Illinois Tool Works Files 8-K on Financials
Ticker: ITW · Form: 8-K · Filed: Jul 30, 2024 · CIK: 49826
Sentiment: neutral
Topics: financial-reporting, results-of-operations
TL;DR
ITW dropped its 8-K today, check the financials.
AI Summary
Illinois Tool Works Inc. (ITW) filed an 8-K on July 30, 2024, reporting on its results of operations and financial condition. The filing includes financial statements and exhibits related to the company's performance. ITW is a diversified manufacturer headquartered in Glenview, IL.
Why It Matters
This filing provides investors with updated financial information and operational results for Illinois Tool Works, crucial for assessing the company's current performance and future outlook.
Risk Assessment
Risk Level: low — This is a routine 8-K filing for financial reporting and does not indicate any unusual or significant risks.
Key Players & Entities
- ILLINOIS TOOL WORKS INC (company) — Filer
- 0000049826 (company) — Central Index Key
- July 30, 2024 (date) — Report Date
- Glenview, IL (location) — Company Headquarters
FAQ
What specific financial results are detailed in this 8-K filing?
This 8-K filing primarily reports on the 'Results of Operations and Financial Condition' and includes 'Financial Statements and Exhibits', but the specific details of the results are not provided in the provided text.
When was this 8-K report filed?
The report was filed on July 30, 2024.
What is the ticker symbol for Illinois Tool Works Inc.?
The ticker symbol is not explicitly stated in the provided text, but the company is identified as ILLINOIS TOOL WORKS INC.
What is the primary business of Illinois Tool Works Inc.?
Illinois Tool Works Inc. is in the 'GENERAL INDUSTRIAL MACHINERY & EQUIPMENT' sector.
What other items are included in this filing besides results of operations?
The filing also includes 'Financial Statements and Exhibits'.
Filing Stats: 955 words · 4 min read · ~3 pages · Grade level 10.8 · Accepted 2024-07-30 09:18:44
Key Financial Figures
- $20 million — so excluded the discrete tax benefit of $20 million in the second quarter of 2023 from net
Filing Documents
- itw-20240730.htm (8-K) — 40KB
- a20240630-2q24ex991pressre.htm (EX-99.1) — 348KB
- 0000049826-24-000034.txt ( ) — 618KB
- itw-20240730.xsd (EX-101.SCH) — 4KB
- itw-20240730_def.xml (EX-101.DEF) — 20KB
- itw-20240730_lab.xml (EX-101.LAB) — 36KB
- itw-20240730_pre.xml (EX-101.PRE) — 20KB
- itw-20240730_htm.xml (XML) — 9KB
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition On July 30, 2024 , Illinois Tool Works Inc. (the "Company") announced its 2024 second 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 July 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: July 30, 2024 By: /s/ Michael M. Larsen Michael M. Larsen Senior Vice President & Chief Financial Officer