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    SEC Form 11-K filed by PPG Industries Inc.

    6/16/25 3:03:34 PM ET
    $PPG
    Paints/Coatings
    Consumer Discretionary
    Get the next $PPG alert in real time by email
    11-K 1 a2024employeesavingsplan.htm 11-K Document






    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, D.C. 20549
     ________________________________________
    FORM 11-K
     ––––––––––––––––––––––––––––––––––––––––
     ý
    ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the year ended: December 31, 2024
    or
    ¨
    TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from _______ to _______
    Commission file number 1-1687
    A.Full title of the plan and address of the plan, if different from that of the issuer named below:
    PPG Industries Employee Savings Plan
    B.Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office:
    PPG Industries, Inc.
    One PPG Place, Pittsburgh, Pennsylvania 15272



    PPG Industries Employee Savings Plan
    Table of Contents
    Page
    Report of Independent Registered Public Accounting Firm
    1
    Financial Statements:
    Statements of Net Assets Available for Benefits as of December 31, 2024 and 2023
    2
    Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2024
    3
    Notes to the Financial Statements as of and for the Year Ended December 31, 2024
    4-9
    Form 5500, Schedule H, Part IV, Line 4i — Schedule of Assets (Held at End of Year) as of December 31, 2024
    10-16
    Exhibit Index
    17
    NOTE: All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.




    Report of Independent Registered Public Accounting Firm


    To the Administrator and Plan Participants of
    PPG Industries Employee Savings Plan


    Opinion on the Financial Statements

    We have audited the accompanying statements of net assets available for benefits of PPG Industries Employee Savings Plan (the “Plan”) as of December 31, 2024 and 2023 and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023 and the changes in net assets available for benefits for the year ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

    Basis for Opinion

    These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

    Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

    Supplemental Information

    The supplemental schedule of Form 5500, Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.


    /s/ PricewaterhouseCoopers LLP
    Pittsburgh, Pennsylvania
    June 16, 2025

    We have served as the Plan’s auditor since 2013.
    1


    PPG Industries Employee Savings Plan
    Statements of Net Assets Available for Benefits
    As of December 31, 2024 and 2023
    ($ in millions)20242023
    Net Assets:
    Investments at fair value$3,801 $3,546 
    Investments at contract value451 537 
    Total investments$4,252 $4,083 
    Receivables:
    Notes receivable from participants54 50 
    Net Assets Available for Benefits$4,306 $4,133 
    The accompanying notes to the financial statements are an integral part of these statements.
    2


    PPG Industries Employee Savings Plan
    Statement of Changes in Net Assets Available for Benefits
    For the Year Ended December 31, 2024
    ($ in millions)2024
    Additions:
    Net appreciation in fair value of investments$426 
    Interest and dividend income16 
    Interest income on notes receivable from participants4 
    Total net investment income$446 
    Contributions:
    Employee128 
    Employer98 
    Total contributions$226 
    Total additions$672 
    Deductions:
    Withdrawals497 
    Administration expenses2 
    Total deductions$499 
    Net increase in net assets available for benefits$173 
    Net Assets Available for Benefits:
    Beginning of year$4,133 
    End of year$4,306 
    The accompanying notes to the financial statements are an integral part of this statement.
    3


    PPG Industries Employee Savings Plan
    Notes to the Financial Statements
    As of and for the Year Ended December 31, 2024
    1.     Description of the Plan
    The PPG Industries Employee Savings Plan (the "Plan") is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The Plan was established in 1965 for employees residing in the United States. Eligible participants include employees of PPG Industries, Inc. (the "Company" or "PPG") and certain of its subsidiaries and collective bargaining units.
    The named fiduciary for the operation and administration of the Plan (the “Plan Administrator”) is the PPG Global Benefits Leader. The named fiduciary with respect to control and management of the assets of the Plan is the PPG Executive Committee and the PPG Benefits Investment Committee. Their responsibilities include, but are not limited to, approval of trustees, recordkeepers, investment options, and investment managers and establishing performance benchmarks. The PPG Employee Benefits Committee also has responsibility for establishing, maintaining, and amending the Plan.
    Trustee of the Plan Assets - Fidelity Management Trust Company ("FMTC") was the trustee of the Plan assets for the years ended December 31, 2024 and 2023.
    Recordkeeper of the Plan - Fidelity Investments Institutional Operations Company LLC was the recordkeeper of the Plan for the years ended December 31, 2024 and 2023.
    Administrative Expenses - The Plan pays all reasonable and necessary costs to manage and operate the Plan as determined by the Plan Administrator. These expenses, including recordkeeping fees, administrative charges, professional costs, and trustee costs, are paid from Plan assets. The Plan has adopted uniform and nondiscriminatory procedures to allocate these expenses to participant accounts.
    Eligibility to Participate in the Plan - The Plan is available to most U.S. salaried and hourly employees of PPG and its wholly owned subsidiaries who are not covered by a collective bargaining agreement and hourly employees whose employment is covered by a collective bargaining agreement where the collective bargaining agreement provides for participation. An eligible employee may become a participant in the Plan as soon as administratively possible after enrollment.
    Investment Options - Participants of the Plan are eligible to invest in certain mutual funds, PPG Industries, Inc. common stock, the Stable Value Fund, and certain common-collective trusts. If participants transfer funds out of the Fidelity Contrafund Commingled Pool or the Fidelity Growth Company Commingled Pool, participants cannot transfer funds back into these investment options for 60 calendar days. If participants transfer funds out of the BNY Mellon SL ACWI ex-U.S. Fund, the JP Morgan Equity Income Fund or the Allspring Special Small Cap Value Fund, participants cannot transfer funds back into these investment options for 30 calendar days.
    Contributions - Contributions under the Plan are made by the participants and, for certain participants, by the Company. Eligible employees are automatically enrolled in the Plan, unless they elect to not participate, with before-tax contributions equal to 4% of eligible earnings. If the participant does not select an investment option, these before-tax contributions are invested in the Plan’s default investment option.
    Employee
    The participants’ maximum contribution rate for the years ended December 31, 2024 and 2023 was 50% of eligible participant compensation, up to $23,000 and $22,500, respectively. Participants can contribute on a before-tax basis, an after-tax basis, and on a Roth 401(k) after-tax contribution basis. Catch-up contributions, including Roth 401(k) catch-up contributions, are permitted for eligible participants (catch-up contributions are not eligible for the Company match) and were limited to $7,500 in 2024 and 2023. Employee contributions also include rollovers from other qualified plans. The amount of individual rollovers from other plans totaled $21 million and $14 million in 2024 and 2023, respectively.
    Employer
    For most participants not covered by a collective bargaining agreement which provides otherwise, the Company will match the participant contribution, up to the first 6% of the participant's eligible compensation. Each contribution will be multiplied by the Company match rate in effect to determine the amount of the Company matching contribution. The Company match rate is established each year at the discretion of the Company. The Company matching contribution rate was 100% during 2024 and 2023. For those participants whose employment is covered by a
    4


