Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2021shares | |
Entity Information [Line Items] | |
Document Type | 10-Q/A |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2021 |
Document Transition Report | false |
Entity File Number | 1-4797 |
Entity Registrant Name | ILLINOIS TOOL WORKS INC |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 36-1258310 |
Entity Address, Address Line One | 155 Harlem Avenue |
Entity Address, City or Town | Glenview |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60025 |
City Area Code | 847 |
Local Phone Number | 724-7500 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 314,967,814 |
Amendment Description | Illinois Tool Works Inc. is filing this Amendment No. 1 on Form 10-Q/A (this “Amendment”) to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, originally filed on August 5, 2021 (the “Original 10-Q”), solely for the purpose of adding conformed signatures to the certification filed as Exhibit 32 pursuant to Rule 13(a) under the Securities Exchange Act, as amended. The Original 10-Q is being re-filed in its entirety with the certifications of the registrant’s principal executive officer and principal financial officer being made as of the date of this Amendment. The conformed signatures were inadvertently omitted in the Original 10-Q.Except as expressly set forth above, this Amendment does not modify or update disclosure in, or exhibits to, the Original 10-Q. Information not affected by this Amendment remains unchanged and reflects the disclosures made at the time the Original 10-Q was filed. |
Entity Central Index Key | 0000049826 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | true |
NEW YORK STOCK EXCHANGE, INC. | Common Stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common Stock |
Trading Symbol | ITW |
Security Exchange Name | NYSE |
NEW YORK STOCK EXCHANGE, INC. | 1.75% Euro Notes due 2022 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.75% Euro Notes due 2022 |
Trading Symbol | ITW22 |
Security Exchange Name | NYSE |
NEW YORK STOCK EXCHANGE, INC. | 1.25% Euro Notes due 2023 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.25% Euro Notes due 2023 |
Trading Symbol | ITW23 |
Security Exchange Name | NYSE |
NEW YORK STOCK EXCHANGE, INC. | 0.250% Euro Notes due 2024 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.250% Euro Notes due 2024 |
Trading Symbol | ITW24A |
Security Exchange Name | NYSE |
NEW YORK STOCK EXCHANGE, INC. | 0.625% Euro Notes due 2027 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.625% Euro Notes due 2027 |
Trading Symbol | ITW27 |
Security Exchange Name | NYSE |
NEW YORK STOCK EXCHANGE, INC. | 2.125% Euro Notes due 2030 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 2.125% Euro Notes due 2030 |
Trading Symbol | ITW30 |
Security Exchange Name | NYSE |
NEW YORK STOCK EXCHANGE, INC. | 1.00% Euro Notes due 2031 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.00% Euro Notes due 2031 |
Trading Symbol | ITW31 |
Security Exchange Name | NYSE |
NEW YORK STOCK EXCHANGE, INC. | 3.00% Euro Notes due 2034 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 3.00% Euro Notes due 2034 |
Trading Symbol | ITW34 |
Security Exchange Name | NYSE |
Statement of Income (Unaudited)
Statement of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Operating Revenue | $ 3,676 | $ 2,564 | $ 7,220 | $ 5,792 |
Cost of revenue | 2,163 | 1,594 | 4,202 | 3,465 |
Selling, administrative, and research and development expenses | 588 | 486 | 1,154 | 1,046 |
Amortization and impairment of intangible assets | 32 | 35 | 66 | 71 |
Operating Income | 893 | 449 | 1,798 | 1,210 |
Interest expense | (52) | (51) | (104) | (102) |
Other income (expense) | 22 | 8 | 34 | 33 |
Income Before Taxes | 863 | 406 | 1,728 | 1,141 |
Income Taxes | 88 | 87 | 282 | 256 |
Net Income | $ 775 | $ 319 | $ 1,446 | $ 885 |
Net Income Per Share: | ||||
Basic (in dollars per share) | $ 2.46 | $ 1.01 | $ 4.58 | $ 2.79 |
Diluted (in dollars per share) | $ 2.45 | $ 1.01 | $ 4.56 | $ 2.78 |
Shares of Common Stock Outstanding During the Period: | ||||
Average (in shares) | 315.6 | 316.1 | 316.1 | 317.2 |
Average assuming dilution (in shares) | 316.9 | 317.4 | 317.4 | 318.6 |
Statement of Comprehensive Inco
Statement of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 775 | $ 319 | $ 1,446 | $ 885 |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments, net of tax | 37 | 64 | 30 | (223) |
Pension and other postretirement benefit adjustments, net of tax | 11 | 10 | 22 | 19 |
Other comprehensive income (loss) | 48 | 74 | 52 | (204) |
Comprehensive Income | $ 823 | $ 393 | $ 1,498 | $ 681 |
Statement of Financial Position
Statement of Financial Position (Unaudited) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and equivalents | $ 2,058 | $ 2,564 |
Trade receivables | 2,786 | 2,506 |
Inventories | 1,400 | 1,189 |
Prepaid expenses and other current assets | 265 | 264 |
Total current assets | 6,509 | 6,523 |
Net plant and equipment | 1,767 | 1,777 |
Goodwill | 4,658 | 4,690 |
Intangible assets | 716 | 781 |
Deferred income taxes | 613 | 533 |
Other assets | 1,317 | 1,308 |
Total assets | 15,580 | 15,612 |
Current Liabilities: | ||
Short-term debt | 592 | 350 |
Accounts payable | 607 | 534 |
Accrued expenses | 1,326 | 1,284 |
Cash dividends payable | 358 | 361 |
Income taxes payable | 77 | 60 |
Total current liabilities | 2,960 | 2,589 |
Noncurrent Liabilities: | ||
Long-term debt | 7,056 | 7,772 |
Deferred income taxes | 617 | 588 |
Noncurrent income taxes payable | 365 | 413 |
Other liabilities | 1,061 | 1,068 |
Total noncurrent liabilities | 9,099 | 9,841 |
Stockholders' Equity: | ||
Common stock | 6 | 6 |
Additional paid-in-capital | 1,402 | 1,362 |
Retained earnings | 23,842 | 23,114 |
Common stock held in treasury | (20,140) | (19,659) |
Accumulated other comprehensive income (loss) | (1,590) | (1,642) |
Noncontrolling interest | 1 | 1 |
Total stockholders' equity | 3,521 | 3,182 |
Total liabilities and stockholders' equity | $ 15,580 | $ 15,612 |
Statement of Financial Positi_2
Statement of Financial Position (Unaudited) - Parenthetical - $ / shares shares in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued (in shares) | 550 | 550 |
Common stock, outstanding (in shares) | 315 | 316.7 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Common Stock Held in Treasury | Accumulated Other Comprehensive Income (Loss) | Non-controlling Interest |
Beginning balance at Dec. 31, 2019 | $ 3,030 | $ 6 | $ 1,304 | $ 22,403 | $ (18,982) | $ (1,705) | $ 4 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 885 | 885 | |||||
Common stock issued for stock-based compensation | 16 | (3) | 19 | ||||
Stock-based compensation expense | 17 | 17 | |||||
Repurchases of common stock | (706) | (706) | |||||
Dividends declared | (676) | (676) | |||||
Other comprehensive income (loss) | (204) | (204) | |||||
Noncontrolling interest | (4) | (1) | (3) | ||||
Ending balance at Jun. 30, 2020 | 2,358 | 6 | 1,317 | 22,612 | (19,669) | (1,909) | 1 |
Beginning balance at Mar. 31, 2020 | 2,284 | 6 | 1,309 | 22,631 | (19,680) | (1,983) | 1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 319 | 319 | |||||
Common stock issued for stock-based compensation | 11 | 11 | |||||
Stock-based compensation expense | 8 | 8 | |||||
Dividends declared | (338) | (338) | |||||
Other comprehensive income (loss) | 74 | 74 | |||||
Ending balance at Jun. 30, 2020 | 2,358 | 6 | 1,317 | 22,612 | (19,669) | (1,909) | 1 |
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 | 1,446 | 1,446 | |||||
Common stock issued for stock-based compensation | 32 | 13 | 19 | ||||
Stock-based compensation expense | 27 | 27 | |||||
Repurchases of common stock | (500) | (500) | |||||
Dividends declared | (718) | (718) | |||||
Other comprehensive income (loss) | 52 | 52 | |||||
Noncontrolling interest | 0 | ||||||
Ending balance at Jun. 30, 2021 | 3,521 | 6 | 1,402 | 23,842 | (20,140) | (1,590) | 1 |
Beginning balance at Mar. 31, 2021 | 3,276 | 6 | 1,378 | 23,425 | (19,897) | (1,638) | 2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 775 | 775 | |||||
Common stock issued for stock-based compensation | 15 | 8 | 7 | ||||
Stock-based compensation expense | 16 | 16 | |||||
Repurchases of common stock | (250) | (250) | |||||
Dividends declared | (358) | (358) | |||||
Other comprehensive income (loss) | 48 | 48 | |||||
Noncontrolling interest | (1) | (1) | |||||
Ending balance at Jun. 30, 2021 | $ 3,521 | $ 6 | $ 1,402 | $ 23,842 | $ (20,140) | $ (1,590) | $ 1 |
Statement of Changes in Stock_2
Statement of Changes in Stockholders' Equity (Unaudited) - Parenthetical - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared (in dollars per share) | $ 1.14 | $ 1.07 | $ 2.28 | $ 2.14 |
Statement of Cash Flows (Unaudi
Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Provided by (Used for) Operating Activities: | ||
Net Income | $ 1,446 | $ 885 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation | 136 | 133 |
Amortization and impairment of intangible assets | 66 | 71 |
Change in deferred income taxes | (87) | 22 |
Provision for uncollectible accounts | 1 | 4 |
(Income) loss from investments | (24) | (5) |
(Gain) loss on sale of operations and affiliates | 0 | (1) |
Stock-based compensation expense | 27 | 17 |
Other non-cash items, net | 7 | 4 |
(Increase) decrease in- | ||
Trade receivables | (300) | 302 |
Inventories | (222) | (14) |
Prepaid expenses and other assets | (20) | 23 |
Increase (decrease) in- | ||
Accounts payable | 80 | (76) |
Accrued expenses and other liabilities | 41 | (96) |
Income taxes | 13 | 80 |
Other, net | 0 | 2 |
Net cash provided by operating activities | 1,164 | 1,351 |
Cash Provided by (Used for) Investing Activities: | ||
Additions to plant and equipment | (146) | (116) |
Proceeds from investments | 30 | 10 |
Proceeds from sale of plant and equipment | 3 | 5 |
Other, net | (1) | (2) |
Net cash provided by (used for) investing activities | (114) | (103) |
Cash Provided by (Used for) Financing Activities: | ||
Cash dividends paid | (721) | (680) |
Issuance of common stock | 42 | 28 |
Repurchases of common stock | (500) | (706) |
