PPG's Industrial Coatings Segment – Information Session September 15, 2021 Forward looking statements This presentation contains forward-looking statements that reflect the Company's current views with respect to future events and financial performance. You can identify forward-looking statements by the fact that they do not relate strictly to current or historic facts. Forward-looking statements are identified by the use of the words "aim," "believe," "expect," "anticipate," "intend," "estimate," "project, ...

Second Quarter 2021 Financial Results Michael H. McGarry, Chairman and Chief Executive Officer Vincent J. Morales, Senior Vice President and Chief Financial Officer John Bruno, Vice President, Investor Relations We protect and beautify the world" All content within is proprietary to PPG. Information current as of July 19, 2021. This presentation contains forward-looking statements that reflect the Company's current views with respect to future events and financial performance. You can identify forward-looki ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ––––––––––––––––––––––––––––––––––––––––––––––––– FORM 10-Q ––––––––––––––––––––––––––––––––––––––––––––––––– ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 1-1687 –––––––––––––––––––– ...

PPG Industries, Inc. (NYSE:PPG) Q2 2021 Earnings Conference Call July 20, 2021 8:00 AM ET Company Representatives Michael McGarry - Chairman, Chief Executive Officer Vince Morales - Senior Vice President, Chief Financial Officer John Bruno - Vice President of Investor Relations Conference Call Participants Ghansham Panjabi - Baird John McNulty - BMO David Begleiter - Deutsche Bank John Roberts - UBS Stephen Byrne - Bank of America Mike Sison - Wells Fargo Jeff Zekauskas - JPMorgan Prashant Juvekar - Citi Fr ...

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PPG Industries, Inc. (NYSE:PPG) Q1 2021 Earnings Conference Call April 16, 2021 8:00 AM ET Company Participants John Bruno - Director of Investor Relations Michael McGarry - Chairman & Chief Executive Officer Vince Morales - Senior Vice President & Chief Financial Officer Conference Call Participants John McNulty - BMO Capital Markets Ghansham Panjabi - Baird Bob Koort - Goldman Sachs Stephen Byrne - Bank of America Securities Frank Mitsch - Fermium Research John Roberts - UBS Laurent Favre - Exane BNP Pari ...

FORM 10-Q Filing Information [Registrant Information](index=1&type=section&id=Registrant%20Information) This section provides key identification details for PPG Industries Inc., including its legal name, jurisdiction of incorporation, principal executive offices, and stock exchange listings. It confirms the company's compliance with SEC filing requirements and its status as a large accelerated filer - Registrant: **PPG INDUSTRIES INC.**[2](index=2&type=chunk) - Incorporation Jurisdiction: **Pennsylvania**[2](index=2&type=chunk) | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :------------------ | :---------------- | :----------------------------------------| | Common Stock, par value $1.66 2/3 | PPG | New York Stock Exchange | | 0.875% Notes due 2022 | PPG 22 | New York Stock Exchange | | 0.875% Notes due 2025 | PPG 25 | New York Stock Exchange | | 1.400% Notes due 2027 | PPG 27 | New York Stock Exchange | - Filing Status: **Large Accelerated Filer** (☑ Yes)[4](index=4&type=chunk)[5](index=5&type=chunk) - Outstanding Common Stock (as of March 31, 2021): **237,091,179 shares**[5](index=5&type=chunk) Part I. Financial Information [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for PPG Industries, Inc. and its subsidiaries, including the Statement of Income, Comprehensive Income/(Loss), Balance Sheet, Shareholders' Equity, and Cash Flows, along with detailed notes. The financial statements reflect the company's performance and financial position for the three months ended March 31, 2021, highlighting significant changes in revenue, net income, assets, liabilities, and cash flows compared to the prior year and prior period [Condensed Consolidated Statement of Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Income) For the three months ended March 31, 2021, PPG reported a significant increase in net sales and net income compared to the prior year, with diluted EPS rising to $1.58. This growth was primarily driven by higher sales volumes | Metric | Three Months Ended March 31, 2021 ($ in millions) | Three Months Ended March 31, 2020 ($ in millions) | YoY Change ($ in millions) | YoY Change (%) | | :------------------------------------------ | :------------------------------------------------ | :------------------------------------------------ | :------------- | :------------- | | Net sales | $3,881 | $3,377 | $504 | 14.9% | | Income before income taxes | $499 | $319 | $180 | 56.4% | | Net income (attributable to PPG) | $378 | $243 | $135 | 55.6% | | Earnings per common share (attributable to PPG) - assuming dilution | $1.58 | $1.02 | $0.56 | 54.9% | [Condensed Consolidated Statement of Comprehensive Income/(Loss)](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income/(Loss)) Total comprehensive income for PPG significantly improved to $247 million in Q1 2021 from a loss of $449 million in Q1 2020, primarily due to a substantial reduction in unrealized foreign currency translation adjustments | Metric | Three Months Ended March 31, 2021 ($ in millions) | Three Months Ended March 31, 2020 ($ in millions) | | :------------------------------------------------ | :------------------------------------------------ | :------------------------------------------------ | | Net income attributable to controlling and noncontrolling interests | $385 | $248 | | Unrealized foreign currency translation adjustments | ($128) | ($706) | | Other comprehensive loss, net of tax | ($133) | ($702) | | Comprehensive income/(loss) attributable to PPG | $247 | ($449) | [Condensed Consolidated Balance Sheet](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of March 31, 2021, PPG's total assets increased to $20.1 billion from $19.6 billion at December 31, 2020, driven by increases in receivables, inventories, and investments. Total