8-K

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) May 2, 2023

ECOLAB INC.

(Exact name of registrant as specified in its charter)

Delaware	1-9328	41-0231510
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification No.)

1 Ecolab Place, 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 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	ECL	New York Stock Exchange
2.625% Euro Notes due 2025	ECL 25	New York Stock Exchange
1.000% Euro Notes due 2024	ECL 24	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 2, 2023, Ecolab Inc. (“Ecolab”) announced earnings for the first quarter ended March 31, 2023. A copy of the (i) News Release issued by Ecolab in connection with this report under Item 2.02 is furnished and attached as Exhibit (99.1) and (ii) Supplemental Data to be used in connection with the conference call to be held discussing the first quarter results is furnished and attached as Exhibit (99.2), each of which is incorporated by reference herein. Ecolab also will publish the attached exhibits on its website located at www.ecolab.com.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are furnished pursuant to Item 2.02 of Form 8-K and should not be deemed to be “filed” under the Securities Exchange Act of 1934.

Exhibit No.	Description	Method Of Filing
(99.1)	Ecolab Inc. News Release dated May 2, 2023.	Filed herewith electronically.
(99.2)	Supplemental Data for First Quarter dated May 2, 2023.	Filed herewith electronically.
(104)	Cover Page Interactive Data File.	Embedded within the Inline XBRL document.

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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: May 2, 2023	By:	/s/ David F. Duvick
		David F. Duvick
		Assistant Secretary

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EX-99.1

Exhibit 99.1

News Release

Investor Contact:	Media Contact:
Andrew Hedberg (651) 250-2185	Nigel Glennie (651) 250-2576
Cairn Clark (651) 250-2291

ECOLAB DELIVERS VERY STRONG FIRST QUARTER OPERATING PERFORMANCE

REPORTED DILUTED EPS $0.82; ADJUSTED DILUTED EPS $0.88, +7%

CONTINUE TO EXPECT FURTHER PERFORMANCE IMPROVEMENT THROUGH 2023

FIRST QUARTER HIGHLIGHTS:

● Reported sales $3.6 billion, +9% versus last year. Organic sales +13%, led by double-digit growth in the Institutional & Specialty, Industrial, and Other segment, and improved growth in the Healthcare & Life Sciences segment.

● Reported operating income +38%. Organic operating income growth accelerated to +19%, as continued strong pricing and productivity gains more than offset easing but ongoing delivered product cost inflation and challenging macroeconomic conditions.

● Reported operating income margin 9.8%. Organic operating income margin 10.6%, +50 bps versus last year, reflecting modest gross margin expansion and improved productivity.

● Reported diluted EPS $0.82, +37%. Adjusted diluted EPS, excluding special gains and charges and discrete tax items were $0.88, +7%. Currency translation and higher interest expense had a combined $0.11 per share unfavorable impact on first quarter EPS.

2023 OUTLOOK

● 2023: Ecolab continues to expect to deliver quarterly adjusted earnings per share growth that accelerates towards its low double-digit historical performance.

● 2Q 2023: Expect second quarter 2023 adjusted diluted earnings per share in the $1.15 to $1.25 range, +5 to 14% versus last year.

	First Quarter Ended March 31
	Reported				Adjusted
(unaudited)	Public Currency Rates		%		Public Currency Rates		%
(millions, except per share)	2023	2022	Change		2023	2022	Change
Net sales	$3,571.6	$3,266.7	9	%	$3,571.6	$3,266.7	9	%
Operating income	351.6	254.5	38	%	379.3	331.5	14	%
Net income attributable to Ecolab	233.4	171.9	36	%	250.5	236.5	6	%
Diluted earnings per share attributable to Ecolab	$0.82	$0.60	37	%	$0.88	$0.82	7	%
	Organic		%
	2023	2022	Change
Net sales	$3,533.8	$3,137.7	13	%
Operating income	376.1	315.5	19	%

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ST. PAUL, Minn., May 2, 2023

CEO Comment

Christophe Beck, Ecolab’s chairman and chief executive officer, said, “We had a very strong start to 2023 with our team delivering continued double-digit organic sales growth, consistent with our expectations. We continued taking steps to further strengthen our growth foundation, like making investments in our Life Sciences business to capitalize on its long-term growth opportunities. Overall, our efforts drove organic operating income margin expansion with continued strong pricing and further productivity gains, in addition to easing but ongoing inflationary headwinds. This excellent performance resulted in 19% growth in organic operating income and accelerating growth in adjusted earnings per share despite significant currency translation and interest expense headwinds in a challenging macroeconomic environment.

“Looking ahead, we are well positioned to build on our operating momentum and expect further performance improvement in 2023. While the macroeconomic headwinds and inflationary pressures are expected to persist, our focus remains on offense – driving robust sales growth as we leverage our leading customer value proposition and our innovation pipeline, as well as on capturing our significant operating margin expansion opportunity. As a result, we continue to anticipate strong organic sales gains, double-digit growth in organic operating income, and adjusted earnings per share growth that accelerates towards our low double-digit historical performance.”

First Quarter 2023 Consolidated Results

Ecolab’s first quarter reported sales increased 9% and organic sales increased 13% when compared to the prior year.

First quarter 2023 reported operating income increased 38% and includes the impact of special gains and charges, which were a net charge primarily related to restructuring costs. Organic operating income growth accelerated to 19%, as strong pricing overcame investments in the business, higher delivered product costs, and softer volume.

Reported other income decreased $6 million in the first quarter of 2023 due to higher pension costs.

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Reported interest expense increased 40% reflecting the impact from higher average interest rates on floating rate debt and last year’s fourth quarter debt issuance.

The reported income tax rate for the first quarter of 2023 was 18.0% compared with the reported rate of 20.7% in the first quarter of 2022. Excluding special gains and charges and discrete tax items, the adjusted tax rate for the first quarter of 2023 was 19.8% compared with the adjusted tax rate of 19.5% in the first quarter of 2022.

Reported net income increased 36% versus the prior year. Excluding the impact of special gains and charges and discrete tax items, adjusted net income increased 6% versus the prior year.

Reported diluted earnings per share increased 37% versus the prior year. Adjusted diluted earnings per share increased 7% when compared against the first quarter of 2022. Currency translation had a $0.05 unfavorable impact on first quarter 2023 earnings per share.

