$ITW
ILLINOIS TOOL WORKS INC

2020 Q3 Form 10-Q Financial Statement

#000004982620000106 Filed on October 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $3.307B $3.479B
YoY Change -4.94% -3.71%
Cost Of Revenue $1.910B $2.007B
YoY Change -4.83% -4.25%
Gross Profit $1.397B $1.472B
YoY Change -5.1% -2.97%
Gross Profit Margin 42.24% 42.31%
Selling, General & Admin $560.0M $566.0M
YoY Change -1.06% -2.58%
% of Gross Profit 40.09% 38.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $118.0M $104.0M
YoY Change 13.46% -9.57%
% of Gross Profit 8.45% 7.07%
Operating Expenses $608.0M $604.0M
YoY Change 0.66% -3.82%
Operating Profit $789.0M $868.0M
YoY Change -9.1% -2.36%
Interest Expense $52.00M $52.00M
YoY Change 0.0% -18.75%
% of Operating Profit 6.59% 5.99%
Other Income/Expense, Net $2.000M $26.00M
YoY Change -92.31% 160.0%
Pretax Income $739.0M $842.0M
YoY Change -12.23% 0.84%
Income Tax $157.0M $182.0M
% Of Pretax Income 21.24% 21.62%
Net Earnings $582.0M $660.0M
YoY Change -11.82% 3.45%
Net Earnings / Revenue 17.6% 18.97%
Basic Earnings Per Share $1.84 $2.05
Diluted Earnings Per Share $1.83 $2.04
COMMON SHARES
Basic Shares Outstanding 316.5M shares 322.3M shares
Diluted Shares Outstanding 317.9M shares 324.0M shares

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.169B $1.825B
YoY Change 18.85% 14.85%
Cash & Equivalents $2.169B $1.825B
Short-Term Investments
Other Short-Term Assets $219.0M $712.0M
YoY Change -69.24% 201.69%
Inventory $1.149B $1.209B
Prepaid Expenses
Receivables $2.494B $2.499B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.031B $6.245B
YoY Change -3.43% 5.13%
LONG-TERM ASSETS
Property, Plant & Equipment $1.736B $1.693B
YoY Change 2.54% -5.89%
Goodwill $4.591B $4.430B
YoY Change 3.63% -4.83%
Intangibles $814.0M $890.0M
YoY Change -8.54% -21.24%
Long-Term Investments
YoY Change
Other Assets $1.259B $1.223B
YoY Change 2.94% 3.56%
Total Long-Term Assets $8.909B $8.715B
YoY Change 2.23% -7.08%
TOTAL ASSETS
Total Short-Term Assets $6.031B $6.245B
Total Long-Term Assets $8.909B $8.715B
Total Assets $14.94B $14.96B
YoY Change -0.13% -2.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $521.0M $493.0M
YoY Change 5.68% -14.41%
Accrued Expenses $1.263B $1.229B
YoY Change 2.77% -3.08%
Deferred Revenue
YoY Change
Short-Term Debt $353.0M $0.00
YoY Change
Long-Term Debt Due $353.0M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $2.540B $2.223B
YoY Change 14.26% -39.31%
LONG-TERM LIABILITIES
Long-Term Debt $7.592B $7.643B
YoY Change -0.67% 26.25%
Other Long-Term Liabilities $1.027B $946.0M
YoY Change 8.56% 10.9%
Total Long-Term Liabilities $9.703B $9.767B
YoY Change -0.66% 20.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.540B $2.223B
Total Long-Term Liabilities $9.703B $9.767B
Total Liabilities $12.24B $11.99B
YoY Change 2.11% 1.84%
SHAREHOLDERS EQUITY
Retained Earnings $22.83B $22.10B
YoY Change 3.3% 5.57%
Common Stock $1.352B $1.292B
YoY Change 4.64% 3.61%
Preferred Stock
YoY Change
Treasury Stock (at cost) $19.65B $18.63B
YoY Change 5.47% 9.25%
Treasury Stock Shares
Shareholders Equity $2.696B $2.966B
YoY Change
Total Liabilities & Shareholders Equity $14.94B $14.96B
YoY Change -0.13% -2.34%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $582.0M $660.0M
YoY Change -11.82% 3.45%
Depreciation, Depletion And Amortization $118.0M $104.0M
YoY Change 13.46% -9.57%
Cash From Operating Activities $683.0M $920.0M
YoY Change -25.76% 9.0%
INVESTING ACTIVITIES
Capital Expenditures -$52.00M -$90.00M
YoY Change -42.22% -10.89%
Acquisitions
YoY Change
Other Investing Activities $4.000M $21.00M
YoY Change -80.95% 162.5%
Cash From Investing Activities -$48.00M -$69.00M
YoY Change -30.43% -25.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -306.0M -671.0M
YoY Change -54.4% -11.83%
NET CHANGE
Cash From Operating Activities 683.0M 920.0M
Cash From Investing Activities -48.00M -69.00M
Cash From Financing Activities -306.0M -671.0M
Net Change In Cash 329.0M 180.0M
YoY Change 82.78% -1900.0%
FREE CASH FLOW
Cash From Operating Activities $683.0M $920.0M
Capital Expenditures -$52.00M -$90.00M
Free Cash Flow $735.0M $1.010B
YoY Change -27.23% 6.88%

