated benefit obligations, projected benefit obligations, fair values of net assets and deficiencies of plan assets of $190,241 , $230,479 , $136,674 and $93,805 , respectively. The $142,725 increase in the combined projected benefit obligations of all foreign defined benefit pension plans from 2016 was primarily due to the acquired Valspar plans. The Company expects to make the following benefit payments for all domestic and foreign defined benefit pension plans: $75,782 in 2018 ; $72,174 in 2019 ; $74,673 in 2020 ; $75,322 in 2021 ; $75,864 in 2022 ; and $375,592 in 2022 through 2026 . The Company expects to contribute $6,131 to the foreign plans in 2018 . The estimated net actuarial losses and prior service costs for the defined benefit pension plans that are expected to be amortized from Cumulative other comprehensive loss into the net pension costs in 2018 are $1,532 and $1,458 , respectively. The following table summarizes the components of the net pension costs and Cumulative other comprehensive loss related to the defined benefit pension plans: Domestic Defined Benefit Pension Plans Foreign Defined Benefit Pension Plans 2017 2016 2015 2017 2016 2015 Net pension costs (credits): Service costs $ 21,711 $ 22,291 $ 21,120 $ 7,039 $ 4,225 $ 5,071 Interest costs 31,085 26,498 24,535 8,177 7,441 8,719 Expected returns on plan assets (48,275 ) (50,197 ) (52,095 ) (9,070 ) (6,915 ) (9,296 ) Amortization of prior service costs 1,362 1,205 1,310 Amortization of actuarial losses 6,210 4,532 1,962 1,833 1,540 1,910 Ongoing pension costs (credits) 12,093 4,329 (3,168 ) 7,979 6,291 6,404 Settlement costs (credits) (1,990 ) 71 4,231 3,255 Net pension costs (credits) 10,103 4,329 (3,168 ) 8,050 10,522 9,659 Other changes in plan assets and projected benefit obligation recognized in Cumulative other comprehensive loss (before taxes): Net actuarial (gains) losses arising during the year (65,829 ) 18,926 15,359 (13,960 ) 17,030 1,907 Prior service costs arising during the year 844 2,081 Amortization of actuarial losses (4,220 ) (4,532 ) (1,962 ) (1,904 ) (1,540 ) (1,910 ) Amortization of prior service costs (1,362 ) (1,205 ) (1,310 ) Exchange rate loss recognized during year 4,133 (11,627 ) (5,830 ) Total recognized in Cumulative other comprehensive loss (70,567 ) 15,270 12,087 (11,731 ) 3,863 (5,833 ) Total recognized in net pension costs (credits) and Cumulative other comprehensive loss $ (60,464 ) $ 19,599 $ 8,919 $ (3,681 ) $ 14,385 $ 3,826 The Company employs a total return investment approach for the domestic and foreign defined benefit pension plan assets. A mix of equities and fixed income investments are used to maximize the long-term return of assets for a prudent level of risk. In determining the expected long-term rate of return on defined benefit pension plan assets, management considers the historical rates of return, the nature of investments and an expectation of future investment strategies. The target allocations for plan assets are 35 – 65 percent equity securities and 35 – 55 percent fixed income securities. The following tables summarize the fair value of the defined benefit pension plan assets at December 31, 2017 , 2016 and 2015 . The presentation is in accordance with the Retirement Benefits Topic of the ASC, as updated by ASU No. 2015-07 (see Note 1). Fair value at December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments at fair value: Equity investments (1) $ 514,983 $ 409,911 $ 105,072 Fixed income investments (2) 380,902 146,816 234,086 Other assets (3) 39,196 39,196 Total investments in fair value hierarchy 935,081 $ 556,727 $ 378,354 Investments measured at NAV or its equivalent (4) 533,561 Total investments $ 1,468,642 Fair value at December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments at fair value: Equity investments (1) $ 393,045 $ 321,152 $ 71,893 Fixed income investments (2) 294,103 144,668 149,435 Other assets (3) 14,643 14,643 Total investments in fair value hierarchy 701,791 $ 465,820 $ 235,971 Investments measured at NAV or its equivalent (4) 310,230 Total investments $ 1,012,021 Fair value at December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments at fair value: Equity investments (1) $ 435,690 $ 372,033 $ 63,657 Fixed income investments (2) 290,470 141,448 149,022 Other assets (3) 16,361 16,361 Total investments in fair value hierarchy 742,521 $ 513,481 $ 229,040 Investments measured at NAV or its equivalent (4) 278,423 Total investments $ 1,020,944 (1) This category includes actively managed equity assets that track primarily to the S&P 500. (2) This category includes government and corporate bonds that track primarily to the Barclays Capital Aggregate Bond Index. (3) This category includes real estate and pooled investment funds. (4) This category includes pooled investment funds and private equity funds that are measured at NAV or its equivalent using the practical expedient. Therefore, these investments are not classified in the fair value hierarchy. Included as equity investments in the domestic defined benefit pension plan assets at December 31, 2017 were 300,000 shares of the Company’s common stock with a market value of $123,012 , representing 10.3 percent of total domestic plan assets. Dividends received on the Company’s common stock during 2017 totaled $1,020 . The following table summarizes the obligations, plan assets and assumptions used for the defined benefit pension plans, which are all measured as of December 31: Domestic Defined Benefit Pension Plans Foreign Defined Benefit Pension Plans 2017 2016 2015 2017 2016 2015 Accumulated benefit obligations at end of year $ 913,363 $ 630,159 $ 621,873 $ 308,164 $ 172,047 $ 172,426 Projected benefit obligations: Balances at beginning of year $ 632,797 $ 624,791 $ 653,338 $ 206,873 $ 201,854 $ 234,524 Service costs 21,711 22,291 21,120 7,039 4,225 5,071 Interest costs 31,085 26,498 24,535 8,177 7,441 8,719 Actuarial losses (gains) 67,945 8,132 (40,602 ) (4,002 ) 43,736 (3,045 ) Acquisition 246,894 115,045 Contributions and other 844 2,081 1,397 947 1,072 Settlements (43,381 ) (758 ) (14,862 ) (18,707 ) Effect of foreign exchange 22,938 (30,360 ) (17,211 ) Benefits paid (41,720 ) (50,996 ) (33,600 ) (7,112 ) (6,108 ) (8,569 ) Balances at end of year 916,175 632,797 624,791 349,597 206,873 201,854 Plan assets: Balances at beginning of year 847,013 858,605 896,071 165,008 162,339 187,645 Actual returns on plan assets 182,049 39,404 (3,866 ) 16,282 33,569 4,844 Acquisition 244,677 82,314 Contributions and other 6,048 15,019 11,424 Settlements (43,381 ) (758 ) (14,862 ) (18,707 ) Effect of foreign exchange 18,222 (24,949 ) (14,298 ) Benefits paid (41,720 ) (50,996 ) (33,600 ) (7,112 ) (6,108 ) (8,569 ) Balances at end of year 1,188,638 847,013 858,605 280,004 165,008 162,339 Excess (deficient) plan assets over projected benefit obligations $ 272,463 $ 214,216 $ 233,814 $ (69,593 ) $ (41,865 ) $ (39,515 ) Assets and liabilities recognized in the Consolidated Balance Sheets: Deferred pension assets $ 272,463 $ 214,216 $ 233,814 $ 24,280 $ 11,313 $ 11,068 Other accruals (2,523 ) (1,522 ) (1,442 ) Other long-term liabilities (91,350 ) (51,656 ) (49,141 ) $ 272,463 $ 214,216 $ 233,814 $ (69,593 ) $ (41,865 ) $ (39,515 ) Amounts recognized in Cumulative other comprehensive loss: Net actuarial losses $ (64,799 ) $ (134,847 ) $ (120,454 ) $ (33,873 ) $ (45,604 ) $ (41,741 ) Prior service costs (5,496 ) (6,015 ) (5,138 ) $ (70,295 ) $ (140,862 ) $ (125,592 ) $ (33,873 ) $ (45,604 ) $ (41,741 ) Weighted-average assumptions used to determine projected benefit obligations: Discount rate 3.60 % 4.20 % 4.40 % 2.73 % 3.21 % 4.20 % Rate of compensation increase 3.33 % 3.38 % 3.14 % 3.69 % 4.43 % 4.00 % Weighted-average assumptions used to determine net pension costs: Discount rate 4.15 % 4.40 % 3.95 % 3.88 % 4.20 % 3.92 % Expected long-term rate of return on assets 5.00 % 6.00 % 6.00 % 4.75 % 4.70 % 4.84 % Rate of compensation increase 3.30 % 3.14 % 4.00 % 4.33 % 4.00 % 3.70 % Postretirement Benefits Other Than Pensions. Employees of the Company hired in the United States prior to January 1, 1993 who are not members of a collective bargaining unit, and certain groups of employees added through acquisitions, are eligible for health care and life insurance benefits upon retirement, subject to the terms of the unfunded plans. There were 3,486 , 4,524 and 4,442 retired employees entitled to receive such postretirement benefits at December 31, 2017 , 2016 and 2015 , respectively. The following table summarizes the obligation and the assumptions used for postretirement benefits other than pensions: Postretirement Benefits Other than Pensions 2017 2016 2015 Benefit obligation: Balance at beginning of year - unfunded $ 265,137 $ 263,383 $ 295,149 Service cost 2,105 2,244 2,485 Interest cost 10,749 11,009 11,182 Acquisition 17,010 Actuarial loss (gain) 11,637 7,548 (19,370 ) Plan amendments (9,269 ) Benefits paid (15,815 ) (19,047 ) (16,794 ) Balance at end of year - unfunded $ 290,823 $ 265,137 $ 263,383 Liabilities recognized in the Consolidated Balance Sheets: Postretirement benefits other than pensions $ (274,675 ) $ (250,397 ) $ (248,523 ) Other accruals (16,148 ) (14,740 ) (14,860 ) $ (290,823 ) $ (265,137 ) $ (263,383 ) Amounts recognized in Cumulative other comprehensive loss: Net actuarial losses $ (44,147 ) $ (23,211 ) $ (15,664 ) Prior service credits 12,625 19,205 25,784 $ (31,522 ) $ (4,006 ) $ 10,120 Weighted-average assumptions used to determine benefit obligation: Discount rate 3.61 % 4.10 % 4.30 % Health care cost trend rate - pre-65 7.00 % 6.00 % 6.00 % Health care cost trend rate - post-65 5.00 % 5.50 % 5.00 % Prescription drug cost increases 11.00 % 10.50 % 11.50 % Employer Group Waiver Plan (EGWP) trend rate 11.00 % 10.60 % 11.50 % Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 4.10 % 4.30 % 3.90 % Health care cost trend rate - pre-65 6.00 % 6.00 % 7.00 % Health care cost trend rate - post-65 5.50 % 5.00 % 6.50 % Prescription drug cost increases 10.50 % 11.50 % 6.50 % The following table summarizes the components of the net periodic benefit cost and Cumulative other comprehensive loss related to postretirement benefits other than pensions: Postretirement Benefits Other than Pensions 2017 2016 2015 Net periodic benefit cost: Service cost $ 2,105 $ 2,244 $ 2,485 Interest cost 10,749 11,009 11,182 Amortization of actuarial losses 32 1,011 Amortization of prior service credit (6,579 ) (6,578 ) (4,529 ) Ongoing pension costs (credits) 6,307 6,675 10,149 Settlement (credits) costs (9,332 ) Net pension (credits) costs (3,025 ) 6,675 10,149 Other changes in projected benefit obligation recognized in Cumulative other comprehensive loss (before taxes): Net actuarial loss (gain) arising during the year 11,637 7,548 (19,370 ) Prior service credit arising during the year (9,269 ) Amortization of actuarial losses (32 ) (1,011 ) Settlement costs 9,332 Amortization of prior service credit 6,579 6,578 4,529 Total recognized in Cumulative other comprehensive loss 27,516 14,126 (25,121 ) Total recognized in net periodic benefit cost and Cumulative other comprehensive loss $ 24,491 $ 20,801 $ (14,972 ) The estimated net actuarial losses and prior service (credits) for postretirement benefits other than pensions that are expected to be amortized from Cumulative other comprehensive loss into net periodic benefit cost in 2018 are $2,326 and $(6,569) , respectively. The assumed health care cost trend rate and prescription drug cost increases used to determine the net periodic benefit cost for postretirement health care benefits for 2018 both decrease in each successive year until reaching 4.5 percent in 2026 . The assumed health care and prescription drug cost trend rates have a significant effect on the amounts reported for the postretirement health care benefit obligation. A one-percentage-point change in assumed health care and prescription drug cost trend rates would have had the following effects at December 31, 2017 : One-Percentage Point Increase (Decrease) Effect on total of service and interest cost components $ 104 $ (124 ) Effect on the postretirement benefit obligation $ 2,655 $ (2,794 ) The Company expects to make retiree health care benefit cash payments as follows: Expected Cash Payments 2018 $ 17,192 2019 18,139 2020 19,058 2021 19,541 2022 19,816 2023 through 2027 98,270 Total expected benefit cash payments $ 192,016

Debt

Debt	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
DEBT	DEBT Long-term debt Due Date 2017 2016 2015 2.25% Senior Notes (1) 2020 $ 1,493,106 3.45% Senior Notes (1) 2027 1,483,244 2.75% Senior Notes (1) 2022 1,240,758 4.50% Senior Notes (1) 2047 1,228,647 Term Loan 2022 847,337 3.125% Senior Notes (1) 2024 495,602 4.20% Senior Notes (2) 2022 422,370 3.45% Senior Notes 2025 397,260 $ 396,898 $ 396,536 4.55% Senior Notes 2045 393,859 393,637 393,414 3.95% Senior Notes (2) 2026 362,381 7.25% Senior Notes (2) 2019 319,394 4.00% Senior Notes 2042 296,094 295,938 295,781 Floating Rate Loan 2021 269,247 3.30% Senior Notes (2) 2025 249,207 4.40% Senior Notes (2) 2045 238,334 7.375% Debentures 2027 118,982 118,936 118,889 0.92% Fixed Rate Loan 2021 23,933 7.45% Debentures 2097 3,500 3,500 3,500 2.00% to 8.0% Promissory Notes Through 2027 2,490 2,417 1,628 1.35% Senior Notes 2017 697,530 $ 9,885,745 $ 1,211,326 $ 1,907,278 (1) Senior notes issued in 2017 to fund the Acquisition (2) Senior notes acquired in 2017 through the Acquisition Maturities of long-term debt are as follows for the next five years: $1,179 in 2018 ; $297,740 in 2019 ; $1,625,067 in 2020 , $869,161 in 2021 and $1,800,273 in 2022 . Interest expense on long-term debt was $257,350 , $75,509 and $54,634 for 2017 , 2016 and 2015 , respectively. Among other restrictions, the Company’s notes, debentures and revolving credit agreement contain certain covenants relating to liens, ratings changes, merger and sale of assets, consolidated leverage and change of control, as defined in the agreements. In the event of default under any one of these arrangements, acceleration of the maturity of any one or more of these borrowings may result. The Company was in compliance with all covenants for all years presented. On May 16, 2017, the Company issued $6.0 billion of senior notes (collectively the "New Notes") in a public offering. The net proceeds from the issuance of the New Notes were used to fund the Acquisition. See Note 2. The interest rate locks entered into in 2016 settled in March 2017 resulting in a pretax gain of $87.6 million recognized in Cumulative other comprehensive loss. This gain is being amortized from Cumulative other comprehensive loss to a reduction of interest expense over the terms of the New Notes. For the year ended December 31, 2017 , the amortization of the unrealized gain reduced interest expense by $5.2 million . On June 2, 2017 the Company closed its previously announced exchange offers and consent solicitations (Exchange Offer) for the outstanding senior notes of Valspar. Pursuant to the Exchange Offer, the Company issued an aggregate principal amount of approximately $1.478 billion (Exchange Notes). The Exchange Notes are unsecured senior obligations of the Company. The Company did not receive any cash proceeds from the issuance of the Exchange Notes. In August 2017, the Company entered into a floating rate loan of €225.0 million and a fixed rate loan of €20.0 million . The floating rate loan agreement bears interest at the six-month Euro Interbank Offered Rate plus a margin. The fixed rate loan bears interest at 0.92% . The proceeds are being used for general corporate purposes. The loans mature on August 23, 2021. In April 2016, the Company entered into agreements for a $7.3 billion Bridge Loan and a $2.0 billion Term Loan as committed financing for the Acquisition. On June 1, 2017, the Company terminated the agreement for the Bridge Loan and borrowed the full $2.0 billion on the Term Loan. The Term Loan is pre-payable without penalty and carries a 5 -year maturity with a variable interest rate of London Interbank Offered Rate plus an additional 1.25% . As of December 31, 2017 , the term loan had an outstanding principal balance of $850.0 million at an approximate interest rate of 2.62% . On July 28, 2015, the Company issued $400,000 of 3.45% Senior Notes due 2025 and $400,000 of 4.55% Senior Notes due 2045. The notes are covered under a shelf registration filed with the Securities and Exchange Commission (SEC) on July 28, 2015. The proceeds were used for general corporate purposes, including repayment of a portion of the Company’s outstanding short-term borrowings. Short-term borrowings. In September 2017, the Company entered into a five -year letter of credit agreement, subsequently amended, with an aggregate availability of $500.0 million . On May 6, 2016, the Company entered into a five -year credit agreement, subsequently amended on multiple dates. The credit agreement gives the Company the right to borrow and to obtain the issuance, renewal, extension and increase of a letter of credit up to an aggregate availability of $500.0 million . The credit agreements are being used for general corporate purposes. At December 31, 2017 , there was $350.0 million borrowings outstanding under these credit agreements. There were no borrowings outstanding at December 31, 2016 and 2015 . On July 16, 2015, the Company and three of its wholly owned subsidiaries, Sherwin-Williams Canada, Inc. (SW Canada), Sherwin-Williams Luxembourg S.à r.l. (SW Lux) and Sherwin-Williams UK Holding Limited, entered into a multi-currency five -year $1.350 billion credit agreement (multi-currency credit agreement). The multi-currency credit agreement is being used for general corporate purposes, including the financing of working capital requirements. The multi-currency credit agreement allows the Company to extend the maturity of the facility with two one -year extension options and to increase the aggregate amount of the facility to $1.850 billion , both of which are subject to the discretion of each lender. The multi-currency credit agreement replaced the previous credit agreements for the Company, SW Canada and SW Lux in the amounts of $1.050 billion , CAD 150,000 and €95,000 (Euro), respectively. At December 31, 2017 , there were no short-term borrowings under the multi-currency credit agreement. Borrowings outstanding under various other foreign programs were $8,967 at December 31, 2017 with a weighted average interest rate of 3.2% . There were $274.8 million borrowings outstanding under the Company's domestic commercial paper program at December 31, 2017 . There were no borrowings outstanding at December 31, 2016 and 2015 .

Other Long-Term Liabilities

Other Long-Term Liabilities	12 Months Ended
	Dec. 31, 2017
Environmental Remediation Obligations [Abstract]
OTHER LONG-TERM LIABILITIES	OTHER LONG-TERM LIABILITIES The operations of the Company, like those of other companies in our industry, are subject to various domestic and foreign environmental laws and regulations. These laws and regulations not only govern current operations and products, but also impose potential liability on the Company for past operations. Management expects environmental laws and regulations to impose increasingly stringent requirements upon the Company and the industry in the future. Management believes that the Company conducts its operations in compliance with applicable environmental laws and regulations and has implemented various programs designed to protect the environment and promote continued compliance. The Company is involved with environmental investigation and remediation activities at some of its currently and formerly owned sites (including sites which were previously owned and/or operated by businesses acquired by the Company). In addition, the Company, together with other parties, has been designated a potentially responsible party under federal and state environmental protection laws for the investigation and remediation of environmental contamination and hazardous waste at a number of third-party sites, primarily Superfund sites. In general, these laws provide that potentially responsible parties may be held jointly and severally liable for investigation and remediation costs regardless of fault. The Company may be similarly designated with respect to additional third-party sites in the future. The Company initially provides for estimated costs of environmental-related activities relating to its past operations and third-party sites for which commitments or clean-up plans have been developed and when such costs can be reasonably estimated based on industry standards and professional judgment. These estimated costs are determined based on currently available facts regarding each site. If the best estimate of costs can only be identified as a range and no specific amount within that range can be determined more likely than any other amount within the range, the minimum of the range is provided. The Company continuously assesses its potential liability for investigation and remediation-related activities and adjusts its environmental-related accruals as information becomes available upon which more accurate costs can be reasonably estimated and as additional accounting guidelines are issued. Included in Other long-term liabilities at December 31, 2017 , 2016 and 2015 were accruals for extended environmental-related activities of $179,593 , $163,847 and $129,856 , respectively. Included in Other accruals at December 31, 2017 , 2016 and 2015 were accruals for estimated costs of current investigation and remediation activities of $28,556 , $19,969 and $22,493 , respectively. Actual costs incurred may vary from the accrued estimates due to the inherent uncertainties involved including, among others, the number and financial condition of parties involved with respect to any given site, the volumetric contribution which may be attributed to the Company relative to that attributed to other parties, the nature and magnitude of the wastes involved, the various technologies that can be used for remediation and the determination of acceptable remediation with respect to a particular site. If the Company’s future loss contingency is ultimately determined to be at the unaccrued maximum of the estimated range of possible outcomes for every site for which costs can be reasonably estimated, the Company’s accrual for environmental-related activities would be $98,751 higher than the minimum accruals at December 31, 2017 . Four of the Company’s currently and formerly owned manufacturing sites account for the majority of the accrual for environmental-related activities and the unaccrued maximum of the estimated range of possible outcomes at December 31, 2017 . At December 31, 2017 , $162,378 , or 78.0 percent of the total accrual, related directly to these four sites. In the aggregate unaccrued maximum of $98,751 at December 31, 2017 , $77,762 , or 87.6 percent , related to the four manufacturing sites. While environmental investigations and remedial actions are in different stages at these sites, additional investigations, remedial actions and monitoring will likely be required at each site. Management cannot presently estimate the ultimate potential loss contingencies related to these sites or other less significant sites until such time as a substantial portion of the investigation at the sites is completed and remedial action plans are developed. In the event any future loss contingency significantly exceeds the current amount accrued, the recording of the ultimate liability may result in a material impact on net income for the annual or interim period during which the additional costs are accrued. Management does not believe that any potential liability ultimately attributed to the Company for its environmental-related matters will have a material adverse effect on the Company’s financial condition, liquidity, or cash flow due to the extended period of time during which environmental investigation and remediation takes place. An estimate of the potential impact on the Company’s operations cannot be made due to the aforementioned uncertainties. Management expects these contingent environmental-related liabilities to be resolved over an extended period of time. Management is unable to provide a more specific time frame due to the indefinite amount of time to conduct investigation activities at any site, the indefinite amount of time to obtain environmental agency approval, as necessary, with respect to investigation and remediation activities, and the indefinite amount of time necessary to conduct remediation activities. The Asset Retirement and Environmental Obligations Topic of the ASC requires a liability to be recognized for the fair value of a conditional asset retirement obligation if a settlement date and fair value can be reasonably estimated. The Company recognizes a liability for any conditional asset retirement obligation when sufficient information is available to reasonably estimate a settlement date to determine the fair value of such a liability. The Company has identified certain conditional asset retirement obligations at various current and closed manufacturing, distribution and store facilities. These obligations relate primarily to asbestos abatement, hazardous waste Resource Conservation and Recovery Act (RCRA) closures, well abandonment, transformers and used oil disposals and underground storage tank closures. Using investigative, remediation and disposal methods that are currently available to the Company, the estimated costs of these obligations were accrued and are not significant. The recording of additional liabilities for future conditional asset retirement obligations may result in a material impact on net income for the annual or interim period during which the costs are accrued. Management does not believe that any potential liability ultimately attributed to the Company for its conditional asset retirement obligations will have a material adverse effect on the Company’s financial condition, liquidity, or cash flow due to the extended period of time over which sufficient information may become available regarding the closure or modification of any one or group of the Company’s facilities. An estimate of the potential impact on the Company’s operations cannot be made due to the aforementioned uncertainties.

