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Long-Lived Assets, Including Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
LONG-LIVED ASSETS, INCLUDING GOODWILL AND INTANGIBLE ASSETS LONG-LIVED ASSETS, INCLUDING GOODWILL AND INTANGIBLE ASSETS
Included in Property, plant and equipment, net were the following:
202120202019
Land$257.7 $283.5 $242.1 
Buildings1,157.8 1,098.0 1,044.2 
Machinery and equipment3,043.6 3,026.8 2,952.1 
Construction in progress205.4 140.5 144.0 
Property, plant and equipment, gross4,664.5 4,548.8 4,382.4 
Less allowances for depreciation2,797.2 2,714.3 2,547.2 
Property, plant and equipment, net$1,867.3 $1,834.5 $1,835.2 
In accordance with the Property, Plant and Equipment Topic of the ASC, whenever events or changes in circumstances indicate that the carrying value of long-lived assets may not be recoverable or the useful life may have changed, impairment tests are to be performed. Undiscounted cash flows are used to calculate the recoverable value of long-lived assets to determine if such assets are not recoverable. If the carrying value of the assets is deemed to not be recoverable, the impairment to be recognized is the amount by which the carrying value of the assets exceeds the estimated fair value of the assets as determined in accordance with the Fair Value Topic of the ASC. No material impairments of long-lived assets were recorded in 2021, 2020 or 2019.
During 2021, the Company acquired two companies which resulted in the recognition of goodwill of $155.6 million and finite-lived intangibles of $11.3 million. During 2019, the Company acquired three companies which resulted in the recognition of goodwill of $14.2 million and finite-lived intangibles of $34.9 million. In addition, during 2021, the Company divested its Wattyl business in Australia and New Zealand. See Note 3 for additional information related to the acquisitions and divestiture.
In accordance with the Goodwill and Other Intangibles Topic of the ASC, goodwill and indefinite-lived intangible assets are tested for impairment annually at the reporting unit level, and interim impairment tests are performed whenever an event occurs or circumstances change that indicate an impairment has more likely than not occurred. October 1 has been established for the annual impairment review. At the time of impairment testing, values are estimated separately for goodwill and trademarks with indefinite lives using a valuation model, incorporating discount rates commensurate with the risks involved for each group of assets. An optional qualitative assessment may alleviate the need to perform the quantitative goodwill impairment test when impairment is unlikely.
The annual impairment review performed as of October 1, 2021 did not result in any trademark or goodwill impairment. The annual impairment review performed as of October 1, 2020 resulted in trademark impairment of $2.3 million in the Performance Coatings Group related to lower than anticipated sales of an acquired brand and no goodwill impairment.
During the fourth quarter of 2019, the Company performed a strategic review of its business lines as part of the annual planning cycle. Decisions were made during this review related to certain brands which resulted in a reduction to the long-term forecasted net sales for certain indefinite-lived trademarks acquired in the Valspar acquisition within the Performance Coatings and Consumer Brands Groups. As a result of the strategic decisions made at that time and in conjunction with the annual impairment review performed as of October 1, 2019, the Company recognized non-cash pre-tax impairment charges totaling $122.1 million related to certain recently acquired indefinite-lived trademarks. These charges included impairments totaling $117.0 million in the Performance Coatings Group and $5.1 million in the Consumer Brands Group. In the Performance Coatings Group, $75.6 million related to trademarks in North America directly associated with strategic decisions made to rebrand industrial products to the Sherwin-Williams® brand name, $25.7 million related to trademarks in the Asia Pacific region as a direct result of recent performance that reduced the long-term forecasted net sales and $15.7 million related to other recently acquired trademarks in various regions.The annual impairment review did not result in any goodwill impairment.
A summary of changes in the Company’s carrying value of goodwill by Reportable Segment is as follows:
GoodwillThe Americas GroupConsumer Brands
Group		Performance Coatings
Group		Consolidated
Totals
Balance at January 1, 2019 (1)
$2,256.6 $1,753.8 $2,946.3 $6,956.7 
Acquisitions14.2 14.2 
Currency and other adjustments0.1 33.8 33.9 
Balance at December 31, 2019 (1)
2,256.6 1,753.9 2,994.3 7,004.8 
Currency and other adjustments0.7 43.6 44.3 
Balance at December 31, 2020 (1)
2,256.6 1,754.6 3,037.9 7,049.1 
Acquisitions155.6 155.6 
Currency and other adjustments(45.7)(24.4)(70.1)
Balance at December 31, 2021 (1)
$2,256.6 $1,708.9 $3,169.1 $7,134.6 
(1)    Net of accumulated impairment losses of $19.4 million ($10.5 million in The Americas Group, $8.1 million in the Consumer Brands Group and $0.8 million in the Performance Coatings Group).
A summary of the Company’s carrying value of intangible assets is as follows: 
Finite-Lived Intangible Assets
Trademarks
With 
Indefinite
Lives (1)
Total
Intangible
Assets
SoftwareCustomer RelationshipsIntellectual PropertyAll OtherSubtotal
December 31, 2021
Gross$166.0 $3,005.7 $1,730.3 $303.5 $5,205.5 
Accumulated amortization(149.3)(961.6)(396.5)(279.7)(1,787.1)
Net value$16.7 $2,044.1 $1,333.8 $23.8 $3,418.4 $583.1 $4,001.5 
December 31, 2020
Gross$166.8 $3,181.6 $1,730.3 $306.8 $5,385.5 
Accumulated amortization(142.8)(804.7)(310.0)(273.4)(1,530.9)
Net value$24.0 $2,376.9 $1,420.3 $33.4 $3,854.6 $616.6 $4,471.2 
December 31, 2019
Gross$166.4 $3,062.8 $1,730.3 $312.9 $5,272.4 
Accumulated amortization(134.8)(527.5)(223.5)(260.5)(1,146.3)
Net value$31.6 $2,535.3 $1,506.8 $52.4 $4,126.1 $608.4 $4,734.5 
(1)    Trademarks are net of accumulated impairment losses of $124.4 million as of December 31, 2021 and 2020, and $122.1 million as of December 31, 2019.
Amortization of finite-lived intangible assets is estimated as follows for the next five years: $299.1 million in 2022, $297.3 million in 2023, $294.0 million in 2024, $286.7 million in 2025 and $282.3 million in 2026.
Although the Company believes its estimates of fair value related to reporting units and indefinite-lived trademarks are reasonable, actual financial results could differ from those estimates due to the inherent uncertainty involved in making such estimates. Changes in assumptions concerning future financial results or other underlying assumptions could have a significant impact and future impairment charges may be required.