liabilities also rose, mainly due to higher short-term debt and long-term debt, while total shareholders' equity saw a modest increase | Metric | March 31, 2021 ($ in millions) | December 31, 2020 ($ in millions) | Change ($ in millions) | Change (%) | | :-------------------------------- | :------------------------------- | :-------------------------------- | :--------- | :--------- | | Total current assets | $7,339 | $6,798 | $541 | 7.96% | | Total assets | $20,139 | $19,556 | $583 | 2.98% | | Total current liabilities | $5,120 | $4,831 | $289 | 5.98% | | Total liabilities | $14,170 | $13,741 | $429 | 3.12% | | Total shareholders' equity | $5,969 | $5,815 | $154 | 2.65% | - Goodwill increased to **$5,153 million** at March 31, 2021, from **$5,102 million** at December 31, 2020, primarily due to acquisitions and purchase accounting adjustments[15](index=15&type=chunk)[33](index=33&type=chunk) [Condensed Consolidated Statement of Shareholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Shareholders'%20Equity) PPG's total shareholders' equity increased to $5,969 million by March 31, 2021, from $5,815 million at the beginning of the year. This was primarily driven by net income attributable to PPG, partially offset by cash dividends and other comprehensive loss | Metric | January 1, 2021 ($ in millions) | March 31, 2021 ($ in millions) | Change ($ in millions) | | :------------------------------------------------ | :------------------------------ | :----------------------------- | :--------- | | Total PPG shareholders' equity | $5,689 | $5,839 | $150 | | Net income attributable to PPG | — | $378 | $378 | | Other comprehensive loss, net of tax | — | ($131) | ($131) | | Cash dividends | — | ($128) | ($128) | [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Cash used for operating activities decreased significantly to $23 million in Q1 2021 from $159 million in Q1 2020, primarily due to higher net income. However, cash used for investing activities increased substantially to $424 million, driven by business acquisitions and capital expenditures. Financing activities provided $469 million, mainly from debt issuance, partially offset by debt repayment and dividends | Cash Flow Activity | Three Months Ended March 31, 2021 ($ in millions) | Three Months Ended March 31, 2020 ($ in millions) | YoY Change ($ in millions) | | :-------------------------------- | :------------------------------------------------ | :------------------------------------------------ | :------------- | | Cash used for operating activities | ($23) | ($159) | $136 | | Cash used for investing activities | ($424) | ($59) | ($365) | | Cash from financing activities | $469 | $1,012 | ($543) | | Net (decrease)/increase in cash and cash equivalents | ($18) | $670 | ($688) | | Cash and cash equivalents, end of period | $1,808 | $1,886 | ($78) | - Business acquisitions, net of cash balances acquired, accounted for **$356 million** of cash used in investing activities in Q1 2021, a significant increase from **$44 million** in Q1 2020[18](index=18&type=chunk) - Proceeds from the issuance of debt, net of discounts and fees, totaled **$692 million** in Q1 2021, contributing significantly to financing activities[18](index=18&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures for the condensed consolidated financial statements, covering accounting policies, new standards, acquisitions, divestitures, inventory valuation, goodwill, restructuring programs, debt, earnings per share, income taxes, pensions, comprehensive loss, financial instruments, stock-based compensation, commitments, contingent liabilities, revenue recognition, and segment information. They offer crucial context for understanding the financial figures and the company's operational decisions [1. Basis of Presentation](index=7&type=section&id=1.%20Basis%20of%20Presentation) The unaudited condensed consolidated financial statements are prepared in accordance with SEC requirements and U.S. GAAP for interim reporting, including all necessary recurring adjustments. They should be read in conjunction with the 2020 Annual Report on Form 10-K, and interim results may not be indicative of full-year performance due to seasonal variations - Statements are unaudited and prepared following SEC and U.S. GAAP for interim reporting[20](index=20&type=chunk) - Interim results may not be indicative of full-year results due to seasonal variations[21](index=21&type=chunk) [2. New Accounting Standards](index=7&type=section&id=2.%20New%20Accounting%20Standards) PPG adopted ASU No. 2019-12 (Income Taxes) in 2021 with no material impact. The company is currently assessing the potential impacts of ASU No. 2020-06 (Convertible Debt) and ASU No. 2020-04 (Reference Rate Reform) which are effective in future fiscal years - Adopted ASU No. 2019-12 (Income Taxes) effective January 1, 2021; no material impact[22](index=22&type=chunk) -

Part I [Business](index=3&type=section&id=Item%201.%20Business) PPG is a global manufacturer of paints, coatings, and specialty materials, operating in Performance and Industrial Coatings segments - PPG's vision is to be the **world's leading coatings company** by consistently delivering high-quality, innovative and sustainable solutions[10](index=10&type=chunk) - PPG operates in over 70 countries, serving construction, consumer products, industrial, and transportation markets[11](index=11&type=chunk) - The company's business is comprised of two reportable segments: Performance Coatings and Industrial Coatings[13](index=13&type=chunk) Research and Development Costs (2018-2020) | ($ in millions) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Research and development costs | $401 | $456 | $464 | | % of annual net sales | 2.9 % | 3.0 % | 3.0 % | - PPG's most significant raw materials are epoxy and other resins, titanium dioxide and other pigments, and solvents, representing the **single largest production cost component**[20](index=20&type=chunk) - In 2020, PPG experienced deflationary movements in most costs due to a general slowdown in industrial demand caused by the pandemic, in addition to price and cost decreases in key