itw-20221025

0000049826-22-000055.txt : 20221025 0000049826-22-000055.hdr.sgml : 20221025 20221025092334 ACCESSION NUMBER: 0000049826-22-000055 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20221025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20221025 DATE AS OF CHANGE: 20221025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ILLINOIS TOOL WORKS INC CENTRAL INDEX KEY: 0000049826 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560] IRS NUMBER: 361258310 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04797 FILM NUMBER: 221327362 BUSINESS ADDRESS: STREET 1: 155 HARLEM AVENUE CITY: GLENVIEW STATE: IL ZIP: 60025 BUSINESS PHONE: 8477247500 MAIL ADDRESS: STREET 1: 155 HARLEM AVENUE CITY: GLENVIEW STATE: IL ZIP: 60025 8-K 1 itw-20221025.htm 8-K itw-20221025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): October 25, 2022

_________________________

ILLINOIS TOOL WORKS INC.

(Exact name of registrant as specified in its charter)

Delaware

1-4797

36-1258310

(State or other jurisdiction of incorporation)

(Commission File No.)

(I.R.S. Employer Identification No.)

155 Harlem Avenue

Glenview

60025

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: 847-724-7500

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			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))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	ITW	New York Stock Exchange
1.25% Euro Notes due 2023	ITW23	New York Stock Exchange
0.250% Euro Notes due 2024	ITW24A	New York Stock Exchange
0.625% Euro Notes due 2027	ITW27	New York Stock Exchange
2.125% Euro Notes due 2030	ITW30	New York Stock Exchange
1.00% Euro Notes due 2031	ITW31	New York Stock Exchange
3.00% Euro Notes due 2034	ITW34	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On October 25, 2022, Illinois Tool Works Inc. (the "Company") announced its 2022 third 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 measure 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 an after-tax basis, which are excluded as they do not represent returns generated by the Company's operations. For comparability, the Company also excluded the discrete tax benefit of $51 million in the second quarter of 2022 from net income and the effective tax rate for the nine months ended September 30, 2022. Additionally, for comparability, the Company excluded the discrete tax benefit of $21 million in the third quarter of 2021 and the discrete tax benefit of $112 million in the second quarter of 2021 from net income and the effective tax rate for the three and nine month periods ended September 30, 2021 and the year ended December 31, 2021. Total invested capital represents the net assets of the Company, other than cash and equivalents and outstanding debt which do not represent capital investment in the Company's operations. The most comparable GAAP measure to operating income after taxes is net income. Calculations of net income to average invested capital and After-tax ROIC are included in the press release furnished as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits


(d)	Exhibits

	Exhibit Number	Exhibit Description

	99.1	Press Release issued by Illinois Tool Works Inc. dated October 25, 2022 (furnished pursuant to Item 2.02).
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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:	October 25, 2022	By: /s/ Michael M. Larsen
		Michael M. Larsen
		Senior Vice President & Chief Financial Officer

EX-99.1 2 a20220930-3q22ex991pressre.htm EX-99.1 Document

Exhibit 99.1

ITW Reports Third Quarter 2022 Results

•Revenue of $4.0 billion; an increase of 13% with organic growth of 16%

•GAAP EPS of $2.35, an increase of 16%

•Record operating income of $983 million, an increase of 16%

•Operating margin of 24.5%, an increase of 70 bps; operating margin of 25.1% excluding (60) bps of margin dilution from the acquisition of MTS. Enterprise initiatives contributed 110 bps.

•Raising full-year GAAP EPS guidance to $9.45 to $9.55 per share and organic revenue growth guidance to 11 to 12%

GLENVIEW, IL., October 25, 2022 - Illinois Tool Works Inc. (NYSE: ITW) today reported its third quarter 2022 results.

“Despite softening demand and inventory destocking in certain end-markets, the ITW team delivered another quarter of strong performance with organic growth of 16 percent, operating margin of 24.5 percent, after-tax ROIC of 29.9 percent and earnings per share growth of 16 percent,” said E. Scott Santi, Chairman and Chief Executive Officer. “Our business teams around the world continue to do an exceptional job of navigating what remains a dynamic and challenging operating environment to deliver for our customers and for the company. In addition, we were pleased to see incremental margins return to our normal 30 percent-plus historical levels in the third quarter as the impact of volume growth, enterprise initiatives, pricing actions, and some moderation in the pace of input cost inflation drove a 130 basis point improvement in operating margin in our base business.

