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 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 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 provides the financial statements and notes of Illinois Tool Works Inc. for the quarterly period ended March 31, 2003. The statements include the income statement, balance sheet, cash flow statement, and notes. The income statement shows revenues increased to $2.3 billion and net income was $195 million. The balance sheet lists total assets of $10.8 billion including $1.1 billion in cash. The cash flow statement indicates cash from operations was $217 million and cash increased by $68 million during the period. The notes provide details on inventories, comprehensive income, discontinued operations, and goodwill and intangible assets.
This document 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.
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, 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 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 ending September 30, 2003. It includes Illinois Tool Works' statement of income, balance sheet, cash flows statement, and notes to the financial statements. For the quarter, Illinois Tool Works reported net income of $268.9 million on revenues of $2.531 billion. Total assets as of September 30, 2003 were $10.795 billion, with total stockholders' equity of $7.399 billion. Cash provided by operating activities for the first nine months of 2003 was $888.5 million.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 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 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 provides the financial statements and notes of Illinois Tool Works Inc. for the quarterly period ended March 31, 2003. The statements include the income statement, balance sheet, cash flow statement, and notes. The income statement shows revenues increased to $2.3 billion and net income was $195 million. The balance sheet lists total assets of $10.8 billion including $1.1 billion in cash. The cash flow statement indicates cash from operations was $217 million and cash increased by $68 million during the period. The notes provide details on inventories, comprehensive income, discontinued operations, and goodwill and intangible assets.
This document 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.
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, 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 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 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
- PPG Industries reported net sales of $2.87 billion for the quarter and $11.2 billion for the year, up compared to the same periods in 2006. Net income was $200 million for the quarter and $834 million for the year.
- By business segment, Performance Coatings and Industrial Coatings experienced the largest sales increases both for the quarter and full year.
- Total current assets at the end of 2007 were $7.14 billion, up from $4.86 billion at the end of 2006, mainly due to increases in cash, short-term investments, and receivables.
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, 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.
Danaher Corporation reported record results for the fourth quarter and full year 2004 with net earnings increasing 26% and 36% respectively over the previous year. Fourth quarter sales increased 33% to $1.98 billion while full year sales grew 30% to $6.89 billion. The company also expanded its segment reporting to three segments: Professional Instrumentation, Industrial Technologies, and Tools and Components. The CEO stated they were pleased with the strong gains across all three segments and record cash flow of $1.03 billion, a 20% increase over 2003.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended March 31, 2008. It includes Illinois Tool Works' consolidated statements of income, financial position, cash flows, and notes to the financial statements. Key highlights include total revenues of $4.1 billion for Q1 2008, net income of $303.6 million, and goodwill impairment charges of $97.2 million related to its industrial software business.
This document is a Form 10-Q quarterly report filed by The Black & Decker Corporation with the SEC for the quarter ended September 30, 2007. It includes an unaudited consolidated statement of earnings, balance sheet, statement of cash flows, and notes to the financial statements. The financial statements show that for the quarter ended September 30, 2007, Black & Decker had sales of $1.63 billion, net earnings of $104.6 million, and earnings per share of $1.59 on a diluted basis. Total assets as of September 30, 2007 were $5.58 billion, with stockholders' equity of $1.06 billion.
United Health Group Form 8-K Related to Earnings Releasefinance3
UnitedHealth Group filed an 8-K form with the SEC on July 19, 2006 to report their second quarter 2006 results. The filing includes a press release discussing record second quarter GAAP net earnings of $0.70 per share on revenues of nearly $18 billion, which increased 57% year-over-year. The company's operating margin expanded to 9.1% and operating cash flows were $1.7 billion for the quarter. Additionally, the filing provides reconciliations of non-GAAP financial measures reported by the company and cautions that actual future results could differ from expectations due to various risk factors.
Este documento describe diferentes tipos de redes de computadoras. Explica que una red conecta dispositivos como computadoras para compartir información y recursos. Luego clasifica las redes según su tecnología de transmisión, como redes de difusión o punto a punto, y según su tamaño, como LAN, MAN o WAN. Finalmente, detalla topologías lógicas y físicas comunes como estrella, bus, anillo y raíz.
Riga, 13 March 2015: Representatives from governments, industry, academia, NGOs, and other key stakeholders across Europe have joined forces with the European Commission to push for further action to stimulate investment, the acquisition of digital skills and the creation of jobs to kick start Europe’s anaemic rate of economic growth.
This document is an application form for organisations seeking accreditation under the Erasmus+ programme for learning mobility activities. It requests information about the applicant organisation, its experience with past EU projects, strategy for internationalisation and inclusion of mobility activities. It asks the organisation to describe its management of practical, financial and administrative tasks, selection and preparation of participants, recognition of learning outcomes, evaluation methods and plans for future activities. Background documents on the Erasmus+ programme and roles of organisations are provided as references.
The document provides tips for job seekers to stand out from the crowd, including sorting out your online reputation, focusing on the skills and achievements relevant to the jobs you want, tailoring your CV for each role, researching companies extensively, and practicing answers to common interview questions. It also suggests discussing hobbies and interests as relevant skills.
Become More Profitable While Gaining A Competitive Edge - Market Research 3.0...Xavier_Associates
Today's Market Research Firms utilize a number of online resources to find timely and up to date information. Included in the presentation are a number of online and offline tools available to help organization achieve a competitive edge by understanding the industries they compete in.
Kohl's Corporation reported on its strong financial performance in fiscal year 2000. Net sales increased 35% to $6.2 billion and net income rose 44% to $372 million. Kohl's opened 61 new stores in 2000, bringing the total to 320 stores across 28 states. The company plans to continue its aggressive nationwide expansion strategy, with plans to open approximately 60 additional stores in 2001. Kohl's also aims to become a national retailer by entering new regions across the country over the next three years, including major markets like Los Angeles and Boston.
Gigi reyes public apology and statementraissarobles
Gigi Reyes, chief-of-staff to Senate President Juan Ponce Enrile, issues a public apology for disrespectful comments made about Senator Alan Cayetano in an interview. She resigns from her position due to the ethical breach and differing opinions with Enrile on how to respond to allegations of misused public funds. Reyes provides context around Senate budgets and processes to clarify inaccuracies in the allegations while also expressing disappointment that more Senators did not defend Enrile or the Senate's honor during the controversy.
Four Four Two is a monthly football magazine published by Haymarket that was first issued in 1994. It targets mainly men aged 15-34 from middle and working classes, with over 94% of readers being male. The magazine uses images related to football like players, managers, and equipment, and features big bold fonts for the title and varied colored medium-sized fonts for subtitles and sections.
The NIKE earnings call discusses a very strong fiscal year with 9% revenue growth for Q4 and the year. Key highlights included:
- Revenue grew to $16.3B for the year, up 9%
- EPS grew 34% for Q4 and 11% for the year
- All regions saw increased revenue and futures orders
- Subsidiaries like Converse had record growth with revenue up 23% and PTI up 133%
- Inventory levels improved and were well below revenue growth
- Retail strategies around partnerships and owned stores will differentiate NIKE
- Multiple categories like basketball, soccer, and running are positioned for growth in key markets
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
- PPG Industries reported net sales of $2.87 billion for the quarter and $11.2 billion for the year, up compared to the same periods in 2006. Net income was $200 million for the quarter and $834 million for the year.
