The Sherwin-Williams Company (SHW) 10-K 24 Feb 10 2009 FY Annual report Financial data

Statements of Consolidated Inco

Statements of Consolidated Income (USD $)
In Thousands, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Net sales	$7,094,249	$7,979,727	$8,005,292
Cost of goods sold	3,831,080	4,480,927	4,406,365
Gross profit	3,263,169	3,498,800	3,598,927
Percent to net sales	0.46	0.438	0.45
Selling, general and administrative expenses	2,534,775	2,643,580	2,597,121
Percent to net sales	0.357	0.331	0.324
Other general expense - net	33,620	19,319	17,530
Impairments of trademarks and goodwill	14,144	54,604	16,123
Loss on dissolution of a foreign subsidiary	21,923
Interest expense	40,026	65,684	71,630
Interest and net investment income	(2,393)	(3,930)	(14,099)
Other expense (income) - net	(1,743)	5,068	(2,321)
Income before income taxes	622,817	714,475	912,943
Income taxes	186,969	237,599	297,365
Net income	$435,848	$476,876	$615,578
Basic net income per common share	3.84	4.08	4.84
Diluted net income per common share	3.78	$4	4.7
Average shares outstanding - basic	113,514,399	116,835,433	127,222,007
Average shares and equivalents outstanding - diluted	115,422,933	119,343,229	130,924,690

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Thousands	Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2007
Current assets:
Cash and cash equivalents	$69,329	$26,212	$27,325
Accounts receivable, less allowance	696,055	769,985	870,675
Finished goods	630,683	749,405	756,087
Work in process and raw materials	107,805	114,795	131,378
Total inventory	738,488	864,200	887,465
Deferred income taxes	121,276	97,568	104,600
Other current assets	144,871	151,240	179,515
Total current assets	1,770,019	1,909,205	2,069,580
Goodwill	1,014,825	1,006,712	996,613
Intangible assets	279,413	299,963	351,144
Deferred pension assets	245,301	215,637	400,553
Other assets	195,612	124,117	138,078
Property, plant and equipment
Land	85,166	85,485	83,008
Buildings	600,687	580,216	561,794
Machinery and equipment	1,512,218	1,564,221	1,516,534
Construction in progress	23,086	26,560	65,322
Total gross property, plant and equipment	2,221,157	2,256,482	2,226,658
Less allowances for depreciation	1,402,472	1,396,357	1,327,286
Total net property, plant and equipment	818,685	860,125	899,372
Total Assets	4,323,855	4,415,759	4,855,340
Current liabilities:
Short-term borrowings	22,674	516,438	657,082
Accounts payable	674,766	738,093	740,797
Compensation and taxes withheld	176,538	194,787	224,300
Accrued taxes	76,499	58,510	70,669
Current portion of long-term debt	12,267	13,570	14,912
Other accruals	430,924	415,338	433,625
Total current liabilities	1,393,668	1,936,736	2,141,385
Long-term debt	782,670	303,727	293,454
Postretirement benefits other than pensions	283,784	248,603	262,720
Other long-term liabilities	372,783	321,045	372,054
Stockholders' Equity:
Common stock - $1.00 par value: 109,436,869, 117,035,117 and 122,814,241 shares outstanding at December 31, 2009, December 31, 2008 and December 31, 2007, respectively	228,647	227,147	225,577
Preferred stock - convertible, no par value; 216,753, 216,753 and 324,733 shares outstanding at December 31, 2009, December 31, 2008 and December 31, 2007, respectively	216,753	216,753	324,733
Unearned ESOP compensation	(216,753)	(216,753)	(324,733)
Other capital	1,068,963	1,016,362	897,656
Retained earnings	4,518,428	4,245,141	3,935,485
Treasury stock, at cost	(4,007,633)	(3,472,384)	(3,074,388)
Cumulative other comprehensive loss	(317,455)	(410,618)	(198,603)
Total shareholders' equity	1,490,950	1,605,648	1,785,727
Total Liabilities and Shareholders' Equity	$4,323,855	$4,415,759	$4,855,340

Consolidated Balance Sheets [Pa

Consolidated Balance Sheets [Parentheticals] (USD $)
	Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2007
Consolidated Balance Sheets [Parentheticals]
Common stock, par value	$1	$1	$1
Common stock, shares outstanding	109,436,869	117,035,117	122,814,241
Preferred stock, no par value	$0	$0	$0
Preferred stock, shares outstanding	216,753	216,753	324,733

