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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
|
Smaller reporting company
|
o
|
|
|
Emerging growth company
|
o
|
|
|
|
PAGE
|
|
||
Item 1.
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 6.
|
||
|
|
Three Months Ended
March 31 |
||||||
|
2019
|
|
2018
|
||||
Net sales
|
|
$3,624
|
|
|
|
$3,781
|
|
Cost of sales, exclusive of depreciation and amortization
|
2,073
|
|
|
2,181
|
|
||
Selling, general and administrative
|
889
|
|
|
906
|
|
||
Depreciation
|
86
|
|
|
87
|
|
||
Amortization
|
32
|
|
|
36
|
|
||
Research and development, net
|
105
|
|
|
112
|
|
||
Interest expense
|
31
|
|
|
26
|
|
||
Interest income
|
(6
|
)
|
|
(5
|
)
|
||
Release of business restructuring reserves
|
(3
|
)
|
|
—
|
|
||
Other charges
|
14
|
|
|
41
|
|
||
Other income
|
(16
|
)
|
|
(24
|
)
|
||
Income before income taxes
|
|
$419
|
|
|
|
$421
|
|
Income tax expense
|
102
|
|
|
87
|
|
||
Income from continuing operations
|
|
$317
|
|
|
|
$334
|
|
Income from discontinued operations, net of tax
|
—
|
|
|
6
|
|
||
Net income attributable to controlling and noncontrolling interests
|
|
$317
|
|
|
|
$340
|
|
Less: Net income attributable to noncontrolling interests
|
(5
|
)
|
|
(6
|
)
|
||
Net income (attributable to PPG)
|
|
$312
|
|
|
|
$334
|
|
Amounts attributable to PPG:
|
|
|
|
||||
Income from continuing operations, net of tax
|
|
$312
|
|
|
|
$328
|
|
Income from discontinued operations, net of tax
|
—
|
|
|
6
|
|
||
Net income (attributable to PPG)
|
|
$312
|
|
|
|
$334
|
|
|
|
|
|
||||
Earnings per common share:
|
|
|
|
||||
Income from continuing operations, net of tax
|
|
$1.32
|
|
|
|
$1.32
|
|
Income from discontinued operations, net of tax
|
—
|
|
|
0.02
|
|
||
Net income (attributable to PPG)
|
|
$1.32
|
|
|
|
$1.34
|
|
Earnings per common share – assuming dilution:
|
|
|
|
||||
Income from continuing operations, net of tax
|
|
$1.31
|
|
|
|
$1.31
|
|
Income from discontinued operations, net of tax
|
—
|
|
|
0.02
|
|
||
Net income (attributable to PPG)
|
|
$1.31
|
|
|
|
$1.33
|
|
|
Three Months Ended
March 31 |
||||||
|
2019
|
|
2018
|
||||
Net income attributable to the controlling and noncontrolling interests
|
|
$317
|
|
|
|
$340
|
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
||||
Defined benefit pension and other postretirement benefits
|
(6
|
)
|
|
17
|
|
||
Unrealized foreign currency translation adjustments
|
81
|
|
|
146
|
|
||
Derivative financial instruments
|
—
|
|
|
(2
|
)
|
||
Other comprehensive income, net of tax
|
|
$75
|
|
|
|
$161
|
|
Total comprehensive income
|
|
$392
|
|
|
|
$501
|
|
Less: amounts attributable to noncontrolling interests:
|
|
|
|
||||
Net income
|
(5
|
)
|
|
(6
|
)
|
||
Unrealized foreign currency translation adjustments
|
1
|
|
|
(2
|
)
|
||
Comprehensive income attributable to PPG
|
|
$388
|
|
|
|
$493
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
|
$784
|
|
|
|
$902
|
|
Short-term investments
|
55
|
|
|
61
|
|
||
Receivables (less allowance for doubtful accounts of $26 and $24)
|
3,197
|
|
|
2,845
|
|
||
Inventories
|
1,965
|
|
|
1,783
|
|
||
Other
|
408
|
|
|
370
|
|
||
Total current assets
|
|
$6,409
|
|
|
|
$5,961
|
|
Property, plant and equipment (net of accumulated depreciation of $3,897 and $3,828)
|
2,866
|
|
|
2,805
|
|
||
Goodwill
|
4,103
|
|
|
4,070
|
|
||
Identifiable intangible assets, net
|
2,020
|
|
|
1,972
|
|
||
Deferred income taxes
|
242
|
|
|
229
|
|
||
Investments
|
261
|
|
|
251
|
|
||
Operating lease right-of-use assets
|
726
|
|
|
—
|
|
||
Other assets
|
744
|
|
|
727
|
|
||
Total
|
|
$17,371
|
|
|
|
$16,015
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued liabilities
|
|
$3,684
|
|
|
|
$3,623
|
|
Restructuring reserves
|
83
|
|
|
99
|
|
||
Short-term debt and current portion of long-term debt
|
653
|
|
|
651
|
|
||
Current portion of operating lease liabilities
|
168
|
|
|
—
|
|
||
Total current liabilities
|
|
$4,588
|
|
|
|
$4,373
|
|
Long-term debt
|
4,626
|
|
|
4,365
|
|
||
Operating lease liabilities
|
566
|
|
|
—
|
|
||
Accrued pensions
|
646
|
|
|
645
|
|
||
Other postretirement benefits
|
623
|
|
|
629
|
|
||
Deferred income taxes
|
447
|
|
|
429
|
|
||
Other liabilities
|
865
|
|
|
842
|
|
||
Total liabilities
|
|
$12,361
|
|
|
|
$11,283
|
|
Commitments and contingent liabilities (Note 15)
|
|
|
|
||||
Shareholders’ equity:
|
