Name: Ecolab Inc. (NYSE:ECL) | Cash Flow Statement (Quarterly)
Creator: Stock Analysis on Net

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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Ecolab Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	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
Net income (loss) including noncontrolling interest	305,300)	328,600)	313,600)	196,500)	304,900)	249,300)	(2,029,900)	290,200)	434,300)	469,300)	372,200)	300,400)	400,200)	438,300)	353,600)	248,200)	571,700)	395,800)	298,100)	256,800)
Net loss from discontinued operations including noncontrolling interest	—)	—)	—)	—)	—)	—)	2,164,200)	6,100)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income from continuing operations including noncontrolling interest	305,300)	328,600)	313,600)	196,500)	304,900)	249,300)	134,300)	296,300)	434,300)	469,300)	372,200)	300,400)	400,200)	438,300)	353,600)	248,200)	571,700)	395,800)	298,100)	256,800)
Depreciation	151,300)	149,200)	153,200)	150,700)	151,200)	150,100)	146,600)	146,400)	165,800)	165,000)	164,300)	159,000)	159,800)	156,000)	154,600)	150,900)	148,700)	150,700)	144,100)	142,200)
Amortization	64,300)	57,700)	52,200)	64,500)	56,300)	58,900)	50,900)	52,300)	79,000)	79,700)	80,700)	79,800)	78,100)	78,600)	80,100)	80,200)	79,100)	77,600)	77,100)	73,800)
Deferred income taxes	(53,800)	13,200)	(3,400)	42,900)	(29,200)	8,400)	(23,300)	(1,700)	(55,400)	20,900)	1,900)	(5,000)	28,500)	24,000)	19,300)	13,300)	(364,900)	24,500)	(17,300)	3,200)
Share-based compensation expense	17,000)	13,600)	27,600)	31,300)	17,000)	11,400)	26,300)	27,400)	17,900)	13,700)	27,300)	32,200)	18,900)	13,700)	28,100)	33,700)	18,700)	14,300)	26,600)	30,900)
Pension and postretirement plan contributions	(8,900)	(14,800)	(14,900)	(21,600)	(20,600)	(16,000)	(13,500)	(20,600)	(22,000)	(133,000)	(12,000)	(19,000)	(14,000)	(12,000)	(11,000)	(23,000)	(13,100)	(94,000)	(14,000)	(23,000)
Pension and postretirement plan expense, net	12,500)	6,300)	21,700)	1,900)	14,100)	10,800)	8,800)	8,300)	12,700)	5,200)	5,300)	4,900)	8,500)	6,400)	8,400)	8,600)	10,400)	9,200)	8,500)	8,800)
Restructuring charges, net of cash paid	(6,600)	(19,200)	(11,100)	(4,800)	17,200)	13,900)	(12,200)	(11,100)	4,000)	8,100)	6,800)	16,300)	(13,900)	63,700)	1,400)	(7,700)	(8,100)	(7,000)	26,500)	(6,200)
Debt refinancing	—)	29,400)	—)	—)	—)	77,100)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Gain on sale of businesses	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(50,600)	—)	—)	—)
Asset charges and write-downs	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	15,100)	—)	—)	—)
Other, net	(3,800)	7,700)	7,600)	4,400)	16,800)	(9,600)	50,200)	3,600)	5,300)	1,200)	6,900)	6,400)	4,000)	7,700)	7,400)	4,900)	17,500)	7,300)	7,900)	4,700)
Accounts receivable	(77,200)	(81,900)	(42,700)	23,600)	57,100)	2,400)	134,000)	(37,900)	(61,500)	(500)	(83,200)	8,000)	(2,800)	(72,800)	(122,400)	33,900)	(68,300)	(39,500)	(60,300)	76,300)
Inventories	6,800)	23,700)	(57,600)	(45,900)	(3,400)	(24,200)	(113,900)	(38,000)	88,600)	35,300)	100)	(83,000)	30,100)	(52,300)	(41,700)	(77,200)	31,400)	(21,100)	(28,300)	(67,500)
Other assets	(44,800)	5,700)	(18,500)	(35,300)	64,700)	26,900)	(16,000)	(33,300)	60,700)	(75,800)	(72,300)	5,900)	(57,800)	24,200)	(46,100)	(1,000)	(57,300)	18,000)	4,100)	(13,700)
Accounts payable	128,900)	38,000)	78,100)	(44,600)	44,100)	(8,300)	55,400)	(35,300)	11,300)	(25,200)	71,500)	(35,300)	61,300)	(27,600)	39,400)	40,400)	64,100)	(27,000)	71,100)	12,900)
Other liabilities	149,900)	65,500)	(2,800)	(68,300)	(40,400)	(99,300)	(95,700)	(48,100)	80,300)	118,300)	(30,100)	(92,500)	126,400)	16,800)	(172,600)	(18,000)	252,000)	76,400)	(110,100)	(73,500)
Changes in operating assets and liabilities, net of effect of acquisitions	163,600)	51,000)	(43,500)	(170,500)	122,100)	(102,500)	(36,200)	(192,600)	179,400)	52,100)	(114,000)	(196,900)	157,200)	(111,700)	(343,400)	(21,900)	221,900)	6,800)	(123,500)	(65,500)
Adjustments to reconcile net income to cash provided by operating activities	335,600)	294,100)	189,400)	98,800)	344,900)	202,500)	197,600)	12,000)	386,700)	212,900)	167,200)	77,700)	427,100)	226,400)	(55,100)	239,000)	74,700)	189,400)	135,900)	168,900)