First Quarter 2023 Segment Review

Global Industrial
(unaudited)	First Quarter Ended March 31						Organic
(millions)	2023		2022		% Change		% Change
Fixed currency
Sales	$1,699.3		$1,511.4		12	%	12	%
Operating income	215.6		179.9		20	%	20	%
Operating income margin	12.7	%	11.9	%
Organic operating income margin	12.7	%	11.9	%
Public currency
Sales	$1,709.4		$1,565.7		9	%
Operating income	217.7		191.1		14	%

The Industrial segment includes Water, Food & Beverage, and Paper

Effective January 1, 2023, the Company’s former Downstream operating segment is now part of the Water operating segment. This change did not have any impact on the Global Industrial reportable segment.

Organic sales increased 12%, led by double-digit gains in Water and Food & Beverage. Organic operating income growth accelerated to 20% as strong pricing overcame higher delivered product costs, investments in the business, and softer volume.

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Global Institutional & Specialty
(unaudited)	First Quarter Ended March 31						Organic
(millions)	2023		2022		% Change		% Change
Fixed currency
Sales	$1,126.6		$991.3		14	%	14	%
Operating income	125.7		108.6		16	%	16	%
Operating income margin	11.2	%	11.0	%
Organic operating income margin	11.2	%	11.0	%
Public currency
Sales	$1,128.8		$1,009.4		12	%
Operating income	125.9		110.9		14	%

The Institutional & Specialty segment includes Institutional and Specialty

Organic sales growth accelerated to 14%. Continued double-digit growth in the Institutional division reflected strong pricing and new business wins. Specialty sales growth accelerated, driven by robust quickservice sales growth. Organic operating income growth accelerated to 16% as strong pricing overcame investments in the business, higher delivered product costs, and unfavorable mix.

Global Healthcare & Life Sciences
(unaudited)	First Quarter Ended March 31						Organic
(millions)	2023		2022		% Change		% Change
Fixed currency
Sales	$378.6		$348.2		9	%	9	%
Operating income	35.0		41.9		(16)	%	(16)	%
Operating income margin	9.2	%	12.0	%
Organic operating income margin	9.2	%	12.0	%
Public currency
Sales	$379.7		$362.8		5	%
Operating income	35.2		44.3		(21)	%

The Healthcare & Life Sciences segment includes Healthcare and Life Sciences

Organic sales grew 9%, driven by double-digit growth in Life Sciences and strengthening Healthcare sales growth. Organic operating income decreased 16%, as strong pricing was more than offset by softer volume, targeted investments in the business, and higher delivered product costs.

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Other
(unaudited)	First Quarter Ended March 31						Organic
(millions)	2023		2022		% Change		% Change
Fixed currency
Sales	$329.3		$286.8		15	%	15	%
Operating income	50.1		37.1		35	%	35	%
Operating income margin	15.2	%	12.9	%
Organic operating income margin	15.2	%	12.9	%
Public currency
Sales	$330.0		$294.0		12	%
Operating income	50.2		37.9		32	%

The Other segment includes Pest Elimination, Textile Care and Colloidal Technologies

Organic sales growth accelerated to 15%, reflecting double-digit growth across all divisions, with continued strong performance in Pest Elimination. Organic operating income increased 35% as strong pricing overcame investments in the business, higher delivered product costs, and unfavorable mix.

Corporate
(unaudited)	First Quarter Ended March 31
(millions)	2023	2022
Public currency
Sales	$23.7	$34.8
Corporate operating expense
Nalco and Purolite amortization	50.2	52.7
Special (gains) and charges	27.7	77.0
Other	(0.5)	-
Total Corporate operating expense	$77.4	$129.7

First quarter of 2023 corporate segment includes:

● sales of $24 million to ChampionX under the Master Cross Supply and Product Transfer agreements Ecolab entered into as part of the ChampionX separation

● amortization expense of $29 million related to the Nalco merger intangible assets and $21 million related to Purolite acquisition intangible assets

● special gains and charges were a net charge of $28 million, primarily related to restructuring costs

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Special gains and charges for the first quarter of 2022 were a net charge of $77 million and primarily reflected Purolite acquisition costs, COVID-related charges, and charges related to our operations in Russia.

Business Outlook

2023

Ecolab continues to expect to deliver performance that improves despite a challenging macro environment characterized by high delivered product costs and easing demand. In addition, higher interest expense and currency translation are estimated to have a combined $0.30 per share unfavorable impact in 2023, or a 7% headwind to year-over-year earnings growth.

The Company expects double-digit growth in organic operating income, driven by continued robust sales growth, easing delivered product cost inflation, and improved productivity. This strong performance is expected to more than overcome the challenging environment to deliver quarterly adjusted earnings per share growth that accelerates towards our low double-digit historical performance.

2023 – Second Quarter

Ecolab expects second quarter 2023 adjusted diluted earnings per share in the $1.15 to $1.25 range, compared with adjusted diluted earnings per share of $1.10 a year ago. This forecast includes an estimated unfavorable $0.12 per share impact from higher interest expense and currency translation, or a 11% headwind to year-over-year earnings growth.

The Company currently expects quantifiable special charges in the second quarter of 2023 to be approximately $0.08 per share, principally related to restructuring charges. Other than the special gains and charges noted above, other such amounts are not currently quantifiable.

About Ecolab

A trusted partner for millions of customers, Ecolab (NYSE:ECL) is a global sustainability leader offering water, hygiene and infection prevention solutions and services that protect people and the resources vital to life. Building on a century of innovation, Ecolab has annual sales of $14 billion, employs more than 47,000 associates and operates in more than 170 countries around the world. The company delivers comprehensive science-based solutions, data-driven insights and world-

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class service to advance food safety, maintain clean and safe environments, and optimize water and energy use. Ecolab’s innovative solutions improve operational efficiencies and sustainability for customers in the food, healthcare, life sciences, hospitality and industrial markets. www.ecolab.com

Ecolab will host a live webcast to review the first quarter earnings announcement today at 1:00 p.m. Eastern Time. The webcast, along with related materials, will be available to the public on Ecolab's website at www.ecolab.com/investor. A replay of the webcast and related materials will be available at that site.

