Illinois Tool Works (ITW) 10-K 11 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Jan. 31, 2022	Jun. 30, 2021
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 70.1
Entity Common Stock, Shares Outstanding (in shares)		312,926,939
Documents Incorporated by Reference	Portions of the 2022 Proxy Statement for Annual Meeting of Stockholders to be held on May 6, 2022. Part III
Entity Central Index Key	0000049826
Document Fiscal Year Focus	2021
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

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Auditor Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Chicago, Illinois
Auditor Firm ID	34

Statement of Income

Statement of Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Operating Revenue	$ 14,455	$ 12,574	$ 14,109
Cost of revenue	8,489	7,375	8,187
Selling, administrative, and research and development expenses	2,356	2,163	2,361
Amortization and impairment of intangible assets	133	154	159
Operating Income	3,477	2,882	3,402
Interest expense	(202)	(206)	(221)
Other income (expense)	51	28	107
Income Before Taxes	3,326	2,704	3,288
Income taxes	632	595	767
Net Income	$ 2,694	$ 2,109	$ 2,521
Net Income Per Share:
Basic (in dollars per share)	$ 8.55	$ 6.66	$ 7.78
Diluted (in dollars per share)	$ 8.51	$ 6.63	$ 7.74

Statement of Comprehensive Inco

Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 2,694	$ 2,109	$ 2,521
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments, net of tax	5	4	(2)
Pension and other postretirement benefit adjustments, net of tax	135	59	(26)
Other comprehensive income (loss)	140	63	(28)
Comprehensive Income	$ 2,834	$ 2,172	$ 2,493

Statement of Financial Position

Statement of Financial Position - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and equivalents	$ 1,527	$ 2,564
Trade receivables	2,840	2,506
Inventories	1,694	1,189
Prepaid expenses and other current assets	313	264
Total current assets	6,374	6,523
Net plant and equipment	1,809	1,777
Goodwill	4,965	4,690
Intangible assets	972	781
Deferred income taxes	552	533
Other assets	1,405	1,308
Total Assets	16,077	15,612
Current Liabilities:
Short-term debt	778	350
Accounts payable	585	534
Accrued expenses	1,648	1,284
Cash dividends payable	382	361
Income taxes payable	77	60
Total current liabilities	3,470	2,589
Noncurrent Liabilities:
Long-term debt	6,909	7,772
Deferred income taxes	654	588
Noncurrent income taxes payable	365	413
Other liabilities	1,053	1,068
Total noncurrent liabilities	8,981	9,841
Common stock (par value of $0.01 per share):
Issued- 550.0 shares in 2021 and 2020 Outstanding- 312.9 shares in 2021 and 316.7 shares in 2020	6	6
Additional paid-in-capital	1,432	1,362
Retained earnings	24,325	23,114
Common stock held in treasury	(20,636)	(19,659)
Accumulated other comprehensive income (loss)	(1,502)	(1,642)
Noncontrolling interest	1	1
Total stockholders' equity	3,626	3,182
Total liabilities and stockholders' equity	$ 16,077	$ 15,612

Statement of Financial Positi_2

Statement of Financial Position (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2021	Dec. 31, 2020
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)	312.9	316.7

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, 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)
Other comprehensive income (loss)	(28)					(28)
Noncontrolling interest	(1)		(1)
Ending balance at Dec. 31, 2019	3,030	6	1,304	22,403	(18,982)	(1,705)	4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,109			2,109
Common stock issued for stock-based compensation	46		17		29
Stock-based compensation expense	42		42
Repurchases of common stock	(706)				(706)
Dividends declared	(1,398)			(1,398)
Other comprehensive income (loss)	63					63
Noncontrolling interest	(4)		(1)				(3)
Ending balance at Dec. 31, 2020	3,182	6	1,362	23,114	(19,659)	(1,642)	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,694			2,694
Common stock issued for stock-based compensation	40		17		23
Stock-based compensation expense	53		53
Repurchases of common stock	(1,000)				(1,000)
Dividends declared	(1,483)			(1,483)
Other comprehensive income (loss)	140					140
Ending balance at Dec. 31, 2021	$ 3,626	$ 6	$ 1,432	$ 24,325	$ (20,636)	$ (1,502)	$ 1

Statement of Changes in Stock_2

Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 4.72	$ 4.42	$ 4.14

Statement of Cash Flows

Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Provided by (Used for) Operating Activities:
Net income	$ 2,694	$ 2,109	$ 2,521
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	277	273	267
Amortization and impairment of intangible assets	133	154	159
Change in deferred income taxes	(148)	(30)	32
Provision for uncollectible accounts	3	7	6
(Income) loss from investments	(29)	(8)	(15)
(Gain) loss on sale of plant and equipment	0	2	(9)
(Gain) loss on sale of operations and affiliates	0	0	(44)
Stock-based compensation expense	53	42	41
Other non-cash items, net	13	8	9
(Increase) decrease in—
Trade receivables	(240)	95	40
Inventories	(450)	43	98
Prepaid expenses and other assets	(36)	41	11
Increase (decrease) in—
Accounts payable	37	19	(16)
Accrued expenses and other liabilities	202	17	(95)
Income taxes	49	34	(7)
Other, net	(1)	1	(3)
Net cash provided by operating activities	2,557	2,807	2,995
Cash Provided by (Used for) Investing Activities:
Acquisition of businesses (excluding cash and equivalents)	(731)	0	(4)
Additions to plant and equipment	(296)	(236)	(326)
Proceeds from investments	38	14	20
Proceeds from sale of plant and equipment	8	10	25
Proceeds from sale of operations and affiliates	0	1	120
Other, net	(3)	(3)	(18)
Net cash provided by (used for) investing activities	(984)	(214)	(183)
Cash Provided by (Used for) Financing Activities:
Cash dividends paid	(1,463)	(1,379)	(1,321)
Issuance of common stock	50	66	85
Repurchases of common stock	(1,000)	(706)	(1,500)
Net proceeds from (repayments of) debt with original maturities of three months or less	120	0	(1)
Proceeds from debt with original maturities of more than three months	90	0	1,774
Repayments of debt with original maturities of more than three months	(351)	(4)	(1,351)
Other, net	(10)	(26)	(12)
Net cash provided by (used for) financing activities	(2,564)	(2,049)	(2,326)
Effect of Exchange Rate Changes on Cash and Equivalents	(46)	39	(9)
Cash and Equivalents:
Increase (decrease) during the year	(1,037)	583	477
Beginning of year	2,564	1,981	1,504
End of year	1,527	2,564	1,981
Supplementary Cash Flow Information:
Cash Paid During the Year for Interest	197	194	223
Cash Paid During the Year for Income Taxes, Net of Refunds	$ 731	$ 591	$ 742

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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 83 divisions in 52 countries. 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. 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. Refer to Note 3. Acquisitions for additional information regarding the Company's acquisitions. Operating revenue — 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, 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 deferred until all significant obligations have been completed. In other limited arrangements, the Company may recognize revenue over time. This may include arrangements for service performed over time where operating revenue is recognized over time as the service is provided to the customer. It may also include the sale of highly specialized systems that include a high degree of customization and installation at the customer site which are recognized over time if the product does not have an alternative use and the Company has an enforceable right to payment for work performed to date. Revenue for transactions meeting these criteria is recognized over time as work is performed based on the costs incurred to date relative to the total estimated costs at completion. 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 $394 million and $222 million as of December 31, 2021 and 2020, respectively, and are short-term in nature. The deferred revenue and customer deposits as of December 31, 2021 included $108 million related to the MTS Test & Simulation business, which was acquired on December 1, 2021. Refer to Note 3. Acquisitions for additional information regarding this acquisition. Refer to Note 5. Operating Revenue for additional information regarding the Company's operating revenue. Research and development expenses — Research and development expenses are recorded as expense in the year incurred. These costs were $239 million, $214 million and $221 million for the years ended December 31, 2021, 2020 and 2019, respectively. Advertising expenses — Advertising expenses are recorded as expense in the year incurred. These costs were $50 million, $43 million and $48 million for the years ended December 31, 2021, 2020 and 2019, 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. The changes in the allowance for doubtful accounts for the years ended December 31, 2021, 2020 and 2019 were as follows: In millions 2021 2020 2019 Beginning balance $ 29 $ 20 $ 21 Provision charged to expense 3 7 6 Acquisitions and divestitures 2 — — Write-offs, net of recoveries (5) (4) (4) Transfer (to)/from assets held for sale — 2 (2) Foreign currency translation/other (1) 4 (1) Ending balance $ 28 $ 29 $ 20 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 19% of total inventories as of both December 31, 2021 and 2020. If the FIFO method was used for all inventories, total inventories would have been approximately $118 million and $82 million higher than reported at December 31, 2021 and 2020, respectively. The major classes of inventory at December 31, 2021 and 2020 were as follows: In millions 2021 2020 Raw material $ 716 $ 454 Work-in-process 208 136 Finished goods 888 681 LIFO reserve (118) (82) Total inventories $ 1,694 $ 1,189 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, 2021 and 2020: In millions 2021 2020 Land $ 198 $ 204 Buildings and improvements 1,462 1,432 Machinery and equipment 3,898 3,824 Construction in progress 142 133 Gross plant and equipment 5,700 5,593 Accumulated depreciation (3,891) (3,816) Net plant and equipment $ 1,809 $ 1,777 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 $277 million, $273 million and $267 million for the years ended December 31, 2021, 2020 and 2019, 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 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, a goodwill impairment loss is recorded for the difference. 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. Leases — The Company recognizes a lease liability and corresponding right-of-use asset for all operating leases with a noncancellable lease term of greater than one year. Rental expense for operating leases 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. Refer to Note 10. Leases for additional information regarding the Company's operating leases. Accrued warranties — The Company accrues for product warranties based on historical experience. The changes in accrued warranties for the years ended December 31, 2021, 2020 and 2019 were as follows: In millions 2021 2020 2019 Beginning balance $ 45 $ 45 $ 45 Charges (34) (34) (44) Provision charged to expense 34 33 44 Acquisitions and divestitures 5 — — Foreign currency translation/other (4) 1 — Ending balance $ 46 $ 45 $ 45 New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the "FASB") issued authoritative guidance which changes the methodology used to measure credit losses for certain financial instruments. Under prior guidance, credit loss reserves were 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. The Company adopted this new guidance effective January 1, 2020 and applied it prospectively, which did not 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 prior guidance, when the estimated fair value of a reporting unit was less than its carrying value, the fair value of the goodwill was 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. Effective January 1, 2020, the Company adopted the new guidance prospectively and applied the new guidance during its annual assessment of goodwill in the third quarter of 2020 and 2021. The adoption of this new accounting guidance had no impact on the Company's results of operations or financial position. Refer to Note 9. Goodwill and Intangible Assets for additional information regarding the Company's annual assessment of goodwill. In December 2019, the FASB issued authoritative guidance which simplifies certain aspects of the accounting for income taxes, including the elimination of an exception to the methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated full year loss. The Company early adopted this new guidance effective January 1, 2020 and applied it prospectively, which did not have a material impact on the Company's results of operations or financial position. In October 2021, the FASB issued authoritative guidance which improves the accounting for acquired revenue contracts with customers in a business combination. The new guidance provides an exception to measure contract assets and contract liabilities acquired in a business combination in accordance with existing revenue recognition guidance rather than at fair value. The Company early adopted this new guidance in the fourth quarter of 2021. The new guidance is effective prospectively upon adoption and must also be applied retrospectively to all interim periods in the year of adoption. The adoption of this new accounting guidance did not have a material impact on the Company's results of operations or financial position. Refer to Note 3. Acquisitions for additional information regarding the Company's acquisitions.

Novel Coronavirus (COVID-19)

Novel Coronavirus (COVID-19)	12 Months Ended
	Dec. 31, 2021
Unusual or Infrequent Items, or Both [Abstract]
Novel Coronavirus (COVID-19)	Novel Coronavirus (COVID-19)In early 2020, an outbreak of a novel strain of coronavirus ("COVID-19") occurred in China and other jurisdictions. The COVID-19 outbreak was subsequently declared a global pandemic by the World Health Organization on March 11, 2020. In response to the outbreak, governments around the globe have taken various actions to reduce its spread, including travel restrictions, shutdowns of businesses deemed nonessential, and stay-at-home or similar orders. The COVID-19 pandemic and the measures taken globally to reduce its spread have negatively impacted the global economy, causing significant disruptions in the Company's global operations starting primarily in the latter part of the first quarter of 2020 as COVID-19 continued to spread and impact the countries in which the Company operates and the markets the Company serves. During 2021, the Company experienced solid recovery progress in many of its end markets; however, the disruptions caused by the COVID-19 pandemic continue to have an adverse impact on the Company's global operations. The full extent of the COVID-19 outbreak and its impact on the markets served by the Company and on the Company's operations continues to be highly uncertain as conditions continue to fluctuate around the world, with vaccine administration rising in certain regions and spikes in infections (including the spread of variants) also being experienced. A prolonged outbreak could continue to interrupt the operations of the Company and its customers and suppliers.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Net cash paid for acquisitions during 2021 and 2019 was $731 million and $4 million, respectively. There were no acquisitions in 2020. The cash paid in 2021 related to the acquisition of the Test & Simulation business of MTS Systems Corporation ("MTS") from Amphenol Corporation ("Amphenol"), as discussed below. Acquisitions, individually and in the aggregate, did not materially affect the Company's results of operations or financial position for any period presented. On December 1, 2021, the Company completed the acquisition of the MTS Test & Simulation business for a purchase price of $750 million, subject to certain closing adjustments. The MTS Test & Simulation business is a leading global supplier of high-performance testing and simulation systems and is highly complementary to the Company's existing Test & Measurement and Electronics segment. The operating results of the MTS Test & Simulation business were reported within the Test & Measurement and Electronics segment from the date of acquisition, with operating revenue of $46 million for the one month ended December 31, 2021. The Company is in process of allocating the purchase price to the acquired assets and liabilities as of the acquisition date, including intangible assets and goodwill. Based on its initial allocation, the Company recorded goodwill of $371 million and intangible assets of $321 million. The intangible assets included $93 million related to

Divestitures

Divestitures	12 Months Ended
	Dec. 31, 2021
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) w hich 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 was $134 million. 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. During 2020, the sales of the three remaining businesses held for sale were determined to no longer be probable of being completed within one year, primarily due to the disruptions and economic uncertainty resulting from the COVID-19 pandemic. Accordingly, these businesses were no longer presented as held for sale.