    collective bargaining agreement, the level of Company matching contributions, if any, is determined by the relevant collective bargaining agreement.
    Employer contributions also include "Employer Additional Contributions" where the Company deposits additional retirement plan monies into eligible participant accounts. These contributions are between 2% and 5% of the eligible participant's eligible Plan compensation. The applicable contribution percentage is based on a combination of the participant's age and years of service. Employer Additional Contributions were $44 million and $38 million in 2024 and 2023, respectively.
    Participant Accounts - Individual accounts are maintained for each Plan participant. Each participant's account is credited with the participant's contribution, the Company's matching contribution, the Employer Additional Contribution, if applicable, and allocations of fund earnings and is charged with an allocation of fund losses and administrative expenses. Allocations are based on participant account balances, as defined by the Plan. Participants direct the investment of their contributions and Company matching contributions into various investment options offered by the Plan.
    If the Company declares a dividend on PPG Industries, Inc. common stock, each participant will share in that dividend if any portion of the participant's account is invested in the PPG Stock Fund on the ex-dividend date. Each participant may elect to reinvest 100% of the dividend or to have 100% of the dividend paid in cash. If no election is made by the participant, PPG Stock Fund dividends are automatically reinvested into participant accounts to purchase additional shares of PPG Industries, Inc. common stock.
    Vesting - All participant contributions and Company matching contributions and their related earnings vest immediately. The Employer Additional Contributions generally vest over a three-year service period.
    Forfeitures - Forfeited balances of terminated participants’ unvested accounts are used to reduce future contributions by PPG. As of December 31, 2024 and 2023, forfeited balances were $1 million and $2 million, respectively. Forfeited balances are included in Investments at fair value on the Statements of Net Assets Available for Benefits.
    Payment of Benefits - Upon termination from service as a result of a voluntary or involuntary separation, retirement, or receiving approval to participate in a Company sponsored long-term disability program, a participant may elect to receive payment of his or her account from several options, including a total distribution, a partial lump-sum distribution, or recurring payments. Those participants with vested balances of less than $5,000 will receive a taxable cash distribution as soon as administratively possible unless instructions are provided by the participant. Those participants with vested balances of greater than $5,000 may defer the distribution of their account. Those participants must begin receiving a required minimum distribution by April 1 of the year following termination from PPG, and each year thereafter. Required minimum distributions may not be rolled over to another retirement plan, IRA, or Roth IRA.
    Payments to designated beneficiaries upon the death of the participant are made as a lump-sum distribution as soon as administratively possible from the date such payments are requested by the designated beneficiary or beneficiaries.
    Notes Receivable from Participants - All Plan participants, excluding (a) those with a vested account balance less than $2,000, (b) those who have two existing loans, (c) those who have defaulted on an existing loan within the past 36 months, (d) those who have paid off a loan in the past 30 calendar days, (e) those who are not receiving payroll payments, and (f) those who are suspended from making contributions due to an in-service or hardship withdrawal, may borrow, for either general purposes or for a primary residence, from their account a minimum of $1,000, up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance, reduced by the highest outstanding participant loan balance over the past 12 months. General purpose loans have a loan term of 12 to 60 months. Primary residence loans have a loan term of 61 to 360 months. The loans are collateralized by the participants' account balance and bear an interest rate determined by the Plan Administrator based on the prevailing interest rates for loans which would be made under similar circumstances. Principal and interest payments are generally repaid by payroll deductions. Company contributions, based on age and years of service, are not available for loans.
    Transfers - Transfers in primarily occur when PPG acquires a new business, and the existing plan(s) of the acquired company are legally moved into the Plan. Transfers out primarily occur when PPG divests part or all of one of its strategic business units, and portions of the Plan related to the divested business are legally moved out of the Plan. There were no transfers in or out during the year ended December 31, 2024.
    5


    The above brief description of the Plan is provided for general information purposes only. Participants should refer to the Summary Plan Description for a complete description of the Plan, which is available from the Plan Administrator.
    2.Summary of Significant Accounting Policies and Related Matters
    Basis of Accounting - The financial statements of the Plan are prepared on the accrual basis of accounting, except for amounts due to participants who had requested withdrawals, which are not recorded as a liability of the Plan as of December 31, 2024 and 2023 and are recorded upon distribution, in accordance with the American Institute of Certified Public Accountants Audit and Accounting Guide, Audits of Employee Benefit Plans.
    Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends on PPG Industries, Inc. common stock are recorded as investment income on the ex-dividend date.
    Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires Plan management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein. Actual results could differ from those estimates.
    Benefit Payments - Benefits are recorded when paid.
    Risk and Uncertainties - The Plan invests in various investment securities. Investment securities, in general, are exposed to various risks, such as interest rate risk, credit risk, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could be material in relation to the amounts reported in the financial statements.
    Investment Valuation - Investments are generally stated at fair value. Investments in securities traded on securities exchanges are valued at the closing sales price on the last business day of the Plan year. Listed securities for which no sale was reported on that date are valued at bid quotations. The Plan presents in the Statement of Changes in Net Assets Available for Benefits the net appreciation/depreciation in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation/depreciation on those investments. See Note 3 for further information regarding fair value measurement.
    The Stable Value Fund is a separate account with FMTC as the investment manager which invests in a diversified portfolio of fixed income securities, such as U.S. government obligations, mortgage-related and asset-backed securities, and corporate bonds. The Stable Value Fund is measured at contract value. See Note 4 for further information regarding the Stable Value Fund.
    Notes Receivable from Participants - Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are recorded as withdrawals based on the terms of the Plan document.
    3.Fair Value Measurement
    Accounting guidance on fair value measurements establishes a hierarchy of inputs employed to determine fair value measurements, which has three levels.
    Level 1 inputs are quoted prices in active markets for identical assets and liabilities. Level 1 inputs are considered to be the most reliable evidence of fair value as they are based on unadjusted quoted market prices from various financial information service providers and securities exchanges.
    Level 2 inputs are directly or indirectly observable prices that are not quoted on active exchanges, which include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
    Level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities.
    The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. PPG evaluates the significance of transfers between levels
    6