Cash provided by operating activities	640,900)	622,700)	503,000)	295,300)	649,800)	451,800)	331,900)	308,300)	821,000)	682,200)	539,400)	378,100)	827,300)	664,700)	298,500)	487,200)	646,400)	585,200)	434,000)	425,700)
Capital expenditures	(219,200)	(178,200)	(143,500)	(102,100)	(126,700)	(111,700)	(102,900)	(147,700)	(250,200)	(179,900)	(183,500)	(187,000)	(213,000)	(221,600)	(209,200)	(203,300)	(274,600)	(215,800)	(210,700)	(167,500)
Property and other assets sold	(100)	12,000)	200)	100)	2,800)	800)	900)	800)	2,400)	5,000)	2,100)	1,400)	500)	5,000)	24,000)	500)	6,600)	1,600)	2,000)	500)
Acquisitions and investments in affiliates, net of cash acquired	(3,713,800)	(120,100)	(1,800)	(88,000)	—)	(200)	(485,300)	(1,500)	(4,800)	(97,800)	(7,000)	(281,800)	(152,200)	500)	(1,600)	(76,500)	(158,000)	(4,700)	100)	(826,600)
Divestiture of businesses	—)	—)	—)	—)	60,800)	—)	55,400)	—)	—)	1,000)	5,800)	—)	—)	800)	(1,000)	9,400)	118,800)	—)	—)	—)
Restricted cash activity	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	53,800)
Settlement of net investment hedges	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	14,100)	2,100)	—)	—)	—)
Other, net	(8,100)	(4,400)	(10,300)	(2,400)	1,300)	4,900)	(4,500)	(4,900)	(17,300)	—)	2,500)	(10,000)	(16,400)	10,800)	(800)	—)	—)	900)	—)	(1,700)
Cash used for investing activities	(3,941,200)	(290,700)	(155,400)	(192,400)	(61,800)	(106,200)	(536,400)	(153,300)	(269,900)	(271,700)	(180,100)	(477,400)	(381,100)	(204,500)	(188,600)	(255,800)	(305,100)	(218,000)	(208,600)	(941,500)
Net issuances (repayments) of commercial paper and notes payable	393,100)	1,500)	(6,800)	5,800)	(231,000)	(288,900)	(503,200)	957,600)	(401,500)	(284,800)	(53,600)	487,900)	226,100)	(107,000)	(131,600)	354,300)	(231,500)	(722,000)	51,000)	858,800)
Long-term debt borrowings	2,481,300)	293,700)	—)	—)	—)	1,087,000)	5,200)	763,700)	—)	—)	—)	—)	—)	—)	—)	—)	814,400)	495,000)	—)	—)
Long-term debt repayments	—)	(1,017,900)	—)	—)	—)	(1,270,000)	(300)	(299,700)	—)	400)	(700)	(400,300)	(249,800)	(1,200)	—)	(300,600)	(778,900)	(14,800)	(4,900)	(400)
Reacquired shares	(28,800)	(7,200)	(8,800)	(61,800)	(21,600)	(19,900)	(9,700)	(95,000)	(5,100)	(1,100)	(216,100)	(131,400)	(241,000)	(105,600)	(700)	(215,100)	(12,600)	(86,600)	(126,600)	(374,500)
Dividends paid	(139,900)	(139,900)	(139,900)	(146,700)	(139,000)	(138,600)	(137,700)	(145,500)	(136,900)	(137,300)	(139,300)	(141,400)	(125,700)	(118,500)	(128,900)	(123,400)	(118,400)	(107,400)	(109,700)	(113,200)
Exercise of employee stock options	49,200)	53,900)	20,300)	20,100)	41,800)	11,000)	105,300)	83,400)	15,100)	52,000)	52,000)	67,700)	28,700)	35,400)	22,000)	28,400)	20,800)	8,400)	28,900)	25,700)
Acquisition related liabilities and contingent consideration	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,000)	(500)	—)	100)	100)	(1,700)	(8,600)	(300)	—)	(8,200)	—)
Debt refinancing	—)	(29,400)	—)	—)	—)	(77,100)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other, net	7,600)	4,300)	—)	(500)	(20,700)	6,200)	(3,500)	—)	26,300)	—)	—)	—)	8,400)	(16,200)	(600)	—)	(15,700)	900)	—)	(900)
Cash provided by (used for) financing activities	2,762,500)	(841,000)	(135,200)	(183,100)	(370,500)	(690,300)	(543,900)	1,264,500)	(502,100)	(371,800)	(358,200)	(117,500)	(353,200)	(313,000)	(241,500)	(265,000)	(322,200)	(426,500)	(169,500)	395,500)
Cash provided by operating activities, discontinued operations	—)	—)	—)	—)	—)	—)	54,900)	63,500)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Cash (used for) provided by investing activities, discontinued operations	—)	—)	—)	—)	—)	(67,600)	523,200)	(12,400)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Cash provided by (used for) financing activities, discontinued operations	—)	—)	—)	—)	—)	—)	(2,900)	1,300)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Cash provided by discontinued operations	—)	—)	—)	—)	—)	(67,600)	575,200)	52,400)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Effect of exchange rate changes on cash and cash equivalents	(200)	4,500)	500)	9,500)	8,000)	10,400)	(52,100)	3,600)	1,500)	11,500)	5,600)	1,800)	(2,600)	2,200)	10,300)	(2,300)	(16,800)	7,700)	(7,300)	5,000)
Increase (decrease) in cash and cash equivalents	(538,000)	(504,500)	212,900)	(70,700)	225,500)	(401,900)	(225,300)	1,475,500)	50,500)	50,200)	6,700)	(215,000)	90,400)	149,400)	(121,300)	(35,900)	2,300)	(51,600)	48,600)	(115,300)

