Ecolab 10-Q 2022-03-31

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 10-Q

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(Mark One)		​
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☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934		​
For the quarterly period ended March 31, 2022		​
OR		​
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934		​
For the transition period from to		​
​		​
Commission File No. 1-9328		​

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ECOLAB INC.

(Exact name of registrant as specified in its charter)

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Delaware	​	41-0231510
(State or other jurisdiction of	​	(I.R.S. Employer
incorporation or organization)	​	Identification No.)

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1 Ecolab Place**,** St. Paul**,** Minnesota 55102

(Address of principal executive offices)(Zip Code)

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**1-800-**232-6522

(Registrant’s telephone number, including area code)

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(Not applicable)

(Former name, former address and former fiscal year,

if changed since last report)

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

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

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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Large accelerated filer ⌧	​	Accelerated filer ◻
Non-accelerated filer ◻	​	Smaller reporting company ☐
​	​	Emerging growth company ☐

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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. ◻

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

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The number of shares of each of the registrant’s classes of Common Stock outstanding as of March 31, 2022: 285,655,167 shares, par value $1.00 per share.

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PART I - FINANCIAL INFORMATION

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CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

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​	​	​	​	​	​	​	​
​	​	First Quarter Ended
​	​	March 31
(millions, except per share amounts)	​	2022				2021
​	​	​	​	​	​	​	​
Product and equipment sales	​	​	$2,624.1	​	​	​	$2,293.4
Service and lease sales	​	​	642.6	​	​	​	591.6
Net sales	​	​	3,266.7	​	​	​	2,885.0
Product and equipment cost of sales	​	​	1,695.6	​	​	​	1,362.9
Service and lease cost of sales	​	​	377.8	​	​	​	349.1
Cost of sales (including special charges (a))	​	​	2,073.4	​	​	​	1,712.0
Selling, general and administrative expenses	​	​	914.7	​	​	​	862.9
Special (gains) and charges	​	​	24.1	​	​	​	12.8
Operating income	​	​	254.5	​	​	​	297.3
Other (income) expense	​	​	(18.8)	​	​	​	(17.0)
Interest expense, net	​	​	53.0	​	​	​	51.7
Income before income taxes	​	​	220.3	​	​	​	262.6
Provision for income taxes	​	​	45.6	​	​	​	66.1
Net income including noncontrolling interest	​	​	174.7	​	​	​	196.5
Net income attributable to noncontrolling interest	​	​	2.8	​	​	​	2.9
Net income attributable to Ecolab	​	​	$171.9	​	​	​	$193.6
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Earnings attributable to Ecolab per common share	​	​	​	​	​	​	​
Basic	​	​	$ 0.60	​	​	​	$ 0.68
Diluted	​	​	$ 0.60	​	​	​	$ 0.67
​	​	​	​	​	​	​	​
Weighted-average common shares outstanding	​	​	​	​	​	​	​
Basic			286.2	​	​	​	286.0
Diluted			288.1	​	​	​	288.8
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(a)	Cost of sales includes special (gains) and charges of $52.9 and $19.6 in the first quarter of 2022 and 2021, respectively, which is recorded in product and equipment cost of sales and service and lease cost of sales.

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The accompanying notes are an integral part of the consolidated financial statements.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

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​	​	​	​	​	​	​	​
​	​	First Quarter Ended
​	​	March 31
(millions)		2022				2021
​	​	​	​	​	​	​	​
Net income including noncontrolling interest	​	​	$174.7	​	​	​	$196.5
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Other comprehensive income (loss), net of tax	​	​	​	​	​	​	​
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Foreign currency translation adjustments	​	​	​	​	​	​	​
Foreign currency translation		​	42.2	​	​	​	84.9
Gain (loss) on net investment hedges		​	18.9	​	​	​	(12.2)
Total foreign currency translation adjustments		​	61.1	​	​	​	72.7
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Derivatives and hedging instruments		​	(4.6)	​	​	​	0.6
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Pension and postretirement benefits	​	​	​	​	​	​	​
Settlement charge		​	0.8	​	​	​	-
Amortization of net actuarial loss and prior period service credits, net	​	​	12.9	​	​	​	5.9
Total pension and postretirement benefits		​	13.7	​	​	​	5.9
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Subtotal		​	70.2	​	​	​	79.2
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Total comprehensive income, including noncontrolling interest		​	244.9	​	​	​	275.7
Comprehensive income attributable to noncontrolling interest		​	1.8	​	​	​	2.2
Comprehensive income attributable to Ecolab	​	​	$243.1	​	​	​	$273.5

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The accompanying notes are an integral part of the consolidated financial statements.

