ECOLAB INC
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
ECL$300.68-1.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-02.
0001558370-24-010647
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-10-31.
0001558370-24-014051
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 147 previous paragraphs and 147 current paragraphs.
78 unchanged; 63 reworded; 3 added; 5 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 46 previous and 46 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
We recorded restructuring charges of $17.4 million ($13.3 million after tax), or $0.05 per diluted share and $22.7 million ($17.3 million after tax), or $0.06 per diluted share during the third quarter and first nine months of 2024, respectively, primarily related to severance and professional services. In addition, we recorded non-restructuring special charges of $7.0 million ($5.2 million after tax), or $0.02 per diluted share and $16.2 million ($12.2 million after tax), or $0.04 per diluted share during the third quarter and first nine months of 2024, respectively, primarily related to professional services. We have recorded $28.0 million ($21.3 million after tax), or $0.07 per diluted share of cumulative restructuring charges and $16.2 million ($12.2 million after tax), or $0.04 per diluted share of cumulative special charges under the One Ecolab initiative.
Current report
Other restructuring
Current report
On April 27, 2024, we reached a definitive agreement to sell our global surgical solutions business, which closed on August 1, 2024. We recorded a gain on sale of $365.3 million ($264.2 million after tax) or ($0.92) per diluted share in 2024, as described in Note 2. Excluding the gain on sale, we recorded charges of $3.3 million ($2.5 million after tax) or $0.01 per diluted share and $14.6 million ($11.3 million after tax) or $0.04 per diluted share in the third quarter and first nine months of 2024, which are primarily related to professional fees to support the sale. We recorded charges of $4.8 million ($3.6 million after tax) or $0.01 per diluted share in the third quarter and first nine months of 2023, primarily related to professional fees to support the sale.
Removed paragraphs (5)
Previous report
Restructuring activities
Previous report
We expect total program savings of approximately $140 million by 2027. Actual costs may vary from these estimates depending on actions taken.
Previous report
On April 27, 2024, we reached a definitive agreement to sell our global surgical solutions business. We recorded charges of $7.3 million ($3.1 million gain after tax) or ($0.01) per diluted share and $13.3 million ($1.4 million after tax) or $0.01 per diluted share in the second quarter and first six months of 2024, respectively, which are primarily related to professional fees to support the sale. The tax benefit is driven by a reduction to our valuation allowance on capital loss carryforwards.
Previous report
Subsequent to the second quarter of 2024, we formally commenced a restructuring plan to leverage our investments in technology and emerging AI tools to transform the way we work and deliver scalable operations through our global centers of excellence.
Previous report
On August 1, 2024, we completed the sale of our global surgical solutions business pursuant to the definitive agreement dated April 27, 2024.
Reworded paragraphs (63)
Previous wording
OVERVIEW OF THE SECOND QUARTER ENDED JUNE 30, 2024
Current wording
OVERVIEW OF THE THIRD QUARTER ENDED SEPTEMBER 30, 2024
Previous wording
When comparing second quarter 2024 against second quarter 2023, sales performance was as follows:
Current wording
When comparing third quarter 2024 against third quarter 2023, sales performance was as follows:
Previous wording
When comparing second quarter 2024 against second quarter 2023, our financial performance was as follows:
Current wording
When comparing third quarter 2024 against third quarter 2023, our financial performance was as follows:
Previous wording
Our reported gross margin was 43.8% and 39.4% for the second quarter of 2024 and 2023, respectively. Our reported gross margin was 43.5% and 38.8% for the first six months of 2024 and 2023, respectively. Special (gains) and charges included in items impacting cost of sales are shown within the “Special (Gains) and Charges” table below.
Current wording
Our reported gross margin was 43.4% and 41.1% for the third quarter of 2024 and 2023, respectively. Our reported gross margin was 43.5% and 39.6% for the first nine months of 2024 and 2023, respectively. Special (gains) and charges included in items impacting cost of sales are shown within the “Special (Gains) and Charges” table below.