"While it is clear that the economic outlook is becoming increasingly uncertain, demand remains strong across the majority of our business portfolio and as a result ITW is well-positioned to deliver a strong finish to what has been a very strong year.”

Third Quarter 2022 Results

Third quarter revenue of $4.0 billion increased 13 percent with organic revenue growth of 16 percent. The acquisition of MTS contributed three percent to revenue. Unfavorable foreign currency translation reduced revenue by six percent. Five of seven segments delivered double-digit organic growth in the quarter, led by Automotive OEM up 25 percent and Food Equipment up 23 percent. Test & Measurement and Electronics and Construction Products were both up 17 percent, Welding up 14 percent, Polymers & Fluids up eight percent and Specialty Products was essentially flat, or up three percent excluding significant 80/20 Front-to-Back driven Product Line Simplification (“PLS”). At the enterprise level, PLS reduced organic growth by (70) basis points. On a geographic basis, organic growth was 17 percent in North America, 14 percent in Europe, and 15 percent in Asia Pacific.

GAAP EPS was $2.35, an increase of 16 percent, and included $(0.13) of unfavorable foreign currency translation impact and $(0.07) from a higher effective tax rate. Operating margin of 25.1 percent improved 130 basis points excluding (60) basis points impact from the acquisition of MTS. Enterprise initiatives contributed 110 basis points. Price/cost was positive on a dollar-for-dollar basis and the margin dilution impact continued to moderate in the third quarter to (40) basis points as compared to (200) basis points in the first half of 2022. Operating cash flow was $713 million, and free cash flow was $612 million, an increase of 12 percent with a conversion rate to net income of 84 percent. The reported tax rate for the third quarter was 23.9 percent.

Portfolio Management and Capital Allocation Update

Consistent with our previously announced plan to divest certain business units, on October 3, 2022, ITW closed the sale of a division within the Polymers & Fluids segment for approximately $220 million, subject to certain closing adjustments. The division has annualized revenue of approximately $100 million in 2022. The gain related to this divestiture is estimated to contribute $0.45 to fourth quarter earnings per share.

ITW repurchased $500 million of shares in the third quarter and expects share repurchases of $1.75 billion for the full year. On August 5, 2022, the company raised its dividend by seven percent to an annualized rate of $5.24 per share.

2022 Guidance Update

Based on 12 percent organic growth year-to-date and current levels of demand, ITW is projecting full-year organic growth guidance of 11 to 12 percent and full-year revenue growth of nine to ten percent. The acquisition of MTS is expected to add three percent to revenue. Foreign currency translation at current foreign exchange rates is expected to reduce revenues by five percent.

Prior GAAP EPS guidance of $9.00 to $9.40 was adjusted to a narrower range of $9.00 to $9.10 primarily to account for incremental foreign currency translation headwinds and raised by the estimated divestiture gain of $0.45 resulting in the company raising its full-year GAAP EPS guidance to a range of $9.45 to $9.55 per share. For the full year, operating margin is projected to be approximately 24 percent, with enterprise initiatives contributing 100 basis points. Free cash flow is projected to be approximately 80 percent of net income.

Non-GAAP Measures

This earnings release contains certain non-GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP measures is included in the attached supplemental reconciliation schedule. The estimated guidance of free cash flow conversion rate is based on assumptions that are difficult to predict, and estimated guidance for the most directly comparable GAAP measure and a reconciliation of this forward-looking estimate to its most directly comparable GAAP estimate have been omitted due to the unreasonable efforts required in connection with such a reconciliation and the lack of reliable forward-looking cash flow information.

Forward-looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements regarding the duration and potential effects of the COVID-19 pandemic and global supply chain challenges, related government actions and the company’s strategy in response thereto on the company’s business, expected impact of inflation including raw material inflation and rising interest rates, enterprise initiatives, future financial and operating performance, free cash flow and free cash flow conversion rate, organic and total revenue, operating and incremental margin, price/cost impact, diluted income per share, restructuring expenses and related benefits, expected dividend payments, expected repatriation of overseas cash, after-tax return on invested capital, effective tax rates, exchange rates, expected access to liquidity sources, expected capital allocation, expected timing and amount of share repurchases, end market economic and regulatory conditions, potential acquisitions and divestitures and related impact on financial results, including statements with respect to the impact of the 2021 acquisition of the MTS Test & Simulation business and the 2022 divestiture of a division within the Polymers & Fluids segment, and the company’s 2022 guidance. These statements are subject to certain risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially from those anticipated. Such factors include those contained in ITW's Form 10-K for 2021 and subsequent reports filed with the SEC.

