Illinois Tool Works (ITW) 10-K 9 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) shares in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 75.1
Entity Common Stock, Shares Outstanding		298.8
Documents Incorporated by Reference	Portions of the 2024 Proxy Statement for Annual Meeting of Stockholders to be held on May 3, 2024. Part III
Entity Central Index Key	0000049826
Document Fiscal Year Focus	2023
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
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, 2023
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Operating Revenue	$ 16,107	$ 15,932	$ 14,455
Cost of revenue	9,316	9,429	8,489
Selling, administrative, and research and development expenses	2,638	2,579	2,356
Amortization and impairment of intangible assets	113	134	133
Operating Income	4,040	3,790	3,477
Interest expense	(266)	(203)	(202)
Other income (expense)	49	255	51
Income Before Taxes	3,823	3,842	3,326
Income taxes	866	808	632
Net Income	$ 2,957	$ 3,034	$ 2,694
Net Income Per Share:
Basic (in dollars per share)	$ 9.77	$ 9.80	$ 8.55
Diluted (in dollars per share)	$ 9.74	$ 9.77	$ 8.51

Statement of Comprehensive Inco

Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 2,957	$ 3,034	$ 2,694
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments, net of tax	41	(242)	5
Pension and other postretirement benefit adjustments, net of tax	(34)	(97)	135
Other comprehensive income (loss)	7	(339)	140
Comprehensive Income	$ 2,964	$ 2,695	$ 2,834

Statement of Financial Position

Statement of Financial Position - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and equivalents	$ 1,065	$ 708
Trade receivables	3,123	3,171
Inventories	1,707	2,054
Prepaid expenses and other current assets	340	329
Assets held for sale	0	8
Total current assets	6,235	6,270
Net plant and equipment	1,976	1,848
Goodwill	4,909	4,864
Intangible assets	657	768
Deferred income taxes	479	494
Other assets	1,262	1,178
Total Assets	15,518	15,422
Current Liabilities:
Short-term debt	1,825	1,590
Accounts payable	581	594
Accrued expenses	1,663	1,728
Cash dividends payable	419	400
Income taxes payable	187	147
Liabilities held for sale	0	1
Total current liabilities	4,675	4,460
Noncurrent Liabilities:
Long-term debt	6,339	6,173
Deferred income taxes	326	484
Noncurrent income taxes payable	151	273
Other liabilities	1,014	943
Total noncurrent liabilities	7,830	7,873
Common stock (Authorized- 700.0 shares; par value of $0.01 per share):
Common stock Common stock (Authorized- 700.0 shares; par value of $0.01 per share): Issued- 550.0 shares in 2023 and 2022 Outstanding- 299.3 shares in 2023 and 305.0 shares in 2022	6	6
Additional paid-in-capital	1,588	1,501
Retained earnings	27,122	25,799
Common stock held in treasury	(23,870)	(22,377)
Accumulated other comprehensive income (loss)	(1,834)	(1,841)
Noncontrolling interest	1	1
Total stockholders' equity	3,013	3,089
Total liabilities and stockholders' equity	$ 15,518	$ 15,422

Statement of Financial Positi_2

Statement of Financial Position (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock authorized (in shares)	700	700
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock issued (in shares)	550	550
Common stock outstanding (in shares)	299.3	305

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, 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,034			3,034
Common stock issued for stock-based compensation	15		6		9
Stock-based compensation expense	63		63
Repurchases of common stock	(1,750)				(1,750)
Dividends declared	(1,560)			(1,560)
Other comprehensive income (loss)	(339)					(339)
Ending balance at Dec. 31, 2022	3,089	6	1,501	25,799	(22,377)	(1,841)	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,957			2,957
Common stock issued for stock-based compensation	38		18		20
Stock-based compensation expense	69		69
Repurchases of common stock	(1,500)				(1,500)
Excise tax on repurchases of common stock	(13)				(13)
Dividends declared	(1,634)			(1,634)
Other comprehensive income (loss)	7					7
Ending balance at Dec. 31, 2023	$ 3,013	$ 6	$ 1,588	$ 27,122	$ (23,870)	$ (1,834)	$ 1

Statement of Changes in Stock_2

Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 5.42	$ 5.06	$ 4.72

Statement of Cash Flows

Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Provided by (Used for) Operating Activities:
Net income	$ 2,957	$ 3,034	$ 2,694
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	282	276	277
Amortization and impairment of intangible assets	113	134	133
Change in deferred income taxes	(88)	(150)	(148)
Provision for uncollectible accounts	6	5	3
(Income) loss from investments	(2)	(9)	(29)
(Gain) loss on sale of plant and equipment	(1)	(1)	0
(Gain) loss on sale of operations and affiliates	(1)	(191)	0
Stock-based compensation expense	69	63	53
Other non-cash items, net	(4)	5	13
(Increase) decrease in—
Trade receivables	64	(461)	(240)
Inventories	360	(455)	(450)
Prepaid expenses and other assets	(26)	(19)	(36)
Increase (decrease) in—
Accounts payable	(14)	35	37
Accrued expenses and other liabilities	(102)	119	202
Income taxes	(72)	(35)	49
Other, net	(2)	(2)	(1)
Net cash provided by operating activities	3,539	2,348	2,557
Cash Provided by (Used for) Investing Activities:
Acquisition of businesses (excluding cash and equivalents)	0	(2)	(731)
Additions to plant and equipment	(455)	(412)	(296)
Proceeds from investments	27	12	38
Proceeds from sale of plant and equipment	20	15	8
Proceeds from sale of operations and affiliates	7	278	0
Other, net	(2)	(1)	(3)
Net cash provided by (used for) investing activities	(403)	(110)	(984)
Cash Provided by (Used for) Financing Activities:
Cash dividends paid	(1,615)	(1,542)	(1,463)
Issuance of common stock	53	29	50
Repurchases of common stock	(1,500)	(1,750)	(1,000)
Net proceeds from (repayments of) debt with original maturities of three months or less	(452)	796	120
Proceeds from debt with original maturities of more than three months	1,425	593	90
Repayments of debt with original maturities of more than three months	(679)	(1,113)	(351)
Other, net	(14)	(13)	(10)
Net cash provided by (used for) financing activities	(2,782)	(3,000)	(2,564)
Effect of Exchange Rate Changes on Cash and Equivalents	3	(57)	(46)
Cash and Equivalents:
Increase (decrease) during the year	357	(819)	(1,037)
Beginning of year	708	1,527	2,564
End of year	1,065	708	1,527
Supplementary Cash Flow Information:
Cash Paid During the Year for Interest	260	199	197
Cash Paid During the Year for Income Taxes, Net of Refunds	$ 1,026	$ 993	$ 731

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	Description of Business and Summary of Significant Accounting Policies Description of business — Illinois Tool Works Inc. (the "Company" or "ITW") is a global manufacturer of a diversified range of industrial products and equipment with approximately 84 divisions in 51 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 $395 million and $427 million as of December 31, 2023 and 2022, respectively, and are short-term in nature. 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 $284 million, $269 million and $239 million for the years ended December 31, 2023, 2022 and 2021, respectively. Advertising expenses — Advertising expenses are recorded as expense in the year incurred. These costs were $60 million, $57 million and $50 million for the years ended December 31, 2023, 2022 and 2021, 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, 2023, 2022 and 2021 were as follows: In millions 2023 2022 2021 Beginning balance $ 26 $ 28 $ 29 Provision charged to expense 6 5 3 Acquisitions and divestitures — 2 2 Write-offs, net of recoveries (3) (8) (5) Foreign currency translation — (1) (1) Ending balance $ 29 $ 26 $ 28 Inventories — Inventories are stated at the lower of cost or net realizable value and include material, labor and factory overhead. The last-in, first-out ("LIFO") method is used to determine the cost of inventories at certain U.S. businesses. The first-in, first-out ("FIFO") method, which approximates current cost, is used for all other inventories. Inventories priced at LIFO were approximately 23% of total inventories as of December 31, 2023 and 22% of total inventories as of December 31, 2022. If the FIFO method was used for all inventories, total inventories would have been approximately $117 million and $111 million higher than reported at December 31, 2023 and 2022, respectively. The major classes of inventory at December 31, 2023 and 2022 were as follows: In millions 2023 2022 Raw material $ 742 $ 887 Work-in-process 234 228 Finished goods 848 1,050 LIFO reserve (117) (111) Total inventories $ 1,707 $ 2,054 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, 2023 and 2022: In millions 2023 2022 Land $ 197 $ 188 Buildings and improvements 1,490 1,414 Machinery and equipment 4,070 3,891 Construction in progress 294 259 Gross plant and equipment 6,051 5,752 Accumulated depreciation (4,075) (3,904) Net plant and equipment $ 1,976 $ 1,848 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 $282 million, $276 million and $277 million for the years ended December 31, 2023, 2022 and 2021, 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. Refer to Note 9. Goodwill and Intangible Assets for additional information regarding the Company's recorded goodwill and intangible assets. 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, 2023, 2022 and 2021 were as follows: In millions 2023 2022 2021 Beginning balance $ 42 $ 46 $ 45 Charges (51) (41) (34) Provision charged to expense 56 40 34 Acquisitions and divestitures — (2) 5 Foreign currency translation/other 1 (1) (4) Ending balance $ 48 $ 42 $ 46 New Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (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. In November 2023, the FASB issued authoritative guidance which expands annual and interim disclosure requirements for reportable segments. The more significant provisions include the requirement to disclose significant segment expenses and certain disclosures made annually under existing guidance will be required for interim periods. The guidance is effective for the Company beginning with its annual reporting for the year ended December 31, 2024 and is required to be applied retrospectively to all periods presented. The Company is currently assessing the impact the guidance will have on its disclosures. In December 2023, the FASB issued authoritative guidance that expands the disclosure requirements for income taxes. The new guidance will require consistent categories and greater disaggregation of information presented in the effective tax rate reconciliation as well as disaggregation of income taxes paid by jurisdiction. The guidance is effective for the Company beginning with its annual reporting for the year ended December 31, 2025 and is required to be applied prospectively, with retrospective application to prior periods allowed. The Company is currently assessing the impact the guidance will have on its disclosures.

Novel Coronavirus (COVID-19)

Novel Coronavirus (COVID-19)	12 Months Ended
	Dec. 31, 2023
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 took 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 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 spread and impacted the countries in which the Company operates and the markets the Company serves. Despite the ongoing disruptions caused by the COVID-19 pandemic, the Company experienced solid recovery progress in many of its end markets during 2021 and, to a greater extent, in 2022 as vaccines became widely available and many governments reduced restrictions related to COVID-19.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On December 1, 2021, the Company completed the acquisition of the Test & Simulation business of MTS Systems Corporation ("MTS") from Amphenol Corporation ("Amphenol") 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 and $422 million for the twelve months ended December 31, 2022. During 2022, the Company completed the allocation of the purchase price to the acquired assets and liabilities as of the acquisition date, including intangible assets and goodwill. Based on its final allocation, the Company recorded goodwill of $430 million and intangible assets of $259 million. The intangible assets included $93 million related to indefinite-lived trademarks and brands and $166 million related to amortizable intangible assets that are expected to be amortized on a straight-line basis over estimated useful lives ranging from 1 to 14 years, with a weighted-average life of 11 years. None of the goodwill related to this transaction is tax deductible. The fair values of the intangible assets were estimated based on discounted cash flow and market-based valuation models using Level 2 and Level 3 inputs and assumptions. This acquisition did not materially affect the Company's results of operations or financial position for any period presented.

Divestitures

Divestitures	12 Months Ended
	Dec. 31, 2023
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 fourth quarter of 2019, the Company completed the divestitures of three businesses. Due to the COVID-19 pandemic, the Company chose to defer any significant divestiture activity in 2020 and 2021. The Company reinitiated the divestiture process in 2022 for certain businesses with combined annual revenues of approximately $0.5 billion, subject to approval by the Company's Board of Directors. In the second quarter of 2022, plans were approved to divest two businesses, including one business in the Polymers & Fluids segment and one business in the Food Equipment segment. These two businesses were classified as held for sale beginning in the second quarter of 2022. In the fourth quarter of 2022, both of these businesses were divested. On October 3, 2022, the business in the Polymers & Fluids segment was sold for $220 million, subject to certain closing adjustments, resulting in a pre-tax gain of $156 million. On December 1, 2022, the business in the Food Equipment segment was sold for $59 million, subject to certain closing adjustments, resulting in a pre-tax gain of $41 million. The pre-tax gains were included in Other income (expense) in the Statement of Income. Income taxes on the gains were mostly offset by the utilization of capital loss carryforwards of $32 million. Operating revenue related to these divested businesses that was included in the Company's results of operations for the twelve months ended December 31, 2022 and 2021 was $106 million and $115 million, respectively. In the fourth quarter of 2022, plans were approved to divest one business in the Specialty Products segment. This business was presented as held for sale beginning in the fourth quarter of 2022. Assets and liabilities held for sale related to this business were $8 million and $1 million, respectively, as of December 31, 2022. This business was sold on April 3, 2023, with no significant gain or loss upon sale. Operating revenue related to this business that was included in the Company's results of operations for the twelve months ended December 31, 2023, 2022 and 2021 was $9 million, $37 million and $35 million, respectively.