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CONSOLIDATED BALANCE SHEETS

(unaudited)

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​	​	March 31			​	December 31
(millions, except per share amounts)		2022			​	2021
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ASSETS	​	​	​	​	​	​	​
Current assets	​	​	​	​	​	​	​
Cash and cash equivalents	​	​	$99.4	​	​	​	$359.9
Accounts receivable, net		​	2,508.2	​	​	​	2,478.4
Inventories		​	1,589.9	​	​	​	1,491.8
Other current assets	​	​	407.0	​	​	​	357.0
Total current assets		​	4,604.5	​	​	​	4,687.1
Property, plant and equipment, net		​	3,285.7	​	​	​	3,288.5
Goodwill		​	8,081.0	​	​	​	8,063.9
Other intangible assets, net		​	4,138.3	​	​	​	4,224.1
Operating lease assets	​	​	385.8	​	​	​	396.8
Other assets	​	​	571.9	​	​	​	546.0
Total assets	​	​	$21,067.2	​	​	​	$21,206.4
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LIABILITIES AND EQUITY	​	​	​	​	​	​	​
Current liabilities	​	​	​	​	​	​	​
Short-term debt	​	​	$493.1	​	​	​	$411.0
Accounts payable		​	1,423.9	​	​	​	1,384.2
Compensation and benefits		​	469.6	​	​	​	509.5
Income taxes		​	108.6	​	​	​	104.3
Other current liabilities	​	​	1,136.1	​	​	​	1,144.2
Total current liabilities		​	3,631.3	​	​	​	3,553.2
Long-term debt		​	8,267.2	​	​	​	8,347.2
Postretirement health care and pension benefits		​	874.5	​	​	​	894.2
Deferred income taxes	​	​	619.2	​	​	​	622.0
Operating lease liabilities	​	​	275.2	​	​	​	282.6
Other liabilities	​	​	294.7	​	​	​	254.1
Total liabilities		​	13,962.1	​	​	​	13,953.3
Commitments and contingencies (Note 16)	​	​	​	​	​	​	​
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Equity (a)	​	​	​	​	​	​	​
Common stock		​	364.5	​	​	​	364.1
Additional paid-in capital		​	6,501.5	​	​	​	6,464.6
Retained earnings		​	8,840.4	​	​	​	8,814.5
Accumulated other comprehensive loss		​	(1,563.6)	​	​	​	(1,634.8)
Treasury stock		​	(7,061.2)	​	​	​	(6,784.2)
Total Ecolab shareholders’ equity		​	7,081.6	​	​	​	7,224.2
Noncontrolling interest		​	23.5	​	​	​	28.9
Total equity		​	7,105.1	​	​	​	7,253.1
Total liabilities and equity	​	​	$21,067.2	​	​	​	$21,206.4

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| (a) | Common stock

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The following management discussion and analysis (“MD&A”) provides information we believe is useful in understanding our operating results, cash flows and financial condition. We provide quantitative information about the material sales drivers including the impact of changes in volume and pricing and the effect of acquisitions and changes in foreign currency at the corporate and reportable segment level. We also provide quantitative information regarding special (gains) and charges, discrete tax items and other significant factors we believe are useful for understanding our results. Such quantitative drivers are supported by comments meant to be qualitative in nature. Qualitative factors are generally ordered based on estimated significance.

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The MD&A should be read in conjunction with both the unaudited consolidated financial information and related notes included in this Form 10-Q, and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2021. This discussion contains various Non-GAAP Financial Measures and also contains various Forward-Looking Statements within the meaning of the Private Securities Litigation Reform Act of 1995. We refer readers to the statements entitled “Non-GAAP Financial Measures” and “Forward-Looking Statements” located at the end of Part I of this report.

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Comparability of Results

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Purolite Acquisition

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On December 1, 2021, we acquired Purolite Corporation (“Purolite”) for total consideration of $3.7 billion in cash. Purolite is a leading and fast-growing global provider of high-end ion exchange resins for the separation and purification of solutions for pharmaceutical and industrial applications. Headquartered in King of Prussia, Pennsylvania, Purolite operates in more than 30 countries. Purolite is reported within our Life Sciences operating segment. Acquisition and integration charges are recorded within special (gains) and charges. Amortization of acquisition-related intangible assets is recorded in the Corporate reportable segment.

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Impact of Acquisitions and Divestitures

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Acquisition adjusted growth rates exclude the results of our acquired businesses from the first twelve months post acquisition, the results of our divested businesses from the twelve months prior to divestiture and the Venezuelan results of operations from all comparable periods. As part of the separation of ChampionX in 2020, we 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. 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.

