Summary
Illinois Tool Works Inc. (ITW) filed an amendment to its 2006 10-K on April 4, 2007, primarily to correct a significant typographical error on the cover page. The aggregate market value of the registrant's voting stock held by non-affiliates as of June 30, 2006, was corrected from $19,700,000 to $19,700,000,000. This correction significantly impacts the perception of the company's market capitalization and its status as a large accelerated filer. The amendment also includes updated certifications required by Rule 13a-14(a).
Key Highlights
- 1Correction of a substantial typographical error in the reported market value of non-affiliate stock, changing it from $19.7 million to $19.7 billion.
- 2ITW is confirmed as a 'large accelerated filer', indicating a significant market capitalization and robust financial reporting history.
- 3The amendment includes revised Rule 13a-14(a) certifications, demonstrating adherence to current SEC financial reporting standards.
- 4The filing confirms the company's fiscal year-end is December 31, 2006.
- 5Total outstanding shares of Common Stock as of January 31, 2007, were 558,822,857.
- 6ITW's Common Stock is registered on both the New York Stock Exchange and the Chicago Stock Exchange.
Frequently Asked Questions
The primary reason for this amendment was to correct a significant typographical error on the cover page. The aggregate market value of ITW's voting stock held by non-affiliates as of June 30, 2006, was incorrectly reported as $19,700,000 and has been corrected to $19,700,000,000.
The correction from $19.7 million to $19.7 billion drastically increases the reported market capitalization. This reinforces ITW's status as a large, well-established company and a 'large accelerated filer', which is a positive indicator for investors regarding the company's size and stability.
Being a 'large accelerated filer' means ITW meets specific SEC criteria related to public float (market value of shares held by non-affiliates) and reporting history. For the year ended December 31, 2006, ITW's market value of shares held by non-affiliates exceeded $700 million, and it has been subject to the Exchange Act reporting requirements for at least 12 months and filed at least one annual report. This status generally implies a mature and significant company.
Besides the critical market value correction, the amendment includes updated certifications as required by SEC Rule 13a-14(a). While no other significant operational or financial data changes are highlighted in this specific amendment, these certifications are crucial for ensuring the accuracy and integrity of the filed financial information.