Illinois Tool Works (ITW) 10-K 14 Feb 20 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Jan. 31, 2020	Jun. 30, 2019
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	1-4797
Entity Registrant Name	ILLINOIS TOOL WORKS INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-1258310
Entity Address, Address Line One	155 Harlem Avenue
Entity Address, City or Town	Glenview
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60025
City Area Code	847
Local Phone Number	724-7500
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 45.6
Entity Common Stock, Shares Outstanding		318,864,237
Documents Incorporated by Reference	Portions of the 2020 Proxy Statement for Annual Meeting of Stockholders to be held on May 8, 2020. Part III
Entity Central Index Key	0000049826
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	ITW
Security Exchange Name	NYSE
1.75% Euro Notes due 2022
Entity Information [Line Items]
Title of 12(b) Security	1.75% Euro Notes due 2022
Trading Symbol	ITW22
Security Exchange Name	NYSE
1.25% Euro Notes due 2023
Entity Information [Line Items]
Title of 12(b) Security	1.25% Euro Notes due 2023
Trading Symbol	ITW23
Security Exchange Name	NYSE
0.250% Euro Notes due 2024
Entity Information [Line Items]
Title of 12(b) Security	0.250% Euro Notes due 2024
Trading Symbol	ITW24A
Security Exchange Name	NYSE
0.625% Euro Notes due 2027
Entity Information [Line Items]
Title of 12(b) Security	0.625% Euro Notes due 2027
Trading Symbol	ITW27
Security Exchange Name	NYSE
2.125% Euro Notes due 2030
Entity Information [Line Items]
Title of 12(b) Security	2.125% Euro Notes due 2030
Trading Symbol	ITW30
Security Exchange Name	NYSE
1.00% Euro Notes due 2031
Entity Information [Line Items]
Title of 12(b) Security	1.00% Euro Notes due 2031
Trading Symbol	ITW31
Security Exchange Name	NYSE
3.00% Euro Notes due 2034
Entity Information [Line Items]
Title of 12(b) Security	3.00% Euro Notes due 2034
Trading Symbol	ITW34
Security Exchange Name	NYSE

Statement of Income

Statement of Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Operating Revenue	$ 14,109	$ 14,768	$ 14,314
Cost of revenue	8,187	8,604	8,306
Selling, administrative, and research and development expenses	2,361	2,391	2,412
Legal settlement (income)	0	0	(95)
Amortization and impairment of intangible assets	159	189	206
Operating Income	3,402	3,584	3,485
Interest expense	(221)	(257)	(260)
Other income (expense)	107	67	45
Income Before Taxes	3,288	3,394	3,270
Income taxes	767	831	1,583
Net Income	$ 2,521	$ 2,563	$ 1,687
Net Income Per Share:
Basic (in dollars per share)	$ 7.78	$ 7.65	$ 4.90
Diluted (in dollars per share)	$ 7.74	$ 7.60	$ 4.86

Statement of Comprehensive Inco

Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 2,521	$ 2,563	$ 1,687
Other Comprehensive Income (Loss):
Foreign currency translation adjustments, net of tax	(2)	(328)	406
Pension and other postretirement benefit adjustments, net of tax	(26)	(17)	114
Comprehensive Income	$ 2,493	$ 2,218	$ 2,207

Statement of Financial Position

Statement of Financial Position - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Current Assets:
Cash and equivalents	$ 1,981	$ 1,504
Trade receivables	2,461	2,622
Inventories	1,164	1,318
Prepaid expenses and other current assets	296	334
Assets held for sale	351	0
Total current assets	6,253	5,778
Net plant and equipment	1,729	1,791
Goodwill	4,492	4,633
Intangible assets	851	1,084
Deferred income taxes	516	554
Other assets	1,227	1,030
Total Assets	15,068	14,870
Current Liabilities:
Short-term debt	4	1,351
Accounts payable	472	524
Accrued expenses	1,217	1,271
Cash dividends payable	342	328
Income taxes payable	48	68
Liabilities held for sale	71	0
Total current liabilities	2,154	3,542
Noncurrent Liabilities:
Long-term debt	7,754	6,029
Deferred income taxes	668	707
Noncurrent income taxes payable	462	495
Other liabilities	1,000	839
Total noncurrent liabilities	9,884	8,070
Common stock (par value of $0.01 per share):
Issued- 550.0 shares in 2019 and 2018 Outstanding- 319.8 shares in 2019 and 328.1 shares in 2018	6	6
Additional paid-in-capital	1,304	1,253
Retained earnings	22,403	21,217
Common stock held in treasury	(18,982)	(17,545)
Accumulated other comprehensive income (loss)	(1,705)	(1,677)
Noncontrolling interest	4	4
Total stockholders’ equity	3,030	3,258
Total liabilities and stockholders' equity	$ 15,068	$ 14,870

Statement of Financial Positi_2

Statement of Financial Position (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2019	Dec. 31, 2018
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)	319.8	328.1

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, 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 stock-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]
Net income	2,563			2,563
Common stock issued for stock-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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,521			2,521
Common stock issued for stock-based compensation	74		11		63
Stock-based compensation expense	41		41
Repurchases of common stock	(1,500)				(1,500)
Dividends declared	(1,335)			(1,335)
Pension and other postretirement benefit adjustments	(26)					(26)
Currency translation adjustments	(2)					(2)
Noncontrolling interest	(1)		(1)				0
Ending balance at Dec. 31, 2019	$ 3,030	$ 6	$ 1,304	$ 22,403	$ (18,982)	$ (1,705)	$ 4

Statement of Changes in Stock_2

Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 4.14	$ 3.56	$ 2.86

Statement of Cash Flows

Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Provided by (Used for) Operating Activities:
Net income	$ 2,521	$ 2,563	$ 1,687
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	267	272	256
Amortization and impairment of intangible assets	159	189	206
Change in deferred income taxes	32	34	64
Provision for uncollectible accounts	6	5	3
(Income) loss from investments	(15)	(9)	(16)
(Gain) loss on sale of plant and equipment	(9)	(7)	(1)
(Gain) loss on sale of operations and affiliates	(44)	2	(1)
Stock-based compensation expense	41	40	36
Other non-cash items, net	9	10	10
(Increase) decrease in—
Trade receivables	40	(60)	(138)
Inventories	98	(108)	(81)
Prepaid expenses and other assets	11	3	(121)
Increase (decrease) in—
Accounts payable	(16)	(46)	39
Accrued expenses and other liabilities	(95)	(36)	(42)
Income taxes	(7)	(41)	501
Other, net	(3)	0	0
Net cash provided by operating activities	2,995	2,811	2,402
Cash Provided by (Used for) Investing Activities:
Acquisition of businesses (excluding cash and equivalents)	(4)	0	(3)
Additions to plant and equipment	(326)	(364)	(297)
Proceeds from investments	20	16	43
Proceeds from sale of plant and equipment	25	26	14
Proceeds from sale of operations and affiliates	120	1	2
Other, net	(18)	(4)	(10)
Net cash provided by (used for) investing activities	(183)	(325)	(251)
Cash Provided by (Used for) Financing Activities:
Cash dividends paid	(1,321)	(1,124)	(941)
Issuance of common stock	85	22	84
Repurchases of common stock	(1,500)	(2,000)	(1,000)
Net proceeds from (repayments of) debt with original maturities of three months or less	(1)	(850)	849
Proceeds from debt with original maturities of more than three months	1,774	0	0
Repayments of debt with original maturities of more than three months	(1,351)	(1)	(652)
Other, net	(12)	(11)	(14)
Net cash provided by (used for) financing activities	(2,326)	(3,964)	(1,674)
Effect of Exchange Rate Changes on Cash and Equivalents	(9)	(112)	145
Cash and Equivalents:
Increase (decrease) during the year	477	(1,590)	622
Beginning of year	1,504	3,094	2,472
End of year	1,981	1,504	3,094
Supplementary Cash Flow Information:
Cash Paid During the Year for Interest	223	247	240
Cash Paid During the Year for Income Taxes, Net of Refunds	$ 742	$ 838	$ 1,018

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
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 84 divisions in 53 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 $188 million and $215 million as of December 31, 2019 and 2018, 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 $221 million , $233 million and $225 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Advertising expenses — Advertising expenses are recorded as expense in the year incurred. These costs were $48 million , $50 million and $53 million for the years ended December 31, 2019 , 2018 and 2017 , 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 Accrued expenses in the Statement of Financial Position. Accordingly, after January 1, 2018, the allowance for doubtful accounts was comprised of reserves for uncollectible accounts. The changes in the allowance for doubtful accounts for the years ended December 31, 2019 , 2018 and 2017 were as follows: In millions 2019 2018 2017 Beginning balance $ 21 $ 43 $ 43 Adoption of new revenue recognition guidance — (23 ) — Provision charged to expense 6 5 3 Write-offs, net of recoveries (4 ) (3 ) (6 ) Transfer to assets held for sale (2 ) — — Foreign currency translation (1 ) (1 ) 3 Ending balance $ 20 $ 21 $ 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% of total inventories as of December 31, 2019 and 2018 . If the FIFO method was used for all inventories, total inventories would have been approximately $89 million and $97 million higher than reported at December 31, 2019 and 2018 , respectively. The major classes of inventory at December 31, 2019 and 2018 were as follows: In millions 2019 2018 Raw material $ 452 $ 523 Work-in-process 131 161 Finished goods 670 731 LIFO reserve (89 ) (97 ) Total inventories $ 1,164 $ 1,318 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, 2019 and 2018 : In millions 2019 2018 Land $ 186 $ 194 Buildings and improvements 1,357 1,368 Machinery and equipment 3,551 3,517 Construction in progress 133 154 Gross plant and equipment 5,227 5,233 Accumulated depreciation (3,498 ) (3,442 ) Net plant and equipment $ 1,729 $ 1,791 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 Depreciation was $267 million, $272 million and $256 million for the years ended December 31, 2019 , 2018 and 2017 , 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, 2019 , 2018 and 2017 were as follows: In millions 2019 2018 2017 Beginning balance $ 45 $ 45 $ 45 Charges (44 ) (49 ) (45 ) Provision charged to expense 44 50 43 Foreign currency translation — (1 ) 2 Ending balance $ 45 $ 45 $ 45 New Accounting Pronouncements Effective January 1, 2018 In May 2014, the Financial Accounting Standards Board (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 years ended December 31, 2019 and 2018, the impact of the new guidance on the Company's effective income tax rate was not material. 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 was 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 13. 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. The primary change under the new guidance is that a lessee is required to recognize a lease liability and corresponding right-of-use asset for its operating leases. The new guidance also requires additional disclosures. Effective January 1, 2019, the Company adopted the new guidance prospectively for all operating lease transactions as of and after the effective date with a noncancellable lease term greater than one year. Upon adoption, the Company recorded a lease liability of $205 million and a corresponding right-of-use asset. The new guidance did not have a material impact on the results of operations or cash flows for the year ended December 31, 2019. Refer to Note 9. Leases for additional information regarding the Company’s lease transactions. In August 2017, the FASB issued authoritative guidance which included targeted improvements to simplify the application of hedge accounting and improve financial reporting of hedging activities. Effective January 1, 2019, the Company adopted the new guidance which did not have a material impact on the Company's results of operations, financial position or cash flows for the year ended December 31, 2019. Effective January 1, 2020 In June 2016, the FASB issued authoritative guidance which changes the methodology used to measure credit losses for certain financial instruments. Under current guidance, credit loss reserves are estimated based on historical information. The new guidance requires credit loss reserves to reflect the estimated credit losses expected to be incurred over the life of the financial asset. This new guidance is effective for the Company prospectively beginning January 1, 2020 and is not expected to have a material impact on the Company's results of operations or financial position. In January 2017, the FASB issued authoritative guidance which simplifies the assessment of goodwill for impairment. Under current guidance, when the estimated fair value of a reporting unit is less than its carrying value, the fair value of the goodwill must be determined by valuing the other assets and liabilities of the reporting unit. Under the new guidance, the requirement to determine the fair value of goodwill has been eliminated, and an impairment charge is recognized for the amount that the carrying value of the reporting unit exceeds its fair value. This new guidance is effective for the Company prospectively beginning January 1, 2020 and will be applied by the Company during its annual assessment of goodwill in the third quarter, or earlier if a triggering event occurs. The adoption of this new accounting guidance is not expected to have a material impact on the Company's results of operations or financial position.

Divestitures

Divestitures	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures The Company routinely reviews its portfolio of businesses relative to its business portfolio criteria and evaluates if further portfolio refinements may be needed. The Company previously communicated its intent to explore options, including potential divestitures, for certain businesses with annual revenues totaling up to $1 billion . As such, the Company may commit to a plan to exit or dispose of certain businesses and present them as held for sale in periods prior to the sale of the business. In the second quarter of 2019, the Company approved plans to divest six businesses, including two businesses in the Test & Measurement and Electronics segment, one business in the Automotive OEM segment, one business in the Welding segment, and two businesses in the Specialty Products segment. These six businesses were classified as held for sale beginning in the second quarter of 2019. In the fourth quarter of 2019, the Company divested three of the held for sale businesses which included one business in the Test & Measurement and Electronics segment, one business in the Welding segment, and one business in the Specialty Products segment. For the twelve months ended December 31, 2019, the Company recorded net pre-tax gains on disposal of businesses of $44 million ( $30 million after-tax, or $0.09 per diluted share) which was primarily due to the three divestitures of held for sale businesses discussed above. The net pre-tax gain was included in Other income (expense) in the Statement of Income. Operating revenue related to businesses divested in 2019 that was included in the Company's results of operations for the twelve months ended December 31, 2019 , 2018 and 2017 , was as follows: In millions 2019 2018 2017 Operating revenue $ 134 $ 194 $ 202 The operating revenue for the twelve months ended December 31, 2019 of $ 134 million related to the businesses divested in 2019 included $ 62 million in the Welding segment, $ 58 million in the Test & Measurement and Electronics segment, and $ 14 million in the Specialty Products segment. As of December 31, 2019 , three of the businesses discussed above continued to be held for sale, including one business in the Test & Measurement and Electronics segment, one business in the Automotive OEM segment, and one business in the Specialty Products segment. All of these businesses are expected to be sold within one year. The assets and liabilities related to the held for sale businesses were included in assets and liabilities held for sale in the Statement of Financial Position as of December 31, 2019, as follows: In millions Trade receivables $ 81 Inventories 28 Net plant and equipment 48 Goodwill and intangible assets 166 Other 28 Total assets held for sale $ 351 Accounts payable $ 21 Accrued expenses 17 Other 33 Total liabilities held for sale $ 71 Operating revenue related to the three businesses held for sale as of December 31, 2019 that was included in the Company's results of operations for the twelve months ended December 31, 2019 , 2018 and 2017 , was as follows: In millions 2019 2018 2017 Operating revenue $ 373 $ 393 $ 397

