ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Portions of the 2024 Proxy Statement for Annual Meeting of Stockholders to be held on May 3, 2024. | Part III |
Table of Contents | ||||||||
Name | Age | Present Position | First Year in Present Position | Other Positions Held During 2019-2023 | ||||||||||
Christopher A. O'Herlihy | 60 | President & Chief Executive Officer | 2024 | Vice Chairman 2015-2023. | ||||||||||
E. Scott Santi(1) | 62 | Chairman | 2024 | Chairman & Chief Executive Officer 2015-2023. | ||||||||||
Axel Beck | 58 | Executive Vice President | 2020 | Group President, food equipment businesses, 2016-2020. | ||||||||||
Kenneth Escoe | 48 | Executive Vice President | 2020 | Vice President/General Manager, specialty products businesses, 2016-2019; Group President, specialty products businesses, 2019. | ||||||||||
Javier Gracia Carbonell | 51 | Executive Vice President | 2022 | Vice President/General Manager, construction businesses, 2017-2020; Group President, construction businesses, 2020-2021. | ||||||||||
Patricia A. Hartzell | 47 | Executive Vice President | 2022 | Vice President/General Manager, test & measurement and electronics businesses, 2017-2020; Group President, test & measurement and electronics businesses, 2020-2021. | ||||||||||
Michael M. Larsen | 55 | Senior Vice President & Chief Financial Officer | 2013 | |||||||||||
Mary K. Lawler | 58 | Senior Vice President & Chief Human Resources Officer | 2014 | |||||||||||
Randall J. Scheuneman | 56 | Vice President & Chief Accounting Officer | 2009 | |||||||||||
Jennifer K. Schott | 50 | Senior Vice President, General Counsel & Secretary | 2021 | Vice President, Assistant General Counsel & Assistant Secretary, Discover Financial Services, 2016-2019; Deputy General Counsel & Assistant Secretary, Caterpillar, Inc., 2019-2021. | ||||||||||
Guilherme Silva | 48 | Executive Vice President | 2024 | Vice President/General Manager, polymers & fluids businesses, 2016-2020; Group President, polymers & fluids businesses, 2020-2021; Group President, test & measurement and electronics businesses, 2021-2023. | ||||||||||
Sharon Szafranski | 57 | Executive Vice President | 2020 | Vice President/General Manager, test & measurement and electronics businesses, 2016-2019; Group President, test & measurement and electronics businesses, 2019. | ||||||||||
Michael R. Zimmerman | 63 | Executive Vice President | 2015 |
3M Company | Ecolab Inc. | Parker-Hannifin Corporation | ||||||
Caterpillar Inc. | Emerson Electric Co. | PPG Industries, Inc. | ||||||
Cummins Inc. | Fortive Corporation | Rockwell Automation, Inc. | ||||||
Deere & Company | General Dynamics Corporation | Stanley Black & Decker, Inc. | ||||||
Dover Corporation | Honeywell International Inc. | Trane Technologies plc | ||||||
Eaton Corporation plc | Johnson Controls International plc |
In millions except per share amounts | |||||||||||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Programs | Maximum Value of Shares That May Yet Be Purchased Under Programs | |||||||||||||||||||
October 2023 | 0.6 | $ | 229.18 | 0.6 | $ | 5,227 | |||||||||||||||||
November 2023 | 0.6 | $ | 235.76 | 0.6 | $ | 5,096 | |||||||||||||||||
December 2023 | 0.4 | $ | 253.48 | 0.4 | $ | 4,990 | |||||||||||||||||
Total | 1.6 | 1.6 |
Dollars in millions | 2023 | 2022 | 2021 | ||||||||||||||
Operating Revenue | $ | 16,107 | $ | 15,932 | $ | 14,455 | |||||||||||
Cost of revenue | $ | 9,316 | $ | 9,429 | $ | 8,489 | |||||||||||
Percent of operating revenue | 57.8 | % | 59.2 | % | 58.7 | % | |||||||||||
Selling, administrative, and research and development expenses | $ | 2,638 | $ | 2,579 | $ | 2,356 | |||||||||||
Percent of operating revenue | 16.4 | % | 16.2 | % | 16.3 | % | |||||||||||
Amortization and impairment of intangible assets | $ | 113 | $ | 134 | $ | 133 | |||||||||||
Percent of operating revenue | 0.7 | % | 0.8 | % | 0.9 | % |
For the Years Ended | |||||||||||||||||||||||||||||||||||
Dollars in millions | December 31, | Components of Increase (Decrease) | |||||||||||||||||||||||||||||||||
2023 | 2022 | Inc (Dec) | Organic | Acquisition/ Divestiture | Restructuring | Foreign Currency | Total | ||||||||||||||||||||||||||||
Operating revenue | $ | 16,107 | $ | 15,932 | 1.1 | % | 2.0 | % | (0.8) | % | — | % | (0.1) | % | 1.1 | % | |||||||||||||||||||
Operating income | $ | 4,040 | $ | 3,790 | 6.6 | % | 7.6 | % | (0.5) | % | (0.2) | % | (0.3) | % | 6.6 | % | |||||||||||||||||||
Operating margin % | 25.1 | % | 23.8 | % | 130 bps | 130 bps | 10 bps | (10) bps | — | 130 bps |
For the Years Ended | |||||||||||||||||||||||||||||||||||
Dollars in millions | December 31, | Components of Increase (Decrease) | |||||||||||||||||||||||||||||||||
2022 | 2021 | Inc (Dec) | Organic | Acquisition/ Divestiture | Restructuring | Foreign Currency | Total | ||||||||||||||||||||||||||||
Operating revenue | $ | 15,932 | $ | 14,455 | 10.2 | % | 12.1 | % | 2.4 | % | — | % | (4.3) | % | 10.2 | % | |||||||||||||||||||
Operating income | $ | 3,790 | $ | 3,477 | 9.0 | % | 14.3 | % | (0.1) | % | (0.7) | % | (4.5) | % | 9.0 | % | |||||||||||||||||||
Operating margin % | 23.8 | % | 24.1 | % | (30) bps | 40 bps | (60) bps | (10) bps | — | (30) bps |
Operating Revenue | |||||||||||||||||
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Automotive OEM | $ | 3,235 | $ | 2,969 | $ | 2,800 | |||||||||||
Food Equipment | 2,622 | 2,444 | 2,078 | ||||||||||||||
Test & Measurement and Electronics | 2,832 | 2,828 | 2,346 | ||||||||||||||
Welding | 1,902 | 1,894 | 1,650 | ||||||||||||||
Polymers & Fluids | 1,804 | 1,905 | 1,804 | ||||||||||||||
Construction Products | 2,033 | 2,113 | 1,945 | ||||||||||||||
Specialty Products | 1,697 | 1,799 | 1,854 | ||||||||||||||
Intersegment revenue | (18) | (20) | (22) | ||||||||||||||
Total | $ | 16,107 | $ | 15,932 | $ | 14,455 |
Operating Income | |||||||||||||||||
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Automotive OEM | $ | 561 | $ | 499 | $ | 545 | |||||||||||
Food Equipment | 713 | 618 | 469 | ||||||||||||||
Test & Measurement and Electronics | 686 | 684 | 643 | ||||||||||||||
Welding | 605 | 583 | 490 | ||||||||||||||
Polymers & Fluids | 482 | 479 | 457 | ||||||||||||||
Construction Products | 578 | 548 | 530 | ||||||||||||||
Specialty Products | 449 | 481 | 504 | ||||||||||||||
Total Segments | 4,074 | 3,892 | 3,638 | ||||||||||||||
Unallocated | (34) | (102) | (161) | ||||||||||||||
Total | $ | 4,040 | $ | 3,790 | $ | 3,477 |
For the Years Ended | |||||||||||||||||||||||||||||||||||
Dollars in millions | December 31, | Components of Increase (Decrease) | |||||||||||||||||||||||||||||||||
2023 | 2022 | Inc (Dec) | Organic | Acquisition/Divestiture | Restructuring | Foreign Currency | Total | ||||||||||||||||||||||||||||
Operating revenue | $ | 3,235 | $ | 2,969 | 9.0 | % | 8.8 | % | — | % | — | % | 0.2 | % | 9.0 | % | |||||||||||||||||||
Operating income | $ | 561 | $ | 499 | 12.4 | % | 11.7 | % | — | % | 1.1 | % | (0.4) | % | 12.4 | % | |||||||||||||||||||
Operating margin % | 17.3 | % | 16.8 | % | 50 bps | 40 bps | — | 20 bps | (10) bps | 50 bps |
For the Years Ended | |||||||||||||||||||||||||||||||||||
Dollars in millions | December 31, | Components of Increase (Decrease) | |||||||||||||||||||||||||||||||||
2022 | 2021 | Inc (Dec) | Organic | Acquisition/Divestiture | Restructuring | Foreign Currency | Total | ||||||||||||||||||||||||||||
Operating revenue | $ | 2,969 | $ | 2,800 | 6.0 | % | 11.7 | % | — | % | — | % | (5.7) | % | 6.0 | % | |||||||||||||||||||
Operating income | $ | 499 | $ | 545 | (8.6) | % | 1.5 | % | — | % | (4.8) | % | (5.3) | % | (8.6) | % | |||||||||||||||||||
Operating margin % | 16.8 | % | 19.5 | % | (270) bps | (180) bps | — | (90) bps | — | (270) bps |
For the Years Ended | |||||||||||||||||||||||||||||||||||
Dollars in millions | December 31, | Components of Increase (Decrease) | |||||||||||||||||||||||||||||||||
2023 | 2022 | Inc (Dec) | Organic | Acquisition/Divestiture | Restructuring | Foreign Currency | Total | ||||||||||||||||||||||||||||
Operating revenue | $ | 2,622 | $ | 2,444 | 7.3 | % | 7.8 | % | (1.2) | % | — | % | 0.7 | % | 7.3 | % | |||||||||||||||||||
Operating income | $ | 713 | $ | 618 | 15.2 | % | 15.4 | % | (0.7) | % | (0.3) | % | 0.8 | % | 15.2 | % | |||||||||||||||||||
Operating margin % | 27.2 | % | 25.3 | % | 190 bps | 180 bps | 20 bps | (10) bps | — | 190 bps |
For the Years Ended | |||||||||||||||||||||||||||||||||||
Dollars in millions | December 31, | Components of Increase (Decrease) | |||||||||||||||||||||||||||||||||
2022 | 2021 | Inc (Dec) | Organic | Acquisition/Divestiture | Restructuring | Foreign Currency | Total | ||||||||||||||||||||||||||||
Operating revenue | $ | 2,444 | $ | 2,078 | 17.6 | % | 22.9 | % | (0.1) | % | — | % | (5.2) | % | 17.6 | % | |||||||||||||||||||
Operating income | $ | 618 | $ | 469 | 31.7 | % | 38.1 | % | (0.1) | % | (0.4) | % | (5.9) | % | 31.7 | % | |||||||||||||||||||
Operating margin % | 25.3 | % | 22.6 | % | 270 bps | 280 bps | — | (10) bps | — | 270 bps |
For the Years Ended | |||||||||||||||||||||||||||||||||||
Dollars in millions | December 31, | Components of Increase (Decrease) | |||||||||||||||||||||||||||||||||
2023 | 2022 | Inc (Dec) | Organic | Acquisition/Divestiture | Restructuring | Foreign Currency | Total | ||||||||||||||||||||||||||||
Operating revenue | $ | 2,832 | $ | 2,828 | 0.1 | % | 0.3 | % | — | % | — | % | (0.2) | % | 0.1 | % | |||||||||||||||||||
Operating income | $ | 686 | $ | 684 | 0.3 | % | 1.3 | % | — | % | (0.5) | % | (0.5) | % | 0.3 | % | |||||||||||||||||||
Operating margin % | 24.2 | % | 24.2 | % | — | 20 bps | — | (10) bps | (10) bps | — |
For the Years Ended | |||||||||||||||||||||||||||||||||||
Dollars in millions | December 31, | Components of Increase (Decrease) | |||||||||||||||||||||||||||||||||
2022 | 2021 | Inc (Dec) | Organic | Acquisition/Divestiture | Restructuring | Foreign Currency | Total | ||||||||||||||||||||||||||||
Operating revenue | $ | 2,828 | $ | 2,346 | 20.6 | % | 9.0 | % | 15.9 | % | — | % | (4.3) | % | 20.6 | % | |||||||||||||||||||
Operating income | $ | 684 | $ | 643 | 6.3 | % | 10.1 | % | — | % | 0.1 | % | (3.9) | % | 6.3 | % | |||||||||||||||||||
Operating margin % | 24.2 | % | 27.4 | % | (320) bps | 30 bps | (350) bps | — | — | (320) bps |
For the Years Ended | |||||||||||||||||||||||||||||||||||
Dollars in millions | December 31, | Components of Increase (Decrease) | |||||||||||||||||||||||||||||||||
2023 | 2022 | Inc (Dec) | Organic | Acquisition/ Divestiture | Restructuring | Foreign Currency | Total | ||||||||||||||||||||||||||||
Operating revenue | $ | 1,902 | $ | 1,894 | 0.4 | % | 0.3 | % | — | % | — | % | 0.1 | % | 0.4 | % | |||||||||||||||||||
Operating income | $ | 605 | $ | 583 | 3.7 | % | 3.4 | % | — | % | (0.1) | % | 0.4 | % | 3.7 | % | |||||||||||||||||||
Operating margin % | 31.8 | % | 30.8 | % | 100 bps | 100 bps | — | — | — | 100 bps |
For the Years Ended | |||||||||||||||||||||||||||||||||||
Dollars in millions | December 31, | Components of Increase (Decrease) | |||||||||||||||||||||||||||||||||
2022 | 2021 | Inc (Dec) | Organic | Acquisition/Divestiture | Restructuring | Foreign Currency | Total | ||||||||||||||||||||||||||||
Operating revenue | $ | 1,894 | $ | 1,650 | 14.7 | % | 16.0 | % | — | % | — | % | (1.3) | % | 14.7 | % | |||||||||||||||||||
Operating income | $ | 583 | $ | 490 | 19.0 | % | 19.1 | % | — | % | 0.6 | % | (0.7) | % | 19.0 | % | |||||||||||||||||||
Operating margin % | 30.8 | % | 29.7 | % | 110 bps | 80 bps | — | 10 bps | 20 bps | 110 bps |
For the Years Ended | |||||||||||||||||||||||||||||||||||
Dollars in millions | December 31, | Components of Increase (Decrease) | |||||||||||||||||||||||||||||||||
2023 | 2022 | Inc (Dec) | Organic | Acquisition/Divestiture | Restructuring | Foreign Currency | Total | ||||||||||||||||||||||||||||
Operating revenue | $ | 1,804 | $ | 1,905 | (5.3) | % | 0.3 | % | (4.0) | % | — | % | (1.6) | % | (5.3) | % | |||||||||||||||||||
Operating income | $ | 482 | $ | 479 | 0.6 | % | 7.6 | % | (3.3) | % | (0.8) | % | (2.9) | % | 0.6 | % | |||||||||||||||||||
Operating margin % | 26.7 | % | 25.2 | % | 150 bps | 180 bps | 30 bps | (20) bps | (40) bps | 150 bps |
For the Years Ended | |||||||||||||||||||||||||||||||||||
Dollars in millions | December 31, | Components of Increase (Decrease) | |||||||||||||||||||||||||||||||||
2022 | 2021 | Inc (Dec) | Organic | Acquisition/Divestiture | Restructuring | Foreign Currency | Total | ||||||||||||||||||||||||||||
Operating revenue | $ | 1,905 | $ | 1,804 | 5.6 | % | 10.5 | % | (1.2) | % | — | % | (3.7) | % | 5.6 | % | |||||||||||||||||||
Operating income | $ | 479 | $ | 457 | 4.8 | % | 9.6 | % | (0.7) | % | — | % | (4.1) | % | 4.8 | % | |||||||||||||||||||
Operating margin % | 25.2 | % | 25.4 | % | (20) bps | (30) bps | 20 bps | — | (10) bps | (20) bps |
For the Years Ended | |||||||||||||||||||||||||||||||||||
Dollars in millions | December 31, | Components of Increase (Decrease) | |||||||||||||||||||||||||||||||||
2023 | 2022 | Inc (Dec) | Organic | Acquisition/Divestiture | Restructuring | Foreign Currency | Total | ||||||||||||||||||||||||||||
Operating revenue | $ | 2,033 | $ | 2,113 | (3.8) | % | (3.2) | % | — | % | — | % | (0.6) | % | (3.8) | % | |||||||||||||||||||
Operating income | $ | 578 | $ | 548 | 5.5 | % | 6.6 | % | — | % | (0.5) | % | (0.6) | % | 5.5 | % | |||||||||||||||||||
Operating margin % | 28.4 | % | 25.9 | % | 250 bps | 270 bps | — | (20) bps | — | 250 bps |
For the Years Ended | |||||||||||||||||||||||||||||||||||
Dollars in millions | December 31, | Components of Increase (Decrease) | |||||||||||||||||||||||||||||||||
2022 | 2021 | Inc (Dec) | Organic | Acquisition/Divestiture | Restructuring | Foreign Currency | Total | ||||||||||||||||||||||||||||
Operating revenue | $ | 2,113 | $ | 1,945 | 8.6 | % | 14.4 | % | — | % | — | % | (5.8) | % | 8.6 | % | |||||||||||||||||||
Operating income | $ | 548 | $ | 530 | 3.5 | % | 8.8 | % | — | % | (0.2) | % | (5.1) | % | 3.5 | % | |||||||||||||||||||
Operating margin % | 25.9 | % | 27.2 | % | (130) bps | (130) bps | — | — | — | (130) bps |
For the Years Ended | |||||||||||||||||||||||||||||||||||
Dollars in millions | December 31, | Components of Increase (Decrease) | |||||||||||||||||||||||||||||||||
2023 | 2022 | Inc (Dec) | Organic | Acquisition/Divestiture | Restructuring | Foreign Currency | Total | ||||||||||||||||||||||||||||
Operating revenue | $ | 1,697 | $ | 1,799 | (5.7) | % | (4.9) | % | (1.6) | % | — | % | 0.8 | % | (5.7) | % | |||||||||||||||||||
Operating income | $ | 449 | $ | 481 | (6.5) | % | (7.2) | % | (0.1) | % | (0.3) | % | 1.1 | % | (6.5) | % | |||||||||||||||||||
Operating margin % | 26.5 | % | 26.7 | % | (20) bps | (60) bps | 40 bps | (10) bps | 10 bps | (20) bps |
For the Years Ended | |||||||||||||||||||||||||||||||||||
Dollars in millions | December 31, | Components of Increase (Decrease) | |||||||||||||||||||||||||||||||||
2022 | 2021 | Inc (Dec) | Organic | Acquisition/Divestiture | Restructuring | Foreign Currency | Total | ||||||||||||||||||||||||||||
Operating revenue | $ | 1,799 | $ | 1,854 | (2.9) | % | 0.4 | % | — | % | — | % | (3.3) | % | (2.9) | % | |||||||||||||||||||
Operating income | $ | 481 | $ | 504 | (4.5) | % | (1.8) | % | — | % | 0.1 | % | (2.8) | % | (4.5) | % | |||||||||||||||||||
Operating margin % | 26.7 | % | 27.2 | % | (50) bps | (60) bps | — | — | 10 bps | (50) bps |
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Net cash provided by operating activities | $ | 3,539 | $ | 2,348 | $ | 2,557 | |||||||||||
Additions to plant and equipment | (455) | (412) | (296) | ||||||||||||||
Free cash flow | $ | 3,084 | $ | 1,936 | $ | 2,261 | |||||||||||
Cash dividends paid | $ | (1,615) | $ | (1,542) | $ | (1,463) | |||||||||||
Repurchases of common stock | (1,500) | (1,750) | (1,000) | ||||||||||||||
Acquisition of businesses (excluding cash and equivalents) | — | (2) | (731) | ||||||||||||||
Proceeds from sale of operations and affiliates | 7 | 278 | — | ||||||||||||||
Net proceeds from (repayments of) debt | 294 | 276 | (141) | ||||||||||||||
Other | 84 | 42 | 83 | ||||||||||||||
Effect of exchange rate changes on cash and equivalents | 3 | (57) | (46) | ||||||||||||||
Net increase (decrease) in cash and equivalents | $ | 357 | $ | (819) | $ | (1,037) |
Dollars in millions | 2023 | 2022 | 2021 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 2,957 | $ | 3,034 | $ | 2,694 | |||||||||||
Discrete tax benefit related to the second quarter 2023 | (20) | — | — | ||||||||||||||
Discrete tax benefit related to the fourth quarter 2022 | — | (32) | — | ||||||||||||||
Discrete tax benefit related to the second quarter 2022 | — | (51) | — | ||||||||||||||
Discrete tax benefit related to the third quarter 2021 | — | — | (21) | ||||||||||||||
Discrete tax benefit related to the second quarter 2021 | — | — | (112) | ||||||||||||||
Interest expense, net of tax (1) | 204 | 156 | 157 | ||||||||||||||
Other (income) expense, net of tax (1) | (38) | (196) | (40) | ||||||||||||||
Operating income after taxes | $ | 3,103 | $ | 2,911 | $ | 2,678 | |||||||||||
Denominator: | |||||||||||||||||
Invested capital: | |||||||||||||||||
Cash and equivalents | $ | 1,065 | $ | 708 | $ | 1,527 | |||||||||||
Trade receivables | 3,123 | 3,171 | 2,840 | ||||||||||||||
Inventories | 1,707 | 2,054 | 1,694 | ||||||||||||||
Net assets held for sale | — | 7 | — | ||||||||||||||
Net plant and equipment | 1,976 | 1,848 | 1,809 | ||||||||||||||
Goodwill and intangible assets | 5,566 | 5,632 | 5,937 | ||||||||||||||
Accounts payable and accrued expenses | (2,244) | (2,322) | (2,233) | ||||||||||||||
Debt | (8,164) | (7,763) | (7,687) | ||||||||||||||
Other, net | (16) | (246) | (261) | ||||||||||||||
Total net assets (stockholders' equity) | 3,013 | 3,089 | 3,626 | ||||||||||||||
Cash and equivalents | (1,065) | (708) | (1,527) | ||||||||||||||
Debt | 8,164 | 7,763 | 7,687 | ||||||||||||||
Total invested capital | $ | 10,112 | $ | 10,144 | $ | 9,786 | |||||||||||
Average invested capital (2) | $ | 10,214 | $ | 10,017 | $ | 9,087 | |||||||||||
Net income to average invested capital | 29.0 | % | 30.3 | % | 29.6 | % | |||||||||||
After-tax return on average invested capital | 30.4 | % | 29.1 | % | 29.5 | % |
Twelve Months Ended | |||||||||||
December 31, 2023 | |||||||||||
Dollars in millions | Income Taxes | Tax Rate | |||||||||
As reported | $ | 866 | 22.6 | % | |||||||
Discrete tax benefit related to the second quarter 2023 | 20 | 0.6 | % | ||||||||
As adjusted | $ | 886 | 23.2 | % |
Twelve Months Ended | |||||||||||
December 31, 2022 | |||||||||||
Dollars in millions | Income Taxes | Tax Rate | |||||||||
As reported | $ | 808 | 21.0 | % | |||||||
Discrete tax benefit related to the fourth quarter 2022 | 32 | 0.8 | % | ||||||||
Discrete tax benefit related to the second quarter 2022 | 51 | 1.4 | % | ||||||||
As adjusted | $ | 891 | 23.2 | % |
Twelve Months Ended | |||||||||||
December 31, 2021 | |||||||||||
Dollars in millions | Income Taxes | Tax Rate | |||||||||
As reported | $ | 632 | 19.0 | % | |||||||
Discrete tax benefit related to the third quarter 2021 | 21 | 0.6 | % | ||||||||
Discrete tax benefit related to the second quarter 2021 | 112 | 3.4 | % | ||||||||
As adjusted | $ | 765 | 23.0 | % |
In millions | 2023 | 2022 | Increase (Decrease) | ||||||||||||||
Current Assets: | |||||||||||||||||
Cash and equivalents | $ | 1,065 | $ | 708 | $ | 357 | |||||||||||
Trade receivables | 3,123 | 3,171 | (48) | ||||||||||||||
Inventories | 1,707 | 2,054 | (347) | ||||||||||||||
Prepaid expenses and other current assets | 340 | 329 | 11 | ||||||||||||||
Assets held for sale | — | 8 | (8) | ||||||||||||||
6,235 | 6,270 | (35) | |||||||||||||||
Current Liabilities: | |||||||||||||||||
Short-term debt | 1,825 | 1,590 | 235 | ||||||||||||||
Accounts payable and accrued expenses | 2,244 | 2,322 | (78) | ||||||||||||||
Liabilities held for sale | — | 1 | (1) | ||||||||||||||
Other | 606 | 547 | 59 | ||||||||||||||
4,675 | 4,460 | 215 | |||||||||||||||
Net Working Capital | $ | 1,560 | $ | 1,810 | $ | (250) |
In millions | 2023 | 2022 | Increase (Decrease) | ||||||||||||||
Short-term debt | $ | 1,825 | $ | 1,590 | $ | 235 | |||||||||||
Long-term debt | 6,339 | 6,173 | 166 | ||||||||||||||
Total debt | $ | 8,164 | $ | 7,763 | $ | 401 |
Dollars in millions | 2023 | 2022 | 2021 | ||||||||||||||
Total debt | $ | 8,164 | $ | 7,763 | $ | 7,687 | |||||||||||
Net income | $ | 2,957 | $ | 3,034 | $ | 2,694 | |||||||||||
Add: | |||||||||||||||||
Interest expense | 266 | 203 | 202 | ||||||||||||||
Other (income) expense | (49) | (255) | (51) | ||||||||||||||
Income taxes | 866 | 808 | 632 | ||||||||||||||
Depreciation | 282 | 276 | 277 | ||||||||||||||
Amortization and impairment of intangible assets | 113 | 134 | 133 | ||||||||||||||
EBITDA | $ | 4,435 | $ | 4,200 | $ | 3,887 | |||||||||||
Total debt to EBITDA ratio | 1.8 | 1.8 | 2.0 |
In millions | 2023 | 2022 | |||||||||
Beginning balance | $ | 3,089 | $ | 3,626 | |||||||
Net income | 2,957 | 3,034 | |||||||||
Cash dividends declared | (1,634) | (1,560) | |||||||||
Repurchases of common stock | (1,500) | (1,750) | |||||||||
Other comprehensive income (loss) | 7 | (339) | |||||||||
Other | 94 | 78 | |||||||||
Ending balance | $ | 3,013 | $ | 3,089 |
/s/ Christopher A. O'Herlihy Christopher A. O'Herlihy President & Chief Executive Officer February 9, 2024 | /s/ Michael M. Larsen Michael M. Larsen Senior Vice President & Chief Financial Officer February 9, 2024 |
For the Years Ended December 31 | |||||||||||||||||
In millions except per share amounts | 2023 | 2022 | 2021 | ||||||||||||||
Operating Revenue | $ | $ | $ | ||||||||||||||
Cost of revenue | |||||||||||||||||
Selling, administrative, and research and development expenses | |||||||||||||||||
Amortization and impairment of intangible assets | |||||||||||||||||
Operating Income | |||||||||||||||||
Interest expense | ( | ( | ( | ||||||||||||||
Other income (expense) | |||||||||||||||||
Income Before Taxes | |||||||||||||||||
Income taxes | |||||||||||||||||
Net Income | $ | $ | $ | ||||||||||||||
Net Income Per Share: | |||||||||||||||||
Basic | $ | $ | $ | ||||||||||||||
Diluted | $ | $ | $ |
For the Years Ended December 31 | |||||||||||||||||
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Net Income | $ | $ | $ | ||||||||||||||
Foreign currency translation adjustments, net of tax | ( | ||||||||||||||||
Pension and other postretirement benefit adjustments, net of tax | ( | ( | |||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||
Comprehensive Income | $ | $ | $ |
December 31 | |||||||||||
In millions except per share amounts | 2023 | 2022 | |||||||||
Assets | |||||||||||
Current Assets: | |||||||||||
Cash and equivalents | $ | $ | |||||||||
Trade receivables | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Assets held for sale | |||||||||||
Total current assets | |||||||||||
Net plant and equipment | |||||||||||
Goodwill | |||||||||||
Intangible assets | |||||||||||
Deferred income taxes | |||||||||||
Other assets | |||||||||||
$ | $ | ||||||||||
Liabilities and Stockholders' Equity | |||||||||||
Current Liabilities: | |||||||||||
Short-term debt | $ | $ | |||||||||
Accounts payable | |||||||||||
Accrued expenses | |||||||||||
Cash dividends payable | |||||||||||
Income taxes payable | |||||||||||
Liabilities held for sale | |||||||||||
Total current liabilities | |||||||||||
Noncurrent Liabilities: | |||||||||||
Long-term debt | |||||||||||
Deferred income taxes | |||||||||||
Noncurrent income taxes payable | |||||||||||
Other liabilities | |||||||||||
Total noncurrent liabilities | |||||||||||
Stockholders' Equity: | |||||||||||
Common stock (Authorized- | |||||||||||
Issued- Outstanding- | |||||||||||
Additional paid-in-capital | |||||||||||
Retained earnings | |||||||||||
Common stock held in treasury | ( | ( | |||||||||
Accumulated other comprehensive income (loss) | ( | ( | |||||||||
Noncontrolling interest | |||||||||||
Total stockholders' equity | |||||||||||
$ | $ |
In millions except per share amounts | Common Stock | Additional Paid-in Capital | Retained Earnings | Common Stock Held in Treasury | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Total | ||||||||||||||||
