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10-Q Filing

ILLINOIS TOOL WORKS INC CIK: 49826 Q3 2019
Filing Information
Form Type 10-Q
Accession Number 0000049826-20-000052
Period End Date 20200331
Filing Date 20200508
Fiscal Year 2019
Fiscal Period Q3
XBRL Instance itw-20200331x10q_htm.xml
Balance Sheet 72 line items
Line Item Tag Value Unit Period
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 550.00M shares Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 550.00M shares Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 319.80M shares Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 315.90M shares Point-in-time
Cash and equivalents CashAndCashEquivalentsAtCarryingValue $1.43B USD Point-in-time
Cash and equivalents CashAndCashEquivalentsAtCarryingValue $1.98B USD Point-in-time
Trade receivables ReceivablesNetCurrent $2.46B USD Point-in-time
Trade receivables ReceivablesNetCurrent $2.42B USD Point-in-time
Inventories InventoryNet $1.16B USD Point-in-time
Inventories InventoryNet $1.19B USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $296.00M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $244.00M USD Point-in-time
Assets held for sale AssetsHeldforsaleDivestitureCurrent $223.00M USD Point-in-time
Assets held for sale AssetsHeldforsaleDivestitureCurrent $351.00M USD Point-in-time
Total current assets AssetsCurrent $5.51B USD Point-in-time
Total current assets AssetsCurrent $6.25B USD Point-in-time
Net plant and equipment PropertyPlantAndEquipmentNet $1.73B USD Point-in-time
Net plant and equipment PropertyPlantAndEquipmentNet $1.70B USD Point-in-time
Goodwill Goodwill $4.49B USD Point-in-time
Goodwill Goodwill $4.40B USD Point-in-time
Intangible assets IntangibleAssetsNetExcludingGoodwill $851.00M USD Point-in-time
Intangible assets IntangibleAssetsNetExcludingGoodwill $836.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $516.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $473.00M USD Point-in-time
Other assets OtherAssetsNoncurrent $1.23B USD Point-in-time
Other assets OtherAssetsNoncurrent $1.23B USD Point-in-time
Total assets Assets $14.15B USD Point-in-time
Total assets Assets $15.07B USD Point-in-time
Short-term debt ShortTermBorrowings $4.00M USD Point-in-time
Short-term debt ShortTermBorrowings $4.00M USD Point-in-time
Accounts payable AccountsPayableCurrent $488.00M USD Point-in-time
Accounts payable AccountsPayableCurrent $472.00M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $1.22B USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $1.10B USD Point-in-time
Cash dividends payable InterestAndDividendsPayableCurrent $342.00M USD Point-in-time
Cash dividends payable InterestAndDividendsPayableCurrent $338.00M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $48.00M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $55.00M USD Point-in-time
Liabilities held for sale LiabilitiesHeldforsaleDivestitureCurrent $71.00M USD Point-in-time
Liabilities held for sale LiabilitiesHeldforsaleDivestitureCurrent $42.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $2.15B USD Point-in-time
Total current liabilities LiabilitiesCurrent $2.03B USD Point-in-time
Long-term debt LongTermDebtAndCapitalLeaseObligations $7.75B USD Point-in-time
Long-term debt LongTermDebtAndCapitalLeaseObligations $7.69B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $695.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $668.00M USD Point-in-time
Noncurrent income taxes payable AccruedIncomeTaxesNoncurrent $462.00M USD Point-in-time
Noncurrent income taxes payable AccruedIncomeTaxesNoncurrent $462.00M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $986.00M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $1.00B USD Point-in-time
Total noncurrent liabilities LiabilitiesNoncurrent $9.83B USD Point-in-time
Total noncurrent liabilities LiabilitiesNoncurrent $9.88B USD Point-in-time
Common stock CommonStockValue $6.00M USD Point-in-time
Common stock CommonStockValue $6.00M USD Point-in-time
Additional paid-in-capital AdditionalPaidInCapitalCommonStock $1.30B USD Point-in-time
Additional paid-in-capital AdditionalPaidInCapitalCommonStock $1.31B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $22.40B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $22.63B USD Point-in-time
Common stock held in treasury TreasuryStockValue $19.68B USD Point-in-time
Common stock held in treasury TreasuryStockValue $18.98B USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.71B USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.98B USD Point-in-time
Noncontrolling interest MinorityInterest $1.00M USD Point-in-time
Noncontrolling interest MinorityInterest $4.00M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.20B USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.28B USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.03B USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.26B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $15.07B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $14.15B USD Point-in-time
Income Statement 28 line items
Line Item Tag Value Unit Period
Operating Revenue RevenueFromContractWithCustomerIncludingAssessedTax $3.23B USD 1 Quarter
Operating Revenue RevenueFromContractWithCustomerIncludingAssessedTax $3.55B USD 1 Quarter
Cost of revenue CostOfGoodsAndServicesSold $1.87B USD 1 Quarter
Cost of revenue CostOfGoodsAndServicesSold $2.06B USD 1 Quarter
Selling, administrative, and research and development expenses SellingAdministrativeAndResearchAndDevelopmentExpenses $560.00M USD 1 Quarter