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Fixed Currency Foreign Exchange Rates

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Management evaluates the sales and operating income 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. Public currency rate data provided within the “Segment Performance” section of this MD&A reflect amounts translated at actual public average rates of exchange prevailing during the corresponding period and is provided for informational purposes only.

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OVERVIEW OF THE FIRST QUARTER ENDED MARCH 31, 2022

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Sales Performance

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When comparing first quarter 2022 against first quarter 2021, sales performance was as follows:

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●	Reported net sales increased 13% to $3,267 million, fixed currency sales increased 16% and acquisition adjusted fixed currency sales increased 12%.

●	Fixed currency sales for our Global Industrial segment increased 12% to $1,557 million, as strong double-digit growth across all divisions was driven by accelerating pricing and new business wins.

●	Fixed currency sales for our Global Institutional & Specialty segment increased 19% to $1,005 million. Strong growth in the Institutional division reflected improved volume growth, good new business wins, new innovation and pricing. Specialty sales showed good growth as strong quickservice sales were partially offset by lower food retail sales.

●	Fixed currency sales for our Global Healthcare & Life Sciences segment increased 29% to $363 million. Acquisition adjusted fixed currency sales decreased 7% compared to a 14% increase last year when sales benefited from strong COVID-related demand.

●	Fixed currency sales and acquisition adjusted fixed currency sales for Other increased 12% to $296 million led by double-digit growth in Pest Elimination and Textile Care.

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Financial Performance

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When comparing first quarter 2022 against first quarter 2021, our financial performance was as follows:

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●	Reported operating income decreased 14% to $255 million. Excluding the impact of special (gains) and charges from both 2022 and 2021 reported results, adjusted operating income increased 1% and our adjusted fixed currency operating income increased 4%.

●	Net income attributable to Ecolab decreased 11% to $172 million. Excluding the impact of special (gains) and charges and discrete tax items from both 2022 and 2021 reported results, our adjusted net income attributable to Ecolab increased 1%.

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Reported diluted EPS of $0.60 decreased 10%. Excluding the impact of special (gains) and charges and discrete tax items from both 2022 and 2021 reported results, adjusted diluted EPS increased 1% to $0.82 in the first quarter of 2022. The earnings increase reflects accelerating pricing and strong volume growth which more than offset increases in delivered product costs and unfavorable currency translation.

●	Our reported tax rate was 20.7% during the first quarter of 2022, compared to 25.2% during the first quarter of 2021. Excluding the tax rate impact of special (gains) and charges and discrete tax items from both 2022 and 2021 results, our adjusted tax rate was 19.5% during the first quarter of 2022, compared to 19.7% during the first quarter of 2021.

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RESULTS OF OPERATIONS

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Net Sales

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​	​	​	​	​	​	​	​	​	​	​
​	​	First Quarter Ended
​	​	March 31
(millions)	​	2022			​	2021		​	Change
Product and equipment sales	​	​	$2,624.1	​	​	​	$2,293.4	​	​	​
Service and lease sales	​	​	642.6	​	​	​	591.6	​	​	​
Reported GAAP net sales	​	​	$3,266.7	​	​	​	$2,885.0	​	13	%
Effect of foreign currency translation	​		(11.3)	​	​	​	(76.7)	​	​	​
Non-GAAP fixed currency sales	​	​	$3,255.4	​	​	​	$2,808.3	​	16	%
​	​	​	​	​	​	​	​	​	​	​

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Product and sold equipment revenue is generated from providing cleaning, sanitizing and water treatment products or selling equipment used in combination with specialized products. Service and lease equipment revenue is generated from providing services or leasing equipment to customers. All of our sales are subject to the same economic conditions.

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The percentage components of the

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We use foreign currency forward contracts, interest rate swap agreements and foreign currency debt to manage risks associated with foreign currency exchange rates, interest rates and net investments in our foreign operations. We do not hold derivative financial instruments of a speculative nature or for trading purposes. For a more detailed discussion of derivative instruments, refer to Note 8, entitled “Derivatives and Hedging Transactions”, of the consolidated financial statements located under Part I, Item 1 of this quarterly report on Form 10-Q.

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As of March 31, 2022, we carried out an evaluation, under the supervision and with the participation of our management, including our President and Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation, our President and Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures are effective.

