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 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.
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 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.
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 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 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.
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 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.
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 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 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 Dover Corporation's quarterly report filed with the SEC for the quarter ended June 30, 2007. It includes Dover's condensed consolidated financial statements for the quarter, showing revenue increased 12% to $1.86 billion compared to the same quarter last year. Net earnings were $172.2 million compared to $71.9 million in the prior year quarter. The report also includes management's discussion and analysis of the financial results, quantitative and qualitative disclosures about market risk, and certifications regarding the accuracy of the financial statements.
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 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 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 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
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 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.
(1) David E. Fry is a director of Lear Corp who filed a Form 4 regarding changes in his beneficial ownership of Lear securities.
(2) On January 31, 2009, Fry was granted 89,552 restricted units under Lear's director plan that will vest over three years. He also received credits to his deferred stock unit account for restricted units and deferred stock units that vested on that date from prior years.
(3) Fry beneficially owns over 135,000 deferred stock units that will be paid out upon his retirement or a change in control of Lear.
The document describes the daily routine of a child who wants to grow up and act like an adult. It details the steps they take each morning to get ready for school, including waking up, using the bathroom, washing their hands and face, eating breakfast, brushing their teeth, and getting dressed. It also discusses their evening routine of taking a bath, putting on pajamas, helping set the table for dinner, eating everything on their plate to grow big and strong, cleaning their teeth after eating, and going to bed early. The child expresses excitement about learning to do things on their own like adults.
The document lists three potential name ideas for an exhibition: Portabition, Photo Mania, and Landslide!. Portabition combines portraiture and exhibition and references the type of photos to be featured but may not be very creative. Photo Mania fits the exhibition but lacks originality. Landslide! ties into the landscape photos and is the preferred option.
Johann Heinrich Schulz discovered in 1727 that silver nitrate would change color when exposed to light, which was an early step towards developing the first photographs. Joseph Niepce then developed the camera obscura in 1814 to take the first photo, though the process was imperfect. In 1837, Louis Daguerre invented the Daguerreotype process which reduced exposure time to just 30 minutes and produced images that did not fade. Multiple copies of photographs became possible in 1841 when William Henry Talbot invented the Calotype process.
El documento describe las tradiciones y procesiones de Semana Santa en el pueblo de Coria del Río. Cada día tiene pasos procesionales distintivos, como Jesús de la Paz el Martes Santo y Jesús del Gran Poder el Miércoles Santo. El Jueves Santo destaca por el paso de Jesús que debe bajar 33 escalones para salir e ingresar a la iglesia. El Viernes Santo la gente se reúne para ver a Jesús yacente y la Virgen de la Soledad. El Domingo de Resurrección los pasos
Dominion Resources is one of America's leading energy companies, serving over 5 million customers in the mid-Atlantic, Midwest and Northeast regions. It employs over 17,000 people and has a diverse portfolio of energy generation and delivery assets, including 26,500 megawatts of electric generation, 14,000 miles of natural gas transmission pipelines, and the nation's largest underground natural gas storage system. Dominion also provides retail energy to customers in 11 states.
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 describes a multi-level marketing business opportunity called Max Multipliers. It claims that by sponsoring just 6 people and having them duplicate your efforts, you can earn over Rs. 15 lakhs in one month. It further outlines how by building teams of thousands of promoters across 10 levels, one could theoretically earn hundreds of crores of rupees. The plan also offers lifetime royalty payments for achieving certain team size milestones. Max Multipliers pitches this as an opportunity for common people to earn large sums of money and achieve financial freedom and luxury lifestyles.
(1) Daniel Ninivaggi, Executive Vice President of Lear Corp, acquired 3,310 shares of Lear common stock upon the settlement of performance shares from a long-term stock incentive plan.
(2) Ninivaggi disposed of 1,225 shares of Lear common stock to cover taxes due upon vesting of the performance shares.
(3) Following these transactions, Ninivaggi beneficially owned 24,664 shares of Lear common stock directly and 77 shares indirectly through a 401k plan.
The document discusses various settings that can be configured in the Bambuser application for live video broadcasting, including camera selection, video size and quality, audio quality, geotagging, username/password, and automatic update checking. Settings like video size can be adjusted based on internet connection quality, and options like saving passwords allow for faster launching of broadcasts.
O documento apresenta várias ilusões ópticas e perguntas sobre imagens que desafiam a percepção visual. As ilusões incluem perguntas sobre o número de patas de um elefante, qual círculo é maior e imagens que parecem se mover ou ter sombras desaparecendo quando se olha fixamente para elas.
This document is an application form for the Erasmus+ 2014 call for proposals under the Key Action 2 strategic partnerships grant. The form requests information in several sections, including general information about applicant and partner organizations, a description of the proposed project activities and objectives, a budget, and required supporting documents. It informs applicants about the application and selection process and important conditions related to applying for and receiving EU funding.
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 Dover Corporation's quarterly report filed with the SEC for the quarter ended June 30, 2007. It includes Dover's condensed consolidated financial statements for the quarter, showing revenue increased 12% to $1.86 billion compared to the same quarter last year. Net earnings were $172.2 million compared to $71.9 million in the prior year quarter. The report also includes management's discussion and analysis of the financial results, quantitative and qualitative disclosures about market risk, and certifications regarding the accuracy of the financial statements.
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 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 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 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
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 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.
(1) David E. Fry is a director of Lear Corp who filed a Form 4 regarding changes in his beneficial ownership of Lear securities.
(2) On January 31, 2009, Fry was granted 89,552 restricted units under Lear's director plan that will vest over three years. He also received credits to his deferred stock unit account for restricted units and deferred stock units that vested on that date from prior years.
(3) Fry beneficially owns over 135,000 deferred stock units that will be paid out upon his retirement or a change in control of Lear.
The document describes the daily routine of a child who wants to grow up and act like an adult. It details the steps they take each morning to get ready for school, including waking up, using the bathroom, washing their hands and face, eating breakfast, brushing their teeth, and getting dressed. It also discusses their evening routine of taking a bath, putting on pajamas, helping set the table for dinner, eating everything on their plate to grow big and strong, cleaning their teeth after eating, and going to bed early. The child expresses excitement about learning to do things on their own like adults.
The document lists three potential name ideas for an exhibition: Portabition, Photo Mania, and Landslide!. Portabition combines portraiture and exhibition and references the type of photos to be featured but may not be very creative. Photo Mania fits the exhibition but lacks originality. Landslide! ties into the landscape photos and is the preferred option.
Johann Heinrich Schulz discovered in 1727 that silver nitrate would change color when exposed to light, which was an early step towards developing the first photographs. Joseph Niepce then developed the camera obscura in 1814 to take the first photo, though the process was imperfect. In 1837, Louis Daguerre invented the Daguerreotype process which reduced exposure time to just 30 minutes and produced images that did not fade. Multiple copies of photographs became possible in 1841 when William Henry Talbot invented the Calotype process.