Statements of Consolidated Cash

Statements of Consolidated Cash Flows (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
OPERATING ACTIVITIES
Net income	$435,848	$476,876	$615,578
Depreciation	145,186	143,191	139,010
Amortization of intangible assets	25,718	22,320	24,469
Impairment of trademarks and goodwill	14,144	54,604	16,123
Loss on dissolution of a foreign subsidiary	21,923
Provisions for environmental-related matters	24,705	6,947	28,391
Provisions for qualified exit costs	21,832	12,081	2,508
Deferred income taxes	(8,605)	30,365	32,984
Defined benefit pension plans net credit	31,367	(8,171)	(6,605)
Income tax effect of ESOP on other capital	(13,411)	30,628	21,937
Stock-based compensation expense	23,271	41,114	35,355
Net increase in postretirement liability	1,103	2,223	6,237
Decrease in non-traded investments	42,805	44,480	40,696
(Gain) loss on disposition of assets	(3,387)	6,440	(10,422)
Other	3,923	8,760	3,169
Decrease in accounts receivable	108,190	68,494	58,783
Decrease (increase) in inventories	145,867	(2,472)	5,117
(Decrease) increase in accounts payable	(82,607)	16,349	(68,889)
Increase (decrease) in accrued taxes	11,836	(5,778)	6,351
Decrease in accrued compensation and taxes withheld	(21,579)	(25,610)	(19,795)
Increase (decrease) in refundable income taxes	(2,267)	5,119	(14,551)
Other	(12,767)	(24,880)	(29,942)
Costs incurred for environmental - related matters	(36,986)	(22,369)	(14,486)
Costs incurred for qualified exit costs	(12,322)	(5,643)	(2,223)
Other	(4,601)	1,165	4,750
Net operating cash	859,186	876,233	874,545
INVESTING ACTIVITIES
Capital expenditures	(91,328)	(117,203)	(165,870)
Acquisitions of businesses, net of cash acquired	(15,440)	(68,688)	(282,416)
Decrease in short-term investments			21,200
Proceeds from sale of assets	5,599	11,130	23,824
Increase in other investments	(29,230)	(62,067)	(53,354)
Net investing cash	(130,399)	(236,828)	(456,616)
FINANCING ACTIVITIES
Net (decrease) increase in short-term borrowings	(494,989)	(136,793)	270,676
Net increase (decrease) in long-term debt	471,642	13,385	(198,667)
Payments of cash dividends	(162,561)	(165,111)	(162,301)
Proceeds from stock options exercised	36,596	37,475	71,281
Income tax effect of stock-based compensation exercises and vesting	7,645	11,897	24,176
Treasury stock purchased	(530,363)	(393,540)	(863,139)
Other	(10,800)	(5,223)	(8,643)
Net financing cash	(682,830)	(637,910)	(866,617)
Effect of exchange rate changes on cash	(2,840)	(2,608)	6,843
Net increase (decrease) in cash and cash equivalents	43,117	(1,113)	(441,845)
Cash and cash equivalents at beginning of year	26,212	27,325	469,170
Cash and cash equivalents at end of year	69,329	26,212	27,325
Taxes paid on income	146,385	109,408	186,737
Interest paid	$41,106	$64,929	$75,260

Statements of Consolidated Shar

Statements of Consolidated Shareholders' Equity and Comprehensive Income (USD $)
In Thousands	Common Stock [Member]	Preferred Stock [Member]	Unearned ESOP Compensation [Member]	Other Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Cumulative Other Comprehensive Loss [Member]	Total
Balance at at Dec. 31, 2006	$222,985	$433,215	($433,215)	$748,523	$3,485,564	($2,202,248)	($262,464)	$1,992,360
Net income					615,578			615,578
Foreign currency translation							34,837	34,837
Net actuarial gains (losses) and prior service costs recognized for employee benefit plans, net of taxes							28,774	28,774
Unrealized net gains (losses) on securities and derivative instruments used in cash flow hedges, net of taxes							250	250
Treasury stock purchased				(1,024)		(862,115)		(863,139)
Redemption of preferred stock		(108,482)	108,482
Income tax effect of ESOP				21,937				21,937
Stock options exercised	2,344			68,937		(10,025)		61,256
Income tax effect of stock options exercised				24,176				24,176
Restricted stock and option grants (net activity)	248			35,107				35,355
Cash dividends					(162,301)			(162,301)
Cumulative-effect adjustment to initially apply new accounting standard related to income taxes					(3,356)			(3,356)
Balance at at Dec. 31, 2007	225,577	324,733	(324,733)	897,656	3,935,485	(3,074,388)	(198,603)	1,785,727
Net income					476,876			476,876
Foreign currency translation							(89,116)	(89,116)
Net actuarial gains (losses) and prior service costs recognized for employee benefit plans, net of taxes							(121,561)	(121,561)
Unrealized net gains (losses) on securities and derivative instruments used in cash flow hedges, net of taxes							(1,338)	(1,338)
Treasury stock purchased				(838)		(392,702)		(393,540)
Redemption of preferred stock		(107,980)	107,980
Income tax effect of ESOP				30,628				30,628
Stock options exercised	1,275			36,200		(5,294)		32,181
Income tax effect of stock options exercised				11,897				11,897
Restricted stock and option grants (net activity)	295			40,819				41,114
Cash dividends					(165,111)			(165,111)
Cumulative-effect adjustment to initially apply new accounting standard related to split-dollar life insurance arrangements					(2,109)			(2,109)
Balance at at Dec. 31, 2008	227,147	216,753	(216,753)	1,016,362	4,245,141	(3,472,384)	(410,618)	1,605,648
Net income					435,848			435,848
Foreign currency translation							75,622	75,622
Net actuarial gains (losses) and prior service costs recognized for employee benefit plans, net of taxes							17,168	17,168
Unrealized net gains (losses) on securities and derivative instruments used in cash flow hedges, net of taxes							373	373
Treasury stock purchased						(530,363)		(530,363)
Income tax effect of ESOP				(13,411)				(13,411)
Stock options exercised	1,071			35,525		(4,886)		31,710
Income tax effect of stock options exercised				7,645				7,645
Restricted stock and option grants (net activity)	429			22,842				23,271
Cash dividends					(162,561)			(162,561)
Balance at at Dec. 31, 2009	$228,647	$216,753	($216,753)	$1,068,963	$4,518,428	($4,007,633)	($317,455)	$1,490,950

1_Statements of Consolidated Sh

Statements of Consolidated Shareholders' Equity and Comprehensive Income [Parentheticals] (USD $)
In Thousands, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Statements of Shareholders' Equity [Parentheticals]
Tax effect of net actuarial gains (losses) and prior service costs recognized for employee benefit plans	($10,285)	$75,939	($20,777)
Tax effect of unrealized net gains (losses) on securities and derivative instruments used in cash flow hedges	($144)	$515	($96)
Cash dividends per common share	1.42	1.4	1.26

