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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)                                                                                                                                                                                                                       

            QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

            TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to              

Commission File No. 1-9328

ECOLAB INC.

(Exact name of registrant as specified in its charter)

Delaware

41-0231510

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

1 Ecolab Place, St. Paul, Minnesota 55102

(Address of principal executive offices)(Zip Code)

1-800-232-6522

(Registrant’s telephone number, including area code)

(Not applicable)

(Former name, former address and former fiscal year,

if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, $1.00 par value

2.625% Euro Notes due 2025

1.000% Euro Notes due 2024

ECL

ECL 25

ECL 24

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The number of shares of each of the registrant’s classes of Common Stock outstanding as of September 30, 2022: 284,828,060 shares, par value $1.00 per share.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

Third Quarter Ended 

Nine Months Ended 

September 30

September 30

(millions, except per share amounts)

2022

    

2021

    

2022

    

2021

Product and equipment sales

$2,963.0

$2,653.8

$8,473.9

$7,461.6

Service and lease sales

706.3

667.0

2,042.7

1,906.9

Net sales

3,669.3

3,320.8

10,516.6

9,368.5

Product and equipment cost of sales

1,877.1

1,625.1

5,371.7

4,452.9

Service and lease cost of sales

414.5

391.6

1,204.4

1,119.8

Cost of sales (including special (gains) and charges (a))

2,291.6

2,016.7

6,576.1

5,572.7

Selling, general and administrative expenses

876.9

832.0

2,731.7

2,548.2

Special (gains) and charges

17.8

6.3

45.5

36.7

Operating income

483.0

465.8

 

1,163.3

1,210.9

Other (income) expense (b)

5.7

(13.0)

(32.6)

(27.5)

Interest expense, net (c)

65.1

76.4

174.1

173.7

Income before income taxes

412.2

402.4

 

1,021.8

1,064.7

Provision for income taxes

60.2

73.8

182.4

226.0

Net income including noncontrolling interest

352.0

328.6

839.4

838.7

Net income attributable to noncontrolling interest

4.9

4.1

12.1

9.8

Net income attributable to Ecolab

$347.1

$324.5

$827.3

$828.9

Earnings attributable to Ecolab per common share

Basic

$ 1.22

$ 1.13

$ 2.90

$ 2.90

Diluted

$ 1.21

$ 1.12

$ 2.88

$ 2.87

Weighted-average common shares outstanding

Basic

 

284.9

286.4

 

 

285.4

286.1

Diluted

 

286.3

 

289.2

 

 

287.0

 

289.0

(a)Cost of sales includes special (gains) and charges of $7.1 and $52.9 in the third quarter of 2022 and 2021, respectively, and $61.7 and $76.2 in the first nine months of 2022 and 2021, respectively, which is recorded in product and equipment cost of sales and service and lease cost of sales.
(b)Other expense (income) includes special charges of $24.8 in the third quarter and first nine months of 2022 and $7.0 and $26.6 in the third quarter and first nine months of 2021, respectively.
(c)Interest expense, net includes special charges of $32.3 in the third quarter and first nine months of 2021.

The accompanying notes are an integral part of the consolidated financial statements.

2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

Third Quarter Ended 

Nine Months Ended 

September 30

September 30

(millions)

    

2022

    

2021

2022

    

2021

Net income including noncontrolling interest

$352.0

$328.6

$839.4

$838.7

Other comprehensive income (loss), net of tax

Foreign currency translation adjustments

Foreign currency translation

 

(246.7)

(107.2)

(367.2)

60.9

Gain on net investment hedges

 

82.7

35.2

173.0

8.8

Total foreign currency translation adjustments

 

(164.0)

(72.0)

 

(194.2)

 

69.7

Derivatives and hedging instruments

 

11.6

15.3

13.1

16.7

Pension and postretirement benefits

 

(62.3)

33.4

 

(20.6)

 

172.7

Subtotal

 

(214.7)

(23.3)

 

(201.7)

 

259.1

Total comprehensive income, including noncontrolling interest

 

137.3

305.3

 

637.7

 

1,097.8

Comprehensive income attributable to noncontrolling interest

 

2.8

3.7

6.1

8.0

Comprehensive income attributable to Ecolab

$134.5

$301.6

$631.6

$1,089.8

The accompanying notes are an integral part of the consolidated financial statements.

