<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
FOR ALL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS
PURSUANT TO SECTION 15(d) OF THE SECURITIES ACT OF 1934
(Mark One)
[X] Annual Report Pursuant to Section 15(d) of the Securities
Exchange Act of 1934
For the fiscal year ended December 31, 1999
OR
[ ] Transition Report Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the transition period from ___________ to ____________.
Commission file number is unassigned (Form S-8 Reg. No. 333-17473)
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> 2
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
FINANCIAL STATEMENTS AND SCHEDULES
AS OF DECEMBER 31, 1999 AND 1998
TOGETHER WITH AUDITORS' REPORT
EMPLOYER IDENTIFICATION NUMBER 36-1258310
PLAN NUMBER 003
<PAGE> 3
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 benefits
of the ILLINOIS TOOL WORKS INC. SAVINGS AND INVESTMENT PLAN as of December 31,
1999 and 1998, and the related statement of changes in net assets available for
benefits for the year ended December 31, 1999. These financial statements and
schedule referred to below are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements and
schedule based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. 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, 1999 and 1998, and the changes in net assets available for benefits
for the year ended December 31, 1999, in conformity with accounting principles
generally accepted in the United States.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental schedule of assets held for
investment purposes is presented for the purpose of additional analysis and is
not a required part of the basic financial statements but is 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 schedule has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ ARTHUR ANDERSEN LLP
Chicago, Illinois
April 27, 2000
<PAGE> 4
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1999 AND 1998
EMPLOYER IDENTIFICATION NUMBER 36-1258310, PLAN NUMBER 003
1999 1998
-------------- --------------
ASSETS:
Investments $1,232,504,422 $ 991,164,264
Receivables-
Company contributions 66,124 76,579
Participant contributions 184,940 160,947
Loan payments 93,569 77,962
Investment income 353,413 99,601
Transfers from other plans 268,917 291,342
-------------- --------------
Total receivables 966,963 706,431
-------------- --------------
Total assets 1,233,471,385 991,870,695
LIABILITIES:
Fees payable 0 44,289
-------------- --------------
NET ASSETS AVAILABLE FOR BENEFITS $1,233,471,385 $ 991,826,406
============== ==============
The accompanying notes to financial statements
are an integral part of these statements.
<PAGE> 5
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1999
EMPLOYER IDENTIFICATION NUMBER 36-1258310, PLAN NUMBER 003
INCREASES (DECREASES):
Net investment income-
Interest and dividends $ 81,277,253
Net appreciation in investments 169,938,867
Investment expense (156,371)
---------------
Net investment income 251,059,749
---------------
Contributions-
Participants 42,298,729
Company 12,527,092
---------------
Total contributions 54,825,821
---------------
Benefits paid to participants (70,874,815)
---------------
Transfers from other plans 6,634,224
---------------
Net increase 241,644,979
---------------
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year 991,826,406
---------------
End of year $ 1,233,471,385
===============
The accompanying notes to financial statements
are an integral part of this statement.
<PAGE> 6
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
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"). 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
in the month following their date of hire. 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").
Putnam Fiduciary Trust Company (the "Trustee") serves as trustee,
recordkeeper and investment manager of the Plan. Fidelity Investments
serves as investment manager for amounts invested in the Magellan Fund.
PARTICIPANT AND COMPANY CONTRIBUTIONS
Participants may contribute amounts from a minimum of 1% to a maximum of
15% of eligible compensation to their pre-tax and after-tax accounts.
Separately, the maximum pre-tax account contribution is 15% of eligible
compensation, while the maximum after-tax account contribution is 10%. The
combined pre-tax and after-tax contributions cannot exceed 15% of eligible
compensation. Participants may change their contribution percentages with
each payroll.
Participants may begin contributions to their pre-tax and after-tax
accounts in the month following their date of hire. Company contributions,
however, do not start until participants have completed one year of
service. After the completion of one year of service, the Company
contributes to the participants' accounts based on the participants'
contributions as follows:
<PAGE> 7
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PERCENTAGE OF
PARTICIPANTS' COMPENSATION
-----------------------------------
PARTICIPANTS' COMPANY
CONTRIBUTION CONTRIBUTION
------------ ------------
1% 1.0%
2 1.5
3 2.0
4 2.5
5-15 3.0
==== ===
Participants may elect to allocate any contribution in multiples of 1% to
the investment funds.
