Effective tax rate and earnings per diluted share, continuing operations
## Table 0 ##
The effective tax rate for the year-ended December 31, 2018 was 20.9% and decreased 9.8% from the prior year.
In 2017, the tax rate included the tax toll charge for unremitted foreign earnings under the U. S.  Tax Cuts and Jobs Act, while in 2018, the tax rate benefited from prior period adjustments, including finalization of the provisional toll charge recorded in 2017.
The 2019 effective tax rate from continuing operations is expected to be in the range of 23% to 25%.
As reported, earnings per diluted share from continuing operations for the year ended December 31, 2018 increased yearover-year.
Refer to the Regulation G Reconciliations - Results of Operations for additional information.
The Company’s earnings per diluted share and adjusted earnings per diluted share benefited from the 15.9 million, 7.4 million and 10.7 million shares of stock repurchased in 2018, 2017 and 2016, respectively, in conjunction with the Company’s cash deployment objectives.
Regulation G Reconciliations - Results of Operations PPG Industries believes investors’ understanding of the Company’s operating performance is enhanced by the disclosure of net income, earnings per diluted share and the effective tax rate adjusted for certain charges.
PPG’s management considers this information useful in providing insight into the Company’s ongoing operating performance because it excludes the impact of items that cannot reasonably be expected to recur on a quarterly basis or that are not attributable to our primary operations.
Net income and earnings per diluted share adjusted for these items are not recognized financial measures determined in accordance with U. S.  generally accepted accounting principles (GAAP) and should not be considered a substitute for net income or earnings per diluted share or other financial measures as computed in accordance with U. S.  GAAP.
In addition, adjusted net income, earnings per diluted share and the effective tax rate may not be comparable to similarly titled measures as reported by other companies.
Income before income taxes from continuing operations is reconciled to adjusted income before income taxes, the effective tax rate from continuing operations is reconciled to the adjusted effective tax rate from continuing operations and net income (attributable to PPG) and earnings per share – assuming dilution (attributable to PPG) are reconciled to adjusted net income (attributable to PPG) and adjusted earnings per share – assuming dilution below:
## Table 1 ##
Notes to the Consolidated Financial Statements asset retirement obligation is subsequently adjusted for changes in fair value.
The associated estimated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and depreciated over its useful life.
PPG’s asset retirement obligations are primarily associated with the retirement or closure of certain assets used in PPG’s manufacturing process.
The accrued asset retirement obligation is recorded in Accounts payable and accrued liabilities and Other liabilities on the consolidated balance sheet, and was $22 million and $19 million as of December 31, 2018 and 2017, respectively.
PPG’s only conditional asset retirement obligation relates to the possible future abatement of asbestos contained in certain PPG production facilities.
The asbestos in PPG’s production facilities arises from the application of normal and customary building practices in the past when the facilities were constructed.
This asbestos is encapsulated in place and, as a result, there is no current legal requirement to abate it.
Because there is no requirement to abate, the Company does not have any current plans or an intention to abate and therefore the timing, method and cost of future abatement, if any, are not known.
The Company has not recorded an asset retirement obligation associated with asbestos abatement, given the uncertainty concerning the timing of future abatement, if any.
Reclassifications Certain reclassifications of prior years’ data have been made to conform to the current year presentation.
These reclassifications had no impact on our previously reported Net income, cash flows or shareholders’ equity.
Accounting Standards Adopted in 2018 Effective January 1, 2018, PPG adopted Accounting Standard Updates (“ASU”) No.2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. "
This ASU requires the service cost component of these costs to be disaggregated from all other components and to be reported in the same line item or items as other compensation costs.
The other components of these costs are required to be presented in the consolidated statement of income separately from the service cost component.
This ASU required retrospective adoption for all prior periods presented.
The effect of the retrospective adoption on the consolidated statement of income related to the net periodic pension and other postretirement benefit costs was as follows:
## Table 2 ##
For the Year Ended December 31, 2016
## Table 3 ##
In February 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No.2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.
” This ASU allows a reclassification from Accumulated other comprehensive income to Retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act.
PPG early adopted this standard in the first quarter of 2018 using the specific identification method and recorded a reclassification from Other comprehensive (loss)/income, net of tax in the consolidated statement of comprehensive income to Retained earnings on the consolidated balance sheet of $107 million.
Effective January 1, 2018, PPG adopted ASU No.2014-09, “Revenue from Contracts with Customers: Topic 606.
