Illinois Tool Works (ITW) 10-K 15 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2018	Jan. 31, 2019	Jun. 30, 2018
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, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Amendment Flag	false
Entity Common Stock, Shares Outstanding		328,108,383
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 43.5

Statement of Income

Statement of Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Operating Revenue	$ 14,768	$ 14,314	$ 13,599
Cost of revenue	8,604	8,306	7,908
Selling, administrative, and research and development expenses	2,391	2,412	2,411
Legal settlement (income)	0	(95)	0
Amortization and impairment of intangible assets	189	206	224
Operating Income	3,584	3,485	3,056
Interest expense	(257)	(260)	(237)
Other income (expense)	67	45	89
Income Before Taxes	3,394	3,270	2,908
Income taxes	831	1,583	873
Net Income	$ 2,563	$ 1,687	$ 2,035
Net Income Per Share:
Basic (in dollars per share)	$ 7.65	$ 4.90	$ 5.73
Diluted (in dollars per share)	$ 7.60	$ 4.86	$ 5.70

Statement of Comprehensive Inco

Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 2,563	$ 1,687	$ 2,035
Other Comprehensive Income (Loss):
Foreign currency translation adjustments, net of tax	(328)	406	(277)
Pension and other postretirement benefit adjustments, net of tax	(17)	114	(26)
Comprehensive Income	$ 2,218	$ 2,207	$ 1,732

Statement of Financial Position

Statement of Financial Position - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Current Assets:
Cash and equivalents	$ 1,504	$ 3,094
Trade receivables	2,622	2,628
Inventories	1,318	1,220
Prepaid expenses and other current assets	334	336
Total current assets	5,778	7,278
Net plant and equipment	1,791	1,778
Goodwill	4,633	4,752
Intangible assets	1,084	1,272
Deferred income taxes	554	505
Other assets	1,030	1,195
Total Assets	14,870	16,780
Current Liabilities:
Short-term debt	1,351	850
Accounts payable	524	590
Accrued expenses	1,271	1,258
Cash dividends payable	328	266
Income taxes payable	68	89
Total current liabilities	3,542	3,053
Noncurrent Liabilities:
Long-term debt	6,029	7,478
Deferred income taxes	707	164
Noncurrent income taxes payable	495	614
Other liabilities	839	882
Total noncurrent liabilities	8,070	9,138
Common stock (par value of $0.01 per share):
Issued- 550.0 shares in 2018 and 2017 Outstanding- 328.1 shares in 2018 and 341.5 shares in 2017	6	6
Additional paid-in-capital	1,253	1,218
Retained earnings	21,217	20,210
Common stock held in treasury	(17,545)	(15,562)
Accumulated other comprehensive income (loss)	(1,677)	(1,287)
Noncontrolling interest	4	4
Total stockholders’ equity	3,258	4,589
Total liabilities and stockholders' equity	$ 14,870	$ 16,780

Statement of Financial Positi_2

Statement of Financial Position Statement of Financial Position - Parenthetical - $ / shares shares in Millions	Dec. 31, 2018	Dec. 31, 2017
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)	328.1	341.5

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, 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 adjustments	(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
Repurchases of common stock	(1,000)				(1,000)
Dividends declared	(982)			(982)
Pension and other postretirement benefit adjustments	114					114
Currency translation adjustments	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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of new accounting guidance	(415)			(370)		(45)
Net income	2,563			2,563
Common stock issued for share-based compensation	12		(5)		17
Stock-based compensation expense	40		40
Repurchases of common stock	(2,000)				(2,000)
Dividends declared	(1,186)			(1,186)
Pension and other postretirement benefit adjustments	(17)					(17)
Currency translation adjustments	(328)					(328)
Ending balance at Dec. 31, 2018	$ 3,258	$ 6	$ 1,253	$ 21,217	$ (17,545)	$ (1,677)	$ 4

Statement of Changes in Stock_2

Statement of Changes in Stockholders' Equity - Parenthetical - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 3.56	$ 2.86	$ 2.40

Statement of Cash Flows

Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash Provided by (Used for) Operating Activities:
Net income	$ 2,563	$ 1,687	$ 2,035
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	272	256	246
Amortization and impairment of intangible assets	189	206	224
Change in deferred income taxes	34	64	(263)
Provision for uncollectible accounts	5	3	7
(Income) loss from investments	(9)	(16)	13
(Gain) loss on sale of plant and equipment	(7)	(1)	1
(Gain) loss on sale of operations and affiliates	2	(1)	12
Stock-based compensation expense	40	36	39
Gain on dividend distribution from equity investment in Wilsonart	0	0	(54)
Other non-cash items, net	10	10	5
(Increase) decrease in—
Trade receivables	(60)	(138)	(132)
Inventories	(108)	(81)	9
Prepaid expenses and other assets	3	(121)	(63)
Increase (decrease) in—
Accounts payable	(46)	39	(3)
Accrued expenses and other liabilities	(36)	(42)	40
Income taxes	(41)	501	187
Other, net	0	0	(1)
Net cash provided by operating activities	2,811	2,402	2,302
Cash Provided by (Used for) Investing Activities:
Acquisition of businesses (excluding cash and equivalents) and additional interest in affiliates	0	(3)	(453)
Additions to plant and equipment	(364)	(297)	(273)
Proceeds from investments	16	43	21
Dividend distribution from equity investment in Wilsonart	0	0	167
Proceeds from sale of plant and equipment	26	14	16
Proceeds from sale of operations and affiliates	1	2	3
Other, net	(4)	(10)	(13)
Net cash provided by (used for) investing activities	(325)	(251)	(532)
Cash Provided by (Used for) Financing Activities:
Cash dividends paid	(1,124)	(941)	(821)
Issuance of common stock	22	84	84
Repurchases of common stock	(2,000)	(1,000)	(2,000)
Net proceeds from (repayments of) debt with original maturities of three months or less	(850)	849	(526)
Proceeds from debt with original maturities of more than three months	0	0	992
Repayments of debt with original maturities of more than three months	(1)	(652)	(1)
Excess tax benefits from stock-based compensation	0	0	29
Other, net	(11)	(14)	(12)
Net cash provided by (used for) financing activities	(3,964)	(1,674)	(2,255)
Effect of Exchange Rate Changes on Cash and Equivalents	(112)	145	(133)
Cash and Equivalents:
Increase (decrease) during the year	(1,590)	622	(618)
Beginning of year	3,094	2,472	3,090
End of year	1,504	3,094	2,472
Supplementary Cash Flow Information:
Cash Paid During the Year for Interest	247	240	212
Cash Paid During the Year for Income Taxes, Net of Refunds	838	1,018	920
Liabilities Assumed from Acquisitions	$ 0	$ 5	$ 150

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
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 87 divisions in 55 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 — Prior to 2018, the Company recognized revenue when persuasive evidence of an arrangement existed, product had shipped and the risks and rewards of ownership had transferred or services had been rendered, the price to the customer was fixed or determinable, and collectability was reasonably assured, which generally occurred at the time of product shipment. Effective January 1, 2018, the Company adopted new revenue recognition guidance. Under this new guidance, operating revenue is recognized at the time a good or service is transferred to a customer and the customer obtains control of that good or receives the service performed. The Company's sales arrangements with customers are predominantly short-term in nature involving a single performance obligation related to the delivery of products and generally provide for transfer of control at the time of shipment. 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. In these circumstances, operating revenue may be recognized over time as the service is provided to the customer or deferred until all significant obligations have been completed. The amount of operating revenue recorded reflects the consideration to which the Company expects to be entitled in exchange for goods or services and may include adjustments for customer allowances and rebates. Customer allowances and rebates consist primarily of volume discounts and other short-term incentive programs, which are estimated at the time of sale based on historical experience and anticipated trends. Shipping and handling charges billed to customers are included in revenue and are recognized along with the related product revenue as they are considered a fulfillment cost. Sales commissions are expensed when incurred, which is generally at the time of revenue recognition. Contract liabilities associated with sales arrangements primarily relate to deferred revenue on equipment sales and prepaid service contracts. Total deferred revenue and customer deposits were $215 million and $205 million for the years ended December 31, 2018 and 2017, respectively, and are short-term in nature. For additional information regarding the Company's operating revenue, see New Accounting Pronouncements below and Note 3. Operating Revenue. Research and development expenses — Research and development expenses are recorded as expense in the year incurred. These costs were $233 million , $225 million and $223 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Advertising expenses — Advertising expenses are recorded as expense in the year incurred. These costs were $50 million , $53 million and $58 million for the years ended December 31, 2018 , 2017 and 2016 , 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. Prior to 2018, the allowance for doubtful accounts included reserves for uncollectible accounts and customer credits. Under the new revenue guidance adopted on January 1, 2018, the reserve for customer credits is reported as a liability and included in "Other accrued expenses" in Note 14. Other Balance Sheet Information. Accordingly, after January 1, 2018, the allowance for doubtful accounts comprises of reserves for uncollectible accounts. The changes in the allowance for doubtful accounts for the years ended December 31, 2018 , 2017 and 2016 were as follows: In millions 2018 2017 2016 Beginning balance $ 43 $ 43 $ 42 Adoption of new revenue recognition guidance (23 ) — — Provision charged to expense 5 3 7 Write-offs, net of recoveries (3 ) (6 ) (6 ) Acquisitions and divestitures — — 1 Foreign currency translation (1 ) 3 (1 ) Ending balance $ 21 $ 43 $ 43 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 23% and 21% of total inventories as of December 31, 2018 and 2017 , respectively. If the FIFO method was used for all inventories, total inventories would have been approximately $97 million and $89 million higher than reported at December 31, 2018 and 2017 , respectively. The major classes of inventory at December 31, 2018 and 2017 were as follows: In millions 2018 2017 Raw material $ 523 $ 465 Work-in-process 161 141 Finished goods 731 703 LIFO reserve (97 ) (89 ) Total inventories $ 1,318 $ 1,220 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, 2018 and 2017 : In millions 2018 2017 Land $ 194 $ 203 Buildings and improvements 1,368 1,370 Machinery and equipment 3,352 3,301 Equipment leased to others 165 164 Construction in progress 154 123 Gross plant and equipment 5,233 5,161 Accumulated depreciation (3,442 ) (3,383 ) Net plant and equipment $ 1,791 $ 1,778 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 $272 million, $256 million and $246 million for the years ended December 31, 2018 , 2017 and 2016 , 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, 2018 , 2017 and 2016 were as follows: In millions 2018 2017 2016 Beginning balance $ 45 $ 45 $ 46 Charges (49 ) (45 ) (41 ) Provision charged to expense 50 43 42 Acquisitions and divestitures — — 1 Foreign currency translation (1 ) 2 (3 ) Ending balance $ 45 $ 45 $ 45 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 was $29 million for the year ended December 31, 2016. The Company adopted the new guidance effective January 1, 2017 and applied the new guidance prospectively. Excess tax benefits of $10 million and $50 million were included in Income taxes in the statement of income for the years ended December 31, 2018 and December 31, 2017, respectively. 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 control 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, expanded revenue disclosures are required. The Company's sales arrangements with customers are predominantly short-term in nature and generally provide for transfer of control and risks and rewards of ownership at the time of product shipment or delivery of service. As such, the timing of revenue recognition under both the prior and new guidance is the same for the majority of the Company’s transactions. Effective January 1, 2018, the Company adopted the new revenue recognition guidance under the modified retrospective method and recorded a cumulative-effect adjustment reducing retained earnings by $9 million as of January 1, 2018. Under the modified retrospective method of adoption, prior periods are not restated and the new guidance is applied prospectively to revenue transactions completed on or after January 1, 2018. Given the nature of the Company’s revenue transactions, the new guidance had an immaterial impact on the Company's operating revenue, results of operations, and financial position for the year ended December 31, 2018. The Company updated its revenue recognition accounting policy to reflect the requirements of the new guidance and included additional disclosures regarding the Company's revenue transactions. Refer to the Company’s operating revenue accounting policy above and Note 3. Operating Revenue for additional information. 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 prior guidance. The provisions of the new guidance are being applied prospectively to intra-entity asset transfers on or after January 1, 2018 and may result in future tax rate volatility. Upon adoption of the new guidance on January 1, 2018, the Company recorded a cumulative-effect adjustment reducing deferred tax assets and retained earnings by $406 million . For the year ended December 31, 2018, the impact of the new guidance on the Company's effective income tax rate was not material. In March 2017, the FASB issued authoritative guidance which changes the income statement presentation 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 ("other 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 presentation of other net periodic benefit cost and restated the prior year statements of income and related disclosures for comparability, as required under the new guidance. For the years ended December 31, 2018, 2017 and 2016, other net periodic benefit cost included in Other income (expense) was income of $20 million , $9 million and $8 million , respectively. Refer to Note 10. Pension and Other Postretirement Benefits for additional information. In February 2018, the FASB issued authoritative guidance which allows for an optional one-time reclassification of the stranded tax effects resulting from the change in the U.S. federal corporate income tax rate under the "Tax Cuts and Jobs Act" (the "Act") from accumulated other comprehensive income ("AOCI") to retained earnings. The guidance is effective January 1, 2019, with early adoption permitted. The Company elected to early adopt this guidance as of January 1, 2018 and to reclassify the stranded tax effects related to the Act, which resulted in an increase of $45 million to both retained earnings and accumulated other comprehensive loss. Refer to Note 12. Stockholders' Equity for additional information. 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 a right-of-use asset for all leases with a lease term greater than twelve months, including operating leases, in the statement of financial position. This guidance was effective January 1, 2019 and the Company will apply the guidance prospectively to lease transactions as of and after the effective date. Although the Company is currently finalizing its review of operating leases as of the adoption date, the Company expects to record a right of use asset and lease liability for its operating leases of less than two percent of total assets. Additionally, the Company expects to provide additional disclosures in periods subsequent to adoption. The new guidance is not expected to have a material impact on the results of operations or cash flows of the Company.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Acquisitions	Acquisitions There were no acquisitions during 2018. Net cash paid for acquisitions during 2017 and 2016 was $3 million and $453 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 . As a result of the EF&C transaction, which was reported in the Company's Automotive OEM segment, 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 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.

