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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 June 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 June 30, 2022: 284,989,208 shares, par value $1.00 per share.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

Second Quarter Ended

Six Months Ended 

June 30

June 30

(millions, except per share amounts)

2022

    

2021

    

2022

    

2021

Product and equipment sales

$2,886.8

$2,514.4

$5,510.9

$4,807.8

Service and lease sales

693.8

648.3

1,336.4

1,239.9

Net sales

3,580.6

3,162.7

6,847.3

6,047.7

Product and equipment cost of sales

1,799.0

1,464.9

3,494.6

2,827.8

Service and lease cost of sales

412.1

379.1

789.9

728.2

Cost of sales (including special charges (a))

2,211.1

1,844.0

4,284.5

3,556.0

Selling, general and administrative expenses

940.1

853.3

1,854.8

1,716.2

Special (gains) and charges

3.6

17.6

27.7

30.4

Operating income

425.8

447.8

 

680.3

745.1

Other (income) expense (b)

(19.5)

2.5

(38.3)

(14.5)

Interest expense, net

56.0

45.6

109.0

97.3

Income before income taxes

389.3

399.7

 

609.6

662.3

Provision for income taxes

76.6

86.1

122.2

152.2

Net income including noncontrolling interest

312.7

313.6

487.4

510.1

Net income attributable to noncontrolling interest

4.4

2.8

7.2

5.7

Net income attributable to Ecolab

$308.3

$310.8

$480.2

$504.4

Earnings attributable to Ecolab per common share

Basic

$ 1.08

$ 1.09

$ 1.68

$ 1.76

Diluted

$ 1.08

$ 1.08

$ 1.67

$ 1.75

Weighted-average common shares outstanding

Basic

 

285.1

286.0

 

 

285.7

286.0

Diluted

 

286.6

 

288.8

 

 

287.4

 

288.9

(a)Cost of sales includes special (gains) and charges of $1.7 and $3.7 in the second quarter of 2022 and 2021, respectively, and $54.6 and $23.3 in the first six 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 $19.6 in the second quarter and first six months of 2021.

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

2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

Second Quarter Ended

Six Months Ended 

June 30

June 30

(millions)

    

2022

    

2021

2022

    

2021

Net income including noncontrolling interest

$312.7

$313.6

$487.4

$510.1

Other comprehensive income (loss), net of tax

Foreign currency translation adjustments

Foreign currency translation

 

(162.7)

83.2

(120.5)

168.1

Gain (loss) on net investment hedges

 

71.4

(14.2)

90.3

(26.4)

Total foreign currency translation adjustments

 

(91.3)

69.0

 

(30.2)

 

141.7

Derivatives and hedging instruments

 

6.1

0.8

1.5

1.4

Pension and postretirement benefits

 

28.0

133.4

 

41.7

 

139.3

Subtotal

 

(57.2)

203.2

 

13.0

 

282.4

Total comprehensive income, including noncontrolling interest

 

255.5

516.8

 

500.4

 

792.5

Comprehensive income attributable to noncontrolling interest

 

1.5

2.1

3.3

4.3

Comprehensive income attributable to Ecolab

$254.0

$514.7

$497.1

$788.2

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

3

CONSOLIDATED BALANCE SHEETS

(unaudited)

June 30

December 31

(millions, except per share amounts)

    

2022

2021

ASSETS

Current assets

Cash and cash equivalents

$124.9

$359.9

Accounts receivable, net

 

2,668.0

2,478.4

Inventories

 

1,720.7

1,491.8

Other current assets

391.4

357.0

Total current assets

 

4,905.0

4,687.1

Property, plant and equipment, net

 

3,264.0

3,288.5

Goodwill

 

7,935.9

8,063.9

Other intangible assets, net

 

4,030.6

4,224.1

Operating lease assets

400.8

396.8

Other assets

627.3

546.0

Total assets

$21,163.6

$21,206.4

LIABILITIES AND EQUITY

Current liabilities

Short-term debt

$618.3

$411.0

Accounts payable

 

1,524.8

1,384.2

Compensation and benefits

 

434.8

509.5

Income taxes

 

73.6

104.3

Other current liabilities

1,154.5

1,144.2

Total current liabilities

 

3,806.0

3,553.2

Long-term debt

 

8,167.8

8,347.2

Postretirement health care and pension benefits

 

838.0

894.2

Deferred income taxes

630.4

622.0

Operating lease liabilities

291.8

282.6

Other liabilities

311.2

254.1

Total liabilities

 

14,045.2

13,953.3

Commitments and contingencies (Note 16)

Equity (a)

Common stock

 

364.5

364.1

Additional paid-in capital

 

6,529.8

6,464.6

Retained earnings

 

9,003.3

8,814.5

Accumulated other comprehensive loss

 

(1,617.9)

(1,634.8)

Treasury stock

 

(7,186.3)

(6,784.2)

Total Ecolab shareholders’ equity

 

7,093.4

7,224.2

Noncontrolling interest

 

25.0

28.9

Total equity

 

7,118.4

7,253.1

Total liabilities and equity

$21,163.6

$21,206.4

(a)Common stock, 800.0 shares authorized, $1.00 par value per share, 285.0 shares outstanding as of June 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)

Six Months Ended 

June 30

(millions)

2022

2021

OPERATING ACTIVITIES

Net income including noncontrolling interest

$487.4

$510.1

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

Depreciation

311.2

303.9

Amortization

158.2

116.7

Deferred income taxes

(57.6)

39.5

Share-based compensation expense

52.8

58.9

Pension and postretirement plan contributions

(35.1)

(36.5)

Pension and postretirement plan (income) expense, net

(2.7)

23.6

Restructuring charges, net of cash paid

(13.4)

(15.9)

Other, net

10.1

12.0

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

Accounts receivable

(234.0)

(19.1)

Inventories

(250.8)

(103.5)

Other assets

(43.2)

(53.8)

Accounts payable

163.8

33.5

Other liabilities

(54.2)

(71.1)

Cash provided by operating activities

492.5

798.3

INVESTING ACTIVITIES

Capital expenditures

(317.5)

(245.6)

Property and other assets sold

0.7

0.3

Acquisitions and investments in affiliates, net of cash acquired

(7.2)

(89.8)

Other, net

13.2

(12.7)

Cash used for investing activities

(310.8)

(347.8)

FINANCING ACTIVITIES

Net issuances (payments) of commercial paper and notes payable

208.0

(1.0)

Reacquired shares

(402.8)

(70.6)

Dividends paid

(300.1)

(286.6)

Exercise of employee stock options

12.7

40.4

Hedge settlements

55.4

2.0

Other, net

(1.4)

(2.5)

Cash used for financing activities

(428.2)

(318.3)

Effect of exchange rate changes on cash and cash equivalents

11.5

10.0

(Decrease) increase in cash and cash equivalents

(235.0)

142.2

Cash and cash equivalents, beginning of period

359.9

1,260.2

Cash and cash equivalents, end of period

$124.9

$1,402.4

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

5

CONSOLIDATED STATEMENTS OF EQUITY

(unaudited)