Balance as of December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||
Common stock issued for stock-based compensation | — | — | — | — | |||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||
Repurchases of common stock | — | — | — | ( | — | — | ( | ||||||||||||||||
Dividends declared ($ | — | — | ( | — | — | — | ( | ||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | ||||||||||||||||||
Balance as of December 31, 2021 | ( | ( | |||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||
Common stock issued for stock-based compensation | — | — | — | — | |||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||
Repurchases of common stock | — | — | — | ( | — | — | ( | ||||||||||||||||
Dividends declared ($ | — | — | ( | — | — | — | ( | ||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | ( | — | ( | ||||||||||||||||
Balance as of December 31, 2022 | ( | ( | |||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||
Common stock issued for stock-based compensation | — | — | — | — | |||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||
Repurchases of common stock | — | — | — | ( | — | — | ( | ||||||||||||||||
Excise tax on repurchases of common stock | — | — | — | ( | — | — | ( | ||||||||||||||||
Dividends declared ($ | — | — | ( | — | — | — | ( | ||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | ||||||||||||||||||
Balance as of December 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
For the Years Ended December 31 | |||||||||||||||||
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Cash Provided by (Used for) Operating Activities: | |||||||||||||||||
Net income | $ | $ | $ | ||||||||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||||||||
Depreciation | |||||||||||||||||
Amortization and impairment of intangible assets | |||||||||||||||||
Change in deferred income taxes | ( | ( | ( | ||||||||||||||
Provision for uncollectible accounts | |||||||||||||||||
(Income) loss from investments | ( | ( | ( | ||||||||||||||
(Gain) loss on sale of plant and equipment | ( | ( | |||||||||||||||
(Gain) loss on sale of operations and affiliates | ( | ( | |||||||||||||||
Stock-based compensation expense | |||||||||||||||||
Other non-cash items, net | ( | ||||||||||||||||
Change in assets and liabilities, net of acquisitions and divestitures: | |||||||||||||||||
(Increase) decrease in— | |||||||||||||||||
Trade receivables | ( | ( | |||||||||||||||
Inventories | ( | ( | |||||||||||||||
Prepaid expenses and other assets | ( | ( | ( | ||||||||||||||
Increase (decrease) in— | |||||||||||||||||
Accounts payable | ( | ||||||||||||||||
Accrued expenses and other liabilities | ( | ||||||||||||||||
Income taxes | ( | ( | |||||||||||||||
Other, net | ( | ( | ( | ||||||||||||||
Net cash provided by operating activities | |||||||||||||||||
Cash Provided by (Used for) Investing Activities: | |||||||||||||||||
Acquisition of businesses (excluding cash and equivalents) | ( | ( | |||||||||||||||
Additions to plant and equipment | ( | ( | ( | ||||||||||||||
Proceeds from investments | |||||||||||||||||
Proceeds from sale of plant and equipment | |||||||||||||||||
Proceeds from sale of operations and affiliates | |||||||||||||||||
Other, net | ( | ( | ( | ||||||||||||||
Net cash provided by (used for) investing activities | ( | ( | ( | ||||||||||||||
Cash Provided by (Used for) Financing Activities: | |||||||||||||||||
Cash dividends paid | ( | ( | ( | ||||||||||||||
Issuance of common stock | |||||||||||||||||
Repurchases of common stock | ( | ( | ( | ||||||||||||||
Net proceeds from (repayments of) debt with original maturities of three months or less | ( | ||||||||||||||||
Proceeds from debt with original maturities of more than three months | |||||||||||||||||
Repayments of debt with original maturities of more than three months | ( | ( | ( | ||||||||||||||
Other, net | ( | ( | ( | ||||||||||||||
Net cash provided by (used for) financing activities | ( | ( | ( | ||||||||||||||
Effect of Exchange Rate Changes on Cash and Equivalents | ( | ( | |||||||||||||||
Cash and Equivalents: | |||||||||||||||||
Increase (decrease) during the year | ( | ( | |||||||||||||||
Beginning of year | |||||||||||||||||
End of year | $ | $ | $ | ||||||||||||||
Supplementary Cash Flow Information: | |||||||||||||||||
Cash Paid During the Year for Interest | $ | $ | $ | ||||||||||||||
Cash Paid During the Year for Income Taxes, Net of Refunds | $ | $ | $ | ||||||||||||||
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Beginning balance | $ | $ | $ | ||||||||||||||
Provision charged to expense | |||||||||||||||||
Acquisitions and divestitures | |||||||||||||||||
Write-offs, net of recoveries | ( | ( | ( | ||||||||||||||
Foreign currency translation | ( | ( | |||||||||||||||
Ending balance | $ | $ | $ |
In millions | 2023 | 2022 | |||||||||
Raw material | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
LIFO reserve | ( | ( | |||||||||
Total inventories | $ | $ |
In millions | 2023 | 2022 | |||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Machinery and equipment | |||||||||||
Construction in progress | |||||||||||
Gross plant and equipment | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Net plant and equipment | $ | $ |
Buildings and improvements | |||||
Machinery and equipment |
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Beginning balance | $ | $ | $ | ||||||||||||||
Charges | ( | ( | ( | ||||||||||||||
Provision charged to expense | |||||||||||||||||
Acquisitions and divestitures | ( | ||||||||||||||||
Foreign currency translation/other | ( | ( | |||||||||||||||
Ending balance | $ | $ | $ |
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Automotive OEM | $ | $ | $ | ||||||||||||||
Food Equipment | |||||||||||||||||
Test & Measurement and Electronics | |||||||||||||||||
Welding | |||||||||||||||||
Polymers & Fluids | |||||||||||||||||
Construction Products | |||||||||||||||||
Specialty Products | |||||||||||||||||
Intersegment revenue | ( | ( | ( | ||||||||||||||
Total | $ | $ | $ |
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Interest income | $ | $ | $ | ||||||||||||||
Other net periodic benefit income | |||||||||||||||||
Income (loss) from investments | |||||||||||||||||
Gain (loss) on sale of operations and affiliates | |||||||||||||||||
Equity income in Wilsonart | |||||||||||||||||
Gain (loss) on foreign currency transactions, net | ( | ( | ( | ||||||||||||||
Other, net | ( | ( | |||||||||||||||
Total other income (expense) | $ | $ | $ |
In millions | 2023 | 2022 | 2021 | ||||||||||||||
U.S. federal income taxes: | |||||||||||||||||
Current | $ | $ | $ | ||||||||||||||
Deferred | ( | ( | ( | ||||||||||||||
Total U.S. federal income taxes | |||||||||||||||||
Foreign income taxes: | |||||||||||||||||
Current | |||||||||||||||||
Deferred | ( | ||||||||||||||||
Total foreign income taxes | |||||||||||||||||
State income taxes: | |||||||||||||||||
Current | |||||||||||||||||
Deferred | ( | ( | |||||||||||||||
Total state income taxes | |||||||||||||||||
Total provision for income taxes | $ | $ | $ |
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Domestic | $ | $ | $ | ||||||||||||||
Foreign | |||||||||||||||||
Total income before taxes | $ | $ | $ |
2023 | 2022 | 2021 | |||||||||||||||
U.S. federal statutory tax rate | % | % | % | ||||||||||||||
State income taxes, net of U.S. federal tax benefit | |||||||||||||||||
Differences between U.S. federal statutory and foreign tax rates | |||||||||||||||||
U.S. tax effect of foreign earnings | |||||||||||||||||
Tax effect of foreign dividends | |||||||||||||||||
Changes in tax law | ( | ||||||||||||||||
Audit resolution | ( | ( | ( | ||||||||||||||
Excess tax benefits from stock-based compensation | ( | ( | ( | ||||||||||||||
Foreign derived intangible income | ( | ( | ( | ||||||||||||||
Other, net | ( | ( | ( | ||||||||||||||
Effective tax rate | % | % | % |
2023 | 2022 | ||||||||||||||||||||||
In millions | Asset | Liability | Asset | Liability | |||||||||||||||||||
Goodwill and intangible assets | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Inventory reserves, capitalized tax cost and LIFO inventory | ( | ( | |||||||||||||||||||||
Investments | ( | ( | |||||||||||||||||||||
Plant and equipment | ( | ( | |||||||||||||||||||||
Accrued expenses and reserves | — | — | |||||||||||||||||||||
Employee benefit accruals | — | — | |||||||||||||||||||||
Foreign tax credit carryforwards | — | — | |||||||||||||||||||||
Net operating loss carryforwards | — | — | |||||||||||||||||||||
Capital loss carryforwards | — | — | |||||||||||||||||||||
Allowances for uncollectible accounts | — | — | |||||||||||||||||||||
Capitalized research and development | — | — | |||||||||||||||||||||
Pension liabilities | — | ( | — | ( | |||||||||||||||||||
Unrealized loss (gain) on foreign debt instruments | ( | ( | |||||||||||||||||||||
Operating leases | ( | ( | |||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||
Gross deferred income tax assets (liabilities) | ( | ( | |||||||||||||||||||||
Valuation allowances | ( | — | ( | — | |||||||||||||||||||
Total deferred income tax assets (liabilities) | $ | $ | ( | $ | $ | ( |
Gross Carryforwards | |||||
Related to Net | |||||
In millions | Operating Losses | ||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
2029-2049 | |||||
Do not expire | |||||
Total gross carryforwards related to net operating losses | $ |
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Beginning balance | $ | $ | $ | ||||||||||||||
Additions based on tax positions related to the current year | |||||||||||||||||
Additions for tax positions of prior years | |||||||||||||||||
Reductions for tax positions of prior years | ( | ( | ( | ||||||||||||||
Settlements | ( | ||||||||||||||||
Foreign currency translation | ( | ( | |||||||||||||||
Ending balance | $ | $ | $ |
Jurisdiction | Open Tax Years | ||||
United States – Federal | |||||
United Kingdom | |||||
Germany | |||||
France | |||||
Australia |
In millions except per share amounts | 2023 | 2022 | 2021 | ||||||||||||||
Net Income | $ | $ | $ | ||||||||||||||
Net income per share—Basic: | |||||||||||||||||
Weighted-average common shares | |||||||||||||||||
Net income per share—Basic | $ | $ | $ | ||||||||||||||
Net income per share—Diluted: | |||||||||||||||||
Weighted-average common shares | |||||||||||||||||
Effect of dilutive stock options and restricted stock units | |||||||||||||||||
Weighted-average common shares assuming dilution | |||||||||||||||||
Net income per share—Diluted | $ | $ | $ |
In millions | Automotive OEM | Food Equipment | Test & Measurement and Electronics | Welding | Polymers & Fluids | Construction Products | Specialty Products | Total | |||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Acquisitions / (divestitures) | |||||||||||||||||||||||||||||||||||||||||||||||
Transfers to assets held for sale | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Cumulative goodwill impairment charges, December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ |
2023 | 2022 | ||||||||||||||||||||||||||||||||||
In millions | Cost | Accumulated Amortization | Net | Cost | Accumulated Amortization | Net | |||||||||||||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||||||||||||||||||
Customer lists and relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Trademarks and brands | ( | ( | |||||||||||||||||||||||||||||||||
Patents and proprietary technology | ( | ( | |||||||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||||||||
Total amortizable intangible assets | ( | ( | |||||||||||||||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||||||||||||
Trademarks and brands | — | — | |||||||||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
In millions | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 |
Dollars in millions | 2023 | 2022 | 2021 | ||||||||||||||
Rental expense related to capitalized operating leases | $ | $ | $ | ||||||||||||||
Cash paid related to maturities of operating lease liabilities | $ | $ | $ | ||||||||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | $ | $ | ||||||||||||||
$ | $ | ||||||||||||||||
$ | $ | ||||||||||||||||
Operating lease liabilities | $ | $ | |||||||||||||||
Weighted-average remaining lease term | |||||||||||||||||
Weighted-average discount rate | % | % |
In millions | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
2029 and future years | |||||
Total future minimum lease payments | |||||
Less: Imputed interest | ( | ||||
Operating lease liabilities | $ |
In millions | 2023 | 2022 | |||||||||
Short-term debt | $ | $ | |||||||||
Long-term debt | |||||||||||
Total debt | $ | $ |
In millions | 2023 | 2022 | |||||||||
Current maturities of long-term debt | $ | $ | |||||||||
Commercial paper | |||||||||||
Other | |||||||||||
Total short-term debt | $ | $ |
2023 | 2022 | ||||||||||||||||||||||||||||
In millions | Effective Interest Rate | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
Euro Credit Agreement due May 3, 2024 | Variable | ||||||||||||||||||||||||||||
Total | $ | $ | |||||||||||||||||||||||||||
Less: Current maturities of long-term debt | ( | ( | |||||||||||||||||||||||||||
Total long-term debt | $ | $ |
In millions | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
2029 and future years | |||||
Total | $ |
Pension | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
In millions | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Amortization of actuarial (gain) loss | ( | ( | |||||||||||||||||||||||||||||||||
Amortization of prior service cost | |||||||||||||||||||||||||||||||||||
Settlement loss | |||||||||||||||||||||||||||||||||||
Total net periodic benefit cost (income) | $ | $ | $ | $ | $ | ( | $ | ( |
Pension | Other Postretirement Benefits | ||||||||||||||||||||||
In millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | |||||||||||||||||||
Service cost | |||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Plan participants' contributions | |||||||||||||||||||||||
Actuarial (gain) loss | ( | ( | |||||||||||||||||||||
Benefits paid | ( | ( | ( | ( | |||||||||||||||||||
Medicare subsidy received | |||||||||||||||||||||||
Foreign currency translation | ( | ||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | |||||||||||||||||||
Accumulated benefit obligation as of December 31 | $ | $ |
Pension | Other Postretirement Benefits | ||||||||||||||||||||||
In millions | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | |||||||||||||||||||
Actual return on plan assets | ( | ( | |||||||||||||||||||||
Company contributions | |||||||||||||||||||||||
Plan participants' contributions | |||||||||||||||||||||||
Benefits paid | ( | ( | ( | ( | |||||||||||||||||||
Foreign currency translation | ( | ||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | |||||||||||||||||||
Reconciliation of funded status: | |||||||||||||||||||||||
Funded status | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Other immaterial plans | ( | ( | ( | ( | |||||||||||||||||||
Net asset (liability) as of December 31 | $ | $ | $ | ( | $ | ( | |||||||||||||||||
The amounts recognized in the Statement of Financial Position as of December 31 consist of: | |||||||||||||||||||||||
Other assets | $ | $ | $ | $ | |||||||||||||||||||
Accrued expenses | ( | ( | ( | ( | |||||||||||||||||||
Other noncurrent liabilities | ( | ( | ( | ( | |||||||||||||||||||
Net asset (liability) as of December 31 | $ | $ | $ | ( | $ | ( | |||||||||||||||||
The pre-tax amounts recognized in accumulated other comprehensive (income) loss consist of: | |||||||||||||||||||||||
Net actuarial (gain) loss | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Prior service cost | |||||||||||||||||||||||
Pre-tax accumulated other comprehensive (income) loss as of December 31 | $ | $ | $ | ( | $ | ( |
Pension | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Assumptions used to determine benefit obligations as of December 31: | |||||||||||||||||||||||||||||||||||
Discount rate | % | % | % | % | % | % | |||||||||||||||||||||||||||||
Rate of compensation increases | % | % | % | ||||||||||||||||||||||||||||||||
Interest crediting rate - U.S. cash balance plan | % | % | % | ||||||||||||||||||||||||||||||||
Assumptions used to determine net periodic benefit cost for the twelve months ended December 31: | |||||||||||||||||||||||||||||||||||
Discount rate | % | % | % | % | % | % | |||||||||||||||||||||||||||||
Expected return on plan assets | % | % | % | % | % | % | |||||||||||||||||||||||||||||
Rate of compensation increases | % | % | % | ||||||||||||||||||||||||||||||||
Interest crediting rate - U.S. cash balance plan | % | % | % |
2023 | 2022 | 2021 | |||||||||||||||
Health care cost trend rate assumed for the next year | % | % | % | ||||||||||||||
Ultimate trend rate | % | % | % | ||||||||||||||
Year the rate reaches the ultimate trend rate |
2023 | |||||||||||||||||||||||
In millions | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Pension Plan Assets: | |||||||||||||||||||||||
Cash and equivalents | $ | $ | $ | $ | |||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||
Government securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Investment contracts with insurance companies | |||||||||||||||||||||||
Commingled funds: | |||||||||||||||||||||||
Mutual funds | |||||||||||||||||||||||
Collective trust funds | |||||||||||||||||||||||
Partnerships/private equity interests | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total fair value of pension plan assets | $ | $ | $ | $ | |||||||||||||||||||
Other Postretirement Benefit Plan Assets: | |||||||||||||||||||||||
Life insurance policies | $ | ||||||||||||||||||||||
Total fair value of other postretirement benefit plan assets | $ | $ | $ | $ |
2022 | |||||||||||||||||||||||
In millions | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Pension Plan Assets: | |||||||||||||||||||||||
Cash and equivalents | $ | $ | $ | $ | |||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||
Government securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Investment contracts with insurance companies | |||||||||||||||||||||||
Commingled funds: | |||||||||||||||||||||||
Mutual funds | |||||||||||||||||||||||
Collective trust funds | |||||||||||||||||||||||
Partnerships/private equity interests | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total fair value of pension plan assets | $ | $ | $ | $ | |||||||||||||||||||
Other Postretirement Benefit Plan Assets: | |||||||||||||||||||||||
Life insurance policies | $ | ||||||||||||||||||||||
Total fair value of other postretirement benefit plan assets | $ | $ | $ | $ |
In millions | Pension | Other Postretirement Benefits | |||||||||
2024 | $ | $ | |||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 | |||||||||||
2028 | |||||||||||
Years 2029-2033 |
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Beginning balance | $ | ( | $ | ( | $ | ( | |||||||||||
Foreign currency translation adjustments during the period | ( | ||||||||||||||||
Foreign currency translation adjustments reclassified to income | ( | ||||||||||||||||
Income taxes | ( | ( | |||||||||||||||
Total foreign currency translation adjustments, net of tax | ( | ||||||||||||||||
Pension and other postretirement benefit adjustments during the period | ( | ( | |||||||||||||||
Pension and other postretirement benefit adjustments reclassified to income | |||||||||||||||||
Income taxes | ( | ||||||||||||||||
Total pension and other postretirement benefit adjustments, net of tax | ( | ( | |||||||||||||||
Ending balance | $ | ( | $ | ( | $ | ( |
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Pre-tax stock-based compensation expense | $ | $ | $ | ||||||||||||||
Tax benefit | ( | ( | ( | ||||||||||||||
Total stock-based compensation expense, net of tax | $ | $ | $ |
Shares in millions | Number of Shares | Weighted-Average Grant-Date Fair Value | |||||||||
Unvested, January 1, 2023 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Unvested, December 31, 2023 |
In millions except exercise price and contractual terms | Number of Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||||||||
Under option, January 1, 2023 | $ | ||||||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised | ( | ||||||||||||||||||||||
Under option, December 31, 2023 | $ | ||||||||||||||||||||||
Exercisable, December 31, 2023 | $ |
2023 | 2022 | 2021 | |||||||||||||||
Risk-free interest rate | |||||||||||||||||
Weighted-average volatility | |||||||||||||||||
Dividend yield | |||||||||||||||||
Expected years until exercise |
In millions | 2023 | 2022 | |||||||||
Prepaid expenses and other current assets: | |||||||||||
Value-added-tax receivables | $ | $ | |||||||||
Vendor advances | |||||||||||
Income tax refunds receivable | |||||||||||
Other | |||||||||||
Total prepaid expenses and other current assets | $ | $ | |||||||||
Other assets: | |||||||||||
Cash surrender value of life insurance policies | $ | $ | |||||||||
Prepaid pension assets | |||||||||||
Customer tooling | |||||||||||
Other | |||||||||||
Total other assets | $ | $ | |||||||||
Accrued expenses: | |||||||||||
Compensation and employee benefits | $ | $ | |||||||||
Deferred revenue and customer deposits | |||||||||||
Rebates | |||||||||||
Warranties | |||||||||||
Current portion of pension and other postretirement benefit obligations | |||||||||||
Other | |||||||||||
Total accrued expenses | $ | $ | |||||||||
Other liabilities: | |||||||||||
Pension benefit obligation | $ | $ | |||||||||
Postretirement benefit obligation | |||||||||||
Other | |||||||||||
Total other liabilities | $ | $ |
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Operating revenue: | |||||||||||||||||
Automotive OEM | $ | $ | $ | ||||||||||||||
Food Equipment | |||||||||||||||||
Test & Measurement and Electronics | |||||||||||||||||
Welding | |||||||||||||||||
Polymers & Fluids | |||||||||||||||||
Construction Products | |||||||||||||||||
Specialty Products | |||||||||||||||||
Intersegment revenue | ( | ( | ( | ||||||||||||||
Total | $ | $ | $ | ||||||||||||||
Operating income: | |||||||||||||||||
Automotive OEM | $ | $ | $ | ||||||||||||||
Food Equipment | |||||||||||||||||
Test & Measurement and Electronics | |||||||||||||||||
Welding | |||||||||||||||||
Polymers & Fluids | |||||||||||||||||
Construction Products | |||||||||||||||||
Specialty Products | |||||||||||||||||
Total segments | |||||||||||||||||
Unallocated | ( | ( | ( | ||||||||||||||
Total | $ | $ | $ | ||||||||||||||
Depreciation and amortization and impairment of intangible assets: | |||||||||||||||||
Automotive OEM | $ | $ | $ | ||||||||||||||
Food Equipment | |||||||||||||||||
Test & Measurement and Electronics | |||||||||||||||||
Welding | |||||||||||||||||
Polymers & Fluids | |||||||||||||||||
Construction Products | |||||||||||||||||
Specialty Products | |||||||||||||||||
Total | $ | $ | $ | ||||||||||||||
Plant and equipment additions: | |||||||||||||||||
Automotive OEM | $ | $ | $ | ||||||||||||||
Food Equipment | |||||||||||||||||
Test & Measurement and Electronics | |||||||||||||||||
Welding | |||||||||||||||||
Polymers & Fluids | |||||||||||||||||
Construction Products | |||||||||||||||||
Specialty Products | |||||||||||||||||
Total | $ | $ | $ | ||||||||||||||
Identifiable assets: | |||||||||||||||||
Automotive OEM | $ | $ | $ | ||||||||||||||
Food Equipment | |||||||||||||||||
Test & Measurement and Electronics | |||||||||||||||||
Welding | |||||||||||||||||
Polymers & Fluids | |||||||||||||||||
Construction Products | |||||||||||||||||
Specialty Products | |||||||||||||||||
Total segments | |||||||||||||||||
Corporate | |||||||||||||||||
Total | $ | $ | $ |
In millions | 2023 | 2022 | 2021 | ||||||||||||||
Operating Revenue by Geographic Region: | |||||||||||||||||
United States | $ | $ | $ | ||||||||||||||
Canada/Mexico | |||||||||||||||||
Total North America | |||||||||||||||||
Europe, Middle East and Africa | |||||||||||||||||
Asia Pacific | |||||||||||||||||
South America | |||||||||||||||||
Total operating revenue | $ | $ | $ |
Exhibit Number | Description | |||||||
Exhibit Number | Description | |||||||
