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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): July 30, 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 2.02    Results of Operations and Financial Condition

On July 30, 2024, Illinois Tool Works Inc. (the "Company") announced its 2024 second 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 three and six months ended June 30, 2023. 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 months ended June 30, 2023 excluding the discrete tax benefit of $20 million in the second 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: July 30, 2024
By: /s/ Michael M. Larsen
Michael M. Larsen
Senior Vice President & Chief Financial Officer



Exhibit 99.1

ITW Reports Second Quarter 2024 Results

•    Revenue of $4.0 billion, a decrease of 1% with flat organic growth
•    Operating income of $1.05 billion, an increase of 4.5%
•    Operating margin of 26.2%, an increase of 140 bps as enterprise initiatives contributed 140 bps
•    GAAP EPS of $2.54, an increase of 2%; Excl. a one-time 2023 tax item, EPS increased 5%
•    Narrowing full year GAAP EPS guidance to a range of $10.30 to $10.40 per share

GLENVIEW, IL., July 30, 2024 - Illinois Tool Works Inc. (NYSE: ITW) today reported its second quarter 2024 results and updated guidance for full-year 2024.

“While the demand environment continued to moderate across our portfolio, we delivered a solid quarter with strong operational execution and profitability,” said Christopher A. O’Herlihy, President and Chief Executive Officer. “Our ability to overcome near-term macro challenges and expand our margin and profitability to record levels as evidenced by margin improvement of 140 basis points to 26.2 percent and EPS growth of more than five percent, is a direct result of the focused execution by our team of dedicated ITW professionals around the world.”

“Looking ahead, we are lowering the top-end of our full year GAAP EPS guidance to reflect current levels of demand partially offset by better margin performance. We remain focused on managing and investing for the long-term as we build above-market organic growth, fueled by customer-back innovation, into a core ITW strength,” O’Herlihy concluded.

Second Quarter 2024 Results
Second quarter revenue of $4.0 billion declined by 1.2 percent as organic growth declined 0.1 percent. Foreign currency translation impact reduced revenue by 1.2 percent and acquisitions added 0.1 percent.

GAAP EPS increased 2.4 percent to $2.54 and excluding a one-time tax item in 2023, EPS increased 5.4 percent. Operating income increased 4.5 percent to $1.05 billion, a second quarter record. Operating margin improved 140 basis points to 26.2 percent, a second quarter record, as enterprise initiatives contributed 140 basis points. Operating cash flow was $687 million, and free cash flow was $571 million with a conversion of 75 percent to net income. During the quarter, the company repurchased $375 million of its own shares and the effective tax rate was 24.4 percent.

2024 Guidance
ITW is lowering the top-end of its full year GAAP EPS guidance range of $10.30 to $10.70 per share to a narrower range of $10.30 to $10.40 per share, an increase of six percent compared to the prior year at the midpoint. Based on current levels of demand and foreign currency exchange rates exiting the second quarter, the company is projecting revenue growth and organic growth to be approximately flat for 2024. ITW is raising its operating margin guidance from 26 to 27 percent to a narrower range of 26.5 to 27 percent, an increase of 165 bps at the midpoint with enterprise initiatives projected to contribute more than 100 basis points. Free cash flow is expected to exceed 100 percent of net income and the company plans to repurchase approximately $1.5 billion of its own shares. The projected effective tax rate remains unchanged 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, expected dividend payments, after-


tax return on invested capital, effective tax rates, exchange rates, 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 2023 and subsequent reports filed with the SEC.

