ILLINOIS TOOL WORKS INC, 10-K filed on 2/14/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
shares in Millions, $ in Billions
 12 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Jun. 30, 2024
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
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 false    
Entity Shell Company false    
Entity Public Float     $ 70.1
Entity Common Stock, Shares Outstanding   293.5  
Documents Incorporated by Reference
Portions of the 2025 Proxy Statement for Annual Meeting of Stockholders to be held on May 2, 2025.Part III
    
Entity Central Index Key 0000049826    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Stock      
Document Information [Line Items]      
Title of 12(b) Security Common Stock    
Trading Symbol ITW    
Security Exchange Name NYSE    
0.625% Euro Notes due 2027      
Document Information [Line Items]      
Title of 12(b) Security 0.625% Euro Notes due 2027    
Trading Symbol ITW27    
Security Exchange Name NYSE    
3.250% Euro Notes due 2028      
Document Information [Line Items]      
Title of 12(b) Security 3.250% Euro Notes due 2028    
Trading Symbol ITW28    
Security Exchange Name NYSE    
2.125% Euro Notes due 2030      
Document 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      
Document Information [Line Items]      
Title of 12(b) Security 1.00% Euro Notes due 2031    
Trading Symbol ITW31    
Security Exchange Name NYSE    
3.375% Euro Notes due 2032      
Document Information [Line Items]      
Title of 12(b) Security 3.375% Euro Notes due 2032    
Trading Symbol ITW32    
Security Exchange Name NYSE    
3.00% Euro Notes due 2034      
Document Information [Line Items]      
Title of 12(b) Security 3.00% Euro Notes due 2034    
Trading Symbol ITW34    
Security Exchange Name NYSE    
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Chicago, Illinois
Auditor Firm ID 34
v3.25.0.1
Statement of Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Operating Revenue $ 15,898 $ 16,107 $ 15,932
Cost of revenue 8,858 9,316 9,429
Selling, administrative, and research and development expenses 2,675 2,638 2,579
Amortization and impairment of intangible assets 101 113 134
Operating Income 4,264 4,040 3,790
Interest expense (283) (266) (203)
Other income (expense) 441 49 255
Income Before Taxes 4,422 3,823 3,842
Income taxes 934 866 808
Net Income $ 3,488 $ 2,957 $ 3,034
Net Income Per Share:      
Basic (in dollars per share) $ 11.75 $ 9.77 $ 9.80
Diluted (in dollars per share) $ 11.71 $ 9.74 $ 9.77
v3.25.0.1
Statement of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 3,488 $ 2,957 $ 3,034
Foreign currency translation adjustments, net of tax (104) 41 (242)
Pension and other postretirement benefit adjustments, net of tax 61 (34) (97)
Other comprehensive income (loss) (43) 7 (339)
Comprehensive Income $ 3,445 $ 2,964 $ 2,695
v3.25.0.1
Statement of Financial Position - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current Assets:    
Cash and equivalents $ 948 $ 1,065
Trade receivables 2,991 3,123
Inventories 1,605 1,707
Prepaid expenses and other current assets 312 340
Total current assets 5,856 6,235
Net plant and equipment 2,036 1,976
Goodwill 4,839 4,909
Intangible assets 592 657
Deferred income taxes 369 479
Other assets 1,375 1,262
Total Assets 15,067 15,518
Current Liabilities:    
Short-term debt 1,555 1,825
Accounts payable 519 581
Accrued expenses 1,576 1,663
Cash dividends payable 441 419
Income taxes payable 217 187
Total current liabilities 4,308 4,675
Noncurrent Liabilities:    
Long-term debt 6,308 6,339
Deferred income taxes 119 326
Noncurrent income taxes payable 0 151
Other liabilities 1,015 1,014
Total noncurrent liabilities 7,442 7,830
Stockholders' Equity:    
Common stock (Authorized- 700.0 shares; par value of $0.01 per share) Issued- 550.0 shares in 2024 and 2023 Outstanding- 294.0 shares in 2024 and 299.3 shares in 2023 6 6
Additional paid-in-capital 1,669 1,588
Retained earnings 28,893 27,122
Common stock held in treasury (25,375) (23,870)
Accumulated other comprehensive income (loss) (1,877) (1,834)
Noncontrolling interest 1 1
Total stockholders' equity 3,317 3,013
Total liabilities and stockholders' equity $ 15,067 $ 15,518
v3.25.0.1
Statement of Financial Position (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Common stock authorized (in shares) 700.0 700.0
Common stock par value (in dollars per share) $ 0.01 $ 0.01
Common stock issued (in shares) 550.0 550.0
Common stock outstanding (in shares) 294.0 299.3
Dividends Payable, Current $ 441 $ 419
v3.25.0.1
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, 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 3,488     3,488      
Common stock issued for stock-based compensation 29   20   9    
Stock-based compensation expense 61   61        
Repurchases of common stock (1,500)       (1,500)    
Excise tax on repurchases of common stock (14)       (14)    
Dividends declared (1,717)     (1,717)      
Other comprehensive income (loss) (43)         (43)  
Ending balance at Dec. 31, 2024 $ 3,317 $ 6 $ 1,669 $ 28,893 $ (25,375) $ (1,877) $ 1
v3.25.0.1
Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Dividends declared (in dollars per share) $ 5.80 $ 5.42 $ 5.06
v3.25.0.1
Statement of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Provided by (Used for) Operating Activities:      
Net income $ 3,488 $ 2,957 $ 3,034
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation 301 282 276
Amortization and impairment of intangible assets 101 113 134
Change in deferred income taxes (176) (88) (150)
Provision for uncollectible accounts (1) 6 5
(Income) loss from investments 0 (2) (9)
(Gain) loss on sale of plant and equipment 0 (1) (1)
(Gain) loss on sale of operations and affiliates 0 (1) (191)
Gain on sale of noncontrolling interest in Wilsonart International Holdings LLC (363) 0 0
Stock-based compensation expense 61 69 63
Cumulative effect of change in inventory accounting method (117) 0 0
Other non-cash items, net 6 (4) 5
(Increase) decrease in—      
Trade receivables 34 64 (461)
Inventories 176 360 (455)
Prepaid expenses and other assets (41) (26) (19)
Increase (decrease) in—      
Accounts payable (43) (14) 35
Accrued expenses and other liabilities (74) (102) 119
Income taxes (70) (72) (35)
Other, net (1) (2) (2)
Net cash provided by operating activities 3,281 3,539 2,348
Cash Provided by (Used for) Investing Activities:      
Acquisition of businesses (excluding cash and equivalents) (115) 0 (2)
Additions to plant and equipment (437) (455) (412)
Proceeds from investments 11 27 12
Proceeds from sale of plant and equipment 12 20 15
Proceeds from sale of operations and affiliates 0 7 278
Proceeds from sale of noncontrolling interest in Wilsonart International Holdings LLC 395 0 0
Other, net (10) (2) (1)
Net cash provided by (used for) investing activities (144) (403) (110)
Cash Provided by (Used for) Financing Activities:      
Cash dividends paid (1,695) (1,615) (1,542)
Issuance of common stock 52 53 29
Repurchases of common stock (1,500) (1,500) (1,750)
Net proceeds from (repayments of) debt with original maturities of three months or less 312 (452) 796
Proceeds from debt with original maturities of more than three months 1,606 1,425 593
Repayments of debt with original maturities of more than three months (1,926) (679) (1,113)
Other, net (38) (14) (13)
Net cash provided by (used for) financing activities (3,189) (2,782) (3,000)
Effect of Exchange Rate Changes on Cash and Equivalents (65) 3 (57)
Cash and Equivalents:      
Increase (decrease) during the year (117) 357 (819)
Beginning of year 1,065 708 1,527
End of year 948 1,065 708
Supplementary Cash Flow Information:      
Cash Paid During the Year for Interest 248 260 199
Cash Paid During the Year for Income Taxes, Net of Refunds $ 1,180 $ 1,026 $ 993
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
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 86 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 2. 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 have 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. Operating 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 operating 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 $360 million and $395 million as of December 31, 2024 and 2023, respectively, and are short-term in nature. Refer to Note 4. 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 period incurred. These costs were $292 million, $284 million and $269 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Advertising expenses— Advertising expenses are recorded as expense in the period incurred. These costs were $58 million, $60 million and $57 million for the years ended December 31, 2024, 2023 and 2022, 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, 2024, 2023 and 2022 were as follows:

In millions202420232022
Beginning balance$29 $26 $28 
Provision charged to expense(1)6 5 
Acquisitions and divestitures1 — 2 
Write-offs, net of recoveries(4)(3)(8)
Foreign currency translation(1)— (1)
Ending balance$24 $29 $26 

Inventories— Inventories are stated at the lower of cost or net realizable value and include material, labor and factory overhead. As of December 31, 2023, the last-in, first-out ("LIFO") method was used to determine the cost of inventories at certain U.S. businesses representing approximately 23% of total inventories, and the first-in, first-out ("FIFO") method, which approximates current cost, was used for all other inventories.

During the first quarter of 2024, the Company changed the method used to determine the cost of inventory at certain U.S. businesses from LIFO to the FIFO method, as the Company believes the FIFO method is preferable because it provides a more consistent method for valuing inventory across the Company’s operations, improves comparability with peers, and better reflects the current value of inventories at the balance sheet date. If the FIFO method was used for all inventories, total inventories would have been approximately $117 million higher than reported at December 31, 2023.

The LIFO provision for the years ended December 31, 2023 and 2022 was $6 million of expense and $7 million of income, respectively, and was not material to the Company’s results of operations, financial position or cash flows. Therefore, the Company recorded the pre-tax cumulative effect of this change in accounting method of $117 million as a reduction of Cost of revenue in the first quarter of 2024.

The major classes of inventory at December 31, 2024 and 2023 were as follows:

In millions20242023
Raw material$635 $742 
Work-in-process193 234 
Finished goods777 848 
LIFO reserve— (117)
Total inventories$1,605 $1,707 
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, 2024 and 2023:

In millions20242023
Land$188 $197 
Buildings and improvements1,562 1,490 
Machinery and equipment4,043 4,070 
Construction in progress270 294 
Gross plant and equipment6,063 6,051 
Accumulated depreciation(4,027)(4,075)
Net plant and equipment$2,036 $1,976 

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 $301 million, $282 million and $276 million for the years ended December 31, 2024, 2023 and 2022, 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 8. 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 9. 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, 2024, 2023 and 2022 were as follows:

In millions202420232022
Beginning balance$48 $42 $46 
Charges(58)(51)(41)
Provision charged to expense63 56 40 
Acquisitions and divestitures— — (2)
Foreign currency translation/other(1)1 (1)
Ending balance$52 $48 $42 

New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (the "FASB") issued authoritative guidance which expands annual and interim disclosure requirements for reportable segments. The more significant provisions of this new guidance include the requirement to disclose significant segment expenses and certain disclosures made annually under existing guidance are required for interim periods. The Company adopted this new guidance beginning with its annual reporting for the year ended December 31, 2024 and applied the new disclosure requirements retrospectively to all periods presented. The new guidance did not have an impact on the Company’s results of operations, financial position or cash flows for any period. Refer to Note 16. Segment Information for additional information.

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 ending 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.

In November 2024, the FASB issued authoritative guidance which expands annual and interim disclosure requirements related to certain costs and expenses recorded in the income statement. The primary provisions of this new guidance require companies to provide additional footnote disclosures disaggregating income statement line items that include purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The guidance will be effective for the Company beginning with its annual reporting for the year ended December 31, 2027 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.
v3.25.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
On January 2, 2024, the Company completed the acquisition of one business in the Test & Measurement and Electronics segment for $57 million, net of cash acquired. On April 1, 2024, the Company completed the acquisition of one business in the Test & Measurement and Electronics segment for $59 million, net of cash acquired. The purchase price for both acquisitions is subject to certain closing adjustments. These acquisitions were not material, individually or in the aggregate, to the Company’s results of operations, financial position or cash flows. The allocation of purchase price for these acquisitions will be completed as soon as practicable, but no later than one year from the acquisition date.
v3.25.0.1
Divestitures
 12 Months Ended
Dec. 31, 2024
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. As such, the Company may commit to a plan to exit or dispose of certain businesses and present them as held for sale in periods prior to the sale of the business.

In the second quarter of 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 was $106 million.

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. 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 and 2022 was $9 million and $37 million, respectively.
v3.25.0.1
Operating Revenue
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Operating Revenue Operating Revenue
The Company's 86 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, 2024, 2023 and 2022 was as follows:

In millions202420232022
Automotive OEM$3,188 $3,235 $2,969 
Food Equipment2,647 2,622 2,444 
Test & Measurement and Electronics2,818 2,832 2,828 
Welding1,851 1,902 1,894 
Polymers & Fluids1,764 1,804 1,905 
Construction Products1,909 2,033 2,113 
Specialty Products1,743 1,697 1,799 
Total Segments15,920 16,125 15,952 
Intersegment revenue(22)(18)(20)
Total$15,898 $16,107 $15,932 

The following is a description of the product offerings, end markets and typical revenue transactions for each of the Company's seven segments:

Automotive OEM— This segment is a global, niche supplier to top tier OEMs, providing unique innovation to address pain points for sophisticated customers with complex problems. Businesses in this segment produce components and fasteners for automotive-related applications. This segment primarily serves the automotive original equipment manufacturers and tiers market. Products in this segment include:

•plastic and metal components, fasteners and assemblies for automobiles, light trucks and other industrial uses.

Products sold in this segment are primarily manufactured to the customer's specifications and are sold under long-term supply agreements with OEM auto manufacturers and other top tier auto parts suppliers. The Company typically recognizes revenue for products in this segment at the time of shipment. Certain products may be produced utilizing tooling that is owned by the customer that the Company developed and is reimbursed by the customer for the associated cost. In these arrangements, the Company typically retains a contractual right to use the customer-owned tooling for the purpose of fulfilling its obligations under the supply agreement. The Company records reimbursements for the cost of customer-owned tooling as a cost offset rather than operating revenue as tooling is not considered a product offering central to the Company's operations.
Food Equipment— This segment is a highly focused and branded industry leader in commercial food equipment differentiated by innovation and integrated service offerings. This segment primarily serves the food service, food retail and food institutional/restaurant markets. Products in this segment include:

•warewashing equipment;
•cooking equipment, including ovens, ranges and broilers;
•refrigeration equipment, including refrigerators, freezers and prep tables;
•food processing equipment, including slicers, mixers and scales;
•kitchen exhaust, ventilation and pollution control systems; and
•food equipment service, maintenance and repair.

Revenue for equipment sold in this segment is typically recognized at the time of product shipment. In limited circumstances involving installation of equipment and customer acceptance, the Company may recognize revenue upon completion of installation and acceptance by the customer. Annual service contracts are typically sold separate from equipment and the related revenue is recognized on a straight-line basis over the annual service period. Operating revenue for on-demand service repairs and parts is recorded upon completion and customer acceptance of the work performed.

Test & Measurement and Electronics— This segment is a branded and innovative producer of test and measurement and electronic manufacturing and maintenance, repair, and operations, or "MRO" solutions that improve efficiency and quality for customers in diverse end markets. Businesses in this segment produce equipment, consumables, and related software for testing and measuring of materials and structures, as well as equipment and consumables used in the production of electronic subassemblies and microelectronics. This segment primarily serves the electronics, general industrial, automotive original equipment manufacturers and tiers, energy, 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, airlines, industrial capital goods 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.
v3.25.0.1
Other Income (Expense)
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Other Income (Expense) Other Income (Expense)
Other income (expense) for the twelve months ended December 31, 2024, 2023 and 2022 consisted of the following:

In millions202420232022
Interest income$44 $51 $22 
Other net periodic benefit income28 33 41 
Gain (loss) on foreign currency transactions, net7 (39)(7)
Income (loss) from investments— 2 9 
Gain (loss) on sale of operations and affiliates— 1 191 
Gain on sale of noncontrolling interest in Wilsonart363 — — 
Equity income in Wilsonart— — — 
Other, net(1)1 (1)
Total other income (expense)$441 $49 $255 
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 3. 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 owned 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 and CD&R owned cumulative convertible participating preferred units (the "Preferred Units") of Wilsonart representing approximately 51% (on an as-converted basis) of the total outstanding equity. The ownership interest in Wilsonart was reported using the equity method of accounting. The Company's proportionate share in the income (loss) of Wilsonart was reported in Other income (expense) in the Statement of Income. As the Company's investment in Wilsonart was structured as a partnership for U.S. tax purposes, U.S. taxes were 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 subsequent equity investment income was suspended and no longer recognized.

On August 5, 2024, the Company entered into a purchase agreement with affiliates of CD&R for the sale of the Company’s noncontrolling equity interest in Wilsonart for $398 million. The transaction closed immediately after the execution of the purchase agreement. Proceeds from the transaction, net of transaction costs, were $395 million, resulting in a pre-tax gain of $363 million which was included in Other income (expense) in the Statement of Income. Income taxes on the gain were more than offset by a discrete tax benefit of $107 million in the third quarter of 2024 related to the utilization of capital loss carryforwards upon the sale of Wilsonart. Refer to Note 6. Income Taxes for further information. The sale of the Company’s equity interest in Wilsonart is not expected to have a material impact on the Company’s financial results in subsequent periods.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
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. During 2024, the remaining noncurrent income taxes payable related to the one-time repatriation tax of $151 million was reclassified from Noncurrent income taxes payable as of December 31, 2023 to Income taxes payable as of December 31, 2024.