Operating Revenue

Operating Revenue	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Operating Revenue	Operating Revenue The Company's 84 diversified operating divisions are organized and managed based on similar product 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, 2023, 2022 and 2021 was as follows: In millions 2023 2022 2021 Automotive OEM $ 3,235 $ 2,969 $ 2,800 Food Equipment 2,622 2,444 2,078 Test & Measurement and Electronics 2,832 2,828 2,346 Welding 1,902 1,894 1,650 Polymers & Fluids 1,804 1,905 1,804 Construction Products 2,033 2,113 1,945 Specialty Products 1,697 1,799 1,854 Intersegment revenue (18) (20) (22) Total $ 16,107 $ 15,932 $ 14,455 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, energy, automotive original equipment manufacturers and tiers, industrial capital goods 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 construction, energy, MRO, industrial capital goods and automotive original equipment manufacturers and tiers 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 and MRO 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, airlines and printing and publishing markets. Products in this segment include: • 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, 2023
Other Income and Expenses [Abstract]
Other Income (Expense)	Other Income (Expense) Other income (expense) for the twelve months ended December 31, 2023, 2022 and 2021 consisted of the following: In millions 2023 2022 2021 Interest income $ 51 $ 22 $ 12 Other net periodic benefit income 33 41 23 Income (loss) from investments 2 9 29 Gain (loss) on sale of operations and affiliates 1 191 — Equity income in Wilsonart — — — Gain (loss) on foreign currency transactions, net (39) (7) (9) Other, net 1 (1) (4) Total other income (expense) $ 49 $ 255 $ 51 Gain (loss) on sale of operations and affiliates for the twelve months ended December 31, 2022 primarily related to two businesses divested in the fourth quarter of 2022. Refer to Note 4. Divestitures for further information regarding the Company's divestitures. 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, 2023
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 $151 million and $273 million as of December 31, 2023 and 2022, respectively. Provision for income taxes — The components of the provision for income taxes for the twelve months ended December 31, 2023, 2022 and 2021 were as follows: In millions 2023 2022 2021 U.S. federal income taxes: Current $ 455 $ 478 $ 399 Deferred (111) (143) (95) Total U.S. federal income taxes 344 335 304 Foreign income taxes: Current 405 387 302 Deferred 31 13 (57) Total foreign income taxes 436 400 245 State income taxes: Current 94 93 79 Deferred (8) (20) 4 Total state income taxes 86 73 83 Total provision for income taxes $ 866 $ 808 $ 632 Income before taxes for domestic and foreign operations for the twelve months ended December 31, 2023, 2022 and 2021 was as follows: In millions 2023 2022 2021 Domestic $ 1,953 $ 2,128 $ 1,667 Foreign 1,870 1,714 1,659 Total income before taxes $ 3,823 $ 3,842 $ 3,326 The reconciliation between the U.S. federal statutory tax rate and the effective tax rate for the twelve months ended December 31, 2023, 2022 and 2021 was as follows: 2023 2022 2021 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of U.S. federal tax benefit 1.9 1.6 2.1 Differences between U.S. federal statutory and foreign tax rates 1.1 0.6 0.3 U.S. tax effect of foreign earnings 0.8 1.0 1.2 Tax effect of foreign dividends 0.1 0.6 0.6 Changes in tax law — — (3.4) Audit resolution (0.2) (1.4) (0.1) Excess tax benefits from stock-based compensation (0.5) (0.3) (0.5) Foreign derived intangible income (1.4) (1.3) (1.3) Other, net (0.2) (0.8) (0.9) Effective tax rate 22.6 % 21.0 % 19.0 % The Company's effective tax rate for the twelve months ended December 31, 2023, 2022 and 2021 was 22.6%, 21.0% and 19.0%, respectively. The 2023 effective tax rate benefited from a discrete income tax benefit of $20 million in the second quarter of 2023 related to amended 2021 U.S. taxes. The 2022 effective tax rate benefited from discrete income tax benefits of $32 million in the fourth quarter of 2022 related to the utilization of capital loss carryforwards and $51 million in the second quarter of 2022 related to a decrease in unrecognized tax benefits resulting from the resolution of a U.S. tax audit. 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 loss carryforwards 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 increased the U.K. income tax rate from 19% to 25% effective April 1, 2023. Additionally, the effective tax rates for 2023, 2022 and 2021 included discrete income tax benefits of $20 million, $12 million and $17 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, 2023 and 2022 was $39 million and $50 million, respectively. Deferred foreign withholding taxes have not been provided on undistributed earnings considered permanently invested. As of December 31, 2023, 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, 2023 and 2022 were as follows: 2023 2022 In millions Asset Liability Asset Liability Goodwill and intangible assets $ 505 $ (492) $ 437 $ (505) Inventory reserves, capitalized tax cost and LIFO inventory 51 (3) 51 (3) Investments 19 (124) 23 (141) Plant and equipment 12 (113) 15 (106) Accrued expenses and reserves 34 — 39 — Employee benefit accruals 165 — 166 — Foreign tax credit carryforwards 12 — 14 — Net operating loss carryforwards 463 — 441 — Capital loss carryforwards 194 — 194 — Allowances for uncollectible accounts 12 — 11 — Capitalized research and development 88 — 44 — Pension liabilities — (21) — (25) Unrealized loss (gain) on foreign debt instruments — (37) — (65) Operating leases 53 (53) 47 (47) Other 43 (31) 45 (30) Gross deferred income tax assets (liabilities) 1,651 (874) 1,527 (922) Valuation allowances (624) — (595) — Total deferred income tax assets (liabilities) $ 1,027 $ (874) $ 932 $ (922) The valuation allowances recorded as of December 31, 2023 and 2022 related primarily to certain net operating loss carryforwards and capital loss carryforwards. As of December 31, 2023, the Company had utilized all realizable foreign tax credit carryforwards. As of December 31, 2023, 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 2024 $ 10 2025 1 2026 4 2027 1 2028 2 2029-2049 664 Do not expire 1,027 Total gross carryforwards related to net operating losses $ 1,709 Unrecognized tax benefit s— The changes in the amount of unrecognized tax benefits for the twelve months ended December 31, 2023, 2022 and 2021 were as follows: In millions 2023 2022 2021 Beginning balance $ 314 $ 360 $ 346 Additions based on tax positions related to the current year 21 9 11 Additions for tax positions of prior years 48 9 23 Reductions for tax positions of prior years (33) (56) (12) Settlements (23) — — Foreign currency translation 2 (8) (8) Ending balance $ 329 $ 314 $ 360 Included in the balance as of December 31, 2023 were approximately $295 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, His 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 $8 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 2019-2023 United Kingdom 2017-2023 Germany 2019-2023 France 2017-2023 Australia 2015-2023 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, 2023 and 2022 was $34 million and $26 million, respectively.

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share Net income per basic share is computed by dividing net income by the weighted-average number of shares outstanding for the period. Net income per diluted share is computed by dividing net income by the weighted-average number of shares assuming dilution for stock options and restricted stock units. Dilutive shares reflect the potential additional shares that would be outstanding if the dilutive stock options outstanding were exercised and the unvested restricted stock units vested during the period. The computation of net income per share for the twelve months ended December 31, 2023, 2022 and 2021 was as follows: In millions except per share amounts 2023 2022 2021 Net Income $ 2,957 $ 3,034 $ 2,694 Net income per share—Basic: Weighted-average common shares 302.6 309.6 315.1 Net income per share—Basic $ 9.77 $ 9.80 $ 8.55 Net income per share—Diluted: Weighted-average common shares 302.6 309.6 315.1 Effect of dilutive stock options and restricted stock units 1.0 1.1 1.3 Weighted-average common shares assuming dilution 303.6 310.7 316.4 Net income per share—Diluted $ 9.74 $ 9.77 $ 8.51 Options that were considered antidilutive were not included in the computation of diluted net income per share. There were 0.3 million, 0.9 million and 0.4 million antidilutive options outstanding for the twelve months ended December 31, 2023, 2022 and 2021, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 were as follows: In millions Automotive OEM Food Equipment Test & Measurement and Electronics Welding Polymers & Fluids Construction Products Specialty Products Total Balance, December 31, 2021 $ 475 $ 265 $ 1,707 $ 258 $ 873 $ 518 $ 869 $ 4,965 Acquisitions / (divestitures) — — 58 — — — — 58 Transfers to assets held for sale — (2) — — (33) — (2) (37) Foreign currency translation (16) (14) (36) (10) (17) (15) (14) (122) Balance, December 31, 2022 459 249 1,729 248 823 503 853 4,864 Foreign currency translation 7 2 6 3 11 3 13 45 Balance, December 31, 2023 $ 466 $ 251 $ 1,735 $ 251 $ 834 $ 506 $ 866 $ 4,909 Cumulative goodwill impairment charges, December 31, 2023 $ 24 $ 60 $ 83 $ 5 $ 15 $ 7 $ 46 $ 240 Intangible assets as of December 31, 2023 and 2022 were as follows: 2023 2022 In millions Cost Accumulated Net Cost Accumulated Net Amortizable intangible assets: Customer lists and relationships $ 1,746 $ (1,534) $ 212 $ 1,746 $ (1,479) $ 267 Trademarks and brands 713 (573) 140 713 (541) 172 Patents and proprietary technology 615 (581) 34 615 (565) 50 Other 511 (487) 24 509 (477) 32 Total amortizable intangible assets 3,585 (3,175) 410 3,583 (3,062) 521 Indefinite-lived intangible assets: Trademarks and brands 247 — 247 247 — 247 Total intangible assets $ 3,832 $ (3,175) $ 657 $ 3,830 $ (3,062) $ 768 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. During 2022, the Company completed the allocation of the purchase price to the acquired assets and liabilities as of the acquisition date, including intangible assets and goodwill. Based on its final allocation, the Company recorded goodwill of $430 million and intangible assets of $259 million. 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 2023, 2022 and 2021. There were no impairment charges as a result of these assessments. As of December 31, 2023, the estimated future amortization expense of intangible assets for the twelve months ending December 31 was as follows: In millions 2024 $ 96 2025 75 2026 54 2027 43 2028 33

Leases

Leases	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021 was $132 million, $122 million and $118 million, respectively. Total rental expense for the twelve months ended December 31, 2023, 2022 and 2021 included $60 million, $56 million and $47 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 2023, 2022 and 2021: Dollars in millions 2023 2022 2021 Rental expense related to capitalized operating leases $ 72 $ 66 $ 71 Cash paid related to maturities of operating lease liabilities $ 70 $ 67 $ 70 Right-of-use assets obtained in exchange for operating lease liabilities $ 82 $ 74 $ 71 Right-of-use assets $ 248 $ 212 Current portion of operating lease liabilities $ 58 $ 55 Long-term portion of operating lease liabilities 148 131 Operating lease liabilities $ 206 $ 186 Weighted-average remaining lease term 5.0 years 4.9 years Weighted-average discount rate 2.95 % 2.25 % 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, 2023, future maturities of operating lease liabilities for the twelve months ending December 31 were as follows: In millions 2024 $ 63 2025 47 2026 35 2027 26 2028 17 2029 and future years 36 Total future minimum lease payments 224 Less: Imputed interest (18) Operating lease liabilities $ 206

