$ITW
ILLINOIS TOOL WORKS INC Stock $itw

$itw Overview Financials Valuation SEC Filings Company Website

2024 Q1 Form 10-Q Financial Statement

#000004982624000020 Filed on May 02, 2024

Income Statement

Concept	2024 Q1
Revenue	$3.973B
YoY Change	-1.14%
Cost Of Revenue	$2.145B
YoY Change	-8.37%
Gross Profit	$1.828B
YoY Change	8.94%
Gross Profit Margin	46.01%
Selling, General & Admin	$676.0M
YoY Change	0.15%
% of Gross Profit	36.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$25.00M
YoY Change	-63.24%
% of Gross Profit	1.37%
Operating Expenses	$701.0M
YoY Change	-0.71%
Operating Profit	$1.127B
YoY Change	15.95%
Interest Expense	-$71.00M
YoY Change	-218.33%
% of Operating Profit	-6.3%
Other Income/Expense, Net	$16.00M
YoY Change	60.0%
Pretax Income	$1.072B
YoY Change	16.27%
Income Tax	$253.0M
% Of Pretax Income	23.6%
Net Earnings	$819.0M
YoY Change	14.71%
Net Earnings / Revenue	20.61%
Basic Earnings Per Share	$2.74
Diluted Earnings Per Share	$2.73
COMMON SHARES
Basic Shares Outstanding	298.8M shares
Diluted Shares Outstanding	300.0M shares

Balance Sheet

Concept	2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$959.0M
YoY Change	-16.1%
Cash & Equivalents	$959.0M
Short-Term Investments
Other Short-Term Assets	$349.0M
YoY Change	1.45%
Inventory	$1.825B
Prepaid Expenses
Receivables	$3.238B
Other Receivables	$0.00
Total Short-Term Assets	$6.371B
YoY Change	-4.74%
LONG-TERM ASSETS
Property, Plant & Equipment	$1.973B
YoY Change	4.67%
Goodwill	$4.904B
YoY Change	0.41%
Intangibles	$653.0M
YoY Change	-11.52%
Long-Term Investments
YoY Change
Other Assets	$1.752B
YoY Change	43.25%
Total Long-Term Assets	$9.282B
YoY Change	0.53%
TOTAL ASSETS
Total Short-Term Assets	$6.371B
Total Long-Term Assets	$9.282B
Total Assets	$15.65B
YoY Change	-1.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$597.0M
YoY Change	-0.33%
Accrued Expenses	$1.512B
YoY Change	0.53%
Deferred Revenue
YoY Change
Short-Term Debt	$1.400B
YoY Change	-12.5%
Long-Term Debt Due	$2.066B
YoY Change	-28.01%
Total Short-Term Liabilities	$4.844B
YoY Change	-13.44%
LONG-TERM LIABILITIES
Long-Term Debt	$6.259B
YoY Change	13.59%
Other Long-Term Liabilities	$1.149B
YoY Change	19.19%
Total Long-Term Liabilities	$7.408B
YoY Change	2.55%
TOTAL LIABILITIES
Total Short-Term Liabilities	$4.844B
Total Long-Term Liabilities	$7.408B
Total Liabilities	$12.63B
YoY Change	-1.46%
SHAREHOLDERS EQUITY
Retained Earnings	$27.52B
YoY Change	5.39%
Common Stock	$1.624B
YoY Change	6.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$3.020B
YoY Change
Total Liabilities & Shareholders Equity	$15.65B
YoY Change	-1.68%