feedstocks[27](index=27&type=chunk) - Unfavorable foreign currency translation decreased Net sales by approximately **$150 million** and Income before income taxes by approximately **$25 million** in 2020[30](index=30&type=chunk) Net Sales by Region (2018-2020) | ($ in millions) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | United States, Canada, Western Europe | $9,218 | $10,191 | $10,299 | | Latin America, Central and Eastern Europe, Middle East, Africa, Asia Pacific | 4,616 | 4,955 | 5,075 | | Total | $13,834 | $15,146 | $15,374 | - PPG's Income before income taxes is typically higher in the second and third quarters, and Cash from operating activities is highest in the fourth quarter due to end-use market seasonality[32](index=32&type=chunk) - The average number of people employed worldwide by PPG during 2020 was approximately **46,900**[33](index=33&type=chunk) - PPG increased the percent of its sales from sustainable products to **35%** in 2020 from **33%** in 2019[38](index=38&type=chunk) Capital Expenditures for Environmental Control Projects (2018-2020) | ($ in millions) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Capital expenditures for environmental control projects | $12 | $15 | $20 | [Risk Factors](index=10&type=section&id=Item%201A.%20Risk%20Factors) PPG faces various risks including the COVID-19 pandemic, raw material price volatility, global economic uncertainty, environmental regulations, litigation, and foreign currency fluctuations - The COVID-19 pandemic has **negatively impacted** and continues to adversely affect PPG's financial condition and results of operations, with the duration and scope of impact being unpredictable but potentially **material**[47](index=47&type=chunk)[49](index=49&type=chunk) - Increases in raw material prices and declines in availability, particularly for petroleum-derived and inorganic materials like titanium dioxide, could negatively impact financial results as they represent PPG's **largest production cost component**[50](index=50&type=chunk)[53](index=53&type=chunk) - Demand for PPG's products is sensitive to general economic conditions, with global economic uncertainty (e.g., COVID-19, trade disruptions, Brexit, weaker demand in China) potentially leading to lower sales and reduced income[54](index=54&type=chunk) - PPG is subject to existing and evolving environmental laws and regulations, which could require substantial capital expenditures or operational modifications, potentially having a **material adverse impact**[55](index=55&type=chunk) - Fluctuations in foreign currency exchange rates, especially the strengthening or weakening of the U.S. dollar, can adversely affect Net sales, Net income, and balance sheet items denominated in foreign currencies[58](index=58&type=chunk) - Growth through acquisitions involves risks such as difficulties in assimilation, delays in realizing benefits, diversion of management's attention, unforeseen claims, and challenges in retaining key employees[66](index=66&type=chunk) - The automotive industry's shift towards new safety features and business models (e.g., ridesharing) may reduce demand for refinish and OEM coatings, requiring continuous product innovation from PPG[68](index=68&type=chunk)[70](index=70&type=chunk) - The company faces risks from a **prior financial restatement in 2018**, which led to shareholder litigation, SEC and U.S. Attorney's office investigations, and unanticipated costs, with ongoing risks including potential loss of investor confidence and reputational harm[74](index=74&type=chunk) [Unresolved Staff Comments](index=17&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) No unresolved staff comments are reported for this period - No unresolved staff comments[75](index=75&type=chunk) [Properties](index=17&type=section&id=Item%202.%20Properties) PPG's global operations include manufacturing, sales, R&D, and distribution centers, all deemed suitable - PPG's corporate headquarters is located in Pittsburgh, Pennsylvania, United States[76](index=76&type=chunk) - The company operates manufacturing facilities, sales offices, research and development centers, and distribution centers worldwide[76](index=76&type=chunk) - Principal research and development centers are located in various global locations including Allison Park, PA; Tianjin, China; Milan, Italy; and Sumare, Brazil[77](index=77&type=chunk) - Facilities are considered suitable and adequate with sufficient capacity for the upcoming year[78](index=78&type=chunk) [Legal Proceedings](index=17&type=section&id=Item%203.%20Legal%20Proceedings) PPG is involved in various legal proceedings, including environmental, product liability, and asbestos claims, and has resolved securities litigation - PPG is involved in numerous lawsuits and claims, including contract, patent, environmental, product liability, asbestos exposure, antitrust, employment, and securities matters[79](index=79&type=chunk) - The SEC's non-public investigation into accounting matters resulted in a final settlement with PPG in September 2019, with **no financial penalty** imposed on the company[80](index=80&type=chunk) - Four shareholder derivative actions filed in early 2020, alleging breach of fiduciary duty and corporate waste, were **dismissed** by the federal court in December 2020, and the state court action was subsequently dismissed[83](index=83&type=chunk) - A putative securities class action lawsuit, alleging securities fraud, was settled in principle for **$25 million** in May 2019, with final judgment approving the settlement in November 2019. PPG's insurance carriers **fully funded the settlement**[84](index=84&type=chunk) - PPG settled claims for injunctive relief in a citizens' suit regarding its former Cadogan Property, agreeing to cleanup plan enhancements and a **$250,000 donation**, while defending against remaining claims for attorneys' fees and civil penalty[85](index=85&type=chunk) - PPG has been a defendant in asbestos-related lawsuits for many years and has established reserves of approximately **$190 million** for non-channeled claims, believing this will be sufficient[86](index=86&type=chunk)[428](index=428&type=chunk) - PPG was named as a defendant in two Pennsylvania state court lawsuits in 2018 related to alleged public nuisances from lead paint, which the company believes are without merit and intends to defend vigorously[87](index=87&type=chunk) [Mine Safety Disclosures](index=20&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to PPG Industries, Inc - Not Applicable[90](index=90&type=chunk) Part II [Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=21&type=section&id=Item%205.