Litigation

Litigation	12 Months Ended
	Dec. 31, 2017
Loss Contingency, Information about Litigation Matters [Abstract]
LITIGATION	LITIGATION In the course of its business, the Company is subject to a variety of claims and lawsuits, including, but not limited to, litigation relating to product liability and warranty, personal injury, environmental, intellectual property, commercial, contractual and antitrust claims that are inherently subject to many uncertainties regarding the possibility of a loss to the Company. These uncertainties will ultimately be resolved when one or more future events occur or fail to occur confirming the incurrence of a liability or the reduction of a liability. In accordance with the Contingencies Topic of the ASC, the Company accrues for these contingencies by a charge to income when it is both probable that one or more future events will occur confirming the fact of a loss and the amount of the loss can be reasonably estimated. In the event that the Company’s loss contingency is ultimately determined to be significantly higher than currently accrued, the recording of the additional liability may result in a material impact on the Company’s results of operations, liquidity or financial condition for the annual or interim period during which such additional liability is accrued. In those cases where no accrual is recorded because it is not probable that a liability has been incurred and the amount of any such loss cannot be reasonably estimated, any potential liability ultimately determined to be attributable to the Company may result in a material impact on the Company’s results of operations, liquidity or financial condition for the annual or interim period during which such liability is accrued. In those cases where no accrual is recorded or exposure to loss exists in excess of the amount accrued, the Contingencies Topic of the ASC requires disclosure of the contingency when there is a reasonable possibility that a loss or additional loss may have been incurred. Lead pigment and lead-based paint litigation. The Company’s past operations included the manufacture and sale of lead pigments and lead-based paints. The Company, along with other companies, is and has been a defendant in a number of legal proceedings, including individual personal injury actions, purported class actions, and actions brought by various counties, cities, school districts and other government-related entities, arising from the manufacture and sale of lead pigments and lead-based paints. The plaintiffs’ claims have been based upon various legal theories, including negligence, strict liability, breach of warranty, negligent misrepresentations and omissions, fraudulent misrepresentations and omissions, concert of action, civil conspiracy, violations of unfair trade practice and consumer protection laws, enterprise liability, market share liability, public nuisance, unjust enrichment and other theories. The plaintiffs seek various damages and relief, including personal injury and property damage, costs relating to the detection and abatement of lead-based paint from buildings, costs associated with a public education campaign, medical monitoring costs and others. The Company has also been a defendant in legal proceedings arising from the manufacture and sale of non-lead-based paints that seek recovery based upon various legal theories, including the failure to adequately warn of potential exposure to lead during surface preparation when using non-lead-based paint on surfaces previously painted with lead-based paint. The Company believes that the litigation brought to date is without merit or subject to meritorious defenses and is vigorously defending such litigation. The Company has not settled any material lead pigment or lead-based paint litigation. The Company expects that additional lead pigment and lead-based paint litigation may be filed against the Company in the future asserting similar or different legal theories and seeking similar or different types of damages and relief. Notwithstanding the Company’s views on the merits, litigation is inherently subject to many uncertainties, and the Company ultimately may not prevail. Adverse court rulings or determinations of liability, among other factors, could affect the lead pigment and lead-based paint litigation against the Company and encourage an increase in the number and nature of future claims and proceedings. In addition, from time to time, various legislation and administrative regulations have been enacted, promulgated or proposed to impose obligations on present and former manufacturers of lead pigments and lead-based paints respecting asserted health concerns associated with such products or to overturn the effect of court decisions in which the Company and other manufacturers have been successful. Due to the uncertainties involved, management is unable to predict the outcome of the lead pigment and lead-based paint litigation, the number or nature of possible future claims and proceedings or the effect that any legislation and/or administrative regulations may have on the litigation or against the Company. In addition, management cannot reasonably determine the scope or amount of the potential costs and liabilities related to such litigation, or resulting from any such legislation and regulations. The Company has not accrued any amounts for such litigation. With respect to such litigation, with the exception of the public nuisance litigation in California discussed below, the Company does not believe that it is probable that a loss has occurred, and it is not possible to estimate the range of potential losses as there is no prior history of a loss of this nature and there is no substantive information upon which an estimate could be based. In addition, any potential liability that may result from any changes to legislation and regulations cannot reasonably be estimated. In the event any significant liability is determined to be attributable to the Company relating to such litigation, the recording of the liability may result in a material impact on net income for the annual or interim period during which such liability is accrued. Additionally, due to the uncertainties associated with the amount of any such liability and/or the nature of any other remedy which may be imposed in such litigation, any potential liability determined to be attributable to the Company arising out of such litigation may have a material adverse effect on the Company’s results of operations, liquidity or financial condition. An estimate of the potential impact on the Company’s results of operations, liquidity or financial condition cannot be made due to the aforementioned uncertainties. Public nuisance claim litigation . The Company and other companies are or were defendants in legal proceedings seeking recovery based on public nuisance liability theories, among other theories, brought by the State of Rhode Island, the City of St. Louis, Missouri, various cities and counties in the State of New Jersey, various cities in the State of Ohio and the State of Ohio, the City of Chicago, Illinois, the City of Milwaukee, Wisconsin and the County of Santa Clara, California and other public entities in the State of California. Except for the Santa Clara County, California proceeding, all of these legal proceedings have been concluded in favor of the Company and other defendants at various stages in the proceedings. The proceedings initiated by the State of Rhode Island included two jury trials. At the conclusion of the second trial, the jury returned a verdict finding that (i) the cumulative presence of lead pigment in paints and coatings on buildings in the State of Rhode Island constitutes a public nuisance, (ii) the Company, along with two other defendants, caused or substantially contributed to the creation of the public nuisance and (iii) the Company and two other defendants should be ordered to abate the public nuisance. The Company and two other defendants appealed and, on July 1, 2008, the Rhode Island Supreme Court, among other determinations, reversed the judgment of abatement with respect to the Company and two other defendants. The Rhode Island Supreme Court’s decision reversed the public nuisance liability judgment against the Company on the basis that the complaint failed to state a public nuisance claim as a matter of law. The Santa Clara County, California proceeding was initiated in March 2000 in the Superior Court of the State of California, County of Santa Clara. In the original complaint, the plaintiffs asserted various claims including fraud and concealment, strict product liability/failure to warn, strict product liability/design defect, negligence, negligent breach of a special duty, public nuisance, private nuisance, and violations of California’s Business and Professions Code. A number of the asserted claims were resolved in favor of the defendants through pre-trial proceedings. The named plaintiffs in the Fourth Amended Complaint, filed on March 16, 2011, are the Counties of Santa Clara, Alameda, Los Angeles, Monterey, San Mateo, Solano and Ventura, the Cities of Oakland and San Diego and the City and County of San Francisco. The Fourth Amended Complaint asserted a sole claim for public nuisance, alleging that the presence of lead pigments for use in paint and coatings in, on and around residences in the plaintiffs’ jurisdictions constitutes a public nuisance. The plaintiffs sought the abatement of the alleged public nuisance that exists within the plaintiffs’ jurisdictions. A trial commenced on July 15, 2013 and ended on August 22, 2013. The court entered final judgment on January 27, 2014, finding in favor of the plaintiffs and against the Company and two other defendants (ConAgra Grocery Products Company and NL Industries, Inc.). The final judgment held the Company jointly and severally liable with the other two defendants to pay $1.15 billion into a fund to abate the public nuisance. The Company strongly disagrees with the judgment. On February 18, 2014, the Company filed a motion for new trial and a motion to vacate the judgment. The court denied these motions on March 24, 2014. On March 28, 2014, the Company filed a notice of appeal to the Sixth District Court of Appeal for the State of California. The filing of the notice of appeal effects an automatic stay of the judgment without the requirement to post a bond. Oral argument before the Sixth District Court of Appeal was held on August 24, 2017. On November 14, 2017, the Sixth District Court of Appeal entered its decision, which affirmed the trial court’s judgment of liability with respect to residences built before 1951 and reversed and vacated the trial court’s judgment with respect to residences built after 1950. The Sixth District Court of Appeal directed the trial court to: (i) recalculate the amount of the abatement fund to limit the fund to the amount necessary to cover the cost of inspecting and remediating pre-1951 residences; and (ii) hold an evidentiary hearing to appoint a suitable receiver. On November 29, 2017, the Company and the two other defendants filed separate Petitions for Rehearing, which the Sixth District Court of Appeal denied on December 6, 2017. The Sixth District Court of Appeal’s decision became final on December 14, 2017. On December 22, 2017, the Company and the two other defendants submitted separate Petitions for Review to the California Supreme Court. On February 14, 2018, the California Supreme Court issued an order denying the Petitions for Review. The Company believes that the judgment conflicts with established principles of law and is unsupported by the evidence. The Company intends to file a Petition for Writ of Certiorari with the Supreme Court of the United States seeking discretionary review. The Company also intends to file a motion to stay the Santa Clara County, California proceeding while the Petition for Writ of Certiorari is pending. Although the Company believes it is probable that a loss has occurred, the Company has concluded that it is not possible to reasonably estimate the range of potential loss due to the numerous possible outcomes and uncertainties, including, but not limited to, (i) the final amount of the abatement fund necessary to cover the cost of inspecting and remediating pre-1951 residences, as recalculated by the trial court, and (ii) the portion of the abatement fund for which the Company, the two other defendants and others are determined to be responsible. If the Company concludes that it is possible to reasonably estimate the range of potential loss once more definitive information becomes available, the Company will recognize the loss and disclose such information. Because of joint and several liability, it is possible the Company could ultimately be liable for the total amount of the abatement fund. In the event any significant liability is determined to be attributable to the Company relating to such litigation, the recording of any liability may result in a material impact on the Company’s results of operations, liquidity or financial condition for the annual or interim period during which such liability is accrued. Litigation seeking damages from alleged personal injury . The Company and other companies are defendants in a number of legal proceedings seeking monetary damages and other relief from alleged personal injuries. These proceedings include claims by children allegedly injured from ingestion of lead pigment or lead-containing paint and claims for damages allegedly incurred by the children’s parents or guardians. These proceedings generally seek compensatory and punitive damages, and seek other relief including medical monitoring costs. These proceedings include purported claims by individuals, groups of individuals and class actions. The plaintiff in Thomas v. Lead Industries Association, et al., initiated an action in state court against the Company, other alleged former lead pigment manufacturers and the Lead Industries Association in September 1999. The claims against the Company and the other defendants included strict liability, negligence, negligent misrepresentation and omissions, fraudulent misrepresentation and omissions, concert of action, civil conspiracy and enterprise liability. Implicit within these claims is the theory of “risk contribution” liability (Wisconsin’s theory which is similar to market share liability, except that liability can be joint and several) due to the plaintiff’s inability to identify the manufacturer of any product that allegedly injured the plaintiff. The case ultimately proceeded to trial and, on November 5, 2007, the jury returned a defense verdict, finding that the plaintiff had ingested white lead carbonate, but was not brain damaged or injured as a result. The plaintiff appealed and, on December 16, 2010, the Wisconsin Court of Appeals affirmed the final judgment in favor of the Company and other defendants. Wisconsin is the only jurisdiction to date to apply a theory of liability with respect to alleged personal injury (i.e., risk contribution/market share liability) that does not require the plaintiff to identify the manufacturer of the product that allegedly injured the plaintiff in the lead pigment and lead-based paint litigation. Although the risk contribution liability theory was applied during the Thomas trial, the constitutionality of this theory as applied to the lead pigment cases has not been judicially determined by the Wisconsin state courts. However, in an unrelated action filed in the United States District Court for the Eastern District of Wisconsin, Gibson v. American Cyanamid, et al., on November 15, 2010, the District Court held that Wisconsin’s risk contribution theory as applied in that case violated the defendants’ right to substantive due process and is unconstitutionally retroactive. The District Court's decision in Gibson v. American Cyanamid, et al., was appealed by the plaintiff to the United States Court of Appeals for the Seventh Circuit. On July 24, 2014, the United States Court of Appeals for the Seventh Circuit reversed the judgment and remanded the case back to the District Court for further proceedings. On January 16, 2015, the defendants filed a petition for certiorari in the United States Supreme Court seeking that Court's review of the Seventh Circuit's decision, and on May 18, 2015, the United States Supreme Court denied the defendants' petition. The case is currently pending in the District Court. Three cases also are pending in the United States District Court for the Eastern District of Wisconsin (Ravon Owens v. American Cyanamid, et al., Cesar Sifuentes v. American Cyanamid, et al., and Glenn Burton, Jr. v. American Cyanamid, et al.) in which dispositive motions have been filed and are currently pending. No trial dates have been set by the District Court. In Maniya Allen, et al. v. American Cyanamid, et al., also pending in the United States District Court for the Eastern District of Wisconsin, cases involving seven of the 166 plaintiffs have been selected for discovery, although no trial dates have been set by the District Court. Insurance coverage litigation . The Company and its liability insurers, including certain underwriters at Lloyd’s of London, initiated legal proceedings against each other to primarily determine, among other things, whether the costs and liabilities associated with the abatement of lead pigment are covered under certain insurance policies issued to the Company. The Company’s action, filed on March 3, 2006 in the Common Pleas Court, Cuyahoga County, Ohio, is currently stayed and inactive. The liability insurers’ action, which was filed on February 23, 2006 in the Supreme Court of the State of New York, County of New York, has been dismissed. An ultimate loss in the insurance coverage litigation would mean that insurance proceeds could be unavailable under the policies at issue to mitigate any ultimate abatement related costs and liabilities. The Company has not recorded any assets related to these insurance policies or otherwise assumed that proceeds from these insurance policies would be received in estimating any contingent liability accrual. Therefore, an ultimate loss in the insurance coverage litigation without a determination of liability against the Company in the lead pigment or lead-based paint litigation will have no impact on the Company’s results of operation, liquidity or financial condition. As previously stated, however, the Company has not accrued any amounts for the lead pigment or lead-based paint litigation and any significant liability ultimately determined to be attributable to the Company relating to such litigation may result in a material impact on the Company’s results of operations, liquidity or financial condition for the annual or interim period during which such liability is accrued.

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
CAPITAL STOCK	CAPITAL STOCK At December 31, 2017 , there were 300,000,000 shares of common stock and 30,000,000 shares of serial preferred stock authorized for issuance. Of the authorized serial preferred stock, 3,000,000 shares are designated as cumulative redeemable serial preferred and 1,000,000 shares are designated as convertible serial preferred stock. See Note 11 . Under the 2006 Equity and Performance Incentive Plan (2006 Employee Plan), 23,700,000 common shares may be issued or transferred. See Note 12 . An aggregate of 10,715,939 , 7,720,815 and 8,824,943 shares of common stock at December 31, 2017 , 2016 and 2015 , respectively, were reserved for the exercise and future grants of option rights and future grants of restricted stock and restricted stock units. See Note 12 . Common shares outstanding shown in the following table included 489,260 , 488,714 and 487,900 shares of common stock held in a revocable trust at December 31, 2017 , 2016 and 2015 , respectively. The revocable trust is used to accumulate assets for the purpose of funding the ultimate obligation of certain non-qualified benefit plans. Transactions between the Company and the trust are accounted for in accordance with the Deferred Compensation – Rabbi Trusts Subtopic of the Compensation Topic of the ASC, which requires the assets held by the trust be consolidated with the Company’s accounts. Common Shares in Treasury Common Shares Outstanding Balance at January 1, 2015 19,813,079 94,704,173 Shares tendered as payment for option rights exercised 14,542 (14,542 ) Shares issued for exercise of option rights 1,133,050 Shares tendered in connection with grants of restricted stock 111,433 (111,433 ) Net shares issued for grants of restricted stock 110,277 Treasury stock purchased 3,575,000 (3,575,000 ) Balance at December 31, 2015 23,514,054 92,246,525 Shares tendered as payment for option rights exercised 3,441 (3,441 ) Shares issued for exercise of option rights 733,876 Shares tendered in connection with grants of restricted stock 59,916 (59,916 ) Net shares issued for grants of restricted stock 95,987 Balance at December 31, 2016 23,577,411 93,013,031 Shares tendered as payment for option rights exercised 16,545 (16,545 ) Shares issued for exercise of option rights 1,152,015 Shares tendered in connection with grants of restricted stock 82,777 (82,777 ) Net shares issued for grants of restricted stock (182,079 ) Balance at December 31, 2017 23,676,733 93,883,645

Stock Purchase Plan

Stock Purchase Plan	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK PURCHASE PLAN	STOCK PURCHASE PLAN As of December 31, 2017 , 36,584 employees contributed to the Company’s ESOP, a voluntary defined contribution plan available to all eligible salaried employees. Participants are allowed to contribute, on a pretax or after-tax basis, up to the lesser of twenty percent of their annual compensation or the maximum dollar amount allowed under the Internal Revenue Code. The Company matches one hundred percent of all contributions up to six percent of eligible employee contributions. Such participant contributions may be invested in a variety of investment funds or a Company common stock fund and may be exchanged between investments as directed by the participant. Participants are permitted to diversify both future and prior Company matching contributions previously allocated to the Company common stock fund into a variety of investment funds. The Company made contributions to the ESOP on behalf of participating employees, representing amounts authorized by employees to be withheld from their earnings, of $138,731 , $127,697 and $120,514 in 2017 , 2016 and 2015 , respectively. The Company’s matching contributions to the ESOP charged to operations were $90,682 , $85,525 and $80,356 for 2017 , 2016 and 2015 , respectively. At December 31, 2017 , there were 10,033,576 shares of the Company’s common stock being held by the ESOP, representing 10.7 percent of the total number of voting shares outstanding. Shares of Company common stock credited to each member’s account under the ESOP are voted by the trustee under instructions from each individual plan member. Shares for which no instructions are received are voted by the trustee in the same proportion as those for which instructions are received.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The 2006 Employee Plan authorizes the Board of Directors, or a committee of the Board of Directors, to issue or transfer up to an aggregate of 23,700,000 shares of common stock, plus any shares relating to awards that expire, are forfeited or canceled. The Company issues new shares upon exercise of option rights and vesting of RSUs. The Employee Plan permits the granting of option rights, appreciation rights, restricted stock, restricted stock units (RSUs), performance shares and performance units to eligible employees. At December 31, 2017 , no appreciation rights, performance shares or performance units had been granted under the 2006 Employee Plan. The 2006 Stock Plan for Nonemployee Directors (Nonemployee Director Plan) authorizes the Board of Directors, or a committee of the Board of Directors, to issue or transfer up to an aggregate of 200,000 shares of common stock, plus any shares relating to awards that expire, are forfeited or are canceled. The Nonemployee Director Plan permits the granting of option rights, appreciation rights, restricted stock and RSUs to members of the Board of Directors who are not employees of the Company. At December 31, 2017 , no option rights or appreciation rights had been granted under the Nonemployee Director Plan. In connection with the Acquisition (see Note 2), the Company assumed certain outstanding RSUs of Valspar granted under the Amended and Restated 2015 Omnibus Equity Plan. Upon close of the Acquisition, the Valspar RSUs were converted into RSUs relating to common stock of the Company. The cost of the Company’s stock-based compensation is recorded in accordance with the Stock Compensation Topic of the ASC. At December 31, 2017 , the Company had total unrecognized stock-based compensation expense of $127,222 that is expected to be recognized over a weighted-average period of 1.07 years. Stock-based compensation expense during 2017 , 2016 and 2015 was $90,292 , $72,109 and $72,342 , respectively. The related tax benefit was $34,343 , $27,442 and $27,634 during 2017 , 2016 and 2015 , respectively. Subsequent to the adoption of ASU No. 2016-09 in 2016 , excess tax benefits from share-based payments are recognized in the income tax provision rather than in other capital. For the years ended December 31, 2017 and 2016 , the Company's tax benefit from options exercised reduced the income tax provision by $86,540 and $44,233 , respectively. Option rights. The fair value of the Company’s option rights was estimated at the date of grant using a Black-Scholes-Merton option-pricing model with the following weighted-average assumptions for all options granted: 2017 2016 2015 Risk-free interest rate 1.97% 1.24% 1.37% Expected life of option rights 5.05 years 5.05 years 5.05 years Expected dividend yield of stock 0.85% 1.06% 1.13% Expected volatility of stock .213 .212 .245 The risk-free interest rate is based upon the U.S. Treasury yield curve at the time of grant. The expected life of option rights was calculated using a scenario analysis model. Historical data was used to aggregate the holding period from actual exercises, post-vesting cancellations and hypothetical assumed exercises on all outstanding option rights. The expected dividend yield of stock is the Company’s best estimate of the expected future dividend yield. Expected volatility of stock was calculated using historical and implied volatilities. The Company applied an estimated forfeiture rate of 2.00 percent to the 2017 grants. This rate was calculated based upon historical activity and is an estimate of granted shares not expected to vest. If actual forfeitures differ from the expected rate, the Company may be required to make additional adjustments to compensation expense in future periods. Grants of option rights for non-qualified and incentive stock options have been awarded to certain officers and key employees under the 2006 Employee Plan and the 2003 Stock Plan. The option rights generally become exercisable to the extent of one-third of the optioned shares for each full year following the date of grant and generally expire ten years after the date of grant. Unrecognized compensation expense with respect to option rights granted to eligible employees amounted to $56,986 at December 31, 2017 . The unrecognized compensation expense is being amortized on a straight-line basis over the three -year vesting period and is expected to be recognized over a weighted-average period of 1.10 years. The weighted-average per share grant date fair value of options granted during 2017 , 2016 and 2015 was $77.14 , $49.36 and $50.73 , respectively. The total intrinsic value of option rights exercised during 2017 , 2016 , and 2015 was $255,482 , $129,230 and $223,417 , respectively. The total fair value of options vested during 2017 , 2016 and 2015 was $31,292 , $32,476 and $32,655 , respectively. There were no outstanding option rights for nonemployee directors at December 31, 2017 , 2016 and 2015 . A summary of the Company’s non-qualified and incentive stock option right activity is shown in the following table: 2017 2016 2015 Optioned Shares Weighted- Average Exercise Price Per Share Aggregate Intrinsic Value Optioned Shares Weighted- Average Exercise Price Per Share Aggregate Intrinsic Value Optioned Shares Weighted- Average Exercise Price Per Share Aggregate Intrinsic Value Outstanding beginning of year 5,163,709 $ 163.61 5,219,506 $ 141.58 5,699,892 $ 117.31 Granted 689,506 377.84 712,967 271.46 697,423 241.84 Exercised (1,154,698 ) 123.16 (733,876 ) 108.81 (1,133,287 ) 79.41 Forfeited (49,977 ) 267.02 (26,653 ) 232.83 (43,632 ) 193.60 Expired (2,227 ) 236.97 (8,235 ) 176.28 (890 ) 87.59 Outstanding end of year 4,646,313 $ 204.33 $ 955,810 5,163,709 $ 163.61 $ 545,531 5,219,506 $ 141.58 $ 616,866 Exercisable at end of year 3,288,237 $ 156.43 $ 833,938 3,783,755 $ 130.59 $ 522,921 3,807,351 $ 110.96 $ 565,934 The weighted-average remaining term for options outstanding at the end of 2017 , 2016 and 2015 was 6.28 , 6.25 and 6.44 years, respectively. The weighted-average remaining term for options exercisable at the end of 2017 , 2016 and 2015 was 5.11 , 5.20 and 5.47 years, respectively. Shares reserved for future grants of option rights, restricted stock and RSUs were 6,041,092 , 2,557,106 and 3,605,437 at December 31, 2017 , 2016 and 2015 , respectively. Restricted stock and RSUs. Grants of RSUs, which generally require three years of continuous employment from the date of grant before vesting and receiving the stock without restriction, have been awarded to certain officers and key employees under the 2006 Employee Plan. The February 2017 and 2016 grants consisted of performance-based awards that vest at the end of a three -year period based on the Company’s achievement of specified financial goals relating to earnings per share and return on net assets employed. The February 2015 grant consisted of a combination of performance-based awards and time-based awards. The performance based awards vest at the end of a three -year period based on the Company’s achievement of specified financial goals relating to earnings per share. The time-based awards vest at the end of a three -year period based on continuous employment. Unrecognized compensation expense with respect to grants of RSUs to eligible employees amounted to $68,540 at December 31, 2017 and is being amortized on a straight-line basis over the vesting period and is expected to be recognized over a weighted-average period of 0.94 years. Grants of RSUs have been awarded to nonemployee directors under the Nonemployee Director Plan. These grants generally vest and stock is received without restriction to the extent of one-third of the RSUs for each year following the date of grant. Unrecognized compensation expense with respect to grants of RSUs to nonemployee directors amounted to $1,697 at December 31, 2017 and is being amortized on a straight-line basis over the three -year vesting period and is expected to be recognized over a weighted-average period of 0.94 years. A summary of the Company’s RSU activity for the years ended December 31 is shown in the following table: 2017 2016 2015 Outstanding at beginning of year 397,326 467,744 655,276 Granted 112,647 99,662 112,494 Exchanged Valspar awards (net of forfeitures) 51,009 Vested (215,433 ) (166,405 ) (290,901 ) Forfeited (9,753 ) (3,675 ) (9,125 ) Outstanding at end of year 335,796 397,326 467,744 The weighted-average per share fair value of RSUs granted during 2017 , 2016 and 2015 was $313.88 , $257.99 and $285.88 , respectively.