About Illinois Tool Works
ITW (NYSE: ITW) is a Fortune 300 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 EndedSix Months Ended
June 30,June 30,
In millions except per share amounts2024202320242023
Operating Revenue$4,027 $4,074 $8,000 $8,093 
Cost of revenue2,262 2,344 4,407 4,685 
Selling, administrative, and research and development expenses686 690 1,362 1,365 
Amortization and impairment of intangible assets25 30 50 61 
Operating Income1,054 1,010 2,181 1,982 
Interest expense(75)(69)(146)(129)
Other income (expense)26 20 42 30 
Income Before Taxes1,005 961 2,077 1,883 
Income Taxes246 207 499 415 
Net Income$759 $754 $1,578 $1,468 
Net Income Per Share:
Basic
$2.55 $2.49 $5.29 $4.83 
Diluted
$2.54 $2.48 $5.27 $4.81 
Cash Dividends Per Share:
Paid
$1.40 $1.31 $2.80 $2.62 
Declared
$1.40 $1.31 $2.80 $2.62 
Shares of Common Stock Outstanding During the Period:
Average
297.6 303.3 298.3 304.1 
Average assuming dilution
298.5 304.2 299.3 305.2 



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

In millionsJune 30, 2024December 31, 2023
Assets  
Current Assets:  
Cash and equivalents$862 $1,065 
Trade receivables3,250 3,123 
Inventories1,819 1,707 
Prepaid expenses and other current assets325 340 
Total current assets6,256 6,235 
Net plant and equipment2,011 1,976 
Goodwill4,910 4,909 
Intangible assets641 657 
Deferred income taxes448 479 
Other assets1,311 1,262 
 $15,577 $15,518 
Liabilities and Stockholders' Equity  
Current Liabilities:  
Short-term debt$2,044 $1,825 
Accounts payable576 581 
Accrued expenses1,615 1,663 
Cash dividends payable416 419 
Income taxes payable153 187 
Total current liabilities4,804 4,675 
Noncurrent Liabilities:  
Long-term debt6,429 6,339 
Deferred income taxes381 326 
Noncurrent income taxes payable— 151 
Other liabilities1,001 1,014 
Total noncurrent liabilities7,811 7,830 
Stockholders' Equity:  
Common stock6 6 
Additional paid-in-capital1,636 1,588 
Retained earnings27,866 27,122 
Common stock held in treasury(24,622)(23,870)
Accumulated other comprehensive income (loss)(1,925)(1,834)
Noncontrolling interest1 1 
Total stockholders' equity2,962 3,013 
$15,577 $15,518 



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

Three Months Ended June 30, 2024
Dollars in millionsTotal RevenueOperating IncomeOperating Margin
Automotive OEM$815 $157 19.4 %
Food Equipment667 180 27.1 %
Test & Measurement and Electronics678 159 23.5 %
Welding466 153 32.9 %
Polymers & Fluids454 128 28.2 %
Construction Products504 148 29.4 %
Specialty Products449 144 31.9 %
Intersegment(6)— — %
Total Segments4,027 1,069 26.6 %
Unallocated— (15)— %
Total Company$4,027 $1,054 26.2 %
Six Months Ended June 30, 2024
Dollars in millionsTotal RevenueOperating IncomeOperating Margin
Automotive OEM$1,631 $319 19.6 %
Food Equipment1,298 344 26.5 %
Test & Measurement and Electronics1,374 322 23.4 %
Welding942 309 32.8 %
Polymers & Fluids886 239 27.0 %
Construction Products992 291 29.4 %
Specialty Products889 274 30.8 %
Intersegment(12)— — %
Total Segments8,000 2,098 26.2 %
Unallocated— 83 — %
Total Company$8,000 $2,181 27.3 %