%20Market%20for%20the%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Information on common equity, stockholder matters, and issuer purchases is incorporated by reference, with no Q4 2020 share repurchases under the $2.5 billion program - No shares were repurchased in the three months ended December 31, 2020, under the current **$2.5 billion** share repurchase program[93](index=93&type=chunk) - As of December 31, 2020, **10,472,586 shares** may still be purchased under the program, which has no expiration date[93](index=93&type=chunk) [Selected Financial Data](index=21&type=section&id=Item%206.%20Selected%20Financial%20Data) Selected financial data for the five years ended December 31, 2020, is incorporated by reference from Exhibit 13.2 - Selected financial data for the five years ended December 31, 2020, is included in Exhibit 13.2[95](index=95&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) PPG's 2020 financial performance was impacted by COVID-19, resulting in decreased net sales and EPS, offset by cost mitigation, strong cash generation, and acquisitions Net Sales by Region (2019 vs. 2020) | ($ in millions, except percentages) | 2020 | 2019 | % Change 2020 vs. 2019 | | :--- | :--- | :--- | :--- | | United States and Canada | $5,668 | $6,475 | (12.5)% | | Europe, Middle East and Africa (EMEA) | 4,328 | 4,549 | (4.9)% | | Asia Pacific | 2,431 | 2,542 | (4.4)% | | Latin America | 1,407 | 1,580 | (10.9)% | | Total | $13,834 | $15,146 | (8.7)% | - Net sales decreased by **$1,312 million** in 2020, primarily due to lower sales volumes (**-10%**) and unfavorable foreign currency translation (**-1%**), partially offset by higher selling prices (**+1%**) and acquisition-related sales (**+1%**)[97](index=97&type=chunk) Cost of Sales (2019 vs. 2020) | ($ in millions, except percentages) | 2020 | 2019 | % Change 2020 vs. 2019 | | :--- | :--- | :--- | :--- | | Cost of sales, exclusive of depreciation and amortization | $7,777 | $8,653 | (10.1)% | | Cost of sales as a % of net sales | 56.2 % | 57.1 % | (0.9)% | - Cost of sales decreased by **$876 million**, driven by lower sales volumes, foreign currency translation, and restructuring/cost savings, partially offset by costs from acquired businesses and general cost inflation[99](index=99&type=chunk) Selling, General and Administrative Expenses (2019 vs. 2020) | ($ in millions, except percentages) | 2020 | 2019 | % Change 2020 vs. 2019 | | :--- | :--- | :--- | :--- | | Selling, general and administrative expenses | $3,389 | $3,604 | (6.0)% | | Selling, general and administrative expenses as a % of net sales | 24.5 % | 23.8 % | 0.7% | - Selling, general and administrative expenses decreased by **$215 million**, mainly due to cost savings initiatives, partially offset by wage/cost inflation, a charge for potential uncollectible accounts related to COVID-19, and expenses from acquired businesses[99](index=99&type=chunk)[106](index=106&type=chunk) Key Financial Charges and Income (2019 vs. 2020) | ($ in millions, except percentages) | 2020 | 2019 | % Change 2020 vs. 2019 | | :--- | :--- | :--- | :--- | | Interest expense, net of Interest income | $115 | $100 | 15.0% | | Impairment charges | $93 | — | 100.0% | | Business restructuring, net | $174 | $176 | (1.1)% | | Other charges | $104 | $98 | 6.1% | | Other income | ($68) | ($89) | (23.6)% | - Impairment charges of **$93 million** were recorded in 2020 for the write-down of assets related to planned sales of certain entities and an indefinite-lived trademark[102](index=102&type=chunk) Effective Tax Rate and EPS (2019 vs. 2020) | ($ in millions, except percentages) | 2020 | 2019 | % Change 2020 vs. 2019 | | :--- | :--- | :--- | :--- | | Income tax expense | $291 | $392 | (25.8)% | | Effective tax rate | 21.4 % | 23.6 % | (2.2)% | | Adjusted effective tax rate, continuing operations* | 22.4 % | 23.7 % | (1.3)% | | Earnings per diluted share, continuing operations | $4.44 | $5.22 | (14.9)% | | Adjusted earnings per diluted share, continuing operations* | $5.70 | $6.22 | (8.4)% | - The effective tax rate decreased by **2.2%** in 2020 due to higher net benefits for changes in valuation allowance reserves and U.S. research and development credits[107](index=107&type=chunk) - PPG expects its full-year 2021 effective tax rate to be between **22%** and **24%**[107](index=107&type=chunk) - Performance Coatings net sales decreased by **6.0%** (**$539 million**) in 2020, primarily due to lower sales volumes (**-8%**) and unfavorable foreign currency translation (**-1%**), partially offset by higher selling prices (**+2%**) and acquisition-related sales (**+1%**)[112](index=112&type=chunk)[117](index=117&type=chunk) - Industrial Coatings net sales decreased by **12.6%** (**$773 million**) in 2020, mainly due to lower sales volumes (**-13%**) and unfavorable foreign currency translation (**-1%**), partially offset by acquisition-related sales (**+1%**)[121](index=121&type=chunk)[126](index=126&type=chunk) - In 2020, PPG initiated a **$176 million** global restructuring program to address weakened global economic conditions and optimize costs, expecting at least **$120 million** in aggregate restructuring savings in 2021[142](index=142&type=chunk)[144](index=144&type=chunk) - PPG expects overall raw material prices to increase by a **low-single-digit percentage** in Q1 2021, along with cost inflation in wage, benefit, and logistics costs[145](index=145&type=chunk) - The company expects favorable year-over-year foreign currency translation in 2021 based on mid-January 2021 exchange rates[148](index=148&type=chunk) - In 2020, PPG deployed nearly **$1.2 billion** for