2016 Annual Report Illinois Tool Works Itw-Books Pdf

2016 ANNUAL REPORT Illinois Tool Works ITW
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1 LETTER TO SHAREHOLDERS 5 2016 FINANCIAL HIGHLIGHTS AND ENTERPRISE STR ATEGY PERFORMANCE PROGRESS. 6 ITW BUSINESS MODEL 8 OVERVIEW OF IT W S OPER ATING SEGMENTS. 12 C O R P O R A T E EXECUTIVES AND BOARD OF DIRECTORS INSIDE BACK COVER S H A R E H O L D E R INFORMATION. T R A N S F E R AG E N T,AND REGISTR AR,Questions regarding stock ownership dividend. payments or change of address should be directed,to the company s transfer agent. Broadridge Corporate Issuer Solutions Inc,P O Box 1342. Brentwood NY 11717,http shareholder broadridge com ITW. Phone Toll Free 888 829 7424,International 1 720 399 2177.
COMMON STOCK,New York Stock Exchange,Symbol ITW,TRADEMARKS. Certain trademarks in this publication are owned, or licensed by Illinois Tool Works Inc or its wholly. owned subsidiaries,C O N TAC T I N V E S T O R,R E L AT I O N S. For additional assistance including media inquiries. The ITW Patent Society Hall of Fame celebrates individuals who 224 661 7431 or investorrelations itw com. have made significant scientific or technological contributions to. ITW s progress throughout our 104 year history VISIT US ON THE WEB. www itw com,COMMIT TED TO,SOCIAL RESPONSIBILIT Y, Friday May 5 2017 10 00 a m Learn about our CSR activities and goals in our. 2016 report http www itw com social responsibility. Illinois Tool Works Inc, 155 Harlem Avenue S T O C K A N D D I V I D E N D AC T I O N.
Glenview Illinois 60025 Effective with the October 6 2016 payment the quarterly. cash dividend on ITW common stock was increased to. 65 cents per share ITW s annual dividend payment has. increased for more than 50 consecutive years except. during a period of government controls in 1971,The ITW Common Stock Dividend Reinvestment Plan. ITW s patent wall, enables registered shareholders to reinvest the ITW. dividends they receive in additional shares of common. stock of the company at no additional cost Participation in. the plan is voluntary and shareholders may join or withdraw. at any time The plan also allows for additional voluntary. Founded in 1912 ITW NYSE ITW is a global industrial company centered on a differentiated and. cash investments in any amount from 100 to 10 000 per. proprietary business model The company s seven industry leading segments leverage the ITW Business month For a brochure and full details of the program. please direct inquiries to the company s transfer agent. Model to generate solid growth with best in class margins and returns in markets where highly innovative Broadridge Corporate Issuer Solutions Inc. customer focused solutions are required ITW s more than 50 000 dedicated colleagues around the world. thrive in our decentralized entrepreneurial culture In 2016 the company achieved revenues of 13 6 billion. with roughly half coming from outside North America To learn more please visit www itw com. To Our Fellow Shareholders, We are pleased to report that 2016 was another strong year for ITW. In fact 2016 was the most profitable year in ITW s 104 year The ITW Business Model is the core source of our competitive. history Earnings per share of 5 70 was up 11 versus advantage as a company It drives our ability to win with. 2015 and we achieved all time record performance on the customers and deliver differentiated returns for our. following key operating metrics shareholders A description of the three elements of the. Operating Income of 3 1 billion up 7 ITW Business Model can be found on pages 6 7 We. Operating Margin of 22 5 up 110 basis points implemented a number of key initiatives in conjunction. After tax Return on Invested Capital of 22 1 with our Enterprise Strategy and we have made significant. up 170 basis points progress over the course of the last four years. In addition we continued to generate strong free cash flow Since we launched our Enterprise Strategy in 2012 we have. which we utilized to reinvest in the growth and productivity increased ITW s operating margin from 15 9 to 22 5 and. of our core businesses and to make a highly complementary after tax return on invested capital from 14 5 to 22 1. bolt on acquisition in our Automotive OEM segment We And in 2016 despite a global macroeconomic environment. also returned more than 2 8 billion of surplus capital to our that remained challenging on many fronts we generated. shareholders through dividends and share repurchases organic growth of more than 2 percentage points above the. average of our peer group 1, ENTERPRISE STR ATEGY UPDATE We have come a long way over the last four years and. 2016 also marked the fourth year of our Enterprise Strategy ITW s performance is now approaching best in class levels. We launched our current strategy in late 2012 with the explicit As a result we are frequently asked what s next and. goal of positioning ITW to deliver solid growth with best in whether we are getting close to maxing out on our current. class margins and returns by focusing the entire company on strategy The really good news from our perspective is. utilizing ITW s highly differentiated and proprietary Business that despite our considerable progress we have significant. Model to its full potential opportunity for further performance improvement within the. framework of our current strategy before ITW is operating. to its full potential,See appendix for peer group definition.