|
|
|
||||
Common stock
|
969
|
|
|
969
|
|
||
Additional paid-in capital
|
899
|
|
|
788
|
|
||
Retained earnings
|
18,330
|
|
|
18,131
|
|
||
Treasury stock, at cost
|
(13,070
|
)
|
|
(12,958
|
)
|
||
Accumulated other comprehensive loss
|
(2,224
|
)
|
|
(2,300
|
)
|
||
Total PPG shareholders’ equity
|
|
$4,904
|
|
|
|
$4,630
|
|
Noncontrolling interests
|
106
|
|
|
102
|
|
||
Total shareholders’ equity
|
|
$5,010
|
|
|
|
$4,732
|
|
Total
|
|
$17,371
|
|
|
|
$16,015
|
|
|
Common Stock
|
Additional Paid-In Capital
|
Retained Earnings
|
Treasury Stock
|
Accumulated Other Comprehensive (Loss)/Income
|
Total PPG
|
Non-controlling Interests
|
Total
|
||||||||||||||||
January 1, 2019
|
|
$969
|
|
|
$788
|
|
|
$18,131
|
|
|
($12,958
|
)
|
|
($2,300
|
)
|
|
$4,630
|
|
|
$102
|
|
|
$4,732
|
|
Net income attributable to the controlling and noncontrolling interests
|
—
|
|
—
|
|
312
|
|
—
|
|
—
|
|
312
|
|
5
|
|
317
|
|
||||||||
Other comprehensive income/(loss), net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
76
|
|
76
|
|
(1
|
)
|
75
|
|
||||||||
Cash dividends
|
—
|
|
—
|
|
(113
|
)
|
—
|
|
—
|
|
(113
|
)
|
—
|
|
(113
|
)
|
||||||||
Purchase of treasury stock
|
—
|
|
—
|
|
—
|
|
(175
|
)
|
—
|
|
(175
|
)
|
—
|
|
(175
|
)
|
||||||||
Issuance of treasury stock
|
—
|
|
121
|
|
—
|
|
63
|
|
—
|
|
184
|
|
—
|
|
184
|
|
||||||||
Stock-based compensation activity
|
—
|
|
(10
|
)
|
—
|
|
—
|
|
—
|
|
(10
|
)
|
—
|
|
(10
|
)
|
||||||||
March 31, 2019
|
|
$969
|
|
|
$899
|
|
|
$18,330
|
|
|
($13,070
|
)
|
|
($2,224
|
)
|
|
$4,904
|
|
|
$106
|
|
|
$5,010
|
|
|
Common Stock
|
Additional Paid-In Capital
|
Retained Earnings
|
Treasury Stock
|
Accumulated Other Comprehensive (Loss)/Income
|
Total PPG
|
Non-controlling Interests
|
Total
|
||||||||||||||||
January 1, 2018
|
|
$969
|
|
|
$756
|
|
|
$17,140
|
|
|
($11,251
|
)
|
|
($2,057
|
)
|
|
$5,557
|
|
|
$115
|
|
|
$5,672
|
|
Net income attributable to the controlling and noncontrolling interests
|
—
|
|
—
|
|
334
|
|
—
|
|
—
|
|
334
|
|
6
|
|
340
|
|
||||||||
Other comprehensive income, net of tax
|
—
|
|
—
|
|
—
|
|
—
|
|
159
|
|
159
|
|
2
|
|
161
|
|
||||||||
Cash dividends
|
—
|
|
—
|
|
(112
|
)
|
—
|
|
—
|
|
(112
|
)
|
—
|
|
(112
|
)
|
||||||||
Purchase of treasury stock
|
—
|
|
—
|
|
—
|
|
(600
|
)
|
—
|
|
(600
|
)
|
—
|
|
(600
|
)
|
||||||||
Issuance of treasury stock
|
—
|
|
24
|
|
—
|
|
7
|
|
—
|
|
31
|
|
—
|
|
31
|
|
||||||||
Stock-based compensation activity
|
—
|
|
(19
|
)
|
—
|
|
—
|
|
—
|
|
(19
|
)
|
—
|
|
(19
|
)
|
||||||||
Reductions in noncontrolling interests
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2
|
)
|
(2
|
)
|
||||||||
Reclassification from other comprehensive income to retained earnings - Adoption of ASU 2018-02
|
—
|
|
—
|
|
107
|
|
—
|
|
(107
|
)
|
—
|
|
—
|
|
—
|
|
||||||||
Adjustment to retained earnings - Adoption of ASU 2016-16
|
—
|
|
—
|
|
(4
|
)
|
—
|
|
—
|
|
(4
|
)
|
—
|
|
(4
|
)
|
||||||||
March 31, 2018
|
|
$969
|
|
|
$761
|
|
|
$17,465
|
|
|
($11,844
|
)
|
|
($2,005
|
)
|
|
$5,346
|
|
|
$121
|
|
|
$5,467
|
|
|
Three Months Ended
March 31 |
||||||
($ in millions)
|
2019
|
|
2018
|
||||
Operating activities:
|
|
|
|
||||
Net income attributable to controlling and noncontrolling interests
|
|
$317
|
|
|
|
$340
|
|
Less: Income from discontinued operations
|
—
|
|
|
(6
|
)
|
||
Income from continuing operations
|
|
$317
|
|
|
|
$334
|
|
Adjustments to reconcile net income to cash from operations:
|
|
|
|
||||
Depreciation and amortization
|
118
|
|
|
123
|
|
||
Pension expense
|
12
|
|
|
10
|
|
||
Environmental remediation charges
|
10
|
|
|
34
|
|
||
Release of business restructuring reserves
|
(3
|
)
|
|
—
|
|
||
Stock-based compensation expense
|
9
|
|
|
9
|
|
||
Equity affiliate earnings, net of dividends
|
(4
|
)
|
|
(4
|
)
|
||
Deferred income tax benefit
|
(32
|
)
|
|
(5
|
)
|
||
Cash contributions to pension plans
|
(3
|
)
|
|
(30
|
)
|
||
Cash used for restructuring actions
|
(15
|
)
|
|
(17
|
)
|
||
Change in certain asset and liability accounts:
|
|
|
|
||||
Receivables
|
(299
|
)
|
|
(373
|
)
|
||
Inventories
|
(152
|
)
|
|
(202
|
)
|
||
Other current assets
|
(56
|
)
|
|
(46
|
)
|
||
Accounts payable and accrued liabilities
|
(24
|
)
|
|
74
|
|
||
Taxes and interest payable
|
42
|
|
|
(45
|
)
|
||
Noncurrent assets and liabilities, net
|
(22
|
)
|
|
(75
|
)
|
||
Other
|
36
|
|
|
(15
