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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 1, 2024
_________________________

ILLINOIS TOOL WORKS INC.
(Exact name of registrant as specified in its charter)
Delaware1-479736-1258310
(State or other jurisdiction of incorporation)(Commission File No.)(I.R.S. Employer Identification No.)
155 Harlem AvenueGlenviewIL60025
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: 847-724-7500

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockITWNew York Stock Exchange
0.250% Euro Notes due 2024ITW24ANew York Stock Exchange
0.625% Euro Notes due 2027ITW27New York Stock Exchange
2.125% Euro Notes due 2030ITW30New York Stock Exchange
1.00% Euro Notes due 2031ITW31New York Stock Exchange
3.00% Euro Notes due 2034ITW34New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02    Results of Operations and Financial Condition

On February 1, 2024, Illinois Tool Works Inc. (the "Company") announced its 2023 fourth quarter results of operations in the press release furnished as Exhibit 99.1.

Non-GAAP Financial Measures

The Company uses free cash flow to measure cash flow generated by operations that is available for dividends, share repurchases, acquisitions and debt repayment. The Company believes this non-GAAP financial measure, along with free cash flow to net income conversion rate, are useful to investors in evaluating the Company’s financial performance and measures the Company's ability to generate cash internally to fund Company initiatives. Free cash flow represents net cash provided by operating activities less additions to plant and equipment. Free cash flow is a measurement that is not the same as net cash flow from operating activities per the statement of cash flows and may not be consistent with similarly titled measures used by other companies. A reconciliation of free cash flow to net cash provided by operating activities is included in the press release furnished as Exhibit 99.1.

The Company uses after-tax return on average invested capital ("After-tax ROIC") to measure the effectiveness of its operations' use of invested capital to generate profits. After-tax ROIC is not defined under U.S. generally accepted accounting principles ("GAAP"). After-tax ROIC is a non-GAAP financial measure that the Company believes is a meaningful metric to investors in evaluating the Company's ability to generate returns from cash invested in its operations and may be different than the method used by other companies to calculate After-tax ROIC. The Company defines After-tax ROIC as operating income after taxes divided by average invested capital, which is annualized when presented in interim periods. Operating income after taxes is a non-GAAP measure consisting of net income before interest expense and other income (expense), on an after-tax basis, which are excluded as they do not represent returns generated by the Company's operations. For comparability, the Company also excluded the discrete tax benefit of $20 million in the second quarter of 2023 from net income and the effective tax rate for the year ended December 31, 2023. Additionally, for comparability, the Company also excluded the discrete tax benefit of $32 million in the fourth quarter of 2022 from net income and the effective tax rate for the three and twelve months ended December 31, 2022, and the discrete tax benefit of $51 million in the second quarter of 2022 from net income and the effective tax rate for the twelve months ended December 31, 2022. Total invested capital represents the net assets of the Company, other than cash and equivalents and outstanding debt which do not represent capital investment in the Company's operations. The most comparable GAAP measure to operating income after taxes is net income. Calculations of net income to average invested capital and After-tax ROIC are included in the press release furnished as Exhibit 99.1.

The Company presented diluted net income per share for the three and twelve months ended December 31, 2022 excluding the net impact of gains from two divestitures in the fourth quarter of 2022. Additionally, the Company presented diluted net income per share for the three months ended December 31, 2023 excluding the Argentina currency devaluation impact in the fourth quarter of 2023. The Company believes this non-GAAP measure enhances investors' understanding of the Company's underlying financial performance and improves comparability with other periods. A reconciliation of this non-GAAP measure to diluted net income per share is included in the press release furnished as Exhibit 99.1.