STRATEGY KEY INITIATIVES, We launched ITW s Enterprise Strategy in 2012 to position the company to generate solid growth with best in class. margins and returns by leveraging ITW s powerful and proprietary Business Model to its full potential Our plan is. focused on six key initiatives, Narrow the Focus Simplify and Scale Up Better Leverage Shift Primary. and Improve the ITW s Operating ITW s Scale to Growth Focus. Quality of ITW s Structure Enhance Our Global,Business Portfolio Competitiveness. Sustainable Business Structure Strategic Sourcing From acquisition. differentiation is Simplification to organic,a must have. Excellence in the Practice Sustained Above Market,of the ITW Business Model Organic Growth.
Everywhere in the company Through the cycle,every day ILLINOIS TOOL WORKS INC 1. OUR PATH TO FULL POTENTIAL,Further Structural Margin Improvement. Targeting 25 Operating Margin Exiting 2018,ITW s 80 20 business management process is a core. We have significant opportunity for, element of the ITW Business Model and has been a key further performance improvement. value driver for the company for over three decades Our. proprietary management process is comprised of a set. within the framework of our current, of unique and what some might consider unconventional.
business practices and processes that we utilize in every. strategy before ITW is operating, ITW business It was started up inside the company in the to its full potential. mid 1980s and has been in a state of continuous evolution. ever since, Over the last four years we have completely reengineered. our 80 20 business management process by updating and. aggregating the most effective ITW 80 20 practices from. around the company into a single unified enterprise wide. highly differentiated ITW businesses We have also taken. framework As a result our current iteration of 80 20 is by. steps to significantly simplify and scale up ITW s operating. far the most powerful and impactful in our history and we. structure in order to better leverage our growth investments. see significant potential for additional margin expansion as. and to tighten our focus on our best growth opportunities. we continue deploying our current version of 80 20 across. As a result ITW is now comprised of seven industry leading. the company, segments that each has strong and sustainable differentiation. Strategic Sourcing which we launched in 2013 in conjunction. attributes positive long term macro market fundamentals. with our Enterprise Strategy has now become a core element. compelling competitive advantages with relevance to key. of ITW s operational capability Over the past four years. market trends and plenty of room to grow A description. our Strategic Sourcing initiative has delivered in excess of. of ITW s seven highly differentiated and high performing. 345 million in procurement cost savings across the company. segments can be found on pages 8 11, and we are far from done We expect to generate meaningful. As of the end of 2015 we had completed the bulk of our. additional structural margin improvement from the execution. portfolio reshaping and organizational restructuring efforts. of our Strategic Sourcing initiative over the next several years. and shifted our attention more fully to the growth component. Consistent High Quality Revenue Growth of our Enterprise Strategy agenda We are encouraged by. Targeting 2 Above Market Organic Growth the more than 2 percentage points of organic growth out. We have done extensive work on our business portfolio and performance versus the average of our peer group that we. operating structure to position the company to generate delivered in 2016 and we are confident that the company is. consistent above market organic growth We have narrowed well positioned to generate consistent above market organic. the focus and significantly improved the organic growth growth going forward. potential of ITW s business portfolio by making sustainable. differentiation the defining attribute of our strategic fit. DISCIPLINED CAPITAL ALLOCATION, criteria As a result we divested over 30 businesses that Underpinning our Enterprise Strategy is a highly focused and.
