{"schemaVersion":1,"research":true,"symbol":"ppg","name":"Ppg Industries","topic":"moat","path":"/stock/ppg/moat","status":"published","version":3,"updatedAt":"2026-10-18T00:30:06.490Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"PPG has a narrow moat supported by differentiated coatings technology, integration into customer operations, and demonstrated adoption and share gains in selected businesses. Pricing power is real but uneven: second-quarter 2026 price increases offset approximately 90% of cost-of-goods inflation, while indexed contracts constrained automotive OEM pricing. Competition, refinish weakness and incomplete inflation recovery limit confidence in broader durability.","advantages":[{"mechanism":"intangible_assets","claim":"Specialized coatings technology supports differentiation and customer adoption. Packaging volume growth and disclosed share gains provide operating support beyond management's general technology claims; protective and marine share gains provide additional evidence.","durability":"A current, qualified advantage. Packaging volumes increased over 20% on a two-year stacked basis, but the passages do not establish patent protection, technology replacement cycles or exceptional long-term durability.","risks":"Large global and regional rivals can compete on technology and price. Adoption gains in selected businesses do not establish equivalent strength throughout PPG.","invalidation":"Sustained reversal of packaging and protective/marine share gains, accompanied by customer substitution or price concessions despite continued product investment, would undermine the differentiation thesis.","competitors":[],"evidenceIds":["e1","e3","e4","e5"],"counterEvidenceIds":["e2","e10","e11"]},{"mechanism":"switching_costs","claim":"Industrial coatings integrated into OEM operations and highly specified performance products plausibly create switching friction. Automotive OEM share gains and aerospace demand persisting alongside improved output support customer relevance, although switching costs themselves are not quantified.","durability":"Potentially persistent while products remain embedded and meet customer requirements. This is an inference from disclosed operating integration and demand, without evidence of qualification periods, exclusivity or contractual customer lock-in.","risks":"Integration does not prevent replacement by competing suppliers. Indexed pricing limits monetization, and aerospace backlog can reflect industry demand rather than customer dependency.","invalidation":"Customers routinely replacing PPG without meaningful operational disruption, or sustained OEM share losses despite competitive industry production, would invalidate meaningful switching friction.","competitors":[],"evidenceIds":["e1","e5","e6"],"counterEvidenceIds":["e2","e9","e10"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Item 1, Business: segment descriptions","excerpt":"PPG’s business is comprised of three reportable business segments: •Global Architectural Coatings: Leverages leading trusted brands and its world-class distribution networks to provide sustainable do-it-yourself (DIY), trade and retail high-performance solutions to customers across key geographies •Performance Coatings: Delivers highly-specified, differentiated products and services that enhance customer productivity, focused on aftermarket and select original equipment manufacturers to maximize profitable growth •Industrial Coatings: Provides direct-to-factory technology-advantaged solutions integrated into original equipment manufacturer customers’ operations that support their global expansion, sustainability and productivity goals."},{"id":"e2","sourceId":"filing-1","location":"Item 1, Business: industry competition","excerpt":"The coatings industry is highly competitive and consists of several large firms with global presence and many firms supplying local or regional markets."},{"id":"e3","sourceId":"filing-2","location":"MD&A, Industrial Coatings: packaging adoption and two-year volume growth","excerpt":"32 Table of Contents Packaging coatings organic sales increased by a double-digit percentage versus the prior year period and sales volumes are up over 20% on a two-year stacked basis, driven by share gains as customers adopt our leading technologies."},{"id":"e4","sourceId":"filing-2","location":"MD&A, Performance Coatings: protective and marine share gains","excerpt":"Increased sales volumes were driven by share gains in both protective and marine, reflecting demand for PPG's sustainably-advantaged products."