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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Changes in Projected Benefit Obligations, Plan Assets and Funded Status
The following table sets forth the changes in projected benefit obligations (“PBO”), plan assets, the funded status and the amounts recognized on the accompanying consolidated balance sheet for the Company’s defined benefit pension and other postretirement benefit plans:
Defined Benefit Pension Plans
 United States International Total PPG
($ in millions)202320222023202220232022
Projected benefit obligation, January 1$1,425 $1,920 $961 $1,614 $2,386 $3,534 
Service cost— — 7 9 7 9 
Interest cost62 45 49 28 111 73 
Actuarial losses/(gains)44 (449)75 (485)119 (934)
Benefits paid(79)(91)(50)(49)(129)(140)
Foreign currency translation adjustments— — 47 (126)47 (126)
Settlements(309)— (11)(22)(320)(22)
Other— — (5)(8)(5)(8)
Projected benefit obligation, December 31$1,143 $1,425 $1,073 $961 $2,216 $2,386 
Market value of plan assets, January 1$1,028 $1,329 $946 $1,646 $1,974 $2,975 
Actual return on plan assets45 (228)43 (506)88 (734)
Company contributions28 — 18 11 46 11 
Benefits paid(61)(73)(40)(41)(101)(114)
Plan settlements(309)— (11)(22)(320)(22)
Foreign currency translation adjustments— — 45 (140)45 (140)
Other— — (3)(2)(3)(2)
Market value of plan assets, December 31$731 $1,028 $998 $946 $1,729 $1,974 
Funded Status($412)($397)($75)($15)($487)($412)
Amounts recognized in the Consolidated Balance Sheet:
Other assets (long-term)— — 152 183 152 183 
Accounts payable and accrued liabilities(38)(17)(13)(12)(51)(29)
Accrued pensions(374)(380)(214)(186)(588)(566)
Net liability recognized($412)($397)($75)($15)($487)($412)
Other Postretirement Benefit Plans
 United States InternationalTotal PPG
($ in millions)202320222023202220232022
Projected benefit obligation, January 1$458 $631 $66 $93 $524 $724 
Service cost4 8 — — 4 8 
Interest cost23 13 4 3 27 16 
Plan amendments(17)— — — (17)— 
Actuarial (gains)/losses(3)(154)3 (20)— (174)
Benefits paid(39)(40)(3)(4)(42)(44)
Foreign currency translation adjustments— — 1 (6)1 (6)
Curtailments(2)— — — (2)— 
Projected benefit obligation, December 31$424 $458 $71 $66 $495 $524 
Amounts recognized in the Consolidated Balance Sheet:
Accounts payable and accrued liabilities(41)(44)(4)(4)(45)(48)
Other postretirement benefits(383)(414)(67)(62)(450)(476)
Net liability recognized($424)($458)($71)($66)($495)($524)
The PBO is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases. The accumulated benefit obligation (“ABO”) is the actuarial present value of benefits attributable to employee service rendered to date, but does not include the effects of estimated future pay increases. The ABO for all defined benefit pension plans as of December 31, 2023 and 2022 was $2.2 billion and $2.3 billion, respectively.
The following table details the pension plans where the benefit liability exceeds the fair value of the plan assets:
 Pensions
($ in millions)20232022
Plans with PBO in Excess of Plan Assets:
Projected benefit obligation$1,426 $1,863 
Fair value of plan assets$771 $1,270 
Plans with ABO in Excess of Plan Assets:
Accumulated benefit obligation$1,366 $1,833 
Fair value of plan assets$737 $1,266 
Accumulated Other Comprehensive Loss Pretax Amounts Not Yet Reflected in Net Periodic Benefit Cost
PensionsOther Postretirement Benefits
($ in millions)2023202220232022
Accumulated net actuarial losses/(gains)$682 $748 ($15)($16)
Accumulated prior service credit— — (20)(10)
Total$682 $748 ($35)($26)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
The net decrease in Accumulated other comprehensive loss (pretax) related to defined benefit pension and other postretirement benefit plans during the year ended December 31, 2023 was due to the following:
($ in millions)PensionsOther Postretirement Benefits
Net actuarial loss arising during the year$141 $— 
Plan amendment— (17)
Amortization of actuarial loss/(gain)(21)1 
Amortization of prior service credit— 7 
Foreign currency translation adjustments8 — 
Impact of settlements(194)— 
Net decrease($66)($9)
Net Periodic Benefit Cost
PensionsOther Postretirement Benefits
($ in millions)202320222021202320222021
Service cost$7 $9 $9 $4 $8 $12 
Interest cost111 73 65 27 16 14 
Expected return on plan assets(110)(140)(152)— — — 
Amortization of prior service credit— — — (7)(11)(54)
Amortization of actuarial losses/(gains)21 34 39 (1)12 20 
Settlements, curtailments, and special termination benefits192 6 53 (2)— — 
Net periodic benefit cost/(income)$221 ($18)$14 $21 $25 ($8)
Schedule of Contributions to Defined benefit Plans
Contributions to defined benefit pension plans
($ in millions)202320222021
U.S. defined benefit pension plans$28 $— $— 
Non-U.S. defined benefit pension plans$18 $11 $10 
Schedule of Expected Benefit Payments
The estimated benefits expected to be paid under the Company’s defined benefit pension and other postretirement benefit plans are:
($ in millions)PensionsOther Postretirement Benefits
2024$152 $45 
2025$137 $44 
2026$140 $41 
2027$145 $40 
2028$146 $40 
2029 to 2033$775 $177 
Weighted Average Target Pension Plan Asset Allocations
The following summarizes the weighted average target pension plan asset allocation as of December 31, 2023 and 2022 for all PPG defined benefit plans:
Asset Category20232022
Equity securities15-45%15-45%
Debt securities30-65%30-65%
Real estate0-10%0-10%
Other20-40%20-40%
Fair Values of the Company's Pension Plan Assets by Asset Category
The fair values of the Company’s pension plan assets at December 31, 2023 and 2022, by asset category, are as follows:
December 31, 2023December 31, 2022
($ in millions)
Level 1(1)
Level 2(1)
Level 3(1)
Total
Level 1(1)
Level 2(1)
Level 3(1)
Total
Asset Category     
Equity securities:     
U.S.     
