Stock Analysis on Net
Stock Analysis on Net

Ecolab Inc. (NYSE:ECL)

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Analysis of Income Taxes

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Income Tax Expense (Benefit)

Ecolab Inc., income tax expense (benefit), continuing operations

US$ in thousands

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12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Federal and state
International
Current
Federal and state
International
Deferred
Provision for income taxes

Based on: 10-K (filing date: 2021-02-26), 10-K (filing date: 2020-02-28), 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Ecolab Inc.’s current increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Ecolab Inc.’s deferred decreased from 2018 to 2019 and from 2019 to 2020.
Provision for income taxes Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Ecolab Inc.’s provision for income taxes decreased from 2018 to 2019 and from 2019 to 2020.

Effective Income Tax Rate (EITR)

Ecolab Inc., effective income tax rate (EITR) reconciliation

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Statutory U.S. federal income tax rate
State income taxes, net of federal benefit
Foreign operations
Domestic manufacturing deduction
R&D credit
Change in valuation allowance
Audit settlements and refunds
Excess stock benefits
One-time transition tax
Prior year adjustments
Worthless stock deduction
Other, net
Effective income tax rate, before change in federal tax rate
Change in federal tax rate (deferred taxes)
Effective income tax rate

Based on: 10-K (filing date: 2021-02-26), 10-K (filing date: 2020-02-28), 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24).

Item Description The company
Effective income tax rate, before change in federal tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Ecolab Inc.’s effective income tax rate, before change in federal tax rate decreased from 2018 to 2019 and from 2019 to 2020.

Components of Deferred Tax Assets and Liabilities

Ecolab Inc., components of deferred tax assets and liabilities

US$ in thousands

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Pension and post-retirement benefits
Other accrued liabilities
Lease liability
Credit carryforwards
Loss carryforwards
Share-based compensation
Foreign tax credits
Other, net
Deferred tax assets, before valuation allowance
Valuation allowance
Deferred tax assets
Intangible assets
Property, plant and equipment
Lease asset
Other, net
Deferred tax liabilities
Net deferred tax assets (liabilities) balance

Based on: 10-K (filing date: 2021-02-26), 10-K (filing date: 2020-02-28), 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24).

Item Description The company
Deferred tax assets, before valuation allowance Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Ecolab Inc.’s deferred tax assets, before valuation allowance increased from 2018 to 2019 and from 2019 to 2020.
Deferred tax assets Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Ecolab Inc.’s deferred tax assets increased from 2018 to 2019 and from 2019 to 2020.
Net deferred tax assets (liabilities) balance Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Ecolab Inc.’s net deferred tax assets (liabilities) balance increased from 2018 to 2019 and from 2019 to 2020.

Deferred Tax Assets and Liabilities, Classification

Ecolab Inc., deferred tax assets and liabilities, classification

US$ in thousands

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Deferred tax assets
Deferred tax liabilities

Based on: 10-K (filing date: 2021-02-26), 10-K (filing date: 2020-02-28), 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24).

Item Description The company
Deferred tax assets Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Ecolab Inc.’s deferred tax assets increased from 2018 to 2019 and from 2019 to 2020.
Deferred tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Ecolab Inc.’s deferred tax liabilities decreased from 2018 to 2019 and from 2019 to 2020.

Adjustments to Financial Statements: Removal of Deferred Taxes

Ecolab Inc., adjustments to financial statements

US$ in thousands

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Adjustment to Total Assets
Total assets (as reported)
Less: Noncurrent deferred tax assets, net
Total assets (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Less: Noncurrent deferred tax liabilities, net
Total liabilities (adjusted)
Adjustment to Total Ecolab Shareholders’ Equity
Total Ecolab shareholders’ equity (as reported)
Less: Net deferred tax assets (liabilities)
Total Ecolab shareholders’ equity (adjusted)
Adjustment to Net Income (loss) Attributable To Ecolab
Net income (loss) attributable to Ecolab (as reported)
Add: Deferred income tax expense (benefit)
Net income (loss) attributable to Ecolab (adjusted)

Based on: 10-K (filing date: 2021-02-26), 10-K (filing date: 2020-02-28), 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24).


Ecolab Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Ecolab Inc., adjusted financial ratios

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

Based on: 10-K (filing date: 2021-02-26), 10-K (filing date: 2020-02-28), 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Ecolab Inc.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Ecolab Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Ecolab Inc.’s adjusted financial leverage ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Ecolab Inc.’s adjusted ROE deteriorated from 2018 to 2019 and from 2019 to 2020.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Ecolab Inc.’s adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020.

Ecolab Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Net Profit Margin

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to Ecolab
Net sales
Profitability Ratio
Net profit margin1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to Ecolab
Net sales
Profitability Ratio
Adjusted net profit margin2

Based on: 10-K (filing date: 2021-02-26), 10-K (filing date: 2020-02-28), 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24).

2020 Calculations

1 Net profit margin = 100 × Net income (loss) attributable to Ecolab ÷ Net sales
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to Ecolab ÷ Net sales
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Ecolab Inc.’s adjusted net profit margin ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Total Asset Turnover

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in thousands)
Net sales
Total assets
Activity Ratio
Total asset turnover1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Net sales
Adjusted total assets
Activity Ratio
Adjusted total asset turnover2

Based on: 10-K (filing date: 2021-02-26), 10-K (filing date: 2020-02-28), 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24).

2020 Calculations

1 Total asset turnover = Net sales ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= ÷ =

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Ecolab Inc.’s adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Financial Leverage

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in thousands)
Total assets
Total Ecolab shareholders’ equity
Solvency Ratio
Financial leverage1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted total assets
Adjusted total Ecolab shareholders’ equity
Solvency Ratio
Adjusted financial leverage2

Based on: 10-K (filing date: 2021-02-26), 10-K (filing date: 2020-02-28), 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24).

2020 Calculations

1 Financial leverage = Total assets ÷ Total Ecolab shareholders’ equity
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Ecolab shareholders’ equity
= ÷ =

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Ecolab Inc.’s adjusted financial leverage ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

Adjusted Return on Equity (ROE)

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to Ecolab
Total Ecolab shareholders’ equity
Profitability Ratio
ROE1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to Ecolab
Adjusted total Ecolab shareholders’ equity
Profitability Ratio
Adjusted ROE2

Based on: 10-K (filing date: 2021-02-26), 10-K (filing date: 2020-02-28), 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24).

2020 Calculations

1 ROE = 100 × Net income (loss) attributable to Ecolab ÷ Total Ecolab shareholders’ equity
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net income (loss) attributable to Ecolab ÷ Adjusted total Ecolab shareholders’ equity
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Ecolab Inc.’s adjusted ROE deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to Ecolab
Total assets
Profitability Ratio
ROA1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income (loss) attributable to Ecolab
Adjusted total assets
Profitability Ratio
Adjusted ROA2

Based on: 10-K (filing date: 2021-02-26), 10-K (filing date: 2020-02-28), 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24).

2020 Calculations

1 ROA = 100 × Net income (loss) attributable to Ecolab ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net income (loss) attributable to Ecolab ÷ Adjusted total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Ecolab Inc.’s adjusted ROA deteriorated from 2018 to 2019 and from 2019 to 2020.