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 year ended December 31, 1995
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 the 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>
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
FINANCIAL STATEMENTS AND SCHEDULES
AS OF DECEMBER 31, 1995 AND 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 statements of net assets available for Plan
benefits of the ILLINOIS TOOL WORKS INC. SAVINGS AND INVESTMENT PLAN as of
December 31, 1995 and 1994, and the related statement of changes in net assets
available for Plan benefits for the year ended December 31, 1995. These
financial statements and 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 audits.
We conducted our audits 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 audits provide 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 benefits of the Plan
as of December 31, 1995 and 1994, and the changes in net assets available for
benefits for the year ended December 31, 1995, in conformity with generally
accepted accounting principles.
Our audit was made 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 transactions 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 supplemental schedules 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.
ARTHUR ANDERSEN LLP
Chicago, Illinois,
May 28, 1996
<PAGE>
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AS OF DECEMBER 31, 1995 AND 1994
Employer Identification Number 36-1258310, Plan Number 003
1995 1994
ASSETS:
Participant directed investments at fair value-
Long-term fixed income contracts-
Stable Asset Fund $116,691,783 $103,951,293
Restricted Stable Asset Fund (Note 9) 6,240,747 6,287,672
Common stock-
Illinois Tool Works Inc. Common Stock Fund 34,912,884 17,938,326
Mutual funds-
Putnam Money Market Fund 38,163,068 38,901,789
Putnam Income Fund 7,582,588 1,925,366
Putnam Asset Allocation Fund-
Conservative Portfolio 2,404,563 496,689
Balanced Portfolio 74,274,084 64,270,034
Growth Portfolio 45,254,139 1,775,291
Fidelity Investments Magellan Fund 148,007,510 112,646,817
Putnam New Opportunities Fund 52,063,385 10,699,159
Invested cash-
Stable Asset Fund 2,921,309 4,603,835
Restricted Stable Asset Fund 17,358 -
Participant loans-
Loan Fund 16,639,189 12,786,233
------------ ------------
Total participant directed
investments 545,172,607 376,282,504
------------ ------------
Receivables-
Company contributions 567,182 149,537
Participant contributions 585,714 417,466
Investment income 1,936 24,799
------------ ------------
Total receivables 1,154,832 591,802
------------ ------------
Total assets 546,327,439 376,874,306
------------ ------------
LIABILITIES:
Fees payable 2,784 1,409
------------ ------------
Net assets available for Plan
benefits $546,324,655 $376,872,897
============ ============
The accompanying notes and schedules to the financial
statements are integral parts of these statements.
<PAGE>
STATEMENT OF CHANGES
Employer
------------------------------------------
Putnam Putnam
Money Stable Asset Income
Market Fund Fund Fund
INCREASES (DECREASES):
Net investment income-
Interest and dividends $ 2,181,525 $ 7,488,920 $ 320,351
Realized and unrealized gains on
investments - - 492,853
Investment expense (3,017) (3,125) (504)
----------- ------------ ----------
Net investment income 2,178,508 7,485,795 812,700
----------- ------------ ----------
Contributions-
Participants 711,989 1,707,626 1,172,039
Company 492,211 607,981 412,254
----------- ------------ ----------
Total contributions 1,204,200 2,315,607 1,584,293
----------- ------------ ----------
Benefits paid to participants (4,011,147) (14,339,765) (252,526)
----------- ------------ ----------
Loans and net interfund transfers (5,662,235) (9,006,387) 3,509,801
----------- ------------ ----------
Transfers from other plans 5,828,048 24,627,731 -
----------- ------------ ----------
Net increase (decrease) (462,626) 11,082,981 5,654,268
NET ASSETS AVAILABLE:
Beginning of year 38,925,703 108,596,448 1,965,122
----------- ------------ ----------
End of year $38,463,077 $119,679,429 $7,619,390
=========== ============ ==========
The accompanying notes and sch
<PAGE>
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
IN NET ASSETS AVAILABLE FOR PLAN BENEFITS WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1995
Identification Number 36-1258310, Plan Number 003
P a r t i c i p a n t D i r e c t e d
- ------------------------------------------------------------------------
Putnam Asset Putnam Asset Putnam Asset
Allocation Allocation Allocation Illinois Tool
Fund Fund Fund Fidelity Works Inc.