Previous wording
Excluding the impact of special (gains) and charges within COS, second quarter 2024 and 2023 adjusted gross margin was 43.8% and 39.6%, respectively, and for the first six months of 2024 and 2023 was 43.6% and 39.0%, respectively.
Current wording
Excluding the impact of special (gains) and charges within COS, third quarter 2024 and 2023 adjusted gross margin was 43.5% and 41.3%, respectively, and for the first nine months of 2024 and 2023 was 43.5% and 39.8%, respectively.
Previous wording
Our adjusted gross margin increased when comparing the second quarter of 2024 against the second quarter of 2023 reflecting lower supply chain costs and strong pricing.
Current wording
Our adjusted gross margin increased when comparing the third quarter of 2024 against the third quarter of 2023 reflecting strong value pricing and lower delivered product costs.
Previous wording
Selling, general and administrative (“SG&A”) expenses as a percentage of sales were 27.0% and 27.8% for the second quarter and first six months of 2024, respectively, compared to 26.3% and 27.0% for the second quarter and first six months of 2023, respectively. The SG&A ratio to sales in the second quarter of 2024 increased as sales productivity was offset by growth-oriented investments in the business.
Current wording
Selling, general and administrative (“SG&A”) expenses as a percentage of sales were 25.6% and 27.1% for the third quarter and first nine months of 2024, respectively, compared to 25.9% and 26.6% for the third quarter and first nine months of 2023, respectively. The SG&A ratio to sales in the third quarter of 2024 increased as sales productivity was offset by growth-oriented investments in the business.
Previous wording
On July 30, 2024, we announced the One Ecolab initiative, which will enhance our growth and margin expansion journey. As a program within this initiative, we also announced that we commenced a restructuring plan to leverage our digital technologies to realign the functional work done in many countries into global centers of excellence. We anticipate restructuring costs of $175 million ($136 million after tax) and special charges of $50 million ($39 million after tax) by the end of 2027. We anticipate that the restructuring costs will primarily be cash expenditures for severance costs relating to team reorganization.
Current wording
On July 30, 2024, we announced the One Ecolab initiative, which will enhance our growth and margin expansion journey. As a program within this initiative, we also announced that we commenced a restructuring plan to leverage our digital technologies to realign the functional work done in many countries into global centers of excellence. We anticipate restructuring costs of $175 million ($136 million after tax)or $0.47 per diluted share and special charges of $50 million ($39 million after tax)or $0.14 per diluted shareby the end of 2027. We anticipate that the restructuring costs will primarily be cash expenditures for severance costs relating to team reorganization.
Previous wording
Restructuring activities are primarily related to the Combined Program which is described below. These activities have been included as a component of cost of sales and special (gains) and charges on the Consolidated Statements of Income. Restructuring liabilities have been classified as a component of other current and other noncurrent liabilities on the Consolidated Balance Sheets.
Current wording
Other restructuring is primarily related to the Combined Program, which is described below. These activities have been included as a component of cost of sales and special (gains) and charges on the Consolidated Statements of Income. Restructuring liabilities have been classified as a component of other current and other noncurrent liabilities on the Consolidated Balance Sheets.
Previous wording
In November 2022, we approved a Europe cost savings program. In February 2023, we expanded our previously announced Europe cost savings program to focus on its Institutional and Healthcare businesses in other regions. In connection with the expanded program (“the Combined Program”), we expect to incur total pre-tax charges of $195 million ($150 million after tax) or $0.52 per diluted share. We expect that these restructuring charges will be substantially completed by the end of 2024. Program actions include headcount reductions from terminations, not filling certain open positions, and facility closures. The Combined Program charges are expected to be primarily cash expenditures related to severance and asset disposals.
Current wording
In November 2022, we approved a Europe cost savings program. In February 2023, we expanded our previously announced Europe cost savings program to focus on our Institutional and Healthcare businesses in other regions. In connection with the expanded program (the “Combined Program”), we expect to incur total pre-tax charges of $195 million ($150 million after tax) or $0.52 per diluted share. We expect that these restructuring charges will be substantially completed by the end of 2024. Program actions include headcount reductions from terminations, not filling certain open positions, and facility closures. The Combined Program charges are expected to be primarily cash expenditures related to severance and asset disposals.