Other

Other	12 Months Ended
	Dec. 31, 2017
Other Income and Expenses [Abstract]
OTHER	OTHER Other general expense - net . Included in Other general expense - net were the following: 2017 2016 2015 Provisions for environmental matters - net $ 15,443 $ 42,932 $ 31,071 Loss (gain) on sale or disposition of assets 5,422 (30,564 ) (803 ) Total $ 20,865 $ 12,368 $ 30,268 Provisions for environmental matters–net represent initial provisions for site-specific estimated costs of environmental investigation or remediation and increases or decreases to environmental-related accruals as information becomes available upon which more accurate costs can be reasonably estimated and as additional accounting guidelines are issued. Environmental-related accruals are not recorded net of insurance proceeds in accordance with the Offsetting Subtopic of the Balance Sheet Topic of the ASC. See Note 8 for further details on the Company’s environmental-related activities. The loss (gain) on sale or disposition of assets represents the net realized loss (gain) associated with the sale or disposal of property, plant and equipment and intangible assets previously used in the conduct of the primary business of the Company. The 2016 gain primarily relates to the sale of a closed domestic facility. Other (income) expense - net . Included in Other (income) expense - net were the following: 2017 2016 2015 Dividend and royalty income $ (7,648 ) $ (4,573 ) $ (3,668 ) Net expense from financing activities 9,843 8,667 11,091 Foreign currency transaction related losses 450 7,335 9,503 Other income (32,570 ) (25,279 ) (23,880 ) Other expense 12,951 9,263 13,036 Total $ (16,974 ) $ (4,587 ) $ 6,082 The Net expense from financing activities includes the net expense relating to changes in the Company’s financing fees. Foreign currency transaction related losses represent net realized losses on U.S. dollar-denominated liabilities of foreign subsidiaries and net realized and unrealized losses from foreign currency option and forward contracts. There were no material foreign currency option and forward contracts outstanding at December 31, 2017 , 2016 and 2015 . Other income and Other expense included items of revenue, gains, expenses and losses that were unrelated to the primary business purpose of the Company. There were no items within Other income or Other expense that were individually significant at December 31, 2017 , 2016 and 2015 .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES On December 22, 2017, the Tax Cuts and Jobs Act (Tax Act) was enacted. The Tax Act significantly revised the U.S. corporate income tax system by, among other things, lowering corporate income tax rates from 35% to 21% , implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. Staff Accounting Bulletin (SAB) No. 118 provides a measurement period that should not extend beyond one year from the enactment date for companies to complete the accounting under the Tax Act. In accordance with SAB No. 118, based on the information available as of December 31, 2017 the Company recorded a provisional reduction of income taxes of $607,919 as a result of the Tax Act. The Company’s deferred tax liabilities were reduced by $560,198 due to the lower income tax rate. The remaining $47,721 is the effects of the implementation of the territorial tax system and the remeasurement of U.S. deferred tax liabilities on unremitted foreign earnings. The final impact of the Tax Act may differ from the provisional amounts recorded at December 31, 2017 , due to, among other things, changes in interpretations and assumptions the Company has made, guidance that may be issued and actions the Company may take as a result of the Tax Act. During the fourth quarter of 2017 , the Company merged certain Valspar domestic subsidiaries that were acquired in a stock acquisition on June 1, 2017 into The Sherwin-Williams Company (Subsidiary mergers). As a result, the Company released $93,630 of deferred state income tax liabilities, which had a net income tax benefit of $60,860 . The Subsidiary mergers along with the Tax Act reduced deferred income taxes by $668,779 in total in the fourth quarter 2017 (Deferred income tax reductions). Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using the enacted tax rates and laws that are currently in effect. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2017 , 2016 and 2015 were as follows: 2017 2016 2015 Deferred tax assets: Exit costs, environ-mental and other similar items $ 50,193 $ 74,535 $ 63,851 Employee related and benefit items 104,098 166,313 141,974 Other items 110,960 148,910 116,302 Total deferred tax assets 265,251 389,758 322,127 Deferred tax liabilities: Depreciation and amortization 1,506,650 254,430 241,101 LIFO inventories 78,952 83,659 89,330 Other items 49,670 59,746 33,433 Total deferred tax liabilities 1,635,272 397,835 363,864 Net deferred tax liabilities $ 1,370,021 $ 8,077 $ 41,737 As of December 31, 2017 , the Company’s deferred income tax liability recorded related to the preliminary purchase price accounting for Valspar was approximately $1,966,000 . This amount is preliminary and is subject to measurement period adjustments. Included in this amount are deferred tax liabilities recorded for intangible assets of $1,761,866 , estimated taxes payable of $47,963 on undistributed earnings of certain foreign subsidiaries expected to be repatriated by the Company and a $30,500 valuation allowance related to foreign tax credits. Netted against the Company’s other deferred tax assets were valuation allowances of $44,101 , $17,292 and $14,663 at December 31, 2017 , 2016 and 2015 , respectively. The increase in the valuation allowance in 2017 can be attributed to the Acquisition, which increased the reserve by $20,784 . These reserves resulted from the uncertainty as to the realization of the tax benefits from foreign net operating losses and other foreign assets. The Company has $25,095 of domestic net operating loss carryforwards acquired through acquisitions that have expiration dates through the tax year 2037 and foreign net operating losses of $250,461 ,which includes $138,746 of losses acquired as a part of the Acquisition. The foreign net operating losses are related to various jurisdictions that provide for both indefinite carryforward periods and others with carryforward periods that range from the tax years 2017 to 2037. Significant components of the provisions for income taxes were as follows: 2017 2016 2015 Current: Federal $ 269,330 $ 438,244 $ 399,677 Foreign 53,442 31,125 30,145 State and local 39,320 61,402 60,319 Total current 362,092 530,771 490,141 Deferred: Federal (474,889 ) (56,891 ) 13,505 Foreign (42,292 ) (2,121 ) (10,752 ) State and local (88,954 ) (9,229 ) 2,223 Total deferred (606,135 ) (68,241 ) 4,976 Total (credits) provisions for income taxes $ (244,043 ) $ 462,530 $ 495,117 The provisions for income taxes included the tax benefit from the Deferred income tax reductions and estimated taxes payable on that portion of undistributed earnings of foreign subsidiaries expected to be repatriated. The 2017 provision for income taxes included a $41,540 income tax expense related to discontinued operations. Significant components of income before income taxes as used for income tax purposes, were as follows: 2017 2016 2015 Domestic $ 1,474,481 $ 1,504,990 $ 1,440,511 Foreign 53,738 90,243 108,455 $ 1,528,219 $ 1,595,233 $ 1,548,966 A reconciliation of the statutory federal income tax rate to the effective tax rate follows: 2017 2016 2015 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % Effect of: State and local income taxes 2.2 2.3 2.6 Investment vehicles (1.4 ) (1.5 ) (1.6 ) Domestic production activities (3.0 ) (2.9 ) (2.2 ) Employee share-based payments (5.6 ) (2.8 ) Other - net (2.1 ) (1.1 ) (1.8 ) Subtotal 25.1 % 29.0 % 32.0 % Effect of: Tax Act (39.8 ) Subsidiary mergers (4.0 ) Reported effective tax rate (18.7 )% 29.0 % 32.0 % The 2017 state and local income taxes, investment vehicles and domestic production activities components of the effective tax rate were consistent with the 2016 tax year. The tax benefit related to employee share based payments increased in 2017 compared to 2016 due to a significant increase in the excess tax benefit related to Company stock options exercised by current and former employees of the Company. The Company began receiving a tax benefit in 2016 by adopting ASU No. 2016-09. The impact of the Tax Cuts and Jobs Act legislation and the merger of the Valspar domestic subsidiaries is reflected in the reconciliation above. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The IRS is currently auditing the Company’s 2014 and 2015 income tax returns as well as the 2014 and 2015 tax years of a Valspar subsidiary. There has been no significant adjustments proposed by the IRS at this point of the audits. The IRS concluded the refund claim audits for the 2010, 2011 and 2012 tax years and has approved the refunds and submitted them to the Joint Committee of Taxation for approval. As of December 31, 2017 , the federal statute of limitations has not expired for the 2013, 2014, 2015 and 2016 tax years. As of December 31, 2017 , the Company is subject to non-U.S. income tax examinations for the tax years of 2010 through 2016 . In addition, the Company is subject to state and local income tax examinations for the tax years 2005 through 2016 . A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2017 2016 2015 Balance at beginning of year $ 32,805 $ 33,873 $ 31,560 Additions from the Acquisition 18,928 Additions based on tax positions related to the current year 6,780 5,674 4,228 Additions for tax positions of prior years 4,033 3,890 8,450 Reductions for tax positions of prior years (1,168 ) (5,901 ) (4,862 ) Settlements (368 ) (3,763 ) (968 ) Lapses of statutes of limitations (2,009 ) (968 ) (4,535 ) Balance at end of year $ 59,001 $ 32,805 $ 33,873 The $18,928 in unrecognized tax benefits included in the balance of unrecognized tax benefits at December 31, 2017 were recorded as a part of the Acquisition. Included in the balance of unrecognized tax benefits at December 31, 2017 , 2016 and 2015 is $49,520 , $27,686 and $30,007 in unrecognized tax benefits, the recognition of which would have an effect on the effective tax rate. Included in the balance of unrecognized tax benefits at December 31, 2017 is $5,184 related to tax positions for which it is reasonably possible that the total amounts could significantly change during the next twelve months. This amount represents a decrease in unrecognized tax benefits comprised primarily of items related to federal audits of partnership investments and expiring statutes in federal, foreign and state jurisdictions. The Company classifies all income tax related interest and penalties as income tax expense. During the year ended December 31, 2017 , there was a decrease in income tax interest and penalties of $790 . There was an increase in income tax interest and penalties of $1,410 and $2,918 for the years ended December 31, 2016 and 2015 , respectively. At December 31, 2017 , 2016 and 2015 , the Company accrued $14,592 , $9,275 and $8,550 , respectively, for the potential payment of interest and penalties.

Net Income Per Common Share

Net Income Per Common Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
NET INCOME PER COMMON SHARE	NET INCOME PER COMMON SHARE 2017 2016 2015 Basic Average common shares outstanding 92,908,638 91,838,603 92,197,207 Net income Continuing operations $ 1,813,802 $ 1,132,703 $ 1,053,849 Discontinued operations (41,540 ) — — Net income $ 1,772,262 $ 1,132,703 $ 1,053,849 Basic net income per common share Continuing operations $ 19.52 $ 12.33 $ 11.43 Discontinued operations (.44 ) — — Net income per common share $ 19.08 $ 12.33 $ 11.43 Diluted Average common shares outstanding 92,908,638 91,838,603 92,197,207 Stock options and other contingently issuable shares (1) 1,931,157 2,089,921 1,826,885 Non-vested restricted stock grants 87,418 559,562 519,451 Average common shares outstanding assuming dilution 94,927,213 94,488,086 94,543,543 Net income Continuing operations $ 1,813,802 $ 1,132,703 $ 1,053,849 Discontinued operations (41,540 ) — — Net income $ 1,772,262 $ 1,132,703 $ 1,053,849 Diluted net income per common share Continuing operations $ 19.11 $ 11.99 $ 11.15 Discontinued operations (.44 ) — — Net income per common share $ 18.67 $ 11.99 $ 11.15 (1) Stock options and other contingently issuable shares excludes 638,795 , 62,935 and 34,463 shares at December 31, 2017 , 2016 and 2015 , respectively, due to their anti-dilutive effect. Basic and diluted net income per common share are calculated using the treasury stock method.

Summary of Quarterly Results of

Summary of Quarterly Results of Operations (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Data [Abstract]
SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) 2017 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Full Year Net sales $ 2,761,387 $ 3,735,817 $ 4,507,020 $ 3,979,564 $ 14,983,788 Gross profit 1,343,274 1,737,056 1,902,142 1,798,739 6,781,211 Net income 239,152 319,111 316,606 897,393 1,772,262 Net income per common share - basic 2.58 3.44 3.40 9.62 19.08 Net income per common share - diluted 2.53 3.36 3.33 9.39 18.67 2016 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Full Year Net sales $ 2,574,024 $ 3,219,525 $ 3,279,462 $ 2,782,591 $ 11,855,602 Gross profit 1,261,845 1,635,901 1,636,425 1,388,580 5,922,751 Net income 164,876 378,064 386,733 203,030 1,132,703 Net income per common share - basic 1.80 4.12 4.20 2.20 12.33 Net income per common share - diluted 1.75 3.99 4.08 2.15 11.99 Net income for the three months and year ended December 31, 2017 included a tax benefit of $668,779 related to the Deferred income tax reductions. See Note 14. Net income in the fourth quarter of 2016 included a gain on sale of assets of $30,916 , increased provisions for environmental matters of $9,330 and impairment of goodwill and trademarks of $10,688 .

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES The Company leases certain stores, warehouses, manufacturing facilities, office space and equipment. Renewal options are available on the majority of leases and, under certain conditions, options exist to purchase certain properties. Rental expense for operating leases, recognized on a straight-line basis over the lease term in accordance with the Leases Topic of the ASC was $464,616 , $417,549 and $394,359 for 2017 , 2016 and 2015 , respectively. Certain store leases require the payment of contingent rentals based on sales in excess of specified minimums. Contingent rentals included in rent expense were $63,300 , $58,865 and $55,890 in 2017 , 2016 and 2015 , respectively. Rental income, as lessor, from real estate leasing activities and sublease rental income for all years presented was not significant. The following schedule summarizes the future minimum lease payments under noncancellable operating leases having initial or remaining terms in excess of one year at December 31, 2017 : 2018 $ 391,009 2019 347,321 2020 298,505 2021 237,999 2022 178,014 Later years 402,680 Total minimum lease payments $ 1,855,528

Reportable Segment Information

Reportable Segment Information	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
REPORTABLE SEGMENT INFORMATION	REPORTABLE SEGMENT INFORMATION The Company reports its segment information in the same way that management internally organizes its business for assessing performance and making decisions regarding allocation of resources in accordance with the Segment Reporting Topic of the ASC. Upon completion of the Acquisition in the second quarter of 2017 , the Company made important changes to its organizational and reporting structure that resulted in establishing three reportable operating segments: The Americas Group, Consumer Brands Group and Performance Coatings Group (individually, a Reportable Segment and collectively, the Reportable Segments). Prior period segment reporting has been adjusted to reflect the updated reportable segments. Factors considered in determining the three Reportable Segments of the Company include the nature of business activities, the management structure directly accountable to the Company’s chief operating decision maker (CODM) for operating and administrative activities, availability of discrete financial information and information presented to the Board of Directors. The Company reports all other business activities and immaterial operating segments that are not reportable in the Administrative segment. See pages 8 through 15 of this report for more information about the Reportable Segments. The Company’s CODM has been identified as the Chief Executive Officer because he has final authority over performance assessment and resource allocation decisions. Because of the diverse operations of the Company, the CODM regularly receives discrete financial information about each Reportable Segment as well as a significant amount of additional financial information about certain divisions, business units or subsidiaries of the Company. The CODM uses all such financial information for performance assessment and resource allocation decisions. The CODM evaluates the performance of and allocates resources to the Reportable Segments based on segment profit or loss and cash generated from operations. The accounting policies of the Reportable Segments are the same as those described in Note 1 of this report. The Americas Group Reportable Segment includes the Company's previous Paint Stores Group and Latin America Coatings Group, along with a specialty retail business of Valspar. The Americas Group consisted of 4,620 company-operated specialty paint stores in the United States, Canada, Latin America and the Caribbean region at December 31, 2017 . Each store in this segment is engaged in servicing the needs of architectural and industrial paint contractors and do-it-yourself homeowners. The Americas Group company-owned stores market and sell Sherwin-Williams ® and other controlled brand architectural paint and coatings, protective and marine products, OEM product finishes and related products. The majority of these products are produced by manufacturing facilities in the Consumer Brands Group. In addition, each store sells select purchased associated products. The Americas Group sells a variety of architectural paints, coatings and related products through dedicated dealers, home centers, distributors, hardware stores and other retailers throughout Latin America. The Americas Group meets regional customer demands through developing, licensing, manufacturing, distributing and selling a variety of architectural paints, coatings and related products in North and South America. The loss of any single customer would not have a material adverse effect on the business of this segment. At December 31, 2017 , The Americas Group consisted of operations from subsidiaries in 9 foreign countries. During 2017 , this segment opened 101 net new stores, consisting of 114 new stores opened ( 76 in the United States, 15 in Canada, 1 in Curacao, 14 in South America and 8 in Mexico) and 13 stores closed ( 4 in the United States, 1 in Canada, 6 in South America and 2 in Mexico). In 2016 and 2015 , this segment opened 142 and 98 net new stores, respectively. A map on the cover flap of this report shows the number of paint stores and their geographic location. The CODM uses discrete financial information about The Americas Group, supplemented with information by geographic region, product type and customer type, to assess performance of and allocate resources to The Americas Group as a whole. In accordance with ASC 280-10-50-9, The Americas Group as a whole is considered the operating segment, and because it meets the criteria in ASC 280-10-50-10, it is also considered a Reportable Segment. The Consumer Brands Group Reportable Segment includes the Company's previous Consumer Group along with Valspar's previous Consumer Paints segment, excluding Valspar's automotive refinishes products business. The Consumer Brands Group supplies a broad portfolio of branded and private-label architectural paints, stains, varnishes, industrial products, wood finishes products, wood preservatives, applicators, corrosion inhibitors, aerosols, caulks and adhesives to retailers and distributors throughout North America, as well as in Australia, China and Europe. The Consumer Brands Group also supports the Company's other businesses around the world with new product research and development, manufacturing, distribution and logistics. Approximately 59.47% of the total sales of the Consumer Brands Group in 2017 were intersegment transfers of products primarily sold through The Americas Group. At December 31, 2017 , the Consumer Brands Group consisted of operations in the United States and subsidiaries in 6 foreign countries. Sales and marketing of certain controlled brand and private labeled products is performed by a direct sales staff. The products distributed through third-party customers are intended for resale to the ultimate end-user of the product. The Consumer Brands Group had sales to certain customers that, individually, may be a significant portion of the sales of the segment. However, the loss of any single customer would not have a material adverse effect on the overall profitability of the segment. This segment incurred most of the Company’s capital expenditures related to ongoing environmental compliance measures at sites currently in operation. The CODM uses discrete financial information about the Consumer Brands Group, supplemented with information by product type and customer type, to assess performance of and allocate resources to the Consumer Brands Group as a whole. In accordance with ASC 280-10-50-9, the Consumer Brands Group as a whole is considered the operating segment, and because it meets the criteria in ASC 280-10-50-10, it is also considered a Reportable Segment. The Performance Coatings Group Reportable Segment includes the Company's previous Global Finishes Group and Valspar's previous Coatings Group segment. The Performance Coatings Group also includes Valspar's automotive refinishes products business, which was previously reported under Valspar's Consumer Paints segment. Valspar’s North American industrial wood coatings business, which was previously reported under the Valspar's Coatings Group segment, was divested. The Performance Coatings Group develops and sells industrial coatings for wood finishing and general industrial (metal and plastic) applications, automotive refinish, protective and marine coatings, coil coatings, packaging coatings and performance-based resins and colorants worldwide. In addition, a specialty coatings business previously in the Company's Consumer Group is now included in the Performance Coatings Group. This segment licenses certain technology and trade names worldwide. Sherwin-Williams ® and other controlled brand products are distributed through The Americas Group and this segment’s 290 company-operated branches and by a direct sales staff and outside sales representatives to retailers, dealers, jobbers, licensees and other third-party distributors. The Performance Coatings Group had sales to certain customers that, individually, may be a significant portion of the sales of the segment. However, the loss of any single customer would not have a material adverse effect on the overall profitability of the segment. During 2017 , this segment opened 4 new branches and closed 2 branches for a net increase of 2 branches. At December 31, 2017 , the Performance Coatings Group consisted of operations in the United States and subsidiaries in 44 foreign countries. The CODM uses discrete financial information about the Performance Coatings Group reportable segment, supplemented with information about geographic divisions, business units and subsidiaries, to assess performance of and allocate resources to the Performance Coatings Group as a whole. In accordance with ASC 280-10-50-9, the Performance Coatings Group as a whole is considered the operating segment, and because it meets the criteria in ASC 280-10-50-10, it is also considered a Reportable Segment. A map on the cover flap of this report shows the number of branches and their geographic locations. The Administrative segment includes the administrative expenses of the Company’s corporate headquarters site. Also included in the Administrative segment is interest expense, interest and investment income, certain expenses related to closed facilities and environmental-related matters, and other expenses which are not directly associated with the Reportable Segments. The Administrative segment does not include any significant foreign operations. Also included in the Administrative segment is a real estate management unit that is responsible for the ownership, management and leasing of non-retail properties held primarily for use by the Company, including the Company’s headquarters site, and disposal of idle facilities. Sales of this segment represents external leasing revenue of excess headquarters space or leasing of facilities no longer used by the Company in its primary businesses. Material gains and losses from the sale of property are infrequent and not a significant operating factor in determining the performance of the Administrative segment. Net external sales of all consolidated foreign subsidiaries were $2,959,785 , $1,722,246 and $1,788,955 for 2017 , 2016 and 2015 , respectively. Long-lived assets consisted of Property, plant and equipment, Goodwill, Intangible assets, Deferred pension assets and Other assets. The aggregate total of long-lived assets for the Company was $15,492,586 , $3,125,222 and, $3,132,981 at December 31, 2017 , 2016 and 2015 , respectively. Long-lived assets of consolidated foreign subsidiaries totaled $3,691,035 , $477,889 and $497,528 at December 31, 2017 , 2016 and 2015 , respectively. Total Assets of the Company were $19,958,427 , $6,752,521 and $5,778,937 at December 31, 2017 , 2016 and 2015 , respectively. Total assets of consolidated foreign subsidiaries were $5,253,995 , $1,233,666 and $1,172,064 , which represented 26.3 percent , 18.3 percent and 20.3 percent of the Company’s total assets at December 31, 2017 , 2016 and 2015 , respectively. The increase in net external sales and long-lived assets was primarily due to the Acquisition. Domestic operations accounted for the remaining net external sales and long-lived assets. No single geographic area outside the United States was significant relative to consolidated net external sales or consolidated long-lived assets. Export sales and sales to any individual customer were each less than 10 percent of consolidated sales to unaffiliated customers during all years presented. In the reportable segment financial information that follows, Segment profit was total net sales and intersegment transfers less operating costs and expenses. Identifiable assets were those directly identified with each reportable segment. The Administrative segment assets consisted primarily of cash and cash equivalents, investments, deferred pension assets and headquarters property, plant and equipment. The margin for each reportable segment was based upon total net sales and intersegment transfers. Domestic intersegment transfers were primarily accounted for at the approximate fully absorbed manufactured cost, based on normal capacity volumes, plus customary distribution costs for paint products. Non-paint domestic and all international intersegment transfers were accounted for at values comparable to normal unaffiliated customer sales. All intersegment transfers are eliminated within the Administrative segment. (millions of dollars) 2017 The Americas Group Consumer Brands Group Performance Coatings Group Administrative Consolidated Totals Net external sales $ 9,117 $ 2,155 $ 3,706 $ 6 $ 14,984 Intersegment transfers 6 3,162 22 (3,190 ) — Total net sales and intersegment transfers $ 9,123 $ 5,317 $ 3,728 $ (3,184 ) $ 14,984 Segment profit $ 1,769 $ 226 $ 299 $ 2,294 Interest expense $ (263 ) (263 ) Administrative expenses and other (503 ) (503 ) Income from continuing operations before income taxes $ 1,769 $ 226 $ 299 $ (766 ) $ 1,528 Reportable segment margins 19.4 % 4.3 % 8.0 % Identifiable assets $ 4,359 $ 5,839 $ 8,300 $ 1,460 $ 19,958 Capital expenditures 69 95 37 22 223 Depreciation 75 92 69 49 285 2016 The Americas Group Consumer Brands Group Performance Coatings Group Administrative Consolidated Totals Net external sales $ 8,377 $ 1,528 $ 1,946 $ 5 $ 11,856 Intersegment transfers 39 2,775 15 (2,829 ) Total net sales and intersegment transfers $ 8,416 $ 4,303 $ 1,961 $ (2,824 ) $ 11,856 Segment profit $ 1,606 $ 301 $ 257 $ 2,164 Interest expense $ (154 ) (154 ) Administrative expenses and other (415 ) (415 ) Income from continuing operations before income taxes $ 1,606 $ 301 $ 257 $ (569 ) $ 1,595 Reportable segment margins 19.1 % 7.0 % 13.1 % Identifiable assets $ 2,148 $ 2,005 $ 818 $ 1,782 $ 6,753 Capital expenditures 100 99 19 $ 21 239 Depreciation 76 47 20 $ 29 172 2015 The Americas Group Consumer Brands Group Performance Coatings Group Administrative Consolidated Totals Net external sales $ 7,840 $ 1,578 $ 1,916 $ 5 $ 11,339 Intersegment transfers 40 2,736 5 (2,781 ) — Total net sales and intersegment transfers $ 7,880 $ 4,314 $ 1,921 $ (2,776 ) $ 11,339 Segment profit $ 1,452 $ 309 $ 202 $ 1,963 Interest expense $ (62 ) (62 ) Administrative expenses and other (352 ) (352 ) Income from continuing operations before income taxes $ 1,452 $ 309 $ 202 $ (414 ) $ 1,549 Reportable segment margins 18.4 % 7.2 % 10.5 % Identifiable assets $ 2,037 $ 1,925 $ 814 $ 1,003 $ 5,779 Capital expenditures 132 60 21 21 234 Depreciation 72 47 25 26 170

