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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, 2021

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, 2021: 286,567,307 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)

2021

    

2020

    

2021

    

2020

Product and equipment sales

$2,653.8

$2,426.4

$7,461.6

$7,017.5

Service and lease sales

667.0

592.2

1,906.9

1,707.4

Net sales

3,320.8

3,018.6

9,368.5

8,724.9

Product and equipment cost of sales

1,625.1

1,405.4

4,452.9

4,071.6

Service and lease cost of sales

391.6

364.2

1,119.8

1,053.9

Cost of sales (including special charges (a))

2,016.7

1,769.6

5,572.7

5,125.5

Selling, general and administrative expenses

832.0

802.6

2,548.2

2,499.5

Special (gains) and charges

6.3

35.0

36.7

120.3

Operating income

465.8

411.4

 

1,210.9

979.6

Other (income) expense (b)

(13.0)

(15.1)

(27.5)

(45.6)

Interest expense, net (c)

76.4

134.8

173.7

241.8

Income before income taxes

402.4

291.7

 

1,064.7

783.4

Provision for income taxes

73.8

42.4

226.0

103.5

Net income from continuing operations, including noncontrolling interest

328.6

249.3

838.7

679.9

Net income from continuing operations attributable to noncontrolling interest

4.1

3.1

9.8

12.8

Net income from continuing operations attributable to Ecolab

324.5

246.2

 

828.9

667.1

Net loss from discontinued operations, net of tax (Note 4) (d)

-

-

-

(2,172.5)

Net income (loss) attributable to Ecolab

$324.5

$246.2

$828.9

($1,505.4)

Earnings (loss) attributable to Ecolab per common share

Basic

Continuing operations

$ 1.13

$ 0.86

$ 2.90

$ 2.32

Discontinued operations

$ -

$ -

$ -

($ 7.56)

Earnings attributable to Ecolab

$ 1.13

$ 0.86

$ 2.90

($ 5.24)

Diluted

Continuing operations

$ 1.12

$ 0.85

$ 2.87

$ 2.29

Discontinued operations

$ -

$ -

$ -

($ 7.47)

Earnings attributable to Ecolab

$ 1.12

$ 0.85

$ 2.87

($ 5.18)

Weighted-average common shares outstanding

Basic

 

286.4

285.4

 

 

286.1

287.5

Diluted

 

289.2

 

288.4

 

 

289.0

 

290.8

(a)Cost of sales includes special (gains) and charges, net of $52.9 and $9.5 in the third quarter of 2021 and 2020, respectively, and $76.2 and $45.6 in the first nine months of 2021 and 2020, respectively, which is recorded in product and equipment cost of sales.
(b)Other (income) expense includes special charges of $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 and $83.1 in the third quarter of 2021 and 2020, respectively, and $32.3 and $83.8 first nine months of 2021 and 2020, respectively.
(d)Net income from discontinued operations, net of tax includes noncontrolling interest of $2.2 in the first nine months of 2020.

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)

    

2021

    

2020

2021

    

2020

Net income (loss) attributable to Ecolab

$324.5

$246.2

$828.9

($1,505.4)

Net income from continuing operations attributable to noncontrolling interest

4.1

3.1

9.8

12.8

Net income from discontinued operations attributable to noncontrolling interest

-

-

-

2.2

Net income (loss) attributable to Ecolab, including noncontrolling interest

328.6

249.3

838.7

(1,490.4)

Other comprehensive income (loss), net of tax

Foreign currency translation adjustments

Foreign currency translation

 

(107.2)

165.9

60.9

4.7

Separation of ChampionX

-

-

-

229.9

Gain (loss) on net investment hedges

 

35.2

(83.4)

8.8

(87.4)

Total foreign currency translation adjustments

 

(72.0)

82.5

 

69.7

 

147.2

Derivatives and hedging instruments

 

15.3

(19.1)

16.7

(14.1)

Pension and postretirement benefits

Current period net actuarial gain

 

-

-

 

109.9

 

-

Settlement charge

 

5.3

-

 

20.2

 

-

Amortization of net actuarial loss and prior period service credits, net

 

28.1

(18.5)

42.6

12.0

Total pension and postretirement benefits

 

33.4

(18.5)

 

172.7

 

12.0

Subtotal

 

(23.3)

44.9

 

259.1

 

145.1

Total comprehensive income (loss), including noncontrolling interest

 

305.3

294.2

 

1,097.8

 

(1,345.3)

Comprehensive income attributable to noncontrolling interest

 

3.7

27.1

8.0

15.0

Comprehensive income (loss) attributable to Ecolab

$301.6

$267.1

$1,089.8

($1,360.3)

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)

    

2021

2020

ASSETS

Current assets

Cash and cash equivalents

$897.9

$1,260.2

Accounts receivable, net

 

2,384.1

2,273.8

Inventories

 

1,378.2

1,285.2

Other current assets

326.6

298.2

Total current assets

 

4,986.8

5,117.4

Property, plant and equipment, net

 

3,069.6

3,124.9

Goodwill

 

6,125.6

6,006.9

Other intangible assets, net

 

2,889.7

2,977.0

Operating lease assets

377.4

423.8

Other assets

477.1

476.0

Total assets

$17,926.2

$18,126.0

LIABILITIES AND EQUITY

Current liabilities

Short-term debt

$18.7

$17.3

Accounts payable

 

1,237.1

1,160.6

Compensation and benefits

 

452.9

469.3

Income taxes

 

68.0

96.1

Other current liabilities

1,117.8

1,188.9

Total current liabilities

 

2,894.5

2,932.2

Long-term debt

 

5,931.8

6,669.3

Postretirement health care and pension benefits

 

996.6

1,226.2

Deferred income taxes

589.4

483.9

Operating lease liabilities

263.0

300.5

Other liabilities

289.1

312.4

Total liabilities

 

10,964.4

11,924.5

Commitments and contingencies (Note 17)

Equity (a)

Common stock

 

363.7

362.6

Additional paid-in capital

 

6,399.8

6,235.0

Retained earnings

 

8,659.8

8,243.0

Accumulated other comprehensive loss

 

(1,733.5)

(1,994.4)

Treasury stock

 

(6,756.3)

(6,679.7)

Total Ecolab shareholders’ equity

 

6,933.5

6,166.5

Noncontrolling interest

 

28.3

35.0

Total equity

 

6,961.8

6,201.5

Total liabilities and equity

$17,926.2

$18,126.0

(a)Common stock, 800.0 shares authorized, $1.00 par value per share, 286.6 shares outstanding at September 30, 2021 and 285.7 shares outstanding at December 31, 2020. 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)

2021

2020

OPERATING ACTIVITIES

Net income (loss) including noncontrolling interest

$838.7

($1,490.4)

Less: Net loss from discontinued operations including noncontrolling interest

-

(2,170.3)

Net income from continuing operations including noncontrolling interest

838.7

679.9

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

Depreciation

453.1

443.1

Amortization

174.4

162.1

Deferred income taxes

52.7

(16.6)

Share-based compensation expense

72.5

65.1

Pension and postretirement plan contributions

(51.3)

(50.1)

Pension and postretirement plan expense, net