Illinois Tool Works Reports Financials, Debt Details
Ticker: ITW · Form: 8-K · Filed: Apr 30, 2024 · CIK: 49826
Sentiment: neutral
Topics: debt, financial-condition, disclosure
Related Tickers: ITW
TL;DR
ITW dropped its 8-K: financial updates and a look at their Euro Notes maturing through 2034.
AI Summary
Illinois Tool Works Inc. (ITW) filed an 8-K on April 30, 2024, reporting on its financial condition and results of operations. The filing includes details on various debt instruments, such as Euro Notes due in 2024, 2027, 2030, 2031, and 2034, with specific interest rates and maturity dates.
Why It Matters
This filing provides investors with an update on ITW's financial health and its outstanding debt obligations, which are crucial for assessing the company's financial stability and future borrowing capacity.
Risk Assessment
Risk Level: low — The filing is a routine disclosure of financial information and debt instruments, not indicating any immediate or significant new risks.
Key Numbers
- 2024 — Euro Notes Maturity (Short-term debt obligation)
- 2034 — Euro Notes Maturity (Long-term debt obligation)
Key Players & Entities
- ILLINOIS TOOL WORKS INC (company) — Registrant
- April 30, 2024 (date) — Date of Report
- 0.250 Euro Notes due 2024 (dollar_amount) — Debt Instrument
- 0.625 Euro Notes due 2027 (dollar_amount) — Debt Instrument
- 2.125 Euro Notes due 2030 (dollar_amount) — Debt Instrument
- 1.00 Euro Notes due 2031 (dollar_amount) — Debt Instrument
- 3.00 Euro Notes due 2034 (dollar_amount) — Debt Instrument
FAQ
What is the primary purpose of this 8-K filing for Illinois Tool Works Inc.?
The primary purpose is to report on the company's Results of Operations and Financial Condition, as well as to file Financial Statements and Exhibits.
What specific debt instruments are mentioned in the filing?
The filing mentions several Euro Notes with varying interest rates and maturity dates: 0.250% due 2024, 0.625% due 2027, 2.125% due 2030, 1.00% due 2031, and 3.00% due 2034.
On what date was this 8-K report filed?
The report was filed on April 30, 2024.
In which state was Illinois Tool Works Inc. incorporated?
Illinois Tool Works Inc. was incorporated in Delaware.
What is the ticker symbol for Illinois Tool Works Inc.?
While not explicitly stated in the provided text, Illinois Tool Works Inc. is a publicly traded company and its common stock is listed on the NYSE.
Filing Stats: 920 words · 4 min read · ~3 pages · Grade level 11.1 · Accepted 2024-04-30 09:15:34
Filing Documents
- itw-20240430.htm (8-K) — 37KB
- a20240331-1q24ex991pressre.htm (EX-99.1) — 222KB
- 0000049826-24-000017.txt ( ) — 478KB
- itw-20240430.xsd (EX-101.SCH) — 4KB
- itw-20240430_def.xml (EX-101.DEF) — 20KB
- itw-20240430_lab.xml (EX-101.LAB) — 36KB
- itw-20240430_pre.xml (EX-101.PRE) — 20KB
- itw-20240430_htm.xml (XML) — 8KB
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition On April 30, 2024 , Illinois Tool Works Inc. (the "Company") announced its 2024 first quarter results of operations in the press release furnished as Exhibit 99.1. Non-GAAP Financial Measures The Company uses free cash flow to measure cash flow generated by operations that is available for dividends, share repurchases, acquisitions and debt repayment. The Company believes this non-GAAP financial measure, along with free cash flow to net income conversion rate, are useful to investors in evaluating the Company's financial performance and measures the Company's ability to generate cash internally to fund Company initiatives. Free cash flow represents net cash provided by operating activities less additions to plant and equipment. Free cash flow is a measurement that is not the same as net cash flow from operating activities per the statement of cash flows and may not be consistent with similarly titled measures used by other companies. A reconciliation of free cash flow to net cash provided by operating activities is included in the press release furnished as Exhibit 99.1. The Company uses after-tax return on average invested capital ("After-tax ROIC") to measure the effectiveness of its operations' use of invested capital to generate profits. After-tax ROIC is not defined under U.S. generally accepted accounting principles ("GAAP"). After-tax ROIC is a non-GAAP financial measure that the Company believes is a meaningful metric to investors in evaluating the Company's ability to generate returns from cash invested in its operations and may be different than the method used by other companies to calculate After-tax ROIC. The Company defines After-tax ROIC as operating income after taxes divided by average invested capital, which is annualized when presented in interim periods. Operating income after taxes is a non-GAAP measure consisting of net income before interest expense and other income (expense), on
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit Number Exhibit Description 99.1 Press Release issued by Illinois Tool Works Inc. dated April 30, 2024 (furnished pursuant to Item 2.02). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ILLINOIS TOOL WORKS INC. Dated: April 30, 2024 By: /s/ Michael M. Larsen Michael M. Larsen Senior Vice President & Chief Financial Officer