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Total debt as of December 31, 2023 and 2022 was as follows: In millions 2023 2022 Short-term debt $ 1,825 $ 1,590 Long-term debt 6,339 6,173 Total debt $ 8,164 $ 7,763 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, and excludes short-term debt classified as long-term because the Company has the intent and ability to extend the maturity date beyond one year. Short-term debt as of December 31, 2023 and 2022 consisted of the following: In millions 2023 2022 Current maturities of long-term debt $ 1,361 $ 535 Commercial paper 464 1,053 Other — 2 Total short-term debt $ 1,825 $ 1,590 As of December 31, 2023, current maturities of long-term debt included $700 million related to the 3.50% notes due March 1, 2024, which were reclassified from Long-term debt to Short-term debt in the first quarter of 2023 and $661 million related to the 0.25% Euro notes due December 5, 2024, which were reclassified from Long-term debt to Short-term debt in the fourth quarter of 2023. As of December 31, 2022, current maturities of long-term debt included $535 million related to the 1.25% Euro notes due May 22, 2023, which were repaid on the due date. The Company may issue commercial paper to fund general corporate needs, share repurchases, and small and medium-sized acquisitions. During the fourth quarter of 2022, the Company entered into a $3.0 billion, five-year revolving credit facility with a termination date of October 21, 2027, which is available to provide additional liquidity, including to support the potential issuances of commercial paper. No amounts were outstanding under the revolving credit facility as of December 31, 2023 or 2022. The Company was also in compliance with the financial covenants of the revolving credit facility as of December 31, 2023, which included a minimum interest coverage ratio. The weighted-average interest rate on commercial paper was 5.40% and 4.35% as of December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company had unused capacity of approximately $158 million under international debt facilities. In the ordinary course of business, the Company also had approximately $231 million outstanding in guarantees, letters of credit and other similar arrangements with financial institutions as of December 31, 2023. Long-term debt — Long-term debt represents obligations with a maturity date greater than one year or where the Company has the intent and ability to extend the maturity date beyond 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, 2023 and 2022 consisted of the following: 2023 2022 In millions Effective Interest Rate Carrying Value Fair Value Carrying Value Fair Value 1.25% Euro notes due May 22, 2023 1.35% $ — $ — $ 535 $ 533 3.50% notes due March 1, 2024 3.54% 700 698 699 691 Euro Credit Agreement due May 3, 2024 Variable 1,434 1,434 — — 0.25% Euro notes due December 5, 2024 0.31% 661 642 641 606 2.65% notes due November 15, 2026 2.69% 997 956 996 932 0.625% Euro notes due December 5, 2027 0.71% 549 509 531 469 2.125% Euro notes due May 22, 2030 2.18% 548 530 531 484 1.00% Euro notes due June 5, 2031 1.09% 546 488 529 438 3.00% Euro notes due May 19, 2034 3.13% 543 551 525 492 4.875% notes due September 15, 2041 4.97% 638 660 638 638 3.90% notes due September 1, 2042 3.96% 1,084 989 1,083 945 Total 7,700 $ 7,457 6,708 $ 6,228 Less: Current maturities of long-term debt (1,361) (535) Total long-term debt $ 6,339 $ 6,173 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 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 $700 million of 3.5% notes due March 1, 2024 at 99.648% of face value. In May 2014, the Company issued €500 million of 1.75% Euro notes due May 20, 2022 at 99.16% of face value, which were redeemed in full at face value on February 22, 2022, 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, which were repaid on the due date, and €500 million of 2.125% Euro notes due May 22, 2030 at 99.303% of face value. In November 2016, the Company issued $1.0 billion of 2.65% notes due November 15, 2026 at 99.685% of face value. 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. On May 5, 2023, the Company entered into a €1.3 billion Euro-denominated credit agreement (the "Euro Credit Agreement") with a termination date of May 3, 2024; provided, however, that the Company may extend the termination date by six months on up to two occasions. On May 12, 2023, the Company borrowed €1.3 billion of Euro term loans under the Euro Credit Agreement. Proceeds from the borrowing were used for general corporate purposes, including the repayment of outstanding debt. Any loan under the Euro Credit Agreement may not be re-borrowed once repaid, in full or in part, and will bear interest at a per annum rate equal to the applicable EURIBOR (adjusted for any statutory reserves) plus 0.75% for the interest period selected by the Company of one, three or six months. As of December 31, 2023, the Company had €1.3 billion outstanding under the Euro Credit Agreement with an interest rate of 4.59%, which was included in Long-term debt as the Company intends to exercise its options to extend the termination date. 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, the €1.6 billion of Euro notes issued in June 2019 and the €1.3 billion of Euro term loans borrowed under the Euro Credit Agreement in May 2023 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. On February 22, 2022, €500 million of the Euro notes issued in May 2014 were redeemed in full and on May 22, 2023, €500 million of the Euro notes issued in May 2015 were repaid on the due date. Refer to Note 14. Stockholders' Equity for additional information regarding the net investment hedge. All of the Company's long-term debt listed above represent senior unsecured obligations ranking equal in right of payment. As of December 31, 2023, 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 2024 $ 1,361 2025 1,434 2026 997 2027 549 2028 — 2029 and future years 3,359 Total $ 7,700 The €1.3 billion of Euro term loans due May 3, 2024 that were borrowed under the Euro Credit Agreement were included in the 2025 maturities in the scheduled future maturities of long-term debt as the Company intends to exercise its options to extend the termination date up to twelve months.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits	12 Months Ended
	Dec. 31, 2023
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 $117 million in 2023, $111 million in 2022, and $88 million in 2021. 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, 2023, 2022 and 2021 is as follows: Pension Other Postretirement Benefits In millions 2023 2022 2021 2023 2022 2021 Components of net periodic benefit cost: Service cost $ 35 $ 47 $ 53 $ 5 $ 7 $ 7 Interest cost 94 50 39 23 13 11 Expected return on plan assets (129) (100) (101) (22) (26) (25) Amortization of actuarial (gain) loss 3 24 53 (4) (3) — Amortization of prior service cost 1 1 1 — — — Settlement loss — 1 — — — — Total net periodic benefit cost (income) $ 4 $ 23 $ 45 $ 2 $ (9) $ (7) 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 most recently published mortality improvement scale from the Society of Actuaries, MP-2021, to measure its U.S. pension and other postretirement benefit obligations as of December 31, 2023 and 2022, which did not have a significant impact. The following table provides a rollforward of the plan benefit obligations for the twelve months ended December 31, 2023 and 2022: Pension Other Postretirement Benefits In millions 2023 2022 2023 2022 Change in benefit obligation: Beginning balance $ 1,993 $ 2,765 $ 468 $ 580 Service cost 35 47 5 7 Interest cost 94 50 23 13 Plan participants' contributions 1 1 9 10 Actuarial (gain) loss 64 (607) 38 (101) Benefits paid (153) (160) (45) (43) Medicare subsidy received — — 1 2 Foreign currency translation 35 (103) — — Ending balance $ 2,069 $ 1,993 $ 499 $ 468 Accumulated benefit obligation as of December 31 $ 1,972 $ 1,911 For the years ended December 31, 2023 and 2022, 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, 2023 and 2022: Pension Other Postretirement Benefits In millions 2023 2022 2023 2022 Change in plan assets: Beginning balance $ 2,114 $ 3,041 $ 336 $ 434 Actual return on plan assets 157 (662) 51 (69) Company contributions 10 14 7 4 Plan participants' contributions 1 1 9 10 Benefits paid (153) (160) (45) (43) Foreign currency translation 42 (120) — — Ending balance $ 2,171 $ 2,114 $ 358 $ 336 Reconciliation of funded status: Funded status $ 102 $ 121 $ (141) $ (132) Other immaterial plans (58) (55) (4) (4) Net asset (liability) as of December 31 $ 44 $ 66 $ (145) $ (136) The amounts recognized in the Statement of Financial Position as of December 31 consist of: Other assets $ 243 $ 251 $ — $ — Accrued expenses (29) (12) (3) (3) Other noncurrent liabilities (170) (173) (142) (133) Net asset (liability) as of December 31 $ 44 $ 66 $ (145) $ (136) The pre-tax amounts recognized in accumulated other comprehensive (income) loss consist of: Net actuarial (gain) loss $ 512 $ 479 $ (61) $ (74) Prior service cost 3 4 — — Pre-tax accumulated other comprehensive (income) loss as of December 31 $ 515 $ 483 $ (61) $ (74) As of December 31, 2023 and 2022, pension plans with projected benefit obligations in excess of plan assets had projected benefit obligations of $179 million and $137 million, respectively, and plan assets of $55 million and $22 million, respectively. As of December 31, 2023 and 2022, pension plans with accumulated benefit obligations in excess of plan assets had accumulated benefit obligations of $175 million and $131 million, respectively, and plan assets of $55 million and $22 million, respectively. Assumptions — The weighted-average assumptions used in the valuations of pension and other postretirement benefits were as follows: Pension Other Postretirement Benefits 2023 2022 2021 2023 2022 2021 Assumptions used to determine benefit obligations as of December 31: Discount rate 4.69 % 4.94 % 2.33 % 5.01 % 5.19 % 2.92 % Rate of compensation increases 3.39 % 3.46 % 3.40 % Interest crediting rate - U.S. cash balance plan 3.75 % 3.75 % 3.75 % Assumptions used to determine net periodic benefit cost for the twelve months ended December 31: Discount rate 4.94 % 2.33 % 1.89 % 5.19 % 2.92 % 2.59 % Expected return on plan assets 5.27 % 3.72 % 3.67 % 6.75 % 6.25 % 6.65 % Rate of compensation increases 3.46 % 3.40 % 3.24 % Interest crediting rate - U.S. cash balance plan 3.75 % 3.75 % 3.75 % 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: 2023 2022 2021 Health care cost trend rate assumed for the next year 7.50 % 7.00 % 7.00 % Ultimate trend rate 4.50 % 4.50 % 4.50 % Year the rate reaches the ultimate trend rate 2033 2031 2029 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, 2023 and 2022 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. 2023 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 47 $ 47 $ — $ — Fixed income securities: Government securities 334 — 334 — Corporate debt securities 800 — 800 — Investment contracts with insurance companies 1 — — 1 Commingled funds: Mutual funds 25 Collective trust funds 946 Partnerships/private equity interests 8 Other 10 — 10 — Total fair value of pension plan assets $ 2,171 $ 47 $ 1,144 $ 1 Other Postretirement Benefit Plan Assets: Life insurance policies $ 358 Total fair value of other postretirement benefit plan assets $ 358 $ — $ — $ — 2022 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 44 $ 44 $ — $ — Fixed income securities: Government securities 299 — 299 — Corporate debt securities 737 — 737 — Investment contracts with insurance companies 1 — — 1 Commingled funds: Mutual funds 22 Collective trust funds 994 Partnerships/private equity interests 13 Other 4 — 4 — Total fair value of pension plan assets $ 2,114 $ 44 $ 1,040 $ 1 Other Postretirement Benefit Plan Assets: Life insurance policies $ 336 Total fair value of other postretirement benefit plan assets $ 336 $ — $ — $ — 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 $60 million to its pension plans and $4 million to its other postretirement benefit plans in 2024. As of December 31, 2023, 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 2024 $ 179 $ 37 2025 162 38 2026 161 38 2027 163 38 2028 165 38 Years 2029-2033 803 184

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, including those involving environmental, product liability (including toxic tort) and general liability claims. The Company accrues for such liabilities when it is probable that future costs will be incurred and such costs can be reasonably estimated. Such accruals are based on developments to date, the Company's estimates of the outcomes of these matters and its experience in contesting, litigating and settling other similar matters. The Company believes resolution of these matters, individually and in the aggregate, will not have a material adverse effect on the Company's financial position, liquidity or future operations.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Preferred stock — Preferred stock, without par value, of which 0.3 million shares are authorized and unissued, is issuable in series. The Board of Directors is authorized to fix by resolution the designation and characteristics of each series of preferred stock. The Company has no present commitment to issue its preferred stock. Share repurchases — On August 3, 2018, the Company announced a stock repurchase program which provided for the repurchase of up to $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, approximately 4.4 million shares of its common stock at an average price of $227.29 per share during 2021 and approximately 1.2 million shares of its common stock at an average price of $216.62 per share during 2022. The 2018 Program was completed in the first quarter of 2022. On May 7, 2021, the Company announced a stock repurchase program which provided 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"). Under the 2021 program, the Company repurchased approximately 7.1 million shares of its common stock at an average price of $210.46 per share during 2022 and approximately 6.3 million shares of its common stock at an average price of $235.35 per share during 2023. The 2021 Program was completed in the fourth quarter of 2023. On August 4, 2023, the Company announced a new stock repurchase program which provides for the repurchase of up to an additional $5.0 billion of the Company's common stock over an open-ended period of time (the "2023 Program"). Under the 2023 program, the Company repurchased approximately 38,000 shares of its common stock at an average price of $263.44 per share during 2023. As of December 31, 2023, there were approximately $5.0 billion of authorized repurchases remaining under the 2023 program. Cash Dividends — Cash dividends declared were $5.42 per share in 2023, $5.06 per share in 2022 and $4.72 per share in 2021. Cash dividends paid were $5.33 per share in 2023, $4.97 per share in 2022 and $4.64 per share in 2021. Accumulated other comprehensive income (loss) — The changes in accumulated other comprehensive income (loss) during 2023, 2022 and 2021 were as follows: In millions 2023 2022 2021 Beginning balance $ (1,841) $ (1,502) $ (1,642) Foreign currency translation adjustments during the period 16 (192) 73 Foreign currency translation adjustments reclassified to income (1) — 5 Income taxes 26 (50) (73) Total foreign currency translation adjustments, net of tax 41 (242) 5 Pension and other postretirement benefit adjustments during the period (45) (149) 125 Pension and other postretirement benefit adjustments reclassified to income — 23 54 Income taxes 11 29 (44) Total pension and other postretirement benefit adjustments, net of tax (34) (97) 135 Ending balance $ (1,834) $ (1,841) $ (1,502) 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 represented settlements and 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, the €1.6 billion of Euro notes issued in June 2019 and the €1.3 billion of Euro term loans borrowed under the Euro Credit Agreement in May 2023 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). On February 22, 2022, €500 million of the Euro notes issued in May 2014 were redeemed in full and on May 22, 2023, €500 million of the Euro notes issued in May 2015 were repaid on the due date. Refer to Note 11. Debt for additional information regarding the redemption of these notes. The amount of pre-tax gain (loss) related to these notes that was recorded in Other comprehensive income (loss) for the twelve months ended December 31, 2023, 2022 and 2021 was $(109) million, $205 million and $303 million, respectively. As of December 31, 2023 and 2022, the ending balance of Accumulated other comprehensive income (loss) consisted of after-tax cumulative translation adjustment losses of $1.5 billion in both periods, and after-tax unrecognized pension and other postretirement benefits costs of $327 million and $293 million, respectively.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
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. The 2015 Plan allows for the issuance of up to 10 million shares of ITW common stock for awards granted under the plan. 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 of the Board of Directors 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. 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, 2023, 2022 and 2021: In millions 2023 2022 2021 Pre-tax stock-based compensation expense $ 69 $ 63 $ 53 Tax benefit (7) (7) (6) Total stock-based compensation expense, net of tax $ 62 $ 56 $ 47 The following table summarizes activity related to non-vested RSUs for the twelve months ended December 31, 2023: Shares in millions Number of Weighted-Average Unvested, January 1, 2023 0.6 $203.48 Granted 0.2 232.21 Vested (0.2) 189.20 Unvested, December 31, 2023 0.6 218.85 The following table summarizes stock option activity for the twelve months ended December 31, 2023: In millions except exercise price and contractual terms Number of Weighted-Average Weighted-Average Aggregate Under option, January 1, 2023 3.2 $158.71 Granted 0.3 235.52 Exercised (0.5) 99.12 Under option, December 31, 2023 3.0 177.01 5.8 $249 Exercisable, December 31, 2023 2.0 159.24 4.9 $207 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, 2023, 2022 and 2021: 2023 2022 2021 Risk-free interest rate 3.92-4.86% 1.04-2.07% 0.04%-1.38% Weighted-average volatility 22.0% 21.0% 24.0% Dividend yield 2.13% 2.20% 2.50% Expected years until exercise 8.6-9.2 9.1-9.6 8.9-9.4 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, 2023, 2022 and 2021 was $67.16, $45.15 and $40.90 per share, respectively. The aggregate intrinsic value of stock options exercised during the twelve months ended December 31, 2023, 2022 and 2021 was $79 million, $38 million and $68 million, respectively. As of December 31, 2023, there was $11 million of total unrecognized compensation cost related to unvested stock options. That cost is expected to be recognized over a weighted-average period of 2.0 years. Exercise of stock options during the twelve months ended December 31, 2023, 2022 and 2021 resulted in cash receipts of $53 million, $29 million and $50 million, respectively. The total fair value of vested stock option awards during the twelve months ended December 31, 2023, 2022 and 2021 was $18 million, $18 million and $19 million, respectively. As of December 31, 2023, there was $50 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 1.7 years. The total fair value of vested RSU awards during the twelve months ended December 31, 2023, 2022 and 2021 was $35 million, $28 million and $23 million, respectively.

