SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[ x ] Annual Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934 [Fee Required]
For the fiscal period ended December 31, 1994
---------------------------------------
OR
[ ] Transition Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934 [No Fee Required]
For the transition period from _______________ to _______________
Commission file number is unassigned (Form S-8 Reg. No. 33-53517)
A. Full title of plan and the address of the plan, if different
from that of the issuer named below:
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
B. Name of issuer of the Securities held pursuant to the plan
and the address of its principal executive office:
ILLINOIS TOOL WORKS INC.
3600 W. LAKE AVENUE
GLENVIEW, ILLINOIS 60025-5811
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees have duly caused this annual report to be signed
on its behalf by the undersigned hereunto duly authorized on this
29th day of June, 1995.
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
By_______________________________
John Karpan, Member of Employee
Benefits Committee and Senior
Vice President Human Resources
<PAGE>
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
FINANCIAL STATEMENTS AND SCHEDULES
AS OF DECEMBER 31, 1994
TOGETHER WITH AUDITORS' REPORT
EMPLOYER IDENTIFICATION NUMBER 36-1258310
PLAN NUMBER 003
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Employee Benefits Committee of
Illinois Tool Works Inc.:
We have audited the accompanying statement of net assets
available for Plan benefits of the ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN as of December 31, 1994, and the
related statement of changes in net assets available for Plan
benefits for the six months then ended. These financial
statements and the schedules referred to below are the
responsibility of the Plan's management. Our responsibility is
to express an opinion on these financial statements and schedules
based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for Plan benefits as of December 31, 1994, and the
changes in net assets available for Plan benefits for the six
months then ended, in conformity with generally accepted
accounting principles.
Our audit was performed for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental schedules of assets held for investment purposes and
reportable transaction are presented for the purpose of
additional analysis and are not a required part of the basic
financial statements but are supplementary information required
by the Department of Labor's Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act
of 1974. The fund information in the statement of net assets
available for benefits and the statement of changes in net assets
available for benefits is presented for purposes of additional
analysis rather than to present the net assets available for Plan
benefits and changes in net assets available for Plan benefits of
each fund. The supplemental schedules and fund information have
been subjected to the auditing procedures applied in the audit of
the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic
financial statements taken as a whole.
Chicago, Illinois,
June 26, 1995
<PAGE>
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1994
EMPLOYER IDENTIFICATION NUMBER 36-1258310, PLAN NUMBER 003
ASSETS
Investments at quoted market value:
Lifestage Growth Fund $ 1,775,291
Lifestage Balanced Fund 64,270,034
Lifestage Conservative Fund 496,689
Putnam Income Fund 1,925,366
Putnam New Opportunities Fund 10,699,159
Stable Asset Fund 108,555,128
Fidelity Investments Magellan Fund 112,646,959
Loan Fund 12,786,233
ITW Common Stock Fund 17,938,326
Putnam Money Market Fund 38,901,647
Restricted Stable Asset Fund 6,287,672
------------
Total investments 376,282,504
------------
Receivables:
Company's contribution 149,537
Participants' contribution 417,466
Investment income 24,799
------------
Total receivables 591,802
------------
Total assets 376,874,306
------------
LIABILITIES
Fees payable 1,409
------------
Net assets available for Plan benefits $376,872,897
------------
The accompanying notes and schedules to the financial statements are integral
parts of this statement.