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts and Reserves (Schedule II)	12 Months Ended
	Dec. 31, 2017
Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts and Reserves (Schedule II)	Valuation and Qualifying Accounts and Reserves (Schedule II) Changes in the allowance for doubtful accounts were as follows: (thousands of dollars) 2017 2016 2015 Beginning balance $ 40,450 $ 49,420 $ 53,770 Bad debt expense 42,716 29,869 30,393 Uncollectible accounts written off, net of recoveries (30,169 ) (38,839 ) (34,743 ) Ending balance $ 52,997 $ 40,450 $ 49,420

Significant Accounting Polici28

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Consolidation	Consolidation. The consolidated financial statements include the accounts of The Sherwin-Williams Company and its wholly owned subsidiaries (collectively, the Company). Inter-company accounts and transactions have been eliminated.
Use of estimates	Use of estimates. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those amounts.
Nature of operations	Nature of operations. The Company is engaged in the development, manufacture, distribution and sale of paint, coatings and related products to professional, industrial, commercial and retail customers primarily in North and South America, with additional operations in the Caribbean region, Europe, Asia and Australia.
Cash flows and cash equivalents	Cash flows. Management considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents: The carrying amounts reported for Cash and cash equivalents approximate fair value.
Short-term investments	Short-term investments: The carrying amounts reported for Short-term investments approximate fair value.
Investments in securities	Investments in securities: Investments classified as available-for-sale are carried at market value.
Non-traded investments	Non-traded investments: The Company has investments in the U.S. affordable housing and historic renovation real estate markets and certain other investments that have been identified as variable interest entities. However, because the Company does not have the power to direct the day-to-day operations of the investments and the risk of loss is limited to the amount of contributed capital, the Company is not considered the primary beneficiary. In accordance with the Consolidation Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), the investments are not consolidated. For affordable housing investments entered into prior to the January 1, 2015 adoption of Accounting Standard Update (ASU) No. 2014-01, the Company uses the effective yield method to determine the carrying value of the investments. Under the effective yield method, the initial cost of the investments is amortized to income tax expense over the period that the tax credits are recognized. For affordable housing investments entered into on or after the January 1, 2015 adoption of ASU No. 2014-01, the Company uses the proportional amortization method. Under the proportional amortization method, the initial cost of the investments is amortized to income tax expense in proportion to the tax credits and other tax benefits received.
Short-term borrowings and long-term debt (including current portion)	Short-term borrowings: The carrying amounts reported for Short-term borrowings approximate fair value. Long-term debt (including current portion): The fair values of the Company’s publicly traded debt, shown below, are based on quoted market prices. The fair values of the Company’s non-traded debt, also shown below, are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The Company's publicly traded debt and non-traded debt are classified as level 1 and level 2, respectively, in the fair value hierarchy.
Derivative instruments	Derivative instruments: The Company utilizes derivative instruments as part of its overall financial risk management policy. The Company entered into foreign currency option and forward currency exchange contracts with maturity dates of less than twelve months in 2017 , 2016 , and 2015 , primarily to hedge against value changes in foreign currency. See Note 13 . There were no material foreign currency option and forward contracts outstanding at December 31, 2017 , 2016 and 2015 . In 2016 , the Company entered into a series of interest rate lock agreements which were designated as cash flow hedges. The interest rate locks settled during 2017 .
Fair value measurements	Assets and Liabilities Reported at Fair Value on a Nonrecurring Basis. As a result of the 2017 annual trademark impairment test performed in accordance with the Intangibles Topic of the ASC, a trademark with a carrying value of $2,022 was written off. See Note 4. Except for this trademark measurement and the acquisition-related fair value measurements described in Note 2, there were no assets and liabilities measured at fair value on a nonrecurring basis in 2017 . These fair value measurements qualify as level 3 measurements. Fair value measurements. The following tables summarize the Company’s assets and liabilities measured on a recurring and non-recurring basis in accordance with the Fair Value Measurements and Disclosures Topic of the ASC:
Accounts receivable and allowance for doubtful accounts	Accounts receivable and allowance for doubtful accounts. Accounts receivable were recorded at the time of credit sales net of provisions for sales returns and allowances. The Company recorded an allowance for doubtful accounts of $52,997 , $40,450 and $49,420 at December 31, 2017 , 2016 and 2015 , respectively, to reduce Accounts receivable to their estimated net realizable value. The allowance was based on an analysis of historical bad debts, a review of the aging of Accounts receivable and the current creditworthiness of customers. Accounts receivable balances are written-off against the allowance if a final determination of uncollectibility is made. All provisions for allowances for doubtful collection of accounts are related to the creditworthiness of accounts and are included in Selling, general and administrative expenses.
Goodwill	Goodwill. Goodwill represents the cost in excess of fair value of net assets acquired in business combinations accounted for by the purchase method. In accordance with the Intangibles Topic of the ASC, goodwill is tested for impairment on an annual basis and in between annual tests if events or circumstances indicate potential impairment.
Intangible assets	Intangible assets. Intangible assets include indefinite-lived trademarks, customer relationships and intellectual property. As required by the Goodwill and Other Intangibles Topic of the ASC, indefinite-lived trademarks are not amortized, but instead are tested annually for impairment, and between annual tests whenever an event occurs or circumstances indicate potential impairment. See Note 4 . The costs of finite-lived intangible assets are amortized on a straight-line basis over the expected period of benefit, which ranges primarily from 15 to 20 years.
Impairment of long-lived assets	Impairment of long-lived assets. In accordance with the Property, Plant and Equipment Topic of the ASC, management evaluates the recoverability and estimated remaining lives of long-lived assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or the useful life has changed.
Property, plant and equipment	Property, plant and equipment. Property, plant and equipment is stated on the basis of cost. Depreciation is provided by the straight-line method. Depreciation and amortization are included in the appropriate Cost of goods sold or Selling, general and administrative expense caption on the Statements of Consolidated Income. Included in Property, plant and equipment are leasehold improvements. The major classes of assets and ranges of annual depreciation rates are: Buildings 4.0% – 20.0% Machinery and equipment 10.0% – 20.0% Furniture and fixtures 6.7% – 33.3% Automobiles and trucks 10.0% – 33.3%
Standby letters of credit	Standby letters of credit. The Company occasionally enters into standby letter of credit agreements to guarantee various operating activities. These agreements provide credit availability to the various beneficiaries if certain contractual events occur.
Product warranties	Product warranties. The Company offers product warranties for certain products. The specific terms and conditions of such warranties vary depending on the product or customer contract requirements. Management estimated the costs of unsettled product warranty claims based on historical results and experience and included an amount in Other accruals. Management periodically assesses the adequacy of the accrual for product warranty claims and adjusts the accrual as necessary.
Environmental matters	Environmental matters. Capital expenditures for ongoing environmental compliance measures were recorded in Property, plant and equipment, and related expenses were included in the normal operating expenses of conducting business. The Company is involved with environmental investigation and remediation activities at some of its currently and formerly owned sites and at a number of third-party sites. The Company accrued for environmental-related activities for which commitments or clean-up plans have been developed and when such costs could be reasonably estimated based on industry standards and professional judgment. All accrued amounts were recorded on an undiscounted basis. Environmental-related expenses included direct costs of investigation and remediation and indirect costs such as compensation and benefits for employees directly involved in the investigation and remediation activities and fees paid to outside engineering, consulting and law firms.
Employee Stock Purchase and Savings Plan	Employee Stock Purchase and Savings Plan. The Company accounts for the Employee Stock Purchase and Savings Plan (ESOP) in accordance with the Employee Stock Ownership Plans Subtopic of the Compensation – Stock Ownership Topic of the ASC. The Company recognized compensation expense for amounts contributed to the ESOP.
Defined benefit pension and other postretirement benefit plans	Defined benefit pension and other postretirement benefit plans. The Company accounts for its defined benefit pension and other postretirement benefit plans in accordance with the Retirement Benefits Topic of the ASC, which requires the recognition of a plan’s funded status as an asset for overfunded plans and as a liability for unfunded or underfunded plans.
Stock-based compensation	Stock-based compensation. The cost of the Company’s stock-based compensation is recorded in accordance with the Stock Compensation Topic of the ASC.
Foreign currency translation	Foreign currency translation. All consolidated non-highly inflationary foreign operations use the local currency of the country of operation as the functional currency and translated the local currency asset and liability accounts at year-end exchange rates while income and expense accounts were translated at average exchange rates. The resulting translation adjustments were included in Cumulative other comprehensive loss, a component of Shareholders’ equity.
Revenue recognition	Revenue recognition. The Company recognized revenue when products were shipped and title passed to unaffiliated customers. Collectibility of amounts recorded as revenue was reasonably assured at the time of recognition. Third-party service revenue. The Company uses subcontractors to provide installation services for customers. Under these arrangements, the Company invoices the customer for both the product and installation and remitted payment to the subcontractor for the installation. Starting in the third quarter of 2016 , the Company recorded the installation revenue in Net sales and the payments to subcontractors in Cost of goods sold. Prior to the third quarter of 2016 , these amounts were netted and immaterial.
Customer and vendor consideration	Customer and vendor consideration. The Company offered certain customers rebate and sales incentive programs which were classified as reductions in Net sales. Such programs were in the form of volume rebates, rebates that constituted a percentage of sales or rebates for attaining certain sales goals. The Company received consideration from certain suppliers of raw materials in the form of volume rebates or rebates that constituted a percentage of purchases. These rebates were recognized on an accrual basis by the Company as a reduction of the purchase price of the raw materials and a subsequent reduction of Cost of goods sold when the related product was sold.
Costs of goods sold	Costs of goods sold. Included in Costs of goods sold were costs for materials, manufacturing, distribution and related support. Distribution costs included expenses related to the distribution of products including inbound freight charges, purchase and receiving costs, warehousing costs, internal transfer costs and other costs incurred to ship products. Also included in Costs of goods sold were total technical expenditures, which included research and development costs, quality control, product formulation expenditures and other similar items.
Selling, general and administrative expenses	Selling, general and administrative expenses. Selling costs included advertising expenses, marketing costs, employee and store costs and sales commissions. The cost of advertising was expensed as incurred. The Company incurred $374,059 , $351,002 and $338,188 in advertising costs during 2017 , 2016 and 2015 , respectively. General and administrative expenses included human resources, legal, finance and other support and administrative functions.
Earnings per share	Earnings per share. Common stock held in a revocable trust (see Note 10 ) was not included in outstanding shares for basic or diluted income per common share calculations. All references to “shares” or “per share” information throughout this report relate to common shares and are stated on a diluted per common share basis, unless otherwise indicated. Basic and diluted net income per common share were calculated using the treasury stock method in accordance with the Earnings Per Common Share Topic of the ASC. Basic net income per common share amounts were computed based on the weighted-average number of common shares outstanding during the year. Diluted net income per common share amounts were computed based on the weighted-average number of common shares outstanding plus all dilutive securities potentially outstanding during the year.
Impact of recently issued accounting standards	Impact of recently issued accounting standards. Effective January 1, 2017, the Company adopted ASU No. 2015-17, "Balance Sheet Classification of Deferred Taxes," which eliminates the requirement for separate presentation of current and non-current portions of deferred tax. Subsequent to adoption, all deferred tax assets and deferred tax liabilities are presented as non-current on the balance sheet. The changes have been applied prospectively as permitted by the ASU and prior years have not been restated. The adoption of this ASU does not have a material effect on the Company's results of operations, financial condition or liquidity. In March 2017, the FASB issued ASU No. 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Costs." The standard requires the service component of pension and other postretirement benefit expense to be presented in the same income statement lines as other employee compensation costs, however, the other components will be presented outside of operating income. In addition, only the service cost component will be eligible for capitalization in assets. The standard is effective starting in 2018 , with early adoption permitted. Retrospective application is required for the guidance on the income statement presentation. Prospective application is required for the guidance on the cost capitalization in assets. The standard is not expected to have a material effect on the Company's results of operations, financial condition or liquidity . In January 2017, the FASB issued ASU No. 2017-04, “Simplifying the Test for Goodwill Impairment.” This standard simplifies the accounting for goodwill impairment by eliminating the Step 2 requirement to calculate the implied fair value of goodwill. Instead, if a reporting unit's carrying amount exceeds its fair value, an impairment charge will be recorded based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The standard will be applied prospectively and is effective for impairment tests performed after December 15, 2019, with early adoption permitted. The standard is not expected to have a material effect on the Company's results of operations, financial condition or liquidity. In February 2016, the FASB issued ASU No. 2016-02, “Leases,” which consists of a comprehensive lease accounting standard. Under the new standard, assets and liabilities arising from most leases will be recognized on the balance sheet. Leases will be classified as either operating or financing, and the lease classification will determine whether expense is recognized on a straight line basis (operating leases) or based on an effective interest method (financing leases). The new standard is effective for interim and annual periods starting in 2019. A modified retrospective transition approach is required with certain practical expedients available. The Company has made significant progress with its assessment process, and anticipates this standard will have a material impact on its consolidated balance sheet. While the Company continues to assess all potential impacts of the standard, it currently believes the most significant impact relates to recording lease assets and related liabilities on the balance sheet for its retail operations in The Americas Group. In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” which amends the guidance for certain aspects of recognition, measurement and disclosure of financial instruments. The standard is effective for interim and annual periods starting in 2018, and early adoption is not permitted. Although the Company continues to assess the potential impacts of the standard, it currently believes that the main impact will be that changes in fair value of marketable securities currently classified as available-for-sale will be recognized in earnings rather than in other comprehensive income. The standard is not expected to have a material effect on the Company's results of operations, financial condition or liquidity. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which consists of a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The standard is effective for interim and annual periods beginning after December 15, 2017. The Company will adopt the standard using the modified retrospective method. The Company has completed its determination of the expanded disclosures regarding revenue, as well as any impacts on the timing of recognition in some arrangements or contracts for the sale of goods or services. Management's assessment identified certain revenue components within the Consumer Brands Group that are recorded as Selling, general and administrative expenses of approximately $60.0 million as of December 31, 2017 , which upon adoption of the new standard would be recorded as a contra revenue in Net sales on the Statements of Consolidated Income. In addition, the Company has made enhancements to its information systems and internal controls in response to the new rule requirements. The Company is prepared to provide expanded disclosures in the consolidated financial statements upon adoption and it is expected that the adoption of this standard will not materially impact Net income or the Company's liquidity.
Reclassification	Reclassification. Certain amounts in the notes to the consolidated financial statements for 2015 and 2016 have been reclassified to conform to the 2017 presentation.
Inventories	Inventories were principally stated at the lower of cost or market with cost determined on the last-in, first-out (LIFO) method. The following presents the effect on inventories, net income and net income per common share had the Company used the first-in, first-out (FIFO) inventory valuation method adjusted for income taxes at the statutory rate in effect at each reporting date and assuming no other adjustments. Management believes that the use of LIFO results in a better matching of costs and revenues. This information is presented to enable the reader to make comparisons with companies using the FIFO method of inventory valuation.

Significant Accounting Polici29

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Carrying amount and fair value of debt	The fair values of the Company’s non-traded debt, also shown below, are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The Company's publicly traded debt and non-traded debt are classified as level 1 and level 2, respectively, in the fair value hierarchy. See Note 7 . December 31, 2017 2016 2015 Carrying Fair Carrying Fair Carrying Fair Amount Value Amount Value Amount Value Publicly traded debt $ 8,742,739 $ 9,054,277 $ 1,907,704 $ 1,912,646 $ 1,905,650 $ 1,960,169 Non-traded debt 1,144,185 1,088,630 4,097 3,783 4,782 4,555
Assets and liabilities reported at fair value on a recurring basis	The following tables summarize the Company’s assets and liabilities measured on a recurring and non-recurring basis in accordance with the Fair Value Measurements and Disclosures Topic of the ASC: Assets and Liabilities Reported at Fair Value on a Recurring Basis Fair Value at December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Deferred compensation plan assets (1) $ 61,097 $ 34,433 $ 26,664 Liabilities: Deferred compensation plan liabilities (2) $ 70,850 $ 70,850 (1) The deferred compensation plan assets consists of the investment funds maintained for the future payments under the Company’s executive deferred compensation plans, which are structured as rabbi trusts. The investments are marketable securities accounted for under the Debt and Equity Securities Topic of the ASC. The level 1 investments are valued using quoted market prices multiplied by the number of shares. The level 2 investments are valued based on vendor or broker models. The cost basis of the investment funds is $56,326 . (2) The deferred compensation plan liabilities are the Company’s liabilities under its deferred compensation plans. The liabilities represent the fair value of the participant shadow accounts, and the value is based on quoted market prices in active markets for identical assets.
Classes of assets and ranges of annual depreciation rates	The major classes of assets and ranges of annual depreciation rates are: Buildings 4.0% – 20.0% Machinery and equipment 10.0% – 20.0% Furniture and fixtures 6.7% – 33.3% Automobiles and trucks 10.0% – 33.3%
Changes in the company's accrual for product warranty claims	Changes in the Company’s accrual for product warranty claims during 2017 , 2016 and 2015 , including customer satisfaction settlements during the year, were as follows: 2017 2016 2015 Balance at January 1 $ 34,419 $ 31,878 $ 27,723 Charges to expense 39,707 38,954 43,484 Settlements (53,143 ) (36,413 ) (39,329 ) Acquisition 130,442 Balance at December 31 $ 151,425 $ 34,419 $ 31,878

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Preliminary allocation of the fair value of the Valspar acquisition	The preliminary allocation of the fair value of the Acquisition is summarized in the following table. Allocations are based on the acquisition method of accounting and in-process third-party valuation appraisals. The allocation of the fair value will be finalized within the allowable measurement period. (millions of dollars) Cash $ 129.1 Accounts receivable 817.5 Inventories 684.5 Indefinite-lived trademarks 775.9 Finite-lived intangible assets 5,071.8 Goodwill 5,675.2 Property, plant and equipment 833.0 All other assets 231.1 Accounts payable (553.2 ) Long-term debt (1,603.5 ) Deferred taxes (2,028.9 ) All other liabilities (1,093.1 ) Total $ 8,939.4 Total, net of cash $ 8,810.3
Pro forma information	2017 2016 Net sales $ 16,634,913 $ 15,861,367 Net income from continuing operations 1,854,613 1,008,138 Net income per common share from continuing operations Basic $ 19.96 $ 10.98 Diluted $ 19.54 $ 10.67

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2017
Inventory Disclosure [Abstract]
Effect of inventory valuation method	The following presents the effect on inventories, net income and net income per common share had the Company used the first-in, first-out (FIFO) inventory valuation method adjusted for income taxes at the statutory rate in effect at each reporting date and assuming no other adjustments. Management believes that the use of LIFO results in a better matching of costs and revenues. This information is presented to enable the reader to make comparisons with companies using the FIFO method of inventory valuation. The decrease in percentage of total inventories on LIFO in 2017 was due to the Acquisition which only carried approximately 40 percent of its inventory on the LIFO method. 2017 2016 2015 Percentage of total inventories on LIFO 66 % 79 % 78 % Excess of FIFO over LIFO $ 286,961 $ 253,353 $ 251,060 (Decrease) increase in net (20,669 ) (1,421 ) 49,658 (Decrease) increase in net (.22 ) (.02 ) .53

Goodwill, Intangible and Long32

Goodwill, Intangible and Long-Lived Assets (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying value of goodwill by reportable segment	A summary of changes in the Company’s carrying value of goodwill by Reportable Segment is as follows: Goodwill The Americas Group Consumer Brands Group Performance Coatings Group Consolidated Totals Balance at January 1, 2015 (1) $ 295,129 $ 702,206 $ 161,011 $ 1,158,346 Currency and other adjustments (77 ) (1,135 ) (13,801 ) (15,013 ) Balance at December 31, 2015 (1) 295,052 701,071 147,210 1,143,333 Impairment charged to operations (10,455 ) (10,455 ) Currency and other adjustments 813 (1,197 ) (5,602 ) (5,986 ) Balance at December 31, 2016 (2) 285,410 699,874 141,608 1,126,892 Acquisition 2,276,127 1,473,239 1,925,878 5,675,244 Currency and other adjustments (5,928 ) 60,128 (41,991 ) 12,209 Balance at December 31, 2017 (2) $ 2,555,609 $ 2,233,241 $ 2,025,495 $ 6,814,345 (1) Net of accumulated impairment losses of $8,904 ( $8,113 in the Consumer Brands Group and $791 in the Performance Coatings Group). (2) Net of accumulated impairment losses of $19,359 ( $8,113 in the Consumer Brands Group, $791 in the Performance Coatings Group and $10,455 in The Americas Group).
Carrying value of intangible assets	A summary of the Company’s carrying value of intangible assets is as follows: Finite-Lived Intangible Assets Trademarks With Indefinite Lives Total Intangible Assets Software Customer Relationships Intellectual Property All Other Subtotal December 31, 2017 Weighted-average amortization period 7 years 15 years 20 years 13 years 17 years Gross $ 165,019 $ 3,361,675 $ 1,774,000 $ 329,440 $ 5,630,134 Accumulated amortization (116,621 ) (129,568 ) (51,742 ) (257,506 ) (555,437 ) Net value $ 48,398 $ 3,232,107 $ 1,722,258 $ 71,934 $ 5,074,697 $ 927,664 $ 6,002,361 December 31, 2016 Weighted-average amortization period 7 years 11 years 10 years Gross $ 144,557 $ 313,613 $ 458,170 Accumulated amortization (103,735 ) (240,217 ) (343,952 ) Net value $ 40,822 $ 73,396 $ 114,218 $ 140,792 $ 255,010 December 31, 2015 Weighted-average amortization period 8 years 12 years 11 years Gross $ 123,863 $ 312,119 $ 435,982 Accumulated amortization (95,008 ) (228,921 ) (323,929 ) Net value $ 28,855 $ 83,198 $ 112,053 $ 143,318 $ 255,371

Exit or Disposal Activities (Ta

Exit or Disposal Activities (Tables)	12 Months Ended
	Dec. 31, 2017
Restructuring and Related Activities [Abstract]
Summary of activity and remaining liabilities associated with qualified exit costs	The following tables summarize the activity and remaining liabilities associated with qualified exit costs: (Thousands of dollars) Balance at December 31, 2016 Acquired Balances Provisions in Actual Balance at December 31, 2017 Administrative segment Acquisition-related restructuring in 2017: Severance and related costs $ 3,303 $ 38,739 $ (36,023 ) $ 6,019 Other qualified exit costs 1,153 8,569 (4,181 ) 5,541 Performance Coatings Group stores shutdown in 2017: Severance and related costs 14 14 Other qualified exit costs 129 (8 ) 121 Consumer Brands Group facilities shutdown in 2016: Severance and related costs $ 907 2,910 (3,796 ) 21 Performance Coatings Group stores shutdown in 2016: Severance and related costs 136 (136 ) Other qualified exit costs 269 97 (255 ) 111 The Americas Group stores shutdown in 2015: Other qualified exit costs 195 20 (215 ) Performance Coatings Group stores shutdown in 2015: Other qualified exit costs 433 25 (446 ) 12 Severance and other qualified exit costs for facilities shutdown prior to 2015 1,908 (362 ) 1,546 Totals $ 3,848 $ 4,456 $ 50,503 $ (45,422 ) $ 13,385 (Thousands of dollars) Balance at December 31, 2015 Provisions in Actual Balance at December 31, 2016 Consumer Brands Group facilities shutdown in 2016: Severance and related costs $ 1,020 $ (113 ) $ 907 Performance Coatings Group stores shutdown in 2016: Severance and related costs 136 136 Other qualified exit costs 369 (100 ) 269 The Americas Group stores shutdown in 2015: Other qualified exit costs $ 12 481 (298 ) 195 Performance Coatings Group stores shutdown in 2015: Severance and related costs 1,096 (1,096 ) Other qualified exit costs 2,750 499 (2,816 ) 433 The Americas Group stores shutdown in 2014: Other qualified exit costs 184 (81 ) 103 Consumer Brands Group facilities shutdown in 2014: Severance and related costs 445 (46 ) 399 Other qualified exit costs 52 (39 ) 13 Performance Coatings Group exit of business in 2014: Severance and related costs 430 (430 ) Other qualified exit costs 353 430 (600 ) 183 Severance and other qualified exit costs for facilities shutdown prior to 2014 1,755 103 (648 ) 1,210 Totals $ 7,077 $ 3,038 $ (6,267 ) $ 3,848 (Thousands of dollars) Balance at December 31, 2014 Provisions in Actual Balance at December 31, 2015 The Americas Group stores shutdown in 2015: Other qualified exit costs $ 168 $ (156 ) $ 12 Performance Coatings Group stores shutdown in 2015: Severance and related costs 1,341 (245 ) 1,096 Other qualified exit costs 6,988 (4,238 ) 2,750 The Americas Group stores shutdown in 2014: Other qualified exit costs $ 280 142 (238 ) 184 Consumer Brands Group facilities shutdown in 2014: Severance and related costs 2,732 466 (2,753 ) 445 Other qualified exit costs 781 6 (735 ) 52 Performance Coatings Group exit of business in 2014: Severance and related costs 104 326 430 Other qualified exit costs 1,080 324 (1,051 ) 353 The Americas Group facility shutdown in 2013: Severance and related costs 654 (654 ) Other qualified exit costs 1,205 (411 ) 794 Performance Coatings Group stores shutdown in 2013: Severance and related costs 28 (28 ) Other qualified exit costs 138 (138 ) Severance and other qualified exit costs for facilities shutdown prior to 2013 1,514 (553 ) 961 Totals $ 8,516 $ 9,761 $ (11,200 ) $ 7,077