Provision for income taxes— The components of the provision for income taxes for the twelve months ended December 31, 2024, 2023 and 2022 were as follows:

In millions202420232022
U.S. federal income taxes:
Current$486 $455 $478 
Deferred(576)(111)(143)
Total U.S. federal income taxes(90)344 335 
Foreign income taxes:
Current515 405 387 
Deferred487 31 13 
Total foreign income taxes1,002 436 400 
State income taxes:
Current109 94 93 
Deferred(87)(8)(20)
Total state income taxes22 86 73 
Total provision for income taxes$934 $866 $808 
Income before taxes for domestic and foreign operations for the twelve months ended December 31, 2024, 2023 and 2022 was as follows:

In millions202420232022
Domestic$2,603 $1,953 $2,128 
Foreign1,819 1,870 1,714 
Total income before taxes$4,422 $3,823 $3,842 

The reconciliation between the U.S. federal statutory tax rate and the effective tax rate for the twelve months ended December 31, 2024, 2023 and 2022 was as follows:

202420232022
U.S. federal statutory tax rate21.0 %21.0 %21.0 %
State income taxes, net of U.S. federal tax benefit2.0 1.8 1.9 
Differences between U.S. federal statutory and foreign tax rates1.0 1.1 0.7 
U.S. tax effect of foreign earnings0.5 0.8 1.0 
Remeasurement of unrecognized tax benefit1.6 0.6 0.1 
Change in valuation allowances(2.3)0.5 (0.8)
Intellectual property reorganization(1.1)— — 
Audit resolution0.1 (0.2)(1.4)
Excess tax benefits from stock-based compensation (0.3)(0.5)(0.3)
Foreign derived intangible income(1.2)(1.4)(1.3)
Other, net(0.2)(1.1)0.1 
Effective tax rate21.1 %22.6 %21.0 %

The Company's effective tax rate for the twelve months ended December 31, 2024, 2023 and 2022 was 21.1%, 22.6% and 21.0%, respectively. The 2024 effective tax rate benefited from discrete income tax benefits during the third quarter of 2024 of $107 million related to the utilization of capital loss carryforwards upon the sale of Wilsonart and $87 million related to a reorganization of the Company’s intellectual property, partially offset by a $73 million discrete tax expense related to the remeasurement of unrecognized tax benefits associated with various intercompany transactions. 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. Additionally, the effective tax rates for 2024, 2023 and 2022 included discrete income tax benefits of $14 million, $20 million and $12 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, 2024 and 2023 was $44 million and $39 million, respectively.

Deferred foreign withholding taxes have not been provided on undistributed earnings considered permanently invested. As of December 31, 2024, 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, 2024 and 2023 were as follows:

 20242023
In millionsAssetLiabilityAssetLiability 
Goodwill and intangible assets$553 $(476)$505 $(492)
Inventory reserves, capitalized tax cost and LIFO inventory54 — 51 (3)
Investments24 (53)19 (124)
Plant and equipment19 (108)12 (113)
Accrued expenses and reserves35 — 34 — 
Employee benefit accruals137 — 165 — 
Foreign tax credit carryforwards13 — 12 — 
Net operating loss carryforwards465 — 463 — 
Capital loss carryforwards81 — 194 — 
Allowances for uncollectible accounts11 — 12 — 
Capitalized research and development173 — 88 — 
Pension liabilities— (43)— (21)
Unrealized loss (gain) on foreign debt instruments— (98)— (37)
Operating leases56 (56)53 (53)
Other32 (53)43 (31)
Gross deferred income tax assets (liabilities)1,653 (887)1,651 (874)
Valuation allowances(516)— (624)— 
Total deferred income tax assets (liabilities)$1,137 $(887)$1,027 $(874)

The valuation allowances recorded as of December 31, 2024 and 2023 related primarily to certain net operating loss carryforwards and capital loss carryforwards. As of December 31, 2024, the Company had utilized all realizable foreign tax credit carryforwards.

As of December 31, 2024, 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 millionsOperating Losses
2025$1 
20262 
20271 
20282 
20295 
2030-2050836 
Do not expire949 
Total gross carryforwards related to net operating losses$1,796 
Unrecognized tax benefits— The changes in the amount of unrecognized tax benefits for the twelve months ended December 31, 2024, 2023 and 2022 were as follows:

In millions202420232022
Beginning balance$329 $314 $360 
Additions based on tax positions related to the current year35 21 9 
Additions for tax positions of prior years37 48 9 
Reductions for tax positions of prior years(30)(33)(56)
Settlements— (23)— 
Foreign currency translation(12)2 (8)
Ending balance$359 $329 $314 

Included in the balance as of December 31, 2024 were approximately $329 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 $17 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:

JurisdictionOpen Tax Years
United States – Federal
2019-2024
United Kingdom
2017-2024
Germany
2019-2024
France
2017-2024
Australia
2015-2024

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, 2024 and 2023 was $69 million and $34 million, respectively.
v3.25.0.1
Net Income Per Share
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022 was as follows:

In millions except per share amounts202420232022
Net Income$3,488 $2,957 $3,034 
Net income per share—Basic:
Weighted-average common shares296.8 302.6 309.6 
Net income per share—Basic$11.75 $9.77 $9.80 
Net income per share—Diluted:
Weighted-average common shares296.8 302.6 309.6 
Effect of dilutive stock options and restricted stock units1.0 1.0 1.1 
Weighted-average common shares assuming dilution297.8 303.6 310.7 
Net income per share—Diluted$11.71 $9.74 $9.77 
Options that were considered antidilutive were not included in the computation of diluted net income per share. There were 0.2 million, 0.3 million and 0.9 million antidilutive options outstanding for the twelve months ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023 were as follows:

In millionsAutomotive OEMFood EquipmentTest & Measurement and ElectronicsWeldingPolymers & FluidsConstruction ProductsSpecialty ProductsTotal
Balance, December 31, 2022$459 $249 $1,729 $248 $823 $503 $853 $4,864 
Foreign currency translation7 2 6 3 11 3 13 45 
Balance, December 31, 2023466 251 1,735 251 834 506 866 4,909 
Acquisitions / (divestitures)— — 71 — — — — 71 
Foreign currency translation(21)(9)(26)(11)(31)(18)(25)(141)
Balance, December 31, 2024$445 $242 $1,780 $240 $803 $488 $841 $4,839 
Cumulative goodwill impairment charges, December 31, 2024$24 $60 $83 $5 $15 $7 $46 $240 

Intangible assets as of December 31, 2024 and 2023 were as follows:

 20242023
In millionsCostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizable intangible assets:
Customer lists and relationships$1,748 $(1,576)$172 $1,746 $(1,534)$212 
Trademarks and brands717 (602)115 713 (573)140 
Patents and proprietary technology635 (596)39 615 (581)34 
Other516 (497)19 511 (487)24 
Total amortizable intangible assets3,616 (3,271)345 3,585 (3,175)410 
Indefinite-lived intangible assets:
Trademarks and brands247 — 247 247 — 247 
Total intangible assets$3,863 $(3,271)$592 $3,832 $(3,175)$657 

On January 2, 2024, the Company completed the acquisition of one business in the Test & Measurement and Electronics segment for $57 million, net of cash acquired. On April 1, 2024, the Company completed the acquisition of one business in the Test & Measurement and Electronics segment for $59 million, net of cash acquired. The purchase price for both acquisitions is subject to certain closing adjustments. These acquisitions were not material, individually or in the aggregate, to the Company’s results of operations, financial position or cash flows. The allocation of purchase price for these acquisitions will be completed as soon as practicable, but no later than one year from the acquisition date. Refer to Note 2. Acquisitions for additional information regarding the Company's acquisitions.

The Company performed its annual impairment assessment of goodwill and indefinite-lived intangible assets in the third quarter of 2024, 2023 and 2022. There were no impairment charges as a result of these assessments.
As of December 31, 2024, the estimated future amortization expense of intangible assets for the twelve months ending December 31 was as follows:

In millions 
2025$78 
202659 
202747 
202837 
202932 
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022 was $143 million, $132 million and $122 million, respectively. Total rental expense for the twelve months ended December 31, 2024, 2023 and 2022 included $65 million, $60 million and $56 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 2024, 2023 and 2022:

Dollars in millions202420232022
Rental expense related to capitalized operating leases$78 $72 $66 
Cash paid related to maturities of operating lease liabilities$77 $70 $67 
Right-of-use assets obtained in exchange for operating lease liabilities$79 $82 $74 
Right-of-use assets$266 $248 
Current portion of operating lease liabilities$57 $58 
Long-term portion of operating lease liabilities158 148 
Operating lease liabilities$215 $206 
Weighted-average remaining lease term4.7 years5.0 years
Weighted-average discount rate3.30 %2.95 %

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, 2024, future maturities of operating lease liabilities for the twelve months ending December 31 were as follows:

In millions
2025$63 
202653 
202741 
202828 
202919 
2030 and future years30 
Total future minimum lease payments234 
Less: Imputed interest(19)
Operating lease liabilities$215 
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Total debt as of December 31, 2024 and 2023 was as follows:

In millions20242023
Short-term debt$1,555 $1,825 
Long-term debt6,308 6,339 
Total debt$7,863 $8,164 

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, 2024 and 2023 consisted of the following:

In millions20242023
Current maturities of long-term debt$777 $1,361 
Commercial paper778 464 
Total short-term debt$1,555 $1,825 

As of December 31, 2024, current maturities of long-term debt included $777 million related to the Euro-denominated credit agreement entered into on May 5, 2023 (the "Euro Credit Agreement"), which was reclassified to Short-term debt in the second quarter of 2024 since the debt, including the options to extend the termination date, is due in April 2025. As of December 31, 2023, current maturities of long-term debt included $700 million related to the 3.50% notes due March 1, 2024 and $661 million related to the 0.25% Euro notes due December 5, 2024, both of which were repaid on their respective due dates.

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, 2024 or 2023. The Company was also in compliance with the financial covenants of the revolving credit facility as of December 31, 2024, which included a minimum interest coverage ratio. The weighted-average interest rate on commercial paper was 4.56% and 5.40% as of December 31, 2024 and 2023, respectively.

As of December 31, 2024, the Company had unused capacity of approximately $170 million under international debt facilities. In the ordinary course of business, the Company also had approximately $250 million outstanding in guarantees, letters of credit and other similar arrangements with financial institutions as of December 31, 2024.
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, 2024 and 2023 consisted of the following:

20242023
In millionsEffective Interest RateCarrying ValueFair ValueCarrying ValueFair Value
3.50% notes due March 1, 2024
3.54%$— $— $700 $698 
0.25% Euro notes due December 5, 2024
0.31%— — 661 642 
Euro Credit Agreement due April 30, 2025Variable777 777 1,434 1,434 
2.65% notes due November 15, 2026
2.69%998 971 997 956 
0.625% Euro notes due December 5, 2027
0.71%515 490 549 509 
3.25% Euro notes due May 17, 2028
3.38%668 685 — — 
2.125% Euro notes due May 22, 2030
2.18%515 501 548 530 
1.00% Euro notes due June 5, 2031
1.09%513 460 546 488 
3.375% Euro notes due May 17, 2032
3.51%867 901 — — 
3.00% Euro notes due May 19, 2034
3.13%509 511 543 551 
4.875% notes due September 15, 2041
4.97%639 610 638 660 
3.90% notes due September 1, 2042
3.96%1,084 900 1,084 989 
Total7,085 $6,806 7,700 $7,457 
Less: Current maturities of long-term debt(777)(1,361)
Total long-term debt$6,308 $6,339 

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 $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, which were repaid on the due date.

In May 2014, the Company issued €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, which were repaid on the due date, €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 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 intended to exercise its options to extend the termination date. The first and second options to extend the termination date were both exercised in 2024. On May 22, 2024, the Company repaid €550 million of the term loans under the Euro Credit Agreement using a portion of the
proceeds from the Euro notes issued on May 17, 2024, as discussed below. As of December 31, 2024, the Company had €750 million outstanding under the Euro Credit Agreement with an interest rate of 3.61%, which was reclassified to Short-term debt in the second quarter of 2024 since the debt, including the options to extend the termination date, is due in April 2025.

In May 2024, the Company issued €650 million of 3.25% Euro notes due May 17, 2028 at 99.525% of face value and €850 million of 3.375% Euro notes due May 17, 2032 at 99.072% of face value. Proceeds from the issuance were used for general corporate purposes, including the repayment of a portion of the indebtedness under the commercial paper program and the Euro Credit Agreement.

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, the €1.3 billion of Euro term loans borrowed under the Euro Credit Agreement in May 2023 and the €1.5 billion of Euro notes issued in May 2024 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, on May 22, 2023, €500 million of the Euro notes issued in May 2015 were repaid on the due date and on December 5, 2024, €600 million of the Euro notes issued in May 2019 were repaid on the due date. On May 22, 2024, the Company also repaid €550 million of the term loans under the Euro Credit Agreement. Refer to Note 13. 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, 2024, 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
2025$777 
2026998 
2027515 
2028668 
2029— 
2030 and future years4,127 
Total$7,085 
v3.25.0.1
Pension and Other Postretirement Benefits
 12 Months Ended
Dec. 31, 2024
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 2024, $117 million in 2023, and $111 million in 2022. 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, 2024, 2023 and 2022 is as follows:

 PensionOther Postretirement Benefits
In millions202420232022202420232022
Components of net periodic benefit cost:
Service cost$36 $35 $47 $4 $5 $7 
Interest cost92 94 50 24 23 13 
Expected return on plan assets(133)(129)(100)(22)(22)(26)
Amortization of actuarial (gain) loss6 3 24 (2)(4)(3)
Amortization of prior service cost1 1 1 — — — 
Settlement loss6 — 1 — — — 
Total net periodic benefit cost (income)$8 $4 $23 $4 $2 $(9)

The service cost component of net periodic benefit cost is presented within Cost of revenue and Selling, administrative, and research and development expenses in the Statement of Income while the other components of net periodic benefit cost are presented within Other income (expense).

The Company used the 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, 2024 and 2023, 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, 2024 and 2023:

PensionOther Postretirement Benefits
In millions2024202320242023
Change in benefit obligation:
Beginning balance$2,069 $1,993 $499 $468 
Service cost36 35 4 5 
Interest cost92 94 24 23 
Plan participants' contributions1 1 9 9 
Actuarial (gain) loss(130)64 (26)38 
Benefits paid(177)(153)(46)(45)
Medicare subsidy received— — 1 1 
Foreign currency translation(21)35 — — 
Ending balance$1,870 $2,069 $465 $499 
Accumulated benefit obligation as of December 31$1,790 $1,972 

For the years ended December 31, 2024 and 2023, 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, 2024 and 2023:

PensionOther Postretirement Benefits
In millions2024202320242023
Change in plan assets:
Beginning balance$2,171 $2,114 $358 $336 
Actual return on plan assets19 157 44 51 
Company contributions60 10 35 7 
Plan participants' contributions1 1 9 9 
Benefits paid(177)(153)(46)(45)
Foreign currency translation(21)42 — — 
Ending balance$2,053 $2,171 $400 $358 
Reconciliation of funded status:
Funded status$183 $102 $(65)$(141)
Other immaterial plans(48)(58)(3)(4)
Net asset (liability) as of December 31$135 $44 $(68)$(145)
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Other assets$305 $243 $— $— 
Accrued expenses(11)(29)(3)(3)
Other noncurrent liabilities(159)(170)(65)(142)
Net asset (liability) as of December 31$135 $44 $(68)$(145)
The pre-tax amounts recognized in accumulated other comprehensive (income) loss consist of:
Net actuarial (gain) loss$482 $512 $(108)$(61)
Prior service cost2 3 — — 
Pre-tax accumulated other comprehensive (income) loss as of December 31$484 $515 $(108)$(61)

As of December 31, 2024 and 2023, pension plans with projected benefit obligations in excess of plan assets had projected benefit obligations of $159 million and $179 million, respectively, and plan assets of $56 million and $55 million, respectively. As of December 31, 2024 and 2023, pension plans with accumulated benefit obligations in excess of plan assets had accumulated benefit obligations of $155 million and $175 million, respectively, and plan assets of $56 million and $55 million, respectively.
Assumptions— The weighted-average assumptions used in the valuations of pension and other postretirement benefits were as follows:

 PensionOther Postretirement Benefits
 202420232022202420232022
Assumptions used to determine benefit obligations as of December 31:
Discount rate5.30 %4.69 %4.94 %5.66 %5.01 %5.19 %
Rate of compensation increases3.43 %3.39 %3.46 %
Interest crediting rate - U.S. cash balance plan3.75 %3.75 %3.75 %
Assumptions used to determine net periodic benefit cost for the twelve months ended December 31:
Discount rate4.69 %4.94 %2.33 %5.01 %5.19 %2.92 %
Expected return on plan assets5.33 %5.27 %3.72 %6.50 %6.75 %6.25 %
Rate of compensation increases3.39 %3.46 %3.40 %
Interest crediting rate - U.S. cash balance plan3.75 %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:

202420232022
Health care cost trend rate assumed for the next year8.00 %7.50 %7.00 %
Ultimate trend rate4.50 %4.50 %4.50 %
Year the rate reaches the ultimate trend rate203520332031

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, 2024 and 2023 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.
2024
In millionsTotalLevel 1Level 2Level 3
Pension Plan Assets:
Cash and equivalents$32 $26 $6 $— 
Fixed income securities:
Government securities300 — 300 — 
Corporate debt securities780 — 780 — 
Investment contracts with insurance companies
1 — — 1 
Commingled funds:
Mutual funds25 
Collective trust funds909 
Partnerships/private equity interests2 
Other4 — 4 — 
Total fair value of pension plan assets$2,053 $26 $1,090 $1 
Other Postretirement Benefit Plan Assets:
Life insurance policies$400 
Total fair value of other postretirement benefit plan assets$400 $— $— $— 

2023
In millionsTotalLevel 1Level 2Level 3
Pension Plan Assets:
Cash and equivalents$47 $47 $— $— 
Fixed income securities:
Government securities334 — 334 — 
Corporate debt securities800 — 800 — 
Investment contracts with insurance companies
1 — — 1 
Commingled funds:
Mutual funds25 
Collective trust funds946 
Partnerships/private equity interests8 
Other10 — 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 $— $— $— 

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 $22 million to its pension plans and $31 million to its other postretirement benefit plans in 2025. As of December 31, 2024, 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 millionsPensionOther Postretirement Benefits
2025$160 $38 
2026161 38 
2027161 38 
2028165 38 
2029167 38 
Years 2030-2034786 183 
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
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.
v3.25.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
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 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 the fourth quarter of 2023 and approximately 5.9 million shares of its common stock at an average price of $254.04 per share during 2024. As of December 31, 2024, there were approximately $3.5 billion of authorized repurchases remaining under the 2023 Program.
Cash Dividends— Cash dividends declared were $5.80 per share in 2024, $5.42 per share in 2023 and $5.06 per share in 2022. Cash dividends paid were $5.70 per share in 2024, $5.33 per share in 2023 and $4.97 per share in 2022.

