Segment Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information—The Company's operations are organized and managed based on similar product offerings and similar end markets, and are reported to senior management as the following seven segments: Automotive OEM; Test & Measurement and Electronics; Food Equipment; Polymers & Fluids; Welding; 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.

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.

Food Equipment—This segment is a highly focused and branded industry-leader in commercial food equipment differentiated by innovation and integrated service offerings.

Polymers & Fluids—This segment is a highly branded supplier to niche markets that require value-added, differentiated products. Businesses in this segment produce adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance.

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.

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 that deliver strong operating results 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 2015, 2014 and 2013 was as follows:

In millions	2015			2014			2013
Operating revenue:
Automotive OEM	$	2,529		$	2,590		$	2,396
Test & Measurement and Electronics	1,969			2,204			2,176
Food Equipment	2,096			2,177			2,047
Polymers & Fluids	1,712			1,927			1,993
Welding	1,650			1,850			1,837
Construction Products	1,587			1,707			1,717
Specialty Products	1,885			2,055			2,007
Intersegment revenue	(23		)	(26		)	(38		)
Total	$	13,405		$	14,484		$	14,135
Operating income:
Automotive OEM	$	613		$	600		$	490
Test & Measurement and Electronics	322			340			321
Food Equipment	498			453			385
Polymers & Fluids	335			357			335
Welding	415			479			464
Construction Products	316			289			238
Specialty Products	439			440			408
Total Segments	2,938			2,958			2,641
Unallocated	(71		)	(70		)	(127		)
Total	$	2,867		$	2,888		$	2,514
Depreciation and amortization and impairment of goodwill and intangible assets:
Automotive OEM	$	76		$	79		$	80
Test & Measurement and Electronics	110			115			119
Food Equipment	48			52			50
Polymers & Fluids	95			99			103
Welding	37			38			37
Construction Products	36			43			49
Specialty Products	75			81			84
Total Segments	477			507			522
Discontinued Operations	—			—			91
Total	$	477		$	507		$	613
Plant and equipment additions:
Automotive OEM	$	106		$	96		$	119
Test & Measurement and Electronics	32			56			39
Food Equipment	37			47			37
Polymers & Fluids	20			28			28
Welding	23			36			35
Construction Products	26			41			32
Specialty Products	40			54			47
Total Segments	284			358			337
Discontinued Operations	—			3			31
Total	$	284		$	361		$	368
Identifiable assets:
Automotive OEM	$	1,419		$	1,454		$	1,571
Test & Measurement and Electronics	2,448			2,615			2,772
Food Equipment	1,054			1,123			1,184
Polymers & Fluids	2,034			2,257			2,420
Welding	747			879			936
Construction Products	1,129			1,249			1,309
Specialty Products	1,659			1,798			1,939
Total Segments	10,490			11,375			12,131
Corporate	5,239			6,090			5,632
Assets held for sale	—			—			1,836
Total	$	15,729		$	17,465		$	19,599

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 2015, 2014 and 2013 was as follows:

In millions	2015		2014		2013
Operating Revenue by Geographic Region:
United States	$	6,167	$	6,191	$	6,030
Canada/Mexico	928		993		973
Total North America	7,095		7,184		7,003
Europe, Middle East and Africa	3,725		4,319		4,162
Asia Pacific	2,197		2,427		2,366
South America	388		554		604
	$	13,405	$	14,484	$	14,135

Operating revenue by geographic region is based on the customers' locations. Long-lived assets in any single country outside of the U.S. did not exceed 10% of the Company's total long-lived assets. No single customer accounted for more than 5% of consolidated revenues in 2015, 2014 or 2013. Additionally, the Company has thousands of product lines within its businesses; therefore, providing operating revenue by product line is not practicable.