Operating Revenue

Operating Revenue	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Operating Revenue	Operating Revenue The Company's 84 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, 2019 , 2018 and 2017 was as follows: In millions 2019 2018 2017 Automotive OEM $ 3,063 $ 3,338 $ 3,271 Food Equipment 2,188 2,214 2,123 Test & Measurement and Electronics 2,121 2,171 2,069 Welding 1,638 1,691 1,538 Polymers & Fluids 1,669 1,724 1,724 Construction Products 1,625 1,700 1,672 Specialty Products 1,825 1,951 1,938 Intersegment revenue (20 ) (21 ) (21 ) Total $ 14,109 $ 14,768 $ 14,314 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, 2019 and 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, automotive original equipment manufacturers and tiers, industrial capital goods, energy 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; • 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; and • metal arc welding consumables and related accessories . 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, general industrial, consumer durables, industrial capital goods and printing and publishing 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, 2019
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, 2019
Other Income and Expenses [Abstract]
Other Income (Expense)	Other Income (Expense) Other income (expense) for the twelve months ended December 31, 2019, 2018 and 2017 consisted of the following: In millions 2019 2018 2017 Gain (loss) on disposal of operations and affiliates $ 44 $ (2 ) $ 1 Interest income 29 35 45 Other net periodic benefit income 24 20 9 Income (loss) from investments 15 9 16 Equity income in Wilsonart — — — Gain (loss) on foreign currency transactions, net (10 ) (1 ) (25 ) Other, net 5 6 (1 ) Total other income (expense) $ 107 $ 67 $ 45 Refer to Note 2. Divestitures for further information regarding the Gain (loss) on disposal of operations and affiliates of $44 million for the twelve months ended December 31, 2019. 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 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. In 2016, the Company received a $167 million dividend distribution from Wilsonart which exceeded the Company's equity investment balance and resulted in a $54 million pre-tax gain in 2016. 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, 2019
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 $462 million and $495 million as of December 31, 2019 and 2018, 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 had completed its accounting related to the tax effects of enactment of the Act. The Company’s ongoing accounting for the tax effects of the Act are based on the Company's current understanding of the changes in the tax law under the Act, but may be impacted due to issuance of final regulations or further clarification of the tax law. Provision for income taxes — The components of the provision for income taxes for the twelve months ended December 31, 2019, 2018 and 2017 were as follows: In millions 2019 2018 2017 U.S. federal income taxes: Current $ 356 $ 373 $ 1,117 Deferred (26 ) (15 ) (10 ) Total U.S. federal income taxes 330 358 1,107 Foreign income taxes: Current 302 358 296 Deferred 53 49 102 Total foreign income taxes 355 407 398 State income taxes: Current 77 66 106 Deferred 5 — (28 ) Total state income taxes 82 66 78 Total provision for income taxes $ 767 $ 831 $ 1,583 Income before taxes for domestic and foreign operations for the twelve months ended December 31, 2019, 2018 and 2017 was as follows: In millions 2019 2018 2017 Domestic $ 1,774 $ 1,774 $ 1,806 Foreign 1,514 1,620 1,464 Total income before taxes $ 3,288 $ 3,394 $ 3,270 The reconciliation between the U.S. federal statutory tax rate and the effective tax rate for the twelve months ended December 31, 2019, 2018 and 2017 was as follows: 2019 2018 2017 U.S. federal statutory tax rate 21.0 % 21.0 % 35.0 % U.S. tax effect of foreign earnings 1.1 1.5 0.5 Tax effect of U.S. federal tax law change — (0.1 ) 20.1 State income taxes, net of U.S. federal tax benefit 1.7 1.6 1.2 Differences between U.S. federal statutory and foreign tax rates 2.0 2.1 (3.5 ) Nontaxable foreign interest income (1.4 ) (1.7 ) (1.7 ) Tax effect of foreign dividends 0.2 1.0 0.4 Tax relief for U.S. manufacturers — — (1.4 ) Excess tax benefits from stock-based compensation (0.9 ) (0.3 ) (1.5 ) Other, net (0.4 ) (0.6 ) (0.7 ) Effective tax rate 23.3 % 24.5 % 48.4 % The Company's effective tax rate for the twelve months ended December 31, 2019 , 2018 and 2017 was 23.3% , 24.5% and 48.4% , respectively. The 2019 and 2018 effective tax rates benefited from the lower U.S. corporate federal tax rate and discrete items. The 2019 effective tax rate benefited from a discrete tax benefit of $21 million in the third quarter for the U.S. federal provision to return adjustment resulting primarily from changes in estimates related to the Act. The 2018 effective tax rate benefited from a discrete tax benefit of $37 million in the third quarter 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 of $22 million in the third quarter 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 rates for 2019 , 2018 and 2017 included $28 million , $10 million and $50 million , respectively, related to excess tax benefits from stock-based compensation. 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 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, 2019 and 2018 was $62 million and $71 million , respectively. Deferred foreign withholding taxes have not been provided on undistributed earnings considered permanently invested. As of December 31, 2019 , undistributed earnings of certain international subsidiaries that are considered permanently invested were approximately $5.7 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 as of December 31, 2019 and 2018 were as follows: 2019 2018 In millions Asset Liability Asset Liability Goodwill and intangible assets $ 202 $ (453 ) $ 194 $ (484 ) Inventory reserves, capitalized tax cost and LIFO inventory 29 (3 ) 30 (3 ) Investments 16 (158 ) 19 (171 ) Plant and equipment 17 (74 ) 17 (72 ) Accrued expenses and reserves 42 — 36 — Employee benefit accruals 176 — 186 — Foreign tax credit carryforwards 7 — 8 — Net operating loss carryforwards 419 — 451 — Capital loss carryforwards 80 — 89 — Allowances for uncollectible accounts 9 — 10 — Pension liabilities — (15 ) — (19 ) Unrealized loss (gain) on foreign debt instruments — (57 ) — (45 ) Operating leases 45 (45 ) — — Other 32 (13 ) 32 (13 ) Gross deferred income tax assets (liabilities) 1,074 (818 ) 1,072 (807 ) Valuation allowances (408 ) — (418 ) — Total deferred income tax assets (liabilities) $ 666 $ (818 ) $ 654 $ (807 ) The valuation allowances recorded as of December 31, 2019 and 2018 related primarily to certain net operating loss carryforwards, capital loss carryforwards and foreign tax credit carryforwards. As of December 31, 2019 , the Company had utilized all realizable foreign tax credit carryforwards. As of December 31, 2019 , 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 2020 $ 86 2021 80 2022 25 2023 7 2024 49 2025-2045 117 Do not expire 1,378 Total gross carryforwards related to net operating losses $ 1,742 Unrecognized tax benefit s— The changes in the amount of unrecognized tax benefits for the twelve months ended December 31, 2019 , 2018 and 2017 were as follows: In millions 2019 2018 2017 Beginning balance $ 297 $ 285 $ 210 Additions based on tax positions related to the current year 6 3 42 Additions for tax positions of prior years 13 49 100 Reductions for tax positions of prior years (14 ) (31 ) (24 ) Settlements (5 ) (5 ) (53 ) Foreign currency translation (1 ) (4 ) 10 Ending balance $ 296 $ 297 $ 285 Included in the balance as of December 31, 2019 were approximately $267 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. 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 $56 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 2016-2019 United Kingdom 2017-2019 Germany 2012-2019 France 2016-2019 Australia 2013-2019 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, 2019 and 2018 was $19 million and $25 million , respectively.

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 2019
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 for the twelve months ended December 31, 2019, 2018 and 2017 was as follows: In millions except per share amounts 2019 2018 2017 Net Income $ 2,521 $ 2,563 $ 1,687 Net income per share—Basic: Weighted-average common shares 323.9 335.0 344.1 Net income per share—Basic $ 7.78 $ 7.65 $ 4.90 Net income per share—Diluted: Weighted-average common shares 323.9 335.0 344.1 Effect of dilutive stock options and restricted stock units 1.7 2.1 2.7 Weighted-average common shares assuming dilution 325.6 337.1 346.8 Net income per share—Diluted $ 7.74 $ 7.60 $ 4.86 Options that were considered antidilutive were not included in the computation of diluted net income per share. There were 0.9 million and 0.5 million antidilutive options outstanding as of December 31, 2019 and 2018 , respectively. There were no antidilutive options outstanding as of December 31, 2017 .

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the twelve months ended December 31, 2019 and 2018 were as follows: In millions Automotive OEM Test & Measurement and Electronics Food Equipment Polymers & Fluids Welding Construction Products Specialty Products Total 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 2019 activity: Acquisitions / (divestitures) — 2 — — — — (1 ) 1 Transfer to assets held for sale (5 ) (109 ) — — (4 ) — (8 ) (126 ) Foreign currency translation (5 ) — (3 ) (2 ) (1 ) (1 ) (4 ) (16 ) Balance, December 31, 2019 $ 466 $ 1,245 $ 256 $ 887 $ 258 $ 512 $ 868 $ 4,492 Cumulative goodwill impairment charges, December 31, 2019 $ 24 $ 83 $ 60 $ 15 $ 5 $ 7 $ 46 $ 240 Intangible assets as of December 31, 2019 and 2018 were as follows: 2019 2018 In millions Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets: Customer lists and relationships $ 1,530 $ (1,195 ) $ 335 $ 1,747 $ (1,282 ) $ 465 Trademarks and brands 694 (434 ) 260 759 (435 ) 324 Patents and proprietary technology 581 (501 ) 80 621 (506 ) 115 Other 449 (433 ) 16 478 (458 ) 20 Total amortizable intangible assets 3,254 (2,563 ) 691 3,605 (2,681 ) 924 Indefinite-lived intangible assets: Trademarks and brands 160 — 160 160 — 160 Total intangible assets $ 3,414 $ (2,563 ) $ 851 $ 3,765 $ (2,681 ) $ 1,084 The Company performed its annual impairment assessment of goodwill and indefinite-lived intangible assets in the third quarter of 2019 , 2018 and 2017 . There were no impairment charges as a result of these assessments. For the twelve months ended December 31, 2019 , 2018 and 2017 , amortization expense of intangible assets was $159 million , $189 million and $206 million , respectively. As of December 31, 2019, the estimated future amortization expense of intangible assets for the twelve months ending December 31 was as follows: In millions 2020 $ 135 2021 117 2022 104 2023 85 2024 68

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	Leases Effective January 1, 2019, the Company adopted new lease accounting guidance which requires the recognition of a lease liability and corresponding right-of-use asset for all operating leases with a noncancellable lease term of greater than one year. The new guidance did not change the recognition of rental expense for operating leases which is recognized on a straight-line basis over the noncancellable lease term based on the minimum lease payments at lease inception. Changes in rent subsequent to commencement that were not included in minimum lease payments at inception are recognized as variable rent in the period incurred. The Company’s lease transactions are primarily for the use of facilities, vehicles and equipment under operating lease arrangements. Total rental expense for operating leases for the twelve months ended December 31, 2019 , 2018 and 2017 was $113 million , $124 million and $120 million , respectively. Total rental expense for 2019 included $ 69 million related to capitalized operating leases and $ 44 million related to short-term operating leases and variable lease payments. Short-term operating leases have original terms of one year or less, or can be terminated at the Company's option with a short notice period and without significant penalty, and are not capitalized. The right-of-use asset related to operating leases was $ 206 million as of December 31, 2019 and was included in Other assets. As of December 31, 2019 , the current portion of the lease liability for operating leases was $ 51 million and was included in Accrued expenses, and the long-term portion was $ 128 million and was included in Other liabilities. As of December 31, 2019, future maturities of operating lease liabilities for the twelve months ending December 31 were as follows: In millions 2020 $ 55 2021 42 2022 32 2023 23 2024 18 2025 and future years 21 Total future minimum lease payments 191 Less: Imputed interest (12 ) Operating lease liability 179 Less: Current portion of operating lease liability 51 Long-term portion of operating lease liability $ 128 As of December 31, 2019 , operating leases included in the lease liability had a weighted average remaining lease term of 4.6 years and a weighted average discount rate of 2.59% based on the incremental borrowing rate of the Company and its subsidiaries. During the twelve months ended December 31, 2019, cash paid related to maturities of operating lease liabilities was $70 million and operating lease right-of-use assets obtained in exchange for operating lease liabilities was $50 million . As of December 31, 2018, future minimum lease payments under operating leases with noncancellable terms in excess of one year for the twelve months ending December 31 were 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

Debt

Debt	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 consisted of the following: In millions 2019 2018 Current maturities of long-term debt $ 4 $ 1,350 Bank overdrafts — 1 Total short-term debt $ 4 $ 1,351 As of December 31, 2019 , short-term debt included $4 million related to the 4.88% notes due through December 31, 2020. 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, both of which were repaid on the due date. There was no commercial paper outstanding as of December 31, 2019 and 2018. The Company may issue commercial paper to fund general corporate needs, share repurchases, and small and medium-sized acquisitions. During the third quarter of 2019, the Company entered into a $2.5 billion , five -year line of credit agreement with a termination date of September 27, 2024 to support the potential issuances of commercial paper. This agreement replaced the existing $2.5 billion line of credit agreement with a termination date of May 9, 2021. No amounts were outstanding under the line of credit agreement as of December 31, 2019 . The Company was also in compliance with the financial covenants of the line of credit agreement as of December 31, 2019, which included a minimum interest coverage ratio. The weighted-average interest rate on commercial paper was 2.5% and 1.7% for the twelve months ended December 31, 2019 and 2018 , respectively. As of December 31, 2019 , the Company had unused capacity of approximately $ 206 million under international debt facilities. Long-term debt — Long-term debt represents obligations with a maturity date greater than one year, and excludes current maturities that have been reclassified to short-term debt. Long-term debt at carrying value and fair value as of December 31, 2019 and 2018 consisted of the following: 2019 2018 In millions Effective Interest Rate Carrying Value Fair Value Carrying Value Fair Value 1.95% notes due March 1, 2019 1.98% $ — $ — $ 650 $ 649 6.25% notes due April 1, 2019 6.25% — — 700 706 4.88% notes due thru December 31, 2020 4.96% 4 4 4 4 3.375% notes due September 15, 2021 3.43% 349 358 349 354 1.75% Euro notes due May 20, 2022 1.86% 558 584 570 603 1.25% Euro notes due May 22, 2023 1.35% 558 584 569 596 3.50% notes due March 1, 2024 3.54% 697 742 696 712 0.25% Euro notes due December 5, 2024 0.31% 668 677 — — 2.65% notes due November 15, 2026 2.69% 993 1,032 993 933 0.625% Euro notes due December 5, 2027 0.71% 554 570 — — 2.125% Euro notes due May 22, 2030 2.18% 555 644 567 620 1.00% Euro notes due June 5, 2031 1.09% 552 580 — — 3.00% Euro notes due May 19, 2034 3.13% 548 724 560 678 4.875% notes due September 15, 2041 4.97% 637 829 636 719 3.90% notes due September 1, 2042 3.96% 1,082 1,283 1,081 1,087 Other borrowings 3 3 4 4 Total $ 7,758 $ 8,614 $ 7,379 $ 7,665 Less: Current maturities of long-term debt (4 ) (1,350 ) Total long-term debt $ 7,754 $ 6,029 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, which were repaid on the due date. 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 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 1.95% notes due March 1, 2019 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. In June 2019, the Company issued €600 million of 0.25% Euro notes due December 5, 2024 at 99.662% of face value, €500 million of 0.625% Euro notes due December 5, 2027 at 99.343% of face value and €500 million of 1.00% Euro notes due June 5, 2031 at 98.982% of face value. Net proceeds from the issuances 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, the € 1.0 billion of Euro notes issued in May 2015 and the € 1.6 billion of Euro notes issued in June 2019 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 13. 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. As of December 31, 2019, scheduled future maturities of long-term debt, including current maturities of long-term debt, for the twelve months ending December 31 were as follows: In millions 2020 $ 4 2021 349 2022 558 2023 558 2024 1,365 2025 and future years 4,924 Total $ 7,758