Other Balance Sheet Information

Other Balance Sheet Information	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other Balance Sheet Information	Other Balance Sheet Information Other balance sheet information as of December 31, 2023 and 2022 was as follows: In millions 2023 2022 Prepaid expenses and other current assets: Value-added-tax receivables $ 99 $ 92 Vendor advances 55 52 Income tax refunds receivable 29 10 Other 157 175 Total prepaid expenses and other current assets $ 340 $ 329 Other assets: Cash surrender value of life insurance policies $ 436 $ 433 Operating lease right-of-use assets 248 212 Prepaid pension assets 243 251 Customer tooling 181 159 Other 154 123 Total other assets $ 1,262 $ 1,178 Accrued expenses: Compensation and employee benefits $ 423 $ 451 Deferred revenue and customer deposits 395 427 Rebates 218 225 Current portion of operating lease liabilities 58 55 Warranties 48 42 Current portion of pension and other postretirement benefit obligations 32 15 Other 489 513 Total accrued expenses $ 1,663 $ 1,728 Other liabilities: Pension benefit obligation $ 170 $ 173 Long-term portion of operating lease liabilities 148 131 Postretirement benefit obligation 142 133 Other 554 506 Total other liabilities $ 1,014 $ 943

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2023
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 2023, 2022 and 2021 was as follows: In millions 2023 2022 2021 Operating revenue: Automotive OEM $ 3,235 $ 2,969 $ 2,800 Food Equipment 2,622 2,444 2,078 Test & Measurement and Electronics 2,832 2,828 2,346 Welding 1,902 1,894 1,650 Polymers & Fluids 1,804 1,905 1,804 Construction Products 2,033 2,113 1,945 Specialty Products 1,697 1,799 1,854 Intersegment revenue (18) (20) (22) Total $ 16,107 $ 15,932 $ 14,455 Operating income: Automotive OEM $ 561 $ 499 $ 545 Food Equipment 713 618 469 Test & Measurement and Electronics 686 684 643 Welding 605 583 490 Polymers & Fluids 482 479 457 Construction Products 578 548 530 Specialty Products 449 481 504 Total segments 4,074 3,892 3,638 Unallocated (34) (102) (161) Total $ 4,040 $ 3,790 $ 3,477 Depreciation and amortization and impairment of intangible assets: Automotive OEM $ 123 $ 121 $ 128 Food Equipment 41 40 42 Test & Measurement and Electronics 80 87 66 Welding 29 26 26 Polymers & Fluids 46 57 62 Construction Products 33 31 32 Specialty Products 43 48 54 Total $ 395 $ 410 $ 410 Plant and equipment additions: Automotive OEM $ 224 $ 181 $ 116 Food Equipment 54 41 30 Test & Measurement and Electronics 43 49 37 Welding 41 43 27 Polymers & Fluids 27 23 15 Construction Products 31 33 30 Specialty Products 35 42 41 Total $ 455 $ 412 $ 296 Identifiable assets: Automotive OEM $ 2,615 $ 2,447 $ 2,260 Food Equipment 1,193 1,188 1,052 Test & Measurement and Electronics 3,230 3,289 3,242 Welding 838 933 784 Polymers & Fluids 1,762 1,819 1,881 Construction Products 1,230 1,370 1,367 Specialty Products 1,627 1,696 1,682 Total segments 12,495 12,742 12,268 Corporate 3,023 2,680 3,809 Total $ 15,518 $ 15,422 $ 16,077 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, 2023, 2022 and 2021 was as follows: In millions 2023 2022 2021 Operating Revenue by Geographic Region: United States $ 7,576 $ 7,609 $ 6,578 Canada/Mexico 1,146 1,095 940 Total North America 8,722 8,704 7,518 Europe, Middle East and Africa 4,147 3,913 3,870 Asia Pacific 2,935 2,991 2,802 South America 303 324 265 Total operating revenue $ 16,107 $ 15,932 $ 14,455 Operating revenue by geographic region is based on the customers' locations. The Company had approximately 44% and 45% of its total net plant and equipment in the United States as of December 31, 2023 and 2022, respectively. Additionally, the Company had 13% and 12% of its total net plant and equipment in China as of December 31, 2023 and 2022, respectively. No other countries represented more than 10% of the Company's net plant and equipment as of December 31, 2023 and 2022. No single customer accounted for more than 5% of consolidated revenues for the twelve months ended December 31, 2023, 2022 or 2021.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Michael R. Zimmerman [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 6, 2023, Michael R. Zimmerman, Executive Vice President, adopted a plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a "Rule 10b5-1 trading arrangement"). The Rule 10b5-1 trading arrangement covers the exercise of 19,567 stock options and the related sale of such shares. The 10b5-1 trading arrangement expires on March 7, 2025.
Name	Michael R. Zimmerman
Title	Executive Vice President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 6, 2023
Arrangement Duration	457 days
Aggregate Available	19,567	19,567

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
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
Research and development expenses	Research and development expenses
Advertising expenses	Advertising expenses
Income taxes	Income taxes — The Company utilizes the asset and liability method of accounting for income taxes. Deferred income taxes are determined based on the estimated future tax effects of differences between the financial and tax bases of assets and liabilities given the provisions of the enacted tax laws. Valuation allowances are established when it is estimated that it is more likely than not that the tax benefit of the deferred tax asset will not be realized.
Cash and equivalents	Cash and equivalents — Cash and equivalents include cash on hand and instruments having original maturities of three months or less. Cash and equivalents are stated at cost, which approximates fair value.
Trade receivables	Trade receivables
Inventories	Inventories
Net plant and equipment	Net plant and equipment
Goodwill and intangible assets	Goodwill and intangible assets — Goodwill represents the excess cost over fair value of the net assets of acquired businesses. The Company does not amortize goodwill and intangible assets that have indefinite lives. Amortizable intangible assets are being amortized on a straight-line basis over their estimated useful lives of 3 to 20 years. The Company performs an impairment assessment of goodwill and intangible assets with indefinite lives annually, or more frequently if triggering events occur, based on the estimated fair value of the related reporting unit or intangible asset. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. When performing its annual impairment assessment, the Company evaluates the goodwill assigned to each of its reporting units for potential impairment by comparing the estimated fair value of the relevant reporting unit to the carrying value. The Company uses various Level 2 and Level 3 valuation techniques to determine the fair value of its reporting units, including discounting estimated future cash flows based on a 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.
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
New Accounting Pronouncements	New Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (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. In November 2023, the FASB issued authoritative guidance which expands annual and interim disclosure requirements for reportable segments. The more significant provisions include the requirement to disclose significant segment expenses and certain disclosures made annually under existing guidance will be required for interim periods. The guidance is effective for the Company beginning with its annual reporting for the year ended December 31, 2024 and is required to be applied retrospectively to all periods presented. The Company is currently assessing the impact the guidance will have on its disclosures. In December 2023, the FASB issued authoritative guidance that expands the disclosure requirements for income taxes. The new guidance will require consistent categories and greater disaggregation of information presented in the effective tax rate reconciliation as well as disaggregation of income taxes paid by jurisdiction. The guidance is effective for the Company beginning with its annual reporting for the year ended December 31, 2025 and is required to be applied prospectively, with retrospective application to prior periods allowed. The Company is currently assessing the impact the guidance will have on its disclosures.
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, and excludes short-term debt classified as long-term because the Company has the intent and ability to extend the maturity date beyond one year.Long-term debt represents obligations with a maturity date greater than one year or where the Company has the intent and ability to extend the maturity date beyond 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, 2023
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, 2023, 2022 and 2021 were as follows: In millions 2023 2022 2021 Beginning balance $ 26 $ 28 $ 29 Provision charged to expense 6 5 3 Acquisitions and divestitures — 2 2 Write-offs, net of recoveries (3) (8) (5) Foreign currency translation — (1) (1) Ending balance $ 29 $ 26 $ 28
Schedule of Inventory	The major classes of inventory at December 31, 2023 and 2022 were as follows: In millions 2023 2022 Raw material $ 742 $ 887 Work-in-process 234 228 Finished goods 848 1,050 LIFO reserve (117) (111) Total inventories $ 1,707 $ 2,054
Schedule of Net Plant and Equipment and Ranges of Useful Lives	Net plant and equipment consisted of the following at December 31, 2023 and 2022: In millions 2023 2022 Land $ 197 $ 188 Buildings and improvements 1,490 1,414 Machinery and equipment 4,070 3,891 Construction in progress 294 259 Gross plant and equipment 6,051 5,752 Accumulated depreciation (4,075) (3,904) Net plant and equipment $ 1,976 $ 1,848 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, 2023, 2022 and 2021 were as follows: In millions 2023 2022 2021 Beginning balance $ 42 $ 46 $ 45 Charges (51) (41) (34) Provision charged to expense 56 40 34 Acquisitions and divestitures — (2) 5 Foreign currency translation/other 1 (1) (4) Ending balance $ 48 $ 42 $ 46

Operating Revenue (Tables)

Operating Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021 was as follows: In millions 2023 2022 2021 Automotive OEM $ 3,235 $ 2,969 $ 2,800 Food Equipment 2,622 2,444 2,078 Test & Measurement and Electronics 2,832 2,828 2,346 Welding 1,902 1,894 1,650 Polymers & Fluids 1,804 1,905 1,804 Construction Products 2,033 2,113 1,945 Specialty Products 1,697 1,799 1,854 Intersegment revenue (18) (20) (22) Total $ 16,107 $ 15,932 $ 14,455

Other Income (Expense) (Tables)

Other Income (Expense) (Tables)	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
Schedule of Other Income (Expense)	Other income (expense) for the twelve months ended December 31, 2023, 2022 and 2021 consisted of the following: In millions 2023 2022 2021 Interest income $ 51 $ 22 $ 12 Other net periodic benefit income 33 41 23 Income (loss) from investments 2 9 29 Gain (loss) on sale of operations and affiliates 1 191 — Equity income in Wilsonart — — — Gain (loss) on foreign currency transactions, net (39) (7) (9) Other, net 1 (1) (4) Total other income (expense) $ 49 $ 255 $ 51

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021 were as follows: In millions 2023 2022 2021 U.S. federal income taxes: Current $ 455 $ 478 $ 399 Deferred (111) (143) (95) Total U.S. federal income taxes 344 335 304 Foreign income taxes: Current 405 387 302 Deferred 31 13 (57) Total foreign income taxes 436 400 245 State income taxes: Current 94 93 79 Deferred (8) (20) 4 Total state income taxes 86 73 83 Total provision for income taxes $ 866 $ 808 $ 632
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, 2023, 2022 and 2021 was as follows: In millions 2023 2022 2021 Domestic $ 1,953 $ 2,128 $ 1,667 Foreign 1,870 1,714 1,659 Total income before taxes $ 3,823 $ 3,842 $ 3,326
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, 2023, 2022 and 2021 was as follows: 2023 2022 2021 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of U.S. federal tax benefit 1.9 1.6 2.1 Differences between U.S. federal statutory and foreign tax rates 1.1 0.6 0.3 U.S. tax effect of foreign earnings 0.8 1.0 1.2 Tax effect of foreign dividends 0.1 0.6 0.6 Changes in tax law — — (3.4) Audit resolution (0.2) (1.4) (0.1) Excess tax benefits from stock-based compensation (0.5) (0.3) (0.5) Foreign derived intangible income (1.4) (1.3) (1.3) Other, net (0.2) (0.8) (0.9) Effective tax rate 22.6 % 21.0 % 19.0 %
Schedule of Components of Deferred Income Tax Assets and Liabilities	The components of deferred income tax assets and liabilities as of December 31, 2023 and 2022 were as follows: 2023 2022 In millions Asset Liability Asset Liability Goodwill and intangible assets $ 505 $ (492) $ 437 $ (505) Inventory reserves, capitalized tax cost and LIFO inventory 51 (3) 51 (3) Investments 19 (124) 23 (141) Plant and equipment 12 (113) 15 (106) Accrued expenses and reserves 34 — 39 — Employee benefit accruals 165 — 166 — Foreign tax credit carryforwards 12 — 14 — Net operating loss carryforwards 463 — 441 — Capital loss carryforwards 194 — 194 — Allowances for uncollectible accounts 12 — 11 — Capitalized research and development 88 — 44 — Pension liabilities — (21) — (25) Unrealized loss (gain) on foreign debt instruments — (37) — (65) Operating leases 53 (53) 47 (47) Other 43 (31) 45 (30) Gross deferred income tax assets (liabilities) 1,651 (874) 1,527 (922) Valuation allowances (624) — (595) — Total deferred income tax assets (liabilities) $ 1,027 $ (874) $ 932 $ (922)
Schedule of Net Operating Loss Carryforwards	As of December 31, 2023, 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 2024 $ 10 2025 1 2026 4 2027 1 2028 2 2029-2049 664 Do not expire 1,027 Total gross carryforwards related to net operating losses $ 1,709
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, 2023, 2022 and 2021 were as follows: In millions 2023 2022 2021 Beginning balance $ 314 $ 360 $ 346 Additions based on tax positions related to the current year 21 9 11 Additions for tax positions of prior years 48 9 23 Reductions for tax positions of prior years (33) (56) (12) Settlements (23) — — Foreign currency translation 2 (8) (8) Ending balance $ 329 $ 314 $ 360
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 2019-2023 United Kingdom 2017-2023 Germany 2019-2023 France 2017-2023 Australia 2015-2023

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021 was as follows: In millions except per share amounts 2023 2022 2021 Net Income $ 2,957 $ 3,034 $ 2,694 Net income per share—Basic: Weighted-average common shares 302.6 309.6 315.1 Net income per share—Basic $ 9.77 $ 9.80 $ 8.55 Net income per share—Diluted: Weighted-average common shares 302.6 309.6 315.1 Effect of dilutive stock options and restricted stock units 1.0 1.1 1.3 Weighted-average common shares assuming dilution 303.6 310.7 316.4 Net income per share—Diluted $ 9.74 $ 9.77 $ 8.51

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 were as follows: In millions Automotive OEM Food Equipment Test & Measurement and Electronics Welding Polymers & Fluids Construction Products Specialty Products Total Balance, December 31, 2021 $ 475 $ 265 $ 1,707 $ 258 $ 873 $ 518 $ 869 $ 4,965 Acquisitions / (divestitures) — — 58 — — — — 58 Transfers to assets held for sale — (2) — — (33) — (2) (37) Foreign currency translation (16) (14) (36) (10) (17) (15) (14) (122) Balance, December 31, 2022 459 249 1,729 248 823 503 853 4,864 Foreign currency translation 7 2 6 3 11 3 13 45 Balance, December 31, 2023 $ 466 $ 251 $ 1,735 $ 251 $ 834 $ 506 $ 866 $ 4,909 Cumulative goodwill impairment charges, December 31, 2023 $ 24 $ 60 $ 83 $ 5 $ 15 $ 7 $ 46 $ 240
Schedule of Finite-lived Intangible Assets	Intangible assets as of December 31, 2023 and 2022 were as follows: 2023 2022 In millions Cost Accumulated Net Cost Accumulated Net Amortizable intangible assets: Customer lists and relationships $ 1,746 $ (1,534) $ 212 $ 1,746 $ (1,479) $ 267 Trademarks and brands 713 (573) 140 713 (541) 172 Patents and proprietary technology 615 (581) 34 615 (565) 50 Other 511 (487) 24 509 (477) 32 Total amortizable intangible assets 3,585 (3,175) 410 3,583 (3,062) 521 Indefinite-lived intangible assets: Trademarks and brands 247 — 247 247 — 247 Total intangible assets $ 3,832 $ (3,175) $ 657 $ 3,830 $ (3,062) $ 768
Schedule of Indefinite-lived Intangible Assets	Intangible assets as of December 31, 2023 and 2022 were as follows: 2023 2022 In millions Cost Accumulated Net Cost Accumulated Net Amortizable intangible assets: Customer lists and relationships $ 1,746 $ (1,534) $ 212 $ 1,746 $ (1,479) $ 267 Trademarks and brands 713 (573) 140 713 (541) 172 Patents and proprietary technology 615 (581) 34 615 (565) 50 Other 511 (487) 24 509 (477) 32 Total amortizable intangible assets 3,585 (3,175) 410 3,583 (3,062) 521 Indefinite-lived intangible assets: Trademarks and brands 247 — 247 247 — 247 Total intangible assets $ 3,832 $ (3,175) $ 657 $ 3,830 $ (3,062) $ 768
Schedule of Estimated Future Amortization Expense of Intangible Assets	As of December 31, 2023, the estimated future amortization expense of intangible assets for the twelve months ending December 31 was as follows: In millions 2024 $ 96 2025 75 2026 54 2027 43 2028 33