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During the period January 1, 2022 through March 31, 2022, other than with respect to the Purolite acquisition, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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We are continuing our implementation of our enterprise resource planning (“ERP”) system upgrades, which are expected to occur in phases over the next several years. These upgrades, which include supply chain and certain finance functions, are expected to improve the efficiency of certain financial and related transactional processes. These upgrades of the ERP systems will affect the processes that constitute our internal control over financial reporting and will require testing for effectiveness.

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PART II - OTHER INFORMATION

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Item 1. Legal Proceedings

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Note 16, entitled “Commitments and Contingencies” located under Part I, Item 1 of this Form 10-Q is incorporated herein by reference.

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In our report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on February 25, 2022, we identify under Item 1A important factors which could affect our financial performance and could cause our actual results for future periods to differ materially from our anticipated results or other expectations, including those expressed in any forward-looking statements made in this Form 10-Q. See the section entitled Forward-Looking Statements located on page 46 of this Form 10-Q. We may also refer to such disclosure to identify factors that may cause results to differ from those expressed in other forward-looking statements made in oral presentations, including telephone conferences and/or webcasts open to the public.

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The discussion below provides updates and additions to the risk factors and should be read together with the full list of risk factors set forth in the Form 10-K.

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Our significant non-U.S. operations expose us to global economic, political and legal risks that could impact our profitability.

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We have significant operations outside the United States, including joint ventures and other alliances. We conduct business in approximately 170 countries and, in 2021, approximately 48% of our net sales originated outside the United States. There are inherent risks in our international operations, including:

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	●	exchange controls and currency restrictions;

	●	currency fluctuations and devaluations;

	●	tariffs and trade barriers;

	●	export duties and quotas;

	●	changes in the availability and pricing of raw materials, energy and utilities;

	●	changes in local economic conditions;

	●	changes in laws and regulations, including the imposition of economic or trade sanctions affecting international commercial transactions;

	●	impact from Brexit and the possibility of similar events in other EU member states;

	●	difficulties in managing international operations and the burden of complying with international and foreign laws;

	●	requirements to include local ownership or management in our business;

	●	economic and business objectives that differ from those of our joint venture partners;

	●	exposure to possible expropriation, nationalization or other government actions;

	●	restrictions on our ability to repatriate dividends from our subsidiaries;

	●	unsettled political conditions, military action, civil unrest, acts of terrorism, force majeure, war or other armed conflict; and

	●	countries whose governments have been hostile to U.S.-based businesses.

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In light of Russia’s invasion of Ukraine and the United States’ and other countries’ sanctions against Russia, we announced in April 2022 that we will focus our Russian business on operations that are essential to life, providing minimal support for our healthcare, life sciences, food and beverage and certain water businesses. We may further narrow our presence in Russia depending on developments in the conflict or otherwise. Our Russian operations represented approximately 1% of our 2021 annual sales. In the first quarter of 2022, we recorded pre-tax charges of $18.0 million related to recoverability risk of certain assets in both Russia and Ukraine. Depending on

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developments, we may incur further charges relating to our Russia and Ukraine businesses. The conflict in Ukraine may escalate and/or expand in scope and the broader consequences of this conflict, which have included and/or may in the future include sanctions, embargoes, regional instability and geopolitical shifts; potential retaliatory action by the Russian government against companies, including us, such as nationalization of foreign businesses in Russia; and increased tensions between the United States and countries in which we operate cannot be predicted, nor can we predict the conflict’s impact on the global economy and on our business and financial results. The Russia and Ukraine conflict may also heighten many other risks disclosed in our report on Form 10-K, any of which could materially and adversely affect our business and financial results. Such risks include, but are not limited to, adverse effects on macroeconomic conditions, including increased inflation, constraints on the availability of commodities, supply chain disruption and decreased business spending; disruptions to our or our business partners’ global technology infrastructure, including through cyber-attack or cyber-intrusion; adverse changes in international trade policies and relations; claims, litigation and regulatory enforcement; our ability to implement and execute our business strategy; terrorist activities; our exposure to foreign currency fluctuations; reputational risk; and constraints, volatility, or disruption in the capital markets.

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Additionally, changes in U.S. or foreign government policy on international trade, including the imposition or continuation of tariffs, could materially and adversely affect our business. In 2018, the U.S. imposed tariffs on certain imports from China and other countries, resulting in retaliatory tariffs by China and other countries. While the U.S. and China signed a Phase One trade agreement in January 2020, which included the suspension and rollback of tariffs, the U.S. Senate subsequently passed legislation in 2021 aimed at countering China’s technical ambitions and similar legislation was introduced in the House in 2022. Any new tariffs imposed by the U.S., China or other countries or any additional retaliatory measures by any of these countries, could increase our costs, reduce our sales and earnings or otherwise have an adverse effect on our operations.