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	12 Months Ended
	Dec. 31, 2019
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 $86 million in 2019 , $82 million in 2018 , and $ 79 million in 2017 . 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 for the twelve months ended December 31, 2019, 2018 and 2017 is as follows: Pension Other Postretirement Benefits In millions 2019 2018 2017 2019 2018 2017 Components of net periodic benefit cost: Service cost $ 52 $ 60 $ 63 $ 7 $ 8 $ 9 Interest cost 78 72 72 20 18 19 Expected return on plan assets (121 ) (126 ) (133 ) (22 ) (25 ) (23 ) Amortization of actuarial (gain) loss 21 43 57 (1 ) (2 ) (1 ) Amortization of prior service cost 1 — — — — — Total net periodic benefit cost $ 31 $ 49 $ 59 $ 4 $ (1 ) $ 4 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-2019 and MP-2018, to measure its U.S. pension and other postretirement obligations as of December 31, 2019 and 2018 , 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 twelve months ended December 31, 2019 and 2018 : Pension Other Postretirement Benefits In millions 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at January 1 $ 2,429 $ 2,661 $ 511 $ 546 Service cost 52 60 7 8 Interest cost 78 72 20 18 Plan participants’ contributions 2 2 12 12 Amendments — 9 — — Actuarial (gain) loss 295 (162 ) 61 (35 ) Transfer to liabilities held for sale (2 ) — — — Benefits paid (156 ) (165 ) (42 ) (40 ) Medicare subsidy received — — 1 2 Liabilities from other immaterial plans — 5 — — Foreign currency translation 33 (53 ) — — Benefit obligation at December 31 $ 2,731 $ 2,429 $ 570 $ 511 Pension Other Postretirement Benefits In millions 2019 2018 2019 2018 Change in plan assets: Fair value of plan assets at January 1 $ 2,550 $ 2,832 $ 333 $ 373 Actual return on plan assets 379 (82 ) 66 (19 ) Company contributions 27 23 5 7 Plan participants’ contributions 2 2 12 12 Benefits paid (156 ) (165 ) (42 ) (40 ) Foreign currency translation 42 (60 ) — — Fair value of plan assets at December 31 $ 2,844 $ 2,550 $ 374 $ 333 Funded status $ 113 $ 121 $ (196 ) $ (178 ) Other immaterial plans (42 ) (46 ) (5 ) (5 ) Net asset (liability) at December 31 $ 71 $ 75 $ (201 ) $ (183 ) The amounts recognized in the Statement of Financial Position as of December 31 consist of: Other assets $ 297 $ 290 $ — $ — Accrued expenses (11 ) (12 ) (3 ) (4 ) Other noncurrent liabilities (215 ) (203 ) (198 ) (179 ) Net asset (liability) at end of year $ 71 $ 75 $ (201 ) $ (183 ) The pre-tax amounts recognized in accumulated other comprehensive income consist of: Net actuarial (gain) loss $ 568 $ 552 $ (35 ) $ (53 ) Prior service cost 7 8 — — $ 575 $ 560 $ (35 ) $ (53 ) Accumulated benefit obligation $ 2,589 $ 2,299 Plans with accumulated benefit obligation in excess of plan assets as of December 31: Projected benefit obligation $ 194 $ 176 Accumulated benefit obligation $ 188 $ 170 Fair value of plan assets $ 29 $ 28 Assumptions — The weighted-average assumptions used in the valuations of pension and other postretirement benefits were as follows: Pension Other Postretirement Benefits 2019 2018 2017 2019 2018 2017 Assumptions used to determine benefit obligations as of December 31: Discount rate 2.61 % 3.66 % 3.12 % 3.29 % 4.40 % 3.72 % Rate of compensation increases 3.44 % 3.52 % 3.54 % Assumptions used to determine net periodic benefit cost for the twelve months ended December 31: Discount rate 3.66 % 3.12 % 3.41 % 4.40 % 3.72 % 4.30 % Expected return on plan assets 4.71 % 4.77 % 5.53 % 6.70 % 6.80 % 6.80 % Rate of compensation increases 3.52 % 3.54 % 3.77 % 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. The Company estimates 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 as of December 31 were as follows: 2019 2018 2017 Health care cost trend rate assumed for the next year 6.70 % 7.00 % 6.25 % Ultimate trend rate 4.50 % 4.50 % 4.50 % Year the rate reaches the ultimate trend rate 2026 2026 2025 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 2019 $ — $ (1 ) Change in postretirement benefit obligation at December 31, 2019 $ 2 $ (3 ) 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 as of December 31, 2019 and 2018 , 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. 2019 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 28 $ 27 $ 1 $ — Fixed income securities: Government securities 355 — 355 — Corporate debt securities 969 — 969 — Investment contracts with insurance companies 1 — — 1 Commingled funds: Collective trust funds 1,460 Partnerships/private equity interests 27 Other 4 — 4 — Total fair value of pension plan assets $ 2,844 $ 27 $ 1,329 $ 1 Other Postretirement Benefit Plan Assets: Life insurance policies $ 374 Total fair value of other postretirement benefit plan assets $ 374 $ — $ — $ — 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 $ — $ — $ — 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 $ 29 million to its pension plans and $ 5 million to its other postretirement benefit plans in 2020 . As of December 31, 2019, the Company’s portion of the future benefit payments that are expected to be paid during the twelve months ending December 31 is as follows: In millions Pension Other Postretirement Benefits 2020 $ 152 $ 35 2021 157 35 2022 164 35 2023 171 35 2024 175 36 Years 2025-2029 862 176

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2019
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 provided 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, approximately 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, approximately 13.9 million shares of its common stock at an average price of $143.66 per share during 2018 and approximately 3.1 million shares of its common stock at an average price of $143.23 per share during 2019. The 2015 Program was completed in the second quarter of 2019. On August 3, 2018, the Company's Board of Directors authorized a new stock repurchase program which provides for the repurchase of up to an additional $3.0 billion of the Company's common stock over an open-ended period of time (the "2018 Program"). Under the 2018 Program, the Company repurchased approximately 6.7 million shares of its common stock at an average price of $158.11 per share during 2019. As of December 31, 2019 , there were approximately $1.9 billion of authorized repurchases remaining under the 2018 program. Cash Dividends — Cash dividends declared were $4.14 per share in 2019 , $3.56 per share in 2018 and $2.86 per share in 2017 . Cash dividends paid were $4.07 per share in 2019 , $3.34 per share in 2018 and $2.73 per share in 2017 . Accumulated Other Comprehensive Income (Loss) — The changes in accumulated other comprehensive income (loss) during 2019 , 2018 and 2017 were as follows: In millions 2019 2018 2017 Beginning balance $ (1,677 ) $ (1,287 ) $ (1,807 ) Adoption of new accounting guidance related to reclassification of certain tax effects — (45 ) — Foreign currency translation adjustments during the period 7 (308 ) 294 Foreign currency translation adjustments reclassified to income — 5 2 Income taxes (9 ) (25 ) 110 Total foreign currency translation adjustments, net of tax (2 ) (328 ) 406 Pension and other postretirement benefit adjustments during the period (54 ) (64 ) 96 Pension and other postretirement benefit adjustments reclassified to income 21 41 56 Income taxes 7 6 (38 ) Total pension and other postretirement benefit adjustments, net of tax (26 ) (17 ) 114 Ending balance $ (1,705 ) $ (1,677 ) $ (1,287 ) 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 11. Pension and Other Postretirement Benefits for the amounts included in net periodic benefit cost. The Company designated the € 1.0 billion of Euro notes issued in May 2014, the € 1.0 billion of Euro notes issued in May 2015 and the € 1.6 billion of Euro notes issued in June 2019 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 $239 million and $187 million as of December 31, 2019 and 2018 , respectively. As of December 31, 2019 and 2018 , the ending balance of Accumulated other comprehensive income (loss) consisted of after-tax cumulative translation adjustment losses of $1.3 billion and $1.3 billion , respectively, and after-tax unrecognized pension and other postretirement benefits costs of $390 million and $364 million , respectively. The estimated pre-tax unrecognized net benefit cost that will be amortized from Accumulated other comprehensive income (loss) into income in 2020 is $ 48 million for pension and other postretirement benefits.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [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, 2019 , approximately 11 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 for the twelve months ended December 31, 2019, 2018 and 2017: In millions 2019 2018 2017 Pre-tax stock-based compensation expense $ 41 $ 40 $ 36 Tax benefit (5 ) (5 ) (9 ) Total stock-based compensation expense, net of tax $ 36 $ 35 $ 27 The following table summarizes activity related to non-vested RSUs for the twelve months ended December 31, 2019 : Shares in millions Number of Shares Weighted-Average Grant-Date Fair Value Unvested, January 1, 2019 0.5 $121.24 Granted 0.2 144.43 Vested (0.2 ) 87.28 Unvested, December 31, 2019 0.5 144.92 The following table summarizes stock option activity for the twelve months ended December 31, 2019 : 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, 2019 4.6 $90.56 Granted 0.5 144.21 Exercised (1.3 ) 64.51 Canceled or expired (0.1 ) 144.55 Under option, December 31, 2019 3.7 106.57 5.9 $271 Exercisable, December 31, 2019 2.4 89.55 4.8 $220 The fair value of RSUs is equal to the common stock fair market value on the date of the grant. RSUs provide for dividend equivalents payable in additional RSUs for dividends that would have been paid during the vesting period. Stock option exercise prices are equal to the common stock fair market value on the date of grant. The Company estimates forfeitures based on historical rates for awards with similar characteristics. 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 option valuations for the twelve months ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Risk-free interest rate 2.50-2.68% 2.07-3.06% 0.91-2.61% Weighted-average volatility 22.0% 22.0% 22.0% Dividend yield 2.20% 2.10% 2.22% Expected years until exercise 8.7-9.0 7.5-8.4 7.2-7.9 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 for the twelve months ended December 31, 2019 , 2018 and 2017 was $ 34.36 , $38.34 and $26.83 per share, respectively. The aggregate intrinsic value of stock options exercised during the twelve months ended December 31, 2019 , 2018 and 2017 was $ 127 million, $33 million and $132 million , respectively. As of December 31, 2019 , 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 2.0 years. Exercise of stock options during the twelve months ended December 31, 2019 , 2018 and 2017 resulted in cash receipts of $ 85 million, $ 22 million and $84 million , respectively. The total fair value of vested stock option awards during the twelve months ended December 31, 2019 , 2018 and 2017 was $ 17 million, $15 million and $13 million , respectively. As of December 31, 2019 , there was $ 29 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 twelve months ended December 31, 2019 , 2018 and 2017 was $ 20 million, $19 million and $19 million , respectively.

Other Balance Sheet Information

Other Balance Sheet Information	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Balance Sheet Information	Other Balance Sheet Information Other balance sheet information as of December 31, 2019 and 2018 was as follows: In millions 2019 2018 Prepaid expenses and other current assets: Income tax refunds receivable $ 77 $ 98 Value-added-tax receivables 73 79 Vendor advances 25 30 Other 121 127 Total prepaid expenses and other current assets $ 296 $ 334 Other assets: Cash surrender value of life insurance policies $ 441 $ 429 Prepaid pension assets 297 290 Operating lease right-of-use asset 206 — Customer tooling 141 171 Investments 51 51 Other 91 89 Total other assets $ 1,227 $ 1,030 Accrued expenses: Compensation and employee benefits $ 335 $ 391 Deferred revenue and customer deposits 188 215 Rebates 159 172 Current portion of operating lease liability 51 — Warranties 45 45 Current portion of pension and other postretirement benefit obligations 14 16 Other 425 432 Total accrued expenses $ 1,217 $ 1,271 Other liabilities: Pension benefit obligation $ 215 $ 203 Postretirement benefit obligation 198 179 Long-term portion of operating lease liability 128 — Other 459 457 Total other liabilities $ 1,000 $ 839

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2019
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 2019 , 2018 and 2017 was as follows: In millions 2019 2018 2017 Operating revenue: Automotive OEM $ 3,063 $ 3,338 $ 3,271 Food Equipment 2,188 2,214 2,123 Test & Measurement and Electronics 2,121 2,171 2,069 Welding 1,638 1,691 1,538 Polymers & Fluids 1,669 1,724 1,724 Construction Products 1,625 1,700 1,672 Specialty Products 1,825 1,951 1,938 Intersegment revenue (20 ) (21 ) (21 ) Total $ 14,109 $ 14,768 $ 14,314 Operating income: Automotive OEM $ 659 $ 751 $ 747 Food Equipment 578 572 556 Test & Measurement and Electronics 542 523 464 Welding 453 474 415 Polymers & Fluids 381 369 357 Construction Products 383 414 399 Specialty Products 472 522 527 Total Segments 3,468 3,625 3,465 Unallocated (66 ) (41 ) 20 Total $ 3,402 $ 3,584 $ 3,485 Depreciation and amortization and impairment of intangible assets: Automotive OEM $ 125 $ 123 $ 111 Food Equipment 41 44 45 Test & Measurement and Electronics 69 88 92 Welding 26 27 28 Polymers & Fluids 77 83 89 Construction Products 29 32 33 Specialty Products 59 64 64 Total $ 426 $ 461 $ 462 Plant and equipment additions: Automotive OEM $ 134 $ 184 $ 147 Food Equipment 35 28 27 Test & Measurement and Electronics 26 31 23 Welding 28 23 17 Polymers & Fluids 18 15 16 Construction Products 29 25 22 Specialty Products 56 58 45 Total $ 326 $ 364 $ 297 Identifiable assets: Automotive OEM $ 2,417 $ 2,388 $ 2,402 Food Equipment 1,042 1,019 1,054 Test & Measurement and Electronics 2,374 2,343 2,449 Welding 734 789 756 Polymers & Fluids 1,862 1,942 2,067 Construction Products 1,176 1,167 1,196 Specialty Products 1,656 1,687 1,721 Total Segments 11,261 11,335 11,645 Corporate 3,807 3,535 5,135 Total $ 15,068 $ 14,870 $ 16,780 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 the twelve months ended December 31, 2019 , 2018 and 2017 was as follows: In millions 2019 2018 2017 Operating Revenue by Geographic Region: United States $ 6,507 $ 6,562 $ 6,243 Canada/Mexico 972 1,050 996 Total North America 7,479 7,612 7,239 Europe, Middle East and Africa 3,920 4,241 4,102 Asia Pacific 2,400 2,573 2,577 South America 310 342 396 Total Operating Revenue $ 14,109 $ 14,768 $ 14,314 Operating revenue by geographic region is based on the customers' locations. As of December 31, 2019, the Company had approximately 11% of its total long-lived assets in China. 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. No single customer accounted for more than 5% of consolidated revenues for the twelve months ended December 31, 2019 , 2018 or 2017 .

