Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Illinois Tool Works Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	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
Short-term debt	778)	579)	592)	350)	350)	353)	4)	4)	4)	—)	—)	1,760)	1,351)	1,350)	1,350)	660)	850)	698)	691)	671)
Accounts payable	585)	565)	607)	589)	534)	521)	402)	488)	472)	493)	512)	568)	524)	576)	623)	655)	590)	585)	582)	574)
Accrued expenses	1,648)	1,399)	1,326)	1,261)	1,284)	1,263)	1,106)	1,105)	1,217)	1,229)	1,207)	1,228)	1,271)	1,268)	1,224)	1,250)	1,258)	1,231)	1,172)	1,149)
Cash dividends payable	382)	383)	358)	360)	361)	361)	338)	338)	342)	344)	323)	326)	328)	332)	262)	264)	266)	267)	224)	225)
Income taxes payable	77)	70)	77)	120)	60)	42)	152)	55)	48)	61)	53)	79)	68)	137)	88)	96)	89)	86)	157)	256)
Liabilities held for sale	—)	—)	—)	—)	—)	—)	40)	42)	71)	96)	93)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Current liabilities	3,470)	2,996)	2,960)	2,680)	2,589)	2,540)	2,042)	2,032)	2,154)	2,223)	2,188)	3,961)	3,542)	3,663)	3,547)	2,925)	3,053)	2,867)	2,826)	2,875)
Long-term debt	6,909)	6,972)	7,056)	7,599)	7,772)	7,592)	7,765)	7,690)	7,754)	7,643)	7,809)	5,981)	6,029)	6,054)	6,069)	6,889)	7,478)	7,439)	7,360)	7,205)
Deferred income taxes	654)	633)	617)	637)	588)	671)	676)	695)	668)	716)	683)	727)	707)	707)	704)	689)	164)	112)	121)	121)
Noncurrent income taxes payable	365)	365)	365)	413)	413)	413)	413)	462)	462)	462)	462)	495)	495)	496)	561)	614)	614)	—)	—)	—)
Other liabilities	1,053)	1,058)	1,061)	1,058)	1,068)	1,027)	1,009)	986)	1,000)	946)	950)	962)	839)	853)	854)	883)	882)	870)	841)	830)
Noncurrent liabilities	8,981)	9,028)	9,099)	9,707)	9,841)	9,703)	9,863)	9,833)	9,884)	9,767)	9,904)	8,165)	8,070)	8,110)	8,188)	9,075)	9,138)	8,421)	8,322)	8,156)
Total liabilities	12,451)	12,024)	12,059)	12,387)	12,430)	12,243)	11,905)	11,865)	12,038)	11,990)	12,092)	12,126)	11,612)	11,773)	11,735)	12,000)	12,191)	11,288)	11,148)	11,031)
Common stock, par value of $0.01 per share	6)	6)	6)	6)	6)	6)	6)	6)	6)	6)	6)	6)	6)	6)	6)	6)	6)	6)	6)	6)
Additional paid-in-capital	1,432)	1,416)	1,402)	1,378)	1,362)	1,346)	1,317)	1,309)	1,304)	1,286)	1,270)	1,255)	1,253)	1,241)	1,231)	1,220)	1,218)	1,207)	1,196)	1,184)
Retained earnings	24,325)	24,098)	23,842)	23,425)	23,114)	22,833)	22,612)	22,631)	22,403)	22,104)	21,788)	21,488)	21,217)	20,938)	20,633)	20,228)	20,210)	20,553)	20,180)	19,817)
Common stock held in treasury	(20,636)	(20,390)	(20,140)	(19,897)	(19,659)	(19,652)	(19,669)	(19,680)	(18,982)	(18,632)	(18,276)	(17,911)	(17,545)	(17,054)	(16,555)	(16,055)	(15,562)	(15,336)	(15,095)	(14,871)
Accumulated other comprehensive loss	(1,502)	(1,638)	(1,590)	(1,638)	(1,642)	(1,837)	(1,909)	(1,983)	(1,705)	(1,798)	(1,697)	(1,642)	(1,677)	(1,589)	(1,530)	(1,240)	(1,287)	(1,407)	(1,516)	(1,643)
Stockholders’ equity attributable to ITW	3,625)	3,492)	3,520)	3,274)	3,181)	2,696)	2,357)	2,283)	3,026)	2,966)	3,091)	3,196)	3,254)	3,542)	3,785)	4,159)	4,585)	5,023)	4,771)	4,493)
Noncontrolling interest	1)	1)	1)	2)	1)	1)	1)	1)	4)	4)	4)	4)	4)	4)	3)	4)	4)	3)	3)	5)
Total stockholders’ equity	3,626)	3,493)	3,521)	3,276)	3,182)	2,697)	2,358)	2,284)	3,030)	2,970)	3,095)	3,200)	3,258)	3,546)	3,788)	4,163)	4,589)	5,026)	4,774)	4,498)
Total liabilities and stockholders’ equity	16,077)	15,517)	15,580)	15,663)	15,612)	14,940)	14,263)	14,149)	15,068)	14,960)	15,187)	15,326)	14,870)	15,319)	15,523)	16,163)	16,780)	16,314)	15,922)	15,529)

Short-term debt: The short-term debt fluctuated notably across the periods without a clear consistent trend. Initially stable around 670-850 million USD in early periods, it spiked sharply to 1350 million USD in mid to late 2018, then dropped to minimal values in 2019 and the beginning of 2020, followed by a steady increase from 2020 to the end of 2021, reaching 778 million USD.