},{"id":"e5","sourceId":"filing-2","location":"MD&A, Industrial Coatings: quarterly results and automotive OEM share gains","excerpt":"2025 Net sales $1,778 $1,665 $113 6.8 % $3,409 $3,227 $182 5.6 % Segment income $229 $227 $2 0.9 % $422 $442 ($20) (4.5) % Depreciation and amortization expense $53 $49 $4 8.2 % $104 $96 $8 8.3 % Segment EBITDA $282 $276 $6 2.2 % $526 $538 ($12) (2.2) % Three Months Ended June 30, 2026 Industrial Coatings segment net sales increased due to the following: ● Higher sales volumes (+5%) ● Favorable foreign currency translation (+2%) Automotive OEM coatings organic sales increased a low single-digit percentage, with mid-single-digit percentage sales volume growth, including share gains, outpacing the decline in global automotive industry production by about 500 basis points."},{"id":"e6","sourceId":"filing-2","location":"MD&A, Performance Coatings: aerospace backlog and manufacturing output","excerpt":"Demand is robust, and customer order backlogs remained strong even with improved manufacturing output stemming from growth-related debottlenecking investments."},{"id":"e7","sourceId":"filing-2","location":"MD&A, Middle East Conflict and Price Increases: realized second-quarter pricing","excerpt":"The company has proactively made price adjustments globally and across all our businesses, resulting in a 2% selling price improvement in the second quarter."},{"id":"e8","sourceId":"filing-2","location":"MD&A, Middle East Conflict and Price Increases: actual inflation recovery and fourth-quarter expectation","excerpt":"In the second quarter, this selling price improvement offset approximately 90% of the cost of goods sold inflation, and we currently anticipate that 100% of cost of goods sold inflation will be offset by higher selling prices and productivity initiatives by the fourth quarter."},{"id":"e9","sourceId":"filing-2","location":"MD&A, Industrial Coatings: first-half volumes and indexed selling prices","excerpt":"Six Months Ended June 30, 2026 Industrial Coatings segment net sales increased due to the following: ● Higher sales volumes (+3%) ● Favorable foreign currency translation (+3%) Organic sales for automotive OEM coatings increased by a low single-digit percentage compared to the prior year driven by higher sales volumes partially offset by lower indexed-based selling prices."},{"id":"e10","sourceId":"filing-2","location":"MD&A, Performance Coatings: first-half income decline and its drivers","excerpt":"Segment income was $617 million, a decrease of 2% versus the prior year, as higher selling prices were more than offset by lower automotive refinish coatings sales volumes and cost of goods sold inflation."},{"id":"e11","sourceId":"filing-2","location":"MD&A, Performance Coatings: first-half pricing, volumes and refinish sales","excerpt":"31 Table of Contents Six Months Ended June 30, 2026 Performance Coatings net sales increased due to the following: ● Higher selling prices (+3%) ● Acquisitions (+2%) ● Favorable foreign currency translation (+2%) Partially offset by: ● Lower sales volumes (-1%) Automotive refinish coatings organic sales decreased by a double-digit percentage versus the prior year."},{"id":"e12","sourceId":"filing-2","location":"MD&A, Global Architectural Coatings: first-half pricing and EMEA volume offset","excerpt":"30 Table of Contents Six Months Ended June 30, 2026 Global Architectural Coatings net sales increased due to the following: ● Favorable foreign currency translation (+9%) ● Higher selling prices (+2%) Partially offset by: ● Divestiture-related sales (-1%) Architectural coatings – EMEA organic sales were flat compared to the prior year with higher selling prices offset by lower sales volumes."},{"id":"e13","sourceId":"filing-2","location":"MD&A, Global Architectural Coatings: income improvement drivers","excerpt":"The increase was driven by higher selling prices, favorable foreign currency translation and cost-control actions partially offset by cost of goods sold inflation."},{"id":"e14","sourceId":"filing-3","location":"Executive compensation discussion: realized 2025 selling prices","excerpt":"Selling prices increased 1% as targeted price increases were partially offset by lower index-based pricing."},{"id":"e15","sourceId":"filing-3","location":"Executive compensation discussion: 2025 operating cash flow and shareholder distributions","excerpt":"For 2025, the Company had operating cash flow of $1.9 billion, up $500 million year over year, and returned $1.4 billion to shareholders in the form of dividends and share repurchases."},{"id":"e16","sourceId":"filing-1","location":"MD&A, Capital expenditures: actual 2025 investment","excerpt":"2024 Capital expenditures (1) $778 $721 7.9% Business acquisitions, net of cash balances acquired $1 $31 (96.8)% Total capital expenditures, including acquisitions $779 $752 3.6% Capital expenditures, excluding acquisitions, as a % of sales 4.9 % 4.6 % 0.3% (1)Includes modernization and productivity improvements, expansion of existing businesses and environmental control projects."