Previous wording
During the second quarter of 2024 and 2023, we recorded total Combined Program restructuring charges of $2.3 million ($1.4 million after tax) or $0.01 per diluted share and $19.7 million ($16.2 million after tax) or $0.06 per diluted share, respectively, and during the first six months of 2024 and 2023, recorded $22.0 million ($17.2 million after tax) or $0.06 per diluted share and $33.1 million ($26.4 million after tax) or $0.09 per diluted share, respectively, primarily related to severance. We recorded $180.9 million ($150.1 million after tax), or $0.52 per diluted share of cumulative charges under the Combined Plan.
Current wording
During the third quarter of 2024 and 2023, we recorded total Combined Program restructuring charges of$1.3 million ($0.6 million after tax) or less than $0.01 per diluted share and $24.2 million ($20.5 million after tax) or $0.07 per diluted share, respectively, and during the first nine months of 2024 and 2023, recorded$23.3 million ($17.8 million after tax), or $0.06 per diluted share and $57.3 million ($46.9 million after tax) or $0.16 per diluted share, respectively, primarily related to severance. We recorded $182.2 million ($150.7 million after tax), or $0.53 per diluted share of cumulative charges under the Combined Plan.
Previous wording
We reclassified $5.3 million ($4.0 million after tax) or $0.01 per diluted share from the combined restructuring program to other restructuring in the second quarter of 2024.
Current wording
We reclassified $5.3 million ($4.0 million after tax) or $0.01 per diluted share from the combined restructuring program to other restructuring activities in the second quarter of 2024.
Previous wording
The net liability related to the Combined Program was $32.2 million and $43.1 million as of June 30, 2024 and December 31, 2023, respectively. The remaining liability is expected to be paid over a period of a few months to several quarters and will continue to be funded from operating activities.
Current wording
The net liability related to the Combined Program was $18.0 million and $43.1 million as of September 30, 2024 and December 31, 2023, respectively. The remaining liability is expected to be paid over a period of a few months to several quarters and will continue to be funded from operating activities.
Previous wording
The Combined Program has delivered $159 million of cumulative cost savings with estimated annualized cost savings of $175 million in continuing operations by 2024.
Current wording
The Combined Program has delivered $167 million of cumulative cost savings with estimated annualized cost savings of $175 million in continuing operations by 2024.
Previous wording
During 2024, we incurred restructuring charges of $10.6 million ($8.0 million after tax) or $0.03 per diluted share related to an immaterial restructuring plan approved in the second quarter.
Current wording
During 2024, we recorded restructuring charges of $10.6 million ($8.0 million after tax), or $0.03 per diluted share related to an immaterial restructuring plan approved in the second quarter. This plan became part of the One Ecolab initiative in the third quarter.
Previous wording
The restructuring liability balance for all other restructuring plans excluding the Combined Program was $9.0 million as of the end of the second quarter.
Current wording
The restructuring liability balance for all other restructuring plans excluding the Combined Program and One Ecolab was $6.8 million as of the end of the third quarter.
Previous wording
Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income include $2.3 million ($1.7 million after tax)or less than $0.01 per diluted share and $3.5 million ($2.7 million after tax) or $0.01 per diluted share in the second quarter of 2024 and 2023, respectively, and $4.8 million ($3.6 million after tax) or $0.01 per diluted share and $8.5 million ($6.4 million after tax) or $0.02 per diluted share in the first six months of 2024 and 2023, respectively.
Current wording
Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income include $3.5 million ($2.7 million after tax)or $0.01 per diluted share and $3.0 million ($2.2 million after tax) or $0.01 per diluted share in the third quarter of 2024 and 2023, respectively, and $8.3 million ($6.3 million after tax) or $0.02 per diluted share and $11.5 million ($8.6 million after tax) or $0.03 per diluted share in the first nine months of 2024 and 2023, respectively.