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Lease Assets and Liabilities	The following table summarizes information related to the Company's capitalized operating leases for 2023, 2022 and 2021: Dollars in millions 2023 2022 2021 Rental expense related to capitalized operating leases $ 72 $ 66 $ 71 Cash paid related to maturities of operating lease liabilities $ 70 $ 67 $ 70 Right-of-use assets obtained in exchange for operating lease liabilities $ 82 $ 74 $ 71 Right-of-use assets $ 248 $ 212 Current portion of operating lease liabilities $ 58 $ 55 Long-term portion of operating lease liabilities 148 131 Operating lease liabilities $ 206 $ 186 Weighted-average remaining lease term 5.0 years 4.9 years Weighted-average discount rate 2.95 % 2.25 %
Schedule of Lease Cost	The following table summarizes information related to the Company's capitalized operating leases for 2023, 2022 and 2021: Dollars in millions 2023 2022 2021 Rental expense related to capitalized operating leases $ 72 $ 66 $ 71 Cash paid related to maturities of operating lease liabilities $ 70 $ 67 $ 70 Right-of-use assets obtained in exchange for operating lease liabilities $ 82 $ 74 $ 71 Right-of-use assets $ 248 $ 212 Current portion of operating lease liabilities $ 58 $ 55 Long-term portion of operating lease liabilities 148 131 Operating lease liabilities $ 206 $ 186 Weighted-average remaining lease term 5.0 years 4.9 years Weighted-average discount rate 2.95 % 2.25 %
Schedule of Future Maturities of Operating Lease Liabilities	As of December 31, 2023, future maturities of operating lease liabilities for the twelve months ending December 31 were as follows: In millions 2024 $ 63 2025 47 2026 35 2027 26 2028 17 2029 and future years 36 Total future minimum lease payments 224 Less: Imputed interest (18) Operating lease liabilities $ 206

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Total debt as of December 31, 2023 and 2022 was as follows: In millions 2023 2022 Short-term debt $ 1,825 $ 1,590 Long-term debt 6,339 6,173 Total debt $ 8,164 $ 7,763
Schedule of Short-term Debt	Short-term debt as of December 31, 2023 and 2022 consisted of the following: In millions 2023 2022 Current maturities of long-term debt $ 1,361 $ 535 Commercial paper 464 1,053 Other — 2 Total short-term debt $ 1,825 $ 1,590
Schedule of Long-term Debt at Carrying Value and Fair Value	Long-term debt at carrying value and fair value as of December 31, 2023 and 2022 consisted of the following: 2023 2022 In millions Effective Interest Rate Carrying Value Fair Value Carrying Value Fair Value 1.25% Euro notes due May 22, 2023 1.35% $ — $ — $ 535 $ 533 3.50% notes due March 1, 2024 3.54% 700 698 699 691 Euro Credit Agreement due May 3, 2024 Variable 1,434 1,434 — — 0.25% Euro notes due December 5, 2024 0.31% 661 642 641 606 2.65% notes due November 15, 2026 2.69% 997 956 996 932 0.625% Euro notes due December 5, 2027 0.71% 549 509 531 469 2.125% Euro notes due May 22, 2030 2.18% 548 530 531 484 1.00% Euro notes due June 5, 2031 1.09% 546 488 529 438 3.00% Euro notes due May 19, 2034 3.13% 543 551 525 492 4.875% notes due September 15, 2041 4.97% 638 660 638 638 3.90% notes due September 1, 2042 3.96% 1,084 989 1,083 945 Total 7,700 $ 7,457 6,708 $ 6,228 Less: Current maturities of long-term debt (1,361) (535) Total long-term debt $ 6,339 $ 6,173
Schedule of Future Maturities of Long-term Debt Including Current Maturities of Long-term Debt	As of December 31, 2023, 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 2024 $ 1,361 2025 1,434 2026 997 2027 549 2028 — 2029 and future years 3,359 Total $ 7,700

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021 is as follows: Pension Other Postretirement Benefits In millions 2023 2022 2021 2023 2022 2021 Components of net periodic benefit cost: Service cost $ 35 $ 47 $ 53 $ 5 $ 7 $ 7 Interest cost 94 50 39 23 13 11 Expected return on plan assets (129) (100) (101) (22) (26) (25) Amortization of actuarial (gain) loss 3 24 53 (4) (3) — Amortization of prior service cost 1 1 1 — — — Settlement loss — 1 — — — — Total net periodic benefit cost (income) $ 4 $ 23 $ 45 $ 2 $ (9) $ (7)
Schedule of Change in Plan Benefit Obligations	The following table provides a rollforward of the plan benefit obligations for the twelve months ended December 31, 2023 and 2022: Pension Other Postretirement Benefits In millions 2023 2022 2023 2022 Change in benefit obligation: Beginning balance $ 1,993 $ 2,765 $ 468 $ 580 Service cost 35 47 5 7 Interest cost 94 50 23 13 Plan participants' contributions 1 1 9 10 Actuarial (gain) loss 64 (607) 38 (101) Benefits paid (153) (160) (45) (43) Medicare subsidy received — — 1 2 Foreign currency translation 35 (103) — — Ending balance $ 2,069 $ 1,993 $ 499 $ 468 Accumulated benefit obligation as of December 31 $ 1,972 $ 1,911
Schedule of 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, 2023 and 2022: Pension Other Postretirement Benefits In millions 2023 2022 2023 2022 Change in plan assets: Beginning balance $ 2,114 $ 3,041 $ 336 $ 434 Actual return on plan assets 157 (662) 51 (69) Company contributions 10 14 7 4 Plan participants' contributions 1 1 9 10 Benefits paid (153) (160) (45) (43) Foreign currency translation 42 (120) — — Ending balance $ 2,171 $ 2,114 $ 358 $ 336 Reconciliation of funded status: Funded status $ 102 $ 121 $ (141) $ (132) Other immaterial plans (58) (55) (4) (4) Net asset (liability) as of December 31 $ 44 $ 66 $ (145) $ (136) The amounts recognized in the Statement of Financial Position as of December 31 consist of: Other assets $ 243 $ 251 $ — $ — Accrued expenses (29) (12) (3) (3) Other noncurrent liabilities (170) (173) (142) (133) Net asset (liability) as of December 31 $ 44 $ 66 $ (145) $ (136) The pre-tax amounts recognized in accumulated other comprehensive (income) loss consist of: Net actuarial (gain) loss $ 512 $ 479 $ (61) $ (74) Prior service cost 3 4 — — Pre-tax accumulated other comprehensive (income) loss as of December 31 $ 515 $ 483 $ (61) $ (74)
Schedule of 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 2023 2022 2021 2023 2022 2021 Assumptions used to determine benefit obligations as of December 31: Discount rate 4.69 % 4.94 % 2.33 % 5.01 % 5.19 % 2.92 % Rate of compensation increases 3.39 % 3.46 % 3.40 % Interest crediting rate - U.S. cash balance plan 3.75 % 3.75 % 3.75 % Assumptions used to determine net periodic benefit cost for the twelve months ended December 31: Discount rate 4.94 % 2.33 % 1.89 % 5.19 % 2.92 % 2.59 % Expected return on plan assets 5.27 % 3.72 % 3.67 % 6.75 % 6.25 % 6.65 % Rate of compensation increases 3.46 % 3.40 % 3.24 % Interest crediting rate - U.S. cash balance plan 3.75 % 3.75 % 3.75 %
Schedule of 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: 2023 2022 2021 Health care cost trend rate assumed for the next year 7.50 % 7.00 % 7.00 % Ultimate trend rate 4.50 % 4.50 % 4.50 % Year the rate reaches the ultimate trend rate 2033 2031 2029
Schedule of 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, 2023 and 2022 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. 2023 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 47 $ 47 $ — $ — Fixed income securities: Government securities 334 — 334 — Corporate debt securities 800 — 800 — Investment contracts with insurance companies 1 — — 1 Commingled funds: Mutual funds 25 Collective trust funds 946 Partnerships/private equity interests 8 Other 10 — 10 — Total fair value of pension plan assets $ 2,171 $ 47 $ 1,144 $ 1 Other Postretirement Benefit Plan Assets: Life insurance policies $ 358 Total fair value of other postretirement benefit plan assets $ 358 $ — $ — $ — 2022 In millions Total Level 1 Level 2 Level 3 Pension Plan Assets: Cash and equivalents $ 44 $ 44 $ — $ — Fixed income securities: Government securities 299 — 299 — Corporate debt securities 737 — 737 — Investment contracts with insurance companies 1 — — 1 Commingled funds: Mutual funds 22 Collective trust funds 994 Partnerships/private equity interests 13 Other 4 — 4 — Total fair value of pension plan assets $ 2,114 $ 44 $ 1,040 $ 1 Other Postretirement Benefit Plan Assets: Life insurance policies $ 336 Total fair value of other postretirement benefit plan assets $ 336 $ — $ — $ —
Schedule of Expected Future Benefit Payments	As of December 31, 2023, 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 2024 $ 179 $ 37 2025 162 38 2026 161 38 2027 163 38 2028 165 38 Years 2029-2033 803 184

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) during 2023, 2022 and 2021 were as follows: In millions 2023 2022 2021 Beginning balance $ (1,841) $ (1,502) $ (1,642) Foreign currency translation adjustments during the period 16 (192) 73 Foreign currency translation adjustments reclassified to income (1) — 5 Income taxes 26 (50) (73) Total foreign currency translation adjustments, net of tax 41 (242) 5 Pension and other postretirement benefit adjustments during the period (45) (149) 125 Pension and other postretirement benefit adjustments reclassified to income — 23 54 Income taxes 11 29 (44) Total pension and other postretirement benefit adjustments, net of tax (34) (97) 135 Ending balance $ (1,834) $ (1,841) $ (1,502)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021: In millions 2023 2022 2021 Pre-tax stock-based compensation expense $ 69 $ 63 $ 53 Tax benefit (7) (7) (6) Total stock-based compensation expense, net of tax $ 62 $ 56 $ 47
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, 2023: Shares in millions Number of Weighted-Average Unvested, January 1, 2023 0.6 $203.48 Granted 0.2 232.21 Vested (0.2) 189.20 Unvested, December 31, 2023 0.6 218.85
Summary of Stock Option Activity	The following table summarizes stock option activity for the twelve months ended December 31, 2023: In millions except exercise price and contractual terms Number of Weighted-Average Weighted-Average Aggregate Under option, January 1, 2023 3.2 $158.71 Granted 0.3 235.52 Exercised (0.5) 99.12 Under option, December 31, 2023 3.0 177.01 5.8 $249 Exercisable, December 31, 2023 2.0 159.24 4.9 $207
Summary of Assumptions Used in Option Valuations	The following summarizes the assumptions used in the option valuations for the twelve months ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Risk-free interest rate 3.92-4.86% 1.04-2.07% 0.04%-1.38% Weighted-average volatility 22.0% 21.0% 24.0% Dividend yield 2.13% 2.20% 2.50% Expected years until exercise 8.6-9.2 9.1-9.6 8.9-9.4

Other Balance Sheet Informati_2

Other Balance Sheet Information (Tables)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Other Balance Sheet Information	Other balance sheet information as of December 31, 2023 and 2022 was as follows: In millions 2023 2022 Prepaid expenses and other current assets: Value-added-tax receivables $ 99 $ 92 Vendor advances 55 52 Income tax refunds receivable 29 10 Other 157 175 Total prepaid expenses and other current assets $ 340 $ 329 Other assets: Cash surrender value of life insurance policies $ 436 $ 433 Operating lease right-of-use assets 248 212 Prepaid pension assets 243 251 Customer tooling 181 159 Other 154 123 Total other assets $ 1,262 $ 1,178 Accrued expenses: Compensation and employee benefits $ 423 $ 451 Deferred revenue and customer deposits 395 427 Rebates 218 225 Current portion of operating lease liabilities 58 55 Warranties 48 42 Current portion of pension and other postretirement benefit obligations 32 15 Other 489 513 Total accrued expenses $ 1,663 $ 1,728 Other liabilities: Pension benefit obligation $ 170 $ 173 Long-term portion of operating lease liabilities 148 131 Postretirement benefit obligation 142 133 Other 554 506 Total other liabilities $ 1,014 $ 943

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Summary of Segment Information	Segment information for 2023, 2022 and 2021 was as follows: In millions 2023 2022 2021 Operating revenue: Automotive OEM $ 3,235 $ 2,969 $ 2,800 Food Equipment 2,622 2,444 2,078 Test & Measurement and Electronics 2,832 2,828 2,346 Welding 1,902 1,894 1,650 Polymers & Fluids 1,804 1,905 1,804 Construction Products 2,033 2,113 1,945 Specialty Products 1,697 1,799 1,854 Intersegment revenue (18) (20) (22) Total $ 16,107 $ 15,932 $ 14,455 Operating income: Automotive OEM $ 561 $ 499 $ 545 Food Equipment 713 618 469 Test & Measurement and Electronics 686 684 643 Welding 605 583 490 Polymers & Fluids 482 479 457 Construction Products 578 548 530 Specialty Products 449 481 504 Total segments 4,074 3,892 3,638 Unallocated (34) (102) (161) Total $ 4,040 $ 3,790 $ 3,477 Depreciation and amortization and impairment of intangible assets: Automotive OEM $ 123 $ 121 $ 128 Food Equipment 41 40 42 Test & Measurement and Electronics 80 87 66 Welding 29 26 26 Polymers & Fluids 46 57 62 Construction Products 33 31 32 Specialty Products 43 48 54 Total $ 395 $ 410 $ 410 Plant and equipment additions: Automotive OEM $ 224 $ 181 $ 116 Food Equipment 54 41 30 Test & Measurement and Electronics 43 49 37 Welding 41 43 27 Polymers & Fluids 27 23 15 Construction Products 31 33 30 Specialty Products 35 42 41 Total $ 455 $ 412 $ 296 Identifiable assets: Automotive OEM $ 2,615 $ 2,447 $ 2,260 Food Equipment 1,193 1,188 1,052 Test & Measurement and Electronics 3,230 3,289 3,242 Welding 838 933 784 Polymers & Fluids 1,762 1,819 1,881 Construction Products 1,230 1,370 1,367 Specialty Products 1,627 1,696 1,682 Total segments 12,495 12,742 12,268 Corporate 3,023 2,680 3,809 Total $ 15,518 $ 15,422 $ 16,077
Summary of Enterprise-wide Information	Enterprise-wide information for the twelve months ended December 31, 2023, 2022 and 2021 was as follows: In millions 2023 2022 2021 Operating Revenue by Geographic Region: United States $ 7,576 $ 7,609 $ 6,578 Canada/Mexico 1,146 1,095 940 Total North America 8,722 8,704 7,518 Europe, Middle East and Africa 4,147 3,913 3,870 Asia Pacific 2,935 2,991 2,802 South America 303 324 265 Total operating revenue $ 16,107 $ 15,932 $ 14,455