About Illinois Tool Works

ITW (NYSE: ITW) is a Fortune 200 global multi-industrial manufacturing leader with revenues totaling $14.5 billion in 2021. The company’s seven industry-leading segments leverage the unique ITW Business Model to drive solid growth with best-in-class margins and returns in markets where highly innovative, customer-focused solutions are required. ITW’s approximately 45,000 dedicated colleagues around the world thrive in the company’s decentralized and entrepreneurial culture. www.itw.com

ILLINOIS TOOL WORKS INC. and SUBSIDIARIES

STATEMENT OF INCOME (UNAUDITED)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
In millions except per share amounts	2022		2021		2022		2021
Operating Revenue	$	4,011	$	3,556	$	11,961	$	10,776
Cost of revenue	2,371		2,096		7,120		6,298
Selling, administrative, and research and development expenses	624		581		1,935		1,735
Amortization and impairment of intangible assets	33		34		102		100
Operating Income	983		845		2,804		2,643
Interest expense	(52)		(49)		(147)		(153)
Other income (expense)	26		10		64		44
Income Before Taxes	957		806		2,721		2,534
Income Taxes	230		167		594		449
Net Income	$	727	$	639	$	2,127	$	2,085

Net Income Per Share:
Basic	$	2.36	$	2.03	$	6.85	$	6.61
Diluted	$	2.35	$	2.02	$	6.83	$	6.58

Cash Dividends Per Share:
Paid	$	1.22	$	1.14	$	3.66	$	3.42
Declared	$	1.31	$	1.22	$	3.75	$	3.50

Shares of Common Stock Outstanding During the Period:
Average	308.8		314.6		310.6		315.6
Average assuming dilution	309.7		315.9		311.6		316.9

ILLINOIS TOOL WORKS INC. and SUBSIDIARIES

STATEMENT OF FINANCIAL POSITION (UNAUDITED)


In millions	September 30, 2022		December 31, 2021
Assets
Current Assets:
Cash and equivalents	$	774	$	1,527
Trade receivables	3,031		2,840
Inventories	2,007		1,694
Prepaid expenses and other current assets	281		313
Assets held for sale	103		—
Total current assets	6,196		6,374

Net plant and equipment	1,705		1,809
Goodwill	4,759		4,965
Intangible assets	798		972
Deferred income taxes	448		552
Other assets	1,320		1,405
	$	15,226	$	16,077

Liabilities and Stockholders' Equity
Current Liabilities:
Short-term debt	$	1,688	$	778
Accounts payable	618		585
Accrued expenses	1,559		1,648
Cash dividends payable	402		382
Income taxes payable	97		77
Liabilities held for sale	28		—
Total current liabilities	4,392		3,470

Noncurrent Liabilities:
Long-term debt	5,940		6,909
Deferred income taxes	655		654
Noncurrent income taxes payable	273		365
Other liabilities	952		1,053
Total noncurrent liabilities	7,820		8,981

Stockholders' Equity:
Common stock	6		6
Additional paid-in-capital	1,479		1,432
Retained earnings	25,292		24,325
Common stock held in treasury	(21,882)		(20,636)
Accumulated other comprehensive income (loss)	(1,882)		(1,502)
Noncontrolling interest	1		1
Total stockholders' equity	3,014		3,626
	$	15,226	$	16,077

ILLINOIS TOOL WORKS INC. and SUBSIDIARIES

SEGMENT DATA (UNAUDITED)


Three Months Ended September 30, 2022
Dollars in millions	Total Revenue		Operating Income		Operating Margin
Automotive OEM	$	753	$	132	17.5	%
Food Equipment	633		167		26.3	%
Test & Measurement and Electronics	715		180		25.2	%
Welding	477		150		31.5	%
Polymers & Fluids	473		119		25.3	%
Construction Products	527		136		25.7	%
Specialty Products	438		121		27.7	%
Intersegment	(5)		—		—	%
Total Segments	4,011		1,005		25.1	%
Unallocated	—		(22)		—	%
Total Company	$	4,011	$	983	24.5	%