Operating Revenue

Operating Revenue	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Operating Revenue	Operating Revenue The Company's 87 diversified operating divisions are organized and managed based on similar product categories 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. Operating revenue by product category, which is consistent with the Company's segment presentation, for the twelve months ended December 31, 2018 , 2017 and 2016 was as follows: In millions 2018 2017 2016 Automotive OEM $ 3,338 $ 3,271 $ 2,864 Food Equipment 2,214 2,123 2,110 Test & Measurement and Electronics 2,171 2,069 1,974 Welding 1,691 1,538 1,486 Polymers & Fluids 1,724 1,724 1,691 Construction Products 1,700 1,672 1,609 Specialty Products 1,951 1,938 1,885 Intersegment revenue (21 ) (21 ) (20 ) Total $ 14,768 $ 14,314 $ 13,599 Prior to 2018, the Company recognized revenue when persuasive evidence of an arrangement existed, product had shipped and the risks and rewards of ownership had transferred or services had been rendered, the price to the customer was fixed or determinable, and collectability was reasonably assured, which generally occurred at the time of product shipment. Effective January 1, 2018, the Company adopted new revenue recognition guidance. Under this new guidance, operating revenue is recognized at the time a good or service is transferred to a customer and the customer obtains control of that good or receives the service performed. Given the nature of the Company’s revenue transactions, the new guidance had an immaterial impact on the Company's operating revenue, results of operations, and financial position for the twelve months ended December 31, 2018 . See Note 1. Description of Business and Summary of Significant Accounting Policies for additional information. The following is a description of the product offerings, end markets and typical revenue transactions for each 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. This segment primarily serves the automotive original equipment manufacturers and tiers market. Products in this segment include: • plastic and metal components, fasteners and assemblies for automobiles, light trucks and other industrial uses. Products sold in this segment are primarily manufactured to the customer's specifications and are sold under long-term supply agreements with OEM auto manufacturers and other top tier auto parts suppliers. The Company typically recognizes revenue for products in this segment at the time of shipment. Certain products may be produced utilizing tooling that is owned by the customer that the Company developed and is reimbursed by the customer for the associated cost. In these arrangements, the Company typically retains a contractual right to use the customer-owned tooling for the purpose of fulfilling its obligations under the supply agreement. The Company records reimbursements for the cost of customer-owned tooling as a cost offset rather than operating revenue as tooling is not considered a product offering central to the Company's operations. Food Equipment — This segment is a highly focused and branded industry leader in commercial food equipment differentiated by innovation and integrated service offerings. This segment primarily serves the food service, food institutional/restaurant and food retail markets. Products in this segment include: • warewashing equipment; • cooking equipment, including ovens, ranges and broilers; • refrigeration equipment, including refrigerators, freezers and prep tables; • food processing equipment, including slicers, mixers and scales; • kitchen exhaust, ventilation and pollution control systems; and • food equipment service, maintenance and repair. Revenue for equipment sold in this segment is typically recognized at the time of product shipment. In limited circumstances involving installation of equipment and customer acceptance, the Company may recognize revenue upon completion of installation and acceptance by the customer. Annual service contracts are typically sold separate from equipment and the related revenue is recognized on a straight-line basis over the annual service period. Operating revenue for on-demand service repairs and parts is recorded upon completion and customer acceptance of the work performed. Test & Measurement and Electronics — This segment is a branded and innovative producer of test and measurement and electronic manufacturing and maintenance, repair, and operations, or "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. This segment primarily serves the electronics, general industrial, industrial capital goods, automotive original equipment manufacturers and tiers, and consumer durables markets. Products in this segment include: • equipment, consumables, and related software for testing and measuring of materials, structures, gases and fluids; • electronic assembly equipment and related consumable solder materials; • electronic components and component packaging; • static control equipment and consumables used for contamination control in clean room environments; and • pressure sensitive adhesives and components for electronics, medical, transportation and telecommunications applications. Revenue for products sold in this segment is typically recognized at the time of shipment. In limited circumstances where significant obligations to the customer are unfulfilled at the time of shipment, typically involving installation of equipment and customer acceptance, revenue recognition is deferred until such obligations have been completed. 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. This segment primarily serves the general industrial market, which includes fabrication, shipbuilding and other general industrial markets, and energy, construction, MRO, automotive original equipment manufacturers and tiers, and industrial capital goods markets. Products in this segment include: • arc welding equipment; • metal arc welding consumables and related accessories; and • metal jacketing and other insulation products. Products in this segment are primarily manufactured to meet anticipated customer demand. The Company typically recognizes revenue for these products at the time of product shipment. Polymers & Fluids — This segment is a 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. This segment primarily serves the automotive aftermarket, general industrial, MRO and construction markets. Products in this segment include: • adhesives for industrial, construction and consumer purposes; • chemical fluids which clean or add lubrication to machines; • epoxy and resin-based coating products for industrial applications; • hand wipes and cleaners for industrial applications; • fluids, polymers and other supplies for auto aftermarket maintenance and appearance; • fillers and putties for auto body repair; and • polyester coatings and patch and repair products for the marine industry. Products in this segment are primarily manufactured to meet anticipated customer demand. The Company typically recognizes revenue for these products at the time of product shipment. Construction Products — This segment is a branded supplier of innovative engineered fastening systems and solutions. This segment primarily serves the residential construction, renovation/remodel and commercial construction markets. Products in this segment include: • fasteners and related fastening tools for wood and metal applications; • anchors, fasteners and related tools for concrete applications; • metal plate truss components and related equipment and software; and • packaged hardware, fasteners, anchors and other products for retail. Products in this segment are primarily manufactured to meet anticipated customer demand. The Company typically recognizes revenue for these products at the time of product shipment. 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. This segment primarily serves the food and beverage, consumer durables, general industrial, printing and publishing and industrial capital goods markets. Products in this segment include: • line integration, conveyor systems and line automation for the food and beverage industries; • plastic consumables that multi-pack cans and bottles and related equipment; • foil, film and related equipment used to decorate consumer products; • product coding and marking equipment and related consumables; • plastic and metal closures and components for appliances; • airport ground support equipment; and • components for medical devices. Products in this segment are primarily manufactured to meet anticipated customer demand. The Company typically recognizes revenue for these products at the time of product shipment. In limited circumstances where significant obligations to the customer are unfulfilled at the time of shipment, typically involving installation of equipment and customer acceptance, revenue is recognized when such obligations have been completed.

Legal Settlement

Legal Settlement	12 Months Ended
	Dec. 31, 2018
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 were included in operating income.

Other Income (Expense)

Other Income (Expense)	12 Months Ended
	Dec. 31, 2018
Other Income and Expenses [Abstract]
Other Income (Expense)	Other Income (Expense) Other income (expense) consisted of the following: In millions 2018 2017 2016 Interest income $ 35 $ 45 $ 38 Other net periodic benefit income 20 9 8 Income (loss) from investments 9 16 (13 ) Equity income in Wilsonart — — 61 Gain (loss) on disposal of operations and affiliates (2 ) 1 (12 ) Gain (loss) on foreign currency transactions, net (1 ) (25 ) 9 Other, net 6 (1 ) (2 ) Total other income (expense) $ 67 $ 45 $ 89 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, 2018
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 revised the U.S. corporate income tax rules. 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. The noncurrent income taxes payable related to the one-time repatriation tax was $495 million and $614 million at December 31, 2018 and 2017, respectively. Additionally, as a result of the one-time repatriation provisions of the Act, the Company recorded additional foreign withholding taxes of $53 million in the fourth quarter of 2017 related to the expected repatriation of foreign held cash and equivalents. • 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 took 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. In the fourth quarter of 2017, 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. In the fourth quarter of 2017, 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. At December 31, 2017, the Company had not completed the accounting for the tax effects of enactment of the Act; however, the Company made a reasonable estimate which was recorded in the fourth quarter of 2017. During 2018, the Company revised its initial estimates which did not result in material changes to the provisional amounts recorded at December 31, 2017, or the effective tax rate for 2018. As of December 31, 2018, the Company has completed its accounting related to the tax effects of enactment of the Act. The Company’s accounting for the tax effects of the Act are subject to future changes due to subsequent clarification of the tax law. On January 15, 2019, the U.S. Department of Treasury released final regulations related to the one-time transition tax. Although the Company's assessment of these final rules is not complete, they are not expected to materially impact the Company’s financial statements. Provision for income taxes — The components of the provision for income taxes were as follows: In millions 2018 2017 2016 U.S. federal income taxes: Current $ 373 $ 1,117 $ 756 Deferred (15 ) (10 ) (224 ) Total U.S. federal income taxes 358 1,107 532 Foreign income taxes: Current 358 296 290 Deferred 49 102 (5 ) Total foreign income taxes 407 398 285 State income taxes: Current 66 106 90 Deferred — (28 ) (34 ) Total state income taxes 66 78 56 Total provision for income taxes $ 831 $ 1,583 $ 873 Income before taxes for domestic and foreign operations was as follows: In millions 2018 2017 2016 Domestic $ 1,774 $ 1,806 $ 1,653 Foreign 1,620 1,464 1,255 Total income before taxes $ 3,394 $ 3,270 $ 2,908 The reconciliation between the U.S. federal statutory tax rate and the effective tax rate was as follows: 2018 2017 2016 U.S. federal statutory tax rate 21.0 % 35.0 % 35.0 % U.S. tax effect of foreign earnings 1.5 0.5 0.7 Tax effect of U.S. federal tax law change (0.1 ) 20.1 — State income taxes, net of U.S. federal tax benefit 1.6 1.2 1.3 Differences between U.S. federal statutory and foreign tax rates 2.1 (3.5 ) (3.6 ) Nontaxable foreign interest income (1.7 ) (1.7 ) (2.1 ) Tax effect of foreign dividends 1.0 0.4 0.8 Tax relief for U.S. manufacturers — (1.4 ) (1.4 ) Excess tax benefits from stock-based compensation (0.3 ) (1.5 ) — Other, net (0.6 ) (0.7 ) (0.7 ) Effective tax rate 24.5 % 48.4 % 30.0 % The Company's effective tax rate for the twelve months ended December 31, 2018, 2017 and 2016 was 24.5% , 48.4% and 30.0% , respectively. The 2018 effective tax rate benefited from the lower U.S. corporate federal tax rate and discrete items, primarily related to a discrete tax benefit of $37 million in the third quarter of 2018 related to the release of a valuation allowance against the deferred tax assets of a non-U.S. subsidiary, which was partially offset by a discrete tax charge in the third quarter of 2018 of $22 million related to foreign tax credits. Included in the effective tax rate for 2017 was a one-time additional income tax expense of $658 million related to the enactment of the Act. Additionally, the effective tax rate for 2018 and 2017 included $10 million and $50 million , respectively, related to excess tax benefits from stock-based compensation guidance effective January 1, 2017. Refer to Note 1. Description of Business and Summary of Significant Accounting Policies for additional information. 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. The accrual for foreign withholding taxes related to the expected repatriation of foreign held cash and equivalents as of December 31, 2018 and December 31, 2017 was $71 million and $75 million , respectively. Deferred foreign withholding taxes have not been provided on undistributed earnings considered permanently invested. As of December 31, 2018, undistributed earnings of certain international subsidiaries that are considered permanently invested were approximately $6 billion . Determination of the related deferred tax liability is not practicable because of the complexities associated with the hypothetical calculation. Deferred tax assets and liabilities — The components of deferred income tax assets and liabilities at December 31, 2018 and 2017 were as follows: 2018 2017 In millions Asset Liability Asset Liability Goodwill and intangible assets $ 194 $ (484 ) $ 195 $ (506 ) Inventory reserves, capitalized tax cost and LIFO inventory 30 (3 ) 31 (3 ) Investments 19 (171 ) 15 (180 ) Plant and equipment 17 (72 ) 18 (64 ) Accrued expenses and reserves 36 — 45 — Employee benefit accruals 186 — 177 — Foreign tax credit carryforwards 8 — 13 — Net operating loss carryforwards 451 — 507 — Capital loss carryforwards 89 — 98 — Allowances for uncollectible accounts 10 — 9 — Pension liabilities — (19 ) — (25 ) Deferred intercompany deductions — — 405 — Unrealized loss (gain) on foreign debt instruments — (45 ) — (19 ) Other 32 (13 ) 99 (15 ) Gross deferred income tax assets (liabilities) 1,072 (807 ) 1,612 (812 ) Valuation allowances (418 ) — (459 ) — Total deferred income tax assets (liabilities) $ 654 $ (807 ) $ 1,153 $ (812 ) The valuation allowances recorded at December 31, 2018 and 2017 related primarily to certain net operating loss carryforwards, capital loss carryforwards and foreign tax credit carryforwards. As of December 31, 2018 , the Company has utilized all realizable foreign tax credit carryforwards. At December 31, 2018 , 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 2019 $ 25 2020 87 2021 81 2022 34 2023 7 2024 7 2025-2045 55 Do not expire 1,532 Total gross carryforwards related to net operating losses $ 1,828 Unrecognized tax benefit s— The changes in the amount of unrecognized tax benefits for the years ended 2018 , 2017 and 2016 were as follows: In millions 2018 2017 2016 Beginning balance $ 285 $ 210 $ 259 Additions based on tax positions related to the current year 3 42 19 Additions for tax positions of prior years 49 100 126 Reductions for tax positions of prior years (31 ) (24 ) (97 ) Settlements (5 ) (53 ) (96 ) Foreign currency translation (4 ) 10 (1 ) Ending balance $ 297 $ 285 $ 210 Included in the balance at December 31, 2018 were approximately $268 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 $42 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 2016-2018 United Kingdom 2017-2018 Germany 2012-2018 France 2014-2018 Australia 2013-2018 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, 2018 and 2017 was $25 million for both periods. 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 assessed 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. In August 2018, the court decided in favor of the Company. The Company did not have a reserve for this matter, which was fully resolved in 2018.

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 2018
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 2018 2017 2016 Net Income $ 2,563 $ 1,687 $ 2,035 Net income per share—Basic: Weighted-average common shares 335.0 344.1 355.0 Net income per share—Basic $ 7.65 $ 4.90 $ 5.73 Net income per share—Diluted: Weighted-average common shares 335.0 344.1 355.0 Effect of dilutive stock options and restricted stock units 2.1 2.7 2.1 Weighted-average common shares assuming dilution 337.1 346.8 357.1 Net income per share—Diluted $ 7.60 $ 4.86 $ 5.70 Options that were considered antidilutive were not included in the computation of diluted net income per share. There were 0.5 million antidilutive options outstanding as of December 31, 2018. There were no antidilutive options outstanding as of December 31, 2017 and 2016 .

