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10-Q Filing

ILLINOIS TOOL WORKS INC CIK: 49826 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000049826-23-000025
Period End Date 20230331
Filing Date 20230504
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance itw-20230331_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
Cash and equivalents CashAndCashEquivalentsAtCarryingValue $708.00M USD Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 303.90M shares Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 305.00M shares Point-in-time
Cash and equivalents CashAndCashEquivalentsAtCarryingValue $1.14B USD Point-in-time
Trade receivables ReceivablesNetCurrent $3.17B USD Point-in-time
Trade receivables ReceivablesNetCurrent $3.20B USD Point-in-time
Inventories InventoryNet $2.05B USD Point-in-time
Inventories InventoryNet $2.00B USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $329.00M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $334.00M USD Point-in-time
Assets held for sale AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent $8.00M USD Point-in-time
Assets held for sale AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent $10.00M USD Point-in-time
Total current assets AssetsCurrent $6.69B USD Point-in-time
Total current assets AssetsCurrent $6.27B USD Point-in-time
Net plant and equipment PropertyPlantAndEquipmentNet $1.85B USD Point-in-time
Net plant and equipment PropertyPlantAndEquipmentNet $1.89B USD Point-in-time
Goodwill Goodwill $4.86B USD Point-in-time
Goodwill Goodwill $4.88B USD Point-in-time
Intangible assets IntangibleAssetsNetExcludingGoodwill $738.00M USD Point-in-time
Intangible assets IntangibleAssetsNetExcludingGoodwill $768.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $503.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $494.00M USD Point-in-time
Other assets OtherAssetsNoncurrent $1.18B USD Point-in-time
Other assets OtherAssetsNoncurrent $1.22B USD Point-in-time
Total assets Assets $15.42B USD Point-in-time
Total assets Assets $15.92B USD Point-in-time
Short-term debt DebtCurrent $1.59B USD Point-in-time
Short-term debt DebtCurrent $2.87B USD Point-in-time
Accounts payable AccountsPayableCurrent $594.00M USD Point-in-time
Accounts payable AccountsPayableCurrent $599.00M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $1.73B USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $1.50B USD Point-in-time
Cash dividends payable InterestAndDividendsPayableCurrent $400.00M USD Point-in-time
Cash dividends payable InterestAndDividendsPayableCurrent $398.00M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $224.00M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $147.00M USD Point-in-time
Liabilities held for sale LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent $1.00M USD Point-in-time
Liabilities held for sale LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent $1.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $5.60B USD Point-in-time
Total current liabilities LiabilitiesCurrent $4.46B USD Point-in-time
Long-term debt LongTermDebtNoncurrent $5.51B USD Point-in-time
Long-term debt LongTermDebtNoncurrent $6.17B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $484.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $477.00M USD Point-in-time
Noncurrent income taxes payable AccruedIncomeTaxesNoncurrent $273.00M USD Point-in-time
Noncurrent income taxes payable AccruedIncomeTaxesNoncurrent $273.00M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $943.00M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $964.00M USD Point-in-time
Total noncurrent liabilities LiabilitiesNoncurrent $7.87B USD Point-in-time
Total noncurrent liabilities LiabilitiesNoncurrent $7.22B USD Point-in-time
Common stock (par value of $0.01 per share): Issued- 550.0 shares in 2022 and 2021 Outstanding- 307.2 shares in 2022 and 312.9 shares in 2021 CommonStockValue $6.00M USD Point-in-time
Common stock (par value of $0.01 per share): Issued- 550.0 shares in 2022 and 2021 Outstanding- 307.2 shares in 2022 and 312.9 shares in 2021 CommonStockValue $6.00M USD Point-in-time
Additional paid-in-capital AdditionalPaidInCapitalCommonStock $1.50B USD Point-in-time
Additional paid-in-capital AdditionalPaidInCapitalCommonStock $1.53B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $25.80B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $26.11B USD Point-in-time
Common stock held in treasury TreasuryStockCommonValue $22.38B USD Point-in-time
Common stock held in treasury TreasuryStockCommonValue $22.74B USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.80B USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.84B USD Point-in-time
Noncontrolling interest MinorityInterest $1.00M USD Point-in-time
Noncontrolling interest MinorityInterest $1.00M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.58B USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.09B USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.63B USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.10B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $15.42B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $15.92B USD Point-in-time
Income Statement 28 line items
Line Item Tag Value Unit Period
Operating Revenue RevenueFromContractWithCustomerIncludingAssessedTax $3.94B USD 1 Quarter
Operating Revenue RevenueFromContractWithCustomerIncludingAssessedTax $4.02B USD 1 Quarter
Cost of revenue CostOfGoodsAndServicesSold $2.36B USD 1 Quarter
Cost of revenue CostOfGoodsAndServicesSold $2.34B USD 1 Quarter
Selling, administrative, and research and development expenses SellingAdministrativeAndResearchAndDevelopmentExpenses $675.00M USD 1 Quarter
Selling, administrative, and research and development expenses SellingAdministrativeAndResearchAndDevelopmentExpenses $652.00M USD 1 Quarter