Cautionary Statements Regarding Forward-Looking Information

This news release contains certain statements relating to future events and our intentions, beliefs, expectations and predictions for the future which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “we believe,” “we expect,” “estimate,” “project,” “may,” “will,” “intend,” “plan,” “believe,” “target,” “forecast” (including the negative or variations thereof) or similar terminology used in connection with any discussion of future plans, actions or events generally identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding macroeconomic conditions, delivered product costs, demand, inflation, currency translation, and our financial and business performance and prospects, including sales, earnings, special charges, margins, interest expense, and productivity. These statements are based on the current expectations of management of the company. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this news release. In particular, the ultimate results of any restructuring initiative depend on a number of factors, including the development of final plans, the impact of local regulatory requirements regarding employee terminations, the time necessary to develop and implement the restructuring initiatives and the level of success achieved through such actions in improving competitiveness, efficiency and effectiveness.

Additional risks and uncertainties that may affect operating results and business performance are set forth under Item 1A of our most recent Form 10-K, and our other public filings with the Securities and Exchange Commission (the "SEC"), and include the impact of economic factors such as the worldwide economy, capital flows, interest rates, foreign currency risk, reduced sales and earnings in our international operations resulting from the weakening of local currencies versus

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the U.S. dollar, demand uncertainty, supply chain challenges and inflation; the vitality of the markets we serve; exposure to global economic, political and legal risks related to our international operations, including geopolitical instability, the impact of sanctions or other actions taken by the U.S. or other countries, and retaliatory measures taken by Russia in response, in connection with the conflict in Ukraine; difficulty in procuring raw materials or fluctuations in raw material costs; our ability to attract, retain and develop high caliber management talent to lead our business and successfully execute organizational change and changing labor market dynamics; information technology infrastructure failures or breaches in data security; the effects and duration of the COVID-19 pandemic or other public health outbreaks, epidemics or pandemics; our ability to acquire complementary businesses and to effectively integrate such businesses, including Purolite; our ability to execute key business initiatives, including restructurings and our Enterprise Resource Planning system upgrades; our ability to successfully compete with respect to value, innovation and customer support; pressure on operations from consolidation of customers or vendors; restraints on pricing flexibility due to contractual obligations and our ability to meet our contractual commitments; the costs and effects of complying with laws and regulations, including those relating to the environment, climate change standards, and to the manufacture, storage, distribution, sale and use of our products, as well as to the conduct of our business generally, including labor and employment and anti-corruption; potential chemical spill or release; our commitments, goals, targets, objectives and initiatives related to sustainability; potential to incur significant tax liabilities or indemnification liabilities relating to the separation and split-off of our ChampionX business; the occurrence of litigation or claims, including class action lawsuits; the loss or insolvency of a major customer or distributor; repeated or prolonged government and/or business shutdowns or similar events; acts of war or terrorism; natural or man-made disasters; water shortages; severe weather conditions; changes in tax laws and unanticipated tax liabilities; potential loss of deferred tax assets; our indebtedness, and any failure to comply with covenants that apply to our indebtedness; potential losses arising from the impairment of goodwill or other assets; and other uncertainties or risks reported from time to time in our reports to the SEC. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this news release may not occur. We caution that undue reliance should not be placed on forward-looking statements, which speak only as of the date made. Ecolab does not undertake, and expressly disclaims, any duty to update any forward-looking statement whether as a result of new information, future events or changes in expectations, except as required by law.

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Non-GAAP Financial Information

This news release and certain of the accompanying tables include financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (“GAAP”).

These non-GAAP financial measures include:

•fixed currency sales

•organic sales, formerly known as acquisition adjusted fixed currency sales

•adjusted cost of sales

●adjusted gross profit

•adjusted gross margin

•fixed currency operating income

•adjusted operating income

•adjusted fixed currency operating income

•adjusted fixed currency operating income margin

• organic operating income, formerly known as acquisition adjusted fixed currency operating income

• organic operating income margin, formerly known as acquisition adjusted fixed currency operating income margin

●adjusted tax rate

•adjusted net income attributable to Ecolab

•adjusted diluted earnings per share

We provide these measures as additional information regarding our operating results. We use these non-GAAP measures internally to evaluate our performance and in making financial and operational decisions, including with respect to incentive compensation. We believe that our presentation of these measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparison of results.

Our non-GAAP financial measures for adjusted cost of sales, adjusted gross margin, adjusted gross profit and adjusted operating income exclude the impact of special (gains) and charges and our non-GAAP financial measures for adjusted tax rate, adjusted net income attributable to Ecolab and adjusted diluted earnings per share further exclude the impact of discrete tax items. We include items within special (gains) and charges and discrete tax items that we believe can significantly affect the period-over-period assessment of operating results and not necessarily reflect costs

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and/or income associated with historical trends and future results. After tax special (gains) and charges are derived by applying the applicable local jurisdictional tax rate to the corresponding pre-tax special (gains) and charges.

We evaluate the performance of our international operations based on fixed currency rates of foreign exchange, which eliminate the translation impact of exchange rate fluctuations on our international results. Fixed currency amounts included in this release are based on translation into U.S. dollars at the fixed foreign currency exchange rates established by management at the beginning of 2023. We also provide our segment results based on public currency rates for informational purposes.

Our reportable segments do not include the impact of intangible asset amortization from the Nalco and Purolite transactions or the impact of special (gains) and charges as these are not allocated to the Company’s reportable segments.

Our non-GAAP financial measures for organic sales, organic operating income and organic operating income margin are at fixed currency and exclude the impact of special (gains) and charges, the results of our acquired businesses from the first twelve months post acquisition and the results of divested businesses from the twelve months prior to divestiture. In addition, as part of the separation, we also entered into a Master Cross Supply and Product Transfer agreement with ChampionX to provide, receive or transfer certain products for a period up to 36 months and for a small set of products with limited suppliers over the next few years. Sales of product to ChampionX under this agreement are recorded in product and equipment sales in the Corporate segment along with the related cost of sales. These transactions are removed from the consolidated results as part of the calculation of the impact of acquisitions and divestitures.

These non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and may be different from non-GAAP measures used by other companies. Investors should not rely on any single financial measure when evaluating our business. We recommend that investors view these measures in conjunction with the GAAP measures included in this news release. Reconciliations of our non-GAAP measures are included in the following "Supplemental Non-GAAP Reconciliations" and “Supplemental Diluted Earnings per Share Information” tables included in this news release.

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We do not provide reconciliations for non-GAAP estimates on a forward-looking basis (including those contained in this news release) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of various items that have not yet occurred, are out of our control and/or cannot be reasonably predicted, and that would impact reported earnings per share and the reported tax rate, the most directly comparable forward-looking GAAP financial measures to adjusted earnings per share and the adjusted tax rate. For the same reasons, we are unable to address the probable significance of the unavailable information.

