XML 41 R17.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Debt | 12 Months Ended
--- | ---
Dec. 31, 2021
Debt Disclosure [Abstract] |
DEBT | DEBT The table below summarizes the carrying value of the Company’s outstanding debt, net of capitalized debt issuance costs:
| Due Date |  | 2021 |  | 2020 |  | 2019
3.45% Senior Notes | 2027 |  | $ | 1,490.4 |  |  | $ | 1,488.6 |  |  | $ | 1,486.8 |
4.50% Senior Notes | 2047 |  | 1,231.6 |  |  | 1,230.8 |  |  | 1,230.1 |
2.95% Senior Notes | 2029 |  | 792.6 |  |  | 791.7 |  |  | 790.7 |
3.80% Senior Notes | 2049 |  | 543.0 |  |  | 542.8 |  |  | 542.5 |
3.125% Senior Notes | 2024 |  | 498.3 |  |  | 497.7 |  |  | 497.0 |
2.30% Senior Notes | 2030 |  | 496.2 |  |  | 495.8 |  |  | — |
3.30% Senior Notes | 2050 |  | 493.9 |  |  | 493.7 |  |  | — |
2.20% Senior Notes | 2032 |  | 493.6 |  |  | — |  |  | — |
2.90% Senior Notes | 2052 |  | 491.3 |  |  | — |  |  | — |
3.45% Senior Notes | 2025 |  | 398.7 |  |  | 398.3 |  |  | 398.0 |
4.55% Senior Notes | 2045 |  | 394.7 |  |  | 394.5 |  |  | 394.3 |
3.95% Senior Notes | 2026 |  | 356.2 |  |  | 357.8 |  |  | 359.3 |
4.00% Senior Notes | 2042 |  | 296.7 |  |  | 296.6 |  |  | 296.4 |
2.75% Senior Notes | 2022 |  | 260.0 |  |  | 259.6 |  |  | 757.1 |
3.30% Senior Notes | 2025 |  | 249.6 |  |  | 249.5 |  |  | 249.4 |
4.40% Senior Notes | 2045 |  | 240.0 |  |  | 239.6 |  |  | 239.2 |
7.375% Debentures | 2027 |  | 119.2 |  |  | 119.1 |  |  | 119.1 |
7.45% Debentures | 2097 |  | 3.5 |  |  | 3.5 |  |  | 3.5 |
0.53% to 8.00% Promissory Notes | Through 2026 |  | 2.0 |  |  | 2.3 |  |  | 2.9 |
4.20% Senior Notes | 2022 |  | — |  |  | 405.7 |  |  | 411.3 |
0.92% Fixed Rate Loan | 2021 |  | — |  |  | 24.4 |  |  | 22.4 |
Floating Rate Loan | 2021 |  | — |  |  | — |  |  | 251.9 |
2.25% Senior Notes | 2020 |  | — |  |  | — |  |  | 428.6 |
Total (1) |  |  | 8,851.5 |  |  | 8,292.0 |  |  | 8,480.5 |
Less amounts due within one year |  |  | 260.6 |  |  | 25.1 |  |  | 429.8 |
Long-term debt |  |  | $ | 8,590.9 |  |  | $ | 8,266.9 |  |  | $ | 8,050.7 |
(1) Net of capitalized debt issuance costs of $57.6 million, $52.9 million and $50.6 million at December 31, 2021, 2020 and 2019, respectively. Maturities of long-term debt are as follows for the next five years: $260.8 million in 2022; $0.9 million in 2023; $500.2 million in 2024, $650.1 million in 2025 and $350.1 million in 2026. Interest expense on long-term debt was $320.4 million, $320.5 million and $321.3 million for 2021, 2020 and 2019, 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. In November 2021, the Company issued $500.0 million of 2.20% Senior Notes due March 2032 and $500.0 million of 2.90% Senior Notes due March 2052 in a public offering. The net proceeds from the issuance of these notes were used to repay outstanding borrowings under the Company’s domestic commercial paper program. In October 2021, the Company exercised its optional redemption rights to redeem the entire outstanding $400.0 million aggregate principal amount of its 4.20% Senior Notes due 2022 and its 4.20% Notes due 2022 initially issued by The Valspar Corporation (collectively, the 4.20% Senior Notes) after exercising its optional redemption rights. The 4.20% Senior Notes were redeemed at a redemption price equal to 100% of the principal amount, plus accrued interest, and resulted in a gain of $1.4 million recorded in Other (income) expense - net. See Note 18. In March 2020, the Company issued $500.0 million of 2.30% Senior Notes due May 2030 and $500.0 million of 3.30% Senior Notes due May 2050 in a public offering. The net proceeds from the issuance of these notes were used to repurchase a portion of the 2.75% Senior Notes due 2022 and redeem the 2.25% Senior