Accumulated other comprehensive income (loss)— The changes in accumulated other comprehensive income (loss) during 2024, 2023 and 2022 were as follows:

In millions202420232022
Beginning balance$(1,834)$(1,841)$(1,502)
Foreign currency translation adjustments during the period(62)16 (192)
Foreign currency translation adjustments reclassified to income30 (1)— 
Income taxes
(72)26 (50)
Total foreign currency translation adjustments, net of tax(104)41 (242)
Pension and other postretirement benefit adjustments during the period67 (45)(149)
Pension and other postretirement benefit adjustments reclassified to income13 — 23 
Income taxes(19)11 29 
Total pension and other postretirement benefit adjustments, net of tax61 (34)(97)
Ending balance$(1,877)$(1,834)$(1,841)

In 2024, foreign currency translation adjustments reclassified to income related primarily to the sale of the noncontrolling interest in Wilsonart in the third quarter of 2024. Pension and other postretirement benefit adjustments reclassified to income related primarily to settlements, the amortization of actuarial gains and losses and prior service cost, and the sale of the noncontrolling interest in Wilsonart. In 2023, foreign currency translation adjustments reclassified to income primarily related to the exit of immaterial foreign operations. In 2022, 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 5. Other Income (Expense) and Note 11. Pension and Other Postretirement Benefits for additional information.

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, the €1.3 billion of Euro term loans borrowed under the Euro Credit Agreement in May 2023 and the €1.5 billion of Euro notes issued in May 2024 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, on May 22, 2023, €500 million of the Euro notes issued in May 2015 were repaid on the due date and on December 5, 2024, €600 million of the Euro notes issued in May 2019 were repaid on the due date. On May 22, 2024, the Company also repaid €550 million of the term loans under the Euro Credit Agreement. The carrying values of the outstanding 2024, 2019, 2015 and 2014 Euro notes and 2023 Euro term loan as of December 31, 2024 were $1.5 billion, $1.0 billion, $515 million, $509 million, and $777 million, respectively. Refer to Note 10. 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, 2024, 2023 and 2022 was $301 million, $(109) million and $205 million, respectively.

As of December 31, 2024 and 2023, the ending balance of Accumulated other comprehensive income (loss) consisted of after-tax cumulative translation adjustment losses of $1.6 billion and $1.5 billion, respectively, and after-tax unrecognized pension and other postretirement benefits costs of $266 million and $327 million, respectively.
v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
On May 3, 2024, the 2024 Long-Term Incentive Plan (the "2024 Plan") was approved by shareholders, and became effective on June 30, 2024 (the "Effective Date"). Subsequent to the Effective Date, no additional awards will be granted to employees under the 2015 Long-Term Incentive Plan (the "2015 Plan"). The 2024 Plan allows for the issuance of up to 11.5 million shares of ITW common stock for awards granted under the plan, of which 3.5 million shares were subject to awards outstanding under the 2015 Plan as of the Effective Date and are available for rollover should the awards expire, terminate or be forfeited. The significant terms of stock options and restricted stock units ("RSUs") were not changed under the 2024 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, 2024, 2023 and 2022:

In millions202420232022
Pre-tax stock-based compensation expense$61 $69 $63 
Tax benefit(8)(7)(7)
Total stock-based compensation expense, net of tax$53 $62 $56 

The following table summarizes activity related to non-vested RSUs for the twelve months ended December 31, 2024:

Shares in millionsNumber of
Shares		Weighted-Average
Grant-Date
Fair Value
Unvested, January 1, 20240.6 $218.85
Granted0.3 243.77
Vested(0.3)203.32
Unvested, December 31, 20240.6 236.70

The following table summarizes stock option activity for the twelve months ended December 31, 2024:

In millions except exercise price and contractual termsNumber of
Shares		Weighted-Average
Exercise Price		Weighted-Average
Remaining
Contractual Term		Aggregate
Intrinsic Value
Under option, January 1, 20243.0 $177.01
Granted0.2 255.75
Exercised(0.4)125.87
Canceled or expired(0.1)236.29
Under option, December 31, 20242.7 190.795.6$171
Exercisable, December 31, 20242.0 175.854.8$155
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, 2024, 2023 and 2022:

202420232022
Risk-free interest rate
4.22-4.90%
3.92-4.86%
1.04-2.07%
Weighted-average volatility20.0%22.0%21.0%
Dividend yield2.21%2.13%2.20%
Expected years until exercise
8.3-9.5
8.6-9.2
9.1-9.6

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, 2024, 2023 and 2022 was $68.98, $67.16 and $45.15 per share, respectively. The aggregate intrinsic value of stock options exercised during the twelve months ended December 31, 2024, 2023 and 2022 was $55 million, $79 million and $38 million, respectively. Exercise of stock options during the twelve months ended December 31, 2024, 2023 and 2022 resulted in cash receipts of $52 million, $53 million and $29 million, respectively. The total fair value of vested stock option awards during the twelve months ended December 31, 2024, 2023 and 2022 was $18 million, $18 million and $18 million, respectively. As of December 31, 2024, 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.

The weighted-average grant-date fair value of RSU awards granted for the twelve months ended December 31, 2024, 2023 and 2022 was $243.77, $232.21 and $215.36, respectively. The total grant-date fair value of vested RSU awards during the twelve months ended December 31, 2024, 2023 and 2022 was $52 million, $35 million and $28 million, respectively. As of December 31, 2024, there was $47 million of total unrecognized compensation cost related to unvested RSUs. That cost is expected to be recognized over a weighted-average remaining contractual life of 1.7 years.
v3.25.0.1
Other Balance Sheet Information
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Balance Sheet Information Other Balance Sheet Information
Other balance sheet information as of December 31, 2024 and 2023 was as follows:

In millions20242023
Prepaid expenses and other current assets:
Value-added-tax receivables$67 $99 
Vendor advances60 55 
Income tax refunds receivable38 29 
Other147 157 
Total prepaid expenses and other current assets$312 $340 
Other assets:
Cash surrender value of life insurance policies$439 $436 
Prepaid pension assets305 243 
Operating lease right-of-use assets266 248 
Customer tooling176 181 
Other189 154 
Total other assets$1,375 $1,262 
Accrued expenses:
Compensation and employee benefits$407 $423 
Deferred revenue and customer deposits360 395 
Rebates200 218 
Current portion of operating lease liabilities57 58 
Warranties52 48 
Current portion of pension and other postretirement benefit obligations14 32 
Other486 489 
Total accrued expenses$1,576 $1,663 
Other liabilities:
Pension benefit obligation$159 $170 
Long-term portion of operating lease liabilities158 148 
Postretirement benefit obligation65 142 
Other633 554 
Total other liabilities$1,015 $1,014 
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
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.

The Company’s chief operating decision maker (“CODM”) is the President & Chief Executive Officer. The CODM primarily uses operating income and related operating margins in assessing the current and expected long-term performance of the Company’s segments, including the application of the Company’s enterprise strategies which focus on profitable growth and continuous improvement to margins and returns through the application of the Company’s business model. Operating income and margins are also used by the CODM when evaluating segment investments in capital projects and restructuring initiatives. The CODM regularly reviews summarized financial information related to segment operating revenue, variable margins, overhead expenses, operating income and operating margins as compared to forecasted results.

The accounting policies for the Company’s segments are the same as the policies described in Note 1. Description of Business and Summary of Significant Accounting Policies. Intersegment sales transactions are accounted for at prices consistent with sales to third parties and are not considered material. Segments are allocated a fixed overhead charge for general corporate administrative expenses based on a percentage of the segment's operating revenue. Expenses not allocated 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 operating revenue, significant expenses and operating income for 2024, 2023 and 2022 was as follows:

In millions202420232022
Operating revenue:
Automotive OEM$3,188 $3,235 $2,969 
Food Equipment2,647 2,622 2,444 
Test & Measurement and Electronics2,818 2,832 2,828 
Welding1,851 1,902 1,894 
Polymers & Fluids1,764 1,804 1,905 
Construction Products1,909 2,033 2,113 
Specialty Products1,743 1,697 1,799 
Total segments15,920 16,125 15,952 
Intersegment revenue(22)(18)(20)
Operating Revenue$15,898 $16,107 $15,932 
Variable cost of revenue:
Automotive OEM$1,781 $1,869 $1,719 
Food Equipment1,228 1,222 1,204 
Test & Measurement and Electronics1,206 1,267 1,305 
Welding838 892 936 
Polymers & Fluids847 877 974 
Construction Products890 984 1,105 
Specialty Products814 833 893 
Total segments$7,604 $7,944 $8,136 
Overhead expenses:
Automotive OEM$782 $805 $751 
Food Equipment700 687 622 
Test & Measurement and Electronics909 879 839 
Welding416 405 375 
Polymers & Fluids433 445 452 
Construction Products460 471 460 
Specialty Products401 415 425 
Total segments$4,101 $4,107 $3,924 
Operating income:
Automotive OEM$625 $561 $499 
Food Equipment719 713 618 
Test & Measurement and Electronics703 686 684 
Welding597 605 583 
Polymers & Fluids484 482 479 
Construction Products559 578 548 
Specialty Products528 449 481 
Total segments4,215 4,074 3,892 
Unallocated49 (34)(102)
Operating Income4,264 4,040 3,790 
Interest expense(283)(266)(203)
Other income (expense)441 49 255 
Income Before Taxes$4,422 $3,823 $3,842 

Unallocated expenses in 2024 included the favorable pre-tax cumulative effect of the LIFO accounting method change of $117 million in the first quarter of 2024. Refer to Note 1. Description of Business and Summary of Significant Accounting Policies for additional information regarding this change in accounting method.
Other segment information for 2024, 2023 and 2022 was as follows:

In millions202420232022
Depreciation and amortization and impairment of intangible assets:
Automotive OEM$129 $123 $121 
Food Equipment46 41 40 
Test & Measurement and Electronics82 80 87 
Welding33 29 26 
Polymers & Fluids42 46 57 
Construction Products33 33 31 
Specialty Products37 43 48 
Total$402 $395 $410 
Plant and equipment additions:
Automotive OEM$209 $224 $181 
Food Equipment55 54 41 
Test & Measurement and Electronics32 43 49 
Welding43 41 43 
Polymers & Fluids28 27 23 
Construction Products34 31 33 
Specialty Products36 35 42 
Total$437 $455 $412 
Identifiable assets:
Automotive OEM$2,578 $2,615 $2,447 
Food Equipment1,188 1,193 1,188 
Test & Measurement and Electronics3,186 3,230 3,289 
Welding857 838 933 
Polymers & Fluids1,673 1,762 1,819 
Construction Products1,172 1,230 1,370 
Specialty Products1,566 1,627 1,696 
Total segments12,220 12,495 12,742 
Corporate2,847 3,023 2,680 
Total$15,067 $15,518 $15,422 

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, 2024, 2023 and 2022 was as follows:

In millions202420232022
Operating Revenue by Geographic Region:
United States$7,374 $7,576 $7,609 
Canada/Mexico1,156 1,146 1,095 
Total North America8,530 8,722 8,704 
Europe, Middle East and Africa4,101 4,147 3,913 
Asia Pacific2,961 2,935 2,991 
South America306 303 324 
Total operating revenue$15,898 $16,107 $15,932 

Operating revenue by geographic region is based on the customers' locations. The Company had approximately 44% and 44% of its total net plant and equipment in the United States as of December 31, 2024 and 2023, respectively. Additionally, the Company had 16% and 13% of its total net plant and equipment in China as of December 31, 2024 and 2023, respectively. No other country represented more than 10% of the Company's net plant and equipment as of December 31,
2024 and 2023. No single customer accounted for more than 5% of consolidated revenues for the twelve months ended December 31, 2024, 2023 or 2022.
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
The Company utilizes information systems to support a variety of business processes and activities in its decentralized operations. These systems may be subject to cyber-based attacks or breaches. For additional information related to the risks associated with cybersecurity threats, refer to the Business and Operational Risks section of Item 1A. Risk Factors.

Cybersecurity risk management is part of the Company's global enterprise risk management program. In order to manage the risks associated with cybersecurity threats, the Company has implemented a risk-based cybersecurity program consisting of processes, technologies, and controls to assess, identify and manage material risks from cybersecurity threats.

A key part of the Company’s cybersecurity program is the ITW Cybersecurity Framework, which is based on the National Institute of Standards and Technology’s Cybersecurity Framework ("CSF") and is designed to protect the Company’s data through rapid identification of and effective response to cybersecurity incidents. The Company’s framework includes detailed processes and controls related to backup and recovery, response planning, awareness, vulnerability management and endpoint protection as well as cybersecurity requirements for third-party service providers. The framework is regularly reviewed, assessed, and updated based on input from third party specialists, threat intelligence firms and CSF standard updates.

The ITW Cybersecurity Framework includes a number of activities designed to enhance the Company's resiliency related to cyber-related risks and ensure that the Company's information systems are secure from material cybersecurity threats. These activities include the following, among others:

•Annual cybersecurity training;
•Quarterly phish simulation testing;
•Ongoing response planning and tabletop exercises;
•Network/endpoint protection, monitoring and response;
•Vulnerability management and
•Backup and recovery testing.

While the Company's information systems are exposed to cybersecurity threats and risks, the Company has not experienced any material cybersecurity incidents during 2024, 2023 or 2022, and any costs or operational impacts related to cybersecurity incidents were immaterial during this period.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Cybersecurity risk management is part of the Company's global enterprise risk management program. In order to manage the risks associated with cybersecurity threats, the Company has implemented a risk-based cybersecurity program consisting of processes, technologies, and controls to assess, identify and manage material risks from cybersecurity threats.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
ITW's Board of Directors is responsible for providing oversight and strategic guidance to management to support the long-term interests of the Company's stakeholders. As part of this responsibility, the Board of Directors annually reviews and evaluates the Company's cybersecurity policies and practices with respect to risk management as well as steps taken by management to monitor and control such exposures.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
In addition to oversight by the Board of Directors, several cross-functional management teams focus on cybersecurity risk and report any identified cybersecurity incidents. Each of the Company's divisions has a Division Cyber Incident Response Team and protocols in place to communicate cybersecurity incidents to a central Cyber Incident Response Team. The Cyber Incident Response Team is led by the Chief Information Security Officer ("CISO") and is responsible for the initial assessment of cybersecurity incidents and oversight of any incident response.
The Company’s cybersecurity program is overseen by a dedicated global team of cybersecurity professionals, led by the CISO who brings over 20 years of information technology and cybersecurity leadership experience and holds the Certified Information Security Manager ("CISM") designation. The CISO reports directly to the Chief Information Officer ("CIO") and is responsible for leading the execution of the Company's cybersecurity strategy.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
In addition to oversight by the Board of Directors, several cross-functional management teams focus on cybersecurity risk and report any identified cybersecurity incidents. Each of the Company's divisions has a Division Cyber Incident Response Team and protocols in place to communicate cybersecurity incidents to a central Cyber Incident Response Team. The Cyber Incident Response Team is led by the Chief Information Security Officer ("CISO") and is responsible for the initial assessment of cybersecurity incidents and oversight of any incident response.
The Company’s cybersecurity program is overseen by a dedicated global team of cybersecurity professionals, led by the CISO who brings over 20 years of information technology and cybersecurity leadership experience and holds the Certified Information Security Manager ("CISM") designation. The CISO reports directly to the Chief Information Officer ("CIO") and is responsible for leading the execution of the Company's cybersecurity strategy.

