Illinois Tool Works (ITW) 10-K 15 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Jan. 31, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	ILLINOIS TOOL WORKS INC
Entity Central Index Key	49,826
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		341,545,719
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 45.9

Statement of Income

Statement of Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Operating Revenue	$ 14,314	$ 13,599	$ 13,405
Cost of revenue	8,309	7,896	7,888
Selling, administrative, and research and development expenses	2,400	2,415	2,417
Legal settlement (income)	(95)	0	0
Amortization and impairment of intangible assets	206	224	233
Operating Income	3,494	3,064	2,867
Interest expense	(260)	(237)	(226)
Other income (expense)	36	81	78
Income Before Taxes	3,270	2,908	2,719
Income taxes	1,583	873	820
Net Income	$ 1,687	$ 2,035	$ 1,899
Net Income Per Share:
Basic (in dollars per share)	$ 4.90	$ 5.73	$ 5.16
Diluted (in dollars per share)	$ 4.86	$ 5.70	$ 5.13

Statement of Comprehensive Inco

Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 1,687	$ 2,035	$ 1,899
Other Comprehensive Income (Loss):
Foreign currency translation adjustments, net of tax	406	(277)	(860)
Pension and other postretirement benefit adjustments, net of tax	114	(26)	14
Comprehensive Income	$ 2,207	$ 1,732	$ 1,053

Statement of Financial Position

Statement of Financial Position - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Current Assets:
Cash and equivalents	$ 3,094	$ 2,472
Trade receivables	2,628	2,357
Inventories	1,220	1,076
Prepaid expenses and other current assets	336	218
Total current assets	7,278	6,123
Net plant and equipment	1,778	1,652
Goodwill	4,752	4,558
Intangible assets	1,272	1,463
Deferred income taxes	505	449
Other assets	1,195	956
Total Assets	16,780	15,201
Current Liabilities:
Short-term debt	850	652
Accounts payable	590	511
Accrued expenses	1,258	1,202
Cash dividends payable	266	226
Income taxes payable	89	169
Total current liabilities	3,053	2,760
Noncurrent Liabilities:
Long-term debt	7,478	7,177
Deferred income taxes	164	134
Noncurrent income taxes payable	614	0
Other liabilities	882	871
Total noncurrent liabilities	9,138	8,182
Stockholders’ Equity:
Issued- 550.0 shares in 2017 and 2016 Outstanding- 341.5 shares in 2017 and 346.9 shares in 2016	6	6
Additional paid-in-capital	1,218	1,188
Retained earnings	20,210	19,505
Common stock held in treasury	(15,562)	(14,638)
Accumulated other comprehensive income (loss)	(1,287)	(1,807)
Noncontrolling interest	4	5
Total stockholders’ equity	4,589	4,259
Total liabilities and stockholders' equity	$ 16,780	$ 15,201

Statement of Financial Positio5

Statement of Financial Position Statement of Financial Position - Parenthetical - $ / shares shares in Millions	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock issued (in shares)	550	550
Common stock outstanding (in shares)	341.5	346.9

Statement of Changes in Stockho

Statement of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Common Stock Held in Treasury	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance at Dec. 31, 2014	$ 6,824	$ 6	$ 1,096	$ 17,173	$ (10,798)	$ (658)	$ 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,899			1,899
Common stock issued for share-based compensation	48		(21)		69
Stock-based compensation expense	41		39		2
Tax benefits related to stock options	20		20
Tax benefits related to defined contribution plans	3		3
Repurchases of common stock	(2,002)				(2,002)
Dividends declared	(756)			(756)
Pension and other postretirement benefit adjustments	14					14
Currency translation adjustment	(860)					(860)
Noncontrolling interest	(3)		(2)				(1)
Ending balance at Dec. 31, 2015	5,228	6	1,135	18,316	(12,729)	(1,504)	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,035			2,035
Common stock issued for share-based compensation	73		(18)		91
Stock-based compensation expense	39		39
Tax benefits related to stock options	29		29
Tax benefits related to defined contribution plans	3		3
Repurchases of common stock	(2,000)				(2,000)
Dividends declared	(846)			(846)
Pension and other postretirement benefit adjustments	(26)					(26)
Currency translation adjustment	(277)					(277)
Noncontrolling interest	1						1
Ending balance at Dec. 31, 2016	4,259	6	1,188	19,505	(14,638)	(1,807)	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,687			1,687
Common stock issued for share-based compensation	72		(4)		76
Stock-based compensation expense	36		36		0
Repurchases of common stock	(1,000)				(1,000)
Dividends declared	(982)			(982)
Pension and other postretirement benefit adjustments	114					114
Currency translation adjustment	406					406
Noncontrolling interest	(3)		(2)				(1)
Ending balance at Dec. 31, 2017	$ 4,589	$ 6	$ 1,218	$ 20,210	$ (15,562)	$ (1,287)	$ 4

Statement of Changes in Stockh7

Statement of Changes in Stockholders' Equity - Parenthetical - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 2.86	$ 2.40	$ 2.07

Statement of Cash Flows

Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Provided by (Used for) Operating Activities:
Net income	$ 1,687	$ 2,035	$ 1,899
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	256	246	244
Amortization and impairment of intangible assets	206	224	233
Change in deferred income taxes	64	(263)	(11)
Provision for uncollectible accounts	3	7	7
(Income) loss from investments	(16)	13	(4)
(Gain) loss on sale of plant and equipment	(1)	1	1
(Gain) loss on sale of operations and affiliates	(1)	12	(16)
Stock-based compensation expense	36	39	41
Gain on dividend distribution from equity investment in Wilsonart	0	(54)	0
Other non-cash items, net	10	5	12
(Increase) decrease in—
Trade receivables	(138)	(132)	(42)
Inventories	(81)	9	25
Prepaid expenses and other assets	(121)	(63)	24
Increase (decrease) in—
Accounts payable	39	(3)	(30)
Accrued expenses and other liabilities	(42)	40	(56)
Income taxes	501	187	(27)
Other, net	0	(1)	(1)
Net cash provided by operating activities	2,402	2,302	2,299
Cash Provided by (Used for) Investing Activities:
Acquisition of businesses (excluding cash and equivalents) and additional interest in affiliates	(3)	(453)	(6)
Additions to plant and equipment	(297)	(273)	(284)
Proceeds from investments	43	21	22
Dividend distribution from equity investment in Wilsonart	0	167	0
Proceeds from sale of plant and equipment	14	16	30
Proceeds from sale of operations and affiliates	2	3	29
Other, net	(10)	(13)	(1)
Net cash provided by (used for) investing activities	(251)	(532)	(210)
Cash Provided by (Used for) Financing Activities:
Cash dividends paid	(941)	(821)	(742)
Issuance of common stock	84	84	59
Repurchases of common stock	(1,000)	(2,000)	(2,002)
Net proceeds from (repayments of) debt with original maturities of three months or less	849	(526)	(946)
Proceeds from debt with original maturities of more than three months	0	992	1,099
Repayments of debt with original maturities of more than three months	(652)	(1)	(2)
Excess tax benefits from stock-based compensation	0	29	20
Other, net	(14)	(12)	(12)
Net cash provided by (used for) financing activities	(1,674)	(2,255)	(2,526)
Effect of Exchange Rate Changes on Cash and Equivalents	145	(133)	(463)
Cash and Equivalents:
Increase (decrease) during the year	622	(618)	(900)
Beginning of year	2,472	3,090	3,990
End of year	3,094	2,472	3,090
Supplementary Cash Flow Information:
Cash Paid During the Year for Interest	240	212	200
Cash Paid During the Year for Income Taxes, Net of Refunds	1,018	920	775
Liabilities Assumed from Acquisitions	$ 5	$ 150	$ 1

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	Description of Business and Summary of Significant Accounting Policies Description of business — Illinois Tool Works Inc. (the "Company" or "ITW") is a global manufacturer of a diversified range of industrial products and equipment with approximately 85 divisions in 56 countries. The Company primarily serves the automotive OEM/tiers, commercial food equipment, construction, general industrial, and automotive aftermarket end markets. Consolidation and translation — The financial statements include the Company and its majority-owned subsidiaries. The Company follows the equity method of accounting for investments where the Company has a significant influence but not a controlling interest. Intercompany transactions are eliminated from the financial statements. Foreign subsidiaries’ assets and liabilities are translated to U.S. dollars at end-of-period exchange rates. Revenues and expenses are translated at average rates for the period. Translation adjustments are reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Reclassifications — Certain reclassifications of prior year data have been made to conform to current year reporting. Use of estimates — The preparation of the Company’s financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the notes to financial statements. Actual results could differ from those estimates. Acquisitions — The Company accounts for acquisitions under the acquisition method, in which assets acquired and liabilities assumed are recorded at fair value as of the date of acquisition. The operating results of the acquired companies are included in the Company’s consolidated financial statements from the date of acquisition. Operating revenue — Operating revenue is recognized when persuasive evidence of an arrangement exists, product has shipped and the risks and rewards of ownership have transferred or services have been rendered, the price to the customer is fixed or determinable, and collectibility is reasonably assured, which is generally at the time of product shipment. Typical sales arrangements are for standard products and provide for transfer of ownership and risk of loss at the time of shipment. In limited circumstances where significant obligations to the customer are unfulfilled at the time of shipment, typically involving installation and customer acceptance, revenue recognition is deferred until such obligations have been completed. Customer allowances and rebates, consisting primarily of volume discounts and other short-term incentive programs, are estimated at the time of sale based on historical experience and known trends and are recorded as a reduction in reported revenues. Research and development expenses — Research and development expenses are recorded as expense in the year incurred. These costs were $225 million , $223 million and $218 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Advertising expenses — Advertising expenses are recorded as expense in the year incurred. These costs were $53 million , $58 million and $58 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Income taxes — The Company utilizes the asset and liability method of accounting for income taxes. Deferred income taxes are determined based on the estimated future tax effects of differences between the financial and tax bases of assets and liabilities given the provisions of the enacted tax laws. Valuation allowances are established when it is estimated that it is more likely than not that the tax benefit of the deferred tax asset will not be realized. Cash and equivalents — Cash and equivalents include cash on hand and instruments having original maturities of three months or less. Cash and equivalents are stated at cost, which approximates fair value. Trade receivables — Trade receivables are net of allowances for doubtful accounts which includes reserves for uncollectible accounts, customer credits and cash discounts. The Company estimates the allowance for uncollectible accounts based on the greater of a specific reserve or a reserve calculated based on the historical write-off percentage over the last two years. In addition, reserves for customer credits and cash discounts are estimated based on past experience. The changes in the allowance for doubtful accounts for the years ended 2017 , 2016 and 2015 were as follows: In millions 2017 2016 2015 Beginning balance $ 43 $ 42 $ 43 Provision charged to expense 3 7 7 Write-offs, net of recoveries (6 ) (6 ) (5 ) Acquisitions and divestitures — 1 — Foreign currency translation 3 (1 ) (3 ) Ending balance $ 43 $ 43 $ 42 Inventories — Inventories are stated at the lower of cost or net realizable value and include material, labor and factory overhead. The last-in, first-out ("LIFO") method is used to determine the cost of inventories at certain U.S. businesses. The first-in, first-out ("FIFO") method, which approximates current cost, is used for all other inventories. Inventories priced at LIFO were approximately 21% and 22% of total inventories as of December 31, 2017 and 2016 , respectively. If the FIFO method was used for all inventories, total inventories would have been approximately $89 million and $86 million higher than reported at December 31, 2017 and 2016 , respectively. The major classes of inventory at December 31, 2017 and 2016 were as follows: In millions 2017 2016 Raw material $ 465 $ 407 Work-in-process 141 126 Finished goods 703 629 LIFO reserve (89 ) (86 ) Total inventories $ 1,220 $ 1,076 Net plant and equipment — Net plant and equipment are stated at cost, less accumulated depreciation. Renewals and improvements that increase the useful life of plant and equipment are capitalized. Maintenance and repairs are charged to expense as incurred. Net plant and equipment consisted of the following at December 31, 2017 and 2016 : In millions 2017 2016 Land $ 203 $ 186 Buildings and improvements 1,370 1,297 Machinery and equipment 3,301 3,036 Equipment leased to others 164 160 Construction in progress 123 104 Gross plant and equipment 5,161 4,783 Accumulated depreciation (3,383 ) (3,131 ) Net plant and equipment $ 1,778 $ 1,652 The Company’s U.S. businesses primarily compute depreciation on an accelerated basis. The majority of the Company's international businesses compute depreciation on a straight-line basis. The ranges of useful lives used to depreciate plant and equipment are as follows: Buildings and improvements 5—50 years Machinery and equipment 3—12 years Equipment leased to others Term of lease Depreciation was $256 million, $246 million and $244 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Goodwill and intangible assets — Goodwill represents the excess cost over fair value of the net assets of acquired businesses. The Company does not amortize goodwill and intangible assets that have indefinite lives. Amortizable intangible assets are being amortized on a straight-line basis over their estimated useful lives of 3 to 20 years. The Company performs an impairment assessment of goodwill and intangible assets with indefinite lives annually, or more frequently if triggering events occur, based on the estimated fair value of the related reporting unit or intangible asset. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. When performing its annual impairment assessment, the Company evaluates the goodwill assigned to each of its reporting units for potential impairment by comparing the estimated fair value of the relevant reporting unit to the carrying value. The Company uses various Level 2 and Level 3 valuation techniques to determine the fair value of its reporting units, including discounting estimated future cash flows based on a detailed cash flow forecast prepared by the relevant reporting unit and market multiples of relevant public companies. If the fair value of a reporting unit is less than its carrying value, an impairment loss, if any, is recorded for the difference between the implied fair value and the carrying value of the reporting unit's goodwill. The Company's indefinite-lived intangible assets consist of trademarks and brands. The estimated fair values of these intangible assets are determined based on a Level 3 valuation method using a relief-from-royalty income approach derived from internally forecasted revenues of the related products. If the fair value of the trademark or brand is less than its carrying value, an impairment loss is recorded for the difference between the estimated fair value and carrying value of the intangible asset. Accrued warranties — The Company accrues for product warranties based on historical experience. The changes in accrued warranties for the years ended December 31, 2017 , 2016 and 2015 were as follows: In millions 2017 2016 2015 Beginning balance $ 45 $ 46 $ 49 Charges (45 ) (41 ) (37 ) Provision charged to expense 43 42 36 Acquisitions and divestitures — 1 — Foreign currency translation 2 (3 ) (2 ) Ending balance $ 45 $ 45 $ 46 New Accounting Pronouncements Effective January 1, 2017 In March 2016, the Financial Accounting Standards Board (the "FASB") issued authoritative guidance that includes several changes to simplify the accounting for stock-based compensation, including the accounting for income taxes, forfeitures, statutory tax withholding requirements and classification of tax benefits in the statement of cash flows. Among the more significant changes, the new guidance requires that the income tax effects associated with the settlement of stock-based awards after adoption of the guidance be recognized through income tax expense rather than directly in equity. Additionally, the income tax effects related to excess tax benefits should be presented within operating cash flows in the statement of cash flows rather than as a financing activity. Excess tax benefits recognized in equity under the prior guidance were $29 million and $20 million for the years ended December 31, 2016 and 2015, respectively. The Company adopted the new guidance effective January 1, 2017 and applied the new guidance prospectively. Excess tax benefits of $50 million were included in Income taxes in the statement of income for the year ended December 31, 2017. The expected effect on income tax expense or net cash provided from operating activities related to future stock-based award settlements will vary each period and will depend on inputs such as the stock price at the time of settlement and the number of awards settled in the period presented. Effective January 1, 2018 In May 2014, the FASB issued authoritative guidance to change the criteria for revenue recognition. The core principle of the new guidance is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, several new revenue recognition disclosures will be required. The Company's sales arrangements with customers are predominately short term in nature and generally provide for transfer of control and revenue recognition at the time of product shipment or delivery of service. In limited circumstances, arrangements may include service performed over time, or there may be significant obligations to the customer that are unfulfilled at the time of shipment, typically involving installation of equipment and customer acceptance. Effective January 1, 2018, the Company adopted this new guidance under the modified retrospective method which requires the new guidance to be applied prospectively to revenue transactions completed on or after the effective date. Given the nature of the Company’s revenue transactions, the new guidance is not expected to have a material impact on the Company’s operating revenue, results of operations, or financial position. As a result of adopting the guidance, the Company expects to record a cumulative-effect adjustment reducing retained earnings as of January 1, 2018 by approximately $10 million related to certain transactions that were impacted by the new guidance. Additionally, the Company expects to provide the required additional disclosures in periods subsequent to adoption. In October 2016, the FASB issued authoritative guidance requiring the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs rather than when transferred to a third party as required under the current guidance. Effective January 1, 2018, the Company adopted the new guidance and will apply the newly adopted guidance to intra-entity asset transfers on or after the date of adoption. As a result of adopting the new guidance, the Company expects to record a cumulative-effect adjustment reducing deferred tax assets and retained earnings by approximately $400 million . Additionally, intra-entity asset transfers may result in future tax rate volatility under the new guidance. In March 2017, the FASB issued authoritative guidance which changes the income statement presentation of the components of net periodic benefit cost related to defined benefit pension and other postretirement plans. The primary change under the new guidance is that only the service cost component of net periodic benefit cost should be included in operating income and is eligible for capitalization as an asset. The other components of net periodic benefit cost, including interest cost, expected return on assets, settlements, curtailments, and amortization of actuarial gains and losses and prior service cost, should be presented below operating income. Effective January 1, 2018, the Company adopted the new guidance and will apply the new presentation of net periodic benefit cost in future periods and expects to restate prior periods for comparability. The adoption of this guidance is not expected to have a material impact on the Company’s results of operations, financial position or cash flows. For the years ended December 31, 2017, 2016 and 2015, the other components of net periodic benefit cost were income of $9 million , income of $8 million , and expense of $1 million , respectively. Refer to Note 9. Pension and Other Postretirement Benefits for further information regarding the Company’s net periodic benefit cost. Effective January 1, 2019 In February 2016, the FASB issued authoritative guidance to change the criteria for recognizing leasing transactions. Under the new guidance, a lessee will be required to recognize a lease liability and lease asset for all leases, including operating leases, with a lease term greater than twelve months in the statement of financial position. Subsequent measurement, including presentation of expenses and cash flows, will depend on the classification of the lease as either a financing or operating lease. In addition, several new disclosures will be required. This guidance is effective for the Company beginning January 1, 2019, with early adoption permitted. While the Company has not yet completed its evaluation of the impact the new lease accounting guidance will have on the consolidated financial statements and related disclosures, the Company expects to recognize right of use assets and liabilities for its operating leases in the statement of financial position upon adoption.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Acquisitions	Acquisitions Net cash paid for acquisitions during 2017, 2016 and 2015 was $3 million , $453 million and $6 million , respectively. Acquisitions, individually and in the aggregate, did not materially affect the Company's results of operations or financial position for any period presented. The net cash paid for acquisitions in 2016 primarily related to the acquisition of the Engineered Fasteners and Components ("EF&C") business from ZF TRW on July 1, 2016 for a purchase price of approximately $450 million . EF&C had operating revenue of $517 million for the year ended December 31, 2017 and $245 million for the six months ended December 31, 2016, which was reported within the Company’s Automotive OEM segment. As a result of the EF&C transaction, the Company recorded $187 million of goodwill and $134 million of amortizable intangible assets primarily related to customer relationships and technology. Approximately $104 million of the acquired goodwill balance is tax deductible. The fair values of the intangible assets were estimated based on discounted cash flow and market-based valuation models using Level 2 and Level 3 inputs and assumptions. The intangible assets are expected to be amortized on a straight-line basis over their estimated useful lives ranging from 4 to 17 years , with a weighted average amortization period of 16 years .