El documento describe las tradiciones y procesiones de Semana Santa en el pueblo de Coria del Río. Cada día tiene pasos procesionales distintivos, como Jesús de la Paz el Martes Santo y Jesús del Gran Poder el Miércoles Santo. El Jueves Santo destaca por el paso de Jesús que debe bajar 33 escalones para salir e ingresar a la iglesia. El Viernes Santo la gente se reúne para ver a Jesús yacente y la Virgen de la Soledad. El Domingo de Resurrección los pasos
Dominion Resources is one of America's leading energy companies, serving over 5 million customers in the mid-Atlantic, Midwest and Northeast regions. It employs over 17,000 people and has a diverse portfolio of energy generation and delivery assets, including 26,500 megawatts of electric generation, 14,000 miles of natural gas transmission pipelines, and the nation's largest underground natural gas storage system. Dominion also provides retail energy to customers in 11 states.
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 describes a multi-level marketing business opportunity called Max Multipliers. It claims that by sponsoring just 6 people and having them duplicate your efforts, you can earn over Rs. 15 lakhs in one month. It further outlines how by building teams of thousands of promoters across 10 levels, one could theoretically earn hundreds of crores of rupees. The plan also offers lifetime royalty payments for achieving certain team size milestones. Max Multipliers pitches this as an opportunity for common people to earn large sums of money and achieve financial freedom and luxury lifestyles.
(1) Daniel Ninivaggi, Executive Vice President of Lear Corp, acquired 3,310 shares of Lear common stock upon the settlement of performance shares from a long-term stock incentive plan.
(2) Ninivaggi disposed of 1,225 shares of Lear common stock to cover taxes due upon vesting of the performance shares.
(3) Following these transactions, Ninivaggi beneficially owned 24,664 shares of Lear common stock directly and 77 shares indirectly through a 401k plan.
The document discusses various settings that can be configured in the Bambuser application for live video broadcasting, including camera selection, video size and quality, audio quality, geotagging, username/password, and automatic update checking. Settings like video size can be adjusted based on internet connection quality, and options like saving passwords allow for faster launching of broadcasts.
O documento apresenta várias ilusões ópticas e perguntas sobre imagens que desafiam a percepção visual. As ilusões incluem perguntas sobre o número de patas de um elefante, qual círculo é maior e imagens que parecem se mover ou ter sombras desaparecendo quando se olha fixamente para elas.
This document is an application form for the Erasmus+ 2014 call for proposals under the Key Action 2 strategic partnerships grant. The form requests information in several sections, including general information about applicant and partner organizations, a description of the proposed project activities and objectives, a budget, and required supporting documents. It informs applicants about the application and selection process and important conditions related to applying for and receiving EU funding.
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 an application form for the Erasmus+ programme. It requests information in several sections, including general information about the applicant organizations, a description of the proposed project's objectives, planning, and activities. It also asks for details on project management, dissemination of results, and planned intellectual outputs, multiplier events, and learning/teaching activities. If selected, the project would receive EU funding to promote cooperation and innovation in adult learning through transnational partnerships.
Este documento presenta el programa general de un curso de Álgebra Abstracta dividido en 14 fascículos. El curso cubrirá temas como lógica proposicional, conjuntos, relaciones, funciones, inducción matemática, métodos de conteo, grafos y árboles. El primer fascículo se centra en la lógica proposicional, analizando proposiciones, términos de enlace y tablas de verdad. El documento incluye los indicadores de logro esperados al finalizar el primer fascículo.
This document summarizes a presentation given by Lear Corporation at an industrial conference. It discusses Lear's strategic overview and financial performance. Lear is the world's largest automotive interior supplier, with record sales and improving financial metrics. It aims to profitably grow its business globally by leveraging its leadership position and expanding in Europe and Asia. Lear also generates strong cash flow and has a record backlog to support continued growth. The presentation outlines Lear's goals for 2004 of achieving further sales and earnings growth through operational excellence and innovation.
This application form is for applying for funding under the Erasmus+ Programme for a VET learner and staff mobility project under Key Action 1 (KA1). The summary provides an overview of the different sections of the application form, which requests information about the applicant organization, project description, budget, and other details. Applicants are advised to read the e-Forms Guideline for help filling out the form correctly. The deadline for submission is provided.
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 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 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 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, 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.
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 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
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 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, 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 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 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 Dover Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2006. It includes condensed consolidated financial statements such as statements of operations, balance sheets, cash flows, and notes to the financial statements. Some key details include total revenue for the quarter of $1.66 billion, net earnings of $71.9 million, total assets of $6.86 billion, and total stockholders' equity of $3.63 billion. The report provides the company's quarterly and year-to-date financial performance as well as additional disclosures regarding accounting policies, business acquisitions, and subsequent events.
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.
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 Dover Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended September 30, 2006. It includes Dover's condensed consolidated financial statements and notes for the periods. Some key details:
- Revenue for the quarter was $1.65 billion, up 21% from the prior year. Net earnings were $167.5 million.
- Year-to-date revenue was $4.81 billion, up 23% from prior year. Net earnings were $443.3 million.
- Total assets increased to $7.32 billion from $6.58 billion at the end of 2005, driven primarily by acquisitions.
- Cash flow from operations was
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 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 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.
Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...Alexander Belyaev
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itw 2q07 10q
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 June 30, 2007
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 July 31, 2007: 552,034,685.
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”
or “ITW”). 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/A. 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 Six Months Ended
June 30 June 30
2007 2006 2007 2006
Operating Revenues $ 4,159,689 $ 3,579,470 $ 7,918,730 $ 6,876,506
Cost of revenues 2,675,515 2,292,821 5,124,544 4,412,495
Selling, administrative, and research
and development expenses 745,718 602,221 1,446,903 1,203,642
Amortization and impairment of
goodwill and other intangible assets 39,779 24,664 79,958 60,637
Operating Income 698,677 659,764 1,267,325 1,199,732
Interest expense (25,606) (19,009) (50,008) (37,906)
Other income 44,135 25,699 70,724 35,858