acquisitions, approximately **$300 million** for capital expenditures, and approximately **$495 million** for dividends, ending the year with **$1.9 billion** in cash and short-term investments[150](index=150&type=chunk)[151](index=151&type=chunk) Cash and Short-term Investments (2019 vs. 2020) | ($ in millions) | 2020 | 2019 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,826 | $1,216 | | Short-term investments | 96 | 57 | | Total | $1,922 | $1,273 | Cash from Operating Activities (2019 vs. 2020) | ($ in millions, except percentages) | 2020 | 2019 | % Change 2020 vs. 2019 | | :--- | :--- | :--- | :--- | | Cash from operating activities | $2,129 | $2,084 | 2.2% | - The **$45 million** increase in Cash from operating activities in 2020 was primarily due to favorable changes in working capital, excluding the impact of business acquisitions[163](index=163&type=chunk) Operating Working Capital Metrics (2019 vs. 2020) | ($ in millions, except percentages) | 2020 | 2019 | | :--- | :--- | :--- | | Operating working capital | $1,998 | $2,215 | | Operating working capital as a % of fourth quarter sales, annualized | 13.3 % | 15.1 % | | Days sales outstanding | 54 | 56 | | Inventory turnover | 4.2 | 4.6 | Cash Outlays for Environmental Remediation (2019 vs. 2020) | ($ in millions) | 2020 | 2019 | | :--- | :--- | :--- | | Cash outlays related to environmental remediation activities | $60 | $77 | - PPG expects cash outlays for environmental remediation activities to be between **$80 million** and **$100 million** in 2021[167](index=167&type=chunk) Cash Used for Investing Activities (2019 vs. 2020) | ($ in millions, except percentages) | 2020 | 2019 | % Change 2020 vs. 2019 | | :--- | :--- | :--- | :--- | | Cash used for investing activities | ($1,447) | ($1,009) | 43.4% | - The **$438 million** increase in cash used for investing activities was primarily due to higher spending on business acquisitions[170](index=170&type=chunk) Capital Expenditures and Acquisitions (2019 vs. 2020) | ($ in millions, except percentages) | 2020 | 2019 | % Change 2020 vs. 2019 | | :--- | :--- | :--- | :--- | | Capital expenditures | $304 | $413 | (26.4)% | | Business acquisitions, net of cash balances acquired | $1,169 | $643 | 81.8% | | Total capital expenditures, including acquisitions | $1,473 | $1,056 | 39.5% | - Capital expenditures are expected to be approximately **$450 million** in 2021, returning to pre-pandemic levels[172](index=172&type=chunk) Cash Used for Financing Activities (2019 vs. 2020) | ($ in millions, except percentages) | 2020 | 2019 | % Change 2020 vs. 2019 | | :--- | :--- | :--- | :--- | | Cash used for financing activities | ($59) | ($758) | (92.2)% | - The **$699 million** decrease in cash used for financing activities was primarily due to the issuance of short-term debt in 2020 and lower net purchases of treasury stock[175](index=175&type=chunk) - PPG increased its per-share dividend in September 2020, marking the **49th consecutive annual increase** and **121st consecutive year** of annual dividend payments[177](index=177&type=chunk) Contractual Obligations (as of December 31, 2020) | ($ in millions) | Total | 2021 | 2022-2023 | 2024-2025 | Thereafter | | :--- | :--- | :--- | :--- | :--- | :--- | | Long-term debt | $5,084 | $172 | $1,036 | $1,028 | $2,848 | | Short-term debt | 403 | 403 | — | — | — | | Commercial paper | 250 | — | — | 250 | — | | Finance lease obligations | 12 | 3 | 4 | 2 | 3 | | Interest payments | 1,149 | 124 | 220 | 193 | 612 | | Operating leases | 942 | 199 | 284 | 177 | 282 | | Pension contributions | 20 | 20 | — | — | — | | Unconditional purchase commitments | 189 | 74 | 79 | 21 | 15 | | Other commitments | 74 | 6 | 13 | 14 | 41 | | Total | $8,387 | $1,001 | $1,636 | $1,685 | $3,801 | - The **most critical accounting estimates** involve contingencies (environmental remediation, litigation, tax matters), pensions and other postretirement benefits, business combinations, and goodwill/identifiable intangible assets, due to the significant management judgment required[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk)[193](index=193&type=chunk)[195](index=195&type=chunk) - In 2020, the U.S. dollar strengthened against certain currencies, leading to a **$36 million** decrease in consolidated net assets and an unfavorable impact of approximately **$26 million** on full-year income before income taxes from foreign income translation[197](index=197&type=chunk)[198](index=198&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) PPG manages market risks from foreign currency and interest rates using derivatives; a hypothetical 10% adverse exchange rate change could reduce income by $226 million - PPG is exposed to market risks related to changes in foreign currency exchange rates and interest rates, and uses derivative financial instruments to manage these risks[204](index=204&type=chunk)[205](index=205&type=chunk) - A potential **10% reduction** in PPG's Income before income taxes from adverse changes in exchange rates on foreign currency hedge contracts would have been **$226 million** in 2020[206](index=206&type=chunk) - As of December 31, 2020, PPG had **$2.4 billion** in non-U.S. dollar denominated debt outstanding; a **10% weakening** of the U.S. dollar against European currencies and **20%** against Asian/South American currencies would result in **$273 million** in unrealized translation losses[208](index=208&type=chunk) - An increase in variable interest rates of 10% would have an **insignificant effect** on PPG's variable rate debt obligations and interest expense for 2020[209](index=209&type=chunk)[210](index=210&type=chunk) - A **10% reduction** in interest rates would have increased the fair value of the Company's fixed rate debt by approximately **$48 million** as of December 31, 2020, without affecting annual Income before income taxes or cash flows[210](index=210&type=chunk) [Financial Statements and Supplementary Data](index=41&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section provides PPG's audited consolidated financial statements for 2018-2020, including the auditor's opinion, management's report