Summary
This filing for Illinois Tool Works Inc. (ITW) pertains to an amendment of its 2001 10-K report, filed in January 2003. The key information disclosed relates to certain relationships and related transactions. Specifically, the company maintains commercial banking relationships with The Northern Trust Company, where three ITW directors also serve as directors of Northern Trust Corporation. These banking services, including deposit accounts, credit, investment banking, and trustee services for pension plans, are conducted in the ordinary course of business on an arms-length basis and are deemed immaterial to ITW. Investors should note that while the specifics of ITW's financial performance for 2001 are not detailed in this excerpt, the disclosure around related-party transactions is important for transparency. The company emphasizes that these dealings are routine and immaterial, suggesting no undue influence or financial risk stemming from these specific relationships. Further details on executive and director compensation are incorporated by reference to the company's Proxy Statement.
Key Highlights
- 1Disclosure of commercial banking relationship with The Northern Trust Company.
- 2Identifies ITW directors who also serve on the board of Northern Trust Corporation: Susan Crown, Robert C. McCormack, and Harold B. Smith.
- 3Details various banking services provided by The Northern Trust Company, including credit, investment banking, and fiduciary services.
- 4Confirms The Northern Trust Company acts as trustee for ITW's principal pension plans.
- 5States that all banking and trustee relationships are conducted on an arms-length basis and are immaterial to ITW's financial standing.
- 6Incorporates by reference information on director and executive compensation from the company's Proxy Statement.
- 7Filing date is January 14, 2003, amending the report for the period ending December 30, 2001.