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Further, our operations outside the United States require us to comply with a number of United States and non-U.S. laws and regulations, including anti-corruption laws such as the United States Foreign Corrupt Practices Act and the United Kingdom Bribery Act, as well as U.S. and non-U.S. economic sanctions regulations. We have internal policies and procedures relating to such laws and regulations; however, there is risk that such policies and procedures will not always protect us from the misconduct or reckless acts of employees or representatives, particularly in the case of recently acquired operations that may not have significant training in applicable compliance policies and procedures. Violations of such laws and regulations could result in disruptive investigations, significant fines and sanctions, which could have a material adverse effect on our consolidated results of operations, financial position or cash flows.

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Also, because of uncertainties regarding the interpretation and application of laws and regulations and the enforceability of intellectual property and contract rights, we face risks in some countries that our intellectual property rights and contract rights would not be enforced by local governments. We are also periodically faced with the risk of economic uncertainty, which has impacted our business in some countries. Other risks in international business also include difficulties in staffing and managing local operations, including managing credit risk to local customers and distributors.

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Our overall success as a global business depends, in part, upon our ability to succeed in differing economic, social, legal and political conditions. We may not continue to succeed in developing and implementing policies and strategies that are effective in each location where we do business, which could have a material adverse effect on our consolidated results of operations, financial position or cash flows.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

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​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​		​	​	Number of shares	​	​	Maximum number of
​	​	Total	​	​	​		​	​	purchased as part	​	​	shares that may
​	​	number of	​	​	Average price		​	​	of publicly	​	​	yet be purchased
​	​	shares	​	​	paid per		​	​	announced plans	​	​	under the plans
Period	​	purchased	(1)​	​	share		(2)​	​	or programs	(3)​	​	or programs	(3)​
January 1-31, 2022		188,500	​	​	$	192.5547	​	​	188,500	​		5,661,687	​
February 1-28, 2022		705,649	​	​	​	181.9776	​	​	621,900	​		5,039,787	​
March 1-31, 2022		652,600	​	​	​	172.2329	​	​	652,600	​		4,387,187	​
Total		1,546,749	​		$	179.1552	​		1,463,000	​		4,387,187	​

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(1)	Includes 83,749 shares reacquired from employees and/or directors as swaps for the cost of stock options, or shares surrendered to satisfy minimum statutory tax obligations under our stock incentive plans.

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(2)	The average price paid per share includes brokerage commissions associated with publicly announced plan purchases plus the value of such other reacquired shares.

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(3)	As announced on February 24, 2015, our Board of Directors authorized the repurchase of up to 20,000,000 shares. Subject to market conditions, we expect to repurchase all shares under the open authorizations, for which no expiration date has been established, in open market or privately negotiated transactions, including pursuant to Rule 10b5-1.

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Item 3. Defaults Upon Senior Securities

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Not applicable.

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Item 4. Mine Safety Disclosures

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Not applicable.

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Not applicable.

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​	​		​
Exhibit No.		Document		Method of Filing
​		​
(a) ​		The following documents are filed as exhibits to this report: ​
(15.1) ​		Letter regarding unaudited interim financial information.		Filed herewith electronically.
(31.1) ​		Rule 13a - 14(a) CEO Certification.		Filed herewith electronically.
(31.2) ​		Rule 13a - 14(a) CFO Certification.		Filed herewith electronically.
(32.1) ​		Section 1350 CEO and CFO Certifications.		Filed herewith electronically.
(101.INS) ​		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. ​		Filed herewith electronically.
(101.SCH) ​		Inline XBRL Taxonomy Extension Schema.		Filed herewith electronically.
(101.CAL) ​		Inline XBRL Taxonomy Extension Calculation Linkbase.		Filed herewith electronically.
(101.DEF) ​		Inline XBRL Taxonomy Extension Definition Linkbase.		Filed herewith electronically.
(101.LAB) ​		Inline XBRL Taxonomy Extension Label Linkbase.		Filed herewith electronically.
(101.PRE) ​		Inline XBRL Taxonomy Extension Presentation Linkbase.		Filed herewith electronically.
(104)		Cover Page Interactive Data File.		Formatted as Inline XBRL and contained in Exhibit 101.

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SIGNATURE

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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 thereunto duly authorized.

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​	ECOLAB INC.
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Date: May 5, 2022	By:	/s/ Jennifer J. Bradway	​
​	​	Jennifer J. Bradway
​	​	Senior Vice President and Corporate Controller
​	​	(duly authorized officer and
​	​	Chief Accounting Officer)

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