<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): March 30, 1998
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THE SHERWIN-WILLIAMS COMPANY
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(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Ohio 1-4851 34-0526850
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(State or other (Commission File (IRS Employer Identification No.)
jurisdiction of Number)
incorporation)
</TABLE>
101 Prospect Avenue, N.W., Cleveland, Ohio 44115
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(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (216) 566-2000
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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Effective December 31, 1997, The Sherwin-Williams Company (the
"Company") adopted Statement of Financial Accounting Standards (SFAS) No. 128,
"Earnings Per Share", which replaced the calculation of primary earnings per
share and fully diluted earnings per share with basic earnings per share and
diluted earnings per share. SFAS No. 128 requires that all prior-period earnings
per share data presented in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 1997 be restated to conform to SFAS No. 128. On
March 11, 1998, the Company filed its Annual Report on Form 10-K for the fiscal
year ended December 31, 1997. In accordance with Item 601(c)(2) of
Regulation S-K, the Company is filing this Current Report on Form 8-K to restate
the Company's Financial Data Schedules for the fiscal years ended
December 31, 1995 and December 31, 1996 and for the quarterly periods ended
March 31, 1996, June 30, 1996, September 30, 1996, March 31, 1997, June 30, 1997
and September 30, 1997. The Restated Financial Data Schedules filed as exhibits
hereto conform to the restated prior-period earnings per share data presented in
the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 1997.
Item 7. Financial Statements and Exhibits.
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<CAPTION>
(c) Exhibits:
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Exhibit
Number Exhibit
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<S> <C> <C>
27.1 Restated Financial Data Schedule for the fiscal year ended December
31, 1995 (filed herewith).
27.2 Restated Financial Data Schedule for the fiscal year ended December
31, 1996 and the quarterly periods ended March 31, 1996,
June 30, 1996 and September 30, 1996 (filed herewith).
27.3 Restated Financial Data Schedule for the quarterly periods ended
March 31, 1997, June 30, 1997 and September 30, 1997
(filed herewith).
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2
<PAGE> 3
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
THE SHERWIN-WILLIAMS COMPANY
March 30, 1998 By: /s/ L.E. Stellato
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L.E. Stellato
Vice President, General Counsel and
Secretary
3
<PAGE> 4
INDEX TO EXHIBITS
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<TABLE>
<CAPTION>
EXHIBIT NO. EXHIBIT
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<S> <C> <C>
27.1 Restated Financial Data Schedule for the fiscal year ended December 31,
1995 (filed herewith).
27.2 Restated Financial Data Schedule for the fiscal year ended December 31,
1996 and the quarterly periods ended March 31, 1996, June 30, 1996 and
September 30, 1996 (filed herewith).
27.3 Restated Financial Data Schedule for the quarterly periods ended
March 31, 1997, June 30, 1997 and September 30, 1997 (filed herewith).
</TABLE>
4
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-K
FOR THE YEAR ENDED DEC. 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS. THIS SCHEDULE IS A RESTATED FINANCIAL DATA
SCHEDULE.
</LEGEND>
<RESTATED>
<CIK> 0000089800
<NAME> THE SHERWIN-WILLIAMS COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<CASH> 249,484
<SECURITIES> 20,000
<RECEIVABLES> 349,458
<ALLOWANCES> 15,154
<INVENTORY> 463,087
<CURRENT-ASSETS> 1,238,898
<PP&E> 987,434
<DEPRECIATION> 531,077
<TOTAL-ASSETS> 2,141,053
<CURRENT-LIABILITIES> 618,937
<BONDS> 24,018
0
0
<COMMON> 101,110
<OTHER-SE> 1,111,016
<TOTAL-LIABILITY-AND-EQUITY> 2,141,053
<SALES> 3,273,819
<TOTAL-REVENUES> 3,273,819
<CGS> 1,877,083
<TOTAL-COSTS> 1,877,083
<OTHER-EXPENSES> 11,782
<LOSS-PROVISION> 13,793
<INTEREST-EXPENSE> 2,532
<INCOME-PRETAX> 318,498
<INCOME-TAX> 117,844
<INCOME-CONTINUING> 200,654
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 200,654
<EPS-PRIMARY> 1.18<F1>
<EPS-DILUTED> 1.17
<FN>
<F1>Represents net income per common share - basic in accordance with SFAS No.
128.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORMS 10-Q
FOR THE PERIODS ENDED MAR. 31, JUNE 30 AND SEPT. 30, 1996 AND FROM FORM 10-K
FOR THE YEAR ENDED DEC. 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS. THIS SCHEDULE IS A RESTATED
FINANCIAL DATA SCHEDULE.