Income Before Taxes 717,206 666,454 1,288,041 1,197,684
Income Taxes 211,600 200,600 380,000 365,300
Net Income $ 505,606 $ 465,854 $ 908,041 $ 832,384
Net Income Per Share:
Basic $0.91 $0.82 $1.63 $1.47
Diluted $0.90 $0.81 $1.61 $1.46
Cash Dividends:
Paid $0.21 $0.165 $0.42 $0.33
Declared $0.21 $0.165 $0.42 $0.33
Shares of Common Stock Outstanding
During the Period:
Average 556,793 567,446 558,022 565,462
Average assuming dilution 561,244 571,954 562,388 569,808
3
4. ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
STATEMENT OF FINANCIAL POSITION
(UNAUDITED)
(In thousands)
June 30, 2007 December 31, 2006
ASSETS
Current Assets:
Cash and equivalents $ 481,508 $ 590,207
Trade receivables 2,882,698 2,471,273
Inventories 1,612,380 1,482,508
Deferred income taxes 213,905 196,860
Prepaid expenses and other current assets 463,792 465,557
Total current assets 5,654,283 5,206,405
Plant and Equipment:
Land 209,374 193,328
Buildings and improvements 1,414,465 1,374,926
Machinery and equipment 3,694,081 3,594,057
Equipment leased to others 147,615 149,682
Construction in progress 115,275 96,853
5,580,810 5,408,846
Accumulated depreciation (3,463,982) (3,355,389)
Net plant and equipment 2,116,828 2,053,457
Investments 560,667 595,083
Goodwill 4,183,793 4,025,053
Intangible Assets 1,225,320 1,113,634
Deferred Income Taxes 132,978 116,245
Other Assets 762,531 770,562
$ 14,636,400 $ 13,880,439
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt $ 528,096 $ 462,721
Accounts payable 805,983 707,656
Accrued expenses 1,192,528 1,187,526
Cash dividends payable 115,874 117,337
Income taxes payable 177,671 161,344
Total current liabilities 2,820,152 2,636,584
Noncurrent Liabilities:
Long-term debt 956,578 955,610
Deferred income taxes 285,668 259,159
Other 1,185,546 1,011,578
Total noncurrent liabilities 2,427,792 2,226,347
Stockholders’ Equity:
Common stock 5,612 6,309
Additional paid-in-capital 106,908 1,378,587
Income reinvested in the business 9,217,978 10,406,511
Common stock held in treasury (479,873) (3,220,538)
Accumulated other comprehensive income 537,831 446,639
Total stockholders’ equity 9,388,456 9,017,508
$ $ 13,880,439
14,636,400
4
5. ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
STATEMENT OF CASH FLOWS
(UNAUDITED)
(In thousands)
Six Months Ended
June 30
2007 2006
Cash Provided by (Used for) Operating Activities:
Net income $ 908,041 $ 832,384
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation 174,798 150,859
Amortization and impairment of goodwill and other intangible assets 79,958 60,637
Change in deferred income taxes (28,723) 43,646
Provision for uncollectible accounts 5,346 7,202
(Gain) loss on sale of plant and equipment 1,019 (705)
Income from investments (28,223) (36,559)
(Gain) loss on sale of operations and affiliates (35,441) 3,429
Stock compensation expense 15,045 19,777
Other non-cash items, net (7,777) 3,021
Changes in assets and liabilities:
(Increase) decrease in--
Trade receivables (192,151) (147,236)
Inventories (72,766) (90,841)
Prepaid expenses and other assets (41,260) 9,861
Increase (decrease) in--
Accounts payable (10,118) 42,406
Accrued expenses and other liabilities (38,475) (14,743)
Income taxes receivable and payable 223,385 (132,250)
Other, net 1,799 2,104
Net cash provided by operating activities 954,457 752,992
Cash Provided by (Used for) Investing Activities:
Acquisition of businesses (excluding cash and equivalents) (424,420) (281,479)
Additions to plant and equipment (174,329) (144,994)
Purchase of investments (7,538) (3,809)
Proceeds from investments 24,872 18,549
Proceeds from sale of plant and equipment 8,712 7,106
Proceeds from sale of operations and affiliates 149,760 12,901
Other, net (68) 9,078
Net cash used for investing activities (423,011) (382,648)
Cash Provided by (Used for) Financing Activities:
Cash dividends paid (234,248) (186,183)
Issuance of common stock 77,101 63,007
Repurchases of common stock (479,873) —
Net proceeds (repayments) from short-term debt 12,628 (157,843)
Proceeds from long-term debt 22 179
Repayments of long-term debt (9,728) (6,246)
Excess tax benefits from share-based compensation 9,886 10,552
Repayment of preferred stock of subsidiary (40,000) —
Net cash used for financing activities (664,212) (276,534)
Effect of Exchange Rate Changes on Cash and Equivalents 24,067 (5,041)
Cash and Equivalents:
Increase (decrease) during the period (108,699) 88,769
Beginning of period 590,207 370,417
End of period $ 481,508 $ 459,186
Cash Paid During the Period for Interest $ 81,579 $ 37,633
Cash Paid During the Period for Income Taxes $ 170,413 $ 446,983
Liabilities Assumed from Acquisitions $ 331,275 $ 148,231
5
6. ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
(1) COMPREHENSIVE INCOME
The Company’s components of comprehensive income in the periods presented are:
(In thousands)
Three Months Ended Six Months Ended
June 30 June 30
2007 2006 2007 2006
Net income $ 505,606 $ 465,854 $ 908,041 $ 832,384
Foreign currency translation adjustments 99,114 116,726 76,244 145,144
Amortization of unrecognized pension and
postretirement expense 4,468 — 14,948 —
Total comprehensive income $ 609,188 $ 582,580 $ 999,233 $ 977,528
(2) INVENTORIES
Inventories at June 30, 2007 and December 31, 2006 were as follows:
(In thousands)
June 30, 2007 December 31, 2006
Raw material $ 520,905 $ 470,032
Work-in-process 169,080 166,946
Finished goods 922,395 845,530
$ 1,612,380 $ 1,482,508
(3) 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 or 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, 2007, the Company had assigned its recorded goodwill and intangible assets to approximately 440 of its 750
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 June 30, 2007 and 2006 were as follows:
(In thousands)
Three Months Ended Six Months Ended
June 30 June 30
2007 2006 2007 2006
Goodwill:
Impairment $ —$ — $ 988 $ 9,200
Intangible Assets:
Amortization 39,779 24,664 77,804 48,452
Impairment — — 1,166 2,985
Total $ 39,779 $ 24,664 $ 79,958 $ 60,637
In the first quarter of 2007, the Company performed its annual impairment testing of its goodwill and intangible assets, which resulted
in total impairment charges of $2,154,000. The first quarter 2007 goodwill impairment charges of $988,000 were primarily related to a
French polymers business and an Asian construction business in the Engineered Products – International segment and resulted from
lower estimated future cash flows than previously expected. Also in the first quarter of 2007, intangible asset impairments of
$1,166,000 were recorded to reduce to the estimated fair value the carrying value of trademarks and customer-related intangible assets
primarily related to a French polymers business in the Engineered Products – International segment and a U.S. contamination control
business in the Engineered Products – North America segment.
In the first quarter of 2006, the Company recorded goodwill impairment charges of $9,200,000 which were primarily related to a U.S.
construction joist business in the Engineered Products – North America segment, a U.S. thermal transfer ribbon business in the
Specialty Systems – North America segment, and an Asian construction business in the Engineered Products – International segment,
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.
(4) RETIREMENT PLANS AND POSTRETIREMENT BENEFITS
Pension and other postretirement benefit costs for the periods ended June 30, 2007 and 2006 were as follows:
(In thousands)
Three Months Ended Six Months Ended
June 30 June 30
Other Postretirement Other Postretirement
Benefits Benefits
Pension Pension
2007 2006 2007 2006 2007 2006 2007 2006
Components of net periodic
benefit cost:
Service cost $ 28,698 $ 26,734 $ 3,782 $ 4,186 $ 57,365 $ 53,404 $ 7,564 $ 8,373
Interest cost 26,548 24,165 8,058 8,225 52,962 48,161 16,116 16,449
Expected return on plan
assets (38,856) (34,360) (2,899) (1,997) (77,575) (68,545) (5,797) (3,992)
Amortization of actuarial loss 5,086 6,319 506 1,292 9,983 12,593 1,011 22,281
Amortization of prior service
cost (income) (586) (565) 1,565 1,392 (1,174) (1,132) 3,130 2,783
Amortization of net transition
amount 4 16 — — 10 32 — —
Curtailment/settlement loss
(gain) 262 — (1,562) — 6,000 — (1,562) —
Net periodic benefit cost $ 21,156 $ 22,309 $ 9,450 $ 13,098 $ 47,571 $ 44,513 $ 20,462 $ 45,894
The Company expects to contribute $82,400,000 to its pension plans in 2007. As of June 30, 2007, contributions of $62,400,000 have
been made.