Pension, Health Care and Post34

Pension, Health Care and Postretirement Benefits Other Than Pensions (Tables)	12 Months Ended
	Dec. 31, 2017
Retirement Benefits [Abstract]
Components of the net periodic benefit cost and cumulative other comprehensive loss related to pensions	The following table summarizes the components of the net pension costs and Cumulative other comprehensive loss related to the defined benefit pension plans: Domestic Defined Benefit Pension Plans Foreign Defined Benefit Pension Plans 2017 2016 2015 2017 2016 2015 Net pension costs (credits): Service costs $ 21,711 $ 22,291 $ 21,120 $ 7,039 $ 4,225 $ 5,071 Interest costs 31,085 26,498 24,535 8,177 7,441 8,719 Expected returns on plan assets (48,275 ) (50,197 ) (52,095 ) (9,070 ) (6,915 ) (9,296 ) Amortization of prior service costs 1,362 1,205 1,310 Amortization of actuarial losses 6,210 4,532 1,962 1,833 1,540 1,910 Ongoing pension costs (credits) 12,093 4,329 (3,168 ) 7,979 6,291 6,404 Settlement costs (credits) (1,990 ) 71 4,231 3,255 Net pension costs (credits) 10,103 4,329 (3,168 ) 8,050 10,522 9,659 Other changes in plan assets and projected benefit obligation recognized in Cumulative other comprehensive loss (before taxes): Net actuarial (gains) losses arising during the year (65,829 ) 18,926 15,359 (13,960 ) 17,030 1,907 Prior service costs arising during the year 844 2,081 Amortization of actuarial losses (4,220 ) (4,532 ) (1,962 ) (1,904 ) (1,540 ) (1,910 ) Amortization of prior service costs (1,362 ) (1,205 ) (1,310 ) Exchange rate loss recognized during year 4,133 (11,627 ) (5,830 ) Total recognized in Cumulative other comprehensive loss (70,567 ) 15,270 12,087 (11,731 ) 3,863 (5,833 ) Total recognized in net pension costs (credits) and Cumulative other comprehensive loss $ (60,464 ) $ 19,599 $ 8,919 $ (3,681 ) $ 14,385 $ 3,826
Fair value of the defined benefit pension plan assets	The following tables summarize the fair value of the defined benefit pension plan assets at December 31, 2017 , 2016 and 2015 . The presentation is in accordance with the Retirement Benefits Topic of the ASC, as updated by ASU No. 2015-07 (see Note 1). Fair value at December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments at fair value: Equity investments (1) $ 514,983 $ 409,911 $ 105,072 Fixed income investments (2) 380,902 146,816 234,086 Other assets (3) 39,196 39,196 Total investments in fair value hierarchy 935,081 $ 556,727 $ 378,354 Investments measured at NAV or its equivalent (4) 533,561 Total investments $ 1,468,642 Fair value at December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments at fair value: Equity investments (1) $ 393,045 $ 321,152 $ 71,893 Fixed income investments (2) 294,103 144,668 149,435 Other assets (3) 14,643 14,643 Total investments in fair value hierarchy 701,791 $ 465,820 $ 235,971 Investments measured at NAV or its equivalent (4) 310,230 Total investments $ 1,012,021 Fair value at December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Investments at fair value: Equity investments (1) $ 435,690 $ 372,033 $ 63,657 Fixed income investments (2) 290,470 141,448 149,022 Other assets (3) 16,361 16,361 Total investments in fair value hierarchy 742,521 $ 513,481 $ 229,040 Investments measured at NAV or its equivalent (4) 278,423 Total investments $ 1,020,944 (1) This category includes actively managed equity assets that track primarily to the S&P 500. (2) This category includes government and corporate bonds that track primarily to the Barclays Capital Aggregate Bond Index. (3) This category includes real estate and pooled investment funds. (4) This category includes pooled investment funds and private equity funds that are measured at NAV or its equivalent using the practical expedient. Therefore, these investments are not classified in the fair value hierarchy.
Obligations, plan assets and assumption used for defined benefit pension plan	The following table summarizes the obligations, plan assets and assumptions used for the defined benefit pension plans, which are all measured as of December 31: Domestic Defined Benefit Pension Plans Foreign Defined Benefit Pension Plans 2017 2016 2015 2017 2016 2015 Accumulated benefit obligations at end of year $ 913,363 $ 630,159 $ 621,873 $ 308,164 $ 172,047 $ 172,426 Projected benefit obligations: Balances at beginning of year $ 632,797 $ 624,791 $ 653,338 $ 206,873 $ 201,854 $ 234,524 Service costs 21,711 22,291 21,120 7,039 4,225 5,071 Interest costs 31,085 26,498 24,535 8,177 7,441 8,719 Actuarial losses (gains) 67,945 8,132 (40,602 ) (4,002 ) 43,736 (3,045 ) Acquisition 246,894 115,045 Contributions and other 844 2,081 1,397 947 1,072 Settlements (43,381 ) (758 ) (14,862 ) (18,707 ) Effect of foreign exchange 22,938 (30,360 ) (17,211 ) Benefits paid (41,720 ) (50,996 ) (33,600 ) (7,112 ) (6,108 ) (8,569 ) Balances at end of year 916,175 632,797 624,791 349,597 206,873 201,854 Plan assets: Balances at beginning of year 847,013 858,605 896,071 165,008 162,339 187,645 Actual returns on plan assets 182,049 39,404 (3,866 ) 16,282 33,569 4,844 Acquisition 244,677 82,314 Contributions and other 6,048 15,019 11,424 Settlements (43,381 ) (758 ) (14,862 ) (18,707 ) Effect of foreign exchange 18,222 (24,949 ) (14,298 ) Benefits paid (41,720 ) (50,996 ) (33,600 ) (7,112 ) (6,108 ) (8,569 ) Balances at end of year 1,188,638 847,013 858,605 280,004 165,008 162,339 Excess (deficient) plan assets over projected benefit obligations $ 272,463 $ 214,216 $ 233,814 $ (69,593 ) $ (41,865 ) $ (39,515 ) Assets and liabilities recognized in the Consolidated Balance Sheets: Deferred pension assets $ 272,463 $ 214,216 $ 233,814 $ 24,280 $ 11,313 $ 11,068 Other accruals (2,523 ) (1,522 ) (1,442 ) Other long-term liabilities (91,350 ) (51,656 ) (49,141 ) $ 272,463 $ 214,216 $ 233,814 $ (69,593 ) $ (41,865 ) $ (39,515 ) Amounts recognized in Cumulative other comprehensive loss: Net actuarial losses $ (64,799 ) $ (134,847 ) $ (120,454 ) $ (33,873 ) $ (45,604 ) $ (41,741 ) Prior service costs (5,496 ) (6,015 ) (5,138 ) $ (70,295 ) $ (140,862 ) $ (125,592 ) $ (33,873 ) $ (45,604 ) $ (41,741 ) Weighted-average assumptions used to determine projected benefit obligations: Discount rate 3.60 % 4.20 % 4.40 % 2.73 % 3.21 % 4.20 % Rate of compensation increase 3.33 % 3.38 % 3.14 % 3.69 % 4.43 % 4.00 % Weighted-average assumptions used to determine net pension costs: Discount rate 4.15 % 4.40 % 3.95 % 3.88 % 4.20 % 3.92 % Expected long-term rate of return on assets 5.00 % 6.00 % 6.00 % 4.75 % 4.70 % 4.84 % Rate of compensation increase 3.30 % 3.14 % 4.00 % 4.33 % 4.00 % 3.70 %
Obligation and the assumptions used for postretirement benefits other than pensions	The following table summarizes the obligation and the assumptions used for postretirement benefits other than pensions: Postretirement Benefits Other than Pensions 2017 2016 2015 Benefit obligation: Balance at beginning of year - unfunded $ 265,137 $ 263,383 $ 295,149 Service cost 2,105 2,244 2,485 Interest cost 10,749 11,009 11,182 Acquisition 17,010 Actuarial loss (gain) 11,637 7,548 (19,370 ) Plan amendments (9,269 ) Benefits paid (15,815 ) (19,047 ) (16,794 ) Balance at end of year - unfunded $ 290,823 $ 265,137 $ 263,383 Liabilities recognized in the Consolidated Balance Sheets: Postretirement benefits other than pensions $ (274,675 ) $ (250,397 ) $ (248,523 ) Other accruals (16,148 ) (14,740 ) (14,860 ) $ (290,823 ) $ (265,137 ) $ (263,383 ) Amounts recognized in Cumulative other comprehensive loss: Net actuarial losses $ (44,147 ) $ (23,211 ) $ (15,664 ) Prior service credits 12,625 19,205 25,784 $ (31,522 ) $ (4,006 ) $ 10,120 Weighted-average assumptions used to determine benefit obligation: Discount rate 3.61 % 4.10 % 4.30 % Health care cost trend rate - pre-65 7.00 % 6.00 % 6.00 % Health care cost trend rate - post-65 5.00 % 5.50 % 5.00 % Prescription drug cost increases 11.00 % 10.50 % 11.50 % Employer Group Waiver Plan (EGWP) trend rate 11.00 % 10.60 % 11.50 % Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 4.10 % 4.30 % 3.90 % Health care cost trend rate - pre-65 6.00 % 6.00 % 7.00 % Health care cost trend rate - post-65 5.50 % 5.00 % 6.50 % Prescription drug cost increases 10.50 % 11.50 % 6.50 %
Components of the net periodic benefit cost and cumulative other comprehensive loss related to postretirement benefits other than pensions	The following table summarizes the components of the net periodic benefit cost and Cumulative other comprehensive loss related to postretirement benefits other than pensions: Postretirement Benefits Other than Pensions 2017 2016 2015 Net periodic benefit cost: Service cost $ 2,105 $ 2,244 $ 2,485 Interest cost 10,749 11,009 11,182 Amortization of actuarial losses 32 1,011 Amortization of prior service credit (6,579 ) (6,578 ) (4,529 ) Ongoing pension costs (credits) 6,307 6,675 10,149 Settlement (credits) costs (9,332 ) Net pension (credits) costs (3,025 ) 6,675 10,149 Other changes in projected benefit obligation recognized in Cumulative other comprehensive loss (before taxes): Net actuarial loss (gain) arising during the year 11,637 7,548 (19,370 ) Prior service credit arising during the year (9,269 ) Amortization of actuarial losses (32 ) (1,011 ) Settlement costs 9,332 Amortization of prior service credit 6,579 6,578 4,529 Total recognized in Cumulative other comprehensive loss 27,516 14,126 (25,121 ) Total recognized in net periodic benefit cost and Cumulative other comprehensive loss $ 24,491 $ 20,801 $ (14,972 )
Significant effect on amounts reported for service and interest rate component and postretirement health care benefit obligation	A one-percentage-point change in assumed health care and prescription drug cost trend rates would have had the following effects at December 31, 2017 : One-Percentage Point Increase (Decrease) Effect on total of service and interest cost components $ 104 $ (124 ) Effect on the postretirement benefit obligation $ 2,655 $ (2,794 )
Retiree health care benefit cash payments	The Company expects to make retiree health care benefit cash payments as follows: Expected Cash Payments 2018 $ 17,192 2019 18,139 2020 19,058 2021 19,541 2022 19,816 2023 through 2027 98,270 Total expected benefit cash payments $ 192,016

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Long-term Debt	Long-term debt Due Date 2017 2016 2015 2.25% Senior Notes (1) 2020 $ 1,493,106 3.45% Senior Notes (1) 2027 1,483,244 2.75% Senior Notes (1) 2022 1,240,758 4.50% Senior Notes (1) 2047 1,228,647 Term Loan 2022 847,337 3.125% Senior Notes (1) 2024 495,602 4.20% Senior Notes (2) 2022 422,370 3.45% Senior Notes 2025 397,260 $ 396,898 $ 396,536 4.55% Senior Notes 2045 393,859 393,637 393,414 3.95% Senior Notes (2) 2026 362,381 7.25% Senior Notes (2) 2019 319,394 4.00% Senior Notes 2042 296,094 295,938 295,781 Floating Rate Loan 2021 269,247 3.30% Senior Notes (2) 2025 249,207 4.40% Senior Notes (2) 2045 238,334 7.375% Debentures 2027 118,982 118,936 118,889 0.92% Fixed Rate Loan 2021 23,933 7.45% Debentures 2097 3,500 3,500 3,500 2.00% to 8.0% Promissory Notes Through 2027 2,490 2,417 1,628 1.35% Senior Notes 2017 697,530 $ 9,885,745 $ 1,211,326 $ 1,907,278 (1) Senior notes issued in 2017 to fund the Acquisition (2) Senior notes acquired in 2017 through the Acquisition

Capital Stock (Tables)

Capital Stock (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Capital Stock	Common Shares in Treasury Common Shares Outstanding Balance at January 1, 2015 19,813,079 94,704,173 Shares tendered as payment for option rights exercised 14,542 (14,542 ) Shares issued for exercise of option rights 1,133,050 Shares tendered in connection with grants of restricted stock 111,433 (111,433 ) Net shares issued for grants of restricted stock 110,277 Treasury stock purchased 3,575,000 (3,575,000 ) Balance at December 31, 2015 23,514,054 92,246,525 Shares tendered as payment for option rights exercised 3,441 (3,441 ) Shares issued for exercise of option rights 733,876 Shares tendered in connection with grants of restricted stock 59,916 (59,916 ) Net shares issued for grants of restricted stock 95,987 Balance at December 31, 2016 23,577,411 93,013,031 Shares tendered as payment for option rights exercised 16,545 (16,545 ) Shares issued for exercise of option rights 1,152,015 Shares tendered in connection with grants of restricted stock 82,777 (82,777 ) Net shares issued for grants of restricted stock (182,079 ) Balance at December 31, 2017 23,676,733 93,883,645

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Assumptions used to determine the fair value of option rights	The fair value of the Company’s option rights was estimated at the date of grant using a Black-Scholes-Merton option-pricing model with the following weighted-average assumptions for all options granted: 2017 2016 2015 Risk-free interest rate 1.97% 1.24% 1.37% Expected life of option rights 5.05 years 5.05 years 5.05 years Expected dividend yield of stock 0.85% 1.06% 1.13% Expected volatility of stock .213 .212 .245
Summary of non-qualified and incentive stock option right activity	A summary of the Company’s non-qualified and incentive stock option right activity is shown in the following table: 2017 2016 2015 Optioned Shares Weighted- Average Exercise Price Per Share Aggregate Intrinsic Value Optioned Shares Weighted- Average Exercise Price Per Share Aggregate Intrinsic Value Optioned Shares Weighted- Average Exercise Price Per Share Aggregate Intrinsic Value Outstanding beginning of year 5,163,709 $ 163.61 5,219,506 $ 141.58 5,699,892 $ 117.31 Granted 689,506 377.84 712,967 271.46 697,423 241.84 Exercised (1,154,698 ) 123.16 (733,876 ) 108.81 (1,133,287 ) 79.41 Forfeited (49,977 ) 267.02 (26,653 ) 232.83 (43,632 ) 193.60 Expired (2,227 ) 236.97 (8,235 ) 176.28 (890 ) 87.59 Outstanding end of year 4,646,313 $ 204.33 $ 955,810 5,163,709 $ 163.61 $ 545,531 5,219,506 $ 141.58 $ 616,866 Exercisable at end of year 3,288,237 $ 156.43 $ 833,938 3,783,755 $ 130.59 $ 522,921 3,807,351 $ 110.96 $ 565,934
Summary of restricted stock and RSU activity	A summary of the Company’s RSU activity for the years ended December 31 is shown in the following table: 2017 2016 2015 Outstanding at beginning of year 397,326 467,744 655,276 Granted 112,647 99,662 112,494 Exchanged Valspar awards (net of forfeitures) 51,009 Vested (215,433 ) (166,405 ) (290,901 ) Forfeited (9,753 ) (3,675 ) (9,125 ) Outstanding at end of year 335,796 397,326 467,744

Other (Tables)

Other (Tables)	12 Months Ended
	Dec. 31, 2017
Other Income and Expenses [Abstract]
Other general expense - net	Included in Other general expense - net were the following: 2017 2016 2015 Provisions for environmental matters - net $ 15,443 $ 42,932 $ 31,071 Loss (gain) on sale or disposition of assets 5,422 (30,564 ) (803 ) Total $ 20,865 $ 12,368 $ 30,268
Other (income) expense - net	Included in Other (income) expense - net were the following: 2017 2016 2015 Dividend and royalty income $ (7,648 ) $ (4,573 ) $ (3,668 ) Net expense from financing activities 9,843 8,667 11,091 Foreign currency transaction related losses 450 7,335 9,503 Other income (32,570 ) (25,279 ) (23,880 ) Other expense 12,951 9,263 13,036 Total $ (16,974 ) $ (4,587 ) $ 6,082

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Significant components of deferred tax assets and liabilities	Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2017 , 2016 and 2015 were as follows: 2017 2016 2015 Deferred tax assets: Exit costs, environ-mental and other similar items $ 50,193 $ 74,535 $ 63,851 Employee related and benefit items 104,098 166,313 141,974 Other items 110,960 148,910 116,302 Total deferred tax assets 265,251 389,758 322,127 Deferred tax liabilities: Depreciation and amortization 1,506,650 254,430 241,101 LIFO inventories 78,952 83,659 89,330 Other items 49,670 59,746 33,433 Total deferred tax liabilities 1,635,272 397,835 363,864 Net deferred tax liabilities $ 1,370,021 $ 8,077 $ 41,737
Significant components of the provisions for income taxes	Significant components of the provisions for income taxes were as follows: 2017 2016 2015 Current: Federal $ 269,330 $ 438,244 $ 399,677 Foreign 53,442 31,125 30,145 State and local 39,320 61,402 60,319 Total current 362,092 530,771 490,141 Deferred: Federal (474,889 ) (56,891 ) 13,505 Foreign (42,292 ) (2,121 ) (10,752 ) State and local (88,954 ) (9,229 ) 2,223 Total deferred (606,135 ) (68,241 ) 4,976 Total (credits) provisions for income taxes $ (244,043 ) $ 462,530 $ 495,117
Significant components of income before income taxes used for income tax purpose	Significant components of income before income taxes as used for income tax purposes, were as follows: 2017 2016 2015 Domestic $ 1,474,481 $ 1,504,990 $ 1,440,511 Foreign 53,738 90,243 108,455 $ 1,528,219 $ 1,595,233 $ 1,548,966
Reconciliation of the statutory federal income tax rate to the effective tax rate	A reconciliation of the statutory federal income tax rate to the effective tax rate follows: 2017 2016 2015 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % Effect of: State and local income taxes 2.2 2.3 2.6 Investment vehicles (1.4 ) (1.5 ) (1.6 ) Domestic production activities (3.0 ) (2.9 ) (2.2 ) Employee share-based payments (5.6 ) (2.8 ) Other - net (2.1 ) (1.1 ) (1.8 ) Subtotal 25.1 % 29.0 % 32.0 % Effect of: Tax Act (39.8 ) Subsidiary mergers (4.0 ) Reported effective tax rate (18.7 )% 29.0 % 32.0 %
Reconciliation of unrecognized tax benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2017 2016 2015 Balance at beginning of year $ 32,805 $ 33,873 $ 31,560 Additions from the Acquisition 18,928 Additions based on tax positions related to the current year 6,780 5,674 4,228 Additions for tax positions of prior years 4,033 3,890 8,450 Reductions for tax positions of prior years (1,168 ) (5,901 ) (4,862 ) Settlements (368 ) (3,763 ) (968 ) Lapses of statutes of limitations (2,009 ) (968 ) (4,535 ) Balance at end of year $ 59,001 $ 32,805 $ 33,873

Net Income Per Common Share (Ta

Net Income Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income per common share	2017 2016 2015 Basic Average common shares outstanding 92,908,638 91,838,603 92,197,207 Net income Continuing operations $ 1,813,802 $ 1,132,703 $ 1,053,849 Discontinued operations (41,540 ) — — Net income $ 1,772,262 $ 1,132,703 $ 1,053,849 Basic net income per common share Continuing operations $ 19.52 $ 12.33 $ 11.43 Discontinued operations (.44 ) — — Net income per common share $ 19.08 $ 12.33 $ 11.43 Diluted Average common shares outstanding 92,908,638 91,838,603 92,197,207 Stock options and other contingently issuable shares (1) 1,931,157 2,089,921 1,826,885 Non-vested restricted stock grants 87,418 559,562 519,451 Average common shares outstanding assuming dilution 94,927,213 94,488,086 94,543,543 Net income Continuing operations $ 1,813,802 $ 1,132,703 $ 1,053,849 Discontinued operations (41,540 ) — — Net income $ 1,772,262 $ 1,132,703 $ 1,053,849 Diluted net income per common share Continuing operations $ 19.11 $ 11.99 $ 11.15 Discontinued operations (.44 ) — — Net income per common share $ 18.67 $ 11.99 $ 11.15 (1) Stock options and other contingently issuable shares excludes 638,795 , 62,935 and 34,463 shares at December 31, 2017 , 2016 and 2015 , respectively, due to their anti-dilutive effect.