largely operated in commoditized end markets and exited disciplined approach to capital allocation Simply put we. hundreds of commoditized product lines inside otherwise only invest in areas of opportunity where we can leverage. 2 2016 ANNUAL REPORT,ITW PERFORMANCE GOALS, The core imperative of our Enterprise Strategy is to leverage the full potential of. the ITW Business Model to generate solid growth with best in class margins and. returns With this objective firmly in mind we are committed to achieving the. following performance goals by the end of 2018,25 2 points 12 14. Operating After tax Organic Free cash flow Total, margin ROIC revenue growth as percent of shareholder. above the net income returns,Assumes 3 percent market growth. the ITW Business Model to create a compelling competitive. IT W DIFFERENTIATED BUSINESS MODEL, advantage and deliver differentiated financial performance.
DIFFERENTIATED PERFORMANCE, Rather than pursue lower return higher risk opportunities. As we have stated our strategy is to leverage the full. that reside outside of our core strengths and capabilities. potential of the ITW Business Model to generate solid. we choose to return surplus capital to our shareholders As a. growth with best in class margins and returns With this. result internal investments that support organic growth and. objective firmly in mind we are committed to achieving the. sustain our highly profitable core businesses are our number. following performance goals by the end of 2018, one capital allocation priority We fully fund all internal. investments that meet our criteria and on average they Organic Growth of 2 percentage points or more. consume 25 to 30 of our operating cash flow annually above market. Our second capital allocation priority is our dividend which 25 Operating Margin. we view as an important component of the total returns 20 After tax Return on Invested Capital. that we generate for our shareholders We allocate 30 to. Free Cash Flow of 100 of Net Income, 35 of our annual operating cash flow to our dividend and. 12 14 Average Total Shareholder Returns, have increased our annual per share dividend for over. 50 consecutive years including an 18 increase in 2016. MANAGEMENT GOVERNANCE DE VELOPMENTS, Highly targeted acquisitions that both expand ITW s long One of the hallmarks of ITW s long term success is our.
term organic growth potential and have significant margin experienced management team and Board of Directors. improvement potential from the application of ITW s 80 20 In 2016 we were pleased to add Jay L Henderson to our. business management process are our third capital allocation Board Mr Henderson s deep financial expertise and. priority After funding our three capital allocation priorities extensive experience working with the boards and audit. we utilize an active share repurchase program to return any committees of numerous Fortune 500 companies bring. surplus capital remaining to our shareholders In 2016 we valuable perspectives to our Board. allocated more than 2 0 billion to share repurchases. ILLINOIS TOOL WORKS INC 3, Christopher A O Herlihy E Scott Santi David C Parry. Early in 2017 we were pleased to welcome Norman D Finch Jr Lastly on behalf of your Board of Directors and your. as our Senior Vice President General Counsel Secretary management team we thank you our fellow shareholders. Norm has an exceptional track record as a lawyer and leader for your continuing support. and is an excellent addition to our senior leadership team. CLOSING REMARKS Sincerely, This is an exciting time at ITW We have come a long way. over the past four years and in 2016 we delivered the best. performance in our company s history on a number of fronts. E Scott Santi, While we are pleased with our progress we are energized by. Chairman Chief Executive Officer, the potential for further performance improvement that we. have within the framework of our current Enterprise Strategy. We owe a huge debt of gratitude to our more than 50 000. ITW colleagues around the world for the great job that they Christopher A O Herlihy. continue to do in executing our strategy and serving our Vice Chairman. customers with excellence each and every day They are. responsible for ITW s strong performance over the last four. years and they are the source of our confidence in our ability. to continue to improve and make further progress on the path David C Parry. to ITW s full potential Vice Chairman,March 23 2017.