Description of Business and S_4

Description of Business and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) country segment division	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 01, 2021
Finite-Lived Intangible Assets [Line Items]
Number of company divisions | division	84
Number of countries with company operations | country	51
Number of operating segments | segment	7
Deferred revenue and customer deposits	$ 395	$ 427
Research and development expenses	284	269	$ 239
Advertising expenses	$ 60	$ 57	50
Percentage of total inventories priced at LIFO	23%	22%
LIFO reserve	$ 117	$ 111
Depreciation	$ 282	$ 276	$ 277
Minimum
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible asset, useful life	3 years			1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible asset, useful life	20 years			14 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in Allowances for Uncollectible Accounts
Beginning balance	$ 26	$ 28	$ 29
Provision charged to expense	6	5	3
Acquisitions and divestitures	0	2	2
Write-offs, net of recoveries	(3)	(8)	(5)
Foreign currency translation	0	(1)	(1)
Ending balance	$ 29	$ 26	$ 28

Description of Business and S_6

Description of Business and Summary of Significant Accounting Policies - Schedule of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Raw material	$ 742	$ 887
Work-in-process	234	228
Finished goods	848	1,050
LIFO reserve	(117)	(111)
Total inventories	$ 1,707	$ 2,054

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, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Land	$ 197	$ 188
Buildings and improvements	1,490	1,414
Machinery and equipment	4,070	3,891
Construction in progress	294	259
Gross plant and equipment	6,051	5,752
Accumulated depreciation	(4,075)	(3,904)
Net plant and equipment	$ 1,976	$ 1,848

Description of Business and S_8

Description of Business and Summary of Significant Accounting Policies - Schedule of Ranges of Useful Lives (Details)	Dec. 31, 2023
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in Accrued Product Warranties
Beginning balance	$ 42	$ 46	$ 45
Charges	(51)	(41)	(34)
Provision charged to expense	56	40	34
Acquisitions and divestitures	0	(2)	5
Foreign currency translation/other	1	(1)	(4)
Ending balance	$ 48	$ 42	$ 46

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Dec. 01, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 4,965	$ 4,864	$ 4,909
Expected amortizable intangible assets			3,583	$ 3,585
Weighted average amortization period	11 years
Minimum
Business Acquisition [Line Items]
Amortizable intangible asset, useful life	1 year			3 years
Maximum
Business Acquisition [Line Items]
Amortizable intangible asset, useful life	14 years			20 years
M T S
Business Acquisition [Line Items]
Purchase price	$ 750
Operating revenue since acquisition		$ 46	422
Goodwill			430
Intangible assets			259
Expected amortizable intangible assets			166
M T S | Trademarks and Trade Names
Business Acquisition [Line Items]
Intangible assets			$ 93

Divestitures (Details)

Divestitures (Details) $ in Millions	3 Months Ended			12 Months Ended
	Dec. 31, 2022 USD ($) business	Jun. 30, 2022 business	Dec. 31, 2019 business	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Capital loss carryforwards	$ 194			$ 194	$ 194
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
2019 Divestitures Plan | Disposal Group, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses divested | business			3
2022 Divestitures Plan | Disposal Group, Held-for-Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses divested | business	2
Number of businesses to be divested | business		2
2022 Divestitures Plan | Disposal Group, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Combined annual revenues for businesses to be sold					500
Capital loss carryforwards	$ 32				32
Operating revenue					106	$ 115
Polymers & Fluids | 2022 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 to be divested | business		1
Polymers & Fluids | 2022 Divestitures Plan | Disposal Group, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business	220
Gain on sale of business	156
Food Equipment | 2022 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 to be divested | business		1
Food Equipment | 2022 Divestitures Plan | Disposal Group, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business	59
Gain on sale of business	$ 41
Specialty Products | 2022 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 to be divested | business	1
Assets held for sale	$ 8				8
Liabilities held for sale	$ 1				1
Specialty Products | 2022 Divestitures Plan | Disposal Group, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating revenue				$ 9	$ 37	$ 35

Operating Revenue (Details)

Operating Revenue (Details)	12 Months Ended
	Dec. 31, 2023 segment division
Revenue from Contract with Customer [Abstract]
Number of company divisions | division	84
Number of reportable segments | segment	7

Operating Revenue - Summary of

Operating Revenue - Summary of Operating Revenue by Product Category (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Operating Revenue	$ 16,107	$ 15,932	$ 14,455
Operating segments | Automotive OEM
Disaggregation of Revenue [Line Items]
Operating Revenue	3,235	2,969	2,800
Operating segments | Food Equipment
Disaggregation of Revenue [Line Items]
Operating Revenue	2,622	2,444	2,078
Operating segments | Test & Measurement and Electronics
Disaggregation of Revenue [Line Items]
Operating Revenue	2,832	2,828	2,346
Operating segments | Welding
Disaggregation of Revenue [Line Items]
Operating Revenue	1,902	1,894	1,650
Operating segments | Polymers & Fluids
Disaggregation of Revenue [Line Items]
Operating Revenue	1,804	1,905	1,804
Operating segments | Construction Products
Disaggregation of Revenue [Line Items]
Operating Revenue	2,033	2,113	1,945
Operating segments | Specialty Products
Disaggregation of Revenue [Line Items]
Operating Revenue	1,697	1,799	1,854
Intersegment revenue
Disaggregation of Revenue [Line Items]
Operating Revenue	$ 18	$ 20	$ 22

Other Income (Expense) - Schedu

Other Income (Expense) - Schedule of Other Income (Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Nonoperating Income (Expense) [Abstract]
Interest income	$ 51	$ 22	$ 12
Other net periodic benefit income	33	41	23
Income (loss) from investments	2	9	29
Gain (loss) on sale of operations and affiliates	1	191	0
Equity income in Wilsonart	0	0	0
Gain (loss) on foreign currency transactions, net	(39)	(7)	(9)
Other, net	1	(1)	(4)
Total other income (expense)	$ 49	$ 255	$ 51

Other Income (Expense) - Narrat

Other Income (Expense) - Narrative (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2022 business	Dec. 31, 2023	Dec. 31, 2016 USD ($)	Dec. 31, 2012
Disposal Group, Held-for-Sale | 2022 Divestitures Plan
Schedule of Equity Method Investments [Line Items]
Number of businesses divested | business	2
Wilsonart International Holdings LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage		49%
Preferred units owned by other party		51%
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%
Decorative Surfaces
Schedule of Equity Method Investments [Line Items]
Percentage of segment divested				51%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended						12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2017	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax Cuts and Jobs Act, income tax expense						$ 676
Noncurrent income taxes payable		$ 273					$ 151	$ 273
Effective tax rate							22.60%	21%	19%
Discrete tax benefit	$ 20	32	$ 51	$ 21	$ 112
Effective tax rate, share-based compensation, excess tax benefit, amount							$ 20	$ 12	$ 17
Accrual foreign withhold taxes		50					39	50
Undistributed earnings of foreign subsidiaries							6,000
Unrecognized tax benefits that would impact effective tax rate							295
Possible decrease in unrecognized tax benefits resulting from ongoing audits							8
Accrual for interest and penalties related to income tax matters		$ 26					$ 34	$ 26

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
U.S. federal income taxes:
Current	$ 455	$ 478	$ 399
Deferred	(111)	(143)	(95)
Total U.S. federal income taxes	344	335	304
Foreign income taxes:
Current	405	387	302
Deferred	31	13	(57)
Total foreign income taxes	436	400	245
State income taxes:
Current	94	93	79
Deferred	(8)	(20)	4
Total state income taxes	86	73	83
Total provision for income taxes	$ 866	$ 808	$ 632

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Income from Continuing Operations Before Income Taxes
Domestic	$ 1,953	$ 2,128	$ 1,667
Foreign	1,870	1,714	1,659
Income Before Taxes	$ 3,823	$ 3,842	$ 3,326
Reconciliation Between the U.S. Federal Statutory Tax Rate and The Effective Tax Rate
U.S. federal statutory tax rate	21%	21%	21%
State income taxes, net of U.S. federal tax benefit	1.90%	1.60%	2.10%
Differences between U.S. federal statutory and foreign tax rates	1.10%	0.60%	0.30%
U.S. tax effect of foreign earnings	0.80%	1%	1.20%
Tax effect of foreign dividends	0.10%	0.60%	0.60%
Changes in tax law	0%	0%	(3.40%)
Audit resolution	(0.20%)	(1.40%)	(0.10%)
Excess tax benefits from stock-based compensation	(0.50%)	(0.30%)	(0.50%)
Foreign derived intangible income	(1.40%)	(1.30%)	(1.30%)
Other, net	(0.20%)	(0.80%)	(0.90%)
Effective tax rate	22.60%	21%	19%

Income Taxes - Schedule of Co_2

Income Taxes - Schedule of Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred Income Tax Assets
Goodwill and intangible assets	$ 505	$ 437
Inventory reserves, capitalized tax cost and LIFO inventory	51	51
Investments	19	23
Plant and equipment	12	15
Accrued expenses and reserves	34	39
Employee benefit accruals	165	166
Foreign tax credit carryforwards	12	14
Net operating loss carryforwards	463	441
Capital loss carryforwards	194	194
Allowances for uncollectible accounts	12	11
Capitalized research and development	88	44
Unrealized loss (gain) on foreign debt instruments	0	0
Operating leases	53	47
Other	43	45
Gross deferred income tax assets	1,651	1,527
Valuation allowances	(624)	(595)
Total deferred income tax assets	1,027	932
Deferred Income Tax Liabilities
Goodwill and intangible assets	(492)	(505)
Inventory reserves, capitalized tax cost and LIFO inventory	(3)	(3)
Investments	(124)	(141)
Plant and equipment	(113)	(106)
Pension liabilities	(21)	(25)
Unrealized loss (gain) on foreign debt instruments	(37)	(65)
Operating leases	(53)	(47)
Other	(31)	(30)
Gross deferred income tax liabilities	$ (874)	$ (922)

Income Taxes - Schedule of Net

Income Taxes - Schedule of Net Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2023 USD ($)
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	$ 1,709
2024
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	10
2025
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	1
2026
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	4
2027
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	1
2028
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	2
2029-2049
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	664
Do not expire
Operating Loss Carryforwards [Line Items]
Total gross carryforwards related to net operating losses	$ 1,027

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in the amount of unrecognized tax benefits
Beginning balance	$ 314	$ 360	$ 346
Additions based on tax positions related to the current year	21	9	11
Additions for tax positions of prior years	48	9	23
Reductions for tax positions of prior years	(33)	(56)	(12)
Settlements	(23)	0	0
Foreign currency translation	2
Foreign currency translation		(8)	(8)
Ending balance	$ 329	$ 314	$ 360

Income Taxes - Summary of Open

Income Taxes - Summary of Open Tax Years (Details)	12 Months Ended
	Dec. 31, 2023
Minimum | United States – Federal
Income Tax Contingency [Line Items]
Open tax years	2019
Minimum | United Kingdom
Income Tax Contingency [Line Items]
Open tax years	2017
Minimum | Germany
Income Tax Contingency [Line Items]
Open tax years	2019
Minimum | France
Income Tax Contingency [Line Items]
Open tax years	2017
Minimum | Australia
Income Tax Contingency [Line Items]
Open tax years	2015
Maximum | United States – Federal
Income Tax Contingency [Line Items]
Open tax years	2023
Maximum | United Kingdom
Income Tax Contingency [Line Items]
Open tax years	2023
Maximum | Germany
Income Tax Contingency [Line Items]
Open tax years	2023
Maximum | France
Income Tax Contingency [Line Items]
Open tax years	2023
Maximum | Australia
Income Tax Contingency [Line Items]
Open tax years	2023

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Income	$ 2,957	$ 3,034	$ 2,694
Net income per share—Basic:
Weighted-average common shares (in shares)	302.6	309.6	315.1
Net income per share—Basic (in dollars per share)	$ 9.77	$ 9.80	$ 8.55
Net income per share—Diluted:
Weighted-average common shares (in shares)	302.6	309.6	315.1
Effect of dilutive stock options and restricted stock units (in shares)	1	1.1	1.3
Weighted-average common shares assuming dilution (in shares)	303.6	310.7	316.4
Net income per share—Diluted (in dollars per share)	$ 9.74	$ 9.77	$ 8.51

Net Income Per Share - Narrativ

Net Income Per Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Antidilutive options outstanding (in shares)	0.3	0.9	0.4

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, 2023	Dec. 31, 2022
Changes in the carrying amount of goodwill by segment
Balance, beginning	$ 4,864	$ 4,965
Acquisitions / (divestitures)		58
Transfers to assets held for sale		(37)
Foreign currency translation	45	(122)
Balance, ending	4,909	4,864
Cumulative goodwill impairment charges, December 31, 2023	240
Automotive OEM
Changes in the carrying amount of goodwill by segment
Balance, beginning	459	475
Acquisitions / (divestitures)		0
Transfers to assets held for sale		0
Foreign currency translation	7	(16)
Balance, ending	466	459
Cumulative goodwill impairment charges, December 31, 2023	24
Food Equipment
Changes in the carrying amount of goodwill by segment
Balance, beginning	249	265
Acquisitions / (divestitures)		0
Transfers to assets held for sale		(2)
Foreign currency translation	2	(14)
Balance, ending	251	249
Cumulative goodwill impairment charges, December 31, 2023	60
Test & Measurement and Electronics
Changes in the carrying amount of goodwill by segment
Balance, beginning	1,729	1,707
Acquisitions / (divestitures)		58
Transfers to assets held for sale		0
Foreign currency translation	6	(36)
Balance, ending	1,735	1,729
Cumulative goodwill impairment charges, December 31, 2023	83
Welding
Changes in the carrying amount of goodwill by segment
Balance, beginning	248	258
Acquisitions / (divestitures)		0
Transfers to assets held for sale		0
Foreign currency translation	3	(10)
Balance, ending	251	248
Cumulative goodwill impairment charges, December 31, 2023	5
Polymers & Fluids
Changes in the carrying amount of goodwill by segment
Balance, beginning	823	873
Acquisitions / (divestitures)		0
Transfers to assets held for sale		(33)
Foreign currency translation	11	(17)
Balance, ending	834	823
Cumulative goodwill impairment charges, December 31, 2023	15
Construction Products
Changes in the carrying amount of goodwill by segment
Balance, beginning	503	518
Acquisitions / (divestitures)		0
Transfers to assets held for sale		0
Foreign currency translation	3	(15)
Balance, ending	506	503
Cumulative goodwill impairment charges, December 31, 2023	7
Specialty Products
Changes in the carrying amount of goodwill by segment
Balance, beginning	853	869
Acquisitions / (divestitures)		0
Transfers to assets held for sale		(2)
Foreign currency translation	13	(14)
Balance, ending	866	$ 853
Cumulative goodwill impairment charges, December 31, 2023	$ 46

