2016 ANNUAL REPORT ILLINOIS TOOL WORKS INC. WORKS ILLINOIS TOOL 2016 ANNUAL REPORT 2016 ANNUAL

ILLINOIS TOOL WORKS INC.

155 HARLEM AVENUE

GLENVIEW, ILLINOIS 60025

WWW.ITW.COM

ILLINOIS TOOL WORKS INC.

ITW2016AR_COVER.indd 1-3 2/22/17 6:40 AM 1 > LETTER TO SHAREHOLDERS 5 > 2016 FINANCIAL HIGHLIGHTS AND ENTERPRISE STRATEGY PERFORMANCE PROGRESS

Contents 6 > ITW BUSINESS MODEL 8 > OVERVIEW OF ITW’S OPERATING SEGMENTS

12 > CORPORATE EXECUTIVES AND BOARD OF DIRECTORS INSIDE BACK COVER > SHAREHOLDER INFORMATION

TRANSFER AGENT AND REGISTRAR

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.

CONTACT INVESTOR RELATIONS

For additional assistance, including media inquiries: The ITW Patent Society Hall of Fame celebrates individuals who 224.661.7431 or [email protected] have made signi cant scienti c or technological contributions to ITW’s progress throughout our 104-year history. VISIT US ON THE WEB

www.itw.com

COMMITTED TO SOCIAL RESPONSIBILITY 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 STOCK AND DIVIDEND ACTION 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 ITW the plan is voluntary, and shareholders may join or withdraw Founded in 1912, ITW (NYSE: ITW) is a global industrial company centered on a differentiated and at any time. The plan also allows for additional voluntary 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.

ITW2016AR_COVER.indd 4-6 2/23/17 1:01 PM To Our Fellow Shareholders We are pleased to report that 2016 was another strong year for ITW.

In fact, 2016 was the most pro table 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 signi cant (up 170 basis points) progress over the course of the last four years.

In addition, we continued to generate strong free cash  ow, 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 STRATEGY 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 signi cant 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. 1 See appendix for peer group de nition 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 Shif€ Primary and Improve the ITW’s Operating ITW’s Scale to Growth Focus: Quality of ITW’s Structure: Enhance Our Global Business Por€folio: Competitiveness:

■ Sustainable ■ Business Structure ■ Strategic Sourcing ■ From acquisition differentiation is Simpli cation 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

ITW2016AR_BODY.indd 1 2/23/17 1:26 PM OUR PATH TO FULL POTENTIAL Further Structural Margin Improvement – Targeting 25% Operating Margin Exiting 2018 We have significant opportunity for ITW’s 80/20 business management process is a core 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 strategy before ITW is operating business practices and processes that we utilize in every 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 uni ed enterprise-wide highly differentiated ITW businesses. We have also taken framework. As a result, our current iteration of 80/20 is by steps to signi cantly 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 signi cant 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 con dent that the company is consistent above-market organic growth. We have narrowed well-positioned to generate consistent above-market organic the focus and signi cantly improved the organic growth growth going forward. potential of ITW’s business portfolio by making sustainable differentiation the de ning attribute of our “strategic t” 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

ITW2016AR_BODY.indd 2 2/23/17 1:27 PM 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 rmly in mind, we are committed to achieving the following performance goals by the end of 2018:

25%+ 2%-points+ 12-14% Operating Af er-tax Organic Free cash flow Total margin ROIC revenue growth as percent of shareholder above the net income returns* market

* Assumes 3 percent market growth

the ITW Business Model to create a compelling competitive ITW: DIFFERENTIATED BUSINESS MODEL= advantage and deliver differentiated nancial 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 rmly in mind, we are committed to achieving the sustain our highly pro table 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  ow 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  ow 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 DEVELOPMENTS

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 signi cant 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 nancial 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

ITW2016AR_BODY.indd 3 2/23/17 1:27 PM 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

ITW2016AR_BODY.indd 4 2/22/17 3:04 PM Financial Highlights

Earnings Per Share (diluted) Operating Margin Afer-tax ROIC1 $5.70 22.5% 22.1%

+11% VS. 2015 +110bps VS. 2015 +170bps VS. 2015

Revenue Free cash fl ow Dividend increase conversion1 vs. 2015 $13.6 billion 100% +18% ENTERPRISE STRATEGY PERFORMANCE PROGRESS

