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Stock Analysis on Net

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: Liabilities and Stockholders’ Equity
Quarterly Data

Ecolab Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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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
Short-term debt 1.94 0.10 0.09 0.13 0.10 1.37 2.96 4.65 1.82 3.74 5.13 5.41 3.70 3.85 4.38 5.04 2.83 5.40 9.07 8.84
Accounts payable 6.53 6.90 6.55 6.20 6.40 6.12 6.02 5.73 6.15 6.09 6.23 5.91 6.25 5.99 6.23 6.09 5.90 5.62 5.76 5.41
Compensation and benefits 2.40 2.53 2.32 2.51 2.59 2.52 2.26 2.30 2.87 2.57 2.21 2.29 2.89 2.65 2.39 2.46 2.75 2.57 2.28 2.41
Income taxes 0.49 0.38 0.26 0.29 0.53 0.29 0.61 0.63 0.68 0.36 0.39 0.43 0.50 0.25 0.22 0.84 0.92 0.26 0.27 0.50
Other current liabilities 5.40 6.24 6.32 6.53 6.56 6.86 6.01 5.75 5.86 6.05 5.85 5.82 5.01 5.24 4.94 5.30 4.80 5.07 4.74 4.72
Current liabilities 16.76% 16.15% 15.54% 15.66% 16.18% 17.17% 17.85% 19.06% 17.40% 18.81% 19.82% 19.86% 18.36% 17.98% 18.16% 19.73% 17.19% 18.92% 22.12% 21.88%
Long-term debt, excluding current maturities 39.36 33.09 36.20 36.72 36.79 36.84 37.34 30.19 28.62 28.64 28.75 28.71 31.39 31.73 31.79 31.70 33.86 32.66 30.27 30.39
Postretirement health care and pension benefits 4.22 5.56 5.65 6.63 6.76 5.97 5.84 4.80 5.21 3.81 4.46 4.50 4.70 4.84 4.92 5.09 5.14 4.95 5.33 5.28
Deferred income taxes 2.93 3.29 3.06 2.89 2.67 3.21 3.19 3.30 3.55 3.94 3.80 3.79 3.81 3.57 3.45 3.23 3.22 5.19 5.27 5.60
Noncurrent operating lease liabilities 1.33 1.47 1.48 1.60 1.66 1.72 1.77 1.82 2.04 2.01 1.91 1.97 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other liabilities 1.20 1.61 1.73 1.78 1.72 1.66 1.44 1.17 1.37 1.45 1.56 1.67 1.62 1.89 2.04 2.25 2.08 1.52 1.22 1.08
Noncurrent liabilities 49.04% 45.02% 48.11% 49.63% 49.61% 49.41% 49.58% 41.28% 40.79% 39.85% 40.48% 40.64% 41.52% 42.03% 42.20% 42.27% 44.29% 44.32% 42.08% 42.34%
Total liabilities 65.80% 61.16% 63.65% 65.29% 65.79% 66.57% 67.43% 60.34% 58.19% 58.66% 60.30% 60.50% 59.88% 60.01% 60.36% 62.00% 61.48% 63.24% 64.20% 64.22%
Common stock 1.72 2.03 1.96 1.99 2.00 2.00 2.00 1.62 1.72 1.72 1.72 1.71 1.78 1.79 1.78 1.76 1.78 1.78 1.81 1.84
Additional paid-in capital 30.48 35.70 34.17 34.52 34.40 34.13 34.04 26.94 28.31 28.19 27.92 27.38 28.06 27.98 27.80 27.23 27.23 27.18 27.53 27.49
Retained earnings 41.57 48.31 45.72 45.58 45.48 44.65 44.06 45.38 47.89 46.55 44.98 43.64 44.38 43.32 41.75 40.12 40.30 38.26 37.46 37.06
Accumulated other comprehensive loss -7.71 -9.67 -9.23 -10.51 -11.00 -10.75 -11.00 -9.46 -10.01 -9.05 -8.82 -8.29 -8.78 -8.84 -7.98 -7.72 -8.23 -7.88 -8.42 -8.51
Treasury stock -31.99 -37.69 -36.42 -37.02 -36.85 -36.79 -36.72 -24.98 -26.28 -26.30 -26.32 -25.16 -25.58 -24.52 -24.00 -23.73 -22.92 -22.98 -22.94 -22.45
Total Ecolab shareholders’ equity 34.07% 38.68% 36.20% 34.56% 34.02% 33.24% 32.38% 39.49% 41.62% 41.12% 39.49% 39.28% 39.87% 39.72% 39.34% 37.66% 38.16% 36.37% 35.44% 35.42%
Noncontrolling interest 0.14 0.16 0.15 0.15 0.19 0.19 0.19 0.17 0.19 0.21 0.21 0.22 0.25 0.27 0.30 0.34 0.35 0.39 0.35 0.36
Total equity 34.20% 38.84% 36.35% 34.71% 34.21% 33.43% 32.57% 39.66% 41.81% 41.34% 39.70% 39.50% 40.12% 39.99% 39.64% 38.00% 38.52% 36.76% 35.80% 35.78%
Total liabilities and equity 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 capital structure of the organization exhibits a fluctuating balance between total liabilities and total equity over the analyzed period. Total liabilities generally ranged between 58% and 67% of the total balance sheet, with a notable peak of 67.43% in June 2020. Conversely, total equity showed an inverse trend, reaching a high of 41.81% in December 2019 before experiencing a contraction to 32.57% in June 2020, eventually stabilizing at 34.20% by December 2021.

Debt Profile and Maturity Shift
A significant migration from short-term to long-term financing is evident. Short-term debt began at 8.84% in March 2017 and declined precipitously to near-zero levels between December 2020 and September 2021, before a slight increase to 1.94% in December 2021. During the same period, long-term debt, excluding current maturities, remained relatively stable around 30% to 33% until 2020, after which it climbed to a peak of 39.36% by December 2021. This shift suggests a strategic move toward locking in longer-term financing and reducing immediate liquidity pressure from maturing short-term obligations.
Liability Composition and Management
Current liabilities showed a general downward trajectory, decreasing from 21.88% in March 2017 to 16.76% in December 2021. Accounts payable remained remarkably consistent, fluctuating narrowly between 5.41% and 6.90%, indicating stable supplier payment cycles. Noncurrent liabilities saw a marked increase during 2020, peaking at 49.63% in March 2021. The introduction of noncurrent operating lease liabilities starting in March 2019, which stayed between 1.33% and 2.04%, indicates a change in accounting standards or leasing strategies during that period.
Equity Components and Shareholder Activity
The equity section is characterized by aggressive treasury stock activity and growth in retained earnings. Treasury stock expanded from -22.45% in March 2017 to a peak of -37.69% in September 2021, suggesting substantial share repurchase programs that reduced the overall equity base. Retained earnings grew steadily from 37.06% in March 2017 to a peak of 48.31% in September 2021, though a sharp reduction to 41.57% was observed in the final quarter of 2021. Additional paid-in capital also showed an upward trend, rising from 27.49% in early 2017 to 30.48% by late 2021, reflecting various capital infusions or adjustments.
Other Financial Obligations
Postretirement health care and pension benefits remained a consistent component of noncurrent liabilities, generally oscillating between 4% and 6.76%. Deferred income taxes exhibited a gradual decline, moving from 5.60% in March 2017 to 2.93% in December 2021, indicating a reduction in the relative weight of these tax-related liabilities over time.

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