Amortization and impairment of intangible assets AmortizationandImpairmentofIntangibleAssets $35.00M USD 1 Quarter
Amortization and impairment of intangible assets AmortizationandImpairmentofIntangibleAssets $31.00M USD 1 Quarter
Operating Income OperatingIncomeLoss $972.00M USD 1 Quarter
Operating Income OperatingIncomeLoss $895.00M USD 1 Quarter
Interest expense InterestExpense $48.00M USD 1 Quarter
Interest expense InterestExpense $60.00M USD 1 Quarter
Other income (expense) OtherNonoperatingIncome $14.00M USD 1 Quarter
Other income (expense) OtherNonoperatingIncome $10.00M USD 1 Quarter
Income Before Taxes IncomeLossIncludingPortionAttributableToNoncontrollingInterest $861.00M USD 1 Quarter
Income Before Taxes IncomeLossIncludingPortionAttributableToNoncontrollingInterest $922.00M USD 1 Quarter
Income Taxes IncomeTaxExpenseBenefit $199.00M USD 1 Quarter
Income Taxes IncomeTaxExpenseBenefit $208.00M USD 1 Quarter
Net Income ProfitLoss $714.00M USD 1 Quarter
Net Income ProfitLoss $662.00M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $2.12 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $2.34 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $2.11 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $2.33 USD 1 Quarter
Average (in shares) WeightedAverageNumberOfSharesOutstandingBasic 312.50M shares 1 Quarter
Average (in shares) WeightedAverageNumberOfSharesOutstandingBasic 305.00M shares 1 Quarter
Average assuming dilution (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 313.70M shares 1 Quarter
Average assuming dilution (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 306.10M shares 1 Quarter
Cash Flow Statement 82 line items
Line Item Tag Value Unit Period
Net Income ProfitLoss $714.00M USD 1 Quarter
Net Income ProfitLoss $662.00M USD 1 Quarter
Depreciation Depreciation $71.00M USD 1 Quarter
Depreciation Depreciation $68.00M USD 1 Quarter
Amortization and impairment of intangible assets AmortizationandImpairmentofIntangibleAssets $35.00M USD 1 Quarter
Amortization and impairment of intangible assets AmortizationandImpairmentofIntangibleAssets $31.00M USD 1 Quarter
Change in deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $37.00M USD 1 Quarter
Change in deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $-3.00M USD 1 Quarter
Provision for uncollectible accounts ProvisionForDoubtfulAccounts $3.00M USD 1 Quarter
Provision for uncollectible accounts ProvisionForDoubtfulAccounts $1.00M USD 1 Quarter
(Income) loss from investments GainLossOnInvestments $2.00M USD 1 Quarter
(Income) loss from investments GainLossOnInvestments $1.00M USD 1 Quarter
(Gain) loss on sale of plant and equipment GainLossOnSaleOfPropertyPlantEquipment - USD 1 Quarter
(Gain) loss on sale of plant and equipment GainLossOnSaleOfPropertyPlantEquipment $1.00M USD 1 Quarter
(Gain) loss on sale of operations and affiliates DisposalGroupNotDiscontinuedOperationGainLossOnDisposal - USD 1 Quarter
(Gain) loss on sale of operations and affiliates DisposalGroupNotDiscontinuedOperationGainLossOnDisposal - USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $17.00M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $16.00M USD 1 Quarter
Other non-cash items, net OtherOperatingActivitiesCashFlowStatement $4.00M USD 1 Quarter
Other non-cash items, net OtherOperatingActivitiesCashFlowStatement - USD 1 Quarter
Trade receivables IncreaseDecreaseInReceivables $17.00M USD 1 Quarter
Trade receivables IncreaseDecreaseInReceivables $301.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $207.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-64.00M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $50.00M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $47.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $116.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $2.00M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities $-184.00M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities $-119.00M USD 1 Quarter
Income taxes IncreaseDecreaseInAccruedIncomeTaxesPayable $134.00M USD 1 Quarter
Income taxes IncreaseDecreaseInAccruedIncomeTaxesPayable $77.00M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet - USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $1.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $728.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $323.00M USD 1 Quarter
Acquisition of businesses (excluding cash and equivalents) PaymentsToAcquireBusinessesNetOfCashAcquired $2.00M USD 1 Quarter
Acquisition of businesses (excluding cash and equivalents) PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Additions to plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $74.00M USD 1 Quarter
Additions to plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $113.00M USD 1 Quarter
Proceeds from investments ProceedsFromSaleMaturityAndCollectionsOfInvestments $2.00M USD 1 Quarter
Proceeds from investments ProceedsFromSaleMaturityAndCollectionsOfInvestments $2.00M 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
Proceeds from sales of operations and affiliates ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates $-3.00M USD 1 Quarter
Proceeds from sales of operations and affiliates ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates - USD 1 Quarter
Other, net PaymentsForProceedsFromOtherInvestingActivities $1.00M USD 1 Quarter
Other, net PaymentsForProceedsFromOtherInvestingActivities - USD 1 Quarter
Net cash provided by (used for) investing activities NetCashProvidedByUsedInInvestingActivities $-111.00M USD 1 Quarter
Net cash provided by (used for) investing activities NetCashProvidedByUsedInInvestingActivities $-73.00M USD 1 Quarter
Cash dividends paid PaymentsOfDividendsCommonStock $400.00M USD 1 Quarter
