30 2019 PPG ANNUAL REPORT AND 10-K Contractual obligations We continue to believe that our cash on hand and short term investments, cash from operations and the Company’s access to capital markets will continue to be sufficient to fund our operating activities, capital spending, acquisitions, dividend payments, debt service, share repurchases, contributions to pension plans, and PPG’s significant contractual obligations. These significant contractual obligations are presented in the following table. Obligations Due In: ($ in millions) Total 2020 2021-2022 2023-2024 Thereafter Contractual Obligations Long-term debt $4,931 $500 $832 $596 $3,003 Short-term debt 10 10 — — — Commercial paper 100 — — 100 — Finance lease obligations 11 3 3 2 3 Interest payments (1) 1,184 137 215 183 649 Operating leases (2) 889 191 268 164 266 Pension contributions (3) 20 20 — — — Unconditional purchase commitments (4) 213 86 77 32 18 Other commitments 74 6 13 13 42 Total $7,432 $953 $1,408 $1,090 $3,981 (1) Interest on all outstanding debt, including finance lease obligations. (2) Includes interest payments. (3) Includes the high end of the range of the expected non-US mandatory pension contributions for 2020 only, as PPG is unable to estimate the pension contributions beyond 2020. (4) The unconditional purchase commitments are principally take-or-pay obligations related to the purchase of certain materials, including industrial gases and electricity, consistent with customary industry practice. Other liquidity matters At December 31, 2019, the total amount of unrecognized tax benefits for uncertain tax positions, including an accrual of related interest and penalties along with positions only impacting the timing of tax benefits, was $177 million. The timing of payments will depend on the progress of examinations with tax authorities. PPG does not expect a significant tax payment related to these obligations within the next year. The Company is unable to make a reasonably reliable estimate as to when any significant cash settlements with taxing authorities may occur. Off-Balance Sheet Arrangements The Company’s off-balance sheet arrangements include unconditional purchase commitments disclosed in the “Liquidity and Capital Resources” section in the contractual obligations table as well as letters of credit and guarantees as discussed in Note 9, “Borrowings and Lines of Credit” under Item 8 of this Form 10-K. Critical Accounting Estimates Management has evaluated the accounting policies used in the preparation of the financial statements and related notes presented under Item 8 of this Form 10-K and believes those policies to be reasonable and appropriate. We believe that the most critical accounting estimates made in the preparation of our financial statements are those related to accounting for contingencies, under which we accrue a loss when it is probable that a liability has been incurred and the amount can be reasonably estimated, and to accounting for pensions, other postretirement benefits, business combinations, goodwill and other identifiable intangible assets with indefinite lives because of the importance of management judgment in making the estimates necessary to apply these policies. Contingencies Contingencies, by their nature, relate to uncertainties that require management to exercise judgment both in assessing the likelihood that a liability has been incurred as well as in estimating the amount of potential loss. The most important contingencies impacting our financial statements are those related to environmental remediation, to pending, impending or overtly threatened litigation against the Company and to the resolution of matters related to open tax years. For more information on these matters, see Note 14, “Commitments and Contingent Liabilities” and Note 12, “Income Taxes” under Item 8 of this Form 10-K.