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2019
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 2019 2018 2019 2018 2019 2018 2019 2018 Operating revenue $ 3,552 $ 3,744 $ 3,609 $ 3,831 $ 3,479 $ 3,613 $ 3,469 $ 3,580 Cost of revenue 2,059 2,181 2,099 2,231 2,007 2,096 2,022 2,096 Operating income 839 903 871 932 868 889 824 860 Net income 597 652 623 666 660 638 641 607 Net income per share: Basic $ 1.82 $ 1.92 $ 1.92 $ 1.98 $ 2.05 $ 1.91 $ 2.00 $ 1.84 Diluted 1.81 1.90 1.91 1.97 2.04 1.90 1.99 1.83

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
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
Research and Development Expenses	Research and development expenses
Advertising Expenses	Advertising expenses
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
Inventories	Inventories
Net Plant and Equipment	The Company’s U.S. businesses primarily compute depreciation on an accelerated basis. The majority of the Company's international businesses compute depreciation on a straight-line basis. Net plant and equipment
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
New Accounting Pronouncements	New Accounting Pronouncements Effective January 1, 2018 In May 2014, the Financial Accounting Standards Board (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 years ended December 31, 2019 and 2018, the impact of the new guidance on the Company's effective income tax rate was not material. 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 was 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 13. 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. The primary change under the new guidance is that a lessee is required to recognize a lease liability and corresponding right-of-use asset for its operating leases. The new guidance also requires additional disclosures. Effective January 1, 2019, the Company adopted the new guidance prospectively for all operating lease transactions as of and after the effective date with a noncancellable lease term greater than one year. Upon adoption, the Company recorded a lease liability of $205 million and a corresponding right-of-use asset. The new guidance did not have a material impact on the results of operations or cash flows for the year ended December 31, 2019. Refer to Note 9. Leases for additional information regarding the Company’s lease transactions. In August 2017, the FASB issued authoritative guidance which included targeted improvements to simplify the application of hedge accounting and improve financial reporting of hedging activities. Effective January 1, 2019, the Company adopted the new guidance which did not have a material impact on the Company's results of operations, financial position or cash flows for the year ended December 31, 2019. Effective January 1, 2020 In June 2016, the FASB issued authoritative guidance which changes the methodology used to measure credit losses for certain financial instruments. Under current guidance, credit loss reserves are estimated based on historical information. The new guidance requires credit loss reserves to reflect the estimated credit losses expected to be incurred over the life of the financial asset. This new guidance is effective for the Company prospectively beginning January 1, 2020 and is not expected to have a material impact on the Company's results of operations or financial position. In January 2017, the FASB issued authoritative guidance which simplifies the assessment of goodwill for impairment. Under current guidance, when the estimated fair value of a reporting unit is less than its carrying value, the fair value of the goodwill must be determined by valuing the other assets and liabilities of the reporting unit. Under the new guidance, the requirement to determine the fair value of goodwill has been eliminated, and an impairment charge is recognized for the amount that the carrying value of the reporting unit exceeds its fair value. This new guidance is effective for the Company prospectively beginning January 1, 2020 and will be applied by the Company during its annual assessment of goodwill in the third quarter, or earlier if a triggering event occurs. The adoption of this new accounting guidance is not expected to have a material impact on the Company's results of operations or financial position.
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, 2019
Accounting Policies [Abstract]
Schedule of Changes in Allowance for Doubtful Accounts	The changes in the allowance for doubtful accounts for the years ended December 31, 2019 , 2018 and 2017 were as follows: In millions 2019 2018 2017 Beginning balance $ 21 $ 43 $ 43 Adoption of new revenue recognition guidance — (23 ) — Provision charged to expense 6 5 3 Write-offs, net of recoveries (4 ) (3 ) (6 ) Transfer to assets held for sale (2 ) — — Foreign currency translation (1 ) (1 ) 3 Ending balance $ 20 $ 21 $ 43
Schedule of Inventory	The major classes of inventory at December 31, 2019 and 2018 were as follows: In millions 2019 2018 Raw material $ 452 $ 523 Work-in-process 131 161 Finished goods 670 731 LIFO reserve (89 ) (97 ) Total inventories $ 1,164 $ 1,318
Schedule of Net Plant and Equipment and Ranges of Useful Lives	Net plant and equipment consisted of the following at December 31, 2019 and 2018 : In millions 2019 2018 Land $ 186 $ 194 Buildings and improvements 1,357 1,368 Machinery and equipment 3,551 3,517 Construction in progress 133 154 Gross plant and equipment 5,227 5,233 Accumulated depreciation (3,498 ) (3,442 ) Net plant and equipment $ 1,729 $ 1,791 Buildings and improvements 5—50 years Machinery and equipment 3—12 years
Schedule of Changes in Accrued Warranties	The changes in accrued warranties for the years ended December 31, 2019 , 2018 and 2017 were as follows: In millions 2019 2018 2017 Beginning balance $ 45 $ 45 $ 45 Charges (44 ) (49 ) (45 ) Provision charged to expense 44 50 43 Foreign currency translation — (1 ) 2 Ending balance $ 45 $ 45 $ 45

Divestitures (Tables)

Divestitures (Tables)	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Summary of Operating Revenue of Businesses Divested and Assets and Liabilities Related to Held For Sale Businesses	The assets and liabilities related to the held for sale businesses were included in assets and liabilities held for sale in the Statement of Financial Position as of December 31, 2019, as follows: In millions Trade receivables $ 81 Inventories 28 Net plant and equipment 48 Goodwill and intangible assets 166 Other 28 Total assets held for sale $ 351 Accounts payable $ 21 Accrued expenses 17 Other 33 Total liabilities held for sale $ 71 Operating revenue related to the three businesses held for sale as of December 31, 2019 that was included in the Company's results of operations for the twelve months ended December 31, 2019 , 2018 and 2017 , was as follows: In millions 2019 2018 2017 Operating revenue $ 373 $ 393 $ 397 December 31, 2019 , 2018 and 2017 , was as follows: In millions 2019 2018 2017 Operating revenue $ 134 $ 194 $ 202

Operating Revenue (Tables)

Operating Revenue (Tables)	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Summary of Operating Revenue by Product Category	Operating revenue by product category, which is consistent with the Company's segment presentation, for the twelve months ended December 31, 2019 , 2018 and 2017 was as follows: In millions 2019 2018 2017 Automotive OEM $ 3,063 $ 3,338 $ 3,271 Food Equipment 2,188 2,214 2,123 Test & Measurement and Electronics 2,121 2,171 2,069 Welding 1,638 1,691 1,538 Polymers & Fluids 1,669 1,724 1,724 Construction Products 1,625 1,700 1,672 Specialty Products 1,825 1,951 1,938 Intersegment revenue (20 ) (21 ) (21 ) Total $ 14,109 $ 14,768 $ 14,314

Other Income (Expense) (Tables)

Other Income (Expense) (Tables)	12 Months Ended
	Dec. 31, 2019
Other Income and Expenses [Abstract]
Schedule of Other Income (Expense)	Other income (expense) for the twelve months ended December 31, 2019, 2018 and 2017 consisted of the following: In millions 2019 2018 2017 Gain (loss) on disposal of operations and affiliates $ 44 $ (2 ) $ 1 Interest income 29 35 45 Other net periodic benefit income 24 20 9 Income (loss) from investments 15 9 16 Equity income in Wilsonart — — — Gain (loss) on foreign currency transactions, net (10 ) (1 ) (25 ) Other, net 5 6 (1 ) Total other income (expense) $ 107 $ 67 $ 45

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Components of Provision for Income Taxes	The components of the provision for income taxes for the twelve months ended December 31, 2019, 2018 and 2017 were as follows: In millions 2019 2018 2017 U.S. federal income taxes: Current $ 356 $ 373 $ 1,117 Deferred (26 ) (15 ) (10 ) Total U.S. federal income taxes 330 358 1,107 Foreign income taxes: Current 302 358 296 Deferred 53 49 102 Total foreign income taxes 355 407 398 State income taxes: Current 77 66 106 Deferred 5 — (28 ) Total state income taxes 82 66 78 Total provision for income taxes $ 767 $ 831 $ 1,583
Schedule of Income Before Taxes for Domestic and Foreign Operations	Income before taxes for domestic and foreign operations for the twelve months ended December 31, 2019, 2018 and 2017 was as follows: In millions 2019 2018 2017 Domestic $ 1,774 $ 1,774 $ 1,806 Foreign 1,514 1,620 1,464 Total income before taxes $ 3,288 $ 3,394 $ 3,270
Schedule of Reconciliation Between U.S. Federal Statutory Tax Rate and Effective Tax Rate	The reconciliation between the U.S. federal statutory tax rate and the effective tax rate for the twelve months ended December 31, 2019, 2018 and 2017 was as follows: 2019 2018 2017 U.S. federal statutory tax rate 21.0 % 21.0 % 35.0 % U.S. tax effect of foreign earnings 1.1 1.5 0.5 Tax effect of U.S. federal tax law change — (0.1 ) 20.1 State income taxes, net of U.S. federal tax benefit 1.7 1.6 1.2 Differences between U.S. federal statutory and foreign tax rates 2.0 2.1 (3.5 ) Nontaxable foreign interest income (1.4 ) (1.7 ) (1.7 ) Tax effect of foreign dividends 0.2 1.0 0.4 Tax relief for U.S. manufacturers — — (1.4 ) Excess tax benefits from stock-based compensation (0.9 ) (0.3 ) (1.5 ) Other, net (0.4 ) (0.6 ) (0.7 ) Effective tax rate 23.3 % 24.5 % 48.4 %
Schedule of Components of Deferred Income Tax Assets and Liabilities	The components of deferred income tax assets and liabilities as of December 31, 2019 and 2018 were as follows: 2019 2018 In millions Asset Liability Asset Liability Goodwill and intangible assets $ 202 $ (453 ) $ 194 $ (484 ) Inventory reserves, capitalized tax cost and LIFO inventory 29 (3 ) 30 (3 ) Investments 16 (158 ) 19 (171 ) Plant and equipment 17 (74 ) 17 (72 ) Accrued expenses and reserves 42 — 36 — Employee benefit accruals 176 — 186 — Foreign tax credit carryforwards 7 — 8 — Net operating loss carryforwards 419 — 451 — Capital loss carryforwards 80 — 89 — Allowances for uncollectible accounts 9 — 10 — Pension liabilities — (15 ) — (19 ) Unrealized loss (gain) on foreign debt instruments — (57 ) — (45 ) Operating leases 45 (45 ) — — Other 32 (13 ) 32 (13 ) Gross deferred income tax assets (liabilities) 1,074 (818 ) 1,072 (807 ) Valuation allowances (408 ) — (418 ) — Total deferred income tax assets (liabilities) $ 666 $ (818 ) $ 654 $ (807 )
Schedule of Net Operating Loss Carryforwards	As of December 31, 2019 , 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 2020 $ 86 2021 80 2022 25 2023 7 2024 49 2025-2045 117 Do not expire 1,378 Total gross carryforwards related to net operating losses $ 1,742
Schedule of Changes in Amount of Unrecognized Tax Benefits	The changes in the amount of unrecognized tax benefits for the twelve months ended December 31, 2019 , 2018 and 2017 were as follows: In millions 2019 2018 2017 Beginning balance $ 297 $ 285 $ 210 Additions based on tax positions related to the current year 6 3 42 Additions for tax positions of prior years 13 49 100 Reductions for tax positions of prior years (14 ) (31 ) (24 ) Settlements (5 ) (5 ) (53 ) Foreign currency translation (1 ) (4 ) 10 Ending balance $ 296 $ 297 $ 285
Summary of Open Tax Years	The following table summarizes the open tax years for the Company’s major jurisdictions: Jurisdiction Open Tax Years United States – Federal 2016-2019 United Kingdom 2017-2019 Germany 2012-2019 France 2016-2019 Australia 2013-2019

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Summary of Computation of Net Income Per Share	The computation of net income per share for the twelve months ended December 31, 2019, 2018 and 2017 was as follows: In millions except per share amounts 2019 2018 2017 Net Income $ 2,521 $ 2,563 $ 1,687 Net income per share—Basic: Weighted-average common shares 323.9 335.0 344.1 Net income per share—Basic $ 7.78 $ 7.65 $ 4.90 Net income per share—Diluted: Weighted-average common shares 323.9 335.0 344.1 Effect of dilutive stock options and restricted stock units 1.7 2.1 2.7 Weighted-average common shares assuming dilution 325.6 337.1 346.8 Net income per share—Diluted $ 7.74 $ 7.60 $ 4.86

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill for the twelve months ended December 31, 2019 and 2018 were as follows: In millions Automotive OEM Test & Measurement and Electronics Food Equipment Polymers & Fluids Welding Construction Products Specialty Products Total 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 2019 activity: Acquisitions / (divestitures) — 2 — — — — (1 ) 1 Transfer to assets held for sale (5 ) (109 ) — — (4 ) — (8 ) (126 ) Foreign currency translation (5 ) — (3 ) (2 ) (1 ) (1 ) (4 ) (16 ) Balance, December 31, 2019 $ 466 $ 1,245 $ 256 $ 887 $ 258 $ 512 $ 868 $ 4,492 Cumulative goodwill impairment charges, December 31, 2019 $ 24 $ 83 $ 60 $ 15 $ 5 $ 7 $ 46 $ 240
Schedule of Finite-lived Intangible Assets	Intangible assets as of December 31, 2019 and 2018 were as follows: 2019 2018 In millions Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets: Customer lists and relationships $ 1,530 $ (1,195 ) $ 335 $ 1,747 $ (1,282 ) $ 465 Trademarks and brands 694 (434 ) 260 759 (435 ) 324 Patents and proprietary technology 581 (501 ) 80 621 (506 ) 115 Other 449 (433 ) 16 478 (458 ) 20 Total amortizable intangible assets 3,254 (2,563 ) 691 3,605 (2,681 ) 924 Indefinite-lived intangible assets: Trademarks and brands 160 — 160 160 — 160 Total intangible assets $ 3,414 $ (2,563 ) $ 851 $ 3,765 $ (2,681 ) $ 1,084
Schedule of Indefinite-lived Intangible Assets	Intangible assets as of December 31, 2019 and 2018 were as follows: 2019 2018 In millions Cost Accumulated Amortization Net Cost Accumulated Amortization Net Amortizable intangible assets: Customer lists and relationships $ 1,530 $ (1,195 ) $ 335 $ 1,747 $ (1,282 ) $ 465 Trademarks and brands 694 (434 ) 260 759 (435 ) 324 Patents and proprietary technology 581 (501 ) 80 621 (506 ) 115 Other 449 (433 ) 16 478 (458 ) 20 Total amortizable intangible assets 3,254 (2,563 ) 691 3,605 (2,681 ) 924 Indefinite-lived intangible assets: Trademarks and brands 160 — 160 160 — 160 Total intangible assets $ 3,414 $ (2,563 ) $ 851 $ 3,765 $ (2,681 ) $ 1,084
Schedule of Estimated Future Amortization Expense of Intangible Assets	As of December 31, 2019, the estimated future amortization expense of intangible assets for the twelve months ending December 31 was as follows: In millions 2020 $ 135 2021 117 2022 104 2023 85 2024 68

