Stock Analysis on Net
Stock Analysis on Net

Illinois Tool Works Inc. (NYSE:ITW)

$22.49

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

Common-Size Income Statement

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Illinois Tool Works Inc., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Operating revenue
Cost of revenue
Gross profit
Selling, administrative, and research and development expenses
Legal settlement income
Amortization and impairment of intangible assets
Operating income
Interest expense
Interest income
Other net periodic benefit income
Income from investments
Gain (loss) on disposal of operations and affiliates
Loss on foreign currency transactions, net
Other, net
Other income (expense)
Income before taxes
Income taxes
Net income

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Operating Revenue
Remained constant at 100% as the base reference throughout the period.
Cost of Revenue
Consistently comprised around 58% of operating revenue, showing a slight upward trend from -58.05% in 2017 to -58.73% in 2021, indicating marginally increasing costs associated with sales.
Gross Profit
Maintained a stable level close to 41%, with a minor decline from 41.95% in 2017 to 41.27% in 2021, reflecting the slight increase in costs of revenue relative to operating revenue.
Selling, Administrative, and Research and Development Expenses
Displayed some fluctuations, starting at -16.77% in 2017, reaching a peak of -17.20% in 2020, then decreasing to -16.30% in 2021. This suggests some expense volatility but an overall cost control improvement by the end of the period.
Legal Settlement Income
Reported only in 2017 at 0.66% of operating revenue and not recorded in subsequent years, indicating a one-time gain.
Amortization and Impairment of Intangible Assets
Showed a decreasing trend from -1.44% in 2017 to -0.92% in 2021, suggesting reduced intangible asset charges over time.
Operating Income
Generally stable around 24% of operating revenue, with a dip to 22.92% in 2020 but recovering to 24.05% in 2021, implying consistent operational profitability with minor fluctuations.
Interest Expense
Declined steadily over the period from -1.82% in 2017 to -1.40% in 2021, signaling reduced borrowing costs or lower interest-bearing liabilities.
Interest Income
Gradually decreased from 0.31% in 2017 to 0.08% in 2021, indicating lower returns from interest-bearing assets.
Other Net Periodic Benefit Income
Reported only from 2018 onwards, remaining positive but small (0.10% to 0.17%), reflecting relatively stable non-operating benefit income components.
Income from Investments
Variable but low, fluctuating between 0.06% and 0.20%, with a notable increase in 2021, indicating modest gains from investments.
Gain (Loss) on Disposal of Operations and Affiliates
Inconsistent presence, with a small loss in 2018 (-0.01%) and a gain in 2019 (0.31%), then no data, suggesting occasional non-recurring operational adjustments.
Loss on Foreign Currency Transactions, Net
Minor and relatively stable losses, averaging around -0.05%, implying limited impact from currency fluctuations.
Other, Net
Close to neutral across years, fluctuating between -0.04% and 0.04%, indicating negligible net effects from miscellaneous items.
Other Income (Expense)
Varied with a peak of 0.76% in 2019, otherwise low values, reflecting occasional other operational income or expenses that are not significant over the longer term.
Income Before Taxes
Maintained between 21.5% and 23.3%, showing steady profitability before tax charges, with a dip in 2020 aligned with operating income trends.
Income Taxes
Significantly decreased from -11.06% in 2017 to -4.37% in 2021 as a percentage of operating revenue, indicating either more favorable tax conditions, tax planning efficiencies, or changes in tax regulations.
Net Income
Exhibited an overall increasing trend, rising from 11.79% in 2017 to 18.64% in 2021, highlighting improved bottom-line profitability, partially driven by reduced effective tax rates and stable operating income.