Segment Information

12 Months Ended

Dec. 31, 2016

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 and related accessories, consumables, and software for testing and measuring physical properties 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 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.

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 2016, 2015 and 2014 was as follows:

In millions	2016			2015			2014
Operating revenue:
Automotive OEM	$	2,864		$	2,529		$	2,590
Food Equipment	2,110			2,096			2,177
Test & Measurement and Electronics	1,974			1,969			2,204
Welding	1,486			1,650			1,850
Polymers & Fluids	1,691			1,712			1,927
Construction Products	1,609			1,587			1,707
Specialty Products	1,885			1,885			2,055
Intersegment revenue	(20		)	(23		)	(26		)
Total	$	13,599		$	13,405		$	14,484
Operating income:
Automotive OEM	$	690		$	613		$	600
Food Equipment	537			498			453
Test & Measurement and Electronics	372			322			340
Welding	370			415			479
Polymers & Fluids	343			335			357
Construction Products	361			316			289
Specialty Products	482			439			440
Total Segments	3,155			2,938			2,958
Unallocated	(91		)	(71		)	(70		)
Total	$	3,064		$	2,867		$	2,888
Depreciation and amortization and impairment of intangible assets:
Automotive OEM	$	90		$	76		$	79
Food Equipment	45			48			52
Test & Measurement and Electronics	104			110			115
Welding	36			37			38
Polymers & Fluids	92			95			99
Construction Products	34			36			43
Specialty Products	69			75			81
Total	$	470		$	477		$	507
Plant and equipment additions:
Automotive OEM	$	116		$	106		$	96
Food Equipment	31			37			47
Test & Measurement and Electronics	25			32			56
Welding	16			23			36
Polymers & Fluids	18			20			28
Construction Products	20			26			41
Specialty Products	47			40			54
Total Segments	273			284			358
Discontinued Operations	—			—			3
Total	$	273		$	284		$	361
Identifiable assets:
Automotive OEM	$	2,051		$	1,419		$	1,454
Food Equipment	1,013			1,054			1,123
Test & Measurement and Electronics	2,362			2,448			2,615
Welding	701			747			879
Polymers & Fluids	2,019			2,034			2,257
Construction Products	1,099			1,129			1,249
Specialty Products	1,599			1,659			1,798
Total Segments	10,844			10,490			11,375
Corporate	4,357			5,239			6,090
Total	$	15,201		$	15,729		$	17,465

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 2016, 2015 and 2014 was as follows:

In millions	2016		2015		2014
Operating Revenue by Geographic Region:
United States	$	6,176	$	6,167	$	6,191
Canada/Mexico	923		928		993
Total North America	7,099		7,095		7,184
Europe, Middle East and Africa	3,787		3,725		4,319
Asia Pacific	2,361		2,197		2,427
South America	352		388		554
Total Operating Revenue	$	13,599	$	13,405	$	14,484

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 2016, 2015 or 2014. Additionally, the Company has thousands of product lines within its businesses; therefore, providing operating revenue by product line is not practicable.