<PAGE>
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH
FUND INFORMATION
FOR THE SIX MONTHS ENDED DECEMBER 31, 1994
EMPLOYER IDENTIFICATION NUMBER 36-1258310, PLAN NUMBER 003
Lifestage Lifestage Lifestage Putnam
Growth Balanced Conservative Income
Fund Fund Fund Fund
----------- ----------- ----------- ----------
ADDITIONS
Investment income:
Interest $ 19,853 $ 26,426 $ 6,648 $ 20,295
Dividends 16,344 910,241 6,264 34,551
Realized/unrealized
gains (losses) on
investments (9,759) 1,143,339 (5,901) (23,925)
----------- ----------- ----------- ---------
Total investment income 26,438 2,080,006 7,011 30,921
----------- ----------- ----------- ---------
Contributions:
Participants 595,674 714,693 182,539 562,711
Company 214,174 220,848 58,174 193,111
----------- ----------- ----------- ---------
Total contributions 809,848 935,541 240,713 755,822
----------- ----------- ----------- ---------
Total additions 836,286 3,015,547 247,724 786,743
----------- ----------- ----------- ---------
DEDUCTIONS
Benefits paid to
participants (4,064) (1,023,498) (2,374) (19,458)
Investment Expense (78) (816) (14) (75)
---------- ----------- ----------- ---------
Total deductions (4,142) (1,024,314) (2,388) (19,533)
---------- ----------- ----------- ---------
Net increase (decrease)
prior to loans and
net interfund
transfers 832,144 1,991,233 245,336 767,210
---------- ----------- ------------ ----------
Loans and net
interfund transfers 985,141 (2,001,009) 263,276 1,197,912
---------- ----------- ------------ ----------
Net increase
(decrease) 1,817,285 (9,776) 508,612 1,965,122
NET ASSETS AVAILABLE FOR PLAN BENEFITS
Beginning of period - 64,330,909 - -
---------- ----------- ------------ ----------
End of period $1,817,285 $64,321,133 $ 508,612 $1,965,122
========== =========== ============ ==========
The accompanying notes and schedules to the financial statements are integral
parts of this statement.
<PAGE>
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH
FUND INFORMATION Continued . . .
FOR THE SIX MONTHS ENDED DECEMBER 31, 1994
EMPLOYER IDENTIFICATION NUMBER 36-1258310, PLAN NUMBER 003
Putnam Fidelity
New Stable Investments
Opportuni- Asset Magellan Loan
ties Fund Fund Fund Fund
----------- ----------- ------------ -----------
ADDITIONS
Investment income:
Interest $ 94,471 $ 22,149 $ 96,076 $ 18,688
Dividends 77,399 3,464,956 - -
Realized/unrealized
gains (losses) on
investments 210,082 - 4,931,388 -
----------- ----------- ------------ -----------
Total investment income 381,952 3,487,105 5,027,464 18,688
----------- ----------- ------------ -----------
Contributions:
Participants 2,470,657 669,131 2,578,078 -
Company 992,238 221,537 873,108 -
----------- ----------- ------------ -----------
Total contributions 3,462,895 890,668 3,451,186 -
----------- ----------- ------------ -----------
Total additions 3,844,847 4,377,773 8,478,650 18,688
----------- ----------- ------------ -----------
DEDUCTIONS
Benefits paid to
participants (20,450) (6,335,974) (1,601,931) (154,405)
Investment Expense (349) (38,538) (21,534) -
----------- ----------- ------------ -----------
Total deductions (20,799) (6,374,512) (1,623,465) (154,405)
----------- ----------- ------------ -----------
Net increase (decrease)
prior to loans and
net interfund
transfers 3,824,048 (1,996,739) 6,855,185 (135,717)
----------- ----------- ------------ -----------
Loans and net
interfund transfers 7,087,075 (9,773,813) (2,486,435) 573,353
----------- ----------- ------------ -----------
Net increase
(decrease) 10,911,123 (11,770,552) 4,368,750 437,636
NET ASSETS AVAILABLE FOR PLAN BENEFITS
Beginning of period - 120,367,000 108,465,518 12,223,525
----------- ------------ ----------- -----------
End of period $10,911,123 $108,596,448 $112,834,268 $12,661,161
=========== ============ ============ ===========
The accompanying notes and schedules to the financial statements are integral
parts of this statement.
<PAGE>
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH
FUND INFORMATION Continued . . .
