Delaware | 1-4797 | 36-1258310 | ||
(State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) | ||
3600 West Lake Avenue, Glenview, IL | 60026-1215 | |||
(Address of principal executive offices) | (Zip Code) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits | ||
Exhibit Number | Exhibit Description | ||
99.1 | 2013 and 2012 Pro Forma Statement of Income Restated for Discontinued Operations (furnished pursuant to Item 2.02). | ||
99.2 | 2013 and 2012 Pro Forma Segment Data Restated for Discontinued Operations (furnished pursuant to Item 2.02). |
ILLINOIS TOOL WORKS INC. | ||
Dated: October 8, 2013 | By: /s/ Randall J. Scheuneman | |
Randall J. Scheuneman | ||
Vice President & Chief Accounting Officer |
(In millions except per share amounts) | 2013 | ||||||||||
1Q | 2Q | YTD | |||||||||
Operating Revenues | $ | 3,420 | $ | 3,593 | $ | 7,013 | |||||
Cost of revenues | 2,078 | 2,155 | 4,233 | ||||||||
Selling, administrative, and research and development expenses | 703 | 747 | 1,450 | ||||||||
Amortization of intangible assets | 61 | 61 | 122 | ||||||||
Impairment of goodwill and other intangible assets | — | — | — | ||||||||
Operating Income | 578 | 630 | 1,208 | ||||||||
Interest expense | (60 | ) | (59 | ) | (119 | ) | |||||
Other income (expense) | 47 | 10 | 57 | ||||||||
Income from Continuing Operations before Income Taxes | 565 | 581 | 1,146 | ||||||||
Income taxes | 164 | 165 | 329 | ||||||||
Income from Continuing Operations | 401 | 416 | 817 | ||||||||
Income (Loss) from Discontinued Operations | (47 | ) | 49 | 2 | |||||||
Net Income | $ | 354 | $ | 465 | $ | 819 | |||||
Income Per Share from Continuing Operations: | |||||||||||
Basic | $ | 0.89 | $ | 0.93 | $ | 1.81 | |||||
Diluted | $ | 0.88 | $ | 0.92 | $ | 1.80 | |||||
Income (Loss) Per Share from Discontinued Operations: | |||||||||||
Basic | $ | (0.10 | ) | $ | 0.11 | $ | — | ||||
Diluted | $ | (0.10 | ) | $ | 0.11 | $ | — | ||||
Net Income Per Share: | |||||||||||
Basic | $ | 0.78 | $ | 1.04 | $ | 1.82 | |||||
Diluted | $ | 0.78 | $ | 1.03 | $ | 1.81 | |||||
Shares of Common Stock Outstanding During the Period: | |||||||||||
Average | 451.7 | 449.6 | 450.7 | ||||||||
Average assuming dilution | 454.8 | 452.5 | 453.7 |
(In millions except per share amounts) | 2012 | ||||||||||||||||||
1Q | 2Q | 3Q | 4Q | YTD | |||||||||||||||
Operating Revenues | $ | 3,740 | $ | 3,834 | $ | 3,733 | $ | 3,484 | $ | 14,791 | |||||||||
Cost of revenues | 2,312 | 2,356 | 2,289 | 2,177 | 9,134 | ||||||||||||||
Selling, administrative, and research and development expenses | 751 | 743 | 713 | 721 | 2,928 | ||||||||||||||
Amortization of intangible assets | 62 | 66 | 62 | 62 | 252 | ||||||||||||||
Impairment of goodwill and other intangible assets | — | — | 2 | — | 2 | ||||||||||||||
