ITW(ITW)2025-02-14 19:59Competition and Market Presence - The Company operates in 51 countries and faces competition from various regional and global competitors, including Lincoln Electric Holdings, Inc. and ESAB Corporation in the Welding segment[34]. - The Company believes its decentralized operating structure and focus on local markets provide a competitive advantage, enabling rapid response to market dynamics[35]. Workforce and Employee Relations - As of December 31, 2024, the Company employed approximately 44,000 people, with around 16,000 located in the United States[42]. - Less than three percent of the Company's U.S. employees are represented by a labor union, indicating excellent employee relations[49]. Innovation and Intellectual Property - The Company owns approximately 4,100 unexpired U.S. patents and 10,500 unexpired foreign patents, with 1,500 applications pending in the U.S. and 4,800 pending internationally[37]. Financial Management and Risk Mitigation - The Company has designated €1.0 billion of Euro notes issued in May 2014 and €1.0 billion issued in May 2015 as hedges to reduce foreign currency risk associated with its Euro-denominated operations[222]. - The amount of pre-tax gain related to Euro notes recorded in Other comprehensive income for the twelve months ended December 31, 2024, 2023, and 2022 was (109) million, and $205 million, respectively[222]. Employee Development and Safety - The Company maintains a strong commitment to employee safety, aiming for zero accidents and fostering a proactive safety culture[43]. - The Company emphasizes talent development, encouraging employees to own their careers and learn through on-the-job experience and coaching[45]. - The Company has a comprehensive enterprise talent management strategy focused on leadership commitment, attracting talent, and creating inclusive workplaces[47].