Operating cash flow demonstrates sustained strength and resilience throughout the analyzed period. While net income experienced significant volatility—most notably a sharp decline in the second quarter of 2020—cash provided by operating activities remained consistently positive, generally ranging between 300 million and 800 million dollars per quarter. This indicates a high quality of earnings and a consistent ability to generate liquidity from core business operations despite accounting fluctuations and discontinued operations.

Operating Cash Flow Dynamics: Cash flow from operations peaked in the fourth quarter of 2018 at 827.3 million dollars and the fourth quarter of 2019 at 821 million dollars. The consistency of depreciation and amortization expenses, which remained relatively stable across the five-year span, suggests a steady asset replacement cycle. Adjustments to reconcile net income to operating cash flow frequently added substantial value, particularly in the later periods, underscoring the impact of non-cash charges on reported net income.
Capital Investment and Acquisition Strategy: Investing activities are characterized by consistent capital expenditures and periodic large-scale acquisitions. Capital expenditures remained relatively stable, typically fluctuating between 100 million and 275 million dollars per quarter. A strategic shift in investment scale is evident in the fourth quarter of 2021, where acquisitions and investments in affiliates reached 3.71 billion dollars, representing the most significant capital deployment in the analyzed timeframe.
Financing and Capital Structure: Financing activities reveal a disciplined approach to shareholder returns and a tactical use of debt to fund growth. Dividend payments remained highly stable, gradually increasing from approximately 113 million dollars per quarter in early 2017 to nearly 140 million dollars per quarter by 2021. Share repurchase activity was more sporadic, with higher volumes observed in 2017 and 2018 compared to 2020 and 2021.
Debt Management and Liquidity: The company utilized long-term debt borrowings to manage liquidity and fund strategic investments. Notable borrowing spikes occurred in the first quarter of 2020 and the fourth quarter of 2021, with the latter reaching 2.48 billion dollars. These borrowings were periodically offset by substantial debt repayments, such as the 1.27 billion dollar repayment in the third quarter of 2020 and 1.02 billion dollars in the third quarter of 2021, indicating an active debt refinancing and optimization strategy.

The overall cash position is subject to periodic volatility driven primarily by the timing of major acquisitions and debt issuances. The substantial net decrease in cash in the fourth quarter of 2021 is directly attributable to the massive acquisition expenditure, which was partially mitigated by a concurrent increase in long-term debt borrowings.

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Ecolab Inc. (NYSE:ECL)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data