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Illinois Tool Works Inc. (ITW)

Adjustments to Financial Statements

Difficulty: Advanced

Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Current Liabilities
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Revenues
Adjustments to Reported Income

Adjustments to Current Assets

Illinois Tool Works Inc., adjusted current assets

US$ in millions

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Current assets
	Adjustments
	Add: Allowance for doubtful accounts
	Add: LIFO reserve¹
	Less: Current deferred income tax assets²
	After Adjustment
	Adjusted current assets

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-10), 10-K (filing date: 2016-02-12), 10-K (filing date: 2015-02-13).

¹ LIFO reserve. See Details »

² Current deferred income tax assets. See Details »

Adjustments to Total Assets

Illinois Tool Works Inc., adjusted total assets

US$ in millions

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Total assets
	Adjustments
	Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹
	Add: Allowance for doubtful accounts
	Add: LIFO reserve²
	Less: Current deferred income tax assets³
	Less: Noncurrent deferred income tax assets⁴
	After Adjustment
	Adjusted total assets

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-10), 10-K (filing date: 2016-02-12), 10-K (filing date: 2015-02-13).

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

² LIFO reserve. See Details »

³ Current deferred income tax assets. See Details »

⁴ Noncurrent deferred income tax assets. See Details »

Adjustments to Current Liabilities

Illinois Tool Works Inc., adjusted current liabilities

US$ in millions

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Current liabilities
	Adjustments
	Less: Current deferred income tax liabilities¹
	Less: Current deferred revenue and customer deposits
	Less: Current accrued product warranties
	After Adjustment
	Adjusted current liabilities

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-10), 10-K (filing date: 2016-02-12), 10-K (filing date: 2015-02-13).

¹ Current deferred income tax liabilities. See Details »

Adjustments to Total Liabilities

Illinois Tool Works Inc., adjusted total liabilities

US$ in millions

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Total liabilities
	Adjustments
	Add: Operating lease liability (before adoption of FASB Topic 842)¹
	Less: Current deferred income tax liabilities²
	Less: Noncurrent deferred income tax liabilities³
	Less: Deferred revenue and customer deposits
	Less: Accrued product warranties
	After Adjustment
	Adjusted total liabilities

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-10), 10-K (filing date: 2016-02-12), 10-K (filing date: 2015-02-13).

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

² Current deferred income tax liabilities. See Details »

³ Noncurrent deferred income tax liabilities. See Details »

Adjustments to Stockholders’ Equity

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

US$ in millions

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Stockholders’ equity attributable to ITW
	Adjustments
	Less: Net deferred income tax assets (liabilities)¹
	Add: Allowance for doubtful accounts
	Add: LIFO reserve²
	Add: Deferred revenue and customer deposits
	Add: Accrued product warranties
	Add: Noncontrolling interest
	After Adjustment
	Adjusted stockholders’ equity attributable to ITW

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-10), 10-K (filing date: 2016-02-12), 10-K (filing date: 2015-02-13).

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

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Short-term debt
	Long-term debt
	Total reported debt
	Stockholders’ equity attributable to ITW
	Total reported capital
	Adjustments to Debt
	Add: Operating lease liability (before adoption of FASB Topic 842)¹
	Adjusted total debt
	Adjustments to Equity
	Less: Net deferred income tax assets (liabilities)²
	Add: Allowance for doubtful accounts
	Add: LIFO reserve³
	Add: Deferred revenue and customer deposits
	Add: Accrued product warranties
	Add: Noncontrolling interest
	Adjusted stockholders’ equity attributable to ITW
	After Adjustment
	Adjusted total capital

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-10), 10-K (filing date: 2016-02-12), 10-K (filing date: 2015-02-13).

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

² Net deferred income tax assets (liabilities). See Details »

³ LIFO reserve. See Details »

Adjustments to Revenues

Illinois Tool Works Inc., adjusted operating revenue

US$ in millions

	12 months ended	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Operating revenue
	Adjustments
	Add: Increase (decrease) in deferred revenue and customer deposits
	After Adjustment
	Adjusted operating revenue

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-10), 10-K (filing date: 2016-02-12), 10-K (filing date: 2015-02-13).

Adjustments to Reported Income

Illinois Tool Works Inc., adjusted net income

US$ in millions

	12 months ended	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Net income
	Adjustments
	Add: Deferred income tax expense (benefit)¹
	Add: Increase (decrease) in allowance for doubtful accounts
	Add: Increase (decrease) in LIFO reserve²
	Add: Increase (decrease) in deferred revenue and customer deposits
	Add: Increase (decrease) in accrued product warranties
	Less: Income from discontinued operations
	Add: Other comprehensive income (loss)
	After Adjustment
	Adjusted net income

Based on: 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-10), 10-K (filing date: 2016-02-12), 10-K (filing date: 2015-02-13).

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

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

	Illinois Tool Works Inc.	Other companies (not purchased previously)
Financial Statements
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Relative Valuation
Discounted Cash Flow (DCF) Valuation
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Long-term Trends
Analysis
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality