XML 71 R46.htm IDEA: XBRL DOCUMENT v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Defined Benefit Plan Disclosure [Line Items]  
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)202520242025202420252024
Projected benefit obligation, January 1$1,055 $1,143 $972 $1,068 $2,027 $2,211 
Service cost— — 9 8 9 8 
Interest cost55 55 49 48 104 103 
Actuarial losses/(gains)28 (57)(1)(33)27 (90)
Benefits paid(71)(67)(57)(53)(128)(120)
Foreign currency translation adjustments— — 99 (54)99 (54)
Settlements— (19)(23)(13)(23)(32)
Other— — — 1 — 1 
Projected benefit obligation, December 31$1,067 $1,055 $1,048 $972 $2,115 $2,027 
Market value of plan assets, January 1$694 $731 $886 $989 $1,580 $1,720 
Actual return on plan assets67 7 18 (15)85 (8)
Company contributions27 24 2 2 29 26 
Benefits paid(53)(49)(45)(44)(98)(93)
Plan settlements— (19)(15)(6)(15)(25)
Foreign currency translation adjustments— — 80 (37)80 (37)
Other— — (5)(3)(5)(3)
Market value of plan assets, December 31$735 $694 $921 $886 $1,656 $1,580 
Funded Status($332)($361)($127)($86)($459)($447)
Amounts recognized in the Consolidated Balance Sheet:
Other assets (long-term)— — 126 144 126 144 
Accounts payable and accrued liabilities(18)(18)(17)(15)(35)(33)
Accrued pensions(314)(343)(236)(215)(550)(558)
Net liability recognized($332)($361)($127)($86)($459)($447)
Other Postretirement Benefit Plans
 United States InternationalTotal PPG
($ in millions)202520242025202420252024
Projected benefit obligation, January 1$390 $424 $63 $71 $453 $495 
Service cost2 3 1 — 3 3 
Interest cost20 20 3 3 23 23 
Actuarial gains(8)(22)(8)(2)(16)(24)
Benefits paid(30)(35)(4)(4)(34)(39)
Foreign currency translation adjustments— — 1 (5)1 (5)
Other— — 2 — 2 — 
Projected benefit obligation, December 31$374 $390 $58 $63 $432 $453 
Amounts recognized in the Consolidated Balance Sheet:
Accounts payable and accrued liabilities(36)(39)(4)(4)(40)(43)
Other postretirement benefits(338)(351)(54)(59)(392)(410)
Net liability recognized($374)($390)($58)($63)($432)($453)
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, 2025 and 2024 was $2.1 billion and $2.0 billion, respectively.
The following table details the pension plans where the benefit liability exceeds the fair value of the plan assets:
 Pensions
($ in millions)20252024
Plans with PBO in Excess of Plan Assets:
Projected benefit obligation$1,343 $1,307 
Fair value of plan assets$761 $717 
Plans with ABO in Excess of Plan Assets:
Accumulated benefit obligation$1,300 $1,274 
Fair value of plan assets$746 $712 
Accumulated Other Comprehensive Loss Pretax Amounts Not Yet Reflected in Net Periodic Benefit Cost
PensionsOther Postretirement Benefits
($ in millions)2025202420252024
Accumulated net actuarial losses/(gains)$707 $670 ($53)($37)
Accumulated prior service credit— — (11)(16)
Total$707 $670 ($64)($53)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
The net decrease in Accumulated other comprehensive loss (pretax) related to defined benefit pension and other postretirement benefit plans during the year ended December 31, 2025 was due to the following:
($ in millions)PensionsOther Postretirement Benefits
Net actuarial loss/(gain) arising during the year$47 ($16)
Amortization of actuarial (loss)/gain(23)1 
Amortization of prior service credit— 5 
Foreign currency translation adjustments19 (1)
Impact of settlements(6)— 
Net decrease$37 ($11)
Net Periodic Benefit Cost
PensionsOther Postretirement Benefits
($ in millions)202520242023202520242023
Service cost$9 $8 $7 $3 $3 $4 
Interest cost104 103 111 23 23 27 
Expected return on plan assets(105)(109)(110)— — — 
Amortization of prior service cost— 1 — (5)(4)(7)
