Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Ecolab Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Product and equipment sales	10,153,300)	9,466,600)	12,238,900)	12,128,600)	—)
Service and lease sales	2,579,800)	2,323,600)	2,667,400)	2,539,600)	—)
Net sales (legacy)	—)	—)	—)	—)	13,838,300)
Net sales	12,733,100)	11,790,200)	14,906,300)	14,668,200)	13,838,300)
Product and equipment cost of sales	(6,100,900)	(5,481,300)	(7,106,400)	(7,078,500)	—)
Service and lease cost of sales	(1,514,900)	(1,424,500)	(1,617,000)	(1,547,400)	—)
Cost of sales, including special charges (legacy)	—)	—)	—)	—)	(7,405,100)
Cost of sales, including special charges	(7,615,800)	(6,905,800)	(8,723,400)	(8,625,900)	(7,405,100)
Gross profit	5,117,300)	4,884,400)	6,182,900)	6,042,300)	6,433,200)
Selling, general and administrative expenses	(3,416,100)	(3,309,100)	(3,957,500)	(3,968,600)	(4,417,100)
Restructuring activities	(11,900)	(71,400)	(116,800)	(89,400)	(39,900)
ChampionX separation	—)	—)	(77,300)	—)	—)
Acquisition and integration activities	(29,900)	(8,500)	(5,600)	(8,800)	(15,400)
Disposal and impairment activities	—)	(41,400)	—)	—)	—)
COVID-19 activities, net	(42,400)	(23,600)	—)	—)	—)
Gain on sale of business	—)	—)	—)	—)	46,100)
Venezuela related gain	—)	—)	—)	—)	11,500)
Other	(18,400)	(34,700)	(11,900)	(28,500)	1,400)
Special gains and (charges)	(102,600)	(179,600)	(211,600)	(126,700)	3,700)
Operating income	1,598,600)	1,395,700)	2,013,800)	1,947,000)	2,019,800)
Other income (expense)	33,900)	55,900)	76,300)	79,900)	—)
Interest expense	(230,600)	(304,800)	(215,300)	(237,200)	(274,600)
Interest income	12,300)	14,600)	24,100)	14,900)	19,600)
Interest expense, net	(218,300)	(290,200)	(191,200)	(222,300)	(255,000)
Income before income taxes	1,414,200)	1,161,400)	1,898,900)	1,804,600)	1,764,800)
Provision for income taxes	(270,200)	(176,600)	(322,700)	(364,300)	(242,400)
Net income from continuing operations	1,144,000)	984,800)	—)	—)	—)
Net loss from discontinued operations, net of tax	—)	(2,172,500)	—)	—)	—)
Net income (loss) including noncontrolling interest	1,144,000)	(1,187,700)	1,576,200)	1,440,300)	1,522,400)
Net income attributable to noncontrolling interest	(14,100)	(17,400)	(17,300)	(11,200)	(14,000)
Net income (loss) attributable to Ecolab	1,129,900)	(1,205,100)	1,558,900)	1,429,100)	1,508,400)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Net Sales: Net sales increased steadily from 13,838.3 million USD in 2017 to a peak of 14,906.3 million USD in 2019, followed by a notable decline to 11,790.2 million USD in 2020, before recovering partially to 12,733.1 million USD in 2021. The decline in 2020 likely reflects external disruptions affecting business operations.
Product and Equipment Sales: Product and equipment sales data is missing for 2017 but shows growth from 12,128.6 million USD in 2018 to 12,238.9 million USD in 2019, then a significant decrease to 9,466.6 million USD in 2020, and a modest recovery to 10,153.3 million USD in 2021. This trend mirrors the overall net sales pattern.
Service and Lease Sales: Service and lease sales follow a similar pattern, rising from 2,539.6 million USD in 2018 to 2,667.4 million USD in 2019, then declining to 2,323.6 million USD in 2020, before increasing again to 2,579.8 million USD in 2021, indicating partial rebound.
Cost of Sales: Total cost of sales, including special charges, shows an increase from -7,405.1 million USD in 2017 to -8,723.4 million USD in 2019, followed by a marked decrease to -6,905.8 million USD in 2020, then rising again to -7,615.8 million USD in 2021.
Gross Profit: Gross profit declined gradually from 6,433.2 million USD in 2017 to 6,042.3 million USD in 2018 and 6,182.9 million USD in 2019, then dropped sharply to 4,884.4 million USD in 2020 and slightly increased to 5,117.3 million USD in 2021, reflecting the impact of reduced sales volume.
Selling, General and Administrative Expenses: SG&A expenses decreased steadily from -4,417.1 million USD in 2017 to -3,309.1 million USD in 2020, with a slight increase to -3,416.1 million USD in 2021, suggesting cost control efforts alongside some resumption of activities.
Special Charges and Restructuring Activities: Restructuring expenses increased from -39.9 million USD in 2017 to a peak of -116.8 million USD in 2019, then declined to -11.9 million USD in 2021, showing reduced restructuring in later years. Other notable special charges, such as ChampionX separation and disposal impairments, occurred in 2019 and 2020, affecting profitability.
Operating Income: Operating income declined moderately from 2,019.8 million USD in 2017 to 1,945.3 million USD in 2018, stayed stable around 2,013.8 million USD in 2019, then dropped significantly to 1,395.7 million USD in 2020, with a partial recovery to 1,598.6 million USD in 2021.
Other Income and Interest Expense: Other income remained positive but declined over the years, from 79,900 USD in 2018 to 33,900 USD in 2021. Interest expense net decreased from -255 million USD in 2017 to -218.3 million USD in 2021, with a peak expense in 2020 of -290.2 million USD.
Income Before Income Taxes and Provision for Income Taxes: Income before income taxes increased from 1,764.8 million USD in 2017 to 1,899 million USD in 2019, then decreased substantially to 1,161.4 million USD in 2020, with some recovery to 1,414.2 million USD in 2021. Provision for income taxes fluctuated, peaking at -364.3 million USD in 2018, dropping to -176.6 million USD in 2020, then increasing again to -270.2 million USD in 2021.
Net Income: Net income attributable to the company increased from 1,508.4 million USD in 2017 to a peak of 1,558.9 million USD in 2019, then suffered a large net loss of -1,205.1 million USD in 2020, primarily due to discontinued operations losses of -2,172.5 million USD, before rebounding to 1,129.9 million USD in 2021. This indicates a volatile year in 2020 with significant non-recurring losses, followed by return to profitability.

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Ecolab Inc. (NYSE:ECL)

Income Statement