Summary of Quarterly Results 41

Summary of Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Data [Abstract]
Summary of quarterly results of operations	2017 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Full Year Net sales $ 2,761,387 $ 3,735,817 $ 4,507,020 $ 3,979,564 $ 14,983,788 Gross profit 1,343,274 1,737,056 1,902,142 1,798,739 6,781,211 Net income 239,152 319,111 316,606 897,393 1,772,262 Net income per common share - basic 2.58 3.44 3.40 9.62 19.08 Net income per common share - diluted 2.53 3.36 3.33 9.39 18.67 2016 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Full Year Net sales $ 2,574,024 $ 3,219,525 $ 3,279,462 $ 2,782,591 $ 11,855,602 Gross profit 1,261,845 1,635,901 1,636,425 1,388,580 5,922,751 Net income 164,876 378,064 386,733 203,030 1,132,703 Net income per common share - basic 1.80 4.12 4.20 2.20 12.33 Net income per common share - diluted 1.75 3.99 4.08 2.15 11.99

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2017
Leases [Abstract]
Future minimum lease payments under noncancellable operating leases	The following schedule summarizes the future minimum lease payments under noncancellable operating leases having initial or remaining terms in excess of one year at December 31, 2017 : 2018 $ 391,009 2019 347,321 2020 298,505 2021 237,999 2022 178,014 Later years 402,680 Total minimum lease payments $ 1,855,528

Reportable Segment Information

Reportable Segment Information (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Reportable Segment Financial Information	(millions of dollars) 2017 The Americas Group Consumer Brands Group Performance Coatings Group Administrative Consolidated Totals Net external sales $ 9,117 $ 2,155 $ 3,706 $ 6 $ 14,984 Intersegment transfers 6 3,162 22 (3,190 ) — Total net sales and intersegment transfers $ 9,123 $ 5,317 $ 3,728 $ (3,184 ) $ 14,984 Segment profit $ 1,769 $ 226 $ 299 $ 2,294 Interest expense $ (263 ) (263 ) Administrative expenses and other (503 ) (503 ) Income from continuing operations before income taxes $ 1,769 $ 226 $ 299 $ (766 ) $ 1,528 Reportable segment margins 19.4 % 4.3 % 8.0 % Identifiable assets $ 4,359 $ 5,839 $ 8,300 $ 1,460 $ 19,958 Capital expenditures 69 95 37 22 223 Depreciation 75 92 69 49 285 2016 The Americas Group Consumer Brands Group Performance Coatings Group Administrative Consolidated Totals Net external sales $ 8,377 $ 1,528 $ 1,946 $ 5 $ 11,856 Intersegment transfers 39 2,775 15 (2,829 ) Total net sales and intersegment transfers $ 8,416 $ 4,303 $ 1,961 $ (2,824 ) $ 11,856 Segment profit $ 1,606 $ 301 $ 257 $ 2,164 Interest expense $ (154 ) (154 ) Administrative expenses and other (415 ) (415 ) Income from continuing operations before income taxes $ 1,606 $ 301 $ 257 $ (569 ) $ 1,595 Reportable segment margins 19.1 % 7.0 % 13.1 % Identifiable assets $ 2,148 $ 2,005 $ 818 $ 1,782 $ 6,753 Capital expenditures 100 99 19 $ 21 239 Depreciation 76 47 20 $ 29 172 2015 The Americas Group Consumer Brands Group Performance Coatings Group Administrative Consolidated Totals Net external sales $ 7,840 $ 1,578 $ 1,916 $ 5 $ 11,339 Intersegment transfers 40 2,736 5 (2,781 ) — Total net sales and intersegment transfers $ 7,880 $ 4,314 $ 1,921 $ (2,776 ) $ 11,339 Segment profit $ 1,452 $ 309 $ 202 $ 1,963 Interest expense $ (62 ) (62 ) Administrative expenses and other (352 ) (352 ) Income from continuing operations before income taxes $ 1,452 $ 309 $ 202 $ (414 ) $ 1,549 Reportable segment margins 18.4 % 7.2 % 10.5 % Identifiable assets $ 2,037 $ 1,925 $ 814 $ 1,003 $ 5,779 Capital expenditures 132 60 21 21 234 Depreciation 72 47 25 26 170

Significant Accounting Polici44

Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016USD ($)contract	Dec. 31, 2017USD ($)contract	Dec. 31, 2016USD ($)contract	Dec. 31, 2015USD ($)contract
Significant Accounting Policies [Line Items]
Carrying amount of the investments, included in other assets	$ 193,413	$ 189,386	$ 193,413	$ 189,484
Liability for estimated future capital contributions to the investments	$ 178,584	$ 179,026	$ 178,584	$ 172,899
Number of derivative contracts outstanding | contract	0	0	0	0
Impairment of intangible assets	$ 10,688	$ 2,022	$ 10,688	$ 0
Allowance for doubtful accounts	40,450	52,997	40,450	49,420
Inventory valuation reserves	87,715	$ 103,698	$ 87,715	$ 91,217
Useful life of intangible assets		17 years	10 years	11 years
Amounts outstanding under standby letter of credit agreements	43,658	$ 75,272	$ 43,658	$ 45,407
Warranty accruals acquired		130,442
Cumulative other comprehensive loss included adjustments for foreign currency translation	501,277	353,346	501,277	482,629
Prior service costs and net actuarial losses related to pension and other postretirement benefit plans	125,096	84,863	125,096	104,346
Unrealized net gains (losses) on marketable equity securities	$ 1,015	2,320	1,015	(120)
Unrealized net gains on cash flow hedges		51,019
Research and development costs included in technical expenditures		58,474	58,041	57,667
Advertising cost		374,059	351,002	338,188
Reduction of selling, general and administrative expense upon adoption		(4,785,415)	$ (4,134,517)	$ (3,885,668)
Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | Pro Forma
Significant Accounting Policies [Line Items]
Reduction of selling, general and administrative expense upon adoption		$ 60,000
Minimum
Significant Accounting Policies [Line Items]
Useful life of intangible assets		15 years
Maximum
Significant Accounting Policies [Line Items]
Useful life of intangible assets		20 years
Trademarks | The Americas Group
Significant Accounting Policies [Line Items]
Impairment of intangible assets		$ 2,022

Significant Accounting Polici45

Significant Accounting Policies - Carrying Amount and Fair Value of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Publicly traded debt | Carrying Amount
Financial Instruments
Long-term debt	$ 8,742,739	$ 1,907,704	$ 1,905,650
Publicly traded debt | Fair Value
Financial Instruments
Long-term debt	9,054,277	1,912,646	1,960,169
Non-traded debt | Carrying Amount
Financial Instruments
Long-term debt	1,144,185	4,097	4,782
Non-traded debt | Fair Value
Financial Instruments
Long-term debt	$ 1,088,630	$ 3,783	$ 4,555

Significant Accounting Polici46

Significant Accounting Policies - Assets and Liabilities Reported at Fair Value on a Recurring Basis (Details) $ in Thousands	Dec. 31, 2017USD ($)
Significant Other Observable Inputs (Level 2)
Fair Value Measurements (Textual)
Cost basis of the investment funds	$ 56,326
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Deferred compensation plan assets	34,433
Liabilities:
Deferred compensation plan liabilities	70,850
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Assets:
Deferred compensation plan assets	26,664
Fair Value, Measurements, Recurring | Fair Value
Assets:
Deferred compensation plan assets	61,097
Liabilities:
Deferred compensation plan liabilities	$ 70,850

Significant Accounting Polici47

Significant Accounting Policies - Classes of Assets and Ranges of Annual Depreciation Rates (Details)	12 Months Ended
	Dec. 31, 2017
Buildings | Minimum
Classes of assets and ranges of annual depreciation rates
Annual depreciation rate on assets	4.00%
Buildings | Maximum
Classes of assets and ranges of annual depreciation rates
Annual depreciation rate on assets	20.00%
Machinery and equipment | Minimum
Classes of assets and ranges of annual depreciation rates
Annual depreciation rate on assets	10.00%
Machinery and equipment | Maximum
Classes of assets and ranges of annual depreciation rates
Annual depreciation rate on assets	20.00%
Furniture and fixtures | Minimum
Classes of assets and ranges of annual depreciation rates
Annual depreciation rate on assets	10.00%
Furniture and fixtures | Maximum
Classes of assets and ranges of annual depreciation rates
Annual depreciation rate on assets	33.30%
Automobiles and trucks | Minimum
Classes of assets and ranges of annual depreciation rates
Annual depreciation rate on assets	10.00%
Automobiles and trucks | Maximum
Classes of assets and ranges of annual depreciation rates
Annual depreciation rate on assets	33.30%

Significant Accounting Polici48

Significant Accounting Policies - Changes in Product Warranty Accruals (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Company's accrual for product warranty claims
Beginning balance	$ 34,419	$ 31,878	$ 27,723
Charges to expense	39,707	38,954	43,484
Settlements	(53,143)	(36,413)	(39,329)
Acquisition	130,442
Ending balance	$ 151,425	$ 34,419	$ 31,878

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($)	Jun. 01, 2017	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Pre-tax gain or loss from discontinued operations
Income taxes from discontinued operations										$ 41,540,000
Reduction of basic net income per common share, discontinued operations (in dollars per share)										$ 0.44	$ 0	$ 0
Reduction of diluted net income per common share, discontinued operations (in dollars per share)										$ 0.44	$ 0	$ 0
Goodwill		$ 6,814,345,000				$ 1,126,892,000				$ 6,814,345,000	$ 1,126,892,000	$ 1,143,333,000	$ 1,158,346,000
Sales		3,979,564,000	$ 4,507,020,000	$ 3,735,817,000	$ 2,761,387,000	2,782,591,000	$ 3,279,462,000	$ 3,219,525,000	$ 2,574,024,000	14,983,788,000	11,855,602,000	11,339,304,000
Income from continuing operations before income taxes										1,528,219,000	1,595,233,000	1,548,966,000
Amortization of intangible assets										206,764,000	25,404,000	28,237,000
Amortization of inventory purchase accounting adjustments										54,924,000
Depreciation										284,997,000	172,074,000	170,323,000
Interest expense										263,471,000	154,088,000	61,791,000
The Americas Group
Business Acquisition [Line Items]
Goodwill		2,555,609,000				285,410,000				2,555,609,000	285,410,000	295,052,000	295,129,000
Performance Coatings Group
Business Acquisition [Line Items]
Goodwill		2,025,495,000				141,608,000				2,025,495,000	141,608,000	147,210,000	161,011,000
Consumer Brands Group
Business Acquisition [Line Items]
Goodwill		$ 2,233,241,000				$ 699,874,000				2,233,241,000	699,874,000	$ 701,071,000	$ 702,206,000
North American industrial wood coatings business | Discontinued operations
Business Acquisition [Line Items]
Proceeds from divested assets sold	$ 431,000,000
Pre-tax gain or loss from discontinued operations	$ 0
Valspar
Business Acquisition [Line Items]
Acquisition purchase price (in dollars per share)	$ 113
Enterprise value	$ 8,900,000,000
Finite-lived intangible assets	5,071,800,000
Goodwill	5,675,244,000
Sales										2,464,000,000
Income from continuing operations before income taxes										115,800,000
Amortization of intangible assets										183,100,000
Amortization of inventory purchase accounting adjustments											54,900,000
Interest expense										179,300,000	72,800,000
Valspar | Administrative | Transaction and integration related SG&A expense
Business Acquisition [Line Items]
Acquisition expenses incurred										$ 126,800,000
Transaction and integration related expense											$ 58,400,000
Valspar | The Americas Group
Business Acquisition [Line Items]
Goodwill	2,300,000,000
Valspar | Performance Coatings Group
Business Acquisition [Line Items]
Goodwill	1,900,000,000
Valspar | Consumer Brands Group
Business Acquisition [Line Items]
Goodwill	$ 1,500,000,000
Valspar | Customer relationships and intellectual property and technology | Minimum
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average amortization period	15 years
Valspar | Customer relationships and intellectual property and technology | Maximum
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average amortization period	20 years
Valspar | Customer Relationships
Business Acquisition [Line Items]
Finite-lived intangible assets	$ 3,300,000,000
Valspar | Intellectual Property
Business Acquisition [Line Items]
Finite-lived intangible assets	$ 1,800,000,000

Acquisitions - Preliminary Allo

Acquisitions - Preliminary Allocation of the Fair Value of Valspar (Details) - USD ($) $ in Thousands	Jun. 01, 2017	Dec. 31, 2017	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill		$ 6,814,345	$ 1,143,333	$ 1,126,892	$ 1,158,346
Total, net of cash		8,810,315	$ 0
Valspar
Business Acquisition [Line Items]
Cash	$ 129,100
Accounts receivable	817,500
Inventories	684,500
Indefinite-lived trademarks	775,900
Finite-lived intangible assets	5,071,800
Goodwill	5,675,244
Property, plant and equipment	833,000
All other assets	231,100
Accounts payable	(553,200)
Long-term debt	(1,603,500)
Deferred taxes	(2,028,900)	$ (1,966,000)
All other liabilities	(1,093,100)
Total	8,939,400
Total, net of cash	$ 8,810,300

Acquisitions - Pro Forma Inform

Acquisitions - Pro Forma Information (Details) - Valspar - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Net sales	$ 16,634,913	$ 15,861,367
Net income from continuing operations	$ 1,854,613	$ 1,008,138
Net income per common share from continuing operations
Basic (in dollars per share)	$ 19.96	$ 10.98
Diluted (in dollars per share)	$ 19.54	$ 10.67

Inventories (Details)

Inventories (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Inventory [Line Items]
Percentage of total inventories on LIFO	66.00%	79.00%	78.00%
Excess of FIFO over LIFO	$ 286,961	$ 253,353	$ 251,060
(Decrease) increase in net income due to LIFO	$ (20,669)	$ (1,421)	$ 49,658
(Decrease) increase in net income per common share due to LIFO (in dollars per share)	$ (0.22)	$ (0.02)	$ 0.53
Valspar
Inventory [Line Items]
Percentage of total inventories on LIFO	40.00%

Goodwill, Intangible and Long53

Goodwill, Intangible and Long-Lived Assets - Narrative (Details) - USD ($)	Oct. 01, 2017	Oct. 01, 2016	Oct. 01, 2015	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jun. 01, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of long-lived assets						$ 0	$ 0	$ 0
Acquired Indefinite-lived Intangible Assets [Line Items]
Goodwill				$ 1,126,892,000	$ 6,814,345,000	1,126,892,000	1,143,333,000	1,158,346,000
Impairment of goodwill						10,455,000
Impairment of goodwill and trademarks				10,688,000	2,022,000	10,688,000	0
Additional Goodwill Intangible and Long Lived Assets (Textual) [Abstract]
Amortization of finite-lived Intangible assets, 2018					330,029,000
Amortization of finite-lived Intangible assets, 2019					330,045,000
Amortization of finite-lived Intangible assets, 2020					326,992,000
Amortization of finite-lived Intangible assets, 2021					325,215,000
Amortization of finite-lived Intangible assets, 2022					322,245,000
The Americas Group
Acquired Indefinite-lived Intangible Assets [Line Items]
Goodwill				$ 285,410,000	2,555,609,000	285,410,000	$ 295,052,000	$ 295,129,000
Impairment of goodwill	$ 0	$ 10,455,000	$ 0			$ 10,455,000
The Americas Group | Trademarks
Acquired Indefinite-lived Intangible Assets [Line Items]
Impairment of goodwill and trademarks					$ 2,022,000
Impairment of intangible assets		$ 233,000	$ 0
Valspar
Acquired Indefinite-lived Intangible Assets [Line Items]
Goodwill									$ 5,675,244,000
Indefinite-lived trademarks recognized									775,900,000
Acquired Finite Lived Intangible Assets [Line Items]
Finite-lived intangible assets recognized									5,071,800,000
Valspar | The Americas Group
Acquired Indefinite-lived Intangible Assets [Line Items]
Goodwill									$ 2,300,000,000

Goodwill, Intangible and Long54

Goodwill, Intangible and Long-Lived Assets - Carrying Value of Goodwill by Reportable Segment (Details) - USD ($)	Oct. 01, 2017	Oct. 01, 2016	Oct. 01, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Carrying value of goodwill by reportable operating segment
Balance				$ 1,126,892,000	$ 1,143,333,000	$ 1,158,346,000
Acquisition				5,675,244,000
Impairment charged to operations					(10,455,000)
Currency and other adjustments				12,209,000	(5,986,000)	(15,013,000)
Balance				6,814,345,000	1,126,892,000	1,143,333,000
Accumulated impairment losses				19,359,000	8,904,000
The Americas Group
Carrying value of goodwill by reportable operating segment
Balance				285,410,000	295,052,000	295,129,000
Acquisition				2,276,127,000
Impairment charged to operations	$ 0	$ (10,455,000)	$ 0		(10,455,000)
Currency and other adjustments				(5,928,000)	813,000	(77,000)
Balance				2,555,609,000	285,410,000	295,052,000
Accumulated impairment losses				10,455,000
Consumer Brands Group
Carrying value of goodwill by reportable operating segment
Balance				699,874,000	701,071,000	702,206,000
Acquisition				1,473,239,000
Currency and other adjustments				60,128,000	(1,197,000)	(1,135,000)
Balance				2,233,241,000	699,874,000	701,071,000
Accumulated impairment losses				8,113,000	8,113,000
Performance Coatings Group
Carrying value of goodwill by reportable operating segment
Balance				141,608,000	147,210,000	161,011,000
Acquisition				1,925,878,000
Currency and other adjustments				(41,991,000)	(5,602,000)	(13,801,000)
Balance				2,025,495,000	141,608,000	$ 147,210,000
Accumulated impairment losses				$ 791,000	$ 791,000

Goodwill, Intangible and Long55

Goodwill, Intangible and Long-Lived Assets - Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Carrying value of intangible assets
Weighted-average amortization period	17 years	10 years	11 years
Gross	$ 5,630,134	$ 458,170	$ 435,982
Accumulated amortization	(555,437)	(343,952)	(323,929)
Net value	5,074,697	114,218	112,053
Trademarks With Indefinite Lives	927,664	140,792	143,318
Total Intangible Assets	$ 6,002,361	$ 255,010	$ 255,371
Software
Carrying value of intangible assets
Weighted-average amortization period	7 years	7 years	8 years
Gross	$ 165,019	$ 144,557	$ 123,863
Accumulated amortization	(116,621)	(103,735)	(95,008)
Net value	$ 48,398	40,822	28,855
Customer Relationships
Carrying value of intangible assets
Weighted-average amortization period	15 years
Gross	$ 3,361,675
Accumulated amortization	(129,568)
Net value	$ 3,232,107
Intellectual Property
Carrying value of intangible assets
Weighted-average amortization period	20 years
Gross	$ 1,774,000
Accumulated amortization	(51,742)
Net value	$ 1,722,258
All Other
Carrying value of intangible assets
Weighted-average amortization period	13 years	11 years	12 years
Gross	$ 329,440	$ 313,613	$ 312,119
Accumulated amortization	(257,506)	(240,217)	(228,921)
Net value	$ 71,934	$ 73,396	$ 83,198

Exit or Disposal Activities - N

Exit or Disposal Activities - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)storebranch	Dec. 31, 2016store	Dec. 31, 2016branch	Dec. 31, 2016USD ($)	Dec. 31, 2016facility	Dec. 31, 2015USD ($)storebranch
Exit or Disposal Activities (Textual) [Abstract]
Accruals for exit and disposal activities acquired	$ 4,456
Provisions in cost of goods sold or SG&A	50,503			$ 3,038		$ 9,761
Facilities closed prior to 2017
Exit or Disposal Activities (Textual) [Abstract]
Provisions in cost of goods sold or SG&A	$ 3,052
Facilities closed prior to 2016
Exit or Disposal Activities (Textual) [Abstract]
Provisions in cost of goods sold or SG&A				1,513
Facilities closed prior to 2015
Exit or Disposal Activities (Textual) [Abstract]
Provisions in cost of goods sold or SG&A						$ 1,264
Performance Coatings Group
Exit or Disposal Activities (Textual) [Abstract]
Number of branches closed	2		13		2	7
Provisions in cost of goods sold or SG&A	$ 143			505		$ 8,329
The Americas Group
Exit or Disposal Activities (Textual) [Abstract]
Number of stores closed | store	13	16				32
Provisions in cost of goods sold or SG&A	$ 47,308					$ 168
Consumer Brands Group
Exit or Disposal Activities (Textual) [Abstract]
Provisions in cost of goods sold or SG&A				$ 1,020
Valspar
Exit or Disposal Activities (Textual) [Abstract]
Accruals for exit and disposal activities acquired	$ 4,456

Exit or Disposal Activities - S

Exit or Disposal Activities - Summary of Activity and Remaining Liabilities Associated with Qualified Exit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summary of activity and remaining liabilities associated with qualified exit costs
Balance	$ 3,848	$ 7,077	$ 8,516
Acquired Balances	4,456
Provisions in Cost of goods sold or SG&A	50,503	3,038	9,761
Actual expenditures charged to accrual	(45,422)	(6,267)	(11,200)
Balance	13,385	3,848	7,077
Consumer Brands Group
Summary of activity and remaining liabilities associated with qualified exit costs
Provisions in Cost of goods sold or SG&A		1,020
Performance Coatings Group
Summary of activity and remaining liabilities associated with qualified exit costs
Provisions in Cost of goods sold or SG&A	143	505	8,329
The Americas Group
Summary of activity and remaining liabilities associated with qualified exit costs
Provisions in Cost of goods sold or SG&A	47,308		168
Severance and related costs | Consumer Brands Group | Facilities shutdown in 2016
Summary of activity and remaining liabilities associated with qualified exit costs
Balance	907
Provisions in Cost of goods sold or SG&A		1,020
Actual expenditures charged to accrual		(113)
Balance		907
Severance and related costs | Consumer Brands Group | Stores shutdown in 2016
Summary of activity and remaining liabilities associated with qualified exit costs
Balance	907
Provisions in Cost of goods sold or SG&A	2,910
Actual expenditures charged to accrual	(3,796)
Balance	21	907
Severance and related costs | Consumer Brands Group | Facilities shutdown in 2014
Summary of activity and remaining liabilities associated with qualified exit costs
Balance	399	445	2,732
Provisions in Cost of goods sold or SG&A			466
Actual expenditures charged to accrual		(46)	(2,753)
Balance		399	445
Severance and related costs | Performance Coatings Group | Stores shutdown in 2017
Summary of activity and remaining liabilities associated with qualified exit costs
Provisions in Cost of goods sold or SG&A	14
Actual expenditures charged to accrual
Balance	14
Severance and related costs | Performance Coatings Group | Stores shutdown in 2016
Summary of activity and remaining liabilities associated with qualified exit costs
Balance	136
Provisions in Cost of goods sold or SG&A		136
Actual expenditures charged to accrual	(136)
Balance		136
Severance and related costs | Performance Coatings Group | Stores shutdown in 2015
Summary of activity and remaining liabilities associated with qualified exit costs
Balance		1,096
Provisions in Cost of goods sold or SG&A			1,341
Actual expenditures charged to accrual		(1,096)	(245)
Balance			1,096
Severance and related costs | Performance Coatings Group | Exit of business in 2014
Summary of activity and remaining liabilities associated with qualified exit costs
Balance		430	104
Provisions in Cost of goods sold or SG&A			326
Actual expenditures charged to accrual		(430)
Balance			430
Severance and related costs | Performance Coatings Group | Stores shutdown in 2013
Summary of activity and remaining liabilities associated with qualified exit costs
Balance			28
Actual expenditures charged to accrual			(28)
Severance and related costs | The Americas Group | Facility shutdown in 2013
Summary of activity and remaining liabilities associated with qualified exit costs
Balance			654
Actual expenditures charged to accrual			(654)
Other qualified exit costs | Severance and other qualified exit costs for facilities shutdown prior to 2015
Summary of activity and remaining liabilities associated with qualified exit costs
Balance	1,908
Provisions in Cost of goods sold or SG&A
Actual expenditures charged to accrual	(362)
Balance	1,546	1,908
Other qualified exit costs | Severance and other qualified exit costs for facilities shutdown prior to 2014
Summary of activity and remaining liabilities associated with qualified exit costs
Balance	1,210	1,755
Provisions in Cost of goods sold or SG&A		103
Actual expenditures charged to accrual		(648)
Balance		1,210	1,755
Other qualified exit costs | Severance and other qualified exit costs for facilities shutdown prior to 2013
Summary of activity and remaining liabilities associated with qualified exit costs
Balance		961	1,514
Actual expenditures charged to accrual			(553)
Balance			961
Other qualified exit costs | Consumer Brands Group | Facilities shutdown in 2014
Summary of activity and remaining liabilities associated with qualified exit costs
Balance	13	52	781
Provisions in Cost of goods sold or SG&A			6
Actual expenditures charged to accrual		(39)	(735)
Balance		13	52
Other qualified exit costs | Performance Coatings Group | Stores shutdown in 2017
Summary of activity and remaining liabilities associated with qualified exit costs
Provisions in Cost of goods sold or SG&A	129
Actual expenditures charged to accrual	(8)
Balance	121
Other qualified exit costs | Performance Coatings Group | Stores shutdown in 2016
Summary of activity and remaining liabilities associated with qualified exit costs
Balance	269
Provisions in Cost of goods sold or SG&A	97	369
Actual expenditures charged to accrual	(255)	(100)
Balance	111	269
Other qualified exit costs | Performance Coatings Group | Stores shutdown in 2015
Summary of activity and remaining liabilities associated with qualified exit costs
Balance	433	2,750
Provisions in Cost of goods sold or SG&A	25	499	6,988
Actual expenditures charged to accrual	(446)	(2,816)	(4,238)
Balance	12	433	2,750
Other qualified exit costs | Performance Coatings Group | Exit of business in 2014
Summary of activity and remaining liabilities associated with qualified exit costs
Balance	183	353	1,080
Provisions in Cost of goods sold or SG&A		430	324
Actual expenditures charged to accrual		(600)	(1,051)
Balance		183	353
Other qualified exit costs | Performance Coatings Group | Stores shutdown in 2013
Summary of activity and remaining liabilities associated with qualified exit costs
Balance			138
Actual expenditures charged to accrual			(138)
Other qualified exit costs | The Americas Group | Stores shutdown in 2015
Summary of activity and remaining liabilities associated with qualified exit costs
Balance	195	12
Provisions in Cost of goods sold or SG&A	20	481	168
Actual expenditures charged to accrual	(215)	(298)	(156)
Balance		195	12
Other qualified exit costs | The Americas Group | Stores shutdown in 2014
Summary of activity and remaining liabilities associated with qualified exit costs
Balance	103	184	280
Provisions in Cost of goods sold or SG&A			142
Actual expenditures charged to accrual		(81)	(238)
Balance		103	184
Other qualified exit costs | The Americas Group | Facility shutdown in 2013
Summary of activity and remaining liabilities associated with qualified exit costs
Balance		$ 794	1,205
Actual expenditures charged to accrual			(411)
Balance			$ 794
Administrative | Severance and related costs | Acquisition-related restructuring in 2017
Summary of activity and remaining liabilities associated with qualified exit costs
Acquired Balances	3,303
Provisions in Cost of goods sold or SG&A	38,739
Actual expenditures charged to accrual	(36,023)
Balance	6,019
Administrative | Other qualified exit costs | Acquisition-related restructuring in 2017
Summary of activity and remaining liabilities associated with qualified exit costs
Acquired Balances	1,153
Provisions in Cost of goods sold or SG&A	8,569
Actual expenditures charged to accrual	(4,181)
Balance	$ 5,541