on internal controls, and detailed notes - PricewaterhouseCoopers LLP issued an **unqualified opinion** on PPG's consolidated financial statements and the effectiveness of its internal control over financial reporting as of December 31, 2020[213](index=213&type=chunk) - Management concluded that PPG's internal control over financial reporting was **effective** as of December 31, 2020, excluding the recently acquired Ennis-Flint[229](index=229&type=chunk) Consolidated Statement of Income (2018-2020) | ($ in millions, except per share amounts) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Net sales | $13,834 | $15,146 | $15,374 | | Cost of sales, exclusive of depreciation and amortization | 7,777 | 8,653 | 9,001 | | Selling, general and administrative | 3,389 | 3,604 | 3,573 | | Depreciation | 371 | 375 | 354 | | Amortization | 138 | 136 | 143 | | Research and development, net | 379 | 432 | 441 | | Interest expense | 138 | 132 | 118 | | Interest income | (23) | (32) | (23) | | Impairment charges | 93 | — | — | | Business restructuring | 174 | 176 | 66 | | Other charges | 104 | 98 | 122 | | Other income | (68) | (89) | (114) | | Income before income taxes | $1,362 | $1,661 | $1,693 | | Income tax expense | 291 | 392 | 353 | | Income from continuing operations | $1,071 | $1,269 | $1,340 | | Income from discontinued operations, net of tax | 3 | — | 18 | | Net income attributable to the controlling and noncontrolling interests | $1,074 | $1,269 | $1,358 | | Less: Net income attributable to noncontrolling interests | 15 | 26 | 17 | | Net income (attributable to PPG) | $1,059 | $1,243 | $1,341 | | Earnings per common share - assuming dilution | $4.45 | $5.22 | $5.47 | Consolidated Balance Sheet (as of December 31, 2019 and 2020) | ($ in millions) | 2020 | 2019 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,826 | $1,216 | | Short-term investments | 96 | 57 | | Receivables | 2,726 | 2,756 | | Inventories | 1,735 | 1,710 | | Total current assets | $6,798 | $6,170 | | Property, plant and equipment, net | 3,127 | 2,983 | | Goodwill | 5,102 | 4,470 | | Identifiable intangible assets, net | 2,351 | 2,131 | | Total Assets | $19,556 | $17,708 | | **Liabilities and Shareholders' Equity** | | | | Accounts payable and accrued liabilities | $3,792 | $3,496 | | Restructuring reserves | 281 | 196 | | Short-term debt and current portion of long-term debt | 578 | 513 | | Total current liabilities | $4,831 | $4,375 | | Long-term debt | 5,171 | 4,539 | | Total liabilities | $13,741 | $12,305 | | Total shareholders' equity | $5,815 | $5,403 | | Total Liabilities and Shareholders' Equity | $19,556 | $17,708 | Consolidated Statement of Cash Flows (2018-2020) | ($ in millions) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Cash from operating activities | $2,130 | $2,080 | $1,467 | | Cash used for investing activities | ($1,447) | ($1,009) | ($764) | | Cash used for financing activities | ($59) | ($758) | ($1,205) | | Net increase/(decrease) in cash and cash equivalents | $610 | $314 | ($534) | | Cash and cash equivalents, end of year | $1,826 | $1,216 | $902 | - PPG adopted ASU No. 2016-13, 'Financial Instruments - Credit Losses,' and ASU No. 2018-15, 'Intangibles - Goodwill and Other - Internal-Use Software,' effective January 1, 2020, with **no material impact** on financial statements[280](index=280&type=chunk)[281](index=281&type=chunk)[282](index=282&type=chunk) - PPG completed several acquisitions in 2020, including Ennis-Flint (pavement marking products), Alpha Coating Technologies (powder coatings), and Industria Chimica Reggiana (automotive refinish products)[291](index=291&type=chunk)[292](index=292&type=chunk)[293](index=293&type=chunk) - In December 2020, PPG committed to sell certain entities in non-strategic countries, resulting in a **$52 million impairment charge** and reclassification of assets/liabilities as held for sale[301](index=301&type=chunk) Goodwill by Segment (2019 vs. 2020) | ($ in millions) | Performance Coatings | Industrial Coatings | Total | | :--- | :--- | :--- | :--- | | December 31, 2019 | $3,442 | $1,028 | $4,470 | | Acquisitions, including purchase accounting adjustments | 519 | 15 | 534 | | Foreign currency impact | 67 | 36 | 103 | | December 31, 2020 | $4,023 | $1,079 | $5,102 | - In 2020, PPG recognized a pretax **impairment charge of $38 million** for an indefinite-lived trademark in the Performance Coatings segment due to reduced long-term net sales forecast[310](index=310&type=chunk) Estimated Future Amortization Expense for Definite-Lived Intangible Assets (2021-2025) | ($ in millions) | 2021 | 2022 | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Estimated future amortization expense | $175 | $175 | $165 | $150 | $140 | - In June 2020, PPG approved a business restructuring plan with a pretax charge of **$176 million**, including employee severance and other cash costs, with most actions expected to be completed by end of 2021[314](index=314&type=chunk) Restructuring Reserve Activity (2019 vs. 2020) | ($ in millions) | Total Reserve | | :--- | :--- | | December 31, 2019 | $224 | | Approved restructuring actions | 203 | | Release of prior reserves and other adjustments | (29) | | Cash payments | (126) | | Foreign currency impact | 21 | | December 31, 2020 | $293 | Total Lease Cost (2019 vs. 2020) | ($ in millions) | 2020 | 2019 | | :--- | :--- | :--- | | Total operating lease cost | $240 | $232 | | Total finance lease cost | $3 | $3 | | Total lease cost | $243 | $235 | Long-term Debt Obligations (as of December 31, 2019 and 2020) | ($ in millions) | 2020 | 2019 | | :--- | :--- | :--- | | Total Long-term Debt | $5,346 | $5,042 | | Less payments due within one year | 175 | 503 | | Long-term debt | $5,171 | $4,539 | - In 2020, PPG issued **$100 million** of 3.75% notes due 2028 and **$300 million** of 2.55% notes due 2030, and entered into a **$1.5 billion** 364-Day Term Loan Credit Agreement, of which **$1.1 billion** was repaid[326](index=326&type=chunk)[328](index=328&type=chunk)[329](index=329&type=chunk) - As of December 31, 2020, PPG was in **full compliance** with restrictive covenants, maintaining a Total