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ITW > SEC Filings for ITW > Form 8-K on 29-Jul-2014All Recent SEC Filings

Show all filings for ILLINOIS TOOL WORKS INC

Form 8-K for ILLINOIS TOOL WORKS INC


29-Jul-2014

Results of Operations and Financial Condition, Financial Statements and E


Item 2.02 Results of Operations and Financial Condition

On July 29, 2014, Illinois Tool Works Inc. (the "Company") announced its 2014 second quarter results of operations in the press release furnished as Exhibit
99.1. The Company's presentation from the second quarter conference call held on July 29, 2014 is furnished as Exhibit 99.2.

Non-GAAP Financial Measures

The Company uses free operating 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 is 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 operating cash flow represents net cash provided by operating activities less additions to plant and equipment. Free operating 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 operating cash flow to net cash provided by operating activities is included in the press release furnished as Exhibit 99.1.

The Company uses adjusted return on average invested capital ("adjusted ROIC") to measure the effectiveness of its operations' use of invested capital to generate profits. Adjusted ROIC is a non-GAAP financial measure that the Company believes is a meaningful metric to investors in evaluating the Company's financial performance and may be different than the method used by other companies to calculate ROIC. Adjusted average invested capital represents the net assets of the Company, excluding cash and equivalents and outstanding debt, as they do not represent capital investment in the Company's operations. Adjusted average invested capital also excludes the Company's net investment in the former Industrial Packaging segment and the equity investment in the Wilsonart business (formerly Decorative Surfaces). Average invested capital is calculated using balances at the start of the period and at the end of each quarter. A calculation of adjusted ROIC is included in the press release furnished as Exhibit 99.1.




Item 9.01 Financial Statements and Exhibits
(d) Exhibits

    Exhibit Number   Exhibit Description
    99.1             Press Release issued by Illinois Tool Works Inc. dated July 29,
                     2014 (furnished pursuant to Item 2.02).
    99.2             Presentation from Illinois Tool Works Inc. second quarter
                     conference call on July 29, 2014 (furnished pursuant to Item
                     2.02).


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