0000031462-16-000004.txt : 20160323 0000031462-16-000004.hdr.sgml : 20160323 20160323165638 ACCESSION NUMBER: 0000031462-16-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160323 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160323 DATE AS OF CHANGE: 20160323 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ECOLAB INC. CENTRAL INDEX KEY: 0000031462 STANDARD INDUSTRIAL CLASSIFICATION: SOAP, DETERGENT, CLEANING PREPARATIONS, PERFUMES, COSMETICS [2840] IRS NUMBER: 410231510 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09328 FILM NUMBER: 161524417 BUSINESS ADDRESS: STREET 1: ECOLAB CORPORATE CENTER STREET 2: 370 WABASHA STREET NORTH CITY: SAINT PAUL STATE: MN ZIP: 55102 BUSINESS PHONE: 6512502587 MAIL ADDRESS: STREET 1: ECOLAB CORPORATE CENTER STREET 2: 370 WABASHA STREET NORTH CITY: SAINT PAUL STATE: MN ZIP: 55102 FORMER COMPANY: FORMER CONFORMED NAME: ECOLAB INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ECONOMICS LABORATORY INC DATE OF NAME CHANGE: 19861203 8-K 1 ecl-20160323x8k.htm 8-K ecl_Current folio_8K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

 

 

Date of Report (Date of earliest event reported)    March 23, 2016

 

 

 

ECOLAB INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

Delaware

1-9328

41-0231510

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

 

 

 

 

370 Wabasha Street North, Saint Paul, Minnesota

55102

(Address of principal executive offices)

(Zip Code)

 

 

 

 

Registrant's telephone number, including area code

1-800-232-6522

 

 

(Not applicable)

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CRF 240.13e-4(c))

 

 

Item 2.02 Results of Operations and Financial Condition.

 

Ecolab Inc. (“Ecolab” or the “Company”) is providing as exhibits to this Current Report on Form 8-K (a) a table with supplemental unaudited reportable segment net sales and operating income information for the years ended December 31, 2015 and December 31, 2014 reflecting (i) international operations at the fixed currency exchange rates established by Company management at the beginning of 2016, (ii) the establishment of all Venezuelan bolivar operations of the Company at the Marginal Currency System (SIMADI) exchange rate of approximately 200 bolivares to 1 U.S. dollar and (iii) other immaterial adjustments that were made effective in the first quarter of 2016 to the Company’s reportable segments, including the movement of certain customers between reportable segments and (b) a table with supplemental unaudited reportable segment net sales and operating income information for each of the four quarters of 2015 and for the twelve months ended December 31, 2015, reflecting the three changes noted above. Ecolab also will publish the attached exhibits on its website located at www.ecolab.com.

     

The financial information in the tables represents a supplemental presentation of certain of Ecolab’s 2015 and 2014 reportable segment information as explained in this Current Report on Form 8-K and the tables and is not intended to replace the presentation of such information in Ecolab’s Quarterly Reports on Form 10-Q filed with respect to the first, second and third quarters of 2015 and Ecolab’s Annual Reports on Form 10-K filed with respect to the fiscal years ended December 31, 2015 and December 31, 2014.

 

The information in this Current Report on Form 8-K, including the exhibits attached hereto, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

(99.1)   Supplemental Unaudited Reportable Segment Net Sales and Operating Income Information of Ecolab Inc. for the Years ended December 31, 2015 and December 31, 2014.

 

(99.2)   Supplemental Unaudited Reportable Segment Net Sales and Operating Income Information of Ecolab Inc. for each of the quarterly periods ended March 31, June 30, September 30 and December 31, 2015 and for the twelve months ended December 31, 2015.

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

ECOLAB INC.

 

 

 

 

 

 

 

 

 

 

 

 

Date:  March 23, 2016

By:

/s/David F. Duvick

 

 

David F. Duvick

 

 

 Assistant Secretary

 

 

 

 

EXHIBIT INDEX

 

 

 

 

 

 

Exhibit No.

Description

Method of Filing

(99.1)

Supplemental Unaudited Reportable Segment Net Sales and Operating Income Information of Ecolab Inc. for the Years ended December 31, 2015 and December 31, 2014.

Filed herewith electronically.

(99.2)

Supplemental Unaudited Reportable Segment Net Sales and Operating Income Information of Ecolab Inc. for each of the quarterly periods ended March 31, June 30, September 30 and December 31, 2015 and for the twelve months ended December 31, 2015.

Filed herewith electronically.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EX-99.1 2 ecl-20160323ex991dca9c8.htm EX-99.1 ecl_Ex99_1

Exhibit 99.1

 

ECOLAB INC.

SUPPLEMENTAL REPORTABLE SEGMENT INFORMATION

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31 (millions)

2015

  

2014

 

 

 

Changes in Currency Rates

 

 

 

 

 

 

 

Changes in Currency Rates

 

 

 

 

 

 

 

Fixed

Venezuela

 

 

 

 

 

 

 

Fixed

Venezuela

 

 

 

 

 

Values at

Currency

Bolivar

 

 

Values at

 

Values at

Currency

Bolivar

 

 

Values at

 

2015 Rates

Rate Change

Impact

Other

2016 Rates

 

2015 Rates

Rate Change

Impact

Other

2016 Rates

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Industrial

$
4,857.8 

$
(332.8)

$
(48.4)

$
8.9 

$
4,485.5 

 

$
4,623.2 

$
(311.9)

$
(58.4)

$
9.0 

$
4,261.9 

Global Institutional

 
4,393.2 

 
(170.5)

 
(3.6)

 
(8.2)

 
4,210.9 

 

 
4,157.9 

 
(163.6)

 
(3.6)

 
(7.9)

 
3,982.8 

Global Energy

 
3,825.7 

 
(253.6)

 
(100.6)

 
(0.7)

 
3,470.8 

 

 
4,145.0 

 
(236.4)

 
(91.7)

 
(1.1)

 
3,815.8 

Other

 
773.4 

 
(26.3)

 

—

 

—

 
747.1 

 

 
731.1 

 
(25.9)

 

—

 

—

 
705.2 

Subtotal at fixed currency rates

 
13,850.1 

 
(783.2)

 
(152.6)

 

—

 
12,914.3 

 

 
13,657.2 

 
(737.8)

 
(153.7)

 

—

 
12,765.7 

Effect of foreign currency translation

 
(305)

 
783.2 

 
152.6 

 

—

 
630.8 

 

 
623.3 

 
737.8 

 
153.7 

 

—

 
1,514.8 

Consolidated

$
13,545.1 

$

—

$

—

$

—

$
13,545.1 

 

$
14,280.5 

$

—

$

—

$

—

$
14,280.5 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Industrial

$
692.7 

$
(48.7)

$
(19.6)

$
2.0 

$
626.4 

 

$
605.1 

$
(47.5)

$
(20.1)

$
1.3 

$
538.8 

Global Institutional

 
900.7 

 
(22.8)

 
(0.3)

 
(1.0)

 
876.6 

 

 
800.8 

 
(26.4)

 
(0.9)

 
(0.9)

 
772.6 

Global Energy

 
550.7 

 
(44.2)

 
(40.9)

 
(0.1)

 
465.5 

 

 
612.5 

 
(40.7)

 
(36.6)

 
(0.4)

 
534.8 

Other

 
132.0 

 
(3.6)

 

—

 
(0.9)

 
127.5 

 

 
113.4 

 
(3.5)

 

—

 

—

 
109.9 

Corporate

 
(670.8)

 
7 

 

—

 

—

 
(663.8)

 

 
(258.8)

 
6.4 

 

—

 

—

 
(252.4)

Subtotal at fixed currency rates

 
1,605.3 

 
(112.3)

 
(60.8)

 

—

 
1,432.2 

 

 
1,873.0 

 
(111.7)

 
(57.6)

 

—

 
1,703.7 

Effect of foreign currency translation

 
(44.0)

 
112.3 

 
60.8 

 

—

 
129.1 

 

 
82.0 

 
111.7 

 
57.6 

 

—

 
251.3 

Consolidated

$
1,561.3 

$

—

$

—

$

—

$
1,561.3 

 

$
1,955.0 

$

—

$

—

$

—

$
1,955.0 

 

Note:

We evaluate the performance of our non-U.S. dollar functional currency international operations based on fixed currency exchange rates, which eliminate the impact of exchange rate fluctuations on our international operations. Fixed currency amounts are updated annually at the beginning of each year based on translation into U.S. dollars at foreign currency exchange rates established by management, with all periods presented using such rates. Fixed currency rates are generally based on existing market rates at the time they are established.

 

As previously disclosed (on January 5, 2016), we deconsolidated our Venezuelan operations at the end of the fourth quarter of 2015. Prior to deconsolidation, across the second through fourth quarters of 2015, the Venezuelan bolivar operations within our Water, Paper, Food & Beverage, Institutional and Energy operating units were converted from the official exchange rate at the time of 6.3 bolivares to 1 U.S. dollar to the Marginal Currency System (SIMADI) rate of approximately 200 bolivares to 1 U.S. dollar.

