QUARTERLY FINANCIAL DATA (UNAUDITED) |
20. QUARTERLY FINANCIAL DATA (UNAUDITED) | | | | | | | | | | | | | | | | |
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| | First | | Second | | Third | | Fourth | | | | |
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(millions, except per share) | | Quarter | | Quarter | | Quarter | | Quarter | | Year |
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2020 | | | | | | | | | | | | | | | | | Net sales | | | $3,020.6 | | | $2,685.7 | | | $3,018.6 | | | $3,065.3 | | | $11,790.2 | | Operating expenses | | | | | | | | | | | | | | | | | Cost of sales (a) | | | 1,720.2 | | | 1,635.7 | | | 1,769.6 | | | 1,780.3 | | | 6,905.8 | | Selling, general and administrative expenses | | | 908.3 | | | 788.6 | | | 802.6 | | | 809.6 | | | 3,309.1 | | Special (gains) and charges | | | 15.9 | | | 69.4 | | | 35.0 | | | 59.3 | | | 179.6 | | Operating income | | | 376.2 | | | 192.0 | | | 411.4 | | | 416.1 | | | 1,395.7 | | Other (income) expense (a) | | | (15.4) | | | (15.1) | | | (15.1) | | | (10.3) | | | (55.9) | | Interest expense, net (a) | | | 48.3 | | | 58.7 | | | 134.8 | | | 48.4 | | | 290.2 | | Income before income taxes | | | 343.3 | | | 148.4 | | | 291.7 | | | 378.0 | | | 1,161.4 | | Provision for income taxes | | | 47.0 | | | 14.1 | | | 42.4 | | | 73.1 | | | 176.6 | | Net income from continuing operations, including noncontrolling interest | | | 296.3 | | | 134.3 | | | 249.3 | | | 304.9 | | | 984.8 | | Net income from continuing operations attributable to noncontrolling interest | | | 4.3 | | | 5.4 | | | 3.1 | | | 4.6 | | | 17.4 | | Net income from continuing operations attributable to Ecolab | | | 292.0 | | | 128.9 | | | 246.2 | | | 300.3 | | | 967.4 | | Net income (loss) from discontinued operations, net of tax (b) | | | (8.6) | | | (2,163.9) | | | - | | | - | | | (2,172.5) | | Net income (loss) attributable to Ecolab | | | $283.4 | | | ($2,035.0) | | | $246.2 | | | $300.3 | | | ($1,205.1) | | | | | | | | | | | | | | | | | | | Earnings (loss) attributable to Ecolab per common share | | | | | | | | | | | | | | | | | Basic | | | | | | | | | | | | | | | | | Continuing operations | | | $ 1.01 | | | $ 0.45 | | | $ 0.86 | | | $ 1.05 | | | $ 3.37 | | Discontinued operations | | | ($ 0.03) | | | ($ 7.51) | | | $ - | | | $ - | | | ($ 7.57) | | Earnings (loss) attributable to Ecolab | | | $ 0.98 | | | ($ 7.06) | | | $ 0.86 | | | $ 1.05 | | | ($ 4.20) | | Diluted | | | | | | | | | | | | | | | | | Continuing operations | | | $ 1.00 | | | $ 0.44 | | | $ 0.85 | | | $ 1.04 | | | $ 3.33 | | Discontinued operations | | | ($ 0.03) | | | ($ 7.42) | | | $ - | | | $ - | | | ($ 7.48) | | Earnings (loss) attributable to Ecolab | | | $ 0.97 | | | ($ 6.98) | | | $ 0.85 | | | $ 1.04 | | | ($ 4.15) | | Weighted-average common shares outstanding | | | | | | | | | | | | | | | | | Basic | | | 288.8 | | | 288.2 | | | 285.4 | | | 285.6 | | | 287.0 | | Diluted | | | 292.6 | | | 291.5 | | | 288.4 | | | 288.7 | | | 290.3 | | | | | | | | | | | | | | | | | | | 2019 | | | | | | | | | | | | | | | | | Net sales | | | $2,924.7 | | | $3,169.1 | | | $3,224.0 | | | $3,244.2 | | | $12,562.0 | | Operating expenses | | | | | | | | | | | | | | | | | Cost of sales (a) | | | 1,675.5 | | | 1,780.3 | | | 1,780.9 | | | 1,809.1 | | | 7,045.8 | | Selling, general and administrative expenses | | | 896.1 | | | 900.0 | | | 869.2 | | | 885.5 | | | 3,550.8 | | Special (gains) and charges | | | 39.5 | | | 24.4 | | | 24.9 | | | 31.4 | | | 120.2 | | Operating income | | | 313.6 | | | 464.4 | | | 549.0 | | | 518.2 | | | 1,845.2 | | Other (income) expense | | | (21.2) | | | (20.9) | | | (20.8) | | | (14.1) | | | (77.0) | | Interest expense, net (a) | | | 49.3 | | | 49.2 | | | 46.1 | | | 46.1 | | | 190.7 | | Income before income taxes | | | 285.5 | | | 436.1 | | | 523.7 | | | 486.2 | | | 1,731.5 | | Provision for income taxes | | | 29.9 | | | 88.8 | | | 83.4 | | | 86.5 | | | 288.6 | | Net income from continuing operations, including noncontrolling interest | | | 255.6 | | | 347.3 | | | 440.3 | | | 399.7 | | | 1,442.9 | | Net income from continuing operations attributable to noncontrolling interest | | | 4.0 | | | 3.9 | | | 4.4 | | | 5.0 | | | 17.3 | | Net income from continuing operations attributable to Ecolab | | | 251.6 | | | 343.4 | | | 435.9 | | | 394.7 | | | 1,425.6 | | Net income from discontinued operations, net of tax (b) | | | 44.9 | | | 25.2 | | | 28.3 | | | 34.9 | | | 133.3 | | Net income attributable to Ecolab | | | $296.5 | | | $368.6 | | | $464.2 | | | $429.6 | | | $1,558.9 | | | | | | | | | | | | | | | | | | |
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| | First | | Second | | Third | | Fourth | | | | |
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(millions, except per share) | | Quarter | | Quarter | | Quarter | | Quarter | | Year |
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Earnings attributable to Ecolab per common share | | | | | | | | | | | | | | | | | Basic | | | | | | | | | | | | | | | | | Continuing operations | | | $ 0.87 | | | $ 1.19 | | | $ 1.51 | | | $ 1.37 | | | $ 4.95 | | Discontinued operations | | | $ 0.16 | | | $ 0.09 | | | $ 0.10 | | | $ 0.12 | | | $ 0.46 | | Earnings attributable to Ecolab | | | $ 1.03 | | | $ 1.28 | | | $ 1.61 | | | $ 1.49 | | | $ 5.41 | | Diluted | | | | | | | | | | | | | | | | | Continuing operations | | | $ 0.86 | | | $ 1.18 | | | $ 1.49 | | | $ 1.35 | | | $ 4.87 | | Discontinued operations | | | $ 0.15 | | | $ 0.09 | | | $ 0.10 | | | $ 0.12 | | | $ 0.46 | | Earnings attributable to Ecolab | | | $ 1.01 | | | $ 1.26 | | | $ 1.59 | | | $ 1.47 | | | $ 5.33 | | Weighted-average common shares outstanding | | | | | | | | | | | | | | | | | Basic | | | 288.2 | | | 287.6 | | | 288.1 | | | 288.3 | | | 288.1 | | Diluted | | | 292.3 | | | 292.1 | | | 292.8 | | | 292.6 | | | 292.5 | |
Per share amounts do not necessarily sum due to changes in the calculation of shares outstanding for each discrete period and rounding. Gross profit is calculated as net sales minus cost of sales. As discussed in Note 5, the ChampionX separation met the criteria to be reported as discontinued operations and prior periods have been conformed to current period presentation. | (a) | Cost of sales includes special charges of $9.1, $27.0, $9.5 and $2.6 in Q1, Q2, Q3 and Q4 of 2020, respectively and $3.6, $7.8, $11.4 and $15.7 in Q1, Q2, Q3 and Q4 of 2019, respectively. Other (income) expense includes special charges of $0.4 and $9.5 in Q4 of 2020 and 2019, respectively. Net interest expense includes special charges of $0.7 and $83.1 in Q2 and Q3 of 2020, respectively and $0.2 in Q1 of 2019. |
| (b) | Net income from discontinued operations, net of tax includes noncontrolling interest of $2.5 and ($0.3) in Q1 and Q2 of 2020, respectively and $(0.1), ($0.3), $0.7 and $(0.3) in Q1, Q2, Q3 and Q4 of 2019, respectively. |
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