” See Note 2, “Revenue Recognition” for further details regarding the impact of adoption of this standard.
Notes to the Consolidated Financial Statements tax returns filed for years through 2014.
The examinations of the Company’s U. S.  federal income tax returns for 2015 through 2016 are currently underway.
A reconciliation of the total amounts of unrecognized tax benefits (excluding interest and penalties) as of December 31 follows:
## Table 4 ##
The Company expects that any reasonably possible change in the amount of unrecognized tax benefits in the next 12 months would not be significant.
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $140 million as of December 31, 2018.
Interest and penalties
## Table 5 ##
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense.13.
Employee Benefit Plans Defined Benefit Plans PPG has defined benefit pension plans that cover certain employees worldwide.
The principal defined benefit pension plans are those in the U. S. , Canada, the Netherlands and the U. K.  These plans in the aggregate represent approximately 92% of the projected benefit obligation at December 31, 2018, of which the U. S.  defined benefit pension plans represent the largest component.
U. S.  defined benefit plans As of January 1, 2006, the Company closed the salaried defined benefit plans to new entrants.
The defined benefit plan of certain hourly employees was closed to new entrants in 2006 or thereafter.
Eligible employees participate in a defined contribution retirement plan.
In 2011, the Company approved amendments related to certain U. S.  defined benefit plans so that depending upon the affected employee’s combined age and years of service to PPG, certain employees stopped or will stop accruing benefits either in 2011 or at the end of 2020.
The affected employees will participate in the Company’s defined contribution retirement plans from the date their benefits under their respective defined benefit plans are frozen.
The Company has amended other defined benefit plans in other countries in a similar way and plans to continue reviewing and potentially changing other PPG defined benefit plans in the future.
Postretirement medical PPG sponsors welfare benefit plans that provide postretirement medical and life insurance benefits for certain U. S.  and Canadian employees and their dependents of which the U. S.  welfare benefit plans represent approximately 86% of the projected benefit obligation at December 31, 2018.
Salaried and certain hourly employees in the U. S.  hired on or after October 1, 2004, or rehired on or after October 1, 2012 are not eligible for postretirement medical benefits.
The U. S.  welfare benefit plans include an Employee Group Waiver Plan (“EGWP”) for certain Medicare-eligible retirees and their dependents which includes a fully-insured Medicare Part D prescription drug plan.
As such, PPG is not eligible to receive the federal subsidy provided under the Medicare Act of 2003 for these retirees and their dependents.
These plans in the U. S.  and Canada require retiree contributions based on retiree-selected coverage levels for certain retirees and their dependents and provide for sharing of future benefit cost increases between PPG and participants based on management discretion.
The Company has the right to modify, amend or terminate certain of these benefit plans in the future.
Notes to the Consolidated Financial Statements Current open and active claims post-Pittsburgh Corning bankruptcy The Company is aware of approximately 460 open and active asbestos-related claims pending against the Company and certain of its subsidiaries.
These claims consist primarily of non-PC Relationship Claims and claims against a subsidiary of PPG.
The Company is defending the remaining open and active claims vigorously.
Since April 1, 2013, a subsidiary of PPG has been implicated in claims alleging death or injury caused by asbestos-containing products manufactured, distributed or sold by a North American architectural coatings business or its predecessors which was acquired by PPG.
All such claims have been either served upon or tendered to the seller for defense and indemnity pursuant to obligations undertaken by the seller in connection with the Company’s purchase of the North American architectural coatings business.
The seller has accepted the defense of these claims subject to the terms of various agreements between the Company and the seller.
The seller’s defense and indemnity obligations in connection with newly filed claims ceased with respect to claims filed after April 1, 2018.
PPG has established reserves totaling approximately $180 million for asbestos-related claims that would not be channeled to the Trust which, based on presently available information, we believe will be sufficient to encompass all of PPG’s current and potential future asbestos liabilities.
These reserves include a $162 million reserve established in 2009 in connection with an amendment to the PC plan of reorganization.
These reserves, which are included within Other liabilities on the accompanying consolidated balance sheets, represent PPG’s best estimate of its liability for these claims.
PPG does not have sufficient current claim information or settlement history on which to base a better estimate of this liability in light of the fact that the Bankruptcy Court’s injunction staying most asbestos claims against the Company was in effect from April 2000 through May 2016.
PPG will monitor the activity associated with its remaining asbestos claims and evaluate, on a periodic basis, its estimated liability for such claims, its insurance assets then available, and all underlying assumptions to determine whether any adjustment to the reserves for these claims is required.