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 were as follows: In millions Automotive OEM Test & Measurement and Electronics Food Equipment Polymers & Fluids Welding Construction Products Specialty Products Total 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 2018 activity: Foreign currency translation (12 ) (20 ) (10 ) (30 ) (9 ) (17 ) (21 ) (119 ) Balance, December 31, 2018 $ 476 $ 1,352 $ 259 $ 889 $ 263 $ 513 $ 881 $ 4,633 Cumulative goodwill impairment charges, December 31, 2018 $ 24 $ 83 $ 60 $ 15 $ 5 $ 7 $ 46 $ 240 Intangible assets as of December 31, 2018 and 2017 were as follows: 2018 2017 In millions Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets: Customer lists and relationships $ 1,747 $ (1,282 ) $ 465 $ 1,753 $ (1,182 ) $ 571 Trademarks and brands 759 (435 ) 324 761 (391 ) 370 Patents and proprietary technology 621 (506 ) 115 623 (473 ) 150 Other 478 (458 ) 20 474 (453 ) 21 Total amortizable intangible assets 3,605 (2,681 ) 924 3,611 (2,499 ) 1,112 Indefinite-lived intangible assets: Trademarks and brands 160 — 160 160 — 160 Total intangible assets $ 3,765 $ (2,681 ) $ 1,084 $ 3,771 $ (2,499 ) $ 1,272 The Company performed its annual impairment assessment of goodwill and indefinite-lived intangible assets in the third quarter of 2018 , 2017 and 2016 . There were no impairment charges as a result of these assessments. For the years ended December 31, 2018 , 2017 and 2016 , amortization expense of intangible assets was $189 million , $206 million and $224 million , respectively. The estimated amortization expense of intangible assets for the future years ending December 31 is as follows: In millions 2019 $ 163 2020 142 2021 124 2022 111 2023 92

Debt

Debt	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 consisted of the following: In millions 2018 2017 Commercial paper $ — $ 849 Current maturities of long-term debt 1,350 1 Bank overdrafts 1 — Total short-term debt $ 1,351 $ 850 As of December 31, 2018 , Short-term debt included $650 million related to the 1.95% notes due March 1, 2019 and $700 million related to the 6.25% notes due April 1, 2019. There was no commercial paper outstanding as of December 31, 2018 . Short-term debt as of December 31, 2017 included commercial paper of $849 million . 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. No amounts were outstanding under the line of credit agreement at December 31, 2018 . As of December 31, 2018 , 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 1.7% and 1.0% for the years ended December 31, 2018 and 2017 , respectively. As of December 31, 2018 , the Company had unused capacity of approximately $ 227 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, 2018 and 2017 consisted of the following: 2018 2017 In millions Effective Interest Rate Carrying Value Fair Value Carrying Value Fair Value 1.95% notes due March 1, 2019 1.98% 650 649 649 649 6.25% notes due April 1, 2019 6.25% 700 706 699 736 4.88% notes due thru December 31, 2020 4.96% 4 4 4 4 3.375% notes due September 15, 2021 3.43% 349 354 348 361 1.75% Euro notes due May 20, 2022 1.86% 570 603 595 638 1.25% Euro notes due May 22, 2023 1.35% 569 596 595 624 3.50% notes due March 1, 2024 3.54% 696 712 696 734 2.65% notes due November 15, 2026 2.69% 993 933 992 980 2.125% Euro notes due May 22, 2030 2.18% 567 620 594 646 3.0% Euro notes due May 19, 2034 3.13% 560 678 586 702 4.875% notes due September 15, 2041 4.97% 636 719 636 791 3.9% notes due September 1, 2042 3.96% 1,081 1,087 1,081 1,183 Other borrowings 4 4 4 4 Total $ 7,379 $ 7,665 $ 7,479 $ 8,052 Less: Current maturities of long-term debt (1,350 ) (1 ) Total long-term debt $ 6,029 $ 7,478 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 12. 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 2019 $ 1,350 2020 4 2021 349 2022 570 2023 569 2024 and future years 4,537 Total $ 7,379

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	12 Months Ended
	Dec. 31, 2018
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 $82 million in 2018 , $79 million in 2017 , and $ 77 million in 2016 . 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 2018 2017 2016 2018 2017 2016 Components of net periodic benefit cost: Service cost $ 60 $ 63 $ 62 $ 8 $ 9 $ 9 Interest cost 72 72 92 18 19 24 Expected return on plan assets (126 ) (133 ) (144 ) (25 ) (23 ) (23 ) Amortization of actuarial (gain) loss 43 57 44 (2 ) (1 ) — Amortization of prior service cost — — — — — (1 ) Total net periodic benefit cost $ 49 $ 59 $ 54 $ (1 ) $ 4 $ 9 The service cost component of net periodic benefit cost is presented within Cost of revenue and Selling, administrative, and research and development expenses in the statement of income while the other components of net periodic benefit cost are presented within Other income (expense). The Company used the updated mortality improvement scales from the Society of Actuaries, MP-2018 and MP-2017, to measure its U.S. pension and other postretirement obligations as of December 31, 2018 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, 2018 and 2017 : Pension Other Postretirement Benefits In millions 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at January 1 $ 2,661 $ 2,562 $ 546 $ 551 Service cost 60 63 8 9 Interest cost 72 72 18 19 Plan participants’ contributions 2 2 12 12 Amendments 9 — — — Actuarial (gain) loss (162 ) 26 (35 ) (5 ) Benefits paid (165 ) (152 ) (40 ) (41 ) Medicare subsidy received — — 2 1 Liabilities from other immaterial plans 5 — — — Foreign currency translation (53 ) 88 — — Benefit obligation at December 31 $ 2,429 $ 2,661 $ 511 $ 546 Pension Other Postretirement Benefits In millions 2018 2017 2018 2017 Change in plan assets: Fair value of plan assets at January 1 $ 2,832 $ 2,487 $ 373 $ 351 Actual return on plan assets (82 ) 227 (19 ) 45 Company contributions 23 178 7 6 Plan participants’ contributions 2 2 12 12 Benefits paid (165 ) (152 ) (40 ) (41 ) Foreign currency translation (60 ) 90 — — Fair value of plan assets at December 31 $ 2,550 $ 2,832 $ 333 $ 373 Funded status $ 121 $ 171 $ (178 ) $ (173 ) Other immaterial plans (46 ) (65 ) (5 ) (5 ) Net asset (liability) at December 31 $ 75 $ 106 $ (183 ) $ (178 ) The amounts recognized in the statement of financial position as of December 31 consist of: Other assets $ 290 $ 337 $ — $ — Accrued expenses (12 ) (12 ) (4 ) (4 ) Other noncurrent liabilities (203 ) (219 ) (179 ) (174 ) Net asset (liability) at end of year $ 75 $ 106 $ (183 ) $ (178 ) The pre-tax amounts recognized in accumulated other comprehensive income consist of: Net actuarial (gain) loss $ 552 $ 548 $ (53 ) $ (64 ) Prior service cost 8 — — — $ 560 $ 548 $ (53 ) $ (64 ) Accumulated benefit obligation $ 2,299 $ 2,499 Plans with accumulated benefit obligation in excess of plan assets as of December 31: Projected benefit obligation $ 176 $ 184 Accumulated benefit obligation $ 170 $ 175 Fair value of plan assets $ 28 $ 27 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 2018 2017 2016 2018 2017 2016 Assumptions used to determine benefit obligations at December 31: Discount rate 3.66 % 3.12 % 3.41 % 4.40 % 3.72 % 4.30 % Rate of compensation increases 3.52 % 3.54 % 3.77 % Assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 3.12 % 3.41 % 3.95 % 3.72 % 4.30 % 4.55 % Expected return on plan assets 4.77 % 5.53 % 6.22 % 6.80 % 6.80 % 7.00 % Rate of compensation increases 3.54 % 3.77 % 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: 2018 2017 2016 Health care cost trend rate assumed for the next year 7.00 % 6.25 % 6.00 % Ultimate trend rate 4.50 % 4.50 % 4.50 % Year the rate reaches the ultimate trend rate 2026 2025 2023 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 2018 $ — $ (1 ) Change in postretirement benefit obligation at December 31, 2018 $ 5 $ (8 ) 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 investments, 75% to 85% fixed income investments 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, 2018 and 2017 , 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. 2018 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 28 $ 27 $ 1 $ — Fixed income securities: Government securities 371 — 371 — Corporate debt securities 853 — 853 — Investment contracts with insurance companies 1 — — 1 Commingled funds: Collective trust funds 1,257 Partnerships/private equity interests 36 Other 4 — 4 — Total fair value of pension plan assets $ 2,550 $ 27 $ 1,229 $ 1 Other Postretirement Benefit Plan Assets: Life insurance policies $ 333 Total fair value of other postretirement benefit plan assets $ 333 $ — $ — $ — 2017 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 43 $ 34 $ 9 $ — Fixed income securities: Government securities 371 — 371 — Corporate debt securities 943 — 943 — 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 $ — $ — 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. Fixed income securities primarily consist of U.S. and foreign government bills, notes and bonds, corporate debt 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. 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 $ 28 million to its pension plans and $ 5 million to its other postretirement benefit plans in 2019 . 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 2019 $ 162 $ 35 2020 165 36 2021 169 36 2022 172 37 2023 180 37 Years 2024-2028 895 182

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
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 $124 million, $120 million and $121 million for the years ended December 31 2018 , 2017 and 2016 , respectively. Minimum lease payments under operating leases with non-cancelable terms in excess of one year for the years ending December 31 are as follows: In millions 2019 $ 67 2020 48 2021 32 2022 24 2023 18 2024 and future years 34 Total future minimum lease payments $ 223

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2018
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 February 13, 2015, the Company's Board of Directors authorized a stock repurchase program which provides for the repurchase of up to $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, 18.7 million shares of its common stock at an average price of $107.17 per share during 2016, approximately 7.1 million shares of its common stock at an average price of $140.56 per share during 2017 and approximately 13.9 million shares of its common stock at an average price of $143.66 per share during 2018. As of December 31, 2018 , there were approximately $446 million of authorized repurchases remaining under the 2015 Program. On August 3, 2018, the Company's Board of Directors authorized a new stock repurchase program which provides for the buyback of up to an additional $3.0 billion of the Company's common stock over an open-ended period of time (the "2018 Program"). As of December 31, 2018, there were $3.0 billion of authorized repurchases remaining under the 2018 program. Cash Dividends — Cash dividends declared were $3.56 per share in 2018 , $2.86 per share in 2017 and $2.40 per share in 2016 . Cash dividends paid were $3.34 per share in 2018 , $2.73 per share in 2017 and $2.30 per share in 2016 . Accumulated Other Comprehensive Income (Loss) — The changes in accumulated other comprehensive income (loss) during 2018 , 2017 and 2016 were as follows: In millions 2018 2017 2016 Beginning balance $ (1,287 ) $ (1,807 ) $ (1,504 ) Adoption of new accounting guidance related to reclassification of certain tax effects (45 ) — — Foreign currency translation adjustments during the period (308 ) 294 (251 ) Foreign currency translation adjustments reclassified to income 5 2 (1 ) Income taxes (25 ) 110 (25 ) Total foreign currency translation adjustments, net of tax (328 ) 406 (277 ) Pension and other postretirement benefit adjustments during the period (64 ) 96 (67 ) Pension and other postretirement benefit adjustments reclassified to income 41 56 43 Income taxes 6 (38 ) (2 ) Total pension and other postretirement benefit adjustments, net of tax (17 ) 114 (26 ) Ending balance $ (1,677 ) $ (1,287 ) $ (1,807 ) Effective January 1, 2018, the Company elected to early adopt new accounting guidance related to the stranded tax effects resulting from the change in the U.S. federal corporate income tax rate under the "Tax Cuts and Jobs Act" (the "Act") and reclassified $45 million of stranded income tax effects from Accumulated other comprehensive income (loss) to Retained earnings. Refer to Note 1. Description of Business and Summary of Significant Accounting Policies for additional information. 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 10. 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 $187 million and $81 million as of December 31, 2018 and 2017 , respectively. As of December 31, 2018 and 2017 , the ending balance of Accumulated other comprehensive income (loss) consisted of after-tax cumulative translation adjustment losses of $1.3 billion and $1.0 billion , respectively, and after-tax unrecognized pension and other postretirement benefits costs of $364 million and $291 million , respectively. The estimated pre-tax unrecognized net benefit cost that will be amortized from Accumulated other comprehensive income (loss) into income in 2019 is $ 21 million for pension and other postretirement benefits.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2018
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 are issued to officers and/or 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, 2018 , 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 2018 2017 2016 Pre-tax compensation expense $ 40 $ 36 $ 39 Tax benefit (5 ) (9 ) (13 ) Total stock-based compensation expense, net of tax $ 35 $ 27 $ 26 The following table summarizes activity related to non-vested RSUs during 2018 : Shares in millions Number of Shares Weighted-Average Grant-Date Fair Value Unvested, January 1, 2018 0.6 $99.87 Granted 0.2 162.49 Vested (0.3 ) 92.71 Unvested, December 31, 2018 0.5 121.24 The following table summarizes stock option activity for the year ended December 31, 2018 : 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, 2018 4.5 $80.88 Granted 0.5 163.36 Exercised (0.4 ) 61.22 Under option, December 31, 2018 4.6 90.56 5.6 $165 Exercisable, December 31, 2018 3.2 74.08 4.6 $168 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 2018 and 2017 was 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: 2018 2017 2016 Risk-free interest rate 2.07-3.06% 0.91-2.61% 0.56-1.86% Weighted-average volatility 22.0% 22.0% 24.0% Dividend yield 2.10% 2.22% 2.12% Expected years until exercise 7.5-8.4 7.2-7.9 6.9-7.7 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 2018 , 2017 and 2016 was $ 38.34 , $26.83 and $20.02 per share, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2018 , 2017 and 2016 was $ 33 million, $132 million and $89 million , respectively. As of December 31, 2018 , there was $ 10 million of total unrecognized compensation cost related to unvested stock options. That cost is expected to be recognized over a weighted-average period of 2.1 years. Exercise of stock options during the years ended December 31, 2018 , 2017 and 2016 resulted in cash receipts of $ 22 million, $ 84 million and $84 million , respectively. The total fair value of vested stock option awards during the years ended December 31, 2018 , 2017 and 2016 was $ 15 million, $13 million and $12 million , respectively. As of December 31, 2018 , there was $ 30 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 1.8 years. The total fair value of vested RSU awards during the years ended December 31, 2018 , 2017 and 2016 was $ 19 million, $19 million and $21 million , respectively.

