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Pennsylvania
|
|
25-0730780
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
One PPG Place, Pittsburgh, Pennsylvania
|
|
15272
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
|
ý
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
o
|
|
|
|
PAGE
|
|
||
Item 1.
|
|
|
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 6.
|
||
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
$
|
4,064
|
|
|
$
|
4,100
|
|
|
$
|
7,736
|
|
|
$
|
7,762
|
|
Cost of sales, exclusive of depreciation and amortization
|
2,190
|
|
|
2,283
|
|
|
4,203
|
|
|
4,348
|
|
||||
Selling, general and administrative
|
956
|
|
|
954
|
|
|
1,875
|
|
|
1,867
|
|
||||
Depreciation
|
91
|
|
|
92
|
|
|
182
|
|
|
179
|
|
||||
Amortization
|
30
|
|
|
33
|
|
|
60
|
|
|
66
|
|
||||
Research and development, net
|
119
|
|
|
123
|
|
|
237
|
|
|
242
|
|
||||
Interest expense
|
31
|
|
|
34
|
|
|
62
|
|
|
63
|
|
||||
Interest income
|
(7
|
)
|
|
(10
|
)
|
|
(14
|
)
|
|
(21
|
)
|
||||
Business restructuring
|
—
|
|
|
140
|
|
|
—
|
|
|
140
|
|
||||
Asbestos settlement, net
|
2
|
|
|
3
|
|
|
5
|
|
|
6
|
|
||||
Other charges
|
32
|
|
|
34
|
|
|
53
|
|
|
59
|
|
||||
Other income
|
(53
|
)
|
|
(38
|
)
|
|
(71
|
)
|
|
(69
|
)
|
||||
Income from continuing operations before income taxes
|
673
|
|
|
452
|
|
|
1,144
|
|
|
882
|
|
||||
Income tax expense
|
297
|
|
|
110
|
|
|
414
|
|
|
214
|
|
||||
Income from continuing operations
|
376
|
|
|
342
|
|
|
730
|
|
|
668
|
|
||||
Income from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Net income attributable to the controlling and noncontrolling interests
|
376
|
|
|
342
|
|
|
730
|
|
|
669
|
|
||||
Less: Net income attributable to noncontrolling interests
|
(6
|
)
|
|
(5
|
)
|
|
(13
|
)
|
|
(10
|
)
|
||||
Net income (attributable to PPG)
|
$
|
370
|
|
|
$
|
337
|
|
|
$
|
717
|
|
|
$
|
659
|
|
Amounts attributable to PPG:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations, net of tax
|
$
|
370
|
|
|
$
|
337
|
|
|
$
|
717
|
|
|
$
|
658
|
|
Income from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Net income (attributable to PPG)
|
$
|
370
|
|
|
$
|
337
|
|
|
$
|
717
|
|
|
$
|
659
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations, net of tax
|
$
|
1.38
|
|
|
$
|
1.24
|
|
|
$
|
2.68
|
|
|
$
|
2.41
|
|
Income from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
||||
Net income (attributable to PPG)
|
$
|
1.38
|
|
|
$
|
1.24
|
|
|
$
|
2.68
|
|
|
$
|
2.42
|
|
Earnings per common share – assuming dilution:
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations, net of tax
|
$
|
1.37
|
|
|
$
|
1.23
|
|
|
$
|
2.66
|
|
|
$
|
2.39
|
|
Income from discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
||||
Net income (attributable to PPG)
|
$
|
1.37
|
|
|
$
|
1.23
|
|
|
$
|
2.66
|
|
|
$
|
2.40
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends per common share
|
$
|
0.40
|
|
|
$
|
0.36
|
|
|
$
|
0.76
|
|
|
$
|
0.69
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income attributable to the controlling and noncontrolling interests
|
$
|
376
|
|
|
$
|
342
|
|
|
$
|
730
|
|
|
$
|
669
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Defined benefit pension and other postretirement benefits, net
|
24
|
|
|
6
|
|
|
43
|
|
|
74
|
|
||||
Unrealized foreign currency translation adjustments
|
(135
|
)
|
|
(27
|
)
|
|
(84
|
)
|
|
(299
|
)
|
||||
Derivative financial instruments, net
|
—
|
|
|
(2
|
)
|
|
(8
|
)
|
|
4
|
|
||||
Other comprehensive loss, net of tax
|
(111
|
)
|
|
(23
|
)
|
|
(49
|
)
|
|
(221
|
)
|
||||
Total comprehensive income
|
$
|
265
|
|
|
$
|
319
|
|
|
$
|
681
|
|
|
$
|
448
|
|
Less: amounts attributable to noncontrolling interests:
|
|
|
|
|
|
|
|
||||||||
Net income
|
(6
|
)
|
|
(5
|
)
|
|
(13
|
)
|
|
(10
|
)
|
||||
Unrealized foreign currency translation adjustments
|
5
|
|
|
—
|
|
|
2
|
|
|
5
|
|
||||
Comprehensive income attributable to PPG
|
$
|
264
|
|
|
$
|
314
|
|
|
$
|
670
|
|
|
$
|
443
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,605
|
|
|
$
|
1,311
|
|
Short-term investments
|
64
|
|
|
144
|
|
||
Receivables (less allowance for doubtful accounts of
$51 in each period)
|
3,108
|
|
|
2,788
|
|
||
Inventories
|
1,803
|
|
|
1,705
|
|
||
Assets held for sale
|
148
|
|
|
—
|
|
||
Other
|
379
|
|
|
606
|
|
||
Total current assets
|
7,107
|
|
|
6,554
|
|
||
Property, plant and equipment (net of accumulated depreciation of $4,354 and $4,434)
|
2,950
|
|
|
3,017
|
|
||
Goodwill
|
3,602
|
|
|
3,669
|
|
||
Identifiable intangible assets, net
|
2,073
|
|
|
2,178
|
|
||
Deferred income taxes
|
540
|
|
|
672
|
|
||
Investments
|
322
|
|
|
367
|
|
||
Other assets
|
654
|
|
|
619
|
|
||
Total
|
$
|
17,248
|
|
|
$
|
17,076
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued liabilities
|
$
|
3,577
|
|
|
$
|
3,490
|
|
Asbestos settlement
|
—
|
|
|
796
|
|
||
Restructuring reserves
|
55
|
|
|
87
|
|
||
Short-term debt and current portion of long-term debt
|
686
|
|
|
283
|
|
||
Liabilities held for sale
|
57
|
|
|
—
|
|
||
Total current liabilities
|
4,375
|
|
|
4,656
|
|
||
Long-term debt
|
4,426
|
|
|
4,042
|
|
||
Accrued pensions
|
615
|
|
|
712
|
|
||
Other postretirement benefits
|
1,016
|
|
|
1,021
|
|
||
Asbestos settlement
|
—
|
|
|
252
|
|
||
Deferred income taxes
|
546
|
|
|
460
|
|
||
Other liabilities
|
837
|
|
|
864
|
|
||
Total liabilities
|
11,815
|
|
|
12,007
|
|
||
Commitments and contingent liabilities (Note 15)
|
|
|
|
||||
Shareholders’ equity:
|
|
|
|
||||
Common stock
|
969
|
|
|
969
|
|
||
Additional paid-in capital
|
668
|
|
|
635
|
|
||
Retained earnings
|
16,034
|
|
|
15,521
|
|
||
Treasury stock, at cost
|
(9,576
|
)
|
|
(9,440
|
)
|
||
Accumulated other comprehensive loss
|
(2,749
|
)
|
|
(2,702
|
)
|
||
Total PPG shareholders’ equity
|
5,346
|
|
|
4,983
|
|
||
Noncontrolling interests
|
87
|
|
|
86
|
|
||
Total shareholders’ equity
|
5,433
|
|
|
5,069
|
|
||
Total
|
$
|
17,248
|
|
|
$
|
17,076
|
|
|
Six Months Ended
June 30 |
||||||
|
2016
|
|
2015
|
||||
Operating activities:
|
|
|
|
||||
Net income attributable to controlling and noncontrolling interests
|
$
|
730
|
|
|
$
|
669
|