    based upon the nature of the financial instrument and size of the transfer relative to total net assets available for benefits. For the years ended December 31, 2024 and 2023, there were no transfers between levels.
    The financial assets that are reported at fair value on a recurring basis as of December 31, 2024 and 2023, were as follows:
    December 31, 2024
    ($ in millions)Level 1Level 2Level 3Total
    Investments in the fair value hierarchy:
    PPG Industries, Inc. common stock (a)
    $469 $— $— $469 
    Mutual funds (b)
    95 — — 95 
    Money market funds9 — — 9 
    Total assets in the fair value hierarchy$573 $— $— $573 
    Common-collective trusts (c)
    — — — 3,228 
    Total Investments at fair value$573 $— $— $3,801 
    December 31, 2023
    ($ in millions)Level 1Level 2Level 3Total
    Investments in the fair value hierarchy:
    PPG Industries, Inc. common stock (a)
    $634 $— $— $634 
    Mutual funds (b)
    76 — — 76 
    Money market funds9 — — 9 
    Total assets in the fair value hierarchy$719 $— $— $719 
    Common-collective trusts (c)
    — — — 2,827 
    Total Investments at fair value$719 $— $— $3,546 
    (a)The fair value of PPG Industries, Inc. common stock is valued at the closing price reported on the active market on which the individual securities are traded.
    (b)The fair value of mutual funds is valued at the daily closing price as reported by the fund.
    (c)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.
    Common-Collective Trusts
    The investment in Common-Collective Trusts is comprised of investments in the BlackRock Institutional Trust Company (“BlackRock”) Equity Index Fund, the Artisan Small Cap Growth Trust Fund, the BNY Mellon SL ACWI ex-U.S. Fund, BlackRock LifePath Index Funds, the BNY Mellon Aggregate Bond Index Fund, the BNY Mellon Capital Small Cap Index Stock Fund, the MFS International Equity Fund, the Fidelity Contrafund Commingled Pool, the Fidelity Growth Company Commingled Pool, the BlackRock Total Return Bond Fund, the BlackRock Treasury Inflation Protected Securities (TIPS) Index Fund and the Allspring Special Small Cap Value Fund. The BlackRock Equity Index Fund's objective is to provide a total return that closely corresponds to the investment performance of the S&P 500 with dividends reinvested and is only available to qualified institutional investors. The Artisan Small Cap Growth Trust Fund's objective is to seek long term capital growth by investing primarily in US small-cap growth companies. The BNY Mellon SL ACWI ex-U.S. Fund's objective is to track the performance of the MSCI All Country World Index (ACWI) ex-U.S. and is available only to qualified institutional investors. The objective of the BlackRock LifePath Index Funds is to maximize total return while maintaining an investment mix of stocks and fixed income instruments relative to a participant’s retirement time frame. The BNY Mellon Aggregate Bond Index Fund’s objective is to provide a total return that closely corresponds to the investment performance of the Barclays U.S. Aggregate Index. The BNY Mellon Capital Small Cap Stock Index Fund's objective is to provide a total return that seeks to match the investment performance of the Russell 2000 Index. The Fidelity Contrafund Commingled Pool's objective is to provide capital appreciation over a market cycle relative to the S&P 500 Index. The MFS International Equity Fund's objective is to provide capital appreciation over a market cycle relative to the MSCI EAFE (Europe, Australasia, and the Far East) Index. The Fidelity Growth Company Commingled Pool's objective is to provide capital appreciation over a market cycle relative to the Russell 3000 Index. The BlackRock Total Return Bond Fund's objective is to provide a total return through fixed income investments. The BlackRock TIPS Index Fund’s objective is to provide a total return that seeks to match the investment performance of the TIPS Index. The
    7


    Allspring Special Small Cap Value Fund's objective is to seek long-term capital appreciation by principally investing in small-capitalization companies.
    The Fidelity Contrafund Commingled Pool and the Fidelity Growth Company Commingled Pool are not mutual funds and are only available to qualified institutional investors. The fair value of investments in common-collective trusts is based upon the net asset value of the underlying investments held by each of the funds. These investments are valued at their respective net asset value per share or unit on the valuation date.
    4.Stable Value Fund
    The objective of the Stable Value Fund is to preserve the invested principal and accumulated interest, while earning a competitive level of income over time. The Stable Value Fund is a separate account managed by FMTC. The Stable Value Fund is fully benefit-responsive and consists of synthetic guaranteed investment contracts.
    The Stable Value Fund invests in a diversified portfolio of short-term bonds and other fixed income securities, such as U.S. Treasury bonds, government agency securities, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, and asset-backed securities. The Stable Value Fund also invests in money market funds to provide daily liquidity and purchases third party wrap contracts that are designed to permit the Fund to use contract value accounting to provide for the payment of participant directed withdrawals and exchanges at contract value under most circumstances. Interest is credited to the Stable Value Fund under the wrap contracts. There is no immediate recognition of gains and losses on the fixed income securities. Instead, gains or losses are recognized over time by adjusting the interest rate credited to the Stable Value Fund.
    The wrap contracts have been issued by State Street Bank and Trust, J.P. Morgan Chase, Prudential Insurance Company of America, American General Life, Nationwide Life Insurance Company, Transamerica Premier Life, Pacific Life Insurance Company, Metropolitan Life Insurance Company and Massachusetts Mutual. The S&P credit rating at December 31, 2024 of the issuing financial institutions is AA-, AA-, AA-, A+, A+, A+, AA-, AA- and AA+, respectively. The underlying investments of the Stable Value Fund are stated at contract value.
    The third party wrap contracts provide that participant fund transactions are executed at contract value. Contract value represents contributions made to the fund, plus net investment income, less participant withdrawals. The interest crediting rates are reset quarterly based upon market rates of similar investments, the current yield of the underlying investments, and the spread between market value and contract value, but the rate cannot be less than 0%.
    Certain events, such as a Plan termination or a Plan merger initiated by the Plan Administrator may limit the ability of the Plan to transact at contract value or may allow for the termination of the wrap contract at less than contract value. The Plan Administrator does not believe that any events that may limit the ability of the Plan to transact at contract value are probable.
    5.Related-Party Transactions
    FMTC manages the Stable Value Fund, the Fidelity Contrafund Commingled Pool and the Fidelity Growth Company Commingled Pool. As of December 31, 2024 and 2023, the Plan also held cash and cash equivalents in money market funds managed by FMTC. These transactions are considered exempt party-in-interest transactions. Eligible participants may borrow from their individual account balance in the Plan as discussed in Note 1, and these transactions are considered exempt party-in-interest transactions.
    At December 31, 2024 and 2023, respectively, the Plan held 3,924,604 and 4,236,203 shares of PPG Industries, Inc. common stock, the Plan Sponsor. During the year ended December 31, 2024, the Plan's investment in the Company’s common stock included purchases and sales of approximately $122 million and $175 million, respectively. These transactions are considered exempt party-in-interest transactions. Dividends earned on PPG Industries, Inc. common stock were $10 million in 2024.
    6.Plan Termination
    Although it has not expressed any intent to do so, the Company has the right under the Plan to terminate the Plan, subject to the provisions of ERISA. In the event the Plan is terminated, Plan participants will receive all amounts credited to their accounts.
    7.Federal Income Tax Status
    The Internal Revenue Service (the "IRS") has determined and informed the Company by a letter dated April 28, 2017 that the Plan is qualified and the trust established under the Plan is tax-exempt under the appropriate sections of the Internal Revenue Code (the "Code"). Subsequent to this determination by the IRS, the Plan was amended.
    8