Previous wording
Other special charges recorded in special (gains) and charges on the Consolidated Statements of Income in the second quarter of 2024 and 2023 were ($4.3 million) ($3.1 million gain after tax) or ($0.01) per diluted share and $3.8 million ($2.8 million after tax) or $0.01 per diluted share, respectively, and in the first six months of 2024 and 2023 were ($2.7 million) ($2.2 million gain after tax) or ($0.01) per diluted share and $10.7 million ($8.2 million after tax) or $0.03 per diluted share, respectively, primarily related to recoveries of COVID era credits, professional fees and certain legal charges.
Current wording
Other special charges recorded in special (gains) and charges on the Consolidated Statements of Income in the third quarter of 2024 and 2023 were $3.1 million ($2.3 million after tax) or less than $0.01 per diluted share and $8.9 million ($6.7 million after tax) or $0.02 per diluted share, respectively, and in the first nine months of 2024 and 2023 were ($8.8 million) ($6.9 million gain after tax) or ($0.02) per diluted share and $19.6 million ($14.9 million after tax) or $0.05 per diluted share, respectively, primarily related to recoveries of COVID era credits, professional fees and certain legal charges.
Previous wording
Our reported operating income increased 36% and 40% in the second quarter and first six months of 2024, respectively, versus the comparable periods of 2023. Our reported operating income for 2024 and 2023 was impacted by special (gains) and charges; excluding the impact of special (gains) and charges from 2024 and 2023 reported results, our adjusted operating income increased 30% and 36% in the second quarter and first six months of 2024, respectively.
Current wording
Our reported operating income increased 85% and 58% in the third quarter and first nine months of 2024, respectively, versus the comparable periods of 2023. Our reported operating income for 2024 and 2023 was impacted by special (gains) and charges; excluding the impact of special (gains) and charges from 2024 and 2023 reported results, our adjusted operating income increased 17% and 29% in the third quarter and first nine months of 2024, respectively.
Previous wording
As shown in the previous table, foreign currency had a 2 and 1 percentage point impact on adjusted operating income growth for the second quarter and first six months of 2024, respectively. Foreign currency had a 2 and 3 percentage point impact on adjusted operating income growth for the second quarter and first six months of 2023, respectively.
Current wording
As shown in the previous table, foreign currency had a 2 and 1 percentage point impact on adjusted operating income growth for the third quarter and first nine months of 2024, respectively. Foreign currency had a 1 and (2) percentage point impact on adjusted operating income growth for the third quarter and first nine months of 2023, respectively.
Previous wording
Reported other (income) expense decreased to ($12.6) million from ($14.4) million in the second quarter of 2024 compared to the second quarter of 2023, respectively, and decreased to ($25.2) million from ($27.5) million in the first six months of 2024 compared to the first six months of 2023, respectively, driven by higher pension costs.
Current wording
Reported other (income) expense decreased to ($12.9) million from ($14.5) million in the third quarter of 2024 compared to the third quarter of 2023, respectively, and decreased to ($38.1) million from ($42.0) million in the first nine months of 2024 compared to the first nine months of 2023, respectively, driven by higher pension costs.
Previous wording
Reported net interest expense was stable at $78.8 million and $77.8 million in the second quarter of 2024 and 2023, respectively, and $150.4 million and $152.0 million in the first six months of 2024 and 2023, respectively.
Current wording
Reported net interest expense was $70.4 million and $74.3 million in the third quarter of 2024 and 2023, respectively, and $220.8 million and $226.3 million in the first nine months of 2024 and 2023, respectively. The decrease in net interest expense reflects the impact from higher interest income earned on cash balances.
Previous wording
Our reported tax rate was 16.2% and 20.6% for the second quarter of 2024 and 2023, respectively, and 13.1% and 19.5% for the first six months of 2024 and 2023, respectively. The change in our tax rate for the second quarter and first six months of 2024 versus the comparable periods of 2023 was driven primarily by discrete tax items and special (gains) and charges. The change in our tax rate includes the tax impact of special (gains) and charges and discrete tax items, which have impacted the comparability of our historical reported tax rates, as amounts included in our special (gains) and charges are derived from tax jurisdictions with rates that vary from our tax rate, and discrete tax items are not necessarily consistent across periods. The tax impact of special (gains) and charges and discrete tax items will likely continue to impact comparability of our reported tax rate in the future.
