| | |
Per Note
|
| |
Total
|
| ||||||
Public offering price(1)
|
| | | | 99.402% | | | | | $ | 497,010,000 | | |
Underwriting discount
|
| | | | 0.600% | | | | | $ | 3,000,000 | | |
Proceeds, before expenses, to us
|
| | | | 98.802% | | | | | $ | 494,010,000 | | |
| | |
Page
|
| |||
| | | | S-ii | | | |
| | | | S-iii | | | |
| | | | S-iv | | | |
| | | | S-1 | | | |
| | | | S-6 | | | |
| | | | S-8 | | | |
| | | | S-9 | | | |
| | | | S-10 | | | |
| | | | S-24 | | | |
| | | | S-29 | | | |
| | | | S-36 | | | |
| | | | S-36 | | |
| | |
Page
|
| |||
| | | | 2 | | | |
| | | | 3 | | | |
| | | | 3 | | | |
| | | | 4 | | | |
| | | | 5 | | | |
| | | | 5 | | | |
| | | | 6 | | | |
| | | | 8 | | | |
| | | | 9 | | | |
| | | | 9 | | |
| | |
Nine months ended
September 30, |
| |
Year ended December 31,
|
| ||||||||||||||||||||||||
| | |
2022
(unaudited) |
| |
2021
(unaudited) |
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
| | | | | | | | | | | | | | |
(in millions)
|
| | | | | | | | | | | | | |||
Operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net sales
|
| | | $ | 10,516.6 | | | | | $ | 9,368.5 | | | | | $ | 12,733.1 | | | | | $ | 11,790.2 | | | | | $ | 12,562.0 | | |
Cost of sales (including special charges)(1)
|
| | | | 6,576.1 | | | | | | 5,572.7 | | | | | | 7,615.8 | | | | | | 6,905.8 | | | | | | 7,045.8 | | |
Selling, general and administrative expenses
|
| | | | 2,731.7 | | | | | | 2,548.2 | | | | | | 3,416.1 | | | | | | 3,309.1 | | | | | | 3,550.8 | | |
Special (gains) and charges
|
| | | | 45.5 | | | | | | 36.7 | | | | | | 102.6 | | | | | | 179.6 | | | | | | 120.2 | | |
Operating income
|
| | | | 1,163.3 | | | | | | 1,210.9 | | | | | | 1,598.6 | | | | | | 1,395.7 | | | | | | 1,845.2 | | |
Other (income) expense(2)
|
| | | | (32.6) | | | | | | (27.5) | | | | | | (33.9) | | | | | | (55.9) | | | | | | (77.0) | | |
Interest expense, net(3)
|
| | | | 174.1 | | | | | | 173.7 | | | | | | 218.3 | | | | | | 290.2 | | | | | | 190.7 | | |
Income before income taxes
|
| | | | 1,021.8 | | | | | | 1,064.7 | | | | | | 1,414.2 | | | | | | 1,161.4 | | | | | | 1,731.5 | | |
Provision for income taxes
|
| | | | 182.4 | | | | | | 226.0 | | | | | | 270.2 | | | | | | 176.6 | | | | | | 288.6 | | |
Net income from continuing operations, including noncontrolling interest
|
| | | | 839.4 | | | | | | 838.7 | | | | | | 1,144.0 | | | | | | 984.8 | | | | | | 1,442.9 | | |
Net income from continuing operations attributable
to noncontrolling interest |
| | | | 12.1 | | | | | | 9.8 | | | | | | 14.1 | | | | | | 17.4 | | | | | | 17.3 | | |
Net income from continuing operations attributable
to Ecolab |
| | | | 827.3 | | | | | | 828.9 | | | | | | 1,129.9 | | | | | | 967.4 | | | | | | 1,425.6 | | |
Net income (loss) from discontinued operations, net
of tax(4) |
| | | | — | | | | | | — | | | | | | — | | | | | | (2,172.5) | | | | | | 133.3 | | |
Net income (loss) attributable to Ecolab
|