Item 9.01    Financial Statements and Exhibits
(d)Exhibits
Exhibit NumberExhibit Description
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURES


Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ILLINOIS TOOL WORKS INC.
Dated: February 1, 2024
By: /s/ Michael M. Larsen
Michael M. Larsen
Senior Vice President & Chief Financial Officer



Exhibit 99.1

ITW Reports Fourth Quarter and Full Year 2023 Results

Fourth Quarter 2023 Highlights
•Revenue of $4.0 billion, essentially flat
•Operating margin of 24.8% as enterprise initiatives contributed 150 bps
•GAAP EPS of $2.38 included $(0.04) impact from the devaluation of Argentina’s currency

2023 Highlights
•Revenue of $16.1 billion, an increase of 1% with organic growth of 2%
•Operating income of $4 billion, an increase of 7%
•Operating margin of 25.1%, an increase of 130 bps
•GAAP EPS of $9.74, an increase of 6% excluding $0.60 of divestiture gains in 2022

2024 Guidance
•Revenue growth of 2 to 4% with organic growth of 1 to 3%
•Operating margin of 25.5 to 26.5% with enterprise initiatives contributing approximately 100 bps
•GAAP EPS of $10.00 to $10.40, a year-over-year increase of 5% at the mid-point

GLENVIEW, IL., February 1, 2024 - Illinois Tool Works Inc. (NYSE: ITW) today reported its fourth quarter and full year 2023 results and initiated guidance for full year 2024.

“In a challenging macro demand environment, the ITW team continued to leverage the strength and resilience of ITW’s proprietary business model and high-quality diversified portfolio to deliver a solid finish to a record year for the company,” said Christopher A. O’Herlihy, President and Chief Executive Officer.

“2023 marked another year of strong operational execution and financial performance, as ITW delivered organic growth of two percent, expanded operating margin by 130 basis points to 25.1 percent, grew operating income seven percent to $4 billion, and increased cash flow by more than 50 percent. We made solid progress in our efforts to build above-market organic growth fueled by customer-back innovation into a defining ITW strength, on par with our world-class financial and operational capabilities. As a result, we are very pleased with our momentum and positioning heading into 2024. I want to thank my ITW colleagues around the world for their extraordinary dedication and commitment to serving our customers and executing our strategy with excellence every day.”

Fourth Quarter 2023 Results

Fourth quarter revenue of $4.0 billion increased 0.3 percent with organic revenue down 0.5 percent, as divestitures reduced revenue by 0.4 percent and favorable foreign currency translation added 1.2 percent. End customer and channel inventory reduction efforts combined with the impact from automotive industry labor actions reduced organic growth by an estimated 1.5 percent in the quarter.

GAAP EPS of $2.38 included $(0.04) of unfavorable impact from the devaluation of Argentina’s currency. Operating income of $988 million was a fourth-quarter company record, and enterprise initiatives contributed 150 basis points to operating margin of 24.8 percent. Operating cash flow was $1 billion, and free cash flow grew 39 percent to a record $908 million, with a conversion of 127 percent to net income. During the quarter, the company repurchased $375 million of its own shares and the effective tax rate was 22.6 percent.

Full Year 2023 Results

Full year revenue of $16.1 billion increased one percent with organic revenue growth of two percent. The net impact from divestitures and foreign currency translation reduced revenue by one percent. End customer and channel inventory reduction impact reduced organic growth by an estimated one percent. On a geographic basis, organic growth was essentially flat in North America, up four percent in Europe, and up seven percent in Asia Pacific.

GAAP EPS of $9.74 increased six percent excluding divestiture gains of $0.60 in 2022. Operating income of $4 billion grew seven percent, and operating margin increased 130 basis points to a record 25.1 percent with enterprise initiatives contributing


130 basis points. Operating cash flow was $3.5 billion and free cash flow was a record $3.1 billion, an increase of 59 percent with a conversion of 104 percent to net income. The company invested approximately $800 million to support the long-term profitable growth of its businesses and returned $3.1 billion to shareholders through dividends and share repurchases and raised the dividend by seven percent per share. The effective tax rate was 22.6 percent.

2024 Guidance

The company is initiating 2024 guidance including GAAP EPS in the range of $10.00 to $10.40 per share and revenue growth of two to four percent based on current levels of demand. Organic growth is projected to be one to three percent with foreign currency translation at current exchange rates adding approximately one percent to revenue. Operating margin is projected to be in the range of 25.5 to 26.5 percent, with enterprise initiatives contributing approximately 100 basis points. Free cash flow is expected to be greater than 100 percent of net income and the company plans to repurchase approximately $1.5 billion of its own shares. The projected effective tax rate is in the range of 24 to 24.5 percent.