|
Less: Income from discontinued operations
|
—
|
|
|
(1
|
)
|
||
Income from continuing operations
|
730
|
|
|
668
|
|
||
Adjustments to reconcile net income to cash from operations:
|
|
|
|
||||
Depreciation and amortization
|
242
|
|
|
245
|
|
||
Pension expense
|
37
|
|
|
49
|
|
||
Stock-based compensation expense
|
27
|
|
|
40
|
|
||
Business restructuring
|
—
|
|
|
140
|
|
||
Gain on sale of equity affiliate
|
(20
|
)
|
|
—
|
|
||
Equity affiliate earnings, net of distributions received
|
(6
|
)
|
|
(13
|
)
|
||
Deferred income tax (benefit) expense
|
201
|
|
|
(46
|
)
|
||
Cash contributions to pension plans
|
(13
|
)
|
|
(283
|
)
|
||
Restructuring cash spend
|
(30
|
)
|
|
(22
|
)
|
||
Cash paid for asbestos settlement funding
|
(813
|
)
|
|
—
|
|
||
Change in certain asset and liability accounts:
|
|
|
|
||||
Receivables
|
(368
|
)
|
|
(591
|
)
|
||
Inventories
|
(104
|
)
|
|
(80
|
)
|
||
Other current assets
|
(26
|
)
|
|
(84
|
)
|
||
Accounts payable and accrued liabilities
|
139
|
|
|
20
|
|
||
Taxes and interest payable
|
(71
|
)
|
|
136
|
|
||
Noncurrent assets and liabilities, net
|
4
|
|
|
27
|
|
||
Other
|
46
|
|
|
(20
|
)
|
||
Cash (used for) / from operating activities
|
(25
|
)
|
|
186
|
|
||
Investing activities:
|
|
|
|
||||
Capital expenditures
|
(168
|
)
|
|
(162
|
)
|
||
Business acquisitions, net of cash balances acquired
|
(10
|
)
|
|
(26
|
)
|
||
Proceeds from the disposition of PPG's interest in the Transitions Optical joint venture and sunlens business
|
—
|
|
|
47
|
|
||
Proceeds from sale of equity affiliate
|
41
|
|
|
—
|
|
||
Purchase of short-term investments
|
—
|
|
|
(97
|
)
|
||
Proceeds from maturity of short-term investments
|
92
|
|
|
107
|
|
||
Payments for the settlement of cross currency swap contracts
|
(36
|
)
|
|
(34
|
)
|
||
Proceeds from cross currency swap and foreign currency contracts
|
19
|
|
|
38
|
|
||
Other
|
9
|
|
|
19
|
|
||
Cash used for investing activities
|
(53
|
)
|
|
(108
|
)
|
||
Financing activities:
|
|
|
|
||||
Net change in borrowing with maturities of three months or less
|
1
|
|
|
(12
|
)
|
||
Net proceeds (payments) on commercial paper and short-term debt
|
988
|
|
|
(432
|
)
|
||
Proceeds from the issuance of debt
|
3
|
|
|
1,242
|
|
||
Repayment of long-term debt
|
(252
|
)
|
|
(338
|
)
|
||
Purchase of treasury stock
|
(150
|
)
|
|
(351
|
)
|
||
Issuance of treasury stock
|
23
|
|
|
50
|
|
||
Dividends paid
|
(203
|
)
|
|
(189
|
)
|
||
Other
|
(21
|
)
|
|
(12
|
)
|
||
Cash from / (used for) financing activities
|
389
|
|
|
(42
|
)
|
||
Effect of currency exchange rate changes on cash and cash equivalents
|
(17
|
)
|
|
(15
|
)
|
||
Net increase in cash and cash equivalents
|
294
|
|
|
21
|
|
||
Cash and cash equivalents, beginning of period
|
1,311
|
|
|
686
|
|
||
Cash and cash equivalents, end of period
|
$
|
1,605
|
|
|
$
|
707
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Interest paid, net of amount capitalized
|
$
|
63
|
|
|
$
|
60
|
|
Taxes paid, net of refunds
|
$
|
185
|
|
|
$
|
158
|
|
1
.
|
Basis of Presentation
|
2
.
|
New Accounting Standards
|
3
.
|
Acquisitions and Dispositions
|
($ in millions)
|
June 30, 2016
|
||
Receivables
|
$
|
28
|
|
Inventory
|
20
|
|
|
Other current assets
|
1
|
|
|
Property, plant, and equipment
|
55
|
|
|
Goodwill
|
43
|
|
|
Other non-current assets
|
1
|
|
|
Assets held for sale
|
$
|
148
|
|
Accounts payable and accrued liabilities
|
(34
|
)
|
|
Accrued pensions
|
(20
|
)
|
|
Other long-term liabilities
|
(3
|
)
|
|
Liabilities held for sale
|
$
|
(57
|
)
|
4
.
|
Inventories
|
($ in millions)
|
June 30, 2016
|
|
December 31, 2015
|
||||
Finished products
|
$
|
1,148
|
|
|
$
|
1,082
|
|
Work in process
|
179
|
|
|
160
|
|
||
Raw materials
|
430
|
|
|
413
|
|
||
Supplies
|
46
|
|
|
50
|
|
||
Total Inventories
|
$
|
1,803
|
|
|
$
|
1,705
|
|
5
.
|
Goodwill and Other Identifiable Intangible Assets
|
($ in millions)
|
Performance
Coatings
|
|
Industrial
Coatings
|
|
Glass
|
|
Total
|
||||||||
Balance, December 31, 2015
|
$
|
3,073
|
|
|
$
|
552
|
|
|
$
|
44
|
|
|
$
|
3,669
|
|
Acquisitions
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
Reclassifications to Assets held for sale
|
—
|
|
|
—
|
|
|
(43
|
)
|
|
(43
|
)
|
||||
Currency
|
(30
|
)
|
|
9
|
|
|
(1
|
)
|
|
(22
|
)
|
||||
Balance, June 30, 2016
|
$
|
3,041
|
|
|
$
|
561
|
|
|
$
|
—
|
|
|
$
|
3,602
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
($ in millions)
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
||||||||||||
Acquired technology
|
$
|
572
|
|
|
$
|
(436
|
)
|
|
$
|
136
|
|
|
$
|
572
|
|
|
$
|
(421
|
)
|
|
$
|
151
|
|
Customer-related intangibles
|
1,272
|
|
|
(617
|
)
|
|
655
|
|
|
1,267
|
|
|
(574
|
)
|
|
693
|
|
||||||
Trade names
|
135
|
|
|
(70
|
)
|
|
65
|
|
|
132
|
|
|
(61
|
)
|
|
71
|
|
||||||
Other
|
39
|
|
|
(28
|
)
|
|
11
|
|
|
39
|
|
|
(26
|
)
|
|
13
|
|
||||||
Balance
|
$
|
2,018
|
|
|
$
|
(1,151
|
)
|
|
$
|
867
|
|
|
$
|
2,010
|
|
|
$
|
(1,082
|
)
|
|
$
|
928
|
|
($ in millions)
|
Future Amortization Expense
|
||
Remaining six months of 2016
|
$
|
65
|
|
2017
|
125
|
|
|
2018
|
120
|
|
|
2019
|
110
|
|
|
2020
|
95
|
|
|
2021
|
95
|
|
|
Thereafter
|
257
|
|
6
.
|
Business Restructuring
|
($ in millions, except for employees impacted)
|
Severance
and Other
Costs
|
|
Asset
Write-offs
|
|
Total
Reserve
|
|
Employees
Impacted
|
|||||||
Performance Coatings
|
$
|
71
|
|
|
$
|
6
|
|
|
$
|
77
|
|
|
1,259
|
|
Industrial Coatings
|
42
|
|
|
13
|
|
|
55
|
|
|
534
|
|
|||
Glass
|
4
|
|
|
—
|
|
|
4
|
|
|
33
|
|
|||
Corporate
|
4
|
|
|
—
|
|
|
4
|
|
|
27
|
|
|||
Total second quarter 2015 restructuring charge
|
$
|
121
|
|
|
$
|
19
|
|
|
$
|
140
|
|
|
1,853
|
|
2015 Activity
|
(32
|
)
|
|
(19
|
)
|
|
(51
|
)
|
|
(1,047
|
)
|
|||
Foreign currency impact
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|||
Balance as of December 31, 2015
|
$
|
87
|
|
|
$
|
—
|
|
|
$
|
87
|
|
|
806
|
|
2016 Activity
|
(31
|
)
|
|
—
|
|
|
(31
|
)
|
|
(456
|
)
|
|||
Foreign currency impact
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|||
Balance as of June 30, 2016
|
$
|
55
|
|
|
$
|
—
|
|
|
$
|
55
|
|
|
350
|
|
7
.
|
Borrowings
|
8
.