Operating Revenue

Operating Revenue	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Operating Revenue	Operating Revenue The Company's 83 diversified operating divisions 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. Operating revenue by product category, which is consistent with the Company's segment presentation, for the twelve months ended December 31, 2021, 2020 and 2019 was as follows: In millions 2021 2020 2019 Automotive OEM $ 2,800 $ 2,571 $ 3,063 Food Equipment 2,078 1,739 2,188 Test & Measurement and Electronics 2,346 1,963 2,121 Welding 1,650 1,384 1,638 Polymers & Fluids 1,804 1,622 1,669 Construction Products 1,945 1,652 1,625 Specialty Products 1,854 1,660 1,825 Intersegment revenue (22) (17) (20) Total $ 14,455 $ 12,574 $ 14,109 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 retail and food institutional/restaurant 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. In other limited arrangements involving the sale of highly specialized systems that include a high degree of customization and installation at the customer site, revenue is recognized over time if the product does not have an alternative use, and the Company has an enforceable right to payment for work performed to date. Revenue for transactions meeting these criteria is recognized over time as work is performed based on the costs incurred to date relative to the total estimated costs at completion. 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, consumer durables, general industrial, 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.

Other Income (Expense)

Other Income (Expense)	12 Months Ended
	Dec. 31, 2021
Other Income and Expenses [Abstract]
Other Income (Expense)	Other Income (Expense) Other income (expense) for the twelve months ended December 31, 2021, 2020 and 2019 consisted of the following: In millions 2021 2020 2019 Interest income $ 12 $ 17 $ 29 Other net periodic benefit income 23 13 24 Income (loss) from investments 29 8 15 Gain (loss) on disposal of operations and affiliates — — 44 Equity income in Wilsonart — — — Gain (loss) on foreign currency transactions, net (9) (5) (10) Other, net (4) (5) 5 Total other income (expense) $ 51 $ 28 $ 107 Refer to Note 4. 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 the 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, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Noncurrent income taxes payable — 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 connection with the enactment of the Act, the Company recorded a one-time additional income tax expense of $676 million in the fourth quarter of 2017 related to a one-time repatriation tax on the deemed repatriation of post-1986 undistributed earnings of foreign subsidiaries. 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 $365 million and $413 million as of December 31, 2021 and 2020, respectively. Provision for income taxes — The components of the provision for income taxes for the twelve months ended December 31, 2021, 2020 and 2019 were as follows: In millions 2021 2020 2019 U.S. federal income taxes: Current $ 399 $ 301 $ 356 Deferred (95) (54) (26) Total U.S. federal income taxes 304 247 330 Foreign income taxes: Current 302 276 302 Deferred (57) 15 53 Total foreign income taxes 245 291 355 State income taxes: Current 79 48 77 Deferred 4 9 5 Total state income taxes 83 57 82 Total provision for income taxes $ 632 $ 595 $ 767 Income before taxes for domestic and foreign operations for the twelve months ended December 31, 2021, 2020 and 2019 was as follows: In millions 2021 2020 2019 Domestic $ 1,667 $ 1,419 $ 1,774 Foreign 1,659 1,285 1,514 Total income before taxes $ 3,326 $ 2,704 $ 3,288 The reconciliation between the U.S. federal statutory tax rate and the effective tax rate for the twelve months ended December 31, 2021, 2020 and 2019 was as follows: 2021 2020 2019 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % U.S. tax effect of foreign earnings 1.2 1.0 1.1 Changes in tax law (3.4) (1.5) — State income taxes, net of U.S. federal tax benefit 2.1 1.9 1.7 Differences between U.S. federal statutory and foreign tax rates 1.9 2.0 2.0 Nontaxable foreign interest income (1.6) (2.0) (1.4) Tax effect of foreign dividends 0.6 1.6 0.2 Foreign derived intangible income (1.3) (1.3) (0.1) Excess tax benefits from stock-based compensation (0.5) (1.0) (0.9) Other, net (1.0) 0.3 (0.3) Effective tax rate 19.0 % 22.0 % 23.3 % The Company's effective tax rate for the twelve months ended December 31, 2021, 2020 and 2019 was 19.0%, 22.0% and 23.3%, respectively. The 2021 effective tax rate benefited from discrete income tax benefits of $21 million in the third quarter of 2021 related to the utilization of capital losses and $112 million in the second quarter of 2021 related to the remeasurement of net deferred tax assets due to the enactment of the U.K. Finance Bill 2021, which increases the U.K. income tax rate from 19% to 25% effective April 1, 2023. The 2019 effective tax rate benefited from a discrete income 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. Additionally, the effective tax rates for 2021, 2020 and 2019 included discrete income tax benefits of $17 million, $27 million and $28 million, respectively, related to excess tax benefits from stock-based compensation. Upon repatriation of foreign 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, 2021 and 2020 was $48 million and $55 million, respectively. Deferred foreign withholding taxes have not been provided on undistributed earnings considered permanently invested. As of December 31, 2021, undistributed earnings of certain international subsidiaries that are considered permanently invested were approximately $6 billion. Determination of the related deferred tax liability is not practicable because of the complexities associated with the hypothetical calculation. Deferred tax assets and liabilities — The components of deferred income tax assets and liabilities as of December 31, 2021 and 2020 were as follows: 2021 2020 In millions Asset Liability Asset Liability Goodwill and intangible assets $ 431 $ (534) $ 292 $ (476) Inventory reserves, capitalized tax cost and LIFO inventory 39 (3) 31 (3) Investments 17 (146) 10 (156) Plant and equipment 17 (103) 16 (91) Accrued expenses and reserves 39 — 37 — Employee benefit accruals 170 — 168 — Foreign tax credit carryforwards 11 — 12 — Net operating loss carryforwards 456 — 418 — Capital loss carryforwards 236 — 88 — Allowances for uncollectible accounts 11 — 10 — Pension liabilities — (65) — (27) Unrealized loss (gain) on foreign debt instruments — (44) 29 — Operating leases 49 (49) 48 (48) Other 52 (42) 32 (18) Gross deferred income tax assets (liabilities) 1,528 (986) 1,191 (819) Valuation allowances (644) — (427) — Total deferred income tax assets (liabilities) $ 884 $ (986) $ 764 $ (819) The valuation allowances recorded as of December 31, 2021 and 2020 related primarily to certain net operating loss carryforwards and capital loss carryforwards. As of December 31, 2021, the Company had utilized all realizable foreign tax credit carryforwards. As of December 31, 2021, 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 to Net In millions Operating Losses 2022 $ 19 2023 5 2024 9 2025 2 2026 9 2027-2047 574 Do not expire 1,116 Total gross carryforwards related to net operating losses $ 1,734 Unrecognized tax benefit s— The changes in the amount of unrecognized tax benefits for the twelve months ended December 31, 2021, 2020 and 2019 were as follows: In millions 2021 2020 2019 Beginning balance $ 346 $ 296 $ 297 Additions based on tax positions related to the current year 11 74 6 Additions for tax positions of prior years 23 39 13 Reductions for tax positions of prior years (12) (47) (14) Settlements — (23) (5) Foreign currency translation (8) 7 (1) Ending balance $ 360 $ 346 $ 296 Included in the balance as of December 31, 2021 were approximately $320 million of unrecognized tax benefits that, if recognized, would impact the Company's effective tax rate. 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. 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 $51 million related predominantly to the potential resolution of federal, state and foreign examinations. 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 2017-2021 United Kingdom 2017-2021 Germany 2015-2021 France 2017-2021 Australia 2013-2021 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, 2021 and 2020 was $40 million and $34 million, respectively.

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per ShareNet 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, 2021, 2020 and 2019 was as follows: In millions except per share amounts 2021 2020 2019 Net Income $ 2,694 $ 2,109 $ 2,521 Net income per share—Basic: Weighted-average common shares 315.1 316.9 323.9 Net income per share—Basic $ 8.55 $ 6.66 $ 7.78 Net income per share—Diluted: Weighted-average common shares 315.1 316.9 323.9 Effect of dilutive stock options and restricted stock units 1.3 1.4 1.7 Weighted-average common shares assuming dilution 316.4 318.3 325.6 Net income per share—Diluted $ 8.51 $ 6.63 $ 7.74 Options that were considered antidilutive were not included in the computation of diluted net income per share. There were 0.4 million, 0.5 million and 0.9 million antidilutive options outstanding for the twelve months ended December 31, 2021, 2020 and 2019, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020 were as follows: In millions Automotive OEM Test & Measurement and Electronics Food Equipment Polymers & Fluids Welding Construction Products Specialty Products Total Balance, December 31, 2019 $ 466 $ 1,245 $ 256 $ 887 $ 258 $ 512 $ 868 $ 4,492 Transfer from assets held for sale 5 83 — — — — 7 95 Foreign currency translation 20 19 15 6 9 19 15 103 Balance, December 31, 2020 491 1,347 271 893 267 531 890 4,690 Acquisitions — 371 — — — — — 371 Foreign currency translation (16) (11) (6) (20) (9) (13) (21) (96) Balance, December 31, 2021 $ 475 $ 1,707 $ 265 $ 873 $ 258 $ 518 $ 869 $ 4,965 Cumulative goodwill impairment charges, December 31, 2021 $ 24 $ 83 $ 60 $ 15 $ 5 $ 7 $ 46 $ 240 Intangible assets as of December 31, 2021 and 2020 were as follows: 2021 2020 In millions Cost Accumulated Net Cost Accumulated Net Amortizable intangible assets: Customer lists and relationships $ 1,849 $ (1,474) $ 375 $ 1,692 $ (1,396) $ 296 Trademarks and brands 732 (527) 205 742 (505) 237 Patents and proprietary technology 640 (563) 77 606 (542) 64 Other 533 (471) 62 487 (463) 24 Total amortizable intangible assets 3,754 (3,035) 719 3,527 (2,906) 621 Indefinite-lived intangible assets: Trademarks and brands 253 — 253 160 — 160 Total intangible assets $ 4,007 $ (3,035) $ 972 $ 3,687 $ (2,906) $ 781 On December 1, 2021, the Company completed the acquisition of the MTS Test & Simulation business for a purchase price of $750 million, subject to certain closing adjustments, which was reported within the Test & Measurement and Electronics segment. The Company is in process of allocating the purchase price to the acquired assets and liabilities as of the acquisition date, including intangible assets and goodwill. Based on its initial allocation, the Company recorded goodwill of $371 million and intangible assets of $321 million. The intangible assets included $93 million related to indefinite-lived trademarks and brands and $228 million related to amortizable intangible assets. Refer to Note 3. Acquisitions for additional information regarding this acquisition. The Company performed its annual impairment assessment of goodwill and indefinite-lived intangible assets in the third quarter of 2021, 2020 and 2019. There were no impairment charges as a result of these assessments. For the twelve months ended December 31, 2021, 2020 and 2019, amortization and impairment of intangible assets was $133 million, $154 million and $159 million, respectively. As of December 31, 2021, the estimated future amortization expense of intangible assets for the twelve months ending December 31 was as follows: In millions 2022 $ 137 2023 118 2024 101 2025 78 2026 59

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	Leases The Company's lease transactions are primarily for the use of facilities, vehicles and office equipment under operating lease arrangements. Total rental expense for operating leases for the twelve months ended December 31, 2021, 2020 and 2019 was $118 million, $113 million and $113 million, respectively. Total rental expense for the twelve months ended December 31, 2021, 2020 and 2019 included $47 million, $48 million and $44 million, respectively, 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 following table summarizes information related to the Company's capitalized operating leases for the twelve months ended December 31, 2021 and 2020: Dollars in millions 2021 2020 Right-of-use assets $ 222 $ 216 Current portion of operating lease liabilities $ 61 $ 55 Long-term portion of operating lease liabilities 133 133 Operating lease liabilities $ 194 $ 188 Rental expense related to capitalized operating leases $ 71 $ 65 Cash paid related to maturities of operating lease liabilities $ 70 $ 64 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 71 $ 65 Weighted-average remaining lease term 4.4 years 4.1 years Weighted-average discount rate 1.98 % 2.34 % The right-of-use assets related to operating leases and the current and long-term portions of operating lease liabilities were included in Other assets, Accrued expenses and Other liabilities, respectively, in the Statement of Financial Position. The weighted-average discount rate was based on the incremental borrowing rate of the Company and its subsidiaries. As of December 31, 2021, future maturities of operating lease liabilities for the twelve months ending December 31 were as follows: In millions 2022 $ 64 2023 51 2024 36 2025 20 2026 13 2027 and future years 19 Total future minimum lease payments 203 Less: Imputed interest (9) Operating lease liabilities $ 194

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt Total debt as of December 31, 2021 and 2020 was as follows: In millions 2021 2020 Short-term debt $ 778 $ 350 Long-term debt 6,909 7,772 Total debt $ 7,687 $ 8,122 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 that have been reclassified to short-term. Short-term debt as of December 31, 2021 and 2020 consisted of the following: In millions 2021 2020 Current maturities of long-term debt $ 568 $ 350 Commercial paper 210 — Total short-term debt $ 778 $ 350 As of December 31, 2021, short-term debt included $568 million related to the 1.75% Euro notes due May 20, 2022 and commercial paper of $210 million. As of December 31, 2020, short-term debt included $350 million related to the 3.375% notes due September 15, 2021, which were redeemed in full on June 15, 2021. There was no commercial paper outstanding as of December 31, 2020. 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 revolving credit facility with a termination date of September 27, 2024, which is available to provide additional liquidity, including to support the potential issuances of commercial paper. On September 22, 2021, due to the anticipated LIBOR transition, the Company agreed to suspend its right to borrow in Euro, British Pounds Sterling and Japanese Yen currencies under the revolving credit facility, effective December 31, 2021. The Company may continue to borrow in U.S. Dollars under the credit facility. This change is not expected to have a significant impact on the Company's liquidity or its commercial paper program. No amounts were outstanding under the revolving credit facility as of December 31, 2021. The Company was also in compliance with the financial covenants of the revolving credit facility as of December 31, 2021, which included a minimum interest coverage ratio. The weighted-average interest rate on commercial paper was 0.1% for the twelve months ended December 31, 2021. The Company did not have any commercial paper outstanding during 2020. As of December 31, 2021, the Company had unused capacity of approximately $201 million under international debt facilities. In the ordinary course of business, the Company also had approximately $210 million outstanding in guarantees, letters of credit and other similar arrangements with financial institutions as of December 31, 2021. 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, 2021 and 2020 consisted of the following: 2021 2020 In millions Effective Interest Rate Carrying Value Fair Value Carrying Value Fair Value 3.375% notes due September 15, 2021 3.43% $ — $ — $ 350 $ 355 1.75% Euro notes due May 20, 2022 1.86% 568 570 609 625 1.25% Euro notes due May 22, 2023 1.35% 567 578 609 631 3.50% notes due March 1, 2024 3.54% 699 734 698 764 0.25% Euro notes due December 5, 2024 0.31% 679 688 729 745 2.65% notes due November 15, 2026 2.69% 995 1,053 994 1,108 0.625% Euro notes due December 5, 2027 0.71% 564 577 605 639 2.125% Euro notes due May 22, 2030 2.18% 564 641 606 732 1.00% Euro notes due June 5, 2031 1.09% 561 587 602 671 3.00% Euro notes due May 19, 2034 3.13% 557 711 598 830 4.875% notes due September 15, 2041 4.97% 637 863 637 912 3.90% notes due September 1, 2042 3.96% 1,083 1,291 1,082 1,397 Other borrowings 3 3 3 3 Total $ 7,477 $ 8,296 $ 8,122 $ 9,412 Less: Current maturities of long-term debt (568) (350) Total long-term debt $ 6,909 $ 7,772 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, which were fully repaid by the due date. 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, which were redeemed in full on June 15, 2021, 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 14. 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, 2021, 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 2022 $ 568 2023 567 2024 1,378 2025 — 2026 995 2027 and future years 3,969 Total $ 7,477