    The Plan Administrator believes the Plan, as amended, is being operated in compliance with the applicable requirements of the Code and, therefore, believes the Plan is qualified and the trust established under the Plan is tax-exempt under the appropriate sections of the Code. Therefore, no provision for income taxes has been included in the Plan's financial statements.
    Plan management evaluates tax positions taken by the Plan and recognizes a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2024, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan Administrator believes it is no longer subject to income tax examinations by the IRS for U.S. federal income tax returns filed for years through 2021.
    Participants in the Plan are not liable for federal income tax on amounts allocated to their accounts resulting from their before-tax deferrals, employer contributions, or investment income until such time as amounts are withdrawn from the participant's account.
    8.    Reconciliation of Financial Statements to Form 5500
    A reconciliation of net assets available for benefits per the financial statements to the total net assets per the Form 5500 as of December 31, 2024 and 2023, and the change in net assets per the financial statements to the net income per the Form 5500 for the years ended December 31, 2024 and 2023, is as follows:
    ($ in millions)20242023
    Net assets available for benefits per the financial statements$4,306 $4,133 
    Adjustment from contract value to fair value for fully benefit-responsive investment contracts(20)(25)
    Total net assets per the Form 5500$4,286 $4,108 
    Net increase in net assets per the financial statements173 452 
    Change in the adjustment from contract value to fair value for fully benefit-responsive investment contracts5 12 
    Net income per the Form 5500$178 $464 

    9


    PPG Industries Employee Savings Plan
    Supplemental Schedule
    Form 5500, Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)
    As of December 31, 2024
    ($ in millions)
    (a)(b)
    Identity of Issue, Borrower, Lessor or Similar Party
    (c)
     Description of Investment, Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value
    (e)
    Current Value
    Mutual funds — at fair value:
    Baillie Gifford Emerging Markets FundMutual Fund$38 
    JP Morgan Equity Income FundMutual Fund57 
    *Investment in PPG Industries, Inc. common stock — at fair valueCommon Stock469 
    Money market funds — at fair value:
    *Fidelity Government Cash ReservesCash equivalent2 
    *Fidelity Government PortfolioCash equivalent7 
    Common-collective trusts — at fair value:
    Allspring Special Small Cap Value FundCommon-collective trust37 
    Artisan Small Cap Growth TrustCommon-collective trust15 
    BlackRock Equity Index FundCommon-collective trust671 
    BlackRock Lifepath Index 2030 FundCommon-collective trust157 
    BlackRock Lifepath Index 2035 FundCommon-collective trust143 
    BlackRock Lifepath Index 2040 FundCommon-collective trust126 
    BlackRock Lifepath Index 2045 FundCommon-collective trust102 
    BlackRock Lifepath Index 2050 FundCommon-collective trust105 
    BlackRock Lifepath Index 2055 FundCommon-collective trust82 
    BlackRock Lifepath Index 2060 FundCommon-collective trust43 
    BlackRock Lifepath Index 2065 FundCommon-collective trust17 
    BlackRock Lifepath Index Retirement FundCommon-collective trust210 
    BlackRock TIPS Index FundCommon-collective trust44 
    BlackRock Total Return Bond FundCommon-collective trust103 
    BNY Mellon Aggregate Bond Index FundCommon-collective trust101 
    BNY Mellon Capital Small Cap Stock Index FundCommon-collective trust132 
    BNY Mellon SL ACWI ex-U.S.FundCommon-collective trust162 
    *Fidelity Contrafund Commingled PoolCommon-collective trust419 
    *Fidelity Growth Company Commingled PoolCommon-collective trust510 
    MFS International Equity FundCommon-collective trust49 
    *Stable value fund - at market value:
    U.S. Government Obligations - at market value:
    US Treasury Note 3.625% 08/31/2029U.S. Government Obligation9 
    US Treasury Note 3.75% 12/31/2028U.S. Government Obligation40 
    US Treasury Note 4% 01/31/2029U.S. Government Obligation23 
    US Treasury Note 4% 06/30/2028U.S. Government Obligation44 
    US Treasury Note 4.125% 07/31/2028U.S. Government Obligation67 
    10