Current wording
Our reported tax rate was 25.0% and 19.1% for the third quarter of 2024 and 2023, respectively, and 18.9% and 19.4% for the first nine months of 2024 and 2023, respectively. The change in our tax rate for the third quarter and first nine months of 2024 versus the comparable periods of 2023 was driven primarily by discrete tax items and special (gains) and charges. The change in our tax rate includes the tax impact of special (gains) and charges and discrete tax items, which have impacted the comparability of our historical reported tax rates, as amounts included in our special (gains) and charges are derived from tax jurisdictions with rates that vary from our tax rate, and discrete tax items are not necessarily consistent across periods. The tax impact of special (gains) and charges and discrete tax items will likely continue to impact comparability of our reported tax rate in the future.
Previous wording
We recognized net tax benefits related to discrete tax items of $10.3 million and $58.5 million in the second quarter and first six months of 2024, respectively. This included a tax benefit of $41.9 million in the first six months of 2024, associated with transferring certain intangible property between affiliates and $3.7 million and $12.3 million in the second quarter and first six months of 2024, respectively, associated with share-based compensation excess tax benefits. The remaining net benefit of $6.6 million and $4.3 million in the second quarter and first six months of 2024, respectively, is from other income tax adjustments including the impact of changes in tax laws, audit settlements, unrecognized tax benefits and other changes in estimates.
Current wording
We recognized net tax expense related to discrete tax items of $15.8 million and net tax benefit of $42.7 million in the third quarter and first nine months of 2024, respectively. This included a tax benefit of $41.9 million in the first nine months of 2024, associated with transferring certain intangible property between affiliates and $3.3 million and $15.6 million in the third quarter and first nine months of 2024, respectively, associated with share-based compensation excess tax benefits. The remaining net tax expense of $19.1 million and $14.8 million in the third quarter and first nine months of 2024, respectively, is from other income tax adjustments including the impact of provision to return adjustments, changes in tax laws, audit settlements, unrecognized tax benefits and other changes in estimates.
Previous wording
We recognized net tax expense related to discrete tax items of $2.8 million and a net tax benefit of $1.2 million in the second quarter and first six months of 2023, respectively. This included share-based compensation excess tax benefits of $1.8 million and $1.9 million in the second quarter and first six months of 2023, respectively. Additionally, we recognized net tax expense related to discrete tax items of $4.6 million and $0.7 million in the second quarter and first six months of 2023, respectively, primarily due to audit settlements, uncertain tax positions, prior year return adjustments, repricing of deferred tax balances, and other changes in estimates.
Current wording
We recognized net tax expense related to discrete tax items of $3.5 million and $2.3 million in the third quarter and first nine months of 2023, respectively. This included share-based compensation excess tax benefits of $0.8 million and $2.7 million in the third quarter and first nine months of 2023, respectively. Additionally, we recognized net tax expense related to discrete tax items of $4.3 million and $5.0 million in the third quarter and first nine months of 2023, respectively, primarily due to audit settlements, unrecognized tax benefits, provision to return adjustments, repricing of deferred tax balances, and other changes in estimates.
Previous wording
Currency translation had an unfavorable impact of approximately ($0.04) and ($0.05) per share on diluted EPS for the second quarter and first six months of 2024, respectively, when compared to the comparable period of 2023.
Current wording
Currency translation had an unfavorable impact of approximately ($0.04) and ($0.09) per share on diluted EPS for the third quarter and first nine months of 2024, respectively, when compared to the comparable period of 2023.
Previous wording
Fixed currency net sales and operating income for the second quarter and first six months of 2024 for our reportable segments are shown in the following tables:
Current wording
Fixed currency net sales and operating income for the third quarter and first nine months of 2024 for our reportable segments are shown in the following tables:
Previous wording
Unless otherwise noted, the following segment performance commentary compares the second quarter and first six months of 2024 against the second quarter and first six months of 2023.