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	12 Months Ended
	Dec. 31, 2021
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 $88 million in 2021, $85 million in 2020, and $86 million in 2019. 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, 2021, 2020 and 2019 is as follows: Pension Other Postretirement Benefits In millions 2021 2020 2019 2021 2020 2019 Components of net periodic benefit cost: Service cost $ 53 $ 55 $ 52 $ 7 $ 8 $ 7 Interest cost 39 60 78 11 16 20 Expected return on plan assets (101) (113) (121) (25) (24) (22) Amortization of actuarial (gain) loss 53 47 21 — (1) (1) Amortization of prior service cost 1 2 1 — — — Total net periodic benefit cost $ 45 $ 51 $ 31 $ (7) $ (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-2021 and MP-2020, to measure its U.S. pension and other postretirement benefit obligations as of December 31, 2021 and 2020, respectively, which did not have a significant impact in either period. The following table provides a rollforward of the plan benefit obligations for the twelve months ended December 31, 2021 and 2020: Pension Other Postretirement Benefits In millions 2021 2020 2021 2020 Change in benefit obligation: Beginning balance $ 2,939 $ 2,731 $ 591 $ 570 Service cost 53 55 7 8 Interest cost 39 60 11 16 Plan participants' contributions 2 1 10 10 Amendments — 1 — — Actuarial (gain) loss (131) 205 2 26 Acquisitions 40 — — — Benefits paid (161) (160) (42) (41) Medicare subsidy received — — 1 2 Foreign currency translation (16) 46 — — Ending balance $ 2,765 $ 2,939 $ 580 $ 591 Accumulated benefit obligation as of December 31 $ 2,642 $ 2,792 For the years ended December 31, 2021 and 2020, the actuarial (gain) loss related to the Company's pension and other postretirement benefit obligations was primarily related to changes in discount rates. Refer to the Assumptions section below for further details related to the discount rates used in the valuations of pension and other postretirement benefit obligations. The following table provides a rollforward of the plan assets and a reconciliation of funded status for the twelve months ended December 31, 2021 and 2020: Pension Other Postretirement Benefits In millions 2021 2020 2021 2020 Change in plan assets: Beginning balance $ 3,096 $ 2,844 $ 402 $ 374 Actual return on plan assets 63 343 59 55 Company contributions 25 26 5 4 Plan participants' contributions 2 1 10 10 Acquisitions 28 — — — Benefits paid (161) (160) (42) (41) Foreign currency translation (12) 42 — — Ending balance $ 3,041 $ 3,096 $ 434 $ 402 Reconciliation of funded status: Funded status $ 276 $ 157 $ (146) $ (189) Other immaterial plans (57) (54) (5) (5) Net asset (liability) as of December 31 $ 219 $ 103 $ (151) $ (194) The amounts recognized in the Statement of Financial Position as of December 31 consist of: Other assets $ 465 $ 355 $ — $ — Accrued expenses (11) (11) (3) (3) Other noncurrent liabilities (235) (241) (148) (191) Net asset (liability) as of December 31 $ 219 $ 103 $ (151) $ (194) The pre-tax amounts recognized in accumulated other comprehensive (income) loss consist of: Net actuarial (gain) loss $ 349 $ 495 $ (71) $ (39) Prior service cost 5 6 — — Pre-tax accumulated other comprehensive (income) loss as of December 31 $ 354 $ 501 $ (71) $ (39) As of December 31, 2021 and 2020, pension plans with projected benefit obligations in excess of plan assets had projected benefit obligations of $232 million and $212 million, respectively, and plan assets of $59 million and $32 million, respectively. As of December 31, 2021 and 2020, pension plans with accumulated benefit obligations in excess of plan assets had accumulated benefit obligations of $223 million and $205 million, respectively, and plan assets of $59 million and $32 million, respectively. Assumptions — The weighted-average assumptions used in the valuations of pension and other postretirement benefits were as follows: Pension Other Postretirement Benefits 2021 2020 2019 2021 2020 2019 Assumptions used to determine benefit obligations as of December 31: Discount rate 2.33 % 1.89 % 2.61 % 2.92 % 2.59 % 3.29 % Rate of compensation increases 3.40 % 3.24 % 3.44 % Interest crediting rate - U.S. cash balance plan 3.75 % 3.75 % 4.00 % Assumptions used to determine net periodic benefit cost for the twelve months ended December 31: Discount rate 1.89 % 2.61 % 3.66 % 2.59 % 3.29 % 4.40 % Expected return on plan assets 3.67 % 4.33 % 4.71 % 6.65 % 6.70 % 6.70 % Rate of compensation increases 3.24 % 3.44 % 3.52 % Interest crediting rate - U.S. cash balance plan 3.75 % 4.00 % 4.00 % 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: 2021 2020 2019 Health care cost trend rate assumed for the next year 7.00 % 7.00 % 6.70 % Ultimate trend rate 4.50 % 4.50 % 4.50 % Year the rate reaches the ultimate trend rate 2029 2027 2026 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, 2021 and 2020, 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. 2021 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 47 $ 43 $ 4 $ — Fixed income securities: Government securities 370 — 370 — Corporate debt securities 996 — 996 — Investment contracts with insurance companies 1 — — 1 Commingled funds: Mutual funds 28 Collective trust funds 1,573 Partnerships/private equity interests 21 Other 5 — 5 — Total fair value of pension plan assets $ 3,041 $ 43 $ 1,375 $ 1 Other Postretirement Benefit Plan Assets: Life insurance policies $ 434 Total fair value of other postretirement benefit plan assets $ 434 $ — $ — $ — 2020 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 75 $ 61 $ 14 $ — Fixed income securities: Government securities 373 — 373 — Corporate debt securities 1,043 — 1,043 — Investment contracts with insurance companies 1 — — 1 Commingled funds: Collective trust funds 1,577 Partnerships/private equity interests 22 Other 5 — 5 — Total fair value of pension plan assets $ 3,096 $ 61 $ 1,435 $ 1 Other Postretirement Benefit Plan Assets: Life insurance policies $ 402 Total fair value of other postretirement benefit plan assets $ 402 $ — $ — $ — 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. Pension assets measured at net asset value include mutual funds, collective trust funds, partnerships/private equity interests and life insurance policies. Mutual funds and collective trust funds are 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 $14 million to its pension plans and $4 million to its other postretirement benefit plans in 2022. As of December 31, 2021, 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 2022 $ 163 $ 35 2023 169 36 2024 171 36 2025 173 36 2026 173 36 Years 2027-2031 843 176

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe 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, 2021
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 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, approximately 4.2 million shares of its common stock at an average price of $167.69 per share during 2020 and approximately 4.4 million shares of its common stock at an average price of $227.29 per share during 2021. As of December 31, 2021, there were approximately $240 million of authorized repurchases remaining under the 2018 Program. On May 7, 2021, 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 "2021 Program"). As of December 31, 2021, there were $3.0 billion of authorized repurchases remaining under the 2021 Program. Cash Dividends — Cash dividends declared were $4.72 per share in 2021, $4.42 per share in 2020 and $4.14 per share in 2019. Cash dividends paid were $4.64 per share in 2021, $4.35 per share in 2020 and $4.07 per share in 2019. Accumulated other comprehensive income (loss) — The changes in accumulated other comprehensive income (loss) during 2021, 2020 and 2019 were as follows: In millions 2021 2020 2019 Beginning balance $ (1,642) $ (1,705) $ (1,677) Foreign currency translation adjustments during the period 73 (82) 7 Foreign currency translation adjustments reclassified to income 5 — — Income taxes (73) 86 (9) Total foreign currency translation adjustments, net of tax 5 4 (2) Pension and other postretirement benefit adjustments during the period 125 30 (54) Pension and other postretirement benefit adjustments reclassified to income 54 48 21 Income taxes (44) (19) 7 Total pension and other postretirement benefit adjustments, net of tax 135 59 (26) Ending balance $ (1,502) $ (1,642) $ (1,705) Foreign currency translation adjustments reclassified to income primarily relate to the exit of immaterial foreign operations. Pension and other postretirement benefit adjustments reclassified to income represent the amortization of actuarial gains and losses and prior service cost. Refer to Note 12. 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 (loss) recorded in Accumulated other comprehensive income (loss) related to the net investment hedge was a gain of $183 million as of December 31, 2021 and a loss of $120 million as of December 31, 2020. As of December 31, 2021 and 2020, 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 $196 million and $331 million, respectively.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2021
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 restricted stock unit. 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, 2021, approximately 10 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, 2021, 2020 and 2019: In millions 2021 2020 2019 Pre-tax stock-based compensation expense $ 53 $ 42 $ 41 Tax benefit (6) (5) (5) Total stock-based compensation expense, net of tax $ 47 $ 37 $ 36 The following table summarizes activity related to non-vested RSUs for the twelve months ended December 31, 2021: Shares in millions Number of Weighted-Average Unvested, January 1, 2021 0.5 $164.76 Granted 0.2 200.87 Vested (0.1) 163.41 Unvested, December 31, 2021 0.6 178.60 The following table summarizes stock option activity for the twelve months ended December 31, 2021: In millions except exercise price and contractual terms Number of Weighted-Average Weighted-Average Aggregate Under option, January 1, 2021 3.2 $128.81 Granted 0.5 200.98 Exercised (0.5) 92.62 Canceled or expired (0.1) 181.06 Under option, December 31, 2021 3.1 144.93 6.1 $312 Exercisable, December 31, 2021 1.9 123.58 4.9 $239 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, 2021, 2020 and 2019: 2021 2020 2019 Risk-free interest rate 0.04-1.38% 1.41-1.59% 2.50%-2.68% Weighted-average volatility 24.0% 21.0% 22.0% Dividend yield 2.50% 2.56% 2.20% Expected years until exercise 8.9-9.4 9.1-9.6 8.7-9.0 Lattice-based option valuation models, such as the binomial option pricing model, incorporate ranges of assumptions for inputs. The risk-free rate of interest for periods within the contractual life of the option is based on a zero-coupon U.S. government instrument over the contractual term of the equity instrument. Expected volatility is based on implied volatility from traded options on the Company's stock and historical volatility of the Company's stock. The Company uses historical data to estimate option exercise timing and employee termination rates within the valuation model. The weighted-average dividend yield is based on historical information. The expected term of options granted is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding. The ranges presented result from separate groups of employees assumed to exhibit different exercise behavior. The weighted-average grant-date fair value of stock options granted for the twelve months ended December 31, 2021, 2020 and 2019 was $40.90, $35.45 and $34.36 per share, respectively. The aggregate intrinsic value of stock options exercised during the twelve months ended December 31, 2021, 2020 and 2019 was $68 million, $114 million and $127 million, respectively. As of December 31, 2021, there was $9 million of total unrecognized compensation cost related to unvested stock options. That cost is expected to be recognized over a weighted-average period of 2 years. Exercise of stock options during the twelve months ended December 31, 2021, 2020 and 2019 resulted in cash receipts of $50 million, $66 million and $85 million, respectively. The total fair value of vested stock option awards during the twelve months ended December 31, 2021, 2020 and 2019 was $19 million, $16 million and $17 million, respectively. As of December 31, 2021, there was $47 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, 2021, 2020 and 2019 was $23 million, $25 million and $20 million, respectively.