</LEGEND>
<RESTATED>
<CIK> 0000089800
<NAME> THE SHERWIN-WILLIAMS COMPANY
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS YEAR
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996 DEC-31-1996 DEC-31-1996
<PERIOD-START> JAN-01-1996 JAN-01-1996 JAN-01-1996 JAN-01-1996
<PERIOD-END> MAR-31-1996 JUN-30-1996 SEP-30-1996 DEC-31-1996
<CASH> 12,849 12,666 6,194 1,880
<SECURITIES> 0 0 0 0
<RECEIVABLES> 503,517 627,216 612,001 475,053
<ALLOWANCES> 23,931 25,016 27,978 22,632
<INVENTORY> 597,034 583,272 580,516 642,687
<CURRENT-ASSETS> 1,333,597 1,456,493 1,394,046 1,416,187
<PP&E> 1,071,221 1,112,658 1,154,790 1,133,932
<DEPRECIATION> 548,493 573,465 601,577 584,541
<TOTAL-ASSETS> 2,732,329 2,949,834 2,942,064 2,994,590
<CURRENT-LIABILITIES> 1,076,356 1,209,725 1,126,633 1,051,007
<BONDS> 127,393 134,638 137,641 142,679
0 0 0 0
0 0 0 0
<COMMON> 101,258 101,432 101,508 101,650
<OTHER-SE> 1,119,222 1,192,329 1,266,188 1,299,582
<TOTAL-LIABILITY-AND-EQUITY> 2,732,329 2,949,834 2,942,064 2,994,590
<SALES> 857,771 2,003,025 3,174,035 4,132,879
<TOTAL-REVENUES> 857,771 2,003,025 3,174,035 4,132,879
<CGS> 520,278 1,195,551 1,874,324 2,405,178
<TOTAL-COSTS> 520,278 1,195,551 1,874,324 2,405,178
<OTHER-EXPENSES> 2,393 4,509 5,629 25,520
<LOSS-PROVISION> 4,223 8,621 13,980 19,095
<INTEREST-EXPENSE> 5,436 12,450 19,016 24,537
<INCOME-PRETAX> 31,602 163,701 311,549 375,377
<INCOME-TAX> 12,009 62,206 121,504 146,220
<INCOME-CONTINUING> 19,593 101,495 190,045 229,157
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 19,593 101,495 190,045 229,157
<EPS-PRIMARY> 0.11<F1> 0.59<F1> 1.11<F1> 1.34<F1>
<EPS-DILUTED> 0.11 0.59 1.10 1.33
<FN>
<F1>Represents net income per common share - basic in accordance with SFAS No. 128.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORMS 10-Q
FOR THE PERIODS ENDED MAR. 31, JUNE 30 AND SEPT. 30, 1997 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. THIS SCHEDULE IS A
RESTATED FINANCIAL DATA SCHEDULE.
</LEGEND>
<RESTATED>
<CIK> 0000089800
<NAME> THE SHERWIN-WILLIAMS COMPANY
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-START> JAN-01-1997 JAN-01-1997 JAN-01-1997
<PERIOD-END> MAR-31-1997 JUN-30-1997 SEP-30-1997
<CASH> 58,203 7,406 18,241
<SECURITIES> 0 0 0
<RECEIVABLES> 625,344 719,019 707,868
<ALLOWANCES> 28,498 30,287 35,762
<INVENTORY> 755,192 751,665 714,948
<CURRENT-ASSETS> 1,650,303 1,688,123 1,653,234
<PP&E> 1,245,657 1,285,114 1,318,695
<DEPRECIATION> 604,007 628,130 638,330
<TOTAL-ASSETS> 4,161,157 4,219,348 4,186,506
<CURRENT-LIABILITIES> 1,522,376 1,526,143 1,416,792
<BONDS> 795,673 796,233 799,594
0 0 0
0 0 0
<COMMON> 203,825 204,019 204,441
<OTHER-SE> 1,197,942 1,279,063 1,357,420
<TOTAL-LIABILITY-AND-EQUITY> 4,161,157 4,219,348 4,186,506
<SALES> 1,069,787 2,443,138 3,789,669
<TOTAL-REVENUES> 1,069,787 2,443,138 3,789,669
<CGS> 626,173 1,401,968 2,165,108
<TOTAL-COSTS> 626,173 1,401,968 2,165,108
<OTHER-EXPENSES> (25) 6,466 10,251
<LOSS-PROVISION> 5,382 10,057 14,626
<INTEREST-EXPENSE> 20,798 42,137 62,387
<INCOME-PRETAX> 37,925 190,716 353,357
<INCOME-TAX> 14,791 74,379 137,809
<INCOME-CONTINUING> 23,134 116,337 215,548
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 23,134 116,337 215,548
<EPS-PRIMARY> 0.13<F1> 0.68<F1> 1.25<F1>
<EPS-DILUTED> 0.13 0.67 1.24
<FN>
<F1>Represents net income per common share - basic in accordance with SFAS No. 128.
</FN>
</TABLE>