Conservative Balanced Growth Investments Common
Portfolio Portfolio Portfolio Magellan Fund Stock Fund
$ 108,481 $ 4,420,721 $ 2,073,666 $ 8,649,749 $ 297,992
127,752 10,490,000 6,180,814 31,152,729 7,093,075
(144) (1,806) (1,548) (47,829) (4,123)
---------- ----------- ----------- ------------ -----------
236,089 14,908,915 8,252,932 39,754,649 7,386,944
---------- ----------- ----------- ------------ -----------
355,216 1,566,205 1,486,731 5,311,919 3,455,167
130,509 495,155 542,772 1,795,316 1,346,017
---------- ----------- ----------- ------------ -----------
485,725 2,061,360 2,029,503 7,107,235 4,801,184
---------- ----------- ----------- ------------ -----------
(135,520) (3,433,336) (2,513,041) (5,580,869) (1,091,181)
---------- ----------- ----------- ------------ -----------
1,272,283 (3,531,769) (10,431,635) (5,920,706) 5,267,491
---------- ----------- ----------- ------------ -----------
50,442 - 46,150,588 - 651,603
---------- ----------- ----------- ------------ -----------
1,909,019 10,005,170 43,488,347 35,360,309 17,016,041
508,612 64,321,133 1,817,285 112,834,126 18,044,512
---------- ----------- ----------- ------------ -----------
$2,417,631 $74,326,303 $45,305,632 $148,194,435 $35,060,553
========== =========== =========== ============ ===========
edules to the financial statements are integral parts of this statement.
<PAGE>
- ------------------------------------------
Putnam New Restricted
Opportunities Stable
Fund Asset Fund Loan Fund Total
$ 659 $ - $ 986,102 $ 26,528,166
11,368,042 - - 66,905,265
(2,518) - - (64,614)
----------- ---------- ----------- ------------
11,366,183 - 986,102 93,368,817
----------- ---------- ----------- ------------
6,605,447 - - 22,372,339
2,616,362 - - 8,438,577
----------- ---------- ----------- ------------
9,221,809 - - 30,810,916
----------- ---------- ----------- ------------
(698,740) (29,567) (989,554) (33,075,246)
----------- ---------- ----------- ------------
20,783,001 - 3,720,156 -
----------- ---------- ----------- ------------
777,535 - 261,324 78,347,271
----------- ---------- ----------- ------------
41,449,788 (29,567) 3,978,028 169,451,758
10,911,123 6,287,672 12,661,161 376,872,897
----------- ---------- ----------- ------------
$52,360,911 $6,258,105 $16,639,189 $546,324,655
=========== ========== =========== ============
<PAGE>
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 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 Plan document for a more
complete description of the Plan's provisions.
General
The Plan is a defined contribution plan in which employees of participating
business units of Illinois Tool Works Inc. and its wholly owned subsidiaries
(the "Company") are eligible to participate in the Plan following completion
of one year of service with the Company and attaining age 21. Established on
November 16, 1967, and last amended on July 1, 1994, the Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").
Significant changes to the Plan due to the Plan amendment include:
(1) Participants are offered new investment choices described in the Investment
Program section below, (2) up to 25% of any contribution may be directed to the
Illinois Tool Works Inc. Common Stock Fund, (3) up to 25% of total account
values may be transferred to the Illinois Tool Works Inc. Common Stock Fund and
(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.
Effective November 1, 1995, there shall no longer be any limit on the
percentage of a Plan member's account that may be invested in the Illinois
Tool Works Inc. Common Stock Fund.