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES
	12 Months Ended Dec. 31, 2009 USD / shares
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 1SIGNIFICANT 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. 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 and Asia. Reportable segments. See Note 19 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: One fund maintained for the payment of non-qualified benefits includes investments classified as available-for-sale securities. The fair value of such investments, based on quoted market prices, was $14,937, $15,475 and $13,643 at December 31, 2009, 2008 and 2007, respectively. The carrying value of investments included in the fund not classified as available-for-sales securities, was $9,211, $8,680 and $8,105 at December 31, 2009, 2008 and 2007, respectively. This fund is reported in Other assets. The Company also has a deferred compensation plan liability that is valued based on quoted market prices. The fair value of the liability was $19,710, $19,443 and $24,246 at December 31, 2009, 2008 and 2007, respectively. See the recurring fair value measurement table on page 45. Non-traded investments: The Company has invested in the U.S. affordable housing and historic renovation real estate markets. These investments have been identified as variable interest entities. However, the Company is not the primary beneficiary and does not consolidate the operations of the investments in accordance with the Consolidation Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The Companys risk of loss from these non-traded investments is limited to the amount of its contributed capital. The carrying amounts of these non-traded investments, included in Other assets, were $88,249, $33,095 and $41,513 at December 31, 2009, 2008 and 2007, respectively. The carrying amounts of these investments, which approximate market value, were determined based on cost less related income tax cre

ACQUISITIONS

ACQUISITIONS
	12 Months Ended Dec. 31, 2009 USD / shares
ACQUISITIONS [Abstract]
ACQUISITIONS	NOTE 2ACQUISITIONS All acquisitions have been accounted for as purchases and their results of operations have been included in the consolidated financial statements since the date of acquisition. During the first quarter of 2009, the Company acquired Altax Sp. zo.o. (Altax). Headquartered in Poznan, Poland, Altax is a leading innovator of protective woodcare coatings and serves multiple channels, including industrial, professional and DIY. Included in the Consumer Group, the acquisition provides a platform for further growth in Central Europe. The aggregate consideration paid for Altax was $11,500, net of cash acquired, including the assumption of certain financial obligations. The acquisition resulted in the recognition of goodwill and intangible assets. In December 2008, the Company acquired Euronavy-Tintas Maritimas e Industriais S.A. of Portugal (Euronavy). Headquartered in Lisbon, Portugal, Euronavy is a leading innovator of marine and protective coatings applied to ships, off shore platforms, storage tanks, steel, concrete and flooring. Included in the Global Finishes Group, the acquisition strengthens the Companys global platform of protective and marine coatings. In September 2008, the Company purchased certain assets of the Wagman Primus Group, LP (Wagman). The acquired assets are related to imported raw materials of brushes and foreign manufactured applicators and allows greater flexibility and control in the importation of applicators and related products for the Consumer Group. In July 2008, the Company acquired the liquid coatings subsidiaries of Inchem Holdings International Limited (Inchem). Headquartered in Singapore, Inchem produces coatings applied to wood and plastic products in Asia. These waterborne, solvent-based, and ultraviolet curable coatings are applied to furniture, cabinets, flooring and electronic products. The coatings are made and sold in China, Vietnam and Malaysia and distributed to 15 other Asian countries. This acquisition strengthens the Global Finishes Groups product offering throughout Asia. In February 2008, the Company acquired Becker Powder Coatings, Inc. (Becker), a subsidiary of Sweden-based AB Wilh. Headquartered in Columbus, Ohio, Becker produces powder coatings applied to appliances, metal furniture, fixtures, equipment and electronic products manufactured throughout North America. This acquisition strengthens Global Finishes Groups position in the powder coatings market. The aggregate consideration paid for Euronavy, Inchem, Wagman and Becker was $64,103, net of cash acquired, including acquisition costs and the assumption of certain financial obligations. The acquisitions resulted in the recognition of intangible assets. The Euronavy, Inchem and Becker acquisitions also resulted in the recognition of goodwill. In October 2007, an indirect wholly owned subsidiary of the Company acquired the remaining 75 percent interest in Life Shield Engineered Systems LLC (Life Shield) by acquiring all of the outstanding membership interests. In late December 2007, the Company acquired substantially all the assets and business of Flex Recubrimientos, S.A. de C.V. and related companies (Flex

LOSS ON DISSOLUTION OF A FOREIG

LOSS ON DISSOLUTION OF A FOREIGN SUBSIDIARY
	12 Months Ended Dec. 31, 2009 USD / shares
LOSS ON DISSOLUTION OF A FOREIGN SUBSIDIARY
LOSS ON DISSOLUTION OF A FOREIGN SUBSIDIARY	NOTE 3 LOSS ON DISSOLUTION OF A FOREIGN SUBSIDIARY In the fourth quarter of 2009, the Company dissolved an insolvent European subsidiary resulting in a pre-tax expense of $21,923, consisting primarily of current and non-current asset write-downs of $11,637 and severance expense of $5,161. The majority of the severance expense is expected to be paid in 2010. The expense was recorded as a separate line item on the Statements of Consolidated Income due to the significant nature of the dissolution. The Company restructured other business units to maintain service to the majority of its European customers. The impact of the expense on basic and diluted net income per common share for the year was $0.05 per share.

