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2020 Annual Report

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2020 Annual Report 2020 Annual Report Some photos taken prior to the start of the COVID-19 pandemic. A Message from Our Chairman Dear Shareholders, We generated more than $2.1 billion of cash from operations, which is a record, and we For all of us, 2020 was a year of significant continue to have excellent financial flexibility challenges and many sacrifices. We have with cash and short-term investments of learned to adapt through a global pandemic, about $1.9 billion at year-end. We also respond to an uncertain economic continued our legacy of returning cash environment, meet the changing needs to shareholders, with about $500 million of our customers, help support our returned in 2020 through dividends, communities, and confront social equality including an annual per share dividend and injustice. increase for the 49th consecutive year. Despite these challenges, I am extremely Our capital-light structure enabled us to proud of how our 47,000 employees sustain long-term investments, despite the came together as One PPG. Thanks to challenging economic environment in 2020. the dedication of our people, we’ve seen We continued to invest in mobility and digital countless, extraordinary examples of efforts initiatives that will pay significant dividends to keep our operations running. Today, PPG in the years ahead. We launched new passive remains steadfast in our commitment to fire protection coatings for the inside of develop innovative products and sustainable battery casings for electric vehicles and Our focus on the future solutions that create value for our customers thermal gap fillers, delivering initial wins in and our shareholders – growing sales I strongly believe that we are well-positioned the automotive market beyond our traditional as a company for the coming year and beyond. and earnings consistently to deliver products. We also continue to invest superior returns. significant financial and people resources to We will continue to aggressively manage all The character of our employees has never support our automotive customers as they elements within our control, as we monitor shone brighter than it has during these accelerate the rollout of electric vehicles. and respond to changing market conditions. times of adversity. Our people have shown We remain focused on delivering above- The resiliency of our coatings model market earnings per share and cash flow great resiliency in continuing to serve our shone brightly once again. The lessons customers and drive a common purpose: growth, while strategically pursuing organic ® learned from past global financial crises and inorganic growth opportunities. WE PROTECT AND BEAUTIFY THE WORLD . were significantly enhanced and the Our performance speed of execution from our global team I want to thank you for your continued was exceptional. Our business portfolio interest and investment in PPG. Despite Despite all of these challenges, PPG’s 2020 demonstrated a swift recovery of operating the challenges in front of us during these net sales totaled approximately $13.8 billion. margins and record adjusted earnings unprecedented times, our employees are Our lower sales volumes of about 10%, due per share in the second half of the year, focused on delivering results The PPG Way. primarily to the pandemic, were partially up nearly 20 percent compared to the They make it happen and work hard to do offset by improved selling prices of 1.5% prior year. We are bringing this sustained better today than yesterday, every day. and acquisition-related sales of 1%, with the momentum into 2021. largest contributions coming from the ICR, We at PPG hope you and your loved ones Whitford, and Hemmelrath acquisitions. Finally, I want to recognize the many PPG remain safe and healthy. people who went above and beyond to Strategically, we continued to strengthen support the underserved communities in and optimize our portfolio with the which we live and operate. PPG and the PPG announcement of six acquisitions since Foundation invested $13 million in 2020, January 2020, which will further broaden supporting initiatives focused on education, the company’s geographical footprint COVID-19 relief, social justice and other Michael H. McGarry and technology reach. These acquisitions critical areas. Despite the pandemic, we Chairman and CEO, PPG include Ennis-Flint, VersaFlex, ICR, and also restarted our award-winning COLORFUL Alpha Coatings, as well as Wörwag and COMMUNITIES® program in the third Tikkurila, which are expected to be quarter of 2020. Through these efforts, PPG completed in the first half of 2021. delivered on our purpose to protect and beautify the world. 2020 Financial Highlights For PPG's full annual report, please visit 2020annualreport.ppg.com. $13.8B $5.70 $2.1B Reported net sales from Adjusted earnings per diluted Record full-year continuing operations share from continuing operations operating cash flow UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 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. (Exact name of registrant as specified in its charter) Pennsylvania 25-0730780 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) One PPG Place Pittsburgh Pennsylvania 15272 (Address of principal executive offices) (Zip code) Registrant’s telephone number, including area code: 412 434-3131 Securities Registered Pursuant to Section 12(b) of the Act: Name of each exchange on Title of each class Trading Symbol(s) 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 Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. Yes ☐ No ☒ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by checkmark whether the registrant has submitted electronically every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ (Do not check if a smaller reporting company) Emerging growth company ☐ If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ Indicate by check mark whether the Registrant is a shell company (as defined by Rule 12b-2 of the Act). Yes ☐ No ☒ The aggregate market value of common stock held by non-affiliates as of June 30, 2020, was $25,002 million. 2 As of January 31, 2021, 236,788,855 shares of the Registrant’s common stock, with a par value of $1.66 /3 per share, were outstanding. As of that date, the aggregate market value of common stock held by non-affiliates was $31,863 million. DOCUMENTS INCORPORATED BY REFERENCE Incorporated By Document Reference In Part No. Portions of PPG Industries, Inc. Proxy Statement for its 2021 Annual Meeting of Shareholders......................................... III 2020 PPG ANNUAL REPORT AND FORM 10-K 1 PPG INDUSTRIES, INC. AND CONSOLIDATED SUBSIDIARIES As used in this report, the terms “PPG,” “Company,” “Registrant,” “we,” “us” and “our” refer to PPG Industries, Inc., and its subsidiaries, taken as a whole, unless the context indicates otherwise. TABLE OF CONTENTS Page Part I Item 1. Business 3 Item 1A. Risk Factors 9 Item 1B. Unresolved Staff Comments 13 Item 2. Properties 13 Item 3. Legal Proceedings 13 Item 4. Mine Safety Disclosures 15 Part II Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases 16 of Equity Securities Item 6. Selected Financial Data 16 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 16 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 29 Item 8. Financial Statements and Supplementary Data 31 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 76 Item 9A. Controls and Procedures 76 Item 9B. Other Information 76 Part III Item 10. Directors, Executive Officers and Corporate Governance 76 Item 11.
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