Nine Months Ended September 30, 2022
Dollars in millions	Total Revenue		Operating Income		Operating Margin
Automotive OEM	$	2,224	$	371	16.7	%
Food Equipment	1,813		445		24.5	%
Test & Measurement and Electronics	2,096		486		23.2	%
Welding	1,413		431		30.5	%
Polymers & Fluids	1,450		362		25.0	%
Construction Products	1,643		428		26.0	%
Specialty Products	1,337		362		27.1	%
Intersegment	(15)		—		—	%
Total Segments	11,961		2,885		24.1	%
Unallocated	—		(81)		—	%
Total Company	$	11,961	$	2,804	23.4	%

ILLINOIS TOOL WORKS INC. and SUBSIDIARIES

SEGMENT DATA (UNAUDITED)


Q3 2022 vs. Q3 2021 Favorable/(Unfavorable)
Operating Revenue	Automotive OEM		Food Equipment		Test & Measurement and Electronics		Welding		Polymers & Fluids		Construction Products		Specialty Products		Total ITW
Organic	24.7	%	23.1	%	17.1	%	13.9	%	8.4	%	17.1	%	(0.3)	%	15.7	%
Acquisitions/Divestitures	—	%	—	%	18.3	%	—	%	—	%	—	%	—	%	2.8	%
Translation	(8.2)	%	(6.7)	%	(5.9)	%	(1.5)	%	(4.9)	%	(6.9)	%	(4.4)	%	(5.7)	%
Operating Revenue	16.5	%	16.4	%	29.5	%	12.4	%	3.5	%	10.2	%	(4.7)	%	12.8	%

Q3 2022 vs. Q3 2021 Favorable/(Unfavorable)

Change in Operating Margin

Automotive OEM

Food Equipment

Test & Measurement and Electronics

Welding

Polymers & Fluids

Construction Products

Specialty Products

Total ITW

Operating Leverage

420 bps

360 bps

230 bps

150 bps

260 bps

(10) bps

290 bps

Changes in Variable Margin & OH Costs

(400) bps

(150) bps

(160) bps

—

(470) bps

(20) bps

(170) bps

Total Organic

20 bps

270 bps

210 bps

70 bps

150 bps

(210) bps

(30) bps

120 bps

Acquisitions/
Divestitures

—

(370) bps

—

(60) bps

Restructuring/Other

—

(30) bps

—

80 bps

(40) bps

—

70 bps

10 bps

Total Operating Margin Change

20 bps

240 bps

(160) bps

150 bps

110 bps

(210) bps

40 bps

70 bps

Total Operating Margin % *

17.5%

26.3%

25.2%

31.5%

25.3%

25.7%

27.7%

24.5%

*Includes unfavorable operating margin impact of amortization expense from acquisition-related intangible assets

30 bps

50 bps

180 bps

10 bps

220 bps

20 bps

60 bps

90 bps **

** Amortization expense from acquisition-related intangible assets had an unfavorable impact of ($0.08) on GAAP earnings per share for the third quarter of 2022.

ILLINOIS TOOL WORKS INC. and SUBSIDIARIES

SEGMENT DATA (UNAUDITED)


YTD 2022 vs. YTD 2021 Favorable/(Unfavorable)
Operating Revenue	Automotive OEM		Food Equipment		Test & Measurement and Electronics		Welding		Polymers & Fluids		Construction Products		Specialty Products		Total ITW
Organic	9.2	%	25.2	%	8.4	%	16.3	%	10.4	%	17.7	%	(0.5)	%	12.2	%
Acquisitions/ Divestitures	—	%	—	%	18.0	%	—	%	—	%	—	%	—	%	2.9	%
Translation	(5.1)	%	(5.0)	%	(3.9)	%	(1.2)	%	(3.6)	%	(5.6)	%	(3.1)	%	(4.1)	%
Operating Revenue	4.1	%	20.2	%	22.5	%	15.1	%	6.8	%	12.1	%	(3.6)	%	11.0	%

YTD 2022 vs. YTD 2021 Favorable/(Unfavorable)

