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Loss from Equity Investments - Results from equity investments increased by $205 million, or 94%, in 2025 compared to 2024, primarily due to the absence of a deferred tax valuation allowance charge and equity losses related to a Chinese joint venture in our O&P-EAI segment that were recognized in 2024.

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

Additionally, results from equity investments resulted in a 17% increase in EBITDA, primarily as a result of the absence of both a deferred tax valuation allowance for a Chinese joint venture recognized during the fourth quarter of 2024 and related equity losses. The remaining decrease was primarily due to lower polymer margins, driven by lower spreads from unfavorable pricing from weaker demand.

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

… Recently, there has been an increase in global geopolitical uncertainty due to a number of factors, including the international impacts of the ongoing war in Ukraine and increasing tensions between China and the United States. In 2024, PPG completed the …

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… fluctuating interest rates, geopolitical uncertainty, including the international impacts of the ongoing wars in Ukraine and increasing tensions between China and the United States, commodity market volatility, potential changes to international trade agreements, the imposition of tariffs and the threat …

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… Our primary exchange rate exposure is with the euro, the Brazilian real, the Canadian dollar, the Mexican peso, the British pound, the Chinese yuan, the Chilean peso and the Argentine peso, each against the U.S. dollar. While we actively …

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… Compliance with these requirements, including the European Union’s General Data Protection Regulation, China’s Personal Information Protection, Data Security and Cyber Security Laws, Brazil’s General Data Protection Law, the California Consumer Privacy Act as amended by the California …

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

Supplemental Cash Flow Information - Cash Paid for Income Taxes - Disaggregated 1 2025 In millions Cash paid (received) for income taxes, net of refunds Federal $ 13 State and local Other state and local jurisdictions $ (11) Foreign China $ 75 Denmark (38) Germany 72 India 36 Japan 47 Mexico 35 The Netherlands 52 Switzerland (135) Thailand 21 Other foreign jurisdictions 89 Total foreign $ 254 Total cash paid for income taxes, net of refunds $ 256

Item 8, Financial Statements, 10-K Feb 3, 2026open_in_new

… relates to the curtailment, special termination benefits and settlement of certain pension benefit obligations of a European plan resulting from the 2023 Restructuring Program, and the settlement and curtailment impacts of certain pension benefit obligations in Canada, China and Europe.

Item 8, Financial Statements, 10-K Feb 3, 2026open_in_new

• natural disasters, global or local health crisis, pandemics (such as the COVID-19 pandemic), epidemics or international conflicts (such as the Russia-Ukraine war and Israel-Hamas war) or geopolitical tension (such as deteriorating U.S.-China relations), including trade …

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

… Tariffs and trade restrictions, sanctions, and geopolitical tensions (e.g., U.S.-China relations, Russia-Ukraine war, Middle East conflicts), as well as supply chain disruptions, along with energy price fluctuations, may further strain operations and margins. Environmental and climate …

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

China’s Personal Information Protection Law and comprehensive privacy laws in many U.S. states. These laws

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

well as heightened geopolitical tensions in regions such as the Middle East, China, and recent events in Venezuela,

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

… the United States. China continues to be a significant contributor to excess steelmaking capacity, producing more than one billion net tons of steel in each of the past eight years, despite experiencing slower economic growth. Chinese steel producers are also …

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

… However, additional capacity continues to come online and China’s steel production, the largest steel producing country, is still near record levels. In 2025, China’s steel production was more than 1 billion net tons for the eighth consecutive year …

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

Managing global operations is complex, particularly due to substantial differences in the cultural, political, and regulatory environments of the countries where we operate. In addition, many countries where we have operations, including Argentina, Brazil, China, Colombia, India, and Peru, have legal, regulatory, or political systems, that are dynamic and subject to change.

Item 1A, Risk Factors, 10-K Aug 14, 2026open_in_new

… In particular, our translational exposure may be impacted by movements in the exchange rate between the Euro, the Brazilian Real, the Swiss Franc, the Chinese Yuan, and the United Kingdom Pound Sterling against the U.S. dollar. Refer to "Item …

Item 1A, Risk Factors, 10-K Aug 14, 2026open_in_new

… However, a number of factors could encourage China to expand exports of nitrogen fertilizers, including changes in Chinese government policy, higher utilization of production capacity, devaluation of the Chinese renminbi, the relaxation of Chinese environmental standards or decreases in Chinese …

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

Conditions in the United States, Europe, India, Brazil, China and other countries and regions of global significance in agricultural production significantly impact our operating results. Agricultural planted areas and production can be affected by a number of factors, including weather …

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

In 2025, income of $26 million was recorded in equity method investments, reflecting contributions from the Company’s investments in North America and Australia, compared with a loss of $108 million in 2024 as a result of an impairment of Yatai Building Materials in China.

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

… For the year ended December 31, 2024, the total impairment loss comprised $0.35 billion, principally related to the Architectural Products reporting unit within International Solutions and the equity method investment in China. For the year ended December 31, 2023 …

10-K, 10-K Feb 18, 2026open_in_new

These adverse effects could be further exacerbated if producers in other regions (particularly China) experience overcapacity within

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

China, Japan and Australia. We also manage four (non-European) facilities that manufacture bag-in-box, located in Argentina,

10-K, 10-K Feb 27, 2026open_in_new

Additional factors affecting gold prices may include purchases and sales of gold by governments and central banks, demand from China and India (two of the world’s largest consumers of gold), and global demand for jewelry containing gold.

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

In addition to the factors discussed above, copper prices may be affected by demand from China, which is currently the largest consumer of refined copper in the world, including as a result of geopolitical uncertainty and tension between the U …

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

• Recession or reduced economic activity in the United States, Australia, China, India and other industrialized or developing countries;

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… Yanacocha also has three gold processing plants (Pampa Larga, Yanacocha Norte and La Quinua), one limestone processing facility (China Linda) and one mill (Yanacocha Gold Mill). The La Quinua Complex mined material from the La Quinua Sur and the Tapado …

10-K, 10-K Feb 19, 2026open_in_new

• Geopolitical risks affecting costs, supply chain, oil and gas prices, including conflict zones such as Russia- Ukraine, Israel-Middle East and potential China-Taiwan tensions;

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

… antidumping and countervailing duties at various levels were imposed on producers of uncoated freesheet papers produced in Australia, Brazil, China, Indonesia, and Portugal. These duties remain in effect after sunset review of duty orders by the U.S. International Trade …

10-K, 10-K Feb 26, 2026open_in_new

… The global steelmaking overcapacity is exacerbated by Chinese steel production capacity that far exceeds that country’s demand and has made China a major global exporter of steel, resulting in weakened global steel pricing than otherwise would be expected. While …

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

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