Illinois Tool Works Inc. (ITW)


Income Statement
Quarterly Data

Difficulty: Beginner

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 (quarterly data)

US$ in millions

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3 months ended Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Operating revenue 3,609  3,552  3,580  3,613  3,831  3,744  3,629  3,615  3,599  3,471  3,399  3,495  3,431  3,274  3,275  3,354  3,434  3,342  3,504  3,692  3,719  3,569 
Cost of revenue (2,099) (2,059) (2,096) (2,096) (2,231) (2,181) (2,124) (2,094) (2,087) (2,004) (2,006) (2,027) (1,967) (1,896) (1,941) (1,953) (2,024) (1,970) (2,114) (2,182) (2,219) (2,158)
Gross profit 1,510  1,493  1,484  1,517  1,600  1,563  1,505  1,521  1,512  1,467  1,393  1,468  1,464  1,378  1,334  1,401  1,410  1,372  1,390  1,510  1,500  1,411 
Selling, administrative, and research and development expenses (598) (611) (578) (581) (620) (612) (605) (589) (601) (605) (597) (604) (617) (597) (598) (581) (622) (616) (644) (675) (677) (682)
Legal settlement income —  —  —  —  —  —  —  80  15  —  —  —  —  —  —  —  —  —  —  —  —  — 
Amortization and impairment of intangible assets (41) (43) (46) (47) (48) (48) (50) (51) (52) (53) (54) (56) (55) (59) (57) (59) (58) (59) (60) (63) (60) (62)
Operating income 871  839  860  889  932  903  850  961  874  809  742  808  792  722  679  761  730  697  686  772  763  667 
Interest expense (55) (63) (63) (64) (64) (66) (66) (65) (65) (64) (63) (58) (58) (58) (58) (59) (55) (54) (54) (68) (64) (64)
Other income (expense) 14  19  10  26  12  12  10  10  47  13  17  13  23  21  21  25  20 
Income from continuing operations before taxes 825  790  816  835  894  849  796  906  819  749  726  763  751  668  634  725  696  664  657  724  706  612 
Income taxes (202) (193) (209) (197) (228) (197) (872) (266) (232) (213) (219) (228) (226) (200) (184) (214) (216) (206) (196) (217) (212) (184)
Income from continuing operations 623  597  607  638  666  652  (76) 640  587  536  507  535  525  468  450  511  480  458  461  507  494  428 
Income from discontinued operations —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (11) 24  998  45 
Net income 623  597  607  638  666  652  (76) 640  587  536  507  535  525  468  450  511  480  458  450  531  1,492  473 

Based on: 10-Q (filing date: 2019-08-02), 10-Q (filing date: 2019-05-03), 10-K (filing date: 2019-02-15), 10-Q (filing date: 2018-11-01), 10-Q (filing date: 2018-08-03), 10-Q (filing date: 2018-05-04), 10-K (filing date: 2018-02-15), 10-Q (filing date: 2017-10-27), 10-Q (filing date: 2017-08-04), 10-Q (filing date: 2017-05-05), 10-K (filing date: 2017-02-10), 10-Q (filing date: 2016-10-28), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06), 10-K (filing date: 2016-02-12), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-08-07), 10-Q (filing date: 2015-05-07), 10-K (filing date: 2015-02-13), 10-Q (filing date: 2014-10-31), 10-Q (filing date: 2014-08-08), 10-Q (filing date: 2014-05-02).

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 declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 exceeding Q4 2018 level.
Operating income The net result for the period of deducting operating expenses from operating revenues. Illinois Tool Works Inc.’s operating income declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 exceeding Q4 2018 level.
Income from continuing operations before 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 from continuing operations before taxes declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 exceeding Q4 2018 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 declined from Q4 2018 to Q1 2019 but then increased from Q1 2019 to Q2 2019 exceeding Q4 2018 level.