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Schedule of Future Maturities of Operating Lease Liabilities	As of December 31, 2019, future maturities of operating lease liabilities for the twelve months ending December 31 were as follows: In millions 2020 $ 55 2021 42 2022 32 2023 23 2024 18 2025 and future years 21 Total future minimum lease payments 191 Less: Imputed interest (12 ) Operating lease liability 179 Less: Current portion of operating lease liability 51 Long-term portion of operating lease liability $ 128
Schedule of Minimum Lease Payments under Operating Leases	As of December 31, 2018, future minimum lease payments under operating leases with noncancellable terms in excess of one year for the twelve months ending December 31 were 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

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of Short-term Debt	Short-term debt as of December 31, 2019 and 2018 consisted of the following: In millions 2019 2018 Current maturities of long-term debt $ 4 $ 1,350 Bank overdrafts — 1 Total short-term debt $ 4 $ 1,351
Schedule of Long-term Debt at Carrying Value and Fair Value	Long-term debt at carrying value and fair value as of December 31, 2019 and 2018 consisted of the following: 2019 2018 In millions Effective Interest Rate Carrying Value Fair Value Carrying Value Fair Value 1.95% notes due March 1, 2019 1.98% $ — $ — $ 650 $ 649 6.25% notes due April 1, 2019 6.25% — — 700 706 4.88% notes due thru December 31, 2020 4.96% 4 4 4 4 3.375% notes due September 15, 2021 3.43% 349 358 349 354 1.75% Euro notes due May 20, 2022 1.86% 558 584 570 603 1.25% Euro notes due May 22, 2023 1.35% 558 584 569 596 3.50% notes due March 1, 2024 3.54% 697 742 696 712 0.25% Euro notes due December 5, 2024 0.31% 668 677 — — 2.65% notes due November 15, 2026 2.69% 993 1,032 993 933 0.625% Euro notes due December 5, 2027 0.71% 554 570 — — 2.125% Euro notes due May 22, 2030 2.18% 555 644 567 620 1.00% Euro notes due June 5, 2031 1.09% 552 580 — — 3.00% Euro notes due May 19, 2034 3.13% 548 724 560 678 4.875% notes due September 15, 2041 4.97% 637 829 636 719 3.90% notes due September 1, 2042 3.96% 1,082 1,283 1,081 1,087 Other borrowings 3 3 4 4 Total $ 7,758 $ 8,614 $ 7,379 $ 7,665 Less: Current maturities of long-term debt (4 ) (1,350 ) Total long-term debt $ 7,754 $ 6,029
Schedule of Future Maturities of Long-term Debt Including Current Maturities of Long-term Debt	scheduled future maturities of long-term debt, including current maturities of long-term debt, for the twelve months ending December 31 were as follows: In millions 2020 $ 4 2021 349 2022 558 2023 558 2024 1,365 2025 and future years 4,924 Total $ 7,758

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2019
Retirement Benefits [Abstract]
Summary of Information Regarding Net Periodic Benefit Cost Included in Statement of Income Related to Significant Defined Benefit Pension and Other Postretirement Benefit Plans	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 for the twelve months ended December 31, 2019, 2018 and 2017 is as follows: Pension Other Postretirement Benefits In millions 2019 2018 2017 2019 2018 2017 Components of net periodic benefit cost: Service cost $ 52 $ 60 $ 63 $ 7 $ 8 $ 9 Interest cost 78 72 72 20 18 19 Expected return on plan assets (121 ) (126 ) (133 ) (22 ) (25 ) (23 ) Amortization of actuarial (gain) loss 21 43 57 (1 ) (2 ) (1 ) Amortization of prior service cost 1 — — — — — Total net periodic benefit cost $ 31 $ 49 $ 59 $ 4 $ (1 ) $ 4
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 twelve months ended December 31, 2019 and 2018 : Pension Other Postretirement Benefits In millions 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at January 1 $ 2,429 $ 2,661 $ 511 $ 546 Service cost 52 60 7 8 Interest cost 78 72 20 18 Plan participants’ contributions 2 2 12 12 Amendments — 9 — — Actuarial (gain) loss 295 (162 ) 61 (35 ) Transfer to liabilities held for sale (2 ) — — — Benefits paid (156 ) (165 ) (42 ) (40 ) Medicare subsidy received — — 1 2 Liabilities from other immaterial plans — 5 — — Foreign currency translation 33 (53 ) — — Benefit obligation at December 31 $ 2,731 $ 2,429 $ 570 $ 511
Change in Plan Assets and Reconciliation of Funded Status	Pension Other Postretirement Benefits In millions 2019 2018 2019 2018 Change in plan assets: Fair value of plan assets at January 1 $ 2,550 $ 2,832 $ 333 $ 373 Actual return on plan assets 379 (82 ) 66 (19 ) Company contributions 27 23 5 7 Plan participants’ contributions 2 2 12 12 Benefits paid (156 ) (165 ) (42 ) (40 ) Foreign currency translation 42 (60 ) — — Fair value of plan assets at December 31 $ 2,844 $ 2,550 $ 374 $ 333 Funded status $ 113 $ 121 $ (196 ) $ (178 ) Other immaterial plans (42 ) (46 ) (5 ) (5 ) Net asset (liability) at December 31 $ 71 $ 75 $ (201 ) $ (183 ) The amounts recognized in the Statement of Financial Position as of December 31 consist of: Other assets $ 297 $ 290 $ — $ — Accrued expenses (11 ) (12 ) (3 ) (4 ) Other noncurrent liabilities (215 ) (203 ) (198 ) (179 ) Net asset (liability) at end of year $ 71 $ 75 $ (201 ) $ (183 ) The pre-tax amounts recognized in accumulated other comprehensive income consist of: Net actuarial (gain) loss $ 568 $ 552 $ (35 ) $ (53 ) Prior service cost 7 8 — — $ 575 $ 560 $ (35 ) $ (53 ) Accumulated benefit obligation $ 2,589 $ 2,299 Plans with accumulated benefit obligation in excess of plan assets as of December 31: Projected benefit obligation $ 194 $ 176 Accumulated benefit obligation $ 188 $ 170 Fair value of plan assets $ 29 $ 28
Weighted-average Assumptions Used in 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 2019 2018 2017 2019 2018 2017 Assumptions used to determine benefit obligations as of December 31: Discount rate 2.61 % 3.66 % 3.12 % 3.29 % 4.40 % 3.72 % Rate of compensation increases 3.44 % 3.52 % 3.54 % Assumptions used to determine net periodic benefit cost for the twelve months ended December 31: Discount rate 3.66 % 3.12 % 3.41 % 4.40 % 3.72 % 4.30 % Expected return on plan assets 4.71 % 4.77 % 5.53 % 6.70 % 6.80 % 6.80 % Rate of compensation increases 3.52 % 3.54 % 3.77 %
Assumed Health Care Cost Trend Rates	The assumed health care cost trend rates used to determine the postretirement benefit obligation as of December 31 were as follows: 2019 2018 2017 Health care cost trend rate assumed for the next year 6.70 % 7.00 % 6.25 % Ultimate trend rate 4.50 % 4.50 % 4.50 % Year the rate reaches the ultimate trend rate 2026 2026 2025
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 2019 $ — $ (1 ) Change in postretirement benefit obligation at December 31, 2019 $ 2 $ (3 )
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 as of December 31, 2019 and 2018 , 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. 2019 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 28 $ 27 $ 1 $ — Fixed income securities: Government securities 355 — 355 — Corporate debt securities 969 — 969 — Investment contracts with insurance companies 1 — — 1 Commingled funds: Collective trust funds 1,460 Partnerships/private equity interests 27 Other 4 — 4 — Total fair value of pension plan assets $ 2,844 $ 27 $ 1,329 $ 1 Other Postretirement Benefit Plan Assets: Life insurance policies $ 374 Total fair value of other postretirement benefit plan assets $ 374 $ — $ — $ — 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 $ — $ — $ —
Expected Future Benefit Payments	the Company’s portion of the future benefit payments that are expected to be paid during the twelve months ending December 31 is as follows: In millions Pension Other Postretirement Benefits 2020 $ 152 $ 35 2021 157 35 2022 164 35 2023 171 35 2024 175 36 Years 2025-2029 862 176

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) during 2019 , 2018 and 2017 were as follows: In millions 2019 2018 2017 Beginning balance $ (1,677 ) $ (1,287 ) $ (1,807 ) Adoption of new accounting guidance related to reclassification of certain tax effects — (45 ) — Foreign currency translation adjustments during the period 7 (308 ) 294 Foreign currency translation adjustments reclassified to income — 5 2 Income taxes (9 ) (25 ) 110 Total foreign currency translation adjustments, net of tax (2 ) (328 ) 406 Pension and other postretirement benefit adjustments during the period (54 ) (64 ) 96 Pension and other postretirement benefit adjustments reclassified to income 21 41 56 Income taxes 7 6 (38 ) Total pension and other postretirement benefit adjustments, net of tax (26 ) (17 ) 114 Ending balance $ (1,705 ) $ (1,677 ) $ (1,287 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Summary of Stock-based Compensation Expense	The following table summarizes the Company’s stock-based compensation expense for the twelve months ended December 31, 2019, 2018 and 2017: In millions 2019 2018 2017 Pre-tax stock-based compensation expense $ 41 $ 40 $ 36 Tax benefit (5 ) (5 ) (9 ) Total stock-based compensation expense, net of tax $ 36 $ 35 $ 27
Summary of Activity Related to Non-vested RSUs	The following table summarizes activity related to non-vested RSUs for the twelve months ended December 31, 2019 : Shares in millions Number of Shares Weighted-Average Grant-Date Fair Value Unvested, January 1, 2019 0.5 $121.24 Granted 0.2 144.43 Vested (0.2 ) 87.28 Unvested, December 31, 2019 0.5 144.92
Summary of Stock Option Activity	The following table summarizes stock option activity for the twelve months ended December 31, 2019 : 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, 2019 4.6 $90.56 Granted 0.5 144.21 Exercised (1.3 ) 64.51 Canceled or expired (0.1 ) 144.55 Under option, December 31, 2019 3.7 106.57 5.9 $271 Exercisable, December 31, 2019 2.4 89.55 4.8 $220
Summary of Assumptions Used in Option Valuations	The following summarizes the assumptions used in the option valuations for the twelve months ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Risk-free interest rate 2.50-2.68% 2.07-3.06% 0.91-2.61% Weighted-average volatility 22.0% 22.0% 22.0% Dividend yield 2.20% 2.10% 2.22% Expected years until exercise 8.7-9.0 7.5-8.4 7.2-7.9

Other Balance Sheet Informati_2

Other Balance Sheet Information (Tables)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Other Balance Sheet Information	Other balance sheet information as of December 31, 2019 and 2018 was as follows: In millions 2019 2018 Prepaid expenses and other current assets: Income tax refunds receivable $ 77 $ 98 Value-added-tax receivables 73 79 Vendor advances 25 30 Other 121 127 Total prepaid expenses and other current assets $ 296 $ 334 Other assets: Cash surrender value of life insurance policies $ 441 $ 429 Prepaid pension assets 297 290 Operating lease right-of-use asset 206 — Customer tooling 141 171 Investments 51 51 Other 91 89 Total other assets $ 1,227 $ 1,030 Accrued expenses: Compensation and employee benefits $ 335 $ 391 Deferred revenue and customer deposits 188 215 Rebates 159 172 Current portion of operating lease liability 51 — Warranties 45 45 Current portion of pension and other postretirement benefit obligations 14 16 Other 425 432 Total accrued expenses $ 1,217 $ 1,271 Other liabilities: Pension benefit obligation $ 215 $ 203 Postretirement benefit obligation 198 179 Long-term portion of operating lease liability 128 — Other 459 457 Total other liabilities $ 1,000 $ 839

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Summary of Segment Information	Segment information for 2019 , 2018 and 2017 was as follows: In millions 2019 2018 2017 Operating revenue: Automotive OEM $ 3,063 $ 3,338 $ 3,271 Food Equipment 2,188 2,214 2,123 Test & Measurement and Electronics 2,121 2,171 2,069 Welding 1,638 1,691 1,538 Polymers & Fluids 1,669 1,724 1,724 Construction Products 1,625 1,700 1,672 Specialty Products 1,825 1,951 1,938 Intersegment revenue (20 ) (21 ) (21 ) Total $ 14,109 $ 14,768 $ 14,314 Operating income: Automotive OEM $ 659 $ 751 $ 747 Food Equipment 578 572 556 Test & Measurement and Electronics 542 523 464 Welding 453 474 415 Polymers & Fluids 381 369 357 Construction Products 383 414 399 Specialty Products 472 522 527 Total Segments 3,468 3,625 3,465 Unallocated (66 ) (41 ) 20 Total $ 3,402 $ 3,584 $ 3,485 Depreciation and amortization and impairment of intangible assets: Automotive OEM $ 125 $ 123 $ 111 Food Equipment 41 44 45 Test & Measurement and Electronics 69 88 92 Welding 26 27 28 Polymers & Fluids 77 83 89 Construction Products 29 32 33 Specialty Products 59 64 64 Total $ 426 $ 461 $ 462 Plant and equipment additions: Automotive OEM $ 134 $ 184 $ 147 Food Equipment 35 28 27 Test & Measurement and Electronics 26 31 23 Welding 28 23 17 Polymers & Fluids 18 15 16 Construction Products 29 25 22 Specialty Products 56 58 45 Total $ 326 $ 364 $ 297 Identifiable assets: Automotive OEM $ 2,417 $ 2,388 $ 2,402 Food Equipment 1,042 1,019 1,054 Test & Measurement and Electronics 2,374 2,343 2,449 Welding 734 789 756 Polymers & Fluids 1,862 1,942 2,067 Construction Products 1,176 1,167 1,196 Specialty Products 1,656 1,687 1,721 Total Segments 11,261 11,335 11,645 Corporate 3,807 3,535 5,135 Total $ 15,068 $ 14,870 $ 16,780
Summary of Enterprise-wide Information	Enterprise-wide information for the twelve months ended December 31, 2019 , 2018 and 2017 was as follows: In millions 2019 2018 2017 Operating Revenue by Geographic Region: United States $ 6,507 $ 6,562 $ 6,243 Canada/Mexico 972 1,050 996 Total North America 7,479 7,612 7,239 Europe, Middle East and Africa 3,920 4,241 4,102 Asia Pacific 2,400 2,573 2,577 South America 310 342 396 Total Operating Revenue $ 14,109 $ 14,768 $ 14,314