|
)
|
||
Cash used for operating activities
|
|
($66
|
)
|
|
|
($228
|
)
|
Investing activities:
|
|
|
|
||||
Capital expenditures
|
(47
|
)
|
|
(75
|
)
|
||
Business acquisitions, net of cash balances acquired
|
(57
|
)
|
|
(96
|
)
|
||
Payments for the settlement of cross currency swap contracts
|
(6
|
)
|
|
(13
|
)
|
||
Proceeds from the settlement of cross currency swap
|
16
|
|
|
—
|
|
||
Other
|
8
|
|
|
6
|
|
||
Cash used for investing activities
|
|
($86
|
)
|
|
|
($178
|
)
|
Financing activities:
|
|
|
|
||||
Net change in borrowing with maturities of three months or less
|
9
|
|
|
7
|
|
||
Proceeds from commercial paper
|
300
|
|
|
—
|
|
||
Proceeds from the issuance of debt, net of discounts and fees
|
—
|
|
|
992
|
|
||
Repayment of long-term debt
|
(1
|
)
|
|
(1
|
)
|
||
Purchase of treasury stock
|
(175
|
)
|
|
(600
|
)
|
||
Issuance of treasury stock
|
7
|
|
|
9
|
|
||
Dividends paid
|
(113
|
)
|
|
(112
|
)
|
||
Payments related to tax withholding on stock-based compensation awards
|
(8
|
)
|
|
(13
|
)
|
||
Other
|
13
|
|
|
13
|
|
||
Cash from financing activities
|
|
$32
|
|
|
|
$295
|
|
Effect of currency exchange rate changes on cash and cash equivalents
|
2
|
|
|
21
|
|
||
Net decrease in cash and cash equivalents
|
|
($118
|
)
|
|
|
($90
|
)
|
Cash and cash equivalents, beginning of period
|
902
|
|
|
1,436
|
|
||
Cash and cash equivalents, end of period
|
|
$784
|
|
|
|
$1,346
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Interest paid, net of amount capitalized
|
|
$40
|
|
|
|
$24
|
|
Taxes paid, net of refunds
|
|
$94
|
|
|
|
$118
|
|
|
|
|
|
||||
Supplemental disclosure of noncash investing activities:
|
|
|
|
||||
Reissuance of common stock for business acquisition
|
|
$164
|
|
|
|
$—
|
|
1
.
|
Basis of Presentation
|
2
.
|
New Accounting Standards
|
3
.
|
Leases
|
($ in millions)
|
Classification in the Condensed Consolidated Statement of Income
|
Three Months Ended March 31, 2019
|
||
Operating lease cost
(a)
|
Cost of sales, exclusive of depreciation and amortization
|
|
$9
|
|
Operating lease cost
(a)
|
Selling, general and administrative
|
48
|
|
|
Total operating lease cost
|
|
|
$57
|
|
Finance lease cost:
|
|
|
||
Amortization of right-of-use assets
|
Depreciation
|
|
$1
|
|
Interest on lease liabilities
|
Interest Expense
|
—
|
|
|
Total finance lease cost
|
|
|
$1
|
|
Total lease cost
|
|
|
$58
|
|
(a)
|
Includes variable lease costs of
$4 million
. Short-term lease costs were
$1 million
during the period.
|
($ in millions)
|
Classification on the Condensed Consolidated Balance Sheet
|
March 31, 2019
|
||
Assets:
|
|
|
||
Operating
|
Other assets
|
|
$726
|
|
Finance
(a)
|
Property, plant, and equipment
|
14
|
|
|
Total leased assets
|
|
|
$740
|
|
Liabilities:
|
|
|
||
Current
|
|
|
||
Operating
|
Current portion of operating lease liabilities
|
|
$168
|
|
Finance
|
Short-term debt and current portion of long-term debt
|
3
|
|
|
Noncurrent
|
|
|
||
Operating
|
Operating lease liabilities
|
566
|
|
|
Finance
|
Long-term debt
|
9
|
|
|
Total lease liabilities
|
|
|
$746
|
|
(a)
|
Net of accumulated depreciation of
$15 million
.
|
($ in millions)
|
Three Months Ended March 31, 2019
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
||
Operating cash flows from operating leases
|
|
$52
|
|
Operating cash flows from finance leases
|
|
$—
|
|
Financing cash flows from finance leases
|
|
$1
|
|
Right-of-use assets obtained in exchange for lease obligations:
|
|
||
Operating leases
|
|
$34
|
|
Finance leases
|
|
$—
|
|
|
As of March 31, 2019
|
|
Weighted-average remaining lease term (in years)
|
|
|
Operating leases
|
7.4
|
|
Finance leases
|
6.2
|
|
Weighted-average discount rate
|
|
|
Operating leases
|
3.2
|
%
|
Finance leases
|
9.5
|
%
|
($ in millions)
|
Operating Leases
|
|
Finance Leases
|
||||
Remaining nine months of 2019
|
|
$142
|
|
|
|
$3
|
|
2020
|
155
|
|
|
3
|
|
||
2021
|
116
|
|
|
3
|
|
||
2022
|
89
|
|
|
2
|
|
||
2023
|
70
|
|
|
2
|
|
||
Thereafter
|
255
|
|
|
4
|
|
||
Total lease payments
|
|
$827
|
|
|
|
$17
|
|
Less: Interest
|
93
|
|
|
5
|
|
||
Total lease obligations
|
|
$734
|
|
|
|
$12
|
|
($ in millions)
|
Operating Leases
|
|
Capital Leases
|
||||
2019
|
|
$207
|
|
|
|
$3
|
|
2020
|
157
|
|
|
3
|
|
||
2021
|
116
|
|
|
1
|
|
||
2022
|
93
|
|
|
1
|
|
||
2023
|
76
|
|
|
1
|
|
||
Beyond 2023
|
|
$244
|
|
|
|
$3
|
|
4
.
|
Acquisitions and Divestitures
|
($ in millions)
|
Three Months Ended March 31, 2018
|
||
Income from operations
|
|
$8
|
|
Income tax expense
|
2
|
|
|
Income from discontinued operations, net of tax
|
|
$6
|
|
5
.
|
Inventories
|
($ in millions)
|
March 31, 2019
|
|
December 31, 2018
|
||||
Finished products
|
|
$1,234
|
|
|
|
$1,105
|
|
Work in process
|
211
|
|
|
193
|
|
||
Raw materials
|
486
|
|
|
452
|
|
||
Supplies
|
34
|
|
|
33
|
|
||
Total Inventories
|
|
$1,965
|
|
|
|
$1,783
|
|
6
.
|
Goodwill and Other Identifiable Intangible Assets
|
($ in millions)
|
Performance
Coatings
|
|
Industrial
Coatings
|
|
Total
|
||||||
January 1, 2019
|
|
$3,266
|
|
|
|
$804
|
|
|
|
$4,070
|
|
Acquisitions, including purchase accounting adjustments
|
2
|
|
|
46
|
|
|
48
|
|
|||
Foreign currency impact
|
(11
|
)
|
|
(4
|
)
|
|
(15
|
)
|
|||
March 31, 2019
|
|
$3,257
|
|
|
|
$846
|
|
|
|
$4,103
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
($ in millions)
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
||||||||||||
Indefinite-Lived Identifiable Intangible Assets
|
|||||||||||||||||||||||
Trademarks
|
|
$1,155
|
|
|
N/A
|
|
|
|
$1,155
|
|
|
|
$1,140
|
|
|
N/A
|
|
|
|
$1,140
|
|
||
Definite-Lived Identifiable Intangible Assets
|
|||||||||||||||||||||||
Acquired technology
|
|
$673
|
|
|
|
($522
|
)
|
|
|
$151
|
|
|
|
$648
|
|
|
|
($515
|
)
|
|
|
$133
|
|
Customer-related
|
1,422
|
|
|
(822
|
)
|
|
600
|
|
|
1,396
|
|
|
(798
|
)
|
|
598
|
|
||||||
Trade names
|
205
|
|
|
(98
|
)
|
|
107
|
|
|
190
|
|
|
(96
|
)
|
|
94
|
|
||||||
Other
|
45
|
|
|
(38
|
)
|
|
7
|
|
|
44
|
|
|
(37
|
)
|
|
7
|
|
||||||
Total Definite Lived Intangible Assets
|
|
$2,345
|
|
|
|
($1,480
|
)
|
|
|
$865
|
|
|
|
$2,278
|
|
|
|
($1,446
|
)
|
|
|
$832
|
|
Total Identifiable Intangible Assets
|
|
$3,500
|
|
|
|
($1,480
|
)
|
|
|
$2,020
|
|
|
|
$3,418
|
|
|
|
($1,446
|
)
|
|
|
$1,972
|
|
($ in millions)
|
Future Amortization Expense
|
||
Remaining nine months of 2019
|
|
$88
|
|
2020
|
100
|
|
|
2021
|
95
|
|
|
2022
|
85
|
|
|
2023
|
75
|
|
|
2024
|
65
|
|
|
Thereafter
|
357
|
|
7
.
|
Business Restructuring
|
($ in millions)
|
Total Reserve
|
||
December 31, 2018
|
|
$110
|
|
Cash payments
|
(15
|
)
|
|
Release of prior reserves
|
(3
|
)
|
|
Foreign currency impact
|
(1
|
)
|
|
March 31, 2019
|
|
$91
|
|
8
.
|
Borrowings
|
9
.
|
Earnings Per Common Share
|
|
Three Months Ended
March 31 |
||||||
(number of shares in millions)
|
2019
|
|
2018
|
||||
Weighted average common shares outstanding
|
236.7
|
|
|
249.8
|
|
||
Effect of dilutive securities:
|
|
|
|
||||
Stock options
|
0.7
|
|
|
0.9
|
|
||
Other stock compensation plans
|
0.6
|
|
|
0.7
|
|
||
Potentially dilutive common shares
|
1.3
|
|
|
1.6
|
|
||
Adjusted weighted average common shares outstanding
|
238.0
|
|
|
251.4
|
|
||
|
|
|
|
||||
Dividends per common share
|
|
$0.48
|
|
|
|
$0.45
|
|
10
.
|
Income Taxes
|
|
Three Months Ended
March 31 |
||||
|
2019
|
|
2018
|
||
Effective tax rate on pre-tax income from continuing operations
|
24.3
|
%
|
|
20.7
|
%
|
11
.