Non-GAAP Measures

This earnings release contains certain non-GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP measures is included in the attached supplemental reconciliation schedule. The estimated guidance of free cash flow to net income conversion rate is based on assumptions that are difficult to predict, and estimated guidance for the most directly comparable GAAP measure and a reconciliation of this forward-looking estimate to its most directly comparable GAAP estimate have been omitted due to the unreasonable efforts required in connection with such a reconciliation and the lack of reliable forward-looking cash flow information. For the same reasons, the company is unable to address the potential significance of the unavailable information, which could be material to future results.

Forward-looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements regarding global supply chain challenges, expected impact of inflation including raw material inflation and rising interest rates, the impact of enterprise initiatives, future financial and operating performance, free cash flow and free cash flow to net income conversion rate, organic and total revenue, operating and incremental margin, price/cost impact, statements regarding diluted income per share, restructuring expenses and related benefits, expected dividend payments, after-tax return on invested capital, effective tax rates, exchange rates, expected access to liquidity sources, expected capital allocation, expected timing and amount of share repurchases, end market economic and regulatory conditions, the impact of recent or potential acquisitions and/or divestitures, and the Company’s 2024 guidance. These statements are subject to certain risks, uncertainties, assumptions, and other factors, which could cause actual results to differ materially from those anticipated. Important risks that could cause actual results to differ materially from the Company’s expectations include those that are detailed in ITW’s Form 10-K for 2022 and subsequent reports filed with the SEC.

About Illinois Tool Works

ITW (NYSE: ITW) is a Fortune 200 global multi-industrial manufacturing leader with revenue of $16.1 billion in 2023. The company’s seven industry-leading segments leverage the unique ITW Business Model to drive solid growth with best-in-class margins and returns in markets where highly innovative, customer-focused solutions are required. ITW’s approximately 45,000 dedicated colleagues around the world thrive in the company’s decentralized and entrepreneurial culture. www.itw.com



ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
STATEMENT OF INCOME (UNAUDITED)

Three Months EndedTwelve Months Ended
December 31,December 31,
In millions except per share amounts2023202220232022
Operating Revenue$3,983 $3,971 $16,107 $15,932 
Cost of revenue2,312 2,309 9,316 9,429 
Selling, administrative, and research and development expenses658 644 2,638 2,579 
Amortization and impairment of intangible assets25 32 113 134 
Operating Income988 986 4,040 3,790 
Interest expense(70)(56)(266)(203)
Other income (expense)9 191 49 255 
Income Before Taxes927 1,121 3,823 3,842 
Income taxes210 214 866 808 
Net Income$717 $907 $2,957 $3,034 
Net Income Per Share:
Basic
$2.39 $2.96 $9.77 $9.80 
Diluted
$2.38 $2.95 $9.74 $9.77 
Cash Dividends Per Share:
Paid
$1.40 $1.31 $5.33 $4.97 
Declared
$1.40 $1.31 $5.42 $5.06 
Shares of Common Stock Outstanding During the Period:
Average
300.1306.8302.6309.6
Average assuming dilution
301.1307.9303.6310.7



ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
STATEMENT OF FINANCIAL POSITION (UNAUDITED)

In millionsDecember 31, 2023December 31, 2022
Assets  
Current Assets:  
Cash and equivalents$1,065 $708 
Trade receivables3,123 3,171 
Inventories1,707 2,054 
Prepaid expenses and other current assets340 329 
Assets held for sale— 8 
Total current assets6,235 6,270 
Net plant and equipment1,976 1,848 
Goodwill4,909 4,864 
Intangible assets657 768 
Deferred income taxes479 494 
Other assets1,262 1,178 
 $15,518 $15,422 
Liabilities and Stockholders' Equity  
Current Liabilities:  
Short-term debt$1,825 $1,590 
Accounts payable581 594 
Accrued expenses1,663 1,728 
Cash dividends payable419 400 
Income taxes payable187 147 
Liabilities held for sale— 1 
Total current liabilities4,675 4,460 
Noncurrent Liabilities:  
Long-term debt6,339 6,173 
Deferred income taxes326 484 
Noncurrent income taxes payable151 273 
Other liabilities1,014 943 
Total noncurrent liabilities7,830 7,873 
Stockholders' Equity:  
Common stock6 6 
Additional paid-in-capital1,588 1,501 
Retained earnings27,122 25,799 
Common stock held in treasury(23,870)(22,377)
Accumulated other comprehensive income (loss)(1,834)(1,841)
Noncontrolling interest1 1 
Total stockholders' equity3,013 3,089 
$15,518 $15,422 



ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
SEGMENT DATA (UNAUDITED)

Three Months Ended December 31, 2023
Dollars in millionsTotal RevenueOperating IncomeOperating Margin
Automotive OEM$814 $143 17.6 %
Food Equipment655 177 27.0 %
Test & Measurement and Electronics731 185 25.3 %
Welding451 134 29.6 %
Polymers & Fluids440 125 28.5 %
Construction Products459 124 26.9 %
Specialty Products437 116 26.6 %
Intersegment(4)— — %
Total Segments3,983 1,004 25.2 %
Unallocated— (16)— %
Total Company$3,983 $988 24.8 %
Twelve Months Ended December 31, 2023
Dollars in millionsTotal RevenueOperating IncomeOperating Margin
Automotive OEM$3,235 $561 17.3 %
Food Equipment2,622 713 27.2 %
Test & Measurement and Electronics2,832 686 24.2 %
Welding1,902 605 31.8 %
Polymers & Fluids1,804 482 26.7 %
Construction Products2,033 578 28.4 %
Specialty Products1,697 449 26.5 %
Intersegment(18)— — %
Total Segments16,107 4,074 25.3 %
Unallocated— (34)— %
Total Company$16,107 $4,040 25.1 %


ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
SEGMENT DATA (UNAUDITED)

Q4 2023 vs. Q4 2022 Favorable/(Unfavorable)
Operating RevenueAutomotive OEMFood EquipmentTest & Measurement and ElectronicsWeldingPolymers & FluidsConstruction ProductsSpecialty ProductsTotal ITW
Organic7.7 %2.7 %(1.4)%(6.8)%(1.6)%(3.5)%(5.4)%(0.5)%
Acquisitions/
Divestitures		— %(0.9)%— %— %— %— %(1.8)%(0.4)%
Translation1.7 %2.1 %1.1 %0.5 %(1.6)%1.2 %1.8 %1.2 %
Operating Revenue9.4 %3.9 %(0.3)%(6.3)%(3.2)%(2.3)%(5.4)%0.3 %
Q4 2023 vs. Q4 2022 Favorable/(Unfavorable)
Change in Operating MarginAutomotive OEMFood EquipmentTest & Measurement and ElectronicsWeldingPolymers & FluidsConstruction ProductsSpecialty ProductsTotal ITW
Operating Leverage130 bps50 bps(30) bps(100) bps(30) bps(60) bps(110) bps(10) bps
Changes in Variable Margin & OH Costs80 bps(90) bps(110) bps(110) bps370 bps190 bps90 bps40 bps
Total Organic210 bps(40) bps(140) bps(210) bps340 bps130 bps(20) bps30 bps
Acquisitions/
Divestitures		—10 bps————50 bps10 bps
Restructuring/Other (160) bps  (30) bps  (20) bps  10 bps  (70) bps  10 bps  60 bps  (40) bps
Total Operating Margin Change50 bps(60) bps(160) bps(200) bps270 bps140 bps90 bps—
Total Operating Margin % *17.6%27.0%25.3%29.6%28.5%26.9%26.6%24.8%
* Includes unfavorable operating margin impact of amortization expense from acquisition-related intangible assets 20 bps  50 bps  140 bps  10 bps  160 bps  20 bps  20 bps  60 bps **
** Amortization expense from acquisition-related intangible assets had an unfavorable impact of ($0.06) on GAAP earnings per share for the fourth quarter of 2023.


ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
SEGMENT DATA (UNAUDITED)

Full Year 2023 vs Full Year 2022 Favorable/(Unfavorable)
Operating RevenueAutomotive OEMFood EquipmentTest & Measurement and ElectronicsWeldingPolymers & FluidsConstruction ProductsSpecialty ProductsTotal ITW
Organic8.8 %7.8 %0.3 %0.3 %0.3 %(3.2)%(4.9)%2.0 %
Acquisitions/
Divestitures		— %(1.2)%— %— %(4.0)%— %(1.6)%(0.8)%
Translation0.2 %0.7 %(0.2)%0.1 %(1.6)%(0.6)%0.8 %(0.1)%
Operating Revenue9.0 %7.3 %0.1 %0.4 %(5.3)%(3.8)%(5.7)%1.1 %
Full Year 2023 vs Full Year 2022 Favorable/(Unfavorable)
Change in Operating MarginAutomotive OEMFood EquipmentTest & Measurement and ElectronicsWeldingPolymers & FluidsConstruction ProductsSpecialty ProductsTotal ITW
Operating Leverage160 bps150 bps10 bps10 bps—(60) bps(90) bps40 bps
Changes in Variable Margin & OH Costs(120) bps30 bps10 bps90 bps180 bps330 bps30 bps90 bps
Total Organic40 bps180 bps20 bps100 bps180 bps270 bps(60) bps130 bps
Acquisitions/
Divestitures		—20 bps——30 bps—40 bps10 bps
Restructuring/Other 10 bps  (10) bps  (20) bps — (60) bps  (20) bps — (10) bps
Total Operating Margin Change50 bps190 bps—100 bps150 bps250 bps(20) bps130 bps
Total Operating Margin % *17.3%27.2%24.2%31.8%26.7%28.4%26.5%25.1%
* Includes unfavorable operating margin impact of amortization expense from acquisition-related intangible assets 30 bps  50 bps  160 bps  10 bps  180 bps  20 bps  40 bps  70 bps **
** Amortization expense from acquisition-related intangible assets had an unfavorable impact of ($0.28) on GAAP earnings per share for 2023.



ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
GAAP to NON-GAAP RECONCILIATIONS (UNAUDITED)

AFTER-TAX RETURN ON AVERAGE INVESTED CAPITAL (UNAUDITED)

Three Months EndedTwelve Months Ended
December 31,December 31,
Dollars in millions2023202220232022
Numerator:
Net income$717 $907 $2,957 $3,034 
Discrete tax benefit related to the second quarter 2023— — (20)— 
Discrete tax benefit related to the fourth quarter 2022— (32)— (32)
Discrete tax benefit related to the second quarter 2022— — — (51)
Interest expense, net of tax (1)
54 44 204 156 
Other (income) expense, net of tax (1)
(7)(147)(38)(196)
Operating income after taxes$764 $772 $3,103 $2,911 
Denominator:
Invested capital:
Cash and equivalents$1,065 $708 $1,065 $708 
Trade receivables3,123 3,171 3,123 3,171 
Inventories1,707 2,054 1,707 2,054 
Net assets held for sale— 7 — 7 
Net plant and equipment1,976 1,848 1,976 1,848 
Goodwill and intangible assets5,566 5,632 5,566 5,632 
Accounts payable and accrued expenses(2,244)(2,322)(2,244)(2,322)
Debt(8,164)(7,763)(8,164)(7,763)
Other, net(16)(246)(16)(246)
Total net assets (stockholders' equity)3,013 3,089 3,013 3,089 
Cash and equivalents(1,065)(708)(1,065)(708)
Debt8,164 7,763 8,164 7,763 
Total invested capital$10,112 $10,144 $10,112 $10,144 
Average invested capital (2)
$10,096 $10,006 $10,214 $10,017 
Net income to average invested capital (3)
28.4 %36.3 %29.0 %30.3 %
After-tax return on average invested capital (3)
30.3 %30.8 %30.4 %29.1 %

(1)    Effective tax rate used for interest expense and other (income) expense for the three months ended December 31, 2023 and 2022 was 22.6% and 22.0%, respectively, and 23.2% for the twelve months ended December 31, 2023 and 2022.

(2)    Average invested capital is calculated using the total invested capital balances at the start of the period and at the end of each quarter within each of the periods presented.

(3)    Returns for the three months ended December 31, 2023 and 2022 were converted to an annual rate by multiplying the calculated return by 4.