Cash dividends paid PaymentsOfDividendsCommonStock $382.00M USD 1 Quarter
Issuance of common stock ProceedsFromIssuanceOfCommonStock $33.00M USD 1 Quarter
Issuance of common stock ProceedsFromIssuanceOfCommonStock $16.00M USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $375.00M USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $375.00M USD 1 Quarter
Net proceeds from (repayments of) debt with original maturities of three months or less ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess $564.00M USD 1 Quarter
Net proceeds from (repayments of) debt with original maturities of three months or less ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess $709.00M USD 1 Quarter
Proceeds from debt with original maturities of more than three months ProceedsFromDebtMaturingInMoreThanThreeMonths $357.00M USD 1 Quarter
Proceeds from debt with original maturities of more than three months ProceedsFromDebtMaturingInMoreThanThreeMonths - USD 1 Quarter
Repayments of debt with original maturities of more than three months RepaymentsOfDebtMaturingInMoreThanThreeMonths $656.00M USD 1 Quarter
Repayments of debt with original maturities of more than three months RepaymentsOfDebtMaturingInMoreThanThreeMonths $138.00M USD 1 Quarter
Other, net ProceedsFromPaymentsForOtherFinancingActivities $-14.00M USD 1 Quarter
Other, net ProceedsFromPaymentsForOtherFinancingActivities $-13.00M USD 1 Quarter
Net cash provided by (used for) financing activities NetCashProvidedByUsedInFinancingActivities $-185.00M USD 1 Quarter
Net cash provided by (used for) financing activities NetCashProvidedByUsedInFinancingActivities $-489.00M USD 1 Quarter
Effect of Exchange Rate Changes on Cash and Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.00M USD 1 Quarter
Effect of Exchange Rate Changes on Cash and Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $8.00M USD 1 Quarter
Increase (decrease) during the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $435.00M USD 1 Quarter
Increase (decrease) during the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-231.00M USD 1 Quarter
Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $708.00M USD Point-in-time
Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.53B USD Point-in-time
Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.30B USD Point-in-time
Beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.14B USD Point-in-time
End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $708.00M USD Point-in-time
End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.53B USD Point-in-time
End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.30B USD Point-in-time
End of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.14B USD Point-in-time
Cash Paid During the Period for Interest InterestPaidNet $62.00M USD 1 Quarter
Cash Paid During the Period for Interest InterestPaidNet $58.00M USD 1 Quarter
Cash Paid During the Period for Income Taxes, Net of Refunds IncomeTaxesPaidNet $102.00M USD 1 Quarter
Cash Paid During the Period for Income Taxes, Net of Refunds IncomeTaxesPaidNet $128.00M USD 1 Quarter
Stockholders Equity 23 line items
Line Item Tag Value Unit Period
Dividends declared (in dollars per share) CommonStockDividendsPerShareDeclared $1.22 USD 1 Quarter
Dividends declared (in dollars per share) CommonStockDividendsPerShareDeclared $1.31 USD 1 Quarter
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.58B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.09B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.63B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.10B USD Point-in-time
Net income ProfitLoss $714.00M USD 1 Quarter
Net income ProfitLoss $662.00M USD 1 Quarter
Common stock issued for stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $2.00M USD 1 Quarter
Common stock issued for stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $19.00M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $17.00M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $16.00M USD 1 Quarter
Repurchases of common stock TreasuryStockValueAcquiredCostMethod $375.00M USD 1 Quarter
Repurchases of common stock TreasuryStockValueAcquiredCostMethod $375.00M USD 1 Quarter
Excise tax on repurchases of common stock TreasuryStockValueAcquiredCostMethodExciseTax $2.00M USD 1 Quarter
Dividends declared DividendsCommonStockCash $398.00M USD 1 Quarter
Dividends declared DividendsCommonStockCash $380.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $37.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $31.00M USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.58B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.09B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.63B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $3.10B USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net Income ProfitLoss $714.00M USD 1 Quarter
Net Income ProfitLoss $662.00M USD 1 Quarter
Foreign currency translation adjustments, net of tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $37.00M USD 1 Quarter
Foreign currency translation adjustments, net of tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $26.00M USD 1 Quarter
Pension and other postretirement benefit adjustments, net of tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-5.00M USD 1 Quarter
Pension and other postretirement benefit adjustments, net of tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax - USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $37.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $31.00M USD 1 Quarter
Comprehensive Income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $751.00M USD 1 Quarter
Comprehensive Income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $693.00M USD 1 Quarter

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

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