On a quarterly basis, or sooner if appropriate, cybersecurity incidents are summarized and reported to the Cybersecurity Governance Committee comprised of senior executives. Additionally, the Audit Committee of the Board of Directors receives quarterly cybersecurity reports from senior management which cover any identified cybersecurity incidents, results of third party vulnerability testing, and key developments in policies and practices during the quarter.
Cybersecurity Risk Role of Management [Text Block]
In addition to oversight by the Board of Directors, several cross-functional management teams focus on cybersecurity risk and report any identified cybersecurity incidents. Each of the Company's divisions has a Division Cyber Incident Response Team and protocols in place to communicate cybersecurity incidents to a central Cyber Incident Response Team. The Cyber Incident Response Team is led by the Chief Information Security Officer ("CISO") and is responsible for the initial assessment of cybersecurity incidents and oversight of any incident response.
The Company’s cybersecurity program is overseen by a dedicated global team of cybersecurity professionals, led by the CISO who brings over 20 years of information technology and cybersecurity leadership experience and holds the Certified Information Security Manager ("CISM") designation. The CISO reports directly to the Chief Information Officer ("CIO") and is responsible for leading the execution of the Company's cybersecurity strategy.

On a quarterly basis, or sooner if appropriate, cybersecurity incidents are summarized and reported to the Cybersecurity Governance Committee comprised of senior executives. Additionally, the Audit Committee of the Board of Directors receives quarterly cybersecurity reports from senior management which cover any identified cybersecurity incidents, results of third party vulnerability testing, and key developments in policies and practices during the quarter.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
In addition to oversight by the Board of Directors, several cross-functional management teams focus on cybersecurity risk and report any identified cybersecurity incidents. Each of the Company's divisions has a Division Cyber Incident Response Team and protocols in place to communicate cybersecurity incidents to a central Cyber Incident Response Team. The Cyber Incident Response Team is led by the Chief Information Security Officer ("CISO") and is responsible for the initial assessment of cybersecurity incidents and oversight of any incident response.
The Company’s cybersecurity program is overseen by a dedicated global team of cybersecurity professionals, led by the CISO who brings over 20 years of information technology and cybersecurity leadership experience and holds the Certified Information Security Manager ("CISM") designation. The CISO reports directly to the Chief Information Officer ("CIO") and is responsible for leading the execution of the Company's cybersecurity strategy.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The Company’s cybersecurity program is overseen by a dedicated global team of cybersecurity professionals, led by the CISO who brings over 20 years of information technology and cybersecurity leadership experience and holds the Certified Information Security Manager ("CISM") designation.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
On a quarterly basis, or sooner if appropriate, cybersecurity incidents are summarized and reported to the Cybersecurity Governance Committee comprised of senior executives. Additionally, the Audit Committee of the Board of Directors receives quarterly cybersecurity reports from senior management which cover any identified cybersecurity incidents, results of third party vulnerability testing, and key developments in policies and practices during the quarter.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
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 2. 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 have 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. Operating 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 operating 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.
Automotive OEM— This segment is a global, niche supplier to top tier OEMs, providing unique innovation to address pain points for sophisticated customers with complex problems. Businesses in this segment produce components and fasteners for automotive-related applications. This segment primarily serves the automotive original equipment manufacturers and tiers market. Products in this segment include:

•plastic and metal components, fasteners and assemblies for automobiles, light trucks and other industrial uses.

Products sold in this segment are primarily manufactured to the customer's specifications and are sold under long-term supply agreements with OEM auto manufacturers and other top tier auto parts suppliers. The Company typically recognizes revenue for products in this segment at the time of shipment. Certain products may be produced utilizing tooling that is owned by the customer that the Company developed and is reimbursed by the customer for the associated cost. In these arrangements, the Company typically retains a contractual right to use the customer-owned tooling for the purpose of fulfilling its obligations under the supply agreement. The Company records reimbursements for the cost of customer-owned tooling as a cost offset rather than operating revenue as tooling is not considered a product offering central to the Company's operations.
Food Equipment— This segment is a highly focused and branded industry leader in commercial food equipment differentiated by innovation and integrated service offerings. This segment primarily serves the food service, food retail and food institutional/restaurant markets. Products in this segment include:

•warewashing equipment;
•cooking equipment, including ovens, ranges and broilers;
•refrigeration equipment, including refrigerators, freezers and prep tables;
•food processing equipment, including slicers, mixers and scales;
•kitchen exhaust, ventilation and pollution control systems; and
•food equipment service, maintenance and repair.

Revenue for equipment sold in this segment is typically recognized at the time of product shipment. In limited circumstances involving installation of equipment and customer acceptance, the Company may recognize revenue upon completion of installation and acceptance by the customer. Annual service contracts are typically sold separate from equipment and the related revenue is recognized on a straight-line basis over the annual service period. Operating revenue for on-demand service repairs and parts is recorded upon completion and customer acceptance of the work performed.

Test & Measurement and Electronics— This segment is a branded and innovative producer of test and measurement and electronic manufacturing and maintenance, repair, and operations, or "MRO" solutions that improve efficiency and quality for customers in diverse end markets. Businesses in this segment produce equipment, consumables, and related software for testing and measuring of materials and structures, as well as equipment and consumables used in the production of electronic subassemblies and microelectronics. This segment primarily serves the electronics, general industrial, automotive original equipment manufacturers and tiers, energy, 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, airlines, industrial capital goods 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.
Research and development expenses Research and development expenses are recorded as expense in the period incurred.
Advertising expenses Advertising expenses are recorded as expense in the period incurred.
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.
Inventories Inventories are stated at the lower of cost or net realizable value and include material, labor and factory overhead. As of December 31, 2023, the last-in, first-out ("LIFO") method was used to determine the cost of inventories at certain U.S. businesses representing approximately 23% of total inventories, and the first-in, first-out ("FIFO") method, which approximates current cost, was used for all other inventories.
During the first quarter of 2024, the Company changed the method used to determine the cost of inventory at certain U.S. businesses from LIFO to the FIFO method, as the Company believes the FIFO method is preferable because it provides a more consistent method for valuing inventory across the Company’s operations, improves comparability with peers, and better reflects the current value of inventories at the balance sheet date. If the FIFO method was used for all inventories, total inventories would have been approximately $117 million higher than reported at December 31, 2023.

The LIFO provision for the years ended December 31, 2023 and 2022 was $6 million of expense and $7 million of income, respectively, and was not material to the Company’s results of operations, financial position or cash flows. Therefore, the Company recorded the pre-tax cumulative effect of this change in accounting method of $117 million as a reduction of Cost of revenue in the first quarter of 2024.
Net plant and equipment Net plant and equipment are stated at cost, less accumulated depreciation. Renewals and improvements that increase the useful life of plant and equipment are capitalized. Maintenance and repairs are charged to expense as incurred.The Company's U.S. businesses primarily compute depreciation on an accelerated basis. The majority of the Company's international businesses compute depreciation on a straight-line basis.
Goodwill and intangible assets Goodwill 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 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 9. Leases for additional information regarding the Company's operating leases.
Accrued warranties The Company accrues for product warranties based on historical experience.
New Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (the "FASB") issued authoritative guidance which expands annual and interim disclosure requirements for reportable segments. The more significant provisions of this new guidance include the requirement to disclose significant segment expenses and certain disclosures made annually under existing guidance are required for interim periods. The Company adopted this new guidance beginning with its annual reporting for the year ended December 31, 2024 and applied the new disclosure requirements retrospectively to all periods presented. The new guidance did not have an impact on the Company’s results of operations, financial position or cash flows for any period. Refer to Note 16. Segment Information for additional information.

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 ending 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.

In November 2024, the FASB issued authoritative guidance which expands annual and interim disclosure requirements related to certain costs and expenses recorded in the income statement. The primary provisions of this new guidance require companies to provide additional footnote disclosures disaggregating income statement line items that include purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The guidance will be effective for the Company beginning with its annual reporting for the year ended December 31, 2027 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.
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.

The Company’s chief operating decision maker (“CODM”) is the President & Chief Executive Officer. The CODM primarily uses operating income and related operating margins in assessing the current and expected long-term performance of the Company’s segments, including the application of the Company’s enterprise strategies which focus on profitable growth and continuous improvement to margins and returns through the application of the Company’s business model. Operating income and margins are also used by the CODM when evaluating segment investments in capital projects and restructuring initiatives. The CODM regularly reviews summarized financial information related to segment operating revenue, variable margins, overhead expenses, operating income and operating margins as compared to forecasted results.

The accounting policies for the Company’s segments are the same as the policies described in Note 1. Description of Business and Summary of Significant Accounting Policies. Intersegment sales transactions are accounted for at prices consistent with sales to third parties and are not considered material. Segments are allocated a fixed overhead charge for general corporate administrative expenses based on a percentage of the segment's operating revenue. Expenses not allocated 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.
v3.25.0.1
Revenue from Contract with Customer (Policies)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
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 have 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. Operating 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 operating 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.
Automotive OEM— This segment is a global, niche supplier to top tier OEMs, providing unique innovation to address pain points for sophisticated customers with complex problems. Businesses in this segment produce components and fasteners for automotive-related applications. This segment primarily serves the automotive original equipment manufacturers and tiers market. Products in this segment include:

•plastic and metal components, fasteners and assemblies for automobiles, light trucks and other industrial uses.

Products sold in this segment are primarily manufactured to the customer's specifications and are sold under long-term supply agreements with OEM auto manufacturers and other top tier auto parts suppliers. The Company typically recognizes revenue for products in this segment at the time of shipment. Certain products may be produced utilizing tooling that is owned by the customer that the Company developed and is reimbursed by the customer for the associated cost. In these arrangements, the Company typically retains a contractual right to use the customer-owned tooling for the purpose of fulfilling its obligations under the supply agreement. The Company records reimbursements for the cost of customer-owned tooling as a cost offset rather than operating revenue as tooling is not considered a product offering central to the Company's operations.
Food Equipment— This segment is a highly focused and branded industry leader in commercial food equipment differentiated by innovation and integrated service offerings. This segment primarily serves the food service, food retail and food institutional/restaurant markets. Products in this segment include:

•warewashing equipment;
•cooking equipment, including ovens, ranges and broilers;
•refrigeration equipment, including refrigerators, freezers and prep tables;
•food processing equipment, including slicers, mixers and scales;
•kitchen exhaust, ventilation and pollution control systems; and
•food equipment service, maintenance and repair.

Revenue for equipment sold in this segment is typically recognized at the time of product shipment. In limited circumstances involving installation of equipment and customer acceptance, the Company may recognize revenue upon completion of installation and acceptance by the customer. Annual service contracts are typically sold separate from equipment and the related revenue is recognized on a straight-line basis over the annual service period. Operating revenue for on-demand service repairs and parts is recorded upon completion and customer acceptance of the work performed.

Test & Measurement and Electronics— This segment is a branded and innovative producer of test and measurement and electronic manufacturing and maintenance, repair, and operations, or "MRO" solutions that improve efficiency and quality for customers in diverse end markets. Businesses in this segment produce equipment, consumables, and related software for testing and measuring of materials and structures, as well as equipment and consumables used in the production of electronic subassemblies and microelectronics. This segment primarily serves the electronics, general industrial, automotive original equipment manufacturers and tiers, energy, 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, airlines, industrial capital goods 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.
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022 were as follows:
In millions202420232022
Beginning balance$29 $26 $28 
Provision charged to expense(1)6 5 
Acquisitions and divestitures1 — 2 
Write-offs, net of recoveries(4)(3)(8)
Foreign currency translation(1)— (1)
Ending balance$24 $29 $26 
Schedule of Inventory
The major classes of inventory at December 31, 2024 and 2023 were as follows:

In millions20242023
Raw material$635 $742 
Work-in-process193 234 
Finished goods777 848 
LIFO reserve— (117)
Total inventories$1,605 $1,707 
Schedule of Net Plant and Equipment and Ranges of Useful Lives Net plant and equipment consisted of the following at December 31, 2024 and 2023:
In millions20242023
Land$188 $197 
Buildings and improvements1,562 1,490 
Machinery and equipment4,043 4,070 
Construction in progress270 294 
Gross plant and equipment6,063 6,051 
Accumulated depreciation(4,027)(4,075)
Net plant and equipment$2,036 $1,976 
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
Schedule of Changes in Accrued Warranties The changes in accrued warranties for the years ended December 31, 2024, 2023 and 2022 were as follows:
In millions202420232022
Beginning balance$48 $42 $46 
Charges(58)(51)(41)
Provision charged to expense63 56 40 
Acquisitions and divestitures— — (2)
Foreign currency translation/other(1)1 (1)
Ending balance$52 $48 $42 
v3.25.0.1
Operating Revenue (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule 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, 2024, 2023 and 2022 was as follows:
In millions202420232022
Automotive OEM$3,188 $3,235 $2,969 
Food Equipment2,647 2,622 2,444 
Test & Measurement and Electronics2,818 2,832 2,828 
Welding1,851 1,902 1,894 
Polymers & Fluids1,764 1,804 1,905 
Construction Products1,909 2,033 2,113 
Specialty Products1,743 1,697 1,799 
Total Segments15,920 16,125 15,952 
Intersegment revenue(22)(18)(20)
Total$15,898 $16,107 $15,932 
v3.25.0.1
Other Income (Expense) (Tables)
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of Other Income (Expense)
Other income (expense) for the twelve months ended December 31, 2024, 2023 and 2022 consisted of the following:

In millions202420232022
Interest income$44 $51 $22 
Other net periodic benefit income28 33 41 
Gain (loss) on foreign currency transactions, net7 (39)(7)
Income (loss) from investments— 2 9 
Gain (loss) on sale of operations and affiliates— 1 191 
Gain on sale of noncontrolling interest in Wilsonart363 — — 
Equity income in Wilsonart— — — 
Other, net(1)1 (1)
Total other income (expense)$441 $49 $255 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023 and 2022 were as follows:
In millions202420232022
U.S. federal income taxes:
Current$486 $455 $478 
Deferred(576)(111)(143)
Total U.S. federal income taxes(90)344 335 
Foreign income taxes:
Current515 405 387 
Deferred487 31 13 
Total foreign income taxes1,002 436 400 
State income taxes:
Current109 94 93 
Deferred(87)(8)(20)
Total state income taxes22 86 73 
Total provision for income taxes$934 $866 $808 
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, 2024, 2023 and 2022 was as follows:

In millions202420232022
Domestic$2,603 $1,953 $2,128 
Foreign1,819 1,870 1,714 
Total income before taxes$4,422 $3,823 $3,842 
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, 2024, 2023 and 2022 was as follows:

202420232022
U.S. federal statutory tax rate21.0 %21.0 %21.0 %
State income taxes, net of U.S. federal tax benefit2.0 1.8 1.9 
Differences between U.S. federal statutory and foreign tax rates1.0 1.1 0.7 
U.S. tax effect of foreign earnings0.5 0.8 1.0 
Remeasurement of unrecognized tax benefit1.6 0.6 0.1 
Change in valuation allowances(2.3)0.5 (0.8)
Intellectual property reorganization(1.1)— — 
Audit resolution0.1 (0.2)(1.4)
Excess tax benefits from stock-based compensation (0.3)(0.5)(0.3)
Foreign derived intangible income(1.2)(1.4)(1.3)
Other, net(0.2)(1.1)0.1 
Effective tax rate21.1 %22.6 %21.0 %
Schedule of Components of Deferred Income Tax Assets and Liabilities The components of deferred income tax assets and liabilities as of December 31, 2024 and 2023 were as follows:
 20242023
In millionsAssetLiabilityAssetLiability 
Goodwill and intangible assets$553 $(476)$505 $(492)
Inventory reserves, capitalized tax cost and LIFO inventory54 — 51 (3)
Investments24 (53)19 (124)
Plant and equipment19 (108)12 (113)
Accrued expenses and reserves35 — 34 — 
Employee benefit accruals137 — 165 — 
Foreign tax credit carryforwards13 — 12 — 
Net operating loss carryforwards465 — 463 — 
Capital loss carryforwards81 — 194 — 
Allowances for uncollectible accounts11 — 12 — 
Capitalized research and development173 — 88 — 
Pension liabilities— (43)— (21)
Unrealized loss (gain) on foreign debt instruments— (98)— (37)
Operating leases56 (56)53 (53)
Other32 (53)43 (31)
Gross deferred income tax assets (liabilities)1,653 (887)1,651 (874)
Valuation allowances(516)— (624)— 
Total deferred income tax assets (liabilities)$1,137 $(887)$1,027 $(874)
Schedule of Net Operating Loss Carryforwards
As of December 31, 2024, 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 millionsOperating Losses
2025$1 
20262 
20271 
20282 
20295 
2030-2050836 
Do not expire949 
Total gross carryforwards related to net operating losses$1,796 
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, 2024, 2023 and 2022 were as follows:
In millions202420232022
Beginning balance$329 $314 $360 
Additions based on tax positions related to the current year35 21 9 
Additions for tax positions of prior years37 48 9 
Reductions for tax positions of prior years(30)(33)(56)
Settlements— (23)— 
Foreign currency translation(12)2 (8)
Ending balance$359 $329 $314 
Schedule of Open Tax Years The following table summarizes the open tax years for the Company's major jurisdictions:
JurisdictionOpen Tax Years
United States – Federal
2019-2024
United Kingdom
2017-2024
Germany
2019-2024
France
2017-2024
Australia
2015-2024
v3.25.0.1
Net Income Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Net Income Per Share The computation of net income per share for the twelve months ended December 31, 2024, 2023 and 2022 was as follows:
In millions except per share amounts202420232022
Net Income$3,488 $2,957 $3,034 
Net income per share—Basic:
Weighted-average common shares296.8 302.6 309.6 
Net income per share—Basic$11.75 $9.77 $9.80 
Net income per share—Diluted:
Weighted-average common shares296.8 302.6 309.6 
Effect of dilutive stock options and restricted stock units1.0 1.0 1.1 
Weighted-average common shares assuming dilution297.8 303.6 310.7 
Net income per share—Diluted$11.71 $9.74 $9.77 
v3.25.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023 were as follows:

In millionsAutomotive OEMFood EquipmentTest & Measurement and ElectronicsWeldingPolymers & FluidsConstruction ProductsSpecialty ProductsTotal
Balance, December 31, 2022$459 $249 $1,729 $248 $823 $503 $853 $4,864 
Foreign currency translation7 2 6 3 11 3 13 45 
Balance, December 31, 2023466 251 1,735 251 834 506 866 4,909 
Acquisitions / (divestitures)— — 71 — — — — 71 
Foreign currency translation(21)(9)(26)(11)(31)(18)(25)(141)
Balance, December 31, 2024$445 $242 $1,780 $240 $803 $488 $841 $4,839 
Cumulative goodwill impairment charges, December 31, 2024$24 $60 $83 $5 $15 $7 $46 $240 
Schedule of Finite-lived Intangible Assets
Intangible assets as of December 31, 2024 and 2023 were as follows:

 20242023
In millionsCostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizable intangible assets:
Customer lists and relationships$1,748 $(1,576)$172 $1,746 $(1,534)$212 
Trademarks and brands717 (602)115 713 (573)140 
Patents and proprietary technology635 (596)39 615 (581)34 
Other516 (497)19 511 (487)24 
Total amortizable intangible assets3,616 (3,271)345 3,585 (3,175)410 
Indefinite-lived intangible assets:
Trademarks and brands247 — 247 247 — 247 
Total intangible assets$3,863 $(3,271)$592 $3,832 $(3,175)$657 
Schedule of Indefinite-lived Intangible Assets
Intangible assets as of December 31, 2024 and 2023 were as follows:

 20242023
In millionsCostAccumulated
Amortization		NetCostAccumulated
Amortization		Net
Amortizable intangible assets:
Customer lists and relationships$1,748 $(1,576)$172 $1,746 $(1,534)$212 
Trademarks and brands717 (602)115 713 (573)140 
Patents and proprietary technology635 (596)39 615 (581)34 
Other516 (497)19 511 (487)24 
Total amortizable intangible assets3,616 (3,271)345 3,585 (3,175)410 
Indefinite-lived intangible assets:
Trademarks and brands247 — 247 247 — 247 
Total intangible assets$3,863 $(3,271)$592 $3,832 $(3,175)$657 
Schedule of Estimated Future Amortization Expense of Intangible Assets
As of December 31, 2024, the estimated future amortization expense of intangible assets for the twelve months ending December 31 was as follows:

In millions 
2025$78 
202659 
202747 
202837 
202932 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease Assets and Liabilities
The following table summarizes information related to the Company's capitalized operating leases for 2024, 2023 and 2022:

Dollars in millions202420232022
Rental expense related to capitalized operating leases$78 $72 $66 
Cash paid related to maturities of operating lease liabilities$77 $70 $67 
Right-of-use assets obtained in exchange for operating lease liabilities$79 $82 $74 
Right-of-use assets$266 $248 
Current portion of operating lease liabilities$57 $58 
Long-term portion of operating lease liabilities158 148 
Operating lease liabilities$215 $206 
Weighted-average remaining lease term4.7 years5.0 years
Weighted-average discount rate3.30 %2.95 %
Schedule of Lease Cost
The following table summarizes information related to the Company's capitalized operating leases for 2024, 2023 and 2022:

Dollars in millions202420232022
Rental expense related to capitalized operating leases$78 $72 $66 
Cash paid related to maturities of operating lease liabilities$77 $70 $67 
Right-of-use assets obtained in exchange for operating lease liabilities$79 $82 $74 
Right-of-use assets$266 $248 
Current portion of operating lease liabilities$57 $58 
Long-term portion of operating lease liabilities158 148 
Operating lease liabilities$215 $206 
Weighted-average remaining lease term4.7 years5.0 years
Weighted-average discount rate3.30 %2.95 %
Schedule of Future Maturities of Operating Lease Liabilities As of December 31, 2024, future maturities of operating lease liabilities for the twelve months ending December 31 were as follows:
In millions
2025$63 
202653 
202741 
202828 
202919 
2030 and future years30 
Total future minimum lease payments234 
Less: Imputed interest(19)
Operating lease liabilities$215 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
Total debt as of December 31, 2024 and 2023 was as follows:

In millions20242023
Short-term debt$1,555 $1,825 
Long-term debt6,308 6,339 
Total debt$7,863 $8,164 
Schedule of Short-term Debt Short-term debt as of December 31, 2024 and 2023 consisted of the following:
In millions20242023
Current maturities of long-term debt$777 $1,361 
Commercial paper778 464 
Total short-term debt$1,555 $1,825 
Schedule of Long-term Debt at Carrying Value and Fair Value Long-term debt at carrying value and fair value as of December 31, 2024 and 2023 consisted of the following:
20242023
In millionsEffective Interest RateCarrying ValueFair ValueCarrying ValueFair Value
3.50% notes due March 1, 2024
3.54%$— $— $700 $698 
0.25% Euro notes due December 5, 2024
0.31%— — 661 642 
Euro Credit Agreement due April 30, 2025Variable777 777 1,434 1,434 
2.65% notes due November 15, 2026
2.69%998 971 997 956 
0.625% Euro notes due December 5, 2027
0.71%515 490 549 509 
3.25% Euro notes due May 17, 2028
3.38%668 685 — — 
2.125% Euro notes due May 22, 2030
2.18%515 501 548 530 
1.00% Euro notes due June 5, 2031
1.09%513 460 546 488 
3.375% Euro notes due May 17, 2032
3.51%867 901 — — 
3.00% Euro notes due May 19, 2034
3.13%509 511 543 551 
4.875% notes due September 15, 2041
4.97%639 610 638 660 
3.90% notes due September 1, 2042
3.96%1,084 900 1,084 989 
Total7,085 $6,806 7,700 $7,457 
Less: Current maturities of long-term debt(777)(1,361)
Total long-term debt$6,308 $6,339 
Schedule of Future Maturities of Long-term Debt Including Current Maturities of Long-term Debt As of December 31, 2024, 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
2025$777 
2026998 
2027515 
2028668 
2029— 
2030 and future years4,127 
Total$7,085 
v3.25.0.1
Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule 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, 2024, 2023 and 2022 is as follows:

 PensionOther Postretirement Benefits
In millions202420232022202420232022
Components of net periodic benefit cost:
Service cost$36 $35 $47 $4 $5 $7 
Interest cost92 94 50 24 23 13 
Expected return on plan assets(133)(129)(100)(22)(22)(26)
Amortization of actuarial (gain) loss6 3 24 (2)(4)(3)
Amortization of prior service cost1 1 1 — — — 
Settlement loss6 — 1 — — — 
Total net periodic benefit cost (income)$8 $4 $23 $4 $2 $(9)
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, 2024 and 2023:

PensionOther Postretirement Benefits
In millions2024202320242023
Change in benefit obligation:
Beginning balance$2,069 $1,993 $499 $468 
Service cost36 35 4 5 
Interest cost92 94 24 23 
Plan participants' contributions1 1 9 9 
Actuarial (gain) loss(130)64 (26)38 
Benefits paid(177)(153)(46)(45)
Medicare subsidy received— — 1 1 
Foreign currency translation(21)35 — — 
Ending balance$1,870 $2,069 $465 $499 
Accumulated benefit obligation as of December 31$1,790 $1,972 
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, 2024 and 2023:

PensionOther Postretirement Benefits
In millions2024202320242023
Change in plan assets:
Beginning balance$2,171 $2,114 $358 $336 
Actual return on plan assets19 157 44 51 
Company contributions60 10 35 7 
Plan participants' contributions1 1 9 9 
Benefits paid(177)(153)(46)(45)
Foreign currency translation(21)42 — — 
Ending balance$2,053 $2,171 $400 $358 
Reconciliation of funded status:
Funded status$183 $102 $(65)$(141)
Other immaterial plans(48)(58)(3)(4)
Net asset (liability) as of December 31$135 $44 $(68)$(145)
The amounts recognized in the Statement of Financial Position as of December 31 consist of:
Other assets$305 $243 $— $— 
Accrued expenses(11)(29)(3)(3)
Other noncurrent liabilities(159)(170)(65)(142)
Net asset (liability) as of December 31$135 $44 $(68)$(145)
The pre-tax amounts recognized in accumulated other comprehensive (income) loss consist of:
Net actuarial (gain) loss$482 $512 $(108)$(61)
Prior service cost2 3 — — 
Pre-tax accumulated other comprehensive (income) loss as of December 31$484 $515 $(108)$(61)
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:
 PensionOther Postretirement Benefits
 202420232022202420232022
Assumptions used to determine benefit obligations as of December 31:
Discount rate5.30 %4.69 %4.94 %5.66 %5.01 %5.19 %
Rate of compensation increases3.43 %3.39 %3.46 %
Interest crediting rate - U.S. cash balance plan3.75 %3.75 %3.75 %
Assumptions used to determine net periodic benefit cost for the twelve months ended December 31:
Discount rate4.69 %4.94 %2.33 %5.01 %5.19 %2.92 %
Expected return on plan assets5.33 %5.27 %3.72 %6.50 %6.75 %6.25 %
Rate of compensation increases3.39 %3.46 %3.40 %
Interest crediting rate - U.S. cash balance plan3.75 %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:
202420232022
Health care cost trend rate assumed for the next year8.00 %7.50 %7.00 %
Ultimate trend rate4.50 %4.50 %4.50 %
Year the rate reaches the ultimate trend rate203520332031
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, 2024 and 2023 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.
2024
In millionsTotalLevel 1Level 2Level 3
Pension Plan Assets:
Cash and equivalents$32 $26 $6 $— 
Fixed income securities:
Government securities300 — 300 — 
Corporate debt securities780 — 780 — 
Investment contracts with insurance companies
1 — — 1 
Commingled funds:
Mutual funds25 
Collective trust funds909 
Partnerships/private equity interests2 
Other4 — 4 — 
Total fair value of pension plan assets$2,053 $26 $1,090 $1 
Other Postretirement Benefit Plan Assets:
Life insurance policies$400 
Total fair value of other postretirement benefit plan assets$400 $— $— $— 

2023
In millionsTotalLevel 1Level 2Level 3
Pension Plan Assets:
Cash and equivalents$47 $47 $— $— 
Fixed income securities:
Government securities334 — 334 — 
Corporate debt securities800 — 800 — 
Investment contracts with insurance companies
1 — — 1 
Commingled funds:
Mutual funds25 
Collective trust funds946 
Partnerships/private equity interests8 
Other10 — 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 $— $— $— 
Schedule of Expected Future Benefit Payments As of December 31, 2024, 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 millionsPensionOther Postretirement Benefits
2025$160 $38 
2026161 38 
2027161 38 
2028165 38 
2029167 38 
Years 2030-2034786 183 
v3.25.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) during 2024, 2023 and 2022 were as follows:
In millions202420232022
Beginning balance$(1,834)$(1,841)$(1,502)
Foreign currency translation adjustments during the period(62)16 (192)
Foreign currency translation adjustments reclassified to income30 (1)— 
Income taxes
(72)26 (50)
Total foreign currency translation adjustments, net of tax(104)41 (242)
Pension and other postretirement benefit adjustments during the period67 (45)(149)
Pension and other postretirement benefit adjustments reclassified to income13 — 23 
Income taxes(19)11 29 
Total pension and other postretirement benefit adjustments, net of tax61 (34)(97)
Ending balance$(1,877)$(1,834)$(1,841)
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense The following table summarizes the Company's stock-based compensation expense for the twelve months ended December 31, 2024, 2023 and 2022:
In millions202420232022
Pre-tax stock-based compensation expense$61 $69 $63 
Tax benefit(8)(7)(7)
Total stock-based compensation expense, net of tax$53 $62 $56 
Schedule of Activity Related to Non-vested RSUs
The following table summarizes activity related to non-vested RSUs for the twelve months ended December 31, 2024:

Shares in millionsNumber of
Shares		Weighted-Average
Grant-Date
Fair Value
Unvested, January 1, 20240.6 $218.85
Granted0.3 243.77
Vested(0.3)203.32
Unvested, December 31, 20240.6 236.70
Schedule of Stock Option Activity
The following table summarizes stock option activity for the twelve months ended December 31, 2024:

In millions except exercise price and contractual termsNumber of
Shares		Weighted-Average
Exercise Price		Weighted-Average
Remaining
Contractual Term		Aggregate
Intrinsic Value
Under option, January 1, 20243.0 $177.01
Granted0.2 255.75
Exercised(0.4)125.87
Canceled or expired(0.1)236.29
Under option, December 31, 20242.7 190.795.6$171
Exercisable, December 31, 20242.0 175.854.8$155
Schedule of Assumptions Used in Option Valuations The following summarizes the assumptions used in the option valuations for the twelve months ended December 31, 2024, 2023 and 2022:
202420232022
Risk-free interest rate
4.22-4.90%
3.92-4.86%
1.04-2.07%
Weighted-average volatility20.0%22.0%21.0%
Dividend yield2.21%2.13%2.20%
Expected years until exercise
8.3-9.5
8.6-9.2
9.1-9.6
v3.25.0.1
Other Balance Sheet Information (Tables)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Balance Sheet Information
Other balance sheet information as of December 31, 2024 and 2023 was as follows:

In millions20242023
Prepaid expenses and other current assets:
Value-added-tax receivables$67 $99 
Vendor advances60 55 
Income tax refunds receivable38 29 
Other147 157 
Total prepaid expenses and other current assets$312 $340 
Other assets:
Cash surrender value of life insurance policies$439 $436 
Prepaid pension assets305 243 
Operating lease right-of-use assets266 248 
Customer tooling176 181 
Other189 154 
Total other assets$1,375 $1,262 
Accrued expenses:
Compensation and employee benefits$407 $423 
Deferred revenue and customer deposits360 395 
Rebates200 218 
Current portion of operating lease liabilities57 58 
Warranties52 48 
Current portion of pension and other postretirement benefit obligations14 32 
Other486 489 
Total accrued expenses$1,576 $1,663 
Other liabilities:
Pension benefit obligation$159 $170 
Long-term portion of operating lease liabilities158 148 
Postretirement benefit obligation65 142 
Other633 554 
Total other liabilities$1,015 $1,014 
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Information
Segment operating revenue, significant expenses and operating income for 2024, 2023 and 2022 was as follows:

In millions202420232022
Operating revenue:
Automotive OEM$3,188 $3,235 $2,969 
Food Equipment2,647 2,622 2,444 
Test & Measurement and Electronics2,818 2,832 2,828 
Welding1,851 1,902 1,894 
Polymers & Fluids1,764 1,804 1,905 
Construction Products1,909 2,033 2,113 
Specialty Products1,743 1,697 1,799 
Total segments15,920 16,125 15,952 
Intersegment revenue(22)(18)(20)
Operating Revenue$15,898 $16,107 $15,932 
Variable cost of revenue:
Automotive OEM$1,781 $1,869 $1,719 
Food Equipment1,228 1,222 1,204 
Test & Measurement and Electronics1,206 1,267 1,305 
Welding838 892 936 
Polymers & Fluids847 877 974 
Construction Products890 984 1,105 
Specialty Products814 833 893 
Total segments$7,604 $7,944 $8,136 
Overhead expenses:
Automotive OEM$782 $805 $751 
Food Equipment700 687 622 
Test & Measurement and Electronics909 879 839 
Welding416 405 375 
Polymers & Fluids433 445 452 
Construction Products460 471 460 
Specialty Products401 415 425 
Total segments$4,101 $4,107 $3,924 
Operating income:
Automotive OEM$625 $561 $499 
Food Equipment719 713 618 
Test & Measurement and Electronics703 686 684 
Welding597 605 583 
Polymers & Fluids484 482 479 
Construction Products559 578 548 
Specialty Products528 449 481 
Total segments4,215 4,074 3,892 
Unallocated49 (34)(102)
Operating Income4,264 4,040 3,790 
Interest expense(283)(266)(203)
Other income (expense)441 49 255 
Income Before Taxes$4,422 $3,823 $3,842 
Other segment information for 2024, 2023 and 2022 was as follows:

In millions202420232022
Depreciation and amortization and impairment of intangible assets:
Automotive OEM$129 $123 $121 
Food Equipment46 41 40 
Test & Measurement and Electronics82 80 87 
Welding33 29 26 
Polymers & Fluids42 46 57 
Construction Products33 33 31 
Specialty Products37 43 48 
Total$402 $395 $410 
Plant and equipment additions:
Automotive OEM$209 $224 $181 
Food Equipment55 54 41 
Test & Measurement and Electronics32 43 49 
Welding43 41 43 
Polymers & Fluids28 27 23 
Construction Products34 31 33 
Specialty Products36 35 42 
Total$437 $455 $412 
Identifiable assets:
Automotive OEM$2,578 $2,615 $2,447 
Food Equipment1,188 1,193 1,188 
Test & Measurement and Electronics3,186 3,230 3,289 
Welding857 838 933 
Polymers & Fluids1,673 1,762 1,819 
Construction Products1,172 1,230 1,370 
Specialty Products1,566 1,627 1,696 
Total segments12,220 12,495 12,742 
Corporate2,847 3,023 2,680 
Total$15,067 $15,518 $15,422 
Schedule of Enterprise-wide Information
Enterprise-wide information for the twelve months ended December 31, 2024, 2023 and 2022 was as follows:

In millions202420232022
Operating Revenue by Geographic Region:
United States$7,374 $7,576 $7,609 
Canada/Mexico1,156 1,146 1,095 
Total North America8,530 8,722 8,704 
Europe, Middle East and Africa4,101 4,147 3,913 
Asia Pacific2,961 2,935 2,991 
South America306 303 324 
Total operating revenue$15,898 $16,107 $15,932 
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
country
segment
division
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Finite-Lived Intangible Assets [Line Items]        
Number of company divisions | division   86    
Number of countries with company operations | country   51    
Number of operating segments | segment   7    
Deferred revenue and customer deposits   $ 360 $ 395  
Research and development expenses   292 284 $ 269
Advertising expenses   58 $ 60 57
Percentage of total inventories priced at LIFO     23.00%  
LIFO reserve   0 $ 117  
Reduction in cost of goods and services sold   (8,858) (9,316) (9,429)
Depreciation   $ 301 282 276
Inventory Valuation and Obsolescence        
Finite-Lived Intangible Assets [Line Items]        
LIFO provision expense (income)     $ 6 $ (7)
Reduction in cost of goods and services sold $ 117      
Minimum        
Finite-Lived Intangible Assets [Line Items]        
Amortizable intangible asset, useful life   3 years    
Maximum        
Finite-Lived Intangible Assets [Line Items]        
Amortizable intangible asset, useful life   20 years    
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Changes in Allowances for Uncollectible Accounts      
Beginning balance $ 29 $ 26 $ 28
Provision charged to expense (1) 6 5
Acquisitions and divestitures 1 0 2
Write-offs, net of recoveries (4) (3) (8)
Foreign currency translation (1) 0 (1)
Ending balance $ 24 $ 29 $ 26
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Schedule of Inventory (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Inventory, Net [Abstract]    
Raw material $ 635 $ 742
Work-in-process 193 234
Finished goods 777 848
LIFO reserve 0 (117)
Total inventories $ 1,605 $ 1,707
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Schedule of Net Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]    
Land $ 188 $ 197
Buildings and improvements 1,562 1,490
Machinery and equipment 4,043 4,070
Construction in progress 270 294
Gross plant and equipment 6,063 6,051
Accumulated depreciation (4,027) (4,075)
Net plant and equipment $ 2,036 $ 1,976
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Schedule of Ranges of Useful Lives (Details)
Dec. 31, 2024
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
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Schedule of Changes in Accrued Warranties (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Changes in Accrued Product Warranties      
Beginning balance $ 48 $ 42 $ 46
Charges (58) (51) (41)
Provision charged to expense 63 56 40
Acquisitions and divestitures 0 0 (2)
Foreign currency translation/other (1) 1 (1)
Ending balance $ 52 $ 48 $ 42
v3.25.0.1
Acquisitions (Details)
$ in Millions
 12 Months Ended
Apr. 01, 2024
USD ($)
business
Jan. 02, 2024
USD ($)
business
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]          
Number of businesses acquired | business 1 1      
Payments to acquire businesses, net of cash acquired | $ $ 59 $ 57 $ 115 $ 0 $ 2
v3.25.0.1
Divestitures (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 01, 2022
USD ($)
Oct. 03, 2022
USD ($)
Dec. 31, 2022
USD ($)
business
Jun. 30, 2022
business
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Capital loss carryforwards         $ 194   $ 81
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       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]              
Capital loss carryforwards     $ 32     $ 32  
Operating revenue           106  
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        
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  
v3.25.0.1
Operating Revenue (Details)
 12 Months Ended
Dec. 31, 2024
segment
division
Revenue from Contract with Customer [Abstract]  
Number of company divisions | division 86
Number of reportable segments | segment 7
v3.25.0.1
Operating Revenue - Summary of Operating Revenue by Product Category (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Operating Revenue $ 15,898 $ 16,107 $ 15,932
Operating segments      
Disaggregation of Revenue [Line Items]      
Operating Revenue 15,920 16,125 15,952
Operating segments | Automotive OEM      
Disaggregation of Revenue [Line Items]      
Operating Revenue 3,188 3,235 2,969
Operating segments | Food Equipment      
Disaggregation of Revenue [Line Items]      
Operating Revenue 2,647 2,622 2,444
Operating segments | Test & Measurement and Electronics      
Disaggregation of Revenue [Line Items]      
Operating Revenue 2,818 2,832 2,828
Operating segments | Welding      
Disaggregation of Revenue [Line Items]      
Operating Revenue 1,851 1,902 1,894
Operating segments | Polymers & Fluids      
Disaggregation of Revenue [Line Items]      
Operating Revenue 1,764 1,804 1,905
Operating segments | Construction Products      
Disaggregation of Revenue [Line Items]      
Operating Revenue 1,909 2,033 2,113
Operating segments | Specialty Products      
Disaggregation of Revenue [Line Items]      
Operating Revenue 1,743 1,697 1,799
Intersegment revenue      
Disaggregation of Revenue [Line Items]      
Operating Revenue $ 22 $ 18 $ 20
v3.25.0.1
Other Income (Expense) - Schedule of Other Income (Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Nonoperating Income (Expense) [Abstract]      
Interest income $ 44 $ 51 $ 22
Other net periodic benefit income 28 33 41
Gain (loss) on foreign currency transactions, net 7 (39) (7)
Income (loss) from investments 0 2 9
Gain (loss) on sale of operations and affiliates 0 1 191
Gain on sale of noncontrolling interest in Wilsonart 363 0 0
Equity income in Wilsonart 0 0 0
Other, net (1) 1 (1)
Total other income (expense) $ 441 $ 49 $ 255
v3.25.0.1
Other Income (Expense) - Narrative (Details)
 3 Months Ended 12 Months Ended
Aug. 05, 2024
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2022
business
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]                
Proceeds from sale of noncontrolling interest in Wilsonart International Holdings LLC       $ 395,000,000 $ 0 $ 0    
Gain on sale of minority interest in Wilsonart LLC       $ 363,000,000 $ 0 $ 0    
Wilsonart International Holdings LLC | Clayton, Dublier & Rice, LLC (CD&R)                
Schedule of Equity Method Investments [Line Items]                
Preferred units owned by other party               51.00%
Wilsonart International Holdings LLC                
Schedule of Equity Method Investments [Line Items]                
Ownership percentage               49.00%
Cash dividend distribution             $ 167,000,000  
Pre-tax gain from dividends in excess of equity investment             54,000,000  
Equity method investment             $ 0  
Decorative Surfaces                
Schedule of Equity Method Investments [Line Items]                
Percentage of segment divested               51.00%
Disposal Group, Held-for-Sale | 2022 Divestitures Plan                
Schedule of Equity Method Investments [Line Items]                
Number of businesses divested | business     2          
Disposal Group, Disposed of by Sale | Wilsonart International Holdings LLC                
Schedule of Equity Method Investments [Line Items]                
Proceeds noncontrolling equity interest in Wilsonart $ 398,000,000              
Proceeds from sale of noncontrolling interest in Wilsonart International Holdings LLC 395,000,000              
Gain on sale of minority interest in Wilsonart LLC $ 363,000,000              
Discrete tax benefit, asset sale   $ 107,000,000            
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Dec. 31, 2017
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]                
Tax Cuts and Jobs Act, income tax expense         $ 676      
Noncurrent income taxes payable           $ 0 $ 151  
Current income taxes payable, Tax Cuts and Jobs Act           $ 151    
Effective tax rate           21.10% 22.60% 21.00%
Discrete tax benefit $ 107 $ 20 $ 32 $ 51        
Effective income tax rate reconciliation, intellectual property, amount 87              
Effective income tax rate reconciliation, remeasurement of unrecognized tax benefit, amount $ 73              
Effective tax rate, share-based compensation, excess tax benefit, amount           $ 14 $ 20 $ 12
Accrual foreign withholding taxes           44 39  
Undistributed earnings of foreign subsidiaries           6,000    
Unrecognized tax benefits that would impact effective tax rate           329    
Possible decrease in unrecognized tax benefits resulting from ongoing audits           17    
Accrual for interest and penalties related to income tax matters           $ 69 $ 34  
v3.25.0.1
Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
U.S. federal income taxes:      
Current $ 486 $ 455 $ 478
Deferred (576) (111) (143)
Total U.S. federal income taxes (90) 344 335
Foreign income taxes:      
Current 515 405 387
Deferred 487 31 13
Total foreign income taxes 1,002 436 400
State income taxes:      
Current 109 94 93
Deferred (87) (8) (20)
Total state income taxes 22 86 73
Total provision for income taxes $ 934 $ 866 $ 808
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Income from Continuing Operations Before Income Taxes      
Domestic $ 2,603 $ 1,953 $ 2,128
Foreign 1,819 1,870 1,714
Income Before Taxes $ 4,422 $ 3,823 $ 3,842
Reconciliation Between the U.S. Federal Statutory Tax Rate and The Effective Tax Rate      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State income taxes, net of U.S. federal tax benefit 2.00% 1.80% 1.90%
Differences between U.S. federal statutory and foreign tax rates 1.00% 1.10% 0.70%
U.S. tax effect of foreign earnings 0.50% 0.80% 1.00%
Remeasurement of unrecognized tax benefit 1.60% 0.60% 0.10%
Change in valuation allowances (2.30%) 0.50% (0.80%)
Intellectual property reorganization (1.10%) 0.00% 0.00%
Audit resolution 0.10% (0.20%) (1.40%)
Excess tax benefits from stock-based compensation (0.30%) (0.50%) (0.30%)
Foreign derived intangible income (1.20%) (1.40%) (1.30%)
Other, net (0.20%) (1.10%) 0.10%
Effective tax rate 21.10% 22.60% 21.00%
v3.25.0.1
Income Taxes - Schedule of Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred Income Tax Assets    
Goodwill and intangible assets $ 553 $ 505
Inventory reserves, capitalized tax cost and LIFO inventory 54 51
Investments 24 19
Plant and equipment 19 12
Accrued expenses and reserves 35 34
Employee benefit accruals 137 165
Foreign tax credit carryforwards 13 12
Net operating loss carryforwards 465 463
Capital loss carryforwards 81 194
Allowances for uncollectible accounts 11 12
Capitalized research and development 173 88
Operating leases 56 53
Other 32 43
Gross deferred income tax assets 1,653 1,651
Valuation allowances (516) (624)
Total deferred income tax assets 1,137 1,027
Deferred Income Tax Liabilities    
Goodwill and intangible assets (476) (492)
Inventory reserves, capitalized tax cost and LIFO inventory 0 (3)
Investments (53) (124)
Plant and equipment (108) (113)
Pension liabilities (43) (21)
Unrealized loss (gain) on foreign debt instruments (98) (37)
Operating leases (56) (53)
Other (53) (31)
Gross deferred income tax liabilities $ (887) $ (874)
v3.25.0.1
Income Taxes - Schedule of Net Operating Loss Carryforwards (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Operating Loss Carryforwards [Line Items]  
Total gross carryforwards related to net operating losses $ 1,796
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 2
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  
Operating Loss Carryforwards [Line Items]  
Total gross carryforwards related to net operating losses 5
2030-2050  
Operating Loss Carryforwards [Line Items]  
Total gross carryforwards related to net operating losses 836
Do not expire  
Operating Loss Carryforwards [Line Items]  
Total gross carryforwards related to net operating losses $ 949
v3.25.0.1
Income Taxes - Schedule of Changes in Amount of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Changes in the amount of unrecognized tax benefits      
Beginning balance $ 329 $ 314 $ 360
Additions based on tax positions related to the current year 35 21 9
Additions for tax positions of prior years 37 48 9
Reductions for tax positions of prior years (30) (33) (56)
Settlements 0 (23) 0
Foreign currency translation (12)   (8)
Foreign currency translation   2  
Ending balance $ 359 $ 329 $ 314
v3.25.0.1
Income Taxes - Summary of Open Tax Years (Details)
 12 Months Ended
Dec. 31, 2024
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 2024
Maximum | United Kingdom  
Income Tax Contingency [Line Items]  
Open tax years 2024
Maximum | Germany  
Income Tax Contingency [Line Items]  
Open tax years 2024
Maximum | France  
Income Tax Contingency [Line Items]  
Open tax years 2024
Maximum | Australia  
Income Tax Contingency [Line Items]  
Open tax years 2024
v3.25.0.1
Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net Income $ 3,488 $ 2,957 $ 3,034
Net income per share—Basic:      
Weighted-average common shares (in shares) 296.8 302.6 309.6
Net income per share—Basic (in dollars per share) $ 11.75 $ 9.77 $ 9.80
Net income per share—Diluted:      
Weighted-average common shares (in shares) 296.8 302.6 309.6
Effect of dilutive stock options and restricted stock units (in shares) 1.0 1.0 1.1
Weighted-average common shares assuming dilution (in shares) 297.8 303.6 310.7
Net income per share—Diluted (in dollars per share) $ 11.71 $ 9.74 $ 9.77
v3.25.0.1
Net Income Per Share - Narrative (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Antidilutive options outstanding (in shares) 0.2 0.3 0.9
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Changes in the carrying amount of goodwill by segment    
Balance, beginning $ 4,909 $ 4,864
Foreign currency translation (141) 45
Acquisitions / (divestitures) 71  
Balance, ending 4,839 4,909
Cumulative goodwill impairment charges, December 31, 2024 240  
Automotive OEM    
Changes in the carrying amount of goodwill by segment    
Balance, beginning 466 459
Foreign currency translation (21) 7
Acquisitions / (divestitures) 0  
Balance, ending 445 466
Cumulative goodwill impairment charges, December 31, 2024 24  
Food Equipment    
Changes in the carrying amount of goodwill by segment    
Balance, beginning 251 249
Foreign currency translation (9) 2
Acquisitions / (divestitures) 0  
Balance, ending 242 251
Cumulative goodwill impairment charges, December 31, 2024 60  
Test & Measurement and Electronics    
Changes in the carrying amount of goodwill by segment    
Balance, beginning 1,735 1,729
Foreign currency translation (26) 6
Acquisitions / (divestitures) 71  
Balance, ending 1,780 1,735
Cumulative goodwill impairment charges, December 31, 2024 83  
Welding    
Changes in the carrying amount of goodwill by segment    
Balance, beginning 251 248
Foreign currency translation (11) 3
Acquisitions / (divestitures) 0  
Balance, ending 240 251
Cumulative goodwill impairment charges, December 31, 2024 5  
Polymers & Fluids    
Changes in the carrying amount of goodwill by segment    
Balance, beginning 834 823
Foreign currency translation (31) 11
Acquisitions / (divestitures) 0  
Balance, ending 803 834
Cumulative goodwill impairment charges, December 31, 2024 15  
Construction Products    
Changes in the carrying amount of goodwill by segment    
Balance, beginning 506 503
Foreign currency translation (18) 3
Acquisitions / (divestitures) 0  
Balance, ending 488 506
Cumulative goodwill impairment charges, December 31, 2024 7  
Specialty Products    
Changes in the carrying amount of goodwill by segment    
Balance, beginning 866 853
Foreign currency translation (25) 13
Acquisitions / (divestitures) 0  
Balance, ending 841 $ 866
Cumulative goodwill impairment charges, December 31, 2024 $ 46  
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Amortizable intangible assets:    
Cost $ 3,616 $ 3,585
Accumulated Amortization (3,271) (3,175)
Net 345 410
Total intangible assets, Cost 3,863 3,832
Total intangible assets, Net 592 657
Trademarks and brands    
Indefinite-lived intangible assets:    
Indefinite-lived intangible assets 247 247
Customer lists and relationships    
Amortizable intangible assets:    
Cost 1,748 1,746
Accumulated Amortization (1,576) (1,534)
Net 172 212
Trademarks and brands    
Amortizable intangible assets:    
Cost 717 713
Accumulated Amortization (602) (573)
Net 115 140
Patents and proprietary technology    
Amortizable intangible assets:    
Cost 635 615
Accumulated Amortization (596) (581)
Net 39 34
Other    
Amortizable intangible assets:    
Cost 516 511
Accumulated Amortization (497) (487)
Net $ 19 $ 24
v3.25.0.1
Goodwill and Intangible Assets - Narrative (Details)
 3 Months Ended 12 Months Ended
Apr. 01, 2024
USD ($)
business
Jan. 02, 2024
USD ($)
business
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]                
Number of businesses acquired | business 1 1            
Payments to acquire businesses, net of cash acquired $ 59,000,000 $ 57,000,000       $ 115,000,000 $ 0 $ 2,000,000
Goodwill and indefinite-lived asset impairment charges     $ 0 $ 0 $ 0      
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense of Intangible Assets (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Estimated amortization expense of intangible assets  
2025 $ 78
2026 59
2027 47
2028 37
2029 $ 32
v3.25.0.1
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Rental expense for operating leases $ 143 $ 132 $ 122
Rental expense related to short-term operating leases and variable lease payments $ 65 $ 60 $ 56
v3.25.0.1
Leases - Information Related to Capitalized Operating Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Rental expense related to capitalized operating leases $ 78 $ 72 $ 66
Cash paid related to maturities of operating lease liabilities 77 70 67
Right-of-use assets obtained in exchange for operating lease liabilities $ 79 $ 82 $ 74
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other Assets, Noncurrent Other Assets, Noncurrent  
Operating lease right-of-use assets $ 266 $ 248  
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued Liabilities, Current Accrued Liabilities, Current  
Current portion of operating lease liabilities $ 57 $ 58  
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other Liabilities, Noncurrent Other Liabilities, Noncurrent  
Long-term portion of operating lease liabilities $ 158 $ 148  
Operating lease liabilities $ 215 $ 206  
Weighted-average remaining lease term 4 years 8 months 12 days 5 years  
Weighted-average discount rate 3.30% 2.95%  
v3.25.0.1
Leases - Schedule of Future Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
2025 $ 63  
2026 53  
2027 41  
2028 28  
2029 19  
2030 and future years 30  
Total future minimum lease payments 234  
Less: Imputed interest (19)  
Operating lease liabilities $ 215 $ 206
v3.25.0.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
Short-term debt $ 1,555 $ 1,825
Long-term debt 6,308 6,339
Total debt $ 7,863 $ 8,164
v3.25.0.1
Debt - Schedule of Short-term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
Current maturities of long-term debt $ 777 $ 1,361
Commercial paper 778 464
Debt, Current $ 1,555 $ 1,825
v3.25.0.1
Debt - Narrative (Details)
 3 Months Ended
Dec. 05, 2024
EUR (€)
May 22, 2024
EUR (€)
May 22, 2023
EUR (€)
May 12, 2023
EUR (€)
May 05, 2023
EUR (€)
extension
Feb. 22, 2022
EUR (€)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
May 31, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
EUR (€)
May 31, 2023
EUR (€)
Jun. 30, 2019
EUR (€)
Nov. 30, 2016
USD ($)
May 31, 2015
EUR (€)
May 31, 2014
EUR (€)
Feb. 28, 2014
USD ($)
Dec. 31, 2012
USD ($)
Dec. 31, 2011
USD ($)
Debt Instrument [Line Items]                                        
Current maturities of long-term debt | $               $ 777,000,000     $ 1,361,000,000                  
Guarantees, Letters Of Credit, And Other Similar Arrangements                                        
Debt Instrument [Line Items]                                        
Line of credit, amounts outstanding | $               $ 250,000,000                        
Commercial paper                                        
Debt Instrument [Line Items]                                        
Weighted average interest rate               4.56% 4.56%   5.40% 5.40%                
Euro Credit Agreement                                        
Debt Instrument [Line Items]                                        
Current maturities of long-term debt | $               $ 777,000,000                        
Euro Credit Agreement | Line of Credit                                        
Debt Instrument [Line Items]                                        
Line of credit, amounts outstanding                       € 1,300,000,000                
Face value of notes         € 1,300,000,000                              
Extension option, term         6 months                              
Extension option, number of extensions | extension         2                              
Proceeds from lines of credit       € 1,300,000,000                                
Basis spread on variable rate         0.75%                              
Effective interest rate               3.61% 3.61%   4.59% 4.59%                
Repayments of lines of credit   € 550,000,000                                    
Line of credit outstanding recorded as short term debt                 € 750,000,000                      
Euro Credit Agreement | Line of Credit | Net Investment Hedging                                        
Debt Instrument [Line Items]                                        
Face value of notes                         € 1,300,000,000              
3.50% notes due march 1, 2024                                        
Debt Instrument [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                                        
Debt Instrument [Line Items]                                        
Current maturities of long-term debt | $                     $ 661,000,000                  
Interest rate, stated percentage               0.25% 0.25%   0.25% 0.25%                
0.25% Euro notes due December 5, 2024 | Unsecured Debt                                        
Debt Instrument [Line Items]                                        
Effective interest rate               0.31% 0.31%                      
0.25% Euro notes due December 5, 2024 | Senior Notes | Net Investment Hedging                                        
Debt Instrument [Line Items]                                        
Interest rate, stated percentage                           0.25%            
Face value of notes                           € 600,000,000            
Debt instrument, face value, percentage                           99.662%            
Note Due October 21, 2027 | Line of Credit                                        
Debt Instrument [Line Items]                                        
Line of credit, maximum borrowing capacity | $             $ 3,000,000,000.0                          
Debt instrument, term             5 years                          
Line of credit, amounts outstanding | $               $ 0     $ 0                  
International Debt Facilities | Line of Credit                                        
Debt Instrument [Line Items]                                        
Unused capacity under international debt facilities | $               $ 170,000,000                        
4.875% notes due September 15, 2041                                        
Debt Instrument [Line Items]                                        
Interest rate, stated percentage               4.875% 4.875%                      
4.875% notes due September 15, 2041 | Unsecured Debt                                        
Debt Instrument [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                                        
Debt Instrument [Line Items]                                        
Interest rate, stated percentage               3.90% 3.90%                      
3.90% notes due September 1, 2042 | Unsecured Debt                                        
Debt Instrument [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                                        
Debt Instrument [Line Items]                                        
Interest rate, stated percentage               3.50% 3.50%                      
3.50% notes due March 1, 2024 | Unsecured Debt                                        
Debt Instrument [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%                      
3.00% Euro notes due May 19, 2034                                        
Debt Instrument [Line Items]                                        
Interest rate, stated percentage               3.00% 3.00%                      
3.00% Euro notes due May 19, 2034 | Unsecured Debt                                        
Debt Instrument [Line Items]                                        
Interest rate, stated percentage                                 3.00%      
Face value of notes                                 € 500,000,000      
Notes issued, percentage of face value                                 98.089%      
Effective interest rate               3.13% 3.13%                      
1.25% Euro Notes Due May 22, 2023 | Unsecured Debt                                        
Debt Instrument [Line Items]                                        
Interest rate, stated percentage                               1.25%        
Face value of notes                               € 500,000,000        
Notes issued, percentage of face value                               99.239%        
2.125% Euro notes due May 22, 2030                                        
Debt Instrument [Line Items]                                        
Interest rate, stated percentage               2.125% 2.125%                      
2.125% Euro notes due May 22, 2030 | Unsecured Debt                                        
Debt Instrument [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                                        
Debt Instrument [Line Items]                                        
Interest rate, stated percentage               2.65% 2.65%                      
2.65% notes due November 15, 2026 | Unsecured Debt                                        
Debt Instrument [Line Items]                                        
Interest rate, stated percentage                             2.65%          
Face value of notes | $                             $ 1,000,000,000.0          
Notes issued, percentage of face value                             99.685%          
Effective interest rate               2.69% 2.69%                      
0.625% Euro notes due December 5, 2027                                        
Debt Instrument [Line Items]                                        
Interest rate, stated percentage               0.625% 0.625%                      
0.625% Euro notes due December 5, 2027 | Unsecured Debt                                        
Debt Instrument [Line Items]                                        
Effective interest rate               0.71% 0.71%                      
0.625% Euro notes due December 5, 2027 | Senior Notes | Net Investment Hedging                                        
Debt Instrument [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                                        
Debt Instrument [Line Items]                                        
Interest rate, stated percentage               1.00% 1.00%                      
1.00% Euro notes due June 5, 2031 | Unsecured Debt                                        
Debt Instrument [Line Items]                                        
Effective interest rate               1.09% 1.09%                      
1.00% Euro notes due June 5, 2031 | Senior Notes | Net Investment Hedging                                        
Debt Instrument [Line Items]                                        
Interest rate, stated percentage                           1.00%            
Face value of notes                           € 500,000,000            
Debt instrument, face value, percentage                           98.982%            
3.25% Euro notes due May 17, 2028                                        
Debt Instrument [Line Items]                                        
Interest rate, stated percentage               3.25% 3.25%                      
3.25% Euro notes due May 17, 2028 | Unsecured Debt                                        
Debt Instrument [Line Items]                                        
Effective interest rate               3.38% 3.38%                      
3.25% Euro notes due May 17, 2028 | Senior Notes | Net Investment Hedging                                        
Debt Instrument [Line Items]                                        
Interest rate, stated percentage                   3.25%                    
Face value of notes                   € 650,000,000                    
Debt instrument, face value, percentage                   99.525%                    
3.375% Euro notes due May 17, 2032                                        
Debt Instrument [Line Items]                                        
Interest rate, stated percentage               3.375% 3.375%                      
3.375% Euro notes due May 17, 2032 | Unsecured Debt                                        
Debt Instrument [Line Items]                                        
Effective interest rate               3.51% 3.51%                      
3.375% Euro notes due May 17, 2032 | Senior Notes | Net Investment Hedging                                        
Debt Instrument [Line Items]                                        
Interest rate, stated percentage                   3.375%                    
Face value of notes                   € 850,000,000                    
