This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended March 31, 2006. It includes financial statements such as the Statement of Income, Statement of Financial Position, Statement of Cash Flows, and Notes to the Financial Statements. The financial statements show that for the quarter ended March 31, 2006, Illinois Tool Works had operating revenues of $3.3 billion, net income of $366.5 million, and cash and equivalents of $454.5 million.
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended March 31, 2007. It includes financial statements such as the Statement of Income, Statement of Financial Position, Statement of Cash Flows, and Notes to the Financial Statements. The financial statements show that for the quarter ended March 31, 2007, Illinois Tool Works had revenues of $3.76 billion, net income of $402 million, and cash flows provided by operating activities of $423 million.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended March 31, 2005. It includes the company's unaudited financial statements, including statements of income, financial position, and cash flows for the quarter. Key highlights include total revenues of $3.07 billion for the quarter, net income of $312.3 million, and adoption of new accounting standards for share-based compensation effective January 1, 2005 which increased reported compensation expense.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2004. It includes the company's unaudited financial statements, including statements of income, financial position, and cash flows for the quarter and year to date. Key highlights include total revenues of $3 billion for the quarter and $5.7 billion year to date, net income of $360 million for the quarter and $651 million year to date, and total assets of $11.9 billion and stockholders' equity of $8.2 billion as of June 30, 2004.
This document is a quarterly report filed by Illinois Tool Works Inc. with the Securities and Exchange Commission for the quarter ended June 30, 2006. It includes the company's statement of income, statement of financial position, statement of cash flows, and notes to the financial statements. The statements show that for the quarter ended June 30, 2006, Illinois Tool Works had operating revenues of $3.6 billion, net income of $466 million, and cash provided by operating activities of $749 million. Total assets as of June 30, 2006 were $12.5 billion, with current assets of $4.8 billion and total stockholders' equity of $8.6 billion.
The document is Illinois Tool Works Inc.'s quarterly financial report for the period ending March 31, 2004. It reports that revenues for the quarter increased to $2.71 billion, up from $2.31 billion in the same period the previous year. Net income for the quarter was $290.2 million compared to $195.4 million in the prior year. Basic earnings per share from continuing operations increased to $0.94 per share from $0.65 per share in the previous year. Total current assets as of March 31, 2004 were $5.10 billion and total stockholders' equity was $7.23 billion.
This document provides an SEC quarterly report filed by Illinois Tool Works Inc. for the third quarter of 2004. It includes:
- Condensed income statements and balance sheets for the periods ended September 30, 2004 and 2003.
- A statement of cash flows for the nine month periods ended September 30, 2004 and 2003.
- Notes to the financial statements regarding stock-based compensation, inventories, comprehensive income, and investments.
The financial statements show the company's revenues, expenses, assets, liabilities, cash flows, and notes for the periods.
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended June 30, 2007. The report includes Illinois Tool Works' consolidated statement of income, financial position, cash flows, and notes to the financial statements for the quarter. Key details include operating revenues of $4.16 billion for the quarter, net income of $505.6 million, total assets of $14.64 billion, and goodwill and intangible asset impairment charges totaling $2.15 million recorded in the first quarter of 2007.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2005. It includes Illinois Tool Works' statement of income, statement of financial position, and statement of cash flows for the quarter, as well as notes about stock-based compensation. Key details include that net income for the quarter was $373.8 million, total assets as of June 30, 2005 were $11.6 billion, and stock-based compensation expense recognized for the quarter was $9 million for restricted stock and $11.2 million on a pro forma basis.
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended March 31, 2007. It includes financial statements such as the Statement of Income, Statement of Financial Position, Statement of Cash Flows, and Notes to the Financial Statements. The financial statements show that for the quarter ended March 31, 2007, Illinois Tool Works had revenues of $3.76 billion, net income of $402 million, and cash flows provided by operating activities of $423 million.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended March 31, 2005. It includes the company's unaudited financial statements, including statements of income, financial position, and cash flows for the quarter. Key highlights include total revenues of $3.07 billion for the quarter, net income of $312.3 million, and adoption of new accounting standards for share-based compensation effective January 1, 2005 which increased reported compensation expense.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2004. It includes the company's unaudited financial statements, including statements of income, financial position, and cash flows for the quarter and year to date. Key highlights include total revenues of $3 billion for the quarter and $5.7 billion year to date, net income of $360 million for the quarter and $651 million year to date, and total assets of $11.9 billion and stockholders' equity of $8.2 billion as of June 30, 2004.
This document is a quarterly report filed by Illinois Tool Works Inc. with the Securities and Exchange Commission for the quarter ended June 30, 2006. It includes the company's statement of income, statement of financial position, statement of cash flows, and notes to the financial statements. The statements show that for the quarter ended June 30, 2006, Illinois Tool Works had operating revenues of $3.6 billion, net income of $466 million, and cash provided by operating activities of $749 million. Total assets as of June 30, 2006 were $12.5 billion, with current assets of $4.8 billion and total stockholders' equity of $8.6 billion.
The document is Illinois Tool Works Inc.'s quarterly financial report for the period ending March 31, 2004. It reports that revenues for the quarter increased to $2.71 billion, up from $2.31 billion in the same period the previous year. Net income for the quarter was $290.2 million compared to $195.4 million in the prior year. Basic earnings per share from continuing operations increased to $0.94 per share from $0.65 per share in the previous year. Total current assets as of March 31, 2004 were $5.10 billion and total stockholders' equity was $7.23 billion.
This document provides an SEC quarterly report filed by Illinois Tool Works Inc. for the third quarter of 2004. It includes:
- Condensed income statements and balance sheets for the periods ended September 30, 2004 and 2003.
- A statement of cash flows for the nine month periods ended September 30, 2004 and 2003.
- Notes to the financial statements regarding stock-based compensation, inventories, comprehensive income, and investments.
The financial statements show the company's revenues, expenses, assets, liabilities, cash flows, and notes for the periods.
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended June 30, 2007. The report includes Illinois Tool Works' consolidated statement of income, financial position, cash flows, and notes to the financial statements for the quarter. Key details include operating revenues of $4.16 billion for the quarter, net income of $505.6 million, total assets of $14.64 billion, and goodwill and intangible asset impairment charges totaling $2.15 million recorded in the first quarter of 2007.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2005. It includes Illinois Tool Works' statement of income, statement of financial position, and statement of cash flows for the quarter, as well as notes about stock-based compensation. Key details include that net income for the quarter was $373.8 million, total assets as of June 30, 2005 were $11.6 billion, and stock-based compensation expense recognized for the quarter was $9 million for restricted stock and $11.2 million on a pro forma basis.
This document provides the financial statements and notes of Illinois Tool Works Inc. for the quarterly period ended March 31, 2003. The statements include the income statement, balance sheet, cash flow statement, and notes. The income statement shows revenues increased to $2.3 billion and net income was $195 million. The balance sheet lists total assets of $10.8 billion including $1.1 billion in cash. The cash flow statement indicates cash from operations was $217 million and cash increased by $68 million during the period. The notes provide details on inventories, comprehensive income, discontinued operations, and goodwill and intangible assets.
This document contains financial statements and sales data for Baxter International for the first quarter of 2006 compared to the first quarter of 2005. Specifically:
- Net sales increased 1% to $2.4 billion. Operating income grew 10% and income from continuing operations increased 26%.
- Sales of BioScience products grew 11% to $1 billion, with recombinant products and antibody therapies experiencing strong growth.
- Medication Delivery sales fell 6% to $916 million due to declines in infusion systems and anesthesia products.
- Renal sales declined slightly by 2% to $493 million, with growth in PD therapy offset by lower HD therapy sales.
This document is Dover Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended September 30, 2007. It includes Dover's condensed consolidated financial statements and notes for the periods presented. Some key details:
- Revenue for the quarter increased 15% to $1.84 billion compared to $1.61 billion in the prior year. Net earnings increased 5% to $174.6 million.
- Year-to-date revenue increased 16% to $5.37 billion and net earnings increased 7% to $475.7 million.
- Total assets increased to $7.95 billion at the end of the quarter from $7.63 billion at the end of 2006
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended September 30, 2007. It includes Illinois Tool Works' statement of income and statement of financial position for this quarter. The statement of income shows revenues of $4.1 billion and net income of $491 million. The statement of financial position lists the company's assets of $14.9 billion including cash, receivables, inventory and plant/equipment. It also lists liabilities of $5.4 billion including debt and payables, and stockholders' equity of $9.4 billion.
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended September 30, 2006. The summary provides key financial information including operating revenues of $3.5 billion for the quarter and $10.4 billion for the nine months, with net income of $446 million and $1.28 billion respectively. Total assets as of September 30, 2006 were $13.25 billion with total stockholders' equity of $8.71 billion. Notes to the financial statements provide additional details on investment income, comprehensive income, inventories, goodwill and intangible assets.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2008. It includes Illinois Tool Works' condensed financial statements, including statements of income, financial position, and cash flows for the relevant periods. It also notes that the company completed some divestitures in 2007 and has classified other businesses as held for sale. The financial statements provide key financial information on Illinois Tool Works' performance, financial condition, and cash flows for the periods presented.
This document is a Form 10-Q quarterly report filed by The Black & Decker Corporation with the SEC for the quarter ended July 1, 2007. It includes an unaudited consolidated statement of earnings, balance sheet, statement of cash flows, and notes to the financial statements. The financial statements show that for the quarter ended July 1, 2007, Black & Decker had net earnings of $118.0 million on sales of $1.7 billion, with basic earnings per share of $1.80. For the six months ended July 1, 2007, Black & Decker had net earnings of $226.1 million on sales of $3.3 billion, with basic earnings per share of $3.46
U.S. Steel United States Steel Corporation Declares Dividendfinance15
United States Steel Corporation announced a dividend of 30 cents per share on its common stock. The dividend will be payable on March 10, 2009 to stockholders of record as of the close of business on February 11, 2009. The announcement was made in a press release from United States Steel Corporation's Public Affairs office in Pittsburgh, Pennsylvania, providing contact information for media and investors.
The document summarizes ITW's first quarter 2006 conference call. It includes sections on financial highlights, operating analysis by segment, forecasts, and Q&A. Key highlights include 8% revenue growth and 18% operating income growth. Manufacturing segments saw 6.1% base revenue growth and 18.4% operating income growth. The conference call agenda included introductions, financial overview, segment reviews, 2006 forecast, and Q&A.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended March 31, 2008. It includes Illinois Tool Works' consolidated statements of income, financial position, cash flows, and notes to the financial statements. Key highlights include total revenues of $4.1 billion for Q1 2008, net income of $303.6 million, and goodwill impairment charges of $97.2 million related to its industrial software business.
This document provides a summary of Lear Corporation's fourth quarter and full year 2007 results and financial outlook for 2008.
Some key points:
- Net sales for Q4 2007 were $3.9 billion, up 6% from prior year. Core operating earnings for Q4 2007 were $179 million, up 11%.
- For the full year 2007, net sales were $15.3 billion, up 5% and core operating earnings were $749 million, up 34%.
- The financial outlook for 2008 forecasts net sales of approximately $15 billion and core operating earnings between $660-700 million.
This document provides an agenda and summaries from ITW's third quarter 2005 conference call. It includes sections on financial performance, segment results, forecasts, and economic indicators. Some key highlights include 9.8% revenue growth and 20.9% operating income growth for ITW overall in Q3 2005 compared to Q3 2004. The engineered products segments in North America and internationally grew revenues by 10.3% and 5.2% respectively. The document also outlines ITW's acquisition activity and investment in capital expenditures.
Este documento describe los diferentes tipos de redes de computadoras, incluyendo redes de difusión, punto a punto, LAN, MAN y WAN. También explica las topologías físicas y lógicas de una red, siendo las topologías físicas la disposición real del hardware y cableado, mientras que las topologías lógicas son la forma en que las máquinas se comunican a través del medio físico.
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended March 31, 2007. The summary includes:
- Illinois Tool Works reported net income of $402 million on revenues of $3.76 billion for the quarter.
- Their balance sheet as of March 31, 2007 showed total assets of $14.37 billion including $2.07 billion in plant and equipment. Total liabilities were $4.21 billion and stockholders' equity was $9.16 billion.
- Cash flows from operating activities for the quarter provided $423 million. Cash used for investing activities was $251 million, including $269 million for business acquisitions.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended March 31, 2005. It includes the company's unaudited financial statements, including the income statement, balance sheet, cash flow statement, and notes. The financial statements show that for the quarter ITW reported revenues of $3.07 billion, net income of $312 million, and diluted EPS of $1.06. Cash flow from operations was $303 million. The balance sheet lists total assets of $12 billion including $1.1 billion of cash, and total liabilities and equity of $12 billion.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ending March 31, 2004. It includes the company's unaudited financial statements and notes. The financial statements show that for the quarter, revenue increased 17% to $2.71 billion compared to the same period in 2003. Net income increased 48% to $290.2 million. Earnings per share from continuing operations increased to $0.93 from $0.65 in the prior year. Cash flow from operations was $319.7 million for the quarter.
This document provides an SEC quarterly report filed by Illinois Tool Works Inc. for the third quarter of 2004. It includes financial statements such as the statement of income, balance sheet, and statement of cash flows. The statements show that for the third quarter of 2004, Illinois Tool Works reported net income of $330 million on revenues of $2.97 billion, compared to net income of $269 million on revenues of $2.53 billion for the same period in 2003. For the first nine months of 2004, net income was $981 million on revenues of $8.68 billion, compared to net income of $740 million on revenues of $7.41 billion for the first nine months of 2003. The balance sheet indicates
The document is Illinois Tool Works Inc.'s Form 10-Q filing for the quarterly period ended June 30, 2004. It provides financial statements and notes for the company, including their statement of income, balance sheet, and notes on accounting policies. For the quarter, Illinois Tool Works reported revenues of $3 billion, operating income of $561.5 million, and net income of $360.3 million. As of June 30, 2004 their total assets were $11.85 billion with current assets of $4.99 billion.
This document is a quarterly report filed by Illinois Tool Works Inc. with the Securities and Exchange Commission for the quarter ended June 30, 2006. It includes financial statements such as the statement of income, statement of financial position, statement of cash flows, and notes to the financial statements. The financial statements show that for the quarter ended June 30, 2006, Illinois Tool Works had operating revenues of $3.6 billion, net income of $466 million, and earnings per share of $0.82. Total assets as of June 30, 2006 were $12.5 billion.
This document provides the financial statements and notes of Illinois Tool Works Inc. for the quarterly period ended March 31, 2003. The statements include the income statement, balance sheet, cash flow statement, and notes. The income statement shows revenues increased to $2.3 billion and net income was $195 million. The balance sheet lists total assets of $10.8 billion including $1.1 billion in cash. The cash flow statement indicates cash from operations was $217 million and cash increased by $68 million during the period. The notes provide details on inventories, comprehensive income, discontinued operations, and goodwill and intangible assets.
This document contains financial statements and sales data for Baxter International for the first quarter of 2006 compared to the first quarter of 2005. Specifically:
- Net sales increased 1% to $2.4 billion. Operating income grew 10% and income from continuing operations increased 26%.
- Sales of BioScience products grew 11% to $1 billion, with recombinant products and antibody therapies experiencing strong growth.
- Medication Delivery sales fell 6% to $916 million due to declines in infusion systems and anesthesia products.
- Renal sales declined slightly by 2% to $493 million, with growth in PD therapy offset by lower HD therapy sales.
This document is Dover Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended September 30, 2007. It includes Dover's condensed consolidated financial statements and notes for the periods presented. Some key details:
- Revenue for the quarter increased 15% to $1.84 billion compared to $1.61 billion in the prior year. Net earnings increased 5% to $174.6 million.
- Year-to-date revenue increased 16% to $5.37 billion and net earnings increased 7% to $475.7 million.
- Total assets increased to $7.95 billion at the end of the quarter from $7.63 billion at the end of 2006
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended September 30, 2007. It includes Illinois Tool Works' statement of income and statement of financial position for this quarter. The statement of income shows revenues of $4.1 billion and net income of $491 million. The statement of financial position lists the company's assets of $14.9 billion including cash, receivables, inventory and plant/equipment. It also lists liabilities of $5.4 billion including debt and payables, and stockholders' equity of $9.4 billion.
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended September 30, 2006. The summary provides key financial information including operating revenues of $3.5 billion for the quarter and $10.4 billion for the nine months, with net income of $446 million and $1.28 billion respectively. Total assets as of September 30, 2006 were $13.25 billion with total stockholders' equity of $8.71 billion. Notes to the financial statements provide additional details on investment income, comprehensive income, inventories, goodwill and intangible assets.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2008. It includes Illinois Tool Works' condensed financial statements, including statements of income, financial position, and cash flows for the relevant periods. It also notes that the company completed some divestitures in 2007 and has classified other businesses as held for sale. The financial statements provide key financial information on Illinois Tool Works' performance, financial condition, and cash flows for the periods presented.
This document is a Form 10-Q quarterly report filed by The Black & Decker Corporation with the SEC for the quarter ended July 1, 2007. It includes an unaudited consolidated statement of earnings, balance sheet, statement of cash flows, and notes to the financial statements. The financial statements show that for the quarter ended July 1, 2007, Black & Decker had net earnings of $118.0 million on sales of $1.7 billion, with basic earnings per share of $1.80. For the six months ended July 1, 2007, Black & Decker had net earnings of $226.1 million on sales of $3.3 billion, with basic earnings per share of $3.46
U.S. Steel United States Steel Corporation Declares Dividendfinance15
United States Steel Corporation announced a dividend of 30 cents per share on its common stock. The dividend will be payable on March 10, 2009 to stockholders of record as of the close of business on February 11, 2009. The announcement was made in a press release from United States Steel Corporation's Public Affairs office in Pittsburgh, Pennsylvania, providing contact information for media and investors.
The document summarizes ITW's first quarter 2006 conference call. It includes sections on financial highlights, operating analysis by segment, forecasts, and Q&A. Key highlights include 8% revenue growth and 18% operating income growth. Manufacturing segments saw 6.1% base revenue growth and 18.4% operating income growth. The conference call agenda included introductions, financial overview, segment reviews, 2006 forecast, and Q&A.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended March 31, 2008. It includes Illinois Tool Works' consolidated statements of income, financial position, cash flows, and notes to the financial statements. Key highlights include total revenues of $4.1 billion for Q1 2008, net income of $303.6 million, and goodwill impairment charges of $97.2 million related to its industrial software business.
This document provides a summary of Lear Corporation's fourth quarter and full year 2007 results and financial outlook for 2008.
Some key points:
- Net sales for Q4 2007 were $3.9 billion, up 6% from prior year. Core operating earnings for Q4 2007 were $179 million, up 11%.
- For the full year 2007, net sales were $15.3 billion, up 5% and core operating earnings were $749 million, up 34%.
- The financial outlook for 2008 forecasts net sales of approximately $15 billion and core operating earnings between $660-700 million.
This document provides an agenda and summaries from ITW's third quarter 2005 conference call. It includes sections on financial performance, segment results, forecasts, and economic indicators. Some key highlights include 9.8% revenue growth and 20.9% operating income growth for ITW overall in Q3 2005 compared to Q3 2004. The engineered products segments in North America and internationally grew revenues by 10.3% and 5.2% respectively. The document also outlines ITW's acquisition activity and investment in capital expenditures.
Este documento describe los diferentes tipos de redes de computadoras, incluyendo redes de difusión, punto a punto, LAN, MAN y WAN. También explica las topologías físicas y lógicas de una red, siendo las topologías físicas la disposición real del hardware y cableado, mientras que las topologías lógicas son la forma en que las máquinas se comunican a través del medio físico.
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended March 31, 2007. The summary includes:
- Illinois Tool Works reported net income of $402 million on revenues of $3.76 billion for the quarter.
- Their balance sheet as of March 31, 2007 showed total assets of $14.37 billion including $2.07 billion in plant and equipment. Total liabilities were $4.21 billion and stockholders' equity was $9.16 billion.
- Cash flows from operating activities for the quarter provided $423 million. Cash used for investing activities was $251 million, including $269 million for business acquisitions.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended March 31, 2005. It includes the company's unaudited financial statements, including the income statement, balance sheet, cash flow statement, and notes. The financial statements show that for the quarter ITW reported revenues of $3.07 billion, net income of $312 million, and diluted EPS of $1.06. Cash flow from operations was $303 million. The balance sheet lists total assets of $12 billion including $1.1 billion of cash, and total liabilities and equity of $12 billion.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ending March 31, 2004. It includes the company's unaudited financial statements and notes. The financial statements show that for the quarter, revenue increased 17% to $2.71 billion compared to the same period in 2003. Net income increased 48% to $290.2 million. Earnings per share from continuing operations increased to $0.93 from $0.65 in the prior year. Cash flow from operations was $319.7 million for the quarter.