INVESTMENT FUNDS
Effective January 1, 1998, investment options increased from nine to
twenty-nine funds in which participants may choose to invest. 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. These two funds allocate income 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 employee contribution 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 up to 50% of their vested account balance, up to
$50,000, with a minimum loan amount of $1,000 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
<PAGE> 8
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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 $39,991 and $33,398 as of December 31, 1999
and 1998, respectively, will be used to reduce future Company
contributions pursuant to the terms of the Plan.
2. SUMMARY OF ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The 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 (other than those of the Stable Asset Fund) are reported at
fair values based on quoted market prices of the underlying securities in
which each fund invests. Investments of the Stable Asset Fund consist of
fully benefit-responsive investment contracts and are reported at contract
value, which approximates fair market value.
Purchases and sales of securities are recorded on a trade date basis.
Interest income is recorded on an accrual basis. Dividend income is
recorded on the ex-dividend date.
NET APPRECIATION/DEPRECIATION
Net appreciation/depreciation on investments is 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.
<PAGE> 9
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ADOPTION OF STATEMENT OF POSITION 99-3
The Accounting Standards Executive Committee issued Statement of Position
99-3, Accounting For And Reporting of Certain Defined Contribution Plan
Investments and Other Disclosure Matters ("SOP 99-3"), which eliminates
the requirement for a defined contribution plan to disclose participant
directed investment programs. SOP 99-3 was adopted for the 1999 financial
statements and as such, the 1998 financial statements have been
reclassified to eliminate the participant directed fund investment program
disclosures.
INVESTMENTS
The following presents investments that represent 5 percent or more of the
Plan's net assets at December 31:
<TABLE>
<CAPTION>
1999 1998
------------ -----------
<S> <C> <C>
Putnam Asset Allocation Balanced Portfolio $158,745,254 $53,418,991
Putnam Asset Allocation Growth Portfolio 78,922,685 67,931,113
Fidelity Investments Magellan Fund 256,161,898 209,553,950
Illinois Tool Works Inc. Common Stock Fund 167,569,883 135,907,904
Putnam New Opportunities Fund 238,870,848 146,937,267
</TABLE>
During 1999, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year) appreciated
in value as follows:
Mutual funds $147,352,487
Common sock 22,586,380
------------
Total $169,938,867
============
INVESTMENT CONTRACTS WITH INSURANCE COMPANIES
The Plan has benefit-responsive investment contracts. The accounts for
these contracts are credited with earnings on the underlying investments
and charged for participant withdrawals and administrative expenses. The
contracts are included in the financial statements at contract value.
Contract value represents contributions made under the contract, plus
earnings, less participant withdrawals and administrative expenses.
There are no reserves against contract value for credit risk of the
contract issuer or otherwise. The average yield and crediting interest
rates were approximately 6 percent for 1999.
<PAGE> 10
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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 1999, fees
paid to the Trustee were $87,579.
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 adopted on
December 29, 1994, was designed in accordance with the applicable
requirements of the Internal Revenue Code. The Plan administrator and the
Plan's legal counsel believe that the Plan is currently 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.
<PAGE> 11
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8. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following reconciles net assets available for Plan benefits per the
financial statements to the Form 5500:
<TABLE>
<CAPTION>
1999 1998
-------------- --------------
<S> <C> <C>
Net assets available for Plan benefits per the financial statements $1,233,471,385 $ 991,826,406
Amounts allocated to withdrawing participants 0 (41,666)
-------------- --------------
Net assets available for Plan benefits per the Form 5500 $1,233,471,385 $ 991,784,740
============== ==============
</TABLE>
The following reconciles benefits paid to participants per the financial
statements to the Form 5500 for the year ended December 31, 1999:
Benefits paid to participants per the financial statements $70,874,815
Amounts allocated to withdrawing participants at
December 31, 1998 (41,666)
-----------
Benefits paid to participants per the Form 5500 $70,833,149
===========
An estimate of amounts allocated to withdrawing participants is 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.
9. TRANSFERS FROM OTHER PLANS
Effective January 1, 1999, the Formaboard Inc. Profit Sharing Plan was
merged into the Plan. Substantially all of the assets were transferred on
January 5, 1999. The assets transferred to the Plan totaled $184,041.
Effective January 1, 1999, employees of Pillar Technologies were eligible
to participant in the Plan. Account balances totaling $1,365,405 were
transferred to the Plan from their former plan, the Pillar Corporation
401(k) Plan on January 5, 1999.