Notes due May 2020. The repurchase of the 2.75% Senior Notes due 2022 during the first quarter of 2020 resulted in a loss of $21.3 million recorded in Other (income) expense - net. See Note 18. In August 2019, the Company issued $800.0 million of 2.95% Senior Notes due 2029 and $550.0 million of 3.80% Senior Notes due 2049 in a public offering. The net proceeds from the issuance of these notes were used for general corporate purposes. In August 2019, the Company repurchased $1.010 billion of its 2.25% Senior Notes due 2020 and $490.0 million of its 2.75% Senior Notes due 2022. These repurchases resulted in a loss of $14.8 million recorded in Other (income) expense - net. See Note 18. In June 2019, the Company repurchased $60.9 million of its 2.25% Senior Notes due May 2020. This repurchase resulted in an insignificant gain. Short-Term Borrowings On June 29, 2021, the Company and two of its wholly-owned subsidiaries, Sherwin-Williams Canada Inc. (SW Canada) and Sherwin-Williams Luxembourg S.à r.l. (SW Luxembourg, together with the Company and SW Canada, the Borrowers), entered into a new five-year $2.000 billion credit agreement (New Credit Agreement). The New Credit Agreement may be used for general corporate purposes, including the financing of working capital requirements. The New Credit agreement replaced the $2.000 billion credit agreement dated July 19, 2018, as amended, which was terminated effective June 29, 2021. The New Credit Agreement will mature on June 29, 2026 and provides that the Company may request to extend the maturity date of the facility for two additional one-year periods. In addition, the New Credit Agreement provides that the Borrowers may increase the aggregate amount of the facility to $2.750 billion, subject to the discretion of each lender to participate in the increase, and the Borrowers may request letters of credit in an amount of up to $250.0 million. At December 31, 2021, 2020 and 2019, there were no short-term borrowings under these credit agreements. On August 2, 2021, the Company entered into an amended and restated $625.0 million credit agreement (August 2021 Credit Agreement), which amends and restates the five-year credit agreement entered into in September 2017. The August 2021 Credit Agreement was subsequently amended on multiple dates to extend the maturity of commitments available for borrowing or letters of credit under the agreement. On May 9, 2016, the Company entered into a five-year credit agreement (May 2016 Credit Agreement), subsequently amended on multiple dates to extend the maturity of commitments available for borrowing or letters of credit under the agreement. The May 2016 credit agreement gives the Company the right to borrow and obtain letters of credit up to an aggregate availability of $875.0 million. These credit agreements are being used for general corporate purposes. At December 31, 2021, 2020 and 2019, there were no borrowings outstanding under these credit agreements. The Company’s available capacity under its committed credit agreements is reduced for amounts outstanding under its domestic commercial paper program and letters of credit. At December 31, 2021, the Company had unused capacity under its various credit agreements of $2.725 billion. The table below summarizes the Company’s short-term borrowings:
| 2021 |  | 2020 |  | 2019
Domestic commercial paper | $ | 739.9 |  |  | $ | — |  |  | $ | 191.9 |
Foreign facilities | 23.6 |  |  | 0.1 |  |  | 12.8 |
Total | $ | 763.5 |  |  | $ | 0.1 |  |  | $ | 204.7 |
Weighted average interest rate: |  |  |  |  |
Domestic | 0.3 | % |  | — | % |  | 2.1 | %
Foreign | 9.5 | % |  | 0.2 | % |  | 4.3 | %

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration