Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Illinois Tool Works Inc. (NYSE:ITW)

Adjustments to Financial Statements

Advanced level

Adjustments to Current Assets

Illinois Tool Works Inc., adjusted current assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Current assets 6,523  6,253  5,778  7,278  6,123 
Adjustments
Add: Allowance for doubtful accounts 29  20  21  43  43 
Add: LIFO reserve1 82  89  97  89  86 
After Adjustment
Adjusted current assets 6,634  6,362  5,896  7,410  6,252 

Based on: 10-K (filing date: 2021-02-12), 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-10).

1 LIFO reserve. See details »


Adjustments to Total Assets

Illinois Tool Works Inc., adjusted total assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Total assets 15,612  15,068  14,870  16,780  15,201 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  —  203  284  310 
Add: Allowance for doubtful accounts 29  20  21  43  43 
Add: LIFO reserve2 82  89  97  89  86 
Less: Deferred income tax assets3 533  516  554  505  449 
After Adjustment
Adjusted total assets 15,190  14,661  14,637  16,691  15,191 

Based on: 10-K (filing date: 2021-02-12), 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-10).

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 LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Current liabilities 2,589  2,154  3,542  3,053  2,760 
Adjustments
Less: Current deferred revenue and customer deposits 222  188  215  205  180 
Less: Current accrued product warranties 45  45  45  45  45 
After Adjustment
Adjusted current liabilities 2,322  1,921  3,282  2,803  2,535 

Based on: 10-K (filing date: 2021-02-12), 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-10).


Adjustments to Total Liabilities

Illinois Tool Works Inc., adjusted total liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Total liabilities 12,430  12,038  11,612  12,191  10,942 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  —  203  284  310 
Less: Deferred income tax liabilities2 588  668  707  164  134 
Less: Deferred revenue and customer deposits 222  188  215  205  180 
Less: Accrued product warranties 45  45  45  45  45 
After Adjustment
Adjusted total liabilities 11,575  11,137  10,848  12,061  10,893 

Based on: 10-K (filing date: 2021-02-12), 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-10).

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 LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Stockholders’ equity attributable to ITW 3,181  3,026  3,254  4,585  4,254 
Adjustments
Less: Net deferred income tax assets (liabilities)1 (55) (152) (153) 341  315 
Add: Allowance for doubtful accounts 29  20  21  43  43 
Add: LIFO reserve2 82  89  97  89  86 
Add: Deferred revenue and customer deposits 222  188  215  205  180 
Add: Accrued product warranties 45  45  45  45  45 
Add: Noncontrolling interest
After Adjustment
Adjusted total stockholders’ equity 3,615  3,524  3,789  4,630  4,298 

Based on: 10-K (filing date: 2021-02-12), 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-10).

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 LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Short-term debt 350  1,351  850  652 
Long-term debt 7,772  7,754  6,029  7,478  7,177 
Total reported debt 8,122  7,758  7,380  8,328  7,829 
Stockholders’ equity attributable to ITW 3,181  3,026  3,254  4,585  4,254 
Total reported capital 11,303  10,784  10,634  12,913  12,083 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  —  203  284  310 
Add: Current portion of operating lease liabilities2 55  51  —  —  — 
Add: Long-term portion of operating lease liabilities3 133  128  —  —  — 
Adjusted total debt 8,310  7,937  7,583  8,612  8,139 
Adjustments to Equity
Less: Net deferred income tax assets (liabilities)4 (55) (152) (153) 341  315 
Add: Allowance for doubtful accounts 29  20  21  43  43 
Add: LIFO reserve5 82  89  97  89  86 
Add: Deferred revenue and customer deposits 222  188  215  205  180 
Add: Accrued product warranties 45  45  45  45  45 
Add: Noncontrolling interest
Adjusted total stockholders’ equity 3,615  3,524  3,789  4,630  4,298 
After Adjustment
Adjusted total capital 11,925  11,461  11,372  13,242  12,437 

Based on: 10-K (filing date: 2021-02-12), 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-10).

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 LibreOffice Calc
12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Operating revenue 12,574  14,109  14,768  14,314  13,599 
Adjustment
Add: Increase (decrease) in deferred revenue and customer deposits 34  (27) 10  25  11 
After Adjustment
Adjusted operating revenue 12,608  14,082  14,778  14,339  13,610 

Based on: 10-K (filing date: 2021-02-12), 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-10).


Adjustments to Reported Income

Illinois Tool Works Inc., adjusted net income

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Net income 2,109  2,521  2,563  1,687  2,035 
Adjustments
Add: Deferred income tax expense (benefit)1 (30) 32  34  64  (263)
Add: Increase (decrease) in allowance for doubtful accounts (1) (22) — 
Add: Increase (decrease) in LIFO reserve2 (7) (8)
Add: Increase (decrease) in deferred revenue and customer deposits 34  (27) 10  25  11 
Add: Increase (decrease) in accrued product warranties —  —  —  —  (1)
Add: Other comprehensive income (loss) 63  (28) (345) 520  (303)
After Adjustment
Adjusted net income 2,178  2,489  2,248  2,299  1,485 

Based on: 10-K (filing date: 2021-02-12), 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-15), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-10).

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

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