This document provides an SEC quarterly report filed by Illinois Tool Works Inc. for the third quarter of 2004. It includes financial statements such as the statement of income, balance sheet, and statement of cash flows. The statements show that for the third quarter of 2004, Illinois Tool Works reported net income of $330 million on revenues of $2.97 billion, compared to net income of $269 million on revenues of $2.53 billion for the same period in 2003. For the first nine months of 2004, net income was $981 million on revenues of $8.68 billion, compared to net income of $740 million on revenues of $7.41 billion for the first nine months of 2003. The balance sheet indicates
The document is Illinois Tool Works Inc.'s Form 10-Q filing for the quarterly period ended June 30, 2004. It provides financial statements and notes for the company, including their statement of income, balance sheet, and notes on accounting policies. For the quarter, Illinois Tool Works reported revenues of $3 billion, operating income of $561.5 million, and net income of $360.3 million. As of June 30, 2004 their total assets were $11.85 billion with current assets of $4.99 billion.
This document is a quarterly report filed by Illinois Tool Works Inc. with the Securities and Exchange Commission for the quarter ended June 30, 2006. It includes financial statements such as the statement of income, statement of financial position, statement of cash flows, and notes to the financial statements. The financial statements show that for the quarter ended June 30, 2006, Illinois Tool Works had operating revenues of $3.6 billion, net income of $466 million, and earnings per share of $0.82. Total assets as of June 30, 2006 were $12.5 billion.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2005. It includes Illinois Tool Works' statement of income, statement of financial position, and statement of cash flows for the quarter, as well as notes about stock-based compensation. Key details include that net income for the quarter was $373.8 million, total assets as of June 30, 2005 were $11.6 billion, and stock-based compensation expense recognized for the quarter was $9 million for restricted stock and $11.2 million on a pro forma basis.
The document is Illinois Tool Works Inc.'s quarterly financial report for the period ending March 31, 2003. It includes the company's statement of income and statement of financial position for the first quarter of 2003, as well as comparative financial data for the same period in 2002. Key highlights include total operating revenues of $2.3 billion for the first quarter of 2003, net income of $195 million, and total assets of $10.8 billion as of March 31, 2003.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ending September 30, 2005. It includes their statement of income and statement of financial position for the quarter and year-to-date. For the quarter, ITW reported revenues of $3.26 billion and net income of $408 million. As of September 30, 2005, they had total assets of $11.24 billion including $2.17 billion in accounts receivable and $1.23 billion in inventory. Total liabilities were $3.16 billion including $378 million in short-term debt.
This document is a quarterly financial report filed by Illinois Tool Works Inc. with the SEC for the third quarter of 2005. It includes the company's statement of income, balance sheet, and statement of cash flows for the periods presented. The key details are:
- Net income for Q3 2005 was $408.2 million, up from $330.1 million in Q3 2004.
- Revenue for the first nine months of 2005 was $9.6 billion, up from $8.7 billion in the same period of 2004.
- Total assets as of September 30, 2005 were $11.2 billion, compared to $11.4 billion as of December 31, 2004.
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended June 30, 2007. The report includes Illinois Tool Works' consolidated statement of income, financial position, cash flows, and notes to the financial statements for the quarter. Key details include operating revenues of $4.16 billion for the quarter, net income of $505.6 million, total assets of $14.64 billion, and goodwill and intangible asset impairment charges totaling $2.15 million recorded in the first quarter of 2007.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended March 31, 2008. It includes Illinois Tool Works' consolidated statements of income, financial position, cash flows, and notes to the financial statements. Key highlights include total revenues of $4.1 billion for Q1 2008, net income of $303.6 million, and goodwill impairment charges of $97.2 million related to its industrial software business.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2003. It includes Illinois Tool Works' statement of income, balance sheet, cash flows statement, and notes to the financial statements. The statements show that for the quarter, Illinois Tool Works had revenues of $2.56 billion, operating income of $454 million, net income of $276 million, and earnings per share of $0.90. As of June 30, 2003, Illinois Tool Works had total assets of $11.26 billion and stockholders' equity of $7.30 billion.
The document is Illinois Tool Works Inc.'s Form 10-Q filing for the quarterly period ended June 30, 2003. It includes Illinois Tool Works' unaudited financial statements, including their statement of income and statement of financial position for the periods. The statement of income shows that revenues increased but net income decreased in the first six months of 2003 compared to the same period in 2002. The statement of financial position lists their assets, liabilities, and stockholders' equity as of June 30, 2003 and December 31, 2002.
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended September 30, 2006. The summary provides key financial information including operating revenues of $3.5 billion for the quarter and $10.4 billion for the nine months, with net income of $446 million and $1.28 billion respectively. Total assets as of September 30, 2006 were $13.25 billion with total stockholders' equity of $8.71 billion. Notes to the financial statements provide additional details on investment income, comprehensive income, inventories, goodwill and intangible assets.
The document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ending September 30, 2003. It includes the company's unaudited financial statements and notes. The financial statements show that for the quarter, ITW reported revenues of $2.5 billion, operating income of $426.7 million, net income of $268.9 million, and basic earnings per share of $0.88. For the nine months ending September 30, revenues were $7.4 billion, operating income was $1.2 billion, net income was $740.4 million, and basic EPS was $2.41.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ending September 30, 2003. It includes Illinois Tool Works' statement of income, balance sheet, cash flows statement, and notes to the financial statements. For the quarter, Illinois Tool Works reported net income of $268.9 million on revenues of $2.531 billion. Total assets as of September 30, 2003 were $10.795 billion, with total stockholders' equity of $7.399 billion. Cash provided by operating activities for the first nine months of 2003 was $888.5 million.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2008. It includes Illinois Tool Works' condensed financial statements, including statements of income, financial position, and cash flows for the relevant periods. It also notes that the company completed some divestitures in 2007 and has classified other businesses as held for sale. The financial statements provide key financial information on Illinois Tool Works' performance, financial condition, and cash flows for the periods presented.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended September 30, 2007 on Form 10-Q. It includes the company's unaudited financial statements and notes. The financial statements show operating revenues of $4.1 billion for the quarter and $12 billion for the nine months ended September 30, 2007. Net income was $491 million for the quarter and $1.4 billion for the nine months. Goodwill amortization and impairment charges were $39 million for the quarter and $119 million for the nine months.
This document is Form 10-Q filed by Illinois Tool Works Inc. with the Securities and Exchange Commission for the quarterly period ended June 30, 2002. The summary includes:
- Illinois Tool Works reported net income of $267.5 million for the quarter on revenues of $2.43 billion. For the six months ended June 30, 2002, net income was $244.1 million on revenues of $4.64 billion.
- Earnings per share from continuing operations for the quarter were $0.87, and $1.50 for the six months.
- The filing includes Illinois Tool Works' consolidated statement of income, balance sheet, and cash flows for the periods, as well as
This document provides consolidated financial highlights for Burlington Northern Santa Fe Corporation for the years 1991-1995. Some key points:
- Revenues grew from $4.559 billion in 1991 to $6.183 billion in 1995. Operating income improved from a loss of $239 million in 1991 to income of $526 million in 1995, excluding unusual merger-related charges.
- Net income was $92 million in 1995 but would have been $416 million without accounting changes and debt retirement costs related to the merger.
- Capital expenditures were $1.042 billion in 1995 and are planned to be nearly $1.7 billion in 1996 to support revenue growth and cost reduction initiatives.
This document summarizes the financial performance of Burlington Northern Santa Fe Corporation for the years 1992-1996. It reports that in 1996:
- Operating income increased 14% to $1.75 billion compared to 1995 on a comparable basis.
- Revenues reached $8.19 billion despite a drop in agricultural commodities revenues.
- Operating expenses were $178 million below 1995 levels, lowering the operating ratio to 78.6%.
- Net income grew 21% to $889 million, or $5.70 per share, compared to $733 million in 1995.
This annual report summarizes Burlington Northern Santa Fe Corporation's financial and operational performance in 1998. Some key highlights include:
- Revenues reached a record $8.94 billion, a 6.8% increase over 1997.
- Adjusted operating income grew 16% to a record $2.16 billion.
- Adjusted net income exceeded $1.12 billion, a 19% improvement over 1997.
- The operating ratio improved to 75.9%, nearly 2 points better than 1997's adjusted ratio.
- Safety continued to improve, with reductions in reportable injuries and rail accidents.
Burlington Northern Santa Fe Corporation's 1999 Annual Report summarizes the company's performance in 1999 and compares it to 1994, the year before the BNSF merger. Key points:
1) BNSF achieved record results in safety, customer service, efficiency and financial performance in 1999 compared to 1994.
2) Safety metrics like lost workdays and injuries dropped significantly. Customer service improved with 91% on-time performance. Operating expenses per ton-mile dropped 20-25%.
3) Financial results were also much stronger, with operating income reaching a record $2.24 billion, up 14% annually from 1994. The operating ratio improved 9 points to 75.4%.
Burlington Northern Santa Fe Corporation's 2000 Annual Report summarizes the company's performance for the year. Key points include:
- Revenues grew to $9.2 billion while operating expenses only increased 1% despite a $230 million rise in fuel costs.
- Intermodal revenues increased 6% to a record level while safety and efficiency improvements were made.
- However, weak coal demand, high fuel prices, and a slow US economy impacted results for the year.
- Over the past five years since the Burlington Northern and Santa Fe merger, significant progress has been made in safety, service, efficiency and financials.
This document is the 2001 Annual Report to Shareholders for Burlington Northern Santa Fe Corporation. It contains the following key information:
1) The CEO discusses BNSF's progress on its strategic priorities of People, Growth, Ease of Doing Business, Service, and Efficiency in 2001, noting challenges from the economic slowdown but some record achievements.
2) Safety improvements were made but injuries remained level, while discussions progressed with unions on safety agreements.
3) Revenues were flat in 2001 due to economic conditions, but some business lines like Mexico grew, and new customers and services helped capture additional market share.