7
8. (5) SHORT-TERM DEBT
In June 2006, the Company entered into a $600,000,000 Line of Credit Agreement with a termination date of June 15, 2007. This line
of credit was replaced on June 15, 2007, by a $1,000,000,000 Line of Credit Agreement with a termination date of June 13, 2008. No
amounts were outstanding under this facility at June 30, 2007.
The Company had outstanding commercial paper of $393,940,000 at June 30, 2007 and $200,340,000 at December 31, 2006.
(6) LONG-TERM DEBT
In June 2006, the Company entered into a $350,000,000 revolving credit facility (“RCF”) with a termination date of June 16, 2011.
This RCF was replaced on June 15, 2007 by a $500,000,000 RCF with a termination date of June 15, 2012. No amounts were
outstanding under this facility at June 30, 2007.
(7) INCOME TAXES
On January 1, 2007, the Company adopted Financial Accounting Standard Board (“FASB”) Interpretation No. 48, Accounting for
Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109 (“FIN 48”). FIN 48 prescribes a recognition threshold
and measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in
tax returns, and provides guidance on derecognition, classification, and interest and penalties, related to uncertain tax positions. As a
result of implementation of FIN 48, the Company did not recognize any change in its liability for unrecognized tax benefits.
As of the adoption date, the Company had $688,000,000 of unrecognized tax benefits. If these unrecognized tax benefits were
recognized, approximately $593,000,000 would impact the Company's effective tax rate. There has been no significant change to the
amount of unrecognized tax benefits during the six months ended June 30, 2007. The Company does not expect the total amount of
uncertain tax provisions as of June 30, 2007 to change significantly in the next twelve months.
The Company files numerous consolidated and separate income tax returns in the United States Federal jurisdiction and in many state
and foreign jurisdictions. The following table summarizes the open tax years for the Company’s major jurisdictions:
Jurisdiction Open Tax Years
United States – Federal 2001-2006
United Kingdom 2000-2006
Germany 2001-2006
France 2000-2006
Australia 2002-2006
The Company recognizes interest and penalties related to income tax matters in income tax expense. There were no significant
accruals for interest and penalties recorded as of January 1, 2007.
(8) LEVERAGED LEASES
On January 1, 2007, the Company adopted FASB Staff Position No. FAS 13-2, Accounting for a Change or Projected Change in the
Timing of Cash Flows Relating to Income Taxes Generated by a Leveraged Lease Transaction (“FSP 13-2”). FSP 13-2 addresses how
a change or projected change in the timing of cash flows relating to income taxes generated by a leveraged lease transaction affects the
accounting by a lessor for that lease. Upon adoption of FSP 13-2, the Company recorded an after-tax charge to retained earnings of
$22,600,000, resulting from a change in the timing of expected cash flows related to income tax benefits of the Company's leveraged
lease transactions.
8
9. (9) STOCKHOLDERS' EQUITY
On August 4, 2006 the Company's Board of Directors authorized a stock repurchase program which provided for the buyback of up to
35,000,000 shares. In the first six months of 2007, the Company repurchased 9,464,419 shares of its common stock at an average price
of $50.70 per share. On February 9, 2007, the Company retired 72,151,184 shares of Common Stock Held in Treasury. Common
Stock, Additional Paid-In-Capital, Income Reinvested in the Business and Common Stock Held in Treasury activity during the first
six months of 2007 are shown below:
(In thousands) Income Common
Additional Reinvested in Stock Held in
Common Stock Paid-In-Capital the Business Treasury
Balance, December 31, 2006 $ 6,309 $ 1,378,587 $ 10,406,511 $ (3,220,538)
During 2007
Retirement of treasury shares (721) (1,378,587) (1,841,230) 3,220,538
Shares issued for stock options and grants 24 77,184 — —
Shares surrendered on exercise of stock options — (108) — —
Stock compensation expense — 15,045 — —
Tax benefits related to stock options — 14,787 — —
Repurchases of common stock — — — (479,873)
Net income — — 908,041 —
Cash dividends declared — — (232,785) —
Cumulative effect of adopting FSP 13-2 — — (22,559) —
Balance, June 30, 2007 $ 5,612 $ 106,908 $ 9,217,978 $ (479,873)
(10) SEGMENT INFORMATION
See Management’s Discussion and Analysis for information regarding operating revenues and operating income for the Company’s
segments.
9
10. Item 2 - Management’s Discussion and Analysis
CONSOLIDATED RESULTS OF OPERATIONS
The Company’s consolidated results of operations for the second quarter and year-to-date periods of 2007 and 2006 were as follows:
(Dollars in thousands)
Three Months Ended Six Months Ended
June 30 June 30
2007 2006 2007 2006
Operating revenues $ 4,159,689 $ 3,579,470 $ 7,918,730 $ 6,876,506
Operating income 698,677 659,764 1,267,325 1,199,732
Margin % 16.8% 18.4% 16.0% 17.4%
In the second quarter and year-to-date periods of 2007, the changes in revenues, operating income and operating margins over the
prior year were primarily due to the following factors:
Three Months Ended June 30 Six Months Ended June 30
% Point % Point
Increase Increase
% Increase (Decrease) (Decrease) % Increase (Decrease) (Decrease)
Operating Operating Operating Operating Operating Operating
Revenues Income Margins Revenues Income Margins
Base manufacturing business:
Revenue change/Operating
leverage 2.4% 5.2% 0.5% 1.7 % 4.0% 0.4%
Changes in variable margins and
overhead costs — (1.8) (0.3) — (1.1) (0.2)
Total 2.4 3.4 0.2 1.7 2.9 0.2
Acquisitions 12.0 1.7 (1.7) 11.4 0.9 (1.6)
Divestitures (1.3) (0.8) 0.1 (0.9 ) (0.5) 0.1
Restructuring costs — (1.5) (0.3) — (1.4) (0.2)
Impairment of goodwill and
intangibles — — — — 0.8 0.1
Translation 3.6 3.1 — 3.4 2.8 —
Intercompany/Other (0.5) — 0.1 (0.4 ) 0.1 —
Total 16.2% 5.9% (1.6)% 15.2 % 5.6% (1.4)%
In the second quarter and year-to-date period of 2007 revenues increased 16.2% and 15.2%, respectively, over 2006 primarily due to
revenues from acquisitions and favorable currency translation. Base business revenues increased 2.4% and 1.7% in the second quarter
and year-to-date periods, respectively, over the same periods of 2006 primarily related to an 8.0% and 8.4% increase in international
base business revenues for the second quarter and year-to-date periods, respectively. These increases were offset by a 1.4% and 2.5 %
decline in North American base revenues in the second quarter and the year-to-date periods, respectively. European economic strength
and market demand continued the growth seen in last half of 2006. North American base revenues declined, although at a lower rate
than first quarter 2007, due to weak industrial production and slow demand throughout the North American end markets, primarily
automotive and construction.