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

Q2 2024 vs. Q2 2023 Favorable/(Unfavorable)
Operating RevenueAutomotive OEMFood EquipmentTest & Measurement and ElectronicsWeldingPolymers & FluidsConstruction ProductsSpecialty ProductsTotal ITW
Organic0.4 %2.5 %(3.1)%(4.7)%2.6 %(3.8)%6.7 %(0.1)%
Acquisitions/
Divestitures		— %— %0.8 %— %— %— %— %0.1 %
Translation(1.7)%(0.4)%(0.9)%(0.3)%(3.9)%(0.5)%(0.5)%(1.2)%
Operating Revenue(1.3)%2.1 %(3.2)%(5.0)%(1.3)%(4.3)%6.2 %(1.2)%
Q2 2024 vs. Q2 2023 Favorable/(Unfavorable)
Change in Operating MarginAutomotive OEMFood EquipmentTest & Measurement and ElectronicsWeldingPolymers & FluidsConstruction ProductsSpecialty ProductsTotal ITW
Operating Leverage—50 bps(90) bps(70) bps50 bps(80) bps130 bps—
Changes in Variable Margin & OH Costs210 bps(100) bps190 bps(50) bps130 bps150 bps390 bps140 bps
Total Organic210 bps(50) bps100 bps(120) bps180 bps70 bps520 bps140 bps
Acquisitions/
Divestitures		——(50) bps————(10) bps
Restructuring/Other 50 bps  (20) bps  (20) bps  20 bps  50 bps  (60) bps  70 bps  10 bps
Total Operating Margin Change260 bps(70) bps30 bps(100) bps230 bps10 bps590 bps140 bps
Total Operating Margin % *19.4%27.1%23.5%32.9%28.2%29.4%31.9%26.2%
* Includes unfavorable operating margin impact of amortization expense from acquisition-related intangible assets 20 bps  40 bps  190 bps — 150 bps  10 bps  20 bps  70 bps **
** Amortization expense from acquisition-related intangible assets had an unfavorable impact of ($0.06) on GAAP earnings per share for the second quarter of 2024.



ILLINOIS TOOL WORKS INC. and SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
H1 2024 vs. H1 2023 Favorable/(Unfavorable)
Operating RevenueAutomotive OEMFood EquipmentTest & Measurement and ElectronicsWeldingPolymers & FluidsConstruction ProductsSpecialty ProductsTotal ITW
Organic1.9 %0.6 %(2.2)%(4.1)%0.9 %(5.4)%6.1 %(0.4)%
Acquisitions/
Divestitures		— %— %0.8 %— %— %— %(1.1)%— %
Translation(1.3)%0.1 %(0.7)%(0.1)%(3.2)%(0.4)%— %(0.8)%
Operating Revenue0.6 %0.7 %(2.1)%(4.2)%(2.3)%(5.8)%5.0 %(1.2)%
H1 2024 vs. H1 2023 Favorable/(Unfavorable)
Change in Operating MarginAutomotive OEMFood EquipmentTest & Measurement and ElectronicsWeldingPolymers & FluidsConstruction ProductsSpecialty ProductsTotal ITW
Operating Leverage40 bps20 bps(60) bps(60) bps20 bps(90) bps120 bps(20) bps
Changes in Variable Margin & OH Costs250 bps(80) bps80 bps40 bps130 bps220 bps300 bps290 bps
Total Organic290 bps(60) bps20 bps(20) bps150 bps130 bps420 bps270 bps
Acquisitions/
Divestitures		——(50) bps———30 bps—
Restructuring/Other 30 bps  (10) bps  (10) bps  10 bps  30 bps  (30) bps  50 bps  10 bps
Total Operating Margin Change320 bps(70) bps(40) bps(10) bps180 bps100 bps500 bps280 bps
Total Operating Margin % *19.6%26.5%23.4%32.8%27.0%29.4%30.8%27.3%
* Includes unfavorable operating margin impact of amortization expense from acquisition-related intangible assets 30 bps  50 bps  190 bps — 150 bps  10 bps  20 bps  70 bps **
** Amortization expense from acquisition-related intangible assets had an unfavorable impact of ($0.13) on GAAP earnings per share for the first half of 2024.