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
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 2019 2018 2019 2018 2019 2018 2019 2018 Operating revenue $ 3,552 $ 3,744 $ 3,609 $ 3,831 $ 3,479 $ 3,613 $ 3,469 $ 3,580 Cost of revenue 2,059 2,181 2,099 2,231 2,007 2,096 2,022 2,096 Operating income 839 903 871 932 868 889 824 860 Net income 597 652 623 666 660 638 641 607 Net income per share: Basic $ 1.82 $ 1.92 $ 1.92 $ 1.98 $ 2.05 $ 1.91 $ 2.00 $ 1.84 Diluted 1.81 1.90 1.91 1.97 2.04 1.90 1.99 1.83

Description of Business and S_4

Description of Business and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	Jan. 01, 2018USD ($)	Dec. 31, 2019USD ($)Countrydivision	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jan. 01, 2019USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of company divisions | division		84
Number of countries with company operations | Country		53
Deferred revenue and customer deposits		$ 188	$ 215
Research and development expenses		221	233	$ 225
Advertising expenses		$ 48	$ 50	53
Percentage of total inventories priced at LIFO		23.00%	23.00%
LIFO reserve		$ 89	$ 97
Depreciation		267	272	256
Adoption of new accounting guidance	$ 415
Tax cuts and jobs act, reclassification from aoci to retained earnings, tax effect	45	0	$ 45	$ 0
Operating lease, liability		179
Operating lease, right-of-use asset		$ 206
Accounting Standards Update 2016-02
Finite-Lived Intangible Assets [Line Items]
Operating lease, liability					$ 205
Operating lease, right-of-use asset					$ 205
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)
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

Description of Business and S_5

Description of Business and Summary of Significant Accounting Policies - Schedule of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Changes in Allowances for Uncollectible Accounts
Beginning balance	$ 21	$ 43	$ 43
Provision charged to expense	6	5	3
Write-offs, net of recoveries	(4)	(3)	(6)
Transfer to assets held for sale	(2)	0	0
Foreign currency translation	(1)	(1)	3
Ending balance	20	21	43
Adoption of new revenue recognition guidance
Changes in Allowances for Uncollectible Accounts
Beginning balance	$ 0	23	0
Ending balance		$ 0	$ 23

Description of Business and S_6

Description of Business and Summary of Significant Accounting Policies - Schedule of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Inventory, Net [Abstract]
Raw material	$ 452	$ 523
Work-in-process	131	161
Finished goods	670	731
LIFO reserve	(89)	(97)
Total inventories	$ 1,164	$ 1,318

Description of Business and S_7

Description of Business and Summary of Significant Accounting Policies - Schedule of Net Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Land	$ 186	$ 194
Buildings and improvements	1,357	1,368
Machinery and equipment	3,551	3,517
Construction in progress	133	154
Gross plant and equipment	5,227	5,233
Accumulated depreciation	(3,498)	(3,442)
Net plant and equipment	$ 1,729	$ 1,791

Description of Business and S_8

Description of Business and Summary of Significant Accounting Policies - Schedule of Ranges of Useful Lives (Details)	12 Months Ended
	Dec. 31, 2019
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 - Schedule of Changes in Accrued Warranties (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Changes in Accrued Product Warranties
Beginning balance	$ 45	$ 45	$ 45
Charges	(44)	(49)	(45)
Provision charged to expense	44	50	43
Foreign currency translation	0	(1)	2
Ending balance	$ 45	$ 45	$ 45

Divestitures (Details)

Divestitures (Details) $ / shares in Units, $ in Millions	3 Months Ended			12 Months Ended
	Dec. 31, 2019business	Jun. 30, 2019business	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)business$ / shares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gains on disposal of businesses | $				$ 44	$ (2)	$ 1
2019 Divestitures Plan | Disposal Group, Held-for-Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture of businesses, annual revenues (up to) | $			$ 1,000
Number of businesses divested | business		6		3
Operating revenue | $				$ 373	393	397
2019 Divestitures Plan | Disposal Group, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses divested | business	3			3
Pre-tax gains on disposal of businesses | $				$ 44
After-tax gains on disposal of businesses | $				$ 30
After-tax gains on disposal of businesses, per diluted share (in dollars per share) | $ / shares				$ 0.09
Operating revenue | $				$ 134	$ 194	$ 202
Test & Measurement and Electronics | 2019 Divestitures Plan | Disposal Group, Held-for-Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses divested | business		2		1
Test & Measurement and Electronics | 2019 Divestitures Plan | Disposal Group, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses divested | business	1
Operating revenue | $				$ 58
Automotive OEM | 2019 Divestitures Plan | Disposal Group, Held-for-Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses divested | business		1		1
Welding | 2019 Divestitures Plan | Disposal Group, Held-for-Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses divested | business		1
Welding | 2019 Divestitures Plan | Disposal Group, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses divested | business	1
Operating revenue | $				$ 62
Specialty Products | 2019 Divestitures Plan | Disposal Group, Held-for-Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses divested | business		2		1
Specialty Products | 2019 Divestitures Plan | Disposal Group, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses divested | business	1
Operating revenue | $				$ 14

Divestitures - Summary of Asset

Divestitures - Summary of Assets and Liabilities Related to Held For Sale Businesses (Details) - 2019 Divestitures Plan - Disposal Group, Held-for-Sale $ in Millions	Dec. 31, 2019USD ($)
Assets held for sale
Trade receivables	$ 81
Inventories	28
Net plant and equipment	48
Goodwill and intangible assets	166
Other	28
Total assets held for sale	351
Liabilities held for sale
Accounts payable	21
Accrued expenses	17
Other	33
Total liabilities held for sale	$ 71

Operating Revenue (Details)

Operating Revenue (Details)	12 Months Ended
	Dec. 31, 2019divisionsegment
Revenue from Contract with Customer [Abstract]
Number of company divisions | division	84
Number of reportable segments | segment	7

Operating Revenue - Summary of

Operating Revenue - Summary of Operating Revenue by Product Category (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Operating Revenue	$ 3,469	$ 3,479	$ 3,609	$ 3,552	$ 3,580	$ 3,613	$ 3,831	$ 3,744	$ 14,109	$ 14,768	$ 14,314
Operating segments | Automotive OEM
Disaggregation of Revenue [Line Items]
Operating Revenue									3,063	3,338	3,271
Operating segments | Food Equipment
Disaggregation of Revenue [Line Items]
Operating Revenue									2,188	2,214	2,123
Operating segments | Test & Measurement and Electronics
Disaggregation of Revenue [Line Items]
Operating Revenue									2,121	2,171	2,069
Operating segments | Welding
Disaggregation of Revenue [Line Items]
Operating Revenue									1,638	1,691	1,538
Operating segments | Polymers & Fluids
Disaggregation of Revenue [Line Items]
Operating Revenue									1,669	1,724	1,724
Operating segments | Construction Products
Disaggregation of Revenue [Line Items]
Operating Revenue									1,625	1,700	1,672
Operating segments | Specialty Products
Disaggregation of Revenue [Line Items]
Operating Revenue									1,825	1,951	1,938
Intersegment revenue
Disaggregation of Revenue [Line Items]
Operating Revenue									$ (20)	$ (21)	$ (21)

Legal Settlement (Details)

Legal Settlement (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Litigation settlement, amount awarded from other party		$ 95
Litigation settlement, payment period, maximum		120 days
Gain related to litigation settlement	$ 80	$ 15	$ 0	$ 0	$ 95

Other Income (Expense) - Schedu

Other Income (Expense) - Schedule of Other Income (Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Nonoperating Income (Expense) [Abstract]
Gain (loss) on disposal of operations and affiliates	$ 44	$ (2)	$ 1
Interest income	29	35	45
Other net periodic benefit income	24	20	9
Income (loss) from investments	15	9	16
Equity income in Wilsonart	0	0	0
Gain (loss) on foreign currency transactions, net	(10)	(1)	(25)
Other, net	5	6	(1)
Total other income (expense)	$ 107	$ 67	$ 45

Other Income (Expense) - Narrat

Other Income (Expense) - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal of operations and affiliates	$ 44,000,000	$ (2,000,000)	$ 1,000,000
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%
Cash dividend distribution				$ 167,000,000
Pre-tax gain from dividends in excess of equity investment				54,000,000
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%
Disposal Group, Disposed of by Sale | 2019 Divestitures Plan
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal of operations and affiliates	$ 44,000,000

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Examination [Line Items]
Income tax expense			$ 658			$ 658
Accumulated foreign earnings, provisional income tax expense			676
Noncurrent income taxes payable				$ 462	$ 495
Additional foreign withholding tax			53
Deferred tax asset, provisional income tax benefit			82
Effective tax rate				23.30%	24.50%	48.40%
Discrete tax expense (benefit)	$ (21)
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance		$ (37)
Effective tax rate, tax credit, foreign		$ 22
Effective tax rate, share-based compensation, excess tax benefit, amount				$ 28	$ 10	$ 50
Accrual foreign withhold taxes				62	71
Undistributed earnings of foreign subsidiaries				5,700
Unrecognized tax benefits that would impact effective tax rate				267
Possible decrease in unrecognized tax benefits resulting from ongoing audits				56
Accrual for interest and penalties related to income tax matters				$ 19	$ 25
Deferred Tax Asset Related to Performance-based Compensation
Income Tax Examination [Line Items]
Write-off of deferred tax assets			$ 11

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
U.S. federal income taxes:
Current	$ 356	$ 373	$ 1,117
Deferred	(26)	(15)	(10)
Total U.S. federal income taxes	330	358	1,107
Foreign income taxes:
Current	302	358	296
Deferred	53	49	102
Total foreign income taxes	355	407	398
State income taxes:
Current	77	66	106
Deferred	5	0	(28)
Total state income taxes	82	66	78
Total provision for income taxes	$ 767	$ 831	$ 1,583

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Before Taxes for Domestic and Foreign Operations and Reconciliation Between U.S. Federal Statutory Tax Rate and Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income from Continuing Operations Before Income Taxes
Domestic	$ 1,774	$ 1,774	$ 1,806
Foreign	1,514	1,620	1,464
Income Before Taxes	$ 3,288	$ 3,394	$ 3,270
Reconciliation Between the U.S. Federal Statutory Tax Rate and The Effective Tax Rate
U.S. federal statutory tax rate	21.00%	21.00%	35.00%
U.S. tax effect of foreign earnings	1.10%	1.50%	0.50%
Tax effect of U.S. federal tax law change	0.00%	(0.10%)	20.10%
State income taxes, net of U.S. federal tax benefit	1.70%	1.60%	1.20%
Differences between U.S. federal statutory and foreign tax rates	2.00%	2.10%	(3.50%)
Nontaxable foreign interest income	(1.40%)	(1.70%)	(1.70%)
Tax effect of foreign dividends	0.20%	1.00%	0.40%
Tax relief for U.S. manufacturers	0.00%	0.00%	(1.40%)
Excess tax benefits from stock-based compensation	(0.90%)	(0.30%)	(1.50%)
Other, net	(0.40%)	(0.60%)	(0.70%)
Effective tax rate	23.30%	24.50%	48.40%

Income Taxes - Schedule of Co_2

Income Taxes - Schedule of Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Deferred Income Tax Assets
Goodwill and intangible assets	$ 202	$ 194
Inventory reserves, capitalized tax cost and LIFO inventory	29	30
Investments	16	19
Plant and equipment	17	17
Accrued expenses and reserves	42	36
Employee benefit accruals	176	186
Foreign tax credit carryforwards	7	8
Net operating loss carryforwards	419	451
Capital loss carryforwards	80	89
Allowances for uncollectible accounts	9	10
Operating leases	45
Other	32	32
Gross deferred income tax assets	1,074	1,072
Valuation allowances	(408)	(418)
Total deferred income tax assets	666	654
Deferred Income Tax Liabilities
Goodwill and intangible assets	(453)	(484)
Inventory reserves, capitalized tax cost and LIFO inventory	(3)	(3)
Investments	(158)	(171)
Plant and equipment	(74)	(72)
Pension liabilities	(15)	(19)
Unrealized loss (gain) on foreign debt instruments	(57)	(45)
Operating leases	(45)
Other	(13)	(13)
Gross deferred income tax liabilities	$ (818)	$ (807)

Income Taxes - Schedule of Net

Income Taxes - Schedule of Net Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2019USD ($)
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	$ 1,742
2020
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	86
2021
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	80
2022
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	25
2023
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	7
2024
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	49
2025-2045
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	117
Do not expire
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	$ 1,378

Income Taxes - Schedule of Chan

Income Taxes - Schedule of Changes in Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Changes in the amount of unrecognized tax benefits
Beginning balance	$ 297	$ 285	$ 210
Additions based on tax positions related to the current year	6	3	42
Additions for tax positions of prior years	13	49	100
Reductions for tax positions of prior years	(14)	(31)	(24)
Settlements	(5)	(5)	(53)
Foreign currency translation			10
Foreign currency translation	(1)	(4)
Ending balance	$ 296	$ 297	$ 285

Income Taxes - Summary of Open

Income Taxes - Summary of Open Tax Years (Details)	12 Months Ended
	Dec. 31, 2019
Minimum | United States – Federal
Income Tax Contingency [Line Items]
Open tax years	2016
Minimum | United Kingdom
Income Tax Contingency [Line Items]
Open tax years	2017
Minimum | Germany
Income Tax Contingency [Line Items]
Open tax years	2012
Minimum | France
Income Tax Contingency [Line Items]
Open tax years	2016
Minimum | Australia
Income Tax Contingency [Line Items]
Open tax years	2013
Maximum | United States – Federal
Income Tax Contingency [Line Items]
Open tax years	2019
Maximum | United Kingdom
Income Tax Contingency [Line Items]
Open tax years	2019
Maximum | Germany
Income Tax Contingency [Line Items]
Open tax years	2019
Maximum | France
Income Tax Contingency [Line Items]
Open tax years	2019
Maximum | Australia
Income Tax Contingency [Line Items]
Open tax years	2019

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, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net Income	$ 641	$ 660	$ 623	$ 597	$ 607	$ 638	$ 666	$ 652	$ 2,521	$ 2,563	$ 1,687
Net income per share—Basic:
Weighted-average common shares (in shares)									323.9	335	344.1
Net income per share—Basic (in dollars per share)	$ 2	$ 2.05	$ 1.92	$ 1.82	$ 1.84	$ 1.91	$ 1.98	$ 1.92	$ 7.78	$ 7.65	$ 4.90
Net income per share—Diluted:
Weighted-average common shares (in shares)									323.9	335	344.1
Effect of dilutive stock options and restricted stock units (in shares)									1.7	2.1	2.7
Weighted-average common shares assuming dilution (in shares)									325.6	337.1	346.8
Net income per share—Diluted (in dollars per share)	$ 1.99	$ 2.04	$ 1.91	$ 1.81	$ 1.83	$ 1.90	$ 1.97	$ 1.90	$ 7.74	$ 7.60	$ 4.86