    US Treasury Note 4.125% 11/30/2029U.S. Government Obligation9 
    US Treasury Note 4.375% 12/31/2029U.S. Government Obligation12 
    Total U.S. Government Obligations204 
    Corporate Debt - at market value:
    7 ELEVEN INC 0.95% 02/10/2026 144ACorporate Debt1 
    7 ELEVEN INC 1.3% 02/10/2028 144ACorporate Debt1 
    AMERICAN EXPRESS CO 2.55% 03/04/2027Corporate Debt1 
    AMERICAN EXPRESS CO 5.11%/VAR 02/16/2028Corporate Debt2 
    ASTRAZENECA FINANCE LLC 4.8% 02/26/2027Corporate Debt1 
    ATHENE GLOBAL FUNDING 1.73% 10/02/2026 144ACorporate Debt1 
    ATHENE GLOBAL FUNDING 5.339% 01/15/2027 144ACorporate Debt1 
    ATHENE GLOBAL FUNDING 5.516% 03/25/2027 144ACorporate Debt1 
    ATHENE GLOBAL FUNDING 5.684% 02/23/2026 144ACorporate Debt1 
    BANCO SANTANDER SA 1.722%/VAR 09/14/2027Corporate Debt1 
    BANK NEW YORK MELLON CORP 4.414%/VAR 07/24/2026Corporate Debt1 
    BANK OF AMERICA CORPORATION 1.197%/VAR 10/24/2026Corporate Debt2 
    BANK OF AMERICA CORPORATION 1.319%/VAR 06/19/2026Corporate Debt1 
    BANK OF AMERICA CORPORATION 1.734%/VAR 07/22/2027Corporate Debt1 
    BANK OF AMERICA CORPORATION 2.551%/VAR 02/04/2028Corporate Debt2 
    BANK OF AMERICA CORPORATION 3.559%/VAR 04/23/2027Corporate Debt1 
    BANK OF AMERICA CORPORATION 4.948%/VAR 07/22/2028Corporate Debt2 
    BANK OF MONTREAL QUE 0.949%/VAR 01/22/2027Corporate Debt2 
    BANK OF MONTREAL QUE 5.37% 06/04/2027Corporate Debt1 
    BANK OF NOVA SCOTIA 5.4% 06/04/2027Corporate Debt1 
    BANQUE FED CRED MUTUEL PARIS 5.088% 01/23/2027 144ACorporate Debt1 
    BANQUE FED CRED MUTUEL PARIS 5.194% 02/16/2028 144ACorporate Debt1 
    BNP PARIBAS 1.323%/VAR 01/13/2027 144ACorporate Debt1 
    BRISTOL-MYERS SQUIBB CO 4.9% 02/22/2027Corporate Debt1 
    BRISTOL-MYERS SQUIBB CO 4.9% 02/22/2029Corporate Debt1 
    CANADIAN IMPERIAL BK OF COMM 5.237% 06/28/2027Corporate Debt1 
    CIGNA GROUP (THE) 3.4% 03/01/2027Corporate Debt1 
    CISCO SYSTEMS INC 4.8% 02/26/2027Corporate Debt1 
    CITIGROUP INC 1.122%/VAR 01/28/2027Corporate Debt1 
    CITIGROUP INC 3.07%/VAR 02/24/2028Corporate Debt1 
    CITIGROUP INC 3.106%/VAR 04/08/2026Corporate Debt2 
    COOPERATIEVE RABOBANK UA 1.98%/VAR 12/15/2027 144A144ACorporate Debt1 
    COREBRIDGE GLOBAL FUNDING 4.65% 08/20/2027 144ACorporate Debt1 
    DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 2% 12/14/2026 144ACorporate Debt1 
    DNB BANK ASA 1.535%/VAR 05/25/2027 144ACorporate Debt1 
    DNB BANK ASA 1.605%/VAR 03/30/2028 144ACorporate Debt2 
    11


    EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.3% 07/12/2026 144ACorporate Debt1 
    EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.7% 11/12/2026 144ACorporate Debt1 
    GOLDMAN SACHS GROUP INC (THE) 2.64%/VAR 02/24/2028Corporate Debt1 
    GOLDMAN SACHS GROUP INC (THE) 4.482%/VAR 08/23/2028Corporate Debt1 
    GUARDIAN LIFE GLOBAL FUNDING 1.4% 07/06/2027 144ACorporate Debt2 
    HOME DEPOT INC 2.875% 04/15/2027Corporate Debt1 
    HSBC HOLDINGS PLC 5.21%/VAR 08/11/2028Corporate Debt1 
    HUNTINGTON NATL BK COLUMBUS OH 4.552%/VAR 05/17/2028Corporate Debt1 
    HYUNDAI CAP AMER 4.3% 09/24/2027 144ACorporate Debt1 
    ING GROEP NV 1.726%/VAR 04/01/2027Corporate Debt2 
    ING GROEP NV 5.335%/VAR 03/19/2030Corporate Debt1 
    INTERCONTINENTAL EXCHANGE INC 4% 09/15/2027Corporate Debt1 
    JACKSON NATL LIFE GLOBAL FDG 4.6% 10/01/2029 144ACorporate Debt1 
    JPMORGAN CHASE & CO 1.045%/VAR 11/19/2026Corporate Debt1 
    JPMORGAN CHASE & CO 1.47%/VAR 09/22/2027Corporate Debt2 
    JPMORGAN CHASE & CO 1.578%/VAR 04/22/2027Corporate Debt1 
    JPMORGAN CHASE & CO 2.083%/VAR 04/22/2026Corporate Debt2 
    JPMORGAN CHASE & CO 2.947%/VAR 02/24/2028Corporate Debt1 
    JPMORGAN CHASE & CO 4.851%/VAR 07/25/2028Corporate Debt1 
    JPMORGAN CHASE & CO 5.7%/VAR 04/22/2028Corporate Debt1 
    KENVUE INC 5.05% 03/22/2028Corporate Debt1 
    KENVUE INC 5.35% 03/22/2026Corporate Debt1 
    KEYBANK NATL ASSN 4.15% 08/08/2025Corporate Debt1 
    LLOYDS BANKING GROUP PLC 4.375% 03/22/2028Corporate Debt1 
    LLOYDS BANKING GROUP PLC 5.985%/VAR 08/07/2027Corporate Debt1 
    MASSMUTUAL GLOBAL FDG II 4.85% 01/17/2029 144ACorporate Debt1 
    MERCEDES-BENZ FINANCE NORTH AMERICA LLC 1.45% 03/02/2026 144ACorporate Debt1 
    MERCEDES-BENZ FINANCE NORTH AMERICA LLC 4.8% 03/30/2026 144ACorporate Debt2 
    MERCEDES-BENZ FINANCE NORTH AMERICA LLC 4.8% 08/01/2029 144ACorporate Debt1 
    MET TOWER GLOBAL FUNDING 4% 10/01/2027 144ACorporate Debt1 
    MITSUBISHI UFJ FIN GRP INC 1.64%/VAR 10/13/2027Corporate Debt2 
    MITSUBISHI UFJ FIN GRP INC 5.541%/VAR 04/17/2026Corporate Debt1 
    MIZUHO FINL GROUP INC 1.234%/VAR 05/22/2027Corporate Debt1 
    MIZUHO FINL GROUP INC 2.651%/VAR 05/22/2026Corporate Debt1 
    MORGAN STANLEY 1.512%/VAR 07/20/2027Corporate Debt1 
    MORGAN STANLEY 2.188%/VAR 04/28/2026Corporate Debt1 
    MORGAN STANLEY 4.679%/VAR 07/17/2026Corporate Debt1 
    MORGAN STANLEY 5.042%/VAR 07/19/2030Corporate Debt1 
    NATIONAL BANK OF CANADA 4.5% 10/10/2029Corporate Debt1 
    NATWEST MARKETS PLC 5.416% 05/17/2027 144ACorporate Debt1 
    NEW YORK LIFE GLOBAL FDG 5.45% 09/18/2026 144ACorporate Debt2 
    NORDEA BANK ABP 4.375% 09/10/2029 144ACorporate Debt1 
    12