Selling, administrative, and research and development expenses SellingAdministrativeAndResearchAndDevelopmentExpenses $611.00M USD 1 Quarter
Amortization and impairment of intangible assets AmortizationandImpairmentofIntangibleAssets $36.00M USD 1 Quarter
Amortization and impairment of intangible assets AmortizationandImpairmentofIntangibleAssets $43.00M USD 1 Quarter
Operating Income OperatingIncomeLoss $839.00M USD 1 Quarter
Operating Income OperatingIncomeLoss $761.00M USD 1 Quarter
Interest expense InterestExpense $63.00M USD 1 Quarter
Interest expense InterestExpense $51.00M USD 1 Quarter
Other income (expense) OtherNonoperatingIncome $14.00M USD 1 Quarter
Other income (expense) OtherNonoperatingIncome $25.00M USD 1 Quarter
Income Before Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $790.00M USD 1 Quarter
Income Before Taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $735.00M USD 1 Quarter
Income Taxes IncomeTaxExpenseBenefit $193.00M USD 1 Quarter
Income Taxes IncomeTaxExpenseBenefit $169.00M USD 1 Quarter
Net Income ProfitLoss $566.00M USD 1 Quarter
Net Income ProfitLoss $597.00M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.82 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.78 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.77 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.81 USD 1 Quarter
Average (in shares) WeightedAverageNumberOfSharesOutstandingBasic 327.30M shares 1 Quarter
Average (in shares) WeightedAverageNumberOfSharesOutstandingBasic 318.30M shares 1 Quarter
Average assuming dilution (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 319.70M shares 1 Quarter
Average assuming dilution (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 329.60M shares 1 Quarter
Cash Flow Statement 76 line items
Line Item Tag Value Unit Period
Net Income ProfitLoss $566.00M USD 1 Quarter
Net Income ProfitLoss $597.00M USD 1 Quarter
Depreciation Depreciation $67.00M USD 1 Quarter
Depreciation Depreciation $68.00M USD 1 Quarter
Amortization and impairment of intangible assets AmortizationandImpairmentofIntangibleAssets $36.00M USD 1 Quarter
Amortization and impairment of intangible assets AmortizationandImpairmentofIntangibleAssets $43.00M USD 1 Quarter
Change in deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $-17.00M USD 1 Quarter
Change in deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $-22.00M USD 1 Quarter
Provision for uncollectible accounts ProvisionForDoubtfulAccounts $2.00M USD 1 Quarter
Provision for uncollectible accounts ProvisionForDoubtfulAccounts $2.00M USD 1 Quarter
(Income) loss from investments GainLossOnInvestments $3.00M USD 1 Quarter
(Income) loss from investments GainLossOnInvestments $7.00M USD 1 Quarter
(Gain) loss on sale of operations and affiliates DisposalGroupNotDiscontinuedOperationGainLossOnDisposal $1.00M USD 1 Quarter
(Gain) loss on sale of operations and affiliates DisposalGroupNotDiscontinuedOperationGainLossOnDisposal $-2.00M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $10.00M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $9.00M USD 1 Quarter
Other non-cash items, net OtherOperatingActivitiesCashFlowStatement $2.00M USD 1 Quarter
Other non-cash items, net OtherOperatingActivitiesCashFlowStatement $4.00M USD 1 Quarter
Trade receivables IncreaseDecreaseInReceivables $-10.00M USD 1 Quarter
Trade receivables IncreaseDecreaseInReceivables $106.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $48.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $32.00M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $10.00M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $22.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $17.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $48.00M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities $-93.00M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities $-99.00M USD 1 Quarter
Income taxes IncreaseDecreaseInAccruedIncomeTaxesPayable $46.00M USD 1 Quarter
Income taxes IncreaseDecreaseInAccruedIncomeTaxesPayable $87.00M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet - USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $4.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $614.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $616.00M USD 1 Quarter
Acquisition of businesses (excluding cash and equivalents) PaymentsToAcquireBusinessesNetOfCashAcquired $4.00M USD 1 Quarter
Acquisition of businesses (excluding cash and equivalents) PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Additions to plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $60.00M USD 1 Quarter
Additions to plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $77.00M USD 1 Quarter
Proceeds from investments ProceedsFromSaleMaturityAndCollectionsOfInvestments $7.00M USD 1 Quarter
Proceeds from investments ProceedsFromSaleMaturityAndCollectionsOfInvestments $7.00M USD 1 Quarter
Proceeds from sale of plant and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $2.00M USD 1 Quarter
Proceeds from sale of plant and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $3.00M USD 1 Quarter
Other, net PaymentsForProceedsFromOtherInvestingActivities $3.00M USD 1 Quarter
Other, net PaymentsForProceedsFromOtherInvestingActivities - USD 1 Quarter
Net cash provided by (used for) investing activities NetCashProvidedByUsedInInvestingActivities $-72.00M USD 1 Quarter
Net cash provided by (used for) investing activities NetCashProvidedByUsedInInvestingActivities $-53.00M USD 1 Quarter