Cashflow Statement

Concept	2024 Q1
OPERATING ACTIVITIES
Net Income	$819.0M
YoY Change	14.71%
Depreciation, Depletion And Amortization	$25.00M
YoY Change	-63.24%
Cash From Operating Activities	$589.0M
YoY Change	-19.09%
INVESTING ACTIVITIES
Capital Expenditures	$95.00M
YoY Change	-15.93%
Acquisitions	$57.00M
YoY Change
Other Investing Activities	$8.000M
YoY Change
Cash From Investing Activities	-$152.0M
YoY Change	36.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-$524.0M
YoY Change	183.24%
NET CHANGE
Cash From Operating Activities	$589.0M
Cash From Investing Activities	-$152.0M
Cash From Financing Activities	-$524.0M
Net Change In Cash	-$106.0M
YoY Change	-124.37%
FREE CASH FLOW
Cash From Operating Activities	$589.0M
Capital Expenditures	$95.00M
Free Cash Flow	$494.0M
YoY Change	-19.67%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2024Q1	dei	Entity Central Index Key EntityCentralIndexKey	0000049826
CY2024Q1	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2024Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2024
CY2024Q1	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2024Q1	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2024Q1	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2024Q1	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
CY2024Q1	dei	Entity Small Business EntitySmallBusiness	false
CY2024Q1	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
CY2024Q1	dei	Entity Shell Company EntityShellCompany	false
CY2024Q1	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	298400000	shares
CY2022Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	3089000000	usd
CY2024Q1	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	3973000000	usd
CY2023Q1	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	4019000000	usd
CY2024Q1	us-gaap	Cost Of Goods And Services Sold CostOfGoodsAndServicesSold	2145000000	usd
CY2023Q1	us-gaap	Cost Of Goods And Services Sold CostOfGoodsAndServicesSold	2341000000	usd
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CY2023Q1	itw	Selling Administrative And Research And Development Expenses SellingAdministrativeAndResearchAndDevelopmentExpenses	675000000	usd
CY2024Q1	itw	Amortizationand Impairmentof Intangible Assets AmortizationandImpairmentofIntangibleAssets	25000000	usd
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CY2023Q1	us-gaap	Interest Expense InterestExpense	60000000	usd
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CY2024Q1	us-gaap	Income Loss Including Portion Attributable To Noncontrolling Interest IncomeLossIncludingPortionAttributableToNoncontrollingInterest	1072000000	usd
CY2023Q1	us-gaap	Income Loss Including Portion Attributable To Noncontrolling Interest IncomeLossIncludingPortionAttributableToNoncontrollingInterest	922000000	usd
CY2024Q1	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	253000000	usd
CY2023Q1	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	208000000	usd
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CY2023Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	2.34
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CY2023Q4	us-gaap	Assets Current AssetsCurrent	6235000000	usd
CY2024Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1973000000	usd
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CY2024Q1	us-gaap	Interest And Dividends Payable Current InterestAndDividendsPayableCurrent	418000000	usd
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CY2023Q4	us-gaap	Liabilities Current LiabilitiesCurrent	4675000000	usd
CY2024Q1	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	6259000000	usd
CY2023Q4	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	6339000000	usd
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CY2024Q1	itw	Proceeds From Divestiture Of Businesses And Interests In Affiliates Net Of Working Capital Adjustments ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliatesNetOfWorkingCapitalAdjustments	0	usd
CY2023Q1	itw	Proceeds From Divestiture Of Businesses And Interests In Affiliates Net Of Working Capital Adjustments ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliatesNetOfWorkingCapitalAdjustments	-3000000	usd
CY2024Q1	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	8000000	usd
CY2023Q1	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	0	usd
CY2024Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-152000000	usd
CY2023Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-111000000	usd
CY2024Q1	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	419000000	usd
CY2023Q1	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	400000000	usd
CY2024Q1	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	41000000	usd
CY2023Q1	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	33000000	usd
CY2024Q1	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	375000000	usd
CY2023Q1	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	375000000	usd
CY2024Q1	us-gaap	Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess	952000000	usd
CY2023Q1	us-gaap	Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess	709000000	usd
CY2024Q1	us-gaap	Repayments Of Debt Maturing In More Than Three Months RepaymentsOfDebtMaturingInMoreThanThreeMonths	700000000	usd
CY2023Q1	us-gaap	Repayments Of Debt Maturing In More Than Three Months RepaymentsOfDebtMaturingInMoreThanThreeMonths	138000000	usd
CY2024Q1	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-23000000	usd
CY2023Q1	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-14000000	usd
CY2024Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-524000000	usd
CY2023Q1	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-185000000	usd
CY2024Q1	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	-19000000	usd
CY2023Q1	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	3000000	usd
CY2024Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-106000000	usd
CY2023Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	435000000	usd
CY2023Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	1065000000	usd
CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	708000000	usd
CY2024Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	959000000	usd
CY2023Q1	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	1143000000	usd