- By business segment, Performance Coatings and Industrial Coatings experienced the largest sales increases both for the quarter and full year.
- Total current assets at the end of 2007 were $7.14 billion, up from $4.86 billion at the end of 2006, mainly due to increases in cash, short-term investments, and receivables.
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, 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.
Danaher Corporation reported record results for the fourth quarter and full year 2004 with net earnings increasing 26% and 36% respectively over the previous year. Fourth quarter sales increased 33% to $1.98 billion while full year sales grew 30% to $6.89 billion. The company also expanded its segment reporting to three segments: Professional Instrumentation, Industrial Technologies, and Tools and Components. The CEO stated they were pleased with the strong gains across all three segments and record cash flow of $1.03 billion, a 20% increase over 2003.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended March 31, 2008. It includes Illinois Tool Works' consolidated statements of income, financial position, cash flows, and notes to the financial statements. Key highlights include total revenues of $4.1 billion for Q1 2008, net income of $303.6 million, and goodwill impairment charges of $97.2 million related to its industrial software business.
This document is a Form 10-Q quarterly report filed by The Black & Decker Corporation with the SEC for the quarter ended September 30, 2007. It includes an unaudited consolidated statement of earnings, balance sheet, statement of cash flows, and notes to the financial statements. The financial statements show that for the quarter ended September 30, 2007, Black & Decker had sales of $1.63 billion, net earnings of $104.6 million, and earnings per share of $1.59 on a diluted basis. Total assets as of September 30, 2007 were $5.58 billion, with stockholders' equity of $1.06 billion.
United Health Group Form 8-K Related to Earnings Releasefinance3
UnitedHealth Group filed an 8-K form with the SEC on July 19, 2006 to report their second quarter 2006 results. The filing includes a press release discussing record second quarter GAAP net earnings of $0.70 per share on revenues of nearly $18 billion, which increased 57% year-over-year. The company's operating margin expanded to 9.1% and operating cash flows were $1.7 billion for the quarter. Additionally, the filing provides reconciliations of non-GAAP financial measures reported by the company and cautions that actual future results could differ from expectations due to various risk factors.
Este documento describe diferentes tipos de redes de computadoras. Explica que una red conecta dispositivos como computadoras para compartir información y recursos. Luego clasifica las redes según su tecnología de transmisión, como redes de difusión o punto a punto, y según su tamaño, como LAN, MAN o WAN. Finalmente, detalla topologías lógicas y físicas comunes como estrella, bus, anillo y raíz.
Riga, 13 March 2015: Representatives from governments, industry, academia, NGOs, and other key stakeholders across Europe have joined forces with the European Commission to push for further action to stimulate investment, the acquisition of digital skills and the creation of jobs to kick start Europe’s anaemic rate of economic growth.
This document is an application form for organisations seeking accreditation under the Erasmus+ programme for learning mobility activities. It requests information about the applicant organisation, its experience with past EU projects, strategy for internationalisation and inclusion of mobility activities. It asks the organisation to describe its management of practical, financial and administrative tasks, selection and preparation of participants, recognition of learning outcomes, evaluation methods and plans for future activities. Background documents on the Erasmus+ programme and roles of organisations are provided as references.
The document provides tips for job seekers to stand out from the crowd, including sorting out your online reputation, focusing on the skills and achievements relevant to the jobs you want, tailoring your CV for each role, researching companies extensively, and practicing answers to common interview questions. It also suggests discussing hobbies and interests as relevant skills.
Become More Profitable While Gaining A Competitive Edge - Market Research 3.0...Xavier_Associates
Today's Market Research Firms utilize a number of online resources to find timely and up to date information. Included in the presentation are a number of online and offline tools available to help organization achieve a competitive edge by understanding the industries they compete in.
Kohl's Corporation reported on its strong financial performance in fiscal year 2000. Net sales increased 35% to $6.2 billion and net income rose 44% to $372 million. Kohl's opened 61 new stores in 2000, bringing the total to 320 stores across 28 states. The company plans to continue its aggressive nationwide expansion strategy, with plans to open approximately 60 additional stores in 2001. Kohl's also aims to become a national retailer by entering new regions across the country over the next three years, including major markets like Los Angeles and Boston.
Gigi reyes public apology and statementraissarobles
Gigi Reyes, chief-of-staff to Senate President Juan Ponce Enrile, issues a public apology for disrespectful comments made about Senator Alan Cayetano in an interview. She resigns from her position due to the ethical breach and differing opinions with Enrile on how to respond to allegations of misused public funds. Reyes provides context around Senate budgets and processes to clarify inaccuracies in the allegations while also expressing disappointment that more Senators did not defend Enrile or the Senate's honor during the controversy.
Four Four Two is a monthly football magazine published by Haymarket that was first issued in 1994. It targets mainly men aged 15-34 from middle and working classes, with over 94% of readers being male. The magazine uses images related to football like players, managers, and equipment, and features big bold fonts for the title and varied colored medium-sized fonts for subtitles and sections.
The NIKE earnings call discusses a very strong fiscal year with 9% revenue growth for Q4 and the year. Key highlights included:
- Revenue grew to $16.3B for the year, up 9%
- EPS grew 34% for Q4 and 11% for the year
- All regions saw increased revenue and futures orders
- Subsidiaries like Converse had record growth with revenue up 23% and PTI up 133%
- Inventory levels improved and were well below revenue growth
- Retail strategies around partnerships and owned stores will differentiate NIKE
- Multiple categories like basketball, soccer, and running are positioned for growth in key markets
This document is a photo album from 1973 belonging to Cornelius Groat. It was supplied by Derek McCorkindale and contains photos from 1973. The album documents Cornelius Groat's life and times from that year through photographs.
This document is Burlington Northern Santa Fe Corporation's 2007 annual investors' report. It summarizes that BNSF achieved record quarterly and annual revenues in 2007. Fourth quarter earnings were $1.46 per share, slightly higher than the previous year. For the full year, earnings were $5.10 per share, approximately equal to 2006. BNSF exceeded $1 billion in free cash flow before dividends for 2007 and achieved $738 million after dividend payments.
Este documento presenta una introducción sobre un congreso de los salesianos sobre los derechos humanos y la situación de los derechos del menor. A continuación, propone una reflexión diaria durante cuaresma sobre situaciones de niños de todo el mundo que violan sus derechos, con el fin de concienciar sobre este tema. En total son cuarenta días y cuarenta situaciones descritas de manera breve.
Burlington Northern Santa Fe Corporation reported record quarterly earnings of $1.09 per diluted share for Q3 2005. Freight revenues increased 18% to a record $3.22 billion compared to Q3 2004. Operating income reached a quarterly record of $778 million. The operating ratio continued to decrease to 75.8%. Revenue growth was seen across all business groups, especially in consumer products and agricultural products.
Nike's Q2 FY 2009 earnings call transcript summarizes the company's financial results and outlook. Key highlights include:
- Nike reported revenue growth of 6% to $4.6 billion for Q2, with earnings per share up 13% to $0.80.
- The Nike brand grew revenues 6% on a currency neutral basis, while other continuing brands grew 3%.
- Nike saw strong growth in key categories like running and basketball, and gains in market share globally.