Facts In Submission

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dei Entity Registrant Name
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ILLINOIS TOOL WORKS INC
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us-gaap Treasury Stock Value Acquired Cost Method
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us-gaap Common Stock Dividends Per Share Declared
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us-gaap Dividends Common Stock Cash
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Minority Interest Period Increase Decrease
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-4000000 USD
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2697000000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3258000000 USD
us-gaap Profit Loss
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1880000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
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39000000 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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32000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1125000000 USD
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
3.07
us-gaap Dividends Common Stock Cash
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-121000000 USD
CY2019Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2970000000 USD
us-gaap Profit Loss
ProfitLoss
1467000000 USD
us-gaap Profit Loss
ProfitLoss
1880000000 USD
us-gaap Depreciation
Depreciation
203000000 USD
us-gaap Depreciation
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199000000 USD
itw Amortizationand Impairmentof Intangible Assets
AmortizationandImpairmentofIntangibleAssets
119000000 USD
itw Amortizationand Impairmentof Intangible Assets
AmortizationandImpairmentofIntangibleAssets
122000000 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-19000000 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
5000000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3000000 USD
us-gaap Gain Loss On Investments
GainLossOnInvestments
6000000 USD
us-gaap Gain Loss On Investments
GainLossOnInvestments
12000000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-1000000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
8000000 USD
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
1000000 USD
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
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us-gaap Share Based Compensation
ShareBasedCompensation
31000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
32000000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
6000000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
7000000 USD
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
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us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
38000000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-50000000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-31000000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-50000000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-21000000 USD
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
23000000 USD
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
15000000 USD
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
29000000 USD
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-68000000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-6000000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-21000000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-2000000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-5000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2034000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
2221000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
4000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
168000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
244000000 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
10000000 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
16000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
8000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
22000000 USD
us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
0 USD
us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
5000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
15000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-151000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-220000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1019000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
977000000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
60000000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
50000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
706000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1125000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
0 USD
us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
-1000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1774000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1350000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-16000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-12000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1681000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1641000000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-14000000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-39000000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
188000000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
321000000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1981000000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1504000000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2169000000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1825000000 USD
us-gaap Interest Paid Net
InterestPaidNet
175000000 USD
us-gaap Interest Paid Net
InterestPaidNet
207000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
399000000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
553000000 USD
CY2020Q3 itw Disposal Group Including Discontinued Operations Numberof Businesses Heldfor Sale
DisposalGroupIncludingDiscontinuedOperationsNumberofBusinessesHeldforSale
0 business
itw Numberof Company Divisions
NumberofCompanyDivisions
84 division
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
7 segment
CY2020Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3307000000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3479000000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
9099000000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
10640000000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
7 segment
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.213
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.216
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.220
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.235
CY2020Q3 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
-7000000 USD
CY2019Q3 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
-7000000 USD
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
-20000000 USD
us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
-16000000 USD
CY2019Q3 itw Discrete Tax Expense Benefit
DiscreteTaxExpenseBenefit
-21000000 USD
CY2020Q3 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
67000000 USD
us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 USD
us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 USD
CY2020Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
434000000 USD
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
452000000 USD
CY2020Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
156000000 USD
CY2019Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
131000000 USD
CY2020Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
648000000 USD
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
670000000 USD
CY2020Q3 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
89000000 USD
CY2019Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
89000000 USD
CY2020Q3 us-gaap Inventory Net
InventoryNet
1149000000 USD
CY2019Q4 us-gaap Inventory Net
InventoryNet
1164000000 USD
CY2019Q4 us-gaap Commercial Paper
CommercialPaper
0 USD
CY2020Q3 us-gaap Commercial Paper
CommercialPaper
0 USD
CY2020Q3 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2019Q4 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2020Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
9151000000 USD
CY2019Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
8614000000 USD
CY2020Q3 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
7945000000 USD
CY2019Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
7758000000 USD
CY2020Q3 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-1500000000 USD
CY2019Q3 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
-1400000000 USD
CY2020Q3 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
362000000 USD
CY2019Q3 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
351000000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
7 segment

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