Legal Settlement

Legal Settlement	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Legal Settlement	Legal Settlement In the second quarter of 2017, the Company entered into a $95 million confidential settlement agreement to resolve a litigation matter. Based on the terms of the agreement, the Company received the settlement within 120 days of the execution of the agreement. The receipt of the settlement resulted in a favorable pre-tax impact of $15 million in the second quarter of 2017 and $80 million in the third quarter of 2017, which was included in operating income.

Other Income (Expense)

Other Income (Expense)	12 Months Ended
	Dec. 31, 2017
Other Income and Expenses [Abstract]
Other Income (Expense)	Other Income (Expense) Other income (expense) consisted of the following: In millions 2017 2016 2015 Interest income $ 45 $ 38 $ 52 Income (loss) from investments 16 (13 ) 4 Gain (loss) on disposal of operations and affiliates 1 (12 ) 16 Equity income (loss) in Wilsonart — 61 (4 ) Gain (loss) on foreign currency transactions, net (25 ) 9 5 Other, net (1 ) (2 ) 5 Total other income (expense) $ 36 $ 81 $ 78 In the fourth quarter of 2012, the Company divested a 51% majority interest in its former Decorative Surfaces segment to certain funds managed by Clayton, Dubilier & Rice, LLC ("CD&R"). As a result of the transaction, the Company owns common units (the "Common Units") of Wilsonart International Holdings LLC ("Wilsonart") initially representing approximately 49% (on an as-converted basis) of the total outstanding equity. CD&R owns cumulative convertible participating preferred units (the "Preferred Units") of Wilsonart representing approximately 51% (on an as-converted basis) of the total outstanding equity. The Preferred Units rank senior to the Common Units as to dividends and liquidation preference, and accrue dividends at a rate of 10% per annum. The ownership interest in Wilsonart is reported using the equity method of accounting. The Company's proportionate share in income (loss) of Wilsonart is reported in Other income (expense) in the consolidated statement of income. As the Company's investment in Wilsonart is structured as a partnership for U.S. tax purposes, U.S. taxes are recorded separately from the equity investment. Equity income (loss) in Wilsonart for the year ended December 31, 2016 included a $54 million pre-tax gain resulting from a $167 million cash dividend distribution from Wilsonart which exceeded the Company's equity investment balance. As a result of the dividend distribution, the equity investment balance in Wilsonart was reduced to zero and any subsequent equity investment income will not be recognized until the gain is recaptured.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On December 22, 2017, the "Tax Cuts and Jobs Act" (the “Act”) was enacted in the United States. The provisions of the Act significantly revise the U.S. corporate income tax rules. At December 31, 2017, the Company has not completed the accounting for the tax effects of enactment of the Act; however, the Company made a reasonable estimate of the effects on the existing deferred tax balances and one-time transition tax. The Company is still analyzing certain aspects of the Act and refining its calculations, which could potentially affect the measurement of the amounts recorded at December 31, 2017. In the fourth quarter of 2017, the Company recorded a one-time additional income tax expense of $658 million related to the enactment of the Act. The more significant tax law changes resulting from the Act and related impacts to the Company are as follows: • A one-time repatriation tax on the deemed repatriation of post-1986 undistributed earnings of foreign subsidiaries. As a result of this one-time deemed repatriation, the Company recorded a one-time additional income tax expense of $676 million during the fourth quarter of 2017. A portion of the resulting income taxes payable can be paid in installments over eight years and, as such, $614 million was recorded as noncurrent income taxes payable in the statement of financial position. Additionally, as a result of the one-time repatriation provisions of the Act, the Company expects to repatriate approximately $2 billion of foreign held cash and equivalents and recorded additional foreign withholding taxes of $53 million in the fourth quarter of 2017. • A reduction in the U.S. corporate federal tax rate from a maximum of 35% to a flat rate of 21% beginning in 2018. Although the lower tax rate takes effect in 2018, deferred tax assets and liabilities should be measured using the enacted tax rate expected to apply in the years in which they are expected to be settled. The Company recorded a one-time net income tax benefit of $82 million as a result of the revaluation of the Company’s deferred tax assets and liabilities to reflect the impact of lower future U.S. corporate tax rates. • Deductibility of certain executive compensation. The Company recorded a one-time write-off of deferred tax assets of $11 million related to the non-deductibility of certain performance-based compensation. • Taxation of certain global intangible low-taxed income entities ("GILTI") beginning in 2018 . This provision does not impact the Company in 2017, but will impact the Company in subsequent years and is expected to partially offset the benefit of the lower U.S. corporate tax rate discussed above. The provisional amounts recorded for the year ended December 31, 2017 reflect the Company’s best estimate based on information currently available and are subject to future changes due to subsequent clarification of the tax law and refinement of estimated amounts. Provision for income taxes — The components of the provision for income taxes were as follows: In millions 2017 2016 2015 U.S. federal income taxes: Current $ 1,117 $ 756 $ 503 Deferred (10 ) (224 ) 8 Total U.S. federal income taxes 1,107 532 511 Foreign income taxes: Current 296 290 310 Deferred 102 (5 ) (11 ) Benefit of net operating loss carryforwards — — (48 ) Total foreign income taxes 398 285 251 State income taxes: Current 106 90 66 Deferred (28 ) (34 ) (8 ) Total state income taxes 78 56 58 Total provision for income taxes $ 1,583 $ 873 $ 820 Income before taxes for domestic and foreign operations was as follows: In millions 2017 2016 2015 Domestic $ 1,806 $ 1,653 $ 1,660 Foreign 1,464 1,255 1,059 Total income before taxes $ 3,270 $ 2,908 $ 2,719 The reconciliation between the U.S. federal statutory tax rate and the effective tax rate was as follows: 2017 2016 2015 U.S. federal statutory tax rate 35.0 % 35.0 % 35.0 % Tax effect of U.S. federal tax law change 20.1 — — State income taxes, net of U.S. federal tax benefit 1.2 1.3 1.4 Differences between U.S. federal statutory and foreign tax rates (3.5 ) (3.6 ) (3.1 ) Nontaxable foreign interest income (1.7 ) (2.1 ) (3.3 ) Tax effect of foreign dividends 0.9 1.5 2.8 Tax relief for U.S. manufacturers (1.4 ) (1.4 ) (1.6 ) Excess tax benefits from stock-based compensation (1.5 ) — — Other, net (0.7 ) (0.7 ) (1.1 ) Effective tax rate 48.4 % 30.0 % 30.1 % Prior to the Act, deferred U.S. federal and state income taxes and foreign withholding taxes had not been provided on substantially all undistributed earnings of international subsidiaries as these earnings were considered permanently invested. As part of the one-time deemed repatriation provisions of the Act, the Company provided for U.S. tax on substantially all undistributed earnings of its foreign subsidiaries as of December 31, 2017. Upon repatriation of these earnings to the U.S., the Company may be subject to foreign withholding taxes. As of December 31, 2017, the Company had provided for $75 million of foreign withholding taxes related to the expected repatriation of approximately $2 billion of foreign held cash and equivalents, which includes the $53 million recorded in the fourth quarter of 2017, as discussed above. Deferred tax assets and liabilities — The components of deferred income tax assets and liabilities at December 31, 2017 and 2016 were as follows: 2017 2016 In millions Asset Liability Asset Liability Goodwill and intangible assets $ 195 $ (506 ) $ 240 $ (716 ) Inventory reserves, capitalized tax cost and LIFO inventory 31 (3 ) 40 (5 ) Investments 15 (180 ) 23 (206 ) Plant and equipment 18 (64 ) 23 (79 ) Accrued expenses and reserves 45 — 76 — Employee benefit accruals 177 — 306 — Foreign tax credit carryforwards 13 — 6 — Net operating loss carryforwards 507 — 610 — Capital loss carryforwards 98 — 42 — Allowances for uncollectible accounts 9 — 13 — Pension liabilities — (25 ) 25 — Deferred intercompany deductions 405 — 430 — Unrealized loss (gain) on foreign debt instruments — (19 ) — (140 ) Other 99 (15 ) 97 (16 ) Gross deferred income tax assets (liabilities) 1,612 (812 ) 1,931 (1,162 ) Valuation allowances (459 ) — (454 ) — Total deferred income tax assets (liabilities) $ 1,153 $ (812 ) $ 1,477 $ (1,162 ) The valuation allowances recorded at December 31, 2017 and 2016 related primarily to certain net operating loss carryforwards, capital loss carryforwards and foreign tax credit carryforwards. As of December 31, 2017 , the Company has utilized all realizable foreign tax credit carryforwards. At December 31, 2017 , the Company had net operating loss carryforwards available to offset future taxable income in the U.S. and certain foreign jurisdictions, which expire as follows: Gross Carryforwards Related In millions to Net Operating Losses 2018 $ 15 2019 17 2020 86 2021 79 2022 24 2023 19 2024 17 2025-2037 17 Do not expire 1,685 Total gross carryforwards related to net operating losses $ 1,959 Unrecognized tax benefit s— The changes in the amount of unrecognized tax benefits for the years ended 2017 , 2016 and 2015 were as follows: In millions 2017 2016 2015 Beginning balance $ 210 $ 259 $ 218 Additions based on tax positions related to the current year 42 19 39 Additions for tax positions of prior years 100 126 54 Reductions for tax positions of prior years (24 ) (97 ) (41 ) Settlements (53 ) (96 ) (6 ) Foreign currency translation 10 (1 ) (5 ) Ending balance $ 285 $ 210 $ 259 Included in the balance at December 31, 2017 were approximately $254 million of unrecognized tax benefits that, if recognized, would impact the Company’s effective tax rate. Settlements during 2017 primarily related to the Company effectively settling with the German Fiscal Authority on issues identified during its 2009-2011 audit, which primarily related to intercompany transactions. During the fourth quarter of 2016, the Company effectively settled with the Internal Revenue Service on issues identified during its 2012-2013 audit, which primarily related to deferred gain recognition and foreign tax credits. Based on this agreement, the Company decreased its unrecognized tax benefits by approximately $96 million . The Company and its subsidiaries file tax returns in the U.S. and various state, local and foreign jurisdictions. These tax returns are routinely audited by the tax authorities in these jurisdictions including the Internal Revenue Service, Her Majesty's Revenue and Customs, German Fiscal Authority, French Fiscal Authority, and Australian Tax Office, and a number of these audits are currently ongoing, which may increase the amount of the unrecognized tax benefits in future periods. Due to the ongoing audits, the Company believes it is reasonably possible that within the next twelve months the amount of the Company's unrecognized tax benefits may be decreased by approximately $31 million related predominantly to various intercompany transactions. The Company has recorded its best estimate of the potential exposure for these issues. The following table summarizes the open tax years for the Company’s major jurisdictions: Jurisdiction Open Tax Years United States – Federal 2014-2017 United Kingdom 2016-2017 Germany 2012-2017 France 2014-2017 Australia 2013-2017 The Company recognizes interest and penalties related to income tax matters in income tax expense. The accrual for interest and penalties as of December 31, 2017 and 2016 was $25 million and $28 million, respectively. On February 18, 2014, the Company received a Notice of Deficiency ("NOD") from the IRS asserting that a non-taxable return of capital received from a subsidiary was a taxable dividend distribution. The NOD assesses additional taxes of $70 million for the 2006 tax year, plus interest and penalties. In May 2014, the Company petitioned the United States Tax Court to challenge the NOD. The Company's petition was subsequently denied and the case proceeded to court with the trial taking place in the third quarter of 2016. Final decision by the tax court is expected in 2018. Although the court's final decision cannot be predicted with certainty, the Company believes its position continues to be supportable. Accordingly, no reserve has been recorded related to this matter.

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share Net income per basic share is computed by dividing net income by the weighted-average number of shares outstanding for the period. Net income per diluted share is computed by dividing net income by the weighted-average number of shares assuming dilution for stock options and restricted stock units. Dilutive shares reflect the potential additional shares that would be outstanding if the dilutive stock options outstanding were exercised and the unvested restricted stock units vested during the period. The computation of net income per share was as follows: In millions except per share amounts 2017 2016 2015 Net Income $ 1,687 $ 2,035 $ 1,899 Net income per share—Basic: Weighted-average common shares 344.1 355.0 367.9 Net income per share—Basic $ 4.90 $ 5.73 $ 5.16 Net income per share—Diluted: Weighted-average common shares 344.1 355.0 367.9 Effect of dilutive stock options and restricted stock units 2.7 2.1 2.2 Weighted-average common shares assuming dilution 346.8 357.1 370.1 Net income per share—Diluted $ 4.86 $ 5.70 $ 5.13 Options that were considered antidilutive were not included in the computation of diluted net income per share. There were no antidilutive options outstanding as of December 31, 2017 and 2016. There were 0.6 million antidilutive options outstanding as of December 31, 2015 .

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the years ended December 31, 2017 and 2016 were as follows: In millions Automotive OEM Test & Measurement and Electronics Food Equipment Polymers & Fluids Welding Construction Products Specialty Products Total Balance, December 31, 2015 $ 277 $ 1,355 $ 259 $ 894 $ 261 $ 516 $ 877 $ 4,439 2016 activity: Acquisitions & divestitures 187 1 — (2 ) — (1 ) 1 186 Foreign currency translation (8 ) (20 ) (10 ) (3 ) (1 ) (7 ) (18 ) (67 ) Balance, December 31, 2016 456 1,336 249 889 260 508 860 4,558 2017 activity: Acquisitions & divestitures — — — — — — 1 1 Foreign currency translation 32 36 20 30 12 22 41 193 Balance, December 31, 2017 $ 488 $ 1,372 $ 269 $ 919 $ 272 $ 530 $ 902 $ 4,752 Cumulative goodwill impairment charges, December 31, 2017 $ 24 $ 83 $ 60 $ 15 $ 5 $ 7 $ 46 $ 240 Intangible assets as of December 31, 2017 and 2016 were as follows: 2017 2016 In millions Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets: Customer lists and relationships $ 1,753 $ (1,182 ) $ 571 $ 1,744 $ (1,060 ) $ 684 Trademarks and brands 761 (391 ) 370 733 (344 ) 389 Patents and proprietary technology 623 (473 ) 150 620 (432 ) 188 Other 474 (453 ) 21 461 (444 ) 17 Total amortizable intangible assets 3,611 (2,499 ) 1,112 3,558 (2,280 ) 1,278 Indefinite-lived intangible assets: Trademarks and brands 160 — 160 185 — 185 Total intangible assets $ 3,771 $ (2,499 ) $ 1,272 $ 3,743 $ (2,280 ) $ 1,463 The Company performed its annual impairment assessment of goodwill and indefinite-lived intangible assets in the third quarter of 2017, 2016 and 2015. The 2017 and 2016 assessments resulted in no impairment charges. In 2015, the Company recorded a $2 million indefinite-lived intangible asset impairment charge related to a brand in the Polymers & Fluids segment which had a fair value of $24 million and a carrying value of $26 million . The 2015 impairment was included in Amortization and impairment of intangible assets in the statement of income. For the years ended December 31, 2017 , 2016 and 2015 , amortization expense and impairment of intangible assets was $206 million , $224 million and $233 million , respectively. The estimated amortization expense of intangible assets for the future years ending December 31 is as follows: In millions 2018 $ 185 2019 163 2020 143 2021 124 2022 112