Pension, Health Care and Post58

Pension, Health Care and Postretirement Benefits Other Than Pensions - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)employeepension_planshares	Dec. 31, 2016USD ($)employee	Dec. 31, 2015USD ($)employee	Dec. 31, 2014USD ($)
Minimum | Equity Securities
Expected defined benefit payments
Target allocation percentage of plan assets in equity securities	35.00%
Minimum | Fixed Income Securities
Expected defined benefit payments
Target allocation percentage of plan assets in equity securities	35.00%
Maximum | Equity Securities
Expected defined benefit payments
Target allocation percentage of plan assets in equity securities	65.00%
Maximum | Fixed Income Securities
Expected defined benefit payments
Target allocation percentage of plan assets in equity securities	55.00%
Valspar
Defined contribution pension plans
Number of defined contribution plans acquired | pension_plan	2
Postretirement Health Coverage
Health care plans
Number of active employees entitled to receive benefits under health care plans | employee	26,565	22,708	21,918
Cost of benefits includes claims incurred and claims incurred but not reported under health care plans	$ 281,158	$ 220,589	$ 217,781
Defined Benefit Pension
Defined benefit pension plans
Fair value of plan assets	935,081	701,791	742,521
Expected defined benefit payments
Expected cash payments, 2018	75,782
Expected cash payments, 2019	72,174
Expected cash payments, 2020	74,673
Expected cash payments, 2021	75,322
Expected cash payments, 2022	75,864
Expected cash payments, 2022-2026	375,592
Amortization of actuarial losses	1,532
Amortization of prior service cost (credit)	1,458
Defined Benefit Pension | Domestic Defined Benefit Pension Plans
Defined contribution pension plans
Contributions by company	38,426	36,731	35,435
Defined benefit pension plans
Projected benefit obligation	916,175	632,797	624,791	$ 653,338
Fair value of plan assets	1,188,638	847,013	858,605	896,071
Excess (deficient) plan assets over projected benefit obligations	272,463	214,216	233,814
Accumulated benefit obligation	$ 913,363	630,159	621,873
Expected defined benefit payments
Equity investment in domestic defined benefit pension plan assets (in shares) | shares	300,000
Market value of common shares invested in defined benefit pension plan assets	$ 123,012
Share equity investments in the domestic defined benefit pension plan assets (percentage)	10.30%
Dividends received on the common stock	$ 1,020
Defined Benefit Pension | Domestic Defined Benefit Pension Plans | Minimum
Defined contribution pension plans
Contributions by company (percentage)	2.00%
Defined Benefit Pension | Domestic Defined Benefit Pension Plans | Maximum
Defined contribution pension plans
Contributions by company (percentage)	7.00%
Defined Benefit Pension | Foreign Defined Benefit Pension Plans
Defined contribution pension plans
Contributions by company	$ 10,480	6,676	5,888
Defined benefit pension plans
Number of defined benefit plans | pension_plan	31
Projected benefit obligation	$ 349,597	206,873	201,854	234,524
Fair value of plan assets	280,004	165,008	162,339	187,645
Excess (deficient) plan assets over projected benefit obligations	(69,593)	(41,865)	(39,515)
Accumulated benefit obligation	308,164	172,047	172,426
Expected defined benefit payments
Estimated future employer contributions	$ 6,131
Defined Benefit Pension | Foreign Defined Benefit Pension Plans | Valspar
Defined benefit pension plans
Number of defined benefit plans | pension_plan	12
Defined Benefit Pension | Overfunded Plan | Domestic Defined Benefit Pension Plans
Defined benefit pension plans
Projected benefit obligation	$ 916,175	632,797	624,791
Fair value of plan assets	1,188,638	847,013	858,605
Excess (deficient) plan assets over projected benefit obligations	272,463	214,216	233,814
Defined Benefit Pension | Unfunded Plan | Foreign Defined Benefit Pension Plans
Defined benefit pension plans
Projected benefit obligation	230,479
Fair value of plan assets	136,674
Excess (deficient) plan assets over projected benefit obligations	$ (93,805)
Number of foreign defined benefit pension plans unfunded or underfunded | pension_plan	26
Accumulated benefit obligation	$ 190,241
Increase (decrease) in combined projected benefit obligations primarily due to changes in plan assumptions	142,725
Postretirement Benefits Other than Pensions
Defined benefit pension plans
Projected benefit obligation	290,823	$ 265,137	$ 263,383	$ 295,149
Expected defined benefit payments
Expected cash payments, 2018	17,192
Expected cash payments, 2019	18,139
Expected cash payments, 2020	19,058
Expected cash payments, 2021	19,541
Expected cash payments, 2022	19,816
Expected cash payments, 2022-2026	98,270
Amortization of actuarial losses	2,326
Amortization of prior service cost (credit)	$ (6,569)
Number of retired employees entitled to receive postretirement benefits | employee	3,486	4,524	4,442
Defined benefit plan ultimate health care cost trend rate and prescription drug cost increase rate (percentage)	4.50%
Year in which health care cost trend rate and prescription drug cost rate reaches ultimate trend rate	2,026

Pension, Health Care and Post59

Pension, Health Care and Postretirement Benefits Other Than Pensions - Components of Net Pension Costs and Cumulative OCI (Details) - Defined Benefit Pension - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Domestic Defined Benefit Pension Plans
Net pension costs (credits):
Service costs	$ 21,711	$ 22,291	$ 21,120
Interest costs	31,085	26,498	24,535
Expected returns on plan assets	(48,275)	(50,197)	(52,095)
Amortization of prior service costs	1,362	1,205	1,310
Amortization of actuarial losses	6,210	4,532	1,962
Ongoing pension costs (credits)	12,093	4,329	(3,168)
Settlement costs (credits)	(1,990)
Net pension costs (credits)	10,103	4,329	(3,168)
Other changes in plan assets and projected benefit obligation recognized in Cumulative other comprehensive loss (before taxes):
Net actuarial (gains) losses arising during the year	(65,829)	18,926	15,359
Prior service costs arising during the year	844	2,081
Amortization of actuarial losses	(4,220)	(4,532)	(1,962)
Amortization of prior service costs	(1,362)	(1,205)	(1,310)
Total recognized in Cumulative other comprehensive loss	(70,567)	15,270	12,087
Total recognized in net pension costs (credits) and Cumulative other comprehensive loss	(60,464)	19,599	8,919
Foreign Defined Benefit Pension Plans
Net pension costs (credits):
Service costs	7,039	4,225	5,071
Interest costs	8,177	7,441	8,719
Expected returns on plan assets	(9,070)	(6,915)	(9,296)
Amortization of actuarial losses	1,833	1,540	1,910
Ongoing pension costs (credits)	7,979	6,291	6,404
Settlement costs (credits)	71	4,231	3,255
Net pension costs (credits)	8,050	10,522	9,659
Other changes in plan assets and projected benefit obligation recognized in Cumulative other comprehensive loss (before taxes):
Net actuarial (gains) losses arising during the year	(13,960)	17,030	1,907
Amortization of actuarial losses	(1,904)	(1,540)	(1,910)
Exchange rate loss recognized during year	4,133	(11,627)	(5,830)
Total recognized in Cumulative other comprehensive loss	(11,731)	3,863	(5,833)
Total recognized in net pension costs (credits) and Cumulative other comprehensive loss	$ (3,681)	$ 14,385	$ 3,826

Pension, Health Care and Post60

Pension, Health Care and Postretirement Benefits Other Than Pensions - Fair Value of the Defined Benefit Pension Plan Assets (Details) - Defined Benefit Pension - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Investments in fair value hierarchy	$ 935,081	$ 701,791	$ 742,521
Investments measured at NAV or its equivalent	533,561	310,230	278,423
Total investments	1,468,642	1,012,021	1,020,944
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Investments in fair value hierarchy	556,727	465,820	513,481
Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Investments in fair value hierarchy	378,354	235,971	229,040
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Investments in fair value hierarchy
Equity investments
Defined Benefit Plan Disclosure [Line Items]
Investments in fair value hierarchy	514,983	393,045	435,690
Equity investments | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Investments in fair value hierarchy	409,911	321,152	372,033
Equity investments | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Investments in fair value hierarchy	105,072	71,893	63,657
Fixed income investments
Defined Benefit Plan Disclosure [Line Items]
Investments in fair value hierarchy	380,902	294,103	290,470
Fixed income investments | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Investments in fair value hierarchy	146,816	144,668	141,448
Fixed income investments | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Investments in fair value hierarchy	234,086	149,435	149,022
Other assets
Defined Benefit Plan Disclosure [Line Items]
Investments in fair value hierarchy	39,196	14,643	16,361
Other assets | Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Investments in fair value hierarchy	39,196	$ 14,643	$ 16,361
Other assets | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Investments in fair value hierarchy

Pension, Health Care and Post61

Pension, Health Care and Postretirement Benefits Other Than Pensions - Obligations, Plan Assets and Assumptions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets and liabilities recognized in the Consolidated Balance Sheets:
Deferred pension assets	$ 296,743	$ 225,529	$ 244,882
Other accruals	(972,651)	(578,547)	(522,280)
Other long-term liabilities	(684,443)	(509,345)	(474,658)
Defined Benefit Pension
Plan assets:
Balances at beginning of year	701,791	742,521
Balances at end of year	935,081	701,791	742,521
Defined Benefit Pension | Domestic Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations at end of year	913,363	630,159	621,873
Projected benefit obligations:
Balances at beginning of year	632,797	624,791	653,338
Service costs	21,711	22,291	21,120
Interest costs	31,085	26,498	24,535
Actuarial losses (gains)	67,945	8,132	(40,602)
Acquisition	246,894
Contributions and other	844	2,081
Settlements	(43,381)
Benefits paid	41,720	50,996	33,600
Balances at end of year	916,175	632,797	624,791
Plan assets:
Balances at beginning of year	847,013	858,605	896,071
Actual returns on plan assets	182,049	39,404	(3,866)
Acquisition	244,677
Contributions and other
Settlements	(43,381)
Benefits paid	(41,720)	(50,996)	(33,600)
Balances at end of year	1,188,638	847,013	858,605
Excess (deficient) plan assets over projected benefit obligations	272,463	214,216	233,814
Assets and liabilities recognized in the Consolidated Balance Sheets:
Deferred pension assets	272,463	214,216	233,814
Other long-term liabilities
Total	272,463	214,216	233,814
Amounts recognized in Cumulative other comprehensive loss:
Net actuarial losses	(64,799)	(134,847)	(120,454)
Prior service costs	(5,496)	(6,015)	(5,138)
Total amounts recognized	$ (70,295)	$ (140,862)	$ (125,592)
Weighted-average assumptions used to determine projected benefit obligations:
Discount rate	3.60%	4.20%	4.40%
Rate of compensation increase (percentage)	3.33%	3.38%	3.14%
Weighted-average assumptions used to determine net pension costs:
Discount rate	4.15%	4.40%	3.95%
Expected long-term rate of return on assets (percentage)	5.00%	6.00%	6.00%
Rate of compensation increase (percentage)	3.30%	3.14%	4.00%
Defined Benefit Pension | Foreign Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligations at end of year	$ 308,164	$ 172,047	$ 172,426
Projected benefit obligations:
Balances at beginning of year	206,873	201,854	234,524
Service costs	7,039	4,225	5,071
Interest costs	8,177	7,441	8,719
Actuarial losses (gains)	(4,002)	43,736	(3,045)
Acquisition	115,045
Contributions and other	1,397	947	1,072
Settlements	(758)	(14,862)	(18,707)
Effect of foreign exchange	22,938	(30,360)	(17,211)
Benefits paid	7,112	6,108	8,569
Balances at end of year	349,597	206,873	201,854
Plan assets:
Balances at beginning of year	165,008	162,339	187,645
Actual returns on plan assets	16,282	33,569	4,844
Acquisition	82,314
Contributions and other	6,048	15,019	11,424
Settlements	(758)	(14,862)	(18,707)
Effect of foreign exchange	18,222	(24,949)	(14,298)
Benefits paid	(7,112)	(6,108)	(8,569)
Balances at end of year	280,004	165,008	162,339
Excess (deficient) plan assets over projected benefit obligations	(69,593)	(41,865)	(39,515)
Assets and liabilities recognized in the Consolidated Balance Sheets:
Deferred pension assets	24,280	11,313	11,068
Other accruals	(2,523)	(1,522)	(1,442)
Other long-term liabilities	(91,350)	(51,656)	(49,141)
Total	(69,593)	(41,865)	(39,515)
Amounts recognized in Cumulative other comprehensive loss:
Net actuarial losses	(33,873)	(45,604)	(41,741)
Total amounts recognized	$ (33,873)	$ (45,604)	$ (41,741)
Weighted-average assumptions used to determine projected benefit obligations:
Discount rate	2.73%	3.21%	4.20%
Rate of compensation increase (percentage)	3.69%	4.43%	4.00%
Weighted-average assumptions used to determine net pension costs:
Discount rate	3.88%	4.20%	3.92%
Expected long-term rate of return on assets (percentage)	4.75%	4.70%	4.84%
Rate of compensation increase (percentage)	4.33%	4.00%	3.70%

Pension, Health Care and Post62

Pension, Health Care and Postretirement Benefits Other Than Pensions - Obligations and Assumptions for Postretirement Benefits Other than Pensions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Liabilities recognized in the Consolidated Balance Sheets:
Postretirement benefits other than pensions	$ (274,675)	$ (250,397)	$ (248,523)
Other accruals	(972,651)	(578,547)	(522,280)
Postretirement Benefits Other than Pensions
Benefit obligation:
Balances at beginning of year	265,137	263,383	295,149
Service costs	2,105	2,244	2,485
Interest costs	10,749	11,009	11,182
Acquisition	17,010
Actuarial loss (gain)	11,637	7,548	(19,370)
Plan amendments			(9,269)
Benefits paid	(15,815)	(19,047)	(16,794)
Balances at end of year	290,823	265,137	263,383
Liabilities recognized in the Consolidated Balance Sheets:
Postretirement benefits other than pensions	(274,675)	(250,397)	(248,523)
Other accruals	(16,148)	(14,740)	(14,860)
Total liabilities recognized	(290,823)	(265,137)	(263,383)
Amounts recognized in Cumulative other comprehensive loss:
Net actuarial losses	(44,147)	(23,211)	(15,664)
Prior service credits	12,625	19,205	25,784
Total amounts recognized	$ (31,522)	$ (4,006)	$ 10,120
Weighted-average assumptions used to determine benefit obligation:
Discount rate	3.61%	4.10%	4.30%
Health care cost trend rate - pre-65	7.00%	6.00%	6.00%
Health care cost trend rate - post-65	5.00%	5.50%	5.00%
Prescription drug cost increases	11.00%	10.50%	11.50%
Employer Group Waiver Plan (EGWP) trend rate	11.00%	10.60%	11.50%
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate	4.10%	4.30%	3.90%
Health care cost trend rate - pre-65	6.00%	6.00%	7.00%
Health care cost trend rate - post-65	5.50%	5.00%	6.50%
Prescription drug cost increases	10.50%	11.50%	6.50%

Pension, Health Care and Post63

Pension, Health Care and Postretirement Benefits Other Than Pensions - Components of Net Pension Costs and Cumulative OCI for Postretirement Benefits Other than Pensions (Details) - Postretirement Benefits Other than Pensions - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net pension costs (credits):
Service costs	$ 2,105	$ 2,244	$ 2,485
Interest costs	10,749	11,009	11,182
Amortization of actuarial losses	32		1,011
Amortization of prior service credit	(6,579)	(6,578)	(4,529)
Ongoing pension costs (credits)	6,307	6,675	10,149
Settlement (credits) costs	(9,332)
Net pension costs (credits)	(3,025)	6,675	10,149
Other changes in projected benefit obligation recognized in Cumulative other comprehensive loss (before taxes):
Net actuarial loss (gain) arising during the year	11,637	7,548	(19,370)
Prior service costs arising during the year			(9,269)
Amortization of actuarial losses	(32)		(1,011)
Settlement costs	9,332
Amortization of prior service credit	6,579	6,578	4,529
Total recognized in Cumulative other comprehensive loss	27,516	14,126	(25,121)
Total recognized in net pension costs (credits) and Cumulative other comprehensive loss	$ 24,491	$ 20,801	$ (14,972)

Pension, Health Care and Post64

Pension, Health Care and Postretirement Benefits Other Than Pensions - Effects of Trend Rate Changes and Future Benefit Cash Payments (Details) - Postretirement Benefits Other than Pensions $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Significant effect on amounts reported for service and interest rate component and postretirement health care benefit obligation
Effect on total of service and interest cost components, one-percentage-point, increase	$ 104
Effect on total of service and interest cost components, one-percentage-point, decrease	(124)
Effect on the postretirement benefit obligation one-percentage-point, increase	2,655
Effect on the postretirement benefit obligation one-percentage-point, decrease	(2,794)
Retiree health care benefit cash payments
2,018	17,192
2,019	18,139
2,020	19,058
2,021	19,541
2,022	19,816
2023 through 2027	98,270
Total expected benefit cash payments	$ 192,016

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Aug. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jul. 28, 2015
Long-term debt
Long-term debt	$ 9,885,745		$ 1,211,326	$ 1,907,278
2.25% Senior Notes | Senior Notes
Long-term debt
Long-term debt	$ 1,493,106
Interest rate	2.25%
3.45% Senior Notes | Senior Notes
Long-term debt
Long-term debt	$ 1,483,244
Interest rate	3.45%
2.75% Senior Notes | Senior Notes
Long-term debt
Long-term debt	$ 1,240,758
Interest rate	2.75%
4.50% Senior Notes | Senior Notes
Long-term debt
Long-term debt	$ 1,228,647
Interest rate	4.50%
Term Loan | Term Loan
Long-term debt
Long-term debt	$ 847,337
3.125% Senior Notes | Senior Notes
Long-term debt
Long-term debt	$ 495,602
Interest rate	3.125%
4.20% Senior Notes | Senior Notes
Long-term debt
Long-term debt	$ 422,370
Interest rate	4.20%
3.45% Senior Notes | Senior Notes
Long-term debt
Long-term debt	$ 397,260		396,898	396,536
Interest rate	3.45%				3.45%
4.55% Senior Notes | Senior Notes
Long-term debt
Long-term debt	$ 393,859		393,637	393,414
Interest rate	4.55%				4.55%
3.95% Senior Notes | Senior Notes
Long-term debt
Long-term debt	$ 362,381
Interest rate	3.95%
7.25% Senior Notes | Senior Notes
Long-term debt
Long-term debt	$ 319,394
Interest rate	7.25%
4.00% Senior Notes | Senior Notes
Long-term debt
Long-term debt	$ 296,094		295,938	295,781
Interest rate	4.00%
Floating Rate Loan | Debentures
Long-term debt
Long-term debt	$ 269,247
3.30% Senior Notes | Senior Notes
Long-term debt
Long-term debt	$ 249,207
Interest rate	3.30%
4.40% Senior Notes | Senior Notes
Long-term debt
Long-term debt	$ 238,334
Interest rate	4.40%
7.375% Debentures | Debentures
Long-term debt
Long-term debt	$ 118,982		118,936	118,889
Interest rate	7.375%
0.92% Fixed Rate Loan | Debentures
Long-term debt
Long-term debt	$ 23,933
Interest rate	0.92%	0.919%
7.45% Debentures | Debentures
Long-term debt
Long-term debt	$ 3,500		3,500	3,500
Interest rate	7.45%
2.00% to 8.0% Promissory Notes | Senior Notes | Minimum
Long-term debt
Interest rate	2.00%
2.00% to 8.0% Promissory Notes | Senior Notes | Maximum
Long-term debt
Interest rate	14.50%
2.00% to 8.0% Promissory Notes | Debentures
Long-term debt
Long-term debt	$ 2,490		2,417	1,628
1.35% Senior Notes | Senior Notes
Long-term debt
Long-term debt				$ 697,530
Interest rate	1.35%

Debt - Long-term Borrowings (De

Debt - Long-term Borrowings (Details)	1 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)	Apr. 30, 2016USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Aug. 31, 2017EUR (€)	Jun. 02, 2017USD ($)	May 16, 2017USD ($)	Jul. 28, 2015USD ($)
Debt Instrument [Line Items]
Maturities of long-term debt 2018			$ 1,179,000
Maturities of long-term debt 2019			297,740,000
Maturities of long-term debt 2020			1,625,067,000
Maturities of long-term debt 2021			869,161,000
Maturities of long-term debt 2022			1,800,273,000
Interest expense on long-term debt			257,350,000	$ 75,509,000	$ 54,634,000
Short-term borrowings			633,731,000	40,739,000	39,462,000
Outstanding principal balance			9,885,745,000	1,211,326,000	1,907,278,000
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Contract
Debt Instrument [Line Items]
Derivative pretax gain recognized in OCI	$ 87,600,000
Interest Expense
Debt Instrument [Line Items]
Reduction in interest expense due to amortization of unrealized gain			$ 5,200,000
Senior Notes | New Notes
Debt Instrument [Line Items]
Long-term debt issued								$ 6,000,000,000
Senior Notes | Exchange Notes
Debt Instrument [Line Items]
Long-term debt issued							$ 1,478,000,000
Senior Notes | 3.45% Senior Notes
Debt Instrument [Line Items]
Long-term debt issued									$ 400,000,000
Interest rate			3.45%						3.45%
Outstanding principal balance			$ 397,260,000	396,898,000	396,536,000
Senior Notes | 4.55% Senior Notes
Debt Instrument [Line Items]
Long-term debt issued									$ 400,000,000
Interest rate			4.55%						4.55%
Outstanding principal balance			$ 393,859,000	$ 393,637,000	$ 393,414,000
Debentures | Floating Rate Loan
Debt Instrument [Line Items]
Long-term debt issued | €						€ 225,000,000
Outstanding principal balance			$ 269,247,000
Debentures | 0.92% Fixed Rate Loan
Debt Instrument [Line Items]
Long-term debt issued | €						€ 20,000,000
Interest rate			0.92%			0.919%
Outstanding principal balance			$ 23,933,000
Term Loan | Committed Acquisition Financing
Debt Instrument [Line Items]
Long-term debt issued			$ 850,000,000
Maximum borrowing capacity		$ 2,000,000,000
Debt instrument term		5 years
Interest rate			2.62%
Term Loan | Committed Acquisition Financing | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Spread on variable rate		1.25%
Bridge Loan | Committed Acquisition Financing
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 7,300,000,000

Debt - Short-term Borrowings (D

Debt - Short-term Borrowings (Details)	May 06, 2016USD ($)	Jul. 16, 2015USD ($)subsidiaryoption	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jul. 16, 2015EUR (€)subsidiaryoption	Jul. 16, 2015CADsubsidiaryoption
Short Term Debt [Line Items]
Short-term borrowings outstanding				$ 633,731,000	$ 40,739,000	$ 39,462,000
Senior Unsecured Revolving Credit Agreement
Short Term Debt [Line Items]
Maximum borrowing capacity		$ 1,050,000,000
Short-term borrowings outstanding				0
Domestic Commercial Paper Program
Short Term Debt [Line Items]
Short-term borrowings outstanding						0
Domestic Commercial Paper Program | Commercial Paper
Short Term Debt [Line Items]
Short-term borrowings outstanding				274,800,000	0
Five Year Credit Agreement, September 2017 | Letter of Credit
Short Term Debt [Line Items]
Debt instrument term			5 years
Maximum borrowing capacity			$ 500,000,000
Five Year Credit Agreement, May 2016 | Letter of Credit
Short Term Debt [Line Items]
Debt instrument term	5 years
Maximum borrowing capacity	$ 500,000,000
Short-term borrowings outstanding				350,000,000	$ 0	$ 0
Five Year Credit Agreement, July 2015 | Line of Credit
Short Term Debt [Line Items]
Debt instrument term		5 years
Maximum borrowing capacity		$ 1,350,000,000
Number of subsidiaries | subsidiary		3					3	3
Number of extension options | option		2					2	2
Term of extension options		1 year
Maximum borrowing capacity pursuant to extension options		$ 1,850,000,000
Foreign Programs
Short Term Debt [Line Items]
Short-term borrowings outstanding				$ 8,967,000
Weighted average interest rate				3.20%
SW Canada | Line of Credit
Short Term Debt [Line Items]
Maximum borrowing capacity | CAD								CAD 150,000,000
SW Lux | Line of Credit
Short Term Debt [Line Items]
Maximum borrowing capacity | €							€ 95,000,000

Other Long-Term Liabilities (De

Other Long-Term Liabilities (Details) $ in Thousands	Dec. 31, 2017USD ($)ManufacturingSite	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Environmental Remediation Obligations [Abstract]
Accruals for extended environmental-related activities	$ 179,593	$ 163,847	$ 129,856
Estimated costs of current investigation and remediation activities included in other accruals	28,556	$ 19,969	$ 22,493
Amount by which unaccrued maximum of estimated range exceeds minimum	$ 98,751
Number of manufacturing sites accounting for the majority of the accrual for environmental-related activities | ManufacturingSite	4
Accruals for environmental-related activities of sites accounting for the majority of the accrual for environmental-related activities	$ 162,378
Percentage of accrual for environmental-related activities related to sites accounting for the majority of the accrual for environmental-related activities	78.00%
Amount of unaccrued maximum related to sites accounting for the majority of the accrual for environmental-related activities	$ 77,762
Percentage of aggregate unaccrued maximum related to sites accounting for the majority of the accrual for environmental-related activities	87.60%

Litigation (Details)