|
Earnings Per Share
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||
(number of shares in millions)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Weighted average common shares outstanding
|
267.2
|
|
|
272.5
|
|
|
267.4
|
|
|
272.8
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||
Stock options
|
0.9
|
|
|
1.1
|
|
|
0.9
|
|
|
1.1
|
|
Other stock compensation plans
|
1.0
|
|
|
1.1
|
|
|
0.9
|
|
|
1.2
|
|
Potentially dilutive common shares
|
1.9
|
|
|
2.2
|
|
|
1.8
|
|
|
2.3
|
|
Adjusted weighted average common shares outstanding
|
269.1
|
|
|
274.7
|
|
|
269.2
|
|
|
275.1
|
|
9
.
|
Income Taxes
|
|
Six Months Ended
June 30 |
||||
|
2016
|
|
2015
|
||
Effective tax rate on pre-tax income from continuing operations
|
36.2
|
%
|
|
24.3
|
%
|
10
.
|
Pensions and Other Postretirement Benefits
|
|
Pensions
|
||||||||||||||
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
($ in millions)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Service cost
|
$
|
13
|
|
|
$
|
15
|
|
|
$
|
27
|
|
|
$
|
30
|
|
Interest cost
|
44
|
|
|
53
|
|
|
87
|
|
|
103
|
|
||||
Expected return on plan assets
|
(69
|
)
|
|
(69
|
)
|
|
(138
|
)
|
|
(139
|
)
|
||||
Amortization of actuarial losses
|
31
|
|
|
25
|
|
|
62
|
|
|
55
|
|
||||
Amortization of prior service credit
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||
Curtailments and special termination benefits
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Net periodic benefit cost
|
$
|
18
|
|
|
$
|
25
|
|
|
$
|
37
|
|
|
$
|
49
|
|
|
Other Postretirement Benefits
|
||||||||||||||
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
($ in millions)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Service cost
|
$
|
3
|
|
|
$
|
5
|
|
|
$
|
7
|
|
|
$
|
10
|
|
Interest cost
|
10
|
|
|
12
|
|
|
20
|
|
|
24
|
|
||||
Amortization of actuarial losses
|
5
|
|
|
8
|
|
|
9
|
|
|
16
|
|
||||
Amortization of prior service credit
|
(2
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
(5
|
)
|
||||
Net periodic benefit cost
|
$
|
16
|
|
|
$
|
23
|
|
|
$
|
32
|
|
|
$
|
45
|
|
|
Three Months Ended
June 30
|
|
Six Months Ended
June 30 |
||||||||||||
($ in millions)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
U.S. defined benefit pension voluntary contributions
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250
|
|
Non-U.S. defined benefit pension voluntary contributions
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21
|
|
Non-U.S. defined benefit pension mandatory contributions
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
13
|
|
|
$
|
12
|
|
11
.
|
Shareholders' Equity
|
($ in millions)
|
Total PPG
Shareholders’
Equity
|
|
Non-
controlling
Interests
|
|
Total
|
||||||
Balance, January 1, 2016
|
$
|
4,983
|
|
|
$
|
86
|
|
|
$
|
5,069
|
|
Net income
|
717
|
|
|
13
|
|
|
730
|
|
|||
Other comprehensive income, net of tax
|
(47
|
)
|
|
(2
|
)
|
|
(49
|
)
|
|||
Cash dividends
|
(203
|
)
|
|
—
|
|
|
(203
|
)
|
|||
Issuance of treasury stock
|
46
|
|
|
—
|
|
|
46
|
|
|||
Stock repurchase program
|
(150
|
)
|
|
—
|
|
|
(150
|
)
|
|||
Other
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|||
Balance, June 30, 2016
|
$
|
5,346
|
|
|
$
|
87
|
|
|
$
|
5,433
|
|
($ in millions)
|
Total PPG
Shareholders’
Equity
|
|
Non-
controlling
Interests
|
|
Total
|
||||||
Balance, January 1, 2015
|
$
|
5,180
|
|
|
$
|
85
|
|
|
$
|
5,265
|
|
Net income
|
659
|
|
|
10
|
|
|
669
|
|
|||
Other comprehensive income, net of tax
|
(216
|
)
|
|
(5
|
)
|
|
(221
|
)
|
|||
Cash dividends
|
(189
|
)
|
|
—
|
|
|
(189
|
)
|
|||
Issuance of treasury stock
|
65
|
|
|
—
|
|
|
65
|
|
|||
Stock repurchase program
|
(351
|
)
|
|
—
|
|
|
(351
|
)
|
|||
Stock-based compensation activity
|
23
|
|
|
—
|
|
|
23
|
|
|||
Other
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
|||
Balance, June 30, 2015
|
$
|
5,171
|
|
|
$
|
85
|
|
|
$
|
5,256
|
|
12
.
|
Accumulated Other Comprehensive Loss
|
($ in millions)
|
Unrealized Foreign
Currency
Translation Adjustments
|
|
Pension and Other Postretirement Benefit Adjustments, net of tax
|
|
Unrealized Gain (Loss) on Derivatives, net of tax
|
|
Accumulated
Other Comprehensive
(Loss) Income
|
||||||||||||||||||||
Balance, January 1, 2016
|
|
|
$
|
(1,332
|
)
|
|
|
|
$
|
(1,379
|
)
|
|
|
|
$
|
9
|
|
|
|
|
$
|
(2,702
|
)
|
||||
Current year deferrals to AOCI
|
(85
|
)
|
(a)
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(85
|
)
|
|
|
||||||||
Current year deferrals to AOCI, tax effected
|
3
|
|
(b)
|
|
|
17
|
|
(c)
|
|
|
2
|
|
(d)
|
|
|
22
|
|
|
|
||||||||
Reclassifications from AOCI to net income
|
—
|
|
|
|
|
26
|
|
(c)
|
|
|
(10
|
)
|
(d)
|
|
|
16
|
|
|
|
||||||||
Net change
|
|
|
$
|
(82
|
)
|
|
|
|
$
|
43
|
|
|
|
|
$
|
(8
|
)
|
|
|
|
$
|
(47
|
)
|
||||
Balance, June 30, 2016
|
|
|
$
|
(1,414
|
)
|
|
|
|
$
|
(1,336
|
)
|
|
|
|
$
|
1
|
|
|
|
|
$
|
(2,749
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, January 1, 2015
|
|
|
$
|
(628
|
)
|
|
|
|
$
|
(1,492
|
)
|
|
|
|
$
|
4
|
|
|
|
|
$
|
(2,116
|
)
|
||||
Current year deferrals to AOCI
|
(387
|
)
|
(a)
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
(387
|
)
|
|
|
||||||||
Current year deferrals to AOCI, tax effected
|
93
|
|
(b)
|
|
|
32
|
|
(c)
|
|
|
(23
|
)
|
(d)
|
|
|
102
|
|
|
|
||||||||
Reclassifications from AOCI to net income
|
—
|
|
|
|
|
42
|
|
(c)
|
|
|
27
|
|
(d)
|
|
|
69
|
|
|
|
||||||||
Net change
|
|
|
$
|
(294
|
)
|
|
|
|
$
|
74
|
|
|
|
|
$
|
4
|
|
|
|
|
$
|
(216
|
)
|
||||
Balance, June 30, 2015
|
|
|
$
|
(922
|
)
|
|
|
|
$
|
(1,418
|
)
|
|
|
|
$
|
8
|
|
|
|
|
$
|
(2,332
|
)
|
13
.