Debt

Debt	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt Short-term debt — Short-term debt represents obligations with a maturity date of one year or less and is stated at cost which approximates fair value. Short-term debt also includes current maturities of long-term debt. Short-term debt as of December 31, 2017 and 2016 consisted of the following: In millions 2017 2016 Commercial paper $ 849 $ — Current maturities of long-term debt 1 650 Other borrowings — 2 Total short-term debt $ 850 $ 652 As of December 31, 2017 , Short-term debt included commercial paper of $849 million . As of December 31, 2016 , Short-term debt included $650 million related to the 0.90% notes due February 25, 2017, which were repaid on the due date. The Company may issue commercial paper to fund general corporate needs, share repurchases, and small and medium-sized acquisitions. During the second quarter of 2016, the Company entered into a $2.5 billion , five -year line of credit agreement with a termination date of May 9, 2021 to support the potential issuances of commercial paper. This agreement replaced the previously existing $1.5 billion line of credit agreement with a termination date of June 8, 2017 and the $1.0 billion line of credit agreement with a termination date of August 15, 2018. No amounts were outstanding under the new line of credit agreement at December 31, 2017 . As of December 31, 2017 , the Company was in compliance with the financial covenants of the line of credit agreement, which includes a minimum interest coverage ratio. The weighted-average interest rate on commercial paper was 1.0% and 0.4% at December 31, 2017 and 2016 , respectively. As of December 31, 2017 , the Company had unused capacity of approximately $ 206 million under international debt facilities. Long-term debt — Long-term debt represents obligations with a maturity date greater than one year, and excludes current maturities that have been reclassified to short-term debt. Long-term debt at carrying value and fair value as of December 31, 2017 and 2016 consisted of the following: 2017 2016 In millions Effective Interest Rate Carrying Value Fair Value Carrying Value Fair Value 0.90% notes due February 25, 2017 0.95% $ — $ — $ 650 $ 650 1.95% notes due March 1, 2019 1.98% 649 649 648 656 6.25% notes due April 1, 2019 6.25% 699 736 698 768 4.88% notes due thru December 31, 2020 4.96% 4 4 4 4 3.375% notes due September 15, 2021 3.43% 348 361 348 365 1.75% Euro notes due May 20, 2022 1.86% 595 638 520 565 1.25% Euro notes due May 22, 2023 1.35% 595 624 520 549 3.50% notes due March 1, 2024 3.54% 696 734 695 728 2.65% notes due November 15, 2026 2.69% 992 980 991 959 2.125% Euro notes due May 22, 2030 2.18% 594 646 519 565 3.0% Euro notes due May 19, 2034 3.13% 586 702 512 618 4.875% notes due September 15, 2041 4.97% 636 791 636 734 3.9% notes due September 1, 2042 3.96% 1,081 1,183 1,080 1,114 Other borrowings 4 4 6 6 Total $ 7,479 $ 8,052 $ 7,827 $ 8,281 Less: Current maturities of long-term debt (1 ) (650 ) Total long-term debt $ 7,478 $ 7,177 The approximate fair values of the Company’s long-term debt, including current maturities, were based on a valuation model, using Level 2 observable inputs which included market rates for comparable instruments for the respective periods. In 2005, the Company issued $54 million of 4.88% notes due through December 31, 2020 at 100% of face value. In 2009, the Company issued $700 million of 6.25% redeemable notes due April 1, 2019 at 99.98% of face value. In 2011, the Company issued $350 million of 3.375% notes due September 15, 2021 at 99.552% of face value and $650 million of 4.875% notes due September 15, 2041 at 98.539% of face value. In 2012, the Company issued $1.1 billion of 3.9% notes due September 1, 2042 at 99.038% of face value. In February 2014, the Company issued $ 650 million of 0.9% notes due February 25, 2017 at 99.861% of face value, $ 650 million of 1.95% notes due March 1, 2019 at 99.871% of face value, and $ 700 million of 3.5% notes due March 1, 2024 at 99.648% of face value. The $650 million of 0.9% notes due February 25, 2017 were repaid on the due date. In May 2014, the Company issued € 500 million of 1.75% Euro notes due May 20, 2022 at 99.16% of face value and € 500 million of 3.0% Euro notes due May 19, 2034 at 98.089% of face value. In May 2015, the Company issued €500 million of 1.25% Euro notes due May 22, 2023 at 99.239% of face value and €500 million of 2.125% Euro notes due May 22, 2030 at 99.303% of face value. Net proceeds from the May 2015 debt issuances were used to repay commercial paper and for general corporate purposes. In November 2016, the Company issued $1.0 billion of 2.65% notes due November 15, 2026 at 99.685% of face value. Net proceeds from the November 2016 debt issuance were used to repay commercial paper and for general corporate purposes. The Company designated the € 1.0 billion of Euro notes issued in May 2014 and the € 1.0 billion of Euro notes issued in May 2015 as hedges of a portion of its net investment in Euro-denominated foreign operations to reduce foreign currency risk associated with the investment in these operations. Refer to Note 11. Stockholders' Equity for additional information regarding the net investment hedge. All of the Company's notes listed above represent senior unsecured obligations ranking equal in right of payment. Scheduled maturities of long-term debt, including current maturities of long-term debt, for the future years ending December 31 are as follows: In millions 2018 $ 1 2019 1,348 2020 4 2021 348 2022 595 2023 and future years 5,183 Total $ 7,479

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	12 Months Ended
	Dec. 31, 2017
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits	Pension and Other Postretirement Benefits The Company has both funded and unfunded defined benefit pension and other postretirement benefit plans, predominately in the U.S. The U.S. primary pension plan provides benefits based on years of service and final average salary. The U.S. primary postretirement health care plan is contributory with the participants’ contributions adjusted annually. The U.S. primary postretirement life insurance plan is noncontributory. Beginning January 1, 2007, the U.S. primary pension and other postretirement benefit plans were closed to new participants. Newly hired employees and employees from acquired businesses that are not participating in these plans are eligible for additional Company contributions under the existing U.S. primary defined contribution retirement plans. The Company’s expense related to defined contribution plans was $79 million in 2017 , $77 million in 2016 , and $ 77 million in 2015 . In addition to the U.S. plans, the Company also has defined benefit pension plans in certain other countries, mainly the United Kingdom, Canada, Germany and Switzerland. Summarized information regarding net periodic benefit cost included in the statement of income related to the Company's significant defined benefit pension and other postretirement benefit plans is as follows: Pension Other Postretirement Benefits In millions 2017 2016 2015 2017 2016 2015 Components of net periodic benefit cost: Service cost $ 63 $ 62 $ 70 $ 9 $ 9 $ 11 Interest cost 72 92 92 19 24 24 Expected return on plan assets (133 ) (144 ) (151 ) (23 ) (23 ) (25 ) Amortization of actuarial (gain) loss 57 44 60 (1 ) — (1 ) Amortization of prior service cost — — 1 — (1 ) 1 Total net periodic benefit cost $ 59 $ 54 $ 72 $ 4 $ 9 $ 10 The Company used the updated mortality improvement scales from the Society of Actuaries, MP-2016 and MP-2017, to measure its U.S. pension and other postretirement obligations as of December 31, 2016 and 2017 , respectively, which did not have a significant impact in either period. The following tables provide a rollforward of the plan benefit obligations, plan assets and a reconciliation of funded status for the years ended December 31, 2017 and 2016 : Pension Other Postretirement Benefits In millions 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at January 1 $ 2,562 $ 2,462 $ 551 $ 552 Service cost 63 62 9 9 Interest cost 72 92 19 24 Plan participants’ contributions 2 2 12 12 Actuarial (gain) loss 26 216 (5 ) (5 ) Acquisitions and divestitures — 7 — — Benefits paid (152 ) (150 ) (41 ) (43 ) Medicare subsidy received — — 1 2 Foreign currency translation 88 (129 ) — — Benefit obligation at December 31 $ 2,661 $ 2,562 $ 546 $ 551 Pension Other Postretirement Benefits In millions 2017 2016 2017 2016 Change in plan assets: Fair value of plan assets at January 1 $ 2,487 $ 2,441 $ 351 $ 342 Actual return on plan assets 227 274 45 36 Company contributions 178 70 6 4 Plan participants’ contributions 2 2 12 12 Benefits paid (152 ) (150 ) (41 ) (43 ) Foreign currency translation 90 (150 ) — — Fair value of plan assets at December 31 $ 2,832 $ 2,487 $ 373 $ 351 Funded status $ 171 $ (75 ) $ (173 ) $ (200 ) Other immaterial plans (65 ) (58 ) (5 ) (5 ) Net asset (liability) at December 31 $ 106 $ (133 ) $ (178 ) $ (205 ) The amounts recognized in the statement of financial position as of December 31 consist of: Other assets $ 337 $ 131 $ — $ — Accrued expenses (12 ) (12 ) (4 ) (4 ) Other noncurrent liabilities (219 ) (252 ) (174 ) (201 ) Net asset (liability) at end of year $ 106 $ (133 ) $ (178 ) $ (205 ) The pre-tax amounts recognized in accumulated other comprehensive income consist of: Net actuarial (gain) loss $ 548 $ 673 $ (64 ) $ (38 ) Prior service cost — — — — $ 548 $ 673 $ (64 ) $ (38 ) Accumulated benefit obligation $ 2,499 $ 2,207 Plans with accumulated benefit obligation in excess of plan assets as of December 31: Projected benefit obligation $ 184 $ 183 Accumulated benefit obligation $ 175 $ 167 Fair value of plan assets $ 27 $ 25 Company contributions in 2017 included an additional $115 million discretionary pension contribution related to the U.S. primary pension plan. Assumptions — The weighted-average assumptions used in the valuations of pension and other postretirement benefits were as follows: Pension Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 Assumptions used to determine benefit obligations at December 31: Discount rate 3.12 % 3.41 % 3.95 % 3.72 % 4.30 % 4.55 % Rate of compensation increases 3.54 % 3.77 % 3.72 % Assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 3.41 % 3.95 % 3.70 % 4.30 % 4.55 % 4.15 % Expected return on plan assets 5.53 % 6.22 % 6.54 % 6.80 % 7.00 % 7.00 % Rate of compensation increases 3.77 % 3.72 % 3.72 % The expected long-term rates of return for pension and other postretirement benefit plans were developed using historical asset class returns while factoring in current market conditions such as inflation, interest rates and asset class performance. The discount rate reflects the current rate at which the associated liabilities could theoretically be effectively settled at the end of the year. In estimating this rate, the Company looks at rates of return on high-quality fixed income investments, with similar duration to the liabilities in the plan. Beginning in 2017, the Company changed the method used to estimate the service and interest cost components of net periodic pension and other postretirement benefit costs. The new method provides a more precise measure of the service and interest cost components of net periodic benefit cost by applying specific spot rates along the yield curve to the projected cash flows rather than a single weighted-average rate. Assumed health care cost trend rates have an effect on the amounts reported for the postretirement health care benefit plans. The assumed health care cost trend rates used to determine the postretirement benefit obligation at December 31 were as follows: 2017 2016 2015 Health care cost trend rate assumed for the next year 6.25 % 6.00 % 6.00 % Ultimate trend rate 4.50 % 4.50 % 4.50 % Year the rate reaches the ultimate trend rate 2025 2023 2021 A one percentage-point change in assumed health care cost trend rates would have the following impact: In millions 1 Percentage-Point Increase 1 Percentage-Point Decrease Change in service cost and interest cost for 2017 $ — $ (1 ) Change in postretirement benefit obligation at December 31, 2017 $ 6 $ (11 ) Plan assets — The Company’s overall investment strategy for the assets in the pension funds is to achieve a balance between the goals of growing plan assets and keeping risk at a reasonable level over a long-term investment horizon. In order to reduce unnecessary risk, the pension funds are diversified across several asset classes, securities and investment managers. The target allocations for plan assets are 15% to 25% equity securities, 75% to 85% fixed income securities and 0% to 10% in other types of investments. The Company does not use derivatives for the purpose of speculation, leverage, circumventing investment guidelines or taking risks that are inconsistent with specified guidelines. The assets in the Company’s postretirement health care plan are primarily invested in life insurance policies. The Company’s overall investment strategy for the assets in the postretirement health care fund is to invest in assets that provide a reasonable tax exempt rate of return while preserving capital. The following tables present the fair value of the Company’s pension and other postretirement benefit plan assets at December 31, 2017 and 2016 , by asset category and valuation methodology. Level 1 assets are valued using unadjusted quoted prices for identical assets in active markets. Level 2 assets are valued using quoted prices or other observable inputs for similar assets. Level 3 assets are valued using unobservable inputs, but reflect the assumptions market participants would be expected to use in pricing the assets. Each financial instrument’s categorization is based on the lowest level of input that is significant to the fair value measurement. 2017 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 43 $ 34 $ 9 $ — Equity securities: Domestic — — — — Fixed income securities: Government securities 371 — 371 — Corporate debt securities 943 — 943 — Mortgage-backed securities — — — — Investment contracts with insurance companies 1 — — 1 Commingled funds: Collective trust funds 1,424 Partnerships/private equity interests 41 Other 9 — 9 — Total fair value of pension plan assets $ 2,832 $ 34 $ 1,332 $ 1 Other Postretirement Benefit Plan Assets: Cash and equivalents $ 2 $ 2 $ — $ — Life insurance policies 371 Total fair value of other postretirement benefit plan assets $ 373 $ 2 $ — $ — 2016 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 82 $ 55 $ 27 $ — Equity securities: Domestic 1 1 — — Fixed income securities: Government securities 307 — 307 — Corporate debt securities 541 — 541 — Mortgage-backed securities 19 — 19 — Investment contracts with insurance companies 1 — — 1 Commingled funds: Collective trust funds 1,478 Partnerships/private equity interests 54 Other 4 Total fair value of pension plan assets $ 2,487 $ 56 $ 894 $ 1 Other Postretirement Benefit Plan Assets: Cash and equivalents $ 1 $ 1 $ — $ — Life insurance policies 350 Total fair value of other postretirement benefit plan assets $ 351 $ 1 $ — $ — Cash and equivalents include cash on hand and instruments with original maturities of three months or less and are valued at cost, which approximates fair value. Equity securities primarily include common and preferred equity securities covering a wide range of industries and geographies that are traded in active markets and are valued based on quoted prices. Fixed income securities primarily consist of U.S. and foreign government bills, notes and bonds, corporate debt securities, asset-backed securities and investment contracts. The majority of the assets in this category are valued by evaluating bid prices provided by independent financial data services. For securities where market data is not readily available, unobservable market data is used to value the security. The underlying investments include small-cap equity, international equity and long- and short-term fixed income instruments. Other primarily includes derivative instruments such as interest rate swaps used by fixed income investment managers to offset interest rate sensitivity. Pension assets measured at net asset value include collective trust funds, partnerships/private equity interests and life insurance policies. Collective trust funds are private funds that are valued based on the value of the underlying investments which can be redeemed on a daily basis. The underlying investments include both passively and actively managed U.S. and foreign large- and mid-cap equity funds and short-term investment funds. Partnerships/private equity interests are investments in partnerships where the benefit plan is a limited partner. The investments are valued by the investment managers on a periodic basis using pricing models that use market, income and cost valuation methods. Distributions are received from these funds on a periodic basis through the liquidation of the underlying assets of the fund. Life insurance policies are used to fund other postretirement benefits in order to obtain favorable tax treatment and are valued based on the cash surrender value of the underlying policies. The Company has selected the funds in which these assets are invested and may elect to withdraw funds with proper notice to the insurance company or maintain the policies and receive death benefits as determined by the contracts. Cash flows — The Company generally funds its pension and other postretirement benefit plans as required by law or to the extent such contributions are tax deductible. The Company expects to contribute approximately $ 26 million to its pension plans and $ 5 million to its other postretirement benefit plans in 2018 . The Company’s portion of the benefit payments that are expected to be paid during the years ending December 31 is as follows: In millions Pension Other Postretirement Benefits 2018 $ 159 $ 35 2019 161 36 2020 164 37 2021 167 37 2022 174 37 Years 2023-2027 886 183

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation — The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, including those involving environmental, product liability (including toxic tort) and general liability claims. The Company accrues for such liabilities when it is probable that future costs will be incurred and such costs can be reasonably estimated. Such accruals are based on developments to date, the Company’s estimates of the outcomes of these matters and its experience in contesting, litigating and settling other similar matters. The Company believes resolution of these matters, individually and in the aggregate, will not have a material adverse effect on the Company’s financial position, liquidity or future operations. Lease Commitments — Rental expense was $120 million, $121 million and $117 million for the years ended December 31 2017 , 2016 and 2015 . Future minimum lease payments under non-cancelable leases for the years ending December 31 are as follows: In millions 2018 $ 88 2019 63 2020 45 2021 31 2022 25 2023 and future years 61 Total future minimum lease payments $ 313

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Preferred Stock — Preferred Stock, without par value, of which 0.3 million shares are authorized and unissued, is issuable in series. The Board of Directors is authorized to fix by resolution the designation and characteristics of each series of preferred stock. The Company has no present commitment to issue its preferred stock. Share Repurchases — On August 2, 2013, the Company’s Board of Directors authorized a stock repurchase program, which provided for the repurchase of up to $6.0 billion of the Company’s common stock over an open-ended period of time (the "2013 Program"). Under the 2013 Program, the Company repurchased approximately 14.9 million shares of its common stock at an average price of $96.84 during 2015. As of December 31, 2015 , there were no authorized repurchases remaining under the 2013 Program. On February 13, 2015, the Company's Board of Directors authorized a new stock repurchase program, which provided for the repurchase of up to an additional $6.0 billion of the Company’s common stock over an open-ended period of time (the "2015 Program"). Under the 2015 Program, the Company repurchased approximately 6.1 million shares of its common stock at an average price of $91.78 per share during 2015, approximately 18.7 million shares of its common stock at an average price of $107.17 per share during 2016, and approximately 7.1 million shares of its common stock at an average price of $140.56 per share during 2017. As of December 31, 2017 , there were approximately $2.4 billion of authorized repurchases remaining under the 2015 Program. Cash Dividends — Cash dividends declared were $2.86 per share in 2017 , $2.40 per share in 2016 and $2.07 per share in 2015 . Cash dividends paid were $2.73 per share in 2017 , $2.30 per share in 2016 and $2.005 per share in 2015 . Accumulated Other Comprehensive Income (Loss) — The changes in accumulated other comprehensive income (loss) during 2017 , 2016 and 2015 were as follows: In millions 2017 2016 2015 Beginning balance $ (1,807 ) $ (1,504 ) $ (658 ) Foreign currency translation adjustments during the period 294 (251 ) (800 ) Foreign currency translation adjustments reclassified to income 2 (1 ) — Income taxes 110 (25 ) (60 ) Total foreign currency translation adjustments, net of tax 406 (277 ) (860 ) Pension and other postretirement benefit adjustments during the period 96 (67 ) (41 ) Pension and other postretirement benefit adjustments reclassified to income 56 43 61 Income taxes (38 ) (2 ) (6 ) Total pension and other postretirement benefit adjustments, net of tax 114 (26 ) 14 Ending balance $ (1,287 ) $ (1,807 ) $ (1,504 ) Foreign currency translation adjustments reclassified to income primarily relate to the disposal of operations and were included in the related gain or loss upon disposal. Pension and other postretirement benefit adjustments reclassified to income represent the amortization of actuarial gains and losses and prior service cost. Refer to Note 9. Pension and Other Postretirement Benefits for the amounts included in net periodic benefit cost. The Company designated € 1.0 billion of Euro notes issued in May 2014 and € 1.0 billion of Euro notes issued in May 2015 as hedges of a portion of its net investment in Euro-denominated foreign operations to reduce foreign currency risk associated with the investment in these operations. Changes in the value of this debt resulting from fluctuations in the Euro to U.S. Dollar exchange rate have been recorded as foreign currency translation adjustments within Accumulated other comprehensive income (loss). The cumulative unrealized pre-tax gain recorded in Accumulated other comprehensive income (loss) related to the net investment hedge was $81 million and $375 million as of December 31, 2017 and December 31, 2016 , respectively. As of December 31, 2017 and 2016 , the ending balance of Accumulated other comprehensive income (loss) consisted of after-tax cumulative translation adjustment losses of $1.0 billion and $1.4 billion , respectively, and after-tax unrecognized pension and other postretirement benefits costs of $291 million and $405 million , respectively. The estimated pre-tax unrecognized net benefit cost that will be amortized from Accumulated other comprehensive income (loss) into income in 2018 is $ 41 million for pension and other postretirement benefits.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation On May 8, 2015 (the "Effective Date"), the 2015 Long-Term Incentive Plan (the "2015 Plan") was approved by shareholders. As of the Effective Date, no additional awards will be granted to employees under the 2011 Long-Term Incentive Plan (the "2011 Plan"). The significant terms of stock options and restricted stock units ("RSUs") were not changed under the 2015 Plan. Stock options and RSUs have been issued to officers and other management employees under these plans. Stock options generally vest over a four -year period and have an expiration of ten years from the issuance date. RSUs generally "cliff" vest after a three -year period and include units with and without performance criteria. RSUs with performance criteria provide for full "cliff" vesting after three years if the Compensation Committee certifies that the performance goals have been met. Upon vesting, the holder will receive one share of common stock of the Company for each vested RSU. Commencing in February 2013, the Company began issuing shares from treasury stock to cover the exercised options and vested RSUs. Prior to February 2013, the Company generally issued new shares from its authorized but unissued share pool. As of December 31, 2017 , approximately 13 million shares of ITW common stock were reserved for issuance under these plans. The Company records compensation expense for the grant date fair value of stock awards over the remaining service periods of those awards. The following table summarizes the Company’s stock-based compensation expense: In millions 2017 2016 2015 Pre-tax compensation expense $ 36 $ 39 $ 35 Tax benefit (9 ) (13 ) (12 ) Total stock-based compensation expense, net of tax $ 27 $ 26 $ 23 The following table summarizes activity related to non-vested RSUs during 2017 : Shares in millions Number of Shares Weighted-Average Grant-Date Fair Value Unvested, January 1, 2017 0.7 $83.39 Granted 0.2 127.81 Vested (0.3 ) 74.29 Canceled — 103.95 Unvested, December 31, 2017 0.6 99.87 The following table summarizes stock option activity for the year ended December 31, 2017 : In millions except exercise price and contractual terms Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Under option, January 1, 2017 5.3 $68.05 Granted 0.7 127.95 Exercised (1.4 ) 56.03 Canceled or expired (0.1 ) 117.67 Under option, December 31, 2017 4.5 80.88 6.0 $387 Exercisable, December 31, 2017 2.9 66.80 4.9 $291 Effective with the 2017 grant, issued RSUs provide for dividend equivalents payable in additional RSUs for dividends that would have been paid during the vesting period. Accordingly, the fair value of RSUs issued in 2017 is equal to the common stock fair market value on the date of the grant. For grants prior to 2017, the fair value of RSUs was determined by reducing the closing market price on the date of the grant by the present value of projected dividends over the vesting period. Stock option exercise prices are equal to the common stock fair market value on the date of grant. The Company uses a binomial option pricing model to estimate the fair value of the stock options granted. The following summarizes the assumptions used in the models: 2017 2016 2015 Risk-free interest rate 0.91-2.61% 0.56-1.86% 0.23-2.25% Weighted-average volatility 22.0% 24.0% 23.0% Dividend yield 2.22% 2.12% 2.11% Expected years until exercise 7.2-7.9 6.9-7.7 6.9-8.0 Lattice-based option valuation models, such as the binomial option pricing model, incorporate ranges of assumptions for inputs. The risk-free rate of interest for periods within the contractual life of the option is based on a zero-coupon U.S. government instrument over the contractual term of the equity instrument. Expected volatility is based on implied volatility from traded options on the Company’s stock and historical volatility of the Company’s stock. The Company uses historical data to estimate option exercise timing and employee termination rates within the valuation model. The weighted-average dividend yield is based on historical information. The expected term of options granted is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding. The ranges presented result from separate groups of employees assumed to exhibit different exercise behavior. The weighted-average grant-date fair value of stock options granted during 2017 , 2016 and 2015 was $ 26.83 , $20.02 and $20.58 per share, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2017 , 2016 and 2015 was $ 132 million, $89 million and $55 million , respectively. As of December 31, 2017 , there was $ 9 million of total unrecognized compensation cost related to unvested stock options. That cost is expected to be recognized over a weighted-average period of 2.2 years. Exercise of stock options during the years ended December 31, 2017 , 2016 and 2015 resulted in cash receipts of $ 84 million, $ 84 million and $59 million , respectively. The total fair value of vested stock option awards during the years ended December 31, 2017 , 2016 and 2015 was $ 13 million, $12 million and $13 million , respectively. As of December 31, 2017 , there was $ 24 million of total unrecognized compensation cost related to unvested RSUs. That cost is expected to be recognized over a weighted-average remaining contractual life of 1.9 years. The total fair value of vested RSU awards during the years ended December 31, 2017 , 2016 and 2015 was $ 19 million, $21 million and $20 million , respectively.