- While managing inventory carefully, Nike is focused on innovation, connecting with consumers, and leveraging its brand strength to navigate current economic challenges.
- Nike leaders expressed confidence in the company's strategy
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.
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.
The document is Illinois Tool Works Inc.'s Form 10-Q filing for the quarterly period ended June 30, 2004. It provides financial statements and notes for the company, including their statement of income, balance sheet, and notes on accounting policies. For the quarter, Illinois Tool Works reported revenues of $3 billion, operating income of $561.5 million, and net income of $360.3 million. As of June 30, 2004 their total assets were $11.85 billion with current assets of $4.99 billion.
This document 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, 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.
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended March 31, 2006. It includes financial statements such as the Statement of Income, Statement of Financial Position, Statement of Cash Flows, and Notes to the Financial Statements. The financial statements show that for the quarter ended March 31, 2006, Illinois Tool Works had operating revenues of $3.3 billion, net income of $366.5 million, and cash and equivalents of $454.5 million.
This document is a Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended March 31, 2007. The summary includes:
- Illinois Tool Works reported net income of $402 million on revenues of $3.76 billion for the quarter.
- Their balance sheet as of March 31, 2007 showed total assets of $14.37 billion including $2.07 billion in plant and equipment. Total liabilities were $4.21 billion and stockholders' equity was $9.16 billion.
- Cash flows from operating activities for the quarter provided $423 million. Cash used for investing activities was $251 million, including $269 million for business acquisitions.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended June 30, 2005. It includes Illinois Tool Works' statement of income, statement of financial position, and statement of cash flows for the quarter, as well as notes about stock-based compensation. Key details include that net income for the quarter was $373.8 million, total assets as of June 30, 2005 were $11.6 billion, and stock-based compensation expense recognized for the quarter was $9 million for restricted stock and $11.2 million on a pro forma basis.
The document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ending September 30, 2003. It includes the company's unaudited financial statements and notes. The financial statements show that for the quarter, ITW reported revenues of $2.5 billion, operating income of $426.7 million, net income of $268.9 million, and basic earnings per share of $0.88. For the nine months ending September 30, revenues were $7.4 billion, operating income was $1.2 billion, net income was $740.4 million, and basic EPS was $2.41.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter ended March 31, 2008. It includes Illinois Tool Works' consolidated statements of income, financial position, cash flows, and notes to the financial statements. Key highlights include total revenues of $4.1 billion for Q1 2008, net income of $303.6 million, and goodwill impairment charges of $97.2 million related to its industrial software business.
This document is Illinois Tool Works Inc.'s quarterly report filed with the SEC for the quarter 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 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 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 the Form 10-Q quarterly report filed by Illinois Tool Works Inc. with the SEC for the quarter ended March 31, 2002. The summary provides:
1) Illinois Tool Works reported net loss of $23.4 million for the quarter, compared to net income of $182.8 million in the prior year quarter, due to a $221.9 million non-cash goodwill impairment charge.
2) Revenue decreased 4% to $2.2 billion for the quarter.
3) The company announced the planned divestiture of its Consumer Products segment during the quarter.
This document is a Form 10-Q quarterly report filed with the SEC by Illinois Tool Works Inc. for the quarter ended March 31, 2002. It includes the company's unaudited financial statements and notes. The financial statements show that for Q1 2002, revenues decreased compared to Q1 2001 but net income turned to a loss due to a non-cash goodwill impairment charge, while income from continuing operations increased. Cash flow was positive with adjustments made to net income for non-cash expenses and changes in working capital.
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 Dover Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2006. It includes Dover's condensed consolidated financial statements for the quarter, including statements of operations, balance sheets, cash flows, and stockholders' equity. It also includes notes to the financial statements regarding the basis of presentation, new accounting pronouncements related to stock-based compensation, and segment information. The report indicates Dover's revenues for the quarter increased 22% to $1.67 billion compared to the same period in 2005.
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 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 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.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
What's a worker’s market? Job quality and labour market tightness
itw10q1q04
1. _____________________________________________________________________________
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
OR
[] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2004
Commission file number: 1-4797
For the transition period from ______________________ to _____________________________
ILLINOIS TOOL WORKS INC.
(Exact name of registrant as specified in its charter)
Delaware 36-1258310
(State of other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
3600 West Lake Avenue, Glenview, IL 60025-5811
(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 an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes X . No _____.
The number of shares of registrant's common stock, $.01 par value, outstanding at April 30, 2004: 309,752,307.
1
2. Part I - Financial Information
Item 1
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 quot;Companyquot;).
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. Significant accounting
principles and policies of the Company are in italics. Certain reclassifications of prior years’ data have been made to conform with
current year reporting.
2
3. ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
STATEMENT OF INCOME
(UNAUDITED)
(In thousands except for per share amounts)
Three Months Ended
March 31
2004 2003
Operating Revenues $2,710,349 $2,313,790
Cost of revenues 1,750,343 1,513,792
Selling, administrative, and research and development expenses 483,341 469,688
Amortization and impairment of goodwill and other intangible assets 29,023 9,310
Operating Income 447,642 321,000
Interest expense (15,882) (17,432)
Other income 7,665 3,316
Income from Continuing Operations Before Income Taxes 439,425 306,884
Income Taxes 149,400 107,400
Income from Continuing Operations 290,025 199,484
Income (Loss) from Discontinued Operations 171 (4,107)
Net Income $ 290,196 $ 195,377
Income Per Share from Continuing Operations:
Basic $0.94 $0.65
Diluted $0.93 $0.65
Income (Loss) Per Share from Discontinued Operations:
Basic $0.00 $(0.01)
Diluted $0.00 $(0.01)
Net Income Per Share:
Basic $0.94 $0.64
Diluted $0.93 $0.63
Cash Dividends:
Paid $0.24 $0.23
Declared $0.24 $0.23
Shares of Common Stock Outstanding During the Period:
Average 308,321 306,622
Average assuming dilution 310,409 307,772
3
4. ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
STATEMENT OF FINANCIAL POSITION
(UNAUDITED)
(In thousands)
ASSETS March 31, 2004 December 31, 2003
Current Assets:
Cash and equivalents $ 1,729,058 $ 1,684,483
Trade receivables 1,909,639 1,721,186
Inventories 1,070,483 991,979
Deferred income taxes 226,875 217,638
Prepaid expenses and other current assets 159,338 167,916
Total current assets 5,095,393 4,783,202
Plant and Equipment:
Land 140,409 135,357
Buildings and improvements 1,167,909 1,140,033
Machinery and equipment 3,141,490 3,046,688
Equipment leased to others 148,520 145,657
Construction in progress 104,121 93,694
4,702,449 4,561,429
Accumulated depreciation (2,919,210) (2,832,791)