Other Balance Sheet Information

Other Balance Sheet Information	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Balance Sheet Information	Other Balance Sheet Information Other balance sheet information as of December 31, 2021 and 2020 was as follows: In millions 2021 2020 Prepaid expenses and other current assets: Value-added-tax receivables $ 84 $ 72 Vendor advances 71 30 Income tax refunds receivable 18 43 Other 140 119 Total prepaid expenses and other current assets $ 313 $ 264 Other assets: Prepaid pension assets $ 465 $ 355 Cash surrender value of life insurance policies 449 454 Operating lease right-of-use assets 222 216 Customer tooling 154 160 Other 115 123 Total other assets $ 1,405 $ 1,308 Accrued expenses: Compensation and employee benefits $ 460 $ 335 Deferred revenue and customer deposits 394 222 Rebates 209 171 Current portion of operating lease liabilities 61 55 Warranties 46 45 Current portion of pension and other postretirement benefit obligations 14 14 Other 464 442 Total accrued expenses $ 1,648 $ 1,284 Other liabilities: Pension benefit obligation $ 235 $ 241 Postretirement benefit obligation 148 191 Long-term portion of operating lease liabilities 133 133 Other 537 503 Total other liabilities $ 1,053 $ 1,068

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2021
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. Segment information for 2021, 2020 and 2019 was as follows: In millions 2021 2020 2019 Operating revenue: Automotive OEM $ 2,800 $ 2,571 $ 3,063 Food Equipment 2,078 1,739 2,188 Test & Measurement and Electronics 2,346 1,963 2,121 Welding 1,650 1,384 1,638 Polymers & Fluids 1,804 1,622 1,669 Construction Products 1,945 1,652 1,625 Specialty Products 1,854 1,660 1,825 Intersegment revenue (22) (17) (20) Total $ 14,455 $ 12,574 $ 14,109 Operating income: Automotive OEM $ 545 $ 457 $ 659 Food Equipment 469 342 578 Test & Measurement and Electronics 643 507 542 Welding 490 376 453 Polymers & Fluids 457 402 381 Construction Products 530 421 383 Specialty Products 504 432 472 Total segments 3,638 2,937 3,468 Unallocated (161) (55) (66) Total $ 3,477 $ 2,882 $ 3,402 Depreciation and amortization and impairment of intangible assets: Automotive OEM $ 128 $ 131 $ 125 Food Equipment 42 41 41 Test & Measurement and Electronics 66 75 69 Welding 26 24 26 Polymers & Fluids 62 72 77 Construction Products 32 31 29 Specialty Products 54 53 59 Total $ 410 $ 427 $ 426 Plant and equipment additions: Automotive OEM $ 116 $ 79 $ 134 Food Equipment 30 34 35 Test & Measurement and Electronics 37 23 26 Welding 27 27 28 Polymers & Fluids 15 16 18 Construction Products 30 21 29 Specialty Products 41 36 56 Total $ 296 $ 236 $ 326 Identifiable assets: Automotive OEM $ 2,260 $ 2,302 $ 2,417 Food Equipment 1,052 983 1,042 Test & Measurement and Electronics 3,242 2,239 2,374 Welding 784 700 734 Polymers & Fluids 1,881 1,855 1,862 Construction Products 1,367 1,239 1,176 Specialty Products 1,682 1,635 1,656 Total segments 12,268 10,953 11,261 Corporate 3,809 4,659 3,807 Total $ 16,077 $ 15,612 $ 15,068 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, 2021, 2020 and 2019 was as follows: In millions 2021 2020 2019 Operating Revenue by Geographic Region: United States $ 6,578 $ 5,834 $ 6,507 Canada/Mexico 940 778 972 Total North America 7,518 6,612 7,479 Europe, Middle East and Africa 3,870 3,447 3,920 Asia Pacific 2,802 2,291 2,400 South America 265 224 310 Total operating revenue $ 14,455 $ 12,574 $ 14,109 Operating revenue by geographic region is based on the customers' locations. As of December 31, 2021 and 2020, the Company had approximately 45% and 42%, respectively, of its total net plant and equipment in the United States. Countries where the Company had 10% or more of its total net plant and equipment included China as of December 31, 2021, with approximately 11%, and both China and Germany as December 31, 2020, with approximately 10% each. No single customer accounted for more than 5% of consolidated revenues for the twelve months ended December 31, 2021, 2020 or 2019.

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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. Refer to Note 3. Acquisitions for additional information regarding the Company's acquisitions.
Operating revenue	Operating revenue— 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, 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 deferred until all significant obligations have been completed. In other limited arrangements, the Company may recognize revenue over time. This may include arrangements for service performed over time where operating revenue is recognized over time as the service is provided to the customer. It may also include the sale of highly specialized systems that include a high degree of customization and installation at the customer site which are recognized over time if the product does not have an alternative use and the Company has an enforceable right to payment for work performed to date. Revenue for transactions meeting these criteria is recognized over time as work is performed based on the costs incurred to date relative to the total estimated costs at completion. 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.
Research and development expenses	Research and development expenses— Research and development expenses are recorded as expense in the year incurred.
Advertising expenses	Advertising expenses— Advertising expenses are recorded as expense in the year incurred.
Income taxes	Income taxes — The Company utilizes the asset and liability method of accounting for income taxes. Deferred income taxes are determined based on the estimated future tax effects of differences between the financial and tax bases of assets and liabilities given the provisions of the enacted tax laws. Valuation allowances are established when it is estimated that it is more likely than not that the tax benefit of the deferred tax asset will not be realized.
Cash and equivalents	Cash and equivalents — Cash and equivalents include cash on hand and instruments having original maturities of three months or less. Cash and equivalents are stated at cost, which approximates fair value.
Trade receivables	Trade receivables— Trade receivables are net of allowances for doubtful accounts.
Inventories	Inventories— Inventories are stated at the lower of cost or net realizable value and include material, labor and factory overhead. The last-in, first-out ("LIFO") method is used to determine the cost of inventories at certain U.S. businesses. The first-in, first-out ("FIFO") method, which approximates current cost, is used for all other inventories.
Net plant and equipment	Net plant and equipment— Net plant and equipment are stated at cost, less accumulated depreciation. Renewals and improvements that increase the useful life of plant and equipment are capitalized. Maintenance and repairs are charged to expense as incurred.The Company's U.S. businesses primarily compute depreciation on an accelerated basis. The majority of the Company's international businesses compute depreciation on a straight-line basis.
Goodwill and intangible assets	Goodwill and intangible assets — Goodwill represents the excess cost over fair value of the net assets of acquired businesses. The Company does not amortize goodwill and intangible assets that have indefinite lives. Amortizable intangible assets are being amortized on a straight-line basis over their estimated useful lives of 3 to 20 years. The Company performs an impairment assessment of goodwill and intangible assets with indefinite lives annually, or more frequently if triggering events occur, based on the estimated fair value of the related reporting unit or intangible asset. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. When performing its annual impairment assessment, the Company evaluates the goodwill assigned to each of its reporting units for potential impairment by comparing the estimated fair value of the relevant reporting unit to the carrying value. The Company uses various Level 2 and Level 3 valuation techniques to determine the fair value of its reporting units, including discounting estimated future cash flows based on a 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, a goodwill impairment loss is recorded for the difference. 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.
Leases	Leases — The Company recognizes a lease liability and corresponding right-of-use asset for all operating leases with a noncancellable lease term of greater than one year. Rental expense for operating leases 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. Refer to Note 10. Leases for additional information regarding the Company's operating leases.
Accrued warranties	Accrued warranties— The Company accrues for product warranties based on historical experience.
New Accounting Pronouncements	New Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the "FASB") issued authoritative guidance which changes the methodology used to measure credit losses for certain financial instruments. Under prior guidance, credit loss reserves were 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. The Company adopted this new guidance effective January 1, 2020 and applied it prospectively, which did not 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 prior guidance, when the estimated fair value of a reporting unit was less than its carrying value, the fair value of the goodwill was 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. Effective January 1, 2020, the Company adopted the new guidance prospectively and applied the new guidance during its annual assessment of goodwill in the third quarter of 2020 and 2021. The adoption of this new accounting guidance had no impact on the Company's results of operations or financial position. Refer to Note 9. Goodwill and Intangible Assets for additional information regarding the Company's annual assessment of goodwill. In December 2019, the FASB issued authoritative guidance which simplifies certain aspects of the accounting for income taxes, including the elimination of an exception to the methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated full year loss. The Company early adopted this new guidance effective January 1, 2020 and applied it prospectively, which did not have a material impact on the Company's results of operations or financial position. In October 2021, the FASB issued authoritative guidance which improves the accounting for acquired revenue contracts with customers in a business combination. The new guidance provides an exception to measure contract assets and contract liabilities acquired in a business combination in accordance with existing revenue recognition guidance rather than at fair value. The Company early adopted this new guidance in the fourth quarter of 2021. The new guidance is effective prospectively upon adoption and must also be applied retrospectively to all interim periods in the year of adoption. The adoption of this new accounting guidance did not have a material impact on the Company's results of operations or financial position. Refer to Note 3. Acquisitions for additional information regarding the Company's acquisitions.
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 that have been reclassified to short-term.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, 2021
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, 2021, 2020 and 2019 were as follows: In millions 2021 2020 2019 Beginning balance $ 29 $ 20 $ 21 Provision charged to expense 3 7 6 Acquisitions and divestitures 2 — — Write-offs, net of recoveries (5) (4) (4) Transfer (to)/from assets held for sale — 2 (2) Foreign currency translation/other (1) 4 (1) Ending balance $ 28 $ 29 $ 20
Schedule of Inventory	The major classes of inventory at December 31, 2021 and 2020 were as follows: In millions 2021 2020 Raw material $ 716 $ 454 Work-in-process 208 136 Finished goods 888 681 LIFO reserve (118) (82) Total inventories $ 1,694 $ 1,189
Schedule of Net Plant and Equipment and Ranges of Useful Lives	Net plant and equipment consisted of the following at December 31, 2021 and 2020: In millions 2021 2020 Land $ 198 $ 204 Buildings and improvements 1,462 1,432 Machinery and equipment 3,898 3,824 Construction in progress 142 133 Gross plant and equipment 5,700 5,593 Accumulated depreciation (3,891) (3,816) Net plant and equipment $ 1,809 $ 1,777 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, 2021, 2020 and 2019 were as follows: In millions 2021 2020 2019 Beginning balance $ 45 $ 45 $ 45 Charges (34) (34) (44) Provision charged to expense 34 33 44 Acquisitions and divestitures 5 — — Foreign currency translation/other (4) 1 — Ending balance $ 46 $ 45 $ 45

Operating Revenue (Tables)

Operating Revenue (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019 was as follows: In millions 2021 2020 2019 Automotive OEM $ 2,800 $ 2,571 $ 3,063 Food Equipment 2,078 1,739 2,188 Test & Measurement and Electronics 2,346 1,963 2,121 Welding 1,650 1,384 1,638 Polymers & Fluids 1,804 1,622 1,669 Construction Products 1,945 1,652 1,625 Specialty Products 1,854 1,660 1,825 Intersegment revenue (22) (17) (20) Total $ 14,455 $ 12,574 $ 14,109

Other Income (Expense) (Tables)

Other Income (Expense) (Tables)	12 Months Ended
	Dec. 31, 2021
Other Income and Expenses [Abstract]
Schedule of Other Income (Expense)	Other income (expense) for the twelve months ended December 31, 2021, 2020 and 2019 consisted of the following: In millions 2021 2020 2019 Interest income $ 12 $ 17 $ 29 Other net periodic benefit income 23 13 24 Income (loss) from investments 29 8 15 Gain (loss) on disposal of operations and affiliates — — 44 Equity income in Wilsonart — — — Gain (loss) on foreign currency transactions, net (9) (5) (10) Other, net (4) (5) 5 Total other income (expense) $ 51 $ 28 $ 107

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019 were as follows: In millions 2021 2020 2019 U.S. federal income taxes: Current $ 399 $ 301 $ 356 Deferred (95) (54) (26) Total U.S. federal income taxes 304 247 330 Foreign income taxes: Current 302 276 302 Deferred (57) 15 53 Total foreign income taxes 245 291 355 State income taxes: Current 79 48 77 Deferred 4 9 5 Total state income taxes 83 57 82 Total provision for income taxes $ 632 $ 595 $ 767
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, 2021, 2020 and 2019 was as follows: In millions 2021 2020 2019 Domestic $ 1,667 $ 1,419 $ 1,774 Foreign 1,659 1,285 1,514 Total income before taxes $ 3,326 $ 2,704 $ 3,288
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, 2021, 2020 and 2019 was as follows: 2021 2020 2019 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % U.S. tax effect of foreign earnings 1.2 1.0 1.1 Changes in tax law (3.4) (1.5) — State income taxes, net of U.S. federal tax benefit 2.1 1.9 1.7 Differences between U.S. federal statutory and foreign tax rates 1.9 2.0 2.0 Nontaxable foreign interest income (1.6) (2.0) (1.4) Tax effect of foreign dividends 0.6 1.6 0.2 Foreign derived intangible income (1.3) (1.3) (0.1) Excess tax benefits from stock-based compensation (0.5) (1.0) (0.9) Other, net (1.0) 0.3 (0.3) Effective tax rate 19.0 % 22.0 % 23.3 %
Schedule of Components of Deferred Income Tax Assets and Liabilities	The components of deferred income tax assets and liabilities as of December 31, 2021 and 2020 were as follows: 2021 2020 In millions Asset Liability Asset Liability Goodwill and intangible assets $ 431 $ (534) $ 292 $ (476) Inventory reserves, capitalized tax cost and LIFO inventory 39 (3) 31 (3) Investments 17 (146) 10 (156) Plant and equipment 17 (103) 16 (91) Accrued expenses and reserves 39 — 37 — Employee benefit accruals 170 — 168 — Foreign tax credit carryforwards 11 — 12 — Net operating loss carryforwards 456 — 418 — Capital loss carryforwards 236 — 88 — Allowances for uncollectible accounts 11 — 10 — Pension liabilities — (65) — (27) Unrealized loss (gain) on foreign debt instruments — (44) 29 — Operating leases 49 (49) 48 (48) Other 52 (42) 32 (18) Gross deferred income tax assets (liabilities) 1,528 (986) 1,191 (819) Valuation allowances (644) — (427) — Total deferred income tax assets (liabilities) $ 884 $ (986) $ 764 $ (819)
Schedule of Net Operating Loss Carryforwards	As of December 31, 2021, 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 to Net In millions Operating Losses 2022 $ 19 2023 5 2024 9 2025 2 2026 9 2027-2047 574 Do not expire 1,116 Total gross carryforwards related to net operating losses $ 1,734
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, 2021, 2020 and 2019 were as follows: In millions 2021 2020 2019 Beginning balance $ 346 $ 296 $ 297 Additions based on tax positions related to the current year 11 74 6 Additions for tax positions of prior years 23 39 13 Reductions for tax positions of prior years (12) (47) (14) Settlements — (23) (5) Foreign currency translation (8) 7 (1) Ending balance $ 360 $ 346 $ 296
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 2017-2021 United Kingdom 2017-2021 Germany 2015-2021 France 2017-2021 Australia 2013-2021

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019 was as follows: In millions except per share amounts 2021 2020 2019 Net Income $ 2,694 $ 2,109 $ 2,521 Net income per share—Basic: Weighted-average common shares 315.1 316.9 323.9 Net income per share—Basic $ 8.55 $ 6.66 $ 7.78 Net income per share—Diluted: Weighted-average common shares 315.1 316.9 323.9 Effect of dilutive stock options and restricted stock units 1.3 1.4 1.7 Weighted-average common shares assuming dilution 316.4 318.3 325.6 Net income per share—Diluted $ 8.51 $ 6.63 $ 7.74