4) Financial results disappointed expectations for revenue and operating ratio goals, though costs
BNSF is a major railroad network in the United States that transports a variety of goods. In 2003, BNSF saw revenue growth of 5% driven by strong intermodal growth, though on-time performance fell short of goals. Safety performance reached record levels with injury rates down significantly. Looking forward, BNSF aims to continue revenue growth through initiatives like expanding intermodal capacity and pursuing market-based pricing across all business lines.
Burlington Northern Santa Fe Corporation reported earnings of $0.36 per diluted share for the first quarter of 2001, compared to $0.55 per diluted share for the same period in 2000. Freight revenues were $2.26 billion, up slightly due to a 4% increase in ton-miles. Operating expenses increased 7% to $1.87 billion due to higher fuel costs, severe winter weather, and increased energy costs. The operating ratio was 81.5% compared to 77.3% in 2000. Revenue from agricultural commodities increased 11% while industrial revenues declined 3% and coal revenues declined 1% compared to the first quarter of 2000.
The document is Burlington Northern Santa Fe Corporation's 2nd Quarter 2001 Investors' Report. It summarizes that:
1) Earnings were $0.50 per diluted share compared to $0.53 per diluted share in the same period last year, with revenues remaining even despite 2% higher ton-miles.
2) Operating expenses were $65 million higher due to factors like flooding in the Midwest and higher fuel costs.
3) Operating income decreased to $428 million from $483 million last year, and the operating ratio increased to 80.9% from 78.4% last year.
The document is Burlington Northern Santa Fe Corporation's third quarter 2001 investors' report. Key points:
- Earnings per share were $0.58 compared to $0.64 in third quarter 2000. Freight revenues were $2.31 billion, even with last year.
- Operating expenses were higher by $69 million due to increased compensation, benefits, and fuel costs. Operating income was $502 million versus $571 million in 2000.
- 4.1 million shares were repurchased in the quarter, bringing the total under the buyback program to 101.1 million shares.
- The report provides financial statements and statistics on revenues, expenses, operations, and capital expenditures for
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2001. It includes key financial information such as earnings results for Q4 and full year 2001, operating revenues and expenses, balance sheet information, and cash flow information. Specifically, it notes that Q4 2001 earnings were $0.46 per share including workforce reduction costs, or $0.57 per share excluding those costs. For the full year, earnings were $1.87 per share including unusual items, or $2.08 per share excluding unusual items. It also highlights free cash flow of $443 million for the full year, up 3% from 2000.
1. Burlington Northern Santa Fe reported first quarter 2002 earnings of $0.45 per share, up from $0.34 per share in first quarter 2001, which included non-recurring losses.
2. Freight revenues decreased 6% to $2.14 billion due to softer demand across all major product sectors and mild winter weather reducing coal shipments.
3. Operating expenses decreased 4% to $1.8 billion due to reductions in fuel costs, compensation, and equipment rents, partially offsetting the revenue decline.
Burlington Northern Santa Fe reported earnings of $0.51 per share for Q2 2002, up slightly from $0.50 per share in Q2 2001. Freight revenues were $2.18 billion, down 3% from the previous year, with declines in coal, agricultural products, and industrial products offsetting growth in consumer products. Operating expenses decreased 2% despite lower fuel prices, helping maintain the operating ratio at 81.4%. The company also repurchased 4.2 million shares during the quarter.
The document is Burlington Northern Santa Fe Corporation's third quarter 2002 investors' report. It includes:
- BNSF reported earnings of $0.51 per share for Q3 2002, even with adjusted earnings of $0.56 per share for the same period in 2001.
- Freight revenues were $2.28 billion for Q3 2002, even with adjusted revenues of $2.28 billion for Q3 2001.
- Operating income decreased to $421 million for Q3 2002 compared to adjusted operating income of $470 million for Q3 2001, with the operating ratio increasing to 81.6% from 79.4%.
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2002. It includes:
1) Key financial highlights for Q4 2002 including $0.54 earnings per share, $2.27 billion in freight revenues, and $436 million in operating income.
2) Annual 2002 results including $2.00 earnings per share, $8.87 billion in freight revenues, and $1.66 billion in operating income.
3) Details of common stock repurchases totaling approximately 116 million shares under their repurchase program.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
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How to Identify the Best Crypto to Buy Now in 2024.pdfKezex (KZX)
To identify the best crypto to buy in 2024, analyze market trends, assess the project's fundamentals, review the development team and community, monitor adoption rates, and evaluate risk tolerance. Stay updated with news, regulatory changes, and expert opinions to make informed decisions.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
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Monthly Market Risk Update: June 2024 [SlideShare]
itw 10qq 106
1. UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2006
OR
[] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission File Number: 1-4797
ILLINOIS TOOL WORKS INC.
(Exact name of registrant as specified in its charter)
Delaware 36-1258310
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
3600 West Lake Avenue, Glenview, IL 60026-1215
(Address of principal executive offices) (Zip Code)
(Registrant’s telephone number, including area code) 847-724-7500
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
Yes [X] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated file (as defined in
Rule 12b-2 of the Exchange Act).
Large accelerated filer [X] Accelerated filer [ ] Non-accelerated filer [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes [ ] No [X]
The number of shares of registrant’s common stock, $.01 par value, outstanding at March 31, 2006: 283,668,528.
1
2. Part I – Financial Information
Item 1 – Financial Statements
ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
FINANCIAL STATEMENTS
The unaudited financial statements included herein have been prepared by Illinois Tool Works Inc. and Subsidiaries (the “Company”).
In the opinion of management, the interim financial statements reflect all adjustments of a normal recurring nature necessary for a fair
statement of the results for interim periods. It is suggested that these financial statements be read in conjunction with the financial
statements and notes to financial statements included in the Company’s Annual Report on Form 10-K. Certain reclassifications of
prior years’ data have been made to conform with current year reporting.
2
3. ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
STATEMENT OF INCOME
(UNAUDITED)
(In thousands except for per share amounts)
Three Months Ended
March 31
2006 2005
Operating Revenues $ 3,297,036 $ 3,051,881
Cost of revenues 2,119,674 2,019,025
Selling, administrative, and research and development expenses 601,421 548,134
Amortization and impairment of goodwill and other intangible assets 35,973 25,990
Operating Income 539,968 458,732
Interest expense (18,897) (20,255)
Investment income 10,192 20,901
Other income (expense) (33) 3,228
Income Before Taxes 531,230 462,606
Income Taxes 164,700 150,300
Net Income $ 366,530 $ 312,306
Net Income Per Share:
Basic $1.30 $1.07
Diluted $1.29 $1.06
Cash Dividends:
Paid $0.33 $0.28
Declared $0.33 $0.28
Shares of Common Stock Outstanding During the Period:
Average 281,937 291,394
Average assuming dilution 283,845 293,600
3
4. ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
STATEMENT OF FINANCIAL POSITION
(UNAUDITED)
(In thousands)
March 31, 2006 December 31, 2005
ASSETS
Current Assets:
Cash and equivalents $ 454,470 $ 370,417
Trade receivables 2,191,698 2,098,276
Inventories 1,279,108 1,203,063
Deferred income taxes 181,787 168,739
Prepaid expenses and other current assets 245,037 271,110
Total current assets 4,352,100 4,111,605
Plant and Equipment:
Land 168,605 156,975
Buildings and improvements 1,236,184 1,210,133
Machinery and equipment 3,305,583 3,235,571
Equipment leased to others 142,154 155,565
Construction in progress 102,647 92,934
4,955,173 4,851,178
Accumulated depreciation (3,111,966) (3,044,069)
Net plant and equipment 1,843,207 1,807,109
Investments 890,227 896,487
Goodwill 3,196,492 3,009,011
Intangible Assets 759,549 669,927
Deferred Income Taxes 7,342 45,269
Other Assets 901,605 906,235
$ 11,950,522 $ 11,445,643
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt $ 230,757 $ 252,899
Accounts payable 592,162 560,078
Accrued expenses 936,128 1,013,940
Cash dividends payable 93,563 92,620
Income taxes payable 93,289 81,194
Total current liabilities 1,945,899 2,000,731
Noncurrent Liabilities:
Long-term debt 959,977 958,321
Other 979,474 939,696
Total noncurrent liabilities 1,939,451 1,898,017
Stockholders’ Equity:
Common stock 3,147 3,120
Additional paid-in-capital 1,299,476 1,082,611
Income reinvested in the business 9,385,295 9,112,328
Common stock held in treasury (2,773,176) (2,773,176)
Accumulated other comprehensive income 150,430 122,012
Total stockholders’ equity 8,065,172 7,546,895
11,950,522
$ $ 11,445,643
4
5. ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
STATEMENT OF CASH FLOWS
(UNAUDITED)
(In thousands)
Three Months Ended
March 31
2006 2005
Cash Provided by (Used for) Operating Activities:
Net income $ 366,530 $ 312,306
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 73,771 72,636
Amortization and impairment of goodwill and other intangible assets 35,973 25,990
Change in deferred income taxes 2,341 88,295
Provision for uncollectible accounts 4,573 4,085
Loss on sale of plant and equipment 127 1,514
Income from investments (10,192) (20,715)
Loss on sale of operations and affiliates 3,434 216
Stock compensation expense 11,501 15,579
Other non-cash items, net (1,017) (1,561)
Changes in assets and liabilities:
(Increase) decrease in--
Trade receivables (61,054) (51,038)
Inventories (46,046) (57,517)
Prepaid expenses and other assets 29,839 (20,097)
Increase (decrease) in--
Accounts payable 16,948 (11,396)
Accrued expenses and other liabilities (47,933) (71,024)
Income taxes payable 10,248 15,677
Other, net (532) 1
Net cash provided by operating activities 388,511 302,951
Cash Provided by (Used for) Investing Activities:
Acquisition of businesses (excluding cash and equivalents) and additional interest in affiliates (198,997) (188,354)
Additions to plant and equipment (68,319) (64,028)
Purchase of investments (2,060) (70,669)
Proceeds from investments 12,270 15,392
Proceeds from sale of plant and equipment 3,813 11,764
Proceeds from sale of operations and affiliates 12,524 (193)
Other, net 10,233 7,209
Net cash used for investing activities (230,536) (288,879)
Cash Provided by (Used for) Financing Activities:
Cash dividends paid (92,620) (81,653)
Issuance of common stock 42,007 12,334
Repurchases of common stock — (189,732)
Net proceeds (repayments) from short-term debt (18,495) 578,182
Proceeds from long-term debt 33 53,762
Repayments of long-term debt (5,508) (1,192)
Net cash provided by (used for) financing activities (74,583) 371,701
Effect of Exchange Rate Changes on Cash and Equivalents 661 (222)
Cash and Equivalents:
Increase during the period 84,053 385,551
Beginning of period 370,417 667,390
End of period $ 454,470 $ 1,052,941
Cash Paid During the Period for Interest $ 20,600 $ 20,473
Cash Paid During the Period for Income Taxes $ 117,754 $ 45,182
Liabilities Assumed from Acquisitions $ 78,358 $ 62,860
5
6. ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
(1) INVESTMENT INCOME
Investment income (loss) by investment category for the periods ended March 31, 2006 and 2005 were as follows:
Three Months Ended
March 31
2006 2005
Mortgage investments $ 6,563 $ 9,644
Leases of equipment 1,247 3,127
Property developments 189 1,803
Venture capital limited partnership (224) 3,936
Other 2,417 2,391
$ 10,192 $ 20,901
(2) COMPREHENSIVE INCOME
The Company’s only component of other comprehensive income in the periods presented is foreign currency translation adjustments.