Debt instrument, face value, percentage                   99.072%                    
Euro Notes Issued May 2014 | Euro Notes | Net Investment Hedging                                        
Debt Instrument [Line Items]                                        
Face value of notes                                 € 1,000,000,000.0      
Debt repayment           € 500,000,000                            
Euro Notes Issued May 2015 | Euro Notes | Net Investment Hedging                                        
Debt Instrument [Line Items]                                        
Face value of notes                               € 1,000,000,000.0        
Debt repayment     € 500,000,000                                  
Euro Notes Issued June 2019 | Euro Notes | Net Investment Hedging                                        
Debt Instrument [Line Items]                                        
Face value of notes                           € 1,600,000,000            
Euro Notes Issued May 2024 | Euro Notes | Net Investment Hedging                                        
Debt Instrument [Line Items]                                        
Face value of notes                   € 1,500,000,000                    
Euro Notes Issued May 2019 | Euro Notes | Net Investment Hedging                                        
Debt Instrument [Line Items]                                        
Debt repayment € 600,000,000                                      
v3.25.0.1
Debt - Schedule of Long-term Debt at Carrying Value and Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Nov. 30, 2016
May 31, 2015
May 31, 2014
Feb. 28, 2014
Dec. 31, 2012
Dec. 31, 2011
Debt Instrument [Line Items]                
Carrying Value $ 7,085 $ 7,700            
Fair Value 6,806 7,457            
Less: Current maturities of long-term debt (777) (1,361)            
Total long-term debt $ 6,308 6,339            
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 $ 0 700            
Fair Value $ 0 $ 698            
0.25% Euro notes due December 5, 2024                
Debt Instrument [Line Items]                
Interest rate, stated percentage 0.25% 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 $ 0 661            
Fair Value 0 642            
Euro Credit Agreement                
Debt Instrument [Line Items]                
Less: Current maturities of long-term debt (777)              
Euro Credit Agreement | Unsecured debt                
Debt Instrument [Line Items]                
Carrying Value 777 1,434            
Fair Value $ 777 1,434            
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 $ 998 997            
Fair Value $ 971 956            
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 $ 515 549            
Fair Value $ 490 509            
3.25% Euro notes due May 17, 2028                
Debt Instrument [Line Items]                
Interest rate, stated percentage 3.25%              
3.25% Euro notes due May 17, 2028 | Unsecured debt                
Debt Instrument [Line Items]                
Effective Interest Rate 3.38%              
Carrying Value $ 668 0            
Fair Value $ 685 0            
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 $ 515 548            
Fair Value $ 501 530            
1.00% Euro notes due June 5, 2031                
Debt Instrument [Line Items]                
Interest rate, stated percentage 1.00%              
1.00% Euro notes due June 5, 2031 | Unsecured debt                
Debt Instrument [Line Items]                
Effective Interest Rate 1.09%              
Carrying Value $ 513 546            
Fair Value $ 460 488            
3.375% Euro notes due May 17, 2032                
Debt Instrument [Line Items]                
Interest rate, stated percentage 3.375%              
3.375% Euro notes due May 17, 2032 | Unsecured debt                
Debt Instrument [Line Items]                
Effective Interest Rate 3.51%              
Carrying Value $ 867 0            
Fair Value $ 901 0            
3.00% Euro notes due May 19, 2034                
Debt Instrument [Line Items]                
Interest rate, stated percentage 3.00%              
3.00% Euro notes due May 19, 2034 | Unsecured debt                
Debt Instrument [Line Items]                
Interest rate, stated percentage         3.00%      
Effective Interest Rate 3.13%              
Carrying Value $ 509 543            
Fair Value $ 511 551            
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 $ 639 638            
Fair Value $ 610 660            
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 1,084            
Fair Value $ 900 $ 989            
v3.25.0.1
Debt - Schedule of Future Maturities of Long-term Debt Including Current Maturities of Long-term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Scheduled maturities of long-term debt    
2025 $ 777  
2026 998  
2027 515  
2028 668  
2029 0  
2030 and future years 4,127  
Carrying Value $ 7,085 $ 7,700
v3.25.0.1
Pension and Other Postretirement Benefits - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan expenses $ 117 $ 117 $ 111
Projected benefit obligations 159 179  
Projected benefit obligations, plan assets 56 55  
Accumulated benefit obligations 155 175  
Accumulated benefit obligations, plan assets 56 $ 55  
Pension      
Defined Benefit Plan Disclosure [Line Items]      
Expected company contributions 22    
Other Postretirement Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Expected company contributions $ 31    
Minimum | Equity Investments      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage 15.00%    
Minimum | Fixed Income Investments      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage 75.00%    
Minimum | Other Investment      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage 0.00%    
Maximum | Equity Investments      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage 25.00%    
Maximum | Fixed Income Investments      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage 85.00%    
Maximum | Other Investment      
Defined Benefit Plan Disclosure [Line Items]      
Target allocation percentage 10.00%    
v3.25.0.1
Pension and Other Postretirement Benefits - Schedule 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, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension      
Components of net periodic benefit cost:      
Service cost $ 36 $ 35 $ 47
Interest cost 92 94 50
Expected return on plan assets (133) (129) (100)
Amortization of actuarial (gain) loss 6 3 24
Amortization of prior service cost 1 1 1
Settlement loss 6 0 1
Total net periodic benefit cost (income) 8 4 23
Other Postretirement Benefits      
Components of net periodic benefit cost:      
Service cost 4 5 7
Interest cost 24 23 13
Expected return on plan assets (22) (22) (26)
Amortization of actuarial (gain) loss (2) (4) (3)
Amortization of prior service cost 0 0 0
Settlement loss 0 0 0
Total net periodic benefit cost (income) $ 4 $ 2 $ (9)
v3.25.0.1
Pension and Other Postretirement Benefits - Change in Plan Benefit Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension      
Change in benefit obligation:      
Beginning balance $ 2,069 $ 1,993  
Service cost 36 35 $ 47
Interest cost 92 94 50
Plan participants' contributions 1 1  
Actuarial (gain) loss (130) 64  
Benefits paid (177) (153)  
Medicare subsidy received 0 0  
Foreign currency translation (21) 35  
Ending balance 1,870 2,069 1,993
Accumulated benefit obligation as of December 31 1,790 1,972  
Other Postretirement Benefits      
Change in benefit obligation:      
Beginning balance 499 468  
Service cost 4 5 7
Interest cost 24 23 13
Plan participants' contributions 9 9  
Actuarial (gain) loss (26) 38  
Benefits paid (46) (45)  
Medicare subsidy received 1 1  
Foreign currency translation 0 0  
Ending balance $ 465 $ 499 $ 468
v3.25.0.1
Pension and Other Postretirement Benefits - Change in Plan Assets and Reconciliation of Funded Status (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
The amounts recognized in the Statement of Financial Position as of December 31 consist of:    
Accrued expenses $ (14) $ (32)
Pension    
Change in plan assets:    
Beginning balance 2,171 2,114
Actual return on plan assets 19 157
Company contributions 60 10
Plan participants' contributions 1 1
Benefits paid (177) (153)
Foreign currency translation (21) 42
Ending balance 2,053 2,171
Reconciliation of funded status:    
Funded status 183 102
Other immaterial plans (48) (58)
Net asset (liability) as of December 31 135 44
The amounts recognized in the Statement of Financial Position as of December 31 consist of:    
Net asset (liability) as of December 31 135 44
The pre-tax amounts recognized in accumulated other comprehensive (income) loss consist of:    
Net actuarial (gain) loss 482 512
Prior service cost 2 3
Pre-tax accumulated other comprehensive (income) loss as of December 31 484 515
Other Postretirement Benefits    
Change in plan assets:    
Beginning balance 358 336
Actual return on plan assets 44 51
Company contributions 35 7
Plan participants' contributions 9 9
Benefits paid (46) (45)
Foreign currency translation 0 0
Ending balance 400 358
Reconciliation of funded status:    
Funded status (65) (141)
Other immaterial plans (3) (4)
Net asset (liability) as of December 31 (68) (145)
The amounts recognized in the Statement of Financial Position as of December 31 consist of:    
Net asset (liability) as of December 31 (68) (145)
The pre-tax amounts recognized in accumulated other comprehensive (income) loss consist of:    
Net actuarial (gain) loss (108) (61)
Prior service cost 0 0
Pre-tax accumulated other comprehensive (income) loss as of December 31 (108) (61)
Other assets | Pension    
The amounts recognized in the Statement of Financial Position as of December 31 consist of:    
Other assets 305 243
Other assets | Other Postretirement Benefits    
The amounts recognized in the Statement of Financial Position as of December 31 consist of:    
Other assets 0 0
Accrued expenses | Pension    
The amounts recognized in the Statement of Financial Position as of December 31 consist of:    
Accrued expenses (11) (29)
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 (159) (170)
Other noncurrent liabilities | Other Postretirement Benefits    
The amounts recognized in the Statement of Financial Position as of December 31 consist of:    
Other noncurrent liabilities $ (65) $ (142)
v3.25.0.1
Pension and Other Postretirement Benefits - Assumptions Used and Trend Rates (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assumed health care cost trend rates of postretirement benefit obligation      
Health care cost trend rate assumed for the next year 8.00% 7.50% 7.00%
Ultimate trend rate 4.50% 4.50% 4.50%
Year the rate reaches the ultimate trend rate 2035 2033 2031
Pension      
Assumptions used to determine benefit obligations as of December 31:      
Discount rate 5.30% 4.69% 4.94%
Rate of compensation increases 3.43% 3.39% 3.46%
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 4.69% 4.94% 2.33%
Expected return on plan assets 5.33% 5.27% 3.72%
Rate of compensation increases 3.39% 3.46% 3.40%
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 5.66% 5.01% 5.19%
Assumptions used to determine net periodic benefit cost for the twelve months ended December 31:      
Discount rate 5.01% 5.19% 2.92%
Expected return on plan assets 6.50% 6.75% 6.25%
v3.25.0.1
Pension and Other Postretirement Benefits - Benefit Plan Assets by Category and Valuation Methodology (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 2,053 $ 2,171 $ 2,114
Pension | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 26 47  
Pension | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 1,090 1,144  
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 400 358 $ 336
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 32 47  
Cash and equivalents | Pension | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 26 47  
Cash and equivalents | Pension | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 6 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 300 334  
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 300 334  
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 780 800  
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 780 800  
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 25  
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 909 946  
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 2 8  
Commingled funds, partnerships/private equity interests | Pension | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets  
Commingled funds, partnerships/private equity interests | Pension | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets  
Commingled funds, partnerships/private equity interests | Pension | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets  
Other | Pension      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 4 10  
Other | Pension | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0 0  
Other | Pension | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 4 10  
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 400 358  
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  
v3.25.0.1
Pension and Other Postretirement Benefits - Expected Future Benefit Payments (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Pension  
Portion of the benefit payments are expected to be paid  
2025 $ 160
2026 161
2027 161
2028 165
2029 167
Years 2030-2034 786
Other Postretirement Benefits  
Portion of the benefit payments are expected to be paid  
2025 38
2026 38
2027 38
2028 38
2029 38
Years 2030-2034 $ 183
v3.25.0.1
Stockholders' Equity - Narrative (Details)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 05, 2024
EUR (€)
May 22, 2024
EUR (€)
May 22, 2023
EUR (€)
Feb. 22, 2022
EUR (€)
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2021
$ / shares
shares
Dec. 31, 2020
$ / shares
shares
Dec. 31, 2019
$ / shares
shares
May 31, 2024
EUR (€)
Aug. 04, 2023
USD ($)
May 31, 2023
EUR (€)
May 05, 2023
EUR (€)
May 07, 2021
USD ($)
Jun. 30, 2019
EUR (€)
Aug. 03, 2018
USD ($)
May 31, 2015
EUR (€)
May 31, 2014
EUR (€)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                        
Preferred stock, shares authorized (in shares) | shares           300                            
Dividends declared (in dollars per share) | $ / shares           $ 5.80 $ 5.42 $ 5.06                        
Cash dividend paid (in dollars per share) | $ / shares           $ 5.70 $ 5.33 $ 4.97                        
Long-term debt         $ 7,700 $ 7,085 $ 7,700                          
After-tax cumulative translation adjustment losses included in accumulated comprehensive income (loss)         1,500 1,600 1,500                          
After-tax unrecognized pension and other postretirement benefits costs included in accumulated comprehensive income (loss)         $ 327 266 327                          
Net Investment Hedging | Euro Notes                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                        
Pre-tax gain (loss)           301 $ (109) $ 205                        
Euro Notes Issued May 2014 | Net Investment Hedging | Euro Notes                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                        
Face value of notes | €                                       € 1,000,000,000.0
Debt repayment | €       € 500,000,000                                
Long-term debt           509                            
Euro Notes Issued May 2015 | Net Investment Hedging | Euro Notes                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                        
Face value of notes | €                                     € 1,000,000,000.0  
Debt repayment | €     € 500,000,000                                  
Long-term debt           515                            
Euro Notes Issued June 2019 | Net Investment Hedging | Euro Notes                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                        
Face value of notes | €                                 € 1,600,000,000      
Long-term debt           1,000                            
Euro Credit Agreement | Line of Credit                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                        
Face value of notes | €                             € 1,300,000,000          
Repayments of lines of credit | €   € 550,000,000                                    
Euro Credit Agreement | Net Investment Hedging | Line of Credit                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                        
Face value of notes | €                           € 1,300,000,000            
Long-term debt           777                            
Euro Notes Issued May 2024 | Net Investment Hedging | Euro Notes                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                        
Face value of notes | €                       € 1,500,000,000                
Long-term debt           $ 1,500                            
Euro Notes Issued May 2019 | Net Investment Hedging | Euro Notes                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                        
Debt repayment | € € 600,000,000                                      
2018 Stock Repurchase Program                                        
Share-based Compensation Arrangement by Share-based Payment Award [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                                        
Share-based Compensation Arrangement by Share-based Payment Award [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                                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                        
Authorized repurchase amount                         $ 5,000              
Shares repurchased (in shares) | shares         38 5,900                            
Average price of shares repurchased (in dollars per share) | $ / shares         $ 263.44 $ 254.04                            
Authorized repurchases remaining (approximately)           $ 3,500                            
v3.25.0.1
Stockholders' Equity - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Changes in Accumulated Other Comprehensive Income (Loss)      
Beginning balance $ 3,013 $ 3,089 $ 3,626
Other comprehensive income (loss) (43) 7 (339)
Ending balance 3,317 3,013 3,089
Accumulated Other Comprehensive Income (Loss)      
Changes in Accumulated Other Comprehensive Income (Loss)      
Beginning balance (1,834) (1,841) (1,502)
Other comprehensive income (loss) (43) 7 (339)
Ending balance (1,877) (1,834) (1,841)
Accumulated Foreign Currency Adjustment      
Changes in Accumulated Other Comprehensive Income (Loss)      
Foreign currency translation / Pension and other postretirement benefit adjustments, before reclassifications, before tax (62) 16 (192)
Foreign currency translation / Pension and other postretirement benefit adjustments reclassified to income, before tax 30 (1) 0
Income taxes (72) 26 (50)
Other comprehensive income (loss) (104) 41 (242)
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 67 (45) (149)
Foreign currency translation / Pension and other postretirement benefit adjustments reclassified to income, before tax 13 0 23
Income taxes (19) 11 29
Other comprehensive income (loss) $ 61 $ (34) $ (97)
v3.25.0.1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
May 03, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based payment award, options, outstanding (in shares) 2,700,000 3,000,000.0    
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) $ 68.98 $ 67.16 $ 45.15  
Aggregate intrinsic value of options exercised $ 55 $ 79 $ 38  
Cash receipts from exercise of options 52 53 29  
Total fair value of vested stock option awards $ 18 $ 18 $ 18  
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 $ 47      
Weighted-average period to recognize total unrecognized compensation cost 1 year 8 months 12 days      
Weighted average grant date fair value (in dollars per share) $ 243.77 $ 232.21 $ 215.36  
Total fair value of vested restricted stock unit awards $ 52 $ 35 $ 28  
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      
2015 Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based payment award, options, outstanding (in shares)       3,500,000
2024 Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares available for issuance (in shares) 11,500,000      
v3.25.0.1
Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Summary of stock-based compensation expense      
Pre-tax stock-based compensation expense $ 61 $ 69 $ 63
Tax benefit (8) (7) (7)
Total stock-based compensation expense, net of tax $ 53 $ 62 $ 56
v3.25.0.1
Stock-Based Compensation - Schedule of Activity Related to Non-vested RSUs (Details)
shares in Millions
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Non-Vested RSUs, Number of Shares  
Beginning of period (in shares) 0.6
Granted (in shares) 0.3
Vested (in shares) (0.3)
End of period (in shares) 0.6
Non-Vested RSUs, Weighted-Average Grant-Date Fair Value  
Beginning of period (in dollars per share) | $ / shares $ 218.85
Vested (in dollars per share) | $ / shares 203.32
End of period (in dollars per share) | $ / shares $ 236.70
v3.25.0.1
Stock-Based Compensation - Schedule of Stock Option Activity (Details)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Number of Shares  
Beginning of period (in shares) | shares 3.0
Granted (in shares) | shares 0.2
Exercised (in shares) | shares (0.4)
Canceled or expired (in shares) | shares (0.1)
End of period (in shares) | shares 2.7
Number of shares exercisable at end of period (in shares) | shares 2.0
Weighted-Average Exercise Price  
Beginning of period (in dollars per share) | $ / shares $ 177.01
Granted (in dollars per share) | $ / shares 255.75
Exercised (in dollars per share) | $ / shares 125.87
Canceled or expired (in dollars per share) | $ / shares 236.29
End of period (in dollars per share) | $ / shares 190.79
Weighted-average exercise price exercisable at end of period (in dollars per share) | $ / shares $ 175.85
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 7 months 6 days
Weighted-average remaining contractual term, exercisable at end of period 4 years 9 months 18 days
Aggregate intrinsic value, under option at end of period | $ $ 171
Aggregate intrinsic value, exercisable at end of period | $ $ 155
v3.25.0.1
Stock-Based Compensation - Schedule of Assumptions Used in Option Valuations (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Summary of assumptions used in option models      
Risk-free interest rate, minimum 4.22% 3.92% 1.04%
Risk-free interest rate, maximum 4.90% 4.86% 2.07%
Weighted-average volatility 20.00% 22.00% 21.00%
Dividend yield 2.21% 2.13% 2.20%
Minimum      
Summary of assumptions used in option models      
Expected years until exercise 8 years 3 months 18 days 8 years 7 months 6 days 9 years 1 month 6 days
Maximum      
Summary of assumptions used in option models      
Expected years until exercise 9 years 6 months 9 years 2 months 12 days 9 years 7 months 6 days
v3.25.0.1
Other Balance Sheet Information (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Prepaid expenses and other current assets:    
Value-added-tax receivables $ 67 $ 99
Vendor advances 60 55
Income tax refunds receivable 38 29
Other 147 157
Total prepaid expenses and other current assets 312 340
Other assets:    
Cash surrender value of life insurance policies 439 436
Prepaid pension assets 305 243
Operating lease right-of-use assets 266 248
Customer tooling 176 181
Other 189 154
Total other assets 1,375 1,262
Accrued expenses:    
Compensation and employee benefits 407 423
Deferred revenue and customer deposits 360 395
Rebates 200 218
Current portion of operating lease liabilities 57 58
Warranties 52 48
Current portion of pension and other postretirement benefit obligations 14 32
Other 486 489
Total accrued expenses 1,576 1,663
Other liabilities:    
Pension benefit obligation 159 170
Long-term portion of operating lease liabilities 158 148
Postretirement benefit obligation 65 142
Other 633 554
Total other liabilities $ 1,015 $ 1,014
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
v3.25.0.1
Segment Information - Narrative (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]        
Number of reportable segments | segment   7    
Operating income   $ 4,264 $ 4,040 $ 3,790
Unallocated        
Segment Reporting Information [Line Items]        
Operating income   $ 49 $ (34) $ (102)
Unallocated | Change in Accounting Method Accounted for as Change in Estimate        
Segment Reporting Information [Line Items]        
Operating income $ 117      
Geographic Concentration Risk | Net Plant and Equipment | United States        
Segment Reporting Information [Line Items]        
Concentration risk percentage   44.00% 44.00%  
Geographic Concentration Risk | Net Plant and Equipment | China        
Segment Reporting Information [Line Items]        
Concentration risk percentage   16.00% 13.00%  
v3.25.0.1
Segment Information - Summary of Segment Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Operating revenue $ 15,898 $ 16,107 $ 15,932
Variable cost of revenue 7,604 7,944 8,136
Overhead expenses 4,101 4,107 3,924
Operating income 4,264 4,040 3,790
Interest expense (283) (266) (203)
Other income (expense) 441 49 255
Income Before Taxes 4,422 3,823 3,842
Depreciation and amortization and impairment of intangible assets 402 395 410
Plant and equipment additions 437 455 412
Identifiable assets 15,067 15,518 15,422
Automotive OEM      
Segment Reporting Information [Line Items]      
Overhead expenses 782 805 751
Food Equipment      
Segment Reporting Information [Line Items]      
Overhead expenses 700 687 622
Test & Measurement and Electronics      
Segment Reporting Information [Line Items]      
Overhead expenses 909 879 839
Welding      
Segment Reporting Information [Line Items]      
Overhead expenses 416 405 375
Polymers & Fluids      
Segment Reporting Information [Line Items]      
Overhead expenses 433 445 452
Construction Products      
Segment Reporting Information [Line Items]      
Overhead expenses 460 471 460
Specialty Products      
Segment Reporting Information [Line Items]      
Overhead expenses 401 415 425
Operating segments      
Segment Reporting Information [Line Items]      
Operating revenue 15,920 16,125 15,952
Operating income 4,215 4,074 3,892
Identifiable assets 12,220 12,495 12,742
Operating segments | Automotive OEM      
Segment Reporting Information [Line Items]      
Operating revenue 3,188 3,235 2,969
Variable cost of revenue 1,781 1,869 1,719
Operating income 625 561 499
Depreciation and amortization and impairment of intangible assets 129 123 121
Plant and equipment additions 209 224 181
Identifiable assets 2,578 2,615 2,447
Operating segments | Food Equipment      
Segment Reporting Information [Line Items]      
Operating revenue 2,647 2,622 2,444
Variable cost of revenue 1,228 1,222 1,204
Operating income 719 713 618
Depreciation and amortization and impairment of intangible assets 46 41 40
Plant and equipment additions 55 54 41
Identifiable assets 1,188 1,193 1,188
Operating segments | Test & Measurement and Electronics      
Segment Reporting Information [Line Items]      
Operating revenue 2,818 2,832 2,828
Variable cost of revenue 1,206 1,267 1,305
Operating income 703 686 684
Depreciation and amortization and impairment of intangible assets 82 80 87
Plant and equipment additions 32 43 49
Identifiable assets 3,186 3,230 3,289
Operating segments | Welding      
Segment Reporting Information [Line Items]      
Operating revenue 1,851 1,902 1,894
Variable cost of revenue 838 892 936
Operating income 597 605 583
Depreciation and amortization and impairment of intangible assets 33 29 26
Plant and equipment additions 43 41 43
Identifiable assets 857 838 933
Operating segments | Polymers & Fluids      
Segment Reporting Information [Line Items]      
Operating revenue 1,764 1,804 1,905
Variable cost of revenue 847 877 974
Operating income 484 482 479
Depreciation and amortization and impairment of intangible assets 42 46 57
Plant and equipment additions 28 27 23
Identifiable assets 1,673 1,762 1,819
Operating segments | Construction Products      
Segment Reporting Information [Line Items]      
Operating revenue 1,909 2,033 2,113
Variable cost of revenue 890 984 1,105
Operating income 559 578 548
Depreciation and amortization and impairment of intangible assets 33 33 31
Plant and equipment additions 34 31 33
Identifiable assets 1,172 1,230 1,370
Operating segments | Specialty Products      
Segment Reporting Information [Line Items]      
Operating revenue 1,743 1,697 1,799
Variable cost of revenue 814 833 893
Operating income 528 449 481
Depreciation and amortization and impairment of intangible assets 37 43 48
Plant and equipment additions 36 35 42
Identifiable assets 1,566 1,627 1,696
Intersegment revenue      
Segment Reporting Information [Line Items]      
Operating revenue 22 18 20
Unallocated      
Segment Reporting Information [Line Items]      
Operating income 49 (34) (102)
Corporate      
Segment Reporting Information [Line Items]      
Identifiable assets $ 2,847 $ 3,023 $ 2,680
v3.25.0.1
Segment Information - Summary of Enterprise-wide Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Revenue by Geographic Region:      
Operating revenue $ 15,898 $ 16,107 $ 15,932
Total North America      
Operating Revenue by Geographic Region:      
Operating revenue 8,530 8,722 8,704
United States      
Operating Revenue by Geographic Region:      
Operating revenue 7,374 7,576 7,609
Canada/Mexico      
Operating Revenue by Geographic Region:      
Operating revenue 1,156 1,146 1,095
Europe, Middle East and Africa      
Operating Revenue by Geographic Region:      
Operating revenue 4,101 4,147 3,913
Asia Pacific      
Operating Revenue by Geographic Region:      
Operating revenue 2,961 2,935 2,991
South America      
Operating Revenue by Geographic Region:      
Operating revenue $ 306 $ 303 $ 324