PPG Annual Report and 10K 2019

90 2019 PPG ANNUAL REPORT AND FORM 10-K Five Year Digest All amounts are in millions of dollars except per share data, percentages and number of employees 2019 2018 2017 2016 2015 Consolidated Statement of Income Net sales $ 15,146 $ 15,374 $ 14,748 $ 14,270 $ 14,241 Income before income taxes 1,661 1,693 2,005 779 1,745 Income tax expense 392 353 615 214 413 Net income from continuing operations (attributable to PPG) 1,243 1,323 1,369 543 1,311 Net income from discontinued operations (attributable to PPG) — 18 225 330 95 Net income (attributable to PPG) 1,243 1,341 1,594 873 1,406 Return on average capital (%) (1) † 13.0 14.1 13.9 6.3 14.2 Return on average equity (%) † 24.5 25.6 25.8 12.3 30.2 Earnings per common share: Continuing Operations 5.25 5.43 5.34 2.05 4.83 Discontinued Operations — 0.07 0.88 1.24 0.35 Net income (attributable to PPG) 5.25 5.50 6.22 3.29 5.18 Weighted average common shares outstanding 236.9 243.9 256.1 265.6 271.4 Earnings per common share - assuming dilution: Continuing Operations 5.22 5.40 5.31 2.04 4.79 Discontinued Operations — 0.07 0.87 1.23 0.35 Net income (attributable to PPG) 5.22 5.47 6.18 3.27 5.14 Adjusted weighted average common shares outstanding 238.2 245.4 257.8 267.4 273.6 Dividends paid on PPG common stock 468 453 434 414 383 Per Share 1.98 1.86 1.70 1.56 1.41 Consolidated Balance Sheet Current assets $ 6,170 $ 5,961 $ 6,477 $ 6,574 $ 7,076 Current liabilities 4,375 4,373 3,895 4,253 4,719 Working capital 1,795 1,588 2,582 2,321 2,357 Property, plant and equipment (net) 2,983 2,805 2,824 2,608 2,608 Total assets 17,708 16,015 16,538 15,771 17,076 Long-term debt 4,539 4,365 4,134 3,787 4,026 Total PPG shareholders' equity 5,284 4,630 5,557 4,828 4,983 Per share 22.18 18.87 21.56 18.06 18.21 Other Data Capital Spending (2) 1,056 789 685 729 750 Depreciation expense 375 354 331 319 314 Amortization expense 136 143 129 121 132 Interest expense 132 118 105 125 125 Quoted market price (4) High 134.36 122.07 119.85 117.00 118.95 Low 96.82 94.37 94.57 88.37 82.93 Year end 133.49 102.23 116.82 94.76 98.82 Price/earnings ratio (3) High 26 23 23 57 25 Low 19 17 18 43 17 Average number of employees † 47,600 47,300 47,200 47,000 46,600 (1) Return on average capital is calculated using pre-interest, after-tax earnings and average debt and equity during the year. (2) Includes the cost of businesses acquired. (3) Price/earnings ratios were calculated based on high and low market prices during the year and the respective year's earnings per common share. (4) On April 16, 2015, the PPG Board of Directors approved a 2-for-1 split of the company's common stock. PPG common stock began trading on a split-adjusted basis on June 15, 2015. † From continuing operations, as originally reported. Amounts in the table above have been recast to present the results of the former glass segment, commodity chemicals, and PPG's former interest in Transitions Optical and sunlens businesses as discontinued operations except where otherwise noted. Further, historical balance sheet and income statement information has been recast to reflect the assets and liabilities of the former glass segment as held for sale, as well as the adoption of new Accounting Standards Updates.

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