101.INS | iXBRL Instance Document** | |||||||
101.SCH | iXBRL Taxonomy Extension Schema** | |||||||
101.CAL | iXBRL Taxonomy Extension Calculation Linkbase** | |||||||
101.DEF | iXBRL Taxonomy Extension Definition Linkbase** | |||||||
101.LAB | iXBRL Taxonomy Extension Label Linkbase** | |||||||
101.PRE | iXBRL Taxonomy Extension Presentation Linkbase** | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* | Management contract or compensatory plan or arrangement. | ||||
** | The following financial information from Illinois Tool Works Inc.'s Annual Report on Form 10-K for the year ended December 31, 2023, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Statement of Income, (ii) Statement of Comprehensive Income, (iii) Statement of Changes in Stockholders' Equity (iv) Statement of Financial Position, (v) Statement of Cash Flows and (vi) related Notes to Financial Statements. |
ILLINOIS TOOL WORKS INC. | ||||||||
By: | /s/ CHRISTOPHER A. O'HERLIHY | |||||||
Christopher A. O'Herlihy | ||||||||
President & Chief Executive Officer |
Signatures | Title | |||||||
/s/ Christopher A. O'Herlihy | President & Chief Executive Officer, Director | |||||||
Christopher A. O'Herlihy | (Principal Executive Officer) | |||||||
/s/ Michael M. Larsen | Senior Vice President & Chief Financial Officer | |||||||
Michael M. Larsen | (Principal Financial Officer) | |||||||
/s/ Randall J. Scheuneman | Vice President & Chief Accounting Officer | |||||||
Randall J. Scheuneman | (Principal Accounting Officer) | |||||||
Daniel J. Brutto | Director | |||||||
Susan Crown | Director | |||||||
Darrell L. Ford | Director | |||||||
Kelly J. Grier | Director | |||||||
James W. Griffith | Director | |||||||
Jay L. Henderson | Director | |||||||
Jaime Irick | Director | |||||||
Richard H. Lenny | Director | |||||||
E. Scott Santi | Chairman of the Board | |||||||
David B. Smith, Jr. | Director | |||||||
Pamela B. Strobel | Director | |||||||
By: /s/ CHRISTOPHER A. O'HERLIHY | ||||||||
(Christopher A. O'Herlihy, as Attorney-in-Fact) |
Exhibit 21 | |||||
Illinois Tool Works Inc. | |||||
Subsidiaries | |||||
Subsidiary Name | Primary Jurisdiction |
A V Co 1 Limited | United Kingdom/Delaware | ||||
Accessories Marketing Holding Corp. | Delaware | ||||
ACCULUBE Manufacturing GmbH - Schmiermittel und -geräte - | Germany | ||||
Advanced Molding Co., Inc. | Philippines | ||||
AIP/BI Holdings, Inc. | Delaware | ||||
Allen France SAS | France | ||||
Alpine Systems Corporation | Canada | ||||
Anaerobicos S.r.l. | Argentina | ||||
AppliChem GmbH | Germany | ||||
Avery Berkel France | France | ||||
Avery India Limited | India | ||||
Avery Malaysia Sdn Bhd | Malaysia | ||||
Avery Weigh-Tronix (Suzhou) Weighing Technology Co. Ltd. | China | ||||
Avery Weigh-Tronix Finance Limited | United Kingdom | ||||
Avery Weigh-Tronix International Limited | United Kingdom | ||||
Avery Weigh-Tronix, LLC | Delaware | ||||
B.C. Immo | France | ||||
Beijing Miller Electric Manufacturing Co. Ltd. | China | ||||
Berkel (Ireland) Limited | Ireland | ||||
Berrington UK | United Kingdom | ||||
Brapenta Eletronica Ltda. | Brazil | ||||
Brooks Instrument (Shanghai) Co. Ltd | China | ||||
Brooks Instrument B.V. | Netherlands | ||||
Brooks Instrument GmbH | Germany | ||||
Brooks Instrument KFT | Hungary | ||||
Brooks Instrument Korea, Ltd. | South Korea | ||||
Brooks Instrument LLC | Delaware | ||||
Brooks Instrument Malaysia SDN. BHD. | Malaysia | ||||
Buell Industries, Inc. | Delaware | ||||
Calvia Spolka z Ograniczona Odpowiedzialnoscia w likwidacji | Poland | ||||
Capital Ventures (Australasia) S.à r.l | Luxembourg | ||||
Capmax Logistica, S.A. de C.V. | Mexico/Delaware | ||||
CCI Realty Company | Delaware | ||||
Celeste Industries Corporation | Connecticut | ||||
CFC Europe GmbH | Germany | ||||
Coeur (Shanghai) Medical Appliance Trading Co., Ltd | China | ||||
Coeur Asia Limited | Hong Kong | ||||
Coeur Holding Company | Delaware | ||||
Coeur, Inc. | Indiana | ||||
Compagnie de Materiel et d'Equipements Techniques-Comet | France | ||||
Compagnie Hobart | France | ||||
Constructions Isothermiques Bontami - C.I.B. | France |
Exhibit 21 | |||||
Illinois Tool Works Inc. | |||||
Subsidiaries | |||||
Subsidiary Name | Primary Jurisdiction |
CS (Australia) Pty Limited | Australia | ||||
CS Mexico Holding Company S DE RL DE CV | Mexico | ||||
Denison Mayes Group Limited | United Kingdom | ||||
Diagraph Corporation Sdn. Bhd | Malaysia | ||||
Diagraph ITW Mexico, S. de R.L. De C.V. | Mexico | ||||
Diagraph México, S.A. DE C.V. | Mexico | ||||
Dongguan Ark-Les Electric Components Co., Ltd. | China | ||||
Dongguan CK Branding Co., Ltd. | China | ||||
Duo-Fast Korea Co. Ltd. | South Korea | ||||
Duo-Fast LLC | Illinois | ||||
E.C.S. d.o.o. | Croatia | ||||
E2M Production B.V. | Netherlands | ||||
E2M Technologies B.V. | Netherlands | ||||
ECS Cable Protection Sp. Zoo | Poland | ||||
ELRO (Holding) AG | Switzerland | ||||
ELRO Grosskuchen GmbH | Austria/Germany | ||||
ELRO-WERKE AG | Switzerland | ||||
Eltex-Elektrostatik-Gesellschaft mit beschränkter Haftung | Germany | ||||
Envases Multipac, S.A. de C.V. | Mexico | ||||
Eurotec Srl | Italy | ||||
FEG Investments L.L.C. | Delaware | ||||
Filtertek | France | ||||
Filtertek De Mexico Holding Inc. | Delaware | ||||
Filtertek De Mexico, S.A. de C.V. | Mexico | ||||
Gamko B.V. | Netherlands | ||||
Hobart (Japan) K.K. | Japan | ||||
Hobart Andina S.A.S. | Colombia | ||||
Hobart Belgium | Belgium | ||||
Hobart Brothers International Chile Limitada | Chile | ||||
Hobart Brothers LLC | Ohio | ||||
Hobart Dayton Mexicana, S. de R.L. de C.V. | Mexico | ||||
Hobart Food Equipment Co., Ltd. | China | ||||
HOBART Gesellschaft mit beschränkter Haftung | Germany | ||||
Hobart International (Singapore) Pte. Ltd. | Singapore | ||||
Hobart Korea LLC | South Korea | ||||
Hobart LLC | Delaware | ||||
Hobart Nederland B.V. | Netherlands | ||||
Hobart Sales & Service, Inc. | Ohio | ||||
Hobart Scandinavia ApS | Denmark | ||||
Hobart Techniek B.V. | Netherlands | ||||
Horis | France | ||||
ILC Investments Holdings Inc. | Delaware |
Exhibit 21 | |||||
Illinois Tool Works Inc. | |||||
Subsidiaries | |||||
Subsidiary Name | Primary Jurisdiction |
Illinois Tool Works (Chile) Limitada | Chile | ||||
Illinois Tool Works (ITW) Nederland B.V. | Netherlands | ||||
Industrie Plastic Elsässer GmbH | Germany | ||||
Inmobiliaria Cit., S.A. de C.V. | Mexico | ||||
Innova Temperlite Servicios, S.A. de C.V. | Mexico | ||||
Innovación y Transformación Automotriz, S.A. de C.V. | Mexico | ||||
Instron (Shanghai) Ltd. | China | ||||
Instron (Thailand) Limited | Thailand | ||||
Instron Brasil Equipamentos Cientificos Ltda. | Brazil | ||||
Instron Foreign Sales Corporation Limited | Jamaica | ||||
Instron France S.A.S. | France | ||||
Instron GmbH | Germany | ||||
Instron Japan Company, Ltd. | Massachusetts | ||||
Instron Korea LLC | South Korea | ||||
International Leasing Company LLC | Delaware | ||||
ITW (China) Investment Company Limited | China | ||||
ITW (Deutschland) GmbH | Germany | ||||
ITW (EU) Holdings | Luxembourg | ||||
ITW (European) Finance Co. Ltd. | Malta | ||||
ITW (European) Finance II Co. Ltd. | Malta | ||||
ITW (European) Finance III Co. Ltd. | Malta | ||||
ITW (Ningbo) Components & Fastenings Systems Co., Ltd. | China | ||||
ITW (Qufu) Automotive Cooling Systems Co. Ltd. | China | ||||
ITW (Vietnam) Company Limited | Vietnam | ||||
ITW Additives International | Belgium | ||||
ITW AEP LLC | Delaware | ||||
ITW Aircraft Investments Inc. | Delaware | ||||
ITW AOC, LLC | South Korea | ||||
ITW Appliance Components d.o.o. | Slovenia | ||||
ITW Appliance Components EOOD | Bulgaria | ||||
ITW Appliance Components S.r.l. | Italy | ||||
ITW Appliance Components, S.A. de C.V. | Mexico | ||||
ITW Australia Holdings Pty Ltd | Australia | ||||
ITW Australia Property Holdings Pty Ltd | Australia | ||||
ITW Australia Pty Ltd | Australia | ||||
ITW Automotive Parts (Suzhou) Co. Ltd. | China | ||||
ITW Automotive Components (Chongqing) Co. Ltd. | China | ||||
ITW Automotive Components (Guangzhou) Co., Ltd. | China | ||||
ITW Automotive Components (Langfang) Co., Ltd. | China | ||||
ITW Automotive Japan K.K. | Japan | ||||
ITW Automotive Korea, LLC | South Korea | ||||
ITW Automotive Parts (Shanghai) Co. Ltd | China |
Exhibit 21 | |||||
Illinois Tool Works Inc. | |||||
Subsidiaries | |||||
Subsidiary Name | Primary Jurisdiction |
ITW Automotive Products GmbH | Germany | ||||
ITW Automotive Products México, S. de R.L. de C.V. | Mexico | ||||
ITW Bailly Comte | France | ||||
ITW Befestigungssysteme GmbH | Germany | ||||
ITW Belgium | Belgium | ||||
ITW Building Components Group Inc. | Delaware | ||||
ITW Canada Inc. | Canada | ||||
ITW Celeste Inc. | Delaware | ||||
ITW CER | France | ||||
ITW Chemical Products Ltda | Brazil | ||||
ITW Chemical Products Scandinavia ApS | Denmark | ||||
ITW Colombia S.A.S. | Colombia | ||||
ITW Construction Products (Shanghai) Co. Ltd. | China | ||||
ITW Construction Products (Singapore) Pte. Ltd. | Singapore | ||||
ITW Construction Products AB | Sweden | ||||
ITW Construction Products ApS | Denmark | ||||
ITW Construction Products AS | Norway | ||||
ITW Construction Products CZ s.r.o. | Czech Republic | ||||
ITW Construction Products Italy Srl | Italy | ||||
ITW Construction Products OU | Estonia | ||||
ITW Construction Products OY | Finland | ||||
ITW Construction Services Manila, Inc. | Philippines | ||||
ITW Contamination Control (Wujiang) Co., Ltd. | China | ||||
ITW Contamination Control B.V. | Netherlands | ||||
ITW Covid Security Group Inc. | Delaware | ||||
ITW CP Distribution Center Holland BV | Netherlands | ||||
ITW CS (UK) Ltd. | United Kingdom | ||||
ITW de France | France | ||||
ITW DelFast do Brasil Ltda. | Brazil | ||||
ITW Denmark ApS | Denmark | ||||
ITW Diagraph GmbH | Germany | ||||
ITW do Brasil Industrial e Comercial Ltda. | Brazil | ||||
ITW DS Investments Inc. | Delaware | ||||
ITW Dynatec Adhesive Equipment (Suzhou) Co. Ltd. | China | ||||
ITW Dynatec GmbH | Germany | ||||
ITW Dynatec Kabushiki Kaisha | Japan | ||||
ITW EAE B.V. | Netherlands | ||||
ITW EAE Mexico, S. de R.L. de C.V. | Mexico | ||||
ITW EF&C France SAS | France | ||||
ITW Electronic Business Asia Co., Limited | Taiwan | ||||
ITW Electronic Components/Products (Shanghai) Co., Ltd. | China | ||||
ITW Electronics (Suzhou) Co., Ltd. | China |
Exhibit 21 | |||||
Illinois Tool Works Inc. | |||||
Subsidiaries | |||||
Subsidiary Name | Primary Jurisdiction |
ITW Espana S.L. | Spain | ||||
ITW Fastener Products GmbH | Germany | ||||
ITW FEG do Brasil Industria e Comercio Ltda. | Brazil | ||||
ITW FEG Hong Kong Limited | Hong Kong | ||||
ITW Fluids and Hygiene Solutions Ltda. | Brazil | ||||
ITW Food Equipment Group LLC | Delaware | ||||
ITW Gamma Sárl | Luxembourg | ||||
ITW German Management LLC | Delaware | ||||
ITW GH LLC | South Korea | ||||
ITW Global Investments Holdings LLC | Delaware | ||||
ITW Global Investments Holdings Y Compañia, Sociedad en Comandita por Acciones | Guatemala | ||||
ITW Global Investments Inc. | Delaware | ||||
ITW Global Tire Repair Europe GmbH | Germany | ||||
ITW Global Tire Repair Inc. | California | ||||
ITW Global Tire Repair Japan K.K. | Japan | ||||
ITW Graphics Asia Limited | Hong Kong | ||||
ITW Great Britain Investment & Licensing Holding Company | Delaware | ||||
ITW Group France (Luxembourg) S.àr.l. | Luxembourg | ||||
ITW GSE ApS | Denmark | ||||
ITW GSE Inc. | Delaware | ||||
ITW HLP Thailand Co., Ltd. | Thailand | ||||
ITW Holding Quimica B.C., S.L., Sole Shareholder Company | Spain | ||||
ITW Holdings Australia L.P. | Australia | ||||
ITW Holdings I Limited | United Kingdom | ||||
ITW Holdings II Limited | United Kingdom | ||||
ITW Holdings III Limited | United Kingdom | ||||
ITW Holdings Inc. | Delaware | ||||
ITW Holdings IV Limited | United Kingdom | ||||
ITW Holdings V Limited | United Kingdom | ||||
ITW Holdings VI Limited | United Kingdom | ||||
ITW Holdings VII Limited | United Kingdom | ||||
ITW Holdings VIII Limited | United Kingdom | ||||
ITW Holdings X Limited | United Kingdom | ||||
ITW Holdings XI Limited | United Kingdom | ||||
ITW ILC Holdings I Inc. | Delaware | ||||
ITW Imaden Industria e Comercio Ltda. | Brazil | ||||
ITW India Private Limited | India | ||||
ITW International Holdings LLC | Delaware | ||||
ITW Invest Holding GmbH | Germany | ||||
ITW Ireland Holdings Unlimited Company | Ireland | ||||
ITW Ireland Unlimited Company | Ireland | ||||
ITW Italy Holding Srl | Italy | ||||
ITW Japan Ltd. | Japan | ||||
ITW Korea LLC | South Korea |
Exhibit 21 | |||||
Illinois Tool Works Inc. | |||||
Subsidiaries | |||||
Subsidiary Name | Primary Jurisdiction |
ITW Limited | United Kingdom | ||||
ITW LLC & Co. KG | Germany | ||||
ITW Lys Fusion S.r.l. | Italy | ||||
ITW Materials Technology (Shanghai) Co. Ltd. | China | ||||
ITW Meritex Sdn. Bhd. | Malaysia | ||||
ITW Mexico Holding Company S. De R.L. de C.V. | Mexico | ||||
ITW Mexico Holdings LLC | Delaware | ||||
ITW Morlock GmbH | Germany | ||||
ITW Mortgage Investments II, Inc. | Delaware | ||||
ITW Mortgage Investments III, Inc. | Delaware | ||||
ITW Mortgage Investments IV, Inc. | Delaware | ||||
ITW Netherlands Administration BV | Netherlands | ||||
ITW Netherlands Finance Alpha B.V. | Netherlands | ||||
ITW New Universal LLC | Delaware | ||||
ITW New Zealand | New Zealand | ||||
ITW Novadan Sp. Z.o.o. | Poland | ||||
ITW Packaging Technology (China) Co. Ltd. | China | ||||
ITW Participations S.à r.l. | Luxembourg | ||||
ITW Pension Funds Trustee Company | United Kingdom | ||||
ITW Performance Polymers & Fluids Japan Co. Ltd. | Japan | ||||
ITW Performance Polymers & Fluids Korea Limited | South Korea | ||||
ITW Performance Polymers & Fluids OOO | Russia | ||||
ITW Performance Polymers (Wujiang) Co., Ltd. | China | ||||
ITW Performance Polymers and Fluids Group FZE | United Arab Emirates | ||||
ITW Performance Polymers ApS | Denmark | ||||
ITW Performance Polymers Trading (Shanghai) Company Limited | China | ||||
ITW Peru S.A.C. | Peru | ||||
ITW Poly Mex, S. de R.L. de C.V. | Mexico | ||||
ITW PPF Brasil Adesivos Ltda. | Brazil | ||||
ITW Pronovia, s.r.o. | Czech Republic | ||||
ITW Properties LLC | Delaware | ||||
ITW Pte. Ltd. | Singapore | ||||
ITW Reagents S.R.L. | Italy | ||||
ITW Real Estate Germany GmbH | Germany | ||||
ITW Residuals III L.L.C. | Delaware | ||||
ITW Residuals IV L.L.C. | Delaware | ||||
ITW Rivex | France | ||||
ITW ShineMark GmbH | Germany | ||||
ITW Simco-Ion (Shenzhen) Co. Ltd. | China | ||||
ITW Slovakia s.r.o. | Slovakia | ||||
ITW SMPI | France | ||||
ITW Specialty Films France | France | ||||
ITW Specialty Films Italy S.r.l. | Italy | ||||
ITW Specialty Materials (Suzhou) Co., Ltd. | China |
Exhibit 21 | |||||
Illinois Tool Works Inc. | |||||
Subsidiaries | |||||
Subsidiary Name | Primary Jurisdiction |
ITW SPG México, S. de R.L. de C.V. | Mexico | ||||
ITW Spraytec | France | ||||
ITW Sverige AB | Sweden | ||||
ITW Sweden Holding AB | Sweden | ||||
ITW Test & Measurement (Shanghai) Co., Ltd | China | ||||
ITW Test & Measurement GmbH | Germany | ||||
ITW Test and Measurement Italia Srl | Italy | ||||
ITW UK | United Kingdom | ||||
ITW UK Finance Beta Limited | United Kingdom | ||||
ITW UK Finance Delta Limited | United Kingdom | ||||
ITW UK Finance Gamma Limited | United Kingdom | ||||
ITW UK Finance Limited | United Kingdom | ||||
ITW UK Finance Zeta Limited | United Kingdom | ||||
ITW UK II Limited | United Kingdom | ||||
ITW Universal II LLC | Delaware | ||||
ITW Welding | France | ||||
ITW Welding AB | Sweden | ||||
ITW Welding GmbH | Germany | ||||
ITW Welding Italy S.r.l. | Italy | ||||
ITW Welding Products Group FZE | United Arab Emirates | ||||
ITW Welding Products Group, S. DE R.L. De C.V. | Mexico | ||||
ITW Welding Products Limited Liability Company | Russia | ||||
ITW Welding Produtos Para Solgdagem Ltda. | Brazil | ||||
ITW Welding Singapore Pte. Ltd. | Singapore | ||||
KCPL Mauritius Holdings | Mauritius | ||||
Krafft, S.L. | Spain | ||||
Loma Systems | France | ||||
Loma Systems (Canada) Inc. | Canada | ||||
Loma Systems B.V. | Netherlands | ||||
Loma Systems s.r.o. | Czech Republic | ||||
Lombard Pressings Limited | United Kingdom | ||||
Lumex, Inc. | Illinois | ||||
Lys Fusion Poland Sp. z.o.o. | Poland | ||||
M&C Specialties Co. | Pennsylvania | ||||
MAGNAFLUX GmbH | Germany | ||||
MEHB Holdings Limited | United Kingdom | ||||
MEHB Holdings Malta Ltd. | Malta | ||||
Meritex Technology (Suzhou) Co. Ltd. | China | ||||
Meurer Verpackungssysteme GmbH | Germany | ||||
MGHG Property LLC | Delaware | ||||
Miller Electric Mfg. LLC | Wisconsin | ||||
Miller Insurance Ltd. | Vermont | ||||
MTS 2, LLC | Minnesota |
Exhibit 21 | |||||
Illinois Tool Works Inc. | |||||
Subsidiaries | |||||
Subsidiary Name | Primary Jurisdiction |
MTS China Holdings LLC | Minnesota | ||||
MTS Europe Holdings LLC | Delaware | ||||
MTS Holdings France Sarl | France | ||||
MTS Japan Ltd. | Japan | ||||
MTS Korea, Inc. | Korea | ||||
MTS Systems | France | ||||
MTS Systems - S.r.l | Italy | ||||
MTS Systems (China) Co., Ltd. | China | ||||
MTS Systems (Germany) GmbH | Germany | ||||
MTS Systems (Hong Kong) Incorporated | Hong Kong | ||||
MTS Systems Corporation | Minnesota | ||||
MTS Systems Danmark ApS | Denmark | ||||
MTS Systems Do Brazil | Brazil | ||||
MTS Systems Europe B.V. | Netherlands | ||||
MTS Systems Finance C.V. | Netherlands | ||||
MTS Systems Holding B.V. | Netherlands | ||||
MTS Systems Limited | United Kingdom | ||||
MTS Systems Norden Aktiebolag | Sweden | ||||
MTS Testing Solutions India Private Limited | India | ||||
MTS Testing Systems (Canada) Ltd. | Canada | ||||
NDT Holding LLC | Delaware | ||||
North Star Imaging, Inc. | Minnesota | ||||
Novadan ApS | Denmark | ||||
Orbitalum Tools GmbH | Germany | ||||
Panreac Quimica, S.L. | Spain | ||||
Paslode Fasteners (Shanghai) Co., Ltd. | China | ||||
PENTA-91 OOO | Russia | ||||
Premark FEG L.L.C. | Delaware | ||||
Premark HII Holdings LLC | Ohio | ||||
Premark International, LLC | Delaware | ||||
Prolex, Sociedad Anónima | Costa Rica | ||||
PT ITW Construction Products Indonesia | Indonesia | ||||
QSA Global, Inc. | Delaware | ||||
Quimica Industrial Mediterranea, S.L. | Spain | ||||
R&D Engineering A/S | Denmark | ||||
R&D Prague s.r.o. | Czech Republic | ||||
R&D Steel ApS | Denmark | ||||
R&D Test Systems A/S | Denmark | ||||
R&D Tools and Structures A/S | Denmark | ||||
Ramset Fasteners (Hong Kong) Ltd. | Hong Kong | ||||
Rapid Cook LLC | Delaware | ||||
Refrigeration France | France | ||||
S.E.E. Sistemas Industria E Comercio Ltda. | Brazil | ||||
Sealant Systems International, Inc. | California |
Exhibit 21 | |||||
Illinois Tool Works Inc. | |||||
Subsidiaries | |||||
Subsidiary Name | Primary Jurisdiction |
Sentinel Asia Yuhan Hoesa | South Korea | ||||
Shanghai ITW Plastic & Metal Co. Ltd | China | ||||
Shinemark Specialtiy Films (Shanghai) Co., Ltd. | China | ||||
Shinemark Specialty Films LLC | South Korea | ||||
Shinemark UK Limited | United Kingdom | ||||
Simco (Nederland) B.V. | Netherlands | ||||
Simco Japan, Inc. | Japan | ||||
Société de Prospection et d’Inventions Techniques SPIT | France | ||||
Speedline Holdings I, Inc. | Delaware | ||||
Speedline Holdings I, LLC | Delaware | ||||
Speedline Technologies Mexico Services, S. de R.L. de C.V. | Mexico | ||||
Speedline Technologies Mexico, S. de R.L. de C.V. | Mexico | ||||
ST Mexico Holdings LLC | Delaware | ||||
Stokvis Celix Portugal Unipessoal LDA | Portugal | ||||
Stokvis Danmark ApS | Denmark | ||||
Stokvis Holdings II S.à r.l. | Luxembourg | ||||
Stokvis Holdings S.A.R.L. | Luxembourg | ||||
Stokvis Promi s.r.o | Czech Republic | ||||
Stokvis Prostick Tapes Private Limited | India | ||||
Stokvis Tapes | Belgium | ||||
Stokvis Tapes (HK) Limited | Hong Kong | ||||
Stokvis Tapes (Shanghai) Co. Ltd. | China | ||||
Stokvis Tapes (Taiwan) Co. Ltd. | Taiwan | ||||
Stokvis Tapes (Tianjin) Co. Ltd. | China | ||||
Stokvis Tapes Benelux B.V. | Netherlands | ||||
Stokvis Tapes Deutschland GmbH | Germany | ||||
Stokvis Tapes France | France | ||||
Stokvis Tapes Italia s.r.l. | Italy | ||||
Stokvis Tapes Limited | United Kingdom | ||||
Stokvis Tapes Limited Liability Company | Russia | ||||
Stokvis Tapes Norge AS | Norway | ||||
Stokvis Tapes Oy | Finland | ||||
Stokvis Tapes Polska Sp Z.O.O. | Poland | ||||
Stokvis Tapes Sverige Aktiebolag | Sweden | ||||
Technopack Indústria, Comércio E Serviço De Rotulagem Ltda. | Brazil | ||||
Teknek (China) Limited | Scotland | ||||
Thirode Grandes Cuisines Poligny | France | ||||
Tien Tai Electrode (Kunshan) Co., Ltd. | China | ||||
Tien Tai Electrode Co., Ltd. | Taiwan | ||||
Unichemicals Industria e Comercio Ltda. | Brazil | ||||
Valeron Strength Films | Belgium | ||||
Veneta Decalcogomme S.r.l. | Italy | ||||
Versachem Chile S.A. | Chile | ||||
Vesta (Guangzhou) Catering Equipment Co. Ltd | China |
Exhibit 21 | |||||
Illinois Tool Works Inc. | |||||
Subsidiaries | |||||
Subsidiary Name | Primary Jurisdiction |
Vesta Global Limited | Hong Kong | ||||
VR-Leasing Sarita GmbH & Co. Immobilien KG | Germany | ||||
VS European Holdco BV | Netherlands | ||||
Wachs Canada Ltd. | Canada | ||||
Wachs Subsea LLC | Illinois | ||||
Weigh-Tronix Canada, ULC | Canada | ||||
Wilsonart International Holdings LLC | Delaware | ||||
Wynn Oil (South Africa) (Pty) Ltd. | South Africa | ||||
Wynn's Automotive France | France | ||||
Wynn's Mekuba India Pvt Ltd | India | ||||
Zip-Pak International B.V. | Netherlands |
/s/ Daniel J. Brutto | |||||
Daniel J. Brutto | |||||
/s/ Susan Crown | |||||
Susan Crown | |||||
/s/ Darrell L. Ford | |||||
Darrell L. Ford | |||||
/s/ Kelly J. Grier | |||||
Kelly J. Grier | |||||
/s/ James W. Griffith | |||||
James W. Griffith | |||||
/s/ Jay L. Henderson | |||||
Jay L. Henderson | |||||
/s/ Jaime Irick | |||||
Jaime Irick | |||||
/s/ Richard H. Lenny | |||||
Richard H. Lenny | |||||
/s/ E. Scott Santi | |||||
E. Scott Santi | |||||
/s/ David B. Smith, Jr. | |||||
David B. Smith, Jr. | |||||
/s/ Pamela B. Strobel | |||||
Pamela B. Strobel | |||||
Dated: February 9, 2024 | /s/ Christopher A. O'Herlihy | |||||||
Christopher A. O'Herlihy | ||||||||
President & Chief Executive Officer |
Dated: February 9, 2024 | /s/ Michael M. Larsen | |||||||
Michael M. Larsen | ||||||||
Senior Vice President & Chief Financial Officer |
Dated: February 9, 2024 | /s/ Christopher A. O'Herlihy | |||||||
Christopher A. O'Herlihy | ||||||||
President & Chief Executive Officer |
Dated: February 9, 2024 | /s/ Michael M. Larsen | |||||||
Michael M. Larsen | ||||||||
Senior Vice President & Chief Financial Officer |
Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Chicago, Illinois |
Auditor Firm ID | 34 |
Statement of Income - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income Statement [Abstract] | |||
Operating Revenue | $ 16,107 | $ 15,932 | $ 14,455 |
Cost of revenue | 9,316 | 9,429 | 8,489 |
Selling, administrative, and research and development expenses | 2,638 | 2,579 | 2,356 |
Amortization and impairment of intangible assets | 113 | 134 | 133 |
Operating Income | 4,040 | 3,790 | 3,477 |
Interest expense | (266) | (203) | (202) |
Other income (expense) | 49 | 255 | 51 |
Income Before Taxes | 3,823 | 3,842 | 3,326 |
Income taxes | 866 | 808 | 632 |
Net Income | $ 2,957 | $ 3,034 | $ 2,694 |
Net Income Per Share: | |||
Basic (in dollars per share) | $ 9.77 | $ 9.80 | $ 8.55 |
Diluted (in dollars per share) | $ 9.74 | $ 9.77 | $ 8.51 |
Statement of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 2,957 | $ 3,034 | $ 2,694 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Foreign currency translation adjustments, net of tax | 41 | (242) | 5 |
Pension and other postretirement benefit adjustments, net of tax | (34) | (97) | 135 |
Other comprehensive income (loss) | 7 | (339) | 140 |
Comprehensive Income | $ 2,964 | $ 2,695 | $ 2,834 |
Statement of Financial Position - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Current Assets: | ||
Cash and equivalents | $ 1,065 | $ 708 |
Trade receivables | 3,123 | 3,171 |
Inventories | 1,707 | 2,054 |
Prepaid expenses and other current assets | 340 | 329 |