Operating Income | 615 | 669 | 667 | 524 | 2,475 | ||||||||||||||
Interest expense | (50 | ) | (50 | ) | (52 | ) | (61 | ) | (213 | ) | |||||||||
Gain on sale of interest in Decorative Surfaces | — | — | — | 933 | 933 | ||||||||||||||
Other income (expense) | 9 | 21 | 1 | (20 | ) | 11 | |||||||||||||
Income from Continuing Operations before Income Taxes | 574 | 640 | 616 | 1,376 | 3,206 | ||||||||||||||
Income taxes | 164 | 183 | 171 | 455 | 973 | ||||||||||||||
Income from Continuing Operations | 410 | 457 | 445 | 921 | 2,233 | ||||||||||||||
Income (Loss) from Discontinued Operations | 76 | 424 | 79 | 58 | 637 | ||||||||||||||
Net Income | $ | 486 | $ | 881 | $ | 524 | $ | 979 | $ | 2,870 | |||||||||
Income Per Share from Continuing Operations: | |||||||||||||||||||
Basic | $ | 0.85 | $ | 0.97 | $ | 0.96 | $ | 2.00 | $ | 4.75 | |||||||||
Diluted | $ | 0.84 | $ | 0.96 | $ | 0.95 | $ | 1.99 | $ | 4.72 | |||||||||
Income (Loss) Per Share from Discontinued Operations: | |||||||||||||||||||
Basic | $ | 0.16 | $ | 0.90 | $ | 0.17 | $ | 0.12 | $ | 1.36 | |||||||||
Diluted | $ | 0.16 | $ | 0.89 | $ | 0.17 | $ | 0.12 | $ | 1.35 | |||||||||
Net Income Per Share: | |||||||||||||||||||
Basic | $ | 1.01 | $ | 1.86 | $ | 1.13 | $ | 2.13 | $ | 6.11 | |||||||||
Diluted | $ | 1.00 | $ | 1.85 | $ | 1.12 | $ | 2.11 | $ | 6.06 | |||||||||
Shares of Common Stock Outstanding During the Period: | |||||||||||||||||||
Average | 482.0 | 472.9 | 464.8 | 459.7 | 469.8 | ||||||||||||||
Average assuming dilution | 485.6 | 476.1 | 468.1 | 463.1 | 473.2 |
(Dollars in millions) | Q1 2013 | Q2 2013 | Q2 2013 YTD | |||||||||||||||||||||
Total Revenue | Operating Income | Operating Margin % | Total Revenue | Operating Income | Operating Margin % | Total Revenue | Operating Income | Operating Margin % | ||||||||||||||||
Test & Measurement and Electronics | $ | 520 | $ | 68 | 13.0 | % | $ | 542 | $ | 74 | 13.7 | % | $ | 1,062 | $ | 142 | 13.4 | % | ||||||
Automotive OEM | 589 | 117 | 19.8 | % | 614 | 126 | 20.6 | % | 1,203 | 243 | 20.2 | % | ||||||||||||
Polymers & Fluids | 492 | 72 | 14.6 | % | 525 | 96 | 18.3 | % | 1,017 | 168 | 16.5 | % | ||||||||||||
Food Equipment | 467 | 78 | 16.7 | % | 491 | 92 | 18.7 | % | 958 | 170 | 17.7 | % | ||||||||||||
Welding | 472 | 122 | 26.0 | % | 480 | 128 | 26.5 | % | 952 | 250 | 26.2 | % | ||||||||||||
Construction Products | 409 | 48 | 11.7 | % | 446 | 61 | 13.7 | % | 855 | 109 | 12.7 | % | ||||||||||||
Specialty Products | 481 | 96 | 19.9 | % | 506 | 113 | 22.4 | % | 987 | 209 | 21.2 | % | ||||||||||||
Intersegment | (10 | ) | — | — | % | (11 | ) | — | — | % | (21 | ) | — | — | % | |||||||||
Total Segments | $ | 3,420 | $ | 601 | 17.6 | % | $ | 3,593 | $ | 690 | 19.2 | % | $ | 7,013 | $ | 1,291 | 18.4 | % | ||||||