Net plant and equipment 1,783,239 1,728,638
Investments 851,657 832,358
Goodwill 2,618,072 2,511,281
Intangible Assets 276,295 287,582
Deferred Income Taxes 389,771 370,737
Other Assets 751,687 679,523
$11,766,114 $11,193,321
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Short-term debt $ 51,350 $ 56,094
Accounts payable 537,370 481,407
Accrued expenses 831,344 870,950
Cash dividends payable 74,028 73,948
Income taxes payable 204,680 6,504
Total current liabilities 1,698,772 1,488,903
Noncurrent Liabilities:
Long-term debt 920,849 920,360
Other 912,377 909,772
Total noncurrent liabilities 1,833,226 1,830,132
Stockholders' Equity:
Common stock 3,097 3,089
Additional paid-in-capital 850,303 825,924
Income reinvested in the business 7,153,277 6,937,110
Common stock held in treasury (1,592) (1,648)
Accumulated other comprehensive income 229,031 109,811
Total stockholders' equity 8,234,116 7,874,286
$11,766,114 $11,193,321
4
5. ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
STATEMENT OF CASH FLOWS
(UNAUDITED)
(In thousands)
Three Months Ended
March 31
2004 2003
Cash Provided by (Used for) Operating Activities:
Net income $290,196 $195,377
Adjustments to reconcile net income to net cash provided by operating activities:
(Income) loss from discontinued operations (171) 4,107
Depreciation 70,989 67,875
Amortization and impairment of goodwill and intangible assets 29,023 9,310
Change in deferred income taxes (13,783) (4,853)
Provision for uncollectible accounts 972 1,880
Loss on sale of plant and equipment 344 1,203
Income from investments (37,245) (28,888)
Non-cash interest on nonrecourse notes payable - 9,290
Gain on sale of operations and affiliates (622) (205)
Other non-cash items, net 10,882 4,383
Changes in assets and liabilities:
(Increase) decrease in--
Trade receivables (97,560) 2,003
Inventories (28,181) (6,070)
Prepaid expenses and other assets (58,183) 3,564
Net assets of discontinued operations - 2,807
Increase (decrease) in--
Accounts payable 13,487 (9,372)
Accrued expenses and other liabilities (64,073) (101,344)
Income taxes payable 203,566 66,068
Other, net 59 39
Net cash provided by operating activities 319,700 217,174
Cash Provided by (Used for) Investing Activities:
Acquisition of businesses (excluding cash and
equivalents) and additional interest in affiliates (183,694) (14,814)
Additions to plant and equipment (60,513) (56,173)
Purchase of investments (14,645) (29,138)
Proceeds from investments 18,812 15,665
Proceeds from sale of plant and equipment 5,276 2,772
Net settlement from sale of operations and affiliates 3,543 (3,859)
Other, net 9,924 2,974
Net cash used for investing activities (221,297) (82,573)
Cash Provided by (Used for) Financing Activities:
Cash dividends paid (73,948) (70,514)
Issuance of common stock 14,552 2,597
Net repayments of short-term debt (14,670) (29,596)
Proceeds from long-term debt 8 888
Repayments of long-term debt (2,041) (3,970)
Other, net - 458
Net cash used for financing activities (76,099) (100,137)
Effect of Exchange Rate Changes on Cash and Equivalents 22,271 33,399
Cash and Equivalents:
Increase during the period 44,575 67,863
Beginning of period 1,684,483 1,057,687
End of period $1,729,058 $1,125,550
Cash Paid During the Period for Interest $ 17,478 $ 18,789
Cash Paid During the Period for Income Taxes $ 37,563 $ 38,412
Liabilities Assumed from Acquisitions $ 51,483 $ 7,531
5
6. ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
(1) INVENTORIES:
Inventories at March 31, 2004 and December 31, 2003 were as follows:
(In thousands)
March 31, 2004 December 31, 2003
Raw material $ 294,981 $286,550
Work-in-process 104,761 102,267
Finished goods 670,741 603,162
$1,070,483 $991,979
(2) COMPREHENSIVE INCOME:
The Company’s only component of other comprehensive income in the periods presented was foreign currency translation
adjustments, as follows:
(In thousands)
Three Months Ended
March 31
2004 2003
Net income $290,196 $195,377
Foreign currency translation
adjustments, net of tax 119,220 138,801
Total comprehensive income $409,416 $334,178
(3) INVESTMENTS:
On July 1, 2003, the Company adopted FASB Interpretation No. 46, Consolidation of Variable Interest Entities— (“FIN 46”) relative
to its investments in the mortgage entities. FIN 46 requires consolidation of variable interest entities in which a company has a
controlling financial interest, even if it does not have a majority voting interest. A company is deemed to have a controlling financial
interest in a variable interest entity if it has either the majority of the risk of loss or the majority of the residual returns. Upon its
adoption of FIN 46 for the mortgage investments as of July 1, 2003, the Company deconsolidated its investments in the mortgage
entities as the Company neither bears the majority of the risk of loss nor enjoys the majority of any residual returns. No gain or loss
was recognized in connection with this change in accounting. FIN 46 had no impact on the accounting or reporting for any of the other
investments.
Starting in the third quarter of 2003 and for subsequent periods, the Company accounts for its net investments in the mortgage entities
using the equity method of accounting as provided in Statement of Position 78-9, Accounting for Investments in Real Estate Ventures.
Under this method, the net mortgage investments are adjusted through income for changes in the Company’s share of the net assets of
the mortgage entities. The excess of the estimated liquidation value of the investments in the mortgage entities over their net book
value as of July 1, 2003 of $178,333,000 will be recognized as income over the remaining term of each of the investments.
Prior to the adoption of FIN 46 for the mortgage investments as of July 1, 2003, the principal mortgage-related assets were accounted
for as follows:
Commercial mortgage loans - Interest income was recorded based on the effective yield determined at the inception of the
commercial mortgage transactions. The Company evaluated whether the commercial mortgage loans had been impaired by
reviewing the discounted estimated future cash flows of the loans versus the carrying value of the loans. If the carrying value
exceeded the discounted cash flows, an impairment loss was recorded through the operating income of the Leasing and
Investments segment. Interest income was recognized on impaired mortgage loans based on the original effective yield of the
loans. Loans that were foreclosed were transferred to commercial real estate at carrying value.
Commercial real estate - Recorded at cost and depreciated on a straight-line basis over an estimated useful life of 39 years. At
least annually, the real estate assets were evaluated for impairment by comparing estimated future undiscounted cash flows to the
carrying values. If the undiscounted future cash flows were less than the carrying value, an impairment loss was recorded equal
to the difference between the estimated fair value and the carrying value of the impaired asset. Gains and losses were recorded
6
7. on the sale of the real estate assets through the operating income of the Leasing and Investments segment based on the proceeds
of the sale compared with the carrying value of the asset sold.
Net swap receivables - Recorded at fair value, based on the estimated future cash flows discounted at current market interest
rates. All estimated future cash flows were provided by the swap counter party, who also is the servicer of the mortgage loans and
real estate. Market interest rates for the swap inflows were based on the current market yield of a bond of the swap counter party.
Discount rates for the swap outflows were based on an estimate of risk-adjusted rates for real estate assets. Any adjustments to
the carrying value of the net swap receivables due to changes in expected future cash flows, discount rates or interest rates were
recorded through the operating income of the Leasing and Investment segment.
(4) GOODWILL AND INTANGIBLE ASSETS:
Goodwill represents the excess cost over fair value of the net assets of purchased businesses. The Company does not amortize
goodwill and intangible assets that have indefinite lives. The Company performs an annual impairment assessment of goodwill and
intangible assets with indefinite lives in the first quarter of each year, based on the fair value of the related reporting unit or
intangible asset.
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 fair value of the unit’s goodwill and intangible assets and the carrying value of those assets.