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020 were as follows: In millions Automotive OEM Test & Measurement and Electronics Food Equipment Polymers & Fluids Welding Construction Products Specialty Products Total Balance, December 31, 2019 $ 466 $ 1,245 $ 256 $ 887 $ 258 $ 512 $ 868 $ 4,492 Transfer from assets held for sale 5 83 — — — — 7 95 Foreign currency translation 20 19 15 6 9 19 15 103 Balance, December 31, 2020 491 1,347 271 893 267 531 890 4,690 Acquisitions — 371 — — — — — 371 Foreign currency translation (16) (11) (6) (20) (9) (13) (21) (96) Balance, December 31, 2021 $ 475 $ 1,707 $ 265 $ 873 $ 258 $ 518 $ 869 $ 4,965 Cumulative goodwill impairment charges, December 31, 2021 $ 24 $ 83 $ 60 $ 15 $ 5 $ 7 $ 46 $ 240
Schedule of Finite-lived Intangible Assets	Intangible assets as of December 31, 2021 and 2020 were as follows: 2021 2020 In millions Cost Accumulated Net Cost Accumulated Net Amortizable intangible assets: Customer lists and relationships $ 1,849 $ (1,474) $ 375 $ 1,692 $ (1,396) $ 296 Trademarks and brands 732 (527) 205 742 (505) 237 Patents and proprietary technology 640 (563) 77 606 (542) 64 Other 533 (471) 62 487 (463) 24 Total amortizable intangible assets 3,754 (3,035) 719 3,527 (2,906) 621 Indefinite-lived intangible assets: Trademarks and brands 253 — 253 160 — 160 Total intangible assets $ 4,007 $ (3,035) $ 972 $ 3,687 $ (2,906) $ 781
Schedule of Indefinite-lived Intangible Assets	Intangible assets as of December 31, 2021 and 2020 were as follows: 2021 2020 In millions Cost Accumulated Net Cost Accumulated Net Amortizable intangible assets: Customer lists and relationships $ 1,849 $ (1,474) $ 375 $ 1,692 $ (1,396) $ 296 Trademarks and brands 732 (527) 205 742 (505) 237 Patents and proprietary technology 640 (563) 77 606 (542) 64 Other 533 (471) 62 487 (463) 24 Total amortizable intangible assets 3,754 (3,035) 719 3,527 (2,906) 621 Indefinite-lived intangible assets: Trademarks and brands 253 — 253 160 — 160 Total intangible assets $ 4,007 $ (3,035) $ 972 $ 3,687 $ (2,906) $ 781
Schedule of Estimated Future Amortization Expense of Intangible Assets	As of December 31, 2021, the estimated future amortization expense of intangible assets for the twelve months ending December 31 was as follows: In millions 2022 $ 137 2023 118 2024 101 2025 78 2026 59

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Assets and Liabilities, Lessee	The following table summarizes information related to the Company's capitalized operating leases for the twelve months ended December 31, 2021 and 2020: Dollars in millions 2021 2020 Right-of-use assets $ 222 $ 216 Current portion of operating lease liabilities $ 61 $ 55 Long-term portion of operating lease liabilities 133 133 Operating lease liabilities $ 194 $ 188 Rental expense related to capitalized operating leases $ 71 $ 65 Cash paid related to maturities of operating lease liabilities $ 70 $ 64 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 71 $ 65 Weighted-average remaining lease term 4.4 years 4.1 years Weighted-average discount rate 1.98 % 2.34 %
Lease, Cost	The following table summarizes information related to the Company's capitalized operating leases for the twelve months ended December 31, 2021 and 2020: Dollars in millions 2021 2020 Right-of-use assets $ 222 $ 216 Current portion of operating lease liabilities $ 61 $ 55 Long-term portion of operating lease liabilities 133 133 Operating lease liabilities $ 194 $ 188 Rental expense related to capitalized operating leases $ 71 $ 65 Cash paid related to maturities of operating lease liabilities $ 70 $ 64 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 71 $ 65 Weighted-average remaining lease term 4.4 years 4.1 years Weighted-average discount rate 1.98 % 2.34 %
Schedule of Future Maturities of Operating Lease Liabilities	As of December 31, 2021, future maturities of operating lease liabilities for the twelve months ending December 31 were as follows: In millions 2022 $ 64 2023 51 2024 36 2025 20 2026 13 2027 and future years 19 Total future minimum lease payments 203 Less: Imputed interest (9) Operating lease liabilities $ 194

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Total debt as of December 31, 2021 and 2020 was as follows: In millions 2021 2020 Short-term debt $ 778 $ 350 Long-term debt 6,909 7,772 Total debt $ 7,687 $ 8,122
Schedule of Short-term Debt	Short-term debt as of December 31, 2021 and 2020 consisted of the following: In millions 2021 2020 Current maturities of long-term debt $ 568 $ 350 Commercial paper 210 — Total short-term debt $ 778 $ 350
Schedule of Long-term Debt at Carrying Value and Fair Value	Long-term debt at carrying value and fair value as of December 31, 2021 and 2020 consisted of the following: 2021 2020 In millions Effective Interest Rate Carrying Value Fair Value Carrying Value Fair Value 3.375% notes due September 15, 2021 3.43% $ — $ — $ 350 $ 355 1.75% Euro notes due May 20, 2022 1.86% 568 570 609 625 1.25% Euro notes due May 22, 2023 1.35% 567 578 609 631 3.50% notes due March 1, 2024 3.54% 699 734 698 764 0.25% Euro notes due December 5, 2024 0.31% 679 688 729 745 2.65% notes due November 15, 2026 2.69% 995 1,053 994 1,108 0.625% Euro notes due December 5, 2027 0.71% 564 577 605 639 2.125% Euro notes due May 22, 2030 2.18% 564 641 606 732 1.00% Euro notes due June 5, 2031 1.09% 561 587 602 671 3.00% Euro notes due May 19, 2034 3.13% 557 711 598 830 4.875% notes due September 15, 2041 4.97% 637 863 637 912 3.90% notes due September 1, 2042 3.96% 1,083 1,291 1,082 1,397 Other borrowings 3 3 3 3 Total $ 7,477 $ 8,296 $ 8,122 $ 9,412 Less: Current maturities of long-term debt (568) (350) Total long-term debt $ 6,909 $ 7,772
Schedule of Future Maturities of Long-term Debt Including Current Maturities of Long-term Debt	As of December 31, 2021, 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 2022 $ 568 2023 567 2024 1,378 2025 — 2026 995 2027 and future years 3,969 Total $ 7,477

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019 is as follows: Pension Other Postretirement Benefits In millions 2021 2020 2019 2021 2020 2019 Components of net periodic benefit cost: Service cost $ 53 $ 55 $ 52 $ 7 $ 8 $ 7 Interest cost 39 60 78 11 16 20 Expected return on plan assets (101) (113) (121) (25) (24) (22) Amortization of actuarial (gain) loss 53 47 21 — (1) (1) Amortization of prior service cost 1 2 1 — — — Total net periodic benefit cost $ 45 $ 51 $ 31 $ (7) $ (1) $ 4
Change in Plan Benefit Obligations	The following table provides a rollforward of the plan benefit obligations for the twelve months ended December 31, 2021 and 2020: Pension Other Postretirement Benefits In millions 2021 2020 2021 2020 Change in benefit obligation: Beginning balance $ 2,939 $ 2,731 $ 591 $ 570 Service cost 53 55 7 8 Interest cost 39 60 11 16 Plan participants' contributions 2 1 10 10 Amendments — 1 — — Actuarial (gain) loss (131) 205 2 26 Acquisitions 40 — — — Benefits paid (161) (160) (42) (41) Medicare subsidy received — — 1 2 Foreign currency translation (16) 46 — — Ending balance $ 2,765 $ 2,939 $ 580 $ 591 Accumulated benefit obligation as of December 31 $ 2,642 $ 2,792
Change in Plan Assets and Reconciliation of Funded Status	The following table provides a rollforward of the plan assets and a reconciliation of funded status for the twelve months ended December 31, 2021 and 2020: Pension Other Postretirement Benefits In millions 2021 2020 2021 2020 Change in plan assets: Beginning balance $ 3,096 $ 2,844 $ 402 $ 374 Actual return on plan assets 63 343 59 55 Company contributions 25 26 5 4 Plan participants' contributions 2 1 10 10 Acquisitions 28 — — — Benefits paid (161) (160) (42) (41) Foreign currency translation (12) 42 — — Ending balance $ 3,041 $ 3,096 $ 434 $ 402 Reconciliation of funded status: Funded status $ 276 $ 157 $ (146) $ (189) Other immaterial plans (57) (54) (5) (5) Net asset (liability) as of December 31 $ 219 $ 103 $ (151) $ (194) The amounts recognized in the Statement of Financial Position as of December 31 consist of: Other assets $ 465 $ 355 $ — $ — Accrued expenses (11) (11) (3) (3) Other noncurrent liabilities (235) (241) (148) (191) Net asset (liability) as of December 31 $ 219 $ 103 $ (151) $ (194) The pre-tax amounts recognized in accumulated other comprehensive (income) loss consist of: Net actuarial (gain) loss $ 349 $ 495 $ (71) $ (39) Prior service cost 5 6 — — Pre-tax accumulated other comprehensive (income) loss as of December 31 $ 354 $ 501 $ (71) $ (39)
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 2021 2020 2019 2021 2020 2019 Assumptions used to determine benefit obligations as of December 31: Discount rate 2.33 % 1.89 % 2.61 % 2.92 % 2.59 % 3.29 % Rate of compensation increases 3.40 % 3.24 % 3.44 % Interest crediting rate - U.S. cash balance plan 3.75 % 3.75 % 4.00 % Assumptions used to determine net periodic benefit cost for the twelve months ended December 31: Discount rate 1.89 % 2.61 % 3.66 % 2.59 % 3.29 % 4.40 % Expected return on plan assets 3.67 % 4.33 % 4.71 % 6.65 % 6.70 % 6.70 % Rate of compensation increases 3.24 % 3.44 % 3.52 % Interest crediting rate - U.S. cash balance plan 3.75 % 4.00 % 4.00 %
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: 2021 2020 2019 Health care cost trend rate assumed for the next year 7.00 % 7.00 % 6.70 % Ultimate trend rate 4.50 % 4.50 % 4.50 % Year the rate reaches the ultimate trend rate 2029 2027 2026
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, 2021 and 2020, 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. 2021 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 47 $ 43 $ 4 $ — Fixed income securities: Government securities 370 — 370 — Corporate debt securities 996 — 996 — Investment contracts with insurance companies 1 — — 1 Commingled funds: Mutual funds 28 Collective trust funds 1,573 Partnerships/private equity interests 21 Other 5 — 5 — Total fair value of pension plan assets $ 3,041 $ 43 $ 1,375 $ 1 Other Postretirement Benefit Plan Assets: Life insurance policies $ 434 Total fair value of other postretirement benefit plan assets $ 434 $ — $ — $ — 2020 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 75 $ 61 $ 14 $ — Fixed income securities: Government securities 373 — 373 — Corporate debt securities 1,043 — 1,043 — Investment contracts with insurance companies 1 — — 1 Commingled funds: Collective trust funds 1,577 Partnerships/private equity interests 22 Other 5 — 5 — Total fair value of pension plan assets $ 3,096 $ 61 $ 1,435 $ 1 Other Postretirement Benefit Plan Assets: Life insurance policies $ 402 Total fair value of other postretirement benefit plan assets $ 402 $ — $ — $ —
Expected Future Benefit Payments	As of December 31, 2021, 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 2022 $ 163 $ 35 2023 169 36 2024 171 36 2025 173 36 2026 173 36 Years 2027-2031 843 176

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) during 2021, 2020 and 2019 were as follows: In millions 2021 2020 2019 Beginning balance $ (1,642) $ (1,705) $ (1,677) Foreign currency translation adjustments during the period 73 (82) 7 Foreign currency translation adjustments reclassified to income 5 — — Income taxes (73) 86 (9) Total foreign currency translation adjustments, net of tax 5 4 (2) Pension and other postretirement benefit adjustments during the period 125 30 (54) Pension and other postretirement benefit adjustments reclassified to income 54 48 21 Income taxes (44) (19) 7 Total pension and other postretirement benefit adjustments, net of tax 135 59 (26) Ending balance $ (1,502) $ (1,642) $ (1,705)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019: In millions 2021 2020 2019 Pre-tax stock-based compensation expense $ 53 $ 42 $ 41 Tax benefit (6) (5) (5) Total stock-based compensation expense, net of tax $ 47 $ 37 $ 36
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, 2021: Shares in millions Number of Weighted-Average Unvested, January 1, 2021 0.5 $164.76 Granted 0.2 200.87 Vested (0.1) 163.41 Unvested, December 31, 2021 0.6 178.60
Summary of Stock Option Activity	The following table summarizes stock option activity for the twelve months ended December 31, 2021: In millions except exercise price and contractual terms Number of Weighted-Average Weighted-Average Aggregate Under option, January 1, 2021 3.2 $128.81 Granted 0.5 200.98 Exercised (0.5) 92.62 Canceled or expired (0.1) 181.06 Under option, December 31, 2021 3.1 144.93 6.1 $312 Exercisable, December 31, 2021 1.9 123.58 4.9 $239
Summary of Assumptions Used in Option Valuations	The following summarizes the assumptions used in the option valuations for the twelve months ended December 31, 2021, 2020 and 2019: 2021 2020 2019 Risk-free interest rate 0.04-1.38% 1.41-1.59% 2.50%-2.68% Weighted-average volatility 24.0% 21.0% 22.0% Dividend yield 2.50% 2.56% 2.20% Expected years until exercise 8.9-9.4 9.1-9.6 8.7-9.0

Other Balance Sheet Informati_2

Other Balance Sheet Information (Tables)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Other Balance Sheet Information	Other balance sheet information as of December 31, 2021 and 2020 was as follows: In millions 2021 2020 Prepaid expenses and other current assets: Value-added-tax receivables $ 84 $ 72 Vendor advances 71 30 Income tax refunds receivable 18 43 Other 140 119 Total prepaid expenses and other current assets $ 313 $ 264 Other assets: Prepaid pension assets $ 465 $ 355 Cash surrender value of life insurance policies 449 454 Operating lease right-of-use assets 222 216 Customer tooling 154 160 Other 115 123 Total other assets $ 1,405 $ 1,308 Accrued expenses: Compensation and employee benefits $ 460 $ 335 Deferred revenue and customer deposits 394 222 Rebates 209 171 Current portion of operating lease liabilities 61 55 Warranties 46 45 Current portion of pension and other postretirement benefit obligations 14 14 Other 464 442 Total accrued expenses $ 1,648 $ 1,284 Other liabilities: Pension benefit obligation $ 235 $ 241 Postretirement benefit obligation 148 191 Long-term portion of operating lease liabilities 133 133 Other 537 503 Total other liabilities $ 1,053 $ 1,068

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Summary of Segment Information	Segment information for 2021, 2020 and 2019 was as follows: In millions 2021 2020 2019 Operating revenue: Automotive OEM $ 2,800 $ 2,571 $ 3,063 Food Equipment 2,078 1,739 2,188 Test & Measurement and Electronics 2,346 1,963 2,121 Welding 1,650 1,384 1,638 Polymers & Fluids 1,804 1,622 1,669 Construction Products 1,945 1,652 1,625 Specialty Products 1,854 1,660 1,825 Intersegment revenue (22) (17) (20) Total $ 14,455 $ 12,574 $ 14,109 Operating income: Automotive OEM $ 545 $ 457 $ 659 Food Equipment 469 342 578 Test & Measurement and Electronics 643 507 542 Welding 490 376 453 Polymers & Fluids 457 402 381 Construction Products 530 421 383 Specialty Products 504 432 472 Total segments 3,638 2,937 3,468 Unallocated (161) (55) (66) Total $ 3,477 $ 2,882 $ 3,402 Depreciation and amortization and impairment of intangible assets: Automotive OEM $ 128 $ 131 $ 125 Food Equipment 42 41 41 Test & Measurement and Electronics 66 75 69 Welding 26 24 26 Polymers & Fluids 62 72 77 Construction Products 32 31 29 Specialty Products 54 53 59 Total $ 410 $ 427 $ 426 Plant and equipment additions: Automotive OEM $ 116 $ 79 $ 134 Food Equipment 30 34 35 Test & Measurement and Electronics 37 23 26 Welding 27 27 28 Polymers & Fluids 15 16 18 Construction Products 30 21 29 Specialty Products 41 36 56 Total $ 296 $ 236 $ 326 Identifiable assets: Automotive OEM $ 2,260 $ 2,302 $ 2,417 Food Equipment 1,052 983 1,042 Test & Measurement and Electronics 3,242 2,239 2,374 Welding 784 700 734 Polymers & Fluids 1,881 1,855 1,862 Construction Products 1,367 1,239 1,176 Specialty Products 1,682 1,635 1,656 Total segments 12,268 10,953 11,261 Corporate 3,809 4,659 3,807 Total $ 16,077 $ 15,612 $ 15,068
Summary of Enterprise-wide Information	Enterprise-wide information for the twelve months ended December 31, 2021, 2020 and 2019 was as follows: In millions 2021 2020 2019 Operating Revenue by Geographic Region: United States $ 6,578 $ 5,834 $ 6,507 Canada/Mexico 940 778 972 Total North America 7,518 6,612 7,479 Europe, Middle East and Africa 3,870 3,447 3,920 Asia Pacific 2,802 2,291 2,400 South America 265 224 310 Total operating revenue $ 14,455 $ 12,574 $ 14,109

Description of Business and S_4

Description of Business and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	Dec. 01, 2021	Dec. 31, 2021USD ($)segmentdivisioncountry	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of company divisions | division		83
Number of countries with company operations | country		52
Number of operating segments | segment		7
Deferred revenue and customer deposits		$ 394	$ 222
Research and development expenses		239	214	$ 221
Advertising expenses		$ 50	$ 43	48
Percentage of total inventories priced at LIFO		19.00%	19.00%
LIFO reserve		$ 118	$ 82
Depreciation		277	$ 273	$ 267
M T S
Finite-Lived Intangible Assets [Line Items]
Deferred revenue and customer deposits		$ 108
Minimum
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible asset, useful life	3 months 18 days	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible asset, useful life	12 years	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, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in Allowances for Uncollectible Accounts
Beginning balance	$ 29	$ 20	$ 21
Provision charged to expense	3	7	6
Acquisitions and divestitures	2	0	0
Write-offs, net of recoveries	(5)	(4)	(4)
Transfer (to)/from assets held for sale	0	2	(2)
Foreign currency translation/other	(1)	4	(1)
Ending balance	$ 28	$ 29	$ 20

Description of Business and S_6

Description of Business and Summary of Significant Accounting Policies - Schedule of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Inventory, Net [Abstract]
Raw material	$ 716	$ 454
Work-in-process	208	136
Finished goods	888	681
LIFO reserve	(118)	(82)
Total inventories	$ 1,694	$ 1,189

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, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Land	$ 198	$ 204
Buildings and improvements	1,462	1,432
Machinery and equipment	3,898	3,824
Construction in progress	142	133
Gross plant and equipment	5,700	5,593
Accumulated depreciation	(3,891)	(3,816)
Net plant and equipment	$ 1,809	$ 1,777

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, 2021
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in Accrued Product Warranties
Beginning balance	$ 45	$ 45	$ 45
Charges	(34)	(34)	(44)
Provision charged to expense	34	33	44
Acquisitions and divestitures	5	0	0
Foreign currency translation/other	(4)	1	0
Ending balance	$ 46	$ 45	$ 45

Acquisitions (Details)

Acquisitions (Details) $ in Millions	Dec. 01, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)acquisition	Dec. 31, 2019USD ($)
Business Acquisition [Line Items]
Net cash paid for acquisition			$ 731	$ 0	$ 4
Number of acquisitions | acquisition				0
Goodwill		$ 4,965	4,965	$ 4,690	$ 4,492
Expected amortizable intangible assets		3,754	$ 3,754	$ 3,527
Weighted average amortization period	10 years
Minimum
Business Acquisition [Line Items]
Amortizable intangible asset, useful life	3 months 18 days		3 years
Maximum
Business Acquisition [Line Items]
Amortizable intangible asset, useful life	12 years		20 years
M T S
Business Acquisition [Line Items]
Purchase price	$ 750
Operating revenue since acquisition		$ 46
Goodwill	371
Intangible assets	321
Expected amortizable intangible assets	228
M T S | Trademarks and Trade Names
Business Acquisition [Line Items]
Intangible assets	$ 93

Divestitures (Details)

Divestitures (Details) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2019business	Jun. 30, 2019business	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)business$ / shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gains on disposal of businesses | $			$ 0	$ 0	$ 44
Number of businesses no longer classified as held-for-sale | segment				3
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		6
Number of businesses held for sale	3				3
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	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
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		2
Number of businesses held for sale	1				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	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		1
Number of businesses held for sale	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		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	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		2
Number of businesses held for sale	1				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	1
Operating revenue | $					$ 14

Operating Revenue (Details)

Operating Revenue (Details)	12 Months Ended
	Dec. 31, 2021segmentdivision
Revenue from Contract with Customer [Abstract]
Number of company divisions | division	83
Number of reportable segments | segment	7

Operating Revenue - Summary of

Operating Revenue - Summary of Operating Revenue by Product Category (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Operating Revenue	$ 14,455	$ 12,574	$ 14,109
Operating segments | Automotive OEM
Disaggregation of Revenue [Line Items]
Operating Revenue	2,800	2,571	3,063
Operating segments | Food Equipment
Disaggregation of Revenue [Line Items]
Operating Revenue	2,078	1,739	2,188
Operating segments | Test & Measurement and Electronics
Disaggregation of Revenue [Line Items]
Operating Revenue	2,346	1,963	2,121
Operating segments | Welding
Disaggregation of Revenue [Line Items]
Operating Revenue	1,650	1,384	1,638
Operating segments | Polymers & Fluids
Disaggregation of Revenue [Line Items]
Operating Revenue	1,804	1,622	1,669
Operating segments | Construction Products
Disaggregation of Revenue [Line Items]
Operating Revenue	1,945	1,652	1,625
Operating segments | Specialty Products
Disaggregation of Revenue [Line Items]
Operating Revenue	1,854	1,660	1,825
Intersegment revenue
Disaggregation of Revenue [Line Items]
Operating Revenue	$ (22)	$ (17)	$ (20)

Other Income (Expense) - Schedu

Other Income (Expense) - Schedule of Other Income (Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Nonoperating Income (Expense) [Abstract]
Interest income	$ 12	$ 17	$ 29
Other net periodic benefit income	23	13	24
Income (loss) from investments	29	8	15
Gain (loss) on disposal of operations and affiliates	0	0	44
Equity income in Wilsonart	0	0	0
Gain (loss) on foreign currency transactions, net	(9)	(5)	(10)
Other, net	(4)	(5)	5
Total other income (expense)	$ 51	$ 28	$ 107

Other Income (Expense) - Narrat

Other Income (Expense) - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2016	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal of operations and affiliates	$ 0	$ 0	$ 44,000,000
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
Wilsonart International Holdings LLC | Cumulative Convertible Participating Preferred Units
Schedule of Equity Method Investments [Line Items]
Dividend rate for preferred units	10.00%
Decorative Surfaces
Schedule of Equity Method Investments [Line Items]
Percentage of segment divested					51.00%
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, 2021	Jun. 30, 2021	Sep. 30, 2019	Dec. 31, 2017	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Tax Cuts and Jobs Act, income tax expense				$ 676
Noncurrent income taxes payable					$ 365	$ 413
Effective tax rate					19.00%	22.00%	23.30%
Discrete tax benefit	$ 21	$ 112	$ 21
Effective tax rate, share-based compensation, excess tax benefit, amount					$ 17	$ 27	$ 28
Accrual foreign withhold taxes					48	55
Undistributed earnings of foreign subsidiaries					6,000
Unrecognized tax benefits that would impact effective tax rate					320
Possible decrease in unrecognized tax benefits resulting from ongoing audits					51
Accrual for interest and penalties related to income tax matters					$ 40	$ 34

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
U.S. federal income taxes:
Current	$ 399	$ 301	$ 356
Deferred	(95)	(54)	(26)
Total U.S. federal income taxes	304	247	330
Foreign income taxes:
Current	302	276	302
Deferred	(57)	15	53
Total foreign income taxes	245	291	355
State income taxes:
Current	79	48	77
Deferred	4	9	5
Total state income taxes	83	57	82
Total provision for income taxes	$ 632	$ 595	$ 767

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Income from Continuing Operations Before Income Taxes
Domestic	$ 1,667	$ 1,419	$ 1,774
Foreign	1,659	1,285	1,514
Income Before Taxes	$ 3,326	$ 2,704	$ 3,288
Reconciliation Between the U.S. Federal Statutory Tax Rate and The Effective Tax Rate
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
U.S. tax effect of foreign earnings	1.20%	1.00%	1.10%
Changes in tax law	(3.40%)	(1.50%)	0.00%
State income taxes, net of U.S. federal tax benefit	2.10%	1.90%	1.70%
Differences between U.S. federal statutory and foreign tax rates	1.90%	2.00%	2.00%
Nontaxable foreign interest income	(1.60%)	(2.00%)	(1.40%)
Tax effect of foreign dividends	0.60%	1.60%	0.20%
Foreign derived intangible income	(1.30%)	(1.30%)	(0.10%)
Excess tax benefits from stock-based compensation	(0.50%)	(1.00%)	(0.90%)
Other, net	(1.00%)	0.30%	(0.30%)
Effective tax rate	19.00%	22.00%	23.30%

Income Taxes - Schedule of Co_2

Income Taxes - Schedule of Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred Income Tax Assets
Goodwill and intangible assets	$ 431	$ 292
Inventory reserves, capitalized tax cost and LIFO inventory	39	31
Investments	17	10
Plant and equipment	17	16
Accrued expenses and reserves	39	37
Employee benefit accruals	170	168
Foreign tax credit carryforwards	11	12
Net operating loss carryforwards	456	418
Capital loss carryforwards	236	88
Allowances for uncollectible accounts	11	10
Unrealized loss (gain) on foreign debt instruments	0	29
Operating leases	49	48
Other	52	32
Gross deferred income tax assets	1,528	1,191
Valuation allowances	(644)	(427)
Total deferred income tax assets	884	764
Deferred Income Tax Liabilities
Goodwill and intangible assets	(534)	(476)
Inventory reserves, capitalized tax cost and LIFO inventory	(3)	(3)
Investments	(146)	(156)
Plant and equipment	(103)	(91)
Pension liabilities	(65)	(27)
Unrealized loss (gain) on foreign debt instruments	(44)	0
Operating leases	(49)	(48)
Other	(42)	(18)
Gross deferred income tax liabilities	$ (986)	$ (819)

Income Taxes - Schedule of Net

Income Taxes - Schedule of Net Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2021USD ($)
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	$ 1,734
2022
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	19
2023
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	5
2024
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	9
2025
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	2
2026
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	9
2027-2047
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	574
Do not expire
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	$ 1,116

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in the amount of unrecognized tax benefits
Beginning balance	$ 346	$ 296	$ 297
Additions based on tax positions related to the current year	11	74	6
Additions for tax positions of prior years	23	39	13
Reductions for tax positions of prior years	(12)	(47)	(14)
Settlements	0	(23)	(5)
Foreign currency translation	(8)		(1)
Foreign currency translation		7
Ending balance	$ 360	$ 346	$ 296

Income Taxes - Summary of Open

Income Taxes - Summary of Open Tax Years (Details)	12 Months Ended
	Dec. 31, 2021
Minimum | United States – Federal
Income Tax Contingency [Line Items]
Open tax years	2017
Minimum | United Kingdom
Income Tax Contingency [Line Items]
Open tax years	2017
Minimum | Germany
Income Tax Contingency [Line Items]
Open tax years	2015
Minimum | France
Income Tax Contingency [Line Items]
Open tax years	2017
Minimum | Australia
Income Tax Contingency [Line Items]
Open tax years	2013
Maximum | United States – Federal
Income Tax Contingency [Line Items]
Open tax years	2021
Maximum | United Kingdom
Income Tax Contingency [Line Items]
Open tax years	2021
Maximum | Germany
Income Tax Contingency [Line Items]
Open tax years	2021
Maximum | France
Income Tax Contingency [Line Items]
Open tax years	2021
Maximum | Australia
Income Tax Contingency [Line Items]
Open tax years	2021

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net Income	$ 2,694	$ 2,109	$ 2,521
Net income per share—Basic:
Weighted-average common shares (in shares)	315.1	316.9	323.9
Net income per share—Basic (in dollars per share)	$ 8.55	$ 6.66	$ 7.78
Net income per share—Diluted:
Weighted-average common shares (in shares)	315.1	316.9	323.9
Effect of dilutive stock options and restricted stock units (in shares)	1.3	1.4	1.7
Weighted-average common shares assuming dilution (in shares)	316.4	318.3	325.6
Net income per share—Diluted (in dollars per share)	$ 8.51	$ 6.63	$ 7.74

Net Income Per Share - Narrativ

Net Income Per Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Antidilutive options outstanding (in shares)	0.4	0.5	0.9