###

(ECL-E)

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ECOLAB INC.

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

	First Quarter Ended
	March 31		%
(millions, except per share)	2023	2022	Change
Product and equipment sales	$2,876.3	$2,624.1
Service and lease sales	695.3	642.6
Net sales	3,571.6	3,266.7	9	%
Product and equipment cost of sales	1,798.3	1,695.6
Service and lease cost of sales	406.9	377.8
Cost of sales (1)	2,205.2	2,073.4	6	%
Selling, general and administrative expenses	990.3	914.7	8	%
Special (gains) and charges (1)	24.5	24.1
Operating income	351.6	254.5	38	%
Other (income) expense	(13.1)	(18.8)	(30)	%
Interest expense, net	74.2	53.0	40	%
Income before income taxes	290.5	220.3	32	%
Provision for income taxes	52.4	45.6	15	%
Net income including noncontrolling interest	238.1	174.7	36	%
Net income attributable to noncontrolling interest	4.7	2.8
Net income attributable to Ecolab	$233.4	$171.9	36	%
Earnings attributable to Ecolab per common share
Basic	$0.82	$0.60	37	%
Diluted	$0.82	$0.60	37	%
Weighted-average common shares outstanding
Basic	284.6	286.2	(1)	%
Diluted	285.9	288.1	(1)	%
(1) Cost of sales and Special (gains) and charges in the Consolidated Statement of Income above include the following:
	First Quarter Ended
	March 31
(millions)	2023	2022
Cost of sales
Restructuring activities	$3.2	$2.6
Acquisition and integration activities	-	27.6
COVID-19 activities, net	-	16.3
Russia/Ukraine activities	-	6.4
Subtotal (a)	3.2	52.9
Special (gains) and charges
Restructuring activities	12.6	0.8
Acquisition and integration activities	5.0	7.5
COVID-19 activities, net	-	1.5
Russia/Ukraine activities	0.3	11.6
Other	6.6	2.7
Subtotal	24.5	24.1
Total special (gains) and charges	$27.7	$77.0

(a) Special charges of $0.8 million and $52.0 million in the first quarter of 2023 and 2022, respectively, were recorded in product and equipment cost of sales. Special charges of $2.4 million and $0.9 million in the first quarter of 2023 and 2022, respectively, were recorded in service and lease cost of sales.

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ECOLAB INC.

REPORTABLE SEGMENT INFORMATION

(unaudited)

	First Quarter Ended March 31
	Fixed Currency Rates				Public Currency Rates
			%				%
(millions)	2023	2022	Change		2023	2022	Change
Net Sales
Global Industrial	$1,699.3	$1,511.4	12	%	$1,709.4	$1,565.7	9	%
Global Institutional & Specialty	1,126.6	991.3	14	%	1,128.8	1,009.4	12	%
Global Healthcare & Life Sciences	378.6	348.2	9	%	379.7	362.8	5	%
Other	329.3	286.8	15	%	330.0	294.0	12	%
Corporate	23.6	34.6	(32)	%	23.7	34.8	(32)	%
Subtotal at fixed currency rates	3,557.4	3,172.3	12	%	3,571.6	3,266.7	9	%
Currency impact	14.2	94.4	*		-	-	*
Consolidated reported GAAP net sales	$3,571.6	$3,266.7	9	%	$3,571.6	$3,266.7	9	%
Operating Income (loss)
Global Industrial	$215.6	$179.9	20	%	$217.7	$191.1	14	%
Global Institutional & Specialty	125.7	108.6	16	%	125.9	110.9	14	%
Global Healthcare & Life Sciences	35.0	41.9	(16)	%	35.2	44.3	(21)	%
Other	50.1	37.1	35	%	50.2	37.9	32	%
Corporate	(77.4)	(129.0)	*		(77.4)	(129.7)	*
Subtotal at fixed currency rates	349.0	238.5	46	%	351.6	254.5	38	%
Currency impact	2.6	16.0	*		-	-	*
Consolidated reported GAAP operating income	$351.6	$254.5	38	%	$351.6	$254.5	38	%

* Not meaningful.

As shown in the “Fixed Currency Rates” tables above, we evaluate the performance of our international operations based on fixed currency exchange rates, which eliminate the impact of exchange rate fluctuations on our international operations. Amounts shown in the “Public Currency Rates” tables above reflect amounts translated at actual public average rates of exchange prevailing during the corresponding period and are provided for informational purposes. The difference between the fixed currency exchange rates and the public currency exchange rates is reported as “Currency impact” in the “Fixed Currency Rates” tables above.

The Corporate segment includes amortization from the Nalco and Purolite transactions intangible assets. The Corporate segment also includes special (gains) and charges reported on the Consolidated Statement of Income.

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ECOLAB INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

	March 31	December	March 31
(millions)	2023	2022	2022
Assets
Current assets
Cash and cash equivalents	$419.4	$598.6	$99.4
Accounts receivable, net	2,667.8	2,698.1	2,508.2
Inventories	1,727.3	1,792.8	1,589.9
Other current assets	458.3	404.7	407.0
Total current assets	5,272.8	5,494.2	4,604.5
Property, plant and equipment, net	3,312.7	3,293.4	3,285.7
Goodwill	8,062.2	8,012.7	8,081.0
Other intangible assets, net	3,616.8	3,680.7	4,138.3
Operating lease assets	430.6	448.2	385.8
Other assets	556.4	535.1	571.9
Total assets	$21,251.5	$21,464.3	$21,067.2
Liabilities and Equity
Current liabilities
Short-term debt	$1,118.1	$505.1	$493.1
Accounts payable	1,469.9	1,728.2	1,423.9
Compensation and benefits	450.2	493.6	469.6
Income taxes	171.6	197.6	108.6
Other current liabilities	1,279.8	1,285.9	1,136.1
Total current liabilities	4,489.6	4,210.4	3,631.3
Long-term debt	7,521.7	8,075.3	8,267.2
Pension and postretirement benefits	665.5	670.3	874.5
Deferred income taxes	496.1	505.6	619.2
Operating lease liabilities	323.4	337.8	275.2
Other liabilities	390.2	406.3	294.7
Total liabilities	13,886.5	14,205.7	13,962.1
Equity
Common stock	365.0	364.7	364.5
Additional paid-in capital	6,626.5	6,580.2	6,501.5
Retained earnings	9,401.3	9,318.8	8,840.4
Accumulated other comprehensive loss	(1,737.2)	(1,726.6)	(1,563.6)
Treasury stock	(7,311.4)	(7,301.0)	(7,061.2)
Total Ecolab shareholders’ equity	7,344.2	7,236.1	7,081.6
Noncontrolling interest	20.8	22.5	23.5
Total equity	7,365.0	7,258.6	7,105.1
Total liabilities and equity	$21,251.5	$21,464.3	$21,067.2

14

ECOLAB INC.