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

AFTER-TAX RETURN ON AVERAGE INVESTED CAPITAL (UNAUDITED)
Three Months EndedSix Months Ended
June 30,June 30,
Dollars in millions2024202320242023
Numerator:
Net Income$759 $754 $1,578 $1,468 
Discrete tax benefit related to the second quarter 2023— (20)— (20)
Interest expense, net of tax (1)
57 53 111 99 
Other (income) expense, net of tax (1)
(20)(15)(32)(23)
Operating income after taxes$796 $772 $1,657 $1,524 
Denominator:
Invested capital:
Cash and equivalents$862 $922 $862 $922 
Trade receivables3,250 3,216 3,250 3,216 
Inventories1,819 1,921 1,819 1,921 
Net plant and equipment2,011 1,901 2,011 1,901 
Goodwill and intangible assets5,551 5,595 5,551 5,595 
Accounts payable and accrued expenses(2,191)(2,215)(2,191)(2,215)
Debt(8,473)(8,222)(8,473)(8,222)
Other, net133 (24)133 (24)
Total net assets (stockholders' equity)2,962 3,094 2,962 3,094 
Cash and equivalents(862)(922)(862)(922)
Debt8,473 8,222 8,473 8,222 
Total invested capital$10,573 $10,394 $10,573 $10,394 
Average invested capital (2)
$10,480 $10,366 $10,357 $10,292 
Net income to average invested capital (3)
29.0 %29.1 %30.5 %28.5 %
After-tax return on average invested capital (3)
30.4 %29.8 %32.0 %29.6 %

(1)    Effective tax rate used for interest expense and other (income) expense for the three months ended June 30, 2024 and 2023 was 24.4% and 23.6%, respectively. Effective tax rate used for interest expense and other (income) expense for the six months ended June 30, 2024 and 2023 was 24.0% and 23.1%, respectively.

(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 June 30, 2024 and 2023 were converted to an annual rate by multiplying the calculated return by 4. Returns for the six months ended June 30, 2024 and 2023 were converted to an annual rate by multiplying the calculated return by 2.

After-tax ROIC for the six months ended June 30, 2024 included 170 basis points of favorable impact related to the cumulative effect of the change from the LIFO method of accounting to the FIFO method for certain U.S. businesses ($117 million pre-tax, or $88 million after-tax) in the first quarter of 2024.







A reconciliation of the tax rate for the three and six months ended June 30, 2023, excluding the second quarter 2023 discrete tax benefit of $20 million related to amended 2021 U.S. taxes, is as follows:

Three Months EndedSix Months Ended
June 30, 2023June 30, 2023
Dollars in millionsIncome TaxesTax RateIncome TaxesTax Rate
As reported$207 21.4 %$415 22.0 %
Discrete tax benefit related to the second quarter 202320 2.2 %20 1.1 %
As adjusted$227 23.6 %$435 23.1 %


AFTER-TAX RETURN ON AVERAGE INVESTED CAPITAL (UNAUDITED)

Twelve Months Ended
Dollars in millionsDecember 31, 2023
Numerator:
Net income$2,957 
Discrete tax benefit related to the second quarter 2023(20)
Interest expense, net of tax (1)
204 
Other (income) expense, net of tax (1)
(38)
Operating income after taxes$3,103 
Denominator:
Invested capital:
Cash and equivalents$1,065 
Trade receivables3,123 
Inventories1,707 
Net plant and equipment1,976 
Goodwill and intangible assets5,566 
Accounts payable and accrued expenses(2,244)
Debt(8,164)
Other, net(16)
Total net assets (stockholders' equity)3,013 
Cash and equivalents(1,065)
Debt8,164 
Total invested capital$10,112 
Average invested capital (2)
$10,214 
Net income to average invested capital29.0 %
After-tax return on average invested capital30.4 %

(1)    Effective tax rate used for interest expense and other (income) expense for the year ended December 31, 2023 was 23.2%.

(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 the period presented.



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 %


FREE CASH FLOW (UNAUDITED)

Three Months EndedSix Months Ended
June 30,June 30,
Dollars in millions2024202320242023
Net cash provided by operating activities$687 $790 $1,276 $1,518 
Less: Additions to plant and equipment(116)(85)(211)(198)
Free cash flow$571 $705 $1,065 $1,320 
Net income$759 $754 $1,578 $1,468 
Net cash provided by operating activities to net income conversion rate91 %105 %81 %103 %
Free cash flow to net income conversion rate75 %94 %67 %90 %


ADJUSTED NET INCOME PER SHARE - DILUTED (UNAUDITED)

Three Months Ended
June 30, 2023
As reported$2.48 
Discrete tax benefit related to the second quarter 2023(0.07)
As adjusted$2.41 



v3.24.2
Document and Entity Information Document
Jul. 30, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jul. 30, 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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