|
Pensions and Other Postretirement Benefits
|
|
Pension
|
|
Other Postretirement Benefits
|
||||||||||||
|
Three Months Ended
March 31 |
|
Three Months Ended
March 31 |
||||||||||||
($ in millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Service cost
|
|
$6
|
|
|
|
$8
|
|
|
|
$2
|
|
|
|
$2
|
|
Interest cost
|
26
|
|
|
24
|
|
|
6
|
|
|
6
|
|
||||
Expected return on plan assets
|
(35
|
)
|
|
(38
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of actuarial losses
|
15
|
|
|
16
|
|
|
2
|
|
|
5
|
|
||||
Amortization of prior service credit
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
(15
|
)
|
||||
Net periodic benefit cost
|
|
$12
|
|
|
|
$10
|
|
|
|
($4
|
)
|
|
|
($2
|
)
|
|
Three Months Ended
March 31 |
||||||
($ in millions)
|
2019
|
|
2018
|
||||
U.S. defined benefit pension contributions
|
|
$—
|
|
|
|
$25
|
|
Non-U.S. defined benefit pension mandatory contributions
|
|
$3
|
|
|
|
$5
|
|
12
.
|
Accumulated Other Comprehensive Loss
|
($ in millions)
|
Unrealized Foreign Currency Translation Adjustments
|
|
Pension and Other Postretirement Benefit Adjustments, net of tax (c)
|
|
Unrealized Gain (Loss) on Derivatives, net of tax (d)
|
|
Accumulated Other Comprehensive Loss
|
||||||||||||||||
January 1, 2019
|
|
|
($1,734
|
)
|
|
|
|
($568
|
)
|
|
|
|
$2
|
|
|
|
|
($2,300
|
)
|
||||
Current year deferrals to AOCI (a)
|
31
|
|
|
|
—
|
|
|
|
—
|
|
|
|
31
|
|
|
||||||||
Current year deferrals to AOCI, net of tax (b)
|
51
|
|
|
|
(8
|
)
|
|
|
—
|
|
|
|
43
|
|
|
||||||||
Reclassifications from AOCI to net income
|
—
|
|
|
|
2
|
|
|
|
—
|
|
|
|
2
|
|
|
||||||||
Period change
|
|
|
$82
|
|
|
|
|
($6
|
)
|
|
|
|
$—
|
|
|
|
|
$76
|
|
||||
March 31, 2019
|
|
|
($1,652
|
)
|
|
|
|
($574
|
)
|
|
|
|
$2
|
|
|
|
|
($2,224
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
January 1, 2018
|
|
|
($1,567
|
)
|
|
|
|
($493
|
)
|
|
|
|
$3
|
|
|
|
|
($2,057
|
)
|
||||
Current year deferrals to AOCI
|
189
|
|
|
|
—
|
|
|
|
—
|
|
|
|
189
|
|
|
||||||||
Current year deferrals to AOCI, net of tax (b)
|
(45
|
)
|
|
|
14
|
|
|
|
(5
|
)
|
|
|
(36
|
)
|
|
||||||||
Reclassifications from AOCI to net income
|
—
|
|
|
|
3
|
|
|
|
3
|
|
|
|
6
|
|
|
||||||||
Period change
|
|
|
$144
|
|
|
|
|
$17
|
|
|
|
|
($2
|
)
|
|
|
|
$159
|
|
||||
Reclassification from AOCI to Retained earnings - Adoption ASU 2018-02
|
|
(23
|
)
|
|
|
(84
|
)
|
|
|
—
|
|
|
|
(107
|
)
|
||||||||
March 31, 2018
|
|
|
($1,446
|
)
|
|
|
|
($560
|
)
|
|
|
|
$1
|
|
|
|
|
($2,005
|
)
|
(a)
|
Except for income taxes of $6 million related to foreign currency impacts of certain unasserted earnings, unrealized foreign currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred U.S. income taxes have been provided on undistributed earnings of non-U.S. subsidiaries because they are deemed to be reinvested for an indefinite period of time.
|
(b)
|
The tax cost related to unrealized foreign currency translation adjustments on tax inter-branch transactions and net investment hedges for the
three
months ended
March 31, 2019
and
2018
was
$17 million
and
$21 million
, respectively.
|
(c)
|
The tax cost (benefit) related to the adjustment for pension and other postretirement benefits for the
three
months ended
March 31, 2019
and
2018
was
$1 million
and
($1) million
, respectively. Reclassifications from AOCI are included in the computation of net periodic benefit costs (See Note
11
, "
Pensions and Other Postretirement Benefits
").
|
(d)
|
The tax cost (benefit) related to the changes in the unrealized gain (loss) on derivatives was insignificant for the
three
months ended
March 31, 2019
, and was
($1) million
for the three months ended
March 31, 2018
. Reclassifications from AOCI are included in the gain recognized on cash flow hedges (See Note
13
, "
Financial Instruments, Hedging Activities and Fair Value Measurements
").
|
13
.