Other Balance Sheet Information

Other Balance Sheet Information	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Balance Sheet Information	Other Balance Sheet Information Other balance sheet information at December 31, 2017 and 2016 was as follows: In millions 2017 2016 Prepaid expenses and other current assets: Income tax refunds receivable $ 121 $ 21 Value-added-tax receivables 70 55 Vendor advances 26 20 Other 119 122 Total prepaid expenses and other current assets $ 336 $ 218 Other assets: Cash surrender value of life insurance policies $ 442 $ 442 Prepaid pension assets 337 131 Customer tooling 184 146 Investments 53 73 Other 179 164 Total other assets $ 1,195 $ 956 Accrued expenses: Compensation and employee benefits $ 411 $ 379 Deferred revenue and customer deposits 205 180 Rebates 147 144 Warranties 45 45 Current portion of pension and other postretirement benefit obligations 16 16 Other 434 438 Total accrued expenses $ 1,258 $ 1,202 Other liabilities: Pension benefit obligation $ 219 $ 252 Postretirement benefit obligation 174 201 Other 489 418 Total other liabilities $ 882 $ 871

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segment Information	Segment Information The Company's operations are organized and managed based on similar product offerings and end markets, and are reported to senior management as the following seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The following is a description of the Company's seven segments: Automotive OEM — This segment is a global, niche supplier to top tier OEMs, providing unique innovation to address pain points for sophisticated customers with complex problems. Businesses in this segment produce components and fasteners for automotive-related applications. Food Equipment — This segment is a highly focused and branded industry-leader in commercial food equipment differentiated by innovation and integrated service offerings. Test & Measurement and Electronics — This segment is a branded and innovative producer of test and measurement and electronic manufacturing and MRO solutions that improve efficiency and quality for customers in diverse end markets. Businesses in this segment produce equipment, consumables, and related software for testing and measuring of materials and structures, as well as equipment and consumables used in the production of electronic subassemblies and microelectronics. Welding — This segment is a branded value-added equipment and specialty consumable manufacturer with innovative and leading technology. Businesses in this segment produce arc welding equipment, consumables and accessories for a wide array of industrial and commercial applications. Polymers & Fluids — This segment is a highly branded supplier to niche markets that require value-added, differentiated products. Businesses in this segment produce engineered adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance. Construction Products — This segment is a branded supplier of innovative engineered fastening systems and solutions. Specialty Products — This segment is focused on diversified niche market opportunities with substantial patent protection producing beverage packaging equipment and consumables, product coding and marking equipment and consumables, and appliance components and fasteners. Segments are allocated a fixed overhead charge based on the segment's revenue. Expenses not charged to the segments are reported separately as Unallocated. Because the Unallocated category includes a variety of items, it is subject to fluctuations on a quarterly and annual basis. Unallocated in 2017 includes the favorable impact from the previously discussed confidential legal settlement. Segment information for 2017 , 2016 and 2015 was as follows: In millions 2017 2016 2015 Operating revenue: Automotive OEM $ 3,271 $ 2,864 $ 2,529 Food Equipment 2,123 2,110 2,096 Test & Measurement and Electronics 2,069 1,974 1,969 Welding 1,538 1,486 1,650 Polymers & Fluids 1,724 1,691 1,712 Construction Products 1,672 1,609 1,587 Specialty Products 1,938 1,885 1,885 Intersegment revenue (21 ) (20 ) (23 ) Total $ 14,314 $ 13,599 $ 13,405 Operating income: Automotive OEM $ 747 $ 690 $ 613 Food Equipment 556 537 498 Test & Measurement and Electronics 464 372 322 Welding 415 370 415 Polymers & Fluids 357 343 335 Construction Products 399 361 316 Specialty Products 527 482 439 Total Segments 3,465 3,155 2,938 Unallocated 29 (91 ) (71 ) Total $ 3,494 $ 3,064 $ 2,867 Depreciation and amortization and impairment of intangible assets: Automotive OEM $ 111 $ 90 $ 76 Food Equipment 45 45 48 Test & Measurement and Electronics 92 104 110 Welding 28 36 37 Polymers & Fluids 89 92 95 Construction Products 33 34 36 Specialty Products 64 69 75 Total $ 462 $ 470 $ 477 Plant and equipment additions: Automotive OEM $ 147 $ 116 $ 106 Food Equipment 27 31 37 Test & Measurement and Electronics 23 25 32 Welding 17 16 23 Polymers & Fluids 16 18 20 Construction Products 22 20 26 Specialty Products 45 47 40 Total $ 297 $ 273 $ 284 Identifiable assets: Automotive OEM $ 2,402 $ 2,051 $ 1,419 Food Equipment 1,054 1,013 1,054 Test & Measurement and Electronics 2,449 2,362 2,448 Welding 756 701 747 Polymers & Fluids 2,067 2,019 2,034 Construction Products 1,196 1,099 1,129 Specialty Products 1,721 1,599 1,659 Total Segments 11,645 10,844 10,490 Corporate 5,135 4,357 5,239 Total $ 16,780 $ 15,201 $ 15,729 Identifiable assets by segment are those assets that are specifically used in that segment. Corporate assets are principally cash and equivalents, investments and other general corporate assets. Enterprise-wide information for 2017 , 2016 and 2015 was as follows: In millions 2017 2016 2015 Operating Revenue by Geographic Region: United States $ 6,243 $ 6,176 $ 6,167 Canada/Mexico 996 923 928 Total North America 7,239 7,099 7,095 Europe, Middle East and Africa 4,102 3,787 3,725 Asia Pacific 2,577 2,361 2,197 South America 396 352 388 Total Operating Revenue $ 14,314 $ 13,599 $ 13,405 Operating revenue by geographic region is based on the customers' locations. At December 31, 2017, the Company had approximately 10% of its total long-lived assets in Germany. There was no single country outside the U.S. with long-lived assets exceeding 10% of the Company's total long-lived assets in 2016 or 2015. No single customer accounted for more than 5% of consolidated revenues in 2017 , 2016 or 2015 . Additionally, the Company has thousands of product lines within its businesses; therefore, providing operating revenue by product line is not practicable.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The unaudited quarterly financial data included as supplementary data reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Three Months Ended March 31 June 30 September 30 December 31 In millions except per share amounts 2017 2016 2017 2016 2017 2016 2017 2016 Operating revenue $ 3,471 $ 3,274 $ 3,599 $ 3,431 $ 3,615 $ 3,495 $ 3,629 $ 3,399 Cost of revenue 2,004 1,896 2,087 1,967 2,094 2,027 2,124 2,006 Operating income 809 722 874 792 961 808 850 742 Net income 536 468 587 525 640 535 (76 ) 507 Net income (loss) per share: Basic 1.55 1.29 1.70 1.47 1.86 1.51 (0.22 ) 1.46 Diluted 1.54 1.29 1.69 1.46 1.85 1.50 (0.22 ) 1.45

Description of Business and S24

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Consolidation and Translation	Consolidation and translation — The financial statements include the Company and its majority-owned subsidiaries. The Company follows the equity method of accounting for investments where the Company has a significant influence but not a controlling interest. Intercompany transactions are eliminated from the financial statements. Foreign subsidiaries’ assets and liabilities are translated to U.S. dollars at end-of-period exchange rates. Revenues and expenses are translated at average rates for the period. Translation adjustments are reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity.
Reclassifications	Reclassifications — Certain reclassifications of prior year data have been made to conform to current year reporting.
Use of Estimates	Use of estimates — The preparation of the Company’s financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the notes to financial statements. Actual results could differ from those estimates.
Acquisitions	Acquisitions — The Company accounts for acquisitions under the acquisition method, in which assets acquired and liabilities assumed are recorded at fair value as of the date of acquisition. The operating results of the acquired companies are included in the Company’s consolidated financial statements from the date of acquisition.
Operating Revenue	Operating revenue — Operating revenue is recognized when persuasive evidence of an arrangement exists, product has shipped and the risks and rewards of ownership have transferred or services have been rendered, the price to the customer is fixed or determinable, and collectibility is reasonably assured, which is generally at the time of product shipment. Typical sales arrangements are for standard products and provide for transfer of ownership and risk of loss at the time of shipment. In limited circumstances where significant obligations to the customer are unfulfilled at the time of shipment, typically involving installation and customer acceptance, revenue recognition is deferred until such obligations have been completed. Customer allowances and rebates, consisting primarily of volume discounts and other short-term incentive programs, are estimated at the time of sale based on historical experience and known trends and are recorded as a reduction in reported revenues.
Research and Development Expenses	Research and development expenses — Research and development expenses are recorded as expense in the year incurred.
Advertising Expenses	Advertising expenses — Advertising expenses are recorded as expense in the year incurred.
Income Taxes	Income taxes — The Company utilizes the asset and liability method of accounting for income taxes. Deferred income taxes are determined based on the estimated future tax effects of differences between the financial and tax bases of assets and liabilities given the provisions of the enacted tax laws. Valuation allowances are established when it is estimated that it is more likely than not that the tax benefit of the deferred tax asset will not be realized.
Cash and Equivalents	Cash and equivalents — Cash and equivalents include cash on hand and instruments having original maturities of three months or less. Cash and equivalents are stated at cost, which approximates fair value.
Trade Receivables	Trade receivables — Trade receivables are net of allowances for doubtful accounts which includes reserves for uncollectible accounts, customer credits and cash discounts. The Company estimates the allowance for uncollectible accounts based on the greater of a specific reserve or a reserve calculated based on the historical write-off percentage over the last two years. In addition, reserves for customer credits and cash discounts are estimated based on past experience.
Inventories	Inventories — Inventories are stated at the lower of cost or net realizable value and include material, labor and factory overhead. The last-in, first-out ("LIFO") method is used to determine the cost of inventories at certain U.S. businesses. The first-in, first-out ("FIFO") method, which approximates current cost, is used for all other inventories.
Net Plant and Equipment	The Company’s U.S. businesses primarily compute depreciation on an accelerated basis. The majority of the Company's international businesses compute depreciation on a straight-line basis. Net plant and equipment — Net plant and equipment are stated at cost, less accumulated depreciation. Renewals and improvements that increase the useful life of plant and equipment are capitalized. Maintenance and repairs are charged to expense as incurred.
Goodwill and Intangible Assets	Goodwill and intangible assets — Goodwill represents the excess cost over fair value of the net assets of acquired businesses. The Company does not amortize goodwill and intangible assets that have indefinite lives. Amortizable intangible assets are being amortized on a straight-line basis over their estimated useful lives of 3 to 20 years. The Company performs an impairment assessment of goodwill and intangible assets with indefinite lives annually, or more frequently if triggering events occur, based on the estimated fair value of the related reporting unit or intangible asset. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. When performing its annual impairment assessment, the Company evaluates the goodwill assigned to each of its reporting units for potential impairment by comparing the estimated fair value of the relevant reporting unit to the carrying value. The Company uses various Level 2 and Level 3 valuation techniques to determine the fair value of its reporting units, including discounting estimated future cash flows based on a detailed cash flow forecast prepared by the relevant reporting unit and market multiples of relevant public companies. If the fair value of a reporting unit is less than its carrying value, an impairment loss, if any, is recorded for the difference between the implied fair value and the carrying value of the reporting unit's goodwill. The Company's indefinite-lived intangible assets consist of trademarks and brands. The estimated fair values of these intangible assets are determined based on a Level 3 valuation method using a relief-from-royalty income approach derived from internally forecasted revenues of the related products. If the fair value of the trademark or brand is less than its carrying value, an impairment loss is recorded for the difference between the estimated fair value and carrying value of the intangible asset.
Accrued Warranties	Accrued warranties — The Company accrues for product warranties based on historical experience.
New Accounting Pronouncements	New Accounting Pronouncements Effective January 1, 2017 In March 2016, the Financial Accounting Standards Board (the "FASB") issued authoritative guidance that includes several changes to simplify the accounting for stock-based compensation, including the accounting for income taxes, forfeitures, statutory tax withholding requirements and classification of tax benefits in the statement of cash flows. Among the more significant changes, the new guidance requires that the income tax effects associated with the settlement of stock-based awards after adoption of the guidance be recognized through income tax expense rather than directly in equity. Additionally, the income tax effects related to excess tax benefits should be presented within operating cash flows in the statement of cash flows rather than as a financing activity. Excess tax benefits recognized in equity under the prior guidance were $29 million and $20 million for the years ended December 31, 2016 and 2015, respectively. The Company adopted the new guidance effective January 1, 2017 and applied the new guidance prospectively. Excess tax benefits of $50 million were included in Income taxes in the statement of income for the year ended December 31, 2017. The expected effect on income tax expense or net cash provided from operating activities related to future stock-based award settlements will vary each period and will depend on inputs such as the stock price at the time of settlement and the number of awards settled in the period presented. Effective January 1, 2018 In May 2014, the FASB issued authoritative guidance to change the criteria for revenue recognition. The core principle of the new guidance is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, several new revenue recognition disclosures will be required. The Company's sales arrangements with customers are predominately short term in nature and generally provide for transfer of control and revenue recognition at the time of product shipment or delivery of service. In limited circumstances, arrangements may include service performed over time, or there may be significant obligations to the customer that are unfulfilled at the time of shipment, typically involving installation of equipment and customer acceptance. Effective January 1, 2018, the Company adopted this new guidance under the modified retrospective method which requires the new guidance to be applied prospectively to revenue transactions completed on or after the effective date. Given the nature of the Company’s revenue transactions, the new guidance is not expected to have a material impact on the Company’s operating revenue, results of operations, or financial position. As a result of adopting the guidance, the Company expects to record a cumulative-effect adjustment reducing retained earnings as of January 1, 2018 by approximately $10 million related to certain transactions that were impacted by the new guidance. Additionally, the Company expects to provide the required additional disclosures in periods subsequent to adoption. In October 2016, the FASB issued authoritative guidance requiring the recognition of the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs rather than when transferred to a third party as required under the current guidance. Effective January 1, 2018, the Company adopted the new guidance and will apply the newly adopted guidance to intra-entity asset transfers on or after the date of adoption. As a result of adopting the new guidance, the Company expects to record a cumulative-effect adjustment reducing deferred tax assets and retained earnings by approximately $400 million . Additionally, intra-entity asset transfers may result in future tax rate volatility under the new guidance. In March 2017, the FASB issued authoritative guidance which changes the income statement presentation of the components of net periodic benefit cost related to defined benefit pension and other postretirement plans. The primary change under the new guidance is that only the service cost component of net periodic benefit cost should be included in operating income and is eligible for capitalization as an asset. The other components of net periodic benefit cost, including interest cost, expected return on assets, settlements, curtailments, and amortization of actuarial gains and losses and prior service cost, should be presented below operating income. Effective January 1, 2018, the Company adopted the new guidance and will apply the new presentation of net periodic benefit cost in future periods and expects to restate prior periods for comparability. The adoption of this guidance is not expected to have a material impact on the Company’s results of operations, financial position or cash flows. For the years ended December 31, 2017, 2016 and 2015, the other components of net periodic benefit cost were income of $9 million , income of $8 million , and expense of $1 million , respectively. Refer to Note 9. Pension and Other Postretirement Benefits for further information regarding the Company’s net periodic benefit cost. Effective January 1, 2019 In February 2016, the FASB issued authoritative guidance to change the criteria for recognizing leasing transactions. Under the new guidance, a lessee will be required to recognize a lease liability and lease asset for all leases, including operating leases, with a lease term greater than twelve months in the statement of financial position. Subsequent measurement, including presentation of expenses and cash flows, will depend on the classification of the lease as either a financing or operating lease. In addition, several new disclosures will be required. This guidance is effective for the Company beginning January 1, 2019, with early adoption permitted. While the Company has not yet completed its evaluation of the impact the new lease accounting guidance will have on the consolidated financial statements and related disclosures, the Company expects to recognize right of use assets and liabilities for its operating leases in the statement of financial position upon adoption.
Debt	Short-term debt represents obligations with a maturity date of one year or less and is stated at cost which approximates fair value. Short-term debt also includes current maturities of long-term debt. Long-term debt represents obligations with a maturity date greater than one year, and excludes current maturities that have been reclassified to short-term debt.
Commitments and Contingencies	The Company accrues for such liabilities when it is probable that future costs will be incurred and such costs can be reasonably estimated.