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, 2021	Dec. 31, 2020
Changes in the carrying amount of goodwill by segment
Balance, beginning	$ 4,690	$ 4,492
Transfer from assets held for sale		95
Acquisitions	371
Foreign currency translation	(96)	103
Balance, ending	4,965	4,690
Cumulative goodwill impairment charges, December 31, 2021	240
Automotive OEM
Changes in the carrying amount of goodwill by segment
Balance, beginning	491	466
Transfer from assets held for sale		5
Acquisitions	0
Foreign currency translation	(16)	20
Balance, ending	475	491
Cumulative goodwill impairment charges, December 31, 2021	24
Test & Measurement and Electronics
Changes in the carrying amount of goodwill by segment
Balance, beginning	1,347	1,245
Transfer from assets held for sale		83
Acquisitions	371
Foreign currency translation	(11)	19
Balance, ending	1,707	1,347
Cumulative goodwill impairment charges, December 31, 2021	83
Food Equipment
Changes in the carrying amount of goodwill by segment
Balance, beginning	271	256
Transfer from assets held for sale		0
Acquisitions	0
Foreign currency translation	(6)	15
Balance, ending	265	271
Cumulative goodwill impairment charges, December 31, 2021	60
Polymers & Fluids
Changes in the carrying amount of goodwill by segment
Balance, beginning	893	887
Transfer from assets held for sale		0
Acquisitions	0
Foreign currency translation	(20)	6
Balance, ending	873	893
Cumulative goodwill impairment charges, December 31, 2021	15
Welding
Changes in the carrying amount of goodwill by segment
Balance, beginning	267	258
Transfer from assets held for sale		0
Acquisitions	0
Foreign currency translation	(9)	9
Balance, ending	258	267
Cumulative goodwill impairment charges, December 31, 2021	5
Construction Products
Changes in the carrying amount of goodwill by segment
Balance, beginning	531	512
Transfer from assets held for sale		0
Acquisitions	0
Foreign currency translation	(13)	19
Balance, ending	518	531
Cumulative goodwill impairment charges, December 31, 2021	7
Specialty Products
Changes in the carrying amount of goodwill by segment
Balance, beginning	890	868
Transfer from assets held for sale		7
Acquisitions	0
Foreign currency translation	(21)	15
Balance, ending	869	$ 890
Cumulative goodwill impairment charges, December 31, 2021	$ 46

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Amortizable intangible assets:
Cost	$ 3,754	$ 3,527
Accumulated Amortization	(3,035)	(2,906)
Net	719	621
Total intangible assets, Cost	4,007	3,687
Total intangible assets, Net	972	781
Trademarks and brands
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	253	160
Customer lists and relationships
Amortizable intangible assets:
Cost	1,849	1,692
Accumulated Amortization	(1,474)	(1,396)
Net	375	296
Trademarks and brands
Amortizable intangible assets:
Cost	732	742
Accumulated Amortization	(527)	(505)
Net	205	237
Patents and proprietary technology
Amortizable intangible assets:
Cost	640	606
Accumulated Amortization	(563)	(542)
Net	77	64
Other
Amortizable intangible assets:
Cost	533	487
Accumulated Amortization	(471)	(463)
Net	$ 62	$ 24

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	Dec. 01, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Indefinite-lived Intangible Assets [Line Items]
Goodwill					$ 4,965,000,000	$ 4,690,000,000	$ 4,492,000,000
Expected amortizable intangible assets					3,754,000,000	3,527,000,000
Goodwill and indefinite-lived asset impairment charges		$ 0	$ 0	$ 0
Amortization expense and impairment of intangible assets					$ 133,000,000	$ 154,000,000	$ 159,000,000
M T S
Indefinite-lived Intangible Assets [Line Items]
Purchase price	$ 750,000,000
Goodwill	371,000,000
Intangible assets	321,000,000
Expected amortizable intangible assets	228,000,000
M T S | Trademarks and Trade Names
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 93,000,000

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense of Intangible Assets (Details) $ in Millions	Dec. 31, 2021USD ($)
Estimated amortization expense of intangible assets
2022	$ 137
2023	118
2024	101
2025	78
2026	$ 59

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Rental expense for operating leases	$ 118	$ 113
Operating lease, expense			$ 113
Rental expense related to short-term operating leases and variable lease payments	$ 47	$ 48	$ 44

Leases - Information Related to

Leases - Information Related to Capitalized Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating lease right-of-use assets	$ 222	$ 216
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Current portion of operating lease liabilities	$ 61	$ 55
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Long-term portion of operating lease liabilities	$ 133	$ 133
Operating lease liabilities	194	188
Rental expense related to capitalized operating leases	71	65
Cash paid related to maturities of operating lease liabilities	70	64
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$ 71	$ 65
Weighted-average remaining lease term	4 years 4 months 24 days	4 years 1 month 6 days
Weighted-average discount rate	1.98%	2.34%

Leases - Schedule of Future Mat

Leases - Schedule of Future Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 64
2023	51
2024	36
2025	20
2026	13
2027 and future years	19
Total future minimum lease payments	203
Less: Imputed interest	(9)
Operating lease liabilities	$ 194	$ 188

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Short-term debt	$ 778	$ 350
Long-term debt	6,909	$ 7,772
Total debt	$ 7,687

Debt - Schedule of Short-term D

Debt - Schedule of Short-term Debt (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Current maturities of long-term debt	$ 568,000,000	$ 350,000,000
Commercial paper	210,000,000	0
Total short-term debt	$ 778,000,000	$ 350,000,000

Debt - Narrative (Details)

Debt - Narrative (Details)

3 Months Ended

Sep. 30, 2019USD ($)

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Jun. 30, 2019EUR (€)

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]

Short-term debt

$ 778,000,000

$ 350,000,000

Commercial paper

210,000,000

0

Guarantees, Letters Of Credit, And Other Similar Arrangements

Line of Credit Facility [Line Items]

Line of credit, amounts outstanding

210,000,000

1.75% Euro notes due May 20, 2022

Line of Credit Facility [Line Items]

Short-term debt

$ 568,000,000

Interest rate, stated percentage

1.75%

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

Line of Credit Facility [Line Items]

Interest rate, stated percentage

1.75%

Face value of notes | €

€ 500,000,000

Notes issued, percentage of face value

99.16%

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

4.88% Notes Due December 31, 2020 | Unsecured Debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

4.88%

Face value of notes

$ 54,000,000

Notes issued, percentage of face value

100.00%

6.25% Notes Due April 1, 2019 | Unsecured Debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

6.25%

Face value of notes

$ 700,000,000

Notes issued, percentage of face value

99.98%

3.375% notes due September 15, 2021

Line of Credit Facility [Line Items]

Short-term debt

$ 350,000,000

Interest rate, stated percentage

3.375%

3.375%

3.375% notes due September 15, 2021 | Unsecured Debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

3.375%

Face value of notes

$ 350,000,000

Notes issued, percentage of face value

99.552%

4.875% notes due September 15, 2041

Line of Credit Facility [Line Items]

Interest rate, stated percentage

4.875%

4.875% notes due September 15, 2041 | Unsecured Debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

4.875%

Face value of notes

$ 650,000,000

Notes issued, percentage of face value

98.539%

3.90% notes due September 1, 2042

Line of Credit Facility [Line Items]

Interest rate, stated percentage

3.90%

3.90% notes due September 1, 2042 | Unsecured Debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

3.90%

Face value of notes

$ 1,100,000,000

Notes issued, percentage of face value

99.038%

1.95% Notes Due March 1, 2019 | Unsecured Debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

1.95%

Face value of notes

$ 650,000,000

Notes issued, percentage of face value

99.871%

3.50% notes due March 1, 2024

Line of Credit Facility [Line Items]

Interest rate, stated percentage

3.50%

3.50% notes due March 1, 2024 | Unsecured Debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

3.50%

Face value of notes

$ 700,000,000

Notes issued, percentage of face value

99.648%

3.00% Euro notes due May 19, 2034

Line of Credit Facility [Line Items]

Interest rate, stated percentage

3.00%

3.00% Euro notes due May 19, 2034 | Unsecured Debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

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

Line of Credit Facility [Line Items]

Interest rate, stated percentage

1.25%

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

Line of Credit Facility [Line Items]

Interest rate, stated percentage

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

Line of Credit Facility [Line Items]

Interest rate, stated percentage

2.125%

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

Line of Credit Facility [Line Items]

Interest rate, stated percentage

2.125%

Face value of notes | €

€ 500,000,000

Notes issued, percentage of face value

99.303%

2.65% notes due November 15, 2026

Line of Credit Facility [Line Items]

Interest rate, stated percentage

2.65%

2.65% notes due November 15, 2026 | Unsecured Debt

Line of Credit Facility [Line Items]

Interest rate, stated percentage

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

Line of Credit Facility [Line Items]

Interest rate, stated percentage

0.25%

0.625% Euro notes due December 5, 2027

Line of Credit Facility [Line Items]

Interest rate, stated percentage

0.625%

1.00% Euro notes due June 5, 2031

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

0.10%

Line of Credit | International Debt Facilities

Line of Credit Facility [Line Items]

Unused capacity under international debt facilities

$ 201,000,000

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt at Carrying Value and Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2016	May 31, 2015	May 31, 2014	Feb. 28, 2014	Dec. 31, 2012	Dec. 31, 2011
Debt Instrument [Line Items]
Fair Value	$ 8,296	$ 9,412
Total	7,477	8,122
Less: Current maturities of long-term debt	(568)	(350)
Total long-term debt	6,909	7,772
Other borrowings
Debt Instrument [Line Items]
Fair Value	3	3
Total	$ 3	$ 3
3.375% notes due September 15, 2021
Debt Instrument [Line Items]
Interest rate, stated percentage	3.375%	3.375%
3.375% notes due September 15, 2021 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage								3.375%
Effective Interest Rate	3.43%
Fair Value	$ 0	$ 355
Total	$ 0	350
1.75% Euro notes due May 20, 2022
Debt Instrument [Line Items]
Interest rate, stated percentage	1.75%
1.75% Euro notes due May 20, 2022 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage					1.75%
Effective Interest Rate	1.86%
Fair Value	$ 570	625
Total	$ 568	609
1.25% Euro notes due May 22, 2023
Debt Instrument [Line Items]
Interest rate, stated percentage	1.25%
1.25% Euro notes due May 22, 2023 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage				1.25%
Effective Interest Rate	1.35%
Fair Value	$ 578	631
Total	$ 567	609
3.50% notes due March 1, 2024
Debt Instrument [Line Items]
Interest rate, stated percentage	3.50%
3.50% notes due March 1, 2024 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage						3.50%
Effective Interest Rate	3.54%
Fair Value	$ 734	764
Total	$ 699	698
0.25% Euro notes due December 5, 2024
Debt Instrument [Line Items]
Interest rate, stated percentage	0.25%
0.25% Euro notes due December 5, 2024 | Unsecured debt
Debt Instrument [Line Items]
Effective Interest Rate	0.31%
Fair Value	$ 688	745
Total	$ 679	729
2.65% notes due November 15, 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	2.65%
2.65% notes due November 15, 2026 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage			2.65%
Effective Interest Rate	2.69%
Fair Value	$ 1,053	1,108
Total	$ 995	994
0.625% Euro notes due December 5, 2027
Debt Instrument [Line Items]
Interest rate, stated percentage	0.625%
0.625% Euro notes due December 5, 2027 | Unsecured debt
Debt Instrument [Line Items]
Effective Interest Rate	0.71%
Fair Value	$ 577	639
Total	$ 564	605
2.125% Euro notes due May 22, 2030
Debt Instrument [Line Items]
Interest rate, stated percentage	2.125%
2.125% Euro notes due May 22, 2030 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage				2.125%
Effective Interest Rate	2.18%
Fair Value	$ 641	732
Total	$ 564	606
1.00% Euro notes due June 5, 2031
Debt Instrument [Line Items]
Interest rate, stated percentage	1.00%
1.00% Euro notes due June 5, 2031 | Unsecured debt
Debt Instrument [Line Items]
Effective Interest Rate	1.09%
Fair Value	$ 587	671
Total	$ 561	602
3.00% Euro notes due May 19, 2034
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%
3.00% Euro notes due May 19, 2034 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage					3.00%
Effective Interest Rate	3.13%
Fair Value	$ 711	830
Total	$ 557	598
4.875% notes due September 15, 2041
Debt Instrument [Line Items]
Interest rate, stated percentage	4.875%
4.875% notes due September 15, 2041 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage								4.875%
Effective Interest Rate	4.97%
Fair Value	$ 863	912
Total	$ 637	637
3.90% notes due September 1, 2042
Debt Instrument [Line Items]
Interest rate, stated percentage	3.90%
3.90% notes due September 1, 2042 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage							3.90%
Effective Interest Rate	3.96%
Fair Value	$ 1,291	1,397
Total	$ 1,083	$ 1,082

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, 2021	Dec. 31, 2020
Scheduled maturities of long-term debt
2022	$ 568
2023	567
2024	1,378
2025	0
2026	995
2027 and future years	3,969
Total	$ 7,477	$ 8,122

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan expenses	$ 88	$ 85	$ 86
Projected benefit obligations	232	212
Projected benefit obligations, plan assets	59	32
Accumulated benefit obligations	223	205
Accumulated benefit obligations, plan assets	59	$ 32
Pension
Defined Benefit Plan Disclosure [Line Items]
Expected company contributions	14
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected company contributions	$ 4
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension
Components of net periodic benefit cost:
Service cost	$ 53	$ 55	$ 52
Interest cost	39	60	78
Expected return on plan assets	(101)	(113)	(121)
Amortization of actuarial (gain) loss	53	47	21
Amortization of prior service cost	1	2	1
Total net periodic benefit cost	45	51	31
Other Postretirement Benefits
Components of net periodic benefit cost:
Service cost	7	8	7
Interest cost	11	16	20
Expected return on plan assets	(25)	(24)	(22)
Amortization of actuarial (gain) loss	0	(1)	(1)
Amortization of prior service cost	0	0	0
Total net periodic benefit cost	$ (7)	$ (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, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension
Change in benefit obligation:
Beginning balance	$ 2,939	$ 2,731
Service cost	53	55	$ 52
Interest cost	39	60	78
Plan participants' contributions	2	1
Amendments	0	1
Actuarial (gain) loss	(131)	205
Acquisitions	40	0
Benefits paid	(161)	(160)
Medicare subsidy received	0	0
Foreign currency translation	(16)	46
Ending balance	2,765	2,939	2,731
Accumulated benefit obligation as of December 31	2,642	2,792
Other Postretirement Benefits
Change in benefit obligation:
Beginning balance	591	570
Service cost	7	8	7
Interest cost	11	16	20
Plan participants' contributions	10	10
Amendments	0	0
Actuarial (gain) loss	2	26
Acquisitions	0	0
Benefits paid	(42)	(41)
Medicare subsidy received	1	2
Foreign currency translation	0	0
Ending balance	$ 580	$ 591	$ 570