    NTT FINANCE CORP 1.162% 04/03/2026 144ACorporate Debt1 
    ORACLE CORP 1.65% 03/25/2026Corporate Debt1 
    PACIFIC LIFE GF II 4.5% 08/28/2029 144ACorporate Debt1 
    PHILIP MORRIS INTL INC 2.75% 02/25/2026Corporate Debt1 
    PHILIP MORRIS INTL INC 4.75% 02/12/2027Corporate Debt1 
    PNC FINANCIAL SERVICES GRP INC 5.102%/VAR 07/23/2027Corporate Debt2 
    PNC FINANCIAL SERVICES GRP INC 5.354%/VAR 12/02/2028Corporate Debt1 
    PRICOA GLOBAL FDG I 4.4% 08/27/2027 144ACorporate Debt1 
    RGA GLOBAL FUNDING 2% 11/30/2026 144ACorporate Debt1 
    RGA GLOBAL FUNDING 5.448% 05/24/2029 144ACorporate Debt1 
    ROSS STORES INC 0.875% 04/15/2026Corporate Debt1 
    S&P GLOBAL INC 2.45% 03/01/2027Corporate Debt1 
    SAMMONS FINANCIAL GROUP GLOBAL FUNDING 5.1% 12/10/2029 144ACorporate Debt1 
    STATE STREET CORP 2.203%/VAR 02/07/2028Corporate Debt1 
    STATE STREET CORP 4.53%/VAR 02/20/2029Corporate Debt1 
    SUMITOMO MITSUI FINL GRP INC 1.402% 09/17/2026Corporate Debt2 
    TORONTO DOMINION BANK 2.8% 03/10/2027Corporate Debt1 
    TORONTO DOMINION BANK 4.783% 12/17/2029Corporate Debt1 
    TRUIST FINANCIAL CORP 4.26%/VAR 07/28/2026Corporate Debt2 
    TRUIST FINANCIAL CORP 5.9%/VAR 10/28/2026Corporate Debt2 
    US BANCORP DEL 2.215%/VAR 01/27/2028Corporate Debt1 
    US BANCORP DEL 5.727%/VAR 10/21/2026Corporate Debt2 
    VIRGINIA ELECTRIC AND POWER CO 3.75% 05/15/2027Corporate Debt1 
    VOLKSWAGEN GROUP AMER FIN LLC 3.2% 09/26/2026 144ACorporate Debt1 
    VOLKSWAGEN GROUP AMER FIN LLC 4.35% 06/08/2027 144ACorporate Debt1 
    VOLKSWAGEN GROUP AMER FIN LLC 5.7% 09/12/2026 144AACorporate Debt1 
    WELLS FARGO & CO NEW 2.164%/VAR 02/11/2026Corporate Debt3 
    WELLS FARGO & CO NEW 2.188%/VAR 04/30/2026Corporate Debt1 
    WELLS FARGO & CO NEW 3.526%/VAR 03/24/2028Corporate Debt2 
    WELLS FARGO & CO NEW 4.808%/VAR 07/25/2028Corporate Debt1 
    Total Corporate Debt130 
    Mortgage-Backed Securities - at market value:
    BENCHMARK MORTGAGE TRUST 2018-B7 A2 4.377% 05/15/2053Mortgage-Backed Security1 
    BX COMMERCIAL MORTGAGE TRUST 22-LP2 A TSFR1M+96.2702/15/2039 144AMortgage-Backed Security1 
    BX TR 2021-ACNT TSFR1M+96.448 11/15/2026 144AMortgage-Backed Security1 
    ELP COMMERCIAL MORTGAGE TRUST 2021-ELP TSFR1M+81.548 1 11/15/2036 144AMortgage-Backed Security1 
    FEDERAL HOME LN MTG MLT CTF GT 3% 07/25/2039Mortgage-Backed Security1 
    FEDERAL HOME LN MTGE CORP 4765 QA 3% 02/15/2046Mortgage-Backed Security1 
    FEDERAL NAT MTG ASN GTD REM 2017-97 P 3% 01/25/2047Mortgage-Backed Security1 
    13


