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Microsoft Excel LibreOffice Calc

Illinois Tool Works Inc. (ITW)


Adjustments to Financial Statements

Difficulty: Advanced


Adjustments to Current Assets

Illinois Tool Works Inc., adjusted current assets

US$ in millions

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 »