Repayments of debt with original maturities of more than three months | (350) | 0 |
Other, net | (10) | (17) |
Net cash provided by (used for) financing activities | (1,539) | (1,375) |
Effect of Exchange Rate Changes on Cash and Equivalents | (17) | (42) |
Cash and Equivalents: | ||
Increase (decrease) during the period | (506) | (169) |
Beginning of period | 2,564 | 1,981 |
End of period | 2,058 | 1,812 |
Supplementary Cash Flow Information: | ||
Cash Paid During the Period for Interest | 128 | 119 |
Cash Paid During the Period for Income Taxes, Net of Refunds | $ 355 | $ 153 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Financial Statements — The unaudited financial statements included herein have been prepared by Illinois Tool Works Inc. and Subsidiaries (the "Company"). In the opinion of management, the interim financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for interim periods. It is suggested that these financial statements be read in conjunction with the financial statements and notes to financial statements included in the Company's 2020 Annual Report on Form 10-K. Certain reclassifications of prior year data have been made to conform with current year reporting. |
Novel Coronavirus (COVID-19)
Novel Coronavirus (COVID-19) | 6 Months Ended |
Jun. 30, 2021 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Novel Coronavirus (COVID-19) | Novel Coronavirus (COVID-19)In early 2020, an outbreak of a novel strain of coronavirus (COVID-19) occurred in China and other jurisdictions. The COVID-19 outbreak was subsequently declared a global pandemic by the World Health Organization on March 11, 2020. In response to the outbreak, governments around the globe have taken various actions to reduce its spread, including travel restrictions, shutdowns of businesses deemed nonessential, and stay-at-home or similar orders. The COVID-19 pandemic and the measures taken globally to reduce its spread have negatively impacted the global economy, causing significant disruptions in the Company's global operations starting primarily in the latter part of the first quarter of 2020 as COVID-19 continued to spread and impact the countries in which the Company operates and the markets the Company serves. In the first half of 2021, the Company experienced solid recovery progress in many of its end markets; however, the disruptions caused by the COVID-19 pandemic continue to have an adverse impact on the Company's global operations. The full extent of the COVID-19 outbreak and its impact on the markets served by the Company and on the Company's operations continues to be highly uncertain as conditions continue to fluctuate around the world, with vaccine administration rising in certain regions and spikes in infections (including the spread of variants) also being experienced. A prolonged outbreak could continue to interrupt the operations of the Company and its customers and suppliers. |
Operating Revenue
Operating Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Operating Revenue | Operating Revenue The Company's 83 diversified operating divisions are organized and managed based on similar product offerings and end markets, and are reported to senior management as the following seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. Operating revenue by product category, which is consistent with the Company's segment presentation, for the three and six months ended June 30, 2021 and 2020 was as follows: Three Months Ended Six Months Ended June 30, June 30, In millions 2021 2020 2021 2020 Automotive OEM $ 707 $ 361 $ 1,490 $ 1,057 Food Equipment 514 336 965 819 Test & Measurement and Electronics 606 455 1,158 940 Welding 402 298 803 670 Polymers & Fluids 466 354 901 747 Construction Products 518 376 987 766 Specialty Products 471 387 928 801 Intersegment revenue (8) (3) (12) (8) Total operating revenue $ 3,676 $ 2,564 $ 7,220 $ 5,792 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, industrial capital goods, automotive original equipment manufacturers and tiers, energy and consumer durables markets. Products in this segment include: • equipment, consumables, and related software for testing and measuring of materials, structures, gases and fluids; • electronic assembly equipment; • electronic components and component packaging; • static control equipment and consumables used for contamination control in clean room environments; and • pressure sensitive adhesives and components for electronics, medical, transportation and telecommunications applications. Revenue for products sold in this segment is typically recognized at the time of shipment. In limited circumstances where significant obligations to the customer are unfulfilled at the time of shipment, typically involving installation of equipment and customer acceptance, revenue recognition is deferred until such obligations have been completed. Welding — This segment is a branded value-added equipment and specialty consumable manufacturer with innovative and leading technology. Businesses in this segment produce arc welding equipment, consumables and accessories for a wide array of industrial and commercial applications. This segment primarily serves the general industrial market, which includes fabrication, shipbuilding and other general industrial markets, and energy, construction, MRO, automotive original equipment manufacturers and tiers, and industrial capital goods markets. Products in this segment include: • arc welding equipment; and • metal arc welding consumables and related accessories. Products in this segment are primarily manufactured to meet anticipated customer demand. The Company typically recognizes revenue for these products at the time of product shipment. Polymers & Fluids — This segment is a branded supplier to niche markets that require value-added, differentiated products. Businesses in this segment produce engineered adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance. This segment primarily serves the automotive aftermarket, general industrial, MRO and construction markets. Products in this segment include: • adhesives for industrial, construction and consumer purposes; • chemical fluids which clean or add lubrication to machines; • epoxy and resin-based coating products for industrial applications; • hand wipes and cleaners for industrial applications; • fluids, polymers and other supplies for auto aftermarket maintenance and appearance; • fillers and putties for auto body repair; and • polyester coatings and patch and repair products for the marine industry. Products in this segment are primarily manufactured to meet anticipated customer demand. The Company typically recognizes revenue for these products at the time of product shipment. Construction Products — This segment is a branded supplier of innovative engineered fastening systems and solutions. This segment primarily serves the residential construction, renovation/remodel and commercial construction markets. Products in this segment include: • fasteners and related fastening tools for wood and metal applications; • anchors, fasteners and related tools for concrete applications; • metal plate truss components and related equipment and software; and • packaged hardware, fasteners, anchors and other products for retail. Products in this segment are primarily manufactured to meet anticipated customer demand. The Company typically recognizes revenue for these products at the time of product shipment. Specialty Products — This segment is focused on diversified niche market opportunities with substantial patent protection producing beverage packaging equipment and consumables, product coding and marking equipment and consumables, and appliance components and fasteners. This segment primarily serves the food and beverage, consumer durables, general industrial, industrial capital goods and printing and publishing markets. Products in this segment include: • line integration, conveyor systems and line automation for the food and beverage industries; • plastic consumables that multi-pack cans and bottles and related equipment; • foil, film and related equipment used to decorate consumer products; • product coding and marking equipment and related consumables; • plastic and metal closures and components for appliances; • airport ground support equipment; and • components for medical devices. Products in this segment are primarily manufactured to meet anticipated customer demand. The Company typically recognizes revenue for these products at the time of product shipment. In limited circumstances where significant obligations to the customer are unfulfilled at the time of shipment, typically involving installation of equipment and customer acceptance, revenue is recognized when such obligations have been completed. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's effective tax rate for the three months ended June 30, 2021 and 2020 was 10.1% and 21.3%, respectively, and 16.3% and 22.4% for the six months ended June 30, 2021 and 2020, respectively. The effective tax rate for the three months ended June 30, 2021 included a discrete income tax benefit of $112 million related to the remeasurement of net deferred tax assets due to the enactment of the U.K. Finance Bill 2021, which increases the U.K. income tax rate from 19% to 25% effective April 1, 2023. Additionally, the effective tax rate included discrete income tax benefits related to excess tax benefits from stock-based compensation of $4 million and $5 million for the three months ended June 30, 2021 and 2020, respectively, and $13 million and $12 million for the six months ended June 30, 2021 and 2020, respectively. 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 ("IRS"), Her Majesty's Revenue and Customs, German Fiscal Authority, French Fiscal Authority, and Australian Tax Office, and a number of these audits are currently ongoing, which may increase the amount of the unrecognized tax benefits in future periods. Due to the ongoing audits, the Company believes it is reasonably possible that within the next twelve months the amount of the Company's unrecognized tax benefits may be decreased by approximately $55 million related predominantly to various intercompany transactions. The Company has recorded its best estimate of the potential exposure for these issues. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories as of June 30, 2021 and December 31, 2020 were as follows: In millions June 30, 2021 December 31, 2020 Raw material $ 546 $ 454 Work-in-process 166 136 Finished goods 779 681 LIFO reserve (91) (82) Total inventories $ 1,400 $ 1,189 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits Pension and other postretirement benefit costs for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended Six Months Ended June 30, June 30, Pension Other Postretirement Benefits Pension Other Postretirement Benefits In millions 2021 2020 2021 2020 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 14 $ 13 $ 2 $ 2 $ 27 $ 27 $ 4 $ 4 Interest cost 10 15 2 4 20 30 5 8 Expected return on plan assets (26) (28) (6) (6) (51) (56) (13) (12) Amortization of actuarial loss (gain) 13 12 — — 26 24 — — Amortization of prior service cost 1 — — — 1 — — — Total net periodic benefit cost $ 12 $ 12 $ (2) $ — $ 23 $ 25 $ (4) $ — The service cost component of net periodic benefit cost is presented within Cost of revenue and Selling, administrative, and research and development expenses in the Statement of Income while the other components of net periodic benefit cost are presented within Other income (expense). The Company expects to contribute approximately $28 million to its pension plans and $4 million to its other postretirement benefit plans in 2021. As of June 30, 2021, contributions of $18 million to pension plans and $2 million to other postretirement benefit plans have been made. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt There was no commercial paper outstanding as of June 30, 2021 and December 31, 2020. Short-term debt as of June 30, 2021 included $592 million related to the 1.75% Euro notes due May 20, 2022, which were reclassified from Long-term debt to Short-term debt in the second quarter of 2021. Short-term debt as of December 31, 2020 included $350 million related to the 3.375% notes due September 15, 2021, which were redeemed in full on June 15, 2021. The Company has a $2.5 billion revolving credit facility with a termination date of September 27, 2024, which is available to provide additional liquidity, including to support the potential issuances of commercial paper. No amounts were outstanding under the $2.5 billion revolving credit facility as of June 30, 2021 or December 31, 2020. The approximate fair value and related carrying value of the Company's total long-term debt, including current maturities of long-term debt presented as short-term debt, as of June 30, 2021 and December 31, 2020 were as follows: In millions June 30, 2021 December 31, 2020 Fair value $ 8,649 $ 9,412 Carrying value 7,648 8,122 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table summarizes changes in Accumulated other comprehensive income (loss) for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, In millions 2021 2020 2021 2020 Beginning balance $ (1,638) $ (1,983) $ (1,642) $ (1,705) Foreign currency translation adjustments during the period 24 47 57 (225) Foreign currency translation adjustments reclassified to income 2 — 4 — Income taxes 11 17 (31) 2 Total foreign currency translation adjustments, net of tax 37 64 30 (223) Pension and other postretirement benefit adjustments reclassified to income 14 12 27 24 Income taxes (3) (2) (5) (5) Total pension and other postretirement benefit adjustments, net of tax 11 10 22 19 Ending balance $ (1,590) $ (1,909) $ (1,590) $ (1,909) Foreign currency translation adjustments reclassified to income related to the exit of immaterial foreign operations. Pension and other postretirement benefit adjustments reclassified to income represented the amortization of actuarial losses and prior service cost. Refer to Note 6. Pension and Other Postretirement Benefits for additional information. The Company des ignated the €1.0 billion of Euro notes issued in May 2014, the €1.0 billion of Euro notes issued in May 2015 and the €1.6 billion of Euro note s issued in June 2019 as hedges of a portion of its net investment in Euro-denominated foreign operations to reduce foreign currency risk associated with the investment in these operations. Changes in the value of this debt resulting fr om fluctuations in the Euro to U.S. Dollar exchange rate have been recorded as foreign currency translation adjustments within Accumulated other comprehensive income (loss). The carrying values of the 2019, 2015 and 2014 Euro notes were $1.9 billion, $1.2 billion and $1.2 billion, res pectively, as of June 30, 2021. The cumulative unrealized pre-tax gain (loss) recorded in Accumulated other comprehensive income (loss) related to the net investment hedge was a gain of $9 million as of June 30, 2021 and a loss of $120 million as of December 31, 2020. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment InformationThe 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. Refer to Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations for information regarding operating revenue and operating income for the Company's segments. |
Acquisition Agreement
Acquisition Agreement | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition Agreement | Acquisition AgreementThe Company has entered into an agreement with Amphenol Corporation ("Amphenol"), whereby the Company intends to acquire the Test & Simulation business of MTS Systems Corporation (“MTS”) from Amphenol for $750 million, subject to certain post-closing adjustments and excluding transaction-related expenses. The acquisition of the Test & Simulation business of MTS from Amphenol is expected to close following the receipt of all required regulatory approvals and the satisfaction of other customary closing conditions. Upon completion of this acquisition, the Test & Simulation business of MTS will be reported within the Company's Test & Measurement and Electronics segment. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenue | 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, industrial capital goods, automotive original equipment manufacturers and tiers, energy and consumer durables markets. Products in this segment include: • equipment, consumables, and related software for testing and measuring of materials, structures, gases and fluids; • electronic assembly equipment; • electronic components and component packaging; • static control equipment and consumables used for contamination control in clean room environments; and • pressure sensitive adhesives and components for electronics, medical, transportation and telecommunications applications. Revenue for products sold in this segment is typically recognized at the time of shipment. In limited circumstances where significant obligations to the customer are unfulfilled at the time of shipment, typically involving installation of equipment and customer acceptance, revenue recognition is deferred until such obligations have been completed. Welding — This segment is a branded value-added equipment and specialty consumable manufacturer with innovative and leading technology. Businesses in this segment produce arc welding equipment, consumables and accessories for a wide array of industrial and commercial applications. This segment primarily serves the general industrial market, which includes fabrication, shipbuilding and other general industrial markets, and energy, construction, MRO, automotive original equipment manufacturers and tiers, and industrial capital goods markets. Products in this segment include: • arc welding equipment; and • metal arc welding consumables and related accessories. Products in this segment are primarily manufactured to meet anticipated customer demand. The Company typically recognizes revenue for these products at the time of product shipment. Polymers & Fluids — This segment is a branded supplier to niche markets that require value-added, differentiated products. Businesses in this segment produce engineered adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance. This segment primarily serves the automotive aftermarket, general industrial, MRO and construction markets. Products in this segment include: • adhesives for industrial, construction and consumer purposes; • chemical fluids which clean or add lubrication to machines; • epoxy and resin-based coating products for industrial applications; • hand wipes and cleaners for industrial applications; • fluids, polymers and other supplies for auto aftermarket maintenance and appearance; • fillers and putties for auto body repair; and • polyester coatings and patch and repair products for the marine industry. Products in this segment are primarily manufactured to meet anticipated customer demand. The Company typically recognizes revenue for these products at the time of product shipment. Construction Products — This segment is a branded supplier of innovative engineered fastening systems and solutions. This segment primarily serves the residential construction, renovation/remodel and commercial construction markets. Products in this segment include: • fasteners and related fastening tools for wood and metal applications; • anchors, fasteners and related tools for concrete applications; • metal plate truss components and related equipment and software; and • packaged hardware, fasteners, anchors and other products for retail. Products in this segment are primarily manufactured to meet anticipated customer demand. The Company typically recognizes revenue for these products at the time of product shipment. Specialty Products — This segment is focused on diversified niche market opportunities with substantial patent protection producing beverage packaging equipment and consumables, product coding and marking equipment and consumables, and appliance components and fasteners. This segment primarily serves the food and beverage, consumer durables, general industrial, industrial capital goods and printing and publishing markets. Products in this segment include: • line integration, conveyor systems and line automation for the food and beverage industries; • plastic consumables that multi-pack cans and bottles and related equipment; • foil, film and related equipment used to decorate consumer products; • product coding and marking equipment and related consumables; • plastic and metal closures and components for appliances; • airport ground support equipment; and • components for medical devices. Products in this segment are primarily manufactured to meet anticipated customer demand. The Company typically recognizes revenue for these products at the time of product shipment. In limited circumstances where significant obligations to the customer are unfulfilled at the time of shipment, typically involving installation of equipment and customer acceptance, revenue is recognized when such obligations have been completed. |
Operating Revenue (Tables)
Operating Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Operating revenue by product category, which is consistent with the Company's segment presentation, for the three and six months ended June 30, 2021 and 2020 was as follows: Three Months Ended Six Months Ended June 30, June 30, In millions 2021 2020 2021 2020 Automotive OEM $ 707 $ 361 $ 1,490 $ 1,057 Food Equipment 514 336 965 819 Test & Measurement and Electronics 606 455 1,158 940 Welding 402 298 803 670 Polymers & Fluids 466 354 901 747 Construction Products 518 376 987 766 Specialty Products 471 387 928 801 Intersegment revenue (8) (3) (12) (8) Total operating revenue $ 3,676 $ 2,564 $ 7,220 $ 5,792 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories as of June 30, 2021 and December 31, 2020 were as follows: In millions June 30, 2021 December 31, 2020 Raw material $ 546 $ 454 Work-in-process 166 136 Finished goods 779 681 LIFO reserve (91) (82) Total inventories $ 1,400 $ 1,189 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefit Costs | Pension and other postretirement benefit costs for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended Six Months Ended June 30, June 30, Pension Other Postretirement Benefits Pension Other Postretirement Benefits In millions 2021 2020 2021 2020 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 14 $ 13 $ 2 $ 2 $ 27 $ 27 $ 4 $ 4 Interest cost 10 15 2 4 20 30 5 8 Expected return on plan assets (26) (28) (6) (6) (51) (56) (13) (12) Amortization of actuarial loss (gain) 13 12 — — 26 24 — — Amortization of prior service cost 1 — — — 1 — — — Total net periodic benefit cost $ 12 $ 12 $ (2) $ — $ 23 $ 25 $ (4) $ — |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Approximate Fair Value and Related Carrying Value of Long-term Debt, Including Current Maturities | The approximate fair value and related carrying value of the Company's total long-term debt, including current maturities of long-term debt presented as short-term debt, as of June 30, 2021 and December 31, 2020 were as follows: In millions June 30, 2021 December 31, 2020 Fair value $ 8,649 $ 9,412 Carrying value 7,648 8,122 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes changes in Accumulated other comprehensive income (loss) for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, In millions 2021 2020 2021 2020 Beginning balance $ (1,638) $ (1,983) $ (1,642) $ (1,705) Foreign currency translation adjustments during the period 24 47 57 (225) Foreign currency translation adjustments reclassified to income 2 — 4 — Income taxes 11 17 (31) 2 Total foreign currency translation adjustments, net of tax 37 64 30 (223) Pension and other postretirement benefit adjustments reclassified to income 14 12 27 24 Income taxes (3) (2) (5) (5) Total pension and other postretirement benefit adjustments, net of tax 11 10 22 19 Ending balance $ (1,590) $ (1,909) $ (1,590) $ (1,909) |
Operating Revenue (Details)
Operating Revenue (Details) | 6 Months Ended |
Jun. 30, 2021segmentdivision | |
Revenue from Contract with Customer [Abstract] | |
Number of company divisions | division | 83 |
Number of reportable segments | segment | 7 |
Operating Revenue - Segment Rev
Operating Revenue - Segment Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 3,676 | $ 2,564 | $ 7,220 | $ 5,792 |
Operating segments | Automotive OEM | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 707 | 361 | 1,490 | 1,057 |
Operating segments | Food Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 514 | 336 | 965 | 819 |
Operating segments | Test & Measurement and Electronics | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 606 | 455 | 1,158 | 940 |
Operating segments | Welding | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 402 | 298 | 803 | 670 |
Operating segments | Polymers & Fluids | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 466 | 354 | 901 | 747 |
Operating segments | Construction Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 518 | 376 | 987 | 766 |
Operating segments | Specialty Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 471 | 387 | 928 | 801 |