INVENTORIES

INVENTORIES
	12 Months Ended Dec. 31, 2009 USD / shares
INVENTORIES
INVENTORIES	NOTE 4 INVENTORIES Inventories were stated at the lower of cost or market with cost determined principally 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 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. During 2009, certain inventories accounted for on the LIFO method were reduced, resulting in the liquidation of certain quantities carried at costs prevailing in prior years. The impact on Net income of such liquidations was $8,634. 2009 2008 2007 Percentage of total inventories on LIFO 83% 86% 83% Excess of FIFO over LIFO $250,454 $321,280 $241,579 Increase (decrease) in net income due to LIFO 43,650 (49,184) (7,844) Increase (decrease) in net income per common share due to LIFO .38 (.41) (.06)

GOODWILL, INTANGIBLE AND LONG-L

GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS
	12 Months Ended Dec. 31, 2009 USD / shares
GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS
GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS	NOTE 5GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS During 2009, the Company recognized $4,147 of goodwill, $3,211 of trademarks and $2,643 of other intangibles in the acquisition of Altax. Customer relationships valued at $1,572 and intellectual property valued at $1,071 are being amortized over 10 and 8 years, respectively, from the date of acquisition. During 2008, the Company recognized $24,383 of goodwill in the acquisitions of Euronavy, Inchem, Becker and Columbia. There was no goodwill recognized in the acquisition of Wagman Primus. Trademarks of $10,265 were recognized in the acquisition valuation of Inchem and Euronavy. Covenants not to compete of $3,000, obtained in the acquisitions of Inchem, Becker and Wagman Primus, are being amortized over five years from the date of acquisition. Customer lists valued at $6,950, recognized in the acquisitions of Inchem and Becker, are being amortized over periods of 4.5 years and 10 years, respectively. A value for formulations acquired of $300, recognized in the acquisition of Becker, is being amortized over 5 years. No significant residual value was estimated for any of the acquired identified intangible assets. During 2007, the Company recognized $93,316 of goodwill in the acquisitions of Nitco, MAB, Napko, Columbia, Life Shield and Flex group. There was no goodwill recognized in the acquisitions of PISA and VHT. Trademarks of $37,180 were recognized in the acquisition valuations of Nitco, MAB, Napko, Columbia, VHT and Flex group. Covenants not to compete of $10,028, obtained in the acquisitions of Nitco, MAB, Napko, Columbia and VHT, are being amortized over five years from date of acquisition. Customer lists and a distribution network valued at $25,930, recognized in the acquisitions of Nitco, MAB, Napko, Columbia and VHT, are being amortized over periods of three and one-half to eight years. Additional identified intangible assets of product formulations ($3,680) and other intangible assets ($1,000), recognized as part of the acquisitions of Nitco, MAB, Columbia and VHT are being amortized over periods of three to eight years. No significant residual value was estimated for any of the acquired identified intangible assets. No intangible assets were identified in the Life Shield acquisition. 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. During 2009, reductions in the carrying value of property, plant and equipment associated with two manufacturing facilities closed during the year was recorded (see Note 6). There were no other significant reductions in carrying value of long-l

EXIT OR DISPOSAL ACTIVITIES

EXIT OR DISPOSAL ACTIVITIES
	12 Months Ended Dec. 31, 2009 USD / shares
EXIT OR DISPOSAL ACTIVITIES
EXIT OR DISPOSAL ACTIVITIES	NOTE 6EXIT OR DISPOSAL ACTIVITIES Management is continually re-evaluating the Companys 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 or an adjustment to the purchase price is made for acquired facilities planned at acquisition to be exited or disposed. Qualified exit costs primarily include post-closure rent expenses, incremental post-closure costs 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. In 2009, a reduction of $5,404 in the carrying value of the property, plant and equipment associated with two manufacturing facilities closed during the year was recorded. Also during 2009, reductions of $571 in estimated fair value of property, plant and equipment in certain manufacturing facilities closed in 2008 or prior was recorded. In 2008, a reduction of $468 in the carrying value of the property, plant and equipment associated with two manufacturing facilities closed during the year was recorded. Also during 2008, reductions of $473 in estimated fair value of property, plant and equipment in certain manufacturing facilities closed in 2007 or prior were recorded as additional impairments. During 2007, an impairment charge of $856 occurred relating to the disposition of a manufacturing facility that was closed in 2005. Impairment charges for property, plant and equipment of closed sites being held for disposal are included in Other general expense net. During 2009, four manufacturing facilities and 65 stores and branches were closed due to lower demand or redundancy. Provisions for severance and other qualified exit costs of $4,766, $9,855 and $5,243 were charged to the Paint Stores Group, Consumer Group and Global Finishes Group, respectively. In addition, there were adjustments to prior provisions related to manufacturing facilities, distribution facilities, stores and branches closed in 2008. Adjustments to prior provisions of $1,968 were recorded in Other general expense net. During 2008, four manufacturing and three distribution facilities, five administrative offices and 92 stores and branches were closed. The closure and disposal of two manufacturing facilities and two administrative offices in the Paint Stores Group were planned at the time of acquisition. Total qualified exit costs of $1,668 related to the acquired facilities were included as part of the purchase price allocations in accordance with business combination accounting standards in

PENSION, HEALTH CARE AND POSTRE

PENSION, HEALTH CARE AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS
	12 Months Ended Dec. 31, 2009 USD / shares
PENSION, HEALTH CARE AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS
PENSION, HEALTH CARE AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	NOTE 7-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. Defined contribution pension plans. The Companys annual contribution for its domestic defined contribution pension plan was $23,131, $37,210 and $39,050 for 2009, 2008 and 2007, respectively. Prior to July 1, 2009 the contribution was based on six percent of compensation for covered employees. Effective July 1, 2009 the contribution percentage was changed to a range from two percent to seven percent based on an age and service formula. Assets in employee accounts of the domestic defined contribution pension plan are invested in various mutual funds as directed by the participants. These mutual funds did not own a significant number of shares of the Companys common stock. The Companys annual contribution for its foreign defined contribution pension plans, which is based on various percentages of compensation for covered employees up to certain limits, was $2,636, $2,883 and $3,027 for 2009, 2008 and 2007, respectively. Assets in employee accounts of the foreign defined contribution pension plans are invested in various mutual funds. These mutual funds did not own a significant number of shares of the Companys common stock. Defined benefit pension plans. The Company has one salaried and one hourly domestic defined benefit pension plan, and fourteen foreign defined benefit pension plans. All participants in the domestic salaried defined benefit pension plan prior to January 1, 2002 retain the previous defined benefit formula for computing benefits with certain modifications for active employees. Eligible domestic salaried employees hired or re-hired on or after January 1, 2002 become participants in the revised domestic salaried defined benefit pension plan upon completion of six months of service. All employees who became participants on or after January 1, 2002 and before January 1, 2005 were credited with certain contribution credits equivalent to six percent of their salary. All employees who became participants on or after January 1, 2005 are credited with certain contribution credits that range from two percent to seven percent of compensation based on an age and service formula. Effective July 1, 2009, the domestic salaried defined benefit pensio