Operating income in the second quarter and year-to-date period improved over 2006 primarily due to leverage from the growth in base
business revenues, favorable currency translation versus the prior year and the effect of acquisitions, partially offset by increased
restructuring expenses and the effect of divestitures. Operating margins were negatively affected by lower margins of acquired
businesses, including amortization expense.
10
11. 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, residential and renovation construction industries;
• metal plate connecting components, machines and software for the commercial and residential construction industries;
• laminate products for the commercial, residential and renovation construction industries and furniture markets;
• metal fasteners for automotive, appliance and general industrial applications;
• metal components for automotive, appliance and general industrial applications;
• plastic components for automotive, appliance, furniture, electronics and general industrial applications; and
• plastic fasteners for automotive, appliance, electronics and general industrial applications.
In the specialty products category, products include:
• reclosable packaging for consumer food and storage applications;
• 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;
• automotive aftermarket maintenance and appearance products; and
• swabs, wipes and mats for clean room usage in the electronics and pharmaceutical industries.
This segment primarily serves the construction, automotive and consumer durables markets.
The results of operations for the Engineered Products – North America segment for the second quarter and year-to-date periods of
2007 and 2006 were as follows:
(Dollars in thousands)
Three Months Ended Six Months Ended
June 30 June 30
2007 2006 2007 2006
Operating revenues $ 1,088,908 $ 1,091,673 $ 2,115,573 $ 2,122,011
Operating income 194,475 209,723 347,767 383,001
Margin % 17.9% 19.2% 16.4% 18.0%
11
12. In the second quarter and year-to-date periods of 2007, the changes in revenues, operating income and operating margins over the
prior year were primarily due to the following factors:
Three Months Ended June 30 Six Months Ended June 30
% Point % Point
Increase Increase
% Increase (Decrease) (Decrease) % Increase (Decrease) (Decrease)
Operating Operating Operating Operating Operating Operating
Revenues Income Margins Revenues Income Margins
Base manufacturing business:
Revenue change/Operating
leverage (3.3)% (7.0)% (0.7)% (4.8 )% (11.0)% (1.2)%
Changes in variable margins and
overhead costs — (0.6) (0.1) — 1.4 0.3
Total (3.3) (7.6) (0.8) (4.8 ) (9.6) (0.9)
Acquisitions 3.5 1.5 (0.4) 5.1 1.1 (0.7)
Divestitures (0.6) (0.4) 0.1 (0.6 ) (0.3) —
Restructuring costs — (0.9) (0.2) — (1.8) (0.3)
Impairment of goodwill and
intangibles — — — — 1.4 0.3
Translation/Other 0.1 0.1 — — — —
Total (0.3)% (7.3)% (1.3)% (0.3 )% (9.2)% (1.6)%
Revenues decreased modestly in both the second quarter and year-to-date periods of 2007 versus 2006 primarily due to a decline in
base business revenues and the effect of divestitures, mostly offset by revenues from acquisitions. Acquisition revenue was primarily
related to the acquisition of an electronic switches business and a specialty wipes business. In the fourth quarter of 2006, a roofing
components business was divested. In the second quarter and year-to-date periods, construction base revenues declined 5.4% and
7.8%, respectively, due to declines in the residential construction market. Automotive base revenues decreased 3.6% and 5.3%,
respectively, primarily due to a 7% and 9% decline in automotive production at the Detroit 3 automotive manufacturers in the second
quarter and year-to-date periods. Base revenues from the other industrial-based businesses in this segment declined 0.7% and 1.0% in
the second quarter and year-to-date periods, respectively, primarily due to declines in the strength films, and industrial plastics and
metals businesses, partially offset by revenue increases in the polymers and fluids businesses in both periods.
Operating income decreased in the second quarter of 2007 and year-to-date period primarily due to the decline in base business
revenues described above and higher restructuring expenses. The decrease for the year-to-date period was partially offset by lower
first quarter 2007 goodwill and intangible impairment charges. Variable margins increased 30 basis points for both the second quarter
and year-to-date period mainly due to expense management in the automotive, construction, and polymers businesses and the benefits
of 2006 restructuring projects. Base overhead expenses increased 40 basis points in the second quarter due to increased selling and
advertising expenses in the laminate business as a result of new product launches. Year-to-date overhead expenses are flat as increased
selling and advertising costs were offset by the positive 2007 effect of a first quarter 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, residential and renovation construction industries;
• laminate products for the commercial, residential and renovation construction industries and furniture markets;
• metal plate connecting components and software for the commercial and residential construction markets;
• metal fasteners for automotive, appliance and general industrial applications;
• metal components for automotive, appliance and general industrial applications;
• plastic components for automotive, appliance, electronics and general industrial applications; and
• plastic fasteners for automotive, appliance, electronics and general industrial applications.
12
13. In the specialty products category, products include:
• reclosable packaging for consumer food applications;
• electronic component packaging trays used for the storage, shipment and manufacturing insertion of electronic components and
microchips;
• 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;
• automotive aftermarket maintenance and appearance products; and
• swabs, wipes and mats for clean room usage in the electronics and pharmaceutical industries.
This segment primarily serves the construction, automotive and consumer durables markets.
The results of operations for the Engineered Products – International segment for the second quarter and year-to-date periods of 2007
and 2006 were as follows:
(Dollars in thousands)
Three Months Ended Six Months Ended
June 30 June 30
2007 2006 2007 2006
Operating revenues $ 976,744 $ 736,567 $ 1,809,829 $ 1,360,888
Operating income 148,039 110,466 245,579 186,298
Margin % 15.2% 15.0% 13.6% 13.7%
In the second quarter and year-to-date periods of 2007, the changes in revenues, operating income and operating margins over the
prior year were primarily due to the following factors:
Three Months Ended June 30 Six Months Ended June 30
% Point % Point
Increase Increase
% Increase (Decrease) (Decrease) % Increase (Decrease) (Decrease)
Operating Operating Operating Operating Operating Operating
Revenues Income Margins Revenues Income Margins
Base manufacturing business:
Revenue change/Operating
leverage 7.2% 19.3% 1.7% 7.6 % 22.3% 1.9%
Changes in variable margins and
overhead costs — (5.5) (0.8) — (8.5) (1.1)
Total 7.2 13.8 0.9 7.6 13.8 0.8
Acquisitions 16.1 9.4 (0.9) 16.6 7.6 (1.1)
Divestitures — — — (0.2 ) 0.3 0.1
Restructuring costs — 0.3 0.1 — (0.2) —
Impairment of goodwill and
intangibles — — — — 0.1 —
Translation/Other 9.3 10.5 0.1 9.0 10.2 0.1
Total 32.6% 34.0% 0.2% 33.0 % 31.8% (0.1)%
Revenues increased in the second quarter and year-to-date periods of 2007 due to revenues from acquisitions, the favorable effect of
currency translation and growth in base business revenues. Base business construction revenues increased 9.9% and 11.0% in the
second quarter and year-to date periods, respectively, due to strong demand across the European and Asia-Pacific markets.