},{"id":"e17","sourceId":"filing-2","location":"Condensed Consolidated Statement of Cash Flows: first-half 2026","excerpt":"AND SUBSIDIARIES Condensed Consolidated Statement of Cash Flows (Unaudited) Six Months Ended June 30 ($ in millions) 2026 2025 Operating activities: Net income attributable to controlling and noncontrolling interests $825 $836 Less: Loss from discontinued operations (2) (2) Income from continuing operations $827 $838 Adjustments to reconcile net income to cash from operations: Depreciation and amortization 266 256 Stock-based compensation expense 27 36 Deferred income taxes (33) (22) Cash used for restructuring actions (28) (45) Change in certain asset and liability accounts (net of acquisitions): Receivables (623) (745) Inventories (189) (256) Other current assets (112) 3 Accounts payable and accrued liabilities 481 300 Taxes and interest payable 35 (94) Noncurrent assets and liabilities, net (56) (22) Other (1) 122 Cash from operating activities - continuing operations $594 $371 Cash used for operating activities - discontinued operations (2) (2) Cash from operating activities $592 $369 Investing activities: Capital expenditures ($309) ($330) Business acquisitions, net of cash balances acquired (145) — Other (4) 42 Cash used for investing activities ($458) ($288) Financing activities: Proceeds from the issuance of debt, net of discounts and fees $403 $940 Proceeds from Term Loan, net of fees — 309 Repayment of long-term debt (700) (341) Purchase of treasury stock (175) (540) Dividends paid on PPG common stock (317) (308) Other 11 (23) Cash (used for)/from financing activities ($778) $37 Effect of currency exchange rate changes on cash and cash equivalents 1 173 Net (decrease)/increase in cash and cash equivalents ($643) $291 Cash and cash equivalents, beginning of period 2,163 1,270 Cash and cash equivalents, end of period $1,520 $1,561 Supplemental disclosures of cash flow information: Interest paid, net of amount capitalized $167 $117 Taxes paid, net of refunds $230 $230 Supplemental disclosure of noncash investing activities: Capital expenditures accrued within Accounts payable and accrued liabilities at period-end $59 $67 Purchases of treasury stock transacted but not yet settled $4 $4 The accompanying notes to the condensed consolidated financial statements are an integral part of this condensed consolidated statement."},{"id":"e18","sourceId":"filing-3","location":"Executive compensation discussion: 2025 reported and adjusted EPS","excerpt":"Full-year 2025 EPS was $6.92 and adjusted EPS was $7.58 which declined 4% year over year."},{"id":"e19","sourceId":"filing-3","location":"Executive compensation discussion: achieved and missed 2025 targets","excerpt":"We achieved our adjusted cash flow from operating activities target, but we fell short of our adjusted earnings per diluted share from continuing operations target and our organic sales growth targets."},{"id":"e20","sourceId":"filing-3","location":"Executive compensation discussion: actual annual incentive payouts","excerpt":"As a result, annual incentive awards paid to executive officers ranged from 59% to 93% of target."},{"id":"e21","sourceId":"filing-2","location":"Stock-based compensation note: actual first-half equity grants","excerpt":"Three Months Ended June 30 Six Months Ended June 30 ($ in millions) 2026 2025 2026 2025 Stock-based compensation expense $16 $13 $27 $36 Income tax benefit recognized $3 $3 $5 $8 17 Table of Contents Grants of stock-based compensation during the six months ended June 30, 2026 and 2025 were as follows: Six Months Ended June 30 2026 2025 Shares Fair Value Shares Fair Value Stock options 278,903 $32.75 542,263 $32.93 Restricted stock units 402,119 $117.05 275,472 $111.55 Market stock units 118,989 $112.76 — $— Contingent shares (a) 55,195 $125.55 76,925 $114.39 (a)The number of contingent shares represents the target value of the award."},{"id":"e22","sourceId":"filing-2","location":"Stock-based compensation note: performance conditions beginning with 2026 grants","excerpt":"Beginning with 2026 grants, the amount paid upon vesting of performance-based RSUs may range from 0% to 200% of the original grant based upon the level of adjusted earnings per share growth and level of cash flow return on capital growth achieved over the three calendar year periods comprising the vesting period."},{"id":"e23","sourceId":"filing-3","location":"Corporate Governance: board independence and shareholder rights","excerpt":"Skills 30 investor.ppg.com Table of Contents CORPORATE GOVERNANCE Our Governance Highlights Independence Board accountability and practices Shareholder Rights •11 of 12 directors are independent •All Board committee members are independent •Strong, engaged independent Lead Director with clearly defined duties that are publicly disclosed •Independent directors regularly meet without management present •Active Board refreshment •Majority voting in uncontested elections •All directors are elected annually •Policy against “overboarding” •Board oversight of Company strategy •Annual Board and committee self-evaluations •One class of stock; each shareholder gets one vote per share •Proxy access right with market terms •Extensive shareholder engagement •No poison pill •Shareholder right to call a special meeting •Active shareholder engagement program Board Of Directors PPG’s Board is actively engaged in developing our strategy and overseeing its execution, including major business and organizational initiatives, capital allocation priorities and potential business development opportunities."