Assets held for sale | 0 | 8 |
Total current assets | 6,235 | 6,270 |
Net plant and equipment | 1,976 | 1,848 |
Goodwill | 4,909 | 4,864 |
Intangible assets | 657 | 768 |
Deferred income taxes | 479 | 494 |
Other assets | 1,262 | 1,178 |
Total Assets | 15,518 | 15,422 |
Current Liabilities: | ||
Short-term debt | 1,825 | 1,590 |
Accounts payable | 581 | 594 |
Accrued expenses | 1,663 | 1,728 |
Cash dividends payable | 419 | 400 |
Income taxes payable | 187 | 147 |
Liabilities held for sale | 0 | 1 |
Total current liabilities | 4,675 | 4,460 |
Noncurrent Liabilities: | ||
Long-term debt | 6,339 | 6,173 |
Deferred income taxes | 326 | 484 |
Noncurrent income taxes payable | 151 | 273 |
Other liabilities | 1,014 | 943 |
Total noncurrent liabilities | 7,830 | 7,873 |
Common stock (Authorized- 700.0 shares; par value of $0.01 per share): | ||
Common stock Common stock (Authorized- 700.0 shares; par value of $0.01 per share): Issued- 550.0 shares in 2023 and 2022 Outstanding- 299.3 shares in 2023 and 305.0 shares in 2022 | 6 | 6 |
Additional paid-in-capital | 1,588 | 1,501 |
Retained earnings | 27,122 | 25,799 |
Common stock held in treasury | (23,870) | (22,377) |
Accumulated other comprehensive income (loss) | (1,834) | (1,841) |
Noncontrolling interest | 1 | 1 |
Total stockholders' equity | 3,013 | 3,089 |
Total liabilities and stockholders' equity | $ 15,518 | $ 15,422 |
Statement of Financial Position (Parenthetical) - $ / shares shares in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
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) | 299.3 | 305.0 |
Statement of Changes in Stockholders' Equity - USD ($) $ in Millions |
Total |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Common Stock Held in Treasury |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interest |
---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2020 | $ 3,182 | $ 6 | $ 1,362 | $ 23,114 | $ (19,659) | $ (1,642) | $ 1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,694 | 2,694 | |||||
Common stock issued for stock-based compensation | 40 | 17 | 23 | ||||
Stock-based compensation expense | 53 | 53 | |||||
Repurchases of common stock | (1,000) | (1,000) | |||||
Dividends declared | (1,483) | (1,483) | |||||
Other comprehensive income (loss) | 140 | 140 | |||||
Ending balance at Dec. 31, 2021 | 3,626 | 6 | 1,432 | 24,325 | (20,636) | (1,502) | 1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 3,034 | 3,034 | |||||
Common stock issued for stock-based compensation | 15 | 6 | 9 | ||||
Stock-based compensation expense | 63 | 63 | |||||
Repurchases of common stock | (1,750) | (1,750) | |||||
Dividends declared | (1,560) | (1,560) | |||||
Other comprehensive income (loss) | (339) | (339) | |||||
Ending balance at Dec. 31, 2022 | 3,089 | 6 | 1,501 | 25,799 | (22,377) | (1,841) | 1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 2,957 | 2,957 | |||||
Common stock issued for stock-based compensation | 38 | 18 | 20 | ||||
Stock-based compensation expense | 69 | 69 | |||||
Repurchases of common stock | (1,500) | (1,500) | |||||
Excise tax on repurchases of common stock | (13) | (13) | |||||
Dividends declared | (1,634) | (1,634) | |||||
Other comprehensive income (loss) | 7 | 7 | |||||
Ending balance at Dec. 31, 2023 | $ 3,013 | $ 6 | $ 1,588 | $ 27,122 | $ (23,870) | $ (1,834) | $ 1 |
Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared (in dollars per share) | $ 5.42 | $ 5.06 | $ 4.72 |
Statement of Cash Flows - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Cash Provided by (Used for) Operating Activities: | |||
Net income | $ 2,957 | $ 3,034 | $ 2,694 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation | 282 | 276 | 277 |
Amortization and impairment of intangible assets | 113 | 134 | 133 |
Change in deferred income taxes | (88) | (150) | (148) |
Provision for uncollectible accounts | 6 | 5 | 3 |
(Income) loss from investments | (2) | (9) | (29) |
(Gain) loss on sale of plant and equipment | (1) | (1) | 0 |
(Gain) loss on sale of operations and affiliates | (1) | (191) | 0 |
Stock-based compensation expense | 69 | 63 | 53 |
Other non-cash items, net | (4) | 5 | 13 |
(Increase) decrease in— | |||
Trade receivables | 64 | (461) | (240) |
Inventories | 360 | (455) | (450) |
Prepaid expenses and other assets | (26) | (19) | (36) |
Increase (decrease) in— | |||
Accounts payable | (14) | 35 | 37 |
Accrued expenses and other liabilities | (102) | 119 | 202 |
Income taxes | (72) | (35) | 49 |
Other, net | (2) | (2) | (1) |
Net cash provided by operating activities | 3,539 | 2,348 | 2,557 |
Cash Provided by (Used for) Investing Activities: | |||
Acquisition of businesses (excluding cash and equivalents) | 0 | (2) | (731) |
Additions to plant and equipment | (455) | (412) | (296) |
Proceeds from investments | 27 | 12 | 38 |
Proceeds from sale of plant and equipment | 20 | 15 | 8 |
Proceeds from sale of operations and affiliates | 7 | 278 | 0 |
Other, net | (2) | (1) | (3) |
Net cash provided by (used for) investing activities | (403) | (110) | (984) |
Cash Provided by (Used for) Financing Activities: | |||
Cash dividends paid | (1,615) | (1,542) | (1,463) |
Issuance of common stock | 53 | 29 | 50 |
Repurchases of common stock | (1,500) | (1,750) | (1,000) |
Net proceeds from (repayments of) debt with original maturities of three months or less | (452) | 796 | 120 |
Proceeds from debt with original maturities of more than three months | 1,425 | 593 | 90 |
Repayments of debt with original maturities of more than three months | (679) | (1,113) | (351) |
Other, net | (14) | (13) | (10) |
Net cash provided by (used for) financing activities | (2,782) | (3,000) | (2,564) |
Effect of Exchange Rate Changes on Cash and Equivalents | 3 | (57) | (46) |
Cash and Equivalents: | |||
Increase (decrease) during the year | 357 | (819) | (1,037) |
Beginning of year | 708 | 1,527 | 2,564 |
End of year | 1,065 | 708 | 1,527 |
Supplementary Cash Flow Information: | |||
Cash Paid During the Year for Interest | 260 | 199 | 197 |
Cash Paid During the Year for Income Taxes, Net of Refunds | $ 1,026 | $ 993 | $ 731 |
Description of Business and Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of Business and Summary of Significant Accounting Policies | Description of Business and Summary of Significant Accounting Policies Description of business— Illinois Tool Works Inc. (the "Company" or "ITW") is a global manufacturer of a diversified range of industrial products and equipment with approximately 84 divisions in 51 countries. The Company's operations are organized and managed based on similar product offerings and end markets, and are reported to senior management as the following seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. Consolidation and translation— The financial statements include the Company and its majority-owned subsidiaries. The Company follows the equity method of accounting for investments where the Company has a significant influence but not a controlling interest. Intercompany transactions are eliminated from the financial statements. Foreign subsidiaries' assets and liabilities are translated to U.S. dollars at end-of-period exchange rates. Revenues and expenses are translated at average rates for the period. Translation adjustments are reported as a component of accumulated other comprehensive income (loss) in stockholders' equity. Reclassifications— Certain reclassifications of prior year data have been made to conform to current year reporting. Use of estimates— The preparation of the Company's financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the notes to financial statements. Actual results could differ from those estimates. Acquisitions— The Company accounts for acquisitions under the acquisition method, in which assets acquired and liabilities assumed are recorded at fair value as of the date of acquisition. The operating results of the acquired companies are included in the Company's consolidated financial statements from the date of acquisition. Refer to Note 3. Acquisitions for additional information regarding the Company's acquisitions. Operating revenue— Operating revenue is recognized at the time a good or service is transferred to a customer and the customer obtains control of that good or receives the service performed. The Company's sales arrangements with customers are predominantly short-term in nature involving a single performance obligation related to the delivery of products and generally provide for transfer of control at the time of shipment. In limited circumstances, there may be significant obligations to the customer that are unfulfilled at the time of shipment, typically involving installation of equipment and customer acceptance. In these circumstances, operating revenue may be deferred until all significant obligations have been completed. In other limited arrangements, the Company may recognize revenue over time. This may include arrangements for service performed over time where operating revenue is recognized over time as the service is provided to the customer. It may also include the sale of highly specialized systems that include a high degree of customization and installation at the customer site which are recognized over time if the product does not have an alternative use and the Company has an enforceable right to payment for work performed to date. Revenue for transactions meeting these criteria is recognized over time as work is performed based on the costs incurred to date relative to the total estimated costs at completion. The amount of operating revenue recorded reflects the consideration to which the Company expects to be entitled in exchange for goods or services and may include adjustments for customer allowances and rebates. Customer allowances and rebates consist primarily of volume discounts and other short-term incentive programs, which are estimated at the time of sale based on historical experience and anticipated trends. Shipping and handling charges billed to customers are included in revenue and are recognized along with the related product revenue as they are considered a fulfillment cost. Sales commissions are expensed when incurred, which is generally at the time of revenue recognition. Contract liabilities associated with sales arrangements primarily relate to deferred revenue on equipment sales and prepaid service contracts. Total deferred revenue and customer deposits were $395 million and $427 million as of December 31, 2023 and 2022, respectively, and are short-term in nature. Refer to Note 5. Operating Revenue for additional information regarding the Company's operating revenue. Research and development expenses— Research and development expenses are recorded as expense in the year incurred. These costs were $284 million, $269 million and $239 million for the years ended December 31, 2023, 2022 and 2021, respectively. Advertising expenses— Advertising expenses are recorded as expense in the year incurred. These costs were $60 million, $57 million and $50 million for the years ended December 31, 2023, 2022 and 2021, respectively. Income taxes— The Company utilizes the asset and liability method of accounting for income taxes. Deferred income taxes are determined based on the estimated future tax effects of differences between the financial and tax bases of assets and liabilities given the provisions of the enacted tax laws. Valuation allowances are established when it is estimated that it is more likely than not that the tax benefit of the deferred tax asset will not be realized. Cash and equivalents— Cash and equivalents include cash on hand and instruments having original maturities of three months or less. Cash and equivalents are stated at cost, which approximates fair value. Trade receivables— Trade receivables are net of allowances for doubtful accounts. The changes in the allowance for doubtful accounts for the years ended December 31, 2023, 2022 and 2021 were as follows:
Inventories— Inventories are stated at the lower of cost or net realizable value and include material, labor and factory overhead. The last-in, first-out ("LIFO") method is used to determine the cost of inventories at certain U.S. businesses. The first-in, first-out ("FIFO") method, which approximates current cost, is used for all other inventories. Inventories priced at LIFO were approximately 23% of total inventories as of December 31, 2023 and 22% of total inventories as of December 31, 2022. If the FIFO method was used for all inventories, total inventories would have been approximately $117 million and $111 million higher than reported at December 31, 2023 and 2022, respectively. The major classes of inventory at December 31, 2023 and 2022 were as follows:
Net plant and equipment— Net plant and equipment are stated at cost, less accumulated depreciation. Renewals and improvements that increase the useful life of plant and equipment are capitalized. Maintenance and repairs are charged to expense as incurred. Net plant and equipment consisted of the following at December 31, 2023 and 2022:
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:
Depreciation was $282 million, $276 million and $277 million for the years ended December 31, 2023, 2022 and 2021, respectively. Goodwill and intangible assets— Goodwill represents the excess cost over fair value of the net assets of acquired businesses. The Company does not amortize goodwill and intangible assets that have indefinite lives. Amortizable intangible assets are being amortized on a straight-line basis over their estimated useful lives of 3 to 20 years. The Company performs an impairment assessment of goodwill and intangible assets with indefinite lives annually, or more frequently if triggering events occur, based on the estimated fair value of the related reporting unit or intangible asset. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. When performing its annual impairment assessment, the Company evaluates the goodwill assigned to each of its reporting units for potential impairment by comparing the estimated fair value of the relevant reporting unit to the carrying value. The Company uses various Level 2 and Level 3 valuation techniques to determine the fair value of its reporting units, including discounting estimated future cash flows based on a cash flow forecast prepared by the relevant reporting unit and market multiples of relevant public companies. If the fair value of a reporting unit is less than its carrying value, a goodwill impairment loss is recorded for the difference. The Company's indefinite-lived intangible assets consist of trademarks and brands. The estimated fair values of these intangible assets are determined based on a Level 3 valuation method using a relief-from-royalty income approach derived from internally forecasted revenues of the related products. If the fair value of the trademark or brand is less than its carrying value, an impairment loss is recorded for the difference. Refer to Note 9. Goodwill and Intangible Assets for additional information regarding the Company's recorded goodwill and intangible assets. Leases— The Company recognizes a lease liability and corresponding right-of-use asset for all operating leases with a noncancellable lease term of greater than one year. Rental expense for operating leases is recognized on a straight-line basis over the noncancellable lease term based on the minimum lease payments at lease inception. Changes in rent subsequent to commencement that were not included in minimum lease payments at inception are recognized as variable rent in the period incurred. Refer to Note 10. Leases for additional information regarding the Company's operating leases. Accrued warranties— The Company accrues for product warranties based on historical experience. The changes in accrued warranties for the years ended December 31, 2023, 2022 and 2021 were as follows:
New Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (the "FASB") issued authoritative guidance which improves the accounting for acquired revenue contracts with customers in a business combination. The new guidance provides an exception to measure contract assets and contract liabilities acquired in a business combination in accordance with existing revenue recognition guidance rather than at fair value. The Company early adopted this new guidance in the fourth quarter of 2021. The new guidance is effective prospectively upon adoption and must also be applied retrospectively to all interim periods in the year of adoption. The adoption of this new accounting guidance did not have a material impact on the Company's results of operations or financial position. Refer to Note 3. Acquisitions for additional information regarding the Company's acquisitions. In November 2023, the FASB issued authoritative guidance which expands annual and interim disclosure requirements for reportable segments. The more significant provisions include the requirement to disclose significant segment expenses and certain disclosures made annually under existing guidance will be required for interim periods. The guidance is effective for the Company beginning with its annual reporting for the year ended December 31, 2024 and is required to be applied retrospectively to all periods presented. The Company is currently assessing the impact the guidance will have on its disclosures. In December 2023, the FASB issued authoritative guidance that expands the disclosure requirements for income taxes. The new guidance will require consistent categories and greater disaggregation of information presented in the effective tax rate reconciliation as well as disaggregation of income taxes paid by jurisdiction. The guidance is effective for the Company beginning with its annual reporting for the year ended December 31, 2025 and is required to be applied prospectively, with retrospective application to prior periods allowed. The Company is currently assessing the impact the guidance will have on its disclosures.
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Novel Coronavirus (COVID-19) |
12 Months Ended |
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Dec. 31, 2023 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Novel Coronavirus (COVID-19) | Novel Coronavirus (COVID-19) In early 2020, an outbreak of a novel strain of coronavirus ("COVID-19") occurred in China and other jurisdictions. The COVID-19 outbreak was subsequently declared a global pandemic by the World Health Organization on March 11, 2020. In response to the outbreak, governments around the globe took various actions to reduce its spread, including travel restrictions, shutdowns of businesses deemed nonessential, and stay-at-home or similar orders. The COVID-19 pandemic and the measures taken globally to reduce its spread negatively impacted the global economy, causing significant disruptions in the Company's global operations starting primarily in the latter part of the first quarter of 2020 as COVID-19 spread and impacted the countries in which the Company operates and the markets the Company serves. Despite the ongoing disruptions caused by the COVID-19 pandemic, the Company experienced solid recovery progress in many of its end markets during 2021 and, to a greater extent, in 2022 as vaccines became widely available and many governments reduced restrictions related to COVID-19.
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Acquisitions |
12 Months Ended |
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Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions On December 1, 2021, the Company completed the acquisition of the Test & Simulation business of MTS Systems Corporation ("MTS") from Amphenol Corporation ("Amphenol") for a purchase price of $750 million, subject to certain closing adjustments. The MTS Test & Simulation business is a leading global supplier of high-performance testing and simulation systems and is highly complementary to the Company's existing Test & Measurement and Electronics segment. The operating results of the MTS Test & Simulation business were reported within the Test & Measurement and Electronics segment from the date of acquisition, with operating revenue of $46 million for the one month ended December 31, 2021 and $422 million for the twelve months ended December 31, 2022. During 2022, the Company completed the allocation of the purchase price to the acquired assets and liabilities as of the acquisition date, including intangible assets and goodwill. Based on its final allocation, the Company recorded goodwill of $430 million and intangible assets of $259 million. The intangible assets included $93 million related to indefinite-lived trademarks and brands and $166 million related to amortizable intangible assets that are expected to be amortized on a straight-line basis over estimated useful lives ranging from 1 to 14 years, with a weighted-average life of 11 years. None of the goodwill related to this transaction is tax deductible. The fair values of the intangible assets were estimated based on discounted cash flow and market-based valuation models using Level 2 and Level 3 inputs and assumptions. This acquisition did not materially affect the Company's results of operations or financial position for any period presented.
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Divestitures |
12 Months Ended |
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Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | Divestitures The Company routinely reviews its portfolio of businesses relative to its business portfolio criteria and evaluates if further portfolio refinements may be needed. The Company previously communicated its intent to explore options, including potential divestitures, for certain businesses with annual revenues totaling up to $1 billion. As such, the Company may commit to a plan to exit or dispose of certain businesses and present them as held for sale in periods prior to the sale of the business. In the fourth quarter of 2019, the Company completed the divestitures of three businesses. Due to the COVID-19 pandemic, the Company chose to defer any significant divestiture activity in 2020 and 2021. The Company reinitiated the divestiture process in 2022 for certain businesses with combined annual revenues of approximately $0.5 billion, subject to approval by the Company's Board of Directors. In the second quarter of 2022, plans were approved to divest two businesses, including one business in the Polymers & Fluids segment and one business in the Food Equipment segment. These two businesses were classified as held for sale beginning in the second quarter of 2022. In the fourth quarter of 2022, both of these businesses were divested. On October 3, 2022, the business in the Polymers & Fluids segment was sold for $220 million, subject to certain closing adjustments, resulting in a pre-tax gain of $156 million. On December 1, 2022, the business in the Food Equipment segment was sold for $59 million, subject to certain closing adjustments, resulting in a pre-tax gain of $41 million. The pre-tax gains were included in Other income (expense) in the Statement of Income. Income taxes on the gains were mostly offset by the utilization of capital loss carryforwards of $32 million. Operating revenue related to these divested businesses that was included in the Company's results of operations for the twelve months ended December 31, 2022 and 2021 was $106 million and $115 million, respectively. In the fourth quarter of 2022, plans were approved to divest one business in the Specialty Products segment. This business was presented as held for sale beginning in the fourth quarter of 2022. Assets and liabilities held for sale related to this business were $8 million and $1 million, respectively, as of December 31, 2022. This business was sold on April 3, 2023, with no significant gain or loss upon sale. Operating revenue related to this business that was included in the Company's results of operations for the twelve months ended December 31, 2023, 2022 and 2021 was $9 million, $37 million and $35 million, respectively.
