QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2022

QUARTERLY FINANCIAL DATA (UNAUDITED)

QUARTERLY FINANCIAL DATA (UNAUDITED)

20. QUARTERLY FINANCIAL DATA (UNAUDITED)

	First		Second		Third		Fourth
(millions, except per share)	Quarter		Quarter		Quarter		Quarter		Year
2022
Net sales		$3,266.7		$3,580.6		$3,669.3		$3,671.2		$14,187.8
Operating expenses
Cost of sales (a)		2,073.4		2,211.1		2,291.6		2,254.9		8,831.0
Selling, general and administrative expenses		914.7		940.1		876.9		922.1		3,653.8
Special (gains) and charges		24.1		3.6		17.8		95.0		140.5
Operating income		254.5		425.8		483.0		399.2		1,562.5
Other (income) expense (b)		(18.8)		(19.5)		5.7		8.1		(24.5)
Interest expense, net		53.0		56.0		65.1		69.5		243.6
Income before income taxes		220.3		389.3		412.2		321.6		1,343.4
Provision for income taxes		45.6		76.6		60.2		52.1		234.5
Net income including noncontrolling interest		174.7		312.7		352.0		269.5		1,108.9
Net income attributable to noncontrolling interest		2.8		4.4		4.9		5.1		17.2
Net income attributable to Ecolab		$171.9		$308.3		$347.1		$264.4		$1,091.7
Earnings attributable to Ecolab per common share
Basic		$ 0.60		$ 1.08		$ 1.22		$ 0.93		$ 3.83
Diluted		$ 0.60		$ 1.08		$ 1.21		$ 0.93		$ 3.81
Weighted-average common shares outstanding
Basic		286.2		285.1		284.9		284.6		285.2
Diluted		288.1		286.6		286.3		285.8		286.6
2021
Net sales		$2,885.0		$3,162.7		$3,320.8		$3,364.6		$12,733.1
Operating expenses
Cost of sales (a)		1,712.0		1,844.0		2,016.7		2,043.1		7,615.8
Selling, general and administrative expenses		862.9		853.3		832.0		867.9		3,416.1
Special (gains) and charges		12.8		17.6		6.3		65.9		102.6
Operating income		297.3		447.8		465.8		387.7		1,598.6
Other (income) expense (b)		(17.0)		2.5		(13.0)		(6.4)		(33.9)
Interest expense, net (c)		51.7		45.6		76.4		44.6		218.3
Income before income taxes		262.6		399.7		402.4		349.5		1,414.2
Provision for income taxes		66.1		86.1		73.8		44.2		270.2
Net income including noncontrolling interest		196.5		313.6		328.6		305.3		1,144.0
Net income attributable to noncontrolling interest		2.9		2.8		4.1		4.3		14.1
Net income attributable to Ecolab		$193.6		$310.8		$324.5		$301.0		$1,129.9
Earnings attributable to Ecolab per common share
Basic		$ 0.68		$ 1.09		$ 1.13		$ 1.05		$ 3.95
Diluted		$ 0.67		$ 1.08		$ 1.12		$ 1.04		$ 3.91
Weighted-average common shares outstanding
Basic		286.0		286.0		286.4		286.7		286.3
Diluted		288.8		288.8		289.2		289.5		289.1

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.

(a) Cost of sales includes special charges of $52.9, $1.7, $7.1 and $8.2 in Q1, Q2, Q3 and Q4 of 2022, respectively, and $19.6, $3.7, $52.9 and $17.7 in Q1, Q2, Q3 and Q4 of 2021, respectively.

(b) Other (income) expense includes special charges of $24.8 and $25.8 in Q3 and Q4 of 2022, respectively, and $19.6, $7.0 and $10.6 in Q2, Q3 and Q4 of 2021, respectively.

(c) Interest expense, net includes special charges of $32.3 and $0.8 in Q3 and Q4 of 2021, respectively.