|
Financial Instruments, Hedging Activities and Fair Value Measurements
|
($ in millions)
|
June 30, 2016
|
||||||||
Hedge Type
|
Loss
Deferred in
OCI
|
|
Gain (Loss) Recognized
|
||||||
Amount
|
|
Caption
|
|||||||
Fair Value
|
|
|
|
|
|
||||
Equity forward arrangements
|
Not applicable
|
|
35
|
|
|
Asbestos settlement - net
|
|||
Total Fair Value
|
|
|
$
|
35
|
|
|
|
||
Cash Flow
|
|
|
|
|
|
||||
Foreign currency forward contracts
(a)
|
$
|
(13
|
)
|
|
$
|
(2
|
)
|
|
Other charges
|
Total Cash Flow
|
$
|
(13
|
)
|
|
$
|
(2
|
)
|
|
|
Net Investment
|
|
|
|
|
|
||||
Cross currency swaps
|
$
|
(6
|
)
|
|
|
|
|
|
|
Foreign denominated debt
|
(43
|
)
|
|
|
|
|
|||
Total Net Investment
|
$
|
(49
|
)
|
|
|
|
|
|
($ in millions)
|
June 30, 2015
|
||||||||
Hedge Type
|
Gain
Deferred in OCI
|
|
Gain (Loss) Recognized
|
||||||
Amount
|
|
Caption
|
|||||||
Fair Value
|
|
|
|
|
|
||||
Equity forward arrangements
|
Not applicable
|
|
(1
|
)
|
|
Asbestos settlement - net
|
|||
Total Fair Value
|
|
|
$
|
(1
|
)
|
|
|
||
Cash Flow
|
|
|
|
|
|
||||
Foreign currency forward contracts
(a)
|
39
|
|
|
34
|
|
|
Other charges
|
||
Total Cash Flow
|
$
|
39
|
|
|
$
|
34
|
|
|
|
Net Investment
|
|
|
|
|
|
||||
Cross currency swaps
|
$
|
61
|
|
|
|
|
|
|
|
Foreign currency forward contracts
|
19
|
|
|
|
|
|
|||
Foreign denominated debt
|
33
|
|
|
|
|
|
|||
Total Net Investment
|
$
|
113
|
|
|
|
|
|
|
|
Economic
|
|
|
|
|
|
||||
Foreign currency forward contracts
|
|
|
$
|
18
|
|
|
Other charges
|
|
June 30, 2016
|
||||||||||
($ in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||
Assets:
|
|
|
|
|
|
||||||
Other current assets:
|
|
|
|
|
|
||||||
Marketable equity securities
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign currency forward contracts
|
|
|
|
24
|
|
|
—
|
|
|||
Equity forward arrangement
|
|
|
|
—
|
|
|
—
|
|
|||
Investments:
|
|
|
|
|
|
||||||
Marketable equity securities
|
76
|
|
|
—
|
|
|
—
|
|
|||
Other Assets:
|
|
|
|
|
|
||||||
Cross currency swaps
|
—
|
|
|
53
|
|
|
—
|
|
|||
Liabilities:
|
|
|
|
|
|
||||||
Accounts payable and accrued liabilities:
|
|
|
|
|
|
||||||
Foreign currency forward contracts
|
—
|
|
|
7
|
|
|
—
|
|
|||
|
|
||||||||||
|
December 31, 2015
|
||||||||||
($ in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||
Assets:
|
|
|
|
|
|
||||||
Other current assets:
|
|
|
|
|
|
||||||
Marketable equity securities
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign currency forward contracts
|
—
|
|
|
47
|
|
|
—
|
|
|||
Equity forward arrangement
|
—
|
|
|
223
|
|
|
—
|
|
|||
Investments:
|
|
|
|
|
|
||||||
Marketable equity securities
|
77
|
|
|
—
|
|
|
—
|
|
|||
Other assets:
|
|
|
|
|
|
||||||
Cross currency swaps
|
—
|
|
|
41
|
|
|
—
|
|
|||
Liabilities:
|
|
|
|
|
|
||||||
Accounts payable and accrued liabilities:
|
|
|
|
|
|
||||||
Foreign currency forward contracts
|
—
|
|
|
4
|
|
|
—
|
|
($ in millions)
|
June 30, 2016
(a)
|
|
December 31, 2015
(b)
|
||||
Long-term debt - carrying value
|
$
|
4,400
|
|
|
$
|
4,265
|
|
Long-term debt - fair value
|
$
|
4,704
|
|
|
$
|
4,367
|
|
14
.
|
Stock-Based Compensation
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
($ in millions)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Stock-based compensation
|
$
|
17
|
|
|
$
|
25
|
|
|
$
|
27
|
|
|
$
|
40
|
|
Income tax benefit recognized
|
$
|
6
|
|
|
$
|
9
|
|
|
$
|
10
|
|
|
$
|
14
|
|
|
Six Months Ended
June 30 |
||||||||||||
|
2016
|
|
2015
|
||||||||||
Grant Details
|
Shares
|
|
Fair Value
|
|
Shares
|
|
Fair Value
|
||||||
Stock options
|
775,319
|
|
|
$
|
17.89
|
|
|
583,172
|
|
|
$
|
26.98
|
|
Restricted stock units
|
254,750
|
|
|
$
|
91.37
|
|
|
193,990
|
|
|
$
|
114.02
|
|
Contingent shares (a)
|
59,645
|
|
|
$
|
95.00
|
|
|
63,308
|
|
|
$
|
118.12
|
|
Weighted average exercise price
|
$
|
95.06
|
|
Risk-free interest rate
|
1.6
|
%
|
|
Expected life of option in years
|
6.5
|
|
|
Expected dividend yield
|
2.1
|
%
|
|
Expected volatility
|
22.8
|
%
|
15
.
|
Commitments and Contingent Liabilities
|
|
Consolidated Balance Sheet
|
|
|
|
|
||||||||||||||
|
Asbestos Settlement
Liability
|
|
Equity Forward (Asset) Liability
|
|
Pre-tax
Charge (Income) |
|
Cash Outflow
|
||||||||||||
($ in millions)
|
Current
|
|
Long-term
|
|
|
|
|||||||||||||
Balances as of December 31, 2015
|
$
|
796
|
|
|
252
|
|
|
(223
|
)
|
|
—
|
|
|
—
|
|
||||
2016 Activity
|
|
|
|
|
|
|
|
|
|
||||||||||
Change in fair value:
|
|
|
|
|
|
|
|
|
|
||||||||||
PPG stock
|
34
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|
—
|
|
|||||
Equity forward instrument
|
—
|
|
|
—
|
|
|
(35
|
)
|
|
(35
|
)
|
|
—
|
|
|||||
Accretion of asbestos liability
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|||||
Settlement of equity forward instrument with counterparty
|
—
|
|
|
—
|
|
|
(49
|
)
|
|
—
|
|
|
(49
|
)
|
|||||
Contribution of PCE shares and relinquishment of PC investment
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Contribution of 2,777,778 shares of PPG stock to the PC Trust
|
(308
|
)
|
|
—
|
|
|
308
|
|
|
—
|
|
|
—
|
|
|||||
Contribution of cash to the PC Trust
|
(506
|
)
|
|
(258
|
)
|
|
—
|
|
|
—
|
|
|
(764
|
)
|
|||||
Reclassifications
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||||
Balance as of and Activity for the six months ended June 30, 2016
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
(813
|
)
|
Environmental Reserves
|
|||||||
($ in millions)
|
June 30, 2016
|
|
December 31, 2015
|
||||
New Jersey Chrome
|
$
|
121
|
|
|
$
|
133
|
|
Other
|
97
|
|
|
100
|
|
||
Total
|
$
|
218
|
|
|
$
|
233
|
|
Current portion
|
$
|
57
|
|
|
$
|
51
|
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||
($ in millions)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||
Environmental remediation pre-tax charges
|
$
|
3
|
|
|
$
|
1
|
|
|
8
|
|
|
6
|
|
Cash outlays for environmental remediation activities
|
$
|
9
|
|
|
$
|
20
|
|
|
23
|
|
|
56
|
|
16
.
|
Reportable Business Segment Information
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
($ in millions)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales:
|
|
|
|
|
|
|
|
||||||||
Performance Coatings
|
$
|
2,338
|
|
|
$
|
2,410
|
|
|
$
|
4,377
|
|
|
$
|
4,465
|
|
Industrial Coatings
|
1,444
|
|
|
1,411
|
|
|
2,816
|
|
|
2,751
|
|
||||
Glass
|
282
|
|
|
279
|
|
|
543
|
|
|
546
|
|
||||
Total
|
$
|
4,064
|
|
|
$
|
4,100
|
|
|
$
|
7,736
|
|
|
$
|
7,762
|
|
Segment income:
|
|
|
|
|
|
|
|
||||||||
Performance Coatings
|
$
|
428
|
|
|
$
|
411
|
|
|
$
|
707
|
|
|
$
|
673
|
|
Industrial Coatings
|
292
|
|
|
260
|
|
|
557
|
|
|
504
|
|
||||
Glass
|
43
|
|
|
37
|
|
|
71
|
|
|
67
|
|
||||
Total
|
763
|
|
|
708
|
|
|
1,335
|
|
|
1,244
|
|
||||
Corporate
|
(59
|
)
|
|
(65
|
)
|
|
(120
|
)
|
|
(132
|
)
|
||||
Interest expense, net of interest income
|
(24
|
)
|
|
(24
|
)
|
|
(48
|
)
|
|
(42
|
)
|
||||
Legacy items
(a)
|
(10
|
)
|
|
(6
|
)
|
|
(20
|
)
|
|
(18
|
)
|
||||
Asset write-downs
|
(10
|
)
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
||||
Gain from sale of equity affiliate
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
||||
Transaction-related costs
(b)
|
(7
|
)
|
|
(21
|
)
|
|
(9
|
)
|
|
(30
|
)
|
||||
Business restructuring
|
—
|
|
|
(140
|
)
|
|
—
|
|
|
(140
|
)
|
||||
Income from continuing operations before income taxes
|
$
|
673
|
|
|
$
|
452
|
|
|
$
|
1,144
|
|
|
$
|
882
|
|
(a)
|
Legacy items include current costs related to former operations of the Company, including pension and other postretirement benefit costs, certain charges for legal matters and environmental remediation costs, and certain other charges which are not associated with PPG's current business portfolio, including the impact of the asbestos settlement. Until April 2016, legacy items also include equity earnings from PPG’s minority investment in Pittsburgh Glass Works, LLC.