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Operating Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Revenue | Operating Revenue The Company's 84 diversified operating divisions are organized and managed based on similar product offerings and end markets, and are reported to senior management as the following seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. Operating revenue by product category, which is consistent with the Company's segment presentation, for the twelve months ended December 31, 2023, 2022 and 2021 was as follows:
The following is a description of the product offerings, end markets and typical revenue transactions for each of the Company's seven segments: Automotive OEM— This segment is a global, niche supplier to top tier OEMs, providing unique innovation to address pain points for sophisticated customers with complex problems. Businesses in this segment produce components and fasteners for automotive-related applications. This segment primarily serves the automotive original equipment manufacturers and tiers market. Products in this segment include: •plastic and metal components, fasteners and assemblies for automobiles, light trucks and other industrial uses. Products sold in this segment are primarily manufactured to the customer's specifications and are sold under long-term supply agreements with OEM auto manufacturers and other top tier auto parts suppliers. The Company typically recognizes revenue for products in this segment at the time of shipment. Certain products may be produced utilizing tooling that is owned by the customer that the Company developed and is reimbursed by the customer for the associated cost. In these arrangements, the Company typically retains a contractual right to use the customer-owned tooling for the purpose of fulfilling its obligations under the supply agreement. The Company records reimbursements for the cost of customer-owned tooling as a cost offset rather than operating revenue as tooling is not considered a product offering central to the Company's operations. Food Equipment— This segment is a highly focused and branded industry leader in commercial food equipment differentiated by innovation and integrated service offerings. This segment primarily serves the food service, food retail and food institutional/restaurant markets. Products in this segment include: •warewashing equipment; •cooking equipment, including ovens, ranges and broilers; •refrigeration equipment, including refrigerators, freezers and prep tables; •food processing equipment, including slicers, mixers and scales; •kitchen exhaust, ventilation and pollution control systems; and •food equipment service, maintenance and repair. Revenue for equipment sold in this segment is typically recognized at the time of product shipment. In limited circumstances involving installation of equipment and customer acceptance, the Company may recognize revenue upon completion of installation and acceptance by the customer. Annual service contracts are typically sold separate from equipment and the related revenue is recognized on a straight-line basis over the annual service period. Operating revenue for on-demand service repairs and parts is recorded upon completion and customer acceptance of the work performed. Test & Measurement and Electronics— This segment is a branded and innovative producer of test and measurement and electronic manufacturing and maintenance, repair, and operations, or "MRO" solutions that improve efficiency and quality for customers in diverse end markets. Businesses in this segment produce equipment, consumables, and related software for testing and measuring of materials and structures, as well as equipment and consumables used in the production of electronic subassemblies and microelectronics. This segment primarily serves the electronics, general industrial, energy, automotive original equipment manufacturers and tiers, industrial capital goods and consumer durables markets. Products in this segment include: •equipment, consumables, and related software for testing and measuring of materials, structures, gases and fluids; •electronic assembly equipment; •electronic components and component packaging; •static control equipment and consumables used for contamination control in clean room environments; and •pressure sensitive adhesives and components for electronics, medical, transportation and telecommunications applications. Revenue for products sold in this segment is typically recognized at the time of shipment. In limited circumstances where significant obligations to the customer are unfulfilled at the time of shipment, typically involving installation of equipment and customer acceptance, revenue recognition is deferred until such obligations have been completed. In other limited arrangements involving the sale of highly specialized systems that include a high degree of customization and installation at the customer site, revenue is recognized over time if the product does not have an alternative use and the Company has an enforceable right to payment for work performed to date. Revenue for transactions meeting these criteria is recognized over time as work is performed based on the costs incurred to date relative to the total estimated costs at completion. Welding— This segment is a branded value-added equipment and specialty consumable manufacturer with innovative and leading technology. Businesses in this segment produce arc welding equipment, consumables and accessories for a wide array of industrial and commercial applications. This segment primarily serves the general industrial market, which includes fabrication, shipbuilding and other general industrial markets, and construction, energy, MRO, industrial capital goods and automotive original equipment manufacturers and tiers markets. Products in this segment include: •arc welding equipment; and •metal arc welding consumables and related accessories. Products in this segment are primarily manufactured to meet anticipated customer demand. The Company typically recognizes revenue for these products at the time of product shipment. Polymers & Fluids— This segment is a branded supplier to niche markets that require value-added, differentiated products. Businesses in this segment produce engineered adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance. This segment primarily serves the automotive aftermarket, general industrial and MRO markets. Products in this segment include: •adhesives for industrial, construction and consumer purposes; •chemical fluids which clean or add lubrication to machines; •epoxy and resin-based coating products for industrial applications; •hand wipes and cleaners for industrial applications; •fluids, polymers and other supplies for auto aftermarket maintenance and appearance; •fillers and putties for auto body repair; and •polyester coatings and patch and repair products for the marine industry. Products in this segment are primarily manufactured to meet anticipated customer demand. The Company typically recognizes revenue for these products at the time of product shipment. Construction Products— This segment is a branded supplier of innovative engineered fastening systems and solutions. This segment primarily serves the residential construction, renovation/remodel and commercial construction markets. Products in this segment include: •fasteners and related fastening tools for wood and metal applications; •anchors, fasteners and related tools for concrete applications; •metal plate truss components and related equipment and software; and •packaged hardware, fasteners, anchors and other products for retail. Products in this segment are primarily manufactured to meet anticipated customer demand. The Company typically recognizes revenue for these products at the time of product shipment. Specialty Products— This segment is focused on diversified niche market opportunities with substantial patent protection producing beverage packaging equipment and consumables, product coding and marking equipment and consumables, and appliance components and fasteners. This segment primarily serves the food and beverage, consumer durables, general industrial, industrial capital goods, airlines and printing and publishing markets. Products in this segment include: •conveyor systems and line automation for the food and beverage industries; •plastic consumables that multi-pack cans and bottles and related equipment; •foil, film and related equipment used to decorate consumer products; •product coding and marking equipment and related consumables; •plastic and metal closures and components for appliances; •airport ground support equipment; and •components for medical devices. Products in this segment are primarily manufactured to meet anticipated customer demand. The Company typically recognizes revenue for these products at the time of product shipment. In limited circumstances where significant obligations to the customer are unfulfilled at the time of shipment, typically involving installation of equipment and customer acceptance, revenue is recognized when such obligations have been completed.
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Other Income (Expense) |
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Other Income (Expense) | Other Income (Expense) Other income (expense) for the twelve months ended December 31, 2023, 2022 and 2021 consisted of the following:
Gain (loss) on sale of operations and affiliates for the twelve months ended December 31, 2022 primarily related to two businesses divested in the fourth quarter of 2022. Refer to Note 4. Divestitures for further information regarding the Company's divestitures. In the fourth quarter of 2012, the Company divested a 51% majority interest in its former Decorative Surfaces segment to certain funds managed by Clayton, Dubilier & Rice, LLC ("CD&R"). As a result of the transaction, the Company owns common units (the "Common Units") of Wilsonart International Holdings LLC ("Wilsonart") initially representing approximately 49% (on an as-converted basis) of the total outstanding equity. CD&R owns cumulative convertible participating preferred units (the "Preferred Units") of Wilsonart representing approximately 51% (on an as-converted basis) of the total outstanding equity. The Preferred Units rank senior to the Common Units as to dividends and liquidation preference, and accrue dividends at a rate of 10% per annum. The ownership interest in Wilsonart is reported using the equity method of accounting. The Company's proportionate share in the income (loss) of Wilsonart is reported in Other income (expense) in the Statement of Income. As the Company's investment in Wilsonart is structured as a partnership for U.S. tax purposes, U.S. taxes are recorded separately from the equity investment. In 2016, the Company received a $167 million dividend distribution from Wilsonart which exceeded the Company's equity investment balance and resulted in a $54 million pre-tax gain in 2016. As a result of the dividend distribution, the equity investment balance in Wilsonart was reduced to zero and any subsequent equity investment income will not be recognized until the gain is recaptured.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Noncurrent income taxes payable— On December 22, 2017, the "Tax Cuts and Jobs Act" (the "Act") was enacted in the United States. The provisions of the Act significantly revised the U.S. corporate income tax rules. In connection with the enactment of the Act, the Company recorded a one-time additional income tax expense of $676 million in the fourth quarter of 2017 related to a one-time repatriation tax on the deemed repatriation of post-1986 undistributed earnings of foreign subsidiaries. A portion of the resulting income taxes payable can be paid in installments over eight years. The noncurrent income taxes payable related to the one-time repatriation tax was $151 million and $273 million as of December 31, 2023 and 2022, respectively. Provision for income taxes— The components of the provision for income taxes for the twelve months ended December 31, 2023, 2022 and 2021 were as follows:
Income before taxes for domestic and foreign operations for the twelve months ended December 31, 2023, 2022 and 2021 was as follows:
The reconciliation between the U.S. federal statutory tax rate and the effective tax rate for the twelve months ended December 31, 2023, 2022 and 2021 was as follows:
The Company's effective tax rate for the twelve months ended December 31, 2023, 2022 and 2021 was 22.6%, 21.0% and 19.0%, respectively. The 2023 effective tax rate benefited from a discrete income tax benefit of $20 million in the second quarter of 2023 related to amended 2021 U.S. taxes. The 2022 effective tax rate benefited from discrete income tax benefits of $32 million in the fourth quarter of 2022 related to the utilization of capital loss carryforwards and $51 million in the second quarter of 2022 related to a decrease in unrecognized tax benefits resulting from the resolution of a U.S. tax audit. The 2021 effective tax rate benefited from discrete income tax benefits of $21 million in the third quarter of 2021 related to the utilization of capital loss carryforwards and $112 million in the second quarter of 2021 related to the remeasurement of net deferred tax assets due to the enactment of the U.K. Finance Bill 2021, which increased the U.K. income tax rate from 19% to 25% effective April 1, 2023. Additionally, the effective tax rates for 2023, 2022 and 2021 included discrete income tax benefits of $20 million, $12 million and $17 million, respectively, related to excess tax benefits from stock-based compensation. Upon repatriation of foreign earnings to the U.S., the Company may be subject to foreign withholding taxes. The accrual for foreign withholding taxes related to the expected repatriation of foreign held cash and equivalents as of December 31, 2023 and 2022 was $39 million and $50 million, respectively. Deferred foreign withholding taxes have not been provided on undistributed earnings considered permanently invested. As of December 31, 2023, undistributed earnings of certain international subsidiaries that are considered permanently invested were approximately $6 billion. Determination of the related deferred tax liability is not practicable because of the complexities associated with the hypothetical calculation. Deferred tax assets and liabilities— The components of deferred income tax assets and liabilities as of December 31, 2023 and 2022 were as follows:
The valuation allowances recorded as of December 31, 2023 and 2022 related primarily to certain net operating loss carryforwards and capital loss carryforwards. As of December 31, 2023, the Company had utilized all realizable foreign tax credit carryforwards. As of December 31, 2023, the Company had net operating loss carryforwards available to offset future taxable income in the U.S. and certain foreign jurisdictions, which expire as follows:
Unrecognized tax benefits— The changes in the amount of unrecognized tax benefits for the twelve months ended December 31, 2023, 2022 and 2021 were as follows:
Included in the balance as of December 31, 2023 were approximately $295 million of unrecognized tax benefits that, if recognized, would impact the Company's effective tax rate. The Company and its subsidiaries file tax returns in the U.S. and various state, local and foreign jurisdictions. These tax returns are routinely audited by the tax authorities in these jurisdictions including the Internal Revenue Service, His Majesty's Revenue and Customs, German Fiscal Authority, French Fiscal Authority, and Australian Tax Office, and a number of these audits are currently ongoing, which may increase the amount of the unrecognized tax benefits in future periods. The Company believes it is reasonably possible that within the next twelve months the amount of the Company's unrecognized tax benefits may be decreased by approximately $8 million related predominantly to the potential resolution of federal, state and foreign examinations. The Company has recorded its best estimate of the potential exposure for these issues. The following table summarizes the open tax years for the Company's major jurisdictions:
The Company recognizes interest and penalties related to income tax matters in income tax expense. The accrual for interest and penalties as of December 31, 2023 and 2022 was $34 million and $26 million, respectively.
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Net Income Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share | Net Income Per Share Net income per basic share is computed by dividing net income by the weighted-average number of shares outstanding for the period. Net income per diluted share is computed by dividing net income by the weighted-average number of shares assuming dilution for stock options and restricted stock units. Dilutive shares reflect the potential additional shares that would be outstanding if the dilutive stock options outstanding were exercised and the unvested restricted stock units vested during the period. The computation of net income per share for the twelve months ended December 31, 2023, 2022 and 2021 was as follows:
Options that were considered antidilutive were not included in the computation of diluted net income per share. There were 0.3 million, 0.9 million and 0.4 million antidilutive options outstanding for the twelve months ended December 31, 2023, 2022 and 2021, respectively.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets The changes in the carrying amount of goodwill for the twelve months ended December 31, 2023 and 2022 were as follows:
Intangible assets as of December 31, 2023 and 2022 were as follows:
On December 1, 2021, the Company completed the acquisition of the MTS Test & Simulation business for a purchase price of $750 million, subject to certain closing adjustments, which was reported within the Test & Measurement and Electronics segment. During 2022, the Company completed the allocation of the purchase price to the acquired assets and liabilities as of the acquisition date, including intangible assets and goodwill. Based on its final allocation, the Company recorded goodwill of $430 million and intangible assets of $259 million. Refer to Note 3. Acquisitions for additional information regarding this acquisition. The Company performed its annual impairment assessment of goodwill and indefinite-lived intangible assets in the third quarter of 2023, 2022 and 2021. There were no impairment charges as a result of these assessments. As of December 31, 2023, the estimated future amortization expense of intangible assets for the twelve months ending December 31 was as follows:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company's lease transactions are primarily for the use of facilities, vehicles and office equipment under operating lease arrangements. Total rental expense for operating leases for the twelve months ended December 31, 2023, 2022 and 2021 was $132 million, $122 million and $118 million, respectively. Total rental expense for the twelve months ended December 31, 2023, 2022 and 2021 included $60 million, $56 million and $47 million, respectively, related to short-term operating leases and variable lease payments. Short-term operating leases have original terms of one year or less, or can be terminated at the Company's option with a short notice period and without significant penalty, and are not capitalized. The following table summarizes information related to the Company's capitalized operating leases for 2023, 2022 and 2021:
The right-of-use assets related to operating leases and the current and long-term portions of operating lease liabilities were included in Other assets, Accrued expenses and Other liabilities, respectively, in the Statement of Financial Position. The weighted-average discount rate was based on the incremental borrowing rate of the Company and its subsidiaries. As of December 31, 2023, future maturities of operating lease liabilities for the twelve months ending December 31 were as follows:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Total debt as of December 31, 2023 and 2022 was as follows:
Short-term debt— Short-term debt represents obligations with a maturity date of one year or less and is stated at cost, which approximates fair value. Short-term debt also includes current maturities of long-term debt that have been reclassified to short-term, and excludes short-term debt classified as long-term because the Company has the intent and ability to extend the maturity date beyond one year. Short-term debt as of December 31, 2023 and 2022 consisted of the following:
As of December 31, 2023, current maturities of long-term debt included $700 million related to the 3.50% notes due March 1, 2024, which were reclassified from Long-term debt to Short-term debt in the first quarter of 2023 and $661 million related to the 0.25% Euro notes due December 5, 2024, which were reclassified from Long-term debt to Short-term debt in the fourth quarter of 2023. As of December 31, 2022, current maturities of long-term debt included $535 million related to the 1.25% Euro notes due May 22, 2023, which were repaid on the due date. The Company may issue commercial paper to fund general corporate needs, share repurchases, and small and medium-sized acquisitions. During the fourth quarter of 2022, the Company entered into a $3.0 billion, five-year revolving credit facility with a termination date of October 21, 2027, which is available to provide additional liquidity, including to support the potential issuances of commercial paper. No amounts were outstanding under the revolving credit facility as of December 31, 2023 or 2022. The Company was also in compliance with the financial covenants of the revolving credit facility as of December 31, 2023, which included a minimum interest coverage ratio. The weighted-average interest rate on commercial paper was 5.40% and 4.35% as of December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company had unused capacity of approximately $158 million under international debt facilities. In the ordinary course of business, the Company also had approximately $231 million outstanding in guarantees, letters of credit and other similar arrangements with financial institutions as of December 31, 2023. Long-term debt— Long-term debt represents obligations with a maturity date greater than one year or where the Company has the intent and ability to extend the maturity date beyond one year, and excludes current maturities that have been reclassified to short-term debt. Long-term debt at carrying value and fair value as of December 31, 2023 and 2022 consisted of the following:
The approximate fair values of the Company's long-term debt, including current maturities, were based on a valuation model using Level 2 observable inputs, which included market rates for comparable instruments for the respective periods. In 2011, the Company issued $350 million of 3.375% notes due September 15, 2021 at 99.552% of face value, which were redeemed in full on June 15, 2021, and $650 million of 4.875% notes due September 15, 2041 at 98.539% of face value. In 2012, the Company issued $1.1 billion of 3.9% notes due September 1, 2042 at 99.038% of face value. In February 2014, the Company issued $700 million of 3.5% notes due March 1, 2024 at 99.648% of face value. In May 2014, the Company issued €500 million of 1.75% Euro notes due May 20, 2022 at 99.16% of face value, which were redeemed in full at face value on February 22, 2022, and €500 million of 3.0% Euro notes due May 19, 2034 at 98.089% of face value. In May 2015, the Company issued €500 million of 1.25% Euro notes due May 22, 2023 at 99.239% of face value, which were repaid on the due date, and €500 million of 2.125% Euro notes due May 22, 2030 at 99.303% of face value. In November 2016, the Company issued $1.0 billion of 2.65% notes due November 15, 2026 at 99.685% of face value. In June 2019, the Company issued €600 million of 0.25% Euro notes due December 5, 2024 at 99.662% of face value, €500 million of 0.625% Euro notes due December 5, 2027 at 99.343% of face value and €500 million of 1.00% Euro notes due June 5, 2031 at 98.982% of face value. On May 5, 2023, the Company entered into a €1.3 billion Euro-denominated credit agreement (the "Euro Credit Agreement") with a termination date of May 3, 2024; provided, however, that the Company may extend the termination date by six months on up to two occasions. On May 12, 2023, the Company borrowed €1.3 billion of Euro term loans under the Euro Credit Agreement. Proceeds from the borrowing were used for general corporate purposes, including the repayment of outstanding debt. Any loan under the Euro Credit Agreement may not be re-borrowed once repaid, in full or in part, and will bear interest at a per annum rate equal to the applicable EURIBOR (adjusted for any statutory reserves) plus 0.75% for the interest period selected by the Company of one, three or six months. As of December 31, 2023, the Company had €1.3 billion outstanding under the Euro Credit Agreement with an interest rate of 4.59%, which was included in Long-term debt as the Company intends to exercise its options to extend the termination date. The Company designated the €1.0 billion of Euro notes issued in May 2014, the €1.0 billion of Euro notes issued in May 2015, the €1.6 billion of Euro notes issued in June 2019 and the €1.3 billion of Euro term loans borrowed under the Euro Credit Agreement in May 2023 as hedges of a portion of its net investment in Euro-denominated foreign operations to reduce foreign currency risk associated with the investment in these operations. On February 22, 2022, €500 million of the Euro notes issued in May 2014 were redeemed in full and on May 22, 2023, €500 million of the Euro notes issued in May 2015 were repaid on the due date. Refer to Note 14. Stockholders' Equity for additional information regarding the net investment hedge. All of the Company's long-term debt listed above represent senior unsecured obligations ranking equal in right of payment. As of December 31, 2023, scheduled future maturities of long-term debt, including current maturities of long-term debt, for the twelve months ending December 31 were as follows:
The €1.3 billion of Euro term loans due May 3, 2024 that were borrowed under the Euro Credit Agreement were included in the 2025 maturities in the scheduled future maturities of long-term debt as the Company intends to exercise its options to extend the termination date up to twelve months.
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Pension and Other Postretirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The Company has both funded and unfunded defined benefit pension and other postretirement benefit plans, predominately in the U.S. The U.S. primary pension plan provides benefits based on years of service and final average salary. The U.S. primary postretirement health care plan is contributory with the participants' contributions adjusted annually. The U.S. primary postretirement life insurance plan is noncontributory. Beginning January 1, 2007, the U.S. primary pension and other postretirement benefit plans were closed to new participants. Newly hired employees and employees from acquired businesses that are not participating in these plans are eligible for additional Company contributions under the existing U.S. primary defined contribution retirement plans. The Company's expense related to defined contribution plans was $117 million in 2023, $111 million in 2022, and $88 million in 2021. In addition to the U.S. plans, the Company also has defined benefit pension plans in certain other countries, mainly the United Kingdom, Canada, Germany and Switzerland. Summarized information regarding net periodic benefit cost included in the Statement of Income related to the Company's significant defined benefit pension and other postretirement benefit plans for the twelve months ended December 31, 2023, 2022 and 2021 is as follows:
The service cost component of net periodic benefit cost is presented within Cost of revenue and Selling, administrative, and research and development expenses in the Statement of Income while the other components of net periodic benefit cost are presented within Other income (expense). The Company used the most recently published mortality improvement scale from the Society of Actuaries, MP-2021, to measure its U.S. pension and other postretirement benefit obligations as of December 31, 2023 and 2022, which did not have a significant impact. The following table provides a rollforward of the plan benefit obligations for the twelve months ended December 31, 2023 and 2022:
For the years ended December 31, 2023 and 2022, the actuarial (gain) loss related to the Company's pension and other postretirement benefit obligations was primarily related to changes in discount rates. Refer to the Assumptions section below for further details related to the discount rates used in the valuations of pension and other postretirement benefit obligations. The following table provides a rollforward of the plan assets and a reconciliation of funded status for the twelve months ended December 31, 2023 and 2022:
As of December 31, 2023 and 2022, pension plans with projected benefit obligations in excess of plan assets had projected benefit obligations of $179 million and $137 million, respectively, and plan assets of $55 million and $22 million, respectively. As of December 31, 2023 and 2022, pension plans with accumulated benefit obligations in excess of plan assets had accumulated benefit obligations of $175 million and $131 million, respectively, and plan assets of $55 million and $22 million, respectively. Assumptions— The weighted-average assumptions used in the valuations of pension and other postretirement benefits were as follows:
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:
Plan assets— The Company's overall investment strategy for the assets in the pension funds is to achieve a balance between the goals of growing plan assets and keeping risk at a reasonable level over a long-term investment horizon. In order to reduce unnecessary risk, the pension funds are diversified across several asset classes, securities and investment managers. The target allocations for plan assets are 15% to 25% equity investments, 75% to 85% fixed income investments and 0% to 10% in other types of investments. The Company does not use derivatives for the purpose of speculation, leverage, circumventing investment guidelines or taking risks that are inconsistent with specified guidelines. The assets in the Company's postretirement health care plan are primarily invested in life insurance policies. The Company's overall investment strategy for the assets in the postretirement health care fund is to invest in assets that provide a reasonable tax exempt rate of return while preserving capital. The following tables present the fair value of the Company's pension and other postretirement benefit plan assets as of December 31, 2023 and 2022 by asset category and valuation methodology. Level 1 assets are valued using unadjusted quoted prices for identical assets in active markets. Level 2 assets are valued using quoted prices or other observable inputs for similar assets. Level 3 assets are valued using unobservable inputs, but reflect the assumptions market participants would be expected to use in pricing the assets. Each financial instrument's categorization is based on the lowest level of input that is significant to the fair value measurement.
Cash and equivalents include cash on hand and instruments with original maturities of three months or less and are valued at cost, which approximates fair value. Fixed income securities primarily consist of U.S. and foreign government bills, notes and bonds, corporate debt securities and investment contracts. The majority of the assets in this category are valued by evaluating bid prices provided by independent financial data services. For securities where market data is not readily available, unobservable market data is used to value the security. Pension assets measured at net asset value include mutual funds, collective trust funds, partnerships/private equity interests and life insurance policies. Mutual funds and collective trust funds are funds that are valued based on the value of the underlying investments which can be redeemed on a daily basis. The underlying investments include both passively and actively managed U.S. and foreign large- and mid-cap equity funds and short-term investment funds. Partnerships/private equity interests are investments in partnerships where the benefit plan is a limited partner. The investments are valued by the investment managers on a periodic basis using pricing models that use market, income and cost valuation methods. Distributions are received from these funds on a periodic basis through the liquidation of the underlying assets of the fund. Life insurance policies are used to fund other postretirement benefits in order to obtain favorable tax treatment and are valued based on the cash surrender value of the underlying policies. The Company has selected the funds in which these assets are invested and may elect to withdraw funds with proper notice to the insurance company or maintain the policies and receive death benefits as determined by the contracts. Cash flows— The Company generally funds its pension and other postretirement benefit plans as required by law or to the extent such contributions are tax deductible. The Company expects to contribute approximately $60 million to its pension plans and $4 million to its other postretirement benefit plans in 2024. As of December 31, 2023, the Company's portion of the future benefit payments that are expected to be paid during the twelve months ending December 31 is as follows:
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Commitments and Contingencies |
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Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, including those involving environmental, product liability (including toxic tort) and general liability claims. The Company accrues for such liabilities when it is probable that future costs will be incurred and such costs can be reasonably estimated. Such accruals are based on developments to date, the Company's estimates of the outcomes of these matters and its experience in contesting, litigating and settling other similar matters. The Company believes resolution of these matters, individually and in the aggregate, will not have a material adverse effect on the Company's financial position, liquidity or future operations.
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Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders' Equity Preferred stock— Preferred stock, without par value, of which 0.3 million shares are authorized and unissued, is issuable in series. The Board of Directors is authorized to fix by resolution the designation and characteristics of each series of preferred stock. The Company has no present commitment to issue its preferred stock. Share repurchases— On August 3, 2018, the Company announced a stock repurchase program which provided for the repurchase of up to $3.0 billion of the Company's common stock over an open-ended period of time (the "2018 Program"). Under the 2018 Program, the Company repurchased approximately 6.7 million shares of its common stock at an average price of $158.11 per share during 2019, approximately 4.2 million shares of its common stock at an average price of $167.69 per share during 2020, approximately 4.4 million shares of its common stock at an average price of $227.29 per share during 2021 and approximately 1.2 million shares of its common stock at an average price of $216.62 per share during 2022. The 2018 Program was completed in the first quarter of 2022. On May 7, 2021, the Company announced a stock repurchase program which provided for the repurchase of up to an additional $3.0 billion of the Company's common stock over an open-ended period of time (the "2021 Program"). Under the 2021 program, the Company repurchased approximately 7.1 million shares of its common stock at an average price of $210.46 per share during 2022 and approximately 6.3 million shares of its common stock at an average price of $235.35 per share during 2023. The 2021 Program was completed in the fourth quarter of 2023. On August 4, 2023, the Company announced a new stock repurchase program which provides for the repurchase of up to an additional $5.0 billion of the Company's common stock over an open-ended period of time (the "2023 Program"). Under the 2023 program, the Company repurchased approximately 38,000 shares of its common stock at an average price of $263.44 per share during 2023. As of December 31, 2023, there were approximately $5.0 billion of authorized repurchases remaining under the 2023 program. Cash Dividends— Cash dividends declared were $5.42 per share in 2023, $5.06 per share in 2022 and $4.72 per share in 2021. Cash dividends paid were $5.33 per share in 2023, $4.97 per share in 2022 and $4.64 per share in 2021. Accumulated other comprehensive income (loss)— The changes in accumulated other comprehensive income (loss) during 2023, 2022 and 2021 were as follows:
Foreign currency translation adjustments reclassified to income primarily relate to the exit of immaterial foreign operations. Pension and other postretirement benefit adjustments reclassified to income represented settlements and the amortization of actuarial gains and losses and prior service cost. Refer to Note 12. Pension and Other Postretirement Benefits for the amounts included in net periodic benefit cost. The Company designated the €1.0 billion of Euro notes issued in May 2014, the €1.0 billion of Euro notes issued in May 2015, the €1.6 billion of Euro notes issued in June 2019 and the €1.3 billion of Euro term loans borrowed under the Euro Credit Agreement in May 2023 as hedges of a portion of its net investment in Euro-denominated foreign operations to reduce foreign currency risk associated with the investment in these operations. Changes in the value of this debt resulting from fluctuations in the Euro to U.S. Dollar exchange rate have been recorded as foreign currency translation adjustments within Accumulated other comprehensive income (loss). On February 22, 2022, €500 million of the Euro notes issued in May 2014 were redeemed in full and on May 22, 2023, €500 million of the Euro notes issued in May 2015 were repaid on the due date. Refer to Note 11. Debt for additional information regarding the redemption of these notes. The amount of pre-tax gain (loss) related to these notes that was recorded in Other comprehensive income (loss) for the twelve months ended December 31, 2023, 2022 and 2021 was $(109) million, $205 million and $303 million, respectively. As of December 31, 2023 and 2022, the ending balance of Accumulated other comprehensive income (loss) consisted of after-tax cumulative translation adjustment losses of $1.5 billion in both periods, and after-tax unrecognized pension and other postretirement benefits costs of $327 million and $293 million, respectively.