Litigation (Details) $ in Millions	Dec. 26, 2017defendant	Nov. 29, 2017defendant	Jan. 27, 2014USD ($)defendant	Jul. 01, 2008jury_trialdefendant	Dec. 31, 2017cases
Rhode Island Proceedings
Loss Contingencies [Line Items]
Number of jury trials | jury_trial				2
Number of additional defendants | defendant				2
Santa Clara County, California, Proceedings
Loss Contingencies [Line Items]
Number of additional defendants | defendant	2	2
Number of additional defendants liable for damages awarded | defendant			2
Amount payable jointly and severally for litigation | $			$ 1,150
Personal Injury Cases | Pending Litigation
Loss Contingencies [Line Items]
Number of cases pending | cases					3
Number of plaintiff cases selected for discovery | cases					7
Total number of plaintiffs | cases					166

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) - shares	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Common stock authorized (in shares)	300,000,000
Preferred stock authorized (in shares)	30,000,000
Common stock reserved for exercise and future grants of restricted stock (in shares)	10,715,939	7,720,815	8,824,943
Common stock held in revocable trust (in shares)	489,260	488,714	487,900
Cumulative Preferred Stock
Class of Stock [Line Items]
Preferred stock authorized (in shares)	3,000,000
Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock authorized (in shares)	1,000,000
2006 Employee Plan
Class of Stock [Line Items]
Common shares issuable or transferable (in shares)	23,700,000

Capital Stock (Details)

Capital Stock (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation Of Common Stock And Treasury Stock Balances [Roll Forward]
Balance (in shares)	93,013,031	92,246,525
Balance (in shares)	93,883,645	93,013,031	92,246,525
Treasury Stock
Reconciliation Of Common Stock And Treasury Stock Balances [Roll Forward]
Balance (in shares)	23,577,411	23,514,054	19,813,079
Shares tendered as payment for option rights exercised (in shares)	16,545	3,441	14,542
Shares tendered in connection with grants of restricted stock (in shares)	82,777	59,916	111,433
Treasury stock purchased (in shares)			(3,575,000)
Balance (in shares)	23,676,733	23,577,411	23,514,054
Common Stock
Reconciliation Of Common Stock And Treasury Stock Balances [Roll Forward]
Balance (in shares)	93,013,031	92,246,525	94,704,173
Shares tendered as payment for option rights exercised (in shares)	(16,545)	(3,441)	(14,542)
Shares issued for exercise of option rights (in shares)	1,152,015	733,876	1,133,050
Shares tendered in connection with grants of restricted stock (in shares)	(82,777)	(59,916)	(111,433)
Net shares issued for grants of restricted stock (in shares)	(182,079)	95,987	110,277
Treasury stock purchased (in shares)			(3,575,000)
Balance (in shares)	93,883,645	93,013,031	92,246,525

Stock Purchase Plan (Details)

Stock Purchase Plan (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)employeeshares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of employees contributing to company's ESOP | employee	36,584
Participants percentage contribution on a pretax basis only of their annual compensation (up to the lesser of)	20.00%
Percentage of matching contribution to ESOP Plan by employer	100.00%
Percentage of eligible contribution plan up to which employer contributes (up to)	6.00%
Company contributions to ESOP on behalf of participating employees representing amounts authorized by employees to be withheld from their earnings on pre-tax basis	$ 138,731	$ 127,697	$ 120,514
Company's matching contributions to the ESOP	$ 90,682	$ 85,525	$ 80,356
Employee stock ownership plan common stock shares held in ESOP (in shares) | shares	10,033,576
Percentage of total voting shares outstanding held by the ESOP	10.70%

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)right$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Unrecognized stock-based compensation expense	$ 127,222
Unrecognized stock-based compensation expense, weighted-average period recognition (in years)	1 year 26 days
Stock-based compensation expense	$ 90,292	$ 72,109	$ 72,342
Income tax benefit related to stock-based compensation expense	$ 34,343	$ 27,442	$ 27,634
Expiration period	10 years
Award vesting period	3 years
Weighted-average per share fair value of option rights granted during the year (in dollars per share) | $ / shares	$ 77.14	$ 49.36	$ 50.73
Fair value of options vested	$ 31,292	$ 32,476	$ 32,655
Outstanding option rights (in shares) | shares	4,646,313	5,163,709	5,219,506	5,699,892
Weighted average remaining term for options outstanding	6 years 3 months 11 days	6 years 3 months 1 day	6 years 5 months 8 days
Weighted average remaining term for options exercisable	5 years 1 month 10 days	5 years 2 months 12 days	5 years 5 months 18 days
Shares reserved for future grants of option rights restricted stock (in shares) | shares	6,041,092	2,557,106	3,605,437
Employees
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Intrinsic value of exercised option rights	$ 255,482	$ 129,230	$ 223,417
Restricted Stock
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Weighted-average fair value of restricted stock granted during the year (in dollars per share) | $ / shares	$ 313.88	$ 257.99	$ 285.88
Performance Shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Service period required for vesting of grants	3 years
Time Shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Award vesting period	3 years
Stock Option
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Unrecognized stock-based compensation expense	$ 56,986
Unrecognized stock-based compensation expense, weighted-average period recognition (in years)	1 year 1 month 6 days
Estimated forfeiture rate	2.00%
Stock Option | Tranche 1
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Award vesting percentage	33.33%
Stock Option | Tranche 2
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Award vesting percentage	33.30%
Stock Option | Tranche 3
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Award vesting percentage	33.30%
Restricted Stock | Employees
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Unrecognized stock-based compensation expense	$ 68,540
Unrecognized stock-based compensation expense, weighted-average period recognition (in years)	11 months 9 days
Restricted Stock | Non-Employee Directors
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Unrecognized stock-based compensation expense	$ 1,697
Unrecognized stock-based compensation expense, weighted-average period recognition (in years)	11 months 9 days
Nonemployee Director Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Number of appreciation rights, performance shares or performance units granted | right	0
Award vesting period	3 years
Outstanding option rights (in shares) | shares	0	0	0
ASU 2016-09
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Decrease in income taxes and increase in net income	$ 86,540	$ 44,233
2006 Employee Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Number of shares authorized (in shares) | shares	23,700,000
Number of appreciation rights, performance shares or performance units granted | right	0
2006 Employee Plan | Restricted Stock
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Service period required for vesting of grants	3 years
2006 Employee Plan | Restricted Stock | Tranche 1
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Award vesting percentage	33.33%
2006 Employee Plan | Restricted Stock | Tranche 2
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Award vesting percentage	33.30%
2006 Employee Plan | Restricted Stock | Tranche 3
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Award vesting percentage	33.30%
Nonemployee Director Plan
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Number of shares authorized (in shares) | shares	200,000

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used to Determine the Fair Value of Option Rights (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Risk-free interest rate	1.97%	1.24%	1.37%
Expected life of option rights	5 years 18 days	5 years 18 days	5 years 18 days
Expected dividend yield of stock	0.85%	1.06%	1.13%
Expected volatility of stock	21.30%	21.20%	24.50%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Non-Qualified and Incentive Stock Option Right Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Optioned Shares
Outstanding beginning of year (in shares)	5,163,709	5,219,506	5,699,892
Granted (in shares)	689,506	712,967	697,423
Exercised (in shares)	(1,154,698)	(733,876)	(1,133,287)
Forfeited (in shares)	(49,977)	(26,653)	(43,632)
Expired (in shares)	(2,227)	(8,235)	(890)
Outstanding end of year (in shares)	4,646,313	5,163,709	5,219,506
Exercisable at end of year (in shares)	3,288,237	3,783,755	3,807,351
Weighted- Average Exercise Price Per Share
Outstanding beginning of year (in dollars per share)	$ 163.61	$ 141.58	$ 117.31
Granted (in dollars per share)	377.84	271.46	241.84
Exercised (in dollars per share)	123.16	108.81	79.41
Forfeited (in dollars per share)	267.02	232.83	193.60
Expired (in dollars per share)	236.97	176.28	87.59
Outstanding end of year (in dollars per share)	204.33	163.61	141.58
Exercisable at end of year (in dollars per share)	$ 156.43	$ 130.59	$ 110.96
Aggregate Intrinsic Value
Outstanding end of year	$ 955,810	$ 545,531	$ 616,866
Exercisable at end of year	$ 833,938	$ 522,921	$ 565,934

Stock-Based Compensation - Su76

Stock-Based Compensation - Summary of Restricted Stock and RSU Activity (Details) - Restricted Stock - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summary of the Company's restricted stock activity
Outstanding at beginning of year (in shares)	397,326	467,744	655,276
Vested (in shares)	(215,433)	(166,405)	(290,901)
Forfeited (in shares)	(9,753)	(3,675)	(9,125)
Outstanding at end of year (in shares)	335,796	397,326	467,744
2006 Employee and 2006 Director Plans
Summary of the Company's restricted stock activity
Granted (in shares)	112,647	99,662	112,494
Valspar Plan
Summary of the Company's restricted stock activity
Granted (in shares)	51,009

Other - Other General Expense a

Other - Other General Expense and Other (Income) Expense (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other Income and Expenses [Abstract]
Provisions for environmental matters - net	$ 9,330	$ 15,443	$ 42,932	$ 31,071
Loss (gain) on sale or disposition of assets		5,422	(30,564)	(803)
Total		$ 20,865	$ 12,368	$ 30,268

Other - Other (Income) Expense

Other - Other (Income) Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other Income and Expenses [Abstract]
Dividend and royalty income	$ (7,648)	$ (4,573)	$ (3,668)
Net expense from financing activities	9,843	8,667	11,091
Foreign currency transaction related losses	450	7,335	9,503
Other income	(32,570)	(25,279)	(23,880)
Other expense	12,951	9,263	13,036
Total	$ (16,974)	$ (4,587)	$ 6,082

Other - Narrative (Details)

Other - Narrative (Details)	Dec. 31, 2017contractoption_plan	Dec. 31, 2016contractoption_plan	Dec. 31, 2015contractoption_plan
Other Income and Expenses [Abstract]
Number of foreign currency option outstanding | option_plan	0	0	0
Number of foreign forward contracts outstanding | contract	0	0	0

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jun. 01, 2017	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Increase in earnings due to Tax Cuts and Jobs Act of 2017			$ 607,919
Reduction of deferred tax liability due to lower income tax rate			560,198
Effect of the implementation of the territorial tax system and remeasurement of deferred tax liabilities			47,721
Reduction of deferred income taxes due to subsidiary mergers and Tax Act		$ (668,779)
Valuation reserves for other deferred tax assets		44,101	44,101	$ 17,292	$ 14,663
Income taxes from discontinued operations			41,540
Unrecognized tax benefits recorded as a part of the Valspar acquisition			18,928
Unrecognized tax benefits adjusted		49,520	49,520	27,686	30,007
Amount of unrecognized tax benefits where significant change is reasonably possible		5,184	5,184
Income tax interest and penalties			790	1,410	2,918
Accrued income tax interest and penalties		14,592	14,592	$ 9,275	$ 8,550
Domestic
Business Acquisition [Line Items]
Net operating loss carryforward		25,095	25,095
Foreign
Business Acquisition [Line Items]
Net operating loss carryforward		250,461	250,461
Valspar
Business Acquisition [Line Items]
Deferred state income tax liabilities released in acquisition	$ 93,630
Net income tax benefit from release of deferred state income tax liabilities	60,860
Deferred income tax liability recorded	$ 2,028,900	1,966,000	1,966,000
Deferred tax liabilities recorded for intangible assets		1,761,866	1,761,866
Estimated taxes payable on undistributed earnings of foreign subsidiaries		47,963	47,963
Valuation allowance related to foreign tax credits		30,500	30,500
Valuation reserves for other deferred tax assets		20,784	20,784
Valspar | Foreign
Business Acquisition [Line Items]
Net operating loss carryforward		$ 138,746	$ 138,746

Income Taxes - Significant Comp

Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations	$ (244,043)	$ 462,530	$ 495,117
Deferred tax assets:
Exit costs, environ-mental and other similar items	50,193	74,535	63,851
Employee related and benefit items	104,098	166,313	141,974
Other items	110,960	148,910	116,302
Total deferred tax assets	265,251	389,758	322,127
Deferred tax liabilities:
Depreciation and amortization	1,506,650	254,430	241,101
LIFO inventories	78,952	83,659	89,330
Other items	49,670	59,746	33,433
Total deferred tax liabilities	1,635,272	397,835	363,864
Net deferred tax liabilities	$ 1,370,021	$ 8,077	$ 41,737

Income Taxes - Significant Co82

Income Taxes - Significant Components of the Provisions for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
Federal	$ 269,330	$ 438,244	$ 399,677
Foreign	53,442	31,125	30,145
State and local	39,320	61,402	60,319
Total current	362,092	530,771	490,141
Deferred:
Federal	(474,889)	(56,891)	13,505
Foreign	(42,292)	(2,121)	(10,752)
State and local	(88,954)	(9,229)	2,223
Total deferred	(606,135)	(68,241)	4,976
Total (credits) provisions for income taxes	$ (244,043)	$ 462,530	$ 495,117

Income Taxes - Significant Co83

Income Taxes - Significant Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Components of income before income taxes as used for income tax purposes
Domestic	$ 1,474,481	$ 1,504,990	$ 1,440,511
Foreign	53,738	90,243	108,455
Income from continuing operations before income taxes	$ 1,528,219	$ 1,595,233	$ 1,548,966

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of the Statutory Federal Income Tax Rate to the Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of the statutory federal income tax rate to the effective tax rate
Statutory federal income tax rate	35.00%	35.00%	35.00%
Effect of:
State and local income taxes	2.20%	2.30%	2.60%
Investment vehicles	(1.40%)	(1.50%)	(1.60%)
Domestic production activities	(3.00%)	(2.90%)	(2.20%)
Employee share-based payments	(5.60%)	(2.80%)
Other - net	(2.10%)	(1.10%)	(1.80%)
Pre-adjusted effective tax rate	25.10%	29.00%	32.00%
Effect of:
Tax Act	(39.80%)
Subsidiary mergers	(4.00%)
Post-adjusted effective tax rate	(18.70%)	29.00%	32.00%

Income Taxes - Reconciliation85

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of unrecognized tax benefits
Balance at beginning of year	$ 32,805	$ 33,873	$ 31,560
Additions from the Acquisition	18,928
Additions based on tax positions related to the current year	6,780	5,674	4,228
Additions for tax positions of prior years	4,033	3,890	8,450
Reductions for tax positions of prior years	(1,168)	(5,901)	(4,862)
Settlements	(368)	(3,763)	(968)
Lapses of statutes of limitations	(2,009)	(968)	(4,535)
Balance at end of year	$ 59,001	$ 32,805	$ 33,873

Net Income Per Common Share (De

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Basic
Average common shares outstanding (in shares)									92,908,638	91,838,603	92,197,207
Continuing operations									$ 1,813,802	$ 1,132,703	$ 1,053,849
Discontinued operations									(41,540)	0	0
Net income	$ 897,393	$ 316,606	$ 319,111	$ 239,152	$ 203,030	$ 386,733	$ 378,064	$ 164,876	$ 1,772,262	$ 1,132,703	$ 1,053,849
Basic net income per common share
Continuing operations (in dollars per share)									$ 19.52	$ 12.33	$ 11.43
Discontinued operations (in dollars per share)									(0.44)	0	0
Net income per common share - basic (in dollars per share)	$ 9.62	$ 3.40	$ 3.44	$ 2.58	$ 2.20	$ 4.20	$ 4.12	$ 1.80	$ 19.08	$ 12.33	$ 11.43
Diluted
Average common shares outstanding (in shares)									92,908,638	91,838,603	92,197,207
Stock options and other contingently issuable shares (in shares)									1,931,157	2,089,921	1,826,885
Non-vested restricted stock grants (in shares)									87,418	559,562	519,451
Average common shares outstanding assuming dilution (in shares)									94,927,213	94,488,086	94,543,543
Diluted net income per common share
Continuing operations (in dollars per share)									$ 19.11	$ 11.99	$ 11.15
Discontinued operations (in dollars per share)									(0.44)	0	0
Net income per common share - diluted (in dollars per share)	$ 9.39	$ 3.33	$ 3.36	$ 2.53	$ 2.15	$ 4.08	$ 3.99	$ 1.75	$ 18.67	$ 11.99	$ 11.15
Net Income Per Common Share (Textual) [Abstract]
Common shares outstanding, anti-dilutive (in shares)									638,795	62,935	34,463

Summary of Quarterly Results 87

Summary of Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Selected Quarterly Financial Information [Abstract]
Net sales	$ 3,979,564	$ 4,507,020	$ 3,735,817	$ 2,761,387	$ 2,782,591	$ 3,279,462	$ 3,219,525	$ 2,574,024	$ 14,983,788	$ 11,855,602	$ 11,339,304
Gross profit	1,798,739	1,902,142	1,737,056	1,343,274	1,388,580	1,636,425	1,635,901	1,261,845	6,781,211	5,922,751	5,559,613
Net income	$ 897,393	$ 316,606	$ 319,111	$ 239,152	$ 203,030	$ 386,733	$ 378,064	$ 164,876	$ 1,772,262	$ 1,132,703	$ 1,053,849
Net income per common share - basic (in dollars per share)	$ 9.62	$ 3.40	$ 3.44	$ 2.58	$ 2.20	$ 4.20	$ 4.12	$ 1.80	$ 19.08	$ 12.33	$ 11.43
Net income per common share - diluted (in dollars per share)	$ 9.39	$ 3.33	$ 3.36	$ 2.53	$ 2.15	$ 4.08	$ 3.99	$ 1.75	$ 18.67	$ 11.99	$ 11.15

Summary of Quarterly Results 88

Summary of Quarterly Results of Operations (Unaudited) - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Data [Abstract]
Tax benefit	$ 668,779
Gain on sale of assets		$ 30,916	$ (5,422)	$ 30,564	$ 803
Provisions for environmental-related matters		9,330	15,443	42,932	31,071
Impairment of goodwill and trademarks		$ 10,688	$ 2,022	$ 10,688	$ 0

Operating Leases - Narrative (D

Operating Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Leases (Textual) [Abstract]
Rental expenses	$ 464,616	$ 417,549	$ 394,359
Contingent rental included in rent expense	$ 63,300	$ 58,865	$ 55,890

Operating Leases - Future Minim

Operating Leases - Future Minimum Lease Payments Under Noncancellable Operating Leases (Details) $ in Thousands	Dec. 31, 2017USD ($)
Future minimum lease payments under noncancellable operating leases
2,018	$ 391,009
2,019	347,321
2,020	298,505
2,021	237,999
2,022	178,014
Later years	402,680
Total minimum lease payments	$ 1,855,528

Reportable Segment Informatio91

Reportable Segment Information - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)storebranchsegmentforeign_country	Dec. 31, 2016USD ($)store	Dec. 31, 2015USD ($)store
Reportable Segment Information (Textual) [Abstract]
Number of reportable operating segments | segment	3
Net external sales | $	$ 14,984,000	$ 11,856,000	$ 11,339,000
Segment profit | $	1,528,219	1,595,233	1,548,966
Long lived assets | $	15,492,586	3,125,222	3,132,981
Identifiable assets | $	$ 19,958,427	$ 6,752,521	$ 5,778,937
Percent of assets of consolidated foreign subsidiaries to Company's assets	26.30%	18.30%	20.30%
Non-US
Reportable Segment Information (Textual) [Abstract]
Net external sales | $	$ 2,959,785	$ 1,722,246	$ 1,788,955
Long lived assets | $	3,691,035	477,889	497,528
Identifiable assets | $	$ 5,253,995	$ 1,233,666	$ 1,172,064
The Americas Group
Reportable Segment Information (Textual) [Abstract]
Number of company-operated stores	4,620
Number of subsidiaries in foreign countries | foreign_country	9
Number of net new stores	101	142	98
New stores opened	114
Number of stores closed	13
Net external sales | $	$ 9,117,000	$ 8,377,000	$ 7,840,000
The Americas Group | United States
Reportable Segment Information (Textual) [Abstract]
New stores opened	76
Number of stores closed	4
The Americas Group | Canada
Reportable Segment Information (Textual) [Abstract]
New stores opened	15
Number of stores closed	1
The Americas Group | Curacao
Reportable Segment Information (Textual) [Abstract]
New stores opened	1
The Americas Group | South America
Reportable Segment Information (Textual) [Abstract]
New stores opened	14
Number of stores closed	6,000
The Americas Group | Mexico
Reportable Segment Information (Textual) [Abstract]
New stores opened	8
Number of stores closed	2,000
Consumer Brands Group
Reportable Segment Information (Textual) [Abstract]
Number of subsidiaries in foreign countries | foreign_country	6,000
Percent of sales of one group including intersegment transfers represented products sold through other stores group	59.47%
Net external sales | $	$ 2,155,000	1,528,000	1,578,000
Performance Coatings Group
Reportable Segment Information (Textual) [Abstract]
Number of company-operated stores | branch	290
Number of subsidiaries in foreign countries | foreign_country	44
New stores opened | branch	4
Number of stores closed | branch	2
Net increase in stores | branch	2
Net external sales | $	$ 3,706,000	$ 1,946,000	$ 1,916,000

Reportable Segment Informatio92

Reportable Segment Information - Reportable Segment Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Sales and intersegment transfers	$ 14,984,000	$ 11,856,000	$ 11,339,000
Segment profit (loss)	2,294,000	2,164,000	1,963,000
Interest expense	263,471	154,088	61,791
Administrative expenses and other	503,000	415,000	352,000
Income from continuing operations before income taxes	1,528,219	1,595,233	1,548,966
Identifiable assets	19,958,427	6,752,521	5,778,937
Capital expenditures	222,767	239,026	234,340
Depreciation	284,997	172,074	170,323
Intersegment transfers
Segment Reporting Information [Line Items]
Sales and intersegment transfers	0		0
The Americas Group
Segment Reporting Information [Line Items]
Sales and intersegment transfers	9,117,000	8,377,000	7,840,000
The Americas Group | Intersegment transfers
Segment Reporting Information [Line Items]
Sales and intersegment transfers	6,000	39,000	40,000
The Americas Group | Operating Segments
Segment Reporting Information [Line Items]
Sales and intersegment transfers	9,123,000	8,416,000	7,880,000
Segment profit (loss)	1,769,000	1,606,000	1,452,000
Income from continuing operations before income taxes	$ 1,769,000	$ 1,606,000	$ 1,452,000
Reportable segment margins	19.40%	19.10%	18.40%
Identifiable assets	$ 4,359,000	$ 2,148,000	$ 2,037,000
Capital expenditures	69,000	100,000	132,000
Depreciation	75,000	76,000	72,000
Consumer Brands Group
Segment Reporting Information [Line Items]
Sales and intersegment transfers	2,155,000	1,528,000	1,578,000
Consumer Brands Group | Intersegment transfers
Segment Reporting Information [Line Items]
Sales and intersegment transfers	3,162,000	2,775,000	2,736,000
Consumer Brands Group | Operating Segments
Segment Reporting Information [Line Items]
Sales and intersegment transfers	5,317,000	4,303,000	4,314,000
Segment profit (loss)	226,000	301,000	309,000
Income from continuing operations before income taxes	$ 226,000	$ 301,000	$ 309,000
Reportable segment margins	4.30%	7.00%	7.20%
Identifiable assets	$ 5,839,000	$ 2,005,000	$ 1,925,000
Capital expenditures	95,000	99,000	60,000
Depreciation	92,000	47,000	47,000
Performance Coatings Group
Segment Reporting Information [Line Items]
Sales and intersegment transfers	3,706,000	1,946,000	1,916,000
Performance Coatings Group | Intersegment transfers
Segment Reporting Information [Line Items]
Sales and intersegment transfers	22,000	15,000	5,000
Performance Coatings Group | Operating Segments
Segment Reporting Information [Line Items]
Sales and intersegment transfers	3,728,000	1,961,000	1,921,000
Segment profit (loss)	299,000	257,000	202,000
Income from continuing operations before income taxes	$ 299,000	$ 257,000	$ 202,000
Reportable segment margins	8.00%	13.10%	10.50%
Identifiable assets	$ 8,300,000	$ 818,000	$ 814,000
Capital expenditures	37,000	19,000	21,000
Depreciation	69,000	20,000	25,000
Administrative | Administrative
Segment Reporting Information [Line Items]
Sales and intersegment transfers	6,000	5,000	5,000
Administrative | Intersegment transfers
Segment Reporting Information [Line Items]
Sales and intersegment transfers	(3,190,000)	(2,829,000)	(2,781,000)
Administrative | Segment Reconciling Items
Segment Reporting Information [Line Items]
Sales and intersegment transfers	(3,184,000)	(2,824,000)	(2,776,000)
Interest expense	263,000	154,000	62,000
Administrative expenses and other	503,000	415,000	352,000
Income from continuing operations before income taxes	(766,000)	(569,000)	(414,000)
Identifiable assets	1,460,000	1,782,000	1,003,000
Capital expenditures	22,000	21,000	21,000
Depreciation	$ 49,000	$ 29,000	$ 26,000

Valuation and Qualifying Acco93

Valuation and Qualifying Accounts and Reserves (Schedule II) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 40,450	$ 49,420	$ 53,770
Bad debt expense	42,716	29,869	30,393
Uncollectible accounts written off, net of recoveries	(30,169)	(38,839)	(34,743)
Ending balance	$ 52,997	$ 40,450	$ 49,420