Automotive base business revenues increased 5.4% and 3.2% in the second quarter and year-to-date periods, respectively, due to a 3%
and 4% increase in auto production, respectively. Base revenues from the other businesses in this segment increased 3.9% and 5.4% in
the second quarter and year-to-date periods, respectively, as they benefited from strong demand in the broad array of industrial and
commercial end markets that they serve. Acquisition revenue was primarily related to the acquisitions of a European laminate
business, one Korean and one European automotive business, and two European performance polymers businesses.
13
14. Operating income increased in the second quarter and year-to-date periods of 2007 versus 2006 primarily due to the positive leverage
effect from the increase in base revenues described above, the favorable effect of currency translation and income from acquisitions.
Variable margins declined 70 basis points and 90 basis points in the second quarter and year-to-date periods, respectively, mainly due
to increased raw material costs. Operating margins were negatively affected by the lower margins of acquired businesses.
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, metal consumables and related accessories 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;
• foil and film and related equipment used to decorate a variety of consumer products; and
• solder materials, services and equipment for the electronic and microelectronic assembly industry.
In the specialty equipment and systems category, products include:
• commercial food equipment such as dishwashers, refrigerators, cooking equipment and food machines for use by
restaurants, institutions and supermarkets and related service;
• 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;
• airport ground power generators for commercial and military applications; and
• supply chain management software for the industrial, aerospace and health care markets.
This segment primarily serves the general industrial, food institutional and service, maintenance, repair and operations
(“MRO”)/metals, and food and beverage markets.
The results of operations for the Specialty Systems – North America segment for the second quarter and year-to-date periods of 2007
and 2006 were as follows:
(Dollars in thousands)
Three Months Ended Six Months Ended
June 30 June 30
2007 2006 2007 2006
Operating revenues $ 1,253,535 $ 1,134,457 $ 2,475,904 $ 2,258,543
Operating income 238,268 232,289 462,383 454,223
Margin % 19.0% 20.5% 18.7% 20.1%
14
15. In the second quarter and year-to-date periods of 2007, the changes in revenues, operating income and operating margins over the
prior year were primarily due to the following factors:
Three Months Ended June 30 Six Months Ended June 30
% Point % Point
Increase Increase
(Decrease) (Decrease)
% Increase (Decrease) % Increase (Decrease)
Operating Operating Operating Operating Operating Operating
Revenues Income Margins Revenues Income Margins
Base manufacturing business:
Revenue change/Operating
leverage 0.4% 0.8% 0.1% (0.2 )% (0.5)% —%
Changes in variable margins and
overhead costs — 2.0 0.4 — 2.1 0.4
Total 0.4 2.8 0.5 (0.2 ) 1.6 0.4
Acquisitions 11.7 1.3 (1.9) 10.8 (0.5) (2.1)
Divestitures (1.8) (0.8) 0.2 (1.0 ) (0.4) 0.1
Restructuring costs — (0.9) (0.2) — 0.1 —
Impairment of goodwill and
intangibles — — — — 0.9 0.2
Translation/Other 0.2 0.2 (0.1) — 0.1 —
Total 10.5% 2.6% (1.5)% 9.6 % 1.8% (1.4)%
Revenues increased in the second quarter and year-to-date periods of 2007 over 2006 primarily due to revenues from acquisitions. The
acquired revenues were primarily related to the acquisition of two businesses supplying the electronic and microelectronic assembly
industry, a supply chain management software business, two test and measurement businesses and two decorating businesses. The
quality measurement business was divested during the second quarter of 2007. Base business revenues increased slightly in the second
quarter of 2007 but remained negative for the year-to-date period primarily due to decreased demand for machinery and consumables
in many of the end markets that this segment serves. Food equipment base revenues increased 6.9% in the second quarter and 4.9%
year-to-date due to growth in the restaurant and institutional sector as well as the service business. Welding base revenues increased
3.0% and 5.1% in the second quarter and year-to-date periods, respectively, due to higher demand in energy-related end markets. Total
packaging base revenues declined 4.5% and 5.7% in the second quarter and year-to-date periods, respectively, due to weakness in the
metals and construction-related industrial packaging categories in North America. Base business revenue from the other businesses in
this segment, including the decorating and finishing businesses, decreased 2.0% and 4.1% for the second quarter and year-to date
periods, respectively.
Operating income increased in the second quarter and year-to-date periods of 2007 versus 2006 primarily due to decreased overhead
costs, including the favorable first quarter 2007 impact of a $9.8 million charge related to retiree health care and life insurance
liabilities incurred in the first quarter of 2006 offset by higher restructuring expenses and the effect of divestitures. Year-to-date
operating income was also favorably effected by lower impairment charges. Acquisitions favorably impacted income in the second
quarter and had a negative effect year-to-date.
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.
15
16. 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;
• foil and film and related equipment used to decorate a variety of consumer products; and
• solder materials, services and equipment for the electronic and microelectronic assembly industry.
In the specialty equipment category, products include:
• commercial food equipment such as dishwashers, refrigerators and cooking equipment for use by restaurants, institutions and
supermarkets and related service;
• 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, food and beverage, and MRO/metals markets.
The results of operations for the Specialty Systems – International segment for the second quarter and year-to-date periods of 2007
and 2006 were as follows:
(Dollars in thousands)
Three Months Ended Six Months Ended
June 30 June 30
2007 2006 2007 2006
Operating revenues $ 960,369 $ 719,641 $ 1,743,800 $ 1,335,340
Operating income 117,895 107,284 211,596 176,210
Margin % 12.3% 14.9% 12.1% 13.2%
In the second quarter and year-to-date periods of 2007, the changes in revenues, operating income and operating margins over the
prior year were primarily due to the following factors:
Three Months Ended June 30 Six Months Ended June 30
% Point % Point
Increase Increase
(Decrease) (Decrease)
% Increase (Decrease) % Increase (Decrease)
Operating Operating Operating Operating Operating Operating
Revenues Income Margins Revenues Income Margins
Base manufacturing business:
Revenue change/Operating
leverage 8.8% 23.1% 2.0% 9.1% 27.1% 2.2%
Changes in variable margins and
overhead costs — (8.0) (1.1) — (5.1) (0.6)
Total 8.8 15.1 0.9 9.1 22.0 1.6
Acquisitions 19.6 (4.9) (2.9) 15.5 (3.0) (2.0)
Divestitures (2.8) (2.2) — (1.9) (1.9) —
Restructuring costs — (6.1) (0.9) — (5.5) (0.7)
Impairment of goodwill and
intangibles — — — — 0.2 —
Translation/Other 7.9 8.0 0.3 7.9 8.3 —
Total 33.5% 9.9% (2.6)% 30.6% 20.1% (1.1)%
16
17. Revenues increased in the second quarter and year-to-date periods of 2007 versus 2006 primarily due to revenues from acquired
companies, base business revenue growth and the favorable effect of currency translation. The revenue contribution from acquired
businesses was primarily related to the acquisition of a European food equipment business, two worldwide businesses supplying the
electronic and microelectronic assembly industry, and two European test and measurement businesses. Food equipment base revenues
increased 8.8% and 8.3% in the second quarter and year-to-date periods, respectively, due primarily to growth in European
institutional demand. Total packaging base revenue increased 6.7% and 6.8% during the second quarter and year-to-date periods,
respectively, with strong demand in the European and Asia-Pacific industrial packaging businesses. Other base business revenues,
including the welding and finishing businesses, increased 11.2% and 12.0% in the second quarter and year-to-date periods,
respectively, led by strong welding equipment and consumable sales in Europe and Asia.