The amount reserved for asbestos-related claims by its nature is subject to many uncertainties that may change over time, including (i) the ultimate number of claims filed; (ii) the amounts required to resolve both currently known and future unknown claims; (iii) the amount of insurance, if any, available to cover such claims; (iv) the unpredictable aspects of the litigation process, including a changing trial docket and the jurisdictions in which trials are scheduled; (v) the outcome of any trials, including potential judgments or jury verdicts; (vi) the lack of specific information in many cases concerning exposure for which PPG is allegedly responsible, and the claimants’ alleged diseases resulting from such exposure; and (vii) potential changes in applicable federal and/or state tort liability law.
All of these factors may have a material effect upon future asbestosrelated liability estimates.
As a potential offset to any future asbestos financial exposure, under the PC plan of reorganization PPG retained, for its own account, the right to pursue insurance coverage from certain of its historical insurers that did not participate in the PC plan of reorganization.
While the ultimate outcome of PPG’s asbestos litigation cannot be predicted with certainty, PPG believes that any financial exposure resulting from its asbestos-related claims will not have a material adverse effect on PPG’s consolidated financial position, liquidity or results of operations.
Environmental matters It is PPG’s policy to accrue expenses for environmental contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated.
Reserves for environmental contingencies are exclusive of claims against third parties and are generally not discounted.
In management’s opinion, the Company operates in an environmentally sound manner and the outcome of the Company’s environmental contingencies will not have a material effect on PPG’s financial position or liquidity; however, any such outcome may be material to the results of operations of any particular period in which costs, if any, are recognized.
Management anticipates that the resolution of the Company’s environmental contingencies will occur over an extended period of time.
As of December 31, 2018 and 2017, PPG had reserves for environmental contingencies associated with PPG’s former chromium manufacturing plant in Jersey City, N. J.
(“New Jersey Chrome”) and for other environmental contingencies, including National Priority List sites and legacy glass and chemical manufacturing sites.
These reserves are reported as Accounts payable and accrued liabilities and Other liabilities in the accompanying consolidated balance sheet.
## Table 6 ##

<table><tr><td></td><td colspan="3"></td><td colspan="2">% Change</td></tr><tr><td>($ in millions, except percentages)</td><td>2018</td><td>2017</td><td>2016</td><td>2018 vs. 2017</td><td>2017 vs. 2016</td></tr><tr><td>Income tax expense</td><td>$353</td><td>$615</td><td>$214</td><td>-42.6%</td><td>187.4%</td></tr><tr><td>Effective tax rate</td><td>20.9%</td><td>30.7%</td><td>27.5%</td><td>-9.8%</td><td>3.2%</td></tr><tr><td>Adjusted effective tax rate*</td><td>22.1%</td><td>24.3%</td><td>24.5%</td><td>-2.2%</td><td>-0.2%</td></tr><tr><td>Earnings per diluted share</td><td>$5.40</td><td>$5.31</td><td>$2.04</td><td>1.7%</td><td>160.3%</td></tr><tr><td>Adjusted earnings per diluted share*</td><td>$5.92</td><td>$5.86</td><td>$5.64</td><td>1.0%</td><td>3.9%</td></tr></table>
<table><tr><td>($ in millions, except percentages and per share amounts)</td><td>Income Before Income Taxes</td><td>Tax Expense</td><td>Effective Tax Rate</td><td>Net income from continuing operations (attributable to PPG)</td><td>Earnings per diluted share</td></tr><tr><td>As reported, continuing operations</td><td>$1,693</td><td>$353</td><td>20.9%</td><td>$1,323</td><td>$5.40</td></tr><tr><td>Includes:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net tax charge related to U.S. Tax Cuts and Jobs Act</td><td>—</td><td>13</td><td>N/A</td><td>-13</td><td>-0.05</td></tr><tr><td>Charges related to customer assortment