SUPPLEMENTAL NON-GAAP RECONCILIATIONS

(unaudited)

	First Quarter Ended
	March 31
(millions, except percent and per share)	2023		2022
Net sales
Reported GAAP net sales	$3,571.6		$3,266.7
Effect of foreign currency translation	(14.2)		(94.4)
Non-GAAP fixed currency sales	3,557.4		3,172.3
Effect of acquisitions and divestitures	(23.6)		(34.6)
Non-GAAP organic sales	$3,533.8		$3,137.7
Cost of sales
Reported GAAP cost of sales	$2,205.2		$2,073.4
Special (gains) and charges	3.2		52.9
Non-GAAP adjusted cost of sales	$2,202.0		$2,020.5
Gross profit
Reported GAAP gross profit	$1,366.4		$1,193.3
Special (gains) and charges	3.2		52.9
Non-GAAP adjusted gross profit	$1,369.6		$1,246.2
Gross margin
Reported GAAP gross margin	38.3	%	36.5	%
Non-GAAP adjusted gross margin	38.3	%	38.1	%
Operating income
Reported GAAP operating income	$351.6		$254.5
Effect of foreign currency translation	(2.6)		(16.0)
Non-GAAP fixed currency operating income	349.0		238.5
Special (gains) and charges at fixed currency rates	27.6		77.0
Non-GAAP adjusted fixed currency operating income	376.6		315.5
Effect of acquisitions and divestitures	(0.5)		-
Non-GAAP organic operating income	$376.1		$315.5
Operating income margin
Reported GAAP operating income margin	9.8	%	7.8	%
Non-GAAP adjusted fixed currency operating income margin	10.6	%	9.9	%
Non-GAAP organic operating income margin	10.6	%	10.1	%

15

ECOLAB INC.

SUPPLEMENTAL NON-GAAP RECONCILIATIONS

(unaudited)

	First Quarter Ended
	March 31
(millions, except percent and per share)	2023		2022
Net Income attributable to Ecolab
Reported GAAP net income attributable to Ecolab	$233.4		$171.9
Special (gains) and charges, after tax	21.1		63.6
Discrete tax net expense (benefit)	(4.0)		1.0
Non-GAAP adjusted net income attributable to Ecolab	$250.5		$236.5
Diluted EPS attributable to Ecolab
Reported GAAP diluted EPS	$0.82		$0.60
Special (gains) and charges, after tax	0.07		0.22
Discrete tax net expense (benefit)	(0.01)		-
Non-GAAP adjusted diluted EPS	$0.88		$0.82
Provision for Income Taxes
Reported GAAP tax rate	18.0	%	20.7	%
Special gains and charges	0.5		(0.9)
Discrete tax items	1.3		(0.3)
Non-GAAP adjusted tax rate	19.8	%	19.5	%

16

ECOLAB INC.

SUPPLEMENTAL NON-GAAP RECONCILIATIONS

(unaudited)

	First Quarter Ended March 31
	2023			2022
(millions)	Fixed Currency	Impact of Acquisitions and Divestitures	Organic	Fixed Currency	Impact of Acquisitions and Divestitures	Organic
Net Sales
Global Industrial	$1,699.3	$ -	$1,699.3	$1,511.4	$ -	$1,511.4
Global Institutional & Specialty	1,126.6	-	1,126.6	991.3	-	991.3
Global Healthcare & Life Sciences	378.6	-	378.6	348.2	-	348.2
Other	329.3	-	329.3	286.8	-	286.8
Corporate	23.6	(23.6)	-	34.6	(34.6)	-
Subtotal at fixed currency rates	3,557.4	(23.6)	3,533.8	3,172.3	(34.6)	3,137.7
Currency impact	14.2			94.4
Consolidated reported GAAP net sales	$3,571.6			$3,266.7
Operating Income (loss)
Global Industrial	$215.6	$ -	$215.6	$179.9	$ -	$179.9
Global Institutional & Specialty	125.7	-	125.7	108.6	-	108.6
Global Healthcare & Life Sciences	35.0	-	35.0	41.9	-	41.9
Other	50.1	-	50.1	37.1	-	37.1
Corporate	(49.8)	(0.5)	(50.3)	(52.0)	-	(52.0)
Subtotal at fixed currency rates	376.6	(0.5)	376.1	315.5	-	315.5
Special (gains) and charges at fixed currency rates	27.6			77.0
Reported OI at fixed currency rates	349.0			238.5
Currency impact	2.6			16.0
Consolidated reported GAAP operating income	$351.6			$254.5

17

ECOLAB INC.

SUPPLEMENTAL DILUTED EARNINGS PER SHARE INFORMATION

(unaudited)

The table below provides a reconciliation of diluted earnings per share, as reported, to the non-GAAP measure of adjusted diluted earnings per share.

	First	Second	Six	Third	Nine	Fourth
	Quarter	Quarter	Months	Quarter	Months	Quarter	Year
	Ended	Ended	Ended	Ended	Ended	Ended	Ended
	Mar. 31	June 30	June 30	Sept. 30	Sept. 30	Dec. 31	Dec. 31
	2022	2022	2022	2022	2022	2022	2022
Diluted earnings per share, as reported (U.S. GAAP)	$0.60	$1.08	$1.67	$1.21	$2.88	$0.93	$3.81
Adjustments:
Special (gains) and charges (1)	0.22	0.01	0.23	0.14	0.37	0.35	0.72
Discrete tax expense (benefits) (2)	0.00	0.01	0.02	(0.05)	(0.03)	(0.01)	(0.04)
Adjusted diluted earnings per share (Non-GAAP)	$0.82	$1.10	$1.92	$1.30	$3.22	$1.27	$4.49

	First	Second	Six	Third	Nine	Fourth
	Quarter	Quarter	Months	Quarter	Months	Quarter	Year
	Ended	Ended	Ended	Ended	Ended	Ended	Ended
	Mar. 31	June 30	June 30	Sept. 30	Sept. 30	Dec. 31	Dec. 31
	2023	2023	2023	2023	2023	2023	2023
Diluted earnings per share, as reported (U.S. GAAP)	$0.82
Adjustments:
Special (gains) and charges (3)	0.07
Discrete tax expense (benefits) (4)	(0.01)
Adjusted diluted earnings per share (Non-GAAP)	$0.88	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00

Per share amounts do not necessarily sum due to changes in shares outstanding and rounding.