|
(b)
|
Transaction-related costs include advisory, legal, accounting, valuation and other professional or consulting fees incurred to effect significant acquisitions, as well as similar fees and other costs to effect disposals not classified as discontinued operations. These costs also include the flow-through cost of sales for the step up to fair value of inventories acquired in acquisitions. These costs also include certain severance costs and charges associated with the Company's recent business portfolio transformation.
|
•
|
Net sales for the three months ended were
$4.1 billion
, down less than one percent compared to the prior year, primarily due to unfavorable foreign currency translation (-2%) offset by sales from acquired businesses (+1%).
|
•
|
Net sales for the six months ended were
$7.7 billion
, consistent with the prior year, primarily due to sales from acquired businesses (+2%) and higher sales volumes, offset by unfavorable foreign currency translation (-3%).
|
•
|
Cost of sales, exclusive of depreciation and amortization was
$2.2 billion
, down 4.1% for the three months ended June 30, 2016 and was
$4.2 billion
, down 3.3% for the six months ended June 30, 2016.
|
•
|
Selling, general and administrative ("SG&A") expenses was
$1.0 billion
, down 0.2% for the three months ended June 30, 2016 and was
$1.9 billion
, down 0.4% for the six months ended June 30, 2016. As a percentage of sales, SG&A increased 0.2% and 0.1% for the three and six months ended June 30, 2016, respectively.
|
•
|
Income before income taxes was
$673 million
and
$1.1 billion
for the three and six months ended June 30, 2016, respectively.
|
•
|
The effective tax rate for the three months and six months ended
June 30, 2016
was
44.1%
and
36.2%
, respectively.
|
•
|
Net income from continuing operations was
$370 million
and
$717 million
for the three and six months ended June 30, 2016, respectively.
|
•
|
Earnings per diluted share was
$1.37
and
$2.66
for the three and six months ended June 30, 2016, respectively.
|
•
|
Cash flows from operating activities decreased
$211 million
year over year for the six months ended June 30, 2016. Operating cash flow decreased primarily due to funding of the asbestos settlement trust ($813 million) and higher cash tax payments ($27 million) partially offset by lower working capital ($376 million) and lower pension contributions ($270 million).
|
•
|
Capital expenditures, including acquisitions (net of cash acquired), was
$178 million
for the six months ended June 30, 2016.
|
•
|
During the six months ended
June 30, 2016
, the Company paid
$203 million
in dividends and also repurchased approximately
$150 million
of its outstanding common stock. On April 21, 2016, the Company raised the per-share dividend by 11% to $0.40 per share.
|
|
Three Months Ended
June 30 |
|
Percent Change
|
|||||||
($ in millions, except percentages)
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|||||
The Americas
|
|
|
|
|
|
|||||
United States and Canada
|
$
|
1,918
|
|
|
$
|
1,960
|
|
|
(2.1
|
)%
|
Latin America
|
344
|
|
|
367
|
|
|
(6.3
|
)%
|
||
Europe, Middle East and Africa (EMEA)
|
1,203
|
|
|
1,158
|
|
|
3.9
|
%
|
||
Asia-Pacific
|
599
|
|
|
615
|
|
|
(2.6
|
)%
|
||
Total
|
$
|
4,064
|
|
|
$
|
4,100
|
|
|
(0.9
|
)%
|
2016 vs. 2015
|
Net sales decreased $36 million due to the following:
|
● Foreign currency translation (-2%)
|
Partially offset by:
|
● Net sales attributable acquired businesses (+1%)
|
Foreign currency translation reduced net sales by $92 million as the U.S. dollar strengthened against most foreign currencies versus the prior year, notably the Mexican Peso, Chinese Yuan, British Pound, Canadian Dollar and certain emerging region currencies. These were partially offset by modest strengthening of the Euro versus the U.S. Dollar.
|
Acquired businesses added $64 million of sales in 2016, primarily IVC, supplemented by several other acquisitions made in 2015.
|
In the U.S. and Canada region, sales volumes declined reversing an improving trend over the prior three sequential quarters. Results were mixed by business unit with growth in packaging, general industrial, and automotive refinish coatings offset by declines in architectural and automotive OEM coatings.
|
Sales volume growth occurred primarily in EMEA led by strong growth in automotive OEM, general industrial, packaging and aerospace coatings. Architectural coatings - EMEA experienced modest volume declines, primarily due to unfavorable weather patterns, including flooding, across portions of western Europe. The second quarter 2016 was the sixth consecutive quarter of broad-based sales volume growth in the EMEA region.
|
Sales volume growth in Asia-Pacific accelerated in comparison to the first quarter of 2016 results, with solid volume gains in most businesses, including automotive OEM and refinish, general industrial and packaging coatings. From a country perspective, China, India and Australia grew sales volumes versus the prior year, with Korean volumes declining primarily due to lower marine shipbuilding activity.
|
In Latin America, sales volumes grew in aggregate led by architectural and packaging coatings. Within the region, sales volumes continued to grow in Mexico and Central America and declined in Brazil due to weak overall economic conditions.
|
|
Three Months Ended
June 30 |
|
Percent Change
|
|||||||
($ in millions, except percentages)
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|||||
Cost of sales, exclusive of depreciation and amortization
|
$
|
2,190
|
|
|
$
|
2,283
|
|
|
(4.1
|
)%
|
Cost of sales as a percentage of net sales
|
53.9
|
%
|
|
55.7
|
%
|
|
(1.8
|
)%
|
2016 vs. 2015
|
Cost of sales, exclusive of depreciation and amortization, decreased $93 million (-4.1%) including the following:
|
● Foreign currency translation
|
● Lower manufacturing costs
|
Partially offset by:
|
● Cost of sales attributable to acquired businesses
|
|
Three Months Ended
June 30 |
|
Percent Change
|
|||||||
($ in millions, except percentages)
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|||||
Selling, general and administrative expenses
|
$
|
956
|
|
|
$
|
954
|
|
|
0.2
|
%
|
Selling, general and administrative expenses as a percentage of net sales
|
23.5
|
%
|
|
23.3
|
%
|
|
0.2
|
%
|
2016 vs. 2015
|
SG&A increased $2 million (+0.2%) due to the following:
|
● SG&A expenses attributable to acquired businesses
|
● Overhead cost inflation
|
Partially offset by:
|
● Foreign currency translation
|
● Restructuring cost savings
|
● Lower stock-based compensation expense
|
|
Three Months Ended
June 30 |
|
Percent Change
|
|||||||
($ in millions, except percentages)
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|||||
Interest expense, net of Interest income
|
$
|
24
|
|
|
$
|
24
|
|
|
—
|
%
|
Other charges
|
$
|
32
|
|
|
$
|
34
|
|
|
(5.9
|
)%
|
Other income
|
$
|
(53
|
)
|
|
$
|
(38
|
)
|
|
39.5
|
%
|
|
Three Months Ended
June 30 |
|
Percent Change
|
|||||||
($ in millions, except percentages)
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|||||
Income tax expense
|
$
|
297
|
|
|
$
|
110
|
|
|
170.0
|
%
|
Effective tax rate
|
44.1
|
%
|
|
24.3
|
%
|
|
19.8
|
%
|
||
Adjusted effective tax rate, continuing operations*
|
25.0
|
%
|
|
24.5
|
%
|
|
0.5
|
%
|
||
|
|
|
|
|
|
|||||
Earnings per diluted share, continuing operations
|
$
|
1.37
|
|
|
$
|
1.23
|
|
|
11.4
|
%
|
Adjusted earnings per diluted share*
|
$
|
1.85
|
|
|
$
|
1.67
|
|
|
10.8
|
%
|
*See Regulation G Reconciliation.