| | | $ | 827.3 | | | | | $ | 828.9 | | | | | $ | 1,129.9 | | | | | $ | (1,205.1) | | | | | $ | 1,558.9 | | |
Financial position (end of period): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets
|
| | | $ | 5,099.3 | | | | | $ | 4,986.8 | | | | | $ | 4,687.1 | | | | | $ | 5,117.4 | | | | | $ | 4,828.4 | | |
Property, plant and equipment, net
|
| | | | 3,260.9 | | | | | | 3,069.6 | | | | | | 3,288.5 | | | | | | 3,124.9 | | | | | | 3,228.3 | | |
Goodwill, intangible and other assets
|
| | | | 12,676.8 | | | | | | 9,869.8 | | | | | | 13,230.8 | | | | | | 9,883.7 | | | | | | 9,479.6 | | |
Long-term assets of discontinued operations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,332.8 | | |
Total assets
|
| | | $ | 21,037.0 | | | | | $ | 17,926.2 | | | | | $ | 21,206.4 | | | | | $ | 18,126.0 | | | | | $ | 20,869.1 | | |
| | |
Nine months ended
September 30, |
| |
Year ended December 31,
|
| ||||||||||||||||||||||||
| | |
2022
(unaudited) |
| |
2021
(unaudited) |
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
| | | | | | | | | | | | | | |
(in millions)
|
| | | | | | | | | | | | | |||
Current liabilities
|
| | | $ | 3,772.3 | | | | | $ | 2,894.5 | | | | | $ | 3,553.2 | | | | | $ | 2,932.2 | | | | | $ | 3,630.6 | | |
Long-term debt
|
| | | | 8,026.7 | | | | | | 5,931.8 | | | | | | 8,347.2 | | | | | | 6,669.3 | | | | | | 5,973.1 | | |
Postretirement health care and pension benefits
|
| | | | 878.0 | | | | | | 996.6 | | | | | | 894.2 | | | | | | 1,226.2 | | | | | | 1,084.4 | | |
Other lease liabilities, other liabilities and long-term
liabilities of discontinued operations |
| | | | 1,270.1 | | | | | | 1,141.5 | | | | | | 1,158.7 | | | | | | 1,096.8 | | | | | | 1,455.2 | | |
Total liabilities
|
| | | $ | 13,947.1 | | | | | $ | 10,964.4 | | | | | $ | 13,953.3 | | | | | $ | 11,924.5 | | | | | $ | 12,143.3 | | |
Ecolab shareholders’ equity
|
| | | $ | 7,062.6 | | | | | $ | 6,933.5 | | | | | $ | 7,224.2 | | | | | $ | 6,166.5 | | | | | $ | 8,685.3 | | |
Noncontrolling interest
|
| | | | 27.3 | | | | | | 28.3 | | | | | | 28.9 | | | | | | 35.0 | | | | | | 40.5 | | |
Total equity
|
| | | | 7,089.9 | | | | | | 6,961.8 | | | | | | 7,253.1 | | | | | | 6,201.5 | | | | | | 8,725.8 | | |
Total liabilities and equity
|
| | | $ | 21,037.0 | | | | | $ | 17,926.2 | | | | | $ | 21,206.4 | | | | | $ | 18,126.0 | | | | | $ | 20,869.1 | | |
|
| | |
As of September 30, 2022
|
| |||||||||
| | |
Actual
|
| |
As
Adjusted |
| ||||||
| | |
(in millions)
|
| |||||||||
Cash and cash equivalents
|
| | | $ | 112.9 | | | | | $ | 605.4 | | |
Short-term debt: | | | | | | | | | | | | | |
Commercial paper
|
| | | $ | 485.0 | | | | | $ | 485.0 | | |
Notes payable
|
| | | | 10.3 | | | | | | 10.3 | | |
Long-term debt, current maturities
|
| | | | 2.6 | | | | | | 2.6 | | |
Total short-term debt
|
| | | $ | 497.9 | | | | | $ | 497.9 | | |
Long-term debt: | | | | | | | | | | | | | |
0.900% senior notes due 2023
