Borrowings and Lines of Credit (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term Debt Obligations

($ in millions)	Maturity Date	2019		2018
0.00% note (€300)	2019		$—		$343
2.3% notes	2019	—		299
3.6% notes	2020	499		498
9% non-callable debentures(1)	2021	134		133
0.875% notes (€600)	2022	671		685
3.2% notes ($300)(2)	2023	298		298
2.4% notes ($300)	2024	297		—
0.875% note (€600)	2025	665		679
1.4% notes (€600)	2027	665		679
3.75% notes ($700)(3)	2028	695		694
2.5% note (€80)	2029	88		91
2.8% notes ($300)	2029	297		—
7.70% notes	2038	174		174
5.5% notes	2040	247		247
3% note (€120)	2044	127		131
Commercial paper	Various	100		—
Various other non-U.S. debt(4)	Various	38		39
Finance lease obligations	Various	11		12
Impact of derivatives on debt(1)(5)	N/A	36		10
Total			$5,042		$5,012
Less payments due within one year	N/A	503		647
Long-term debt			$4,539		$4,365

(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, 2019 and 2018.

(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 2.9% and 2.7% as of December 31, 2019 and 2018, respectively. 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 3.3% and 3.2% as of December 31, 2019 and 2018, respectively. Refer to Note 10, “Financial Instruments, Hedging Activities and Fair Value Measurements” for additional information.

(4)

Weighted average interest rate of 3.7% and 3.8% as of December 31, 2019 and 2018, respectively.

Long-Term Debt

($ in millions)	December 31, 2019(a)	December 31, 2018(b)
Long-term debt - carrying value	$5,031	$5,000
Long-term debt - fair value	$5,363	$5,101

(a) Excluding finance lease obligations of $11 million and short term borrowings of $10 million as of December 31, 2019.

(b)

Excluding capital lease obligations of $12 million and short term borrowings of $4 million as of December 31, 2018.

Schedule of Maturities of Long-term Debt

-term Debt Maturities

($ in millions)	Maturity per year
2020		$503
2021		$166
2022		$669
2023		$302
2024		$396
Thereafter		$3,006

Shor

Short-Term Debt Outstanding

t-term Debt Obligations

($ in millions)	2019		2018
Various, weighted average 3.6% and 3.4% as of December 31, 2019 and 2018, respectively.		$10		$4