FOR THE SIX MONTHS ENDED DECEMBER 31, 1994
EMPLOYER IDENTIFICATION NUMBER 36-1258310, PLAN NUMBER 003
ITW Putnam Restricted
Common Money Stable
Stock Market Asset
Fund Fund Fund Total
---------- ----------- ---------- ------------
ADDITIONS
Investment income:
Interest $ 53,257 $ 25,952 $ - $ 383,815
Dividends 102,418 868,419 61,351 5,541,943
Realized/unrealized
gains (losses) on
investments 1,776,670 - - 8,021,894
---------- ----------- ---------- ------------
Total investment income 1,932,345 894,371 61,351 13,947,652
---------- ----------- ---------- ------------
Contributions:
Participants 1,291,475 328,178 - 9,393,136
Company 530,111 125,645 (234) 3,428,712
---------- ----------- ---------- ------------
Total contributions 1,821,586 453,823 (234) 12,821,848
---------- ----------- ---------- ------------
Total additions 3,753,931 1,348,194 61,117 26,769,500
---------- ----------- ---------- ------------
DEDUCTIONS
Benefits paid to (360,624) (1,866,186) - (11,388,964)
participants
Investment Expense (2,510) (1,514) - (65,428)
---------- ----------- ---------- ------------
Total deductions (363,134) (1,867,700) - (11,454,392)
---------- ----------- ---------- ------------
Net increase (decrease)
prior to loans and
net interfund
transfers 3,390,797 (519,506) 61,117 15,315,108
----------- ----------- ---------- ------------
Loans and net
interfund transfers 563,852 (2,635,907) 6,226,555 -
----------- ----------- ---------- ------------
Net increase
(decrease) 3,954,649 (3,155,413) 6,287,672 15,315,108
NET ASSETS AVAILABLE FOR PLAN BENEFITS
Beginning of period 14,089,863 42,080,974 - 361,557,789
----------- ----------- ---------- ------------
End of period $18,044,512 $38,925,561 $6,287,672 $376,872,897
=========== =========== ========== ============
The accompanying notes and schedules to the financial statements are integral
parts of this statement.
<PAGE>
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
EMPLOYER IDENTIFICATION NUMBER 36-1258310, PLAN NUMBER 003
1.DESCRIPTION OF THE PLAN AND INVESTMENT PROGRAM:
The following describes the major provisions of the Illinois Tool
Works Inc. Savings and Investment Plan ("the Plan") and provides
only general information. Participants should refer to the
summary plan description for a more complete description of the
Plan's provisions.
General
Effective July 1, 1994, the Plan was amended and restated. Significant
changes to the Plan include: (1) Participants were offered new investment
choices described in the Investment Program section below. (2) Up to 25%
of any contribution may be directed to the ITW Commmon Stock Fund.
(3) Up to 25% of total account values may be transferred to the ITW Common
Stock Fund. (4) The Putnam Fiduciary Trust Company (the "Trustee") was
appointed as trustee, recordkeeper and investment
manager of the Plan. Effective with the Trustee's appointment,
The Northern Trust Company was removed as trustee, Hewitt
Associates as recordkeeper and Institutional Capital Corporation
as investment manager for the Plan. Fidelity Investments
continues as investment manager for amounts invested in the
Magellan Fund.
Participation
The Plan is a defined contribution plan in which employees of
Illinois Tool Works Inc. (the "Company") and its wholly owned
subsidiaries, as designated by the Board of Directors, are
eligible to participate in the Plan following completion of one
year of service with the Company. It is subject to the
provisions of the Employee Retirement Income Security Act of 1974
("ERISA").
Participants' Deposits and Company Contributions
Participants may contribute amounts from a minimum of 1% to a
maximum of 10% of compensation to their deferred (before tax) and
regular (after tax) deposit accounts. Participants may change
their contribution percentages with each payroll.
<PAGE>
The Company contributes to the participants' accounts based on
their contributions as follows:
Percentage of
Participants' Compensation
- ---------------------------
Participants' Company
Total Deposit Contribution
- ------------- ------------
1% 1.0%
2 1.5
3 2.0
4 2.5
5-10 3.0
==== ====
Participant contributions are credited to the participants'
deferred and regular deposit accounts, while the Company's
contributions are credited to the participants' Company
contribution accounts. Participants may elect to allocate any
contribution in multiples of 1% to the investment funds, provided
that not more than 25% is directed to the ITW Common Stock Fund.
Investment Program
With the appointment of the new trustee, the Company established
new investment funds which replaced the then existing Funds I
through V. Pursuant to participant elections, assets and the
related account balances were transferred from the then existing
investment funds to the new investment funds in the third quarter 1994.
The new investment fund options are as follows:
a.Putnam Money Market Fund is a money market fund seeking current
income consistent with capital preservation and liquidity.
b.Stable Asset Fund seeks current income consistent with capital
preservation through high-quality bank and insurance company
contracts.
c.Putnam Income Fund seeks high current income consistent with
prudent risk, mainly through fixed-income securities.
d.Lifestage Asset Allocation Fund consist of three portfolios
from which participants can elect to direct their funds.