|
Financial Instruments, Hedging Activities and Fair Value Measurements
|
|
March 31, 2019
|
|
March 31, 2018
|
|
|
||||||||||||
($ in millions)
|
Gain Deferred in OCI
|
|
Gain (Loss) Recognized
|
|
Loss Deferred in OCI
|
|
Gain (Loss) Recognized
|
|
Caption In Condensed Consolidated Statement of Income
|
||||||||
Economic
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
|
$—
|
|
|
|
$6
|
|
|
|
$—
|
|
|
|
$4
|
|
|
Other charges
|
Fair Value
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
Interest expense
|
||||
Cash Flow
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
(1)
|
—
|
|
|
(1
|
)
|
|
(6
|
)
|
|
(3
|
)
|
|
Other charges and Cost of sales
|
||||
Total Cash Flow
|
|
$—
|
|
|
|
$5
|
|
|
|
($6
|
)
|
|
|
$2
|
|
|
|
Net Investment
|
|
|
|
|
|
|
|
|
|
||||||||
Cross currency swaps
|
|
$13
|
|
|
|
$4
|
|
|
|
($26
|
)
|
|
|
$1
|
|
|
Interest expense
|
Foreign denominated debt
|
57
|
|
|
—
|
|
|
(68
|
)
|
|
—
|
|
|
|
||||
Total Net Investment
|
|
$70
|
|
|
|
$4
|
|
|
|
($94
|
)
|
|
|
$1
|
|
|
|
(1)
|
For the period ended
March 31, 2019
, the amounts excluded from effectiveness testing recognized in earnings based on an amortized approach was expense of
$1 million
.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
($ in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other current assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Marketable equity securities
|
|
$4
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$4
|
|
|
|
$—
|
|
|
|
$—
|
|
Foreign currency forward contracts
(a)
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Foreign currency forward contracts
(b)
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
—
|
|
||||||
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Marketable equity securities
|
78
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
—
|
|
|
—
|
|
||||||
Other assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cross currency swaps
(c)
|
—
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
—
|
|
||||||
Interest rate swaps
(d)
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable and accrued liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency forward contracts
(a)
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||
Foreign currency forward contracts
(b)
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
(a) Cash flow hedges
|
(c) Net investment hedges
|
(b) Derivatives not designated as hedging instruments
|
(d) Fair value hedges
|
($ in millions)
|
March 31, 2019
(a)
|
|
December 31, 2018
(b)
|
||||
Long-term debt - carrying value
|
|
$5,254
|
|
|
|
$5,000
|
|
Long-term debt - fair value
|
|
$5,447
|
|
|
|
$5,101
|
|
14
.
|
Stock-Based Compensation
|
|
Three Months Ended
March 31 |
||||||
($ in millions)
|
2019
|
|
2018
|
||||
Stock-based compensation
|
|
$9
|
|
|
|
$9
|
|
Income tax benefit recognized
|
|
$2
|
|
|
|
$2
|
|
|
Three Months Ended
March 31 |
||||||||||||
|
2019
|
|
2018
|
||||||||||
Grant Details
|
Shares
|
|
Fair Value
|
|
Shares
|
|
Fair Value
|
||||||
Stock options
|
588,870
|
|
|
|
$22.50
|
|
|
517,433
|
|
|
|
$25.38
|
|
Restricted stock units
|
179,564
|
|
|
|
$103.35
|
|
|
168,432
|
|
|
|
$110.28
|
|
Contingent shares (a)
|
51,850
|
|
|
|
$109.74
|
|
|
49,278
|
|
|
|
$116.32
|
|
Weighted average exercise price
|
|
$109.74
|
|
Risk-free interest rate
|
2.6
|
%
|
|
Expected life of option in years
|
6.5
|
|
|
Expected dividend yield
|
1.6
|
%
|
|
Expected volatility
|
20.0
|
%
|
15
.
|
Commitments and Contingent Liabilities
|
Environmental Reserves
|
|||||||
($ in millions)
|
March 31, 2019
|
|
December 31, 2018
|
||||
New Jersey Chrome
|
|
$137
|
|
|
|
$151
|
|
Glass and chemical
|
68
|
|
|
90
|
|
||
Other
|
61
|
|
|
50
|
|
||
Total
|
|
$266
|
|
|
|
$291
|
|
Current portion
|
|
$109
|
|
|
|
$105
|
|
|
Three Months Ended
March 31 |
||||||
($ in millions)
|
2019
|
|
2018
|
||||
Environmental remediation pre-tax charges
|
|
$16
|
|
|
|
$34
|
|
Cash outlays for environmental remediation activities
|
|
$16
|
|
|
|
$17
|
|
16
.
|
Revenue Recognition
|
($ in millions)
|
Performance Coatings
|
|
Industrial Coatings
|
|
Total Net Sales
|
|||||||||||||||
|
Three Months Ended
March 31 |
|
Three Months Ended
March 31 |
|
Three Months Ended
March 31 |
|||||||||||||||
|
2019
|
2018
|
|
2019
|
2018
|
|
2019
|
2018
|
||||||||||||
United States and Canada
|
|
$953
|
|
|
$974
|
|
|
|
$613
|
|
|
$611
|
|
|
|
$1,566
|
|
|
$1,585
|
|
EMEA
|
688
|
|
707
|
|
|
426
|
|
473
|
|
|
1,114
|
|
1,180
|
|
||||||
Asia-Pacific
|
243
|
|
242
|
|
|
340
|
|
388
|
|
|
583
|
|
630
|
|
||||||
Latin America
|
224
|
|
237
|
|
|
137
|
|
149
|
|
|
361
|
|
386
|
|
||||||
Total
|
|
$2,108
|
|
|
$2,160
|
|
|
|
$1,516
|
|
|
$1,621
|
|
|
|
$3,624
|
|
|
$3,781
|
|
17
.
|
Reportable Business Segment Information
|
|
Three Months Ended
March 31 |
||||||
($ in millions)
|
2019
|
|
2018
|
||||
Net sales:
|
|
|
|
||||
Performance Coatings
|
|
$2,108
|
|
|
|
$2,160
|
|
Industrial Coatings
|
1,516
|
|
|
1,621
|
|
||
Total
|
|
$3,624
|
|
|
|
$3,781
|
|
Segment income:
|
|
|
|
||||
Performance Coatings
|
|
$297
|
|
|
|
$280
|
|
Industrial Coatings
|
218
|
|
|
239
|
|
||
Total
|
|
$515
|
|
|
|
$519
|
|
Corporate
|
(45
|
)
|
|
(43
|
)
|
||
Interest expense, net of interest income
|
(25
|
)
|
|
(21
|
)
|
||
Legacy items
(a)
|
(2
|
)
|
|
4
|
|
||
Environmental remediation charges
|
(10
|
)
|
|
(34
|
)
|
||
Release of business restructuring reserves
|
3
|
|
|
—
|
|
||
Accelerated depreciation and other costs from restructuring actions
|
(6
|
)
|
|
—
|
|
||
Acquisition-related costs
(b)
|
(7
|
)
|
|
—
|
|
||
Costs associated with ongoing accounting investigations
|
(4
|
)
|
|
—
|
|
||
Costs related to customer assortment change
|
—
|
|
|
(4
|
)
|
||
Income before income taxes
|
|
$419
|
|
|
|
$421
|
|
(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 certain recurring environmental remediation costs, and certain other charges which are not associated with PPG's current business portfolio.