CY2024Q1	us-gaap	Interest Paid Net InterestPaidNet	76000000	usd
CY2023Q1	us-gaap	Interest Paid Net InterestPaidNet	62000000	usd
CY2024Q1	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	152000000	usd
CY2023Q1	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	128000000	usd
CY2023Q4	us-gaap	Percentage Of Lifo Inventory PercentageOfLIFOInventory	0.23
CY2022	us-gaap	Inventory Lifo Reserve Effect On Income Net InventoryLIFOReserveEffectOnIncomeNet	-7000000	usd
CY2024Q1	us-gaap	Number Of Businesses Acquired NumberOfBusinessesAcquired	1	business
CY2024Q1	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	57000000	usd
CY2024Q1	itw	Numberof Company Divisions NumberofCompanyDivisions	84	division
CY2024Q1	us-gaap	Number Of Reportable Segments NumberOfReportableSegments	7	segment
CY2024Q1	us-gaap	Revenue From Contract With Customer Including Assessed Tax RevenueFromContractWithCustomerIncludingAssessedTax	3973000000	usd
CY2023Q1	us-gaap	Revenue From Contract With Customer Including Assessed Tax RevenueFromContractWithCustomerIncludingAssessedTax	4019000000	usd
CY2024Q1	us-gaap	Number Of Reportable Segments NumberOfReportableSegments	7	segment
CY2024Q1	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.236
CY2023Q1	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.226
CY2024Q1	itw	Discrete Tax Expense Benefit DiscreteTaxExpenseBenefit	-9000000	usd
CY2023Q1	itw	Discrete Tax Expense Benefit DiscreteTaxExpenseBenefit	-13000000	usd
CY2024Q1	itw	Decrease In Unrecognized Tax Benefits Ongoing Audits DecreaseInUnrecognizedTaxBenefitsOngoingAudits	9000000	usd
CY2024Q1	us-gaap	Profit Loss ProfitLoss	819000000	usd
CY2023Q1	us-gaap	Profit Loss ProfitLoss	714000000	usd
CY2024Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	298900000	shares
CY2023Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	305000000.0	shares
CY2024Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	2.74
CY2023Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	2.34
CY2024Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	298900000	shares
CY2023Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	305000000.0	shares
CY2024Q1	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	1100000	shares
CY2023Q1	us-gaap	Incremental Common Shares Attributable To Share Based Payment Arrangements IncrementalCommonSharesAttributableToShareBasedPaymentArrangements	1100000	shares
CY2024Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	300000000.0	shares
CY2023Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	306100000	shares
CY2024Q1	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	2.73
CY2023Q1	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	2.33
CY2024Q1	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	200000	shares
CY2023Q1	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	300000	shares
CY2024Q1	us-gaap	Inventory Raw Materials Net Of Reserves InventoryRawMaterialsNetOfReserves	719000000	usd
CY2023Q4	us-gaap	Inventory Raw Materials Net Of Reserves InventoryRawMaterialsNetOfReserves	742000000	usd
CY2024Q1	us-gaap	Inventory Work In Process Net Of Reserves InventoryWorkInProcessNetOfReserves	236000000	usd
CY2023Q4	us-gaap	Inventory Work In Process Net Of Reserves InventoryWorkInProcessNetOfReserves	234000000	usd
CY2024Q1	us-gaap	Inventory Finished Goods Net Of Reserves InventoryFinishedGoodsNetOfReserves	870000000	usd
CY2023Q4	us-gaap	Inventory Finished Goods Net Of Reserves InventoryFinishedGoodsNetOfReserves	848000000	usd
CY2024Q1	us-gaap	Inventory Lifo Reserve InventoryLIFOReserve	0	usd
CY2023Q4	us-gaap	Inventory Lifo Reserve InventoryLIFOReserve	117000000	usd
CY2024Q1	us-gaap	Inventory Net InventoryNet	1825000000	usd
CY2023Q4	us-gaap	Inventory Net InventoryNet	1707000000	usd
CY2024Q1	us-gaap	Debt Current DebtCurrent	2066000000	usd
CY2023Q4	us-gaap	Debt Current DebtCurrent	1825000000	usd
CY2024Q1	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	6259000000	usd
CY2023Q4	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	6339000000	usd
CY2024Q1	us-gaap	Debt Longterm And Shortterm Combined Amount DebtLongtermAndShorttermCombinedAmount	8325000000	usd
CY2023Q4	us-gaap	Debt Longterm And Shortterm Combined Amount DebtLongtermAndShorttermCombinedAmount	8164000000	usd
CY2024Q1	us-gaap	Commercial Paper CommercialPaper	1400000000	usd
CY2023Q4	us-gaap	Commercial Paper CommercialPaper	464000000	usd
CY2024Q1	us-gaap	Long Term Debt Fair Value LongTermDebtFairValue	6573000000	usd
CY2023Q4	us-gaap	Long Term Debt Fair Value LongTermDebtFairValue	7457000000	usd
CY2024Q1	us-gaap	Long Term Debt And Capital Lease Obligations Including Current Maturities LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities	6906000000	usd
CY2023Q4	us-gaap	Long Term Debt And Capital Lease Obligations Including Current Maturities LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities	7700000000	usd
CY2024Q1	us-gaap	Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax	-1600000000	usd
CY2023Q1	us-gaap	Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax	-1500000000	usd
CY2024Q1	us-gaap	Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax	326000000	usd
CY2023Q1	us-gaap	Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax	293000000	usd
CY2024Q1	us-gaap	Number Of Businesses Acquired NumberOfBusinessesAcquired	1	business
CY2024Q1	us-gaap	Payments To Acquire Businesses Net Of Cash Acquired PaymentsToAcquireBusinessesNetOfCashAcquired	57000000	usd

Files In Submission

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itw-20240331_htm.xml	Edgar Link	completed
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R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
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FilingSummary.xml	Edgar Link	unprocessable

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$ITW
ILLINOIS TOOL WORKS INC Stock $itw

2024 Q1 Form 10-Q Financial Statement

#000004982624000020 Filed on May 02, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$ITW ILLINOIS TOOL WORKS INC Stock $itw

2024 Q1 Form 10-Q Financial Statement

#000004982624000020 Filed on May 02, 2024

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$ITW
ILLINOIS TOOL WORKS INC Stock $itw