Net Income Per Share - Narrativ

Net Income Per Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Antidilutive options outstanding (in shares)	900,000	500,000	0

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Changes in the carrying amount of goodwill by segment
Balance, beginning	$ 4,633	$ 4,752
Foreign currency translation	(16)	(119)
Acquisitions / (divestitures)	1
Transfer to assets held for sale	(126)
Balance, ending	4,492	4,633
Cumulative goodwill impairment charges, December 31, 2019	240
Automotive OEM
Changes in the carrying amount of goodwill by segment
Balance, beginning	476	488
Foreign currency translation	(5)	(12)
Acquisitions / (divestitures)	0
Transfer to assets held for sale	(5)
Balance, ending	466	476
Cumulative goodwill impairment charges, December 31, 2019	24
Test & Measurement and Electronics
Changes in the carrying amount of goodwill by segment
Balance, beginning	1,352	1,372
Foreign currency translation	0	(20)
Acquisitions / (divestitures)	2
Transfer to assets held for sale	(109)
Balance, ending	1,245	1,352
Cumulative goodwill impairment charges, December 31, 2019	83
Food Equipment
Changes in the carrying amount of goodwill by segment
Balance, beginning	259	269
Foreign currency translation	(3)	(10)
Acquisitions / (divestitures)	0
Transfer to assets held for sale	0
Balance, ending	256	259
Cumulative goodwill impairment charges, December 31, 2019	60
Polymers & Fluids
Changes in the carrying amount of goodwill by segment
Balance, beginning	889	919
Foreign currency translation	(2)	(30)
Acquisitions / (divestitures)	0
Transfer to assets held for sale	0
Balance, ending	887	889
Cumulative goodwill impairment charges, December 31, 2019	15
Welding
Changes in the carrying amount of goodwill by segment
Balance, beginning	263	272
Foreign currency translation	(1)	(9)
Acquisitions / (divestitures)	0
Transfer to assets held for sale	(4)
Balance, ending	258	263
Cumulative goodwill impairment charges, December 31, 2019	5
Construction Products
Changes in the carrying amount of goodwill by segment
Balance, beginning	513	530
Foreign currency translation	(1)	(17)
Acquisitions / (divestitures)	0
Transfer to assets held for sale	0
Balance, ending	512	513
Cumulative goodwill impairment charges, December 31, 2019	7
Specialty Products
Changes in the carrying amount of goodwill by segment
Balance, beginning	881	902
Foreign currency translation	(4)	(21)
Acquisitions / (divestitures)	(1)
Transfer to assets held for sale	(8)
Balance, ending	868	$ 881
Cumulative goodwill impairment charges, December 31, 2019	$ 46

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Amortizable intangible assets:
Cost	$ 3,254	$ 3,605
Accumulated Amortization	(2,563)	(2,681)
Net	691	924
Total intangible assets, Cost	3,414	3,765
Total intangible assets, Net	851	1,084
Trademarks and brands
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	160	160
Customer lists and relationships
Amortizable intangible assets:
Cost	1,530	1,747
Accumulated Amortization	(1,195)	(1,282)
Net	335	465
Trademarks and brands
Amortizable intangible assets:
Cost	694	759
Accumulated Amortization	(434)	(435)
Net	260	324
Patents and proprietary technology
Amortizable intangible assets:
Cost	581	621
Accumulated Amortization	(501)	(506)
Net	80	115
Other
Amortizable intangible assets:
Cost	449	478
Accumulated Amortization	(433)	(458)
Net	$ 16	$ 20

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended			12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and indefinite-lived asset impairment charges	$ 0	$ 0	$ 0
Amortization expense and impairment of intangible assets				$ 159,000,000	$ 189,000,000	$ 206,000,000

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense of Intangible Assets (Details) $ in Millions	Dec. 31, 2019USD ($)
Estimated amortization expense of intangible assets
2020	$ 135
2021	117
2022	104
2023	85
2024	$ 68

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Leases [Abstract]
Rental expense for operating leases	$ 113
Rental expense for operating leases		$ 124	$ 120
Rental expense related to capitalized operating leases	69
Rental expense related to short-term operating leases and variable lease payments	44
Operating lease right-of-use asset	206
Current portion of lease liability for operating leases	51
Long-term portion of lease liability for operating leases	$ 128
Weighted average remaining lease term of operating leases included in lease liability	4 years 7 months 6 days
Weighted average discount rate of operating leases included in lease liability	2.59%
Cash paid related to maturities of operating lease liabilities	$ 70
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$ 50

Leases - Schedule of Future Mat

Leases - Schedule of Future Maturities of Operating Lease Liabilities (Details) $ in Millions	Dec. 31, 2019USD ($)
Leases [Abstract]
2020	$ 55
2021	42
2022	32
2023	23
2024	18
2025 and future years	21
Total future minimum lease payments	191
Less: Imputed interest	(12)
Operating lease liability	179
Less: Current portion of operating lease liability	51
Long-term portion of operating lease liability	$ 128

Leases - Schedule of Minimum Le

Leases - Schedule of Minimum Lease Payments under Operating Leases (Details) $ in Millions	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 67
2020	48
2021	32
2020	24
2023	18
2024 and future years	34
Total future minimum lease payments	$ 223

Debt - Schedule of Short-term D

Debt - Schedule of Short-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Current maturities of long-term debt	$ 4	$ 1,350
Bank overdrafts	0	1
Total short-term debt	$ 4	$ 1,351

Debt - Narrative (Details)

Debt - Narrative (Details)

Mar. 01, 2019USD ($)

Sep. 30, 2019USD ($)

Dec. 31, 2019USD ($)

Jun. 30, 2019EUR (€)

Dec. 31, 2018USD ($)

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

$ 0

4.88% notes due through December 31, 2020

Line of Credit Facility [Line Items]

Short term debt

$ 4,000,000

Interest rate, stated percentage

4.88%

4.88% notes due through 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%

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%

1.95%

Face value of notes

$ 650,000,000

Notes issued, percentage of face value

99.871%

Repayments of debt

$ 650,000,000

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%

Note due September 27, 2024

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

Note due May 9, 2021

Line of Credit Facility [Line Items]

Line of credit, maximum borrowing capacity

$ 2,500,000,000

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%

3.90% 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%

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%

3.00% 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%

0.25% Euro notes due December 5, 2024 | Unsecured Debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

0.25%

0.625% Euro notes due December 5, 2027 | Unsecured Debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

0.625%

1.00% Euro notes due June 5, 2031 | Unsecured Debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

1.00%

Net Investment Hedging | Unsecured Debt

Line of Credit Facility [Line Items]

Face value of notes | €

€ 1,000,000,000

€ 1,000,000,000

Net Investment Hedging | 0.25% Euro notes due December 5, 2024 | Senior Notes

Line of Credit Facility [Line Items]

Interest rate, stated percentage

0.25%

Face value of notes | €

€ 600,000,000

Debt instrument, face value, percentage

99.662%

Net Investment Hedging | 0.625% Euro notes due December 5, 2027 | Senior Notes

Line of Credit Facility [Line Items]

Interest rate, stated percentage

0.625%

Face value of notes | €

€ 500,000,000

Debt instrument, face value, percentage

99.343%

Net Investment Hedging | 1.00% Euro notes due June 5, 2031 | Senior Notes

Line of Credit Facility [Line Items]

Interest rate, stated percentage

1.00%

Face value of notes | €

€ 500,000,000

Debt instrument, face value, percentage

98.982%

Net Investment Hedging | Euro Notes Issued June 2019 | Senior Notes

Line of Credit Facility [Line Items]

Face value of notes | €

€ 1,600,000,000

Commercial Paper

Line of Credit Facility [Line Items]

Weighted average interest rate

2.50%

1.70%

Line of Credit | International Debt Facilities

Line of Credit Facility [Line Items]

Unused capacity under international debt facilities

$ 206,000,000

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt at Carrying Value and Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2019	Mar. 01, 2019	Dec. 31, 2018	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	$ 7,758		$ 7,379
Fair Value	8,614		7,665
Less: Current maturities of long-term debt	(4)		(1,350)
Total long-term debt	7,754		6,029
Other borrowings
Debt Instrument [Line Items]
Carrying Value	3		4
Fair Value	$ 3		$ 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%					1.95%
Effective interest rate	1.98%
Carrying Value	$ 0		$ 650
Fair Value	$ 0		$ 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	$ 0		$ 700
Fair Value	$ 0		706
4.88% notes due thru December 31, 2020
Debt Instrument [Line Items]
Interest rate, stated percentage	4.88%
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		349
Fair Value	$ 358		354
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	$ 558		570
Fair Value	$ 584		603
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	$ 558		569
Fair Value	$ 584		596
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	$ 697		696
Fair Value	$ 742		712
0.25% Euro notes due December 5, 2024 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage	0.25%
Effective interest rate	0.31%
Carrying Value	$ 668		0
Fair Value	$ 677		0
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		993
Fair Value	$ 1,032		933
0.625% Euro notes due December 5, 2027 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage	0.625%
Effective interest rate	0.71%
Carrying Value	$ 554		0
Fair Value	$ 570		0
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	$ 555		567
Fair Value	$ 644		620
1.00% Euro notes due June 5, 2031 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage	1.00%
Effective interest rate	1.09%
Carrying Value	$ 552		0
Fair Value	$ 580		0
3.00% 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	$ 548		560
Fair Value	$ 724		678
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	$ 637		636
Fair Value	$ 829		719
3.90% 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	$ 1,082		1,081
Fair Value	$ 1,283		$ 1,087

Debt - Schedule of Future Matur

Debt - Schedule of Future Maturities of Long-term Debt Including Current Maturities of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Scheduled maturities of long-term debt
2020	$ 4
2021	349
2022	558
2023	558
2024	1,365
2025 and future years	4,924
Carrying Value	$ 7,758	$ 7,379

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan expenses	$ 86	$ 82	$ 79
Pension
Defined Benefit Plan Disclosure [Line Items]
Expected company contributions	29
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 Investment
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 Investment
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage	10.00%

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Summary of Information Regarding Net Periodic Benefit Cost Included in Statement of Income Related to Significant Defined Benefit Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension
Components of net periodic benefit cost:
Service cost	$ 52	$ 60	$ 63
Interest cost	78	72	72
Expected return on plan assets	(121)	(126)	(133)
Amortization of actuarial (gain) loss	21	43	57
Amortization of prior service cost	1	0	0
Total net periodic benefit cost	31	49	59
Other Postretirement Benefits
Components of net periodic benefit cost:
Service cost	7	8	9
Interest cost	20	18	19
Expected return on plan assets	(22)	(25)	(23)
Amortization of actuarial (gain) loss	(1)	(2)	(1)
Amortization of prior service cost	0	0	0
Total net periodic benefit cost	$ 4	$ (1)	$ 4

Pension and Other Postretirem_5

Pension and Other Postretirement Benefits - Change in Plan Benefit Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension
Change in benefit obligation:
Benefit obligation at January 1	$ 2,429	$ 2,661
Service cost	52	60	$ 63
Interest cost	78	72	72
Plan participants’ contributions	2	2
Amendments	0	9
Actuarial (gain) loss	295	(162)
Transfer to liabilities held for sale	(2)	0
Benefits paid	(156)	(165)
Medicare subsidy received	0	0
Liabilities from other immaterial plans	0	5
Foreign currency translation	33	(53)
Benefit obligation at December 31	2,731	2,429	2,661
Other Postretirement Benefits
Change in benefit obligation:
Benefit obligation at January 1	511	546
Service cost	7	8	9
Interest cost	20	18	19
Plan participants’ contributions	12	12
Amendments	0	0
Actuarial (gain) loss	61	(35)
Transfer to liabilities held for sale	0	0
Benefits paid	(42)	(40)
Medicare subsidy received	1	2
Liabilities from other immaterial plans	0	0
Foreign currency translation	0	0
Benefit obligation at December 31	$ 570	$ 511	$ 546

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, 2019	Dec. 31, 2018
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Accrued expenses	$ (14)	$ (16)
Pension
Change in plan assets:
Fair value of plan assets at January 1	2,550	2,832
Actual return on plan assets	379	(82)
Company contributions	27	23
Plan participants’ contributions	2	2
Benefits paid	(156)	(165)
Foreign currency translation	42	(60)
Fair value of plan assets at December 31	2,844	2,550
Funded status
Funded status	113	121
Other immaterial plans	(42)	(46)
Net asset (liability) at December 31	71	75
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Net asset (liability) at end of year	71	75
The pre-tax amounts recognized in accumulated other comprehensive income consist of:
Net actuarial (gain) loss	568	552
Prior service cost	7	8
Pre-tax net actuarial (gain) loss and prior service cost	575	560
Accumulated benefit obligation	2,589	2,299
Plans with accumulated benefit obligation in excess of plan assets as of December 31:
Projected benefit obligation	194	176
Accumulated benefit obligation	188	170
Fair value of plan assets	29	28
Other Postretirement Benefits
Change in plan assets:
Fair value of plan assets at January 1	333	373
Actual return on plan assets	66	(19)
Company contributions	5	7
Plan participants’ contributions	12	12
Benefits paid	(42)	(40)
Foreign currency translation	0	0
Fair value of plan assets at December 31	374	333
Funded status
Funded status	(196)	(178)
Other immaterial plans	(5)	(5)
Net asset (liability) at December 31	(201)	(183)
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Net asset (liability) at end of year	(201)	(183)
The pre-tax amounts recognized in accumulated other comprehensive income consist of:
Net actuarial (gain) loss	(35)	(53)
Prior service cost	0	0
Pre-tax net actuarial (gain) loss and prior service cost	(35)	(53)
Other assets | Pension
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Other assets	297	290
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	(11)	(12)
Accrued expenses | Other Postretirement Benefits
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Accrued expenses	(3)	(4)
Other noncurrent liabilities | Pension
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Other noncurrent liabilities	(215)	(203)
Other noncurrent liabilities | Other Postretirement Benefits
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Other noncurrent liabilities	$ (198)	$ (179)