|
(b)
|
Acquisition-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 divestitures not classified as discontinued operations. These costs also include the flow-through cost of sales for the step up to fair value of inventory acquired in acquisitions.
|
•
|
Net sales were approximately
$3.6 billion
, down
4.2%
compared to the prior year.
|
•
|
Cost of sales, exclusive of depreciation and amortization ("Cost of sales") was
$2.1 billion
, down
5.0%
versus prior year. As a percentage of sales, Cost of sales decreased
0.5%
.
|
•
|
Selling, general and administrative ("SG&A") expense was
$889 million
, down
1.9%
year-over-year. As a percentage of sales, SG&A expense increased
0.5%
.
|
•
|
Income before income taxes was
$419 million
.
|
•
|
The reported effective tax rate was
24.3%
. The adjusted effective tax rate was
24.4%
.
|
•
|
Income from continuing operations, net of tax (attributable to PPG) was
$312 million
.
|
•
|
Earnings per diluted share from continuing operations was
$1.31
.
|
•
|
Cash flows used by operating activities - continuing operations was
$66 million
, an increase of
$162 million
year-over-year.
|
•
|
Capital expenditures, including business acquisitions (net of cash acquired), was
$104 million
.
|
•
|
The Company paid
$113 million
in dividends and repurchased
$175 million
of its outstanding common stock.
|
|
Three Months Ended
March 31 |
|
Percent Change
|
|||||||
($ in millions, except percentages)
|
2019
|
|
2018
|
|
2019 vs. 2018
|
|||||
United States and Canada
|
|
$1,566
|
|
|
|
$1,585
|
|
|
(1.2
|
)%
|
Europe, Middle East and Africa (EMEA)
|
1,114
|
|
|
1,180
|
|
|
(5.6
|
)%
|
||
Asia-Pacific
|
583
|
|
|
630
|
|
|
(7.5
|
)%
|
||
Latin America
|
361
|
|
|
386
|
|
|
(6.5
|
)%
|
||
Total
|
|
$3,624
|
|
|
|
$3,781
|
|
|
(4.2
|
)%
|
|
Three Months Ended
March 31 |
|
Percent Change
|
|||||||
($ in millions, except percentages)
|
2019
|
|
2018
|
|
2019 vs. 2018
|
|||||
Cost of sales, exclusive of depreciation and amortization
|
|
$2,073
|
|
|
|
$2,181
|
|
|
(5.0
|
)%
|
Cost of sales as a percentage of net sales
|
57.2
|
%
|
|
57.7
|
%
|
|
(0.5
|
)%
|
|
Three Months Ended
March 31 |
|
Percent Change
|
|||||||
($ in millions, except percentages)
|
2019
|
|
2018
|
|
2019 vs. 2018
|
|||||
Selling, general and administrative expenses (SG&A)
|
|
$889
|
|
|
|
$906
|
|
|
(1.9
|
)%
|
Selling, general and administrative expenses as a percentage of net sales
|
24.5
|
%
|
|
24.0
|
%
|
|
0.5
|
%
|
|
Three Months Ended
March 31 |
|
Percent Change
|
|||||||
($ in millions, except percentages)
|
2019
|
|
2018
|
|
2019 vs. 2018
|
|||||
Interest expense, net of Interest income
|
|
$25
|
|
|
|
$21
|
|
|
19.0
|
%
|
Other charges
|
|
$14
|
|
|
|
$41
|
|
|
(65.9
|
)%
|
Other income
|
|
($16
|
)
|
|
|
($24
|
)
|
|
(33.3
|
)%
|
|
Three Months Ended
March 31 |
|
Percent Change
|
|||||||
($ in millions, except percentages)
|
2019
|
|
2018
|
|
2019 vs. 2018
|
|||||
Income tax expense
|
|
$102
|
|
|
|
$87
|
|
|
17.2
|
%
|
Effective tax rate
|
24.3
|
%
|
|
20.7
|
%
|
|
3.6
|
%
|
||
Adjusted effective tax rate, continuing operations*
|
24.4
|
%
|
|
20.9
|
%
|
|
3.5
|
%
|
||
|
|
|
|
|
|
|||||
Earnings per diluted share, continuing operations
|
|
$1.31
|
|
|
|
$1.31
|
|
|
—
|
%
|
Adjusted earnings per diluted share*
|
|
$1.38
|
|
|
|
$1.42
|
|
|
(2.8
|
)%
|
*See Regulation G Reconciliation below
|
|
Three Months Ended March 31, 2019
|
|||||||||||||||||
($ 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
|
|
$419
|
|
|
|
$102
|
|
|
24.3
|
%
|
|
|
$312
|
|
|
|
$1.31
|
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
|||||||||
Acquisition-related costs
|
7
|
|
|
2
|
|
|
23.4
|
%
|
|
5
|
|
|
0.02
|
|
||||
Environmental remediation charge
|
10
|
|
|
2
|
|
|
24.3
|
%
|
|
8
|
|
|
0.03
|
|
||||
Costs associated with ongoing accounting investigations
|
4
|
|
|
1
|
|
|
24.3
|
%
|
|
3
|
|
|
0.01
|
|
||||
Release of business restructuring reserves
|
(3
|
)
|
|
(1
|
)
|
|
25.6
|
%
|
|
(2
|
)
|
|
(0.01
|
)
|
||||
Accelerated depreciation and other costs from restructuring actions
|
6
|
|
|
2
|
|
|
25.0
|
%
|
|
4
|
|
|
0.02
|
|
||||
Adjusted, continuing operations, excluding certain items
|
|
$443
|
|
|
|
$108
|
|
|
24.4
|
%
|
|
|
$330
|
|
|
|
$1.38
|
|
|
Three Months Ended March 31, 2018
|
|||||||||||||||||
($ 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
|
|
$421
|
|
|
|
$87
|
|
|
20.7
|
%
|
|
|
$328
|
|
|
|
$1.31
|
|
Adjusted for:
|
|
|
|
|
|
|
|
|
|
|||||||||
Costs related to customer assortment change
|
4
|
|
|
1
|
|
|
24.3
|
%
|
|
3
|
|
|
0.01
|
|
||||
Environmental remediation charges
|
34
|
|
|
8
|
|
|
25.1
|
%
|
|
26
|
|
|
0.10
|
|
||||
Adjusted, continuing operations, excluding certain items
|
|
$459
|
|
|
|
$96
|
|
