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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): August 5, 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
3.250% Euro Notes due 2028ITW28New York Stock Exchange
2.125% Euro Notes due 2030ITW30New York Stock Exchange
1.00% Euro Notes due 2031ITW31New York Stock Exchange
3.375% Euro Notes due 2032ITW32New 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 8.01 Other Events.

On August 5, 2024, Illinois Tool Works Inc. and its wholly-owned subsidiary, ITW DS Investments Inc. (collectively, the “Company”) entered into a purchase agreement with affiliates of Clayton, Dubilier and Rice, LLC for the sale of the Company’s non-controlling equity interest in Wilsonart International Holdings LLC (“Wilsonart”). The transaction closed immediately after the execution of the purchase agreement. Total cash proceeds from the transaction were approximately $398 million.

The Company’s equity interest in Wilsonart has historically been reported using the equity method of accounting. In 2016, the Company received a dividend distribution from Wilsonart which exceeded the Company’s equity investment balance. As a result of that dividend distribution, the equity investment balance in Wilsonart was reduced to zero and subsequent equity investment income was suspended and no longer recognized.

The sale of the Company’s equity interest in Wilsonart is expected to result in a pre-tax gain of approximately $360 million in the third quarter of 2024. The expected gain on sale was not reflected in the Company’s most recently provided full-year 2024 guidance. The sale of the Company’s equity interest in Wilsonart is not expected to have a material impact on the Company’s financial results in subsequent quarters.

Forward-looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements regarding the impact of the sale of the Company’s equity interest in Wilsonart 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 2023 and subsequent reports filed with the SEC.




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: August 6, 2024By: /s/ Randall J. Scheuneman
Name: Randall J. Scheuneman
Title: Vice President & Chief Accounting Officer

v3.24.2.u1
Document and Entity Information Document
Aug. 05, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Aug. 05, 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. | 3.250% Euro Notes due 2028  
Entity Information [Line Items]  
Title of 12(b) Security 3.250% Euro Notes due 2028
Trading Symbol ITW28
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. | 3.375% Euro Notes due 2032  
Entity Information [Line Items]  
Title of 12(b) Security 3.375% Euro Notes due 2032
Trading Symbol ITW32
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
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