Effective January 1, 1999, the Dymon Inc. Profit Sharing Plan was merged
into the Plan. Substantially all of the assets were transferred on January
20, 1999. The assets transferred to the Plan totaled $2,163,650.
Effective May 31, 1999, the Kingsley Profit Sharing 401(k) Plan was merged
into the Plan. Substantially all of the assets were transferred on June 1,
1999. The assets transferred to the Plan totaled $664,637.
<PAGE> 12
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Effective June 30, 1999, the S.P. Sheffer International 401(k) Profit
Sharing Plan was merged into the Plan. Substantially all of the assets
were transferred on July 1, 1999. The assets transferred to the Plan
totaled $207,892.
Effective June 30, 1999, the Syncro Motion 401(k) Profit Sharing Plan was
merged into the Plan. Substantially all of the assets were transferred on
July 12, 1999. The assets transferred to the Plan totaled $287,188.
Effective September 30, 1999, the Fiber Products 401(k) Plan was merged
into the Plan. Substantially all of the assets were transferred on October
5, 1999. The assets transferred to the Plan totaled $302,473.
Effective September 30, 1999, the Bee Industries Inc. 401(k) Plan was
merged into the Plan. Substantially all of the assets were transferred on
October 1, 1999. The assets transferred to the Plan totaled $1,453,205.
10. SUBSEQUENT EVENTS
The following plans were merged into the Plan in 2000:
PLAN NAME EFFECTIVE DATE
- ----------------------------------------------------------- ------------------
California Industrial Products, Inc. 401(k) Savings Plan January 1, 2000
TACC International Corp. 401(k) Profit Sharing Plan April 1, 2000
Scharr Industries Inc. 401(k) Savings and Retirement Plan April 1, 2000
The assets transferred to the Plan totaled approximately $18,000,000.
Substantially all of the assets were transferred in February and April
2000.
<PAGE> 13
SCHEDULE I
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
ITEM 27A -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1999
EMPLOYER IDENTIFICATION NUMBER 36-1258310, PLAN NUMBER 003
MARKET
VALUE
------------
INVESTED CASH:
Stable Asset Fund-
*Putnam Investments, Boston, Massachusetts $ 10,167,478
LONG-TERM FIXED INCOME CONTRACTS:
Stable Asset Fund-
AIG Life Ins. Co.-
6.90% contract, due 3/15/02 2,408,193
5.32% contract, due 8/15/02 2,675,810
Allstate, 6.12% contract, due 12/15/00 3,495,558
Canada Life Assurance Co., 7.16% contract, due 12/30/04 5,107,232
Continental Assurance Co, 6.54% contract, due 3/15/00 2,103,713
Deutsche Bank-
6.09% contract, due 1/06/00
Security PRAT 1997-1 A3 474,267
Wrapper 2,000
5.84% contract, due 9/15/02
Security FHR 2080 PC 1,964,063
Wrapper 47,120
6.73% contract, due 12/25/03
Security PPL 1999-1 A4 3,958,750
Wrapper 46,610
5.96% contract, due 05/15/04
Security AMXCA 1999-2 A 2,409,473
Wrapper 96,661
GE Life & Annuity Assurance-
6.88% contract, due 6/17/02 4,940,407
6.32% contract, due 9/16/02 5,170,750
Hartford Life Ins.-
6.81% contract, due 09/30/04 5,180,053
Jackson National Life Ins. Co.-
6.00% contract, due 2/01/02 3,181,326
John Hancock Mutual Life Ins.-
5.95% contract, due 6/15/00 3,698,399
6.30% contract, due 12/31/01 4,000,669
*Party-in-interest
<PAGE> 14
SCHEDULE I
CONTINUED
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
ITEM 27A -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1999
EMPLOYER IDENTIFICATION NUMBER 36-1258310, PLAN NUMBER 003
MARKET
VALUE
-------------
Metropolitan Life Ins. Co., 5.68% contract, due 8/15/03 $ 5,371,288
Monumental Life Insurance Co.-
5.94% contract, due 6/15/00
Security MBNAM 1995-D A 2,996,250
Wrapper 12,976
6.37% contract, due 4/1/02 2,015,369
New York Life Ins. Co.-
5.69% contract, due 12/15/00 4,580,429
6.69% contract, due 6/30/01 4,177,695