Amortization of actuarial losses/(gains)23 22 21 (1)(1)(1)
Settlements, curtailments, and special termination benefits6 11 192 — — (2)
Net periodic benefit cost$37 $36 $221 $20 $21 $21 
Schedule of Contributions to Defined benefit Plans
Contributions to defined benefit pension plans
($ in millions)202520242023
U.S. defined benefit pension plans$27 $24 $28 
Non-U.S. defined benefit pension plans$2 $2 $18 
Schedule of Expected Benefit Payments
The estimated benefits expected to be paid under the Company’s defined benefit pension and other postretirement benefit plans are:
($ in millions)PensionsOther Postretirement Benefits
2026$150 $40 
2027$149 $39 
2028$148 $38 
2029$151 $36 
2030$157 $35 
2031 to 2035$810 $160 
Weighted Average Target Pension Plan Asset Allocations
The following summarizes the weighted average target pension plan asset allocation as of December 31, 2025 and 2024 for all PPG defined benefit plans:
Asset Category20252024
Equity securities15-45%15-45%
Debt securities30-65%30-65%
Real estate0-10%0-10%
Other20-40%20-40%
Fair Values of the Company's Pension Plan Assets by Asset Category
The fair values of the Company’s pension plan assets at December 31, 2025 and 2024, by asset category, are as follows:
December 31, 2025December 31, 2024
($ 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$89 $72 $— $161 $80 $54 $— $134 
U.S. Small cap24 — — 24 18 — — 18 
Non-U.S.(2)
64 51 — 115 68 34 — 102 
Debt securities:        
Cash and cash equivalents2 43 — 45 11 33 — 44 
Diversified(3)
— 13 — 13 — 45 — 45 
Other(4)
— 1 246 247 — 2 239 241 
Real estate, hedge funds, and other— 238 319 557 — 203 332 535 
Total assets in the fair value hierarchy$179 $418 $565 $1,162 $177 $371 $571 $1,119 
Common-collective trusts(5)
— — — 494 — — — 461 
Total Investments$179 $418 $565 $1,656 $177 $371 $571 $1,580 
(1)These levels refer to the accounting guidance on fair value measurement described in Note 11, “Financial Instruments, Hedging Activities and Fair Value Measurements.”
(2)This category represents holdings in investment grade debt or equity securities of issuers in both developed markets and emerging economies.
(3)This category represents investment grade debt securities from a diverse set of industry issuers.
(4)This category primarily represents insurance contracts.
(5)Certain investments that are measured at net asset value per share (or its equivalent) are not required to be classified in the fair value hierarchy.
Change in the Fair Value of the Company's Level 3 Pension Assets
The change in the fair value of the Company’s Level 3 pension assets for the years ended December 31, 2025 and 2024 was as follows:
($ in millions)Real EstateOther Debt SecuritiesHedge Funds and Other AssetsTotal
January 1, 2024
$119 $258 $222 $599 
Realized gains2 9 2 13 
Unrealized (losses)/gains(5)— 5 — 
Transfers (out)/in, net(28)(12)19 (21)
Foreign currency losses(1)(16)(3)(20)
December 31, 2024$87 $239 $245 $571 
Realized gains/(losses)2 (11)7 (2)
Unrealized gains2 — 10 12 
Transfers out, net(11)(13)(37)(61)
Foreign currency gains1 31 13 45 
December 31, 2025$81 $246 $238 $565 
Benefit Obligations  
Defined Benefit Plan Disclosure [Line Items]  
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, 2025 and 2024:
United StatesInternationalTotal PPG
202520242025202420252024
Discount rate5.4%5.7%5.1%4.8%5.3%5.3%
Rate of compensation increase2.5%2.5%3.4%3.3%2.9%2.9%
Benefit Costs  
Defined Benefit Plan Disclosure [Line Items]  
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, 2025:
202520242023
Discount rate5.3%4.9%5.2%
Expected return on assets6.7%6.6%6.5%
Rate of compensation increase2.9%2.8%2.7%