Participant and Company Contributions
Participants may contribute amounts from a minimum of 1% to a maximum of 10%
of eligible compensation to their deferred (before tax) and regular (after tax)
deposit accounts. Participants may change their contribution percentages with
each payroll.
<PAGE>
-2-
The Company contributes to the participants' accounts based on the
participants'contributions as follows:
Percentage of
Participants' Compensation
---------------------------
Participants' Company
Contribution Contribution
1% 1.0%
2 1.5
3 2.0
4 2.5
5-10 3.0
===== ====
Participants may elect to allocate any contribution in multiples of 1% to the
investment funds.
Investment Program
The 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. Putnam Asset Allocation Fund consists 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 (highest risk).
e. Fidelity Investments Magellan Fund seeks long-term capital
appreciation through common stock investments.
f. Illinois Tool Works Inc. Common Stock Fund is invested solely in
the common stock of the Company.
<PAGE>
-3-
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).
i. Loan Fund maintains the balance of participant loans outstanding.
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.
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 may borrow amounts, subject to certain limitations, from the vested
portion of their accounts. 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.
Benefits
Upon termination of employment, participants may receive a lump-sum payment of
their account balances, subject to the vesting provisions described above.
Additional optional payment forms are available at the election of the
participant.
Forfeitures
Forfeitures, representing the unvested portion of the Company's contributions,
amounting to $16,020 and $10,493 as of December 31, 1995 and 1994,
respectively,
<PAGE>
-4-
will be used to reduce future Company contributions pursuant to the terms of
the Plan.
2. SUMMARY OF ACCOUNTING POLICIES:
Basis of Accounting
The accompanying financial statements of the Plan were prepared on the accrual
basis of accounting.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
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 Long-Term Fixed Income Contracts (see Investment Contracts
below).
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.
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 $8,120,035 in 1995. The total
unrealized appreciation of investments was $58,785,230 in 1995.
Investment Contracts
Statement of Position 94-4 ("SOP 94-4") (Reporting of Investment Contracts Held
by Health and Welfare Benefit Plans and Defined Contribution Plans) effective
for Plan years beginning after December 15, 1994, requires defined contribution
plans to report fully benefit responsive investment contracts (as defined in
SOP 94-4) at contract value instead of fair value. The Plan's adoption of
SOP 94-4 in 1995 has not materially impacted the financial statements of the
Plan.
Reclassifications
Certain reclassifications have been made to the 1994 financial statements to
conform with the 1995 presentation.
<PAGE>
-5-
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 and investment
managers. The Trustee may use an independent agent to effect purchases and
sales of common stock of the Company for the Illinois Tool Works Inc. Common
Stock Fund. Other administrative services, such as 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, trustee fees, agent fees and brokerage commissions
are paid by the Plan. Other outside professional and administrative services
are paid or provided by the Company.
5. PARTY-IN-INTEREST TRANSACTIONS:
The Trustee is a party-in-interest according to Section 3(14) of ERISA. The
Trustee serves as Plan fiduciary, investment manager and custodian to the Plan.
As defined by ERISA, any person or organization which provides these services
to the Plan is a related party-in-interest. In 1995, fees paid to the Trustee
were $64,614.
The Company is also a party-in-interest according to Section 3(14) of ERISA.
The Illinois Tool Works Inc. Common Stock Fund is a Plan investment option.
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 January 11, 1996, 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 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 dates.
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.
<PAGE>
-6-
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 was 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.
On December 29, 1995, Confederation Life permitted a withdrawal of $47,159. Of
the amount received, a portion was used to make the minimum required
distributions for Plan participants who have attained the age 70-1/2, and the
remaining portion is being held in an interest-bearing short-term investment
fund account. A second withdrawal of the same amount was received in
January, 1996. No additional withdrawals will be permitted until after
August 12, 1996, unless a rehabilitation or liquidation plan is developed which
permits additional withdrawals.