Change in Operating Margin

Automotive OEM

Food Equipment

Test & Measurement and Electronics

Welding

Polymers & Fluids

Construction Products

Specialty Products

Total ITW

Operating Leverage

170 bps

480 bps

180 bps

230 bps

180 bps

260 bps

(10) bps

220 bps

Changes in Variable Margin & OH Costs

(410) bps

(260) bps

(270) bps

(170) bps

(250) bps

(430) bps

(50) bps

(240) bps

Total Organic

(240) bps

220 bps

(90) bps

60 bps

(70) bps

(170) bps

(60) bps

(20) bps

Acquisitions/Divestitures

—

(380) bps

—

(60) bps

Restructuring/Other

(120) bps

(20) bps

10 bps

30 bps

(10) bps

—

30 bps

(30) bps

Total Operating Margin Change

(360) bps

200 bps

(460) bps

90 bps

(80) bps

(170) bps

(30) bps

(110) bps

Total Operating Margin % *

16.7%

24.5%

23.2%

30.5%

25.0%

26.0%

27.1%

23.4%

*Includes unfavorable operating margin impact of amortization expense from acquisition-related intangible assets

30 bps

60 bps

190 bps

10 bps

220 bps

20 bps

60 bps

90 bps **

** Amortization expense from acquisition-related intangible assets had an unfavorable impact of ($0.25) on GAAP earnings per share for the first nine months of 2022.

ILLINOIS TOOL WORKS INC. and SUBSIDIARIES

GAAP to NON-GAAP RECONCILIATIONS (UNAUDITED)

AFTER-TAX RETURN ON AVERAGE INVESTED CAPITAL (UNAUDITED)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Dollars in millions	2022			2021			2022			2021
Numerator:
Net Income	$	727		$	639		$	2,127		$	2,085
Discrete tax benefit related to the second quarter 2022	—			—			(51)			—
Discrete tax benefit related to the third quarter 2021	—			(21)			—			(21)
Discrete tax benefit related to the second quarter 2021	—			—			—			(112)
Interest expense, net of tax (1)	39			38			112			118
Other (income) expense, net of tax (1)	(20)			(9)			(49)			(34)
Operating income after taxes	$	746		$	647		$	2,139		$	2,036

Denominator:
Invested capital:
Cash and equivalents	$	774		$	1,987		$	774		$	1,987
Trade receivables	3,031			2,729			3,031			2,729
Inventories	2,007			1,524			2,007			1,524
Net assets held for sale	75			—			75			—
Net plant and equipment	1,705			1,744			1,705			1,744
Goodwill and intangible assets	5,557			5,293			5,557			5,293
Accounts payable and accrued expenses	(2,177)			(1,964)			(2,177)			(1,964)
Debt	(7,628)			(7,551)			(7,628)			(7,551)
Other, net	(330)			(269)			(330)			(269)
Total net assets (stockholders' equity)	3,014			3,493			3,014			3,493
Cash and equivalents	(774)			(1,987)			(774)			(1,987)
Debt	7,628			7,551			7,628			7,551
Total invested capital	$	9,868		$	9,057		$	9,868		$	9,057

Average invested capital (2)	$	10,004		$	9,084		$	9,985		$	8,912

Net income to average invested capital (3)	29.1		%	28.1		%	28.4		%	31.2		%
After-tax return on average invested capital (3)	29.9		%	28.5		%	28.6		%	30.5		%

(1) Effective tax rate used for interest expense and other (income) expense for the three months ended September 30, 2022 and 2021 was 23.9% and 23.4%, respectively. Effective tax rate used for interest expense and other (income) expense for the nine months ended September 30, 2022 and 2021 was 23.7% and 22.9%, respectively.

(2) Average invested capital is calculated using the total invested capital balances at the start of the period and at the end of each quarter within each of the periods presented.

(3) Returns for the three months ended September 30, 2022 and 2021 were converted to an annual rate by multiplying the calculated return by 4. Returns for the nine months ended September 30, 2022 and 2021 were converted to an annual rate by dividing the calculated return by 3 and multiplying it by 4.

A reconciliation of the tax rate for the nine months ended September 30, 2022, excluding the second quarter 2022 discrete tax benefit of $51 million related to the resolution of a U.S. tax audit, is as follows:


	Nine Months Ended
	September 30, 2022
Dollars in millions	Income Taxes		Tax Rate
As reported	$	594	21.8	%
Discrete tax benefit related to the second quarter 2022	51		1.9	%
As adjusted	$	645	23.7	%

A reconciliation of the tax rate for the three and nine month periods ended September 30, 2021, excluding the third quarter 2021 discrete tax benefit of $21 million related to the utilization of capital losses and the second quarter 2021 discrete tax benefit of $112 million related to a change in the U.K. income tax rate, is as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2021				September 30, 2021
Dollars in millions	Income Taxes		Tax Rate		Income Taxes		Tax Rate
As reported	$	167	20.8	%	$	449	17.7	%
Discrete tax benefit related to the third quarter 2021	21		2.6	%	21		0.8	%
Discrete tax benefit related to the second quarter 2021	—		—	%	112		4.4	%
As adjusted	$	188	23.4	%	$	582	22.9	%