DEBT

DEBT
	12 Months Ended Dec. 31, 2009 USD / shares
DEBT
DEBT	NOTE 8DEBT Long-term debt Due Date 2009 2008 2007 3.125% Senior Notes 2014 $499,777 7.375% Debentures 2027 129,050 $137,047 $137,044 7.45% Debentures 2097 139,473 146,967 146,960 1.64% to 13.0% Promissory Notes Through 2015 14,370 19,713 9,450 $782,670 $303,727 $293,454 Maturities of long-term debt are as follows for the next five years: $12,267 in 2010; $11,104 in 2011; $225 in 2012; $225 in 2013 and $500,345 in 2014. Interest expense on long-term debt was $30,984, $31,973 and $39,272 for 2009, 2008 and 2007, respectively. Among other restrictions, the Companys 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 December 16, 2009, the Company issued $500,000 of debt securities consisting of 3.125% senior notes, due December 15, 2014. The debt securities are covered under a shelf registration filed with the Securities and Exchange Commission (SEC) on December 16, 2009. Effective December 24, 1997, the Company filed a shelf registration with the SEC covering $150,000 of unsecured debt securities with maturities greater than nine months from the date of issue. Effective September 8, 1998, the Company filed a universal shelf registration statement with the SEC to issue debt securities, common stock and warrants up to $1,500,000. Both shelf registrations expired in December 2008. There were no borrowings outstanding or issuance of common stock or warrants under either registration during all years presented. Short-term borrowings. At December 31, 2009, there were no borrowings outstanding under the domestic commercial paper program. At December 31, 2008 and 2007, borrowings outstanding under the domestic commercial paper program totaled $83,064 and $299,191, respectively, and were included in Short-term borrowings. The weighted-average interest rate related to these borrowings was 2.6% and 5.5% at December 31, 2008 and 2007, respectively. Borrowings outstanding under various foreign programs of $22,674, $33,374 and $107,891 at December 31, 2009, 2008 and 2007, respectively, were included in Short-term borrowings. The weighted-average interest rate related to these borrowings was 8.8%, 9.5% and 8.9% at December 31, 2009, 2008 and 2007, respectively. On April 17, 2006, the Company entered into a three year credit agreement, which was amended on April 25, 2006 and May 8, 2006, that gave 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 $250,000. The credit agreement matured on June 20, 2009 and was not renewed. On May 23, 2006, the Company entered into a five-year credit agreement, which was amended on July 24, 2006.

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES
	12 Months Ended Dec. 31, 2009 USD / shares
OTHER LONG-TERM LIABILITIES
OTHER LONG-TERM LIABILITIES	NOTE 9OTHER 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 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, 2009, 2008, and 2007 were accruals for extended environmental-related activities of $106,168, $128,179 and $133,333, respectively. Included in Other accruals at December 31, 2009, 2008 and 2007 were accruals for estimated costs of current investigation and remediation activities of $64,685, $52,555 and $60,447, 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 i

LITIGATION

LITIGATION
	12 Months Ended Dec. 31, 2009 USD / shares
LITIGATION
LITIGATION	Note 10 LITIGATION In the course of its business, the Company is subject to a variety of claims and lawsuits, including 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 Companys 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 Companys 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 cannot be reasonably estimated, any potential liability ultimately determined to be attributable to the Company may result in a material impact on the Companys 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 even if the possibility may be remote. 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 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 are seeking recovery 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 is also a defendant in legal proceedings arising from the manufacture and sale of non-lead-based paints wh

CAPTIAL STOCK

CAPTIAL STOCK
	12 Months Ended Dec. 31, 2009 USD / shares
CAPITAL STOCK
CAPITAL STOCK	NOTE 11CAPITAL STOCK At December 31, 2009, 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 12). An aggregate of 13,381,449, 14,884,028 and 16,477,802 shares of common stock at December 31, 2009, 2008 and 2007, respectively, were reserved for future grants of restricted stock and the exercise and future grants of option rights (see Note 13). Common shares outstanding shown in the following table included 475,628 shares of common stock held in a revocable trust at December 31, 2009, 2008 and 2007, 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 Companys accounts. Common Shares Common Shares in Treasury Outstanding Balance at January 1, 2007 89,419,575 133,565,287 Shares tendered as payment for option rights exercised 18,593 (18,593) Shares issued for exercise of option rights 2,345,069 Shares tendered in connection with grants of restricted stock 125,022 (125,022) Net shares issued for grants of restricted stock 247,500 Treasury stock purchased 13,200,000 (13,200,000) Balance at December 31, 2007 102,763,190 122,814,241 Shares tendered as payment for option rights exercised 4,706 (4,706) Shares issued for exercise of option rights 1,275,151 Shares tendered in connection with grants of restricted stock 93,569 (93,569) Net shares issued for grants of restricted stock 294,000 Treasury stock purchased 7,250,000 (7,250,000) Balance at December 31, 2008 110,111,465 117,035,117 Shares tendered as payment for option rights exercised 9,743 (9,743) Shares issued for exercise of option rights 1,075,395 Shares tendered in connection with grants of restricted stock 88,461 (88,461) Net shares issued for grants of restricted stock 424,561 Treasury stock purchased 9,000,000 (9,000,000) Balance at December 31, 2009 119,209,669 109,436,869