|
20.9
|
%
|
|
|
$357
|
|
|
|
$1.42
|
|
|
Three Months Ended
March 31 |
|
$ Change
|
|
% Change
|
|||||||||
($ in millions, except per share amounts)
|
2019
|
|
2018
|
|
2019 vs. 2018
|
|
2019 vs. 2018
|
|||||||
Net sales
|
|
$2,108
|
|
|
|
$2,160
|
|
|
|
($52
|
)
|
|
(2.4
|
)%
|
Segment income
|
|
$297
|
|
|
|
$280
|
|
|
|
$17
|
|
|
6.1
|
%
|
|
Three Months Ended
March 31 |
|
$ Change
|
|
% Change
|
|||||||||
($ in millions, except per share amounts)
|
2019
|
|
2018
|
|
2019 vs. 2018
|
|
2019 vs. 2018
|
|||||||
Net sales
|
|
$1,516
|
|
|
|
$1,621
|
|
|
|
($105
|
)
|
|
(6.5
|
)%
|
Segment income
|
|
$218
|
|
|
|
$239
|
|
|
|
($21
|
)
|
|
(8.8
|
)%
|
•
|
Capital expenditures, excluding acquisitions, of
$47 million
.
|
•
|
Business acquisition cash spending of
$57 million
.
|
•
|
Cash dividends paid of
$113 million
.
|
•
|
Share repurchases of $175 million completed to offset the dilution related to the shares reissued in the acquisition of Whitford.
|
($ in millions, except percentages)
|
March 31, 2019
|
|
December 31, 2018
|
|
March 31, 2018
|
||||||
Trade Receivables, Net
|
|
$2,832
|
|
|
|
$2,505
|
|
|
|
$2,979
|
|
Inventories, FIFO
|
2,091
|
|
|
1,896
|
|
|
2,073
|
|
|||
Trade Creditors’ Liabilities
|
2,316
|
|
|
2,177
|
|
|
2,492
|
|
|||
Operating Working Capital
|
|
$2,607
|
|
|
|
$2,224
|
|
|
|
$2,560
|
|
Operating Working Capital as a % of Sales
|
18.0
|
%
|
|
15.3
|
%
|
|
16.9
|
%
|
|||
Days sales outstanding
|
63
|
|
|
56
|
|
|
63
|
|
|||
Days payable outstanding
|
97
|
|
|
96
|
|
|
98
|
|
|
Three Months Ended
March 31 |
||||||
($ in millions)
|
2019
|
|
2018
|
||||
Cash outlays for environmental remediation activities
|
|
$16
|
|
|
|
$17
|
|
($ in millions)
|
Remainder
of 2019
|
|
Annually
2020 - 2023
|
Projected future cash outlays for environmental remediation activities
|
$65 - $85
|
|
$20 - $50
|
Month
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Programs
(1)
|
|
Maximum Number of Shares That May Yet Be Purchased Under the Programs
(1)
|
|||||
January 2019
|
|
|
|
|
|
|
|
|||||
Repurchase program
|
—
|
|
|
|
$—
|
|
|
—
|
|
|
17,406,935
|
|
February 2019
|
|
|
|
|
|
|
|
|||||
Repurchase program
|
—
|
|
|
|
$—
|
|
|
—
|
|
|
16,391,777
|
|
March 2019
|
|
|
|
|
|
|
|
|||||
Repurchase program
|
1,588,620
|
|
|
|
$110.18
|
|
|
1,588,620
|
|
|
14,710,341
|
|
Total quarter ended March 31, 2019
|
|
|
|
|
|
|
|
|||||
Repurchase program
|
1,588,620
|
|
|
|
$110.18
|
|
|
1,588,620
|
|
|
14,710,341
|
|
(1)
|
In December 2017, PPG's board of directors approved a $2.5 billion share repurchase program. The remaining shares yet to be purchased under the program has been calculated using PPG’s closing stock price on the last business day of the respective month. This repurchase program has no expiration date.
|
†*10.1
|
|
|
†31.1
|
|
|
†31.2
|
|
|
††32.1
|
|
|
††32.2
|
|
|
101.INS**
|
|
XBRL Instance Document
|
101.SCH**
|
|
XBRL Taxonomy Extension Schema Document
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101.CAL**
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF**
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XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB**
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE**
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XBRL Taxonomy Extension Presentation Linkbase Document
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PPG INDUSTRIES, INC.
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(Registrant)
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Date:
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April 19, 2019
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By:
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/s/ Vincent J. Morales
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Vincent J. Morales
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Senior Vice President and Chief Financial Officer
(Principal Financial Officer and Duly Authorized Officer)
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By:
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/s/ William E. Schaupp
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William E. Schaupp
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Vice President and Controller
(Principal Accounting Officer and Duly Authorized Officer)
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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 |
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DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
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No information found
Customers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
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