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Ecolab Inc. (NYSE:ECL)

This company has been moved to the archive! The financial data has not been updated since February 25, 2022.

Common-Size Balance Sheet: Assets
Quarterly Data

Ecolab Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Cash and cash equivalents 1.70 5.01 7.57 6.53 6.95 5.72 7.57 7.44 0.89 0.65 0.41 0.38 0.57 1.02 0.27 0.87 1.06 1.05 1.34 1.10
Accounts receivable, net 11.69 13.30 12.58 12.48 12.54 12.82 12.47 12.78 13.40 13.07 13.19 12.86 13.26 13.29 13.21 12.75 12.89 12.76 12.53 12.27
Inventories 7.03 7.69 7.65 7.40 7.09 7.12 6.80 6.85 7.21 7.62 7.80 7.86 7.70 7.95 7.81 7.64 7.24 7.60 7.53 7.43
Other current assets 1.68 1.82 1.81 1.88 1.65 1.93 1.73 1.74 1.63 2.04 1.90 1.60 1.76 1.89 1.81 1.51 1.83 1.83 1.82 1.61
Current assets 22.10% 27.82% 29.61% 28.28% 28.23% 27.58% 28.57% 28.81% 23.14% 23.37% 23.30% 22.70% 23.30% 24.16% 23.10% 22.77% 23.03% 23.24% 23.21% 22.41%
Property, plant and equipment, net 15.51 17.12 16.61 16.91 17.24 17.39 17.36 17.55 18.95 18.53 18.57 18.53 19.11 18.93 18.84 18.73 18.57 18.22 17.91 17.82
Goodwill 38.03 34.17 33.30 33.61 33.14 32.92 31.85 32.37 34.75 34.66 34.73 35.00 35.26 35.46 36.04 36.18 35.90 36.03 35.87 36.14
Other intangible assets, net 19.92 16.12 15.78 16.29 16.42 16.71 16.70 16.08 17.60 17.89 18.13 18.53 18.92 19.14 19.60 19.88 20.13 20.34 20.80 21.26
Operating lease assets 1.87 2.11 2.11 2.27 2.34 2.40 2.43 2.50 2.77 2.74 2.64 2.73 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other assets 2.57 2.66 2.59 2.64 2.63 3.00 3.09 2.69 2.80 2.81 2.63 2.51 3.41 2.32 2.43 2.44 2.38 2.17 2.19 2.38
Noncurrent assets 77.90% 72.18% 70.39% 71.72% 71.77% 72.42% 71.43% 71.19% 76.86% 76.63% 76.70% 77.30% 76.70% 75.84% 76.90% 77.23% 76.97% 76.76% 76.79% 77.59%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The asset structure of the organization is characterized by a high concentration of noncurrent assets, which consistently represent between 70% and 78% of total assets throughout the analyzed period. A significant shift in liquidity is observed beginning in the first quarter of 2020, where cash and cash equivalents rose sharply from historical levels below 1.5% to a peak of 7.57% by June 2020. This surge drove a temporary increase in the total current assets ratio, which peaked at 29.61% in June 2021 before returning to 22.10% by December 2021.

Liquidity and Working Capital
Cash and cash equivalents remained minimal from 2017 through 2019, often fluctuating between 0.27% and 1.34%. The period between March 2020 and September 2021 saw a sustained elevation in cash holdings, suggesting a strategic move to bolster liquidity. Accounts receivable remained relatively stable, generally hovering between 12% and 13% of total assets, while inventories showed a slight contraction from 7.43% in early 2017 to 7.03% by late 2021.
Intangible Assets and Goodwill
The balance sheet is heavily weighted toward intangible value. Goodwill represents a substantial portion of total assets, maintaining a range between 32% and 36% for most of the period before increasing to 38.03% in December 2021. Other intangible assets exhibited a consistent downward trend, declining from 21.26% in March 2017 to a low of 15.78% in June 2021, followed by a sharp increase to 19.92% in the final quarter of 2021. This suggests significant amortization over several years, potentially offset by a late-period acquisition or asset recognition.
Fixed and Long-term Assets
Property, plant, and equipment, net, demonstrated a gradual decline as a percentage of total assets, falling from 17.82% in March 2017 to 15.51% by December 2021. This indicates that asset growth in other areas has outpaced investments in physical infrastructure. Additionally, operating lease assets appeared as a distinct line item starting in March 2019, maintaining a stable presence between 1.87% and 2.77% of total assets.
Overall Asset Composition Trend
The organization maintains a stable asset mix with a strong preference for noncurrent assets. The primary volatility observed relates to the strategic accumulation and subsequent deployment of cash during 2020 and 2021, and a notable increase in both goodwill and intangible assets at the end of 2021, which altered the proportion of fixed assets relative to the total balance sheet.

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