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, 2021	Dec. 31, 2020
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Accrued expenses	$ (14)	$ (14)
Pension
Change in plan assets:
Beginning balance	3,096	2,844
Actual return on plan assets	63	343
Company contributions	25	26
Plan participants' contributions	2	1
Acquisitions	28	0
Benefits paid	(161)	(160)
Foreign currency translation	(12)	42
Ending balance	3,041	3,096
Funded status
Funded status	276	157
Other immaterial plans	(57)	(54)
Net asset (liability) as of December 31	219	103
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Net asset (liability) as of December 31	219	103
The pre-tax amounts recognized in accumulated other comprehensive (income) loss consist of:
Net actuarial (gain) loss	349	495
Prior service cost	5	6
Pre-tax net actuarial (gain) loss and prior service cost	354	501
Other Postretirement Benefits
Change in plan assets:
Beginning balance	402	374
Actual return on plan assets	59	55
Company contributions	5	4
Plan participants' contributions	10	10
Acquisitions	0	0
Benefits paid	(42)	(41)
Foreign currency translation	0	0
Ending balance	434	402
Funded status
Funded status	(146)	(189)
Other immaterial plans	(5)	(5)
Net asset (liability) as of December 31	(151)	(194)
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Net asset (liability) as of December 31	(151)	(194)
The pre-tax amounts recognized in accumulated other comprehensive (income) loss consist of:
Net actuarial (gain) loss	(71)	(39)
Prior service cost	0	0
Pre-tax net actuarial (gain) loss and prior service cost	(71)	(39)
Other assets | Pension
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Other assets	465	355
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)	(11)
Accrued expenses | Other Postretirement Benefits
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Accrued expenses	(3)	(3)
Other noncurrent liabilities | Pension
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Other noncurrent liabilities	(235)	(241)
Other noncurrent liabilities | Other Postretirement Benefits
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Other noncurrent liabilities	$ (148)	$ (191)

Pension and Other Postretirem_7

Pension and Other Postretirement Benefits - Assumptions Used and Trend Rates (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assumed health care cost trend rates of postretirement benefit obligation
Health care cost trend rate assumed for the next year	7.00%	7.00%	6.70%
Ultimate trend rate	4.50%	4.50%	4.50%
Pension
Assumptions used to determine benefit obligations as of December 31:
Discount rate	2.33%	1.89%	2.61%
Rate of compensation increases	3.40%	3.24%	3.44%
Interest crediting rate - U.S. cash balance plan	3.75%	3.75%	4.00%
Assumptions used to determine net periodic benefit cost for the twelve months ended December 31:
Discount rate	1.89%	2.61%	3.66%
Expected return on plan assets	3.67%	4.33%	4.71%
Rate of compensation increases	3.24%	3.44%	3.52%
Interest crediting rate - U.S. cash balance plan	3.75%	4.00%	4.00%
Other Postretirement Benefits
Assumptions used to determine benefit obligations as of December 31:
Discount rate	2.92%	2.59%	3.29%
Assumptions used to determine net periodic benefit cost for the twelve months ended December 31:
Discount rate	2.59%	3.29%	4.40%
Expected return on plan assets	6.65%	6.70%	6.70%

Pension and Other Postretirem_8

Pension and Other Postretirement Benefits - Benefit Plan Assets by Category and Valuation Methodology (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 3,041	$ 3,096	$ 2,844
Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	43	61
Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,375	1,435
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	434	402	$ 374
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	47	75
Cash and equivalents | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	43	61
Cash and equivalents | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4	14
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	370	373
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	370	373
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	996	1,043
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	996	1,043
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
Mutual funds | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	28
Mutual funds | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Mutual funds | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Mutual funds | Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Commingled funds, collective trust funds | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,573	1,577
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	21	22
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	5	5
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	5	5
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	434	402
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, 2021USD ($)
Pension
Portion of the benefit payments are expected to be paid
2022	$ 163
2023	169
2024	171
2025	173
2026	173
Years 2027-2031	843
Other Postretirement Benefits
Portion of the benefit payments are expected to be paid
2022	35
2023	36
2024	36
2025	36
2026	36
Years 2027-2031	$ 176

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019$ / sharesshares	Dec. 31, 2018$ / sharesshares	Dec. 31, 2017$ / sharesshares	Dec. 31, 2016$ / sharesshares	Dec. 31, 2015$ / sharesshares	May 07, 2021USD ($)	Jun. 30, 2019EUR (€)	Aug. 03, 2018USD ($)	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	$ 4.72	$ 4.42	$ 4.14
Cash dividend paid (in dollars per share) | $ / shares	$ 4.64	$ 4.35	$ 4.07
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)	196,000,000	331,000,000
Net Investment Hedging
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive gain (loss) related to net investment hedge	183,000,000	$ (120,000,000)
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
Authorized repurchases remaining	$ 240,000,000
Shares repurchased (in shares) | shares	4,400,000	4,200,000	6,700,000
Average price of shares repurchased (in dollars per share) | $ / shares	$ 227.29	$ 167.69	$ 158.11
2021 Stock Repurchase Program
Defined Benefit Plan Disclosure [Line Items]
Authorized repurchase amount								$ 3,000,000,000
Authorized repurchases remaining	$ 3,000,000,000

Stockholders' Equity - Changes

Stockholders' Equity - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ 3,182	$ 3,030	$ 3,258
Other comprehensive income (loss)	140	63	(28)
Ending balance	3,626	3,182	3,030
Accumulated Other Comprehensive Income (Loss)
Changes in Accumulated Other Comprehensive Income (Loss)
Beginning balance	(1,642)	(1,705)	(1,677)
Other comprehensive income (loss)	140	63	(28)
Ending balance	(1,502)	(1,642)	(1,705)
Accumulated Foreign Currency Adjustment
Changes in Accumulated Other Comprehensive Income (Loss)
Foreign currency translation / Pension and other postretirement benefit adjustments, before reclassifications, before tax	73	(82)	7
Foreign currency translation / Pension and other postretirement benefit adjustments reclassified to income, before tax	5	0	0
Income taxes	(73)	86	(9)
Other comprehensive income (loss)	5	4	(2)
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	125	30	(54)
Foreign currency translation / Pension and other postretirement benefit adjustments reclassified to income, before tax	54	48	21
Income taxes	(44)	(19)	7
Other comprehensive income (loss)	$ 135	$ 59	$ (26)

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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)	10,000,000
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 40.90	$ 35.45	$ 34.36
Aggregate intrinsic value of options exercised	$ 68	$ 114	$ 127
Cash receipts from exercise of options	50	66	85
Total fair value of vested stock option awards	19	16	17
Total fair value of vested restricted stock unit awards	$ 23	$ 25	$ 20
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period	10 years
Total unrecognized compensation cost related to unvested awards	$ 9
Weighted-average period to recognize total unrecognized compensation cost	2 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to unvested awards	$ 47
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary of stock-based compensation expense
Pre-tax stock-based compensation expense	$ 53	$ 42	$ 41
Tax benefit	(6)	(5)	(5)
Total stock-based compensation expense, net of tax	$ 47	$ 37	$ 36

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, 2021$ / sharesshares
Non-Vested RSUs, Number of Shares
Beginning of period (in shares) | shares	0.5
Granted (in shares) | shares	0.2
Vested (in shares) | shares	(0.1)
End of period (in shares) | shares	0.6
Non-Vested RSUs, Weighted-Average Grant-Date Fair Value
Beginning of period (in dollars per share) | $ / shares	$ 164.76
Granted (in dollars per share) | $ / shares	200.87
Vested (in dollars per share) | $ / shares	163.41
End of period (in dollars per share) | $ / shares	$ 178.60

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, 2021USD ($)$ / sharesshares
Number of Shares
Beginning of period (in shares) | shares	3.2
Granted (in shares) | shares	0.5
Exercised (in shares) | shares	(0.5)
Canceled or expired (in shares) | shares	(0.1)
End of period (in shares) | shares	3.1
Number of shares exercisable at end of period (in shares) | shares	1.9
Weighted-Average Exercise Price
Beginning of period (in dollars per share) | $ / shares	$ 128.81
Granted (in dollars per share) | $ / shares	200.98
Exercised (in dollars per share) | $ / shares	92.62
Canceled or expired (in dollars per share) | $ / shares	181.06
End of period (in dollars per share) | $ / shares	144.93
Weighted-average exercise price exercisable at end of period (in dollars per share) | $ / shares	$ 123.58
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-average remaining contractual term, under option at end of period	6 years 1 month 6 days
Weighted-average remaining contractual term, exercisable at end of period	4 years 10 months 24 days
Aggregate intrinsic value, under option at end of period | $	$ 312
Aggregate intrinsic value, exercisable at end of period | $	$ 239

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Assumptions Used in Option Valuations (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary of assumptions used in option models
Risk-free interest rate, minimum	0.04%	1.41%	2.50%
Risk-free interest rate, maximum	1.38%	1.59%	2.68%
Weighted-average volatility	24.00%	21.00%	22.00%
Dividend yield	2.50%	2.56%	2.20%
Minimum
Summary of assumptions used in option models
Expected years until exercise	8 years 10 months 24 days	9 years 1 month 6 days	8 years 8 months 12 days
Maximum
Summary of assumptions used in option models
Expected years until exercise	9 years 4 months 24 days	9 years 7 months 6 days	9 years

Other Balance Sheet Informati_3

Other Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Prepaid expenses and other current assets:
Value-added-tax receivables	$ 84	$ 72
Vendor advances	71	30
Income tax refunds receivable	18	43
Other	140	119
Total prepaid expenses and other current assets	313	264
Other assets:
Prepaid pension assets	465	355
Cash surrender value of life insurance policies	449	454
Operating lease right-of-use assets	222	216
Customer tooling	154	160
Other	115	123
Total other assets	1,405	1,308
Accrued expenses:
Compensation and employee benefits	460	335
Deferred revenue and customer deposits	394	222
Rebates	209	171
Current portion of operating lease liabilities	61	55
Warranties	46	45
Current portion of pension and other postretirement benefit obligations	14	14
Other	464	442
Total accrued expenses	1,648	1,284
Other liabilities:
Pension benefit obligation	235	241
Postretirement benefit obligation	148	191
Long-term portion of operating lease liabilities	133	133
Other	537	503
Total other liabilities	$ 1,053	$ 1,068
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total other assets	Total other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total accrued expenses	Total accrued expenses
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total other liabilities	Total other liabilities

Segment Information - Narrative

Segment Information - Narrative (Details) - segment	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Number of reportable segments	7
Geographic Concentration Risk | Net Plant and Equipment | United States
Segment Reporting Information [Line Items]
Concentration risk percentage	45.00%	42.00%
Geographic Concentration Risk | Net Plant and Equipment | China
Segment Reporting Information [Line Items]
Concentration risk percentage	11.00%	10.00%
Geographic Concentration Risk | Net Plant and Equipment | Germany
Segment Reporting Information [Line Items]
Concentration risk percentage		10.00%

Segment Information - Summary o

Segment Information - Summary of Segment Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Operating revenue	$ 14,455	$ 12,574	$ 14,109
Operating income	3,477	2,882	3,402
Depreciation and amortization and impairment of intangible assets	410	427	426
Plant and equipment additions	296	236	326
Identifiable assets	16,077	15,612	15,068
Operating segments
Segment Reporting Information [Line Items]
Operating income	3,638	2,937	3,468
Identifiable assets	12,268	10,953	11,261
Operating segments | Automotive OEM
Segment Reporting Information [Line Items]
Operating revenue	2,800	2,571	3,063
Operating income	545	457	659
Depreciation and amortization and impairment of intangible assets	128	131	125
Plant and equipment additions	116	79	134
Identifiable assets	2,260	2,302	2,417
Operating segments | Food Equipment
Segment Reporting Information [Line Items]
Operating revenue	2,078	1,739	2,188
Operating income	469	342	578
Depreciation and amortization and impairment of intangible assets	42	41	41
Plant and equipment additions	30	34	35
Identifiable assets	1,052	983	1,042
Operating segments | Test & Measurement and Electronics
Segment Reporting Information [Line Items]
Operating revenue	2,346	1,963	2,121
Operating income	643	507	542
Depreciation and amortization and impairment of intangible assets	66	75	69
Plant and equipment additions	37	23	26
Identifiable assets	3,242	2,239	2,374
Operating segments | Welding
Segment Reporting Information [Line Items]
Operating revenue	1,650	1,384	1,638
Operating income	490	376	453
Depreciation and amortization and impairment of intangible assets	26	24	26
Plant and equipment additions	27	27	28
Identifiable assets	784	700	734
Operating segments | Polymers & Fluids
Segment Reporting Information [Line Items]
Operating revenue	1,804	1,622	1,669
Operating income	457	402	381
Depreciation and amortization and impairment of intangible assets	62	72	77
Plant and equipment additions	15	16	18
Identifiable assets	1,881	1,855	1,862
Operating segments | Construction Products
Segment Reporting Information [Line Items]
Operating revenue	1,945	1,652	1,625
Operating income	530	421	383
Depreciation and amortization and impairment of intangible assets	32	31	29
Plant and equipment additions	30	21	29
Identifiable assets	1,367	1,239	1,176
Operating segments | Specialty Products
Segment Reporting Information [Line Items]
Operating revenue	1,854	1,660	1,825
Operating income	504	432	472
Depreciation and amortization and impairment of intangible assets	54	53	59
Plant and equipment additions	41	36	56
Identifiable assets	1,682	1,635	1,656
Intersegment revenue
Segment Reporting Information [Line Items]
Operating revenue	(22)	(17)	(20)
Unallocated
Segment Reporting Information [Line Items]
Operating income	(161)	(55)	(66)
Corporate
Segment Reporting Information [Line Items]
Identifiable assets	$ 3,809	$ 4,659	$ 3,807

Segment Information - Summary_2

Segment Information - Summary of Enterprise-wide Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Revenue by Geographic Region:
Operating revenue	$ 14,455	$ 12,574	$ 14,109
United States
Operating Revenue by Geographic Region:
Operating revenue	6,578	5,834	6,507
Canada/Mexico
Operating Revenue by Geographic Region:
Operating revenue	940	778	972
Total North America
Operating Revenue by Geographic Region:
Operating revenue	7,518	6,612	7,479
Europe, Middle East and Africa
Operating Revenue by Geographic Region:
Operating revenue	3,870	3,447	3,920
Asia Pacific
Operating Revenue by Geographic Region:
Operating revenue	2,802	2,291	2,400
South America
Operating Revenue by Geographic Region:
Operating revenue	$ 265	$ 224	$ 310