ITW 2011 ANNUAL REPORT
Financial Highlights
| Dollars in thousands except per share amounts | 2011 | 2010 | 2009 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Year Ended December 31 Operating Results |
|||||||||
| Operating revenues | $ | 17,786,583 | $ | 15,415,692 | $ | 13,572,996 | |||
| Operating income | 2,731,008 | 2,254,017 | 1,382,963 | ||||||
| Operating income margin | 15.4 | % | 14.6 | % | 10.2 | % | |||
| Income from continuing operations | $ | 2,017,014 | $ | 1,452,438 | $ | 968,638 | |||
| Operating revenues by segment: | |||||||||
| Transportation | $ | 3,108,349 | $ | 2,522,226 | $ | 2,092,249 | |||
| Power Systems & Electronics | 2,872,161 | 2,409,204 | 2,004,402 | ||||||
| Industrial Packaging | 2,612,108 | 2,272,059 | 1,940,887 | ||||||
| Food Equipment | 1,982,187 | 1,857,051 | 1,862,950 | ||||||
| Construction Products | 1,958,370 | 1,753,485 | 1,547,365 | ||||||
| Polymers & Fluids | 1,364,004 | 1,106,025 | 980,305 | ||||||
| Decorative Surfaces | 1,083,157 | 987,692 | 971,900 | ||||||
| All Other | 2,889,699 | 2,598,475 | 2,238,604 | ||||||
| Per Share of Common Stock | |||||||||
| Income from continuing operations: | |||||||||
| Basic | $ | 4.10 | $ | 2.90 | $ | 1.94 | |||
| Diluted | 4.08 | 2.89 | 1.93 | ||||||
| Cash dividends paid | $ | 1.38 | $ | 1.27 | $ | 1.24 | |||
| Returns | |||||||||
| Return on average invested capital | 16.8 | % | 14.6 | % | 10.6 | % | |||
| Return on average stockholders’ equity | 20.6 | 15.9 | 11.8 | ||||||
| Liquidity and Capital Resources | |||||||||
| Free operating cash flow | $ | 1,602,600 | $ | 1,200,554 | $ | 1,911,813 | |||
| Total debt to capitalization | 28.5 | % | 23.1 | % | 26.1 | % | |||
Note: Certain reclassifications of prior years’ data have been made to conform with current year reporting, including discontinued operations. 2010 and 2009 have been restated for the elimination of the one month reporting lag for the company’s international operations outside of North America. See “Management’s Discussion and Analysis” in our 2011 Annual Report on Form 10-K for a calculation of return on average invested capital and free operating cash flow. Return on average stockholders’ equity represents income from continuing operations divided by average stockholders’ equity.