Illinois Tool Works Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Illinois Tool Works Inc. has submitted its comprehensive 2023 annual report on Form 10-K.</b>

AI Summary

ILLINOIS TOOL WORKS INC (ITW) filed a Annual Report (10-K) with the SEC on February 9, 2024. Illinois Tool Works Inc. filed its annual report for the fiscal year ending December 31, 2023. The report details financial performance and business operations for the period. Key financial data and disclosures are provided in accordance with SEC regulations. The company's fiscal year concludes on December 31st annually. The filing was made on February 9, 2024.

Why It Matters

For investors and stakeholders tracking ILLINOIS TOOL WORKS INC, this filing contains several important signals. This 10-K filing provides stakeholders with a detailed overview of ITW's financial health, operational performance, and strategic initiatives throughout 2023. Investors and analysts can use this report to assess the company's financial position, identify potential risks, and make informed investment decisions.

Risk Assessment

Risk Level: low — ILLINOIS TOOL WORKS INC shows low risk based on this filing. The filing is a standard annual report (10-K), which is routine for publicly traded companies and does not indicate any unusual events or significant deviations from normal operations.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-K to understand ITW's performance drivers and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-09 — Filing Date (Filed as of date)
• 361258310 — IRS Number (Filer IRS number)
• 001-04797 — SEC File Number (SEC file number)

Key Players & Entities

• ILLINOIS TOOL WORKS INC (company) — Filer name
• ITW (company) — Ticker symbol
• 20231231 (date) — Conformed period of report
• 20240209 (date) — Filed as of date
• 155 HARLEM AVENUE (address) — Business address street 1
• GLENVIEW (location) — Business address city
• IL (location) — Business address state
• 60025 (postal_code) — Business address zip

FAQ

Industry Context

Illinois Tool Works Inc. operates in the industrial machinery and equipment sector, providing a diverse range of products and services to various industries globally.

Regulatory Implications

The filing adheres to the reporting requirements of the Securities Exchange Act of 1934, ensuring transparency and compliance with SEC regulations.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Review management's discussion and analysis (MD&A) for insights into business strategy and performance drivers.
3. Examine any disclosed risk factors to understand potential challenges and mitigation strategies.

Key Dates

• 2024-02-09: 10-K Filing — Submission of the annual report for the fiscal year 2023.

Year-Over-Year Comparison

This is the initial filing of the 2023 annual report (10-K); prior period data is available within the document for comparison.

Key Financial Figures

• $1.0 billion — ses with annual revenues totaling up to $1.0 billion. In the fourth quarter of 2019, the Com
• $0.5 b — mbined annual revenues of approximately $0.5 billion, subject to approval by the Compa
• $220 m — Polymers & Fluids segment was sold for $220 million, subject to certain closing adjus
• $156 million — stments, resulting in a pre-tax gain of $156 million. The business in the Food Equipment seg
• $59 m — the Food Equipment segment was sold for $59 million, subject to certain closing adjus
• $41 million — stments, resulting in a pre-tax gain of $41 million. Operating revenue related to these div
• $106 million — hs ended December 31, 2022 and 2021 was $106 million and $115 million, respectively. In th
• $115 m — 31, 2022 and 2021 was $106 million and $115 million, respectively. In the fourth qu
• $8 million — assets and liabilities held for sale of $8 million and $1 million, respectively. This busi
• $1 m — ilities held for sale of $8 million and $1 million, respectively. This business was
• $9 m — the Company's results of operations was $9 million, $37 million and $35 million for
• $37 million — s results of operations was $9 million, $37 million and $35 million for the twelve months e
• $35 million — rations was $9 million, $37 million and $35 million for the twelve months ended December 31

Filing Documents

• itw-20231231.htm (10-K) — 2528KB
• a20231231-ex21.htm (EX-21) — 201KB
• a20231231-ex23.htm (EX-23) — 2KB
• a20231231-ex24.htm (EX-24) — 47KB
• a20231231-ex31.htm (EX-31) — 21KB
• a20231231-ex32.htm (EX-32) — 7KB
• a20231231-ex97.htm (EX-97) — 40KB
• itw-20231231_g1.jpg (GRAPHIC) — 45KB
• 0000049826-24-000008.txt (&nbsp;) — 13774KB
• itw-20231231.xsd (EX-101.SCH) — 72KB
• itw-20231231_cal.xml (EX-101.CAL) — 140KB
• itw-20231231_def.xml (EX-101.DEF) — 361KB
• itw-20231231_lab.xml (EX-101.LAB) — 1121KB
• itw-20231231_pre.xml (EX-101.PRE) — 728KB
• itw-20231231_htm.xml (XML) — 2359KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 15 Item 1C. Cybersecurity 15 Item 2.

Properties

Properties 16 Item 3.

Legal Proceedings

Legal Proceedings 16 Item 4. Mine Safety Disclosures 16 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 17 Item 6 . [Reserved] 18 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 43 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 77 Item 9A.

Controls and Procedures

Controls and Procedures 77 Item 9B. Other Information 77 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 77 PART III Item 10. Directors, Executive Officers and Corporate Governance 78 Item 11.

Executive Compensation

Executive Compensation 78 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78 Item 13. Certain Relationships and Related Transactions, and Director Independence 78 Item 14. Principal Accountant Fees and Services 78 PART IV Item 15. Exhibit and Financial Statement Schedules 79 Item 16. Form 10-K Summary 82

Signatures

Signatures 83 PART I

Business

ITEM 1. Business General Illinois Tool Works Inc. (the "Company" or "ITW") was founded in 1912 and incorporated in 1915. The Company's ticker symbol is ITW. The Company is a global manufacturer of a diversified range of industrial products and equipment with 84 divisions in 51 countries. As of December 31, 2023, the Company employed approximately 45,000 people. The Company's operations are organized and managed based on similar product offerings and end markets, and are reported to senior management as the following seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The following is a description of the Company's seven segments: Automotive OEM — This segment is a global, niche supplier to top tier OEMs, providing unique innovation to address pain points for sophisticated customers with complex problems. Businesses in this segment produce components and fasteners for automotive-related applications. This segment primarily serves the automotive original equipment manufacturers and tiers market. Products in this segment include: plastic and metal components, fasteners and assemblies for automobiles, light trucks and other industrial uses. Food Equipment — This segment is a highly focused and branded industry leader in commercial food equipment differentiated by innovation and integrated service offerings. This segment primarily serves the food service, food retail and food institutional/restaurant markets. Products in this segment include: warewashing equipment; cooking equipment, including ovens, ranges and broilers; refrigeration equipment, including refrigerators, freezers and prep tables; food processing equipment, including slicers, mixers and scales; kitchen exhaust, ventilation and pollution control systems; and food equipment service, maintenance and repair. Test & Measurement and Electronics — This segment is a branded and innovative

View Full Filing

View this 10-K filing on SEC EDGAR