ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
2013 PRO FORMA STATEMENT OF INCOME RESTATED FOR DISCONTINUED OPERATIONS (UNAUDITED)
|
| | | | | | | | | | | |
| | |
| (In millions except per share amounts) | 2013 |
| | 1Q | | 2Q | | YTD |
| Operating Revenues | $ | 3,420 |
| | $ | 3,593 |
| | $ | 7,013 |
|
| Cost of revenues | 2,078 |
| | 2,155 |
| | 4,233 |
|
| Selling, administrative, and research and development expenses | 703 |
| | 747 |
| | 1,450 |
|
| Amortization of intangible assets | 61 |
| | 61 |
| | 122 |
|
| Impairment of goodwill and other intangible assets | — |
| | — |
| | — |
|
| Operating Income | 578 |
| | 630 |
| | 1,208 |
|
| Interest expense | (60 | ) | | (59 | ) | | (119 | ) |
| Other income (expense) | 47 |
| | 10 |
| | 57 |
|
| Income from Continuing Operations before Income Taxes | 565 |
| | 581 |
| | 1,146 |
|
| Income taxes | 164 |
| | 165 |
| | 329 |
|
| Income from Continuing Operations | 401 |
| | 416 |
| | 817 |
|
| Income (Loss) from Discontinued Operations | (47 | ) | | 49 |
| | 2 |
|
| Net Income | $ | 354 |
| | $ | 465 |
| | $ | 819 |
|
| | | | | | |
| Income Per Share from Continuing Operations: | | | | |
| Basic | $ | 0.89 |
| | $ | 0.93 |
| | $ | 1.81 |
|
| Diluted | $ | 0.88 |
| | $ | 0.92 |
| | $ | 1.80 |
|
| Income (Loss) Per Share from Discontinued Operations: | | | | |
| Basic | $ | (0.10 | ) | | $ | 0.11 |
| | $ | — |
|
| Diluted | $ | (0.10 | ) | | $ | 0.11 |
| | $ | — |
|
| Net Income Per Share: | | | | | |
| Basic | $ | 0.78 |
| | $ | 1.04 |
| | $ | 1.82 |
|
| Diluted | $ | 0.78 |
| | $ | 1.03 |
| | $ | 1.81 |
|
| | | | | | |
| Shares of Common Stock Outstanding During the Period: | | |
| Average | 451.7 |
| | 449.6 |
| | 450.7 |
|
| Average assuming dilution | 454.8 |
| | 452.5 |
| | 453.7 |
|
ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
2012 PRO FORMA STATEMENT OF INCOME RESTATED FOR DISCONTINUED OPERATIONS (UNAUDITED)
|
| | | | | | | | | | | | | | | | | | | |
| | |
| (In millions except per share amounts) | 2012 |
| | 1Q | | 2Q | | 3Q | | 4Q | | YTD |
| Operating Revenues | $ | 3,740 |
| | $ | 3,834 |
| | $ | 3,733 |
| | $ | 3,484 |
| | $ | 14,791 |
|
| Cost of revenues | 2,312 |
| | 2,356 |
| | 2,289 |
| | 2,177 |
| | 9,134 |
|
| Selling, administrative, and research and development expenses | 751 |
| | 743 |
| | 713 |
| | 721 |
| | 2,928 |
|
| Amortization of intangible assets | 62 |
| | 66 |
| | 62 |
| | 62 |
| | 252 |
|
| Impairment of goodwill and other intangible assets | — |
| | — |
| | 2 |
| | — |
| | 2 |
|
| Operating Income | 615 |
| | 669 |
| | 667 |
| | 524 |
| | 2,475 |
|
| Interest expense | (50 | ) | | (50 | ) | | (52 | ) | | (61 | ) | | (213 | ) |
| Gain on sale of interest in Decorative Surfaces | — |
| | — |
| | — |
| | 933 |
| | 933 |
|
| Other income (expense) | 9 |
| | 21 |
| | 1 |
| | (20 | ) | | 11 |
|
| Income from Continuing Operations before Income Taxes | 574 |
| | 640 |
| | 616 |
| | 1,376 |
| | 3,206 |
|
| Income taxes | 164 |
| | 183 |
| | 171 |
| | 455 |
| | 973 |
|
| Income from Continuing Operations | 410 |
| | 457 |
| | 445 |
| | 921 |
| | 2,233 |
|
| Income (Loss) from Discontinued Operations | 76 |
| | 424 |
| | 79 |
| | 58 |
| | 637 |
|
| Net Income | $ | 486 |
| | $ | 881 |
| | $ | 524 |
| | $ | 979 |
| | $ | 2,870 |
|
| | | | | | | | | | |
| Income Per Share from Continuing Operations: | | | | | | | | |
| Basic | $ | 0.85 |
| | $ | 0.97 |
| | $ | 0.96 |
| | $ | 2.00 |
| | $ | 4.75 |
|
| Diluted | $ | 0.84 |
| | $ | 0.96 |
| | $ | 0.95 |
| | $ | 1.99 |
| | $ | 4.72 |
|
| Income (Loss) Per Share from Discontinued Operations: | | | | | | | | |
| Basic | $ | 0.16 |
| | $ | 0.90 |
| | $ | 0.17 |
| | $ | 0.12 |
| | $ | 1.36 |
|
| Diluted | $ | 0.16 |
| | $ | 0.89 |
| | $ | 0.17 |
| | $ | 0.12 |
| | $ | 1.35 |
|
| Net Income Per Share: | | | | | | | | | |
| Basic | $ | 1.01 |
| | $ | 1.86 |
| | $ | 1.13 |
| | $ | 2.13 |
| | $ | 6.11 |
|
| Diluted | $ | 1.00 |
| | $ | 1.85 |
| | $ | 1.12 |
| | $ | 2.11 |
| | $ | 6.06 |
|
| | | | | | | | | | |
| Shares of Common Stock Outstanding During the Period: | | | | | | |
| Average | 482.0 |
| | 472.9 |
| | 464.8 |
| | 459.7 |
| | 469.8 |
|
| Average assuming dilution | 485.6 |
| | 476.1 |
| | 468.1 |
| | 463.1 |
| | 473.2 |
|
