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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
PPG leases certain retail paint stores, warehouses, distribution facilities, office space, fleet vehicles and equipment.
The components of lease expense for the years ended December 31, 2024, 2023 and 2022 were as follows:
($ in millions)Classification in the Consolidated Statement of Income202420232022
Operating lease costCost of sales, exclusive of depreciation and amortization$47 $45 $42 
Operating lease costSelling, general and administrative141 138 136 
Total operating lease cost$188 $183 $178 
Finance lease cost:
Amortization of right-of-use assetsDepreciation$1 $1 $2 
Interest on lease liabilitiesInterest expense1 1 1 
Total finance lease cost$2 $2 $3 
Total lease cost$190 $185 $181 
Total operating lease cost for the years ended December 31, 2024, 2023 and 2022 is inclusive of the following:
($ in millions)202420232022
Variable lease costs$9 $9 $6 
Short-term lease costs$20 $19 $21 
The lease amounts included in the consolidated balance sheet as of December 31, 2024 and 2023 were as follows:
($ in millions)Classification on the Consolidated Balance Sheet20242023
Assets:
OperatingOperating lease right-of-use assets$597 $571 
Finance(1)
Property, plant, and equipment, net12 12 
Total leased assets$609 $583 
Liabilities:
Current
OperatingCurrent portion of operating lease liabilities$126 $128 
FinanceShort-term debt and current portion of long-term debt2 2 
Noncurrent
OperatingOperating lease liabilities454 417 
FinanceLong-term debt5 6 
Total lease liabilities$587 $553 
(1)Net of accumulated depreciation of $14 million as of both December 31, 2024 and 2023.
Supplemental cash flow information related to leases for the years ended December 31, 2024, 2023 and 2022 was as follows:
($ in millions)202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases$157 $155 $151 
Operating cash flows paid for finance leases$1 $1 $1 
Financing cash flows paid for finance leases$2 $2 $2 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$184 $119 $90 
Finance leases$1 $1 $3 
Lease terms and discount rates as of December 31, 2024, 2023 and 2022 were as follows:
202420232022
Weighted-average remaining lease term (in years)
Operating leases6.96.87.3
Finance leases8.19.38.6
Weighted-average discount rate
Operating leases3.6 %3.0 %2.4 %
Finance leases6.8 %6.0 %5.9 %
As of December 31, 2024, maturities of lease liabilities were as follows:
($ in millions)Operating LeasesFinance Leases
2025$144 $2 
2026119 2 
202789 2 
202872 1 
202955 1 
Thereafter174 — 
Total lease payments$653 $8 
Less: Interest73 1 
Total lease obligations$580 $7 
Leases Leases
PPG leases certain retail paint stores, warehouses, distribution facilities, office space, fleet vehicles and equipment.
The components of lease expense for the years ended December 31, 2024, 2023 and 2022 were as follows:
($ in millions)Classification in the Consolidated Statement of Income202420232022
Operating lease costCost of sales, exclusive of depreciation and amortization$47 $45 $42 
Operating lease costSelling, general and administrative141 138 136 
Total operating lease cost$188 $183 $178 
Finance lease cost:
Amortization of right-of-use assetsDepreciation$1 $1 $2 
Interest on lease liabilitiesInterest expense1 1 1 
Total finance lease cost$2 $2 $3 
Total lease cost$190 $185 $181 
Total operating lease cost for the years ended December 31, 2024, 2023 and 2022 is inclusive of the following:
($ in millions)202420232022
Variable lease costs$9 $9 $6 
Short-term lease costs$20 $19 $21 
The lease amounts included in the consolidated balance sheet as of December 31, 2024 and 2023 were as follows:
($ in millions)Classification on the Consolidated Balance Sheet20242023
Assets:
OperatingOperating lease right-of-use assets$597 $571 
Finance(1)
Property, plant, and equipment, net12 12 
Total leased assets$609 $583 
Liabilities:
Current
OperatingCurrent portion of operating lease liabilities$126 $128 
FinanceShort-term debt and current portion of long-term debt2 2 
Noncurrent
OperatingOperating lease liabilities454 417 
FinanceLong-term debt5 6 
Total lease liabilities$587 $553 
(1)Net of accumulated depreciation of $14 million as of both December 31, 2024 and 2023.
Supplemental cash flow information related to leases for the years ended December 31, 2024, 2023 and 2022 was as follows:
($ in millions)202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases$157 $155 $151 
Operating cash flows paid for finance leases$1 $1 $1 
Financing cash flows paid for finance leases$2 $2 $2 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$184 $119 $90 
Finance leases$1 $1 $3 
Lease terms and discount rates as of December 31, 2024, 2023 and 2022 were as follows:
202420232022
Weighted-average remaining lease term (in years)
Operating leases6.96.87.3
Finance leases8.19.38.6
Weighted-average discount rate
Operating leases3.6 %3.0 %2.4 %
Finance leases6.8 %6.0 %5.9 %
As of December 31, 2024, maturities of lease liabilities were as follows:
($ in millions)Operating LeasesFinance Leases
2025$144 $2 
2026119 2 
202789 2 
202872 1 
202955 1 
Thereafter174 — 
Total lease payments$653 $8 
Less: Interest73 1 
Total lease obligations$580 $7