Intersegment revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ (8) | $ (3) | $ (12) | $ (8) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate reconciliation, percent | 10.10% | 21.30% | 16.30% | 22.40% |
Discrete tax expense (benefit) | $ (112) | |||
Discrete tax benefit related to excess tax benefits from stock based compensation | 4 | $ 5 | $ 13 | $ 12 |
Potential decrease in unrecognized tax benefits | $ 55 | $ 55 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 546 | $ 454 |
Work-in-process | 166 | 136 |
Finished goods | 779 | 681 |
LIFO reserve | (91) | (82) |
Total inventories | $ 1,400 | $ 1,189 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Pension | ||||
Components of net periodic benefit cost: | ||||
Service cost | $ 14 | $ 13 | $ 27 | $ 27 |
Interest cost | 10 | 15 | 20 | 30 |
Expected return on plan assets | (26) | (28) | (51) | (56) |
Amortization of actuarial loss (gain) | 13 | 12 | 26 | 24 |
Amortization of prior service cost | 1 | 0 | 1 | 0 |
Total net periodic benefit cost | 12 | 12 | 23 | 25 |
Other Postretirement Benefits | ||||
Components of net periodic benefit cost: | ||||
Service cost | 2 | 2 | 4 | 4 |
Interest cost | 2 | 4 | 5 | 8 |
Expected return on plan assets | (6) | (6) | (13) | (12) |
Amortization of actuarial loss (gain) | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Total net periodic benefit cost | $ (2) | $ 0 | $ (4) | $ 0 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected current year company contributions | $ 28 |
Contributions | 18 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected current year company contributions | 4 |
Contributions | $ 2 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Commercial paper | $ 0 | $ 0 |
Short-term debt | 592,000,000 | 350,000,000 |
Long-term line of credit | 0 | 0 |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 2,500,000,000 | 2,500,000,000 |
1.75% Notes | ||
Debt Instrument [Line Items] | ||
Short-term debt | $ 592,000,000 | |
Stated interest rate | 1.75% | |
3.375% Notes | ||
Debt Instrument [Line Items] | ||
Short-term debt | $ 350,000,000 | |
Stated interest rate | 3.375% |
Debt - Fair Value and Related C
Debt - Fair Value and Related Carrying Values (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Fair value | $ 8,649 | $ 9,412 |
Carrying value | $ 7,648 | $ 8,122 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Summary of AOCI(L) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | $ 3,276 | $ 2,284 | $ 3,182 | $ 3,030 |
Other comprehensive income (loss) | 48 | 74 | 52 | (204) |
Ending balance | 3,521 | 2,358 | 3,521 | 2,358 |
Accumulated Other Comprehensive Income Attributable to Parent | ||||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning balance | (1,638) | (1,983) | (1,642) | (1,705) |
Ending balance | (1,590) | (1,909) | (1,590) | (1,909) |
Accumulated Foreign Currency Adjustment Attributable to Parent | ||||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Other comprehensive income (loss), adjustments during the period | 24 | 47 | 57 | (225) |
Other comprehensive income (loss), adjustments reclassified to income | 2 | 0 | 4 | 0 |
Income taxes | 11 | 17 | (31) | 2 |
Other comprehensive income (loss) | 37 | 64 | 30 | (223) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||
Changes in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Other comprehensive income (loss), adjustments reclassified to income | 14 | 12 | 27 | 24 |
Income taxes | (3) | (2) | (5) | (5) |
Other comprehensive income (loss) | $ 11 | $ 10 | $ 22 | $ 19 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Narrative (Details) $ in Millions | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019EUR (€) | May 31, 2015EUR (€) | May 31, 2014EUR (€) |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Cumulative translation adjustment losses, net of tax | $ 1,300 | $ 1,500 | ||||
Unrecognized pension and other postretirement benefits costs, net of tax | 309 | $ 371 | ||||
Net Investment Hedging | Euro Notes | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive income related to net investment hedge unrealized gain (loss), before tax | 9 | $ (120) | ||||
Euro Notes Issued May 2014 | Net Investment Hedging | Euro Notes | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Face value of notes | € | € 1,000,000,000 | |||||
Long-term debt | 1,200 | |||||
Euro Notes Issued May 2015 | Net Investment Hedging | Euro Notes | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Face value of notes | € | € 1,000,000,000 | |||||
Long-term debt | 1,200 | |||||
Euro Notes Issued June 2019 | Net Investment Hedging | Euro Notes | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Face value of notes | € | € 1,600,000,000 | |||||
Long-term debt | $ 1,900 |
Segment Information (Details)
Segment Information (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 7 |
Acquisition Agreement (Details)
Acquisition Agreement (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Forecast | MTS | |
Business Acquisition [Line Items] | |
Business acquisition, purchase price | $ 750 |