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Stock-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation On May 8, 2015 (the "Effective Date"), the 2015 Long-Term Incentive Plan (the "2015 Plan") was approved by shareholders. The 2015 Plan allows for the issuance of up to 10 million shares of ITW common stock for awards granted under the plan. As of the Effective Date, no additional awards will be granted to employees under the 2011 Long-Term Incentive Plan (the "2011 Plan"). The significant terms of stock options and restricted stock units ("RSUs") were not changed under the 2015 Plan. Stock options and RSUs are issued to officers and/or other management employees under these plans. Stock options generally vest over a four-year period and have an expiration of ten years from the issuance date. RSUs generally "cliff" vest after a three-year period and include units with and without performance criteria. RSUs with performance criteria provide for full "cliff" vesting after three years if the Compensation Committee of the Board of Directors certifies that the performance goals have been met. Upon vesting, the holder will receive one share of common stock of the Company for each vested restricted stock unit. Commencing in February 2013, the Company began issuing shares from treasury stock to cover the exercised options and vested RSUs. Prior to February 2013, the Company generally issued new shares from its authorized but unissued share pool. The Company records compensation expense for the grant date fair value of stock awards over the remaining service periods of those awards. The following table summarizes the Company's stock-based compensation expense for the twelve months ended December 31, 2023, 2022 and 2021:
The following table summarizes activity related to non-vested RSUs for the twelve months ended December 31, 2023:
The following table summarizes stock option activity for the twelve months ended December 31, 2023:
The fair value of RSUs is equal to the common stock fair market value on the date of the grant. RSUs provide for dividend equivalents payable in additional RSUs for dividends that would have been paid during the vesting period. Stock option exercise prices are equal to the common stock fair market value on the date of grant. The Company estimates forfeitures based on historical rates for awards with similar characteristics. The Company uses a binomial option pricing model to estimate the fair value of the stock options granted. The following summarizes the assumptions used in the option valuations for the twelve months ended December 31, 2023, 2022 and 2021:
Lattice-based option valuation models, such as the binomial option pricing model, incorporate ranges of assumptions for inputs. The risk-free rate of interest for periods within the contractual life of the option is based on a zero-coupon U.S. government instrument over the contractual term of the equity instrument. Expected volatility is based on implied volatility from traded options on the Company's stock and historical volatility of the Company's stock. The Company uses historical data to estimate option exercise timing and employee termination rates within the valuation model. The weighted-average dividend yield is based on historical information. The expected term of options granted is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding. The ranges presented result from separate groups of employees assumed to exhibit different exercise behavior. The weighted-average grant-date fair value of stock options granted for the twelve months ended December 31, 2023, 2022 and 2021 was $67.16, $45.15 and $40.90 per share, respectively. The aggregate intrinsic value of stock options exercised during the twelve months ended December 31, 2023, 2022 and 2021 was $79 million, $38 million and $68 million, respectively. As of December 31, 2023, there was $11 million of total unrecognized compensation cost related to unvested stock options. That cost is expected to be recognized over a weighted-average period of 2.0 years. Exercise of stock options during the twelve months ended December 31, 2023, 2022 and 2021 resulted in cash receipts of $53 million, $29 million and $50 million, respectively. The total fair value of vested stock option awards during the twelve months ended December 31, 2023, 2022 and 2021 was $18 million, $18 million and $19 million, respectively. As of December 31, 2023, there was $50 million of total unrecognized compensation cost related to unvested RSUs. That cost is expected to be recognized over a weighted-average remaining contractual life of 1.7 years. The total fair value of vested RSU awards during the twelve months ended December 31, 2023, 2022 and 2021 was $35 million, $28 million and $23 million, respectively.
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Other Balance Sheet Information |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Balance Sheet Information | Other Balance Sheet Information Other balance sheet information as of December 31, 2023 and 2022 was as follows:
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company's operations are organized and managed based on similar product offerings and end markets, and are reported to senior management as the following seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The following is a description of the Company's seven segments: Automotive OEM— This segment is a global, niche supplier to top tier OEMs, providing unique innovation to address pain points for sophisticated customers with complex problems. Businesses in this segment produce components and fasteners for automotive-related applications. Food Equipment— This segment is a highly focused and branded industry leader in commercial food equipment differentiated by innovation and integrated service offerings. Test & Measurement and Electronics— This segment is a branded and innovative producer of test and measurement and electronic manufacturing and MRO solutions that improve efficiency and quality for customers in diverse end markets. Businesses in this segment produce equipment, consumables, and related software for testing and measuring of materials and structures, as well as equipment and consumables used in the production of electronic subassemblies and microelectronics. Welding— This segment is a branded value-added equipment and specialty consumable manufacturer with innovative and leading technology. Businesses in this segment produce arc welding equipment, consumables and accessories for a wide array of industrial and commercial applications. Polymers & Fluids— This segment is a branded supplier to niche markets that require value-added, differentiated products. Businesses in this segment produce engineered adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance. Construction Products— This segment is a branded supplier of innovative engineered fastening systems and solutions. Specialty Products— This segment is focused on diversified niche market opportunities with substantial patent protection producing beverage packaging equipment and consumables, product coding and marking equipment and consumables, and appliance components and fasteners. Segments are allocated a fixed overhead charge based on the segment's revenue. Expenses not charged to the segments are reported separately as Unallocated. Because the Unallocated category includes a variety of items, it is subject to fluctuations on a quarterly and annual basis. Segment information for 2023, 2022 and 2021 was as follows:
Identifiable assets by segment are those assets that are specifically used in that segment. Corporate assets are principally cash and equivalents, investments and other general corporate assets. Enterprise-wide information for the twelve months ended December 31, 2023, 2022 and 2021 was as follows:
Operating revenue by geographic region is based on the customers' locations. The Company had approximately 44% and 45% of its total net plant and equipment in the United States as of December 31, 2023 and 2022, respectively. Additionally, the Company had 13% and 12% of its total net plant and equipment in China as of December 31, 2023 and 2022, respectively. No other countries represented more than 10% of the Company's net plant and equipment as of December 31, 2023 and 2022. No single customer accounted for more than 5% of consolidated revenues for the twelve months ended December 31, 2023, 2022 or 2021.
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Insider Trading Arrangements |
3 Months Ended | 12 Months Ended |
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Dec. 31, 2023
shares
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Dec. 31, 2023
shares
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Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Michael R. Zimmerman [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On December 6, 2023, Michael R. Zimmerman, Executive Vice President, adopted a plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a "Rule 10b5-1 trading arrangement"). The Rule 10b5-1 trading arrangement covers the exercise of 19,567 stock options and the related sale of such shares. The 10b5-1 trading arrangement expires on March 7, 2025.
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Name | Michael R. Zimmerman | |
Title | Executive Vice President | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | December 6, 2023 | |
Arrangement Duration | 457 days | |
Aggregate Available | 19,567 | 19,567 |
Description of Business and Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation and translation | Consolidation and translation— The financial statements include the Company and its majority-owned subsidiaries. The Company follows the equity method of accounting for investments where the Company has a significant influence but not a controlling interest. Intercompany transactions are eliminated from the financial statements. Foreign subsidiaries' assets and liabilities are translated to U.S. dollars at end-of-period exchange rates. Revenues and expenses are translated at average rates for the period. Translation adjustments are reported as a component of accumulated other comprehensive income (loss) in stockholders' equity.
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Reclassifications | Reclassifications— Certain reclassifications of prior year data have been made to conform to current year reporting.
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Use of estimates | Use of estimates— The preparation of the Company's financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the notes to financial statements. Actual results could differ from those estimates.
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Acquisitions | Acquisitions— The Company accounts for acquisitions under the acquisition method, in which assets acquired and liabilities assumed are recorded at fair value as of the date of acquisition. The operating results of the acquired companies are included in the Company's consolidated financial statements from the date of acquisition. Refer to Note 3. Acquisitions for additional information regarding the Company's acquisitions.
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Operating revenue | Operating revenue— Operating revenue is recognized at the time a good or service is transferred to a customer and the customer obtains control of that good or receives the service performed. The Company's sales arrangements with customers are predominantly short-term in nature involving a single performance obligation related to the delivery of products and generally provide for transfer of control at the time of shipment. In limited circumstances, there may be significant obligations to the customer that are unfulfilled at the time of shipment, typically involving installation of equipment and customer acceptance. In these circumstances, operating revenue may be deferred until all significant obligations have been completed. In other limited arrangements, the Company may recognize revenue over time. This may include arrangements for service performed over time where operating revenue is recognized over time as the service is provided to the customer. It may also include the sale of highly specialized systems that include a high degree of customization and installation at the customer site which are recognized over time if the product does not have an alternative use and the Company has an enforceable right to payment for work performed to date. Revenue for transactions meeting these criteria is recognized over time as work is performed based on the costs incurred to date relative to the total estimated costs at completion. The amount of operating revenue recorded reflects the consideration to which the Company expects to be entitled in exchange for goods or services and may include adjustments for customer allowances and rebates. Customer allowances and rebates consist primarily of volume discounts and other short-term incentive programs, which are estimated at the time of sale based on historical experience and anticipated trends. Shipping and handling charges billed to customers are included in revenue and are recognized along with the related product revenue as they are considered a fulfillment cost. Sales commissions are expensed when incurred, which is generally at the time of revenue recognition. Contract liabilities associated with sales arrangements primarily relate to deferred revenue on equipment sales and prepaid service contracts. |
Research and development expenses | Research and development expenses— Research and development expenses are recorded as expense in the year incurred. |
Advertising expenses | Advertising expenses— Advertising expenses are recorded as expense in the year incurred. |
Income taxes | Income taxes— The Company utilizes the asset and liability method of accounting for income taxes. Deferred income taxes are determined based on the estimated future tax effects of differences between the financial and tax bases of assets and liabilities given the provisions of the enacted tax laws. Valuation allowances are established when it is estimated that it is more likely than not that the tax benefit of the deferred tax asset will not be realized.
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Cash and equivalents | Cash and equivalents— Cash and equivalents include cash on hand and instruments having original maturities of three months or less. Cash and equivalents are stated at cost, which approximates fair value.
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Trade receivables | Trade receivables— Trade receivables are net of allowances for doubtful accounts. |
Inventories | Inventories— Inventories are stated at the lower of cost or net realizable value and include material, labor and factory overhead. The last-in, first-out ("LIFO") method is used to determine the cost of inventories at certain U.S. businesses. The first-in, first-out ("FIFO") method, which approximates current cost, is used for all other inventories. |
Net plant and equipment | Net plant and equipment— Net plant and equipment are stated at cost, less accumulated depreciation. Renewals and improvements that increase the useful life of plant and equipment are capitalized. Maintenance and repairs are charged to expense as incurred.The Company's U.S. businesses primarily compute depreciation on an accelerated basis. The majority of the Company's international businesses compute depreciation on a straight-line basis. |
Goodwill and intangible assets | Goodwill and intangible assets— Goodwill represents the excess cost over fair value of the net assets of acquired businesses. The Company does not amortize goodwill and intangible assets that have indefinite lives. Amortizable intangible assets are being amortized on a straight-line basis over their estimated useful lives of 3 to 20 years. The Company performs an impairment assessment of goodwill and intangible assets with indefinite lives annually, or more frequently if triggering events occur, based on the estimated fair value of the related reporting unit or intangible asset. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. When performing its annual impairment assessment, the Company evaluates the goodwill assigned to each of its reporting units for potential impairment by comparing the estimated fair value of the relevant reporting unit to the carrying value. The Company uses various Level 2 and Level 3 valuation techniques to determine the fair value of its reporting units, including discounting estimated future cash flows based on a cash flow forecast prepared by the relevant reporting unit and market multiples of relevant public companies. If the fair value of a reporting unit is less than its carrying value, a goodwill impairment loss is recorded for the difference. The Company's indefinite-lived intangible assets consist of trademarks and brands. The estimated fair values of these intangible assets are determined based on a Level 3 valuation method using a relief-from-royalty income approach derived from internally forecasted revenues of the related products. If the fair value of the trademark or brand is less than its carrying value, an impairment loss is recorded for the difference.
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Leases | Leases— The Company recognizes a lease liability and corresponding right-of-use asset for all operating leases with a noncancellable lease term of greater than one year. Rental expense for operating leases is recognized on a straight-line basis over the noncancellable lease term based on the minimum lease payments at lease inception. Changes in rent subsequent to commencement that were not included in minimum lease payments at inception are recognized as variable rent in the period incurred. Refer to Note 10. Leases for additional information regarding the Company's operating leases.
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Accrued warranties | Accrued warranties— The Company accrues for product warranties based on historical experience. |
New Accounting Pronouncements | New Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (the "FASB") issued authoritative guidance which improves the accounting for acquired revenue contracts with customers in a business combination. The new guidance provides an exception to measure contract assets and contract liabilities acquired in a business combination in accordance with existing revenue recognition guidance rather than at fair value. The Company early adopted this new guidance in the fourth quarter of 2021. The new guidance is effective prospectively upon adoption and must also be applied retrospectively to all interim periods in the year of adoption. The adoption of this new accounting guidance did not have a material impact on the Company's results of operations or financial position. Refer to Note 3. Acquisitions for additional information regarding the Company's acquisitions. In November 2023, the FASB issued authoritative guidance which expands annual and interim disclosure requirements for reportable segments. The more significant provisions include the requirement to disclose significant segment expenses and certain disclosures made annually under existing guidance will be required for interim periods. The guidance is effective for the Company beginning with its annual reporting for the year ended December 31, 2024 and is required to be applied retrospectively to all periods presented. The Company is currently assessing the impact the guidance will have on its disclosures. In December 2023, the FASB issued authoritative guidance that expands the disclosure requirements for income taxes. The new guidance will require consistent categories and greater disaggregation of information presented in the effective tax rate reconciliation as well as disaggregation of income taxes paid by jurisdiction. The guidance is effective for the Company beginning with its annual reporting for the year ended December 31, 2025 and is required to be applied prospectively, with retrospective application to prior periods allowed. The Company is currently assessing the impact the guidance will have on its disclosures.
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Debt | Short-term debt represents obligations with a maturity date of one year or less and is stated at cost, which approximates fair value. Short-term debt also includes current maturities of long-term debt that have been reclassified to short-term, and excludes short-term debt classified as long-term because the Company has the intent and ability to extend the maturity date beyond one year.Long-term debt represents obligations with a maturity date greater than one year or where the Company has the intent and ability to extend the maturity date beyond one year, and excludes current maturities that have been reclassified to short-term debt. |
Commitments and Contingencies | The Company accrues for such liabilities when it is probable that future costs will be incurred and such costs can be reasonably estimated. |
Description of Business and Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Allowance for Doubtful Accounts | The changes in the allowance for doubtful accounts for the years ended December 31, 2023, 2022 and 2021 were as follows:
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Schedule of Inventory | The major classes of inventory at December 31, 2023 and 2022 were as follows:
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Schedule of Net Plant and Equipment and Ranges of Useful Lives | Net plant and equipment consisted of the following at December 31, 2023 and 2022:
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Schedule of Changes in Accrued Warranties | The changes in accrued warranties for the years ended December 31, 2023, 2022 and 2021 were as follows:
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Operating Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Operating Revenue by Product Category | Operating revenue by product category, which is consistent with the Company's segment presentation, for the twelve months ended December 31, 2023, 2022 and 2021 was as follows:
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Other Income (Expense) (Tables) |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Income (Expense) | Other income (expense) for the twelve months ended December 31, 2023, 2022 and 2021 consisted of the following:
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes for the twelve months ended December 31, 2023, 2022 and 2021 were as follows:
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Schedule of Income Before Taxes for Domestic and Foreign Operations | Income before taxes for domestic and foreign operations for the twelve months ended December 31, 2023, 2022 and 2021 was as follows:
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Schedule of Reconciliation Between U.S. Federal Statutory Tax Rate and Effective Tax Rate | The reconciliation between the U.S. federal statutory tax rate and the effective tax rate for the twelve months ended December 31, 2023, 2022 and 2021 was as follows:
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Schedule of Components of Deferred Income Tax Assets and Liabilities | The components of deferred income tax assets and liabilities as of December 31, 2023 and 2022 were as follows:
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Schedule of Net Operating Loss Carryforwards | As of December 31, 2023, the Company had net operating loss carryforwards available to offset future taxable income in the U.S. and certain foreign jurisdictions, which expire as follows:
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Schedule of Changes in Amount of Unrecognized Tax Benefits | The changes in the amount of unrecognized tax benefits for the twelve months ended December 31, 2023, 2022 and 2021 were as follows:
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Summary of Open Tax Years | The following table summarizes the open tax years for the Company's major jurisdictions:
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Net Income Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Computation of Net Income Per Share | The computation of net income per share for the twelve months ended December 31, 2023, 2022 and 2021 was as follows:
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Goodwill and Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the twelve months ended December 31, 2023 and 2022 were as follows:
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Schedule of Finite-lived Intangible Assets | Intangible assets as of December 31, 2023 and 2022 were as follows:
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Schedule of Indefinite-lived Intangible Assets | Intangible assets as of December 31, 2023 and 2022 were as follows:
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Schedule of Estimated Future Amortization Expense of Intangible Assets | As of December 31, 2023, the estimated future amortization expense of intangible assets for the twelve months ending December 31 was as follows:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Assets and Liabilities | The following table summarizes information related to the Company's capitalized operating leases for 2023, 2022 and 2021:
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Schedule of Lease Cost | The following table summarizes information related to the Company's capitalized operating leases for 2023, 2022 and 2021:
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Schedule of Future Maturities of Operating Lease Liabilities | As of December 31, 2023, future maturities of operating lease liabilities for the twelve months ending December 31 were as follows:
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Total debt as of December 31, 2023 and 2022 was as follows:
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Schedule of Short-term Debt | Short-term debt as of December 31, 2023 and 2022 consisted of the following:
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Schedule of Long-term Debt at Carrying Value and Fair Value | Long-term debt at carrying value and fair value as of December 31, 2023 and 2022 consisted of the following:
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Schedule of Future Maturities of Long-term Debt Including Current Maturities of Long-term Debt | As of December 31, 2023, scheduled future maturities of long-term debt, including current maturities of long-term debt, for the twelve months ending December 31 were as follows:
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Pension and Other Postretirement Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Information Regarding Net Periodic Benefit Cost Included in Statement of Income Related to Significant Defined Benefit Pension and Other Postretirement Benefit Plans | Summarized information regarding net periodic benefit cost included in the Statement of Income related to the Company's significant defined benefit pension and other postretirement benefit plans for the twelve months ended December 31, 2023, 2022 and 2021 is as follows:
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Schedule of Change in Plan Benefit Obligations | The following table provides a rollforward of the plan benefit obligations for the twelve months ended December 31, 2023 and 2022:
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Schedule of Change in Plan Assets and Reconciliation of Funded Status | The following table provides a rollforward of the plan assets and a reconciliation of funded status for the twelve months ended December 31, 2023 and 2022:
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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:
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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:
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Schedule of Benefit Plan Assets by Category and Valuation Methodology | The following tables present the fair value of the Company's pension and other postretirement benefit plan assets as of December 31, 2023 and 2022 by asset category and valuation methodology. Level 1 assets are valued using unadjusted quoted prices for identical assets in active markets. Level 2 assets are valued using quoted prices or other observable inputs for similar assets. Level 3 assets are valued using unobservable inputs, but reflect the assumptions market participants would be expected to use in pricing the assets. Each financial instrument's categorization is based on the lowest level of input that is significant to the fair value measurement.
