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DEBT
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
DEBT DEBT
The following table summarizes the Company’s outstanding debt:
September 30,December 31,September 30,
202220212021
Long-term debt (including current portion)$9,589.5 $8,851.5 $8,267.0 
Short-term borrowings945.2 763.5 709.4 
Total debt outstanding$10,534.7 $9,615.0 $8,976.4 
Long-Term Debt
The Company’s long-term debt primarily consists of senior notes. In August 2022, the Company issued $600.0 million of 4.050% Senior Notes due 2024 and $400.0 million of 4.250% Senior Notes due 2025 in a public offering. The net proceeds from the issuance of these notes were used to repay borrowings outstanding under the Company’s credit agreement dated May 9, 2016, as amended, and domestic commercial paper program. For further details on the Company’s debt, including available credit facilities and related agreements, see Note 6 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
Short-Term Borrowings
On May 23, 2022, the Company amended its credit agreement dated May 9, 2016, as amended, to extend the maturity of $150.0 million of the commitments available for borrowing or letters of credit.
On multiple dates during the third quarter of 2022, the Company amended its credit agreement dated August 2, 2021, as amended, to extend the maturities of $250.0 million, in the aggregate, of the commitments available for borrowing or letters of credit.
On August 30, 2022, 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 $2.250 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 June 29, 2021, as amended, which was terminated effective August 30, 2022. The New Credit Agreement will mature on August 30, 2027 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 size of the facility up to an additional amount of $750.0 million, 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.
The Company’s available capacity under its committed credit agreements is reduced for amounts outstanding under its domestic commercial paper program, various credit agreements and letters of credit. At September 30, 2022, the Company had unused
capacity under its various credit agreements of $2.826 billion. The following table summarizes the Company’s short-term borrowings:
September 30,December 31,September 30,
202220212021
Short-term borrowings:
Domestic commercial paper$889.3 $739.9 $694.9 
Foreign facilities55.9 23.6 14.5 
Total$945.2 $763.5 $709.4 
Weighted average interest rate:
Domestic commercial paper3.3 %0.3 %0.2 %
Foreign facilities4.4 %9.5 %4.7 %