Amortization and impairment of goodwill and other intangible assets for the periods ended March 31, 2004 and 2003 were as follows:
(In thousands)
Three Months Ended
March 31
2004 2003
Goodwill:
Impairment $11,492 $ 702
Intangible Assets:
Amortization 7,311 4,847
Impairment 10,220 3,761
$29,023 $9,310
In the first quarter of 2004, the Company performed its annual impairment testing of its goodwill and intangible assets, which resulted
in impairment charges of $21,712,000. The 2004 goodwill impairment charges of $11,492,000 were primarily related to a European
automotive components business and a U.S. electrical components business and resulted from lower estimated future cash flows than
previously expected. Also in the first quarter of 2004, intangible asset impairments of $10,220,000 were recorded to reduce to
estimated fair value the carrying value of trademarks and brands related primarily to several U.S. welding components businesses and
a U.S. industrial packaging business in the Specialty Systems – North America segment and a U.S. business that manufactures clean
room mats in the Engineered Products – North America segment.
In the first quarter of 2003, the Company recorded a goodwill impairment charge of $702,000 related to a U.S. welding components
business, which primarily resulted from lower estimated future cash flows than previously expected. Also in the first quarter of 2003,
intangible asset impairment charges of $3,761,000 were recorded to reduce to estimated fair value the carrying value of trademarks
and brands related to several U.S. welding components businesses in the Specialty Systems-North America segment and a U.S.
business that manufactures clean room mats in the Engineered Products-North America segment.
7
8. (5) RETIREMENT PLANS AND POSTRETIREMENT BENEFITS:
Pension and other postretirement benefit costs for the periods ended March 31, 2004 and 2003 were as follows:
(In thousands)
Three Months Ended
March 31
Other Postretirement
Benefits
Pension
2004 2003 2004 2003
Components of net periodic benefit cost:
Service cost $19,564 $17,451 $ 3,421 $ 3,145
Interest cost 20,637 19,362 8,561 7,730
Expected return on plan assets (29,502) (25,544) (866) (320)
Amortization of prior service cost (income) (576) (587) 1,684 1,643
Amortization of actuarial loss 1,254 873 1,429 232
Amortization of net transition amount (34) (208) - -
Settlement/curtailment loss 58 - - -
Net periodic benefit cost $11,401 $11,347 $14,229 $12,430
The net periodic benefit cost for other postretirement benefits does not include the potential impact of the Medicare Prescription Drug,
Improvement and Modernization Act of 2003. Deferring the recognition of the new Medicare provisions’ impact is permitted by
Financial Accounting Standards Board Staff Position 106-b due to open questions about some of the new Medicare provisions and a
lack of authoritative accounting guidance about certain matters. The impact of these new Medicare provisions will reduce the net
periodic benefit cost for other postretirement benefits reported above, but such reduction is not expected to be significant.
The Company previously disclosed in its financial statements for the year ended December 31, 2003 that it expected to contribute
$110,985,000 to its pension plans in 2004. As of March 31, 2004, $74,994,000 of contributions have been made. The Company
presently anticipates contributing an additional $35,991,000 to fund its plans in 2004.
(6) STOCK-BASED COMPENSATION:
Stock options have been issued to officers and other management employees under ITW’s 1996 Stock Incentive Plan and Premark’s
1994 Incentive Plan. The stock options generally vest over a four-year period.
The Company accounts for stock-based compensation in accordance with Accounting Principles Board Opinion No. 25, Accounting
for Stock Issued to Employees, using the intrinsic value method, which does not require that compensation cost be recognized for
stock options.
The Company’s net income and income per share would have been reduced to the amounts shown below if compensation cost related
to stock options had been determined based on fair value at the grant dates in accordance with Statement of Financial Accounting
Standards No. 123, Accounting for Stock-Based Compensation (“SFAS 123”).
The pro forma effect of applying SFAS 123 was as follows:
(In thousands except per share amounts)
Three Months Ended
March 31
2004 2003
Net income as reported $290,196 $195,377
Add: Restricted stock recorded as expense, net of tax 6,001 2,882
Deduct: Total stock-based employee compensation expense, net of tax (10,611) (8,635)
Pro forma net income $285,586 $189,624
Net income per share:
Basic – as reported $0.94 $0.64
Basic – pro forma $0.93 $0.62
Diluted – as reported $0.93 $0.63
Diluted – pro forma $0.92 $0.62
8
9. On January 2, 2003 and 2004, the Company granted 792,158 and 553,981 shares of restricted stock, respectively, to domestic key
employees. Compensation expense related to these grants is being recorded over the three-year vesting period as follows:
(In thousands)
January 2, 2003 January 2, 2004
Grant Grant Total
2003 $17,438 $ - $17,438
2004 17,225 15,378 32,603
2005 17,225 15,378 32,603
2006 - 15,378 15,378
$51,888 $46,134 $98,022
(7) STOCK REPURCHASE PROGRAM:
On April 20, 2004, the Company’s Board of Directors authorized a stock repurchase program, which provides for the buy back of up
to 31 million shares.
(8) 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 consolidated results of operations for Illinois Tool Works Inc. (the “Company” or “ITW”) for the first quarter of 2004 and 2003
were as follows:
(Dollars in thousands)
Three Months Ended
March 31
2004 2003
Operating revenues $2,710,349 $2,313,790
Operating income 447,642 321,000
Margin % 16.5% 13.9%
In the first quarter of 2004, the changes in revenue, operating income and operating margins over the prior year are primarily due to
the following factors:
Three Months Ended March 31
% Point Increase
% Increase (Decrease) (Decrease)
Operating Operating Operating
Revenue Income Margins
Base manufacturing business:
Volume-related 6.5% 19.2% 1.6%
Nonvolume-related - 5.7 0.8
Total 6.5 24.9 2.4
Restructuring - 4.9 0.6
Impairment of goodwill and intangibles - (5.4) (0.7)
Acquisitions and divestitures 4.0 3.4 (0.2)
Translation 6.7 6.2 (0.2)
Leasing and Investments 0.4 5.4 0.6
Other (0.5) - 0.1
Total 17.1% 39.4% 2.6%
The base business revenue increase was primarily related to a 9% revenue increase in North America, as industrial production levels
continued to improve, building on growth seen in the fourth quarter of 2003. Improvement was evident in both the North American
Engineered Products and Specialty Systems segments. Internationally, base business revenues increased 1%, as economic growth
remained flat and capacity utilization continued at low levels in the major European economies.
Operating income improved primarily due to leverage from the growth in base business revenues and operational cost savings.
Additionally, currency translation continued to have a favorable effect on income and Leasing and Investments increased income
primarily due to sales of investment properties. Lower restructuring expenses and income from acquisitions also increased income.
As a result of the Company's annual impairment testing of its goodwill and intangible assets, impairment charges of $21.7 million
were incurred in the first quarter of 2004. The impaired assets reflect diminished expectations of future cash flows and primarily
related to a European automotive components business, several U.S. welding components businesses, a U.S. electrical components
business, and a U.S. business that manufactures clean room mats. Impairment charges were $17.2 million higher in 2004 compared to
the first quarter of 2003.
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 period of time of less than 30 days.