|
|
Three months ended June 30, 2016
|
|||||||||||||||||
($ in millions, except percentages and per share amounts)
|
Income Before Income Taxes
|
|
Tax Expense
|
|
Effective Tax Rate
|
|
Net income from continuing operations (attributable to PPG)
|
|
Earnings per diluted share
|
|||||||||
As reported, continuing operations
|
$
|
673
|
|
|
$
|
297
|
|
|
44.1
|
%
|
|
$
|
370
|
|
|
$
|
1.37
|
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
|||||||||
Gain from sale of equity investment
|
(20
|
)
|
|
(7
|
)
|
|
37.6
|
%
|
|
(13
|
)
|
|
(0.05
|
)
|
||||
Transaction-related costs
(1)
|
7
|
|
|
2
|
|
|
37.6
|
%
|
|
5
|
|
|
0.02
|
|
||||
Net tax effect of asbestos settlement funding
|
—
|
|
|
(128
|
)
|
|
N/A
|
|
|
128
|
|
|
0.48
|
|
||||
Asset write-downs
|
10
|
|
|
3
|
|
|
25.0
|
%
|
|
8
|
|
|
0.03
|
|
||||
Adjusted, continuing operations, excluding certain charges
|
$
|
670
|
|
|
$
|
167
|
|
|
25.0
|
%
|
|
$
|
498
|
|
|
$
|
1.85
|
|
|
Three months ended June 30, 2015
|
|||||||||||||||||
($ in millions, except percentages and per share amounts)
|
Income Before Income Taxes
|
|
Tax Expense
|
|
Effective Tax Rate
|
|
Net income from continuing operations (attributable to PPG)
|
|
Earnings per diluted share
|
|||||||||
As reported, continuing operations
|
$
|
452
|
|
|
$
|
110
|
|
|
24.3
|
%
|
|
$
|
337
|
|
|
$
|
1.23
|
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
|||||||||
Transaction-related costs
(1)
|
21
|
|
|
6
|
|
|
28.6
|
%
|
|
15
|
|
|
0.05
|
|
||||
Business restructuring
|
140
|
|
|
34
|
|
|
24.3
|
%
|
|
106
|
|
|
0.39
|
|
||||
Adjusted, continuing operations, excluding certain charges
|
$
|
613
|
|
|
$
|
150
|
|
|
24.5
|
%
|
|
$
|
458
|
|
|
$
|
1.67
|
|
|
Three Months Ended
June 30 |
|
$ Change
|
|
% Change
|
|||||||||
($ in millions, except per share amounts)
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|
2016 vs. 2015
|
|||||||
Net sales
|
$
|
2,338
|
|
|
$
|
2,410
|
|
|
$
|
(72
|
)
|
|
(3.0
|
)%
|
Segment income
|
$
|
428
|
|
|
$
|
411
|
|
|
$
|
17
|
|
|
4.1
|
%
|
2016 vs. 2015
|
Performance Coatings net sales decreased (-3%) due to the following:
|
● Unfavorable foreign currency translation of approximately $60 million (-2%)
|
● Lower sales volumes (-2%)
|
Partially offset by:
|
● Net sales from acquisitions (+1%)
|
● Slightly higher selling prices
|
Architectural coatings - EMEA sales volumes declined by a low-single-digit percentage year-over-year, after achieving improved volumes over the prior three sequential quarters. The modest decline in the quarter is primarily due to unfavorable weather patterns, including flooding across portions of western Europe. Sales volumes remained mixed across the region and by month.
|
Architectural coatings - Americas and Asia-Pacific organic net sales decreased a mid-single-digit percentage in the second quarter versus the prior year. Sales volumes declined considerably in Brazil and China, with both countries declining more than 20 percent, reflecting regional end-use market weakness. Local currency architectural coatings sales growth in Mexico was more than double the country's GDP growth due to continued market penetration and over 100 new store openings year-to-date. Additionally, architectural coatings sales continued to expand in Central America, up a high-double digit percentage, as the Company continues to leverage the Comex and Consorcio Latinoamericano acquisitions and is successfully establishing a presence in the region. In the U.S. and Canada region, company-owned store volumes increased modestly but were more than offset by contraction in the independent dealer channel. In aggregate, national retail accounts (DIY) sales volumes were lower year-over-year due to a comparison against solid volume growth in the second quarter of 2015, along with current year initiatives by a DIY customer to structurally and permanently lower inventory balances. Overall sales of PPG products to DIY consumers, or "out-the-door" sales were positive year over year.
|
Protective and marine coatings sales volumes declined by a low-single-digit percentage year-over-year as growth in protective coatings was offset by declines in marine coatings, primarily due to lower new ship-building activity and the ongoing impact of decreased capital investment and maintenance in the oil and gas sector. Year-over-year sales volumes declined in all regions except Latin America which improved primarily due to acquisition-related sales synergies of legacy PPG products through the Comex concessionaire network.
|
Aerospace coatings returned to sales volumes growth increasing by a low-single digit percentage versus the prior year. Regionally, sales volume growth was the largest in Asia-Pacific and Europe, while U.S. volumes were flat.
|
Automotive refinish coatings organic sales grew at a mid-single-digit percentage rate year-over-year, outperforming end-use market demand levels in the U.S. and Canada and the Asia-Pacific regions.
|
Segment income increased $17 million (+4%) year-over-year despite the impact of lower sales volumes in the U.S. and Canada. The increase in segment income was primarily due to acquisition-related income and a continued strong cost management, including additional business restructuring benefits. Unfavorable foreign currency translation reduced segment income by $10 million.
|
|
Three Months Ended
June 30 |
|
$ Change
|
|
% Change
|
|||||||||
($ in millions, except per share amounts)
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|
2016 vs. 2015
|
|||||||
Net sales
|
$
|
1,444
|
|
|
$
|
1,411
|
|
|
$
|
33
|
|
|
2.3
|
%
|
Segment income
|
$
|
292
|
|
|
$
|
260
|
|
|
$
|
32
|
|
|
12.3
|
%
|
2016 vs. 2015
|
Industrial Coatings segment net sales increased (+2%) due to the following:
|
● Net sales attributable to acquired businesses (+3%)
|
● Higher sales volumes (+3%), led by growth in Europe and Asia Pacific.
|
Partially offset by:
|
● Unfavorable foreign currency translation of approximately $30 million (-2.5%)
|
● Lower selling prices
|
PPG’s global automotive OEM coatings business sales volumes increased by a low-single-digit percentage versus the prior year, consistent with industry rates, reflecting moderate global automotive industry production growth. PPG's sales volumes differed by region, led by growth in Europe and Asia, partially offset by declines in North America.
|
Global industrial and specialty coatings and materials sales volumes, in aggregate, grew a low-to-mid-single-digit percentage year-over-year outpacing global industrial production, and continued to improve on positive growth trends in the prior two sequential quarters led by expansion in Europe and Asia-Pacific. By end-use market, volume growth remained mixed with improved demand in automotive parts and accessories and expansion in coil and extrusion, partially offset by declines in heavy duty equipment.
|
Packaging coatings sales volumes were up a high single-digit percentage year-over-year, well above market, including growth in all regions, driven by continued strong sales growth momentum related to the adoption of new PPG can coatings technologies.
|
Segment income increased $32 million (+12%) primarily due to lower manufacturing costs including business restructuring benefits, higher sales volumes and acquisition-related income, partially offset by unfavorable foreign currency translation ($5 million).
|
|
Three Months Ended
June 30 |
|
$ Change
|
|
% Change
|
|||||||||
($ in millions, except per share amounts)
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|
2016 vs. 2015
|
|||||||
Net sales
|
$
|
282
|
|
|
$
|
279
|
|
|
$
|
3
|
|
|
1.1
|
%
|
Segment income
|
$
|
43
|
|
|
$
|
37
|
|
|
$
|
6
|
|
|
16.2
|
%
|
2016 vs. 2015
|
Glass segment net sales increased (+1%) due to the following:
|
● Higher selling prices (+3%)
|
Partially offset by:
|
● Slightly lower sales volumes
|
● Lower sales stemming from a prior year flat glass production facility divestiture (-1%)
|
● Unfavorable foreign currency translation (-1%)
|
Flat glass sales volumes declined a low-single digit percentage but were more than offset by higher selling prices. The sales volume decline reflected the impact of a facility outage at the company’s Fresno, California facility which returned to normal operation early in the second quarter following a major first quarter scheduled maintenance outage. Sales also declined year-over-year due to the prior year sale of remaining finished goods inventory from a previously divested flat glass manufacturing facility. Despite the lower sales volumes, underlying flat glass end-use market demand remained solid.