Description of Business and S25

Description of Business and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Changes in Allowances for Uncollectible Accounts	The changes in the allowance for doubtful accounts for the years ended 2017 , 2016 and 2015 were as follows: In millions 2017 2016 2015 Beginning balance $ 43 $ 42 $ 43 Provision charged to expense 3 7 7 Write-offs, net of recoveries (6 ) (6 ) (5 ) Acquisitions and divestitures — 1 — Foreign currency translation 3 (1 ) (3 ) Ending balance $ 43 $ 43 $ 42
Schedule of Inventory	The major classes of inventory at December 31, 2017 and 2016 were as follows: In millions 2017 2016 Raw material $ 465 $ 407 Work-in-process 141 126 Finished goods 703 629 LIFO reserve (89 ) (86 ) Total inventories $ 1,220 $ 1,076
Net Plant and Equipment	The ranges of useful lives used to depreciate plant and equipment are as follows: Buildings and improvements 5—50 years Machinery and equipment 3—12 years Equipment leased to others Term of lease Net plant and equipment consisted of the following at December 31, 2017 and 2016 : In millions 2017 2016 Land $ 203 $ 186 Buildings and improvements 1,370 1,297 Machinery and equipment 3,301 3,036 Equipment leased to others 164 160 Construction in progress 123 104 Gross plant and equipment 5,161 4,783 Accumulated depreciation (3,383 ) (3,131 ) Net plant and equipment $ 1,778 $ 1,652
Changes in Accrued Warranties	The changes in accrued warranties for the years ended December 31, 2017 , 2016 and 2015 were as follows: In millions 2017 2016 2015 Beginning balance $ 45 $ 46 $ 49 Charges (45 ) (41 ) (37 ) Provision charged to expense 43 42 36 Acquisitions and divestitures — 1 — Foreign currency translation 2 (3 ) (2 ) Ending balance $ 45 $ 45 $ 46

Other Income (Expense) (Tables)

Other Income (Expense) (Tables)	12 Months Ended
	Dec. 31, 2017
Other Income and Expenses [Abstract]
Other Income (Expense)	Other income (expense) consisted of the following: In millions 2017 2016 2015 Interest income $ 45 $ 38 $ 52 Income (loss) from investments 16 (13 ) 4 Gain (loss) on disposal of operations and affiliates 1 (12 ) 16 Equity income (loss) in Wilsonart — 61 (4 ) Gain (loss) on foreign currency transactions, net (25 ) 9 5 Other, net (1 ) (2 ) 5 Total other income (expense) $ 36 $ 81 $ 78

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Components of the Provision for Income Taxes	The components of the provision for income taxes were as follows: In millions 2017 2016 2015 U.S. federal income taxes: Current $ 1,117 $ 756 $ 503 Deferred (10 ) (224 ) 8 Total U.S. federal income taxes 1,107 532 511 Foreign income taxes: Current 296 290 310 Deferred 102 (5 ) (11 ) Benefit of net operating loss carryforwards — — (48 ) Total foreign income taxes 398 285 251 State income taxes: Current 106 90 66 Deferred (28 ) (34 ) (8 ) Total state income taxes 78 56 58 Total provision for income taxes $ 1,583 $ 873 $ 820
Income from Continuing Operations Before Income Taxes	Income before taxes for domestic and foreign operations was as follows: In millions 2017 2016 2015 Domestic $ 1,806 $ 1,653 $ 1,660 Foreign 1,464 1,255 1,059 Total income before taxes $ 3,270 $ 2,908 $ 2,719
Reconciliation Between the U.S. Federal Statutory Tax Rate and the Effective Tax Rate	The reconciliation between the U.S. federal statutory tax rate and the effective tax rate was as follows: 2017 2016 2015 U.S. federal statutory tax rate 35.0 % 35.0 % 35.0 % Tax effect of U.S. federal tax law change 20.1 — — State income taxes, net of U.S. federal tax benefit 1.2 1.3 1.4 Differences between U.S. federal statutory and foreign tax rates (3.5 ) (3.6 ) (3.1 ) Nontaxable foreign interest income (1.7 ) (2.1 ) (3.3 ) Tax effect of foreign dividends 0.9 1.5 2.8 Tax relief for U.S. manufacturers (1.4 ) (1.4 ) (1.6 ) Excess tax benefits from stock-based compensation (1.5 ) — — Other, net (0.7 ) (0.7 ) (1.1 ) Effective tax rate 48.4 % 30.0 % 30.1 %
Components of Deferred Income Tax Assets and Liabilities	The components of deferred income tax assets and liabilities at December 31, 2017 and 2016 were as follows: 2017 2016 In millions Asset Liability Asset Liability Goodwill and intangible assets $ 195 $ (506 ) $ 240 $ (716 ) Inventory reserves, capitalized tax cost and LIFO inventory 31 (3 ) 40 (5 ) Investments 15 (180 ) 23 (206 ) Plant and equipment 18 (64 ) 23 (79 ) Accrued expenses and reserves 45 — 76 — Employee benefit accruals 177 — 306 — Foreign tax credit carryforwards 13 — 6 — Net operating loss carryforwards 507 — 610 — Capital loss carryforwards 98 — 42 — Allowances for uncollectible accounts 9 — 13 — Pension liabilities — (25 ) 25 — Deferred intercompany deductions 405 — 430 — Unrealized loss (gain) on foreign debt instruments — (19 ) — (140 ) Other 99 (15 ) 97 (16 ) Gross deferred income tax assets (liabilities) 1,612 (812 ) 1,931 (1,162 ) Valuation allowances (459 ) — (454 ) — Total deferred income tax assets (liabilities) $ 1,153 $ (812 ) $ 1,477 $ (1,162 )
Net Operating Loss Carryforwards	At December 31, 2017 , the Company had net operating loss carryforwards available to offset future taxable income in the U.S. and certain foreign jurisdictions, which expire as follows: Gross Carryforwards Related In millions to Net Operating Losses 2018 $ 15 2019 17 2020 86 2021 79 2022 24 2023 19 2024 17 2025-2037 17 Do not expire 1,685 Total gross carryforwards related to net operating losses $ 1,959
Changes in Amount of Unrecognized Tax Benefits	The changes in the amount of unrecognized tax benefits for the years ended 2017 , 2016 and 2015 were as follows: In millions 2017 2016 2015 Beginning balance $ 210 $ 259 $ 218 Additions based on tax positions related to the current year 42 19 39 Additions for tax positions of prior years 100 126 54 Reductions for tax positions of prior years (24 ) (97 ) (41 ) Settlements (53 ) (96 ) (6 ) Foreign currency translation 10 (1 ) (5 ) Ending balance $ 285 $ 210 $ 259
Open Tax Years for Company's Major Jurisdictions	The following table summarizes the open tax years for the Company’s major jurisdictions: Jurisdiction Open Tax Years United States – Federal 2014-2017 United Kingdom 2016-2017 Germany 2012-2017 France 2014-2017 Australia 2013-2017

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Computation of Income Per Share from Continuing Operations	The computation of net income per share was as follows: In millions except per share amounts 2017 2016 2015 Net Income $ 1,687 $ 2,035 $ 1,899 Net income per share—Basic: Weighted-average common shares 344.1 355.0 367.9 Net income per share—Basic $ 4.90 $ 5.73 $ 5.16 Net income per share—Diluted: Weighted-average common shares 344.1 355.0 367.9 Effect of dilutive stock options and restricted stock units 2.7 2.1 2.2 Weighted-average common shares assuming dilution 346.8 357.1 370.1 Net income per share—Diluted $ 4.86 $ 5.70 $ 5.13

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the Carrying Amount of Goodwill	The changes in the carrying amount of goodwill for the years ended December 31, 2017 and 2016 were as follows: In millions Automotive OEM Test & Measurement and Electronics Food Equipment Polymers & Fluids Welding Construction Products Specialty Products Total Balance, December 31, 2015 $ 277 $ 1,355 $ 259 $ 894 $ 261 $ 516 $ 877 $ 4,439 2016 activity: Acquisitions & divestitures 187 1 — (2 ) — (1 ) 1 186 Foreign currency translation (8 ) (20 ) (10 ) (3 ) (1 ) (7 ) (18 ) (67 ) Balance, December 31, 2016 456 1,336 249 889 260 508 860 4,558 2017 activity: Acquisitions & divestitures — — — — — — 1 1 Foreign currency translation 32 36 20 30 12 22 41 193 Balance, December 31, 2017 $ 488 $ 1,372 $ 269 $ 919 $ 272 $ 530 $ 902 $ 4,752 Cumulative goodwill impairment charges, December 31, 2017 $ 24 $ 83 $ 60 $ 15 $ 5 $ 7 $ 46 $ 240
Schedule of Finite-lived Intangible Assets	Intangible assets as of December 31, 2017 and 2016 were as follows: 2017 2016 In millions Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets: Customer lists and relationships $ 1,753 $ (1,182 ) $ 571 $ 1,744 $ (1,060 ) $ 684 Trademarks and brands 761 (391 ) 370 733 (344 ) 389 Patents and proprietary technology 623 (473 ) 150 620 (432 ) 188 Other 474 (453 ) 21 461 (444 ) 17 Total amortizable intangible assets 3,611 (2,499 ) 1,112 3,558 (2,280 ) 1,278 Indefinite-lived intangible assets: Trademarks and brands 160 — 160 185 — 185 Total intangible assets $ 3,771 $ (2,499 ) $ 1,272 $ 3,743 $ (2,280 ) $ 1,463
Schedule of Indefinite-lived Intangible Assets	Intangible assets as of December 31, 2017 and 2016 were as follows: 2017 2016 In millions Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets: Customer lists and relationships $ 1,753 $ (1,182 ) $ 571 $ 1,744 $ (1,060 ) $ 684 Trademarks and brands 761 (391 ) 370 733 (344 ) 389 Patents and proprietary technology 623 (473 ) 150 620 (432 ) 188 Other 474 (453 ) 21 461 (444 ) 17 Total amortizable intangible assets 3,611 (2,499 ) 1,112 3,558 (2,280 ) 1,278 Indefinite-lived intangible assets: Trademarks and brands 160 — 160 185 — 185 Total intangible assets $ 3,771 $ (2,499 ) $ 1,272 $ 3,743 $ (2,280 ) $ 1,463
Estimated Amortization Expense of Intangible Assets	The estimated amortization expense of intangible assets for the future years ending December 31 is as follows: In millions 2018 $ 185 2019 163 2020 143 2021 124 2022 112

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Short-term Debt	Short-term debt as of December 31, 2017 and 2016 consisted of the following: In millions 2017 2016 Commercial paper $ 849 $ — Current maturities of long-term debt 1 650 Other borrowings — 2 Total short-term debt $ 850 $ 652
Schedule of Long-term Debt	Long-term debt at carrying value and fair value as of December 31, 2017 and 2016 consisted of the following: 2017 2016 In millions Effective Interest Rate Carrying Value Fair Value Carrying Value Fair Value 0.90% notes due February 25, 2017 0.95% $ — $ — $ 650 $ 650 1.95% notes due March 1, 2019 1.98% 649 649 648 656 6.25% notes due April 1, 2019 6.25% 699 736 698 768 4.88% notes due thru December 31, 2020 4.96% 4 4 4 4 3.375% notes due September 15, 2021 3.43% 348 361 348 365 1.75% Euro notes due May 20, 2022 1.86% 595 638 520 565 1.25% Euro notes due May 22, 2023 1.35% 595 624 520 549 3.50% notes due March 1, 2024 3.54% 696 734 695 728 2.65% notes due November 15, 2026 2.69% 992 980 991 959 2.125% Euro notes due May 22, 2030 2.18% 594 646 519 565 3.0% Euro notes due May 19, 2034 3.13% 586 702 512 618 4.875% notes due September 15, 2041 4.97% 636 791 636 734 3.9% notes due September 1, 2042 3.96% 1,081 1,183 1,080 1,114 Other borrowings 4 4 6 6 Total $ 7,479 $ 8,052 $ 7,827 $ 8,281 Less: Current maturities of long-term debt (1 ) (650 ) Total long-term debt $ 7,478 $ 7,177
Scheduled Maturities of Long-term Debt	Scheduled maturities of long-term debt, including current maturities of long-term debt, for the future years ending December 31 are as follows: In millions 2018 $ 1 2019 1,348 2020 4 2021 348 2022 595 2023 and future years 5,183 Total $ 7,479

Pension and Other Postretirem31

Pension and Other Postretirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2017
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefit Costs	Summarized information regarding net periodic benefit cost included in the statement of income related to the Company's significant defined benefit pension and other postretirement benefit plans is as follows: Pension Other Postretirement Benefits In millions 2017 2016 2015 2017 2016 2015 Components of net periodic benefit cost: Service cost $ 63 $ 62 $ 70 $ 9 $ 9 $ 11 Interest cost 72 92 92 19 24 24 Expected return on plan assets (133 ) (144 ) (151 ) (23 ) (23 ) (25 ) Amortization of actuarial (gain) loss 57 44 60 (1 ) — (1 ) Amortization of prior service cost — — 1 — (1 ) 1 Total net periodic benefit cost $ 59 $ 54 $ 72 $ 4 $ 9 $ 10
Change in Plan Benefit Obligations	The following tables provide a rollforward of the plan benefit obligations, plan assets and a reconciliation of funded status for the years ended December 31, 2017 and 2016 : Pension Other Postretirement Benefits In millions 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at January 1 $ 2,562 $ 2,462 $ 551 $ 552 Service cost 63 62 9 9 Interest cost 72 92 19 24 Plan participants’ contributions 2 2 12 12 Actuarial (gain) loss 26 216 (5 ) (5 ) Acquisitions and divestitures — 7 — — Benefits paid (152 ) (150 ) (41 ) (43 ) Medicare subsidy received — — 1 2 Foreign currency translation 88 (129 ) — — Benefit obligation at December 31 $ 2,661 $ 2,562 $ 546 $ 551
Change in Plan Assets and Reconciliation of Funded Status	Pension Other Postretirement Benefits In millions 2017 2016 2017 2016 Change in plan assets: Fair value of plan assets at January 1 $ 2,487 $ 2,441 $ 351 $ 342 Actual return on plan assets 227 274 45 36 Company contributions 178 70 6 4 Plan participants’ contributions 2 2 12 12 Benefits paid (152 ) (150 ) (41 ) (43 ) Foreign currency translation 90 (150 ) — — Fair value of plan assets at December 31 $ 2,832 $ 2,487 $ 373 $ 351 Funded status $ 171 $ (75 ) $ (173 ) $ (200 ) Other immaterial plans (65 ) (58 ) (5 ) (5 ) Net asset (liability) at December 31 $ 106 $ (133 ) $ (178 ) $ (205 ) The amounts recognized in the statement of financial position as of December 31 consist of: Other assets $ 337 $ 131 $ — $ — Accrued expenses (12 ) (12 ) (4 ) (4 ) Other noncurrent liabilities (219 ) (252 ) (174 ) (201 ) Net asset (liability) at end of year $ 106 $ (133 ) $ (178 ) $ (205 ) The pre-tax amounts recognized in accumulated other comprehensive income consist of: Net actuarial (gain) loss $ 548 $ 673 $ (64 ) $ (38 ) Prior service cost — — — — $ 548 $ 673 $ (64 ) $ (38 ) Accumulated benefit obligation $ 2,499 $ 2,207 Plans with accumulated benefit obligation in excess of plan assets as of December 31: Projected benefit obligation $ 184 $ 183 Accumulated benefit obligation $ 175 $ 167 Fair value of plan assets $ 27 $ 25
Weighted-average Assumptions Used in the Valuations of Pension and Other Postretirement Benefits	The weighted-average assumptions used in the valuations of pension and other postretirement benefits were as follows: Pension Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 Assumptions used to determine benefit obligations at December 31: Discount rate 3.12 % 3.41 % 3.95 % 3.72 % 4.30 % 4.55 % Rate of compensation increases 3.54 % 3.77 % 3.72 % Assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 3.41 % 3.95 % 3.70 % 4.30 % 4.55 % 4.15 % Expected return on plan assets 5.53 % 6.22 % 6.54 % 6.80 % 7.00 % 7.00 % Rate of compensation increases 3.77 % 3.72 % 3.72 %
Assumed Health Care Cost Trend Rates	The assumed health care cost trend rates used to determine the postretirement benefit obligation at December 31 were as follows: 2017 2016 2015 Health care cost trend rate assumed for the next year 6.25 % 6.00 % 6.00 % Ultimate trend rate 4.50 % 4.50 % 4.50 % Year the rate reaches the ultimate trend rate 2025 2023 2021
Impact of One Percentage-point Change in Assumed Health Care Costs Trend Rates	A one percentage-point change in assumed health care cost trend rates would have the following impact: In millions 1 Percentage-Point Increase 1 Percentage-Point Decrease Change in service cost and interest cost for 2017 $ — $ (1 ) Change in postretirement benefit obligation at December 31, 2017 $ 6 $ (11 )
Benefit Plan Assets by Category and Valuation Methodology	The following tables present the fair value of the Company’s pension and other postretirement benefit plan assets at December 31, 2017 and 2016 , by asset category and valuation methodology. Level 1 assets are valued using unadjusted quoted prices for identical assets in active markets. Level 2 assets are valued using quoted prices or other observable inputs for similar assets. Level 3 assets are valued using unobservable inputs, but reflect the assumptions market participants would be expected to use in pricing the assets. Each financial instrument’s categorization is based on the lowest level of input that is significant to the fair value measurement. 2017 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 43 $ 34 $ 9 $ — Equity securities: Domestic — — — — Fixed income securities: Government securities 371 — 371 — Corporate debt securities 943 — 943 — Mortgage-backed securities — — — — Investment contracts with insurance companies 1 — — 1 Commingled funds: Collective trust funds 1,424 Partnerships/private equity interests 41 Other 9 — 9 — Total fair value of pension plan assets $ 2,832 $ 34 $ 1,332 $ 1 Other Postretirement Benefit Plan Assets: Cash and equivalents $ 2 $ 2 $ — $ — Life insurance policies 371 Total fair value of other postretirement benefit plan assets $ 373 $ 2 $ — $ — 2016 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 82 $ 55 $ 27 $ — Equity securities: Domestic 1 1 — — Fixed income securities: Government securities 307 — 307 — Corporate debt securities 541 — 541 — Mortgage-backed securities 19 — 19 — Investment contracts with insurance companies 1 — — 1 Commingled funds: Collective trust funds 1,478 Partnerships/private equity interests 54 Other 4 Total fair value of pension plan assets $ 2,487 $ 56 $ 894 $ 1 Other Postretirement Benefit Plan Assets: Cash and equivalents $ 1 $ 1 $ — $ — Life insurance policies 350 Total fair value of other postretirement benefit plan assets $ 351 $ 1 $ — $ —
Expected Benefit Payments	The Company’s portion of the benefit payments that are expected to be paid during the years ending December 31 is as follows: In millions Pension Other Postretirement Benefits 2018 $ 159 $ 35 2019 161 36 2020 164 37 2021 167 37 2022 174 37 Years 2023-2027 886 183

