Borrowings and Lines of Credit (Tables)

12 Months Ended

Dec. 31, 2018

Debt and Bank Credit Agreements and Leases

Long-term Debt Obligations



($ in millions)	Maturity Date	2018		2017
0.00% note (€300)	2019		$343		$358
2.3% notes	2019	299		299
3.6% notes	2020	498		497
9% non-callable debentures⁽¹⁾	2021	133		133
0.875% notes (€600)	2022	685		716
3.2% notes ($300)⁽²⁾	2023	298		—
0.875% note (€600)	2025	679		710
1.4% notes (€600)	2027	679		711
3.75% notes ($700)⁽³⁾	2028	694		—
2.5% note (€80)	2029	91		95
7.70% notes	2038	174		174
5.5% notes	2040	247		247
3% note (€120)	2044	131		137
Various other non-U.S. debt⁽⁴⁾	Various	39		43
Capital lease obligations	Various	12		15
Impact of derivatives on debt⁽¹⁾⁽⁵⁾	N/A	10		3
Total			$5,012		$4,138
Less payments due within one year	N/A	647		4
Long-term debt			$4,365		$4,134


(1)	PPG entered into several interest rate swaps, which were subsequently settled in prior periods. The impact of these settlements are being amortized over the remaining life of the debentures as a reduction to interest expense. The weighted average interest rate for these borrowings was 8.4% for the years ended December 31, 2018 and 2017.

(2)

In February 2018, PPG entered into interest rate swaps which converted $150 million of the notes from a fixed interest rate to a floating interest rate based on the three month London Interbank Offered Rate (LIBOR). The impact of the derivative on the notes represents the fair value adjustment of the debt. The average effective interest rate for the portion of the notes impacted by the swaps was 2.7% for the period ended December 31, 2018. Refer to Note 10, “Financial Instruments, Hedging Activities and Fair Value Measurements” for additional information.

(3)

In February 2018, PPG entered into interest rate swaps which converted $375 million of the notes from a fixed interest rate to a floating interest rate based on the three month LIBOR. The impact of the derivative on the notes represents the fair value adjustment of the debt. The average effective interest rate for the portion of the notes impacted by the swaps was 3.2% for the period ended December 31, 2018. Refer to Note 10, “Financial Instruments, Hedging Activities and Fair Value Measurements” for additional information.


(4)	Weighted average interest rate of 3.8% and 3.7% as of December 31, 2018 and 2017, respectively.

Schedule of Maturities of Long-term Debt

-term Debt Maturities



($ in millions)	Maturity per year
2019		$647
2020	497
2021	131
2022	685
2023	298
Thereafter		$2,754

Shor

Short-Term Debt Outstanding

t-term Debt Obligations



($ in millions)	2018		2017
Various, weighted average 3.4% and 1.9% as of December 31, 2018 and 2017, respectively.		$4		$8

Lea

Schedule of Future Minimum Rental Payments for Operating Leases

mum 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, 2018
2019		$207
2020	157
2021	116
2022	93
2023	76
Beyond 2023		$244

Lin