Reportable Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Reportable Business Segment Net Sales and Segment Income

Reportable business segment net sales and segment income for the three months ended March 31, 2022 and 2021 were as follows:


	Three Months Ended March 31
($ in millions)	2022	2021
Net sales:
Performance Coatings	$2,570	$2,319
Industrial Coatings	1,738	1,562
Total	$4,308	$3,881
Segment income:
Performance Coatings	$319	$386
Industrial Coatings	140	245
Total	$459	$631
Corporate	(52)	(52)
Interest expense, net of interest income	(21)	(24)
Impairment and other related charges (a)	(290)	—
Business restructuring-related costs, net (b)	(14)	(4)
Acquisition-related costs (c)	(4)	(24)
Environmental remediation charges	—	(16)
Expenses incurred due to natural disasters (d)	—	(12)



Income before income taxes	$78	$499

(a)In the first quarter 2022, the Company recorded impairment and other related charges associated with the wind down of the Company’s operations in Russia.

(b)Included in business restructuring-related costs, net are business restructuring charges, accelerated depreciation of certain assets and other related costs, offset by releases related to previously approved programs.

(c)Acquisition-related costs include advisory, legal, accounting, valuation, other professional or consulting fees, and certain internal costs directly incurred to effect acquisitions. These costs are included in Selling, general and administrative expense in the condensed consolidated statement of income. Acquisition-related costs also include the impact for the step up to fair value of inventory acquired in certain acquisitions which are included in Cost of Sales, exclusive of depreciation and amortization in the condensed consolidated statement of income.

(d)In early 2021, a winter storm damaged a southern U.S. factory supporting the Company's specialty coatings and materials business as well as other Company factories in the southern U.S. Incremental expenses incurred due to this storm included costs related to maintenance and repairs of damaged property, freight and utility premiums and other incremental expenses directly related to the impacted areas.