Operating income increased in the second quarter and year-to-date periods of 2007 versus 2006 primarily due to leverage from the
revenue increases described above and the favorable effect of currency translation. These increases were partially offset in both
periods by increased restructuring costs, the effect of acquisitions, and the effect of the divestiture of the sleeve label business in the
first quarter of 2007. Base variable margin decreased 50 basis points in the second quarter and year-to-date 2007 periods primarily due
to increased raw material costs. Operating margins were negatively effected by the lower margins of acquired businesses.
OPERATING REVENUES
The reconciliation of segment operating revenues to total operating revenues is as follows:
(In thousands)
Three Months Ended Six Months Ended
June 30 June 30
2007 2006 2007 2006
Engineered Products - North America $ 1,088,908 $ 1,091,673 $ 2,115,573 $ 2,122,011
Engineered Products – International 976,744 736,567 1,809,829 1,360,888
Specialty Systems - North America 1,253,535 1,134,457 2,475,904 2,258,543
Specialty Systems – International 960,369 719,641 1,743,800 1,335,340
Intersegment revenues (119,867) (102,868) (226,376) (200,276)
Total operating revenues $ 4,159,689 $ 3,579,470 $ 7,918,730 $ 6,876,506
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.
As of January 1, 2007, the Company had assigned its recorded goodwill and intangible assets to approximately 440 of its 750
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 June 30, 2007 and 2006 were as follows:
(In thousands)
Three Months Ended Six Months Ended
June 30 June 30
2007 2006 2007 2006
Goodwill:
Impairment $ —$ — $ 988 $ 9,200
Intangible Assets:
Amortization 39,779 24,664 77,804 48,452
Impairment — — 1,166 2,985
Total $ 39,779 $ 24,664 $ 79,958 $ 60,637
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18. In the first quarter of 2007, the Company performed its annual impairment testing of its goodwill and intangible assets, which resulted
in total impairment charges of $2.2 million. The first quarter 2007 goodwill impairment charges of $1.0 million were primarily related
to a French polymers business and an Asian construction business in the Engineered Products – International segment and resulted
from lower estimated future cash flows than previously expected. Also in the first quarter of 2007, intangible asset impairments of
$1.2 million were recorded to reduce to the estimated fair value the carrying value of trademarks and customer-related intangible
assets primarily related to a French polymers business in the Engineered Products – International segment and a U.S. contamination
control business in the Engineered Products – North America segment.
In the first quarter of 2006, the Company recorded goodwill impairment charges of $9.2 million which were primarily related to a U.S.
construction joist business in the Engineered Products – North America segment, a U.S. thermal transfer ribbon business in the
Specialty Systems – North America segment, and an Asian construction business in the Engineered Products – International segment,
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.
INTEREST EXPENSE
Interest expense increased to $50.0 million in the first six months of 2007 from $37.9 million in 2006 primarily due to a higher
amount of commercial paper outstanding in the first six months of 2007.
OTHER INCOME
Other income increased to $70.7 million for the first six months of 2007 versus income of $35.9 million in 2006, primarily due to
gains on divestitures in 2007 versus losses in 2006. These amounts are partially offset by lower investment income in 2007, primarily
due to the liquidation of the Company’s mortgage transactions in the fourth quarter of 2006.
INCOME TAXES
The effective tax rate for the first six months of 2007 was 29.5%, 100 basis points lower than the effective rate for the first six months
of 2006. The reduction in the effective tax rate in 2007 resulted primarily from an increase in the domestic manufacturing deduction
and a higher proportionate share of income in foreign jurisdictions with lower tax rates.
NET INCOME
Net income of $908.0 million ($1.61 per diluted share) in the first six months of 2007 was 9.1% higher than the 2006 net income of
$832.4 million ($1.46 per diluted share).
FOREIGN CURRENCY
The weakening of the U.S. dollar against foreign currencies in 2007 increased operating revenues for the first six months of 2007 by
approximately $228.1 million and increased earnings by approximately 5 cents per diluted share. The strengthening of the U.S. dollar
against foreign currencies in 2006 decreased operating revenues for the first six months of 2006 by approximately $120.0 million and
decreased earnings by approximately 2 cents per diluted share.
NEW ACCOUNTING PRONOUNCEMENTS
On January 1, 2007, the Company adopted Financial Accounting Standard Board (“FASB”) Interpretation No. 48, Accounting for
Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109 (“FIN 48”). FIN 48 prescribes a recognition threshold
and measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in
tax returns, and provides guidance on derecognition, classification, and interest and penalties, related to uncertain tax positions. As a
result of implementation of FIN 48, the Company did not recognize any change in its liability for unrecognized tax benefits. See the
income taxes note for additional information.
On January 1, 2007, the Company adopted FASB Staff Position No. FAS 13-2, Accounting for a Change or Projected Change in the
Timing of Cash Flows Relating to Income Taxes Generated by a Leveraged Lease Transaction (“FSP 13-2”). FSP 13-2 addresses how
a change or projected change in the timing of cash flows relating to income taxes generated by a leveraged lease transaction affects the
accounting by a lessor for that lease. Upon adoption of FSP 13-2, the Company recorded an after-tax charge to retained earnings of
$22.6 million, resulting from a change in the timing of expected cash flows related to income tax benefits of the Company's leveraged
lease transactions.
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19. 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 guideline
of 25% to 35% of the last two years’ average net income. In addition, free operating cash flow is expected to be adequate to finance
internal growth, acquisitions and share repurchases.
The Company uses free operating cash flow to measure normal cash flow generated by its operations that is available for dividends,
acquisitions, share repurchases 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.
On August 4, 2006, the Company’s Board of Directors authorized a stock repurchase program which provides for the buyback of up to
35.0 million shares. In the second quarter of 2007, the Company repurchased 5,787,278 shares of its common stock at an average price
of $51.84 per share. Since inception of this program, the Company has repurchased 19,145,150 shares of its common stock for $926.7
million at an average price of $48.41 per share.