AFTER-TAX RETURN ON AVERAGE INVESTED CAPITAL (UNAUDITED)


	Twelve Months Ended
Dollars in millions	December 31, 2021
Numerator:
Net income	$	2,694
Discrete tax benefit related to the third quarter 2021	(21)
Discrete tax benefit related to the second quarter 2021	(112)
Interest expense, net of tax (1)	157
Other (income) expense, net of tax (1)	(40)
Operating income after taxes	$	2,678

Denominator:
Invested capital:
Cash and equivalents	$	1,527
Trade receivables	2,840
Inventories	1,694

Net plant and equipment	1,809
Goodwill and intangible assets	5,937
Accounts payable and accrued expenses	(2,233)
Debt	(7,687)
Other, net	(261)
Total net assets (stockholders' equity)	3,626
Cash and equivalents	(1,527)
Debt	7,687
Total invested capital	$	9,786

Average invested capital (2)	$	9,087

Net income to average invested capital	29.6		%
After-tax return on average invested capital	29.5		%

(1) Effective tax rate used for interest expense and other (income) expense for the year ended December 31, 2021 was 23.0%.

(2) Average invested capital is calculated using the total invested capital balances at the start of the period and at the end of each quarter within the period presented.

A reconciliation of the 2021 effective tax rate excluding the third quarter 2021 discrete tax benefit of $21 million related to the utilization of capital losses and the second quarter 2021 discrete tax benefit of $112 million related to a change in the U.K. income tax rate, is as follows:


	Twelve Months Ended
	December 31, 2021
Dollars in millions	Income Taxes		Tax Rate
As reported	$	632	19.0	%
Discrete tax benefit related to the third quarter 2021	21		0.6	%
Discrete tax benefit related to the second quarter 2021	112		3.4	%
As adjusted	$	765	23.0	%

FREE CASH FLOW (UNAUDITED)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Dollars in millions	2022			2021			2022			2021
Net cash provided by operating activities	$	713		$	619		$	1,537		$	1,783
Less: Additions to plant and equipment	(101)			(71)			(256)			(217)
Free cash flow	$	612		$	548		$	1,281		$	1,566

Net Income	$	727		$	639		$	2,127		$	2,085

Net cash provided by operating activities to net income conversion rate	98		%	97		%	72		%	86		%
Free cash flow to net income conversion rate	84		%	86		%	60		%	75		%

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Document and Entity Information Document	Oct. 25, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 25, 2022
Entity Registrant Name	ILLINOIS TOOL WORKS INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	1-4797
Entity Tax Identification Number	36-1258310
Entity Address, Address Line One	155 Harlem Avenue
Entity Address, City or Town	Glenview
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60025
City Area Code	847
Local Phone Number	724-7500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000049826
Amendment Flag	false
NEW YORK STOCK EXCHANGE, INC. \| Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	ITW
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE, INC. \| 1.25% Euro Notes due 2023
Entity Information [Line Items]
Title of 12(b) Security	1.25% Euro Notes due 2023
Trading Symbol	ITW23
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE, INC. \| 0.250% Euro Notes due 2024
Entity Information [Line Items]
Title of 12(b) Security	0.250% Euro Notes due 2024
Trading Symbol	ITW24A
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE, INC. \| 0.625% Euro Notes due 2027
Entity Information [Line Items]
Title of 12(b) Security	0.625% Euro Notes due 2027
Trading Symbol	ITW27
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE, INC. \| 2.125% Euro Notes due 2030
Entity Information [Line Items]
Title of 12(b) Security	2.125% Euro Notes due 2030
Trading Symbol	ITW30
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE, INC. \| 1.00% Euro Notes due 2031
Entity Information [Line Items]
Title of 12(b) Security	1.00% Euro Notes due 2031
Trading Symbol	ITW31
Security Exchange Name	NYSE
NEW YORK STOCK EXCHANGE, INC. \| 3.00% Euro Notes due 2034
Entity Information [Line Items]
Title of 12(b) Security	3.00% Euro Notes due 2034
Trading Symbol	ITW34
Security Exchange Name	NYSE

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