4 2016 ANNUAL REPORT,Financial Highlights, Earnings Per Share diluted Operating Margin After tax ROIC 1. 5 70 22 5 22 1,11 VS 2015 110bps VS 2015 170bps VS 2015. Revenue Free cash flow Dividend increase,13 6 billion. conversion 1,ENTERPRISE STRATEGY PERFORMANCE PROGRESS. Operating Margin After Tax ROIC 1,Earnings Per Share diluted.
660 760 15 5 70,bps 22 5 bps 22 1 CAGR,15 9 2 14 5. 2012 2016 2012 2016 2012 2016,DELIVERING VALUE TO OUR SHAREHOLDERS. Share Price Market Capitalization Total Shareholder Returns. dollars in billions since 2012 123,2012 2016 2012 2016 Proxy S P 500 ITW. Peer Group, After tax return on average invested capital ROIC free cash flow conversion and 2012 adjusted EPS are non GAAP measures Refer to Item 7 Management s Discussion and Analysis. of Financial Condition and Results of Operations in the 2016 Annual Report on Form 10 K and the appendix included in this Annual Report for information regarding these. non GAAP measures including reconciliations to the most comparable GAAP measure. As reported in the 2012 Annual Report on Form 10 K. ILLINOIS TOOL WORKS INC 5,See appendix for peer group definition.
Differentiated Business Model,Differentiated Performance. ITW is built around a powerful and highly differentiated business model. The ITW Business Model is composed of three elements. THE ITW 80 20 BUSINESS MANAGEMENT PROCESS is a proprietary operating. system that we apply in every ITW business Through the application of. our 80 20 business management process we structure and focus our. businesses to uniquely satisfy the needs of their largest and most profitable. customers and eliminate the costs complexity and,distractions associated with serving smaller. less profitable customers As a result our,businesses consistently deliver solid growth. with best in class total cost productivity 80 20 Customer. by concentrating their efforts investments Business Back. and resources on the key customers,Management,ITW Innovation. and products that are best positioned BUSINESS,for profitable organic growth MODEL.
Decentralized,Entrepreneurial,6 2016 ANNUAL REPORT. CUSTOMER BACK INNOVATION has fueled decades of profitable growth at ITW. In every market in which we operate our businesses work hard to position. themselves as the go to problem solver for their key customers Inventing. inspired solutions for our customers to help them address difficult technical. challenges or improve their business performance has been the central focus of. ITW s approach to innovation all the way back to the founding of our company. over 100 years ago and it is very much alive and well today as evidenced by. our portfolio of over 17 000 granted and pending patents including the more. than 1 000 new patent applications that we filed in 2016. OUR DECENTRALIZED ENTREPRENEURIAL CULTURE allows us to be fast focused. and responsive Our people are clear about what is expected of them with. regard to our business model our strategy and our values Within this frame. work we empower our business teams to make decisions and customize their. approach in order to maximize the relevance and impact of the ITW Business. Model for their specific customers and end markets Our people thrive in ITW s. flexibility within the framework culture they think and act like entrepreneurs. they are accountable and they deliver,ILLINOIS TOOL WORKS INC 7. ITW s Differentiated,Business Portfolio,ITW s business portfolio criteria. End markets with strong and sustainable differentiation attributes. Positive long term macro fundamentals, Solid competitive advantages with relevance to key end market trends. Strong potential for ITW to drive above market organic growth. Ability to leverage the ITW Business Model to generate consistent best in class. margins and returns,ITW S SEVEN OPERATING SEGMENTS.
AUTOMOTIVE OEM,Highly focused global niche supplier. of solutions to top tier OEMs,and their suppliers,2016 revenues. 2 9 billion,2016 operating margin,Organic revenue CAGR of. 7 since 2012,8 2016 ANNUAL REPORT,FOOD EQUIPMENT,Industry leading global positions through. differentiated innovation in ware wash,cooking refrigeration and integrated.
service offerings,2016 revenues,2 1 billion,2016 operating margin. Operating margin improvement of,830 basis points since 2012. TEST MEASUREMENT,AND ELECTRONICS,Leading global supplier of production. and laboratory testing and assembly,equipment accessories consumables. and aftermarket parts and service,2016 revenues,2 0 billion.
