ITWIllinois Tool Works

No new paragraphs in Risk Factors, or fewer than two 10-Ks to compare.

New in the latest 10-Q

5 paragraphs in the 10-Q filed Oct 28, 2026 with nothing like them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

Financial statements and notes

In September 2026, the Company received a Notice of Deficiency ("NOD") from the IRS related to the 2018 through 2021 tax years. The NOD assessed $ 23 million of additional income taxes, plus interest and penalties, in connection with a 2021 capital loss resulting from the liquidation of a legal entity. The NOD also disallowed $ 47 million of income tax refund claims related to the capital loss and certain amended tax returns. For tax years subsequent to 2021, additional income taxes associated with these matters total $ 148 million. The Company intends to petition the United States Tax Court to challenge the NOD. Although the outcome of this matter cannot be predicted with certainty, the Company believes it will be successful in defending its position.

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The Company performed its annual impairment assessment of goodwill and indefinite-lived intangible assets in the third quarters of 2026 and 2025. The assessments resulted in no impairment charges in either 2026 or 2025.

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On August 13, 2026, the Company issued $ 1.5 billion of 4.65 % notes due August 13, 2029 at 99.748 % of face value. Proceeds from the issuance were used to repay a portion of the indebtedness under the Company's commercial paper program.

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On August 13, 2026, the Company issued $1.5 billion of 4.65% notes due August 13, 2029 at 99.748% of face value. Proceeds from the issuance were used to repay a portion of the indebtedness under the Company's commercial paper program.

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Item 6

4.1 Officers' Certificate dated August 13, 2026, establishing the terms, and setting forth the forms, of the 4.650% Notes due 2029, filed as Exhibit 4.3 to the Company's Current Report on Form 8-K filed on August 13, 2026 (Commission File No. 001-04797) and incorporated herein by reference.

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The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Oct 28, 2026 against Item 1A of the 10-K filed Feb 13, 2026. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted and underlined). Text on the page, not a score; each links to the filing at sec.gov.