Borrowings and Lines of Credit (Tables)

12 Months Ended

Dec. 31, 2017

Debt and Bank Credit Agreements and Leases

Long-term Debt Obligations



($ in millions)	Maturity Date	2017		2016
3-year variable rate bank loan (€500)	2017		$—		$526
0.00% note (€300)	2019	358		313
2.3% notes	2019	299		298
3.6% notes	2020	497		496
9% non-callable debentures⁽¹⁾	2021	133		133
0.875% notes (€600)	2022	716		626
0.875% note (€600)	2025	710		621
1.4% notes (€600)	2027	711		620
2.5% note (€80)	2029	95		83
7.70% notes	2038	174		174
5.5% notes	2040	247		247
3% note (€120)	2044	137		118
Various other non-U.S. debt⁽²⁾	Various	43		41
Capital lease obligations	Various	15		18
Impact of derivatives on debt⁽¹⁾	N/A	3		3
Total			$4,138		$4,317
Less payments due within one year	N/A	4		530
Long-term debt			$4,134		$3,787

(1)

PPG entered into several interest rate swaps which had the effect of converting fixed rate notes to variable rates, based on the three-month London Interbank Offered Rate (LIBOR). There were no interest rate swaps outstanding related to these instruments as of December 31, 2017 and 2016. The impact of the derivatives on debt represents the fair value adjustment of the debt while the interest rate swaps were outstanding, which is being amortized as a reduction to interest expense over the remaining term of the debt. The weighted average effective interest rate for these borrowings, including the effects of the swaps, was 8.4% and 8.4% for the years ended December 31, 2017 and 2016, respectively. Refer to Note 10, “Financial Instruments, Hedging Activities, and Fair Value Measurements” for additional information.


(2)	Weighted average interest rate of 3.7% and 3.8% as of December 31, 2017 and 2016, respectively.

Schedule of Maturities of Long-term Debt

Long-term Debt Maturities



($ in millions)	Maturity per year
2018		$4
2019	659
2020	497
2021	133
2022	718
Thereafter		$2,127

Short-Term Debt Outstanding

Short-term Debt Obligations



($ in millions)	2017	2016
Various, weighted average 1.9% and 5.8% as of December 31, 2017 and 2016, respectively.	$8	$99

Schedule of Future Minimum Rental Payments for Operating Leases

Minimum lease commitments for operating leases that have initial or remaining lease terms in excess of one year are as follows:



($ in millions)	As of December 31, 2017
2018		$212
2019	167
2020	138
2021	86
2022	63
Beyond 2022		$174