Operating Margin Afer-Tax ROIC1 Earnings Per Share (diluted) +660 +760 15% $5.70 bps 22.5% bps 22.1% CAGR

2 15.9% 14.5% $3.211

2012 2016 2012 2016 2012 2016 DELIVERING VALUE TO OUR SHAREHOLDERS

Share Price Market Capitalization Total Shareholder Returns (dollars in billions) (since 2012) 123% $122.46

$43

73% 67% $60.81 $23

2012 2016 2012 2016 Proxy S&P 500 ITW Peer Group Average3

1 After-tax return on average invested capital (ROIC), free cash ow 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. 2 As reported in the 2012 Annual Report on Form 10-K. ILLINOIS TOOL WORKS INC. 5 3 See appendix for peer group de nition.

ITW2016AR_BODY.indd 5 2/23/17 1:27 PM Di erentiated Business Model = Di erentiated Performance

ITW is built around a powerful and highly di erentiated 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 pro table customers and eliminate the costs, complexity and distractions associated with serving smaller, less pro table 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 Management Innovation and resources on the key customers Process ITW and products that are best positioned BUSINESS for pro table organic growth. MODEL

Decentralized, Entrepreneurial Culture

6 2016 ANNUAL REPORT

ITW2016AR_BODY.indd 6 2/22/17 3:04 PM CUSTOMER-BACK INNOVATION has fueled decades of pro table 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 dif cult 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 led 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 speci c customers and end markets. Our people thrive in ITW’s “ exibility within the framework” culture; they think and act like entrepreneurs, they are accountable and they deliver.

ILLINOIS TOOL WORKS INC. 7

ITW2016AR_BODY.indd 7 2/22/17 3:05 PM ITW’s Di‡ erentiated Business Porfolio

ITW’s business porfolio 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 24.1%

Organic revenue CAGR of

7% since 2012

8 2016 ANNUAL REPORT

ITW2016AR_BODY.indd 8 2/23/17 1:27 PM FOOD EQUIPMENT Industry-leading global positions through di erentiated innovation in ware wash, cooking, refrigeration and integrated service o erings

2016 revenues $2.1 billion 2016 operating margin 25.4%

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 af ermarket parts and service

2016 revenues $2.0 billion 2016 operating margin 18.9%

Revenue CAGR of

12% since 2005

ILLINOIS TOOL WORKS INC. 9

ITW2016AR_BODY.indd 9 2/22/17 3:06 PM POLYMERS & FLUIDS Specialized adhesives, lubricants and additives for industrial- and consumer- related end markets

2016 revenues $1.7 billion 2016 operating margin 20.3%

Operating margin improvement of

450 basis points since 2012

WELDING 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 24.9%

Revenue CAGR of

7% since 1993

10 2016 ANNUAL REPORT

ITW2016AR_BODY.indd 10 2/23/17 1:28 PM 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 22.4%

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 25.6%

Operating margin improvement of

610 basis points since 2012

ILLINOIS TOOL WORKS INC. 11

ITW2016AR_BODY.indd 11 2/23/17 1:28 PM 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 Of cer 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 Of cer

Mary K. Lawler Senior Vice President & Chief Human Resources Of cer

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 Of cer, Retired Chairman, President & Chief Administrative Of cer, Owl Creek Partners, LLC Chief Executive Of cer, Exelon Corporation The Quaker Oats Company James W. Grif th Kevin M. Warren Retired President & E. Scott Santi Chief Commercial Of cer, Chief Executive Of cer, Chairman & Chief Executive Of cer, Xerox Corporation The Timken Company Illinois Tool Works Inc. Anré D. Williams Jay L. Henderson James A. Skinner President, Global Merchant Services & Loyalty Group, Retired Vice Chairman, Client Service Retired Vice Chairman & Chief Executive Of cer, American Express Company PricewaterhouseCoopers LLP McDonald’s Corporation

12 2016 ANNUAL REPORT

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TUBUFNFOU  Statement of Cash Flows Illinois Tool Works Inc. and Subsidiaries