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Amortizable intangible assets:
Cost	$ 3,585	$ 3,583
Accumulated Amortization	(3,175)	(3,062)
Net	410	521
Total intangible assets, Cost	3,832	3,830
Total intangible assets, Net	657	768
Trademarks and brands
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	247	247
Customer lists and relationships
Amortizable intangible assets:
Cost	1,746	1,746
Accumulated Amortization	(1,534)	(1,479)
Net	212	267
Trademarks and brands
Amortizable intangible assets:
Cost	713	713
Accumulated Amortization	(573)	(541)
Net	140	172
Patents and proprietary technology
Amortizable intangible assets:
Cost	615	615
Accumulated Amortization	(581)	(565)
Net	34	50
Other
Amortizable intangible assets:
Cost	511	509
Accumulated Amortization	(487)	(477)
Net	$ 24	$ 32

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Narrative (Details) - USD ($)		3 Months Ended
	Dec. 01, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Goodwill					$ 4,909,000,000	$ 4,864,000,000	$ 4,965,000,000
Goodwill and indefinite-lived asset impairment charges		$ 0	$ 0	$ 0
M T S
Indefinite-lived Intangible Assets [Line Items]
Purchase price	$ 750,000,000
Goodwill						430,000,000
Intangible assets						$ 259,000,000

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense of Intangible Assets (Details) $ in Millions	Dec. 31, 2023 USD ($)
Estimated amortization expense of intangible assets
2024	$ 96
2025	75
2026	54
2027	43
2028	$ 33

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Rental expense for operating leases	$ 132	$ 122	$ 118
Rental expense related to short-term operating leases and variable lease payments	$ 60	$ 56	$ 47

Leases - Information Related to

Leases - Information Related to Capitalized Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Rental expense related to capitalized operating leases	$ 72	$ 66	$ 71
Cash paid related to maturities of operating lease liabilities	70	67	70
Right-of-use assets obtained in exchange for operating lease liabilities	$ 82	$ 74	$ 71
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating lease right-of-use assets	$ 248	$ 212
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Current portion of operating lease liabilities	$ 58	$ 55
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Long-term portion of operating lease liabilities	$ 148	$ 131
Operating lease liabilities	$ 206	$ 186
Weighted-average remaining lease term	5 years	4 years 10 months 24 days
Weighted-average discount rate	2.95%	2.25%

Leases - Schedule of Future Mat

Leases - Schedule of Future Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 63
2025	47
2026	35
2027	26
2028	17
2029 and future years	36
Total future minimum lease payments	224
Less: Imputed interest	(18)
Operating lease liabilities	$ 206	$ 186

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Short-term debt	$ 1,825	$ 1,590
Long-term debt	6,339	6,173
Total debt	$ 8,164	$ 7,763

Debt - Schedule of Short-term D

Debt - Schedule of Short-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Current maturities of long-term debt	$ 1,361	$ 535
Commercial paper	464	1,053
Other	0	2
Total short-term debt	$ 1,825	$ 1,590

Debt - Narrative (Details)

Debt - Narrative (Details)

3 Months Ended

May 22, 2023 EUR (€)

May 12, 2023 EUR (€)

May 05, 2023 EUR (€)

Feb. 22, 2022 EUR (€)

Dec. 31, 2022 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2023 EUR (€)

Jun. 30, 2019 EUR (€)

Nov. 30, 2016 USD ($)

May 31, 2015 EUR (€)

May 31, 2014 EUR (€)

Feb. 28, 2014 USD ($)

Dec. 31, 2012 USD ($)

Dec. 31, 2011 USD ($)

Line of Credit Facility [Line Items]

Current maturities of long-term debt | $

$ 535,000,000

$ 1,361,000,000

Guarantees, Letters Of Credit, And Other Similar Arrangements

Line of Credit Facility [Line Items]

Line of credit, amounts outstanding | $

$ 231,000,000

Unsecured Debt | Net Investment Hedging

Line of Credit Facility [Line Items]

Face value of notes

€ 1,000,000,000

€ 1,000,000,000

Commercial paper

Line of Credit Facility [Line Items]

Weighted average interest rate

4.35%

5.40%

5.40%

3.50% notes due march 1, 2024

Line of Credit Facility [Line Items]

Current maturities of long-term debt | $

$ 700,000,000

Interest rate, stated percentage

3.50%

3.50%

0.25% Euro notes due December 5, 2024

Line of Credit Facility [Line Items]

Current maturities of long-term debt | $

$ 661,000,000

Interest rate, stated percentage

0.25%

0.25%

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

Line of Credit Facility [Line Items]

Effective interest rate

0.31%

0.31%

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

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%

1.25% Euro notes due May 22, 2023

Line of Credit Facility [Line Items]

Current maturities of long-term debt | $

$ 535,000,000

Interest rate, stated percentage

1.25%

1.25%

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%

Effective interest rate

1.35%

1.35%

Note Due October 21, 2027 | Line of Credit

Line of Credit Facility [Line Items]

Line of credit, maximum borrowing capacity | $

$ 3,000,000,000

Debt Instrument, term

5 years

Line of credit, amounts outstanding | $

$ 0

$ 0

International Debt Facilities | Line of Credit

Line of Credit Facility [Line Items]

Unused capacity under international debt facilities | $

$ 158,000,000

Euro Credit Agreement due May 3, 2024 | Senior Notes | Net Investment Hedging

Line of Credit Facility [Line Items]

Face value of notes

€ 1,300,000,000

Euro Credit Agreement due May 3, 2024 | Line of Credit

Line of Credit Facility [Line Items]

Line of credit, amounts outstanding

€ 1,300,000,000

Face value of notes

€ 1,300,000,000

Proceeds from lines of credit

€ 1,300,000,000

Effective interest rate

4.59%

4.59%

Euro Credit Agreement due May 3, 2024 | Line of Credit | EURIBOR rate

Line of Credit Facility [Line Items]

Basis spread on variable rate

0.75%

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%

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%

Effective interest rate

4.97%

4.97%

3.90% notes due September 1, 2042

Line of Credit Facility [Line Items]

Interest rate, stated percentage

3.90%

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%

Effective interest rate

3.96%

3.96%

3.50% notes due March 1, 2024

Line of Credit Facility [Line Items]

Interest rate, stated percentage

3.50%

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%

Effective interest rate

3.54%

3.54%

Euro notes due May 22, 2023 | 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%

3.00% Euro notes due May 19, 2034

Line of Credit Facility [Line Items]

Interest rate, stated percentage

3%

3%

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

Line of Credit Facility [Line Items]

Interest rate, stated percentage

3%

Face value of notes

€ 500,000,000

Notes issued, percentage of face value

98.089%

Effective interest rate

3.13%

3.13%

2.125% Euro notes due May 22, 2030

Line of Credit Facility [Line Items]

Interest rate, stated percentage

2.125%

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%

Effective interest rate

2.18%

2.18%

2.65% notes due November 15, 2026

Line of Credit Facility [Line Items]

Interest rate, stated percentage

2.65%

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%

Effective interest rate

2.69%

2.69%

0.625% Euro notes due December 5, 2027

Line of Credit Facility [Line Items]

Interest rate, stated percentage

0.625%

0.625%

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

Line of Credit Facility [Line Items]

Effective interest rate

0.71%

0.71%

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

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%

1.00% Euro notes due June 5, 2031

Line of Credit Facility [Line Items]

Interest rate, stated percentage

1%

1%

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

Line of Credit Facility [Line Items]

Effective interest rate

1.09%

1.09%

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

Line of Credit Facility [Line Items]

Interest rate, stated percentage

1%

Face value of notes

€ 500,000,000

Debt instrument, face value, percentage

98.982%

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

Line of Credit Facility [Line Items]

Face value of notes

€ 1,600,000,000

Euro Notes, Issued 2014 | Euro Notes | Net Investment Hedging

Line of Credit Facility [Line Items]

Face value of notes

€ 1,000,000,000

Debt repayment

€ 500,000,000

Euro Notes Issued May 2015 | Euro Notes | Net Investment Hedging

Line of Credit Facility [Line Items]

Debt repayment

€ 500,000,000

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt at Carrying Value and Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2016	May 31, 2015	May 31, 2014	Feb. 28, 2014	Dec. 31, 2012	Dec. 31, 2011
Debt Instrument [Line Items]
Carrying Value	$ 7,700	$ 6,708
Fair Value	7,457	6,228
Less: Current maturities of long-term debt	(1,361)	(535)
Total long-term debt	$ 6,339	$ 6,173
1.25% Euro notes due May 22, 2023
Debt Instrument [Line Items]
Interest rate, stated percentage	1.25%	1.25%
Less: Current maturities of long-term debt		$ (535)
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%
Carrying Value	$ 0	535
Fair Value	$ 0	533
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%
Carrying Value	$ 700	699
Fair Value	698	691
Euro Credit Agreement due May 3, 2024 | Unsecured debt
Debt Instrument [Line Items]
Carrying Value	1,434	0
Fair Value	$ 1,434	0
0.25% Euro notes due December 5, 2024
Debt Instrument [Line Items]
Interest rate, stated percentage	0.25%
Less: Current maturities of long-term debt	$ (661)
0.25% Euro notes due December 5, 2024 | Unsecured debt
Debt Instrument [Line Items]
Effective Interest Rate	0.31%
Carrying Value	$ 661	641
Fair Value	$ 642	606
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%
Carrying Value	$ 997	996
Fair Value	$ 956	932
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%
Carrying Value	$ 549	531
Fair Value	$ 509	469
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%
Carrying Value	$ 548	531
Fair Value	$ 530	484
1.00% Euro notes due June 5, 2031
Debt Instrument [Line Items]
Interest rate, stated percentage	1%
1.00% Euro notes due June 5, 2031 | Unsecured debt
Debt Instrument [Line Items]
Effective Interest Rate	1.09%
Carrying Value	$ 546	529
Fair Value	$ 488	438
3.00% Euro notes due May 19, 2034
Debt Instrument [Line Items]
Interest rate, stated percentage	3%
3.00% Euro notes due May 19, 2034 | Unsecured debt
Debt Instrument [Line Items]
Interest rate, stated percentage					3%
Effective Interest Rate	3.13%
Carrying Value	$ 543	525
Fair Value	$ 551	492
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%
Carrying Value	$ 638	638
Fair Value	$ 660	638
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%
Carrying Value	$ 1,084	1,083
Fair Value	$ 989	$ 945

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, 2023	Dec. 31, 2022
Scheduled maturities of long-term debt
2024	$ 1,361
2025	1,434
2026	997
2027	549
2028	0
2029 and future years	3,359
Carrying Value	$ 7,700	$ 6,708

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan expenses	$ 117	$ 111	$ 88
Projected benefit obligations	179	137
Projected benefit obligations, plan assets	55	22
Accumulated benefit obligations	175	131
Accumulated benefit obligations, plan assets	55	$ 22
Pension
Defined Benefit Plan Disclosure [Line Items]
Expected company contributions	60
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%
Minimum | Fixed Income Investments
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage	75%
Minimum | Other Investment
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage	0%
Maximum | Equity Investments
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage	25%
Maximum | Fixed Income Investments
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage	85%
Maximum | Other Investment
Defined Benefit Plan Disclosure [Line Items]
Target allocation percentage	10%

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension
Components of net periodic benefit cost:
Service cost	$ 35	$ 47	$ 53
Interest cost	94	50	39
Expected return on plan assets	(129)	(100)	(101)
Amortization of actuarial (gain) loss	3	24	53
Amortization of prior service cost	1	1	1
Settlement loss	0	1	0
Total net periodic benefit cost (income)	4	23	45
Other Postretirement Benefits
Components of net periodic benefit cost:
Service cost	5	7	7
Interest cost	23	13	11
Expected return on plan assets	(22)	(26)	(25)
Amortization of actuarial (gain) loss	(4)	(3)	0
Amortization of prior service cost	0	0	0
Settlement loss	0	0	0
Total net periodic benefit cost (income)	$ 2	$ (9)	$ (7)

Pension and Other Postretirem_5

Pension and Other Postretirement Benefits - Change in Plan Benefit Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension
Change in benefit obligation:
Beginning balance	$ 1,993	$ 2,765
Service cost	35	47	$ 53
Interest cost	94	50	39
Plan participants' contributions	1	1
Actuarial (gain) loss	64	(607)
Benefits paid	(153)	(160)
Medicare subsidy received	0	0
Foreign currency translation	35	(103)
Ending balance	2,069	1,993	2,765
Accumulated benefit obligation as of December 31	1,972	1,911
Other Postretirement Benefits
Change in benefit obligation:
Beginning balance	468	580
Service cost	5	7	7
Interest cost	23	13	11
Plan participants' contributions	9	10
Actuarial (gain) loss	38	(101)
Benefits paid	(45)	(43)
Medicare subsidy received	1	2
Foreign currency translation	0	0
Ending balance	$ 499	$ 468	$ 580