    FEDERAL NAT MTG ASN GTD REM PA 2% 06/25/2035Mortgage-Backed Security1 
    FEDERAL NAT MTG ASN GTD REM PA 2.5% 05/25/2045Mortgage-Backed Security1 
    FEDERAL NAT MTG ASN GTD REM PA 2017-11 HA 3.5% 12/25/2045Mortgage-Backed Security1 
    FEDERAL NAT MTG ASN GTD REM PA 2018-3 LP 3% 02/25/2047Mortgage-Backed Security1 
    FEDERAL NAT MTG ASN GTD REM PA 2019-38 AB 3% 07/25/2039Mortgage-Backed Security1 
    FEDERAL NAT MTG ASN GTD REM PA 3% 03/25/2048Mortgage-Backed Security1 
    FHLG 15YR 2.5% 12/01/2031#SB0093Mortgage-Backed Security1 
    FHLG 15YR 3% 03/01/2033#SB0181Mortgage-Backed Security1 
    FNMA 15YR 3% 02/01/2033#BM5108Mortgage-Backed Security1 
    FNMA 15YR 3% 12/01/2032#BM5109Mortgage-Backed Security1 
    FNMA 15YR 4% 02/01/2034#FM3001Mortgage-Backed Security1 
    FNMA 15YR 4% 03/01/2034#FM2867Mortgage-Backed Security2 
    FNMA 20YR 3.00% 11/32 #MA1237Mortgage-Backed Security1 
    FNR 2016-26 CG 3% 05/46Mortgage-Backed Security1 
    FNR 2016-34 GH 3% 06/46Mortgage-Backed Security1 
    FNR 2016-37 BK 3% 06/25/46Mortgage-Backed Security1 
    FNR 2017-20 AP 3.5% 03/25/2045Mortgage-Backed Security1 
    FREDDIE MAC REMICS 2018-4766 MA 3.5% 02/15/2046Mortgage-Backed Security1 
    FREDDIE MAC REMICS 3% 10/25/2048Mortgage-Backed Security1 
    JPMBB COML MTG SECUTITIES TR 2015-C29 A4 3.6108% 05/15/2048Mortgage-Backed Security1 
    LIFE FINANCIAL SERVICES TRUST 2022 TSFR1M+129.52405/15/2039 144AMortgage-Backed Security1 
    OPG TR 2021-PORT TSFR1M+59.848 8 10/15/2036 144AMortgage-Backed Security1 
    SREIT TR 2021-MFP TSFR1M+84.528 08 11/15/2038 144AMortgage-Backed Security1 
    Total Mortgage-Backed Securities31 
    Asset-Backed Securities - at market value
    AMERICAN EXPRESS CR ACC MST TR 4.87% 05/15/2028Asset-Backed Security1 
    AMERICAN EXPRESS CR ACC MST TR 5.23% 04/15/2029Asset-Backed Security1 
    AMERICAN EXPRESS CR ACC MST TR 5.23% 09/15/20288Asset-Backed Security2 
    BA CR CARD TR 4.79% 05/15/2028Asset-Backed Security1 
    BA CR CARD TR 4.98% 11/15/2028Asset-Backed Security1 
    CAPITAL ONE PRIME AUTO RECEIVABLES TR 2024-1 4.62%16-Jul-2029Asset-Backed Security1 
    CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2023-2 5.82% 06/15/2028Asset-Backed Security1 
    CARMAX AUTO OWNER TR 2023-2 5.05% 01/18/2028Asset-Backed Security1 
    CARMAX AUTO OWNER TRUST 2024-1 4.92% 10/16/2028Asset-Backed Security1 
    CARMX 2023-3 A3 5.28% 05/15/2028Asset-Backed Security1 
    CHASE AUTO OWNER TRUST 5.22% 07/25/2029 144AAsset-Backed Security1 
    CHASE ISSUANCE TR 3.97% 09/15/2027Asset-Backed Security1 
    CHASE ISSUANCE TR 5.08% 09/15/2030Asset-Backed Security2 
    CHASE ISSUANCE TR 5.16% 09/15/2028Asset-Backed Security2 
    14


    CITIBANK CR CARD ISSUANCE TR 5.23% 12/08/2027027Asset-Backed Security1 
    CITIZENS AUTO RECEIVABLES TRUST 2024-1 5.11% 04/17/2028 144AAsset-Backed Security1 
    CITIZENS BANK NA 3.75% 02/18/2026Asset-Backed Security1 
    DAIMLER TRUCKS RETAIL TRUST 2024-1 5.49% 12/15/2027Asset-Backed Security1 
    DELL EQUIP FIN TR 2023-2 5.65% 01/22/2029 144AAsset-Backed Security1 
    DELL EQUIPMENT FINANCE TRUST 2023-3 A3 5.93% 04/23/2029 144AAsset-Backed Security1 
    DLLMT 2024-1 LLC 4.84% 08/21/2028 144AAsset-Backed Security1 
    FORD CR FLOORPLN MAST OWN TR A 4.92% 05/15/2028 144AAsset-Backed Security1 
    FORD CR FLOORPLN MAST OWN TR A 5.29% 04/15/2029 144AAsset-Backed Security1 
    FORD CREDIT AUTO LEASE TRUST 2023-B 5.91% 10/15/2026Asset-Backed Security1 
    FORD CREDIT AUTO OWNER TRUST 2023-B 5.23% 05/15/2028Asset-Backed Security1 
    FORD CREDIT AUTO OWNER TRUST 2024-D 4.84% 08/15/2029Asset-Backed Security1 
    GM FINANCIAL AUTOMOBILE LEASING TRUST 23-2 5.05% 07/20/2026Asset-Backed Security1 
    GM FINANCIAL SECURITIZED TERM AUTO RECEIVABLES TR2023-4 5.78% 08/16/2028Asset-Backed Security1 
    GMF FLOORPLAN OWNER REVOLVING TR 5.13% 03/15/2029144AAsset-Backed Security1 
    GMF FLOORPLAN OWNER REVOLVING TR 5.34% 06/15/2028144AAsset-Backed Security1 
    HAROT 2023-4 5.67% 06/21/2028Asset-Backed Security1 
    HUNTINGTON AUTO TR 2024-1 5.23% 01/16/2029 144AAsset-Backed Security1 
    HYUNDAI AUTO RECEIVABLES TRUST 2023-C 5.54% 10/16/2028Asset-Backed Security1 
    MERCEDES-BENZ AUTO RECEIVABLES TR 2023-2 5.95% 11/15/2028Asset-Backed Security1 
    NISSAN AUTO RECEIVABLES 2023-B OWNER TR 5.93% 03/15/2028Asset-Backed Security1 
    NISSAN MASTER OWNER TR RECEIVABLE 5.05% 02/15/2029144AAsset-Backed Security1 
    PORSCHE FINL AUTO SECURITIZATION TR 2023 5.79% 01/22/2029 144AAsset-Backed Security1 
    SFS AUTO RECEIVABLES SECURITIZATION TR 2024-1 4.95% 05/21/2029 144AAsset-Backed Security1 
    TESLA 2024-A A3 5.3% 06/21/2027 144AAsset-Backed Security1 
    TESLA ELEC VEH TR 2023-1 5.38% 06/20/2028 144AAsset-Backed Security1 
    TOYOTA AUTO RECEIVABLES 2023-D OWNER TR 5.54% 08/15/2028Asset-Backed Security1 
    USAA AUTO OWNER TRUST 2023-A 5.58% 05/15/2028 144AAsset-Backed Security1 
    VERIZON MASTER TRUST 4.62% 11/20/2030Asset-Backed Security1 
    VOLKSWAGEN AUTO LEASE TRUST 2023-A 5.81% 10/20/2026Asset-Backed Security1 
    VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2023-1 5.02% 06/20/2028Asset-Backed Security1 
    VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2023-2 5.48% 12/20/2028Asset-Backed Security1 
    15


    VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2024-1 4.63% 07/20/2029Asset-Backed Security1 
    WELLS FARGO CARD ISSUANCE TRUST 4.94% 02/15/2029029Asset-Backed Security1 
    WORLD OMNI AUTO RECEIVABLES TR 2023-D 5.79% 02/15/2029Asset-Backed Security1 
    WORLD OMNI AUTO RECEIVABLES TR 2024-A 4.86% 03/15/2029Asset-Backed Security1 
    WORLD OMNI AUTO RECEIVABLES TR 2024-B 5.27% 09/17/2029Asset-Backed Security1 
    WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TR 2024-A 5.26% 10/15/2027Asset-Backed Security1 
    Total Asset-Backed Securities55 
    Municipal Bonds - at market value
    CA ST 2.40% 10/1/2025Municipal Bond1 
    Total Municipal Bonds1 
    *Fidelity Investments Money Market Government Portfolio - Institutional ClassCash and cash equivalent10 
    Total Stable Value Fund at market value431 
    *Loans to participants with interest rates ranging from 3.25% to 10.5% and maturity dates through November 2052*54 
    Total$4,286 
    (d) Cost information is omitted as all investments are participant-directed
    * Party-in-interest

    16


    PPG Industries Employee Savings Plan
    Index to Exhibits
    The following exhibit is filed as part of this Form 11-K.
    Exhibit NumberExhibit Description
    23.1  
    Consent of PricewaterhouseCoopers LLP.

    17


    Signature
    Pursuant to the requirements of the Securities Exchange Act of 1934, the Global Benefits Leader of PPG Industries, Inc., and Administrator of the Plan, has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
    PPG Industries Employee Savings Plan
    (Name of Plan)
    Date: June 16, 2025/s/ Karen P. Rathburn
    Karen P. Rathburn
    Global Benefits Leader of PPG Industries, Inc. and Administrator of the Plan

    18
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    • PPG announces leadership appointments

      PPG (NYSE:PPG) today announced several business leadership appointments as it continues to focus on driving and delivering the company's growth strategy. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241113944237/en/Tom Maziarz, currently PPG vice president, automotive refinish, Americas, will become PPG vice president, traffic solutions, effective Dec. 1. (Photo: Business Wire) Tom Maziarz, currently PPG vice president, automotive refinish, Americas, will become PPG vice president, traffic solutions, effective Dec. 1. He will report to Amy Ericson, PPG senior vice president, protective and marine coatings. Maziarz will replace

      11/13/24 7:29:00 AM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • PPG announces executive leadership changes

      PPG (NYSE:PPG) today announced that Kevin Braun, currently senior vice president, industrial coatings segment, will become senior vice president, operations, effective October 1, 2024. Braun will succeed Ram Vadlamannati, who announced his intention to retire from PPG after 25 years with the company. Vadlamannati will leave the company at the end of the year. Braun will continue to report to Tim Knavish, PPG chairman and CEO, and serve on PPG's operating committee. In his new role, Braun will lead the operations organization that includes PPG's supply chain, operational excellence, manufacturing operations, procurement, and environment, health and safety functions. He will also maintain exe

      9/24/24 8:00:00 AM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary

    $PPG
    Financials

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    • PPG reports first quarter 2025 financial results

      Net sales of $3.7 billion, a decrease of 4% over the prior year driven by unfavorable foreign currency translation of 3% and business divestitures of 2% including silicas Organic sales increased 1% versus prior year driven by higher sales volumes Reported earnings per diluted share (EPS) of $1.64 and adjusted EPS of $1.72 Segment margin of 16.5% and segment EBITDA margin of 19.4% Share repurchases in the quarter totaled approximately $400 million Net debt at quarter end was $5.4 billion, an increase of $340 million over the prior year PPG (NYSE:PPG) today reported financial results for the first quarter 2025. First Quarter 2025 Consolidated Results $ in millions, except EPS

      4/29/25 4:05:00 PM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • PPG highlights 2024 performance during annual meeting of shareholders

      PPG (NYSE:PPG) today held its annual meeting of shareholders where Tim Knavish, PPG chairman and chief executive officer, highlighted the company's 2024 performance. PPG achieved full-year 2024 net sales from continuing operations of $15.8 billion, and adjusted EPS increased 6%, supported by PPG's strong portfolio and driven by sales of PPG's technology-advantaged products and strong brands. The company delivered record results in several businesses in 2024, including aerospace coatings, automotive refinish coatings, and architectural coatings Latin America. "I want to thank PPG's approximately 45,000 employees throughout the world who are dedicated to being a trusted partner for customer

      4/17/25 12:07:00 PM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • PPG Board of Directors announce quarterly dividend of 68 cents per share

      The Board of Directors of PPG (NYSE:PPG) today declared a regular quarterly dividend of 68 cents per share, payable June 12 to shareholders of record May 12. Through the ongoing dedication and engagement of its workforce, PPG has raised its annual dividend payment for 53 consecutive years and has paid uninterrupted annual dividends since 1899. This marks the company's 507th consecutive dividend payment. PPG: WE PROTECT AND BEAUTIFY THE WORLD® At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for more than 140 years. Through dedication and creativity, we solve our customers' biggest challenges, collabor

      4/17/25 9:58:00 AM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary

    $PPG
    Large Ownership Changes

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    • Amendment: SEC Form SC 13G/A filed by PPG Industries Inc.

      SC 13G/A - PPG INDUSTRIES INC (0000079879) (Subject)

      11/12/24 4:49:01 PM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • Amendment: SEC Form SC 13G/A filed by PPG Industries Inc.

      SC 13G/A - PPG INDUSTRIES INC (0000079879) (Subject)

      11/4/24 1:20:53 PM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary
    • SEC Form SC 13G/A filed by PPG Industries Inc. (Amendment)

      SC 13G/A - PPG INDUSTRIES INC (0000079879) (Subject)

      5/8/24 9:18:39 AM ET
      $PPG
      Paints/Coatings
      Consumer Discretionary