|
Fiber glass sales volumes increased modestly year-over-year in the second quarter, as higher demand for automotive components in the U.S. and Europe was partially offset by lower demand in certain U.S. energy-related end-use markets.
|
Segment income increased $6 million (16%) due to higher organic sales and disciplined cost management, partially offset by $3 million of remaining repair-related and start-up costs stemming from the Fresno facility outage and lower equity affiliate income related to weaker consumer electronics demand in Asia.
|
|
Six Months Ended
June 30 |
|
Percent Change
|
|||||||
($ in millions, except percentages)
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|||||
The Americas
|
|
|
|
|
|
|||||
United States and Canada
|
$
|
3,643
|
|
|
$
|
3,657
|
|
|
(0.4
|
)%
|
Latin America
|
661
|
|
|
725
|
|
|
(8.8
|
)%
|
||
Europe, Middle East and Africa (EMEA)
|
2,263
|
|
|
2,168
|
|
|
4.4
|
%
|
||
Asia Pacific
|
1,169
|
|
|
1,212
|
|
|
(3.5
|
)%
|
||
Total
|
$
|
7,736
|
|
|
$
|
7,762
|
|
|
(0.3
|
)%
|
2016 vs. 2015
|
Net sales decreased $26 million due to the following:
|
● Unfavorable foreign currency translation (-3%)
|
Partially offset by:
|
● Net sales attributable to acquired businesses (+2%)
|
● Modestly higher sales volumes
|
Foreign currency translation reduced net sales by $230 million as the U.S. dollar strengthened against most foreign currencies versus the prior year, notably the Mexican Peso, Chinese Yuan, British Pound and Canadian Dollar. These were partially offset by modest strengthening of the Euro versus the U.S. Dollar.
|
Acquired businesses added approximately $170 million of sales in 2016, primarily Revocoat and IVC, supplemented by several other acquisitions made in 2015.
|
Sales volume growth occurred primarily in EMEA and the emerging regions, while U.S. and Canada sales volumes declined.
|
|
Six Months Ended
June 30 |
|
Percent Change
|
|||||
($ in millions, except percentages)
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|||
Cost of sales, exclusive of depreciation and amortization
|
4,203
|
|
|
4,348
|
|
|
(3.3
|
)%
|
Cost of sales as a percentage of net sales
|
54.3
|
%
|
|
56.0
|
%
|
|
(1.7
|
)%
|
2016 vs. 2015
|
Cost of sales, exclusive of depreciation and amortization, decreased $145 million (-3.3%) due to the following:
|
● Foreign currency translation
|
● Lower manufacturing costs, including restructuring savings
|
Partially offset by:
|
● Cost of sales attributable to acquired businesses
|
● Higher sales volumes
|
|
Six Months Ended
June 30 |
|
Percent Change
|
|||||
($ in millions, except percentages)
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|||
Selling, general and administrative expenses
|
1,875
|
|
|
1,867
|
|
|
0.4
|
%
|
Selling, general and administrative expenses as a percentage of net sales
|
24.2
|
%
|
|
24.1
|
%
|
|
0.1
|
%
|
2016 vs. 2015
|
SG&A expenses increased $8 million (+0.4%) due to the following:
|
● SG&A expenses attributable to acquired businesses
|
● Overhead cost inflation
|
● Increased architectural coatings U.S. and Canada business spending of approximately $15 million on new product launches and other growth-related initiatives at major national accounts.
|
Partially offset by:
|
● Foreign currency translation
|
● Restructuring cost savings
|
|
Six Months Ended
June 30 |
|
Percent Change
|
|||||||
($ in millions, except percentages)
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|||||
Interest expense, net of Interest income
|
$
|
48
|
|
|
$
|
42
|
|
|
14.3
|
%
|
Other charges
|
$
|
53
|
|
|
$
|
59
|
|
|
(10.2
|
)%
|
Other income
|
$
|
(71
|
)
|
|
$
|
(69
|
)
|
|
2.9
|
%
|
|
Six Months Ended
June 30 |
|
Percent Change
|
|||||||
($ in millions, except percentages)
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|||||
Income tax expense
|
414
|
|
|
214
|
|
|
93.5
|
%
|
||
Effective tax rate
|
36.2
|
%
|
|
24.3
|
%
|
|
11.9
|
%
|
||
Adjusted effective tax rate, continuing operations*
|
25.0
|
%
|
|
24.5
|
%
|
|
0.5
|
%
|
||
Earnings per diluted share, continuing operations
|
$
|
2.66
|
|
|
$
|
2.39
|
|
|
11.3
|
%
|
Adjusted earnings per diluted share*
|
$
|
3.16
|
|
|
$
|
2.85
|
|
|
10.9
|
%
|
*See Regulation G Reconciliation.
|
|
Six months ended June 30, 2016
|
|||||||||||||||||
($ in millions, except percentages and per share amounts)
|
Income Before Income Taxes
|
|
Tax Expense
|
|
Effective Tax Rate
|
|
Net income from continuing operations (attributable to PPG)
|
|
Earnings per diluted share
|
|||||||||
As reported, continuing operations
|
1,144
|
|
|
414
|
|
|
36.2
|
%
|
|
$
|
717
|
|
|
$
|
2.66
|
|
||
Adjusted for:
|
|
|
|
|
|
|
|
|
|
|||||||||
Gain from sale of equity investment
|
(20
|
)
|
|
(7
|
)
|
|
37.6
|
%
|
|
(13
|
)
|
|
(0.05
|
)
|
||||
Transaction-related costs
(1)
|
9
|
|
|
3
|
|
|
33.3
|
%
|
|
6
|
|
|
0.03
|
|
||||
Net tax effect of asbestos settlement funding
|
—
|
|
|
(128
|
)
|
|
NA
|
|
|
128
|
|
|
0.48
|
|
||||
Asset write-downs
|
14
|
|
|
4
|
|
|
28.6
|
%
|
|
11
|
|
|
0.04
|
|
||||
Adjusted, continuing operations, excluding certain charges
|
$
|
1,147
|
|
|
$
|
286
|
|
|
25.0
|
%
|
|
$
|
849
|
|
|
$
|
3.16
|
|
|
Six months ended June 30, 2015
|
|||||||||||||||||
($ in millions, except percentages and per share amounts)
|
Income Before Income Taxes
|
|
Tax Expense
|
|
Effective Tax Rate
|
|
Net income from continuing operations (attributable to PPG)
|
|
Earnings per diluted share
|
|||||||||
As reported, continuing operations
|
882
|
|
|
214
|
|
|
24.3
|
%
|
|
$
|
658
|
|
|
$
|
2.39
|
|
||
Includes:
|
|
|
|
|
|
|
|
|
|
|||||||||
Transaction-related costs
(1)
|
30
|
|
|
10
|
|
|
33.3
|
%
|
|
21
|
|
|
0.07
|
|
||||
Business restructuring
|
140
|
|
|
34
|
|
|
24.3
|
%
|
|
106
|
|
|
0.39
|
|
||||
Adjusted, continuing operations, excluding certain charges
|
$
|
1,052
|
|
|
$
|
258
|
|
|
24.5
|
%
|
|
$
|
785
|
|
|
$
|
2.85
|
|
|
Six Months Ended
June 30 |
|
$ Change
|
|
% Change
|
|||||||
($ in millions, except per share amounts)
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|
2016 vs. 2015
|
|||||
Net sales
|
4,377
|
|
|
4,465
|
|
|
$
|
(88
|
)
|
|
(2.0
|
)%
|
Segment income
|
707
|
|
|
673
|
|
|
$
|
34
|
|
|
5.1
|
%
|
2016 vs. 2015
|
Performance Coatings net sales decreased (-2%) due to the following:
|
● Unfavorable foreign currency translation of approximately $144 million (-3%)
|
● Lower sales volumes (-1%)
|
Partially offset by:
|
● Net sales attributable to acquired businesses (+1%)
|
● Higher selling prices (+1%)
|
Architectural coatings - EMEA sales volumes improved by a low-single-digit percentage year-over-year, led by growth in western Europe early in the year.
|
Architectural coatings - Americas and Asia Pacific organic net sales decreased a low single digit percentage in the first six months versus the prior year. In the U.S. and Canada, modest company owned store year-over-year growth was more than offset by declines in the independent dealer and national retailer channels. Local currency sales growth in Mexico grew at approximately double the Mexican GDP due to continued market penetration and over 100 new store openings year-to-date.