A reconciliation of the 2023 effective tax rate excluding the second quarter 2023 discrete tax benefit of $20 million related to amended 2021 U.S. taxes is as follows:

Twelve Months Ended
December 31, 2023
Dollars in millionsIncome TaxesTax Rate
As reported$866 22.6 %
Discrete tax benefit related to the second quarter 202320 0.6 %
As adjusted$886 23.2 %

A reconciliation of the effective tax rate for the three and twelve month periods ended December 31, 2022, excluding the fourth quarter 2022 discrete tax benefit of $32 million related to the utilization of capital loss carryforwards and the second quarter 2022 discrete tax benefit of $51 million related to the resolution of a U.S. tax audit, is as follows:


Three Months EndedTwelve Months Ended
December 31, 2022December 31, 2022
Dollars in millionsIncome TaxesTax RateIncome TaxesTax Rate
As reported$214 19.1 %$808 21.0 %
Discrete tax benefit related to the fourth quarter 202232 2.9 %32 0.8 %
Discrete tax benefit related to the second quarter 2022— — %51 1.4 %
As adjusted$246 22.0 %$891 23.2 %





FREE CASH FLOW (UNAUDITED)

Three Months EndedTwelve Months Ended
December 31,December 31,
Dollars in millions2023202220232022
Net cash provided by operating activities$1,039 $811 $3,539 $2,348 
Less: Additions to plant and equipment(131)(156)(455)(412)
Free cash flow$908 $655 $3,084 $1,936 
Net income$717 $907 $2,957 $3,034 
Net cash provided by operating activities to net income conversion rate145 %89 %120 %77 %
Free cash flow to net income conversion rate127 %72 %104 %64 %

Three Months Ended
March 31,June 30,September 30,
Dollars in millions202320232023
Net cash provided by operating activities$728 $790 $982 
Less: Additions to plant and equipment(113)(85)(126)
Free cash flow$615 $705 $856 
Net income$714 $754 $772 
Net cash provided by operating activities to net income conversion rate102 %105 %127 %
Free cash flow to net income conversion rate86 %94 %111 %

ADJUSTED NET INCOME PER SHARE - DILUTED (UNAUDITED)

Three Months Ended
December 31, 2023
As reported$2.38 
Argentina currency devaluation impact in the fourth quarter 20230.04 
As adjusted$2.42 

Three Months EndedTwelve Months Ended
December 31, 2022December 31, 2022
As reported$2.95 $9.77 
Net impact of gains from two divestitures in the fourth quarter 2022(0.61)(0.60)
As adjusted$2.34 $9.17 


v3.24.0.1
Document and Entity Information Document
Feb. 01, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 01, 2024
Entity Registrant Name ILLINOIS TOOL WORKS INC.
Entity Incorporation, State or Country Code DE
Entity File Number 1-4797
Entity Tax Identification Number 36-1258310
Entity Address, Address Line One 155 Harlem Avenue
Entity Address, City or Town Glenview
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60025
City Area Code 847
Local Phone Number 724-7500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000049826
Amendment Flag false
NEW YORK STOCK EXCHANGE, INC. | Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock
Trading Symbol ITW
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 0.250% Euro Notes due 2024  
Entity Information [Line Items]  
Title of 12(b) Security 0.250% Euro Notes due 2024
Trading Symbol ITW24A
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 0.625% Euro Notes due 2027  
Entity Information [Line Items]  
Title of 12(b) Security 0.625% Euro Notes due 2027
Trading Symbol ITW27
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 2.125% Euro Notes due 2030  
Entity Information [Line Items]  
Title of 12(b) Security 2.125% Euro Notes due 2030
Trading Symbol ITW30
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 1.00% Euro Notes due 2031  
Entity Information [Line Items]  
Title of 12(b) Security 1.00% Euro Notes due 2031
Trading Symbol ITW31
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. | 3.00% Euro Notes due 2034  
Entity Information [Line Items]  
Title of 12(b) Security 3.00% Euro Notes due 2034
Trading Symbol ITW34
Security Exchange Name NYSE
Illinois Tool Works (NYSE:ITW)
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Illinois Tool Works (NYSE:ITW)
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Von Mai 2023 bis Mai 2024 Click Here for more Illinois Tool Works Charts.