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Annual Report 1951 A 7kt Sherwin-Williams Co. 0007-SWP-034799 N 4436 The Sherwin-Williams Co. a. w. rrcuou. Tt tit* JteWtfr<r Wa praaaat baaawith tba Cooaolidatad Balance Sheet aad Cooeoli* dated Tnrrune aad Sorpiua aceoo&n of Tba Sher wia-WIUiana Con* paay far the Saeal year ended Aopaat 31, 1951. Tbo eamiafa before Federal lacona Tu aad proriaioa far the Petniaa Plea in S21.9MU56. Tbo enownt eerimeted far Fodoral Income tad Fmmi Prodla Tax it 19,954,705. TUa eakalatian baa baaa nada aa the baaie of tba saw Rorenae Act of 1951, aaactad by Coopran oa October 30,1951. S3JOO.OOO baa apaia baaa aat aaida far tba Paaaiaa Plan. Tbia fipwn ia approximately aqoiralaat to tba aaaaal nnrael myiinanot of tba PUa. together with 10% of tba oripiaal pact aerrioe liability, aa ntinand by tba Conpaay'a actaariao. The final ratanlida lad oataacnianafteralldadactiana an99.546.549. t Tbaaa aat aonuapa. aflar aUowinp far Prihmd Dmdaoda. an aqnealant to 97J3 par aban oa tba proaaat oatataadnf 1.277J54 diwm oi Cmums Saiaa nan tba laiyaet ia tba Conpaay'a biatoty, baiaf 17% pan tbaa tba pnrioaa year. la Jniyef that year, tba Canpaay aold 95J35JOO of in Piahrrad Stock to a proap of baaka aad iaaaraac* rornpaain. It waa rnaaldarad adriaebte to prooido tbaaa additional faada In working capital aad rtpanrim of plant hcffitiaa. Tba iaraatory baa baaa emknd at coat or naibat prioaa. wbirhoeor tana tba lower. Far aooonl yaan a naam waa aat op to radon prion atill lower, n than pnradBap ia 1945 with raapact n oartaia raw nanriala. Loot year tbia naam anooand to IU2&9M, bat at tba aad of tbia year, narieot prion of oila. which continted tbo najar paataaa of tbo nvoatoma commd by tba neaawn ao rioaaly appinamand tbaaa of IMS that tba nniinini dUTanana ia paten wan not notarial It waa, tbanfarc, daridid to dianatnna tbia plan, aapariagy aa ao tax benefit waa obtaiaad by it 0007-SWP-034800 Sine* th* introduction last jmr of our now product "Super KtmTooe", wo hav* eid ov*t tea million gallon* of this delux* wtshabb interior wall peiat. Oar nationally advertiaed enamel "Kom-Clo''. which woo introduced to tho public ia 1949. Ukowiao ha* had a moot enthusiastic market receptioo. During Aufast of thia year we filled our twenty millionth coa of thia outetaadiagly fine quality enamel About four million dollar* w*r speat at dm Company's various plaata for modernisation aad foe i[trussing our productive focilitian A new printing plant haa been built at North Olmsted, Ohio, replacing the old oat. which had been in u*e for over fifty year*. Thia new uait will iaaur* aa adequate supply of color cards, advertising features, etc. to take care of oar srponding volume. We are also increasing, under Certificate of Necessity, our production of Para CrasoL which product ia important ia the defense program aad it utad a* aa additive to gsoolitie for airplanes, automobiles, etc. Para Creed ia also aa im portant baaic ingredient ia tba maaufocture of certain color*. The Go**rnmeat'* rearmameat program ia developing a gradually tighteaing raw material situation. Some of our most important taw material*, each a* tin plate, riac, bad, titanium, phthalic anhydride certain color* aad many rhamicab at* under allocation or restriction by Government Directives. Oar rmentch aad technical staffs arc constantly at work dtvobpiag new aad better product* for the homo, font aid industry and are net only malting tho moot of the evailabb raw materials but have formaUted from new raw materials many superior finishes which have proven them merit over yean of severs laboratory testing tech nique Many highly technical protective finish** hav* also been worked oat aad approved by Gevorgmoot Engineer* far oat ia tho Dsfoass Program. Once again I daain to thaak our ataff ia out plants, breads** aad odkoat for thmr loyalty aad enthusiastic support ia prontoting ths interact* of dm Company. PruideU 007-SWp_0348oi CONSOLIDATED PROFIT AND LOSS AND SURPLUS THE SHERWIN-WILLIAMS COMPANY AND CONSOLIDATED SUBSIDIARIES Ym Eadad Aofut 3i, 19S1 worn and loss Ml Mb fatrtrttar far Ifa raar aM Aapat 31. IMt. bafataocbariaaaaM. aroriaoa' aad Ufa ifadiBtBM. wflriml I Otbar iaeaaa: Cafalrioa af ittaatwra fa ndni oarUfa farae- farm w Ualfa. Ht bam Nala A............ IUAHA00 OiriMi lacarad a* capital Mack af aacnwaili- dafad whtidiariat--Nafa B................................ runLa iMiifalliaaaaa........................................................ 7.|J0 lMt.UI.1f Dadactiaai ssufxuos Pra riaiaa far patfaaaa................. ............... 12.100.000JO Piatfata far dapnaabaa....................................... 1.149.47X47 Praritiaa far hraa laaat aad aiiraHiamn ifaaa. ilUldlt Nat ebarat irfaaa Mb Bk at abaadeaafaat af ffaHCjablitaafa............................................... IflJIdJO Iafanat ctpaaaa...................................................... U4JSLI9 Fadaral fata aa faoaBai Pwrfaita fat tba nw naaad aa tba Rataaaa At af 1M1) Nataal faa aad aarfaa------ ! nit moot.................................................. tmioxta >mo* KAINXD SOWU19 mm at SapfaBbat 1.1X0.................................. laalpradt fartbapaar........................ 9J4M4XW *! hlSxmlS Gaab dmdaadt dadatad aad paid atataaidad far darfap tbajaan Piafctrad ItJOpfatbataTT. t __ MU7LM _ Caaaaa--ttJOparabaaa... M7X4SMS SM74JP4S PrtBfaa aa atafawd Barb allif ht ufaaatfn _ RWMS 4.7>MI>J BALANCE AT AUGC5T It 1M1................. uTFIP Nafa > lAiaa fa aada fa Nafa A fa tha < tdjomxas Nafa C--Tba wll aad ba aaaaaata af tba aaaaafaUtad farafa ka baaa.Baaalafad afa O. X daflara aaau aa tbt bait af mta 4 aSrat at tba tfaa af tba m 0007-SWP-Q34802 C08frC0--dMS-- 000 AUDITORS' CERTIFICATE Board of Dirocton, Tht Sharwia>W3]iaMt Cowpaop, CMud. Ohio. W bar* mmiiml fat coaaoiidttod balaact ilwt of Tho ShtrwiaWiHitmt Coaptap tad ceeaolidatad tabtidiariat to of Aipit 51. 1961, tad tht rotated itatcmtabi of goaaoiidated profit tad bat tad torptat far da poor that tadtd. Oar rrtmmttioo tt aadt ia aceocdtaeo with |otrnflp tccopted taditinp ttaadarda, tad aceordiaftp inriadad acfc teati of tho acceaatiaf roeordt tad ad othor awditinp proeadarta ta wo nnatidrrid atcaataip ia tho drcnattaacaa. Ia oar opmioa. fat aocootpaapiat htltwro faott tad latmana* of profit tad loat tad tarpiat prottat fairip fat eoaaoiidttad fiatncitl potitioa of Tht Sharwja Wiffitt Cnatptty tad cnatottdtted tab. aidtariaa at Aapaat SI. 1961. tad fat coMC&dated Malta of fatir nptiQtiowt far fat poor fata tadtd, ia coofarautp with prmwlip *c- copted wrnaiHap priadpltt which, wrapt far fat chaapa (approrod bp at) ia prkiac otrtaia iaraateriw. rtfatrod to ia Note A ta fat CQMO&dftltd btittM ImI Appfigj Oft 4 ^MKl QOMllBi with that of fat primiliai paw. ERNST fa ERNST Cartifiad Public Aaeoaattato Cfaotltad, Ohio Oetohar 30i 1961 0007-SWP-034804 The Sherwin-Williams Co. 101 Pfaapact An., N. W, MklW OmhU Okie Mtrufacbtrtrt *f Paiata, Vmiitu, Calata. Staiaa. lfaaaak 1 iini--l LaaJ O7M1 CkMUttk tlMpoNr Litkiipb Lioowd Ofl* D17 CliMi Cmm .V<m PUntr dmlul Pwf DayOaa Oaail Xaaarii PittaWih Hubbard. Obiu -Oaklaad. CaL Baaad Braak. M. r.-G&babaaa. H. J. Dallaa Ua Aaaiaa Cafcg.ilk Xaa. A-acAtawic C.S.IAT0C k. i. rorran Dindart criAim a a. con CM.UMIWT 0.1.1 Ltl aa m LC Oftart If.lTCMlMW m. I. aomi*. rtm Ma c a cooupca rtm hiw C. M. ICKKaiX Km fmmtmt LKICnona far AaamaaAfia IttfUimraMM tc*nmiBr.Ka/ TaAtftr Aait amunTmreomuT ~ ii --1 unu rtmt compact IhataiCT Xtfidrart cBRBat iuMKtt itn CMaaAOM. osacactt new compact Talk a T. 0007-SWP-034805 0007--SWP-034806