STOCK PURCHASE PLAN AND PREFERR

STOCK PURCHASE PLAN AND PREFERRED STOCK
	12 Months Ended Dec. 31, 2009 USD / shares
STOCK PURCHASE PLAN AND PREFERRED STOCK
STOCK PURCHASE PLAN AND PREFERRED STOCK	NOTE 12STOCK PURCHASE PLAN AND PREFERRED STOCK As of December 31, 2009, 23,520 employees contributed to the Companys ESOP, a voluntary defined contribution plan available to all eligible salaried employees. Participants are allowed to contribute, on a pretax basis only, up to the lesser of twenty percent of their annual compensation or the maximum dollar amount allowed under the Internal Revenue Code. Prior to July 1, 2009, the Company matched one hundred percent of all contributions up to six percent of eligible employee contributions. Effective July 1, 2009, the ESOP was amended to change the Company match to one-hundred percent on the first three percent of eligible employee contributions and fifty percent on the next two percent of eligible contributions. Such participant contributions may be invested in a variety of mutual funds or a Company common stock fund and may be exchanged between investments as directed by the participant. Effective January 1, 2007, the ESOP was amended to permit participants to diversify both future and a portion of prior Company matching contributions previously allocated to the Company common stock fund into a variety of mutual funds. The Company made contributions to the ESOP on behalf of participating employees, representing amounts authorized by employees to be withheld from their earnings on a pre-tax basis, of $70,025, $72,812 and $71,691 in 2009, 2008 and 2007, respectively. The Companys matching contributions to the ESOP charged to operations were $44,587, $54,001 and $52,683 for 2009, 2008 and 2007, respectively. At December 31, 2009, there were 17,579,750 shares of the Companys common stock being held by the ESOP, representing 16.0 percent of the total number of voting shares outstanding. Shares of Company common stock credited to each members 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. On August 1, 2006, the Company issued 500,000 shares of convertible serial preferred stock, no par value (Series 2 Preferred stock) with cumulative quarterly dividends of $11.25 per share, for $500,000 to the ESOP. The ESOP financed the acquisition of the Series 2 Preferred stock by borrowing $500,000 from the Company at the rate of 5.5 percent per annum. This borrowing is payable over ten years in equal quarterly installments. Each share of Series 2 Preferred stock is entitled to one vote upon all matters presented to the Companys shareholders and generally votes with the common stock together as one class. The Series 2 Preferred stock is held by the ESOP in an unallocated account. As the value of compensation expense related to contributions to the ESOP is earned, the Company has the option of funding the ESOP by redeeming a portion of the preferred stock or with cash. Contributions are credited to the members accounts at the time of funding. The Series 2 Preferred stock is redeemable for cash or convertible into common stock or any combination thereof at the option of the ESOP based on the relative fair value o

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION
	12 Months Ended Dec. 31, 2009 USD / shares
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 13STOCK-BASED COMPENSATION Effective April 19, 2006, the shareholders approved the 2006 Equity and Performance Incentive Plan (Employee Plan), replacing the 2003 Stock Plan and authorizing the Board of Directors, or a committee of the Board of Directors, to issue or transfer up to an aggregate of 10,000,000 shares of common stock, plus any shares relating to awards that expire, are forfeited or cancelled. The Employee Plan permits the granting of option rights, appreciation rights, restricted stock, restricted stock units, performance shares and performance units to eligible employees. At December 31, 2009, no appreciation rights, restricted stock units, performance shares or performance units had been granted under the Employee Plan. No further grants may be made under the 2003 Stock Plan, all rights granted under that plan remain. Effective April 19, 2006, the shareholders also approved the 2006 Stock Plan for Nonemployee Directors (Nonemployee Plan), replacing the 1997 Stock Plan and authorizing 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 cancelled. The Nonemployee Plan permits the granting of option rights, appreciation rights, restricted stock and restricted stock units to members of the Board of Directors who are not employees of the Company. At December 31, 2009, no option rights, appreciation rights or restricted stock units had been granted under the Nonemployee Plan. No further grants may be made under the 1997 Stock Plan, all rights granted under that plan remain. The cost of the Companys stock-based compensation is recorded in accordance with the Stock Compensation Topic of the ASC. The Company follows the modified prospective method whereby compensation cost is recognized for all share-based payments granted after December 31, 2005 and for all unvested awards granted prior to January 1, 2006. The tax benefits associated with these share-based payments are classified as financing activities in the Statements of Consolidated Cash Flows. At December 31, 2009, the Company had total unrecognized stock-based compensation expense of $50,284 that is expected to be recognized over a weighted-average period of 1.60 years. Stock-based compensation expense during 2009, 2008 and 2007 was $23,271, $41,114 and $35,355, respectively. Stock-based compensation expense was reduced by $21,958 in 2009 related to certain restricted stock awards granted under the Employee plan where the performance conditions are not expected to be fully attained. This change increased net income by $13,501 and increased basic and diluted earnings per share by $.12. The Company recognized a total income tax benefit related to stock-based compensation expense of $8,963, $15,799 and $13,651 during 2009, 2008 and 2007, respectively. The impact of total stock-based compensation expense, net of taxes, on net income reduced both Basic and Diluted net income per common share by $.13 and $.12, respectively, during 2009. Option rights. The fair value of the Companys option rights was estimated a