- -Conservative Portfolio focuses on bonds and money market
vehicles for income while staying ahead of inflation (lowest
risk).
- -Balanced Portfolio is balanced between stocks, bonds and money
market vehicles to offer growth potential with opportunities for
income (reduced risk).
- -Growth Portfolio is well-diversified among different types of
common stocks, but also includes a fixed-income portion to
moderate risk.
<PAGE>
e.Fidelity Investments Magellan Fund seeks long-term capital
appreciation through common stock investments.
f.ITW Common Stock Fund is invested solely in the common stock of
the Company.
g.Putnam New Opportunities Fund seeks long-term capital
appreciation primarily through common stock investments in
companies in economic sectors that Putnam Management believes
offer above-average potential for growth.
h.Restricted Stable Asset Fund amounts are invested with
Confederation Life (see Note 9).
Investment income in each fund is allocated daily among the
participants' balances in each fund, except for the Putnam Money
Market Fund and the Stable Asset Fund. Investment income in
these two funds is allocated to participant account balances
monthly.
For each of the funds valued daily, investment income is
allocated to participant accounts based on the previous day's
closing share value times the number of shares in their account.
For the monthly valued funds, a month-end share value is
determined by the Trustee from the investments and allocated to
participant accounts based on the number of shares in their
account.
Participants may change their investment elections or transfer
their balances between funds in multiples of 1% on any day, but
no more than twice per quarter. Up to 25% of total account
values may be transferred to the ITW Common Stock Fund.
Vesting
Participants' interest in their deposit accounts are fully vested
at all times. Participants' interest in their Company
contribution accounts vest at the rate of 5% for each quarter of
service with the Company. Participants are fully vested in their
Company contribution accounts after 20 quarters of service with
the Company. Participants who terminate their participation in
the Plan due to retirement or death are granted full vesting in
their Company contribution accounts.
Participant Loans
Participants, upon demonstrating a financial need, may borrow
from their fund accounts a minimum of $1,000 up to a maximum
equal to the lesser of (a) 50% of their vested account balance
or (b) $50,000. Loans bear interest at the
prime rate, are secured by a portion of the participants'
accounts and are repayable over a period not to exceed five
years. Amounts borrowed do not share in the earnings of the
investment funds but are credited with the interest payments made
pursuant to the loan agreements.
<PAGE>
Benefits
Upon termination of participation, a participant generally
receives a lump-sum payment of his or her deposit and Company
contribution accounts, subject to the vesting provisions
described above. In certain cases, however, a participant may
elect to remain in the Plan as a noncontributing participant and
defer benefit payments to age 65. In lieu of a lump-sum payment,
a participant can elect to receive periodic installment payments
of his account balances. While distributions under the Plan may
be made in cash or in kind, they typically are made in cash.
However, upon the written request of a participant, beneficiary
or the estate, distribution of an interest in the ITW Common
Stock Fund will, in the case of retirement or death, be made in
full shares of the common stock of the Company, with any balance
representing a fraction of a share being paid in cash. Any other
distributions from the ITW Common Stock Fund will be made in
cash. All amounts forfeited by participants under the vesting
provisions of the Plan are credited against subsequent
contributions by the Company.
Forfeited Accounts
At December 31, 1994, forfeited nonvested accounts totaled
$10,493. These accounts will be used to reduce future Company
contributions.
2.SUMMARY OF ACCOUNTING POLICIES:
Basis of Accounting
The accompanying financial statements of the Plan were prepared
on the accrual basis of accounting from the reports of the
Trustee.
Investment Valuation and Income Recognition
Investments are carried at "quoted market values" which are based
on market quotations, if available, or amounts estimated by the
Trustee to be realizable at the date of valuation. This applies
to all Plan investments except for amounts in the Restricted
Stable Asset Fund. See Note 9 for a full explanation of these
amounts.
Purchases and sales of securities are recorded on a trade date
basis. Interest income is recorded on the accrual basis.
Dividends are recorded on the ex-dividend date.
Payment of Benefits
Benefits are recorded when paid. Amounts allocated to
withdrawing participants but not yet paid as of December 31,
1994, total $632,720.