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Lease Payments	Future minimum lease payments under non-cancelable leases for the years ending December 31 are as follows: In millions 2018 $ 88 2019 63 2020 45 2021 31 2022 25 2023 and future years 61 Total future minimum lease payments $ 313

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) during 2017 , 2016 and 2015 were as follows: In millions 2017 2016 2015 Beginning balance $ (1,807 ) $ (1,504 ) $ (658 ) Foreign currency translation adjustments during the period 294 (251 ) (800 ) Foreign currency translation adjustments reclassified to income 2 (1 ) — Income taxes 110 (25 ) (60 ) Total foreign currency translation adjustments, net of tax 406 (277 ) (860 ) Pension and other postretirement benefit adjustments during the period 96 (67 ) (41 ) Pension and other postretirement benefit adjustments reclassified to income 56 43 61 Income taxes (38 ) (2 ) (6 ) Total pension and other postretirement benefit adjustments, net of tax 114 (26 ) 14 Ending balance $ (1,287 ) $ (1,807 ) $ (1,504 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock-based Compensation Expense	The following table summarizes the Company’s stock-based compensation expense: In millions 2017 2016 2015 Pre-tax compensation expense $ 36 $ 39 $ 35 Tax benefit (9 ) (13 ) (12 ) Total stock-based compensation expense, net of tax $ 27 $ 26 $ 23
Summary of Activity Related to Non-vested RSUs	The following table summarizes activity related to non-vested RSUs during 2017 : Shares in millions Number of Shares Weighted-Average Grant-Date Fair Value Unvested, January 1, 2017 0.7 $83.39 Granted 0.2 127.81 Vested (0.3 ) 74.29 Canceled — 103.95 Unvested, December 31, 2017 0.6 99.87
Summary of Stock Option Activity	The following table summarizes stock option activity for the year ended December 31, 2017 : In millions except exercise price and contractual terms Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Under option, January 1, 2017 5.3 $68.05 Granted 0.7 127.95 Exercised (1.4 ) 56.03 Canceled or expired (0.1 ) 117.67 Under option, December 31, 2017 4.5 80.88 6.0 $387 Exercisable, December 31, 2017 2.9 66.80 4.9 $291
Summary of Assumptions Used in Options Pricing Model	The following summarizes the assumptions used in the models: 2017 2016 2015 Risk-free interest rate 0.91-2.61% 0.56-1.86% 0.23-2.25% Weighted-average volatility 22.0% 24.0% 23.0% Dividend yield 2.22% 2.12% 2.11% Expected years until exercise 7.2-7.9 6.9-7.7 6.9-8.0

Other Balance Sheet Informati35

Other Balance Sheet Information (Tables)	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Balance Sheet Information	Other balance sheet information at December 31, 2017 and 2016 was as follows: In millions 2017 2016 Prepaid expenses and other current assets: Income tax refunds receivable $ 121 $ 21 Value-added-tax receivables 70 55 Vendor advances 26 20 Other 119 122 Total prepaid expenses and other current assets $ 336 $ 218 Other assets: Cash surrender value of life insurance policies $ 442 $ 442 Prepaid pension assets 337 131 Customer tooling 184 146 Investments 53 73 Other 179 164 Total other assets $ 1,195 $ 956 Accrued expenses: Compensation and employee benefits $ 411 $ 379 Deferred revenue and customer deposits 205 180 Rebates 147 144 Warranties 45 45 Current portion of pension and other postretirement benefit obligations 16 16 Other 434 438 Total accrued expenses $ 1,258 $ 1,202 Other liabilities: Pension benefit obligation $ 219 $ 252 Postretirement benefit obligation 174 201 Other 489 418 Total other liabilities $ 882 $ 871

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segment information	Segment information for 2017 , 2016 and 2015 was as follows: In millions 2017 2016 2015 Operating revenue: Automotive OEM $ 3,271 $ 2,864 $ 2,529 Food Equipment 2,123 2,110 2,096 Test & Measurement and Electronics 2,069 1,974 1,969 Welding 1,538 1,486 1,650 Polymers & Fluids 1,724 1,691 1,712 Construction Products 1,672 1,609 1,587 Specialty Products 1,938 1,885 1,885 Intersegment revenue (21 ) (20 ) (23 ) Total $ 14,314 $ 13,599 $ 13,405 Operating income: Automotive OEM $ 747 $ 690 $ 613 Food Equipment 556 537 498 Test & Measurement and Electronics 464 372 322 Welding 415 370 415 Polymers & Fluids 357 343 335 Construction Products 399 361 316 Specialty Products 527 482 439 Total Segments 3,465 3,155 2,938 Unallocated 29 (91 ) (71 ) Total $ 3,494 $ 3,064 $ 2,867 Depreciation and amortization and impairment of intangible assets: Automotive OEM $ 111 $ 90 $ 76 Food Equipment 45 45 48 Test & Measurement and Electronics 92 104 110 Welding 28 36 37 Polymers & Fluids 89 92 95 Construction Products 33 34 36 Specialty Products 64 69 75 Total $ 462 $ 470 $ 477 Plant and equipment additions: Automotive OEM $ 147 $ 116 $ 106 Food Equipment 27 31 37 Test & Measurement and Electronics 23 25 32 Welding 17 16 23 Polymers & Fluids 16 18 20 Construction Products 22 20 26 Specialty Products 45 47 40 Total $ 297 $ 273 $ 284 Identifiable assets: Automotive OEM $ 2,402 $ 2,051 $ 1,419 Food Equipment 1,054 1,013 1,054 Test & Measurement and Electronics 2,449 2,362 2,448 Welding 756 701 747 Polymers & Fluids 2,067 2,019 2,034 Construction Products 1,196 1,099 1,129 Specialty Products 1,721 1,599 1,659 Total Segments 11,645 10,844 10,490 Corporate 5,135 4,357 5,239 Total $ 16,780 $ 15,201 $ 15,729
Enterprise-wide Information	Enterprise-wide information for 2017 , 2016 and 2015 was as follows: In millions 2017 2016 2015 Operating Revenue by Geographic Region: United States $ 6,243 $ 6,176 $ 6,167 Canada/Mexico 996 923 928 Total North America 7,239 7,099 7,095 Europe, Middle East and Africa 4,102 3,787 3,725 Asia Pacific 2,577 2,361 2,197 South America 396 352 388 Total Operating Revenue $ 14,314 $ 13,599 $ 13,405

Selected Quarterly Financial 37

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Three Months Ended March 31 June 30 September 30 December 31 In millions except per share amounts 2017 2016 2017 2016 2017 2016 2017 2016 Operating revenue $ 3,471 $ 3,274 $ 3,599 $ 3,431 $ 3,615 $ 3,495 $ 3,629 $ 3,399 Cost of revenue 2,004 1,896 2,087 1,967 2,094 2,027 2,124 2,006 Operating income 809 722 874 792 961 808 850 742 Net income 536 468 587 525 640 535 (76 ) 507 Net income (loss) per share: Basic 1.55 1.29 1.70 1.47 1.86 1.51 (0.22 ) 1.46 Diluted 1.54 1.29 1.69 1.46 1.85 1.50 (0.22 ) 1.45

Description of Business and S38

Description of Business and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)Countrydivision	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jan. 01, 2018USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of company divisions | division	85
Number of countries with company operations | Country	56
Research and development expenses	$ 225	$ 223	$ 218
Advertising expenses	$ 53	$ 58	58
Percentage of total inventories priced at LIFO	21.00%	22.00%
LIFO reserve	$ 89	$ 86
Depreciation included in income from continuing operations	256	246	244
Excess tax benefits from stock-based compensation		29	20
Effective income tax rate reconciliation, share-based compensation, excess tax benefit, amount	50
Retained earnings	20,210	19,505
Other cost (credit)	$ (9)	$ (8)	$ 1
Minimum
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible asset, useful life	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible asset, useful life	20 years
Scenario, Forecast | Accounting Standards Update 2014-09 | Retained Earnings
Finite-Lived Intangible Assets [Line Items]
New accounting pronouncement or change in accounting principle, cumulative effect of change on equity or net assets				$ 10
Scenario, Forecast | Accounting Standards Update 2016-16
Finite-Lived Intangible Assets [Line Items]
Deferred tax asset				400
Retained earnings				$ (400)

Description of Business and S39

Description of Business and Summary of Significant Accounting Policies - Trade Receivables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Changes in Allowances for Uncollectible Accounts
Beginning balance	$ 43	$ 42	$ 43
Provision charged to expense	3	7	7
Write-offs, net of recoveries	(6)	(6)	(5)
Acquisitions and divestitures	0	1	0
Foreign currency translation	3	(1)	(3)
Ending balance	$ 43	$ 43	$ 42

Description of Business and S40

Description of Business and Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Inventory, Net [Abstract]
Raw material	$ 465	$ 407
Work-in-process	141	126
Finished goods	703	629
LIFO reserve	(89)	(86)
Total inventories	$ 1,220	$ 1,076

Description of Business and S41

Description of Business and Summary of Significant Accounting Policies - Net Plant and Equipment Components (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Land	$ 203	$ 186
Buildings and improvements	1,370	1,297
Machinery and equipment	3,301	3,036
Equipment leased to others	164	160
Construction in progress	123	104
Gross plant and equipment	5,161	4,783
Accumulated depreciation	(3,383)	(3,131)
Net plant and equipment	$ 1,778	$ 1,652

Description of Business and S42

Description of Business and Summary of Significant Accounting Policies - Net Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2017
Minimum | Buildings and Improvements
Property, Plant and Equipment [Line Items]
Plant and equipment, useful life	5 years
Minimum | Machinery and Equipment
Property, Plant and Equipment [Line Items]
Plant and equipment, useful life	3 years
Maximum | Buildings and Improvements
Property, Plant and Equipment [Line Items]
Plant and equipment, useful life	50 years
Maximum | Machinery and Equipment
Property, Plant and Equipment [Line Items]
Plant and equipment, useful life	12 years

Description of Business and S43

Description of Business and Summary of Significant Accounting Policies - Accrued Warranties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Changes in Accrued Product Warranties
Beginning balance	$ 45	$ 46	$ 49
Charges	(45)	(41)	(37)
Provision charged to expense	43	42	36
Acquisitions and divestitures	0	1	0
Foreign currency translation	2	(3)	(2)
Ending balance	$ 45	$ 45	$ 46

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions	Jul. 01, 2016	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Net cash paid for acquisitions			$ 3	$ 453	$ 6
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Net cash paid for acquisitions			3	$ 453	$ 6
Engineered Fasteners and Components
Business Acquisition [Line Items]
Net cash paid for acquisitions	$ 450
Operating revenue		$ 245	$ 517
Goodwill acquired	187
Acquired goodwill expected to be tax deductible	104
Minimum
Business Acquisition [Line Items]
Amortizable intangible asset, useful life			3 years
Maximum
Business Acquisition [Line Items]
Amortizable intangible asset, useful life			20 years
Customer Relationships and Technology | Engineered Fasteners and Components
Business Acquisition [Line Items]
Intangible assets acquired	$ 134
Customer Relationships and Technology | Minimum | Engineered Fasteners and Components
Business Acquisition [Line Items]
Amortizable intangible asset, useful life	4 years
Customer Relationships and Technology | Maximum | Engineered Fasteners and Components
Business Acquisition [Line Items]
Amortizable intangible asset, useful life	17 years
Intangible assets acquired, estimated useful lives	16 years

Legal Settlement (Details)

Legal Settlement (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Litigation settlement, amount awarded from other party		$ 95
Litigation settlement, payment period, maximum		120 days
Gain (loss) related to litigation settlement	$ 80	$ 15	$ 95	$ 0	$ 0

Other Income (Expense) (Details

Other Income (Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other Nonoperating Income (Expense) [Abstract]
Interest income	$ 45	$ 38	$ 52
Income (loss) from investments	16	(13)	4
Gain (loss) on disposal of operations and affiliates	1	(12)	16
Equity income (loss) in Wilsonart	0	61	(4)
Gain (loss) on foreign currency transactions, net	(25)	9	5
Other, net	(1)	(2)	5
Total other income (expense)	$ 36	$ 81	$ 78

Other Income (Expense) - Narrat

Other Income (Expense) - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Pre-tax gain from dividends in excess of equity investment	$ 0	$ 54,000,000	$ 0
Cash dividend distribution	$ 0	167,000,000	$ 0
Decorative Surfaces
Schedule of Equity Method Investments [Line Items]
Percentage of segment divested				51.00%
Wilsonart International Holdings LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	49.00%
Preferred units owned by other party	51.00%
Pre-tax gain from dividends in excess of equity investment		54,000,000
Cash dividend distribution		167,000,000
Equity method investment		$ 0
Cumulative Convertible Participating Preferred Units | Wilsonart International Holdings LLC
Schedule of Equity Method Investments [Line Items]
Dividend rate for preferred units	10.00%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	Feb. 18, 2014	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Examination [Line Items]
Income tax expense (benefit)		$ 658,000,000
Accumulated foreign earnings, provisional income tax expense (benefit)		676,000,000
Noncurrent income taxes payable		614,000,000	$ 0	$ 614,000,000	$ 0
Cash and equivalents		3,094,000,000	2,472,000,000	3,094,000,000	2,472,000,000	$ 3,090,000,000	$ 3,990,000,000
Additional foreign withholding tax		53,000,000
Deferred tax asset, provisional income tax expense (benefit)		82,000,000
Foreign earnings, income tax expense				75,000,000
Unrecognized tax benefits that would impact effective tax rate		254,000,000		254,000,000
Decrease in unrecognized tax benefits, settlements			96,000,000	53,000,000	96,000,000	6,000,000
Possible decrease in unrecognized tax benefits resulting from ongoing audits				31,000,000
Accrual for interest and penalties related to income tax matters		25,000,000	28,000,000	25,000,000	28,000,000
Unrecognized tax benefit		285,000,000	$ 210,000,000	285,000,000	$ 210,000,000	$ 259,000,000	$ 218,000,000
Tax Year 2006 | Internal Revenue Service (IRS)
Income Tax Examination [Line Items]
Assessment of additional taxes	$ 70,000,000
Return of Capital Under Examination
Income Tax Examination [Line Items]
Unrecognized tax benefit		0		0
Foreign Tax Authority
Income Tax Examination [Line Items]
Cash and equivalents		2,000,000,000		$ 2,000,000,000
Deferred Tax Asset Related To Performance-based Compensation
Income Tax Examination [Line Items]
Increase (decrease) in deferred income taxes		$ 11,000,000

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
U.S. federal income taxes:
Current	$ 1,117	$ 756	$ 503
Deferred	(10)	(224)	8
Total U.S. federal income taxes	1,107	532	511
Foreign income taxes:
Current	296	290	310
Deferred	102	(5)	(11)
Benefit of net operating loss carryforwards	0	0	(48)
Total foreign income taxes	398	285	251
State income taxes:
Current	106	90	66
Deferred	(28)	(34)	(8)
Total state income taxes	78	56	58
Total provision for income taxes	$ 1,583	$ 873	$ 820

Income Taxes - Income from Cont

Income Taxes - Income from Continuing Opearations Before Income Taxes and Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income from Continuing Operations Before Income Taxes
Domestic	$ 1,806	$ 1,653	$ 1,660
Foreign	1,464	1,255	1,059
Income Before Taxes	$ 3,270	$ 2,908	$ 2,719
Reconciliation Between the U.S. Federal Statutory Tax Rate and The Effective Tax Rate
U.S. federal statutory tax rate	35.00%	35.00%	35.00%
Tax effect of U.S. federal tax law change	20.10%	0.00%	0.00%
State income taxes, net of U.S. federal tax benefit	1.20%	1.30%	1.40%
Differences between U.S. federal statutory and foreign tax rates	(3.50%)	(3.60%)	(3.10%)
Nontaxable foreign interest income	(1.70%)	(2.10%)	(3.30%)
Tax effect of foreign dividends	0.90%	1.50%	2.80%
Tax relief for U.S. manufacturers	(1.40%)	(1.40%)	(1.60%)
Excess tax benefits from stock-based compensation	(1.50%)	(0.00%)	(0.00%)
Other, net	(0.70%)	(0.70%)	(1.10%)
Effective tax rate	48.40%	30.00%	30.10%

Income Taxes - Deferred Income

Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Deferred Income Tax Assets
Goodwill and intangible assets	$ 195	$ 240
Inventory reserves, capitalized tax cost and LIFO inventory	31	40
Investments	15	23
Plant and equipment	18	23
Accrued expenses and reserves	45	76
Employee benefit accruals	177	306
Foreign tax credit carryforwards	13	6
Net operating loss carryforwards	507	610
Capital loss carryforwards	98	42
Allowances for uncollectible accounts	9	13
Pension assets		25
Deferred intercompany deductions	405	430
Other	99	97
Gross deferred income tax assets	1,612	1,931
Valuation allowances	(459)	(454)
Total deferred income tax assets	1,153	1,477
Deferred Income Tax Liabilities
Goodwill and intangible assets	(506)	(716)
Inventory reserves, capitalized tax cost and LIFO inventory	(3)	(5)
Investments	(180)	(206)
Plant and equipment	(64)	(79)
Pension liabilities	(25)
Unrealized loss (gain) on foreign debt instruments	(19)	(140)
Other	(15)	(16)
Gross deferred income tax liabilities	$ (812)	$ (1,162)