Pension and Other Postretirem_7

Pension and Other Postretirement Benefits - Assumptions Used and Trend Rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assumed health care cost trend rates of postretirement benefit obligation
Health care cost trend rate assumed for the next year	6.70%	7.00%	6.25%
Ultimate trend rate	4.50%	4.50%	4.50%
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	2
1-Percentage-Point Decrease - Change in postretirement benefit obligation	$ (3)
Pension
Assumptions used to determine benefit obligations as of December 31:
Discount rate	2.61%	3.66%	3.12%
Rate of compensation increases	3.44%	3.52%	3.54%
Assumptions used to determine net periodic benefit cost for the twelve months ended December 31:
Discount rate	3.66%	3.12%	3.41%
Expected return on plan assets	4.71%	4.77%	5.53%
Rate of compensation increases	3.52%	3.54%	3.77%
Other Postretirement Benefits
Assumptions used to determine benefit obligations as of December 31:
Discount rate	3.29%	4.40%	3.72%
Assumptions used to determine net periodic benefit cost for the twelve months ended December 31:
Discount rate	4.40%	3.72%	4.30%
Expected return on plan assets	6.70%	6.80%	6.80%

Pension and Other Postretirem_8

Pension and Other Postretirement Benefits - Benefit Plan Assets by Category and Valuation Methodology (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 2,844	$ 2,550	$ 2,832
Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	27	27
Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,329	1,229
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	374	333	$ 373
Other Postretirement Benefits | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
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	28
Cash and equivalents | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	27	27
Cash and equivalents | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1	1
Cash and equivalents | Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fixed income securities, government securities | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	355	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	355	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	969	853
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	969	853
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
Commingled funds, collective trust funds | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,460	1,257
Commingled funds, collective trust funds | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Commingled funds, collective trust funds | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Commingled funds, collective trust funds | Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Commingled funds, partnerships/private equity interests | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	27	36
Commingled funds, partnerships/private equity interests | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Commingled funds, partnerships/private equity interests | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Commingled funds, 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	4
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	4
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	374	333
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 Future Benefit Payments (Details) $ in Millions	Dec. 31, 2019USD ($)
Pension
Portion of the benefit payments are expected to be paid
2020	$ 152
2021	157
2022	164
2023	171
2024	175
Years 2025-2029	862
Other Postretirement Benefits
Portion of the benefit payments are expected to be paid
2020	35
2021	35
2022	35
2023	35
2024	36
Years 2025-2029	$ 176

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	Jan. 01, 2018USD ($)	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016$ / sharesshares	Dec. 31, 2015$ / sharesshares	Jun. 30, 2019EUR (€)	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		$ 4.14	$ 3.56	$ 2.86
Cash dividend paid (in dollars per share) | $ / shares		$ 4.07	$ 3.34	$ 2.73
Tax cuts and jobs act, reclassification from aoci to retained earnings, tax effect	$ 45,000,000	$ 0	$ 45,000,000	$ 0
After-tax cumulative translation adjustment losses included in accumulated comprehensive income (loss)		(1,300,000,000)	(1,300,000,000)
After-tax unrecognized pension and other postretirement benefits costs included in accumulated comprehensive income (loss)		390,000,000	364,000,000
Estimated pre-tax unrecognized net benefit cost		48,000,000
Net Investment Hedging
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive income (loss) related to net investment hedge		$ 239,000,000	$ 187,000,000
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
Euro Notes, Issued 2019 | Net Investment Hedging | Euro Notes
Defined Benefit Plan Disclosure [Line Items]
Face value of notes | €							€ 1,600,000,000
2015 Stock Repurchase Program
Defined Benefit Plan Disclosure [Line Items]
Authorized repurchase amount										$ 6,000,000,000
Shares repurchased (in shares) | shares		3,100,000	13,900,000	7,100,000	18,700,000	6,100,000
Average price of shares repurchased (in dollars per share) | $ / shares		$ 143.23	$ 143.66	$ 140.56	$ 107.17	$ 91.78
2018 Stock Repurchase Program
Defined Benefit Plan Disclosure [Line Items]
Authorized repurchase amount								$ 3,000,000,000
Shares repurchased (in shares) | shares		6,700,000
Average price of shares repurchased (in dollars per share) | $ / shares		$ 158.11
Authorized repurchases remaining		$ 1,900,000,000

Stockholders' Equity - Changes

Stockholders' Equity - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Jan. 01, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Changes in Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ 4,589	$ 3,258	$ 4,589	$ 4,259
Adoption of new accounting guidance related to reclassification of certain tax effects	45	0	45	0
Ending balance		3,030	3,258	4,589
Accumulated Other Comprehensive Income (Loss)
Changes in Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ (1,287)	(1,677)	(1,287)	(1,807)
Ending balance		(1,705)	(1,677)	(1,287)
Accumulated Foreign Currency Adjustment
Changes in Accumulated Other Comprehensive Income (Loss)
Foreign currency translation / Pension and other postretirement benefit adjustments, before reclassifications, before tax		7	(308)	294
Foreign currency translation / Pension and other postretirement benefit adjustments reclassified to income, before tax		0	5	2
Income taxes		(9)	(25)	110
Total foreign currency translation / Pension and other postretirement benefit adjustments, net of tax		(2)	(328)	406
Accumulated Defined Benefit Plans Adjustment
Changes in Accumulated Other Comprehensive Income (Loss)
Foreign currency translation / Pension and other postretirement benefit adjustments, before reclassifications, before tax		(54)	(64)	96
Foreign currency translation / Pension and other postretirement benefit adjustments reclassified to income, before tax		21	41	56
Income taxes		7	6	(38)
Total foreign currency translation / Pension and other postretirement benefit adjustments, net of tax		$ (26)	$ (17)	$ 114

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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)	11,000,000
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 34.36	$ 38.34	$ 26.83
Aggregate intrinsic value of options exercised	$ 127	$ 33	$ 132
Cash receipts from exercise of options	85	22	84
Total fair value of vested stock option awards	17	15	13
Total fair value of vested restricted stock unit awards	$ 20	$ 19	$ 19
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
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to unvested awards	$ 29
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 - Summ

Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary of stock-based compensation expense
Pre-tax stock-based compensation expense	$ 41	$ 40	$ 36
Tax benefit	(5)	(5)	(9)
Total stock-based compensation expense, net of tax	$ 36	$ 35	$ 27

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Activity Related to Non-vested RSUs (Details) shares in Millions	12 Months Ended
	Dec. 31, 2019$ / sharesshares
Non-Vested RSUs, Number of Shares
Unvested, January 1, 2019 (in shares) | shares	0.5
Granted (in shares) | shares	0.2
Vested (in shares) | shares	(0.2)
Unvested, December 31, 2019 (in shares) | shares	0.5
Non-Vested RSUs, Weighted-Average Grant-Date Fair Value
Unvested, January 1, 2019 (in dollars per share) | $ / shares	$ 121.24
Granted (in dollars per share) | $ / shares	144.43
Vested (in dollars per share) | $ / shares	87.28
Unvested, December 31, 2019 (in dollars per share) | $ / shares	$ 144.92

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)$ / sharesshares
Stock Options, Number of Shares
Under option, January 1, 2019 (in shares) | shares	4.6
Granted (in shares) | shares	0.5
Exercised (in shares) | shares	(1.3)
Canceled or expired (in shares) | shares	0.1
Under option, December 31, 2019 (in shares) | shares	3.7
Exercisable, December 31, 2019 (in shares) | shares	2.4
Stock Options, Weighted-Average Exercise Price
Under option, January 1, 2019 (in dollars per share) | $ / shares	$ 90.56
Granted (in dollars per share) | $ / shares	144.21
Exercised (in dollars per share) | $ / shares	64.51
Canceled or expired (in dollars per share) | $ / shares	144.55
Under option, December 31, 2019 (in dollars per share) | $ / shares	106.57
Exercisable, December 31, 2019 (in dollars per share) | $ / shares	$ 89.55
Stock Options, Weighted-Average Remaining Contractual Term and Aggregate Intrinsic Value
Weighted-average remaining contractual term, under option, December 31, 2019	5 years 10 months 24 days
Weighted-average remaining contractual term, exercisable, December 31, 2019	4 years 9 months 18 days
Aggregate intrinsic value, under option, December 31, 2019 | $	$ 271
Aggregate intrinsic value, exercisable, December 31, 2019 | $	$ 220

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Assumptions Used in Option Valuations (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary of assumptions used in option models
Risk-free interest rate, minimum	2.50%	2.07%	0.91%
Risk-free interest rate, maximum	2.68%	3.06%	2.61%
Weighted-average volatility	22.00%	22.00%	22.00%
Dividend yield	2.20%	2.10%	2.22%
Minimum
Summary of assumptions used in option models
Expected years until exercise	8 years 8 months 12 days	7 years 6 months	7 years 2 months 12 days
Maximum
Summary of assumptions used in option models
Expected years until exercise	9 years	8 years 4 months 24 days	7 years 10 months 25 days

Other Balance Sheet Informati_3

Other Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Prepaid expenses and other current assets:
Income tax refunds receivable	$ 77	$ 98
Value-added-tax receivables	73	79
Vendor advances	25	30
Other	121	127
Total prepaid expenses and other current assets	296	334
Other assets:
Cash surrender value of life insurance policies	441	429
Prepaid pension assets	297	290
Operating lease right-of-use asset	206
Customer tooling	141	171
Investments	51	51
Other	91	89
Total other assets	1,227	1,030
Accrued expenses:
Compensation and employee benefits	335	391
Deferred revenue and customer deposits	188	215
Rebates	159	172
Current portion of operating lease liability	51
Warranties	45	45
Current portion of pension and other postretirement benefit obligations	14	16
Other	425	432
Total accrued expenses	1,217	1,271
Other liabilities:
Pension benefit obligation	215	203
Postretirement benefit obligation	198	179
Long-term portion of operating lease liability	128
Other	459	457
Total other liabilities	$ 1,000	$ 839

Segment Information - Narrative

Segment Information - Narrative (Details) - segment	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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%
Non-US
Segment Reporting Information [Line Items]
Percentage of long-lived asset owned		10.00%
Geographic Concentration Risk | Revenue | China
Segment Reporting Information [Line Items]
Concentration risk percentage	11.00%

Segment Information - Summary o

Segment Information - Summary of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Operating revenue	$ 3,469	$ 3,479	$ 3,609	$ 3,552	$ 3,580	$ 3,613	$ 3,831	$ 3,744	$ 14,109	$ 14,768	$ 14,314
Operating income	824	$ 868	$ 871	$ 839	860	$ 889	$ 932	$ 903	3,402	3,584	3,485
Depreciation and amortization and impairment of intangible assets									426	461	462
Plant and equipment additions									326	364	297
Identifiable assets	15,068				14,870				15,068	14,870	16,780
Operating segments
Segment Reporting Information [Line Items]
Operating income									3,468	3,625	3,465
Identifiable assets	11,261				11,335				11,261	11,335	11,645
Operating segments | Automotive OEM
Segment Reporting Information [Line Items]
Operating revenue									3,063	3,338	3,271
Operating income									659	751	747
Depreciation and amortization and impairment of intangible assets									125	123	111
Plant and equipment additions									134	184	147
Identifiable assets	2,417				2,388				2,417	2,388	2,402
Operating segments | Food Equipment
Segment Reporting Information [Line Items]
Operating revenue									2,188	2,214	2,123
Operating income									578	572	556
Depreciation and amortization and impairment of intangible assets									41	44	45
Plant and equipment additions									35	28	27
Identifiable assets	1,042				1,019				1,042	1,019	1,054
Operating segments | Test & Measurement and Electronics
Segment Reporting Information [Line Items]
Operating revenue									2,121	2,171	2,069
Operating income									542	523	464
Depreciation and amortization and impairment of intangible assets									69	88	92
Plant and equipment additions									26	31	23
Identifiable assets	2,374				2,343				2,374	2,343	2,449
Operating segments | Welding
Segment Reporting Information [Line Items]
Operating revenue									1,638	1,691	1,538
Operating income									453	474	415
Depreciation and amortization and impairment of intangible assets									26	27	28
Plant and equipment additions									28	23	17
Identifiable assets	734				789				734	789	756
Operating segments | Polymers & Fluids
Segment Reporting Information [Line Items]
Operating revenue									1,669	1,724	1,724
Operating income									381	369	357
Depreciation and amortization and impairment of intangible assets									77	83	89
Plant and equipment additions									18	15	16
Identifiable assets	1,862				1,942				1,862	1,942	2,067
Operating segments | Construction Products
Segment Reporting Information [Line Items]
Operating revenue									1,625	1,700	1,672
Operating income									383	414	399
Depreciation and amortization and impairment of intangible assets									29	32	33
Plant and equipment additions									29	25	22
Identifiable assets	1,176				1,167				1,176	1,167	1,196
Operating segments | Specialty Products
Segment Reporting Information [Line Items]
Operating revenue									1,825	1,951	1,938
Operating income									472	522	527
Depreciation and amortization and impairment of intangible assets									59	64	64
Plant and equipment additions									56	58	45
Identifiable assets	1,656				1,687				1,656	1,687	1,721
Intersegment revenue
Segment Reporting Information [Line Items]
Operating revenue									(20)	(21)	(21)
Unallocated
Segment Reporting Information [Line Items]
Operating income									(66)	(41)	20
Corporate
Segment Reporting Information [Line Items]
Identifiable assets	$ 3,807				$ 3,535				$ 3,807	$ 3,535	$ 5,135

Segment Information - Summary_2

Segment Information - Summary of Enterprise-wide Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Revenue by Geographic Region:
Operating revenue	$ 3,469	$ 3,479	$ 3,609	$ 3,552	$ 3,580	$ 3,613	$ 3,831	$ 3,744	$ 14,109	$ 14,768	$ 14,314
United States
Operating Revenue by Geographic Region:
Operating revenue									6,507	6,562	6,243
Canada/Mexico
Operating Revenue by Geographic Region:
Operating revenue									972	1,050	996
Total North America
Operating Revenue by Geographic Region:
Operating revenue									7,479	7,612	7,239
Europe, Middle East and Africa
Operating Revenue by Geographic Region:
Operating revenue									3,920	4,241	4,102
Asia Pacific
Operating Revenue by Geographic Region:
Operating revenue									2,400	2,573	2,577
South America
Operating Revenue by Geographic Region:
Operating revenue									$ 310	$ 342	$ 396

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Operating revenue	$ 3,469	$ 3,479	$ 3,609	$ 3,552	$ 3,580	$ 3,613	$ 3,831	$ 3,744	$ 14,109	$ 14,768	$ 14,314
Cost of revenue	2,022	2,007	2,099	2,059	2,096	2,096	2,231	2,181	8,187	8,604	8,306
Operating income	824	868	871	839	860	889	932	903	3,402	3,584	3,485
Net income	$ 641	$ 660	$ 623	$ 597	$ 607	$ 638	$ 666	$ 652	$ 2,521	$ 2,563	$ 1,687
Net Income Per Share:
Basic (in dollars per share)	$ 2	$ 2.05	$ 1.92	$ 1.82	$ 1.84	$ 1.91	$ 1.98	$ 1.92	$ 7.78	$ 7.65	$ 4.90
Diluted (in dollars per share)	$ 1.99	$ 2.04	$ 1.91	$ 1.81	$ 1.83	$ 1.90	$ 1.97	$ 1.90	$ 7.74	$ 7.60	$ 4.86

Uncategorized Items - itw-20191

Label	Element	Value
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (45,000,000)