Other Expense (Income)

12 Months Ended

Dec. 31, 2021

Other Income and Expenses [Abstract]

OTHER EXPENSE (INCOME)

OTHER EXPENSE (INCOME)

Other General Expense - Net

Included in Other general expense - net were the following:

	2021		2020		2019
Provisions for environmental matters - net	$	(4.0)	$	37.1	$	23.0
Loss on divestiture (see Note 3)	111.9		—		—
(Gain) loss on sale or disposition of assets	(6.1)		(9.4)		16.1
Total	$	101.8	$	27.7	$	39.1

Provisions for environmental matters–net represent initial provisions for site-specific estimated costs of environmental investigation or remediation and increases or decreases to environmental-related accruals as information becomes available upon which more accurate costs can be reasonably estimated and as additional accounting guidelines are issued. See Note 9 for further details on the Company’s environmental-related activities.

The (gain) loss on sale or disposition of assets represents the net realized (gain) loss associated with the sale or disposal of property, plant and equipment and intangible assets previously used in the conduct of the primary business of the Company.

Other (Income) Expense - Net

Included in Other (income) expense - net were the following:

	2021		2020		2019
Investment and royalty income	$	(30.4)	$	(16.4)	$	(12.0)
(Gain) loss on extinguishment of debt (see Note 6)	(1.4)		21.3		14.8
Net expense from banking activities	10.3		10.4		10.7
Foreign currency transaction related losses	12.0		7.2		19.7
Domestic pension plan settlement expense	—		—		32.4
Miscellaneous pension expense	4.4		4.9		8.0
Indirect tax credits	—		—		(38.7)
California litigation expense (see Note 10)	—		—		(34.7)
Other income	(29.0)		(44.7)		(32.8)
Other expense	14.6		22.6		14.6
Total	$	(19.5)	$	5.3	$	(18.0)

Foreign currency transaction related losses include the impact from foreign currency transactions and net realized (gains) losses from foreign currency option and forward contracts. There were no material foreign currency option and forward contracts outstanding at December 31, 2021, 2020 and 2019.

Miscellaneous pension expense consists of the non-service components of net pension costs. See Note 7 for information on the Domestic pension plan settlement expense and Miscellaneous pension expense.

Indirect tax credits includes a gain of $33.5 million recognized by Sherwin-Williams do Brasil Industria e Comercio Ltda. (Sherwin-Williams Brazil) in the fourth quarter of 2019 related to the recovery of certain social contribution (PIS/COFINS) taxes paid over gross sales including ICMS receipts, a type of state level value-added tax in Brazil. In 2014, Sherwin-Williams Brazil filed a lawsuit against the Brazilian tax authorities to challenge the inclusion of ICMS on the PIS/COFINS tax base. During 2019, Sherwin-Williams Brazil received a favorable final, non-appealable decision against the Brazilian tax authorities. Upon clarification regarding monetization of the credits, the Company recognized the benefit.

Other income and Other expense included items of revenue, gains, expenses and losses that were unrelated to the primary business purpose of the Company. There were no items within Other income or Other expense that were individually significant in December 31, 2021, 2020 and 2019.