10.RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500:
The following reconciles net assets available for Plan benefits per the
financial statements to the Form 5500:
1995 1994
Net assets available for Plan benefits per
the financial statements $546,324,655 $376,872,897
Amounts allocated to withdrawing
participants (918,757) (632,720)
------------ ------------
Net assets available for Plan benefits per
the Form 5500 $545,405,898 $376,240,177
============ ============
<PAGE>
-7-
The following reconciles benefits paid to participants per the financial
statements to the Form 5500 for the year ended December 31, 1995:
Benefits paid to participants per
the financial statements $33,075,246
Amounts allocated to withdrawing
participants at-
December 31, 1995 918,757
December 31, 1994 (632,720)
-----------
Benefits paid to participants per
the Form 5500 $33,361,283
===========
Amounts allocated to withdrawing participants are recorded on the Form 5500 for
benefit claims that have been processed and approved for payment prior to
December 31, but not yet paid as of that date.
11. TRANSFERS FROM OTHER PLANS:
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 $72,241,362.
In May and June, 1995, assets from the Automated Packaging 401(k) Plan
transferred to the Plan. These assets totaled $3,564,172.
Effective July 31, 1995, the Shippers Paper Products Company 401K Plan was
merged into the Plan. The assets transferred to the Plan totaled $462,831.
Effective September 30, 1995, the BGK Finishing Systems, Inc. 401(k) Plan was
merged into the Plan. The assets transferred to the Plan totaled $2,078,906.
12. SUBSEQUENT EVENTS:
Effective January 1, 1996, the Loveshaw Corporation 401(k) Plan and Jemco
Profit Sharing Plan were merged into the Plan. The assets transferred to the
Plan from the Loveshaw Corporation 401(k) Plan in February, 1996, totaled
approximately $2,400,000. The assets transferred to the Plan from the Jemco
Profit Sharing Plan in February, 1996, totaled approximately $3,400,000.
Effective March 1, 1996, the Fibre Glass-Evercoat Company, Inc. Employees
401(k) Plan was merged into the Plan. Assets of approximately $1,500,000 were
transferred to the Plan in March, 1996.
<PAGE>
SCHEDULE I
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
ITEM 27a--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1995
Employer Identification Number 36-1258310, Plan Number 003
Number of Market
Shares Cost Value
MUTUAL FUNDS:
*Putnam Money Market Fund 38,163,068 $ 38,163,068 $ 38,163,068
========== ============ ============
*Putnam Income Fund 1,048,767 $ 7,170,089 $ 7,582,588
========== ============ ============
*Putnam Asset Allocation Fund-
Conservative Portfolio 260,799 $ 2,300,881 $ 2,404,563
Balanced Portfolio 7,712,781 63,689,063 74,274,084
Growth Portfolio 4,511,878 40,554,979 45,254,139
========== ------------ ------------
$106,544,923 $121,932,786
============ ============
Fidelity Investments Magellan Fund 1,721,418 $116,192,296 $148,007,510
========== ============ ============
*Putnam New Opportunities Fund 1,403,704 $ 41,502,311 $ 52,063,385
========== ============ ============
COMMON STOCK:
*Illinois Tool Works Inc. Common
Stock Fund 591,744 $ 26,702,915 $ 34,912,884
========== ============ ============
*Party-in-interest.
The accompanying notes to the financial statements
are an integral part of this schedule.