(1) Special (gains) and charges for 2022 includes charges of $63.6 million, $2.6 million, $39.6 million and $101.5 million, net of tax, in the first, second, third and fourth quarters, respectively. Charges were primarily related to acquisition and integration charges, reserves related to our operations in Russia, COVID-19 related inventory write downs and employee-related costs, restructuring charges, litigation and other charges and pension settlements.

(2) Discrete tax expenses (benefits) for 2022 includes $1.0 million, $3.7 million, ($14.2) million and ($2.3) million in the first, second, third and fourth quarters, respectively. These expenses (benefits) are primarily associated with stock compensation excess tax benefits and other discrete tax benefits.

(3) Special (gains) and charges for 2023 includes charges of $27.7 million, net of tax, in the first quarters. Charges were primarily related to restructuring charges, acquisition and integration charges and litigation and other charges.

(4) Discrete tax (benefits) for 2023 includes ($4.0) million in the first quarter. These expenses (benefits) are primarily associated with stock compensation excess tax benefits and other discrete tax benefits.

18

EX-99.2

Exhibit 99.2

1 ECOLAB First Quarter 2023 Supplemental

Cautionary Statement Forward-Looking Information This communication contains forward looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding macroeconomic conditions, delivered products costs, demand, inflation, currency translation, and our financial and business performance and prospects, including sales, earnings, pricing, margins, interest expense, special charges, new business and productivity. These statements are based on the current expectations of management. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. In particular, the ultimate results of any restructuring initiative depend on a number of factors, including the development of final plans, the impact of local regulatory requirements regarding employee terminations, the time necessary to develop and implement the restructuring initiatives and the level of success achieved through such actions in improving competitiveness, efficiency and effectiveness. Additional risks and uncertainties are set forth under Item 1A of our most recent Form 10-K, and our other public filings with the Securities and Exchange Commission (“SEC”), and include the impact of economic factors such as the worldwide economy, capital flows, interest rates, foreign currency risk, reduced sales and earnings in our international operations resulting from the weakening of local currencies versus the U.S. dollar, demand uncertainty, supply chain challenges and inflation; the vitality of the markets we serve; exposure to global economic, political and legal risks related to our international operations, including geopolitical instability, the impact of sanctions or other actions taken by the U.S. or other countries, and retaliatory measures taken by Russia in response, in connection with the conflict in Ukraine; difficulty in procuring raw materials or fluctuations in raw material costs; our ability to attract, retain and develop high caliber management talent to lead our business and successfully execute organizational change and changing labor market dynamics; information technology infrastructure failures or breaches in data security; the effects and duration of the COVID-19 pandemic or other public health outbreaks, epidemics or pandemics; our ability to acquire complementary businesses and to effectively integrate such businesses, including Purolite; and other uncertainties or risks reported from time to time in our reports to the SEC. In light of these risks, uncertainties and factors, the forward-looking events discussed in this communication may not occur. We caution that undue reliance should not be placed on forward-looking statements, which speak only as of the date made. Ecolab does not undertake, and expressly disclaims, any duty to update any forward-looking statement, except as required by law. Non-GAAP Financial Information This communication includes Company information that does not conform to generally accepted accounting principles (GAAP). Management believes that a presentation of this information is meaningful to investors because it provides insight with respect to ongoing operating results of the Company and allows investors to better evaluate the financial results of the Company. These measures should not be viewed as an alternative to GAAP measures of performance. Furthermore, these measures may not be consistent with similar measures provided by other companies. Reconciliations of our non-GAAP measures included within this presentation are included in the “Non-GAAP Financial Measures” section of this presentation.

1Q: Continued Strong Operating Performance Continued strong sales growth Double-digit OI growth with expanding OI margin Expect quarterly adjusted earnings per share growth to accelerate towards our low double-digit historical performance Reported EPS $0.82, +37%. Adjusted EPS $0.88, +7% ▪ Reported sales +9%, organic sales +13% ▪ Reported OI +38%, organic OI +19% ▪ Reported OI margin 9.8%. Organic OI margin 10.6%, +50 bps reflecting modest gross margin expansion and improved productivity ▪ Accelerating growth in adjusted EPS reflected continued strong pricing, new business gains, and enhanced productivity, which together more than offset easing but ongoing inflationary pressure, unfavorable currency translation, and higher interest expense ▪ Driving new business, innovation, customer value, and pricing to support strong topline growth and double-digit organic OI growth ▪ Expect second quarter 2023 adjusted diluted earnings per share in the $1.15 to $1.25 range, +5% to 14% versus last year 3

1Q Overview ▪ Sales growth remained strong with reported sales +9% and organic sales +13% o Total pricing +13% o As expected, volume & mix stable at -1%, and slightly positive excluding Europe ▪ Double-digit organic growth in Institutional & Specialty, Industrial, and Other segments, with improved Healthcare & Life Sciences growth o Industrial +12% o Institutional & Specialty +14% o Healthcare & Life Sciences +9% o Other +15% ▪ Reported diluted EPS $0.82, +37% ▪ Adjusted diluted EPS $0.88, +7% o Accelerating growth reflected continued strong pricing, new business gains, and enhanced productivity, which together more than offset easing but ongoing inflationary pressure, unfavorable currency translation, and higher interest expense Sales EPS 4