Income Taxes - Net Operating Lo

Income Taxes - Net Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2017USD ($)
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	$ 1,959
2,018
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	15
2,019
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	17
2,020
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	86
2,021
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	79
2,022
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	24
2,023
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	19
2,024
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	17
2025-2037
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	17
Do not expire
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	$ 1,685

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Changes in the amount of unrecognized tax benefits
Beginning balance		$ 210	$ 259	$ 218
Additions based on tax positions related to the current year		42	19	39
Additions for tax positions of prior years		100	126	54
Reductions for tax positions of prior years		(24)	(97)	(41)
Settlements	$ (96)	(53)	(96)	(6)
Foreign currency translation		10
Foreign currency translation			(1)	(5)
Ending balance	$ 210	$ 285	$ 210	$ 259

Income Taxes - Open Tax Years (

Income Taxes - Open Tax Years (Details)	12 Months Ended
	Dec. 31, 2017
Minimum | United States – Federal
Income Tax Contingency [Line Items]
Open tax years by major tax jurisdiction	2,014
Minimum | United Kingdom
Income Tax Contingency [Line Items]
Open tax years by major tax jurisdiction	2,016
Minimum | Germany
Income Tax Contingency [Line Items]
Open tax years by major tax jurisdiction	2,012
Minimum | France
Income Tax Contingency [Line Items]
Open tax years by major tax jurisdiction	2,014
Minimum | Australia
Income Tax Contingency [Line Items]
Open tax years by major tax jurisdiction	2,013
Maximum | United States – Federal
Income Tax Contingency [Line Items]
Open tax years by major tax jurisdiction	2,017
Maximum | United Kingdom
Income Tax Contingency [Line Items]
Open tax years by major tax jurisdiction	2,017
Maximum | Germany
Income Tax Contingency [Line Items]
Open tax years by major tax jurisdiction	2,017
Maximum | France
Income Tax Contingency [Line Items]
Open tax years by major tax jurisdiction	2,017
Maximum | Australia
Income Tax Contingency [Line Items]
Open tax years by major tax jurisdiction	2,017

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Net Income	$ (76)	$ 640	$ 587	$ 536	$ 507	$ 535	$ 525	$ 468	$ 1,687	$ 2,035	$ 1,899
Net income per share—Basic:
Weighted-average common shares (in shares)									344.1	355	367.9
Net income per share—Basic (in dollars per share)									$ 4.90	$ 5.73	$ 5.16
Net income per share—Diluted:
Weighted-average common shares (in shares)									344.1	355	367.9
Effect of dilutive stock options and restricted stock units (in shares)									2.7	2.1	2.2
Weighted-average common shares assuming dilution (in shares)									346.8	357.1	370.1
Net income per share—Diluted (in dollars per share)									$ 4.86	$ 5.70	$ 5.13

Net Income Per Share - Narrativ

Net Income Per Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Antidilutive options outstanding (in shares)	0	0	600,000

Goodwill and Intangible Asset57

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Changes in the carrying amount of goodwill by segment
Balance, beginning	$ 4,558	$ 4,439
Acquisitions & divestitures	1	186
Foreign currency translation	193	(67)
Balance, ending	4,752	4,558
Cumulative goodwill impairment charges, December 31, 2017	240
Automotive OEM
Changes in the carrying amount of goodwill by segment
Balance, beginning	456	277
Acquisitions & divestitures	0	187
Foreign currency translation	32	(8)
Balance, ending	488	456
Cumulative goodwill impairment charges, December 31, 2017	24
Test & Measurement and Electronics
Changes in the carrying amount of goodwill by segment
Balance, beginning	1,336	1,355
Acquisitions & divestitures	0	1
Foreign currency translation	36	(20)
Balance, ending	1,372	1,336
Cumulative goodwill impairment charges, December 31, 2017	83
Food Equipment
Changes in the carrying amount of goodwill by segment
Balance, beginning	249	259
Acquisitions & divestitures	0	0
Foreign currency translation	20	(10)
Balance, ending	269	249
Cumulative goodwill impairment charges, December 31, 2017	60
Polymers & Fluids
Changes in the carrying amount of goodwill by segment
Balance, beginning	889	894
Acquisitions & divestitures	0	(2)
Foreign currency translation	30	(3)
Balance, ending	919	889
Cumulative goodwill impairment charges, December 31, 2017	15
Welding
Changes in the carrying amount of goodwill by segment
Balance, beginning	260	261
Acquisitions & divestitures	0	0
Foreign currency translation	12	(1)
Balance, ending	272	260
Cumulative goodwill impairment charges, December 31, 2017	5
Construction Products
Changes in the carrying amount of goodwill by segment
Balance, beginning	508	516
Acquisitions & divestitures	0	(1)
Foreign currency translation	22	(7)
Balance, ending	530	508
Cumulative goodwill impairment charges, December 31, 2017	7
Specialty Products
Changes in the carrying amount of goodwill by segment
Balance, beginning	860	877
Acquisitions & divestitures	1	1
Foreign currency translation	41	(18)
Balance, ending	902	$ 860
Cumulative goodwill impairment charges, December 31, 2017	$ 46

Goodwill and Intangible Asset58

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Amortizable intangible assets:
Amortizable intangible assets, Cost	$ 3,611	$ 3,558
Amortizable intangible assets, Accumulated Amortization	(2,499)	(2,280)
Amortizable intangible assets, Net	1,112	1,278
Total intangible assets, Cost	3,771	3,743
Total intangible assets, Net	1,272	1,463
Trademarks and brands
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	160	185
Customer lists and relationships
Amortizable intangible assets:
Amortizable intangible assets, Cost	1,753	1,744
Amortizable intangible assets, Accumulated Amortization	(1,182)	(1,060)
Amortizable intangible assets, Net	571	684
Trademarks and brands
Amortizable intangible assets:
Amortizable intangible assets, Cost	761	733
Amortizable intangible assets, Accumulated Amortization	(391)	(344)
Amortizable intangible assets, Net	370	389
Patents and proprietary technology
Amortizable intangible assets:
Amortizable intangible assets, Cost	623	620
Amortizable intangible assets, Accumulated Amortization	(473)	(432)
Amortizable intangible assets, Net	150	188
Other
Amortizable intangible assets:
Amortizable intangible assets, Cost	474	461
Amortizable intangible assets, Accumulated Amortization	(453)	(444)
Amortizable intangible assets, Net	$ 21	$ 17

Goodwill and Intangible Asset59

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets [Line Items]
Goodwill and indefinite-lived asset impairment charges	$ 0	$ 0
Amortization expense and impairment of intangible assets	$ 206,000,000	$ 224,000,000	$ 233,000,000
Polymers and Fluids
Goodwill and Intangible Assets [Line Items]
Indefinite-lived intangible asset impairment			2,000,000
Indefinite-lived intangible assets, fair value			24,000,000
Indefinite-lived intangible assets, carrying value			$ 26,000,000

Goodwill and Intangible Asset60

Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) $ in Millions	Dec. 31, 2017USD ($)
Estimated amortization expense of intangible assets
2,018	$ 185
2,019	163
2,020	143
2,021	124
2,022	$ 112

Debt - Short-term Debt (Details

Debt - Short-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Commercial paper	$ 849	$ 0
Current maturities of long-term debt	1	650
Other borrowings	0	2
Total short-term debt	$ 850	$ 652

Debt - Narrative (Details)

Debt - Narrative (Details)

Feb. 25, 2017USD ($)

Jun. 30, 2016USD ($)

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Nov. 30, 2016USD ($)

Mar. 31, 2016USD ($)

May 31, 2015EUR (€)

May 31, 2014EUR (€)

Feb. 28, 2014USD ($)

Dec. 31, 2012USD ($)

Dec. 31, 2011USD ($)

Dec. 31, 2009USD ($)

Dec. 31, 2005USD ($)

Line of Credit Facility [Line Items]

Commercial paper

$ 849,000,000

$ 0

0.90% notes due February 25, 2017 | Unsecured debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

0.90%

0.90%

0.90%

0.90%

Face value of notes

$ 650,000,000

Notes issued, percentage of face value

99.861%

Repayments of debt

$ 650,000,000

Line of credit terminating May 9, 2021

Line of Credit Facility [Line Items]

Line of credit, maximum borrowing capacity

$ 2,500,000,000

Debt Instrument, term

5 years

Line of credit, amounts outstanding

$ 0

Line of credit terminating June 8, 2017

Line of Credit Facility [Line Items]

Line of credit, maximum borrowing capacity

$ 1,500,000,000

Line of credit terminating August 15, 2018

Line of Credit Facility [Line Items]

Line of credit, maximum borrowing capacity

$ 1,000,000,000

4.88% notes due thru December 31, 2020 | Unsecured debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

4.88%

4.88%

Face value of notes

$ 54,000,000

Notes issued, percentage of face value

100.00%

6.25% notes due April 1, 2019 | Unsecured debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

6.25%

6.25%

Face value of notes

$ 700,000,000

Notes issued, percentage of face value

99.98%

3.375% notes due September 15, 2021 | Unsecured debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

3.375%

3.375%

Face value of notes

$ 350,000,000

Notes issued, percentage of face value

99.552%

4.875% notes due September 15, 2041 | Unsecured debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

4.875%

4.875%

Face value of notes

$ 650,000,000

Notes issued, percentage of face value

98.539%

3.9% notes due September 1, 2042 | Unsecured debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

3.90%

3.90%

Face value of notes

$ 1,100,000,000

Notes issued, percentage of face value

99.038%

1.95% notes due March 1, 2019 | Unsecured debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

1.95%

1.95%

Face value of notes

$ 650,000,000

Notes issued, percentage of face value

99.871%

3.50% notes due March 1, 2024 | Unsecured debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

3.50%

3.50%

Face value of notes

$ 700,000,000

Notes issued, percentage of face value

99.648%

1.75% Euro notes due May 20, 2022 | Unsecured debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

1.75%

1.75%

Face value of notes | €

€ 500,000,000

Notes issued, percentage of face value

99.16%

3.0% Euro notes due May 19, 2034 | Unsecured debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

3.00%

3.00%

Face value of notes | €

€ 500,000,000

Notes issued, percentage of face value

98.089%

1.25% Euro notes due May 22, 2023 | Unsecured debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

1.25%

1.25%

Face value of notes | €

€ 500,000,000

Notes issued, percentage of face value

99.239%

2.125% Euro notes due May 22, 2030 | Unsecured debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

2.125%

2.125%

Face value of notes | €

€ 500,000,000

Notes issued, percentage of face value

99.303%

2.65% notes due November 15, 2026 | Unsecured debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

2.65%

2.65%

Face value of notes

$ 1,000,000,000

Notes issued, percentage of face value

99.685%

Net investment hedging | Unsecured debt

Line of Credit Facility [Line Items]

Face value of notes | €

€ 1,000,000,000

€ 1,000,000,000

Unsecured debt | 0.90% notes due February 25, 2017

Line of Credit Facility [Line Items]

Short term debt

$ 650,000,000

Commercial paper

Line of Credit Facility [Line Items]

Weighted average interest rate

1.00%

0.40%

Line of credit | International debt facilities

Line of Credit Facility [Line Items]

Unused capacity under international debt facilities

$ 206,000,000

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2017	Feb. 25, 2017	Dec. 31, 2016	Nov. 30, 2016	May 31, 2015	May 31, 2014	Feb. 28, 2014	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2009	Dec. 31, 2005
Debt Instrument [Line Items]
Carrying Value	$ 7,479		$ 7,827
Fair Value	8,052		8,281
Less: Current maturities of long-term debt	(1)		(650)
Total long-term debt	7,478		7,177
Other borrowings
Debt Instrument [Line Items]
Carrying Value	4		6
Fair Value	$ 4		$ 6
0.90% notes due February 25, 2017 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage	0.90%	0.90%	0.90%				0.90%
Effective interest rate	0.95%
Carrying Value	$ 0		$ 650
Fair Value	$ 0		650
1.95% notes due March 1, 2019 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage	1.95%						1.95%
Effective interest rate	1.98%
Carrying Value	$ 649		648
Fair Value	$ 649		656
6.25% notes due April 1, 2019 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage	6.25%									6.25%
Effective interest rate	6.25%
Carrying Value	$ 699		698
Fair Value	$ 736		768
4.88% notes due thru December 31, 2020 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage	4.88%										4.88%
Effective interest rate	4.96%
Carrying Value	$ 4		4
Fair Value	$ 4		4
3.375% notes due September 15, 2021 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage	3.375%								3.375%
Effective interest rate	3.43%
Carrying Value	$ 348		348
Fair Value	$ 361		365
1.75% Euro notes due May 20, 2022 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage	1.75%					1.75%
Effective interest rate	1.86%
Carrying Value	$ 595		520
Fair Value	$ 638		565
1.25% Euro notes due May 22, 2023 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage	1.25%				1.25%
Effective interest rate	1.35%
Carrying Value	$ 595		520
Fair Value	$ 624		549
3.50% notes due March 1, 2024 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage	3.50%						3.50%
Effective interest rate	3.54%
Carrying Value	$ 696		695
Fair Value	$ 734		728
2.65% notes due November 15, 2026 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage	2.65%			2.65%
Effective interest rate	2.69%
Carrying Value	$ 992		991
Fair Value	$ 980		959
2.125% Euro notes due May 22, 2030 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage	2.125%				2.125%
Effective interest rate	2.18%
Carrying Value	$ 594		519
Fair Value	$ 646		565
3.0% Euro notes due May 19, 2034 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%					3.00%
Effective interest rate	3.13%
Carrying Value	$ 586		512
Fair Value	$ 702		618
4.875% notes due September 15, 2041 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage	4.875%								4.875%
Effective interest rate	4.97%
Carrying Value	$ 636		636
Fair Value	$ 791		734
3.9% notes due September 1, 2042 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage	3.90%							3.90%
Effective interest rate	3.96%
Carrying Value	$ 1,081		1,080
Fair Value	$ 1,183		$ 1,114

Debt - Maturities of Long-term

Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Scheduled maturities of long-term debt
2,018	$ 1
2,019	1,348
2,020	4
2,021	348
2,022	595
2023 and future years	5,183
Carrying Value	$ 7,479	$ 7,827

Pension and Other Postretirem65

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan expenses	$ 79	$ 77	$ 77
Pension
Defined Benefit Plan Disclosure [Line Items]
Company contributions	178	70
Expected company contributions	26
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Company contributions	6	$ 4
Expected company contributions	$ 5
Minimum | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage	15.00%
Minimum | Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage	75.00%
Minimum | Other plan assets
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage	0.00%
Maximum | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage	25.00%
Maximum | Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage	85.00%
Maximum | Other plan assets
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage	10.00%
United States | Pension
Defined Benefit Plan Disclosure [Line Items]
Company contributions	$ 115

Pension and Other Postretirem66

Pension and Other Postretirement Benefits - Benefit Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Pension
Components of net periodic benefit cost:
Service cost	$ 63	$ 62	$ 70
Interest cost	72	92	92
Expected return on plan assets	(133)	(144)	(151)
Amortization of actuarial (gain) loss	57	44	60
Amortization of prior service cost	0	0	1
Total net periodic benefit cost	59	54	72
Other Postretirement Benefits
Components of net periodic benefit cost:
Service cost	9	9	11
Interest cost	19	24	24
Expected return on plan assets	(23)	(23)	(25)
Amortization of actuarial (gain) loss	(1)	0	(1)
Amortization of prior service cost	0	(1)	1
Total net periodic benefit cost	$ 4	$ 9	$ 10

Pension and Other Postretirem67

Pension and Other Postretirement Benefits - Change in Plan Benefit Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Pension
Change in benefit obligation:
Benefit obligation at January 1	$ 2,562	$ 2,462
Service cost	63	62	$ 70
Interest cost	72	92	92
Plan participants’ contributions	2	2
Actuarial (gain) loss	26	216
Acquisitions and divestitures	0	7
Benefits paid	(152)	(150)
Medicare subsidy received	0	0
Foreign currency translation	88	(129)
Benefit obligation at December 31	2,661	2,562	2,462
Other Postretirement Benefits
Change in benefit obligation:
Benefit obligation at January 1	551	552
Service cost	9	9	11
Interest cost	19	24	24
Plan participants’ contributions	12	12
Actuarial (gain) loss	(5)	(5)
Acquisitions and divestitures	0	0
Benefits paid	(41)	(43)
Medicare subsidy received	1	2
Foreign currency translation	0	0
Benefit obligation at December 31	$ 546	$ 551	$ 552

Pension and Other Postretirem68

Pension and Other Postretirement Benefits - Change in Plan Assets and Reconciliation of Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
The amounts recognized in the statement of financial position as of December 31 consist of:
Accrued expenses	$ (16)	$ (16)
Pension
Change in plan assets:
Fair value of plan assets at January 1	2,487	2,441
Actual return on plan assets	227	274
Company contributions	178	70
Plan participants’ contributions	2	2
Benefits paid	(152)	(150)
Foreign currency translation	90	(150)
Fair value of plan assets at December 31	2,832	2,487
Funded status
Funded status	171	(75)
Other immaterial plans	(65)	(58)
Net asset (liability) at end of year	106	(133)
The amounts recognized in the statement of financial position as of December 31 consist of:
Net asset (liability) at end of year	106	(133)
The pre-tax amounts recognized in accumulated other comprehensive income consist of:
Net actuarial (gain) loss	548	673
Prior service cost	0	0
Pre-tax net actuarial (gain) loss and prior service cost	548	673
Accumulated benefit obligation	2,499	2,207
Plans with accumulated benefit obligation in excess of plan assets as of December 31:
Projected benefit obligation	184	183
Accumulated benefit obligation	175	167
Fair value of plan assets	27	25
Other Postretirement Benefits
Change in plan assets:
Fair value of plan assets at January 1	351	342
Actual return on plan assets	45	36
Company contributions	6	4
Plan participants’ contributions	12	12
Benefits paid	(41)	(43)
Foreign currency translation	0	0
Fair value of plan assets at December 31	373	351
Funded status
Funded status	(173)	(200)
Other immaterial plans	(5)	(5)
Net asset (liability) at end of year	(178)	(205)
The amounts recognized in the statement of financial position as of December 31 consist of:
Net asset (liability) at end of year	(178)	(205)
The pre-tax amounts recognized in accumulated other comprehensive income consist of:
Net actuarial (gain) loss	(64)	(38)
Prior service cost	0	0
Pre-tax net actuarial (gain) loss and prior service cost	(64)	(38)
Other assets | Pension
The amounts recognized in the statement of financial position as of December 31 consist of:
Other assets	337	131
Other assets | Other Postretirement Benefits
The amounts recognized in the statement of financial position as of December 31 consist of:
Other assets	0	0
Accrued expenses | Pension
The amounts recognized in the statement of financial position as of December 31 consist of:
Accrued expenses	(12)	(12)
Accrued expenses | Other Postretirement Benefits
The amounts recognized in the statement of financial position as of December 31 consist of:
Accrued expenses	(4)	(4)
Other noncurrent liabilities | Pension
The amounts recognized in the statement of financial position as of December 31 consist of:
Other noncurrent liabilities	(219)	(252)
Other noncurrent liabilities | Other Postretirement Benefits
The amounts recognized in the statement of financial position as of December 31 consist of:
Other noncurrent liabilities	$ (174)	$ (201)