|
| | | $ | 498.3 | | | | | $ | 498.3 | | |
1.000% euro senior notes due 2024
|
| | | | 576.4 | | | | | | 576.4 | | |
2.625% euro senior notes due 2025
|
| | | | 576.4 | | | | | | 576.4 | | |
2.700% senior notes due 2026
|
| | | | 721.4 | | | | | | 721.4 | | |
1.650% senior notes due 2027
|
| | | | 496.3 | | | | | | 496.3 | | |
3.250% senior notes due 2027
|
| | | | 433.7 | | | | | | 433.7 | | |
4.800% senior notes due 2030
|
| | | | 643.7 | | | | | | 643.7 | | |
1.300% senior notes due 2031
|
| | | | 552.8 | | | | | | 552.8 | | |
2.125% senior notes due 2032
|
| | | | 644.5 | | | | | | 644.5 | | |
5.500% senior notes due 2041
|
| | | | 384.5 | | | | | | 384.5 | | |
3.700% senior notes due 2046
|
| | | | 197.2 | | | | | | 197.2 | | |
3.950% senior notes due 2047
|
| | | | 425.2 | | | | | | 425.2 | | |
2.125% senior notes due 2050
|
| | | | 490.6 | | | | | | 490.6 | | |
2.700% senior notes due 2051
|
| | | | 838.8 | | | | | | 838.8 | | |
2.750% senior notes due 2055
|
| | | | 536.7 | | | | | | 536.7 | | |
5.250% senior notes due 2028 offered hereby
|
| | | | — | | | | | | 492.5 | | |
Finance lease obligations and other
|
| | | | 12.8 | | | | | | 12.8 | | |
Long-term debt, current maturities
|
| | | | (2.6) | | | | | | (2.6) | | |
Total long-term debt
|
| | | | 8,026.7 | | | | | | 8,519.2 | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Common stock
|
| | | | 364.6 | | | | | | 364.6 | | |
Additional paid-in capital
|
| | | | 6,551.8 | | | | | | 6,551.8 | | |
Retained earnings
|
| | | | 9,205.1 | | | | | | 9,205.1 | | |
Accumulated other comprehensive loss
|
| | | | (1,830.5) | | | | | | (1,830.5) | | |
Treasury stock
|
| | | | (7,228.4) | | | | | | (7,228.4) | | |
Noncontrolling interest
|
| | | | 27.3 | | | | | | 27.3 | | |
Total stockholders’ equity
|
| | | | 7,089.9 | | | | | | 7,089.9 | | |
Total long-term debt and stockholders’ equity
|
| | | $ | 15,116.6 | | | | | $ | 15,609.1 | | |
Underwriter
|
| |
Principal
Amount of Notes |
| |||
BofA Securities, Inc.
|
| | | $ | 102,500,000 | | |
Citigroup Global Markets Inc.
|
| | | | 102,500,000 | | |
Goldman Sachs & Co. LLC
|
| | | | 102,500,000 | | |
Barclays Capital Inc.
|
| | | | 27,500,000 | | |
Credit Suisse Securities (USA) LLC
|
| | | | 27,500,000 | | |
J.P. Morgan Securities LLC
|
| | | | 27,500,000 | | |
MUFG Securities Americas Inc.
|
| | | | 27,500,000 | | |
Mizuho Securities USA LLC
|
| | | | 20,000,000 | | |
SMBC Nikko Securities America, Inc.
|
| | | | 20,000,000 | | |
U.S. Bancorp Investments, Inc.
|
| | | | 20,000,000 | | |
Wells Fargo Securities, LLC
|
| | | | 20,000,000 | | |
Siebert Williams Shank & Co., LLC
|
| | | | 2,500,000 | | |
Total
|
| | | $ | 500,000,000 | | |
| | |
Per Note
|
| |
Total
|
| ||||||
Underwriting discount
|
| | | | 0.600% | | | | | $ | 3,000,000 | | |
| | |
Page
|
|
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | |
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