$PPG
PPG INDUSTRIES INC

2012 Q2 Form 10-Q Financial Statement

#000119312512322176 Filed on July 30, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $3.528B $3.516B
YoY Change 0.34% 1.68%
Cost Of Revenue $2.066B $2.090B
YoY Change -1.15% 0.67%
Gross Profit $1.462B $1.426B
YoY Change 2.52% 3.18%
Gross Profit Margin 41.44% 40.56%
Selling, General & Admin $779.0M $829.0M
YoY Change -6.03% 11.28%
% of Gross Profit 53.28% 58.13%
Research & Development $112.0M $110.0M
YoY Change 1.82% 13.4%
% of Gross Profit 7.66% 7.71%
Depreciation & Amortization $78.00M $88.00M
YoY Change -11.36% -23.48%
% of Gross Profit 5.34% 6.17%
Operating Expenses $891.0M $939.0M
YoY Change -5.11% 1.95%
Operating Profit $512.0M $594.0M
YoY Change -13.8% 28.85%
Interest Expense $54.00M $55.00M
YoY Change -1.82% -219.57%
% of Operating Profit 10.55% 9.26%
Other Income/Expense, Net $20.00M $14.00M
YoY Change 42.86%
Pretax Income $402.0M $500.0M
YoY Change -19.6% 21.36%
Income Tax $92.00M $128.0M
% Of Pretax Income 22.89% 25.6%
Net Earnings $362.0M $340.0M
YoY Change 6.47% 25.0%
Net Earnings / Revenue 10.26% 9.67%
Basic Earnings Per Share $2.37 $2.15
Diluted Earnings Per Share $2.34 $2.12
COMMON SHARES
Basic Shares Outstanding 153.7M shares 158.2M shares
Diluted Shares Outstanding 155.5M shares 160.3M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.247B $1.245B
YoY Change 0.16% 58.8%
Cash & Equivalents $1.017B $982.0M
Short-Term Investments $230.0M $263.0M
Other Short-Term Assets $819.0M $828.0M
YoY Change -1.09% 6.15%
Inventory $1.775B $1.821B
Prepaid Expenses
Receivables $3.310B $3.345B
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.151B $7.239B
YoY Change -1.22% 22.99%
LONG-TERM ASSETS
Property, Plant & Equipment $2.719B $2.759B
YoY Change -1.45% 8.92%
Goodwill $2.644B
YoY Change
Intangibles $1.383B
YoY Change
Long-Term Investments $419.0M $405.0M
YoY Change 3.46% -22.86%
Other Assets $817.0M $713.0M
YoY Change 14.59% 8.36%
Total Long-Term Assets $7.666B $8.028B
YoY Change -4.51% 7.33%
TOTAL ASSETS
Total Short-Term Assets $7.151B $7.239B
Total Long-Term Assets $7.666B $8.028B
Total Assets $14.82B $15.27B
YoY Change -2.95% 14.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.160B $3.199B
YoY Change -1.22% 17.44%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $647.0M $111.0M
YoY Change 482.88% 88.14%
Total Short-Term Liabilities $4.565B $3.922B
YoY Change 16.39% 16.28%
LONG-TERM LIABILITIES
Long-Term Debt $2.964B $3.613B
YoY Change -17.96% 19.75%
Other Long-Term Liabilities $928.0M $3.139B
YoY Change -70.44% 3.39%
Total Long-Term Liabilities $3.892B $6.752B
YoY Change -42.36% 11.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.565B $3.922B
Total Long-Term Liabilities $3.892B $6.752B
Total Liabilities $11.14B $11.21B
YoY Change -0.63% 13.08%
SHAREHOLDERS EQUITY
Retained Earnings $9.486B
YoY Change
Common Stock $1.299B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.531B
YoY Change
Treasury Stock Shares
Shareholders Equity $3.461B $4.054B
YoY Change
Total Liabilities & Shareholders Equity $14.82B $15.27B
YoY Change -2.95% 14.22%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $362.0M $340.0M
YoY Change 6.47% 25.0%
Depreciation, Depletion And Amortization $78.00M $88.00M
YoY Change -11.36% -23.48%
Cash From Operating Activities $436.0M $408.0M
YoY Change 6.86% -3.09%
INVESTING ACTIVITIES
Capital Expenditures -$66.00M -$80.00M
YoY Change -17.5% 66.67%
Acquisitions
YoY Change
Other Investing Activities -$183.0M $450.0M
YoY Change -140.67% -7600.0%
Cash From Investing Activities -$249.0M $370.0M
YoY Change -167.3% -785.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $400.0M
YoY Change
Cash From Financing Activities -131.0M -608.0M
YoY Change -78.45% 142.23%
NET CHANGE
Cash From Operating Activities 436.0M 408.0M
Cash From Investing Activities -249.0M 370.0M
Cash From Financing Activities -131.0M -608.0M
Net Change In Cash 56.00M 170.0M
YoY Change -67.06% 46.55%
FREE CASH FLOW
Cash From Operating Activities $436.0M $408.0M
Capital Expenditures -$66.00M -$80.00M
Free Cash Flow $502.0M $488.0M
YoY Change 2.87% 4.05%

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<div> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>14.</b></font></td> <td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b><u>Financial Instruments, Excluding Derivative Financial Instruments</u></b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Included in PPG&#x2019;s financial instrument portfolio are cash and cash equivalents, short-term investments, cash held in escrow, marketable equity securities, company-owned life insurance and short and long-term debt instruments. The fair values of these financial instruments approximated their carrying values at June&#xA0;30, 2012 and December&#xA0;31, 2011, in the aggregate, except for long-term debt.</font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Long-term debt (excluding capital lease obligations) had carrying and fair values totaling $3,537 million and $4,126 million, respectively, as of June&#xA0;30, 2012. Long-term debt (excluding capital lease obligations) had carrying and fair values totaling $3,617 million and $4,154 million, respectively, as of December&#xA0;31, 2011.</font></p> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The fair values of the debt instruments were based on discounted cash flows and interest rates then currently available to the Company for instruments of the same remaining maturities. The fair value of debt is measured using level 2 inputs.</font></p> </div>
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