01—Abstract
Summary
Summary of the 10-K/A filed January 15, 2003. Cited figures are marked; the original filing is the authoritative source.
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.
02—Key points
Key Highlights
- Disclosure of commercial banking relationship with The Northern Trust Company.
- Identifies ITW directors who also serve on the board of Northern Trust Corporation: Susan Crown, Robert C. McCormack, and Harold B. Smith.
- Details various banking services provided by The Northern Trust Company, including credit, investment banking, and fiduciary services.
- Confirms The Northern Trust Company acts as trustee for ITW's principal pension plans.
- States that all banking and trustee relationships are conducted on an arms-length basis and are immaterial to ITW's financial standing.
- Incorporates by reference information on director and executive compensation from the company's Proxy Statement.
- Filing date is January 14, 2003, amending the report for the period ending December 30, 2001.
03—Questions
Frequently Asked Questions
What is the primary purpose of this filing?
This filing is an amendment to Illinois Tool Works Inc.'s (ITW) 2001 10-K Annual Report, specifically addressing Item 13: Certain Relationships and Related Transactions. It was filed on January 14, 2003.
What is the nature of the relationship between ITW and The Northern Trust Company?
ITW maintains a commercial banking relationship with The Northern Trust Company. This relationship involves various services such as deposit accounts, credit, investment banking, and payment services. Additionally, The Northern Trust Company serves as the trustee for ITW's principal pension plans.
Are there any potential conflicts of interest due to shared directorships?
Three ITW directors (Susan Crown, Robert C. McCormack, and Harold B. Smith) also sit on the board of Northern Trust Corporation, the parent company of The Northern Trust Company. However, ITW states that these banking and trustee relationships are conducted in the ordinary course of business on an arms-length basis and are immaterial.
How significant are the financial implications of these related-party transactions for ITW?
The filing explicitly states that all amounts paid to or received from The Northern Trust Company in relation to these services are immaterial to ITW.
04—Continue