Large cap$65 $55 $— $120 $66 $43 $— $109 
Small cap16 — — 16 25 — — 25 
Non-U.S.        
Developed and emerging markets(2)
96 43 — 139 99 43 — 142 
Debt securities:        
Cash and cash equivalents22 41 — 63 7 47 — 54 
Corporate(3)
        
U.S.(4)
— 1 — 1 — 168 80 248 
Developed and emerging markets(2)
— — — — — 1 — 1 
Diversified(5)
— — — — — 13 — 13 
Government        
U.S.(4)
— — — — 49 10 — 59 
Developed and emerging markets(2)
— 1 — 1 — 6 — 6 
Other(6)
— — 258 258 — — 235 235 
Real estate, hedge funds, and other— 306 341 647 — 275 362 637 
Total assets in the fair value hierarchy$199 $447 $599 $1,245 $246 $606 $677 $1,529 
Common-collective trusts(7)
— — — 484 — — — 445 
Total Investments$199 $447 $599 $1,729 $246 $606 $677 $1,974 
(1)These levels refer to the accounting guidance on fair value measurement described in Note 11, “Financial Instruments, Hedging Activities and Fair Value Measurements.”
(2)This category represents holdings in investment grade debt or equity securities of issuers in both developed markets and emerging economies.
(3)This category represents investment grade debt securities from a diverse set of industry issuers.
(4)This category primarily represents long duration fixed income securities.
(5)This category represents commingled funds invested in diverse portfolios of debt securities.
(6)This category primarily represents insurance contracts.
(7)Certain investments that are measured at net asset value per share (or its equivalent) are not required to be classified in the fair value hierarchy.
Change in the Fair Value of the Company's Level 3 Pension Assets
The change in the fair value of the Company’s Level 3 pension assets for the years ended December 31, 2023 and 2022 was as follows:
($ in millions)Real EstateOther Debt SecuritiesHedge Funds and Other AssetsTotal
January 1, 2022
$157 $367 $430 $954 
Realized gains/(losses)1 (99)(1)(99)
Unrealized gains6 — (3)3 
Transfers in/(out), net(10)(12)(100)(122)
Foreign currency losses(5)(21)(33)(59)
December 31, 2022$149 $235 $293 $677 
Realized gains/(losses)4 25 (29)— 
Unrealized gains/(losses)(19)— 21 2 
Transfers out, net(17)(9)(89)(115)
Foreign currency losses2 7 26 35 
December 31, 2023$119 $258 $222 $599 
Benefit Obligations  
Weighted Average Assumptions Used for the Defined Benefit Pension and Other Postretirement Plans
The following weighted average assumptions were used to determine the benefit obligation for the Company’s defined benefit pension and other postretirement plans as of December 31, 2023 and 2022:
United StatesInternationalTotal PPG
202320222023202220232022
Discount rate5.2 %5.4 %4.5 %4.9 %4.9 %5.2 %
Rate of compensation increase2.5 %2.5 %3.2 %3.1 %2.8 %2.7 %
Benefit Costs  
Weighted Average Assumptions Used for the Defined Benefit Pension and Other Postretirement Plans
The following weighted average assumptions were used to determine the net periodic benefit cost for the Company’s defined benefit pension and other postretirement benefit plans for the three years in the period ended December 31, 2023:
202320222021
Discount rate5.2 %2.5 %2.1 %
Expected return on assets6.5 %5.0 %4.8 %
Rate of compensation increase2.7 %2.6 %1.5 %