change</td><td>18</td><td>4</td><td>24.3%</td><td>14</td><td>0.05</td></tr><tr><td>Charges related to environmental remediation and other costs</td><td>77</td><td>19</td><td>24.3%</td><td>58</td><td>0.24</td></tr><tr><td>Net charge related to business restructuring</td><td>66</td><td>20</td><td>30.3%</td><td>46</td><td>0.18</td></tr><tr><td>Accelerated depreciation from restructuring actions</td><td>9</td><td>2</td><td>22.2%</td><td>7</td><td>0.03</td></tr><tr><td>Charge related to a legacy legal settlement</td><td>10</td><td>2</td><td>24.3%</td><td>8</td><td>0.03</td></tr><tr><td>Charges related to accounting investigation costs</td><td>14</td><td>3</td><td>24.3%</td><td>11</td><td>0.05</td></tr><tr><td>Charges related to transaction-related costs<sup>-1</sup></td><td>6</td><td>2</td><td>25.5%</td><td>4</td><td>0.02</td></tr><tr><td>Charge related to brand rationalization</td><td>6</td><td>2</td><td>26.8%</td><td>4</td><td>0.02</td></tr><tr><td>Gain from the sale of a non-operating asset</td><td>-26</td><td>-6</td><td>24.3%</td><td>-20</td><td>-0.08</td></tr><tr><td>Charge related to impairment of a non-manufacturing asset</td><td>9</td><td>2</td><td>24.3%</td><td>7</td><td>0.03</td></tr><tr><td>Adjusted, continuing operations, excluding certain items</td><td>$1,882</td><td>$416</td><td>22.1%</td><td>$1,449</td><td>$5.92</td></tr></table>
<table><tr><td></td><td colspan="3">For the Year Ended December 31, 2017</td></tr><tr><td>($ in millions)</td><td>As Previously Reported</td><td>Reclassifications</td><td>As Revised</td></tr><tr><td>Cost of sales, exclusive of depreciation and amortization</td><td>$8,207</td><td>$2</td><td>$8,209</td></tr><tr><td>Selling, general and administrative</td><td>$3,564</td><td>-$10</td><td>$3,554</td></tr><tr><td>Research and development, net</td><td>$453</td><td>-$2</td><td>$451</td></tr><tr><td>Other charges</td><td>$64</td><td>$10</td><td>$74</td></tr><tr><td>Income before income taxes</td><td>$2,005</td><td>$—</td><td>$2,005</td></tr></table>
<table><tr><td></td><td colspan="3">For the Year Ended December 31, 2016</td></tr><tr><td>($ in millions)</td><td>As Previously Reported</td><td>Reclassifications</td><td>As Revised</td></tr><tr><td>Cost of sales, exclusive of depreciation and amortization</td><td>$7,693</td><td>-$28</td><td>$7,665</td></tr><tr><td>Selling, general and administrative</td><td>$3,588</td><td>-$33</td><td>$3,555</td></tr><tr><td>Research and development, net</td><td>$459</td><td>-$6</td><td>$453</td></tr><tr><td>Other charges</td><td>$175</td><td>$67</td><td>$242</td></tr><tr><td>Income before income taxes</td><td>$779</td><td>$—</td><td>$779</td></tr></table>
<table><tr><td>($ in millions)</td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>January 1</td><td>$148</td><td>$94</td><td>$82</td></tr><tr><td>Current year tax positions - additions</td><td>36</td><td>37</td><td>25</td></tr><tr><td>Prior year tax positions - additions</td><td>17</td><td>26</td><td>8</td></tr><tr><td>Prior year tax positions - reductions</td><td>-6</td><td>—</td><td>-11</td></tr><tr><td>Statute of limitations expirations</td><td>-9</td><td>-8</td><td>-8</td></tr><tr><td>Settlements</td><td>-15</td><td>-10</td><td>—</td></tr><tr><td>Foreign currency translation</td><td>-5</td><td>9</td><td>-2</td></tr><tr><td>December 31</td><td>$166</td><td>$148</td><td>$94</td></tr></table>
<table><tr><td>($ in millions)</td><td>2018</td><td>2017</td><td>2016</td></tr><tr><td>Accrued interest and penalties related to unrecognized tax benefits</td><td>$16</td><td>$15</td><td>$9</td></tr><tr><td>Loss recognized in income tax expense related to interest and penalties</td><td>$2</td><td>$4</td><td>$1</td></tr></table>
<table><tr><td>($ in millions)</td><td>2018</td><td>2017</td></tr><tr><td>New Jersey Chrome</td><td>$151</td><td>$136</td></tr><tr><td>Glass and chemical</td><td>90</td><td>71</td></tr><tr><td>Other</td><td>50</td><td>51</td></tr><tr><td>Total</td><td>$291</td><td>$258</td></tr><tr><td>Current Portion</td><td>$105</td><td>$73</td></tr></table>

Question: are the 2018 environmental reserves greater than asbestos-related claim reserves?
Answer: 471.0