Pension and Other Postretirem69

Pension and Other Postretirement Benefits - Assumptions Used and Trend Rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assumed health care cost trend rates of postretirement benefit obligation
Health care cost trend rate assumed for the next year	6.25%	6.00%	6.00%
Ultimate trend rate	4.50%	4.50%	4.50%
Year the rate reaches the ultimate trend rate	2,025	2,023	2,021
One-percentage-point change in assumed health care cost trend rates
1-Percentage-Point Increase - Change in service cost and interest cost	$ 0
1-Percentage-Point Decrease - Change in service cost and interest cost	(1)
1-Percentage-Point Increase - Change in postretirement benefit obligation	6
1-Percentage-Point Decrease - Change in postretirement benefit obligation	$ (11)
Pension
Assumptions used to determine benefit obligations at December 31:
Discount rate	3.12%	3.41%	3.95%
Rate of compensation increases	3.54%	3.77%	3.72%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	3.41%	3.95%	3.70%
Expected return on plan assets	5.53%	6.22%	6.54%
Rate of compensation increases	3.77%	3.72%	3.72%
Other Postretirement Benefits
Assumptions used to determine benefit obligations at December 31:
Discount rate	3.72%	4.30%	4.55%
Rate of compensation increases
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	4.30%	4.55%	4.15%
Expected return on plan assets	6.80%	7.00%	7.00%
Rate of compensation increases

Pension and Other Postretirem70

Pension and Other Postretirement Benefits - Benefit Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 2,832	$ 2,487	$ 2,441
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	373	351	$ 342
Cash and equivalents | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	43	82
Cash and equivalents | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	34	55
Cash and equivalents | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	9	27
Cash and equivalents | Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and equivalents | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2	1
Cash and equivalents | Other Postretirement Benefits | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2	1
Cash and equivalents | Other Postretirement Benefits | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and equivalents | Other Postretirement Benefits | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Equity securities, domestic | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	1
Equity securities, domestic | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	1
Equity securities, domestic | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Equity securities, domestic | Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fixed income securities, government securities | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	371	307
Fixed income securities, government securities | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fixed income securities, government securities | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	371	307
Fixed income securities, government securities | Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fixed income securities, corporate debt securities | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	943	541
Fixed income securities, corporate debt securities | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fixed income securities, corporate debt securities | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	943	541
Fixed income securities, corporate debt securities | Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fixed income securities, mortgage-backed securities | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	19
Fixed income securities, mortgage-backed securities | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fixed income securities, mortgage-backed securities | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	19
Fixed income securities, mortgage-backed securities | Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fixed income securities, investment contracts with insurance companies | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1	1
Fixed income securities, investment contracts with insurance companies | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fixed income securities, investment contracts with insurance companies | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fixed income securities, investment contracts with insurance companies | Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1	1
Collective trust funds | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,424	1,478
Partnerships/private equity interests | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	41	54
Other | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	9	4
Other | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0
Other | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	9
Other | Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0
Total fair value of pension plan assets | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,832	2,487
Total fair value of pension plan assets | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	34	56
Total fair value of pension plan assets | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,332	894
Total fair value of pension plan assets | Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1	1
Life insurance policies | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	371	350
Total fair value of other postretirement benefit plan assets | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	373	351
Total fair value of other postretirement benefit plan assets | Other Postretirement Benefits | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2	1
Total fair value of other postretirement benefit plan assets | Other Postretirement Benefits | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Total fair value of other postretirement benefit plan assets | Other Postretirement Benefits | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 0

Pension and Other Postretirem71

Pension and Other Postretirement Benefits - Expected Benefit Payments (Details) $ in Millions	Dec. 31, 2017USD ($)
Pension
Portion of the benefit payments are expected to be paid
2,018	$ 159
2,019	161
2,020	164
2,021	167
2,022	174
Years 2023-2027	886
Other Postretirement Benefits
Portion of the benefit payments are expected to be paid
2,018	35
2,019	36
2,020	37
2,021	37
2,022	37
Years 2023-2027	$ 183

Commitments and Contingencies72

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Rental expense	$ 120	$ 121	$ 117
Future Minimum Lease Payments Under Non-cancelable Leases
2,018	88
2,019	63
2,020	45
2,021	31
2,022	25
2023 and future years	61
Total future minimum lease payments	$ 313

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	12 Months Ended
	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	May 31, 2015EUR (€)	Feb. 13, 2015USD ($)	May 31, 2014EUR (€)	Aug. 02, 2013USD ($)
Defined Benefit Plan Disclosure [Line Items]
Preferred stock, shares authorized (in shares) | shares	300,000
Cash dividend declared (in dollars per share) | $ / shares	$ 2.86	$ 2.40	$ 2.07
Cash dividend paid (in dollars per share) | $ / shares	$ 2.73	$ 2.30	$ 2.005
Pre tax cumulative translation adjustment gains (losses) included in accumulated comprehensive income (loss)	$ (1,000,000,000)	$ (1,400,000,000)
Unrecognized pension and other postretirement benefits costs included in accumulated comprehensive income (loss)	291,000,000	405,000,000
Estimated unrecognized benefit cost that will be amortized from accumulated other comprehensive income into net periodic benefit cost next year	41,000,000
Net investment hedging
Defined Benefit Plan Disclosure [Line Items]
After tax cumulative translation adjustment gains (losses) included in accumulated comprehensive income (loss)	$ 81,000,000	$ 375,000,000
Euro notes, issued 2014 | Net investment hedging | Euro notes
Defined Benefit Plan Disclosure [Line Items]
Face value of notes | €						€ 1,000,000,000
Euro notes, issued 2015 | Net investment hedging | Euro notes
Defined Benefit Plan Disclosure [Line Items]
Face value of notes | €				€ 1,000,000,000
2013 Stock Repurchase Program
Defined Benefit Plan Disclosure [Line Items]
Authorized repurchase amount							$ 6,000,000,000
Shares repurchased (in shares) | shares			14,900,000
Average price of shares repurchased (in dollars per share) | $ / shares			$ 96.84
Authorized repurchases remaining			$ 0
2015 Stock Repurchase Program
Defined Benefit Plan Disclosure [Line Items]
Authorized repurchase amount					$ 6,000,000,000
Shares repurchased (in shares) | shares	7,100,000	18,700,000	6,100,000
Average price of shares repurchased (in dollars per share) | $ / shares	$ 140.56	$ 107.17	$ 91.78
Authorized repurchases remaining	$ 2,400,000,000

Stockholders' Equity - Changes

Stockholders' Equity - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Changes in Accumulated Other Comrehensive Income (Loss)
Beginning balance	$ 4,259	$ 5,228	$ 6,824
Ending balance	4,589	4,259	5,228
Accumulated Other Comprehensive Income (Loss)
Changes in Accumulated Other Comrehensive Income (Loss)
Beginning balance	(1,807)	(1,504)	(658)
Ending balance	(1,287)	(1,807)	(1,504)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
Changes in Accumulated Other Comrehensive Income (Loss)
Other comprehensive income (loss), before reclassifications, before tax	294	(251)	(800)
Reclassification from accumulated other comprehensive income to income, before tax	2	(1)	0
Other comprehensive income (loss), tax	110	(25)	(60)
Other comprehensive income (loss), net of tax	406	(277)	(860)
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest
Changes in Accumulated Other Comrehensive Income (Loss)
Other comprehensive income (loss), before reclassifications, before tax	96	(67)	(41)
Reclassification from accumulated other comprehensive income to income, before tax	56	43	61
Other comprehensive income (loss), tax	(38)	(2)	(6)
Other comprehensive income (loss), net of tax	$ 114	$ (26)	$ 14

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares received for each RSU upon vesting (in shares)	1
Shares reserved for issuance under long-term incentive plans(in shares)	13,000,000
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 26.83	$ 20.02	$ 20.58
Aggregate intrinsic value of options exercised	$ 132	$ 89	$ 55
Cash receipts from exercise of options	84	84	59
Total fair value of vested stock option awards	13	12	13
Total fair value of vested restricted stock unit awards	$ 19	$ 21	$ 20
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period	10 years
Total unrecognized compensation cost related to unvested awards	$ 9
Weighted-average period to recognize total unrecognized compensation cost	2 years 2 months 12 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to unvested awards	$ 24
Weighted-average period to recognize total unrecognized compensation cost	1 year 10 months 24 days
Periodic Vesting | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Cliff Vesting | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Cliff Vesting | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

Stock-Based Compensation - Expe

Stock-Based Compensation - Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summary of stock-based compensation expense
Pre-tax compensation expense	$ 36	$ 39	$ 35
Tax benefit	(9)	(13)	(12)
Total stock-based compensation expense, net of tax	$ 27	$ 26	$ 23

Stock-Based Compensation - Acti

Stock-Based Compensation - Activity Related to Non-vested RSUs (Details) shares in Millions	12 Months Ended
	Dec. 31, 2017$ / sharesshares
Non-Vested RSUs, Number of Shares
Unvested, January 1, 2017 (in shares) | shares	0.7
Granted (in shares) | shares	0.2
Vested (in shares) | shares	(0.3)
Canceled (in shares) | shares	0
Unvested, December 31, 2017 (in shares) | shares	0.6
Non-Vested RSUs, Weighted-Average Grant-Date Fair Value
Unvested, January 1, 2017 (in dollars per share) | $ / shares	$ 83.39
Granted (in dollars per share) | $ / shares	127.81
Vested (in dollars per share) | $ / shares	74.29
Canceled (in dollars per share) | $ / shares	103.95
Unvested, December 31, 2017 (in dollars per share) | $ / shares	$ 99.87

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)$ / sharesshares
Stock Options, Number of Shares
Under option, January 1, 2017 (in shares) | shares	5.3
Granted (in shares) | shares	0.7
Exercised (in shares) | shares	(1.4)
Canceled or expired (in shares) | shares	(0.1)
Under option, December 31, 2017 (in shares) | shares	4.5
Stock Options, Weighted-Average Remaining Contractual Term
Under option, January 1, 2017 (in dollars per share) | $ / shares	$ 68.05
Granted (in dollars per share) | $ / shares	127.95
Exercised (in dollars per share) | $ / shares	56.03
Canceled or expired (in dollars per share) | $ / shares	117.67
Under option, December 31, 2017 (in dollars per share) | $ / shares	$ 80.88
Stock Options
Number of shares, exercisable, December 31, 2017 (in shares) | shares	2.9
Weighted-average exercise price, exercisable, December 31, 2017 (in dollars per share) | $ / shares	$ 66.80
Weighted-average remaining contractual term, under option, December 31, 2017	6 years
Weighted-average reamaining contractual term, exercisable, December 31, 2017	4 years 10 months 24 days
Aggregate intrinsic value, under option, December 31, 2017 | $	$ 387
Aggregate intrinsic value, exercisable, December 31, 2017 | $	$ 291

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used in Options Pricing Model (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summary of assumptions used in option models
Risk-free interest rate, minimum	0.91%	0.56%	0.23%
Risk-free interest rate, maximum	2.61%	1.86%	2.25%
Weighted-average volatility	22.00%	24.00%	23.00%
Dividend yield	2.22%	2.12%	2.11%
Minimum
Summary of assumptions used in option models
Expected years until exercise	7 years 2 months 12 days	6 years 10 months 25 days	6 years 10 months 25 days
Maximum
Summary of assumptions used in option models
Expected years until exercise	7 years 10 months 24 days	7 years 8 months 12 days	8 years

Other Balance Sheet Informati80

Other Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Prepaid expenses and other current assets:
Income tax refunds receivable	$ 121	$ 21
Value-added-tax receivables	70	55
Vendor advances	26	20
Other	119	122
Total prepaid expenses and other current assets	336	218
Other assets:
Cash surrender value of life insurance policies	442	442
Prepaid pension assets	337	131
Customer tooling	184	146
Investments	53	73
Other	179	164
Total other assets	1,195	956
Accrued expenses:
Compensation and employee benefits	411	379
Deferred revenue and customer deposits	205	180
Rebates	147	144
Warranties	45	45
Current portion of pension and other postretirement benefit obligations	16	16
Other	434	438
Total accrued expenses	1,258	1,202
Other liabilities:
Pension benefit obligation	219	252
Postretirement benefit obligation	174	201
Other	489	418
Total other liabilities	$ 882	$ 871

Segment Information - Narrative

Segment Information - Narrative (Details) - Segment	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Number of reportable segments	7
Percentage of consolidated revenues not exceeded by any single customer	5.00%	5.00%	5.00%
GERMANY
Segment Reporting Information [Line Items]
Percentage of long-lived asset owned	10.00%
Non-US
Segment Reporting Information [Line Items]
Percentage of long-lived asset owned		10.00%	10.00%

Segment Information - Informati

Segment Information - Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Operating revenue	$ 3,629	$ 3,615	$ 3,599	$ 3,471	$ 3,399	$ 3,495	$ 3,431	$ 3,274	$ 14,314	$ 13,599	$ 13,405
Operating income	850	$ 961	$ 874	$ 809	742	$ 808	$ 792	$ 722	3,494	3,064	2,867
Depreciation and amortization and impairment of intangible assets									462	470	477
Plant and equipment additions									297	273	284
Identifiable assets	16,780				15,201				16,780	15,201	15,729
Operating segments
Segment Reporting Information [Line Items]
Operating income									3,465	3,155	2,938
Identifiable assets	11,645				10,844				11,645	10,844	10,490
Operating segments | Automotive OEM
Segment Reporting Information [Line Items]
Operating revenue									3,271	2,864	2,529
Operating income									747	690	613
Depreciation and amortization and impairment of intangible assets									111	90	76
Plant and equipment additions									147	116	106
Identifiable assets	2,402				2,051				2,402	2,051	1,419
Operating segments | Food Equipment
Segment Reporting Information [Line Items]
Operating revenue									2,123	2,110	2,096
Operating income									556	537	498
Depreciation and amortization and impairment of intangible assets									45	45	48
Plant and equipment additions									27	31	37
Identifiable assets	1,054				1,013				1,054	1,013	1,054
Operating segments | Test & Measurement and Electronics
Segment Reporting Information [Line Items]
Operating revenue									2,069	1,974	1,969
Operating income									464	372	322
Depreciation and amortization and impairment of intangible assets									92	104	110
Plant and equipment additions									23	25	32
Identifiable assets	2,449				2,362				2,449	2,362	2,448
Operating segments | Welding
Segment Reporting Information [Line Items]
Operating revenue									1,538	1,486	1,650
Operating income									415	370	415
Depreciation and amortization and impairment of intangible assets									28	36	37
Plant and equipment additions									17	16	23
Identifiable assets	756				701				756	701	747
Operating segments | Polymers & Fluids
Segment Reporting Information [Line Items]
Operating revenue									1,724	1,691	1,712
Operating income									357	343	335
Depreciation and amortization and impairment of intangible assets									89	92	95
Plant and equipment additions									16	18	20
Identifiable assets	2,067				2,019				2,067	2,019	2,034
Operating segments | Construction Products
Segment Reporting Information [Line Items]
Operating revenue									1,672	1,609	1,587
Operating income									399	361	316
Depreciation and amortization and impairment of intangible assets									33	34	36
Plant and equipment additions									22	20	26
Identifiable assets	1,196				1,099				1,196	1,099	1,129
Operating segments | Specialty Products
Segment Reporting Information [Line Items]
Operating revenue									1,938	1,885	1,885
Operating income									527	482	439
Depreciation and amortization and impairment of intangible assets									64	69	75
Plant and equipment additions									45	47	40
Identifiable assets	1,721				1,599				1,721	1,599	1,659
Intersegment revenue
Segment Reporting Information [Line Items]
Operating revenue									(21)	(20)	(23)
Unallocated
Segment Reporting Information [Line Items]
Operating income									29	(91)	(71)
Corporate
Segment Reporting Information [Line Items]
Identifiable assets	$ 5,135				$ 4,357				$ 5,135	$ 4,357	$ 5,239

Segment Information - Operating

Segment Information - Operating Revenue by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Revenue by Geographic Region:
Operating revenue	$ 3,629	$ 3,615	$ 3,599	$ 3,471	$ 3,399	$ 3,495	$ 3,431	$ 3,274	$ 14,314	$ 13,599	$ 13,405
United States
Operating Revenue by Geographic Region:
Operating revenue									6,243	6,176	6,167
Canada/Mexico
Operating Revenue by Geographic Region:
Operating revenue									996	923	928
Total North America
Operating Revenue by Geographic Region:
Operating revenue									7,239	7,099	7,095
Europe, Middle East and Africa
Operating Revenue by Geographic Region:
Operating revenue									4,102	3,787	3,725
Asia Pacific
Operating Revenue by Geographic Region:
Operating revenue									2,577	2,361	2,197
South America
Operating Revenue by Geographic Region:
Operating revenue									$ 396	$ 352	$ 388

Selected Quarterly Financial 84

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Income tax expense (benefit)	$ 658
Operating revenue	3,629	$ 3,615	$ 3,599	$ 3,471	$ 3,399	$ 3,495	$ 3,431	$ 3,274	$ 14,314	$ 13,599	$ 13,405
Cost of revenue	2,124	2,094	2,087	2,004	2,006	2,027	1,967	1,896	8,309	7,896	7,888
Operating income	850	961	874	809	742	808	792	722	3,494	3,064	2,867
Net income	$ (76)	$ 640	$ 587	$ 536	$ 507	$ 535	$ 525	$ 468	$ 1,687	$ 2,035	$ 1,899
Net Income Per Share:
Basic (in dollars per share)	$ (0.22)	$ 1.86	$ 1.70	$ 1.55	$ 1.46	$ 1.51	$ 1.47	$ 1.29	$ 4.90	$ 5.73	$ 5.16
Diluted (in dollars per share)	(0.22)	$ 1.85	$ 1.69	$ 1.54	$ 1.45	$ 1.50	$ 1.46	$ 1.29	$ 4.86	$ 5.70	$ 5.13
Tax, earnings per share, diluted (in dollars per share)	$ 1.92
Litigation settlement, amount awarded from other party			$ 95
Litigation settlement, payment period, maximum			120 days
Gain (loss) related to litigation settlement		$ 80	$ 15						$ 95	$ 0	$ 0