Other Balance Sheet Information

Other Balance Sheet Information	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Balance Sheet Information	Other Balance Sheet Information Other balance sheet information at December 31, 2018 and 2017 was as follows: In millions 2018 2017 Prepaid expenses and other current assets: Income tax refunds receivable $ 98 $ 121 Value-added-tax receivables 79 70 Vendor advances 30 26 Other 127 119 Total prepaid expenses and other current assets $ 334 $ 336 Other assets: Cash surrender value of life insurance policies $ 429 $ 442 Prepaid pension assets 290 337 Customer tooling 171 184 Investments 51 53 Other 89 179 Total other assets $ 1,030 $ 1,195 Accrued expenses: Compensation and employee benefits $ 391 $ 411 Deferred revenue and customer deposits 215 205 Rebates 172 147 Warranties 45 45 Current portion of pension and other postretirement benefit obligations 16 16 Other 432 434 Total accrued expenses $ 1,271 $ 1,258 Other liabilities: Pension benefit obligation $ 203 $ 219 Postretirement benefit obligation 179 174 Other 457 489 Total other liabilities $ 839 $ 882

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2018
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 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 2018 , 2017 and 2016 was as follows: In millions 2018 2017 2016 Operating revenue: Automotive OEM $ 3,338 $ 3,271 $ 2,864 Food Equipment 2,214 2,123 2,110 Test & Measurement and Electronics 2,171 2,069 1,974 Welding 1,691 1,538 1,486 Polymers & Fluids 1,724 1,724 1,691 Construction Products 1,700 1,672 1,609 Specialty Products 1,951 1,938 1,885 Intersegment revenue (21 ) (21 ) (20 ) Total $ 14,768 $ 14,314 $ 13,599 Operating income: Automotive OEM $ 751 $ 747 $ 690 Food Equipment 572 556 537 Test & Measurement and Electronics 523 464 372 Welding 474 415 370 Polymers & Fluids 369 357 343 Construction Products 414 399 361 Specialty Products 522 527 482 Total Segments 3,625 3,465 3,155 Unallocated (41 ) 20 (99 ) Total $ 3,584 $ 3,485 $ 3,056 Depreciation and amortization and impairment of intangible assets: Automotive OEM $ 123 $ 111 $ 90 Food Equipment 44 45 45 Test & Measurement and Electronics 88 92 104 Welding 27 28 36 Polymers & Fluids 83 89 92 Construction Products 32 33 34 Specialty Products 64 64 69 Total $ 461 $ 462 $ 470 Plant and equipment additions: Automotive OEM $ 184 $ 147 $ 116 Food Equipment 28 27 31 Test & Measurement and Electronics 31 23 25 Welding 23 17 16 Polymers & Fluids 15 16 18 Construction Products 25 22 20 Specialty Products 58 45 47 Total $ 364 $ 297 $ 273 Identifiable assets: Automotive OEM $ 2,388 $ 2,402 $ 2,051 Food Equipment 1,019 1,054 1,013 Test & Measurement and Electronics 2,343 2,449 2,362 Welding 789 756 701 Polymers & Fluids 1,942 2,067 2,019 Construction Products 1,167 1,196 1,099 Specialty Products 1,687 1,721 1,599 Total Segments 11,335 11,645 10,844 Corporate 3,535 5,135 4,357 Total $ 14,870 $ 16,780 $ 15,201 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 2018 , 2017 and 2016 was as follows: In millions 2018 2017 2016 Operating Revenue by Geographic Region: United States $ 6,562 $ 6,243 $ 6,176 Canada/Mexico 1,050 996 923 Total North America 7,612 7,239 7,099 Europe, Middle East and Africa 4,241 4,102 3,787 Asia Pacific 2,573 2,577 2,361 South America 342 396 352 Total Operating Revenue $ 14,768 $ 14,314 $ 13,599 Operating revenue by geographic region is based on the customers' locations. There was no single country outside the U.S. with long-lived assets exceeding 10% of the Company's total long-lived assets in 2018 and 2016. At December 31, 2017 , the Company had approximately 10% of its total long-lived assets in Germany. No single customer accounted for more than 5% of consolidated revenues in 2018 , 2017 or 2016 . 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, 2018
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 2018 2017 2018 2017 2018 2017 2018 2017 Operating revenue $ 3,744 $ 3,471 $ 3,831 $ 3,599 $ 3,613 $ 3,615 $ 3,580 $ 3,629 Cost of revenue 2,181 2,003 2,231 2,087 2,096 2,092 2,096 2,124 Operating income 903 807 932 872 889 960 860 846 Net income (loss) 652 536 666 587 638 640 607 (76 ) Net income (loss) per share: Basic 1.92 1.55 1.98 1.70 1.91 1.86 1.84 (0.22 ) Diluted 1.90 1.54 1.97 1.69 1.90 1.85 1.83 (0.22 ) In the fourth quarter of 2017, the Company recorded a one-time additional income tax expense of $658 million , or $1.92 per diluted share, related to the enactment of the United States "Tax Cuts and Jobs Act." Refer to Note 6. Income Taxes for further information. 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.

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
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 — Prior to 2018, the Company recognized revenue when persuasive evidence of an arrangement existed, product had shipped and the risks and rewards of ownership had transferred or services had been rendered, the price to the customer was fixed or determinable, and collectability was reasonably assured, which generally occurred at the time of product shipment. Effective January 1, 2018, the Company adopted new revenue recognition guidance. Under this new guidance, operating revenue is recognized at the time a good or service is transferred to a customer and the customer obtains control of that good or receives the service performed. The Company's sales arrangements with customers are predominantly short-term in nature involving a single performance obligation related to the delivery of products and generally provide for transfer of control at the time of shipment. 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. In these circumstances, operating revenue may be recognized over time as the service is provided to the customer or deferred until all significant obligations have been completed. The amount of operating revenue recorded reflects the consideration to which the Company expects to be entitled in exchange for goods or services and may include adjustments for customer allowances and rebates. Customer allowances and rebates consist primarily of volume discounts and other short-term incentive programs, which are estimated at the time of sale based on historical experience and anticipated trends. Shipping and handling charges billed to customers are included in revenue and are recognized along with the related product revenue as they are considered a fulfillment cost. Sales commissions are expensed when incurred, which is generally at the time of revenue recognition.
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. Prior to 2018, the allowance for doubtful accounts included reserves for uncollectible accounts and customer credits. Under the new revenue guidance adopted on January 1, 2018, the reserve for customer credits is reported as a liability and included in "Other accrued expenses" in Note 14. Other Balance Sheet Information. Accordingly, after January 1, 2018, the allowance for doubtful accounts comprises of reserves for uncollectible accounts.
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	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. 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.
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 was $29 million for the year ended December 31, 2016. The Company adopted the new guidance effective January 1, 2017 and applied the new guidance prospectively. Excess tax benefits of $10 million and $50 million were included in Income taxes in the statement of income for the years ended December 31, 2018 and December 31, 2017, respectively. 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 control 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, expanded revenue disclosures are required. The Company's sales arrangements with customers are predominantly short-term in nature and generally provide for transfer of control and risks and rewards of ownership at the time of product shipment or delivery of service. As such, the timing of revenue recognition under both the prior and new guidance is the same for the majority of the Company’s transactions. Effective January 1, 2018, the Company adopted the new revenue recognition guidance under the modified retrospective method and recorded a cumulative-effect adjustment reducing retained earnings by $9 million as of January 1, 2018. Under the modified retrospective method of adoption, prior periods are not restated and the new guidance is applied prospectively to revenue transactions completed on or after January 1, 2018. Given the nature of the Company’s revenue transactions, the new guidance had an immaterial impact on the Company's operating revenue, results of operations, and financial position for the year ended December 31, 2018. The Company updated its revenue recognition accounting policy to reflect the requirements of the new guidance and included additional disclosures regarding the Company's revenue transactions. Refer to the Company’s operating revenue accounting policy above and Note 3. Operating Revenue for additional information. 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 prior guidance. The provisions of the new guidance are being applied prospectively to intra-entity asset transfers on or after January 1, 2018 and may result in future tax rate volatility. Upon adoption of the new guidance on January 1, 2018, the Company recorded a cumulative-effect adjustment reducing deferred tax assets and retained earnings by $406 million . For the year ended December 31, 2018, the impact of the new guidance on the Company's effective income tax rate was not material. In March 2017, the FASB issued authoritative guidance which changes the income statement presentation 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 ("other 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 presentation of other net periodic benefit cost and restated the prior year statements of income and related disclosures for comparability, as required under the new guidance. For the years ended December 31, 2018, 2017 and 2016, other net periodic benefit cost included in Other income (expense) was income of $20 million , $9 million and $8 million , respectively. Refer to Note 10. Pension and Other Postretirement Benefits for additional information. In February 2018, the FASB issued authoritative guidance which allows for an optional one-time reclassification of the stranded tax effects resulting from the change in the U.S. federal corporate income tax rate under the "Tax Cuts and Jobs Act" (the "Act") from accumulated other comprehensive income ("AOCI") to retained earnings. The guidance is effective January 1, 2019, with early adoption permitted. The Company elected to early adopt this guidance as of January 1, 2018 and to reclassify the stranded tax effects related to the Act, which resulted in an increase of $45 million to both retained earnings and accumulated other comprehensive loss. Refer to Note 12. Stockholders' Equity for additional information. 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 a right-of-use asset for all leases with a lease term greater than twelve months, including operating leases, in the statement of financial position. This guidance was effective January 1, 2019 and the Company will apply the guidance prospectively to lease transactions as of and after the effective date. Although the Company is currently finalizing its review of operating leases as of the adoption date, the Company expects to record a right of use asset and lease liability for its operating leases of less than two percent of total assets. Additionally, the Company expects to provide additional disclosures in periods subsequent to adoption. The new guidance is not expected to have a material impact on the results of operations or cash flows of the Company.
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 S_3

Description of Business and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Changes in Allowances for Uncollectible Accounts	The changes in the allowance for doubtful accounts for the years ended December 31, 2018 , 2017 and 2016 were as follows: In millions 2018 2017 2016 Beginning balance $ 43 $ 43 $ 42 Adoption of new revenue recognition guidance (23 ) — — Provision charged to expense 5 3 7 Write-offs, net of recoveries (3 ) (6 ) (6 ) Acquisitions and divestitures — — 1 Foreign currency translation (1 ) 3 (1 ) Ending balance $ 21 $ 43 $ 43
Schedule of Inventory	The major classes of inventory at December 31, 2018 and 2017 were as follows: In millions 2018 2017 Raw material $ 523 $ 465 Work-in-process 161 141 Finished goods 731 703 LIFO reserve (97 ) (89 ) Total inventories $ 1,318 $ 1,220
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, 2018 and 2017 : In millions 2018 2017 Land $ 194 $ 203 Buildings and improvements 1,368 1,370 Machinery and equipment 3,352 3,301 Equipment leased to others 165 164 Construction in progress 154 123 Gross plant and equipment 5,233 5,161 Accumulated depreciation (3,442 ) (3,383 ) Net plant and equipment $ 1,791 $ 1,778
Changes in Accrued Warranties	The changes in accrued warranties for the years ended December 31, 2018 , 2017 and 2016 were as follows: In millions 2018 2017 2016 Beginning balance $ 45 $ 45 $ 46 Charges (49 ) (45 ) (41 ) Provision charged to expense 50 43 42 Acquisitions and divestitures — — 1 Foreign currency translation (1 ) 2 (3 ) Ending balance $ 45 $ 45 $ 45

Operating Revenue (Tables)

Operating Revenue (Tables)	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Operating revenue by product category, which is consistent with the Company's segment presentation, for the twelve months ended December 31, 2018 , 2017 and 2016 was as follows: In millions 2018 2017 2016 Automotive OEM $ 3,338 $ 3,271 $ 2,864 Food Equipment 2,214 2,123 2,110 Test & Measurement and Electronics 2,171 2,069 1,974 Welding 1,691 1,538 1,486 Polymers & Fluids 1,724 1,724 1,691 Construction Products 1,700 1,672 1,609 Specialty Products 1,951 1,938 1,885 Intersegment revenue (21 ) (21 ) (20 ) Total $ 14,768 $ 14,314 $ 13,599

Other Income (Expense) (Tables)

Other Income (Expense) (Tables)	12 Months Ended
	Dec. 31, 2018
Other Income and Expenses [Abstract]
Other Income (Expense)	Other income (expense) consisted of the following: In millions 2018 2017 2016 Interest income $ 35 $ 45 $ 38 Other net periodic benefit income 20 9 8 Income (loss) from investments 9 16 (13 ) Equity income in Wilsonart — — 61 Gain (loss) on disposal of operations and affiliates (2 ) 1 (12 ) Gain (loss) on foreign currency transactions, net (1 ) (25 ) 9 Other, net 6 (1 ) (2 ) Total other income (expense) $ 67 $ 45 $ 89

