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FSA_Fоrmulа Sheet.dоcx Sherwin-Williаms 2023 Annuаl Repоrt_Partial.pdf All questions relate to The Sherwin-Williams Company (Sherwin-Williams) 2023 Annual Report to Shareholders. Selected pages from that document accompany this exam. (you should have 6 pages from that report). Sherwin-Williams 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. The company operates within the “paint & coating manufacturing” industry. The company has a vision to be the world leader in the paint industry committed to satisfying customer needs through quality products, excellent service and a highly trained and professional workforce. Median data relating to the industry are: Multiplicative Decomposition of ROE ROE 0.28 Net profit margin 0.08 Asset turnover 0.96 Leverage 3.84 Additive Decomposition of ROE ROE 0.28 NOPAT Margin 0.09 Asset turnover 1.36 ROA 0.12 Spread 0.09 Leverage 1.73 Effect of leverage 0.16 Other Ratios Gross profit margin 0.43 SG&A to revenue 0.27 Accounts receivable days 49.52 Inventory days 45.62 Operating cycle 95.14 Accounts payable days 80.14 Cash-to-cash cycle 15.00 Interest coverage 6.30 Five aspects of Sherwin-Williams’ (hereafter, the “Company”) financial statements are particularly noteworthy: First, the Company’s 2023 Income Statement includes five non-recurring items that require adjusting. See the 2 pages included of the 10-K which identify the amounts. All items are tax deductible. Restructuring expense Impairments related to restructuring and trademarks Gain on divestiture of domestic aerosol business Devaluation of the Argentine Peso Loss on early extinguishment of debt Second, the effective tax rate is 23.2% (no adjustment to rate necessary). Third, the Company’s COEC is 10.32% Fourth, note that dollar amounts in the financial statements, (except per share amounts and shares issued and outstanding), are in millions Fifth, please show all your work!