Indebtedness to Total Capitalization ratio of **46%**, well below the **60% limit**[336](index=336&type=chunk)[338](index=338&type=chunk) Long-term Debt Maturities (as of December 31, 2020) | ($ in millions) | Maturity per year | | :--- | :--- | | 2021 | $175 | | 2022 | $733 | | 2023 | $307 | | 2024 | $298 | | 2025 | $982 | | Thereafter | $2,851 | Earnings Per Common Share (2018-2020) | ($ in millions, except per share amounts) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Net income (attributable to PPG) | $1,059 | $1,243 | $1,341 | | Earnings per common share - assuming dilution | $4.45 | $5.22 | $5.47 | Income Tax Expense (2018-2020) | ($ in millions) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Total current income tax expense | $338 | $397 | $308 | | Total deferred income tax (benefit)/expense | ($47) | ($5) | $45 | | Total income tax expense | $291 | $392 | $353 | Effective Income Tax Rate Reconciliation (2018-2020) | | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | U.S. federal income tax rate | 21.0 % | 21.0 % | 21.0 % | | Effective income tax rate | 21.4 % | 23.6 % | 20.9 % | - As of December 31, 2020, PPG had **$4.1 billion** of undistributed earnings of non-U.S. subsidiaries, which it intends to reinvest indefinitely, thus not establishing a liability for foreign withholding taxes[379](index=379&type=chunk)[380](index=380&type=chunk) Unrecognized Tax Benefits (2018-2020) | ($ in millions) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | January 1 | $167 | $166 | $148 | | December 31 | $175 | $167 | $166 | - As of December 31, 2020, the total amount of unrecognized tax benefits that would affect the effective tax rate was **$153 million**[382](index=382&type=chunk) - As of December 31, 2020, PPG's U.S. and Canadian defined benefit plans were **frozen** for all participants[385](index=385&type=chunk) Defined Benefit Pension Plans Funded Status (2019 vs. 2020) | ($ in millions) | 2020 | 2019 | | :--- | :--- | :--- | | Projected benefit obligation, December 31 | $3,975 | $3,561 | | Market value of plan assets, December 31 | $3,216 | $2,965 | | Funded Status | ($759) | ($596) | Other Postretirement Benefit Plans Net Liability (2019 vs. 2020) | ($ in millions) | 2020 | 2019 | | :--- | :--- | :--- | | Projected benefit obligation, December 31 | $786 | $712 | | Net liability recognized | ($786) | ($712) | Net Periodic Benefit Cost (2018-2020) | ($ in millions) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Pensions Net periodic benefit cost/(income) | $56 | $54 | $43 | | Other Postretirement Benefits Net periodic benefit cost/(income) | ($14) | ($15) | ($7) | - PPG expects to make contributions to its defined benefit pension plans in the range of **$10 million** to **$20 million** in 2021[400](index=400&type=chunk) Estimated Future Benefit Payments (2021-2030) | ($ in millions) | Pensions | Other Postretirement Benefits | | :--- | :--- | :--- | | 2021 | $171 | $54 | | 2022 | $159 | $53 | | 2023 | $166 | $51 | | 2024 | $170 | $50 | | 2025 | $173 | $49 | | 2026 to 2030 | $890 | $210 | Environmental Reserves (2019 vs. 2020) | ($ in millions) | 2020 | 2019 | | :--- | :--- | :--- | | New Jersey Chrome | $102 | $134 | | Glass and chemical | 106 | 96 | | Other | 92 | 74 | | Total | $300 | $304 | | Current Portion | $99 | $62 | Environmental Remediation Charges and Cash Outlays (2018-2020) | ($ in millions) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Total Pretax Charges | $38 | $77 | $78 | | Cash outlays for environmental spending | $60 | $77 | $64 | - PPG expects cash outlays for environmental remediation costs to range from **$80 million** to **$100 million** in 2021 and **$20 million** to **$50 million** annually from 2022 through 2025[438](index=438&type=chunk) - In addition to current reserves, PPG may be subject to reasonably possible unreserved losses related to environmental matters estimated at **$100 million** to **$200 million**[447](index=447&type=chunk) Common Stock and Shares Outstanding (2018-2020) | | Shares Outstanding | | :--- | :--- | | January 1, 2018 | 251,174,399 | | December 31, 2018 | 235,861,434 | | December 31, 2019 | 235,680,470 | | December 31, 2020 | 236,686,265 | Per Share Cash Dividends Paid (2018-2020) | | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Per share cash dividends paid | $2.10 | $1.98 | $1.86 | Total Stock-Based Compensation and Tax Benefit (2018-2020) | ($ in millions) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Total stock-based compensation | $44 | $39 | $37 | | Income tax benefit recognized | $10 | $9 | $8 | Quarterly Financial Information (Unaudited) - Net Sales (2019-2020) | ($ in millions) | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Full Year 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net sales | $3,377 | $3,015 | $3,685 | $3,757 | $13,834 | | | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | Full Year 2019 | | Net sales | $3,624 | $4,024 | $3,826 | $3,672 | $15,146 | Quarterly Financial Information (Unaudited) - Net Income (Attributable to PPG) (2019-2020) | ($ in millions) | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | Full Year 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net income (attributable to PPG) | $243 | $102 | $442 | $272 | $1,059 | | | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | Full Year 2019 | | Net income (attributable to PPG) | $312 | $272 | $367 | $292 | $1,243 | Net Sales by Segment and Region (2018-2020) | ($ in millions) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | **Performance Coatings** | | | | | United States and Canada | $3,673 | $4,057 | $4,062 | | EMEA | 2,861 | 2,869 | 2,936 | | Asia Pacific | 1,015 | 1,095 | 1,071 | | Latin America | 946 | 1,013 | 1,018 | | Total Performance Coatings | $8,495 | $9,034 | $9,087 | | **Industrial Coatings** | | | | | United States and Canada | $1,995 | $2,418 | $2,423 | | EMEA | 1,467 | 1,680 | 1,742 | | Asia Pacific | 1,416 | 1,447 | 1,547 | | Latin America | 461 | 567 | 575 | | Total Industrial Coatings | $5,339 | $6,112 | $6,287 | | **Total Net Sales** | | | | | United States and Canada | $5,668 | $6,475 | $6,485 | | EMEA | 4,328 | 4,549 | 4,678 | | Asia Pacific | 2,431 | 2,542 | 2,618 | | Latin America | 1,407 | 1,580 | 1,593 | | Total PPG | $13,834 | $15,146 | $15,374 | Segment Income (2018-2020) | ($ in millions) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Performance Coatings | $1,359 | $1,409 | $1,300 | | Industrial Coatings | 750 | 862 | 818 | | Total Segment income | $2,109 | $2,271 | $2,118 | Part III [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=92&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) No changes in or disagreements with accountants on accounting and financial disclosure are reported - No changes in or disagreements with accountants on accounting and financial disclosure[483](index=483&type=chunk) [Controls and Procedures](index=92&type=section&id=Item%209A.