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, 2023	Dec. 31, 2022
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Accrued expenses	$ (32)	$ (15)
Pension
Change in plan assets:
Beginning balance	2,114	3,041
Actual return on plan assets	157	(662)
Company contributions	10	14
Plan participants' contributions	1	1
Benefits paid	(153)	(160)
Foreign currency translation	42	(120)
Ending balance	2,171	2,114
Funded status
Funded status	102	121
Other immaterial plans	(58)	(55)
Net asset (liability) as of December 31	44	66
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Net asset (liability) as of December 31	44	66
The pre-tax amounts recognized in accumulated other comprehensive (income) loss consist of:
Net actuarial (gain) loss	512	479
Prior service cost	3	4
Pre-tax net actuarial (gain) loss and prior service cost	515	483
Other Postretirement Benefits
Change in plan assets:
Beginning balance	336	434
Actual return on plan assets	51	(69)
Company contributions	7	4
Plan participants' contributions	9	10
Benefits paid	(45)	(43)
Foreign currency translation	0	0
Ending balance	358	336
Funded status
Funded status	(141)	(132)
Other immaterial plans	(4)	(4)
Net asset (liability) as of December 31	(145)	(136)
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Net asset (liability) as of December 31	(145)	(136)
The pre-tax amounts recognized in accumulated other comprehensive (income) loss consist of:
Net actuarial (gain) loss	(61)	(74)
Prior service cost	0	0
Pre-tax net actuarial (gain) loss and prior service cost	(61)	(74)
Other assets | Pension
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Other assets	243	251
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	(29)	(12)
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	(170)	(173)
Other noncurrent liabilities | Other Postretirement Benefits
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Other noncurrent liabilities	$ (142)	$ (133)

Pension and Other Postretirem_7

Pension and Other Postretirement Benefits - Assumptions Used and Trend Rates (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assumed health care cost trend rates of postretirement benefit obligation
Health care cost trend rate assumed for the next year	7.50%	7%	7%
Ultimate trend rate	4.50%	4.50%	4.50%
Year the rate reaches the ultimate trend rate	2033	2031	2029
Pension
Assumptions used to determine benefit obligations as of December 31:
Discount rate	4.69%	4.94%	2.33%
Rate of compensation increases	3.39%	3.46%	3.40%
Interest crediting rate - U.S. cash balance plan	3.75%	3.75%	3.75%
Assumptions used to determine net periodic benefit cost for the twelve months ended December 31:
Discount rate	4.94%	2.33%	1.89%
Expected return on plan assets	5.27%	3.72%	3.67%
Rate of compensation increases	3.46%	3.40%	3.24%
Interest crediting rate - U.S. cash balance plan	3.75%	3.75%	3.75%
Other Postretirement Benefits
Assumptions used to determine benefit obligations as of December 31:
Discount rate	5.01%	5.19%	2.92%
Assumptions used to determine net periodic benefit cost for the twelve months ended December 31:
Discount rate	5.19%	2.92%	2.59%
Expected return on plan assets	6.75%	6.25%	6.65%

Pension and Other Postretirem_8

Pension and Other Postretirement Benefits - Benefit Plan Assets by Category and Valuation Methodology (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 2,171	$ 2,114	$ 3,041
Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	47	44
Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,144	1,040
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	358	336	$ 434
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	44
Cash and equivalents | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	47	44
Cash and equivalents | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
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	334	299
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	334	299
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	800	737
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	800	737
Fixed income securities, corporate debt securities | Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fixed income securities, investment contracts with insurance companies | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1	1
Fixed income securities, investment contracts with insurance companies | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fixed income securities, investment contracts with insurance companies | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Fixed income securities, investment contracts with insurance companies | Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1	1
Commingled funds, mutual funds | Pension
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	25	22
Commingled funds, mutual funds | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Commingled funds, mutual funds | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
Commingled funds, 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	946	994
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	8	13
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	10	4
Other | Pension | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Other | Pension | Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	10	4
Other | Pension | Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Life insurance policies | Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	358	336
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, 2023 USD ($)
Pension
Portion of the benefit payments are expected to be paid
2024	$ 179
2025	162
2026	161
2027	163
2028	165
Years 2029-2033	803
Other Postretirement Benefits
Portion of the benefit payments are expected to be paid
2024	37
2025	38
2026	38
2027	38
2028	38
Years 2029-2033	$ 184

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Millions		12 Months Ended
	Feb. 22, 2022 EUR (€)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2019 $ / shares shares	Aug. 04, 2023 USD ($)	May 05, 2023 EUR (€)	May 07, 2021 USD ($)	Jun. 30, 2019 EUR (€)	Aug. 03, 2018 USD ($)	May 31, 2015 EUR (€)	May 31, 2014 EUR (€)
Defined Benefit Plan Disclosure [Line Items]
Preferred stock, shares authorized (in shares) | shares		300
Cash dividend declared (in dollars per share) | $ / shares		$ 5.42	$ 5.06	$ 4.72
Cash dividend paid (in dollars per share) | $ / shares		$ 5.33	$ 4.97	$ 4.64
Pre-tax gain (loss)		$ (109)	$ 205	$ 303
After-tax cumulative translation adjustment losses included in accumulated comprehensive income (loss)		1,500	1,500
After-tax unrecognized pension and other postretirement benefits costs included in accumulated comprehensive income (loss)		$ 327	$ 293
Euro Notes, Issued 2014 | Net Investment Hedging | Euro Notes
Defined Benefit Plan Disclosure [Line Items]
Face value of notes | €													€ 1,000,000,000
Debt repayment | €	€ 500,000,000
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
Euro Credit Agreement due May 3, 2024 | Net Investment Hedging | Senior Notes
Defined Benefit Plan Disclosure [Line Items]
Face value of notes | €								€ 1,300,000,000
2018 Stock Repurchase Program
Defined Benefit Plan Disclosure [Line Items]
Authorized repurchase amount											$ 3,000
Shares repurchased (in shares) | shares			1,200	4,400	4,200	6,700
Average price of shares repurchased (in dollars per share) | $ / shares			$ 216.62	$ 227.29	$ 167.69	$ 158.11
2021 Stock Repurchase Program
Defined Benefit Plan Disclosure [Line Items]
Authorized repurchase amount									$ 3,000
Shares repurchased (in shares) | shares		6,300	7,100
Average price of shares repurchased (in dollars per share) | $ / shares		$ 235.35	$ 210.46
2023 Stock Repurchase Program
Defined Benefit Plan Disclosure [Line Items]
Authorized repurchase amount							$ 5,000
Shares repurchased (in shares) | shares		38
Average price of shares repurchased (in dollars per share) | $ / shares		$ 263.44
Authorized repurchases remaining (approximately)		$ 5,000

Stockholders' Equity - Changes

Stockholders' Equity - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in Accumulated Other Comprehensive Income (Loss)
Beginning balance	$ 3,089	$ 3,626	$ 3,182
Other comprehensive income (loss)	7	(339)	140
Ending balance	3,013	3,089	3,626
Accumulated Other Comprehensive Income (Loss)
Changes in Accumulated Other Comprehensive Income (Loss)
Beginning balance	(1,841)	(1,502)	(1,642)
Other comprehensive income (loss)	7	(339)	140
Ending balance	(1,834)	(1,841)	(1,502)
Accumulated Foreign Currency Adjustment
Changes in Accumulated Other Comprehensive Income (Loss)
Foreign currency translation / Pension and other postretirement benefit adjustments, before reclassifications, before tax	16	(192)	73
Foreign currency translation / Pension and other postretirement benefit adjustments reclassified to income, before tax	(1)	0	5
Income taxes	26	(50)	(73)
Other comprehensive income (loss)	41	(242)	5
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	(45)	(149)	125
Foreign currency translation / Pension and other postretirement benefit adjustments reclassified to income, before tax	0	23	54
Income taxes	11	29	(44)
Other comprehensive income (loss)	$ (34)	$ (97)	$ 135

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	10,000,000
Number of shares received for each RSU upon vesting (in shares)	1
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 67.16	$ 45.15	$ 40.90
Aggregate intrinsic value of options exercised	$ 79	$ 38	$ 68
Cash receipts from exercise of options	53	29	50
Total fair value of vested stock option awards	18	18	19
Total fair value of vested restricted stock unit awards	$ 35	$ 28	$ 23
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	$ 11
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	$ 50
Weighted-average period to recognize total unrecognized compensation cost	1 year 8 months 12 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, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of stock-based compensation expense
Pre-tax stock-based compensation expense	$ 69	$ 63	$ 53
Tax benefit	(7)	(7)	(6)
Total stock-based compensation expense, net of tax	$ 62	$ 56	$ 47

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, 2023 $ / shares shares
Non-Vested RSUs, Number of Shares
Beginning of period (in shares) | shares	0.6
Granted (in shares) | shares	0.2
Vested (in shares) | shares	(0.2)
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	$ 203.48
Granted (in dollars per share) | $ / shares	232.21
Vested (in dollars per share) | $ / shares	189.20
End of period (in dollars per share) | $ / shares	$ 218.85

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, 2023 USD ($) $ / shares shares
Number of Shares
Beginning of period (in shares) | shares	3.2
Granted (in shares) | shares	0.3
Exercised (in shares) | shares	(0.5)
End of period (in shares) | shares	3
Number of shares exercisable at end of period (in shares) | shares	2
Weighted-Average Exercise Price
Beginning of period (in dollars per share) | $ / shares	$ 158.71
Granted (in dollars per share) | $ / shares	235.52
Exercised (in dollars per share) | $ / shares	99.12
End of period (in dollars per share) | $ / shares	177.01
Weighted-average exercise price exercisable at end of period (in dollars per share) | $ / shares	$ 159.24
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted-average remaining contractual term, under option at end of period	5 years 9 months 18 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 | $	$ 249
Aggregate intrinsic value, exercisable at end of period | $	$ 207

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Assumptions Used in Option Valuations (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of assumptions used in option models
Risk-free interest rate, minimum	3.92%	1.04%	0.04%
Risk-free interest rate, maximum	4.86%	2.07%	1.38%
Weighted-average volatility	22%	21%	24%
Dividend yield	2.13%	2.20%	2.50%
Minimum
Summary of assumptions used in option models
Expected years until exercise	8 years 7 months 6 days	9 years 1 month 6 days	8 years 10 months 24 days
Maximum
Summary of assumptions used in option models
Expected years until exercise	9 years 2 months 12 days	9 years 7 months 6 days	9 years 4 months 24 days

Other Balance Sheet Informati_3

Other Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Prepaid expenses and other current assets:
Value-added-tax receivables	$ 99	$ 92
Vendor advances	55	52
Income tax refunds receivable	29	10
Other	157	175
Total prepaid expenses and other current assets	340	329
Other assets:
Cash surrender value of life insurance policies	436	433
Operating lease right-of-use assets	248	212
Prepaid pension assets	243	251
Customer tooling	181	159
Other	154	123
Total other assets	1,262	1,178
Accrued expenses:
Compensation and employee benefits	423	451
Deferred revenue and customer deposits	395	427
Rebates	218	225
Current portion of operating lease liabilities	58	55
Warranties	48	42
Current portion of pension and other postretirement benefit obligations	32	15
Other	489	513
Total accrued expenses	1,663	1,728
Other liabilities:
Pension benefit obligation	170	173
Long-term portion of operating lease liabilities	148	131
Postretirement benefit obligation	142	133
Other	554	506
Total other liabilities	$ 1,014	$ 943
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, 2023	Dec. 31, 2022
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	44%	45%
Geographic Concentration Risk | Net Plant and Equipment | China
Segment Reporting Information [Line Items]
Concentration risk percentage	13%	12%

Segment Information - Summary o

Segment Information - Summary of Segment Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Operating Revenue	$ 16,107	$ 15,932	$ 14,455
Operating income	4,040	3,790	3,477
Depreciation and amortization and impairment of intangible assets	395	410	410
Plant and equipment additions	455	412	296
Identifiable assets	15,518	15,422	16,077
Operating segments
Segment Reporting Information [Line Items]
Operating income	4,074	3,892	3,638
Identifiable assets	12,495	12,742	12,268
Operating segments | Automotive OEM
Segment Reporting Information [Line Items]
Operating Revenue	3,235	2,969	2,800
Operating income	561	499	545
Depreciation and amortization and impairment of intangible assets	123	121	128
Plant and equipment additions	224	181	116
Identifiable assets	2,615	2,447	2,260
Operating segments | Food Equipment
Segment Reporting Information [Line Items]
Operating Revenue	2,622	2,444	2,078
Operating income	713	618	469
Depreciation and amortization and impairment of intangible assets	41	40	42
Plant and equipment additions	54	41	30
Identifiable assets	1,193	1,188	1,052
Operating segments | Test & Measurement and Electronics
Segment Reporting Information [Line Items]
Operating Revenue	2,832	2,828	2,346
Operating income	686	684	643
Depreciation and amortization and impairment of intangible assets	80	87	66
Plant and equipment additions	43	49	37
Identifiable assets	3,230	3,289	3,242
Operating segments | Welding
Segment Reporting Information [Line Items]
Operating Revenue	1,902	1,894	1,650
Operating income	605	583	490
Depreciation and amortization and impairment of intangible assets	29	26	26
Plant and equipment additions	41	43	27
Identifiable assets	838	933	784
Operating segments | Polymers & Fluids
Segment Reporting Information [Line Items]
Operating Revenue	1,804	1,905	1,804
Operating income	482	479	457
Depreciation and amortization and impairment of intangible assets	46	57	62
Plant and equipment additions	27	23	15
Identifiable assets	1,762	1,819	1,881
Operating segments | Construction Products
Segment Reporting Information [Line Items]
Operating Revenue	2,033	2,113	1,945
Operating income	578	548	530
Depreciation and amortization and impairment of intangible assets	33	31	32
Plant and equipment additions	31	33	30
Identifiable assets	1,230	1,370	1,367
Operating segments | Specialty Products
Segment Reporting Information [Line Items]
Operating Revenue	1,697	1,799	1,854
Operating income	449	481	504
Depreciation and amortization and impairment of intangible assets	43	48	54
Plant and equipment additions	35	42	41
Identifiable assets	1,627	1,696	1,682
Intersegment revenue
Segment Reporting Information [Line Items]
Operating Revenue	18	20	22
Unallocated
Segment Reporting Information [Line Items]
Operating income	(34)	(102)	(161)
Corporate
Segment Reporting Information [Line Items]
Identifiable assets	$ 3,023	$ 2,680	$ 3,809

Segment Information - Summary_2

Segment Information - Summary of Enterprise-wide Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Revenue by Geographic Region:
Operating revenue	$ 16,107	$ 15,932	$ 14,455
Total North America
Operating Revenue by Geographic Region:
Operating revenue	8,722	8,704	7,518
United States
Operating Revenue by Geographic Region:
Operating revenue	7,576	7,609	6,578
Canada/Mexico
Operating Revenue by Geographic Region:
Operating revenue	1,146	1,095	940
Europe, Middle East and Africa
Operating Revenue by Geographic Region:
Operating revenue	4,147	3,913	3,870
Asia Pacific
Operating Revenue by Geographic Region:
Operating revenue	2,935	2,991	2,802
South America
Operating Revenue by Geographic Region:
Operating revenue	$ 303	$ 324	$ 265