Summarized cash flow information for the second quarter and year-to-date periods of 2007 and 2006 was as follows:
(In thousands)
Three Months Ended Six Months Ended
June 30 June 30
2007 2006 2007 2006
Net cash provided by operating activities $ 531,638 $ 361,607 $ 954,457 $ 752,992
Additions to plant and equipment (89,038) (76,675) (174,329) (144,994)
Free operating cash flow $ 442,600 $ 284,932 $ 780,128 $ 607,998
Acquisitions $ (155,338) $ (82,482) $ (424,420) $ (281,479)
Cash dividends paid (116,911) (93,563) (234,248) (186,183)
Proceeds from sale of operations and affiliates 58,021 377 149,760 12,901
Issuance of common stock 26,098 21,000 77,101 63,007
Repurchases of common stock (300,000) — (479,873) —
Net proceeds (repayments) of debt (86,293) (139,940) 2,922 (163,910)
Repayment of preferred stock of subsidiary — — (40,000) —
Other 38,756 14,392 59,931 36,435
Net increase (decrease) in cash and equivalents $ (93,067) $ 4,716 $ (108,699) $ 88,769
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20. Return on Average Invested Capital
The Company uses return on average invested capital (“ROIC”) to measure the effectiveness of its operations’ use of invested capital
to generate profits. ROIC for the second quarter and year-to-date periods of 2007 and 2006 was as follows:
(Dollars in thousands)
Three Months Ended Six Months Ended
June 30 June 30
2007 2006 2007 2006
Operating income after taxes $ 492,567 $ 461,175 $ 893,464 $ 833,814
Invested Capital:
Trade receivables $ 2,882,698 $ 2,374,172 $ 2,882,698 $ 2,374,172
Inventories 1,612,380 1,370,047 1,612,380 1,370,047
Net plant and equipment 2,116,828 1,916,032 2,116,828 1,916,032
Investments 560,667 907,515 560,667 907,515
Goodwill and intangible assets 5,409,113 3,997,555 5,409,113 3,997,555
Accounts payable and accrued expenses (1,998,511) (1,694,839) (1,998,511) (1,694,839)
Other, net (191,553) 316,107 (191,553) 316,107
Total invested capital $ 10,391,622 $ 9,186,589 $ 10,391,622 $ 9,186,589
Average invested capital $ 10,253,622 $ 8,994,013 $ 10,117,625 $ 8,791,908
Annualized return on average invested capital 19.2% 20.5% 17.7% 19.0%
The 130 basis point decrease in ROIC in the second quarter of 2007 was due primarily to a 14.0% increase in average invested capital,
mainly from acquisitions. The negative impact of acquisitions was partially offset by a 6.8% increase in after-tax operating income
primarily due to an increase in base business operating income, translation, and a decrease in the effective tax rate.
The 130 basis point decrease in ROIC for year-to-date 2007 was due primarily to a 15.1% increase in average invested capital, mainly
from acquisitions. The negative impact of acquisitions was partially offset by a 7.2% increase in after-tax operating income primarily
due to an increase in base business operating income, translation, and a decrease in the effective tax rate.
Working Capital
Net working capital at June 30, 2007 and December 31, 2006 is summarized as follows:
(Dollars in thousands)
June 30, 2007 December 31, 2006 Increase/(Decrease)
Current Assets:
Cash and equivalents $ 481,508 $ 590,207 $ (108,699)
Trade receivables 2,882,698 2,471,273 411,425
Inventories 1,612,380 1,482,508 129,872
Other 677,697 662,417 15,280
5,654,283 5,206,405 447,878
Current Liabilities:
Short-term debt 528,096 462,721 65,375
Accounts payable and accrued expenses 1,998,511 1,895,182 103,329
Other 293,545 278,681 14,864
2,820,152 2,636,584 183,568
Net Working Capital $ 2,834,131 $ 2,569,821 $ 264,310
Current Ratio 2.00 1.97
Trade receivables and inventories increased due to increased sales, acquisitions and foreign currency translation. Accounts payable
increased primarily due to acquisitions.
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21. Debt
Total debt at June 30, 2007 and December 31, 2006 was as follows:
(Dollars in thousands)
June 30, 2007 December 31, 2006
Short-term debt $ 528,096 $ 462,721
Long-term debt 956,578 955,610
Total debt $ 1,484,674 $ 1,418,331
Total debt to capitalization 13.7% 13.6%
The Company had outstanding commercial paper of $393.9 million at June 30, 2007 and $200.3 million at December 31, 2006.
In June 2006, the Company entered into a $600,000,000 Line of Credit Agreement with a termination date of June 15, 2007. This line
of credit was replaced on June 15, 2007 by a $1,000,000,000 Line of Credit Agreement with a termination date of June 13, 2008. No
amounts were outstanding under this facility at June 30, 2007.
In June 2006, the Company entered into a $350,000,000 revolving credit facility (“RCF”) with a termination date of June 16, 2011.
This RCF was replaced on June 15, 2007 by a $500,000,000 RCF with a termination date of June 15, 2012. No amounts were
outstanding under this facility at June 30, 2007.
Stockholders’ Equity
The changes to stockholders’ equity during 2007 were as follows:
(In thousands)
Total stockholders’ equity, December 31, 2006 $ 9,017,508
Net income 908,041
Cash dividends declared (232,785)
Repurchases of common stock (479,873)
Stock option activity 106,932
Amortization of unrecognized pension and postretirement expense 14,948
Currency translation adjustments 76,244
Cumulative effect of adopting FSP13-2 (22,559)
Total stockholders’ equity, June 30, 2007 $ 9,388,456
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22. 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 2007 contributions to the Company’s pension plans, the adequacy of internally
generated funds, the meeting of dividend payout objectives, the impact of new accounting pronouncements and the estimated amount
of unrecognized tax benefits. 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, general industrial, automotive, or food institutional and service markets, (2) deterioration in international and domestic
business and economic conditions, particularly in North America, Europe, 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 Senior Vice President
& Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in
Exchange Act Rule 13a–15(e)) as of June 30, 2007. Based on such evaluation, the Company’s Chairman & Chief Executive Officer
and Senior Vice President & Chief Financial Officer, have concluded that, as of June 30, 2007, 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 Senior Vice
President & Chief Financial Officer, no changes in the Company’s internal control over financial reporting (as defined in Exchange
Act Rule 13a-15(f)) during the quarter ended June 30, 2007 were identified that have materially affected or are reasonably likely to
materially affect the Company’s internal control over financial reporting.
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23. Part II – Other Information
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds
On August 4, 2006, the Company's Board of Directors authorized a stock repurchase program, which provides for the buyback of up
to 35,000,000 shares of common stock.
Share repurchase activity under this program for the second quarter was as follows:
Total Number of Shares Maximum Number that
Total Number of Average Price Purchased as part of Publicly may yet be Purchased
Period Announced Program Under Program
Shares Purchased Paid Per Share
June 2007 5,787,278 $51.84 5,787,278 15,854,850
Item 4 – Submission of Matters to a Vote of Security Holders
The Company’s Annual Meeting of Stockholders was held on May 4, 2007. The following members were elected to the Company’s
Board of Directors to hold office for the ensuing year:
Nominees In Favor Withheld
W. F. Aldinger 497,011,259 10,123,579
M. J. Birck 499,580,809 7,554,029
M. D. Brailsford 488,570,823 18,564,015
S. Crown 499,484,869 7,649,969
D. H. Davis, Jr. 501,234,376 5,900,462
R. C. McCormack 485,727,052 21,407,786
R. S. Morrison 503,031,409 4,103,429
J. A. Skinner 498,326,924 8,807,914
H. B. Smith 501,830,642 5,304,196
D. B. Speer 499,627,812 7,507,026
The appointment of Deloitte & Touche LLP as the Company’s independent public accountants was ratified with 494,919,218 votes in
favor, 9,703,039 votes against, and 2,512,582 votes abstained.
Item 6 – Exhibits
Exhibit Index
Exhibit No. Description
31 Rule 13a-14(a) Certification.
32 Section 1350 Certification.
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24. 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: August 3, 2007 By: /s/ Ronald D. Kropp
Ronald D. Kropp
Senior Vice President & Chief Financial Officer
(Principal Accounting & Financial Officer)
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