Current wording
Unless otherwise noted, the following segment performance commentary compares the third quarter and first nine months of 2024 against the third quarter and first nine months of 2023.
Previous wording
Organic sales for Global Industrial increased in the second quarter and first six months of 2024 driven by accelerating Water sales growth.
Current wording
Organic sales for Global Industrial increased in the third quarter and first nine months of 2024 driven by growth in all operating segments.
Previous wording
Water organic sales increased 4% and 3%in the second quarter and first six months of 2024, respectively, driven by strong growth in downstream and light water. Light water reported sales growth driven by strong high-tech (data centers and microelectronics) growth and good growth in the food & beverage, transportation, and institutional markets. Heavy industry recorded sales were stable as good growth in primary metals was offset by modestly lower power sales. Downstream industry reported sales growth reflecting good performance across all segments.** **Food & Beverage organic sales increased 0% and 1% in the second quarter and first six months of 2024, respectively, as good new business was offset by soft industry demand. Paper organic sales decreased 1% and 3% in the second quarter and first six months of 2024, respectively, reflecting new business wins that were offset by soft but stabilizing customer production rates.
Current wording
Water organic sales increased 3% in both the third quarter and first nine months of 2024 reflecting good growth in downstream and in light water sales, and improved growth in heavy water sales. Light water reported sales growth driven by strong high-tech (data centers and microelectronics) growth and good growth in the food & beverage, transportation, and institutional markets. Heavy water recorded sales growth driven by chemical and primary metals. Downstream industry reported sales growth reflecting good performance across all segments.** **Food & Beverage organic sales increased 1% in both the third quarter and first nine months of 2024 as new business offset continued soft industry demand. Paper organic sales increased 2% and decreased 1% in the third quarter and first nine months of 2024, respectively, as improved sales growth reflected new business wins and stable end-market trends.
Previous wording
Organic operating income and organic operating income margins both increased for Global Industrial in the second quarter and first six months of 2024, respectively.
Current wording
Organic operating income and organic operating income margins both increased for Global Industrial in the third quarter and first nine months of 2024, respectively.
Previous wording
Organic operating income margins increased 2.2 percentage points during the second quarter of 2024 as the 4.8 percentage point positive impact of lower delivered product costs and strong pricing overcame the 2.3 percentage point impact of investments in the business. Organic operating income margins increased 2.3 percentage points during the first six months of 2024 as the 3.9 percentage point positive impact of lower delivered product costs overcame the 2.1 percentage point impact of investments in the business.
Current wording
Organic operating income margins increased 2.0 percentage points during the third quarter of 2024 as the 3.8 percentage point positive impact of lower delivered product costs, strong value pricing and higher volumes overcame the 2.0 percentage point impact of investments in the business. Organic operating income margins increased 2.2 percentage points during the first nine months of 2024 as the 4.7 percentage point positive impact of lower delivered product costs, strong value pricing and higher volumes overcame the 2.4 percentage point impact of investments in the business.
Previous wording
Organic sales for Global Institutional & Specialty increased in the second quarter and first six months of 2024, with strong growth in both the Institutional and Specialty divisions.
Current wording
Organic sales for Global Institutional & Specialty increased in the third quarter and first nine months of 2024, with strong growth in both the Institutional and Specialty divisions.
Previous wording
At an operating segment level, Institutional organic sales increased 7% and 9% in the second quarter and first six months of 2024, respectively, reflecting sales growth across foodservice, lodging and long term care. Specialty organic sales increased 6% and 8% in the second quarter and first six months of 2024, respectively, reflecting sales growth driven by quick service and food retail.
Current wording
At an operating segment level, Institutional organic sales increased 6% and 8% in the third quarter and first nine months of 2024, respectively, reflecting sales growth across restaurants, foodservice, lodging and long term care. Specialty organic sales increased 7% in both the third quarter and first nine months of 2024 reflecting sales growth driven by quick service and food retail.