In the plastic and metal components and fasteners category, products include:
• metal fasteners and fastening tools for the commercial and residential construction industries;
• laminate products for the commercial and residential construction industries and furniture markets;
• metal fasteners for automotive, appliance and general industrial applications;
• metal components for automotive, appliance and general industrial applications;
• plastic components for automotive, appliance, furniture and electronics applications; and
• plastic fasteners for automotive, appliance and electronics applications.
In the specialty products category, products include:
• reclosable packaging for consumer food applications;
• swabs, wipes and mats for clean room usage in the electronics and pharmaceutical industries;
• hand wipes for industrial purposes;
• chemical fluids which clean or add lubrication to machines;
• adhesives for industrial, construction and consumer purposes;
• epoxy and resin-based coating products for industrial applications; and
• components for industrial machines.
This segment primarily serves the construction, automotive and general industrial markets.
The results of operations for the Engineered Products – North America segment for the first quarter of 2004 and 2003 were as follows:
(Dollars in thousands)
Three Months Ended
March 31
2004 2003
Operating revenues $796,621 $748,785
Operating income 132,769 111,146
Margin % 16.7% 14.8%
In the first quarter of 2004, the changes in revenue, operating income and operating margins over the prior year are primarily due to
the following factors:
Three Months Ended March 31
% Point Increase
% Increase (Decrease) (Decrease)
Operating Operating Operating
Revenue Income Margins
Base manufacturing business:
Volume-related 6.6% 18.8% 1.7%
Nonvolume-related - (1.0) (0.1)
Total 6.6 17.8 1.6
Restructuring - 5.1 0.7
Impairment of goodwill and intangibles - (5.6) (0.7)
Acquisitions and divestitures (0.7) 1.7 0.3
Translation 0.5 0.5 -
Total 6.4% 19.5% 1.9%
Construction base business revenues increased 9% for the first quarter primarily as a result of growth in the residential,
remodeling/rehab, and commercial construction markets. Automotive base revenues were flat in the first quarter despite a 3% decline
in automotive production at the large North American automotive manufacturers. Revenues from the other industrial-based
businesses in this segment increased 10% in the first quarter as they benefited from increased demand in a broad array of end markets.
11
12. Operating income increased in 2004 primarily due to leverage from the increase in base business revenues described above and lower
restructuring expenses. These favorable factors were offset by goodwill and intangible asset impairment charges of $7 million related
primarily to the goodwill of a U.S. electrical components business and the trademarks and brands of a U.S. manufacturer of clean
room mats.
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 period of time of less than 30 days.
In the plastic and metal components and fastener category, products include:
• metal fasteners and fastening tools for the commercial and residential construction industries;
• laminate products for the commercial and residential construction industries and furniture markets;
• metal fasteners for automotive, appliance and general industrial applications;
• metal components for automotive, appliance and general industrial applications;
• plastic components for automotive, appliance and electronics applications; and
• plastic fasteners for automotive, appliance and electronics applications.
In the specialty products category, products include:
• electronic component packaging trays used for the storage, shipment and manufacturing insertion of electronic components
and microchips;
• swabs, wipes and mats for clean room usage in the electronics and pharmaceutical industries;
• adhesives for industrial, construction and consumer purposes;
• chemical fluids which clean or add lubrication to machines; and
• epoxy and resin-based coating products for industrial applications.
This segment primarily serves the construction, automotive and general industrial markets.
The results of operations for the Engineered Products – International segment for the first quarter of 2004 and 2003 were as follows:
(Dollars in thousands)
Three Months Ended
March 31
2004 2003
Operating revenues $517,985 $405,787
Operating income 63,888 42,383
Margin % 12.3% 10.4%
In the first quarter of 2004, the changes in revenue, operating income and operating margins over the prior year are primarily due to
the following factors:
Three Months Ended March 31
% Point Increase
(Decrease)
% Increase (Decrease)
Operating Operating Operating
Revenue Income Margins
Base manufacturing business:
Volume-related 6.0% 22.5% 1.6%
Nonvolume-related - 12.9 1.3
Total 6.0 35.4 2.9
Restructuring - 6.7 0.7
Impairment of goodwill and intangibles - (20.0) (2.0)
Acquisitions and divestitures 3.0 3.0 -
Translation 18.6 25.6 0.3
Total 27.6% 50.7% 1.9%
12
13. Revenues increased in the first quarter of 2004 mainly due to increased base business revenues and the favorable effect of currency
translation, primarily as a result of the Euro strengthening versus the U.S. dollar. The base business revenue increase in 2004 was
primarily the result of a 5% increase in construction revenues due to a rise in commercial construction activity in Europe as well as
increased commercial and residential demand in the Australasia region. In addition, automotive revenues grew 9% due to increased
penetration at the European automotive manufacturers. Other businesses in this segment serve a broad array of industrial and
commercial markets, and revenues from these businesses increased 3% in the first quarter of 2004.
Operating income in 2004 increased primarily due to leverage from the increase in base revenues described above, reduced operating
expenses, lower restructuring expenses, and favorable effect of currency translation. These increases were partially offset by goodwill
impairment charges of $8.5 million incurred in the first quarter primarily related to diminished cash flow expectations of a European
automotive components business.
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 period of time of more than 30 days.
In the machinery and related consumables category, products include:
• industrial packaging equipment and plastic and steel strapping for the bundling and shipment of a variety of products for
customers in numerous end markets;
• welding equipment and metal consumables for a variety of end market users;
• equipment and plastic consumables that multi-pack cans and bottles for the food and beverage industry;
• plastic stretch film and related packaging equipment for various industrial purposes;
• paper and plastic products used to protect shipments of goods in transit;
• marking tools and inks for various end users; and
• foil and film and related equipment used to decorate a variety of consumer products.
In the specialty equipment category, products include:
• commercial food equipment such as dishwashers, refrigerators, mixers, ovens, food slicers and specialty scales for use by
restaurants, institutions and supermarkets;
• paint spray equipment for a variety of general industrial applications;
• static control equipment for electronics and industrial applications;
• wheel balancing and tire uniformity equipment used in the automotive industry; and
• airport ground power generators for commercial applications.
This segment primarily serves the food retail and service, general industrial, construction, and food and beverage markets.
The results of operations for the Specialty Systems – North America segment for the first quarter of 2004 and 2003 were as follows:
(Dollars in thousands)
Three Months Ended
March 31
2004 2003
Operating revenues $932,451 $794,826
Operating income 156,096 111,340
Margin % 16.7% 14.0%
13
14. In the first quarter of 2004, the changes in revenue, operating income and operating margins over the prior year are primarily due to
the following factors:
Three Months Ended March 31
% Point Increase
% Increase (Decrease) (Decrease)
Operating Operating Operating
Revenue Income Margins
Base manufacturing business:
Volume-related 11.4% 33.9% 2.8%
Nonvolume-related - 3.4 0.4
Total 11.4 37.3 3.2
Restructuring - (0.1) -
Impairment of goodwill and intangibles - (2.0) (0.3)
Acquisitions and divestitures 5.1 4.3 (0.2)
Translation 0.8 0.7 -
Total 17.3% 40.2% 2.7%
Base business revenue growth in the first quarter of 2004 is primarily due to an increase in end market demand throughout the
businesses that this segment serves. Welding revenues increased 28% , industrial packaging revenues increased 11%, food equipment
revenues increased 1%, and revenues in the other businesses in this segment increased 8%.
