What PPG Industries, Inc. told the SEC could break it.

PPG (≈70% of sales outside the U.S.) faces trade-policy uncertainty — changes to trade agreements, imposed/threatened tariffs and evolving import/export sanctions — that can raise compliance costs and slow supply chains (Latin America project spend paused on tariff uncertainty in H1 2025).

“There is a high level of uncertainty surrounding future global economic conditions due to a number of factors, including the impact of 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 of additional tariffs, and labor shortages in certain regions of the world.”

Evolving chemical/environmental regulations could impair the availability or viability of some raw materials PPG uses in product formulations, or its ability to supply certain products to some customers or markets.

“Developments concerning these regulations could potentially impact the availability or viability of some of the raw materials we use in our product formulations and/or our ability to supply certain products to some customers or markets.”

Raw materials are PPG's most significant input cost; energy and raw-material (largely petrochemical-derived) costs fluctuate with supplier feedstock costs, industry activity, FX, tariffs and global supply/demand.

“Raw materials are the Company's most significant input cost. PPG experiences fluctuating energy and raw material costs driven by various factors, including changes in supplier feedstock costs and inventories, global industry activity levels, foreign currency exchange rates, tariffs and global supply and demand factors.”

PPG faces numerous lawsuits/claims — contract, patent, environmental, product liability, asbestos exposure, antitrust, employment and securities — seeking substantial damages, with some insurers contesting coverage.

“These lawsuits and claims may relate to contract, patent, environmental, product liability, asbestos exposure, antitrust, employment, securities and other matters arising out of the conduct of PPG's current and past business activities. To the extent these lawsuits and claims involve personal injury, property damage and certain other claims, PPG believes it has adequate insurance; however, certain of PPG's insurers are contesting coverage with respect to some of these claims”