},{"id":"e24","sourceId":"filing-3","location":"Corporate Governance: combined chair/CEO and independent oversight structure","excerpt":"We believe that having a Chairman and Chief Executive Officer with day-to-day oversight of Company operations, coupled with experienced independent directors who have appointed an independent Lead Director and four wholly-independent board committees, is the appropriate leadership structure for PPG at this time."},{"id":"e25","sourceId":"filing-1","location":"Exhibit index: adopted compensation recovery policy","excerpt":"97.1 PPG Industries, Inc. Compensation Recovery Policy Adopted by the Board of Directors on July 20, 2023 was filed as Exhibit 97.1 to the Registrant’s Annual Report on Form 10-K for the period ended December 31, 2024."}],"changes":["No comparable previous version."],"limitations":["Assessment uses only supplied passages. Source dates are filing dates: February 19, July 29 and March 5, 2026; they are not retrieval or operating-period dates.","The disclosures identify global and regional competitor categories without naming product-market rivals. Proxy compensation comparators are not established coatings competitors, so competitor arrays remain empty.","Technology leadership, share gains and backlog explanations are issuer disclosures. Reported operating outcomes support a qualified advantage, but comparative technology performance and switching costs are not independently established.","No supplied evidence establishes network effects, a structural cost advantage or efficient scale. Distribution breadth and profitability alone do not establish those mechanisms.","Customer retention is assessed indirectly from operational integration, adoption, share gains and backlog; customer renewal rates and switching histories are unavailable.","Fourth-quarter 2026 full inflation recovery is an expectation, not an achieved result. The announced aerospace facility is prospective investment rather than demonstrated investment return.","Proxy and subsequent equity-grant disclosures support assessment of incentives and governance, but executive beneficial ownership, realized long-term award outcomes and detailed customer contract repricing rights are not supplied."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Specified products and operational integration identify plausible barriers, supported by packaging adoption and OEM share gains. The extent of technological superiority and replacement friction remains unquantified.","evidenceIds":["e1","e3","e5"]},{"criterion":"durability","grade":2,"rationale":"Packaging growth over a two-year comparison supports persistence beyond a single quarter. The passages lack evidence of enduring exclusion, protected technology lifetimes or long-term customer lock-in.","evidenceIds":["e1","e2","e3"]},{"criterion":"customer_dependency","grade":2,"rationale":"Integration into OEM operations and strong aerospace backlog suggest customer reliance indirectly. They do not establish exclusivity, replacement costs or immunity to supplier changes.","evidenceIds":["e1","e5","e6"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Selected share gains and meaningful inflation recovery demonstrate resilience, while refinish weakness and lower Performance Coatings income show its limits. General competition disclosures are risks rather than evidence of realized share loss.","evidenceIds":["e2","e3","e4","e8","e10","e11"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Selling prices increased 1% in 2025 and 2% in second-quarter 2026, with the latter offsetting approximately 90% of cost-of-goods inflation. This demonstrates meaningful pricing capability despite indexed price reductions in OEM coatings.","evidenceIds":["e7","e8","e9","e14"]},{"criterion":"retention","grade":2,"rationale":"Packaging adoption, OEM share gains and aerospace backlog support continuing demand indirectly. Lower refinish volumes and EMEA volume declines alongside higher prices prevent a stronger conclusion; no causal attribution of those declines to pricing is established.","evidenceIds":["e3","e5","e6","e11","e12"]},{"criterion":"margin_resilience","grade":2,"rationale":"Architectural pricing and cost controls helped increase income despite inflation. Performance Coatings income