<PAGE>
SCHEDULE I
ILLINOIS TOOL WORKS INC. Continued
SAVINGS AND INVESTMENT PLAN
ITEM 27a--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1995
Employer Identification Number 36-1258310, Plan Number 003
Cost and
Market
Value
LONG-TERM FIXED INCOME CONTRACTS:
Stable Asset Fund-
Allstate, 6.12% Contract, due 9/15/96, 9/15/00 and 12/15/00 $ 5,042,492
Bankers Trust Company, 5.65% basic wrapper Contract, due
4/15/97 through 8/15/98 13,030,391
CIGNA-
8.00% Contract, due 1/1/98 10,305,591
5.95% Contract, due 9/1/98 7,331,211
Commonwealth Life/Capital Holdings, 8.05% Contract, due
3/1/96 3,789,666
Hartford Insurance Company, 8.35% Contract, due 3/1/96 and
5/1/96 13,579,359
John Hancock, 5.95% Contract, due 3/15/97, 3/15/00 and
6/15/00 5,038,946
Life of Virginia, 5.32% Contract, due 5/1/97 and 7/1/97 6,826,727
Lincoln National, 5.19% Contract, due 7/1/96 and 8/1/96 6,179,804
Metropolitan Life Insurance Company, 6.70% Contract, due
2/28/97, 9/30/97 and 10/31/98 12,161,100
Principal Financial Group, 4.83% Contract, due 3/31/98 5,554,774
Principal Mutual Life-
8.25% Contract, due 12/31/95 4,071,149
4.25% Contract, due 12/31/95 2,326,398
7.05% Contract, due 12/31/96 7,064,308
6.15% Contract, due 12/31/97 3,207,351
Transamerica, 5.12% Contract, due 6/30/98 11,182,516
------------
Total Stable Asset Fund long-term fixed income
contracts $116,691,783
============
Restricted Stable Asset Fund-
Confederation Life Insurance Company $ 6,240,747
============
INVESTED CASH:
Stable Asset Fund-
*Putnam Investments, Boston, Massachusetts $ 2,921,309
============
Restricted Stable Asset Fund-
*Putnam Investments, Boston, Massachusetts $ 17,358
============
*Party-in-interest.
The accompanying notes to the financial statements
are an integral part of this schedule.
<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, 1995
Employer Identification Number 36-1258310, Plan Number 003
Balance
*PARTICIPANT LOANS $16,639,189
===========
*Party-in-interest.
Interest rates of loans to participants with
balances outstanding at December 31, 1995,
lowest 6% to highest 15%.
The accompanying notes to the financial statements
are an integral part of this schedule.
<PAGE>
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLA
ITEM 27d--SCHEDULE OF REPORTABLE TR
FOR THE YEAR ENDED DECEMBER 31,
Employer Identification Number 36-1258310,
A single transaction or a series of transactions
of the same issue which, in the aggregate, amoun
the current value of the Plan's assets at the be
Aggregate Purchases
--------------------------
Number of
D e s c r i p t i o n Transactions Amount
*Putnam Asset Allocation Fund-
Growth Portfolio 332 $53,133,633
Balanced Portfolio 324 9,909,406
*Putnam New Opportunities Fund 577 35,895,581
*Stable Asset Fund 542 18,954,069
*Fidelity Investments Magellan Fund 502 27,032,638
*Putnam Money Market Fund 581 13,621,554
=== ===========
*Party-in-interest.
The accompanying notes to the financial statements are an
<PAGE>
SCHEDULE II
N
ANSACTIONS
1995
Plan Number 003
involving securities
t to more than 5% of
ginning of year.
Aggregate Sales
---------------------------------------------------
Number of
Transactions Proceeds Cost Gain
581 $15,840,839 $14,363,828 $1,477,011
705 10,395,736 9,442,757 952,979
777 5,913,550 4,884,274 1,029,276
825 24,465,793 24,465,793 -
902 22,827,189 18,881,881 3,945,308
758 14,374,807 14,374,807 -
=== =========== =========== ==========
integral part of this schedule.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees have duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized on this 25th day of June, 1996.
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
by /s/ John Karpan
John Karpan, Member of Employee Benefits
Committee and Senior Vice President
Human Resources
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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
Nos. 33-8510 and 33-53517), Form S-4 (File Nos. 33-22403 and 33-60013) and Form
S-3 (File No. 33-5780).
ARTHUR ANDERSEN LLP
Chicago, Illinois,
June 25, 1996
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