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Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value, Cash Flow and Net Investment Hedges the years ended December 31, 2022, 2021 and 2020. All dollar amounts are shown on a pretax basis.
202220212020Caption in Consolidated Statement of Income
($ in millions)Gain Deferred in OCIGain RecognizedGain Deferred in OCIGain RecognizedLoss Deferred in OCIGain Recognized
Fair Value
Interest rate swaps$8 $15 $12 Interest expense
Total Fair Value$8 $15 $12 
Net Investment
Cross currency swaps$38 $16 $53 $13 ($57)$16 Interest expense
Foreign denominated debt85 — 173 — (200)— 
Total Net Investment$123 $16 $226 $13 ($257)$16 
Economic
Foreign currency forward contracts$43 $23 $30 Other (income)/charges, net
Schedule of Derivative Liabilities at Fair Value
Assets and liabilities reported at fair value on a recurring basis
December 31, 2022December 31, 2021
($ in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets:
Other current assets:   
Marketable equity securities$9 $— $— $6 $— $— 
Foreign currency forward contracts(a)
— 27 — — 28 — 
Cross currency swaps(b)
— 39 — — — — 
Investments:
Marketable equity securities$61 $— $— $98 $— $— 
Other assets:
Cross currency swaps(b)
$— $49 $— $— $50 $— 
Interest rate swaps(c)
— — — — 36 — 
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts(a)
$— $3 $— $— $4 $— 
Interest rate swaps(c)
— 1 — — — — 
Other liabilities:
Interest rate swaps(c)
$— $19 $— $— $— $— 
(a)    Derivatives not designated as hedging instruments
(b)    Net investment hedges
(c)    Fair value hedges
Schedule of Long-term Debt Instruments
Long-term Debt Obligations
($ in millions)Maturity Date20222021
3.2% notes ($300)(1)
2023$300 $299 
Term Loan Credit Agreement, due 2024 ($1,400)20241,099 1,399 
2.4% notes ($300)2024299 298 
0.875% notes (€600)2025639 677 
1.875% notes (€300)2025319 — 
1.200% notes ($700)2026694 692 
1.4% notes (€600)2027638 677 
3.75% notes ($800)(2)
2028809 811 
2.5% notes (€80)202985 90 
2.8% notes ($300)2029298 298 
2.750% notes (€700)2029743 — 
2.55% notes ($300)2030297 296 
1.95% note (€50)203752 — 
7.70% notes ($176)2038174 174 
5.5% notes ($250)2040247 247 
3.0% notes (€120)2044122 130 
Commercial paperVarious— 440 
Various other non-U.S. debt(3)
Various1 1 
Finance lease obligationsVarious10 10 
Impact of derivatives on debt(4)
N/A(20)36 
Total$6,806 $6,575 
Less payments due within one yearN/A303 3 
Long-term debt$6,503 $6,572 
(1)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 2.2% and 0.6% for the years ended December 31, 2022 and 2021, respectively. Refer to Note 11, “Financial Instruments, Hedging Activities and Fair Value Measurements” for additional information.
(2)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 2.6% and 1.0% for the years ended December 31, 2022 and 2021, respectively. Refer to Note 11, “Financial Instruments, Hedging Activities and Fair Value Measurements” for additional information.
(3)Weighted average interest rate of 4.4% and 3.1% as of December 31, 2022 and 2021, respectively.
(4)Fair value adjustment of the 3.2% $300 million notes and 3.75% $800 million notes as a result of fair value hedge accounting treatment related to the outstanding interest rate swaps as of December 31, 2022 and 2021, respectively. Refer to Note 11, “Financial Instruments, Hedging Activities and Fair Value Measurements” for additional information.
Long-Term Debt
($ in millions)
December 31, 2022 (a)
December 31, 2021 (b)
Long-term debt - carrying value$6,796$6,565
Long-term debt - fair value$6,375$6,958
(a)    Excluding finance lease obligations of $10 million and short term borrowings of $10 million as of December 31, 2022.
(b)    Excluding finance lease obligations of $10 million and short term borrowings of $6 million as of December 31, 2021.