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Schedule of Expected Future Benefit Payments | As of December 31, 2023, the Company's portion of the future benefit payments that are expected to be paid during the twelve months ending December 31 is as follows:
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Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) during 2023, 2022 and 2021 were as follows:
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Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock-based Compensation Expense | The following table summarizes the Company's stock-based compensation expense for the twelve months ended December 31, 2023, 2022 and 2021:
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Summary of Activity Related to Non-vested RSUs | The following table summarizes activity related to non-vested RSUs for the twelve months ended December 31, 2023:
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Summary of Stock Option Activity | The following table summarizes stock option activity for the twelve months ended December 31, 2023:
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Summary of Assumptions Used in Option Valuations | The following summarizes the assumptions used in the option valuations for the twelve months ended December 31, 2023, 2022 and 2021:
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Other Balance Sheet Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Other Balance Sheet Information | Other balance sheet information as of December 31, 2023 and 2022 was as follows:
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Segment Information | Segment information for 2023, 2022 and 2021 was as follows:
|
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Summary of Enterprise-wide Information | Enterprise-wide information for the twelve months ended December 31, 2023, 2022 and 2021 was as follows:
|
Description of Business and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023
USD ($)
country
segment
division
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 01, 2021 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Number of company divisions | division | 84 | |||
Number of countries with company operations | country | 51 | |||
Number of operating segments | segment | 7 | |||
Deferred revenue and customer deposits | $ 395 | $ 427 | ||
Research and development expenses | 284 | 269 | $ 239 | |
Advertising expenses | $ 60 | $ 57 | 50 | |
Percentage of total inventories priced at LIFO | 23.00% | 22.00% | ||
LIFO reserve | $ 117 | $ 111 | ||
Depreciation | $ 282 | $ 276 | $ 277 | |
Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortizable intangible asset, useful life | 3 years | 1 year | ||
Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortizable intangible asset, useful life | 20 years | 14 years |
Description of Business and Summary of Significant Accounting Policies - Schedule of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Changes in Allowances for Uncollectible Accounts | |||
Beginning balance | $ 26 | $ 28 | $ 29 |
Provision charged to expense | 6 | 5 | 3 |
Acquisitions and divestitures | 0 | 2 | 2 |
Write-offs, net of recoveries | (3) | (8) | (5) |
Foreign currency translation | 0 | (1) | (1) |
Ending balance | $ 29 | $ 26 | $ 28 |
Description of Business and Summary of Significant Accounting Policies - Schedule of Inventory (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory, Net [Abstract] | ||
Raw material | $ 742 | $ 887 |
Work-in-process | 234 | 228 |
Finished goods | 848 | 1,050 |
LIFO reserve | (117) | (111) |
Total inventories | $ 1,707 | $ 2,054 |
Description of Business and Summary of Significant Accounting Policies - Schedule of Net Plant and Equipment (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounting Policies [Abstract] | ||
Land | $ 197 | $ 188 |
Buildings and improvements | 1,490 | 1,414 |
Machinery and equipment | 4,070 | 3,891 |
Construction in progress | 294 | 259 |
Gross plant and equipment | 6,051 | 5,752 |
Accumulated depreciation | (4,075) | (3,904) |
Net plant and equipment | $ 1,976 | $ 1,848 |
Description of Business and Summary of Significant Accounting Policies - Schedule of Ranges of Useful Lives (Details) |
Dec. 31, 2023 |
---|---|
Minimum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Plant and equipment, useful life | 5 years |
Minimum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Plant and equipment, useful life | 3 years |
Maximum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Plant and equipment, useful life | 50 years |
Maximum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Plant and equipment, useful life | 12 years |
Description of Business and Summary of Significant Accounting Policies - Schedule of Changes in Accrued Warranties (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Changes in Accrued Product Warranties | |||
Beginning balance | $ 42 | $ 46 | $ 45 |
Charges | (51) | (41) | (34) |
Provision charged to expense | 56 | 40 | 34 |
Acquisitions and divestitures | 0 | (2) | 5 |
Foreign currency translation/other | 1 | (1) | (4) |
Ending balance | $ 48 | $ 42 | $ 46 |
Acquisitions (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 01, 2021 |
Dec. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2023 |
|
Business Acquisition [Line Items] | ||||
Goodwill | $ 4,965 | $ 4,864 | $ 4,909 | |
Expected amortizable intangible assets | 3,583 | $ 3,585 | ||
Weighted average amortization period | 11 years | |||
Minimum | ||||
Business Acquisition [Line Items] | ||||
Amortizable intangible asset, useful life | 1 year | 3 years | ||
Maximum | ||||
Business Acquisition [Line Items] | ||||
Amortizable intangible asset, useful life | 14 years | 20 years | ||
M T S | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 750 | |||
Operating revenue since acquisition | $ 46 | 422 | ||
Goodwill | 430 | |||
Intangible assets | 259 | |||
Expected amortizable intangible assets | 166 | |||
M T S | Trademarks and Trade Names | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 93 |
Divestitures (Details) $ in Millions |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 31, 2022
USD ($)
business
|
Jun. 30, 2022
business
|
Dec. 31, 2019
business
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Capital loss carryforwards | $ 194 | $ 194 | $ 194 | |||
2019 Divestitures Plan | Disposal Group, Held-for-Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Divestiture of businesses, annual revenues (up to) | 1,000 | |||||
2019 Divestitures Plan | Disposal Group, Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of businesses divested | business | 3 | |||||
2022 Divestitures Plan | Disposal Group, Held-for-Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of businesses divested | business | 2 | |||||
Number of businesses to be divested | business | 2 | |||||
2022 Divestitures Plan | Disposal Group, Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Combined annual revenues for businesses to be sold | 500 | |||||
Capital loss carryforwards | $ 32 | 32 | ||||
Operating revenue | 106 | $ 115 | ||||
Polymers & Fluids | 2022 Divestitures Plan | Disposal Group, Held-for-Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of businesses to be divested | business | 1 | |||||
Polymers & Fluids | 2022 Divestitures Plan | Disposal Group, Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of business | 220 | |||||
Gain on sale of business | 156 | |||||
Food Equipment | 2022 Divestitures Plan | Disposal Group, Held-for-Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of businesses to be divested | business | 1 | |||||
Food Equipment | 2022 Divestitures Plan | Disposal Group, Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of business | 59 | |||||
Gain on sale of business | $ 41 | |||||
Specialty Products | 2022 Divestitures Plan | Disposal Group, Held-for-Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of businesses to be divested | business | 1 | |||||
Assets held for sale | $ 8 | 8 | ||||
Liabilities held for sale | $ 1 | 1 | ||||
Specialty Products | 2022 Divestitures Plan | Disposal Group, Disposed of by Sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Operating revenue | $ 9 | $ 37 | $ 35 |
Operating Revenue (Details) |
12 Months Ended |
---|---|
Dec. 31, 2023
segment
division
| |
Revenue from Contract with Customer [Abstract] | |
Number of company divisions | division | 84 |
Number of reportable segments | segment | 7 |
Operating Revenue - Summary of Operating Revenue by Product Category (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disaggregation of Revenue [Line Items] | |||
Operating Revenue | $ 16,107 | $ 15,932 | $ 14,455 |
Operating segments | Automotive OEM | |||
Disaggregation of Revenue [Line Items] | |||
Operating Revenue | 3,235 | 2,969 | 2,800 |
Operating segments | Food Equipment | |||
Disaggregation of Revenue [Line Items] | |||
Operating Revenue | 2,622 | 2,444 | 2,078 |
Operating segments | Test & Measurement and Electronics | |||
Disaggregation of Revenue [Line Items] | |||
Operating Revenue | 2,832 | 2,828 | 2,346 |
Operating segments | Welding | |||
Disaggregation of Revenue [Line Items] | |||
Operating Revenue | 1,902 | 1,894 | 1,650 |
Operating segments | Polymers & Fluids | |||
Disaggregation of Revenue [Line Items] | |||
Operating Revenue | 1,804 | 1,905 | 1,804 |
Operating segments | Construction Products | |||
Disaggregation of Revenue [Line Items] | |||
Operating Revenue | 2,033 | 2,113 | 1,945 |
Operating segments | Specialty Products | |||
Disaggregation of Revenue [Line Items] | |||
Operating Revenue | 1,697 | 1,799 | 1,854 |
Intersegment revenue | |||
Disaggregation of Revenue [Line Items] | |||
Operating Revenue | $ 18 | $ 20 | $ 22 |
Other Income (Expense) - Schedule of Other Income (Expense) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Other Nonoperating Income (Expense) [Abstract] | |||
Interest income | $ 51 | $ 22 | $ 12 |
Other net periodic benefit income | 33 | 41 | 23 |
Income (loss) from investments | 2 | 9 | 29 |
Gain (loss) on sale of operations and affiliates | 1 | 191 | 0 |
Equity income in Wilsonart | 0 | 0 | 0 |
Gain (loss) on foreign currency transactions, net | (39) | (7) | (9) |
Other, net | 1 | (1) | (4) |
Total other income (expense) | $ 49 | $ 255 | $ 51 |
Other Income (Expense) - Narrative (Details) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2022
business
|
Dec. 31, 2023 |
Dec. 31, 2016
USD ($)
|
Dec. 31, 2012 |
|
Disposal Group, Held-for-Sale | 2022 Divestitures Plan | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of businesses divested | business | 2 | |||
Wilsonart International Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 49.00% | |||
Preferred units owned by other party | 51.00% | |||
Cash dividend distribution | $ 167,000,000 | |||
Pre-tax gain from dividends in excess of equity investment | 54,000,000 | |||
Equity method investment | $ 0 | |||
Wilsonart International Holdings LLC | Cumulative Convertible Participating Preferred Units | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Dividend rate for preferred units | 10.00% | |||
Decorative Surfaces | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of segment divested | 51.00% |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Dec. 31, 2017 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income Tax Disclosure [Abstract] | |||||||||
Tax Cuts and Jobs Act, income tax expense | $ 676 | ||||||||
Noncurrent income taxes payable | $ 273 | $ 151 | $ 273 | ||||||
Effective tax rate | 22.60% | 21.00% | 19.00% | ||||||
Discrete tax benefit | $ 20 | 32 | $ 51 | $ 21 | $ 112 | ||||
Effective tax rate, share-based compensation, excess tax benefit, amount | $ 20 | $ 12 | $ 17 | ||||||
Accrual foreign withhold taxes | 50 | 39 | 50 | ||||||
Undistributed earnings of foreign subsidiaries | 6,000 | ||||||||
Unrecognized tax benefits that would impact effective tax rate | 295 | ||||||||
Possible decrease in unrecognized tax benefits resulting from ongoing audits | 8 | ||||||||
Accrual for interest and penalties related to income tax matters | $ 26 | $ 34 | $ 26 |
Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
U.S. federal income taxes: | |||
Current | $ 455 | $ 478 | $ 399 |
Deferred | (111) | (143) | (95) |
Total U.S. federal income taxes | 344 | 335 | 304 |
Foreign income taxes: | |||
Current | 405 | 387 | 302 |
Deferred | 31 | 13 | (57) |
Total foreign income taxes | 436 | 400 | 245 |
State income taxes: | |||
Current | 94 | 93 | 79 |
Deferred | (8) | (20) | 4 |
Total state income taxes | 86 | 73 | 83 |
Total provision for income taxes | $ 866 | $ 808 | $ 632 |
Income Taxes - Schedule of Income Before Taxes for Domestic and Foreign Operations and Reconciliation Between U.S. Federal Statutory Tax Rate and Effective Tax Rate (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income from Continuing Operations Before Income Taxes | |||
Domestic | $ 1,953 | $ 2,128 | $ 1,667 |
Foreign | 1,870 | 1,714 | 1,659 |
Income Before Taxes | $ 3,823 | $ 3,842 | $ 3,326 |
Reconciliation Between the U.S. Federal Statutory Tax Rate and The Effective Tax Rate | |||
U.S. federal statutory tax rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of U.S. federal tax benefit | 1.90% | 1.60% | 2.10% |
Differences between U.S. federal statutory and foreign tax rates | 1.10% | 0.60% | 0.30% |
U.S. tax effect of foreign earnings | 0.80% | 1.00% | 1.20% |
Tax effect of foreign dividends | 0.10% | 0.60% | 0.60% |
Changes in tax law | 0.00% | 0.00% | (3.40%) |
Audit resolution | (0.20%) | (1.40%) | (0.10%) |
Excess tax benefits from stock-based compensation | (0.50%) | (0.30%) | (0.50%) |
Foreign derived intangible income | (1.40%) | (1.30%) | (1.30%) |
Other, net | (0.20%) | (0.80%) | (0.90%) |
Effective tax rate | 22.60% | 21.00% | 19.00% |
Income Taxes - Schedule of Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Deferred Income Tax Assets | ||
Goodwill and intangible assets | $ 505 | $ 437 |
Inventory reserves, capitalized tax cost and LIFO inventory | 51 | 51 |
Investments | 19 | 23 |
Plant and equipment | 12 | 15 |
Accrued expenses and reserves | 34 | 39 |
Employee benefit accruals | 165 | 166 |
Foreign tax credit carryforwards | 12 | 14 |
Net operating loss carryforwards | 463 | 441 |
Capital loss carryforwards | 194 | 194 |
Allowances for uncollectible accounts | 12 | 11 |
Capitalized research and development | 88 | 44 |
Unrealized loss (gain) on foreign debt instruments | 0 | 0 |
Operating leases | 53 | 47 |
Other | 43 | 45 |
Gross deferred income tax assets | 1,651 | 1,527 |
Valuation allowances | (624) | (595) |
Total deferred income tax assets | 1,027 | 932 |
Deferred Income Tax Liabilities | ||
Goodwill and intangible assets | (492) | (505) |
Inventory reserves, capitalized tax cost and LIFO inventory | (3) | (3) |
Investments | (124) | (141) |
Plant and equipment | (113) | (106) |
Pension liabilities | (21) | (25) |
Unrealized loss (gain) on foreign debt instruments | (37) | (65) |
Operating leases | (53) | (47) |
Other | (31) | (30) |
Gross deferred income tax liabilities | $ (874) | $ (922) |
Income Taxes - Schedule of Net Operating Loss Carryforwards (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
---|---|
Operating Loss Carryforwards [Line Items] | |
Total gross carryforwards related to net operating losses | $ 1,709 |
2024 | |
Operating Loss Carryforwards [Line Items] | |
Total gross carryforwards related to net operating losses | 10 |
2025 | |
Operating Loss Carryforwards [Line Items] | |
Total gross carryforwards related to net operating losses | 1 |
2026 | |
Operating Loss Carryforwards [Line Items] | |
Total gross carryforwards related to net operating losses | 4 |
2027 | |
Operating Loss Carryforwards [Line Items] | |
Total gross carryforwards related to net operating losses | 1 |
2028 | |
Operating Loss Carryforwards [Line Items] | |
Total gross carryforwards related to net operating losses | 2 |
2029-2049 | |
Operating Loss Carryforwards [Line Items] | |
Total gross carryforwards related to net operating losses | 664 |
Do not expire | |
Operating Loss Carryforwards [Line Items] | |
Total gross carryforwards related to net operating losses | $ 1,027 |
Income Taxes - Schedule of Changes in Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Changes in the amount of unrecognized tax benefits | |||
Beginning balance | $ 314 | $ 360 | $ 346 |
Additions based on tax positions related to the current year | 21 | 9 | 11 |
Additions for tax positions of prior years | 48 | 9 | 23 |
Reductions for tax positions of prior years | (33) | (56) | (12) |
Settlements | (23) | 0 | 0 |
Foreign currency translation | 2 | ||
Foreign currency translation | (8) | (8) | |
Ending balance | $ 329 | $ 314 | $ 360 |
Income Taxes - Summary of Open Tax Years (Details) |
12 Months Ended |
---|---|
Dec. 31, 2023 | |
Minimum | United States – Federal | |
Income Tax Contingency [Line Items] | |
Open tax years | 2019 |
Minimum | United Kingdom | |
Income Tax Contingency [Line Items] | |
Open tax years | 2017 |
Minimum | Germany | |
Income Tax Contingency [Line Items] | |
Open tax years | 2019 |
Minimum | France | |
Income Tax Contingency [Line Items] | |
Open tax years | 2017 |
Minimum | Australia | |
Income Tax Contingency [Line Items] | |
Open tax years | 2015 |
Maximum | United States – Federal | |
Income Tax Contingency [Line Items] | |
Open tax years | 2023 |
Maximum | United Kingdom | |
Income Tax Contingency [Line Items] | |
Open tax years | 2023 |
Maximum | Germany | |
Income Tax Contingency [Line Items] | |
Open tax years | 2023 |
Maximum | France | |
Income Tax Contingency [Line Items] | |
Open tax years | 2023 |
Maximum | Australia | |
Income Tax Contingency [Line Items] | |
Open tax years | 2023 |
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Earnings Per Share [Abstract] | |||
Net Income | $ 2,957 | $ 3,034 | $ 2,694 |
Net income per share—Basic: | |||
Weighted-average common shares (in shares) | 302.6 | 309.6 | 315.1 |
Net income per share—Basic (in dollars per share) | $ 9.77 | $ 9.80 | $ 8.55 |
Net income per share—Diluted: | |||
Weighted-average common shares (in shares) | 302.6 | 309.6 | 315.1 |
Effect of dilutive stock options and restricted stock units (in shares) | 1.0 | 1.1 | 1.3 |
Weighted-average common shares assuming dilution (in shares) | 303.6 | 310.7 | 316.4 |
Net income per share—Diluted (in dollars per share) | $ 9.74 | $ 9.77 | $ 8.51 |
Net Income Per Share - Narrative (Details) - shares shares in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Earnings Per Share [Abstract] | |||
Antidilutive options outstanding (in shares) | 0.3 | 0.9 | 0.4 |
Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Changes in the carrying amount of goodwill by segment | ||
Balance, beginning | $ 4,864 | $ 4,965 |
Acquisitions / (divestitures) | 58 | |
Transfers to assets held for sale | (37) | |
Foreign currency translation | 45 | (122) |
Balance, ending | 4,909 | 4,864 |
Cumulative goodwill impairment charges, December 31, 2023 | 240 | |
Automotive OEM | ||
Changes in the carrying amount of goodwill by segment | ||
Balance, beginning | 459 | 475 |
Acquisitions / (divestitures) | 0 | |
Transfers to assets held for sale | 0 | |
Foreign currency translation | 7 | (16) |
Balance, ending | 466 | 459 |
Cumulative goodwill impairment charges, December 31, 2023 | 24 | |
Food Equipment | ||
Changes in the carrying amount of goodwill by segment | ||
Balance, beginning | 249 | 265 |
Acquisitions / (divestitures) | 0 | |
Transfers to assets held for sale | (2) | |
Foreign currency translation | 2 | (14) |
Balance, ending | 251 | 249 |
Cumulative goodwill impairment charges, December 31, 2023 | 60 | |
Test & Measurement and Electronics | ||
Changes in the carrying amount of goodwill by segment | ||
Balance, beginning | 1,729 | 1,707 |
Acquisitions / (divestitures) | 58 | |
Transfers to assets held for sale | 0 | |
Foreign currency translation | 6 | (36) |
Balance, ending | 1,735 | 1,729 |
Cumulative goodwill impairment charges, December 31, 2023 | 83 | |
Welding | ||
Changes in the carrying amount of goodwill by segment | ||
Balance, beginning | 248 | 258 |
Acquisitions / (divestitures) | 0 | |
Transfers to assets held for sale | 0 | |
Foreign currency translation | 3 | (10) |
Balance, ending | 251 | 248 |
Cumulative goodwill impairment charges, December 31, 2023 | 5 | |
Polymers & Fluids | ||
Changes in the carrying amount of goodwill by segment | ||
Balance, beginning | 823 | 873 |
Acquisitions / (divestitures) | 0 | |
Transfers to assets held for sale | (33) | |
Foreign currency translation | 11 | (17) |
Balance, ending | 834 | 823 |
Cumulative goodwill impairment charges, December 31, 2023 | 15 | |
Construction Products | ||
Changes in the carrying amount of goodwill by segment | ||
Balance, beginning | 503 | 518 |
Acquisitions / (divestitures) | 0 | |
Transfers to assets held for sale | 0 | |
Foreign currency translation | 3 | (15) |
Balance, ending | 506 | 503 |
Cumulative goodwill impairment charges, December 31, 2023 | 7 | |
Specialty Products | ||
Changes in the carrying amount of goodwill by segment | ||
Balance, beginning | 853 | 869 |
Acquisitions / (divestitures) | 0 | |
Transfers to assets held for sale | (2) | |
Foreign currency translation | 13 | (14) |
Balance, ending | 866 | $ 853 |
Cumulative goodwill impairment charges, December 31, 2023 | $ 46 |
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Amortizable intangible assets: | ||
Cost | $ 3,585 | $ 3,583 |
Accumulated Amortization | (3,175) | (3,062) |
Net | 410 | 521 |
Total intangible assets, Cost | 3,832 | 3,830 |
Total intangible assets, Net | 657 | 768 |
Trademarks and brands | ||
Indefinite-lived intangible assets: | ||
Indefinite-lived intangible assets | 247 | 247 |
Customer lists and relationships | ||
Amortizable intangible assets: | ||
Cost | 1,746 | 1,746 |
Accumulated Amortization | (1,534) | (1,479) |
Net | 212 | 267 |
Trademarks and brands | ||
Amortizable intangible assets: | ||
Cost | 713 | 713 |
Accumulated Amortization | (573) | (541) |
Net | 140 | 172 |
Patents and proprietary technology | ||
Amortizable intangible assets: | ||
Cost | 615 | 615 |
Accumulated Amortization | (581) | (565) |
Net | 34 | 50 |
Other | ||
Amortizable intangible assets: | ||
Cost | 511 | 509 |
Accumulated Amortization | (487) | (477) |
Net | $ 24 | $ 32 |
Goodwill and Intangible Assets - Narrative (Details) - USD ($) |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 01, 2021 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Indefinite-lived Intangible Assets [Line Items] | |||||||
Goodwill | $ 4,909,000,000 | $ 4,864,000,000 | $ 4,965,000,000 | ||||
Goodwill and indefinite-lived asset impairment charges | $ 0 | $ 0 | $ 0 | ||||
M T S | |||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||
Purchase price | $ 750,000,000 | ||||||
Goodwill | 430,000,000 | ||||||
Intangible assets | $ 259,000,000 |
Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense of Intangible Assets (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
---|---|
Estimated amortization expense of intangible assets | |
2024 | $ 96 |
2025 | 75 |
2026 | 54 |
2027 | 43 |
2028 | $ 33 |
Leases - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Leases [Abstract] | |||
Rental expense for operating leases | $ 132 | $ 122 | $ 118 |
Rental expense related to short-term operating leases and variable lease payments | $ 60 | $ 56 | $ 47 |
Leases - Information Related to Capitalized Operating Leases (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Leases [Abstract] | |||
Rental expense related to capitalized operating leases | $ 72 | $ 66 | $ 71 |
Cash paid related to maturities of operating lease liabilities | 70 | 67 | 70 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 82 | $ 74 | $ 71 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent | Other Assets, Noncurrent | |
Operating lease right-of-use assets | $ 248 | $ 212 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued Liabilities, Current | Accrued Liabilities, Current | |
Current portion of operating lease liabilities | $ 58 | $ 55 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | |
Long-term portion of operating lease liabilities | $ 148 | $ 131 | |
Operating lease liabilities | $ 206 | $ 186 | |
Weighted-average remaining lease term | 5 years | 4 years 10 months 24 days | |
Weighted-average discount rate | 2.95% | 2.25% |
Leases - Schedule of Future Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Leases [Abstract] | ||
2024 | $ 63 | |
2025 | 47 | |
2026 | 35 | |
2027 | 26 | |
2028 | 17 | |
2029 and future years | 36 | |
Total future minimum lease payments | 224 | |
Less: Imputed interest | (18) | |
Operating lease liabilities | $ 206 | $ 186 |
Debt - Schedule of Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Disclosure [Abstract] | ||
Short-term debt | $ 1,825 | $ 1,590 |
Long-term debt | 6,339 | 6,173 |
Total debt | $ 8,164 | $ 7,763 |
Debt - Schedule of Short-term Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Disclosure [Abstract] | ||
Current maturities of long-term debt | $ 1,361 | $ 535 |
Commercial paper | 464 | 1,053 |
Other | 0 | 2 |
Total short-term debt | $ 1,825 | $ 1,590 |
Debt - Narrative (Details) |
3 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 22, 2023
EUR (€)
|
May 12, 2023
EUR (€)
|
May 05, 2023
EUR (€)
|
Feb. 22, 2022
EUR (€)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2023
EUR (€)
|
Jun. 30, 2019
EUR (€)
|
Nov. 30, 2016
USD ($)
|
May 31, 2015
EUR (€)
|
May 31, 2014
EUR (€)
|
Feb. 28, 2014
USD ($)
|
Dec. 31, 2012
USD ($)
|
Dec. 31, 2011
USD ($)
|
|
Line of Credit Facility [Line Items] | ||||||||||||||
Current maturities of long-term debt | $ | $ 535,000,000 | $ 1,361,000,000 | ||||||||||||
Guarantees, Letters Of Credit, And Other Similar Arrangements | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Line of credit, amounts outstanding | $ | $ 231,000,000 | |||||||||||||
Unsecured Debt | Net Investment Hedging | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Face value of notes | € 1,000,000,000 | € 1,000,000,000 | ||||||||||||
Commercial paper | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Weighted average interest rate | 4.35% | 5.40% | 5.40% | |||||||||||
3.50% notes due march 1, 2024 | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Current maturities of long-term debt | $ | $ 700,000,000 | |||||||||||||
Interest rate, stated percentage | 3.50% | 3.50% | ||||||||||||
0.25% Euro notes due December 5, 2024 | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Current maturities of long-term debt | $ | $ 661,000,000 | |||||||||||||
Interest rate, stated percentage | 0.25% | 0.25% | ||||||||||||
0.25% Euro notes due December 5, 2024 | Unsecured Debt | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Effective interest rate | 0.31% | 0.31% | ||||||||||||
0.25% Euro notes due December 5, 2024 | Senior Notes | Net Investment Hedging | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 0.25% | |||||||||||||
Face value of notes | € 600,000,000 | |||||||||||||
Debt instrument, face value, percentage | 99.662% | |||||||||||||
1.25% Euro notes due May 22, 2023 | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Current maturities of long-term debt | $ | $ 535,000,000 | |||||||||||||
Interest rate, stated percentage | 1.25% | 1.25% | 1.25% | |||||||||||
1.25% Euro notes due May 22, 2023 | Unsecured Debt | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 1.25% | |||||||||||||
Face value of notes | € 500,000,000 | |||||||||||||
Notes issued, percentage of face value | 99.239% | |||||||||||||
Effective interest rate | 1.35% | 1.35% | ||||||||||||
Note Due October 21, 2027 | Line of Credit | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Line of credit, maximum borrowing capacity | $ | $ 3,000,000,000 | |||||||||||||
Debt Instrument, term | 5 years | |||||||||||||
Line of credit, amounts outstanding | $ | $ 0 | $ 0 | ||||||||||||
International Debt Facilities | Line of Credit | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Unused capacity under international debt facilities | $ | $ 158,000,000 | |||||||||||||
Euro Credit Agreement due May 3, 2024 | Senior Notes | Net Investment Hedging | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Face value of notes | € 1,300,000,000 | |||||||||||||
Euro Credit Agreement due May 3, 2024 | Line of Credit | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Line of credit, amounts outstanding | € 1,300,000,000 | |||||||||||||
Face value of notes | € 1,300,000,000 | |||||||||||||
Proceeds from lines of credit | € 1,300,000,000 | |||||||||||||
Effective interest rate | 4.59% | 4.59% | ||||||||||||
Euro Credit Agreement due May 3, 2024 | Line of Credit | EURIBOR rate | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.75% | |||||||||||||
3.375% notes due September 15, 2021 | Unsecured Debt | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 3.375% | |||||||||||||
Face value of notes | $ | $ 350,000,000 | |||||||||||||
Notes issued, percentage of face value | 99.552% | |||||||||||||
4.875% notes due September 15, 2041 | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 4.875% | 4.875% | ||||||||||||
4.875% notes due September 15, 2041 | Unsecured Debt | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 4.875% | |||||||||||||
Face value of notes | $ | $ 650,000,000 | |||||||||||||
Notes issued, percentage of face value | 98.539% | |||||||||||||
Effective interest rate | 4.97% | 4.97% | ||||||||||||
3.90% notes due September 1, 2042 | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 3.90% | 3.90% | ||||||||||||
3.90% notes due September 1, 2042 | Unsecured Debt | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 3.90% | |||||||||||||
Face value of notes | $ | $ 1,100,000,000 | |||||||||||||
Notes issued, percentage of face value | 99.038% | |||||||||||||
Effective interest rate | 3.96% | 3.96% | ||||||||||||
3.50% notes due March 1, 2024 | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 3.50% | 3.50% | ||||||||||||
3.50% notes due March 1, 2024 | Unsecured Debt | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 3.50% | |||||||||||||
Face value of notes | $ | $ 700,000,000 | |||||||||||||
Notes issued, percentage of face value | 99.648% | |||||||||||||
Effective interest rate | 3.54% | 3.54% | ||||||||||||
Euro notes due May 22, 2023 | Unsecured Debt | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 1.75% | |||||||||||||
Face value of notes | € 500,000,000 | |||||||||||||
Notes issued, percentage of face value | 99.16% | |||||||||||||
3.00% Euro notes due May 19, 2034 | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 3.00% | 3.00% | ||||||||||||
3.00% Euro notes due May 19, 2034 | Unsecured Debt | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 3.00% | |||||||||||||
Face value of notes | € 500,000,000 | |||||||||||||
Notes issued, percentage of face value | 98.089% | |||||||||||||
Effective interest rate | 3.13% | 3.13% | ||||||||||||
2.125% Euro notes due May 22, 2030 | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 2.125% | 2.125% | ||||||||||||
2.125% Euro notes due May 22, 2030 | Unsecured Debt | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 2.125% | |||||||||||||
Face value of notes | € 500,000,000 | |||||||||||||
Notes issued, percentage of face value | 99.303% | |||||||||||||
Effective interest rate | 2.18% | 2.18% | ||||||||||||
2.65% notes due November 15, 2026 | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 2.65% | 2.65% | ||||||||||||
2.65% notes due November 15, 2026 | Unsecured Debt | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 2.65% | |||||||||||||
Face value of notes | $ | $ 1,000,000,000 | |||||||||||||
Notes issued, percentage of face value | 99.685% | |||||||||||||
Effective interest rate | 2.69% | 2.69% | ||||||||||||
0.625% Euro notes due December 5, 2027 | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 0.625% | 0.625% | ||||||||||||
0.625% Euro notes due December 5, 2027 | Unsecured Debt | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Effective interest rate | 0.71% | 0.71% | ||||||||||||
0.625% Euro notes due December 5, 2027 | Senior Notes | Net Investment Hedging | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 0.625% | |||||||||||||
