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Borrowings and Lines of Credit (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term Debt Obligations
($ in millions)Maturity Date20212020
9% non-callable debentures ($134)(1)
2021— 134 
0.875% notes (€600)2022— 732 
3.2% notes ($300)(2)
2023299 299 
Term Loan Credit Agreement, due 2024 ($1,400)20241,399 — 
2.4% notes ($300)2024298 298 
0.875% notes (€600)2025677 727 
1.200% notes ($700)2026692 — 
1.4% notes (€600)2027677 726 
3.75% notes ($800)(3)
2028811 813 
2.5% notes (€80)202990 94 
2.8% notes ($300)2029298 299 
2.55% notes ($300)2030296 296 
7.70% notes ($176)2038174 174 
5.5% notes ($250)2040247 247 
3.0% notes (€120)2044130 139 
Commercial paperVarious440 250 
Various other non-U.S. debt(4)
Various1 38 
Finance lease obligationsVarious10 12 
Impact of derivatives on debt(1)(5)
N/A36 68 
Total$6,575 $5,346 
Less payments due within one yearN/A3 175 
Long-term debt$6,572 $5,171 
(1)PPG entered into several interest rate swaps, which were subsequently settled in prior periods. The impact of these settlements was amortized over the life of the debentures as a reduction to interest expense. These interest rate swaps were terminated in 2021. The weighted average interest rate for these borrowings was 8.8% and 8.4% for the years ended December 31, 2021 and 2020, respectively.
(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 0.6% and 1.2% as of December 31, 2021 and 2020, 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 1.0% and 1.6% as of December 31, 2021 and 2020, respectively. Refer to Note 10, “Financial Instruments, Hedging Activities and Fair Value Measurements” for additional information.
(4)Weighted average interest rate of 3.1% and 3.8% as of December 31, 2021 and 2020, respectively.
(5)Fair value adjustment of the 3.2% $300 million notes and 3.75% $800 million notes as a result of fair value hedge accounting treatment related to the outstanding interest rate swaps as of December 31, 2021 and 2020, respectively. Refer to Note 10, “Financial Instruments, Hedging Activities and Fair Value Measurements” for additional information.
Long-Term Debt
($ in millions)
December 31, 2021 (a)
December 31, 2020 (b)
Long-term debt - carrying value$6,565$5,334
Long-term debt - fair value$6,958$5,913
(a)    Excluding finance lease obligations of $10 million and short term borrowings of $6 million as of December 31, 2021.
(b)    Excluding finance lease obligations of $12 million and short term borrowings of $403 million as of December 31, 2020.
Schedule of Maturities of Long-term Debt
Long-term Debt Maturities
($ in millions)Maturity per year
2022$3 
2023$301 
2024$2,136 
2025$679 
2026$699 
Thereafter$2,757 
Short-term Debt Obligations
Short-Term Debt Outstanding
Short-term Debt Obligations
($ in millions)20212020
Various, weighted average 0.7% and 1.7% as of December 31, 2021 and 2020, respectively. $6 $403