Gains and Losses
Net realized/unrealized gains on investments are based on the
value of the assets at the beginning of the year or at the date
of purchase during the year, rather than the original cost at the
time of purchase. The total realized gains on the sales of
investments were $477,710 for the six months ended December 31,
1994. The total unrealized appreciation of investments was
$7,544,184 for the six months ended December 31, 1994.
<PAGE>
Investment Contracts
Statement of Position 94-4 (Reporting of Investment Contracts
Held by Health and Welfare Benefit Plans and Defined Contribution
Plans)was issued during 1994 and will require defined
contributions plans to report investment contracts at fair value
instead of contract value. The new statement will be effective
for plans beginning after December 15, 1994. The Company has not
yet adopted SOP 94-4 but does not expect there to be a material
impact on the financial statements of the plan.
3.ADMINISTRATION:
All funds are deposited with and held for safekeeping by the
Trustee under a trust agreement with the Company. The trust
agreement provides, among other things, that the Trustee shall
keep accounts of all trust transactions and report them
periodically to the Company. Investment decisions, within the
guidelines of the investment funds, are made by the Trustee. The
Trustee may use an independent agent to effect purchases and
sales of common stock of the Company for the ITW Common Stock
Fund. Other administrative services, including participant
recordkeeping, are performed by the Trustee and by Fidelity
Investments, which serves as investment manager for the Magellan
Fund.
4.ADMINISTRATIVE EXPENSES:
Investment management fees, agent fees and brokerage commissions
are paid by the Plan. Other outside professional and
administrative services are paid for or provided by the Company.
5.RELATED-PARTY TRANSACTIONS:
Certain Plan investments are shares of mutual funds managed by
the Putnam Fiduciary Trust Company. Putnam is the trustee as
defined by the Plan and, therefore, these transactions qualify as
party-in-interest. Fees paid by the Plan for investment
management services amounted to $65,428 for the six months ended
December 31, 1994.
6.PLAN TERMINATION:
Although it has not expressed any intent to do so, the Company
has the right under the Plan to discontinue its contributions at
any time and to terminate the Plan subject to the provisions of
ERISA. In the event of Plan termination, participants will
become 100% vested in their accounts.
7.TAX STATUS:
The Plan obtained its latest determination letter on May 7, 1992,
in which the Internal Revenue Service stated that the Plan, as
then designed, was in compliance with the applicable requirements
of the Internal Revenue Code. The Plan has been amended since
receiving the determination letter. An application for
determination has been filed on March 10, 1995, to include the
latest plan amendments. The plan administrator and the Plan's
legal counsel believe that the Plan is currently designed and
being operated in compliance with the applicable requirements of
the Internal Revenue Code. Therefore, they believe that the Plan
was qualified and the related trust was tax-exempt as of the
financial statement date.
<PAGE>
8.INFORMATION CERTIFIED BY THE TRUSTEE:
The information regarding investments and investment income of
the Plan contained in the accompanying financial statements and
schedules has been certified by the Trustee as being complete and
accurate.
9.CONFEDERATION LIFE INSURANCE COMPANY:
On August 12, 1994, the Canadian Government seized the operations
of the Confederation Life Insurance Company. The Plan's
investments in the Stable Asset Fund included a Confederation
Life contract with a market value of $6,287,672 at August 12,
1994. This investment represents approximately 5% of the Stable
Asset Fund assets and 2% of the total Plan assets at June 30,
1994.
As of June 30, 1994, the Confederation Life Contract were frozen
and segregated from the Stable Asset Fund. The assets are
included in the Restricted Stable Asset Fund which represents the
amounts invested with Confederation Life. Participants in the
Restricted Stable Asset Fund are not allowed to transfer out,
withdraw or borrow against amounts in this fund.
The Trustee will value the contract at the market value on August
12, 1994, until sufficient data is available to value it higher
or lower. The Company's management does not anticipate that the
seizure will result in a loss to the participants.
10.SUBSEQUENT EVENTS:
Effective April 28, 1995, the Miller Shared Savings Plan was
merged into the Plan. The transfer of assets to the Plan
occurred on April 28, 1995. The assets transferred to the Plan
totaled approximately $70,000,000.
