Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
- Aggregate Accruals
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Ecolab Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
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).
- Net Income Trends
- Net income from continuing operations displayed volatility over the analyzed quarters. Initial growth was observed from March 2017 through December 2017, peaking at $571.7 million. However, starting in 2020, net income plunged dramatically in Q2 2020 to a loss of approximately $2.03 billion, likely reflecting extraordinary impairments or impacts. Subsequently, the company recovered and stabilized, with positive net income around $300 million in subsequent quarters through 2021.
- Depreciation and Amortization
- Depreciation expenses remained relatively stable across periods, fluctuating slightly between approximately $142 million and $165 million per quarter. Amortization showed a gradual decline from roughly $77 million in early 2017 to near $52-65 million in late 2021, with a notable dip to around $52-59 million during mid-2020.
- Working Capital Fluctuations
- Significant fluctuations characterized key working capital components. Accounts receivable exhibited large swings, including notable negative values in several quarters, reflecting possible collection challenges or adjustments. Inventories followed a similar pattern of volatility, with alternating positive and negative changes, notably large negative shifts in mid to late 2020. Accounts payable oscillated substantially, with both negative and positive changes, indicating variability in payment timing or supplier terms.
- Restructuring Charges and Other Expenses
- Restructuring charges exhibited inconsistency, with quarters showing both charges and reversals, including a large charge of over $63 million in Q3 2018. Other expenses, including asset write-downs and gains on sales, were intermittently significant, aligning with one-off adjustments noted particularly in 2017 and early 2020 periods.
- Cash Flow from Operating Activities
- Operating cash flow was generally robust but experienced notable declines in certain periods. For example, a strong increase was observed in late 2018 and 2019, peaking above $800 million. However, operating cash flow decreased significantly in 2020 Q1 and Q2 but rebounded later, with a positive trend into 2021 quarters, reflecting operational resilience despite disruptions.
- Investing Activities
- Cash used for investing activities was persistently negative, indicating ongoing capital expenditures and acquisitions. Capital expenditures were significant and fluctuated between approximately $100 million to over $275 million quarterly. Acquisitions and investments saw large outflows, including an extraordinary $3.7 billion outflow in Q4 2021, denoting aggressive expansion or strategic investments. Proceeds from divestitures occasionally provided offsetting inflows but were minor relative to investments.
- Financing Activities
- Financing cash flows were highly variable, reflecting active debt and equity management. Periods of substantial net issuances and repayments of commercial paper and notes payable were present, with large repayments during 2019 and early 2020. Long-term debt borrowings surged in Q4 2020 and beyond, with over $2.4 billion in Q4 2021, paired with ongoing repayments. Share repurchases and dividends were consistent, with dividends steadily paid around $137 to $146 million per quarter. The exercise of stock options provided occasional cash inflows.
- Discontinued Operations Impact
- Discontinued operations had significant cash impacts in specific quarters, particularly with a large positive cash inflow of $575 million in mid-2019, aligning with divestiture proceeds. Net loss from discontinued operations also contributed to distortions in reported net income during 2020, underlining the importance of separating continuing operations for analysis.
- Exchange Rate Effects and Other Adjustments
- Effects from exchange rate changes on cash and equivalents were generally minor relative to overall cash flows, fluctuating between positive and negative values within a range of approximately $2 million to $52 million. Other miscellaneous cash adjustments and net changes in liabilities and assets showed substantial volatility, contributing to fluctuations in net cash flows across many quarters.
- Summary of Financial Position Dynamics
- The company demonstrated active management of capital structure with notable debt refinancing activities and refinancing-related inflows. Operating cash generation remained a strength despite episodic challenges, while investing activities indicated a strategic focus on acquisitions and capital investment. The impacts from discontinued operations and restructuring indicate continued portfolio optimization. Overall, the financial data reveals a combination of steady operating performance punctuated by significant one-time events and strategic investment decisions influencing liquidity and profitability trends.