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Borrowings and Lines of Credit (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term Debt Obligations
($ in millions)Maturity Date20232022
3.2% notes ($300)(1)
2023$— $300 
Term Loan Credit Agreement, due 2024 ($1,400)2024— 1,099 
2.4% notes ($300)
2024299 299 
0.875% notes (€600)2025660 639 
1.875% notes (€300)2025330 319 
1.2% notes ($700)2026696 694 
Term Loan Credit Agreement, due 2026 (€500)2026552 — 
1.4% notes (€600)
2027659 638 
3.75% notes ($800)(2)
2028808 809 
2.5% notes (€80)
202987 85 
2.8% notes ($300)
2029298 298 
2.75% notes (€700)2029768 743 
2.55% notes ($300)2030297 297 
1.95% note (€50)203754 52 
7.7% notes ($176)
2038174 174 
5.5% notes ($250)
2040247 247 
3.0% notes (€120)
2044126 122 
Various other non-U.S. debtVarious1 1 
Finance lease obligationsVarious8 10 
Impact of derivatives on debt(3)
N/A(14)(20)
Total$6,050 $6,806 
Less payments due within one yearN/A302 303 
Long-term debt$5,748 $6,503 
(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 5.1% and 2.2% for the years ended December 31, 2023 and 2022, respectively. In March 2023 the obligation was repaid and the associated interest rate swaps were settled. 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 6.2% and 2.6% for the years ended December 31, 2023 and 2022, respectively. Refer to Note 11, “Financial Instruments, Hedging Activities and Fair Value Measurements” for additional information.
(3)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, 2023 and 2022, respectively. In March 2023, the 3.2% $300 million notes were repaid and the associated interest rate swaps were settled. Refer to Note 11, “Financial Instruments, Hedging Activities and Fair Value Measurements” for additional information.
Long-Term Debt
($ in millions)
December 31, 2023 (a)
December 31, 2022 (b)
Long-term debt - carrying value$6,042$6,796
Long-term debt - fair value$5,781$6,375
(a)    Excluding finance lease obligations of $8 million and short term borrowings of $4 million as of December 31, 2023.
(b)    Excluding finance lease obligations of $10 million and short term borrowings of $10 million as of December 31, 2022.
Schedule of Maturities of Long-term Debt
Long-term Debt Maturities
($ in millions)Maturity per year
2024$302 
2025$989 
2026$1,250 
2027$662 
2028$784 
Thereafter$2,063 
Short-Term Debt Outstanding
Short-term Debt Obligations
($ in millions)20232022
Various, weighted average 2.4% and 2.7% as of December 31, 2023 and 2022, respectively. $4 $10