%20Controls%20and%20Procedures) PPG's disclosure controls and procedures were effective as of December 31, 2020, with no material changes in internal control over financial reporting in Q4 2020 - The Company's principal executive officer and principal financial officer concluded that PPG's disclosure controls and procedures were **effective** as of December 31, 2020[484](index=484&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended December 31, 2020[485](index=485&type=chunk) [Other Information](index=92&type=section&id=Item%209B.%20Other%20Information) No other information is reported under this item - No other information to report[487](index=487&type=chunk) [Directors, Executive Officers and Corporate Governance](index=92&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2021 Proxy Statement - Information about directors, executive officers, and corporate governance is incorporated by reference from the 2021 Proxy Statement[488](index=488&type=chunk)[489](index=489&type=chunk)[490](index=490&type=chunk) - Executive officers are elected by the Board of Directors[489](index=489&type=chunk) [Executive Compensation](index=92&type=section&id=Item%2011.%20Executive%20Compensation) Details on executive compensation, including director compensation and potential payments, are incorporated by reference from the Proxy Statement - Information on executive compensation is contained in the Proxy Statement under various captions and incorporated by reference[491](index=491&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=92&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership and equity compensation plan details is incorporated by reference from the Proxy Statement - Information on security ownership and equity compensation plans is incorporated by reference from the Proxy Statement[492](index=492&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=93&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on director independence and related person transactions is incorporated by reference from the Proxy Statement - Information on director independence and related party transactions is incorporated by reference from the Proxy Statement[493](index=493&type=chunk) [Principal Accounting Fees and Services](index=93&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services is incorporated by reference from the Proxy Statement - Information on principal accounting fees and services is incorporated by reference from the Proxy Statement[494](index=494&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=93&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all exhibits and financial statement schedules, including consolidated financial statements, auditor reports, and an index to corporate documents - The section includes consolidated financial statements and reports of independent registered public accounting firm[495](index=495&type=chunk) Allowance for Doubtful Accounts (2018-2020) | ($ in millions) | Balance at Beginning of Year | Charged to Costs and Expenses(1) | Deductions(2) | Balance at End of Year | | :--- | :--- | :--- | :--- | :--- | | 2020 | $22 | $44 | ($22) | $44 | | 2019 | $24 | $24 | ($26) | $22 | | 2018 | $25 | $18 | ($19) | $24 | - In March 2020, PPG recorded **$30 million** in estimated future credit losses for trade receivables due to the COVID-19 pandemic[496](index=496&type=chunk) - The section provides an index to various exhibits, including corporate governance documents, debt instruments, and compensation plans[499](index=499&type=chunk)[500](index=500&type=chunk)[501](index=501&type=chunk)[502](index=502&type=chunk) [Form 10-K Summary](index=96&type=section&id=Item%2016.%20Form%2010-K%20Summary) No Form 10-K Summary is provided in this section - No Form 10-K Summary is provided[503](index=503&type=chunk) Signatures [Signatures](index=97&type=section&id=Signatures) The report is signed by PPG Industries, Inc.'s Senior Vice President and CFO, Vice President and Controller, and other directors as of February 18, 2021 - The report was signed on February 18, 2021, by Vincent J. Morales (Senior Vice President and Chief Financial Officer) and William E. Schaupp (Vice President and Controller)[506](index=506&type=chunk) - Michael H. McGarry, Director, Chairman and Chief Executive Officer, also signed the report[508](index=508&type=chunk)

PPG Industries, Inc. (NYSE:PPG) Q4 2020 Earnings Conference Call January 22, 2021 8:00 AM ET Company Participants John Bruno - Director, Investor Relations Michael McGarry - Chairman and Chief Executive Officer Vince Morales - Senior Vice President and Chief Financial Officer Conference Call Participants Michael Sison - Wells Fargo Ghansham Panjabi - Baird Frank Mitsch - Fermium Research Bob Koort - Goldman Sachs P.J. Juvekar - Citi Laurent Favre - Exane BNP Paribas David Begleiter - Deutsche Bank Jeff Zeka ...

Fourth Quarter 2020 Financial Results Michael H. McGarry, Chairman and Chief Executive Officer Vincent J. Morales, Senior Vice President and Chief Financial Officer John Bruno, Director, Investor Relations All content within is proprietary to PPG. Information current as of January 21, 2021. This presentation contains forward-looking statements that reflect the Company's current views with respect to future events and financial performance. You can identify forward-looking statements by the fact that they do ...