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Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Value, Cash Flow and Net Investment Hedges the years ended December 31, 2024, 2023 and 2022. All dollar amounts are shown on a pretax basis.
202420232022
($ in millions)Gain Deferred in OCI(Loss)/Gain RecognizedLoss Deferred in OCI(Loss)/Gain RecognizedGain Deferred in OCIGain RecognizedCaption in Consolidated Statement of Income
Fair Value
Interest rate swaps($10)($10)$8 Interest expense
Total Fair Value($10)($10)$8 
Net Investment
Cross currency swaps$20 $9 ($15)$12 $38 $16 Interest expense
Foreign denominated debt217 — (89)— 85 — 
Total Net Investment$237 $9 ($104)$12 $123 $16 
Economic
Foreign currency forward contracts$43 $49 $43 Other charges/(income), net
Schedule of Derivative Liabilities at Fair Value
Assets and liabilities reported at fair value on a recurring basis
December 31, 2024December 31, 2023
($ in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets:
Other current assets:   
Marketable equity securities$9 $— $— $9 $— $— 
Foreign currency forward contracts(a)
— 5 — — 28 — 
Cross currency swaps(b)
— — — — 2 — 
Investments:
Marketable equity securities$85 $— $— $74 $— $— 
Other assets:
Cross currency swaps(b)
$— $50 $— $— $31 $— 
Liabilities:
Accounts payable and accrued liabilities:
Foreign currency forward contracts(a)
$— $58 $— $— $5 $— 
Other liabilities:
Interest rate swaps(c)
$— $16 $— $— $14 $— 
(a)    Derivatives not designated as hedging instruments
(b)    Net investment hedges
(c)    Fair value hedges
Schedule of Long-term Debt Instruments
Long-term Debt Obligations
($ in millions)Maturity Date20242023
2.4% notes ($300)
2024— 299 
0.875% notes (€600)
2025620 660 
1.875% notes (€300)
2025310 330 
1.2% notes ($700)
2026698 696 
Term Loan Credit Agreement, due 2026 (€750)
2026776 552 
1.4% notes (€600)
2027619 659 
3.75% notes ($800)(1)
2028806 808 
2.5% notes (€80)
202983 87 
2.8% notes ($300)
2029298 298 
2.75% notes (€700)
2029718 768 
2.55% notes ($300)
2030297 297 
1.95% note (€50)
203751 54 
7.7% notes ($176)
2038175 174 
5.5% notes ($250)
2040248 247 
3.0% notes (€120)
2044118 126 
Various other non-U.S. debtVarious— 1 
Finance lease obligationsVarious7 8 
Impact of derivatives on debt(2)
N/A(16)(14)
Total$5,808 $6,050 
Less payments due within one yearN/A932 302 
Long-term debt$4,876 $5,748 
(1)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 6.4% and 6.2% for the years ended December 31, 2024 and 2023, respectively. Refer to Note 11, “Financial Instruments, Hedging Activities and Fair Value Measurements” for additional information.
(2)Fair value adjustment of the 3.75% $800 million notes as a result of fair value hedge accounting treatment related to the outstanding interest rate swaps as of December 31, 2024 and 2023. Refer to Note 11, “Financial Instruments, Hedging Activities and Fair Value Measurements” for additional information.
Long-Term Debt
($ in millions)
December 31, 2024 (a)
December 31, 2023 (b)
Long-term debt - carrying value$5,801$6,042
Long-term debt - fair value$5,634$5,781
(a)    Excluding finance lease obligations of $7 million and short term borrowings of $7 million as of December 31, 2024.
(b)    Excluding finance lease obligations of $8 million and short term borrowings of $4 million as of December 31, 2023.