Decorative Surfaces | — | — | — | % | — | — | — | % | — | — | — | % | ||||||||||||
Unallocated | — | (23 | ) | — | % | — | (60 | ) | — | % | — | (83 | ) | — | % | |||||||||
Total Company | $ | 3,420 | $ | 578 | 16.9 | % | $ | 3,593 | $ | 630 | 17.5 | % | $ | 7,013 | $ | 1,208 | 17.2 | % |
(Dollars in millions) | Q1 2012 | Q2 2012 | Q3 2012 | Q4 2012 | 2012 YTD | |||||||||||||||||||||||||||||||||||
Total Revenue | Operating Income | Operating Margin % | Total Revenue | Operating Income | Operating Margin % | Total Revenue | Operating Income | Operating Margin % | Total Revenue | Operating Income | Operating Margin % | Total Revenue | Operating Income | Operating Margin % | ||||||||||||||||||||||||||
Test & Measurement and Electronics | $ | 530 | $ | 62 | 11.8 | % | $ | 593 | $ | 93 | 15.7 | % | $ | 623 | $ | 114 | 18.2 | % | $ | 553 | $ | 73 | 13.2 | % | $ | 2,299 | $ | 342 | 14.9 | % | ||||||||||
Automotive OEM | 566 | 112 | 19.7 | % | 547 | 109 | 19.9 | % | 521 | 99 | 19.1 | % | 537 | 101 | 18.8 | % | 2,171 | 421 | 19.4 | % | ||||||||||||||||||||
Polymers & Fluids | 523 | 78 | 15.0 | % | 548 | 91 | 16.6 | % | 509 | 81 | 15.9 | % | 483 | 77 | 15.8 | % | 2,063 | 327 | 15.8 | % | ||||||||||||||||||||
Food Equipment | 473 | 76 | 16.0 | % | 476 | 78 | 16.4 | % | 491 | 93 | 19.0 | % | 499 | 85 | 17.0 | % | 1,939 | 332 | 17.1 | % | ||||||||||||||||||||
Welding | 495 | 139 | 28.0 | % | 469 | 121 | 25.9 | % | 443 | 109 | 24.5 | % | 440 | 101 | 23.0 | % | 1,847 | 470 | 25.4 | % | ||||||||||||||||||||
Construction Products | 424 | 36 | 8.4 | % | 446 | 60 | 13.4 | % | 432 | 59 | 13.7 | % | 422 | 46 | 10.7 | % | 1,724 | 201 | 11.6 | % | ||||||||||||||||||||
Specialty Products | 465 | 88 | 19.1 | % | 481 | 106 | 22.0 | % | 458 | 90 | 19.6 | % | 467 | 81 | 17.4 | % | 1,871 | 365 | 19.5 | % | ||||||||||||||||||||
Intersegment | (11 | ) | — | — | % | (12 | ) | — | — | % | (11 | ) | — | — | % | (10 | ) | — | — | % | (44 | ) | — | — | % | |||||||||||||||
Total Segments | $ | 3,465 | $ | 591 | 17.1 | % | $ | 3,548 | $ | 658 | 18.5 | % | $ | 3,466 | $ | 645 | 18.6 | % | $ | 3,391 | $ | 564 | 16.6 | % | $ | 13,870 | $ | 2,458 | 17.7 | % | ||||||||||
Decorative Surfaces | 275 | 42 | 15.3 | % | 286 | 48 | 16.8 | % | 267 | 41 | 15.4 | % | 93 | 12 | 12.9 | % | 921 | 143 | 15.5 | % | ||||||||||||||||||||
Unallocated | — | (18 | ) | — | % | — | (37 | ) | — | % | — | (19 | ) | — | % | — | (52 | ) | — | % | — | (126 | ) | n/a | ||||||||||||||||
Total Company | $ | 3,740 | $ | 615 | 16.5 | % | $ | 3,834 | $ | 669 | 17.4 | % | $ | 3,733 | $ | 667 | 17.9 | % | $ | 3,484 | $ | 524 | 15.0 | % | $ | 14,791 | $ | 2,475 | 16.7 | % |
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