For the Years Ended December 31 In millions 2016 2015 2014 Cash Provided by (Used for) Operating Activities: Net income ...... $ 2,035 $ 1,899 $ 2,946 Adjustments to reconcile net income to cash provided by operating activities: Depreciation ...... 246 244 262 Amortization and impairment of intangible assets ...... 224 233 245 Change in deferred income taxes ...... (263) (11) 55 Provision for uncollectible accounts...... 7 7 7 (Income) loss from investments ...... 13 (4) (8) (Gain) loss on sale of plant and equipment...... 1 1 2 (Gain) loss on discontinued operations...... — — (1,718) (Gain) loss on sale of operations and affiliates ...... 12 (16) 6 Stock-based compensation expense ...... 39 41 39 Gain on dividend distribution from equity investment in Wilsonart ...... (54) — — Other non-cash items, net ...... 5 12 11 Change in assets and liabilities, net of acquisitions and divestitures: (Increase) decrease in— Trade receivables ...... (132) (42) (70) Inventories ...... 9 25 (10) Prepaid expenses and other assets ...... (63) 24 (98) Increase (decrease) in— Accounts payable ...... (3) (30) (20) Accrued expenses and other liabilities ...... 40 (56) 5 Income taxes...... 187 (27) 33 Other, net ...... (1) (1) (71) Net cash provided by operating activities ...... 2,302 2,299 1,616 Cash Provided by (Used for) Investing Activities: Acquisition of businesses (excluding cash and equivalents) and additional interest in affiliates . . . (453) (6) (45) Additions to plant and equipment ...... (273) (284) (361) Proceeds from investments...... 21 22 28 Dividend distribution from equity investment in Wilsonart...... 167 — — Proceeds from sale of plant and equipment ...... 16 30 28 Net proceeds from sale of discontinued operations ...... — — 3,191 Proceeds from sale of operations and affiliates ...... 3 29 18 Other, net ...... (13) (1) (17) Net cash provided by (used for) investing activities ...... (532) (210) 2,842 Cash Provided by (Used for) Financing Activities: Cash dividends paid ...... (821) (742) (711) Issuance of common stock ...... 84 59 148 Repurchases of common stock...... (2,000) (2,002) (4,346) Net proceeds from (repayments of) debt with original maturities of three months or less ...... (526) (946) (239) Proceeds from debt with original maturities of more than three months ...... 992 1,099 3,329 Repayments of debt with original maturities of more than three months ...... (1) (2) (1,751) Excess tax benefits from stock-based compensation ...... 29 20 33 Other, net ...... (12) (12) (14) Net cash provided by (used for) financing activities...... (2,255) (2,526) (3,551) Effect of Exchange Rate Changes on Cash and Equivalents ...... (133) (463) (535) Cash and Equivalents: Increase (decrease) during the year ...... (618) (900) 372 Beginning of year ...... 3,090 3,990 3,618 End of year ...... $ 2,472 $ 3,090 $ 3,990 Supplementary Cash Flow Information: Cash Paid During the Year for Interest...... $ 212 $ 200 $ 236 Cash Paid During the Year for Income Taxes, Net of Refunds ...... $ 920 $ 775 $ 1,502 Liabilities Assumed from Acquisitions ...... $ 150 $ 1 $ 4

The Notes to Financial Statements are an integral part of this statement. 48 /PUFT
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 (13) Other Balance Sheet Information

Other balance sheet information at December 31, 2016 and 2015 was as follows:

In millions 2016 2015 Prepaid expenses and other current assets: Value-added-tax receivables ...... $ 55 $ 48 Income tax refunds receivable ...... 21 147 Vendor advances ...... 20 22 Other ...... 122 124 Total prepaid expenses and other current assets ...... $ 218 $ 341

Other assets: Cash surrender value of life insurance policies ...... $ 442 $ 428 Customer tooling ...... 146 88 Prepaid pension assets ...... 131 191 Investments ...... 73 99 Equity investment in Wilsonart (See Note 4) ...... — 113 Other ...... 164 168 Total other assets...... $ 956 $ 1,087

Accrued expenses: Compensation and employee benefits ...... $ 379 $ 363 Deferred revenue and customer deposits ...... 180 169 Rebates...... 144 125 Warranties ...... 45 46 Current portion of pension and other postretirement benefit obligations . . . . 16 15 Other ...... 438 418 Total accrued expenses ...... $ 1,202 $ 1,136

Other liabilities: Pension benefit obligation ...... $ 252 $ 251 Postretirement benefit obligation...... 201 211 Other ...... 418 519 Total other liabilities ...... $ 871 $ 981