3

CONSOLIDATED BALANCE SHEETS

(unaudited)

September 30

December 31

(millions, except per share amounts)

    

2022

2021

ASSETS

Current assets

Cash and cash equivalents

$112.9

$359.9

Accounts receivable, net

 

2,714.3

2,478.4

Inventories

 

1,802.7

1,491.8

Other current assets

469.4

357.0

Total current assets

 

5,099.3

4,687.1

Property, plant and equipment, net

 

3,260.9

3,288.5

Goodwill

 

7,741.4

8,063.9

Other intangible assets, net

 

3,915.0

4,224.1

Operating lease assets

427.0

396.8

Other assets

593.4

546.0

Total assets

$21,037.0

$21,206.4

LIABILITIES AND EQUITY

Current liabilities

Short-term debt

$497.9

$411.0

Accounts payable

 

1,584.4

1,384.2

Compensation and benefits

 

434.2

509.5

Income taxes

 

110.4

104.3

Other current liabilities

1,145.4

1,144.2

Total current liabilities

 

3,772.3

3,553.2

Long-term debt

 

8,026.7

8,347.2

Postretirement health care and pension benefits

 

878.0

894.2

Deferred income taxes

577.1

622.0

Operating lease liabilities

317.5

282.6

Other liabilities

375.5

254.1

Total liabilities

 

13,947.1

13,953.3

Commitments and contingencies (Note 16)

Equity (a)

Common stock

 

364.6

364.1

Additional paid-in capital

 

6,551.8

6,464.6

Retained earnings

 

9,205.1

8,814.5

Accumulated other comprehensive loss

 

(1,830.5)

(1,634.8)

Treasury stock

 

(7,228.4)

(6,784.2)

Total Ecolab shareholders’ equity

 

7,062.6

7,224.2

Noncontrolling interest

 

27.3

28.9

Total equity

 

7,089.9

7,253.1

Total liabilities and equity

$21,037.0

$21,206.4

(a)Common stock, 800.0 shares authorized, $1.00 par value per share, 284.8 shares outstanding as of September 30, 2022 and 286.9 shares outstanding as of December 31, 2021. Shares outstanding are net of treasury stock.

The accompanying notes are an integral part of the consolidated financial statements.

4

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended 

September 30

(millions)

2022

2021

OPERATING ACTIVITIES

Net income including noncontrolling interest

$839.4

$838.7

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation

463.4

453.1

Amortization

238.8

174.4

Deferred income taxes

(106.6)

52.7

Share-based compensation expense

67.2

72.5

Pension and postretirement plan contributions

(51.8)

(51.3)

Pension and postretirement plan expense, net

20.5

29.9

Restructuring charges, net of cash paid

(17.8)

(35.1)

Debt refinancing

-

29.4

Other, net

13.2

19.7

Changes in operating assets and liabilities, net of effect of acquisitions:

Accounts receivable

(350.8)

(101.0)

Inventories

(385.7)

(79.8)

Other assets

(345.0)

(48.1)

Accounts payable

260.2

71.5

Other liabilities

284.2

(5.6)

Cash provided by operating activities

929.2

1,421.0

INVESTING ACTIVITIES

Capital expenditures

(510.0)

(423.8)

Property and other assets sold

1.4

12.3

Acquisitions and investments in affiliates, net of cash acquired

(7.2)

(209.9)

Other, net

9.4

(17.1)

Cash used for investing activities

(506.4)

(638.5)

FINANCING ACTIVITIES

Net issuances of commercial paper and notes payable

87.6

0.5

Long-term debt borrowings

-

293.7

Long-term debt repayments

-

(1,017.9)

Reacquired shares

(445.4)

(77.8)

Dividends paid

(445.0)

(426.5)

Exercise of employee stock options

20.8

94.3

Debt refinancing

-

(29.4)

Hedge settlements

109.6

9.4

Other, net

(3.2)

(5.6)

Cash used for financing activities

(675.6)

(1,159.3)