2016 operating margin,Revenue CAGR of,12 since 2005. ILLINOIS TOOL WORKS INC 9,POLYMERS FLUIDS,Specialized adhesives lubricants and. additives for industrial and consumer,related end markets. 2016 revenues,1 7 billion,2016 operating margin,Operating margin improvement of. 450 basis points since 2012,Highly focused supplier of value.
added welding equipment and,specialty consumables for a variety. of commercial industrial and,infrastructure applications. 2016 revenues,1 5 billion,2016 operating margin,Revenue CAGR of. 7 since 1993,10 2016 ANNUAL REPORT,CONSTRUCTION PRODUCTS. Global provider of innovative fastening,solutions that improve contractor.
productivity and building quality in,residential and commercial construction. 2016 revenues,1 6 billion,2016 operating margin,Operating margin improvement of. 1 080 basis points since 2012,SPECIALTY PRODUCTS,Innovative value added solutions for. consumer packaging product branding,and other niche applications. 2016 revenues,1 9 billion,2016 operating margin,Operating margin improvement of.
610 basis points since 2012,ILLINOIS TOOL WORKS INC 11. Corporate Executives, PICTURED Juan Valls Michael R Zimmerman Steven L Martindale Sundaram Nagarajan Roland M Martel John R Hartnett Mary K Lawler. LEFT TO RIGHT David C Parry E Scott Santi Christopher A O Herlihy Michael M Larsen Norman D Finch Jr Lei Zhang Schlitz. E Scott Santi John R Hartnett Lei Zhang Schlitz, Chairman Chief Executive Officer Executive Vice President Executive Vice President. Welding Food Equipment,Christopher A O Herlihy,Vice Chairman Roland M Martel Juan Valls. Executive Vice President Executive Vice President,David C Parry.
Specialty Products Polymers Fluids,Vice Chairman,Steven L Martindale Michael R Zimmerman. Norman D Finch Jr,Executive Vice President Executive Vice President. Senior Vice President, Test Measurement and Electronics Construction Products. General Counsel Secretary,Sundaram Nagarajan,Michael M Larsen. Executive Vice President,Senior Vice President,Automotive OEM.
Chief Financial Officer,Mary K Lawler,Senior Vice President. Chief Human Resources Officer,Daniel J Brutto Richard H Lenny David B Smith Jr. Retired Senior Vice President Non Executive Chairman Executive Vice President for Policy Legal Affairs. United Parcel Service Inc Information Resources Inc and General Counsel. Retired President Mutual Fund Directors Forum,Robert S Morrison Lead Director. UPS International,Retired Vice Chairman Pamela B Strobel. Susan Crown PepsiCo Inc Retired Executive Vice President. Chairman Chief Executive Officer Retired Chairman President Chief Administrative Officer. Owl Creek Partners LLC Chief Executive Officer Exelon Corporation. The Quaker Oats Company,James W Griffi th Kevin M Warren.
Retired President E Scott Santi Chief Commercial Officer. Chief Executive Officer Chairman Chief Executive Officer Xerox Corporation. The Timken Company Illinois Tool Works Inc,Anr D Williams. Jay L Henderson James A Skinner President Global Merchant Services Loyalty Group. Retired Vice Chairman Client Service Retired Vice Chairman Chief Executive Officer American Express Company. PricewaterhouseCoopers LLP McDonald s Corporation,12 2016 ANNUAL REPORT. 6 5 45 5 4 4 63 5 4 9 0 44 0,Z 6 3 1035 16346 5 50 4 5 0 03 E. 0 5 4 63 5 4 9 5 0,PS UIF GJTDBM ZFBS FOEFE FDFNCFS. Q 53 4 5 0 3 1035 16346 5 50 4 5 0 03 E,0 5 4 63 5 4 9 5 0.
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