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 ANNUAL REPORT APPENDIX

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

2016 FREE CASH FLOW CONVERSION (UNAUDITED) Twelve Months Ended Dollars in millions December 31, 2016 Net cash provided by operating activities $ 2,302 Less: Additions to plant and equipment (273) Free cash flow $ 2,029

Net income $ 2,035

Free Cash Flow Conversion 100%

2012 ADJUSTED AFTER-TAX RETURN ON AVERAGE INVESTED CAPITAL (UNAUDITED) Twelve Months Ended Dollars in millions December 31, 2012 Operating income $ 2,475 Adjustment for Decorative Surfaces (143) Adjusted operating income 2,332 Tax rate (as adjusted for discrete tax charge) 29.2% Income taxes (681) Adjusted operating income after taxes $ 1,651

Invested capital: Trade receivables $ 2,742 Inventories 1,585 Net plant and equipment 1,994 Goodwill and intangible assets 7,788 Accounts payable and accrued expenses (2,068) Other, net 773 Total invested capital $ 12,814

Average invested capital $ 13,140 Adjustment for Wilsonart (formerly the Decorative Surfaces segment) (274) Adjustment for Industrial Packaging (1,504) Adjusted average invested capital $ 11,362

Adjusted after-tax return on average invested capital 14.5%

A reconciliation of the effective tax rate to the adjusted tax rate excluding the 2012 discrete tax charge is as follows:

Twelve Months Ended December 31, 2012 Dollars in millions Income Taxes Tax Rate As reported $ 973 30.3% Discrete tax charge (36) (1.1) As adjusted $ 937 29.2%

2012 ADJUSTED INCOME PER SHARE FROM CONTINUING OPERATIONS - DILUTED (UNAUDITED) Twelve Months Ended December 31, 2012 As reported $ 4.72 Decorative Surfaces net gain 1.34 Decorative Surfaces equity interest (0.04) Decorative Surfaces operating results 0.21 As adjusted for the Decorative Surfaces business $ 3.21

ILLINOIS TOOL WORKS INC. and SUBSIDIARIES PROXY PEER GROUP

The 2016 peer group consists of the following 18 public companies, consistent with the peer group included in the Company's Proxy statement:

3M Company Dover Corporation Ingersoll-Rand plc PPG Industries, Inc. BorgWarner Inc. E.I. du Pont De Nemours and Company Johnson Controls, Inc. Pentair plc Caterpillar Inc. Eaton Corporation plc Masco Corporation Stanley Black & Decker, Inc. Cummins Inc. Emerson Electric Co. Parker-Hannifin Corporation Textron Inc. Deere & Company Honeywell International Inc.

The total shareholder return and organic growth peer group averages are calculated using a simple average. 1 > LETTER TO SHAREHOLDERS 5 > 2016 FINANCIAL HIGHLIGHTS AND ENTERPRISE STRATEGY PERFORMANCE PROGRESS

Contents 6 > ITW BUSINESS MODEL 8 > OVERVIEW OF ITW’S OPERATING SEGMENTS

12 > CORPORATE EXECUTIVES AND BOARD OF DIRECTORS INSIDE BACK COVER > SHAREHOLDER INFORMATION

TRANSFER AGENT AND REGISTRAR

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.

CONTACT INVESTOR RELATIONS

For additional assistance, including media inquiries: The ITW Patent Society Hall of Fame celebrates individuals who 224.661.7431 or [email protected] have made signi cant scienti c or technological contributions to ITW’s progress throughout our 104-year history. VISIT US ON THE WEB

www.itw.com

COMMITTED TO SOCIAL RESPONSIBILITY 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 STOCK AND DIVIDEND ACTION 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 ITW the plan is voluntary, and shareholders may join or withdraw Founded in 1912, ITW (NYSE: ITW) is a global industrial company centered on a differentiated and at any time. The plan also allows for additional voluntary 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.

ITW2016AR_COVER.indd 4-6 2/23/17 1:01 PM 2016 ANNUAL REPORT ILLINOIS TOOL WORKS INC. WORKS ILLINOIS TOOL 2016 ANNUAL REPORT 2016 ANNUAL

ILLINOIS TOOL WORKS INC.

155 HARLEM AVENUE

GLENVIEW, ILLINOIS 60025

WWW.ITW.COM

ILLINOIS TOOL WORKS INC.

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