OTHER

OTHER
	12 Months Ended Dec. 31, 2009 USD / shares
OTHER
OTHER	NOTE 14--OTHER Other general expense net. Included in Other general expense net were the following: 2009 2008 2007 Provisions for environmental matters-net $ 24,705 $ 6,947 $ 28,391 Loss (gain) on disposition of assets 972 6,440 (10,422) Net expense (income) of exit or disposal activities 7,943 5,932 (439) Total $ 33,620 $ 19,319 $ 17,530 Provisions for environmental mattersnet 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 9 for further details on the Companys environmental-related activities. The loss (gain) on disposition of assets represents net realized gains or losses associated with the disposal of property, plant and equipment and intangible assets previously used in the conduct of the primary business of the Company. The net expense (income) of exit or disposal activities represents initial impairments of carrying value and additional impairments for subsequent reductions in estimated fair value of property, plant and equipment held for disposal and changes to accrued qualified exit costs as information becomes available upon which more accurate amounts can be reasonably estimated. See Note 6 for further details on the Companys exit or disposal activities. Other expense (income) net. Included in Other expense (income) - net were the following: 2009 2008 2007 Dividend and royalty income $ (3,240) $ (4,303) $ (4,095) Net expense from financing and investing activities 5,302 3,570 5,976 Foreign currency transaction related losses (gains) 4,926 10,587 (243) Other income (16,225) (9,369) (7,757) Other expense 7,494 4,583 3,798 Total $ (1,743) $ 5,068 $ (2,321) The Net expense from financing and investing activities includes financing and bank service fees. Foreign currency related transaction losses (gains) represent realized losses and gains on U.S. dollar-denominated liabilities of foreign subsidiaries and realized and unrealized losses and gains from foreign currency option and forward contracts. There were no foreign currency option and forward contracts outstanding at December 31, 2009. The Company had foreign currency option and forward contracts outstanding at December 31, 2008, and 2007. All of the contracts had maturity dates of less than twelve months and were undesignated hedges with changes in fair value being recognized in earnings in accordance with the Derivatives and Hedging Topic of the ASC. These derivative instrument values were included in either Other current assets or Other accrua

INCOME TAXES

INCOME TAXES
	12 Months Ended Dec. 31, 2009 USD / shares
INCOME TAXES
INCOME TAXES	NOTE 15--INCOME TAXES 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, 2009, 2008 and 2007 were as follows: 2009 2008 2007 Deferred tax assets: Exit costs, environmental and other similar items $ 82,378 $ 76,237 $ 77,725 Deferred employee benefit items 65,550 61,340 Other items (each less than 5 percent of total assets) 111,094 106,341 122,938 Total deferred tax assets $ 259,022 $ 243,918 $ 200,663 Deferred tax liabilities: Depreciation and amortization $ 161,916 $ 144,715 $ 111,311 Deferred employee benefit items 16,227 Total deferred tax liabilities $ 161,916 $ 144,715 $ 127,538 Netted against the Companys other deferred tax assets were valuation reserves of $15,735, $6,611 and $3,728 at December 31, 2009, 2008 and 2007, respectively, resulting from the uncertainty as to the realization of the tax benefits from certain foreign net operating losses and certain other foreign assets. Significant components of the provisions for income taxes were as follows: 2009 2008 2007 Current: Federal $ 151,492 $ 144,789 $ 208,508 Foreign 25,964 34,367 28,388 State and local 18,118 28,078 27,485 Total current 195,574 207,234 264,381 Deferred: Federal (4,887) 25,668 24,770 Foreign (1,592) (666) 3,602 State and local (2,126) 5,363 4,612 Total deferred (8,605) 30,365 32,984 Total provisions for income taxes $ 186,969 $ 237,599 $ 297,365 The provisions for income taxes included estimated taxes payable on that portion of retained earnings of foreign subsidiaries expected to be received by the Company. The effect of the repatriation provisions of the American Jobs Creation Act of 2004 and the provisions of the Income Taxes Topic of the ASC, was $1,899 in 2009, $(1,337) in 2008 and $1,925 in 2007. A provision was not made with respect to $14,971 of retained earnings at December 31, 2009 that have been invested by foreign subsidiaries. It was not practicable to estimate the amount of unrecognized deferred tax liability for undistributed foreign earnings. Significant components of income before income taxes and minority interest as used for income tax purposes, were as follows: 2009 2008 2007 Domestic $ 591,558 $ 602,934 $ 802,211 Foreign 31,259 111,541 110,732 $ 622,817 $ 714,475 $ 912,943 A reconciliation of the statutory federal income tax rate to the effective tax rate follows: 2009 2008

NET INCOME PER COMMON SHARE

NET INCOME PER COMMON SHARE
	12 Months Ended Dec. 31, 2009 USD / shares
NET INCOME PER COMMON SHARE
NET INCOME PER COMMON SHARE	NOTE 16--NET INCOME PER COMMON SHARE 2009 2008 2007 Basic Average common shares outstanding 113,514,399 116,835,433 127,222,007 Net income $ 435,848 $ 476,876 $ 615,578 Net income per common share $ 3.84 $ 4.08 $ 4.84 Diluted Average common shares outstanding 113,514,399 116,835,433 127,222,007 Non-vested restricted stock grants 943,089 1,165,250 1,152,162 Stock options and other contingently issuable shares (1) 965,445 1,342,546 2,550,521 Average common shares assuming dilution 115,422,933 119,343,229 130,924,690 Net income $ 435,848 $ 476,876 $ 615,578 Net income per common share $ 3.78 $ 4.00 $ 4.70 (1) Stock options and other contingently issuable shares excludes 4,759,922, 3,136,935 and 67,379 shares at December 31, 2009, 2008 and 2007, respectively, due to their anti-dilutive effect. Basic and diluted earnings per share are calculated in accordance with the Earnings Per Share Topic of the ASC. Under the Companys restricted stock award program, non-forfeitable dividends are paid on unvested shares of restricted stock, and the restricted stock is therefore considered a participating security. The use of the two-class method of computing earnings per share does not have a significant impact on the Companys basic and diluted earnings per share calculations, and the treasury stock method continues to be disclosed.