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Components of the Provision for Income Taxes	The components of the provision for income taxes were as follows: In millions 2018 2017 2016 U.S. federal income taxes: Current $ 373 $ 1,117 $ 756 Deferred (15 ) (10 ) (224 ) Total U.S. federal income taxes 358 1,107 532 Foreign income taxes: Current 358 296 290 Deferred 49 102 (5 ) Total foreign income taxes 407 398 285 State income taxes: Current 66 106 90 Deferred — (28 ) (34 ) Total state income taxes 66 78 56 Total provision for income taxes $ 831 $ 1,583 $ 873
Income from Continuing Operations Before Income Taxes	Income before taxes for domestic and foreign operations was as follows: In millions 2018 2017 2016 Domestic $ 1,774 $ 1,806 $ 1,653 Foreign 1,620 1,464 1,255 Total income before taxes $ 3,394 $ 3,270 $ 2,908
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: 2018 2017 2016 U.S. federal statutory tax rate 21.0 % 35.0 % 35.0 % U.S. tax effect of foreign earnings 1.5 0.5 0.7 Tax effect of U.S. federal tax law change (0.1 ) 20.1 — State income taxes, net of U.S. federal tax benefit 1.6 1.2 1.3 Differences between U.S. federal statutory and foreign tax rates 2.1 (3.5 ) (3.6 ) Nontaxable foreign interest income (1.7 ) (1.7 ) (2.1 ) Tax effect of foreign dividends 1.0 0.4 0.8 Tax relief for U.S. manufacturers — (1.4 ) (1.4 ) Excess tax benefits from stock-based compensation (0.3 ) (1.5 ) — Other, net (0.6 ) (0.7 ) (0.7 ) Effective tax rate 24.5 % 48.4 % 30.0 %
Components of Deferred Income Tax Assets and Liabilities	The components of deferred income tax assets and liabilities at December 31, 2018 and 2017 were as follows: 2018 2017 In millions Asset Liability Asset Liability Goodwill and intangible assets $ 194 $ (484 ) $ 195 $ (506 ) Inventory reserves, capitalized tax cost and LIFO inventory 30 (3 ) 31 (3 ) Investments 19 (171 ) 15 (180 ) Plant and equipment 17 (72 ) 18 (64 ) Accrued expenses and reserves 36 — 45 — Employee benefit accruals 186 — 177 — Foreign tax credit carryforwards 8 — 13 — Net operating loss carryforwards 451 — 507 — Capital loss carryforwards 89 — 98 — Allowances for uncollectible accounts 10 — 9 — Pension liabilities — (19 ) — (25 ) Deferred intercompany deductions — — 405 — Unrealized loss (gain) on foreign debt instruments — (45 ) — (19 ) Other 32 (13 ) 99 (15 ) Gross deferred income tax assets (liabilities) 1,072 (807 ) 1,612 (812 ) Valuation allowances (418 ) — (459 ) — Total deferred income tax assets (liabilities) $ 654 $ (807 ) $ 1,153 $ (812 )
Net Operating Loss Carryforwards	At December 31, 2018 , 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 2019 $ 25 2020 87 2021 81 2022 34 2023 7 2024 7 2025-2045 55 Do not expire 1,532 Total gross carryforwards related to net operating losses $ 1,828
Changes in Amount of Unrecognized Tax Benefits	The changes in the amount of unrecognized tax benefits for the years ended 2018 , 2017 and 2016 were as follows: In millions 2018 2017 2016 Beginning balance $ 285 $ 210 $ 259 Additions based on tax positions related to the current year 3 42 19 Additions for tax positions of prior years 49 100 126 Reductions for tax positions of prior years (31 ) (24 ) (97 ) Settlements (5 ) (53 ) (96 ) Foreign currency translation (4 ) 10 (1 ) Ending balance $ 297 $ 285 $ 210
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 2016-2018 United Kingdom 2017-2018 Germany 2012-2018 France 2014-2018 Australia 2013-2018

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
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 2018 2017 2016 Net Income $ 2,563 $ 1,687 $ 2,035 Net income per share—Basic: Weighted-average common shares 335.0 344.1 355.0 Net income per share—Basic $ 7.65 $ 4.90 $ 5.73 Net income per share—Diluted: Weighted-average common shares 335.0 344.1 355.0 Effect of dilutive stock options and restricted stock units 2.1 2.7 2.1 Weighted-average common shares assuming dilution 337.1 346.8 357.1 Net income per share—Diluted $ 7.60 $ 4.86 $ 5.70

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 were as follows: In millions Automotive OEM Test & Measurement and Electronics Food Equipment Polymers & Fluids Welding Construction Products Specialty Products Total 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 2018 activity: Foreign currency translation (12 ) (20 ) (10 ) (30 ) (9 ) (17 ) (21 ) (119 ) Balance, December 31, 2018 $ 476 $ 1,352 $ 259 $ 889 $ 263 $ 513 $ 881 $ 4,633 Cumulative goodwill impairment charges, December 31, 2018 $ 24 $ 83 $ 60 $ 15 $ 5 $ 7 $ 46 $ 240
Schedule of Finite-lived Intangible Assets	Intangible assets as of December 31, 2018 and 2017 were as follows: 2018 2017 In millions Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets: Customer lists and relationships $ 1,747 $ (1,282 ) $ 465 $ 1,753 $ (1,182 ) $ 571 Trademarks and brands 759 (435 ) 324 761 (391 ) 370 Patents and proprietary technology 621 (506 ) 115 623 (473 ) 150 Other 478 (458 ) 20 474 (453 ) 21 Total amortizable intangible assets 3,605 (2,681 ) 924 3,611 (2,499 ) 1,112 Indefinite-lived intangible assets: Trademarks and brands 160 — 160 160 — 160 Total intangible assets $ 3,765 $ (2,681 ) $ 1,084 $ 3,771 $ (2,499 ) $ 1,272
Schedule of Indefinite-lived Intangible Assets	Intangible assets as of December 31, 2018 and 2017 were as follows: 2018 2017 In millions Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets: Customer lists and relationships $ 1,747 $ (1,282 ) $ 465 $ 1,753 $ (1,182 ) $ 571 Trademarks and brands 759 (435 ) 324 761 (391 ) 370 Patents and proprietary technology 621 (506 ) 115 623 (473 ) 150 Other 478 (458 ) 20 474 (453 ) 21 Total amortizable intangible assets 3,605 (2,681 ) 924 3,611 (2,499 ) 1,112 Indefinite-lived intangible assets: Trademarks and brands 160 — 160 160 — 160 Total intangible assets $ 3,765 $ (2,681 ) $ 1,084 $ 3,771 $ (2,499 ) $ 1,272
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 2019 $ 163 2020 142 2021 124 2022 111 2023 92

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Short-term Debt	Short-term debt as of December 31, 2018 and 2017 consisted of the following: In millions 2018 2017 Commercial paper $ — $ 849 Current maturities of long-term debt 1,350 1 Bank overdrafts 1 — Total short-term debt $ 1,351 $ 850
Schedule of Long-term Debt	Long-term debt at carrying value and fair value as of December 31, 2018 and 2017 consisted of the following: 2018 2017 In millions Effective Interest Rate Carrying Value Fair Value Carrying Value Fair Value 1.95% notes due March 1, 2019 1.98% 650 649 649 649 6.25% notes due April 1, 2019 6.25% 700 706 699 736 4.88% notes due thru December 31, 2020 4.96% 4 4 4 4 3.375% notes due September 15, 2021 3.43% 349 354 348 361 1.75% Euro notes due May 20, 2022 1.86% 570 603 595 638 1.25% Euro notes due May 22, 2023 1.35% 569 596 595 624 3.50% notes due March 1, 2024 3.54% 696 712 696 734 2.65% notes due November 15, 2026 2.69% 993 933 992 980 2.125% Euro notes due May 22, 2030 2.18% 567 620 594 646 3.0% Euro notes due May 19, 2034 3.13% 560 678 586 702 4.875% notes due September 15, 2041 4.97% 636 719 636 791 3.9% notes due September 1, 2042 3.96% 1,081 1,087 1,081 1,183 Other borrowings 4 4 4 4 Total $ 7,379 $ 7,665 $ 7,479 $ 8,052 Less: Current maturities of long-term debt (1,350 ) (1 ) Total long-term debt $ 6,029 $ 7,478
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 2019 $ 1,350 2020 4 2021 349 2022 570 2023 569 2024 and future years 4,537 Total $ 7,379

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2018
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 2018 2017 2016 2018 2017 2016 Components of net periodic benefit cost: Service cost $ 60 $ 63 $ 62 $ 8 $ 9 $ 9 Interest cost 72 72 92 18 19 24 Expected return on plan assets (126 ) (133 ) (144 ) (25 ) (23 ) (23 ) Amortization of actuarial (gain) loss 43 57 44 (2 ) (1 ) — Amortization of prior service cost — — — — — (1 ) Total net periodic benefit cost $ 49 $ 59 $ 54 $ (1 ) $ 4 $ 9
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, 2018 and 2017 : Pension Other Postretirement Benefits In millions 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at January 1 $ 2,661 $ 2,562 $ 546 $ 551 Service cost 60 63 8 9 Interest cost 72 72 18 19 Plan participants’ contributions 2 2 12 12 Amendments 9 — — — Actuarial (gain) loss (162 ) 26 (35 ) (5 ) Benefits paid (165 ) (152 ) (40 ) (41 ) Medicare subsidy received — — 2 1 Liabilities from other immaterial plans 5 — — — Foreign currency translation (53 ) 88 — — Benefit obligation at December 31 $ 2,429 $ 2,661 $ 511 $ 546
Change in Plan Assets and Reconciliation of Funded Status	Pension Other Postretirement Benefits In millions 2018 2017 2018 2017 Change in plan assets: Fair value of plan assets at January 1 $ 2,832 $ 2,487 $ 373 $ 351 Actual return on plan assets (82 ) 227 (19 ) 45 Company contributions 23 178 7 6 Plan participants’ contributions 2 2 12 12 Benefits paid (165 ) (152 ) (40 ) (41 ) Foreign currency translation (60 ) 90 — — Fair value of plan assets at December 31 $ 2,550 $ 2,832 $ 333 $ 373 Funded status $ 121 $ 171 $ (178 ) $ (173 ) Other immaterial plans (46 ) (65 ) (5 ) (5 ) Net asset (liability) at December 31 $ 75 $ 106 $ (183 ) $ (178 ) The amounts recognized in the statement of financial position as of December 31 consist of: Other assets $ 290 $ 337 $ — $ — Accrued expenses (12 ) (12 ) (4 ) (4 ) Other noncurrent liabilities (203 ) (219 ) (179 ) (174 ) Net asset (liability) at end of year $ 75 $ 106 $ (183 ) $ (178 ) The pre-tax amounts recognized in accumulated other comprehensive income consist of: Net actuarial (gain) loss $ 552 $ 548 $ (53 ) $ (64 ) Prior service cost 8 — — — $ 560 $ 548 $ (53 ) $ (64 ) Accumulated benefit obligation $ 2,299 $ 2,499 Plans with accumulated benefit obligation in excess of plan assets as of December 31: Projected benefit obligation $ 176 $ 184 Accumulated benefit obligation $ 170 $ 175 Fair value of plan assets $ 28 $ 27
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 2018 2017 2016 2018 2017 2016 Assumptions used to determine benefit obligations at December 31: Discount rate 3.66 % 3.12 % 3.41 % 4.40 % 3.72 % 4.30 % Rate of compensation increases 3.52 % 3.54 % 3.77 % Assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 3.12 % 3.41 % 3.95 % 3.72 % 4.30 % 4.55 % Expected return on plan assets 4.77 % 5.53 % 6.22 % 6.80 % 6.80 % 7.00 % Rate of compensation increases 3.54 % 3.77 % 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: 2018 2017 2016 Health care cost trend rate assumed for the next year 7.00 % 6.25 % 6.00 % Ultimate trend rate 4.50 % 4.50 % 4.50 % Year the rate reaches the ultimate trend rate 2026 2025 2023
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 2018 $ — $ (1 ) Change in postretirement benefit obligation at December 31, 2018 $ 5 $ (8 )
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, 2018 and 2017 , 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. 2018 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 28 $ 27 $ 1 $ — Fixed income securities: Government securities 371 — 371 — Corporate debt securities 853 — 853 — Investment contracts with insurance companies 1 — — 1 Commingled funds: Collective trust funds 1,257 Partnerships/private equity interests 36 Other 4 — 4 — Total fair value of pension plan assets $ 2,550 $ 27 $ 1,229 $ 1 Other Postretirement Benefit Plan Assets: Life insurance policies $ 333 Total fair value of other postretirement benefit plan assets $ 333 $ — $ — $ — 2017 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 43 $ 34 $ 9 $ — Fixed income securities: Government securities 371 — 371 — Corporate debt securities 943 — 943 — 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 $ — $ —
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 2019 $ 162 $ 35 2020 165 36 2021 169 36 2022 172 37 2023 180 37 Years 2024-2028 895 182

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Lease Payments	Minimum lease payments under operating leases with non-cancelable terms in excess of one year for the years ending December 31 are as follows: In millions 2019 $ 67 2020 48 2021 32 2022 24 2023 18 2024 and future years 34 Total future minimum lease payments $ 223

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) during 2018 , 2017 and 2016 were as follows: In millions 2018 2017 2016 Beginning balance $ (1,287 ) $ (1,807 ) $ (1,504 ) Adoption of new accounting guidance related to reclassification of certain tax effects (45 ) — — Foreign currency translation adjustments during the period (308 ) 294 (251 ) Foreign currency translation adjustments reclassified to income 5 2 (1 ) Income taxes (25 ) 110 (25 ) Total foreign currency translation adjustments, net of tax (328 ) 406 (277 ) Pension and other postretirement benefit adjustments during the period (64 ) 96 (67 ) Pension and other postretirement benefit adjustments reclassified to income 41 56 43 Income taxes 6 (38 ) (2 ) Total pension and other postretirement benefit adjustments, net of tax (17 ) 114 (26 ) Ending balance $ (1,677 ) $ (1,287 ) $ (1,807 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2018
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 2018 2017 2016 Pre-tax compensation expense $ 40 $ 36 $ 39 Tax benefit (5 ) (9 ) (13 ) Total stock-based compensation expense, net of tax $ 35 $ 27 $ 26
Summary of Activity Related to Non-vested RSUs	The following table summarizes activity related to non-vested RSUs during 2018 : Shares in millions Number of Shares Weighted-Average Grant-Date Fair Value Unvested, January 1, 2018 0.6 $99.87 Granted 0.2 162.49 Vested (0.3 ) 92.71 Unvested, December 31, 2018 0.5 121.24
Summary of Stock Option Activity	The following table summarizes stock option activity for the year ended December 31, 2018 : 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, 2018 4.5 $80.88 Granted 0.5 163.36 Exercised (0.4 ) 61.22 Under option, December 31, 2018 4.6 90.56 5.6 $165 Exercisable, December 31, 2018 3.2 74.08 4.6 $168
Summary of Assumptions Used in Options Pricing Model	The following summarizes the assumptions used in the models: 2018 2017 2016 Risk-free interest rate 2.07-3.06% 0.91-2.61% 0.56-1.86% Weighted-average volatility 22.0% 22.0% 24.0% Dividend yield 2.10% 2.22% 2.12% Expected years until exercise 7.5-8.4 7.2-7.9 6.9-7.7

Other Balance Sheet Informati_2

Other Balance Sheet Information (Tables)	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Balance Sheet Information	Other balance sheet information at December 31, 2018 and 2017 was as follows: In millions 2018 2017 Prepaid expenses and other current assets: Income tax refunds receivable $ 98 $ 121 Value-added-tax receivables 79 70 Vendor advances 30 26 Other 127 119 Total prepaid expenses and other current assets $ 334 $ 336 Other assets: Cash surrender value of life insurance policies $ 429 $ 442 Prepaid pension assets 290 337 Customer tooling 171 184 Investments 51 53 Other 89 179 Total other assets $ 1,030 $ 1,195 Accrued expenses: Compensation and employee benefits $ 391 $ 411 Deferred revenue and customer deposits 215 205 Rebates 172 147 Warranties 45 45 Current portion of pension and other postretirement benefit obligations 16 16 Other 432 434 Total accrued expenses $ 1,271 $ 1,258 Other liabilities: Pension benefit obligation $ 203 $ 219 Postretirement benefit obligation 179 174 Other 457 489 Total other liabilities $ 839 $ 882