(In thousands)
Three Months Ended
March 31
2006 2005
Net income $ 366,530 $ 312,306
Foreign currency translation adjustments, net of tax 28,418 11,742
Total comprehensive income $ 394,948 $ 324,048
(3) INVENTORIES
Inventories at March 31, 2006 and December 31, 2005 were as follows:
(In thousands)
March 31, 2006 December 31, 2005
Raw material $ 369,993 $ 340,748
Work-in-process 146,952 136,557
Finished goods 762,163 725,758
$ 1,279,108 $ 1,203,063
(4) GOODWILL AND INTANGIBLE ASSETS
Goodwill represents the excess cost over fair value of the net assets of purchased businesses. The Company does not amortize
goodwill and intangible assets that have indefinite lives. In the first quarter of each year, the Company performs an annual
impairment assessment of goodwill and intangible assets with indefinite lives based on the fair value of the related reporting unit or
intangible asset.
As of January 1, 2006, the Company had assigned its recorded goodwill and intangible assets to approximately 375 of its 700
reporting units. When performing its annual impairment assessment, the Company compares the fair value of each reporting unit to its
carrying value. Fair values are determined by discounting estimated future cash flows at the Company’s estimated cost of capital of
10%. Estimated future cash flows are based either on current operating cash flows or on a detailed cash flow forecast prepared by the
relevant operating unit. If the fair value of an operating unit is less than its carrying value, an impairment loss is recorded for the
difference between the implied fair value of the unit’s goodwill and the carrying value of the goodwill.
6
7. Amortization and impairment of goodwill and other intangible assets for the periods ended March 31, 2006 and 2005 were as follows:
(In thousands)
Three Months Ended
March 31
2006 2005
Goodwill:
Impairment $ 9,200 $ 6,206
Intangible Assets:
Amortization 23,788 14,735
Impairment 2,985 5,049
Total $ 35,973 $ 25,990
In the first quarter of 2006, the Company performed its annual impairment testing of its goodwill and intangible assets, which resulted
in impairment charges of $12,185,000. The first quarter 2006 goodwill impairment charges of $9,200,000 were primarily related to a
U.S. joist business, a U.S. heat transfer business and an Asian construction business and resulted from lower estimated future cash
flows than previously expected. Also in the first quarter of 2006, intangible asset impairments of $2,985,000 were recorded to reduce
to the estimated fair value the carrying value of trademarks, patents and customer-related intangible assets primarily related to a U.S.
welding components business in the Specialty Systems – North America segment and a U.S. contamination control business in the
Engineered Products – North America segment.
In the first quarter of 2005, the Company recorded goodwill impairment charges of $6,206,000, which were primarily related to a
Canadian stretch packaging equipment business and a U.S. welding components business, and which resulted from lower estimated
future cash flows than previously expected. Also in the first quarter of 2005, intangible asset impairments of $5,049,000 were
recorded to reduce to estimated fair value the carrying value of trademarks, patents and customer-related intangible assets related to a
U.S. business that manufactures clean room mats in the Engineered Products – North America segment.
(5) RETIREMENT PLANS AND POSTRETIREMENT BENEFITS
Pension and other postretirement benefit costs for the periods ended March 31, 2006 and 2005 were as follows:
(In thousands)
Three Months Ended
March 31
Other Postretirement
Pension Benefits
2006 2005 2006 2005
Components of net periodic benefit cost:
Service cost $ 26,670 $ 21,448 $ 4,187 $ 3,236
Interest cost 23,996 21,570 8,224 7,573
Expected return on plan assets (34,185) (31,268) (1,995) (1,438)
Amortization of actuarial loss 6,274 2,328 20,989 311
Amortization of prior service cost (income) (567) (569) 1,391 1,684
Amortization of net transition amount 16 (3) — —
Net periodic benefit cost $ 22,204 $ 13,506 $ 32,796 $ 11,366
The Company expects to contribute $38,000,000 to its pension plans in 2006. As of March 31, 2006, contributions of $6,195,000 have
been made.
(6) SHORT-TERM DEBT
The Company had outstanding commercial paper of $56,485,000 at March 31, 2006 and $94,488,000 at December 31, 2005.
(7) COMMITMENTS AND CONTINGENCIES
The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, including those
involving environmental, tax, product liability (including toxic tort) and general liability claims. The Company accrues for such
liabilities when it is probable that future costs will be incurred and such costs can be reasonably estimated. Such accruals are based
7
8. on developments to date, the Company’s estimates of the outcomes of these matters and its experience in contesting, litigating and
settling other similar matters. The Company believes resolution of these matters, individually and in the aggregate, will not have a
material adverse effect on the Company’s financial position, liquidity or future operations.
Among the toxic tort cases in which the Company is a defendant, the Company as well as its subsidiaries Hobart Brothers Company
and Miller Electric Mfg. Co., have been named, along with numerous other defendants, in lawsuits alleging injury from exposure to
welding consumables. The plaintiffs in these suits claim unspecified damages for injuries resulting from the plaintiffs’ alleged
exposure to asbestos, manganese and/or toxic fumes in connection with the welding process. Based upon the Company’s experience in
defending these claims, the Company believes that the resolution of these proceedings will not have a material adverse effect on the
Company’s financial position, liquidity or future operations. The Company has not recorded any significant reserves related to these
cases.
Wilsonart International, Inc. (“Wilsonart”), a wholly owned subsidiary of the Company, is a defendant in a consolidated class action
lawsuit filed in 2000 in U.S. federal district court in White Plains, New York on behalf of purchasers of high-pressure laminate. The
complaint alleges that Wilsonart participated in a conspiracy with competitors to fix, raise, maintain or stabilize prices for high-
pressure laminate between 1994 and 2000 and seeks injunctive relief and treble damages. Indirect purchasers of high-pressure
laminate filed similar purported class action cases under various state antitrust and consumer protection statutes in 13 states and the
District of Columbia, all of which cases have been stayed pending the outcome of the consolidated class action. These lawsuits were
brought following the commencement of a federal grand jury investigation into price-fixing in the high-pressure laminate industry,
which investigation was subsequently closed by the Department of Justice with no further proceedings and with all documents being
returned to the parties. Plaintiffs are seeking damages of $470,000,000 before trebling. Without admitting liability, Wilsonart’s co-
defendants, International Paper Company and Panolam International, Inc. have settled the federal consolidated class action case for
$31,000,000 and $9,500,000, respectively. The plaintiffs’ claims against Formica Corporation, the remaining co-defendant in the case,
were dismissed with prejudice on September 27, 2004 as a result of its bankruptcy proceedings. As a result, Wilsonart is the sole
remaining defendant in the consolidated class action lawsuit. The trial in this matter began on April 10, 2006. While no assurances can
be given regarding the ultimate outcome or the timing of the resolution of these claims, the Company believes that the plaintiffs’
claims are without merit and intends to continue to defend itself vigorously in this action and all related actions that are now pending
or that may be brought in the future. The Company has not recorded any reserves related to this case.
(8) SEGMENT INFORMATION
See Management’s Discussion and Analysis for information regarding operating revenues and operating income for the Company’s
segments.
In the first quarter of 2006, the Company announced that given the planned run-off of assets in the Leasing and Investments portfolio
and its desire to utilize free cash flow for core manufacturing investments and acquisitions rather than to make additional financial
investments, its internal reporting has been revised to eliminate the reporting of Leasing and Investments as an operating segment.
Accordingly, income from Leasing and Investment activities will be reported as non-operating investment income. Leasing and
Investments’ results have been reclassified to investment income in the prior year’s income statement to conform to the current year’s
presentation, as follows:
Three Months Ended Three Months Ended
March 31, 2005 March 31, 2005
as Previously Reported 2006 Reclassification as Currently Reported
Operating Revenues $ 3,074,291 $ (22,410) $ 3,051,881
Cost of revenues 2,022,337 (3,312) 2,019,025
Selling, administrative, and
research & development expense 548,075 59 548,134
Amortization and impairment of
goodwill & intangibles 25,990 — 25,990
Operating Income $ 477,889 $ (19,157) $ 458,732
Interest expense (18,727) (1,528) (20,255)
Investment income — 20,901 20,901
Other income (expense) 3,444 (216) 3,228
Income Before Income Taxes $ 462,606 $ — $ 462,606
8
9. Item 2 - Management’s Discussion and Analysis
CONSOLIDATED RESULTS OF OPERATIONS
The Company’s consolidated results of operations for the first quarter and year-to-date periods of 2006 and 2005 were as follows:
(Dollars in thousands)
Three Months Ended
March 31
2006 2005
Operating revenues $3,297,036 $3,051,881
Operating income 539,968 458,732
Margin % 16.4% 15.0%
In the first quarter of 2006, the changes in revenues, operating income and operating margins over the prior year were primarily due to
the following factors:
Three Months Ended March 31
% Point
Increase
% Increase (Decrease) (Decrease)
Operating Operating Operating
Revenues Income Margins
Base manufacturing business:
Revenue change/Operating leverage 6.1% 16.2% 1.4%
Changes in variable margins and overhead costs — 2.2 0.3
Total 6.1 18.4 1.7
Acquisitions and divestitures 5.3 1.9 (0.5)
Restructuring costs — (0.4) —
Impairment of goodwill and intangibles — (0.2) —
Translation (2.6) (2.0) 0.1
Intercompany (0.8) — 0.1
Total 8.0% 17.7% 1.4%
In the first quarter of 2006 base business revenues increased 8.1% and 2.4% versus the prior year period in North America and
internationally, respectively. The growth in North American revenues was primarily due to growth in industrial production and
increased demand in the capital equipment markets that ITW serves. Slow economic growth in Europe continued to hamper
international revenue growth.
Operating income for the first quarter of 2006 improved due to leverage from the growth in base business revenue and income from
acquired companies. These increases were partially offset by unfavorable currency translation, increased restructuring expenses and
higher impairment charges. Variable margins improved 110 basis points mainly due to sales volume increases, operating efficiency
gains and sales price increases in excess of raw material cost increases. Income was favorably impacted by a first quarter 2005 charge
of $8.7 million to resolve accounting issues at a European food equipment business. In addition, consolidated operating income in the
first quarter of 2006 was negatively impacted by a $19.7 million charge related to retiree health care and life insurance liabilities.
As a result of the Company’s annual impairment testing of its goodwill and intangible assets, impairment charges of $12.2 million
were incurred in the first quarter of 2006. The impaired assets reflected diminished expectations of future cash flows and primarily
related to a U.S. joist business, a U.S. welding components business, a U.S. heat transfer business, an Asian construction business and
a contamination control business.
9
10. ENGINEERED PRODUCTS - NORTH AMERICA
Businesses in this segment are located in North America and manufacture a variety of short lead-time plastic and metal components
and fasteners, as well as specialty products for a diverse customer base. These commercially oriented, value-added products become
part of the customers’ products and typically are manufactured and delivered in a time period less than 30 days.
In the plastic and metal components and fasteners category, products include:
• metal fasteners and fastening tools for the commercial and residential construction industries;
• metal plate connecting components, machines and software for the commercial and residential construction industries;
• laminate products for the commercial and residential construction industries and furniture markets;
• specialty laminate film used in the construction market;
• metal fasteners for automotive, appliance and general industrial applications;
• metal components for automotive, appliance and general industrial applications;
• plastic components for automotive, appliance, furniture and electronics applications; and
• plastic fasteners for automotive, appliance and electronics applications.
In the specialty products category, products include:
• reclosable packaging for consumer food applications;
• swabs, wipes and mats for clean room usage in the electronics and pharmaceutical industries;
• hand wipes and cleaners for use in industrial manufacturing locations;
• chemical fluids which clean or add lubrication to machines and automobiles;
• adhesives for industrial, construction and consumer purposes;
• epoxy and resin-based coating products for industrial applications;
• components for industrial machines;
• manual and power operated chucking equipment for industrial applications; and
• automotive aftermarket maintenance and appearance products.
This segment primarily serves the construction, automotive and general industrial markets.
The results of operations for the Engineered Products – North America segment for the first quarter of 2006 and 2005 were as follows:
(Dollars in thousands)
Three Months Ended
March 31
2006 2005
Operating revenues $1,043,445 $918,171
Operating income 176,838 144,373
Margin % 16.9% 15.7%
10
11. In the first quarter of 2006, the changes in revenues, operating income and operating margins over the prior year were primarily due to
the following factors:
Three Months Ended March 31
% Point
Increase
% Increase (Decrease) (Decrease)
Operating Operating Operating
Revenues Income Margins
Base manufacturing business:
Revenue change/Operating leverage 6.6% 16.8% 1.5%
Changes in variable margins and overhead costs — (0.5) —
Total 6.6 16.3 1.5
Acquisitions and divestitures 6.7 4.4 (0.4)
Restructuring costs — 1.6 0.2
Impairment of goodwill and intangibles — (0.3) (0.1)
Translation 0.3 0.5 —
Total 13.6% 22.5% 1.2%
Revenues increased in the first quarter of 2006 primarily due to revenues from acquisitions and higher base business revenues. The
acquired revenue growth was primarily related to the acquisition of a construction business, an automotive business, a finishing
materials business, a machined components business and four polymers businesses. Construction base revenues increased 8.2%,
primarily as a result of growth in the commercial and residential construction markets and new product introductions at the Wilsonart
business. Automotive base revenues increased 1.6% for the first quarter as a result of a 2% increase in automotive production at the
North American Big 3 automotive manufacturers. Base revenues from the other industrial-based businesses in this segment grew 8.2%
for the first quarter as a result of increased demand in a broad array of end markets.
Operating income increased significantly in the first quarter of 2006 primarily due to leverage from the growth in base business
revenues described above, increased acquisition income and lower restructuring expenses. In addition, variable margins increased 120
basis points in the first quarter of 2006 as selling price increases fully recovered raw material cost increases and operating costs were
lower due to efficiencies. First quarter 2006 income was unfavorably impacted by higher goodwill and intangible asset impairment
charges. In the first quarter of 2006, an impairment charge of $5.6 million was recorded primarily related to the goodwill of a U.S.
joist business and the intangibles of a contamination control business. In addition, income was negatively impacted by a first quarter
of 2006 charge of $9.8 million related to retiree healthcare and life insurance liabilities.
ENGINEERED PRODUCTS - INTERNATIONAL
Businesses in this segment are located outside North America and manufacture a variety of short lead-time plastic and metal
components and fasteners, as well as specialty products for a diverse customer base. These commercially oriented, value-added
products become part of the customers’ products and typically are manufactured and delivered in a time period less than 30 days.
In the plastic and metal components and fasteners category, products include:
• metal fasteners and fastening tools for the commercial and residential construction industries;
• laminate products for the commercial and residential construction industries and furniture markets;
• specialty laminate film used in the construction market;
• metal plate connecting components and software for the commercial and residential construction industries;
• metal fasteners for automotive, appliance and general industrial applications;
• metal components for automotive, appliance and general industrial applications;
• plastic components for automotive, appliance and electronics applications; and
• plastic fasteners for automotive, appliance and electronics applications.
11
12. In the specialty products category, products include:
• electronic component packaging trays used for the storage, shipment and manufacturing insertion of electronic components
and microchips;
• swabs, wipes and mats for clean room usage in the electronics and pharmaceutical industries;
• adhesives for industrial, construction and consumer purposes;
• chemical fluids which clean or add lubrication to machines and automobiles;
• epoxy and resin-based coating products for industrial applications; and
• manual and power operated chucking equipment for industrial applications.
This segment primarily serves the construction, automotive and general industrial markets.
The results of operations for the Engineered Products – International segment for the first quarter of 2006 and 2005 were as follows:
(Dollars in thousands)
Three Months Ended
March 31
2006 2005
Operating revenues $626,899 $647,829
Operating income 75,831 84,476
Margin % 12.1% 13.0%
In the first quarter of 2006, the changes in revenues, operating income and operating margins over the prior year were primarily due to
the following factors:
Three Months Ended March 31
% Point
Increase
% Increase (Decrease) (Decrease)
Operating Operating Operating
Revenues Income Margins
Base manufacturing business:
Revenue change/Operating leverage 0.6% 1.9% 0.2%
Changes in variable margins and overhead costs — (1.7) (0.2)
Total 0.6 0.2 —
Acquisitions and divestitures 3.0 0.9 (0.2)
Restructuring costs — (3.1) (0.4)
Impairment of goodwill and intangibles — (1.9) (0.3)
Translation (6.8) (6.3) —
Total (3.2)% (10.2)% (0.9)%
Revenues decreased in the first quarter of 2006 due to the unfavorable effect of currency translation, primarily as a result of the Euro
weakening versus the U.S. dollar. Offsetting this revenue decline was an increase in base and acquired revenue. The acquired revenue
increase is primarily due to the acquisition of a European construction business, a European reclosable packaging business, and a
European polymers business. Base business construction revenue declined 1.4% due to weakness in the European, Australasia and
China markets. Automotive base revenues increased 3.1% primarily due to higher production levels at many European automotive
manufacturers. Base revenues from the other businesses in this segment increased 1.5% for the first quarter of 2006 as they benefited
from increased demand in a broad array of industrial and commercial end markets that they serve.
Operating income for the first quarter of 2006 decreased primarily due to the unfavorable effect of currency translation and increased
restructuring expense. The positive leverage effect from the increase in base revenue was partially offset by higher overhead costs. In
addition, income was negatively affected by a $1.7 million impairment charge related to two Asian construction businesses.
12
13. SPECIALTY SYSTEMS - NORTH AMERICA
Businesses in this segment are located in North America and design and manufacture longer lead-time machinery and related
consumables, as well as specialty equipment for a diverse customer base. These commercially oriented, value-added products become
part of the customers’ processes and typically are manufactured and delivered in a time period of more than 30 days.
In the machinery and related consumables category, products include:
• industrial packaging equipment and plastic and steel strapping for the bundling and shipment of a variety of products for
customers in numerous end markets;
• welding equipment and metal consumables for a variety of end market users;
• equipment and plastic consumables that multi-pack cans and bottles for the food and beverage industry;
• plastic stretch film and related packaging equipment for various industrial purposes;
• paper and plastic products used to protect shipments of goods in transit;
• marking tools and inks for various end users; and
• foil and film and related equipment used to decorate a variety of consumer products.
In the specialty equipment category, products include:
• commercial food equipment such as dishwashers, refrigerators, mixers, ovens, food slicers and specialty scales for use by
restaurants, institutions and supermarkets;
• paint spray equipment for a variety of general industrial applications;
• materials and structural testing machinery and software;
• static control equipment for electronics and industrial applications;
• wheel balancing and tire uniformity equipment used in the automotive industry; and
• airport ground power generators for commercial and military applications.
This segment primarily serves the food institutional and retail, general industrial, construction, and food and beverage markets.