Accounts payable: Accounts payable showed moderate variability with a slight general decline from 582 million USD in mid-2017 to a trough around 472-493 million USD in late 2019, then a gradual recovery and slight increase into late 2021, stabilizing around 565-585 million USD.
Accrued expenses: Accrued expenses remained relatively stable from 2017 through 2019, fluctuating in the 1100-1300 million USD range. A decrease occurred in early 2020, followed by a consistent upward trend into late 2021, peaking at 1648 million USD, signaling growing short-term liabilities.
Cash dividends payable: Cash dividends payable remained generally stable around 260-360 million USD, with mild fluctuations but an overall incremental increase towards the end of 2021, reaching 382 million USD, indicating steady dividend obligations.
Income taxes payable: Income taxes payable exhibited variability without a clear directional trend, ranging from highs of 256 million USD in early 2017 to lows below 50 million USD in some quarters, with spikes notably mid-2020, suggesting changing tax liabilities possibly driven by profit variability or tax planning activities.
Liabilities held for sale: Data on liabilities held for sale was only available for 2019, showing a decline from 93 million USD to 40 million USD over the year, indicating divestiture or asset sales impacting the liability structure.
Current liabilities: Current liabilities increased significantly from 2875 million USD in early 2017 to peaks around 3663 million USD by mid-2018, then displayed sharp variability including a substantial drop in 2019 (around 2150-2220 million USD), followed by a steady increase through 2021, nearing 3470 million USD, reflecting fluctuating short-term obligations and operational dynamics.
Long-term debt: Long-term debt exhibited relative stability with moderate fluctuations, starting around 7205 million USD in 2017, dipping to approximately 6029 million USD in late 2018, followed by an uptick into 2020 and a gradual decline thereafter, ending at about 6909 million USD in late 2021. These movements suggest ongoing debt refinancing and capital structure management.
Deferred income taxes: Deferred income taxes saw a significant increase from around 121 million USD in early 2017 to a peak near 707 million USD by late 2017 and into 2018, then stabilized with minor fluctuations around 600-700 million USD through 2021, indicating growing temporary differences impacting taxation.
Noncurrent income taxes payable: The noncurrent income taxes payable were only reported starting mid-2017, with a steady decline from 614 million USD through 2021 down to approximately 365 million USD, suggesting scheduled payments or tax settlements reducing the long-term tax liabilities.
Other liabilities: Other liabilities remained relatively stable, fluctuating between 830 and 1080 million USD over the full period, with a slight upward trend after 2019, indicating steady non-classified obligations.
Noncurrent liabilities: Noncurrent liabilities increased notably from 8156 million USD in early 2017 to nearly 9138 million USD in late 2017, then declined to about 8070 million USD by late 2018. A significant rise occurred again in 2019 reaching around 9900 million USD, followed by a gradual decline towards the end of 2021 to approximately 8981 million USD, reflecting changes in long-term obligations, possibly including long-term debt and deferred taxes.
Total liabilities: Total liabilities trended upward from approximately 11031 million USD in 2017 to around 12191 million USD at the end of 2017, then plateaued with minor fluctuations, dipping below 12000 million USD in several quarters after 2019, and rising again toward late 2021 to about 12451 million USD, indicating overall growth in obligations balanced by periods of liability management.
Common stock and additional paid-in-capital: Common stock par value remained constant, while additional paid-in capital showed a gradual and consistent increase from 1184 million USD to 1432 million USD over the period, representing steady capital injections or equity transactions.
Retained earnings: Retained earnings exhibited a steady increasing trend from 19817 million USD in early 2017 to 24325 million USD by late 2021, reflecting ongoing profitability and accumulation of earnings over time despite periods of market volatility.
Common stock held in treasury: Common stock held in treasury showed a consistent increase in negative values from -14871 million USD to -20636 million USD, indicative of ongoing share repurchase or buyback programs reducing outstanding shares.
Accumulated other comprehensive loss: Accumulated other comprehensive loss generally decreased in absolute terms from -1643 million USD to around -1502 million USD with fluctuations, reflecting changes in unrealized gains or losses from items such as foreign currency translation or pension liabilities.
Stockholders’ equity attributable to the company: Stockholders' equity attributable to the company decreased from 4493 million USD in early 2017 to a low of 2283 million USD in early 2020, followed by a recovery and upward trend reaching 3625 million USD by the end of 2021. This volatility likely reflects impacts from the pandemic period with subsequent recovery.
Noncontrolling interest and total stockholders’ equity: Noncontrolling interest was minimal and stable. Total stockholders’ equity mirrored the trends of equity attributable to the company, dropping in early 2020 and recovering towards 3626 million USD by late 2021.
Total liabilities and stockholders’ equity: The sum of total liabilities and stockholders’ equity increased from 15529 million USD in early 2017 to a peak of 16780 million USD in late 2017, declined steadily through 2019 and early 2020 to a low of around 14149 million USD, then recovered towards 16077 million USD by the end of 2021, illustrating overall company growth tempered by cyclic challenges and recovery phases.

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Illinois Tool Works Inc. (NYSE:ITW)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data