Cash dividends paid PaymentsOfDividendsCommonStock $342.00M USD 1 Quarter
Cash dividends paid PaymentsOfDividendsCommonStock $328.00M USD 1 Quarter
Issuance of common stock ProceedsFromIssuanceOfCommonStock $11.00M USD 1 Quarter
Issuance of common stock ProceedsFromIssuanceOfCommonStock $17.00M USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $375.00M USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $706.00M USD 1 Quarter
Net proceeds from (repayments of) debt with original maturities of three months or less ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess - USD 1 Quarter
Net proceeds from (repayments of) debt with original maturities of three months or less ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess $1.06B USD 1 Quarter
Repayments of debt with original maturities of more than three months RepaymentsOfLongTermDebt $650.00M USD 1 Quarter
Repayments of debt with original maturities of more than three months RepaymentsOfLongTermDebt - USD 1 Quarter
Other, net ProceedsFromPaymentsForOtherFinancingActivities $-16.00M USD 1 Quarter
Other, net ProceedsFromPaymentsForOtherFinancingActivities $-11.00M USD 1 Quarter
Net cash provided by (used for) financing activities NetCashProvidedByUsedInFinancingActivities $-1.05B USD 1 Quarter
Net cash provided by (used for) financing activities NetCashProvidedByUsedInFinancingActivities $-295.00M USD 1 Quarter
Effect of Exchange Rate Changes on Cash and Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-65.00M USD 1 Quarter
Effect of Exchange Rate Changes on Cash and Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.00M USD 1 Quarter
Increase (decrease) during the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-551.00M USD 1 Quarter
Increase (decrease) during the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $251.00M USD 1 Quarter
Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.50B USD Point-in-time
Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.75B USD Point-in-time
Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.98B USD Point-in-time
Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.43B USD Point-in-time
End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.50B USD Point-in-time
End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.75B USD Point-in-time
End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.98B USD Point-in-time
End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.43B USD Point-in-time
Cash Paid During the Period for Interest InterestPaidNet $56.00M USD 1 Quarter
Cash Paid During the Period for Interest InterestPaidNet $63.00M USD 1 Quarter
Cash Paid During the Period for Income Taxes, Net of Refunds IncomeTaxesPaidNet $84.00M USD 1 Quarter
Cash Paid During the Period for Income Taxes, Net of Refunds IncomeTaxesPaidNet $106.00M USD 1 Quarter
Stockholders Equity 23 line items
Line Item Tag Value Unit Period
Dividends declared (in dollars per share) CommonStockDividendsPerShareDeclared $1.07 USD 1 Quarter
Dividends declared (in dollars per share) CommonStockDividendsPerShareDeclared $1.00 USD 1 Quarter
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.20B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.28B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.03B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.26B USD Point-in-time
Net income ProfitLoss $566.00M USD 1 Quarter
Net income ProfitLoss $597.00M USD 1 Quarter
Common stock issued for stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $5.00M USD 1 Quarter
Common stock issued for stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $1.00M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $9.00M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $10.00M USD 1 Quarter
Repurchases of common stock TreasuryStockValueAcquiredCostMethod $706.00M USD 1 Quarter
Repurchases of common stock TreasuryStockValueAcquiredCostMethod $375.00M USD 1 Quarter
Dividends declared DividendsCommonStockCash $326.00M USD 1 Quarter
Dividends declared DividendsCommonStockCash $338.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-278.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $35.00M USD 1 Quarter
Noncontrolling interest MinorityInterestPeriodIncreaseDecrease $-4.00M USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.20B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.28B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.03B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.26B USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net Income ProfitLoss $566.00M USD 1 Quarter
Net Income ProfitLoss $597.00M USD 1 Quarter
Foreign currency translation adjustments, net of tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-287.00M USD 1 Quarter
Foreign currency translation adjustments, net of tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $31.00M USD 1 Quarter
Pension and other postretirement benefit adjustments, net of tax OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent $-4.00M USD 1 Quarter
Pension and other postretirement benefit adjustments, net of tax OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent $-9.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-278.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $35.00M USD 1 Quarter
Comprehensive Income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $288.00M USD 1 Quarter
Comprehensive Income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $632.00M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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