|
Protective and marine coatings net sales volumes were modestly higher year-over-year as growth in protective coatings was offset by declines in marine coatings, primarily due to lower new ship builds and the ongoing impact of decreased capital investment and maintenance in the oil and gas sector. Protective coatings sales volumes grew versus the prior year, led by the U.S., Asia Pacific and Latin America, including benefits from expanded distribution through the Comex concessionaire network.
|
Aerospace coatings sales volumes increased modestly versus the prior year despite lower commercial demand stemming from continuing customer inventory management. Regionally, Asian and European sales growth was largely offset by declines in the U.S. and Canada.
|
Automotive refinish coatings organic sales grew at a mid-single-digit percentage rate year-over-year, outperforming end-use market demand levels in the U.S. and Canada and Asia Pacific.
|
Segment income increased $34 million (+5%) year-over-year despite the impact of approximately $15 million of planned incremental costs for new product launches and other growth-related initiatives in major U.S. architectural coatings national accounts. The increase in segment income was primarily due to acquisition-related income and continued strong cost management, including additional business restructuring benefits. Unfavorable foreign currency translation reduced segment income by nearly $20 million.
|
|
Six Months Ended
June 30 |
|
$ Change
|
|
% Change
|
|||||||
($ in millions, except per share amounts)
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|
2016 vs. 2015
|
|||||
Net sales
|
2,816
|
|
|
2,751
|
|
|
$
|
65
|
|
|
2.4
|
%
|
Segment income
|
557
|
|
|
504
|
|
|
$
|
53
|
|
|
10.5
|
%
|
2016 vs. 2015
|
Industrial Coatings segment net sales increased (+2%) due to the following:
|
● Net sales attributable to acquired businesses (+4%)
|
● Higher sales volumes (+2%), led by growth in Europe.
|
Partially offset by:
|
● Unfavorable foreign currency translation of approximately $80 million (-3%)
|
● Lower selling prices (-1%)
|
PPG’s global automotive OEM coatings business sales volumes were consistent with the prior year, reflecting modest global automotive industry production growth. PPG's sales volumes differed by region, with year-over-year growth tempered in Asia-Pacific given the prior year double-digit percentage growth.
|
Global industrial coatings and specialty coatings and materials sales volumes, in aggregate, increased a low-to-mid-single-digit percentage year-over-year, as growth momentum continued. Sales volumes remained uneven by end-use market and geography. Regionally, European sales volumes continued to expand, Asia sales volumes increased, while the U.S. and Canada experienced negative growth rates. Sales volumes in Latin America were flat.
|
Global packaging coatings sales volumes were up a mid-to-high single-digit percentage year-over-year, with at least mid-single digit percentage growth in all regions, driven primarily by continued strong sales growth momentum for new can coatings technologies.
|
Segment income increased $53 million (+10.5%) primarily due to lower manufacturing costs, including business restructuring benefits, higher sales volumes and acquisition-related income, partially offset by unfavorable foreign currency translation ($11 million).
|
|
Six Months Ended
June 30 |
|
$ Change
|
|
% Change
|
|||||||
($ in millions, except per share amounts)
|
2016
|
|
2015
|
|
2016 vs. 2015
|
|
2016 vs. 2015
|
|||||
Net sales
|
543
|
|
|
546
|
|
|
$
|
(3
|
)
|
|
(0.5
|
)%
|
Segment income
|
71
|
|
|
67
|
|
|
$
|
4
|
|
|
6.0
|
%
|
2016 vs. 2015
|
Glass segment net sales decreased (-0.5%) due to the following:
|
● Lower sales volumes (-1%)
|
● Lower sales stemming from a prior year flat glass production facility divestiture (-1%)
|
● Unfavorable foreign currency translation (-1%)
|
Partially offset by:
|
● Higher selling prices (+2%)
|
Flat glass sales volumes decreased by a low-single digit percentage reflecting the impact of a scheduled facility outage at the company’s Fresno, California facility during the six-months ended. Sales were also lower year-over-year due to the prior year sale of remaining finished goods from a previously divested flat glass manufacturing facility. Despite the lower sales volumes, underlying flat glass end-use market demand remained solid. Selling prices improved year-over-year.
Fiber glass sales volumes declined modestly year-over-year, as higher demand for automotive and wind energy components in Europe was offset by lower demand in certain U.S. energy-related end-use markets. Selling prices were flat year over year.
|
Segment income increased $4 million (6%) due to lower sales volumes, $12 million of repair-related costs for the scheduled Fresno facility outage and lower equity earnings, driven by weaker consumer electronics demand in Asia, partially offset by disciplined cost management.
|
•
|
Capital expenditures, excluding acquisitions, of
$168 million
, or about
2%
of sales.
|
•
|
Mandatory contributions to PPG's non-U.S. pension plans of $13 million.
|
•
|
Cash dividends paid totaled
$203 million
.
|
•
|
Cash spent on share repurchases totaled
$150 million
.
|
($ in millions, except percentages)
|
June 30, 2016 (a)
|
|
December 31, 2015
|
|
June 30, 2015
|
||||||
Trade Receivables, Net
|
$
|
2,779
|
|
|
$
|
2,413
|
|
|
$
|
2,912
|
|
Inventories, FIFO
|
1,943
|
|
|
1,868
|
|
|
2,036
|
|
|||
Trade Creditors’ Liabilities
|
2,118
|
|
|
1,940
|
|
|
2,036
|
|
|||
Operating Working Capital
|
$
|
2,604
|
|
|
$
|
2,341
|
|
|
$
|
2,912
|
|
Operating Working Capital as a % of Sales
|
16.0
|
%
|
|
15.8
|
%
|
|
17.8
|
%
|
|||
(a) Reclassifications for Assets and Liabilities held for sale related to the European fiber glass business reduced Operating Working Capital by $14 million as of June 30, 2016. Excluding the impact of the reclassifications on the balance sheet, operating working capital was $2,618 million, or 16.1% of sales.
|
|
Three Months Ended
June 30 |
|
Six Months Ended
June 30 |
||||||||||||
($ in millions)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Cash outlays for environmental remediation activities
|
$
|
9
|
|
|
$
|
20
|
|
|
$
|
23
|
|
|
$
|
56
|
|
($ in millions)
|
Remainder
of 2016
|
|
Annually
2017 - 2019
|
Projected future cash outlays for environmental remediation activities
|
$10 - $25
|
|
$25 - $45
|
|
|
|
|
PPG INDUSTRIES, INC.
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
Date:
|
July 22, 2016
|
By:
|
|
/s/ Frank S. Sklarsky
|
|
|
|
|
Frank S. Sklarsky
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer and Duly Authorized Officer)
|
†2.1
|
|
Definitive Purchase Agreement, dated as of June 24, 2016, by and among Massachusetts Mutual Life Insurance Company, PPG Industries, Inc. and State Street Bank and Trust Company, as Independent Fiduciary of the PPG Industries, Inc. Pension Plans.
|
†2.2
|
|
Definitive Purchase Agreement, dated as of June 24, 2016, by and among Metropolitan Life Insurance Company, PPG Industries, Inc. and State Street Bank and Trust Company, as Independent Fiduciary of the PPG Industries, Inc. Pension Plans.
|
10.3
|
|
Term Loan Credit Agreement, dated May 27, 2016, between PPG Industries, Inc. and The Bank of Tokyo-Mitsubishi UFJ, Ltd. was filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on June 3, 2016.
|
10.4
|
|
Term Loan Agreement, dated May 27, 2016, among PPG Industries, Inc., BNP Paribas, as administrative agent for the lenders, and BNP Paribas Securities Corp., as sole lead arranger, was filed as Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on June 3, 2016.
|
††12
|
|
Computation of Ratio of Earnings to Fixed Charges for the Six Months Ended June 30, 2016 and for the Five Years Ended December 31, 2015.
|
††31.1
|
|
Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
††31.2
|
|
Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
†††32.1
|
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
†††32.2
|
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS*
|
|
XBRL Instance Document
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
||
† Filed herewith. Confidential treatment has been requested for portions of this agreement. Schedules and exhibits to this agreement have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule or exhibit will be furnished supplementally to the Securities and Exchange Commission on request.
|
||
†† Filed herewith.
|
||
††† Furnished herewith.
|
||
* Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Statement of Income for the three and six months ended June 30, 2016 and 2015, (ii) the Condensed Consolidated Balance Sheet at June 30, 2016 and December 31, 2015, (iii) the Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2016 and 2015, and (iv) Notes to Condensed Consolidated Financial Statements for the three and six months ended June 30, 2016.
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|