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
Segment information	Segment information for 2018 , 2017 and 2016 was as follows: In millions 2018 2017 2016 Operating revenue: Automotive OEM $ 3,338 $ 3,271 $ 2,864 Food Equipment 2,214 2,123 2,110 Test & Measurement and Electronics 2,171 2,069 1,974 Welding 1,691 1,538 1,486 Polymers & Fluids 1,724 1,724 1,691 Construction Products 1,700 1,672 1,609 Specialty Products 1,951 1,938 1,885 Intersegment revenue (21 ) (21 ) (20 ) Total $ 14,768 $ 14,314 $ 13,599 Operating income: Automotive OEM $ 751 $ 747 $ 690 Food Equipment 572 556 537 Test & Measurement and Electronics 523 464 372 Welding 474 415 370 Polymers & Fluids 369 357 343 Construction Products 414 399 361 Specialty Products 522 527 482 Total Segments 3,625 3,465 3,155 Unallocated (41 ) 20 (99 ) Total $ 3,584 $ 3,485 $ 3,056 Depreciation and amortization and impairment of intangible assets: Automotive OEM $ 123 $ 111 $ 90 Food Equipment 44 45 45 Test & Measurement and Electronics 88 92 104 Welding 27 28 36 Polymers & Fluids 83 89 92 Construction Products 32 33 34 Specialty Products 64 64 69 Total $ 461 $ 462 $ 470 Plant and equipment additions: Automotive OEM $ 184 $ 147 $ 116 Food Equipment 28 27 31 Test & Measurement and Electronics 31 23 25 Welding 23 17 16 Polymers & Fluids 15 16 18 Construction Products 25 22 20 Specialty Products 58 45 47 Total $ 364 $ 297 $ 273 Identifiable assets: Automotive OEM $ 2,388 $ 2,402 $ 2,051 Food Equipment 1,019 1,054 1,013 Test & Measurement and Electronics 2,343 2,449 2,362 Welding 789 756 701 Polymers & Fluids 1,942 2,067 2,019 Construction Products 1,167 1,196 1,099 Specialty Products 1,687 1,721 1,599 Total Segments 11,335 11,645 10,844 Corporate 3,535 5,135 4,357 Total $ 14,870 $ 16,780 $ 15,201
Enterprise-wide Information	Enterprise-wide information for 2018 , 2017 and 2016 was as follows: In millions 2018 2017 2016 Operating Revenue by Geographic Region: United States $ 6,562 $ 6,243 $ 6,176 Canada/Mexico 1,050 996 923 Total North America 7,612 7,239 7,099 Europe, Middle East and Africa 4,241 4,102 3,787 Asia Pacific 2,573 2,577 2,361 South America 342 396 352 Total Operating Revenue $ 14,768 $ 14,314 $ 13,599

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
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 2018 2017 2018 2017 2018 2017 2018 2017 Operating revenue $ 3,744 $ 3,471 $ 3,831 $ 3,599 $ 3,613 $ 3,615 $ 3,580 $ 3,629 Cost of revenue 2,181 2,003 2,231 2,087 2,096 2,092 2,096 2,124 Operating income 903 807 932 872 889 960 860 846 Net income (loss) 652 536 666 587 638 640 607 (76 ) Net income (loss) per share: Basic 1.92 1.55 1.98 1.70 1.91 1.86 1.84 (0.22 ) Diluted 1.90 1.54 1.97 1.69 1.90 1.85 1.83 (0.22 )

Description of Business and S_4

Description of Business and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	Jan. 01, 2018USD ($)	Dec. 31, 2018USD ($)Countrydivision	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of company divisions | division		87
Number of countries with company operations | Country		55
Deferred revenue and customer deposits		$ 215	$ 205
Research and development expenses		233	225	$ 223
Advertising expenses		$ 50	$ 53	58
Percentage of total inventories priced at LIFO		23.00%	21.00%
LIFO reserve		$ 97	$ 89
Depreciation included in income from continuing operations		272	256	246
Excess tax benefits from stock-based compensation				29
Effective tax rate, share-based compensation, excess tax benefit, amount		10	50
Adoption of new accounting guidance			(415)
Retained earnings		21,217	20,210
Other cost (credit)		(20)	(9)	(8)
Tax cuts and jobs act, reclassification from aoci to retained earnings, tax effect	$ 45	$ 45	0	$ 0
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
Accounting Standards Update 2016-02
Finite-Lived Intangible Assets [Line Items]
Operating lease, right-of-use asset, percent of assets		2.00%
Operating lease, liability, percent of assets		2.00%
Deferred Tax Assets | Accounting Standards Update 2016-16
Finite-Lived Intangible Assets [Line Items]
Adoption of new accounting guidance	(406)
Retained Earnings | Accounting Standards Update 2016-16
Finite-Lived Intangible Assets [Line Items]
Adoption of new accounting guidance	(406)
Retained Earnings
Finite-Lived Intangible Assets [Line Items]
Adoption of new accounting guidance			$ (370)
Retained Earnings | Accounting Standards Update 2014-09
Finite-Lived Intangible Assets [Line Items]
New accounting pronouncement or change in accounting principle, cumulative effect of change on equity or net assets	$ (9)

Description of Business and S_5

Description of Business and Summary of Significant Accounting Policies - Trade Receivables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Changes in Allowances for Uncollectible Accounts
Beginning balance	$ 43	$ 43	$ 42
Provision charged to expense	5	3	7
Write-offs, net of recoveries	(3)	(6)	(6)
Acquisitions and divestitures	0	0	1
Foreign currency translation	(1)	3	(1)
Ending balance	21	43	43
Adoption of new revenue recognition guidance
Changes in Allowances for Uncollectible Accounts
Beginning balance	$ 23	0	0
Ending balance		$ 23	$ 0

Description of Business and S_6

Description of Business and Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Inventory, Net [Abstract]
Raw material	$ 523	$ 465
Work-in-process	161	141
Finished goods	731	703
LIFO reserve	(97)	(89)
Total inventories	$ 1,318	$ 1,220

Description of Business and S_7

Description of Business and Summary of Significant Accounting Policies - Net Plant and Equipment Components (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Land	$ 194	$ 203
Buildings and improvements	1,368	1,370
Machinery and equipment	3,352	3,301
Equipment leased to others	165	164
Construction in progress	154	123
Gross plant and equipment	5,233	5,161
Accumulated depreciation	(3,442)	(3,383)
Net plant and equipment	$ 1,791	$ 1,778

Description of Business and S_8

Description of Business and Summary of Significant Accounting Policies - Net Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2018
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 S_9

Description of Business and Summary of Significant Accounting Policies - Accrued Warranties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Changes in Accrued Product Warranties
Beginning balance	$ 45	$ 45	$ 46
Charges	(49)	(45)	(41)
Provision charged to expense	50	43	42
Acquisitions and divestitures	0	0	1
Foreign currency translation	(1)	2	(3)
Ending balance	$ 45	$ 45	$ 45

Acquisitions (Details)

Acquisitions (Details) $ in Millions	Jul. 01, 2016USD ($)	Dec. 31, 2018USD ($)acquisition	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Number of businesses acquired | acquisition		0
Net cash paid for acquisitions		$ 0	$ 3	$ 453
Finite-lived intangible assets, weighted average useful life		16 years
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Net cash paid for acquisitions			$ 3	$ 453
Engineered Fasteners and Components
Business Acquisition [Line Items]
Net cash paid for acquisitions	$ 450
Goodwill acquired	187
Acquired goodwill expected to be tax deductible	104
Customer Relationships and Technology | Engineered Fasteners and Components
Business Acquisition [Line Items]
Intangible assets acquired	$ 134
Minimum
Business Acquisition [Line Items]
Finite-lived intangible assets, remaining amortization period		4 years
Maximum
Business Acquisition [Line Items]
Finite-lived intangible assets, remaining amortization period		17 years

Operating Revenue (Details)

Operating Revenue (Details)	12 Months Ended
	Dec. 31, 2018divisionSegment
Revenue from Contract with Customer [Abstract]
Number of company divisions | division	87
Number of reportable segments | Segment	7

Operating Revenue Product Reven

Operating Revenue Product Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disaggregation of Revenue [Line Items]
Revenue	$ 14,768	$ 14,314	$ 13,599
Operating segments | Automotive OEM
Disaggregation of Revenue [Line Items]
Revenue	3,338	3,271	2,864
Operating segments | Food Equipment
Disaggregation of Revenue [Line Items]
Revenue	2,214	2,123	2,110
Operating segments | Test & Measurement and Electronics
Disaggregation of Revenue [Line Items]
Revenue	2,171	2,069	1,974
Operating segments | Welding
Disaggregation of Revenue [Line Items]
Revenue	1,691	1,538	1,486
Operating segments | Polymers & Fluids
Disaggregation of Revenue [Line Items]
Revenue	1,724	1,724	1,691
Operating segments | Construction Products
Disaggregation of Revenue [Line Items]
Revenue	1,700	1,672	1,609
Operating segments | Specialty Products
Disaggregation of Revenue [Line Items]
Revenue	1,951	1,938	1,885
Intersegment revenue
Disaggregation of Revenue [Line Items]
Revenue	$ (21)	$ (21)	$ (20)

Legal Settlement (Details)

Legal Settlement (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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	$ 0	$ 95	$ 0

Other Income (Expense) (Details

Other Income (Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Other Nonoperating Income (Expense) [Abstract]
Interest income	$ 35	$ 45	$ 38
Other net periodic benefit income	20	9	8
Income (loss) from investments	9	16	(13)
Equity income in Wilsonart	0	0	61
Gain (loss) on disposal of operations and affiliates	(2)	1	(12)
Gain (loss) on foreign currency transactions, net	(1)	(25)	9
Other, net	6	(1)	(2)
Total other income (expense)	$ 67	$ 45	$ 89

Other Income (Expense) - Narrat

Other Income (Expense) - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Pre-tax gain from dividends in excess of equity investment	$ 0	$ 0	$ 54,000,000
Cash dividend distribution	$ 0	$ 0	167,000,000
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 ($) $ in Millions	Feb. 18, 2014	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Examination [Line Items]
Income tax expense (benefit)			$ 658		$ 658
Accumulated foreign earnings, provisional income tax expense (benefit)			676
Noncurrent income taxes payable			614	$ 495	$ 614
Additional foreign withholding tax			53
Deferred tax asset, provisional income tax expense (benefit)			(82)
Effective tax rate				24.50%	48.40%	30.00%
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance		$ 37
Effective tax rate, share-based compensation, excess tax benefit, amount				$ 10	$ 50
Effective tax rate, tax credit, foreign		$ 22
Accrual foreign withhold taxes			75	71	75
Unrecognized tax benefits that would impact effective tax rate				268
Decrease in unrecognized tax benefits, settlements				5	53	$ 96
Possible decrease in unrecognized tax benefits resulting from ongoing audits				42
Accrual for interest and penalties related to income tax matters			25	25	$ 25
Undistributed earnings of foreign subsidiaries				$ 6,000
Tax Year 2006 | Internal Revenue Service (IRS)
Income Tax Examination [Line Items]
Assessment of additional taxes	$ 70
Deferred Tax Asset Related To Performance-based Compensation
Income Tax Examination [Line Items]
Increase (decrease) in deferred income taxes			$ (11)

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
U.S. federal income taxes:
Current	$ 373	$ 1,117	$ 756
Deferred	(15)	(10)	(224)
Total U.S. federal income taxes	358	1,107	532
Foreign income taxes:
Current	358	296	290
Deferred	49	102	(5)
Total foreign income taxes	407	398	285
State income taxes:
Current	66	106	90
Deferred	0	(28)	(34)
Total state income taxes	66	78	56
Total provision for income taxes	$ 831	$ 1,583	$ 873

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, 2018	Dec. 31, 2017	Dec. 31, 2016
Income from Continuing Operations Before Income Taxes
Domestic	$ 1,774	$ 1,806	$ 1,653
Foreign	1,620	1,464	1,255
Income Before Taxes	$ 3,394	$ 3,270	$ 2,908
Reconciliation Between the U.S. Federal Statutory Tax Rate and The Effective Tax Rate
U.S. federal statutory tax rate	21.00%	35.00%	35.00%
U.S. tax effect of foreign earnings	1.50%	0.50%	0.70%
Tax effect of U.S. federal tax law change	(0.10%)	20.10%	0.00%
State income taxes, net of U.S. federal tax benefit	1.60%	1.20%	1.30%
Differences between U.S. federal statutory and foreign tax rates	2.10%	(3.50%)	(3.60%)
Nontaxable foreign interest income	(1.70%)	(1.70%)	(2.10%)
Tax effect of foreign dividends	1.00%	0.40%	0.80%
Tax relief for U.S. manufacturers	(0.00%)	(1.40%)	(1.40%)
Excess tax benefits from stock-based compensation	(0.30%)	(1.50%)	(0.00%)
Other, net	(0.60%)	(0.70%)	(0.70%)
Effective tax rate	24.50%	48.40%	30.00%

Income Taxes - Deferred Income

Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Deferred Income Tax Assets
Goodwill and intangible assets	$ 194	$ 195
Inventory reserves, capitalized tax cost and LIFO inventory	30	31
Investments	19	15
Plant and equipment	17	18
Accrued expenses and reserves	36	45
Employee benefit accruals	186	177
Foreign tax credit carryforwards	8	13
Net operating loss carryforwards	451	507
Capital loss carryforwards	89	98
Allowances for uncollectible accounts	10	9
Deferred intercompany deductions		405
Other	32	99
Gross deferred income tax assets	1,072	1,612
Valuation allowances	(418)	(459)
Total deferred income tax assets	654	1,153
Deferred Income Tax Liabilities
Goodwill and intangible assets	(484)	(506)
Inventory reserves, capitalized tax cost and LIFO inventory	(3)	(3)
Investments	(171)	(180)
Plant and equipment	(72)	(64)
Pension liabilities	(19)	(25)
Unrealized loss (gain) on foreign debt instruments	(45)	(19)
Other	(13)	(15)
Gross deferred income tax liabilities	$ (807)	$ (812)

