PPG Annual Report 2017

96 2017 PPG ANNUAL REPORT AND FORM 10-K Five Year Digest All amounts are in millions of dollars except per share data, percentages and number of employees 2017 2016 2015 2014 2013 Consolidated Statement of Income Net sales $ 14,750 $ 14,270 $ 14,241 $ 14,250 $ 13,198 Income before income taxes 2,008 786 1,745 1,326 1,179 Income tax expense 616 217 413 235 240 Net income from continuing operations (attributable to PPG) 1,371 547 1,311 1,067 917 Net income from discontinued operations (attributable to PPG) 220 330 95 1,035 2,314 Net income (attributable to PPG) 1,591 877 1,406 2,102 3,231 Return on average capital (%) (1) † 13.9 6.4 14.2 13.0 13.8 Return on average equity (%) † 25.8 12.4 30.2 21.9 26.5 Earnings per common share: Continuing Operations 5.35 2.06 4.83 3.86 3.20 Discontinued Operations 0.86 1.24 0.35 3.74 8.07 Net income (attributable to PPG) 6.21 3.30 5.18 7.60 11.27 Weighted average common shares outstanding 256.1 265.6 271.4 276.6 286.8 Earnings per common share - assuming dilution: Continuing Operations 5.32 2.05 4.79 3.82 3.16 Discontinued Operations 0.85 1.23 0.35 3.70 7.98 Net income (attributable to PPG) 6.17 3.28 5.14 7.52 11.14 Adjusted weighted average common shares outstanding 257.8 267.4 273.6 279.6 290.2 Dividends paid on PPG common stock 434 414 383 361 345 Per Share 1.70 1.56 1.41 1.31 1.21 Consolidated Balance Sheet Current assets $ 6,477 $ 6,574 $ 7,076 $ 6,979 $ 7,379 Current liabilities 3,894 4,253 4,719 4,955 4,192 Working capital 2,583 2,321 2,357 2,024 3,187 Property, plant and equipment (net) 2,824 2,608 2,608 2,673 2,441 Total assets 16,538 15,769 17,076 17,535 15,804 Long-term debt 4,134 3,787 4,026 3,516 3,339 Total PPG shareholders' equity 5,558 4,826 4,983 5,180 4,933 Per share 21.56 18.05 18.21 18.53 17.00 Other Data Capital Spending (2) 685 729 750 2,644 1,397 Depreciation expense 331 319 314 296 279 Amortization expense 129 121 132 126 119 Interest expense 105 125 125 187 196 Quoted market price (4) High 119.85 117 .00 118.95 116.84 95.04 Low 94.57 88.37 82.93 85.78 64.10 Year end 116.82 94.76 98.82 115.58 94.83 Price/earnings ratio (3) High 23 57 25 31 30 Low 18 43 17 22 20 Average number of employees † 47,200 47,000 46,600 44,400 41,400 (1) Return on average capital is calculated using pre-interest, after-tax earnings and average debt and equity during the year. (2) Includes the cost of businesses acquired. (3) Price/earnings ratios were calculated based on high and low market prices during the year and the respective year's earnings per common share. (4) On April 16, 2015, the PPG Board of Directors approved a 2-for-1 split of the company's common stock. PPG common stock began trading on a split-adjusted basis on June 15, 2015. All historical per share and share data give retroactive effect to the 2-for-1 stock split. † From continuing operations, as originally reported. Amounts in the table above have been recast to present the results of the former glass segment, commodity chemicals, and PPG's former interest in Transitions Optical and sunlens businesses as discontinued operations except where otherwise noted. Further, historical balance sheet information has been recast to reflect the assets and liabilities of the former glass segment as held for sale, as well as the adoption of new Accounting Standards Updates.