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 Balance Sheet: Liabilities and Stockholders’ Equity

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Illinois Tool Works Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Short-term debt
Accounts payable
Compensation and employee benefits
Deferred revenue and customer deposits
Rebates
Current portion of operating lease liabilities
Warranties
Current portion of pension and other postretirement benefit obligations
Other
Accrued expenses
Cash dividends payable
Income taxes payable
Liabilities held for sale
Current liabilities
Long-term debt
Deferred income taxes
Noncurrent income taxes payable
Pension benefit obligation
Postretirement benefit obligation
Long-term portion of operating lease liabilities
Other
Other liabilities
Noncurrent liabilities
Total liabilities
Common stock, par value of $0.01 per share
Additional paid-in-capital
Retained earnings
Common stock held in treasury
Accumulated other comprehensive loss
Stockholders’ equity attributable to ITW
Noncontrolling interest
Total stockholders’ equity
Total liabilities and stockholders’ equity

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).

Short-term debt
The proportion of short-term debt relative to total liabilities and stockholders' equity shows fluctuation over the five-year period. It increased notably from 5.07% in 2017 to 9.09% in 2018, then sharply dropped to 0.03% in 2019. Subsequently, it rose again to 4.84% by 2021, suggesting some volatility in short-term borrowing levels.
Accounts payable
Accounts payable as a percentage of total liabilities and equity remained relatively stable, hovering around 3.5%, with a slight decline in 2019 followed by a gradual increase leading into 2021.
Compensation and employee benefits
This item demonstrated minor fluctuations. It peaked at 2.63% in 2018, declined to a low of 2.15% in 2020, then returned to a higher level of 2.86% in 2021, indicating a possible increase in employee-related obligations or costs in the most recent year.
Deferred revenue and customer deposits
This liability rose steadily, with a notable increase from 1.42% in 2020 to 2.45% in 2021, suggesting growth in advance payments or deferred income sources.
Rebates
Rebates as a percentage showed consistent but moderate growth, increasing from 0.88% in 2017 to 1.3% in 2021, reflecting rising rebate liabilities.
Current portion of operating lease liabilities
Introduced in 2019 at 0.34%, this liability item increased slightly to 0.38% by 2021, indicating new or growing lease commitments classified as current liabilities.
Warranties
Warranty liabilities remained stable through the years, maintaining around 0.29-0.30%, showing consistent obligations related to product or service warranties.
Current portion of pension and other postretirement benefit obligations
This item stayed stable at approximately 0.09-0.11% throughout the period, suggesting steady short-term pension-related liabilities.
Other current liabilities
Other current liabilities fluctuated mildly but maintained a narrow range between 2.59% and 2.91% over the five years.
Accrued expenses
Accrued expenses increased from 7.5% in 2017 to 10.25% in 2021, showing a rising trend in accrued liabilities which may indicate higher expenses incurred but not yet paid.
Cash dividends payable
This liability increased slightly from 1.59% to 2.38%, pointing to a growing obligation for dividends declared but unpaid at year-end.
Income taxes payable
A downward trend was observed from 0.53% in 2017 to 0.32% in 2019, followed by a slight increase to 0.48% in 2021, indicating some variability but overall stable tax liabilities.
Liabilities held for sale
Reported only in 2019 at 0.47%, this item was absent in other years, suggesting a singular divestiture or disposal process in that period.
Current liabilities overall
The total current liabilities decreased sharply after peaking at 23.82% in 2018, falling to 14.3% in 2019, but then recovered to 21.58% in 2021. This reflects significant shifts in short-term obligations within the company's capital structure.
Long-term debt
Long-term debt experienced variability, dropping from 44.56% in 2017 to 40.54% in 2018 before climbing to a high of 51.46% in 2019, then declining again to 42.97% in 2021. This indicates changes in long-term financing strategies or debt repayment during these years.
Deferred income taxes
Deferred income taxes surged to 4.75% in 2018 from 0.98% in 2017, then slightly decreased but remained above 3.7% in subsequent years, reflecting changes in tax timing differences.
Noncurrent income taxes payable
This liability steadily decreased from 3.66% in 2017 to 2.27% in 2021, indicating a reduction in long-term tax obligations.
Pension and postretirement benefit obligations
Pension benefit obligations showed a gradual increase reaching 1.54% in 2020, with a slight decline to 1.46% in 2021. Postretirement obligations peaked at 1.31% in 2019 and then decreased to 0.92% by 2021, suggesting a moderated postretirement liability burden.
Long-term portion of operating lease liabilities
Introduced in 2019 at 0.85%, this item remained steady through 2021, reflecting consistent long-term lease obligations.
Other noncurrent liabilities
These showed a gradual rise from 2.91% in 2017 to 3.34% in 2021, suggesting an incremental increase in miscellaneous long-term liabilities.
Total noncurrent liabilities
The total noncurrent liabilities increased significantly from 54.46% in 2017 to a peak of 65.6% in 2019, then decreased to 55.86% in 2021, indicating fluctuations in the company's long-term funding and obligations.
Total liabilities
Total liabilities rose from 72.65% in 2017 to nearly 80% in 2019 and 2020, before decreasing to 77.45% in 2021. This reflects an overall high leverage position with some reduction in total liabilities as a portion of capital structure in the latest year.
Stockholders' equity components
Common stock remained constant at 0.04% throughout. Additional paid-in capital steadily increased from 7.26% to 8.91%, indicating incremental capital contributions or retained equity growth.
Retained earnings
It showed a consistent upward trend, rising from 120.44% in 2017 to 151.3% in 2021, signifying sustained profitability and earnings retention.
Common stock held in treasury
The negative figure deepened steadily from -92.74% in 2017 to -128.36% in 2021, indicating increasing treasury stock holdings and share repurchase activities over the period.
Accumulated other comprehensive loss
The accumulated other comprehensive loss widened initially from -7.67% in 2017 to a peak of -11.32% by 2019, then improved to -9.34% by 2021, showing some recovery in comprehensive income components.
Stockholders' equity attributable to ITW
Equity attributable to the company declined from 27.32% in 2017 to 20.08% in 2019, followed by a modest recovery to 22.55% in 2021, reflecting changes influenced by equity transactions and retained earnings.
Noncontrolling interest
This remained negligible and stable around 0.01%-0.03% over the period.
Total stockholders’ equity
Total equity followed a pattern similar to the attributable equity, reducing from 27.35% in 2017 to 20.11% in 2019, then improving to 22.55% by 2021, indicating a partial restoration of equity position.
Overall capital structure
The composition of liabilities and stockholders' equity normalized to 100% each year by definition. The trends illustrate periods of higher leverage around 2018-2019 with increased total liabilities, followed by a slight deleveraging through 2021, alongside growing retained earnings and treasury stock accumulation.