Operating income increased in 2004 primarily due to leverage from the operating revenue increases described above. In addition,
lower base operating costs and acquisitions contributed to operating income. Goodwill and intangible asset impairment charges of $6
million reduced income in 2004. These charges primarily related to the diminished cash flow expectations at two welding businesses
and an industrial packaging unit.
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 period of time of more than 30 days.
In the machinery and related consumables category, products include:
• industrial packaging equipment and plastic and steel strapping for the bundling and shipment of a variety of products for
customers in numerous end markets;
• welding equipment and metal consumables for a variety of end market users;
• equipment and plastic consumables that multi-pack cans and bottles for the food and beverage industry;
• plastic bottle sleeves and related equipment for the food and beverage industry;
• plastic stretch film and related packaging equipment for various industrial purposes;
• paper and plastic products used to protect shipments of goods in transit; and
• foil and film and related equipment used to decorate a variety of consumer products.
In the specialty equipment category, products include:
• commercial food equipment such as dishwashers, refrigerators, mixers, ovens, food slicers and specialty scales for use by
restaurants, institutions and supermarkets;
• 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 retail and service, and food and beverage markets.
14
15. The results of operations for the Specialty Systems – International segment for the first quarter of 2004 and 2003 were as follows:
(Dollars in thousands)
Three Months Ended
March 31
2004 2003
Operating revenues $525,832 $425,123
Operating income 60,133 38,703
Margin % 11.4% 9.1%
In the first quarter of 2004, the changes in revenue, operating income and operating margins over the prior year are primarily due to
the following factors:
Three Months Ended March 31
% Point Increase
% Increase (Decrease) (Decrease)
Operating Operating Operating
Revenue Income Margins
Base manufacturing business:
Volume-related (3.1)% (12.9)% (0.9)%
Nonvolume-related - 21.9 2.1
Total (3.1) 9.0 1.2
Restructuring - 19.2 1.8
Impairment of goodwill and intangibles - (0.7) (0.1)
Acquisitions and divestitures 10.5 8.2 (0.5)
Translation 16.3 19.6 (0.1)
Total 23.7% 55.3% 2.3%
Revenues increased in the first quarter of 2004 due to favorable currency translation, primarily as a result of the Euro strengthening
versus the U.S. dollar. In addition, acquisitions increased revenues, primarily as a result of the July 2003 acquisition of an Asian
manufacturer of welding consumables. Base revenues declined in 2004 primarily due to a 4% and 2% decline in base revenues in the
food equipment and industrial packaging businesses, respectively. Other base business revenues in this segment declined 3%.
Operating income increased in 2004 as a result of favorable currency translation, lower restructuring expenses, acquisitions and the
reduction of base business operating costs. The operational cost savings were mainly due to cost reductions related to the last four
quarters of restructuring which amounted to $28 million for this segment or 51% of the Company’s total restructuring expense in
2003.
LEASING AND INVESTMENTS
Businesses in this segment make investments in mortgage entities, leases of telecommunications, aircraft, air traffic control and other
equipment, properties and property developments, affordable housing, and a venture capital fund. As a result of the Company’s strong
cash flow, the Company has historically had excess funds to make opportunistic investments that meet the Company’s desired returns.
In connection with some of these investment transactions, the Company may be contractually required to make future cash payments
related to affordable housing contributions, venture fund capital contributions or the redemption of preferred stock of subsidiaries.
See the Company’s Annual Report to Stockholders for further information regarding these cash contractual obligations as of
December 31, 2003.
The results of operations for the Leasing and Investments segment for the first quarter of 2004 and 2003 were as follows:
(In thousands)
Three Months Ended
March 31
2004 2003
Operating revenues $38,656 $30,450
Operating income 34,756 17,428
15
16. Operating income (loss) by investment for the first quarter of 2004 and 2003 was as follows:
(In thousands)
Three Months Ended
March 31
2004 2003
Mortgage investments $27,082 $ 8,543
Leases of equipment 5,635 5,055
Property developments 723 1,531
Properties held for sale (1,254) (857)
Venture capital limited partnership 1,230 (357)
Other 1,340 3,513
$34,756 $17,428
In the first quarter of 2004, operating income increased primarily due to gains of $19.0 million on the sales of five mortgage
investment properties.
On July 1, 2003, the Company adopted FASB Interpretation No. 46, Consolidation of Variable Interest Entities – (“FIN 46”) relative
to its investments in mortgage entities. See the Investments note for further discussion of this change in accounting for these
investments.
OPERATING REVENUES
The reconciliation of segment operating revenues to total operating revenues is as follows:
(In thousands)
Three Months Ended
March 31
2004 2003
Engineered Products - North America $ 796,621 $ 748,785
Engineered Products – International 517,985 405,787
Specialty Systems - North America 932,451 794,826
Specialty Systems – International 525,832 425,123
Intersegment revenues (101,196) (91,181)
Total manufacturing operating revenues 2,671,693 2,283,340
Leasing and Investments 38,656 30,450
Total operating revenues $2,710,349 $2,313,790
AMORTIZATION OF GOODWILL AND OTHER INTANGIBLE ASSETS
The Company no longer amortizes goodwill and intangible assets that have indefinite lives. The Company performs an annual
impairment assessment of goodwill and intangible assets with indefinite lives in the first quarter of each year, based on the fair value
of the related reporting unit or intangible asset.
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 fair value of the unit’s goodwill and intangible assets and the carrying value of those assets.
16
17. Amortization and impairment of goodwill and other intangible assets were as follows:
(In thousands)
Three Months Ended
March 31
2004 2003
Goodwill:
Impairment $11,492 $ 702
Intangible Assets:
Amortization 7,311 4,847
Impairment 10,220 3,761
Total $29,023 $9,310
In the first quarter of 2004, the Company performed its annual impairment testing of its goodwill and intangible assets, which resulted
in impairment charges of $21.7 million. The 2004 goodwill impairment charges of $11.5 million were primarily related to a European
automotive components business and a U.S. electrical components business and resulted from lower estimated future cash flows than
previously expected. Also in the first quarter of 2004, intangible asset impairments of $10.2 million were recorded to reduce to
estimated fair value the carrying value of trademarks and brands related primarily to several U.S. welding components businesses and
a U.S. industrial packaging business in the Specialty Systems – North America segment and a U.S. business that manufactures clean
room mats in the Engineered Products – North America segment.
In the first quarter of 2003, the Company recorded a goodwill impairment charge of $0.7 million related to a U.S. welding components
business, which primarily resulted from lower estimated future cash flows than previously expected. Also in the first quarter of 2003,
intangible asset impairment charges of $3.8 million were recorded to reduce to estimated fair value the carrying value of trademarks
and brands related to several U.S. welding components businesses in the Specialty Systems-North America segment and a U.S.
business that manufactures clean room mats in the Engineered Products-North America segment.
INTEREST EXPENSE
Interest expense decreased to $15.9 million in the first three months of 2004 from $17.4 million in 2003 primarily due to lower foreign
exchange hedge contract discounts.
OTHER INCOME
Other income increased to $7.7 million for the first three months of 2004 from $3.3 million in 2003. This increase is primarily due to
higher interest income in 2004 mainly from interest received related to a tax reimbursement in Germany. Also, losses on sales of
fixed assets were smaller in 2004 versus 2003.