The "Changes in Currency Rates" columns in the table above reflect (1) international operations at fixed currency exchange rates established by management at the beginning of 2016, rather than the 2015 established rates, and (2) all Venezuelan bolivar operations at the SIMADI exchange rate of approximately 200 bolivares to 1 U.S. dollar, rather than the official exchange rate at the time of 6.3 bolivares to 1 U.S. dollar. The difference between the fixed currency exchange rates and the actual currency exchange rates is reported within the "Effect of foreign currency translation" row in the table above.

Effective in the first quarter of 2016, we also made immaterial changes to our reportable segments, including the movement of certain customers between reportable segments. These changes are presented in "Other" column of the table above. 

 

 

EX-99.2 3 ecl-20160323ex9929f53d2.htm EX-99.2 ecl_Ex99_2

Exhibit 99.2

 

ECOLAB INC.

SUPPLEMENTAL REPORTABLE SEGMENT INFORMATION

2015 SEGMENT DATA AT 2016 FIXED CURRENCY EXCHANGE RATES

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

    

First
Quarter
Ended

    

Second
Quarter
Ended

    

Third
Quarter
Ended

    

Fourth
Quarter
Ended

    

Twelve
Months
Ended

(millions)

 

March 31

 

June 30

 

September 30

 

December 31

 

December 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Industrial

 

$
1,037.7 

 

$
1,103.2 

 

$
1,168.0 

 

$
1,176.6 

 

$
4,485.5 

Global Institutional

 

 
975.2 

 

 
1,054.1 

 

 
1,092.4 

 

 
1,089.2 

 

 
4,210.9 

Global Energy

 

 
890.8 

 

 
867.6 

 

 
827.3 

 

 
885.1 

 

 
3,470.8 

Other

 

 
172.0 

 

 
188.9 

 

 
195.0 

 

 
191.2 

 

 
747.1 

Subtotal at fixed currency

 

 
3,075.7 

 

 
3,213.8 

 

 
3,282.7 

 

 
3,342.1 

 

 
12,914.3 

Effect of foreign currency translation

 
221.9 

 

 
175.3 

 

 
163.7 

 

 
69.9 

 

 
630.8 

Consolidated

 

$
3,297.6 

 

$
3,389.1 

 

$
3,446.4 

 

$
3,412.0 

 

$
13,545.1 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Industrial

 

$
102.6 

 

$
147.9 

 

$
179.7 

 

$
196.2 

 

$
626.4 

Global Institutional

 

 
166.3 

 

 
228.5 

 

 
256.9 

 

 
224.9 

 

 
876.6 

Global Energy

 

 
104.2 

 

 
109.9 

 

 
111.1 

 

 
140.3 

 

 
465.5 

Other

 

 
23.1 

 

 
31.8 

 

 
37.0 

 

 
35.6 

 

 
127.5 

Corporate

 

 
(50.6)

 

 
(119.0)

 

 
(208.8)

 

 
(285.4)

 

 
(663.8)

Subtotal at fixed currency

 

 
345.6 

 

 
399.1 

 

 
375.9 

 

 
311.6 

 

 
1,432.2 

Effect of foreign currency translation

 
42.1 

 

 
38.7 

 

 
37.1 

 

 
11.2 

 

 
129.1 

Consolidated

 

$
387.7 

 

$
437.8 

 

$
413 

 

$
322.8 

 

$
1,561.3 

 

 

Note:  

We evaluate the performance of our non-U.S. dollar functional currency international operations based on fixed currency exchange rates, which eliminate the impact of exchange rate fluctuations on our international operations. Fixed currency amounts are updated annually at the beginning of each year based on translation into U.S. dollars at foreign currency exchange rates established by management, with all periods presented using such rates. Fixed currency rates are generally based on existing market rates at the time they are established.

As previously disclosed (on January 5, 2016), we deconsolidated our Venezuelan operations at the end of the fourth quarter of 2015. Prior to deconsolidation, across the second through fourth quarters of 2015, the Venezuelan bolivar operations within our Water, Paper, Food & Beverage, Institutional and Energy operating units were converted from the official exchange rate at the time of 6.3 bolivares to 1 U.S. dollar to the Marginal Currency System (SIMADI) rate of approximately 200 bolivares to 1 U.S. dollar. To state our historical Venezuelan bolivar operations at a consistent conversion rate, the above table shows all Venezuelan bolivar results at the SIMADI conversion rate of approximately 200 bolivares to 1 U.S. dollar. 

The difference between the fixed currency exchange rates and the actual currency exchange rates is reported within the "Effect of foreign currency translation" row in the table above.