6.91% contract, due 10/01/01 2,035,124
Pacific Life Insurance Co.-
6.00% contract, due 12/16/02 4,010,650
Principal Insurance Co.-
7.00% contract, due 9/15/01 3,013,129
5.72% contract, due 11/17/03 4,028,753
Rabobank Nederland-
5.64% contract, due 10/15/00
Security FORD 98-A A3 1,101,357
Wrapper 4,483
5.86% contract, due 2/15/01
Security FORD CREDIT AUTO LOAN 96-1 A 1,478,700
Wrapper 44,654
5.61% contract, due 5/15/02
Security DCMT 1999-4 A 1,457,344
Wrapper 52,986
5.89% contract, due 5/15/03
Security AMXMT 1998-1 A 1,935,620
Wrapper 71,507
5.85% contract, due 1/15/04
Security FHR 2111 UC 1,949,800
Wrapper 65,226
5.59% contract, due 9/15/04
Security FHR 2113 TB 2,889,961
Wrapper 131,312
*Party-in-interest
<PAGE> 15
SCHEDULE I
CONTINUED
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
ITEM 27A -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1999
EMPLOYER IDENTIFICATION NUMBER 36-1258310, PLAN NUMBER 003
MARKET
VALUE
-------------
Security Life of Denver-
6.17% contract, due 4/15/00 $ 1,504,189
6.50% contract, due 11/15/02 3,072,286
Transamerica Life Ins. & Annuity-
6.42% contract, due 5/6/01
Security PRAT 97-2 A5 2,986,860
Wrapper 24,585
5.86% contract, due 2/07/03
Security CCIMT 1998-3 A 965,310
Wrapper 54,791
6.78% contract, due 9/15/04
Security CHAMT 1999-3 A 2,462,500
Wrapper 39,410
United of Omaha-
6.71% contract, due 10/15/01 3,009,376
6.73% contract, due 5/20/02 1,005,716
NUMBER OF MARKET
SHARES VALUE
---------- ------------
MUTUAL FUNDS:
*Putnam Money Market Fund 52,409,192 $ 52,409,192
*Putnam Asset Allocation Fund-
Growth Portfolio 5,161,719 78,922,685
Balanced Portfolio 12,239,418 158,745,254
Conservative Portfolio 1,208,780 12,764,716
*S & P 500 Index Fund 644,268 22,510,718
Fidelity Investments Magellan Fund 1,874,858 256,161,898
*Putnam New Opportunities Fund 2,584,903 238,870,848
*International Growth Fund 197,131 5,872,536
*US Government Income Fund 235,535 2,904,150
*American Government Income Fund 211,659 1,741,953
*Putnam Income Fund 1,963,219 12,525,340
*Party-in-interest
<PAGE> 16
SCHEDULE I
CONTINUED
ILLINOIS TOOL WORKS INC.
SAVINGS AND INVESTMENT PLAN
ITEM 27A -- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1999
EMPLOYER IDENTIFICATION NUMBER 36-1258310, PLAN NUMBER 003
NUMBER OF MARKET
SHARES VALUE
--------- --------------
*Diversified Income Fund 130,809 $ 1,410,123
*High Yield Advantage Fund 154,768 1,205,645
*George Putnam of Boston Fund 191,502 3,123,392
*Growth & Income Fund 673,953 12,650,102
*New Value Fund 76,566 908,076
*Investors Fund 791,484 15,236,058
*Voyager Fund 431,464 13,634,248
*Vista Fund 101,933 1,812,376
*Capital Appreciation Fund 225,986 5,907,262
*OTC & Emerging Growth Fund 175,753 6,576,688
*Global Government Fund 3,963 46,048
*Global Growth Fund 124,555 2,359,079
*Europe Growth Fund 117,069 3,108,192
*Asia Pacific Growth Fund 139,684 2,653,987
*International New Opportunities Fund 93,857 2,330,470
*Emerging Markets Fund 65,224 815,953
COMMON STOCK:
*Illinois Tool Works Inc. Common Stock Fund 2,480,220 167,569,883
**PARTICIPANT LOANS 28,049,382
--------------
$1,232,504,422
==============
*Party-in-interest
** Interest rate of loans to participants with balances outstanding at
December 31, 1999, lowest 6% to highest 13%.
The accompanying notes to the financial statements are
an integral part of this schedule.
<PAGE> 17
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 15th day of May, 2000.
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
<PAGE> 1
EXHIBIT 23
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.
333-22035, 333-17473 and 333-75767), Form S-4 (File Nos. 33-302671, 333-88801
and 33-25471) and Form S-3 (File Nos. 33-5780 and 333-70691).
/s/ Arthur Andersen LLP
Chicago, Illinois
May 15, 2000