Income Taxes - Net Operating Lo

Income Taxes - Net Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2018USD ($)
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	$ 1,828
2,019
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	25
2,020
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	87
2,021
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	81
2,022
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	34
2,023
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	7
2,024
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	7
2025-2045
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	55
Do not expire
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	$ 1,532

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Changes in the amount of unrecognized tax benefits
Beginning balance	$ 285	$ 210	$ 259
Additions based on tax positions related to the current year	3	42	19
Additions for tax positions of prior years	49	100	126
Reductions for tax positions of prior years	(31)	(24)	(97)
Settlements	(5)	(53)	(96)
Foreign currency translation		10
Foreign currency translation	(4)		(1)
Ending balance	$ 297	$ 285	$ 210

Income Taxes - Open Tax Years (

Income Taxes - Open Tax Years (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Contingency [Line Items]
Accrual for interest and penalties related to income tax matters	$ 25	$ 25
Minimum | United States – Federal
Income Tax Contingency [Line Items]
Open tax years by major tax jurisdiction	2,016
Minimum | United Kingdom
Income Tax Contingency [Line Items]
Open tax years by major tax jurisdiction	2,017
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	2,018
Maximum | United Kingdom
Income Tax Contingency [Line Items]
Open tax years by major tax jurisdiction	2,018
Maximum | Germany
Income Tax Contingency [Line Items]
Open tax years by major tax jurisdiction	2,018
Maximum | France
Income Tax Contingency [Line Items]
Open tax years by major tax jurisdiction	2,018
Maximum | Australia
Income Tax Contingency [Line Items]
Open tax years by major tax jurisdiction	2,018

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, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Net Income	$ 607	$ 638	$ 666	$ 652	$ (76)	$ 640	$ 587	$ 536	$ 2,563	$ 1,687	$ 2,035
Net income per share—Basic:
Weighted-average common shares (in shares)									335	344.1	355
Net income per share—Basic (in dollars per share)	$ 1.84	$ 1.91	$ 1.98	$ 1.92	$ (0.22)	$ 1.86	$ 1.70	$ 1.55	$ 7.65	$ 4.90	$ 5.73
Net income per share—Diluted:
Weighted-average common shares (in shares)									335	344.1	355
Effect of dilutive stock options and restricted stock units (in shares)									2.1	2.7	2.1
Weighted-average common shares assuming dilution (in shares)									337.1	346.8	357.1
Net income per share—Diluted (in dollars per share)	$ 1.83	$ 1.90	$ 1.97	$ 1.90	$ (0.22)	$ 1.85	$ 1.69	$ 1.54	$ 7.60	$ 4.86	$ 5.70

Net Income Per Share - Narrativ

Net Income Per Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Antidilutive options outstanding (in shares)	500,000	0	0

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Changes in the carrying amount of goodwill by segment
Balance, beginning	$ 4,752	$ 4,558
Acquisitions & divestitures		1
Foreign currency translation	(119)	193
Balance, ending	4,633	4,752
Cumulative goodwill impairment charges, December 31, 2018	240
Automotive OEM
Changes in the carrying amount of goodwill by segment
Balance, beginning	488	456
Acquisitions & divestitures		0
Foreign currency translation	(12)	32
Balance, ending	476	488
Cumulative goodwill impairment charges, December 31, 2018	24
Test & Measurement and Electronics
Changes in the carrying amount of goodwill by segment
Balance, beginning	1,372	1,336
Acquisitions & divestitures		0
Foreign currency translation	(20)	36
Balance, ending	1,352	1,372
Cumulative goodwill impairment charges, December 31, 2018	83
Food Equipment
Changes in the carrying amount of goodwill by segment
Balance, beginning	269	249
Acquisitions & divestitures		0
Foreign currency translation	(10)	20
Balance, ending	259	269
Cumulative goodwill impairment charges, December 31, 2018	60
Polymers & Fluids
Changes in the carrying amount of goodwill by segment
Balance, beginning	919	889
Acquisitions & divestitures		0
Foreign currency translation	(30)	30
Balance, ending	889	919
Cumulative goodwill impairment charges, December 31, 2018	15
Welding
Changes in the carrying amount of goodwill by segment
Balance, beginning	272	260
Acquisitions & divestitures		0
Foreign currency translation	(9)	12
Balance, ending	263	272
Cumulative goodwill impairment charges, December 31, 2018	5
Construction Products
Changes in the carrying amount of goodwill by segment
Balance, beginning	530	508
Acquisitions & divestitures		0
Foreign currency translation	(17)	22
Balance, ending	513	530
Cumulative goodwill impairment charges, December 31, 2018	7
Specialty Products
Changes in the carrying amount of goodwill by segment
Balance, beginning	902	860
Acquisitions & divestitures		1
Foreign currency translation	(21)	41
Balance, ending	881	$ 902
Cumulative goodwill impairment charges, December 31, 2018	$ 46

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Amortizable intangible assets:
Amortizable intangible assets, Cost	$ 3,605	$ 3,611
Amortizable intangible assets, Accumulated Amortization	(2,681)	(2,499)
Amortizable intangible assets, Net	924	1,112
Total intangible assets, Cost	3,765	3,771
Total intangible assets, Net	1,084	1,272
Trademarks and brands
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	160	160
Customer lists and relationships
Amortizable intangible assets:
Amortizable intangible assets, Cost	1,747	1,753
Amortizable intangible assets, Accumulated Amortization	(1,282)	(1,182)
Amortizable intangible assets, Net	465	571
Trademarks and brands
Amortizable intangible assets:
Amortizable intangible assets, Cost	759	761
Amortizable intangible assets, Accumulated Amortization	(435)	(391)
Amortizable intangible assets, Net	324	370
Patents and proprietary technology
Amortizable intangible assets:
Amortizable intangible assets, Cost	621	623
Amortizable intangible assets, Accumulated Amortization	(506)	(473)
Amortizable intangible assets, Net	115	150
Other
Amortizable intangible assets:
Amortizable intangible assets, Cost	478	474
Amortizable intangible assets, Accumulated Amortization	(458)	(453)
Amortizable intangible assets, Net	$ 20	$ 21

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended			12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and indefinite-lived asset impairment charges	$ 0	$ 0	$ 0
Amortization expense and impairment of intangible assets				$ 189,000,000	$ 206,000,000	$ 224,000,000

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) $ in Millions	Dec. 31, 2018USD ($)
Estimated amortization expense of intangible assets
2,019	$ 163
2,020	142
2,021	124
2,022	111
2,023	$ 92

Debt - Short-term Debt (Details

Debt - Short-term Debt (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Commercial paper	$ 0	$ 849,000,000
Current maturities of long-term debt	1,350,000,000	1,000,000
Bank overdrafts	1,000,000	0
Total short-term debt	$ 1,351,000,000	$ 850,000,000

Debt - Narrative (Details)

Debt - Narrative (Details)

Feb. 25, 2017USD ($)

Jun. 30, 2016USD ($)

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Nov. 30, 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

$ 0

$ 849,000,000

1.95% notes due March 1, 2019

Line of Credit Facility [Line Items]

Short term debt

$ 650,000,000

Interest rate, stated percentage

1.95%

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%

6.25% notes due April 1, 2019

Line of Credit Facility [Line Items]

Short term debt

$ 700,000,000

Interest rate, stated percentage

6.25%

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%

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

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%

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%

0.90% notes due February 25, 2017 | Unsecured debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

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

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

Commercial paper

Line of Credit Facility [Line Items]

Weighted average interest rate

1.70%

1.00%

Line of credit | International debt facilities

Line of Credit Facility [Line Items]

Unused capacity under international debt facilities

$ 227,000,000

Debt - Long-term Debt (Details)

Debt - Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	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	$ 7,379	$ 7,479
Fair Value	7,665	8,052
Less: Current maturities of long-term debt	(1,350)	(1)
Total long-term debt	6,029	7,478
Other borrowings
Debt Instrument [Line Items]
Carrying Value	4	4
Fair Value	$ 4	4
1.95% notes due March 1, 2019
Debt Instrument [Line Items]
Interest rate, stated percentage	1.95%
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	$ 650	649
Fair Value	$ 649	649
6.25% notes due April 1, 2019
Debt Instrument [Line Items]
Interest rate, stated percentage	6.25%
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	$ 700	699
Fair Value	$ 706	736
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	$ 349	348
Fair Value	$ 354	361
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	$ 570	595
Fair Value	$ 603	638
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	$ 569	595
Fair Value	$ 596	624
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	696
Fair Value	$ 712	734
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	$ 993	992
Fair Value	$ 933	980
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	$ 567	594
Fair Value	$ 620	646
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	$ 560	586
Fair Value	$ 678	702
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	$ 719	791
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	1,081
Fair Value	$ 1,087	$ 1,183

Debt - Maturities of Long-term

Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Scheduled maturities of long-term debt
2,019	$ 1,350
2,020	4
2,021	349
2,022	570
2,023	569
2024 and future years	4,537
Carrying Value	$ 7,379	$ 7,479

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan expenses	$ 82	$ 79	$ 77
Pension
Defined Benefit Plan Disclosure [Line Items]
Expected company contributions	28
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected company contributions	$ 5
Minimum | Equity investments
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage	15.00%
Minimum | Fixed income investments
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 investments
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage	25.00%
Maximum | Fixed income investments
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]
Employer discretionary contribution amount		$ 115

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Benefit Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Pension
Components of net periodic benefit cost:
Service cost	$ 60	$ 63	$ 62
Interest cost	72	72	92
Expected return on plan assets	(126)	(133)	(144)
Amortization of actuarial (gain) loss	43	57	44
Amortization of prior service cost	0	0	0
Total net periodic benefit cost	49	59	54
Other Postretirement Benefits
Components of net periodic benefit cost:
Service cost	8	9	9
Interest cost	18	19	24
Expected return on plan assets	(25)	(23)	(23)
Amortization of actuarial (gain) loss	(2)	(1)	0
Amortization of prior service cost	0	0	(1)
Total net periodic benefit cost	$ (1)	$ 4	$ 9

Pension and Other Postretirem_5

Pension and Other Postretirement Benefits - Change in Plan Benefit Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Pension
Change in benefit obligation:
Benefit obligation at January 1	$ 2,661	$ 2,562
Service cost	60	63	$ 62
Interest cost	72	72	92
Plan participants’ contributions	2	2
Amendments	9	0
Actuarial (gain) loss	(162)	26
Benefits paid	(165)	(152)
Medicare subsidy received	0	0
Liabilities from other immaterial plans	5	0
Foreign currency translation	(53)	88
Benefit obligation at December 31	2,429	2,661	2,562
Other Postretirement Benefits
Change in benefit obligation:
Benefit obligation at January 1	546	551
Service cost	8	9	9
Interest cost	18	19	24
Plan participants’ contributions	12	12
Amendments	0	0
Actuarial (gain) loss	(35)	(5)
Benefits paid	(40)	(41)
Medicare subsidy received	2	1
Liabilities from other immaterial plans	0	0
Foreign currency translation	0	0
Benefit obligation at December 31	$ 511	$ 546	$ 551

Pension and Other Postretirem_6

Pension and Other Postretirement Benefits - Change in Plan Assets and Reconciliation of Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
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	2,832	2,487
Actual return on plan assets	(82)	227
Company contributions	23	178
Plan participants’ contributions	2	2
Benefits paid	(165)	(152)
Foreign currency translation	(60)	90
Fair value of plan assets at December 31	2,550	2,832
Funded status
Funded status	121	171
Other immaterial plans	(46)	(65)
Net asset (liability) at end of year	75	106
The amounts recognized in the statement of financial position as of December 31 consist of:
Net asset (liability) at end of year	75	106
The pre-tax amounts recognized in accumulated other comprehensive income consist of:
Net actuarial (gain) loss	552	548
Prior service cost	8	0
Pre-tax net actuarial (gain) loss and prior service cost	560	548
Accumulated benefit obligation	2,299	2,499
Plans with accumulated benefit obligation in excess of plan assets as of December 31:
Projected benefit obligation	176	184
Accumulated benefit obligation	170	175
Fair value of plan assets	28	27
Other Postretirement Benefits
Change in plan assets:
Fair value of plan assets at January 1	373	351
Actual return on plan assets	(19)	45
Company contributions	7	6
Plan participants’ contributions	12	12
Benefits paid	(40)	(41)
Foreign currency translation	0	0
Fair value of plan assets at December 31	333	373
Funded status
Funded status	(178)	(173)
Other immaterial plans	(5)	(5)
Net asset (liability) at end of year	(183)	(178)
The amounts recognized in the statement of financial position as of December 31 consist of:
Net asset (liability) at end of year	(183)	(178)
The pre-tax amounts recognized in accumulated other comprehensive income consist of:
Net actuarial (gain) loss	(53)	(64)
Prior service cost	0	0
Pre-tax net actuarial (gain) loss and prior service cost	(53)	(64)
Other assets | Pension
The amounts recognized in the statement of financial position as of December 31 consist of:
Other assets	290	337
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	(203)	(219)
Other noncurrent liabilities | Other Postretirement Benefits
The amounts recognized in the statement of financial position as of December 31 consist of:
Other noncurrent liabilities	$ (179)	$ (174)

Pension and Other Postretirem_7

Pension and Other Postretirement Benefits - Assumptions Used and Trend Rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assumed health care cost trend rates of postretirement benefit obligation
Health care cost trend rate assumed for the next year	7.00%	6.25%	6.00%
Ultimate trend rate	4.50%	4.50%	4.50%
Year the rate reaches the ultimate trend rate	2,026	2,025	2,023
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	5
1-Percentage-Point Decrease - Change in postretirement benefit obligation	$ (8)
Pension
Assumptions used to determine benefit obligations at December 31:
Discount rate	3.66%	3.12%	3.41%
Rate of compensation increases	3.52%	3.54%	3.77%
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	3.12%	3.41%	3.95%
Expected return on plan assets	4.77%	5.53%	6.22%
Rate of compensation increases	3.54%	3.77%	3.72%
Other Postretirement Benefits
Assumptions used to determine benefit obligations at December 31:
Discount rate	4.40%	3.72%	4.30%
Rate of compensation increases
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate	3.72%	4.30%	4.55%
Expected return on plan assets	6.80%	6.80%	7.00%
Rate of compensation increases

