Sherwin-Williams Co., balance sheet: debt

US$ in thousands

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Short-term borrowings	662,400)	374,200)	978,100)	763,500)	100)
Current portion of long-term debt	1,049,200)	1,098,800)	600)	260,600)	25,100)
Current portion of finance lease liabilities	3,700)	—)	—)	—)	—)
Long-term debt, excluding current portion	8,176,800)	8,377,900)	9,591,000)	8,590,900)	8,266,900)
Long-term finance lease liabilities, excluding current portion	185,600)	—)	—)	—)	—)
Total debt and finance lease liabilities (carrying amount)	10,077,700)	9,850,900)	10,569,700)	9,615,000)	8,292,100)

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Debt item	Description	The company
Total debt and finance lease liabilities (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Sherwin-Williams Co. total debt decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

	Dec 31, 2024
Selected Financial Data (US$ in thousands)
Short-term borrowings	662,400)
Publicly traded debt	8,172,800)
Non-traded debt	200)
Total long-term debt, including current portion (fair value)	8,173,000)
Finance lease liabilities	189,300)
Total debt and finance lease liabilities (fair value)	9,024,700)
Financial Ratio
Debt, fair value to carrying amount ratio	0.90

Weighted average interest rate on debt and finance lease liabilities: 3.76%

Interest rate	Debt amount¹	Interest rate × Debt amount
3.45%	1,495,700)	51,602)
4.50%	1,233,700)	55,517)
2.95%	795,500)	23,467)
3.80%	543,700)	20,661)
2.30%	497,600)	11,445)
2.20%	495,500)	10,901)
3.30%	494,600)	16,322)
2.90%	492,100)	14,271)
4.80%	445,000)	21,360)
3.45%	399,800)	13,793)
4.25%	399,500)	16,979)
4.55%	395,400)	17,991)
4.55%	397,600)	18,091)
3.95%	351,600)	13,888)
4.00%	297,200)	11,888)
3.30%	250,000)	8,250)
4.40%	241,300)	10,617)
8.00%	200)	16)
4.70%	655,600)	30,813)
3.10%	6,800)	211)
5.50%	189,300)	10,412)
Total	10,077,700)	378,493)
3.76%

¹ US$ in thousands

² Weighted-average interest rate = 100 × 378,493 ÷ 10,077,700 = 3.76%

Sherwin-Williams Co., interest costs incurred

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest expense	415,700)	417,500)	390,800)	334,700)	340,400)
Capitalized interest	59,600)	30,700)	—)	—)	—)
Interest costs incurred	475,300)	448,200)	390,800)	334,700)	340,400)

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Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Sherwin-Williams Co. interest expense increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Sherwin-Williams Co. capitalized interest increased from 2022 to 2023 and from 2023 to 2024.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Sherwin-Williams Co. interest costs incurred increased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in thousands)
Net income	2,681,400)	2,388,800)	2,020,100)	1,864,400)	2,030,400)
Add: Income tax expense	770,400)	721,100)	553,000)	384,200)	488,800)
Add: Interest expense	415,700)	417,500)	390,800)	334,700)	340,400)
Earnings before interest and tax (EBIT)	3,867,500)	3,527,400)	2,963,900)	2,583,300)	2,859,600)

Interest costs incurred	475,300)	448,200)	390,800)	334,700)	340,400)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	9.30	8.45	7.58	7.72	8.40
Adjusted interest coverage ratio (with capitalized interest)²	8.14	7.87	7.58	7.72	8.40

2024 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 3,867,500 ÷ 415,700 = 9.30

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 3,867,500 ÷ 475,300 = 8.14

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Sherwin-Williams Co. adjusted interest coverage ratio improved from 2022 to 2023 and from 2023 to 2024.

Sherwin-Williams Co. (NYSE:SHW)

Analysis of Debt