The results of operations for the Specialty Systems – North America segment for the first quarter of 2006 and 2005 were as follows:
(Dollars in thousands)
Three Months Ended
March 31
2006 2005
Operating revenues $1,138,356 $1,005,921
Operating income 218,373 176,214
Margin % 19.2% 17.5%
In the first quarter of 2006, the changes in revenues, operating income and operating margins over the prior year were primarily due to
the following factors:
Three Months Ended March 31
% Point
Increase
% Increase (Decrease) (Decrease)
Operating Operating Operating
Revenues Income Margins
Base manufacturing business:
Revenue change/Operating leverage 9.6% 22.1% 2.0%
Changes in variable margins and overhead costs — 1.7 0.3
Total 9.6 23.8 2.3
Acquisitions and divestitures 3.2 0.5 (0.5)
Restructuring costs — (1.7) (0.2)
Impairment of goodwill and intangibles — 0.8 0.1
Translation 0.4 0.5 —
Total 13.2% 23.9% 1.7%
13
14. Base business revenue growth in the first quarter of 2006 was primarily due to increased demand for machinery and consumables in
most of the end markets that this segment serves. Welding base revenues increased 21.8% in the first quarter of 2006 due to high
demand for replacement product and new product introductions. Industrial packaging base revenues grew 6.0%, primarily due to
increased demand for machinery. Food equipment base revenues increased 5.5% resulting from increased demand from restaurant and
institutional customers. Base revenues in the other businesses in this segment, including the marking, decorating and finishing
businesses, increased 3.8% in the first quarter. The acquired revenue increase was primarily due to the acquisition of a materials and
structural testing business in the fourth quarter of 2005 and a coding business in the first quarter of 2006.
Operating income increased in the first quarter of 2006 primarily due to leverage from base business revenue increases described
above. In addition, variable margins improved by 120 basis points mainly due to sales volume increases and operating efficiency
gains. Base business income was also higher due to lower goodwill and intangible asset impairment charges over the prior year. In the
first quarter of 2006, a goodwill and intangible asset impairment charge of $4.7 million was recorded related to the goodwill of a heat
transfer business and the goodwill and intangibles of a welding components business. In the first quarter of 2005 an impairment
charge of $6.1 million was incurred related to a stretch packaging business and welding components business. Operating income was
adversely affected by increased restructuring expenses in the decorating businesses and food equipment businesses. In addition,
operating income was unfavorably impacted by a first quarter 2006 charge of $9.8 million related to retiree healthcare and life
insurance liabilities.
SPECIALTY SYSTEMS - INTERNATIONAL
Businesses in this segment are located outside North America and design and manufacture longer lead-time machinery and related
consumables, as well as specialty equipment for a diverse customer base. These commercially oriented, value-added products become
part of the customers’ processes and typically are manufactured and delivered in a time period of more than 30 days.
In the machinery and related consumables category, products include:
• industrial packaging equipment and plastic and steel strapping for the bundling and shipment of a variety of products for
customers in numerous end markets;
• welding equipment and metal consumables for a variety of end market users;
• equipment and plastic consumables that multi-pack cans and bottles for the food and beverage industry;
• plastic bottle sleeves and related equipment for the food and beverage industry;
• plastic stretch film and related packaging equipment for various industrial purposes;
• paper and plastic products used to protect shipments of goods in transit; and
• foil and film and related equipment used to decorate a variety of consumer products.
In the specialty equipment category, products include:
• commercial food equipment such as dishwashers, refrigerators, mixers, ovens, food slicers and specialty scales for use by
restaurants, institutions and supermarkets;
• materials and structural testing machinery and software;
• paint spray equipment for a variety of general industrial applications;
• static control equipment for electronics and industrial applications; and
• airport ground power generators for commercial applications.
This segment primarily serves the general industrial, food institutional and retail, and food and beverage markets.
The results of operations for the Specialty Systems – International segment for the first quarter of 2006 and 2005 were as follows:
(Dollars in thousands)
Three Months Ended
March 31
2006 2005
Operating revenues $622,552 $590,628
Operating income 68,926 53,669
Margin % 11.1% 9.1%
14
15. In the first quarter of 2006, the changes in revenues, operating income and operating margins over the prior year were primarily due to
the following factors:
Three Months Ended March 31
% Point
Increase
% Increase (Decrease) (Decrease)
Operating Operating Operating
Revenues Income Margins
Base manufacturing business:
Revenue change/Operating leverage 4.4% 18.8% 1.2%
Changes in variable margins and overhead costs — 15.7 1.4
Total 4.4 34.5 2.6
Acquisitions and divestitures 8.4 1.4 (0.8)
Restructuring costs — 3.0 0.3
Impairment of goodwill and intangibles — (0.5) —
Translation (7.4) (10.0) (0.1)
Total 5.4% 28.4% 2.0%
Revenues increased in the first quarter of 2006 due to revenues from acquired companies offset by unfavorable currency translation,
primarily as a result of the Euro weakening versus the U.S. dollar. Base revenues also contributed to top-line growth. Food equipment
base revenues increased 2.9% in the first quarter, while industrial packaging base revenues increased 2.6%. Other base business
revenues, including the welding and finishing businesses, increased 9.1% led by strong welding consumable sales in Asia. The
contribution from acquired revenues was primarily related to the acquisitions of a materials and structural testing business, a
decorating business, an aircraft ground power business and a European welding components business.
Operating income increased in the first quarter of 2006 primarily as a result of the revenue increases described above and reduced
operating costs. In addition, operating income was favorably impacted by lower restructuring expenses and income from acquisitions.
Income was also positively affected by a nonrecurring first quarter 2005 charge of $8.7 million to resolve accounting issues at a
European food equipment business. These increases were partially offset by unfavorable currency translation.
OPERATING REVENUES
The reconciliation of segment operating revenues to total operating revenues is as follows:
(In thousands)
Three Months Ended
March 31
2006 2005
Engineered Products – North America $ 1,043,445 $ 918,171
Engineered Products – International 626,899 647,829
Specialty Systems – North America 1,138,356 1,005,921
Specialty Systems – International 622,552 590,628
Intersegment revenues (134,216) (110,668)
Total manufacturing operating revenues $ 3,297,036 $ 3,051,881
AMORTIZATION AND IMPAIRMENT OF GOODWILL AND INTANGIBLE ASSETS
The Company does not amortize goodwill and intangible assets that have indefinite lives. In the first quarter of each year, the
Company performs an annual impairment assessment of goodwill and intangible assets with indefinite lives based on the fair value of
the related reporting unit or intangible asset.
15
16. As of January 1, 2006, the Company had assigned its recorded goodwill and intangible assets to approximately 375 of its then 700
reporting units. When performing its annual impairment assessment, the Company compares the fair value of each reporting unit to its
carrying value. Fair values are determined by discounting estimated future cash flows at the Company’s estimated cost of capital of
10%. Estimated future cash flows are based either on current operating cash flows or on a detailed cash flow forecast prepared by the
relevant operating unit. If the fair value of an operating unit is less than its carrying value, an impairment loss is recorded for the
difference between the implied fair value of the unit’s goodwill and the carrying value of the goodwill.
Amortization and impairment of goodwill and other intangible assets for the periods ended March 31, 2006 and 2005 were as follows:
(In thousands)
Three Months Ended
March 31
2006 2005
Goodwill:
Impairment $ 9,200 $ 6,206
Intangible Assets:
Amortization 23,788 14,735
Impairment 2,985 5,049
Total $ 35,973 $ 25,990
In the first quarter of 2006, the Company performed its annual impairment testing of its goodwill and intangible assets, which resulted
in impairment charges of $12.2 million. The first quarter 2006 goodwill impairment charges of $9.2 million were primarily related to a
U.S. joist business, a U.S. heat transfer business, and an Asian construction business and resulted from lower estimated future cash
flows than previously expected. Also in the first quarter of 2006, intangible asset impairments of $3.0 million were recorded to reduce
to the estimated fair value the carrying value of trademarks, patents and customer-related intangible assets primarily related to a U.S.
welding components business in the Specialty Systems – North America segment and a U.S. contamination control business in the
Engineered Products – North America segment.
In the first quarter of 2005, the Company recorded goodwill impairment charges of $6.2 million, which were primarily related to a
Canadian stretch packaging equipment business and a U.S. welding components business, and which resulted from lower estimated
future cash flows than previously expected. Also in the first quarter of 2005, intangible asset impairments of $5.0 million were
recorded to reduce to estimated fair value the carrying value of trademarks, patents and customer-related intangible assets related to a
U.S. business that manufactures clean room mats in the Engineered Products – North America segment.
INTEREST EXPENSE
Interest expense decreased to $18.9 million in the first three months of 2006 from $20.3 million in 2005 primarily due to a lower
amount of commercial paper outstanding in the first quarter of 2006.
INVESTMENT INCOME
Investment income was $10.2 million in the first three months of 2006 from $20.9 million in 2005. The decline was due to lower
equity income from mortgage investments due to completion of the first mortgage transaction in 2005. In addition, there was a small
loss in 2006 on venture capital investments versus gains from mark-to-market adjustments in 2005.
OTHER INCOME (EXPENSE)
Other income (expense) was an expense of $33,000 for the first three months of 2006 versus income of $3.2 million in 2005, primarily
due to losses on divestitures and higher losses on currency translation in 2006, partially offset by higher interest income in 2006.
NET INCOME
Net income of $366.5 million ($1.29 per diluted share) in the first three months of 2006 was 17.4% higher than the 2005 income from
continuing operations of $312.3 million ($1.06 per diluted share).
FOREIGN CURRENCY
The strengthening of the U.S. dollar against foreign currencies in 2006 decreased operating revenues for the first three months of 2006
by approximately $78.0 million and decreased earnings by approximately 2 cents per diluted share.
16
17. LIQUIDITY AND CAPITAL RESOURCES
Cash Flow
The Company’s primary source of liquidity is free operating cash flow. Management continues to believe that such internally
generated cash flow will be adequate to service existing debt and to continue to pay dividends that meet its dividend payout objective
of 25-30% of the last three years’ average net income. In addition, free operating cash flow is expected to be adequate to finance
internal growth and small-to-medium sized acquisitions.
The Company uses free operating cash flow to measure normal cash flow generated by its operations that is available for dividends,
acquisitions and debt repayment. Free operating 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.
Summarized cash flow information for the first quarter of 2006 and 2005 was as follows:
(In thousands)
Three Months Ended
March 31
2006 2005
Net cash provided by operating activities $ 388,511 $ 302,951
Additions to plant and equipment (68,319) (64,028)
Free operating cash flow $ 320,192 $ 238,923
Acquisitions $ (198,997) $ (188,354)
Cash dividends paid (92,620) (81,653)
Purchase of investments (2,060) (70,669)
Issuance of common stock 42,007 12,334
Repurchases of common stock — (189,732)
Net proceeds (repayments) of debt (23,970) 630,752
Other 39,501 33,950
Net increase in cash and equivalents $ 84,053 $ 385,551
In the prior year, there was an increase in debt to fund the repurchase of common stock and acquisitions.
