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Illinois Tool Works Inc. (NYSE:ITW)

This company has been moved to the archive! The financial data has not been updated since February 11, 2022.

Common-Size Balance Sheet: Assets
Quarterly Data

Illinois Tool Works Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Cash and equivalents 9.50 12.81 13.21 15.86 16.42 14.52 12.70 10.11 13.15 12.20 11.04 11.45 10.11 10.37 10.49 12.00 18.44 17.07 15.68 16.05
Trade receivables 17.66 17.59 17.88 17.00 16.05 16.69 15.12 17.13 16.33 16.70 17.31 17.71 17.63 18.13 18.54 17.78 15.66 16.38 16.51 16.32
Inventories 10.54 9.82 8.99 8.25 7.62 7.69 8.18 8.38 7.72 8.08 8.27 8.78 8.86 8.73 8.50 8.26 7.27 7.51 7.53 7.46
Prepaid expenses and other current assets 1.95 2.17 1.70 1.70 1.69 1.47 1.77 1.72 1.96 1.95 1.90 1.69 2.25 1.54 1.89 1.70 2.00 1.41 1.55 1.58
Assets held for sale 0.00 0.00 0.00 0.00 0.00 0.00 1.55 1.58 2.33 2.81 2.89 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Current assets 39.65% 42.39% 41.78% 42.80% 41.78% 40.37% 39.33% 38.91% 41.50% 41.74% 41.41% 39.64% 38.86% 38.78% 39.42% 39.74% 43.37% 42.37% 41.26% 41.41%
Net plant and equipment 11.25 11.24 11.34 11.15 11.38 11.62 12.00 12.04 11.47 11.32 11.31 11.52 12.04 11.74 11.49 11.32 10.60 10.78 10.84 10.78
Goodwill 30.88 29.71 29.90 29.57 30.04 30.73 31.15 31.10 29.81 29.61 29.65 30.15 31.16 30.39 30.12 29.67 28.32 29.01 29.36 29.65
Intangible assets 6.05 4.40 4.60 4.77 5.00 5.45 5.62 5.91 5.65 5.95 6.11 6.81 7.29 7.38 7.58 7.59 7.58 8.09 8.58 9.09
Deferred income taxes 3.43 3.74 3.93 3.31 3.41 3.41 3.30 3.34 3.42 3.20 3.40 3.57 3.73 4.01 3.83 4.07 3.01 2.90 3.06 2.74
Other assets 8.74 8.53 8.45 8.40 8.38 8.43 8.62 8.69 8.14 8.18 8.13 8.31 6.93 7.71 7.56 7.62 7.12 6.86 6.89 6.34
Noncurrent assets 60.35% 57.61% 58.22% 57.20% 58.22% 59.63% 60.67% 61.09% 58.50% 58.26% 58.59% 60.36% 61.14% 61.22% 60.58% 60.26% 56.63% 57.63% 58.74% 58.59%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The asset composition of the balance sheet demonstrates a consistent split between current and noncurrent assets, with noncurrent assets generally maintaining a dominant share, typically ranging between 56% and 61% of total assets. Current assets have fluctuated within a narrower band, generally remaining between 38% and 43% throughout the period analyzed.

Liquidity and Working Capital Trends
Cash and equivalents exhibited significant volatility, starting at 16.05% in early 2017, declining to a low of 10.11% by late 2018, and peaking at 16.42% in December 2020 before dropping sharply to 9.50% by the end of 2021. Trade receivables remained relatively stable, fluctuating between 15.12% and 18.54%, suggesting a consistent credit policy. A notable upward trend is observed in inventories, which grew from 7.46% in March 2017 to 10.54% in December 2021, indicating a gradual increase in the proportion of capital tied up in stock.
Fixed and Noncurrent Asset Stability
Net plant and equipment remained remarkably stable, hovering between 10.60% and 12.04% of total assets, which suggests a steady rate of capital expenditure relative to the overall growth of the asset base. Other noncurrent assets, including deferred income taxes and miscellaneous other assets, showed minor fluctuations, with other assets increasing slightly from 6.34% in early 2017 to 8.74% by the end of 2021.
Intangible Assets and Goodwill
Goodwill represents a substantial and stable portion of the total asset base, consistently remaining between 28.32% and 31.16%. This indicates that a significant portion of the company's value is tied to previous acquisitions. In contrast, intangible assets showed a clear downward trajectory, declining from 9.09% in March 2017 to a low of 4.40% in September 2021, before recovering to 6.05% in December 2021. This pattern suggests the steady amortization of intangible assets over time.
Asset Reclassification and Shifts
A temporary emergence of assets held for sale was noted between June 2019 and June 2020, peaking at 2.89% before disappearing from the balance sheet. This indicates a period of strategic divestiture or reorganization of specific business units during that timeframe.

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