Stock Analysis on Net

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.

Adjustments to Financial Statements

Microsoft Excel

Adjustments to Current Assets

Illinois Tool Works Inc., adjusted current assets

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Current assets 6,374 6,523 6,253 5,778 7,278
Adjustments
Add: Allowance for doubtful accounts 28 29 20 21 43
Add: LIFO reserve1 118 82 89 97 89
After Adjustment
Adjusted current assets 6,520 6,634 6,362 5,896 7,410

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).

1 LIFO reserve. See details »


Adjustments to Total Assets

Illinois Tool Works Inc., adjusted total assets

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Total assets 16,077 15,612 15,068 14,870 16,780
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 203 284
Add: Allowance for doubtful accounts 28 29 20 21 43
Add: LIFO reserve2 118 82 89 97 89
Less: Deferred income tax assets3 552 533 516 554 505
After Adjustment
Adjusted total assets 15,671 15,190 14,661 14,637 16,691

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).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 LIFO reserve. See details »

3 Deferred income tax assets. See details »


Adjustments to Current Liabilities

Illinois Tool Works Inc., adjusted current liabilities

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Current liabilities 3,470 2,589 2,154 3,542 3,053
Adjustments
Less: Current deferred revenue and customer deposits 394 222 188 215 205
Less: Current accrued product warranties 46 45 45 45 45
After Adjustment
Adjusted current liabilities 3,030 2,322 1,921 3,282 2,803

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).


Adjustments to Total Liabilities

Illinois Tool Works Inc., adjusted total liabilities

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Total liabilities 12,451 12,430 12,038 11,612 12,191
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 203 284
Less: Deferred income tax liabilities2 654 588 668 707 164
Less: Deferred revenue and customer deposits 394 222 188 215 205
Less: Accrued product warranties 46 45 45 45 45
After Adjustment
Adjusted total liabilities 11,357 11,575 11,137 10,848 12,061

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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred income tax liabilities. See details »


Adjustments to Stockholders’ Equity

Illinois Tool Works Inc., adjusted stockholders’ equity attributable to ITW

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Stockholders’ equity attributable to ITW 3,625 3,181 3,026 3,254 4,585
Adjustments
Less: Net deferred income tax assets (liabilities)1 (102) (55) (152) (153) 341
Add: Allowance for doubtful accounts 28 29 20 21 43
Add: LIFO reserve2 118 82 89 97 89
Add: Deferred revenue and customer deposits 394 222 188 215 205
Add: Accrued product warranties 46 45 45 45 45
Add: Noncontrolling interest 1 1 4 4 4
After Adjustment
Adjusted total stockholders’ equity 4,314 3,615 3,524 3,789 4,630

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).

1 Net deferred income tax assets (liabilities). See details »

2 LIFO reserve. See details »


Adjustments to Capitalization Table

Illinois Tool Works Inc., adjusted capitalization table

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Short-term debt 778 350 4 1,351 850
Long-term debt 6,909 7,772 7,754 6,029 7,478
Total reported debt 7,687 8,122 7,758 7,380 8,328
Stockholders’ equity attributable to ITW 3,625 3,181 3,026 3,254 4,585
Total reported capital 11,312 11,303 10,784 10,634 12,913
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 203 284
Add: Current portion of operating lease liabilities2 61 55 51
Add: Long-term portion of operating lease liabilities3 133 133 128
Adjusted total debt 7,881 8,310 7,937 7,583 8,612
Adjustments to Equity
Less: Net deferred income tax assets (liabilities)4 (102) (55) (152) (153) 341
Add: Allowance for doubtful accounts 28 29 20 21 43
Add: LIFO reserve5 118 82 89 97 89
Add: Deferred revenue and customer deposits 394 222 188 215 205
Add: Accrued product warranties 46 45 45 45 45
Add: Noncontrolling interest 1 1 4 4 4
Adjusted total stockholders’ equity 4,314 3,615 3,524 3,789 4,630
After Adjustment
Adjusted total capital 12,195 11,925 11,461 11,372 13,242

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).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current portion of operating lease liabilities. See details »

3 Long-term portion of operating lease liabilities. See details »

4 Net deferred income tax assets (liabilities). See details »

5 LIFO reserve. See details »


Adjustments to Revenues

Illinois Tool Works Inc., adjusted operating revenue

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Operating revenue 14,455 12,574 14,109 14,768 14,314
Adjustment
Add: Increase (decrease) in deferred revenue and customer deposits 172 34 (27) 10 25
After Adjustment
Adjusted operating revenue 14,627 12,608 14,082 14,778 14,339

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).


Adjustments to Reported Income

Illinois Tool Works Inc., adjusted net income

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
As Reported
Net income 2,694 2,109 2,521 2,563 1,687
Adjustments
Add: Deferred income tax expense (benefit)1 (148) (30) 32 34 64
Add: Increase (decrease) in allowance for doubtful accounts (1) 9 (1) (22)
Add: Increase (decrease) in LIFO reserve2 36 (7) (8) 8 3
Add: Increase (decrease) in deferred revenue and customer deposits 172 34 (27) 10 25
Add: Increase (decrease) in accrued product warranties 1
Add: Other comprehensive income (loss) 140 63 (28) (345) 520
After Adjustment
Adjusted net income 2,894 2,178 2,489 2,248 2,299

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).

1 Deferred income tax expense (benefit). See details »

2 Increase (decrease) in LIFO reserve. See details »