Previous wording
Organic operating income and organic operating income margin both increased in the second quarter and first six months of 2024 for our Global Institutional & Specialty segment.
Current wording
Organic operating income and organic operating income margin both increased in the third quarter and first nine months of 2024 for our Global Institutional & Specialty segment.
Previous wording
Organic operating income margins increased 6.7 percentage points during the second quarter of 2024, as the 8.3 percentage point positive impact from lower supply chain costs, strong pricing and higher volumes overcame the 1.9 percentage point impact from investments in the business. Organic operating income margins increased 7.4 percentage points during the first six months of 2024, as the 9.5 percentage point positive impact from lower supply chain costs, strong pricing and higher volumes overcame the 1.5 percentage point impact from investments in the business.
Current wording
Organic operating income margins increased 3.8 percentage points during the third quarter of 2024, as the 5.1 percentage point positive impact from strong value pricing, lower supply chain costs, and higher volumes overcame the 1.9 percentage point impact from investments in the business. Organic operating income margins increased 6.1 percentage points during the first nine months of 2024, as the 7.6 percentage point positive impact from strong value pricing, lower supply chain costs and higher volumes overcame the 1.8 percentage point impact from investments in the business.
Previous wording
Organic sales for Global Healthcare & Life Sciences was stable the second quarter and first six months of 2024 as growth in Life Sciences was offset by modestly lower Healthcare sales.
Current wording
Organic sales for Global Healthcare & Life Sciences increased in the third quarter and were stable in the first nine months of 2024 reflecting continued growth in Life Sciences and stable Healthcare sales.
Previous wording
At an operating segment level, Healthcare organic sales decreased 3% in both the second quarter and first six months of 2024 reflecting strategic low margin business exits. Life Sciences organic sales increased 4% and 3% in the second quarter and first six months of 2024, respectively, reflecting improved underlying business momentum that offset soft near-term industry demand.
Current wording
At an operating segment level, Healthcare organic sales were stable and decreased 2% in the third quarter and first nine months of 2024, respectively, reflecting strategic low margin business exits offset by improved pricing. Life Sciences organic sales increased 1% and 2% in the third quarter and first nine months of 2024, respectively, reflecting good underlying business momentum that offset soft near-term industry trends.
Previous wording
Organic operating income and organic operating income margins both increased in the second quarter and first six months of 2024 for both our Global Healthcare & Life Sciences segment.
Current wording
Organic operating income and organic operating income margins both increased in the third quarter and first nine months of 2024 for both our Global Healthcare & Life Sciences segment.
Previous wording
Organic operating income margins increased 0.1 percentage points during the second quarter of 2024, as the 2.8 percentage point positive impact from strong pricing overcame the 2.8 percentage point impacts from targeted investments in the business. Organic operating income margins increased 0.3 percentage points during the first six months of 2024, as the 2.9 percentage point positive impact from strong pricing overcame the 2.4 percentage point impacts from targeted investments in the business.
Current wording
Organic operating income margins increased 2.0 percentage points during the third quarter of 2024, as the 2.4 percentage point positive impact from strong value pricing overcame the 1.3 percentage point impacts from higher supply chain costs. Organic operating income margins increased 0.8 percentage points during the first nine months of 2024, as the 2.7 percentage point positive impact from strong value pricing overcame the 1.6 percentage point impact from investments in the business.
Showing the first 40 of 63 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
In anticipation of this One Ecolab initiative, a limited number of actions were taken in the first and second quarter of 2024. As a result, we reclassified $5.3 million ($4.0 million after tax)or $0.01 per diluted share from other restructuring to One Ecolab in the third quarter of 2024.
Current report — wording carried from elsewhere
The net restructuring liability related to the One Ecolab initiative was $14.1 million as of September 30, 2024. The remaining liability is expected to be paid over a period of a few months to several quarters and will continue to be funded from operating activities.
Current report — wording carried from elsewhere
One Ecolab has delivered $8 million of cumulative cost savings with estimated annualized cost savings of $225 million in continuing operations by 2027.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Cash used for investing activities is primarily impacted by capital investments in the business.