<PAGE>
SCHEDULE I
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
ITEM 27a--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1994
EMPLOYER IDENTIFICATION NUMBER 36-1258310, PLAN NUMBER 003
Nummber of Market
Shares Cost Value
---------- ------------ ------------
MUTUAL FUNDS:
*Putnam Money Market Fund 38,901,647 $ 38,901,647 $ 38,901,647
========== ============ ============
*Putnam Income Fund 297,584 $ 1,948,693 $ 1,925,366
========== ============ ============
*Lifestage Asset Allocation Fund-
Conservative Portfolio 61,169 $ 502,530 $ 496,689
Balanced Portfolio 7,799,737 63,222,414 64,270,034
Growth Portfolio 213,633 1,785,175 1,775,291
========== ------------ ------------
$ 65,510,119 $ 66,542,014
============ ============
Fidelity Investments Magellan Fund 1,686,086 $108,040,847 $112,646,959
========== ============ ============
*Putnam New Opportunities Fund 422,892 $ 10,491,004 $ 10,699,159
========== ============ ============
COMMON STOCK:
*ITW Common Stock Fund 409,451 $ 16,181,428 $ 17,938,326
========== ============ ============
*Party-in-interest.
<PAGE>
SCHEDULE I Continued . . .
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
ITEM 27a--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1994
EMPLOYER IDENTIFICATION NUMBER 36-1258310, PLAN NUMBER 003
Cost and
Market Value
------------
STABLE ASSET FUND:
Long-term fixed income contracts-
Bankers Trust Company, 5.65% basic wrapper contract,
due 10/15/96 and 10/15/97 $ 13,029,525
CIGNA-
8.00% Contract, due 1/1/98 9,542,210
5.95% Contract, due 9/1/98 7,331,598
Commonwealth Life/Capital Holdings, 8.05% Contract,
due 3/1/96 3,942,159
Hartford Insurance Company, 8.35% Contract, due 3/1/96
and 5/1/96 12,532,865
Life of Virginia, 5.32% Contract, due 5/1/97 and 7/1/97 6,481,890
Lincoln National, 5.19% Contract, due 7/1/96 and 8/1/99 6,179,804
Metropolitan Life Insurance Company, 6.70% Contract,
due 8/31/97 and 10/31/97 11,397,470
Principal Financial Group, 4.83% Contract, due 5/1/95 and
3/31/98 10,598,010
Provident National Assurance Company, 7.10% Contract,
due 10/1/96 and 1/2/97 12,277,904
Transamerica, 5.12% Contract, due 12/31/95 and 6/30/98 10,637,858
------------
Total long-term fixed income contracts 103,951,293
Invested cash and money market funds-
*Putnam Investments, Boston, Massachussetts 4,603,835
------------
Total Stable Asset Fund investments $108,555,128
============
RESTRICTED STABLE ASSET FUND:
Long-term fixed income contract-
Confederation Life Insurance Company $ 6,287,672
============
*Party-in-interest.
<PAGE>
SCHEDULE I Continued . . .
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
ITEM 27a--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1994
EMPLOYER IDENTIFICATION NUMBER 36-1258310, PLAN NUMBER 003
Balance
-----------
* PARTICIPANT LOANS $12,786,233
===========
*Interest rates of loans to participants with balances outstanding
at December 31, 1994 ranged from 6% to 10%.
<PAGE>
SCHEDULE II
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
ITEM 27d--SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1994
EMPLOYER IDENTIFICATION NUMBER 36-1258310, PLAN NUMBER 003
A single transaction or a series of transactions involving securities
of the same issue which, in the aggregate, amount to more than 5% of
the current value of the Plan's assets at the beginning of year.
Aggregate Purchases Aggregate Sales
--------------------- ---------------------------------
Identity
of Description Number Number
Party of of of
Involved Asset Transactions Amount Transactions Proceeds Cost Gain
- -------- ----------- ------------ ------ ------------ -------- ---- ----
NONE
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation
of our reports included or incorporated by reference in this Form 11-K into
the Company's previously filed registration statements on Form S-8 (File No.'s
33-8510 and 33-53517), Form S-4 (File No.'s 33-22403 and 33-60013) and Form
S- 3 (File No. 33-5780).
Arthur Andersen, LLP
Chicago, Illinois
June 29, 1995
<PAGE>