2023 and 2Q Outlook 2023 2Q ▪ We continue to expect to deliver performance that improves despite a challenging macro environment characterized by high delivered product costs and easing demand. In addition, higher interest expense and currency translation are estimated to have a combined $0.30 per share unfavorable impact in 2023, or a 7% headwind to year-over-year earnings growth. ▪ We expect double-digit growth in organic operating income, driven by continued robust sales growth, easing delivered product cost inflation, and improved productivity. This strong performance is expected to more than overcome the challenging environment to deliver quarterly adjusted earnings per share growth that accelerates towards our low double-digit historical performance. ▪ Ecolab expects second quarter 2023 adjusted diluted earnings per share in the $1.15 to $1.25 range, compared with adjusted diluted earnings per share of $1.10 a year ago. ▪ This forecast includes an estimated unfavorable $0.12 per share impact from higher interest expense and currency, or a 11% headwind to year-over-year earnings growth. ▪ Ecolab currently expects quantifiable special charges in the second quarter of 2023 to be approximately $0.08 per share, principally related to restructuring charges. Other than the special gains and charges noted above, other such amounts are not currently quantifiable. 5

1Q 2023 Sales Growth Detail Amounts in the tables above may reflect rounding. Organic excludes sales to ChampionX post-separation. Effective January 1, 2023, the Company’s former Downstream operating segment is now part of the Water operating segment. This change did not have any impact on the Global Industrial reportable segment. 6

Global Industrial Segment All sales figures are organic unless otherwise noted 7 Sales +14% Water ▪ Continued strong sales growth driven by robust pricing and new business wins o Light Water: double-digit sales growth driven by very strong performance across data centers, microelectronics, and food & beverage o Heavy Water: double-digit sales growth led by strong gains in power, chemicals, and primary metals o Downstream: strong sales growth was led by robust water treatment program sales that help our customers improve the sustainability of their operations o Mining: strong double-digit driven by our strategic shift toward high-value metals and fertilizers, and pricing ▪ The impact of increasing water demand, its growing quality and availability issues, and the resulting rising costs continue to be a critical issue for our customers, and one that Ecolab is uniquely positioned to help them solve. Our innovative chemistry solutions, digital technologies, and service expertise help our customers reduce water consumption toward net zero and meet their sustainability objectives. Q2: Expect robust sales growth driven by strong pricing and new business wins Effective January 1, 2023, the Company’s former Downstream operating segment is now part of the Water operating segment. This change did not have any impact on the Global Industrial reportable segment. Sales +14% Food & Beverage ▪ Strong sales growth driven by robust pricing and new business wins ▪ Growth was led by double-digit gains in dairy, beverage & brewing, and food ▪ Sales growth was strong across all major regions Q2: Anticipate strong sales growth led by pricing

Global Industrial Segment Paper All sales figures are organic unless otherwise noted 8 Sales +6% Q2: Expect stable to modest sales growth as pricing and new business wins more than offset continued easing customer production rates ▪ Solid sales growth as strong pricing and new business wins more than offset continued easing customer production levels ▪ Sales were strong in tissue & towel but declined in graphics and board and packaging reflecting easing customer production rates due to softening macroeconomic trends ▪ Regionally, Europe and Latin America grew double-digits, North America growth was solid while sales in Asia Pacific were stable

Global Institutional & Specialty Segment Institutional Specialty All sales figures are organic unless otherwise noted 9 Sales +14% Sales +12% ▪ Strong sales growth driven by robust pricing and new business gains, which together continue to benefit from our innovative products and services that help customers reduce costs in the current inflationary environment and challenging labor market o North America: double-digit sales growth driven by strong pricing and further new business wins o Europe: double-digit growth led by strong pricing and new business wins o Latin America: strong growth benefiting from robust pricing and new business wins o Asia Pacific: strong growth as softer trends in China were more than offset by robust gains in other parts of the region ▪ Institutional is focused on capitalizing on its attractive growth opportunities, maximizing service effectiveness, and further leveraging investments in digital technology to further improve productivity. We expect these enhancements, along with our innovative chemistry and digital programs, which save customers time and money, will support further strong new business generation while also optimizing our cost structure for the current environment. Q2: Expect strong sales driven by further pricing and new business wins Q2: Expect sales to show continued strong growth benefiting from robust pricing, new customer wins, and our broad range of innovative products and service expertise ▪ Robust sales growth driven by strong quick service gains, which more than offset softer food retail sales o Quick Service: strong sales reflecting accelerating pricing and good new business momentum, leveraging our ongoing product innovation o Food Retail: sales declined slightly as accelerated pricing and new business wins were offset by uneven buying patterns due to continued labor pressure associated with in-store cleaning and sanitizing

Global Healthcare & Life Sciences Segment Healthcare Life Sciences All sales figures are organic unless otherwise noted 10 Sales +7% Sales +10% Q2: Expect modest sales growth reflecting continued strong pricing ▪ Sales growth improved reflecting accelerating pricing and continued growth in surgical programs ▪ We are committed to repositioning our healthcare business for profitable growth. Our new business efforts are focused on attractive long-term growth opportunities in environmental hygiene, instrument reprocessing areas, while also leveraging the recovery in surgical. Our leading product lines, ongoing innovation, and digital technologies make us uniquely positioned to help improve patient outcomes while also increasing operational efficiencies for our customers. ▪ Strong sales growth reflected robust pricing, gains in consumable cleaning and disinfection program sales, as well as robust growth in Purolite’s water purification technologies and bioprocessing sales ▪ We continue to leverage Ecolab’s global capabilities and technical expertise in cleaning and sanitizing with Purolite’s innovative purification technology to capture attractive long-term growth opportunities Q2: Expect continued strong sales growth driven by pricing and new business wins

Other Segments Pest Elimination All sales figures are organic unless otherwise noted 11 Sales +13% ▪ Strong sales growth led by double-digit gains in food retail, restaurants, hospitality, and food & beverage o Growth benefited from strong pricing and continued robust new business wins, driven by our high service levels and innovation ▪ Regionally, North America delivered double-digit growth, Europe showed strong gains, and sales were stable in Latin America and Asia Pacific Q2: Expect strong growth, benefiting from pricing and new customer wins as we leverage our ongoing innovation and enhanced digital offerings to further extend our competitive advantages

Consolidated Margin Performance ▪ Gross margin expanded as strong pricing overcame continued increases in delivered product costs and unfavorable mix ▪ Improvement driven by sales leverage and cost savings which more than offset investments in the business ▪ Operating margin expanded as strong pricing overcame investments in the business, higher delivered product costs, and softer volume Gross Margin SG&A Operating Margin 12

