PPG Industries Q3 2024 Filing: Debt and Financials Detailed
Ticker: PPG · Form: 10-Q · Filed: 2024-10-17T00:00:00.000Z
Sentiment: neutral
Topics: financials, debt, earnings
TL;DR
PPG Q3 filing out: shows debt details like 0.875% notes due '25 and 1.400% notes due '27. Financials look standard.
AI Summary
PPG Industries Inc. reported its third quarter 2024 results, ending September 30, 2024. The company's filing details its financial performance, including various debt instruments such as its 0.875% Notes due 2025 and 1.400% Notes due 2027. The report also references standard accounting items like Other Income, Interest Expense, and Current Assets and Liabilities.
Why It Matters
This filing provides investors with a detailed look at PPG's financial health and debt obligations as of the end of Q3 2024, crucial for understanding its financial stability and future investment potential.
Risk Assessment
Risk Level: medium — The filing details significant debt obligations, which can introduce financial risk if not managed effectively.
Key Numbers
- 0.875% — Interest Rate on Notes (Specific debt instrument interest rate due 2025)
- 1.400% — Interest Rate on Notes (Specific debt instrument interest rate due 2027)
- 2025 — Maturity Year (Maturity year for 0.875% Notes)
- 2027 — Maturity Year (Maturity year for 1.400% Notes)
Key Players & Entities
- PPG INDUSTRIES INC (company) — Filer
- 0.875% Notes due 2025 (dollar_amount) — Debt Instrument
- 1.400% Notes due 2027 (dollar_amount) — Debt Instrument
- 2024-09-30 (date) — Reporting Period End Date
FAQ
What was PPG Industries' total reported revenue for the nine months ended September 30, 2024?
The filing does not explicitly state the total revenue for the nine months ended September 30, 2024, but details financial components like interest expense and other income.
What is the principal amount of PPG's 0.875% Notes due 2025?
The filing does not specify the principal amount for the 0.875% Notes due 2025.
How much in accounts payable and accrued liabilities did PPG have as of September 30, 2024?
The filing references 'AccountsPayableAndAccruedLiabilitiesCurrent' but does not provide a specific dollar amount in the provided snippet.
What was the total interest expense for PPG during the period ending September 30, 2024?
The filing references 'InterestExpense' but does not provide a specific dollar amount for the period ending September 30, 2024.
Does the filing mention any specific acquisitions or divestitures in the third quarter of 2024?
The provided snippet of the filing does not mention any specific acquisitions or divestitures.
Filing Stats: 4,964 words · 20 min read · ~17 pages · Grade level 17.4 · Accepted 2024-10-17 16:02:18
Key Financial Figures
- $1.66 — ch registered Common Stock, par value $1.66 2/3 PPG New York Stock Exchange 0.875
- $281 — ent (net of accumulated depreciation of $281) 146 Goodwill 2 Deferred income taxes
Filing Documents
- ppg-20240930.htm (10-Q) — 1448KB
- ppgq3202410qex311.htm (EX-31.1) — 9KB
- ppgq3202410qex312.htm (EX-31.2) — 9KB
- ppgq3202410qex321.htm (EX-32.1) — 4KB
- ppgq3202410qex322.htm (EX-32.2) — 4KB
- ppg-20240930_g1.gif (GRAPHIC) — 25KB
- 0000079879-24-000217.txt ( ) — 8086KB
- ppg-20240930.xsd (EX-101.SCH) — 50KB
- ppg-20240930_cal.xml (EX-101.CAL) — 77KB
- ppg-20240930_def.xml (EX-101.DEF) — 296KB
- ppg-20240930_lab.xml (EX-101.LAB) — 681KB
- ppg-20240930_pre.xml (EX-101.PRE) — 490KB
- ppg-20240930_htm.xml (XML) — 1182KB
Financial Information
Part I. Financial Information
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited): Condensed Consolidated Statement of Income 2 Condensed Consolidated Statement of Comprehensive Income 3 Condensed Consolidated Balance Sheet 4 Condensed Consolidated Statement of Shareholders' Equity 5 Condensed Consolidated Statement of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 35
Controls and Procedures
Item 4. Controls and Procedures 36
Other Information
Part II. Other Information
Legal Proceedings
Item 1. Legal Proceedings 36
Risk Factors
Item 1A. Risk Factors 37
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38
Other Information
Item 5. Other Information 38
Exhibits
Item 6. Exhibits 38
Signatures
Signatures 40 1 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements PPG INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Statement of Income (Unaudited) Three Months Ended September 30 Nine Months Ended September 30 ($ in millions, except per share amounts) 2024 2023 2024 2023 Net sales $ 4,575 $ 4,644 $ 13,680 $ 13,896 Cost of sales, exclusive of depreciation and amortization 2,663 2,752 7,842 8,214 Selling, general and administrative 1,062 1,047 3,203 3,108 Depreciation 97 102 298 287 Amortization 32 40 106 121 Research and development, net 105 108 325 322 Interest expense 67 64 184 190 Interest income ( 48 ) ( 39 ) ( 135 ) ( 96 ) Pension settlement charge — — — 190 Other (income)/charges, net ( 14 ) 13 15 4 Income before income taxes $ 611 $ 557 $ 1,842 $ 1,556 Income tax expense 137 121 422 350 Net income attributable to controlling and noncontrolling interests $ 474 $ 436 $ 1,420 $ 1,206 Net income attributable to noncontrolling interests ( 6 ) ( 10 ) ( 24 ) ( 26 ) Net income (attributable to PPG) $ 468 $ 426 $ 1,396 $ 1,180 Earnings per common share (attributable to PPG) $ 2.01 $ 1.80 $ 5.96 $ 5.00 Earnings per common share (attributable to PPG) - assuming dilution $ 2.00 $ 1.79 $ 5.93 $ 4.97 The accompanying notes to the condensed consolidated financial statements are an integral part of this condensed consolidated statement. 2 Table of Contents PPG INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Statement of Comprehensive Income (Unaudited) Three Months Ended September 30 Nine Months Ended September 30 ($ in millions) 2024 2023 2024 2023 Net income attributable to controlling and noncontrolling interests $ 474 $ 436 $ 1,420 $ 1,206 Other comprehensive (loss)/income, net of tax: Defined benefit pension and other postretirement benefits ( 3 ) ( 1 ) 17 138 Unrealized foreign currency translation adjustments ( 113 ) ( 174 ) ( 561 ) 199 Other comprehensive (loss)/income, net of tax ($ 116 ) ($ 175 ) ($ 544 ) $ 337 Total comprehensive in