declined because higher prices did not overcome volume weakness and inflation, and companywide price recovery remained incomplete.","evidenceIds":["e8","e10","e13"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Implemented price adjustments across businesses demonstrate some practical repricing ability. Indexed automotive OEM selling prices establish contractual constraints; contract duration, reset timing and termination rights are unavailable.","evidenceIds":["e7","e9"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"2025 operating cash flow of $1.9 billion supported $778 million of capital expenditures and $1.4 billion of shareholder distributions, exceeding that year's operating cash generation in combination. First-half 2026 cash flow improved and debt repayments exceeded issuance, but investment and distributions reduced cash. These are mixed allocation outcomes without demonstrated returns on major investments.","evidenceIds":["e15","e16","e17"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual equity grants and three-year EPS and cash-flow-return conditions establish performance-linked incentives. Missed 2025 targets led to annual payouts of 59%–93% of target, demonstrating consequences rather than merely a proposed structure. An adopted recovery policy adds protection; ownership alignment and long-term vesting outcomes remain unknown.","evidenceIds":["e19","e20","e21","e22","e25"]},{"criterion":"execution","grade":2,"rationale":"Share gains, aerospace output improvement and higher cash generation demonstrate execution through indirect operating evidence. Adjusted EPS declined 4% in 2025, growth and EPS targets were missed, and first-half 2026 Performance Coatings income declined, producing a mixed assessment.","evidenceIds":["e3","e5","e6","e10","e15","e18","e19"]},{"criterion":"governance","grade":3,"rationale":"Disclosed practices include 11 of 12 independent directors, independent committees, annual elections, majority voting, one vote per share, proxy access and special-meeting rights. The combined chair/CEO role limits separation of authority despite an independent lead director. These support strong governance architecture without proving exceptional oversight outcomes.","evidenceIds":["e23","e24","e25"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"644b8e83f166e60a17b65574667f0ecedba2dc03c0582bdd15561d6f983229c9","updatedAt":"2026-10-18T00:30:06.490Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/79879/000007987926000046/ppg-20251231.htm","publishedAt":"2026-02-19","sha256":"cce213afd16b5efa4c21d74d1ab233e089ad8da1f1c1b9fa5a0ee400b730d964","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/79879/000007987926000252/ppg-20260630.htm","publishedAt":"2026-07-29","sha256":"4602a864efbade960a714b23be944a6ee85fc93db2de944269328c20208d9b71","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/79879/000007987926000088/ppg-20260304.htm","publishedAt":"2026-03-05","sha256":"1ab18d57407d5ec85ccc324f431b2e947e2b7ea1edf2b5d9fc7d97b81b5702ad","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:782d3b6d992fc097df9c0cf2db083d3ef543e218ad01e86d6e31dd0fa822886f","usage":{"input_tokens":50445,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3027,"reasoning_output_tokens":155}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":38.78109748839424,"operating_margin":12.921080823711462,"roic":15.73887069572592,"fcf_margin":7.088441852160457,"sbc_revenue":0.33924532793715034},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":37.14026739179697,"operating_margin":11.56809426693859,"roic":12.633540458914608,"fcf_margin":2.5209607976433266,"sbc_revenue":0.19827781554498072},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":41.11038035733859,"operating_margin":14.660747561109282,"roic":15.653585678422557,"fcf_margin":10.204976433190836,"sbc_revenue":0.32335854433848515},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":41.609340485957716,"operating_margin":null,"roic":null,"fcf_margin":4.411486273272326,"sbc_revenue":0.2650678447459766},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":41.31653543307087,"operating_margin":null,"roic":null,"fcf_margin":7.325984251968504,"sbc_revenue":0.28976377952755905},"issues":{"ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/79879/000007987926000046/ppg-20251231.htm","publishedAt":"2026-02-19","sha256":"cce213afd16b5efa4c21d74d1ab233e089ad8da1f1c1b9fa5a0ee400b730d964","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/79879/000007987926000252/ppg-20260630.htm","publishedAt":"2026-07-29","sha256":"4602a864efbade960a714b23be944a6ee85fc93db2de944269328c20208d9b71","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/79879/000007987926000088/ppg-20260304.htm","publishedAt":"2026-03-05","sha256":"1ab18d57407d5ec85ccc324f431b2e947e2b7ea1edf2b5d9fc7d97b81b5702ad","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}