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The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
Illinois Tool Works Inc., consolidated income statement
US$ in millions
|Income statement item||Description||The company|
|Operating revenue||Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.||Illinois Tool Works Inc.’s operating revenue increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.|
|Operating income||The net result for the period of deducting operating expenses from operating revenues.||Illinois Tool Works Inc.’s operating income increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.|
|Income before income taxes||Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.||Illinois Tool Works Inc.’s income before income taxes increased from 2017 to 2018 but then slightly decreased from 2018 to 2019 not reaching 2017 level.|
|Net income||The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.||Illinois Tool Works Inc.’s net income increased from 2017 to 2018 but then slightly decreased from 2018 to 2019.|