INCOME FROM CONTINUING OPERATIONS
Income from continuing operations of $290.0 million ($0.93 per diluted share) in the first three months of 2004 was 45% higher than
the 2003 income from continuing operations of $199.5 million ($0.65 per diluted share).
FOREIGN CURRENCY
The weakening of the U.S. dollar against foreign currencies in the first three months of 2004 increased operating revenues for the first
three months of 2004 by approximately $155 million and increased earnings by approximately 5 cents per diluted share.
LIQUIDITY AND CAPITAL RESOURCES
Cash Flow
The Company’s primary source of liquidity is free operating cash flow. Management continues to believe that such internally
generated cash flow will be adequate to service existing debt and to continue to pay dividends that meet its dividend payout objective
of 25-30% of the last three years’ average net income. In addition, free operating cash flow is expected to be adequate to finance
internal growth, small-to-medium sized acquisitions, additional investments, and the Company’s stock repurchase program.
The Company uses free operating cash flow to measure normal cash flow generated by its operations that is available for dividends,
acquisitions, debt repayment and additional investments. 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.
17
18. Summarized cash flow information for the three months ended March 31, 2004 and 2003 was as follows:
(In thousands)
Three Months Ended
March 31
2004 2003
Net cash provided by operating activities $319,700 $217,174
Proceeds from investments 18,812 15,665
Additions to plant and equipment (60,513) (56,173)
Free operating cash flow 277,999 176,666
Acquisitions (183,694) (14,814)
Cash dividends paid (73,948) (70,514)
Purchase of investments (14,645) (29,138)
Net settlement from sale of operations and affiliates 3,543 (3,859)
Net repayments of debt (16,703) (32,678)
Other 52,023 42,200
Net increase in cash and equivalents $ 44,575 $ 67,863
Free operating cash flow for the first quarter of 2004 was higher than the same period in 2003 as a result of higher cash flow from
operating activities. Net cash from operations was higher mainly due to higher net income and increasing taxes payable in the first
quarter of 2004, partially offset by higher accounts receivable outstanding.
On April 20, 2004 the Company’s Board of Directors authorized a stock repurchase program, which provides for the buy back of up to
31 million shares. The Company intends to utilize its current cash on hand to repurchase between 17-21 million shares in the first 12
months of the program. The repurchase of the remaining 10-14 million shares under the authorization will be dependent on future
market conditions and available cash.
Return on Invested Capital
The Company uses return on average invested capital (“ROIC”) to measure the effectiveness of the operations’ use of invested capital
to generate profits. ROIC for the three months ended March 31, 2004 and 2003 was as follows:
(Dollars in thousands)
Three Months Ended
March 31
2004 2003
Operating income after taxes $ 295,444 $ 208,650
Total debt $ 972,199 $1,552,783
Less: Leasing and investment debt (191,801) (812,128)
Less: Cash (1,729,058) (1,125,550)
Adjusted net debt (948,660) (384,895)
Total stockholders’ equity 8,234,116 6,919,082
Invested capital $7,285,456 $6,534,187
Average invested capital $7,126,384 $6,468,729
Annualized return on average invested capital 16.6% 12.9%
The 370 basis point increase in ROIC in the first quarter of 2004 was due primarily to a 42% increase in after-tax operating income,
mainly as a result of increased base business operating income and a decrease in the effective tax rate to 34% in the first quarter of
2004 from 35% in the first quarter of 2003.
18
19. Working Capital
Net working capital at March 31, 2004 and December 31, 2003 was summarized as follows:
(Dollars in thousands)
March 31, December 31, Increase/
2004 2003 (Decrease)
Current Assets:
Cash and equivalents $1,729,058 $1,684,483 $ 44,575
Trade receivables 1,909,639 1,721,186 188,453
Inventories 1,070,483 991,979 78,504
Other 386,213 385,554 659
5,095,393 4,783,202 312,191
Current Liabilities:
Short-term debt 51,350 56,094 (4,744)
Accounts payable and accrued expenses 1,368,714 1,352,357 16,357
Other 278,708 80,452 198,256
1,698,772 1,488,903 209,869
Net Working Capital $3,396,621 $3,294,299 $102,322
Current Ratio 3.00 3.21
Trade receivables increased due to strong sales in the first three months of 2004 as well as currency translation and acquisitions.
Other current liabilities increased primarily as a result of increased income taxes payable, due mainly to the timing of U.S. estimated
tax payments.
Debt
Total debt at March 31, 2004 and December 31, 2003 was as follows:
(Dollars in thousands)
March 31, 2004 December 31, 2003
Short-term debt $ 51,350 $ 56,094
Long-term debt 920,849 920,360
Total debt $972,199 $976,454
Total debt to total capitalization 10.6% 11.0%
Stockholders’ Equity
The changes to stockholders’ equity during 2004 were as follows:
(In thousands)
Total stockholders’ equity, December 31, 2003 $7,874,286
Income from continuing operations 290,025
Income from discontinued operations 171
Cash dividends declared (74,029)
Exercise of stock options 14,552
Restricted stock activity 8,263
Shares issued for acquisitions 1,628
Currency translation adjustments 119,220
Total stockholders’ equity, March 31, 2004 $8,234,116
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20. 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 the adequacy of internally generated funds, the meeting of dividend payment
objectives, and the Company’s portion of future contributions related to the pension plans. These statements are subject to certain
risks, uncertainties, and other factors, which could cause actual results to differ materially from those anticipated, including, without
limitation, the risks described herein. Important factors that may influence future results include (1) a downturn in the construction,
automotive, general industrial, food retail and service, or commercial real estate markets, (2) deterioration in global and domestic
business and economic conditions, particularly in North America, the European Community or Australia, (3) the unfavorable impact
of foreign currency fluctuations, (4) an interruption in, or reduction in, introducing new products into the Company’s product line, and
(5) an unfavorable environment for making acquisitions or dispositions, domestic and international, including adverse accounting or
regulatory requirements and market values of candidates.
The risks covered here are not all inclusive. ITW operates in a very competitive and rapidly changing environment and therefore, new
risk factors emerge from time to time. It is not possible for management to predict all such risk factors, nor can it assess the impact of
all such risk factors on ITW’s business or the extent to which any factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements. Given these 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 March 31, 2004. Based on such evaluation, the Company’s Chairman & Chief Executive Officer
and Senior Vice President & Chief Financial Officer have concluded that, as of March 31, 2004, the Company’s disclosure controls
and procedures were effective in timely alerting the Company’s management to material 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 March 31, 2004 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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21. Part II - Other Information
Item 6 – Exhibits and Reports on Form 8-K
(a) Exhibit Index
Exhibit No. Description
3(b) By-Laws of Illinois Tool Works Inc., as amended
10(a) Illinois Tool Works Inc. Non-Employee Directors’ Restricted Stock Grant Program
31 Rule 13a-14(a) Certification
32 Section 1350 Certification
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter ended March 31, 2004; however, the Company furnished to the
Securities and Exchange Commission a Current Report on Form 8-K dated January 29, 2004.
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22. SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
ILLINOIS TOOL WORKS INC.
Dated: May 7, 2004 By: /s/ Jon C. Kinney
Jon C. Kinney
Senior Vice President and Chief Financial Officer
(Principal Accounting Officer)
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