Segment Operating Income Performance ▪ Organic operating income increased 20% as strong pricing overcame higher delivered product costs, investments in the business, and softer volume ▪ Organic operating income margin expanded 80 bps versus last year ▪ Organic operating income increased 16% as strong pricing overcame investments in the business, higher delivered product costs, and unfavorable mix ▪ Organic operating income margin expanded 20 bps versus last year ▪ Organic operating income decreased 16%, as strong pricing was more than offset by softer volume, targeted investments in the business, and higher delivered product costs ▪ Organic operating income increased 35% as strong pricing overcame investments in the business, higher delivered product costs, and unfavorable mix ▪ Organic operating income margin expanded 230 bps versus last year ($ millions – fixed currency, unaudited) 13

1Q 2023 Balance Sheet / Cash Flow * EBITDA and Adjusted EBITDA are non-GAAP measures. EBITDA is defined as the sum of earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as the sum of EBITDA and special (gains) and charges impacting EBITDA. The inputs to EBITDA reflect the trailing twelve months of activity for the period presented. See “Non-GAAP Financial Measures” section of this presentation corresponding reconciliations. 14

Non-GAAP Financial Measures 15

Non-GAAP Financial Measures 16

Non-GAAP Financial Measures 17

Non-GAAP Financial Measures 18

Non-GAAP Financial Measures 19

Non-GAAP Financial Information 20 Non-GAAP Financial Information: This communication and certain of the accompanying tables include financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (“GAAP”). These non-GAAP financial measures include: • fixed currency sales • organic sales, formerly known as acquisition adjusted fixed currency sales • adjusted cost of sales • adjusted gross profit • adjusted gross margin • fixed currency operating income • adjusted operating income • adjusted fixed currency operating income • adjusted fixed currency operating income margin • organic operating income, formerly known as acquisition adjusted fixed currency operating income • organic operating income margin, formerly known as acquisition adjusted fixed currency operating income margin • adjusted tax rate • adjusted net income attributable to Ecolab • adjusted diluted earnings per share • EBITDA • Adjusted EBITDA We provide these measures as additional information regarding our operating results. We use these non-GAAP measures internally to evaluate our performance and in making financial and operational decisions, including with respect to incentive compensation. We believe that our presentation of these measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparison of results.

Non-GAAP Financial Information (Cont.) 21 Non-GAAP Financial Information (Continued): Our non-GAAP financial measures for adjusted cost of sales, adjusted gross margin, adjusted gross profit and adjusted operating income exclude the impact of special (gains) and charges and our non-GAAP financial measures for adjusted tax rate, adjusted net income attributable to Ecolab and adjusted diluted earnings per share further exclude the impact of discrete tax items. We include items within special (gains) and charges and discrete tax items that we believe can significantly affect the period-over-period assessment of operating results and not necessarily reflect costs and/or income associated with historical trends and future results. After tax special (gains) and charges are derived by applying the applicable local jurisdictional tax rate to the corresponding pre-tax special (gains) and charges. EBITDA is defined as the sum of net income including non-controlling interest, provision for income taxes, net interest expense, depreciation and amortization, and adjusted EBITDA further adds special (gains) and charges impacting EBITDA. EBITDA and adjusted EBITDA are used in our net debt to EBITDA and net debt to adjusted EBITDA ratios, which we view as important indicators of the operational and financial health of our organization. We evaluate the performance of our international operations based on fixed currency rates of foreign exchange, which eliminate the translation impact of exchange rate fluctuations on our international results. Fixed currency amounts included in this release are based on translation into U.S. dollars at the fixed foreign currency exchange rates established by management at the beginning of 2023. We also provide our segment results based on public currency rates for informational purposes. Our reportable segments do not include the impact of intangible asset amortization from the Nalco and Purolite transactions or the impact of special (gains) and charges as these are not allocated to the Company’s reportable segments. Our non-GAAP financial measures for organic sales, organic operating income and organic operating income margin are at fixed currency and exclude the impact of special (gains) and charges, the results of our acquired businesses from the first twelve months post acquisition and the results of divested businesses from the twelve months prior to divestiture. In addition, as part of the separation, we also entered into a Master Cross Supply and Product Transfer agreement with ChampionX to provide, receive or transfer certain products for a period up to 36 months and for a small set of products with limited suppliers over the next few years. Sales of product to ChampionX under this agreement are recorded in product and equipment sales in the Corporate segment along with the related cost of sales. These transactions are removed from the consolidated results as part of the calculation of the impact of acquisitions and divestitures. These non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and may be different from non-GAAP measures used by other companies. Investors should not rely on any single financial measure when evaluating our business. We recommend that investors view these measures in conjunction with the GAAP measures included in this news release. Reconciliations of our non-GAAP measures are included in the following “Non-GAAP Financial Measures” tables of this communication. We do not provide reconciliations for non-GAAP estimates on a forward-looking basis (including those contained in this news release) when we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of various items that have not yet occurred, are out of our control and/or cannot be reasonably predicted, and that would impact reported earnings per share and the reported tax rate, the most directly comparable forward-looking GAAP financial measures to adjusted earnings per share and the adjusted tax rate. For the same reasons, we are unable to address the probable significance of the unavailable information.

XML

Document and Entity Information	May 02, 2023
Document Information [Line Items]
Document Type	8-K
Document Period End Date	May 02, 2023
Entity Registrant Name	ECOLAB INC.
Entity Incorporation, State or Country Code	DE
Securities Act File Number	1-9328
Entity Tax Identification Number	41-0231510
Entity Address, Address Line One	1 Ecolab Place
Entity Address, City or Town	Saint Paul
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55102
City Area Code	800
Local Phone Number	232-6522
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000031462
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	ECL
Security Exchange Name	NYSE
Euro Notes Due 2025 [Member]
Document Information [Line Items]
Title of 12(b) Security	2.625% Euro Notes due 2025
Trading Symbol	ECL 25
Security Exchange Name	NYSE
Euro Notes Due 2024 [Member]
Document Information [Line Items]
Title of 12(b) Security	1.000% Euro Notes due 2024
Trading Symbol	ECL 24
Security Exchange Name	NYSE

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N-2	May 02, 2023
Cover [Abstract]
Entity Central Index Key	0000031462
Amendment Flag	false
Securities Act File Number	1-9328
Document Type	8-K
Entity Registrant Name	ECOLAB INC.
Entity Address, Address Line One	1 Ecolab Place
Entity Address, City or Town	Saint Paul
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55102
City Area Code	800
Local Phone Number	232-6522
Entity Emerging Growth Company	false