The Board of Directors of Illinois Tool Works Inc. authorized a 7% increase to the dividend payout to shareholders, representing a quarterly increase of $0.09 per share ? or $0.36 per share annually ? versus the current dividend rate.

The Board also declared a dividend on the company's common stock of $1.40 per share for the third quarter of 2023. The dividend equates to $5.60 per share on a full-year basis. The dividend will be paid on October 12, 2023 to shareholders of record as of September 29, 2023.