Reportable Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Segment Reporting Information, by Segment


($ in millions)	2024	2023	2022
Global Architectural Coatings
Net sales to external customers	$3,921	$4,021	$3,852
Cost of sales, exclusive of depreciation and amortization	1,904	2,022	2,096
Selling, general and administrative	1,186	1,170	1,058
Depreciation and amortization	104	101	102
Other(1)	49	55	38
Global Architectural Coatings segment income	$678	$673	$558
Performance Coatings
Net sales to external customers	$5,237	$5,132	$4,792
Cost of sales, exclusive of depreciation and amortization	2,851	2,893	2,813
Selling, general and administrative	1,017	966	879
Depreciation and amortization	132	139	142
Other(1)	95	115	111
Performance Coatings segment income	$1,142	$1,019	$847
Industrial Coatings
Net sales to external customers	$6,687	$7,089	$6,970
Cost of sales, exclusive of depreciation and amortization	4,498	4,759	5,062
Selling, general and administrative	838	870	786
Depreciation and amortization	206	213	207
Other(1)	252	279	269
Industrial Coatings segment income	$893	$968	$646
Total Net Sales	$15,845	$16,242	$15,614
Total Segment income	$2,713	$2,660	$2,051
Corporate / Non-Segment Items
Corporate / non-segment unallocated, exclusive of depreciation and amortization	(291)	(330)	(219)
Corporate / non-segment depreciation and amortization	(50)	(61)	(51)
Interest expense, net of interest income	(64)	(107)	(113)
Business restructuring-related costs, net(2)	(377)	(41)	(72)
Portfolio optimization(3)	(59)	(53)	(10)
Legacy environmental remediation charges, net(4)	(24)	(24)	—
Insurance recoveries(5)	4	16	—
Impairment and other related charges, net(6)	—	(160)	(231)
Argentina currency devaluation losses(7)	—	(20)	—
Pension settlement charge(8)	—	(190)	—
Total Income from continuing operations before income taxes	$1,852	$1,690	$1,355


($ in millions)	2024	2023	2022
Segment assets(9)
Global Architectural Coatings	$5,887	$6,595	$6,149
Performance Coatings	5,601	5,586	5,612
Industrial Coatings	5,230	5,643	5,802
Corporate / Non-Segment Items	2,715	3,823	3,181
Total	$19,433	$21,647	$20,744
Expenditures for property (including business acquisitions)
Global Architectural Coatings	$160	$93	$86
Performance Coatings	166	217	136
Industrial Coatings	247	184	313
Corporate / Non-Segment Items	179	131	65
Total	$752	$625	$600
Investment in equity affiliates
Global Architectural Coatings	$20	$25	$22
Performance Coatings	26	23	20
Industrial Coatings	20	18	15
Corporate / Non-Segment Items	75	75	77
Total	$141	$141	$134
Share of net earnings of equity affiliates
Global Architectural Coatings	$3	$1	$3
Performance Coatings	5	6	4
Industrial Coatings	2	1	—
Corporate / Non-Segment Items	10	13	18
Total	$20	$21	$25

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Area


($ in millions)	2024	2023	2022
Geographic Information
Segment income
United States and Canada	$1,039	$1,033	$828
EMEA	617	679	505
Asia Pacific	476	430	332
Latin America	581	518	386
Total	$2,713	$2,660	$2,051
Property, plant and equipment — net
United States and Canada	$1,502	$1,365	$1,200
EMEA	945	1,010	943
Asia Pacific	693	718	685
Latin America	324	357	306
Total	$3,464	$3,450	$3,134

(1)Other segment items for each reportable business segment includes research and development, net and other segment (income)/expense, net.

(2)Business restructuring-related costs, net include business restructuring charges, offset by releases related to previously approved programs, which are included in Business restructuring, net on the consolidated statement of income, accelerated depreciation of certain assets, which is included in Depreciation on the consolidated statement of income, and other restructuring-related costs, which are included in Cost of sales, exclusive of depreciation and amortization and Selling, general and administrative on the consolidated statement of income. Business restructuring-related costs, net also includes the fourth quarter 2024 recognition of accumulated foreign currency translation losses of $110 million related to the Company's exit of its Argentina operations in connection with a restructuring program, which are included in Other (income)/charges, net in the consolidated statement of income. No tax benefit was recorded on the fourth quarter 2024 recognition of the accumulated foreign currency translation losses.

(3)Portfolio optimization includes gains and losses related to the sale of certain assets, which are included in Other (income)/charges, net on the consolidated statement of income, including the gain of $129 million on the sale of the Company's silicas products business in the fourth quarter 2024, and the losses on the sales of the Company's traffic solutions business in Argentina in the second quarter 2024, the Company's European and Australian Traffic Solutions businesses in the fourth quarter 2023 and the Company's legacy industrial Russian operations in the third quarter 2023. Portfolio optimization includes advisory, legal, accounting, valuation, other professional or consulting fees and certain internal costs directly incurred to effect acquisitions, as well as similar fees and other costs to effect divestitures and other portfolio optimization exit actions. These costs are included in Selling, general and administrative expense on the consolidated statement of income. Portfolio optimization also includes an impairment charge of $146 million recognized during the fourth quarter 2024 when the Company's remaining operations in Russia were classified as held for sale, which is included in Impairment and other related charges, net on the consolidated statement of income. No tax benefit was recorded on the fourth quarter 2024 impairment charge.

(4)Legacy environmental remediation charges represent environmental remediation costs at certain non-operating PPG manufacturing sites. These charges are included in Other (income)/charges, net in the consolidated statement of income.

(5)In the fourth quarter 2024 and the fourth quarter 2023, the Company received reimbursement for previously approved insurance claims under policies covering legacy asbestos-related matters. In the first quarter 2023, the Company received reimbursement under its insurance policies for damages incurred at a southern U.S. factory from a winter storm in 2020. These insurance recoveries are included in Other charges/(income), net on the consolidated statement of income.

(6)In the fourth quarter 2023, the Company recorded impairment and other related charges due to a non-cash goodwill impairment recognized for the Traffic Solutions reporting unit as a result of its annual goodwill impairment test. The fair value of the Traffic Solutions reporting unit decreased primarily due to increases in the cost of capital (discount rate assumption) and declines in the reporting unit’s long-term forecast driven by challenges at its operations in Argentina due to the highly inflationary environment and changes to the reporting unit’s global footprint, including the fourth quarter 2023 divestiture of its European and Australian businesses. In 2022, the Company recorded impairment and other related charges due to the wind down of the Company’s operations in Russia.

(7)In December 2023, the central bank of Argentina adjusted the official foreign currency exchange rate for the Argentine peso, significantly devaluing the currency relative to the United States dollar. Argentina currency devaluation losses represent foreign currency translation losses recognized during December 2023 related to the devaluation of the Argentine peso, which is included in Other charges/(income), net on the consolidated statement of income.

(8)In the first quarter 2023, PPG purchased group annuity contracts that transferred pension benefit obligations for certain of the Company’s retirees in the U.S. to third-party insurance companies, resulting in a non-cash pension settlement charge.

(9)Segment assets are the total assets used in the operation of each segment. Corporate assets principally include amounts recorded in Cash and cash equivalents, Deferred income taxes, and Property, plant and equipment, net on the consolidated balance sheet.