QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2019

QUARTERLY FINANCIAL DATA (UNAUDITED)

20. QUARTERLY FINANCIAL DATA (UNAUDITED)

	First		Second		Third		Fourth
(millions, except per share)	Quarter		Quarter		Quarter		Quarter		Year
2019
Net sales		$2,924.7		$3,169.1		$3,224.0		$3,244.2		$12,562.0
Operating expenses
Cost of sales (a)		1,675.5		1,780.3		1,780.9		1,809.1		7,045.8
Selling, general and administrative expenses		896.1		900.0		869.2		885.5		3,550.8
Special (gains) and charges		39.5		24.4		24.9		31.4		120.2
Operating income		313.6		464.4		549.0		518.2		1,845.2
Other (income) expense (a)		(21.2)		(20.9)		(20.8)		(14.1)		(77.0)
Interest expense, net (a)		49.3		49.2		46.1		46.1		190.7
Income before income taxes		285.5		436.1		523.7		486.2		1,731.5
Provision for income taxes		29.9		88.8		83.4		86.5		288.6
Net income from continuing operations, including noncontrolling interest		255.6		347.3		440.3		399.7		1,442.9
Net income from continuing operations attributable to noncontrolling interest		4.0		3.9		4.4		5.0		17.3
Net income from continuing operations attributable to Ecolab		251.6		343.4		435.9		394.7		1,425.6
Net income from discontinued operations, net of tax (b)		44.9		25.2		28.3		34.9		133.3
Net income attributable to Ecolab		$296.5		$368.6		$464.2		$429.6		$1,558.9
Earnings attributable to Ecolab per common share
Basic
Continuing operations		$ 0.87		$ 1.19		$ 1.51		$ 1.37		$ 4.95
Discontinued operations		$ 0.16		$ 0.09		$ 0.10		$ 0.12		$ 0.46
Earnings attributable to Ecolab		$ 1.03		$ 1.28		$ 1.61		$ 1.49		$ 5.41
Diluted
Continuing operations		$ 0.86		$ 1.18		$ 1.49		$ 1.35		$ 4.87
Discontinued operations		$ 0.15		$ 0.09		$ 0.10		$ 0.12		$ 0.46
Earnings attributable to Ecolab		$ 1.01		$ 1.26		$ 1.59		$ 1.47		$ 5.33
Weighted-average common shares outstanding
Basic		288.2		287.6		288.1		288.3		288.1
Diluted		292.3		292.1		292.8		292.6		292.5
2018
Net sales		$2,865.3		$3,086.5		$3,126.5		$3,143.8		$12,222.1
Operating expenses
Cost of sales (a)		1,639.3		1,722.5		1,743.3		1,770.2		6,875.3
Selling, general and administrative expenses		896.7		911.4		855.9		841.8		3,505.8
Special (gains) and charges		26.2		8.0		66.2		12.3		112.7
Operating income		303.1		444.6		461.1		519.5		1,728.3
Other (income) expense		(19.4)		(19.5)		(21.2)		(19.8)		(79.9)
Interest expense, net (a)		56.0		56.2		55.1		53.8		221.1
Income before income taxes		266.5		407.9		427.2		485.5		1,587.1
Provision for income taxes		58.2		80.5		95.4		87.1		321.2
Net income from continuing operations, including noncontrolling interest		208.3		327.4		331.8		398.4		1,265.9
Net income from continuing operations attributable to noncontrolling interest		2.8		3.7		3.6		5.5		15.6
Net income from continuing operations attributable to Ecolab		205.5		323.7		328.2		392.9		1,250.3
Net income from discontinued operations, net of tax (b)		41.8		27.6		107.2		2.2		178.8
Net income attributable to Ecolab		$247.3		$351.3		$435.4		$395.1		$1,429.1

Earnings attributable to Ecolab per common share
Basic
Continuing operations	$ 0.71	$ 1.12	$ 1.14	$ 1.36	$ 4.33
Discontinued operations	$ 0.14	$ 0.10	$ 0.37	$ 0.01	$ 0.62
Earnings attributable to Ecolab	$ 0.86	$ 1.22	$ 1.51	$ 1.37	$ 4.95
Diluted
Continuing operations	$ 0.70	$ 1.10	$ 1.12	$ 1.34	$ 4.27
Discontinued operations	$ 0.14	$ 0.09	$ 0.37	$ 0.01	$ 0.61
Earnings attributable to Ecolab	$ 0.84	$ 1.20	$ 1.48	$ 1.35	$ 4.88
Weighted-average common shares outstanding
Basic	288.6	288.8	288.8	288.0	288.6
Diluted	292.7	293.3	293.4	292.2	292.8

Per share amounts do not necessarily sum due to changes in the calculation of shares outstanding for each discrete period and rounding. Gross profit is calculated as net sales minus cost of sales. The Company has conformed the first quarter of 2019 with current accounting policies. There was no impact to net sales or operating income.

(a) Cost of sales includes special charges of $3.6, $7.9, $11.3 and $15.7 in Q1, Q2, Q3 and Q4 of 2019, respectively and $(0.1), $3.6, and $5.8 in Q2, Q3 and Q4 of 2018, respectively. Other (income) expense includes special charges of $9.5 in Q4 of 2019. Net interest expense includes special charges of $0.2 in Q1 of 2019 and $0.3 in Q4 of 2018.

(b) Net income from discontinued operations, net of tax includes noncontrolling interest of $(0.1), $(0.3), $0.7 and $(0.3) in Q1, Q2, Q3 and Q4 of 2019, respectively and $(1.9), $(1.4), $(0.7) and $(0.4) in Q1, Q2, Q3 and Q4 of 2018, respectively.