Return on Average Invested Capital
The Company uses return on average invested capital (“ROIC”) to measure the effectiveness of the operations’ use of invested capital
to generate profits. ROIC for the first quarter of 2006 and 2005 was as follows:
(Dollars in thousands)
Three Months Ended
March 31
2006 2005
Operating income after taxes $ 372,578 $ 309,644
Total debt $ 1,190,734 $ 1,753,842
Less: Cash and equivalents (454,470) (1,052,941)
Adjusted net debt 736,264 700,901
Total stockholders’ equity 8,065,172 7,708,693
Invested capital $ 8,801,436 $ 8,409,594
Average invested capital $ 8,594,567 $ 8,247,218
Annualized return on average invested capital 17.3% 15.0%
17
18. The 230 basis point increase in ROIC in the first quarter of 2006 was due primarily to a 20% increase in after-tax operating income,
mainly as a result of increased operating income from the base businesses and a decrease in the effective tax rate to 31% in the first
quarter of 2006 from 32.5% in the first quarter of 2005. The above positive impact was partially offset by an increase of 4% in average
invested capital primarily due to acquisitions.
Working Capital
Net working capital at March 31, 2006 and December 31, 2005 is summarized as follows:
(Dollars in thousands)
March 31, 2006 December 31, 2005 Increase/(Decrease)
Current Assets:
Cash and equivalents $ 454,470 $ 370,417 $ 84,053
Trade receivables 2,191,698 2,098,276 93,422
Inventories 1,279,108 1,203,063 76,045
Other 426,824 439,849 (13,025)
4,352,100 4,111,605 240,495
Current Liabilities:
Short-term debt 230,757 252,899 (22,142)
Accounts payable and accrued expenses 1,528,290 1,574,018 (45,728)
Other 186,852 173,814 13,038
1,945,899 2,000,731 (54,832)
Net Working Capital $ 2,406,201 $ 2,110,874 $ 295,327
Current Ratio 2.24 2.06
Debt
Total debt at March 31, 2006 and December 31, 2005 was as follows:
(Dollars in thousands)
March 31, 2006 December 31, 2005
Short-term debt $ 230,757 $ 252,899
Long-term debt 959,977 958,321
Total debt $ 1,190,734 $ 1,211,220
Total debt to capitalization 12.9% 13.8%
The Company had outstanding commercial paper of $56.5 million at March 31, 2006 and $94.5 million at December 31, 2005.
Stockholders’ Equity
The changes to stockholders’ equity during 2006 were as follows:
(In thousands)
Total stockholders’ equity, December 31, 2005 $ 7,546,895
Net income 366,530
Cash dividends declared (93,563)
Shares issued for acquisitions 163,384
Stock option and restricted stock activity 53,508
Currency translation adjustments 28,418
Total stockholders’ equity, March 31, 2006 $ 8,065,172
18
19. FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995,
including, without limitation, statements regarding 2006 contributions to the Company’s pension plans, the adequacy of internally
generated funds, the meeting of dividend payout objectives, and the outcome of outstanding legal proceedings. These statements are
subject to certain risks, uncertainties, and other factors, which could cause actual results to differ materially from those anticipated.
Important risks that may influence future results include (1) a downturn in the construction, automotive, general industrial, food
institutional and retail, or real estate markets, (2) deterioration in global and domestic business and economic conditions, particularly
in North America, the European Community, Asia or Australia, (3) the unfavorable impact of foreign currency fluctuations and costs
of raw materials, (4) an interruption in, or reduction in, introducing new products into the Company’s product lines, (5) an unfavorable
environment for making acquisitions, domestic and international, including adverse accounting or regulatory requirements and market
values of candidates, and (6) unfavorable tax law changes and tax authority rulings. The risks covered here are not all inclusive and
given these and other possible risks and uncertainties, investors should not place undue reliance on forward-looking statements as a
prediction of actual results.
ITW practices fair disclosure for all interested parties. Investors should be aware that while ITW regularly communicates with
securities analysts and other investment professionals, it is against ITW’s policy to disclose to them any material non-public
information or other confidential commercial information. Shareholders should not assume that ITW agrees with any statement or
report issued by any analyst irrespective of the content of the statement or report.
Item 4 – Controls and Procedures
The Company’s management, with the participation of the Company’s Chairman & Chief Executive Officer and Vice President &
Controller, Financial Reporting, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in
Exchange Act Rule 13a–15(e)) as of March 31, 2006. Based on such evaluation, the Company’s Chairman & Chief Executive Officer
and Vice President & Controller, Financial Reporting, have concluded that, as of March 31, 2006, the Company’s disclosure controls
and procedures were effective in timely alerting the Company’s management to all information required to be included in this Form
10-Q and other Exchange Act filings.
In connection with the evaluation by management, including the Company’s Chairman & Chief Executive Officer and Vice President
& Controller, Financial Reporting, no changes in the Company’s internal control over financial reporting (as defined in Exchange Act
Rule 13a-15(f)) during the quarter ended March 31, 2006 were identified that have materially affected or are reasonably likely to
materially affect the Company’s internal control over financial reporting.
19
20. Part II – Other Information
Item 5 – Other Information
Amendment to By-Laws
At its May 5, 2006 meeting, the Company’s Board of Directors approved the amendment of the Company’s By-Laws, effective May
5, 2006. This amendment reflects a change in the number of directors per Article III, Section 2, an update of the Chairman’s role per
Article IV, Section 5 and an update of the President’s role per Article IV, Section 7. A complete copy of the Company’s By-Laws is
attached to this filing as Exhibit 3(b).
Adoption of the Illinois Tool Works Inc. 2006 Stock Incentive Plan
At its annual meeting of stockholders held on May 5, 2006, the Company’s stockholders approved the Illinois Tool Works Inc. 2006
Stock Incentive Plan (the “2006 Plan”) as an amendment and restatement of the Illinois Tool Works Inc. 1996 Stock Incentive Plan.
The 2006 Plan succeeds the Directors’ Restricted Stock Plan, and the non-deferral provisions of the Non-Officer Directors’ Fee
Conversion Plan were merged into the 2006 Plan. The 2006 Plan was approved by the Company’s Board of Directors on February 10,
2006, and became effective with the stockholders’ approval on May 5, 2006.
The 2006 Plan is administered by the Compensation Committee of the Company’s Board of Directors. It is a stock-based
compensation plan that provides for grants of stock options, performance units, restricted stock units, stock appreciation rights and
other stock awards to non-employee directors and key employees of the Company, including executive officers. These awards are
subject to certain limitations as set forth in the 2006 Plan. A maximum of 35,000,000 shares of ITW common stock may be issued
under the 2006 Plan. As of May 5, 2006, 35,000,000 shares remained available for future issuance under the 2006 Plan.
A more detailed description of the terms of the 2006 Plan is included under “Approval of the Illinois Tool Works Inc. 2006 Stock
Incentive Plan” in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on March 28, 2006,
which description is incorporated herein by reference.
At its May 5, 2006 meeting, the Company’s Board of Directors approved an amendment to the 2006 Plan that limited the number of
shares of ITW common stock issuable under the 2006 Plan in the form of stock awards, restricted stock, restricted stock units and
performance units to 5,000,000 in the aggregate. The amendment also eliminated the Company’s ability to re-use shares surrendered
or withheld to pay withholding taxes or option exercise prices and shares covered by a stock option or other incentive that is forfeited
or lapses, expires or is otherwise terminated.
The full text of the 2006 Plan, as amended by the Company’s Board of Directors on May 5, 2006, is attached to this filing as Exhibit
10(a).
Consulting Agreement
On May 5, 2006, the Company’s Board of Directors approved the Company entering into a Consulting Agreement with SLP LLC, an
Illinois limited liability company of which W. James Farrell, the former Chairman and Chief Executive Officer of the Company, is an
employee. Pursuant to the agreement, SLP will make available to the Company the services of Mr. Farrell to provide management
consulting services for an annual fee of $250,000, plus reasonable expenses of up to $50,000 annually. In addition, the Company will
reimburse SLP for the rental of office space and provide office equipment at a cost of up to $30,000 and $15,000 annually,
respectively and provide an administrative assistant.
SLP is subject to a nondisclosure provision during the term of the agreement and for five years thereafter, as well as to a
noncompetition provision during the term of the agreement and for two years thereafter. The agreement also provides for
indemnification by the Company and by SLP under certain circumstances.
The agreement has an initial two-year term, with an option to extend on a monthly basis thereafter. The Company may terminate the
agreement for failure to perform services, for breach of the nondisclosure or noncompetition provisions, or on any anniversary date
upon 30-days’ written notice.
A complete copy of the Consulting Agreement is attached to this filing as Exhibit 10(b).
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21. Appointment of Principal Officer
At its May 5, 2006 meeting, the Company’s Board of Directors elected Thomas J. Hansen to serve as Vice Chairman of the Company,
effective May 5, 2006. Mr. Hansen, 56, has been employed by the Company in various elected executive capacities for more than five
years, most recently serving as Executive Vice President. A copy of the Company’s press release announcing Mr. Hansen’s election
is attached to this filing as Exhibit 99(a).
Item 6 – Exhibits
Exhibit Index
Exhibit No. Description
3(a) Restated Certificate of Incorporation of Illinois Tool Works Inc., as amended.
3(b) By-Laws of Illinois Tool Works Inc., as amended.
10(a) Illinois Tool Works Inc. 2006 Stock Incentive Plan dated February 10, 2006, as amended on May 5, 2006.
10(b) Consulting Agreement dated May 8, 2006 by and between Illinois Tool Works Inc. and SLP, LLC.
31 Rule 13a-14(a) Certification.
32 Section 1350 Certification.
99(a) Press release issued by Illinois Tool Works Inc. Dated May 5, 2006.
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22. SIGNATURES
Pursuant to the requirements of the Securities 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: May 8, 2006 By: /s/ Ronald D. Kropp
Ronald D. Kropp
Vice President & Controller, Financial Reporting
(Principal Accounting & Financial Officer)
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