Pension and Other Postretirem_8

Pension and Other Postretirement Benefits - Benefit Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 2,550	$ 2,832	$ 2,487
Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	27	34
Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,229	1,332
Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1	1
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	333	373	$ 351
Other Postretirement Benefits | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	2
Other Postretirement Benefits | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Other Postretirement Benefits | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and equivalents | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	28	43
Cash and equivalents | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	27	34
Cash and equivalents | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1	9
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
Cash and equivalents | Other Postretirement Benefits | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		2
Cash and equivalents | Other Postretirement Benefits | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Cash and equivalents | Other Postretirement Benefits | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Fixed income securities, government securities | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	371	371
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	371
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	853	943
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	853	943
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, 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	1,257	1,424
Collective trust funds | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Collective trust funds | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Collective trust funds | Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Partnerships/private equity interests | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	36	41
Partnerships/private equity interests | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Partnerships/private equity interests | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Partnerships/private equity interests | Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Other | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4	9
Other | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Other | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4	9
Other | Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Life insurance policies | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	333	371
Life insurance policies | Other Postretirement Benefits | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Life insurance policies | Other Postretirement Benefits | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Life insurance policies | Other Postretirement Benefits | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets

Pension and Other Postretirem_9

Pension and Other Postretirement Benefits - Expected Benefit Payments (Details) $ in Millions	Dec. 31, 2018USD ($)
Pension
Portion of the benefit payments are expected to be paid
2,019	$ 162
2,020	165
2,021	169
2,022	172
2,023	180
Years 2024-2028	895
Other Postretirement Benefits
Portion of the benefit payments are expected to be paid
2,019	35
2,020	36
2,021	36
2,022	37
2,023	37
Years 2024-2028	$ 182

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Rental expense	$ 124	$ 120	$ 121
Future Minimum Lease Payments Under Non-cancelable Leases
2,019	67
2,020	48
2,021	32
2,022	24
2,023	18
2024 and future years	34
Total future minimum lease payments	$ 223

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	Jan. 01, 2018USD ($)	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015$ / sharesshares	Aug. 03, 2018USD ($)	May 31, 2015EUR (€)	Feb. 13, 2015USD ($)	May 31, 2014EUR (€)
Defined Benefit Plan Disclosure [Line Items]
Preferred stock, shares authorized (in shares) | shares		300,000
Cash dividend declared (in dollars per share) | $ / shares		$ 3.56	$ 2.86	$ 2.40
Cash dividend paid (in dollars per share) | $ / shares		$ 3.34	$ 2.73	$ 2.30
Tax cuts and jobs act, reclassification from aoci to retained earnings, tax effect	$ 45,000,000	$ 45,000,000	$ 0	$ 0
Pre tax cumulative translation adjustment gains (losses) included in accumulated comprehensive income (loss)		(1,300,000,000)	(1,000,000,000)
Unrecognized pension and other postretirement benefits costs included in accumulated comprehensive income (loss)		364,000,000	291,000,000
Estimated unrecognized benefit cost that will be amortized from accumulated other comprehensive income into net periodic benefit cost next year		21,000,000
Net investment hedging
Defined Benefit Plan Disclosure [Line Items]
After tax cumulative translation adjustment gains (losses) included in accumulated comprehensive income (loss)		$ 187,000,000	$ 81,000,000
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
2015 Stock Repurchase Program
Defined Benefit Plan Disclosure [Line Items]
Authorized repurchase amount								$ 6,000,000,000
Shares repurchased (in shares) | shares		13,900,000	7,100,000	18,700,000	6,100,000
Average price of shares repurchased (in dollars per share) | $ / shares		$ 143.66	$ 140.56	$ 107.17	$ 91.78
Authorized repurchases remaining		$ 446,000,000
2018 Stock Repurchase Program
Defined Benefit Plan Disclosure [Line Items]
Authorized repurchase amount						$ 3,000,000,000
Authorized repurchases remaining		$ 3,000,000,000

Stockholders' Equity - Changes

Stockholders' Equity - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	Jan. 01, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Changes in Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ 4,589	$ 4,589	$ 4,259	$ 5,228
Adoption of new accounting guidance related to reclassification of certain tax effects	45	45	0	0
Ending balance		3,258	4,589	4,259
Accumulated Other Comprehensive Income (Loss)
Changes in Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ (1,287)	(1,287)	(1,807)	(1,504)
Ending balance		(1,677)	(1,287)	(1,807)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
Changes in Accumulated Other Comprehensive Income (Loss)
Other comprehensive income (loss), before reclassifications, before tax		(308)	294	(251)
Reclassification from accumulated other comprehensive income to income, before tax		5	2	(1)
Other comprehensive income (loss), tax		(25)	110	(25)
Other comprehensive income (loss), net of tax		(328)	406	(277)
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest
Changes in Accumulated Other Comprehensive Income (Loss)
Other comprehensive income (loss), before reclassifications, before tax		(64)	96	(67)
Reclassification from accumulated other comprehensive income to income, before tax		41	56	43
Other comprehensive income (loss), tax		6	(38)	(2)
Other comprehensive income (loss), net of tax		$ (17)	$ 114	$ (26)

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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)	$ 38.34	$ 26.83	$ 20.02
Aggregate intrinsic value of options exercised	$ 33	$ 132	$ 89
Cash receipts from exercise of options	22	84	84
Total fair value of vested stock option awards	15	13	12
Total fair value of vested restricted stock unit awards	$ 19	$ 19	$ 21
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	$ 10
Weighted-average period to recognize total unrecognized compensation cost	2 years 1 month 6 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to unvested awards	$ 30
Weighted-average period to recognize total unrecognized compensation cost	1 year 9 months 18 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, 2018	Dec. 31, 2017	Dec. 31, 2016
Summary of stock-based compensation expense
Pre-tax compensation expense	$ 40	$ 36	$ 39
Tax benefit	(5)	(9)	(13)
Total stock-based compensation expense, net of tax	$ 35	$ 27	$ 26

Stock-Based Compensation - Acti

Stock-Based Compensation - Activity Related to Non-vested RSUs (Details) shares in Millions	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Non-Vested RSUs, Number of Shares
Unvested, January 1, 2018 (in shares) | shares	0.6
Granted (in shares) | shares	0.2
Vested (in shares) | shares	(0.3)
Unvested, December 31, 2018 (in shares) | shares	0.5
Non-Vested RSUs, Weighted-Average Grant-Date Fair Value
Unvested, January 1, 2018 (in dollars per share) | $ / shares	$ 99.87
Granted (in dollars per share) | $ / shares	162.49
Vested (in dollars per share) | $ / shares	92.71
Unvested, December 31, 2018 (in dollars per share) | $ / shares	$ 121.24

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares
Stock Options, Number of Shares
Under option, January 1, 2018 (in shares) | shares	4.5
Granted (in shares) | shares	0.5
Exercised (in shares) | shares	(0.4)
Under option, December 31, 2018 (in shares) | shares	4.6
Stock Options, Weighted-Average Remaining Contractual Term
Under option, January 1, 2018 (in dollars per share) | $ / shares	$ 80.88
Granted (in dollars per share) | $ / shares	163.36
Exercised (in dollars per share) | $ / shares	61.22
Under option, December 31, 2018 (in dollars per share) | $ / shares	$ 90.56
Stock Options
Number of shares, exercisable, December 31, 2018 (in shares) | shares	3.2
Weighted-average exercise price, exercisable, December 31, 2018 (in dollars per share) | $ / shares	$ 74.08
Weighted-average remaining contractual term, under option, December 31, 2018	5 years 7 months 6 days
Weighted-average reamaining contractual term, exercisable, December 31, 2018	4 years 7 months 6 days
Aggregate intrinsic value, under option, December 31, 2018 | $	$ 165
Aggregate intrinsic value, exercisable, December 31, 2018 | $	$ 168

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used in Options Pricing Model (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Summary of assumptions used in option models
Risk-free interest rate, minimum	2.07%	0.91%	0.56%
Risk-free interest rate, maximum	3.06%	2.61%	1.86%
Weighted-average volatility	22.00%	22.00%	24.00%
Dividend yield	2.10%	2.22%	2.12%
Minimum
Summary of assumptions used in option models
Expected years until exercise	7 years 6 months	7 years 2 months 12 days	6 years 10 months 25 days
Maximum
Summary of assumptions used in option models
Expected years until exercise	8 years 4 months 24 days	7 years 10 months 24 days	7 years 8 months 12 days

Other Balance Sheet Informati_3

Other Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Prepaid expenses and other current assets:
Income tax refunds receivable	$ 98	$ 121
Value-added-tax receivables	79	70
Vendor advances	30	26
Other	127	119
Total prepaid expenses and other current assets	334	336
Other assets:
Cash surrender value of life insurance policies	429	442
Prepaid pension assets	290	337
Customer tooling	171	184
Investments	51	53
Other	89	179
Total other assets	1,030	1,195
Accrued expenses:
Compensation and employee benefits	391	411
Deferred revenue and customer deposits	215	205
Rebates	172	147
Warranties	45	45
Current portion of pension and other postretirement benefit obligations	16	16
Other	432	434
Total accrued expenses	1,271	1,258
Other liabilities:
Pension benefit obligation	203	219
Postretirement benefit obligation	179	174
Other	457	489
Total other liabilities	$ 839	$ 882

Segment Information - Narrative

Segment Information - Narrative (Details) - Segment	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
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, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Operating revenue	$ 3,580	$ 3,613	$ 3,831	$ 3,744	$ 3,629	$ 3,615	$ 3,599	$ 3,471	$ 14,768	$ 14,314	$ 13,599
Operating income	860	$ 889	$ 932	$ 903	846	$ 960	$ 872	$ 807	3,584	3,485	3,056
Depreciation and amortization and impairment of intangible assets									461	462	470
Plant and equipment additions									364	297	273
Identifiable assets	14,870				16,780				14,870	16,780	15,201
Operating segments
Segment Reporting Information [Line Items]
Operating income									3,625	3,465	3,155
Identifiable assets	11,335				11,645				11,335	11,645	10,844
Operating segments | Automotive OEM
Segment Reporting Information [Line Items]
Operating revenue									3,338	3,271	2,864
Operating income									751	747	690
Depreciation and amortization and impairment of intangible assets									123	111	90
Plant and equipment additions									184	147	116
Identifiable assets	2,388				2,402				2,388	2,402	2,051
Operating segments | Food Equipment
Segment Reporting Information [Line Items]
Operating revenue									2,214	2,123	2,110
Operating income									572	556	537
Depreciation and amortization and impairment of intangible assets									44	45	45
Plant and equipment additions									28	27	31
Identifiable assets	1,019				1,054				1,019	1,054	1,013
Operating segments | Test & Measurement and Electronics
Segment Reporting Information [Line Items]
Operating revenue									2,171	2,069	1,974
Operating income									523	464	372
Depreciation and amortization and impairment of intangible assets									88	92	104
Plant and equipment additions									31	23	25
Identifiable assets	2,343				2,449				2,343	2,449	2,362
Operating segments | Welding
Segment Reporting Information [Line Items]
Operating revenue									1,691	1,538	1,486
Operating income									474	415	370
Depreciation and amortization and impairment of intangible assets									27	28	36
Plant and equipment additions									23	17	16
Identifiable assets	789				756				789	756	701
Operating segments | Polymers & Fluids
Segment Reporting Information [Line Items]
Operating revenue									1,724	1,724	1,691
Operating income									369	357	343
Depreciation and amortization and impairment of intangible assets									83	89	92
Plant and equipment additions									15	16	18
Identifiable assets	1,942				2,067				1,942	2,067	2,019
Operating segments | Construction Products
Segment Reporting Information [Line Items]
Operating revenue									1,700	1,672	1,609
Operating income									414	399	361
Depreciation and amortization and impairment of intangible assets									32	33	34
Plant and equipment additions									25	22	20
Identifiable assets	1,167				1,196				1,167	1,196	1,099
Operating segments | Specialty Products
Segment Reporting Information [Line Items]
Operating revenue									1,951	1,938	1,885
Operating income									522	527	482
Depreciation and amortization and impairment of intangible assets									64	64	69
Plant and equipment additions									58	45	47
Identifiable assets	1,687				1,721				1,687	1,721	1,599
Intersegment revenue
Segment Reporting Information [Line Items]
Operating revenue									(21)	(21)	(20)
Unallocated
Segment Reporting Information [Line Items]
Operating income									(41)	20	(99)
Corporate
Segment Reporting Information [Line Items]
Identifiable assets	$ 3,535				$ 5,135				$ 3,535	$ 5,135	$ 4,357

Segment Information - Operating

Segment Information - Operating Revenue by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Revenue by Geographic Region:
Operating revenue	$ 3,580	$ 3,613	$ 3,831	$ 3,744	$ 3,629	$ 3,615	$ 3,599	$ 3,471	$ 14,768	$ 14,314	$ 13,599
United States
Operating Revenue by Geographic Region:
Operating revenue									6,562	6,243	6,176
Canada/Mexico
Operating Revenue by Geographic Region:
Operating revenue									1,050	996	923
Total North America
Operating Revenue by Geographic Region:
Operating revenue									7,612	7,239	7,099
Europe, Middle East and Africa
Operating Revenue by Geographic Region:
Operating revenue									4,241	4,102	3,787
Asia Pacific
Operating Revenue by Geographic Region:
Operating revenue									2,573	2,577	2,361
South America
Operating Revenue by Geographic Region:
Operating revenue									$ 342	$ 396	$ 352

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Operating revenue	$ 3,580	$ 3,613	$ 3,831	$ 3,744	$ 3,629	$ 3,615	$ 3,599	$ 3,471	$ 14,768	$ 14,314	$ 13,599
Cost of revenue	2,096	2,096	2,231	2,181	2,124	2,092	2,087	2,003	8,604	8,306	7,908
Operating income	860	889	932	903	846	960	872	807	3,584	3,485	3,056
Net income	$ 607	$ 638	$ 666	$ 652	$ (76)	$ 640	$ 587	$ 536	$ 2,563	$ 1,687	$ 2,035
Net Income Per Share:
Basic (in dollars per share)	$ 1.84	$ 1.91	$ 1.98	$ 1.92	$ (0.22)	$ 1.86	$ 1.70	$ 1.55	$ 7.65	$ 4.90	$ 5.73
Diluted (in dollars per share)	$ 1.83	$ 1.90	$ 1.97	$ 1.90	$ (0.22)	$ 1.85	$ 1.69	$ 1.54	$ 7.60	$ 4.86	$ 5.70
Income tax expense (benefit)					$ 658					$ 658
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		$ 0	$ 95	$ 0