SUMMARY OF QUARTERLY RESULTS OF

SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
	12 Months Ended Dec. 31, 2009 USD / shares
SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	NOTE 17--SUMMARY OF QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) 2009 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Full Year Net sales $ 1,550,677 $ 1,947,827 $ 1,996,909 $ 1,598,836 $ 7,094,249 Gross profit 680,606 895,342 928,983 758,238 3,263,169 Net income 37,279 158,023 175,208 65,338 435,848 Net income per common share - basic .32 1.37 1.54 .60 3.84 Net income per common share - diluted .32 1.35 1.51 .58 3.78 Net income in the fourth quarter was increased by $28,941 ($.25 per share) due primarily to inventory adjustments and adjustments to compensation and benefit expenses. Gross profit was increased by $39,197 primarily as a result of adjustments of $38,047 based on an annual physical inventory count performed during the fourth quarter, year-end inventory levels and related costs. Selling, general and administrative expenses decreased $7,938 related to compensation and benefit expense adjustments. 2008 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Full Year Net sales $ 1,781,682 $ 2,229,545 $ 2,268,658 $ 1,699,842 $ 7,979,727 Gross profit 780,508 972,903 960,489 784,900 3,498,800 Net income 77,946 171,683 177,081 50,166 476,876 Net income per common share - basic .65 1.48 1.53 .43 4.08 Net income per common share - diluted .64 1.45 1.50 .42 4.00 Net income in the fourth quarter was increased by $18,673 ($.16 per share) due primarily to inventory adjustments and reductions in compensation and benefit expenses. Gross profit was increased by $13,112 primarily as a result of physical inventory adjustments of $12,560. Selling, general and administrative expenses decreased $17,202 related to year-to-date reductions in certain compensation and benefit expenses.

OPERATING LEASES

OPERATING LEASES
	12 Months Ended Dec. 31, 2009 USD / shares
OPERATING LEASES
OPERATING LEASES	NOTE 18--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 $284,078, $271,373 and $245,345 for 2009, 2008 and 2007, 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 $36,228, $32,835 and $30,704 in 2009, 2008 and 2007, 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, 2009: 2010 $ 225,355 2011 198,566 2012 165,989 2013 132,360 2014 101,496 Later years 193,438 Total minimum lease payments $ 1,017,204

REPORTABLE SEGMENT INFORMATION

REPORTABLE SEGMENT INFORMATION
	12 Months Ended Dec. 31, 2009 USD / shares
REPORTABLE SEGMENT INFORMATION
REPORTABLE SEGMENT INFORMATION	NOTE 19 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. The Company has three reportable operating segments: Paint Stores Group, Consumer Group and Global Finishes Group (collectively, the Reportable Operating Segments). Factors considered in determining the three reportable segments of the Company include the nature of business activities, existence of managers responsible for the operating and administrative activities 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 5 through 7 of this report for more information about the Reportable Operating Segments. The Companys chief operating decision maker (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 operating 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 Operating Segments based on profit or loss before income taxes and cash generated from operations. The accounting policies of the Reportable Operating Segments are the same as those described in Note 1 of this report. The Paint Stores Group consisted of 3,354 company-operated specialty paint stores in the United States, Canada, Puerto Rico, Virgin Islands, Trinidad and Tobago, St. Maarten and Jamaica at December 31, 2009. Each store in this segment is engaged in the related business activity of selling paint, coatings and related products to end-use customers. The Paint Stores Group markets and sells Sherwin-Williams branded architectural paint and coatings, industrial and marine products, OEM product finishes and related items. These products are produced by manufacturing facilities in the Consumer and Global Finishes Groups. In addition, each store sells selected purchased associated products. During 2009, this segment opened 8 net new stores, consisting of 53 new stores opened (44 in the United States, 7 in Canada, 1 in Jamaica and 1 in St. Maarten) and 45 stores closed in the United States. In 2008, this segment opened 21 net new stores (14 in the United States). In 2007, there were 172 stores acquired, 107 net new stores opened (81 in the United States). The loss of any single customer would not have a material adverse effect on the business of this segment. A map on page 10 of this report shows the number of paint stores and their geographic location. The Consumer Group develops, manufactures and distributes a variety of paint, co

Schedule II Valuation and Quali

Schedule II Valuation and Qualifying Accounts and Reserves
	12 Months Ended Dec. 31, 2009 USD / shares
Schedule II Valuation and Qualifying Accounts [Abstract]
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	Valuation and Qualifying Accounts and Reserves (Schedule II) Changes in the allowance for doubtful accounts were as follows: (thousands of dollars) 2009 2008 2007 Beginning balance $ 40,760 $ 29,593 $ 23,072 Amount acquired through acquisitions 92 91 7,513 Bad debt expense 36,219 59,157 37,070 Uncollectible accounts written-off, net of recoveries (32,316) (48,081) (38,062) Ending balance $ 44,755 $ 40,760 $ 29,593 Bad debt expense and uncollectible accounts written-off increased in 2008 primarily due to increased activity in accounts doubtful of collection.

Document Information

Document Information
	12 Months Ended Dec. 31, 2009 USD / shares
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	2009-12-31

Entity Information

Entity Information (USD $)
In Thousands, except Share data	12 Months Ended Dec. 31, 2009	Jan. 31, 2010	Jun. 30, 2009
Entity Information [Line Items]
Entity Registrant Name	SHERWIN WILLIAMS CO
Entity Central Index Key	0000089800
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			$6,231,518,290
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		109,565,728