Face value of notes | € 500,000,000 | |||||||||||||
Debt instrument, face value, percentage | 99.343% | |||||||||||||
1.00% Euro notes due June 5, 2031 | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 1.00% | 1.00% | ||||||||||||
1.00% Euro notes due June 5, 2031 | Unsecured Debt | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Effective interest rate | 1.09% | 1.09% | ||||||||||||
1.00% Euro notes due June 5, 2031 | Senior Notes | Net Investment Hedging | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Interest rate, stated percentage | 1.00% | |||||||||||||
Face value of notes | € 500,000,000 | |||||||||||||
Debt instrument, face value, percentage | 98.982% | |||||||||||||
Euro Notes Issued June 2019 | Senior Notes | Net Investment Hedging | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Face value of notes | € 1,600,000,000 | |||||||||||||
Euro Notes, Issued 2014 | Euro Notes | Net Investment Hedging | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Face value of notes | € 1,000,000,000 | |||||||||||||
Debt repayment | € 500,000,000 | |||||||||||||
Euro Notes Issued May 2015 | Euro Notes | Net Investment Hedging | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Debt repayment | € 500,000,000 |
Debt - Schedule of Long-term Debt at Carrying Value and Fair Value (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Nov. 30, 2016 |
May 31, 2015 |
May 31, 2014 |
Feb. 28, 2014 |
Dec. 31, 2012 |
Dec. 31, 2011 |
---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||||
Carrying Value | $ 7,700 | $ 6,708 | ||||||
Fair Value | 7,457 | 6,228 | ||||||
Less: Current maturities of long-term debt | (1,361) | (535) | ||||||
Total long-term debt | $ 6,339 | $ 6,173 | ||||||
1.25% Euro notes due May 22, 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 1.25% | 1.25% | ||||||
Less: Current maturities of long-term debt | $ (535) | |||||||
1.25% Euro notes due May 22, 2023 | Unsecured debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 1.25% | |||||||
Effective Interest Rate | 1.35% | |||||||
Carrying Value | $ 0 | 535 | ||||||
Fair Value | $ 0 | 533 | ||||||
3.50% notes due March 1, 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 3.50% | |||||||
3.50% notes due March 1, 2024 | Unsecured debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 3.50% | |||||||
Effective Interest Rate | 3.54% | |||||||
Carrying Value | $ 700 | 699 | ||||||
Fair Value | 698 | 691 | ||||||
Euro Credit Agreement due May 3, 2024 | Unsecured debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Carrying Value | 1,434 | 0 | ||||||
Fair Value | $ 1,434 | 0 | ||||||
0.25% Euro notes due December 5, 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 0.25% | |||||||
Less: Current maturities of long-term debt | $ (661) | |||||||
0.25% Euro notes due December 5, 2024 | Unsecured debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective Interest Rate | 0.31% | |||||||
Carrying Value | $ 661 | 641 | ||||||
Fair Value | $ 642 | 606 | ||||||
2.65% notes due November 15, 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 2.65% | |||||||
2.65% notes due November 15, 2026 | Unsecured debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 2.65% | |||||||
Effective Interest Rate | 2.69% | |||||||
Carrying Value | $ 997 | 996 | ||||||
Fair Value | $ 956 | 932 | ||||||
0.625% Euro notes due December 5, 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 0.625% | |||||||
0.625% Euro notes due December 5, 2027 | Unsecured debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective Interest Rate | 0.71% | |||||||
Carrying Value | $ 549 | 531 | ||||||
Fair Value | $ 509 | 469 | ||||||
2.125% Euro notes due May 22, 2030 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 2.125% | |||||||
2.125% Euro notes due May 22, 2030 | Unsecured debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 2.125% | |||||||
Effective Interest Rate | 2.18% | |||||||
Carrying Value | $ 548 | 531 | ||||||
Fair Value | $ 530 | 484 | ||||||
1.00% Euro notes due June 5, 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 1.00% | |||||||
1.00% Euro notes due June 5, 2031 | Unsecured debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective Interest Rate | 1.09% | |||||||
Carrying Value | $ 546 | 529 | ||||||
Fair Value | $ 488 | 438 | ||||||
3.00% Euro notes due May 19, 2034 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 3.00% | |||||||
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 | $ 543 | 525 | ||||||
Fair Value | $ 551 | 492 | ||||||
4.875% notes due September 15, 2041 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 4.875% | |||||||
4.875% notes due September 15, 2041 | Unsecured debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 4.875% | |||||||
Effective Interest Rate | 4.97% | |||||||
Carrying Value | $ 638 | 638 | ||||||
Fair Value | $ 660 | 638 | ||||||
3.90% notes due September 1, 2042 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 3.90% | |||||||
3.90% notes due September 1, 2042 | Unsecured debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 3.90% | |||||||
Effective Interest Rate | 3.96% | |||||||
Carrying Value | $ 1,084 | 1,083 | ||||||
Fair Value | $ 989 | $ 945 |
Debt - Schedule of Future Maturities of Long-term Debt Including Current Maturities of Long-term Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Scheduled maturities of long-term debt | ||
2024 | $ 1,361 | |
2025 | 1,434 | |
2026 | 997 | |
2027 | 549 | |
2028 | 0 | |
2029 and future years | 3,359 | |
Carrying Value | $ 7,700 | $ 6,708 |
Pension and Other Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan expenses | $ 117 | $ 111 | $ 88 |
Projected benefit obligations | 179 | 137 | |
Projected benefit obligations, plan assets | 55 | 22 | |
Accumulated benefit obligations | 175 | 131 | |
Accumulated benefit obligations, plan assets | 55 | $ 22 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected company contributions | 60 | ||
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected company contributions | $ 4 | ||
Minimum | Equity Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation percentage | 15.00% | ||
Minimum | Fixed Income Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation percentage | 75.00% | ||
Minimum | Other Investment | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation percentage | 0.00% | ||
Maximum | Equity Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation percentage | 25.00% | ||
Maximum | Fixed Income Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation percentage | 85.00% | ||
Maximum | Other Investment | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation percentage | 10.00% |
Pension and Other Postretirement Benefits - Summary of Information Regarding Net Periodic Benefit Cost Included in Statement of Income Related to Significant Defined Benefit Pension and Other Postretirement Benefit Plans (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Pension | |||
Components of net periodic benefit cost: | |||
Service cost | $ 35 | $ 47 | $ 53 |
Interest cost | 94 | 50 | 39 |
Expected return on plan assets | (129) | (100) | (101) |
Amortization of actuarial (gain) loss | 3 | 24 | 53 |
Amortization of prior service cost | 1 | 1 | 1 |
Settlement loss | 0 | 1 | 0 |
Total net periodic benefit cost (income) | 4 | 23 | 45 |
Other Postretirement Benefits | |||
Components of net periodic benefit cost: | |||
Service cost | 5 | 7 | 7 |
Interest cost | 23 | 13 | 11 |
Expected return on plan assets | (22) | (26) | (25) |
Amortization of actuarial (gain) loss | (4) | (3) | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 |
Total net periodic benefit cost (income) | $ 2 | $ (9) | $ (7) |
Pension and Other Postretirement Benefits - Change in Plan Benefit Obligations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Pension | |||
Change in benefit obligation: | |||
Beginning balance | $ 1,993 | $ 2,765 | |
Service cost | 35 | 47 | $ 53 |
Interest cost | 94 | 50 | 39 |
Plan participants' contributions | 1 | 1 | |
Actuarial (gain) loss | 64 | (607) | |
Benefits paid | (153) | (160) | |
Medicare subsidy received | 0 | 0 | |
Foreign currency translation | 35 | (103) | |
Ending balance | 2,069 | 1,993 | 2,765 |
Accumulated benefit obligation as of December 31 | 1,972 | 1,911 | |
Other Postretirement Benefits | |||
Change in benefit obligation: | |||
Beginning balance | 468 | 580 | |
Service cost | 5 | 7 | 7 |
Interest cost | 23 | 13 | 11 |
Plan participants' contributions | 9 | 10 | |
Actuarial (gain) loss | 38 | (101) | |
Benefits paid | (45) | (43) | |
Medicare subsidy received | 1 | 2 | |
Foreign currency translation | 0 | 0 | |
Ending balance | $ 499 | $ 468 | $ 580 |
Pension and Other Postretirement Benefits - Change in Plan Assets and Reconciliation of Funded Status (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
The amounts recognized in the Statement of Financial Position as of December 31 consist of: | ||
Accrued expenses | $ (32) | $ (15) |
Pension | ||
Change in plan assets: | ||
Beginning balance | 2,114 | 3,041 |
Actual return on plan assets | 157 | (662) |
Company contributions | 10 | 14 |
Plan participants' contributions | 1 | 1 |
Benefits paid | (153) | (160) |
Foreign currency translation | 42 | (120) |
Ending balance | 2,171 | 2,114 |
Funded status | ||
Funded status | 102 | 121 |
Other immaterial plans | (58) | (55) |
Net asset (liability) as of December 31 | 44 | 66 |
The amounts recognized in the Statement of Financial Position as of December 31 consist of: | ||
Net asset (liability) as of December 31 | 44 | 66 |
The pre-tax amounts recognized in accumulated other comprehensive (income) loss consist of: | ||
Net actuarial (gain) loss | 512 | 479 |
Prior service cost | 3 | 4 |
Pre-tax net actuarial (gain) loss and prior service cost | 515 | 483 |
Other Postretirement Benefits | ||
Change in plan assets: | ||
Beginning balance | 336 | 434 |
Actual return on plan assets | 51 | (69) |
Company contributions | 7 | 4 |
Plan participants' contributions | 9 | 10 |
Benefits paid | (45) | (43) |
Foreign currency translation | 0 | 0 |
Ending balance | 358 | 336 |
Funded status | ||
Funded status | (141) | (132) |
Other immaterial plans | (4) | (4) |
Net asset (liability) as of December 31 | (145) | (136) |
The amounts recognized in the Statement of Financial Position as of December 31 consist of: | ||
Net asset (liability) as of December 31 | (145) | (136) |
The pre-tax amounts recognized in accumulated other comprehensive (income) loss consist of: | ||
Net actuarial (gain) loss | (61) | (74) |
Prior service cost | 0 | 0 |
Pre-tax net actuarial (gain) loss and prior service cost | (61) | (74) |
Other assets | Pension | ||
The amounts recognized in the Statement of Financial Position as of December 31 consist of: | ||
Other assets | 243 | 251 |
Other assets | Other Postretirement Benefits | ||
The amounts recognized in the Statement of Financial Position as of December 31 consist of: | ||
Other assets | 0 | 0 |
Accrued expenses | Pension | ||
The amounts recognized in the Statement of Financial Position as of December 31 consist of: | ||
Accrued expenses | (29) | (12) |
Accrued expenses | Other Postretirement Benefits | ||
The amounts recognized in the Statement of Financial Position as of December 31 consist of: | ||
Accrued expenses | (3) | (3) |
Other noncurrent liabilities | Pension | ||
The amounts recognized in the Statement of Financial Position as of December 31 consist of: | ||
Other noncurrent liabilities | (170) | (173) |
Other noncurrent liabilities | Other Postretirement Benefits | ||
The amounts recognized in the Statement of Financial Position as of December 31 consist of: | ||
Other noncurrent liabilities | $ (142) | $ (133) |
Pension and Other Postretirement Benefits - Assumptions Used and Trend Rates (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Assumed health care cost trend rates of postretirement benefit obligation | |||
Health care cost trend rate assumed for the next year | 7.50% | 7.00% | 7.00% |
Ultimate trend rate | 4.50% | 4.50% | 4.50% |
Year the rate reaches the ultimate trend rate | 2033 | 2031 | 2029 |
Pension | |||
Assumptions used to determine benefit obligations as of December 31: | |||
Discount rate | 4.69% | 4.94% | 2.33% |
Rate of compensation increases | 3.39% | 3.46% | 3.40% |
Interest crediting rate - U.S. cash balance plan | 3.75% | 3.75% | 3.75% |
Assumptions used to determine net periodic benefit cost for the twelve months ended December 31: | |||
Discount rate | 4.94% | 2.33% | 1.89% |
Expected return on plan assets | 5.27% | 3.72% | 3.67% |
Rate of compensation increases | 3.46% | 3.40% | 3.24% |
Interest crediting rate - U.S. cash balance plan | 3.75% | 3.75% | 3.75% |
Other Postretirement Benefits | |||
Assumptions used to determine benefit obligations as of December 31: | |||
Discount rate | 5.01% | 5.19% | 2.92% |
Assumptions used to determine net periodic benefit cost for the twelve months ended December 31: | |||
Discount rate | 5.19% | 2.92% | 2.59% |
Expected return on plan assets | 6.75% | 6.25% | 6.65% |
Pension and Other Postretirement Benefits - Benefit Plan Assets by Category and Valuation Methodology (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 2,171 | $ 2,114 | $ 3,041 |
Pension | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 47 | 44 | |
Pension | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,144 | 1,040 | |
Pension | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1 | |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 358 | 336 | $ 434 |
Other Postretirement Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other Postretirement Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and equivalents | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 47 | 44 | |
Cash and equivalents | Pension | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 47 | 44 | |
Cash and equivalents | Pension | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and equivalents | Pension | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities, government securities | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 334 | 299 | |
Fixed income securities, government securities | Pension | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities, government securities | Pension | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 334 | 299 | |
Fixed income securities, government securities | Pension | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities, corporate debt securities | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 800 | 737 | |
Fixed income securities, corporate debt securities | Pension | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities, corporate debt securities | Pension | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 800 | 737 | |
Fixed income securities, corporate debt securities | Pension | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities, investment contracts with insurance companies | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1 | |
Fixed income securities, investment contracts with insurance companies | Pension | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities, investment contracts with insurance companies | Pension | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities, investment contracts with insurance companies | Pension | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1 | |
Commingled funds, mutual funds | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25 | 22 | |
Commingled funds, mutual funds | Pension | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Commingled funds, mutual funds | Pension | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Commingled funds, mutual funds | Pension | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Commingled funds, collective trust funds | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 946 | 994 | |
Commingled funds, collective trust funds | Pension | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Commingled funds, collective trust funds | Pension | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Commingled funds, collective trust funds | Pension | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Commingled funds, partnerships/private equity interests | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8 | 13 | |
Commingled funds, partnerships/private equity interests | Pension | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Commingled funds, partnerships/private equity interests | Pension | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Commingled funds, partnerships/private equity interests | Pension | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Other | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10 | 4 | |
Other | Pension | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Other | Pension | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10 | 4 | |
Other | Pension | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Life insurance policies | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 358 | 336 | |
Life insurance policies | Other Postretirement Benefits | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Life insurance policies | Other Postretirement Benefits | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | |||
Life insurance policies | Other Postretirement Benefits | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets |
Pension and Other Postretirement Benefits - Expected Future Benefit Payments (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
---|---|
Pension | |
Portion of the benefit payments are expected to be paid | |
2024 | $ 179 |
2025 | 162 |
2026 | 161 |
2027 | 163 |
2028 | 165 |
Years 2029-2033 | 803 |
Other Postretirement Benefits | |
Portion of the benefit payments are expected to be paid | |
2024 | 37 |
2025 | 38 |
2026 | 38 |
2027 | 38 |
2028 | 38 |
Years 2029-2033 | $ 184 |
Stockholders' Equity - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 22, 2022
EUR (€)
|
Dec. 31, 2023
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
$ / shares
shares
|
Dec. 31, 2021
USD ($)
$ / shares
shares
|
Dec. 31, 2020
$ / shares
shares
|
Dec. 31, 2019
$ / shares
shares
|
Aug. 04, 2023
USD ($)
|
May 05, 2023
EUR (€)
|
May 07, 2021
USD ($)
|
Jun. 30, 2019
EUR (€)
|
Aug. 03, 2018
USD ($)
|
May 31, 2015
EUR (€)
|
May 31, 2014
EUR (€)
|
|
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Preferred stock, shares authorized (in shares) | shares | 300 | ||||||||||||
Cash dividend declared (in dollars per share) | $ / shares | $ 5.42 | $ 5.06 | $ 4.72 | ||||||||||
Cash dividend paid (in dollars per share) | $ / shares | $ 5.33 | $ 4.97 | $ 4.64 | ||||||||||
Pre-tax gain (loss) | $ (109) | $ 205 | $ 303 | ||||||||||
After-tax cumulative translation adjustment losses included in accumulated comprehensive income (loss) | 1,500 | 1,500 | |||||||||||
After-tax unrecognized pension and other postretirement benefits costs included in accumulated comprehensive income (loss) | $ 327 | $ 293 | |||||||||||
Euro Notes, Issued 2014 | Net Investment Hedging | Euro Notes | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Face value of notes | € | € 1,000,000,000 | ||||||||||||
Debt repayment | € | € 500,000,000 | ||||||||||||
Euro Notes, Issued 2015 | Net Investment Hedging | Euro Notes | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Face value of notes | € | € 1,000,000,000 | ||||||||||||
Euro Notes, Issued 2019 | Net Investment Hedging | Euro Notes | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Face value of notes | € | € 1,600,000,000 | ||||||||||||
Euro Credit Agreement due May 3, 2024 | Net Investment Hedging | Senior Notes | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Face value of notes | € | € 1,300,000,000 | ||||||||||||
2018 Stock Repurchase Program | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Authorized repurchase amount | $ 3,000 | ||||||||||||
Shares repurchased (in shares) | shares | 1,200 | 4,400 | 4,200 | 6,700 | |||||||||
Average price of shares repurchased (in dollars per share) | $ / shares | $ 216.62 | $ 227.29 | $ 167.69 | $ 158.11 | |||||||||
2021 Stock Repurchase Program | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Authorized repurchase amount | $ 3,000 | ||||||||||||
Shares repurchased (in shares) | shares | 6,300 | 7,100 | |||||||||||
Average price of shares repurchased (in dollars per share) | $ / shares | $ 235.35 | $ 210.46 | |||||||||||
2023 Stock Repurchase Program | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||
Authorized repurchase amount | $ 5,000 | ||||||||||||
Shares repurchased (in shares) | shares | 38 | ||||||||||||
Average price of shares repurchased (in dollars per share) | $ / shares | $ 263.44 | ||||||||||||
Authorized repurchases remaining (approximately) | $ 5,000 |
Stockholders' Equity - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Changes in Accumulated Other Comprehensive Income (Loss) | |||
Beginning balance | $ 3,089 | $ 3,626 | $ 3,182 |
Other comprehensive income (loss) | 7 | (339) | 140 |
Ending balance | 3,013 | 3,089 | 3,626 |
Accumulated Other Comprehensive Income (Loss) | |||
Changes in Accumulated Other Comprehensive Income (Loss) | |||
Beginning balance | (1,841) | (1,502) | (1,642) |
Other comprehensive income (loss) | 7 | (339) | 140 |
Ending balance | (1,834) | (1,841) | (1,502) |
Accumulated Foreign Currency Adjustment | |||
Changes in Accumulated Other Comprehensive Income (Loss) | |||
Foreign currency translation / Pension and other postretirement benefit adjustments, before reclassifications, before tax | 16 | (192) | 73 |
Foreign currency translation / Pension and other postretirement benefit adjustments reclassified to income, before tax | (1) | 0 | 5 |
Income taxes | 26 | (50) | (73) |
Other comprehensive income (loss) | 41 | (242) | 5 |
Accumulated Defined Benefit Plans Adjustment | |||
Changes in Accumulated Other Comprehensive Income (Loss) | |||
Foreign currency translation / Pension and other postretirement benefit adjustments, before reclassifications, before tax | (45) | (149) | 125 |
Foreign currency translation / Pension and other postretirement benefit adjustments reclassified to income, before tax | 0 | 23 | 54 |
Income taxes | 11 | 29 | (44) |
Other comprehensive income (loss) | $ (34) | $ (97) | $ 135 |
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for issuance (in shares) | 10,000,000 | ||
Number of shares received for each RSU upon vesting (in shares) | 1 | ||
Weighted-average grant-date fair value of options granted (in dollars per share) | $ 67.16 | $ 45.15 | $ 40.90 |
Aggregate intrinsic value of options exercised | $ 79 | $ 38 | $ 68 |
Cash receipts from exercise of options | 53 | 29 | 50 |
Total fair value of vested stock option awards | 18 | 18 | 19 |
Total fair value of vested restricted stock unit awards | $ 35 | $ 28 | $ 23 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award expiration period | 10 years | ||
Total unrecognized compensation cost related to unvested awards | $ 11 | ||
Weighted-average period to recognize total unrecognized compensation cost | 2 years | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost related to unvested awards | $ 50 | ||
Weighted-average period to recognize total unrecognized compensation cost | 1 year 8 months 12 days | ||
Periodic Vesting | Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Cliff Vesting | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Cliff Vesting | Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years |
Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Summary of stock-based compensation expense | |||
Pre-tax stock-based compensation expense | $ 69 | $ 63 | $ 53 |
Tax benefit | (7) | (7) | (6) |
Total stock-based compensation expense, net of tax | $ 62 | $ 56 | $ 47 |
Stock-Based Compensation - Summary of Activity Related to Non-vested RSUs (Details) shares in Millions |
12 Months Ended |
---|---|
Dec. 31, 2023
$ / shares
shares
| |
Non-Vested RSUs, Number of Shares | |
Beginning of period (in shares) | shares | 0.6 |
Granted (in shares) | shares | 0.2 |
Vested (in shares) | shares | (0.2) |
End of period (in shares) | shares | 0.6 |
Non-Vested RSUs, Weighted-Average Grant-Date Fair Value | |
Beginning of period (in dollars per share) | $ / shares | $ 203.48 |
Granted (in dollars per share) | $ / shares | 232.21 |
Vested (in dollars per share) | $ / shares | 189.20 |
End of period (in dollars per share) | $ / shares | $ 218.85 |
Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2023
USD ($)
$ / shares
shares
| |
Number of Shares | |
Beginning of period (in shares) | shares | 3.2 |
Granted (in shares) | shares | 0.3 |
Exercised (in shares) | shares | (0.5) |
End of period (in shares) | shares | 3.0 |
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 | $ 158.71 |
Granted (in dollars per share) | $ / shares | 235.52 |
Exercised (in dollars per share) | $ / shares | 99.12 |
End of period (in dollars per share) | $ / shares | 177.01 |
Weighted-average exercise price exercisable at end of period (in dollars per share) | $ / shares | $ 159.24 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Weighted-average remaining contractual term, under option at end of period | 5 years 9 months 18 days |
Weighted-average remaining contractual term, exercisable at end of period | 4 years 10 months 24 days |
Aggregate intrinsic value, under option at end of period | $ | $ 249 |
Aggregate intrinsic value, exercisable at end of period | $ | $ 207 |
Stock-Based Compensation - Summary of Assumptions Used in Option Valuations (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Summary of assumptions used in option models | |||
Risk-free interest rate, minimum | 3.92% | 1.04% | 0.04% |
Risk-free interest rate, maximum | 4.86% | 2.07% | 1.38% |
Weighted-average volatility | 22.00% | 21.00% | 24.00% |
Dividend yield | 2.13% | 2.20% | 2.50% |
Minimum | |||
Summary of assumptions used in option models | |||
Expected years until exercise | 8 years 7 months 6 days | 9 years 1 month 6 days | 8 years 10 months 24 days |
Maximum | |||
Summary of assumptions used in option models | |||
Expected years until exercise | 9 years 2 months 12 days | 9 years 7 months 6 days | 9 years 4 months 24 days |
Other Balance Sheet Information (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Prepaid expenses and other current assets: | ||
Value-added-tax receivables | $ 99 | $ 92 |
Vendor advances | 55 | 52 |
Income tax refunds receivable | 29 | 10 |
Other | 157 | 175 |
Total prepaid expenses and other current assets | 340 | 329 |
Other assets: | ||
Cash surrender value of life insurance policies | 436 | 433 |
Operating lease right-of-use assets | 248 | 212 |
Prepaid pension assets | 243 | 251 |
Customer tooling | 181 | 159 |
Other | 154 | 123 |
Total other assets | 1,262 | 1,178 |
Accrued expenses: | ||
Compensation and employee benefits | 423 | 451 |
Deferred revenue and customer deposits | 395 | 427 |
Rebates | 218 | 225 |
Current portion of operating lease liabilities | 58 | 55 |
Warranties | 48 | 42 |
Current portion of pension and other postretirement benefit obligations | 32 | 15 |
Other | 489 | 513 |
Total accrued expenses | 1,663 | 1,728 |
Other liabilities: | ||
Pension benefit obligation | 170 | 173 |
Long-term portion of operating lease liabilities | 148 | 131 |
Postretirement benefit obligation | 142 | 133 |
Other | 554 | 506 |
Total other liabilities | $ 1,014 | $ 943 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Total other assets | Total other assets |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total accrued expenses | Total accrued expenses |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Total other liabilities | Total other liabilities |
Segment Information - Narrative (Details) - segment |
12 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 7 | |
Geographic Concentration Risk | Net Plant and Equipment | United States | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 44.00% | 45.00% |
Geographic Concentration Risk | Net Plant and Equipment | China | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 13.00% | 12.00% |
Segment Information - Summary of Segment Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Segment Reporting Information [Line Items] | |||
Operating Revenue | $ 16,107 | $ 15,932 | $ 14,455 |
Operating income | 4,040 | 3,790 | 3,477 |
Depreciation and amortization and impairment of intangible assets | 395 | 410 | 410 |
Plant and equipment additions | 455 | 412 | 296 |
Identifiable assets | 15,518 | 15,422 | 16,077 |
Operating segments | |||
Segment Reporting Information [Line Items] | |||
Operating income | 4,074 | 3,892 | 3,638 |
Identifiable assets | 12,495 | 12,742 | 12,268 |
Operating segments | Automotive OEM | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 3,235 | 2,969 | 2,800 |
Operating income | 561 | 499 | 545 |
Depreciation and amortization and impairment of intangible assets | 123 | 121 | 128 |
Plant and equipment additions | 224 | 181 | 116 |
Identifiable assets | 2,615 | 2,447 | 2,260 |
Operating segments | Food Equipment | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 2,622 | 2,444 | 2,078 |
Operating income | 713 | 618 | 469 |
Depreciation and amortization and impairment of intangible assets | 41 | 40 | 42 |
Plant and equipment additions | 54 | 41 | 30 |
Identifiable assets | 1,193 | 1,188 | 1,052 |
Operating segments | Test & Measurement and Electronics | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 2,832 | 2,828 | 2,346 |
Operating income | 686 | 684 | 643 |
Depreciation and amortization and impairment of intangible assets | 80 | 87 | 66 |
Plant and equipment additions | 43 | 49 | 37 |
Identifiable assets | 3,230 | 3,289 | 3,242 |
Operating segments | Welding | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 1,902 | 1,894 | 1,650 |
Operating income | 605 | 583 | 490 |
Depreciation and amortization and impairment of intangible assets | 29 | 26 | 26 |
Plant and equipment additions | 41 | 43 | 27 |
Identifiable assets | 838 | 933 | 784 |
Operating segments | Polymers & Fluids | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 1,804 | 1,905 | 1,804 |
Operating income | 482 | 479 | 457 |
Depreciation and amortization and impairment of intangible assets | 46 | 57 | 62 |
Plant and equipment additions | 27 | 23 | 15 |
Identifiable assets | 1,762 | 1,819 | 1,881 |
Operating segments | Construction Products | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 2,033 | 2,113 | 1,945 |
Operating income | 578 | 548 | 530 |
Depreciation and amortization and impairment of intangible assets | 33 | 31 | 32 |
Plant and equipment additions | 31 | 33 | 30 |
Identifiable assets | 1,230 | 1,370 | 1,367 |
Operating segments | Specialty Products | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 1,697 | 1,799 | 1,854 |
Operating income | 449 | 481 | 504 |
Depreciation and amortization and impairment of intangible assets | 43 | 48 | 54 |
Plant and equipment additions | 35 | 42 | 41 |
Identifiable assets | 1,627 | 1,696 | 1,682 |
Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 18 | 20 | 22 |
Unallocated | |||
Segment Reporting Information [Line Items] | |||
Operating income | (34) | (102) | (161) |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Identifiable assets | $ 3,023 | $ 2,680 | $ 3,809 |
Segment Information - Summary of Enterprise-wide Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Operating Revenue by Geographic Region: | |||
Operating revenue | $ 16,107 | $ 15,932 | $ 14,455 |
Total North America | |||
Operating Revenue by Geographic Region: | |||
Operating revenue | 8,722 | 8,704 | 7,518 |
United States | |||
Operating Revenue by Geographic Region: | |||
Operating revenue | 7,576 | 7,609 | 6,578 |
Canada/Mexico | |||
Operating Revenue by Geographic Region: | |||
Operating revenue | 1,146 | 1,095 | 940 |
Europe, Middle East and Africa | |||
Operating Revenue by Geographic Region: | |||
Operating revenue | 4,147 | 3,913 | 3,870 |
Asia Pacific | |||
Operating Revenue by Geographic Region: | |||
Operating revenue | 2,935 | 2,991 | 2,802 |
South America | |||
Operating Revenue by Geographic Region: | |||
Operating revenue | $ 303 | $ 324 | $ 265 |
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