ECOLAB INC.
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout this filing
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.
Jun 30, 2025 · Filed Aug 7, 2025
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 2025-03-31; filed 2025-05-08.
0001558370-25-006969
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001558370-25-010768
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 141 previous paragraphs and 142 current paragraphs.
77 unchanged; 57 reworded; 8 added; 4 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 45 previous and 45 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 (8)
Current report
We recognized net tax benefits related to discrete tax items of $5.0 million and $5.5 million in the second quarter and first six months of 2025, respectively. This included a tax benefit of $2.6 million and $9.9 million in the second quarter and first six months of 2025, respectively, associated with share-based compensation excess tax benefits. The remaining net tax benefit of $2.4 million and net tax expense of $4.4 million in the second quarter and first six months of 2025, respectively, is from the filing of foreign tax returns, audit settlements, unrecognized tax benefits, and other changes in estimates.
Current report
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its impact on our consolidated financial statements.
Current report
The Organization for Economic Co-operation’s (“OECD”) global minimum tax regime (“Pillar Two”) is effective in certain countries where we operate. As such, an estimate of Pillar Two tax has been considered within the provision for income taxes. We continue to monitor these legislative developments, but we do not anticipate material impacts to the 2025 financial statements.
Current report
Organic operating income margins increased 0.6 percentage points during the second quarter of 2025 as the 1.7 percentage point positive impact of value pricing and improved productivity overcame the 1.4 percentage point impact of unfavorable sales mix and higher supply chain costs. Organic operating income margins increased 0.5 percentage points during the first six months of 2025 as the 1.0 percentage point positive impact of value pricing overcame the 0.5 percentage point impact of investments in the business.
Current report
Organic operating income margins increased 2.6 and 3.3 percentage points during the second quarter and first six months of 2025, respectively, as the 4.0 and 3.8 percentage point positive impact from value pricing, lower supply chain costs, and improved productivity overcame the 1.1 and 0.8 percentage point impact of investments in the business.
Current report
During the first six months of 2025, we issued $500 million aggregate three-year fixed public notes with a coupon rate of 4.30%, and an effective interest rate of 4.36%. The proceeds were used for general corporate purposes. We repaid $630 million of long-term debt in the first quarter of 2024.
Current report
In June 2025, one of our Chinese subsidiaries entered into a construction loan facility that provides up to 1.1 billion in Chinese Yuan (“CNY”) ($156 million) of proceeds to fund capital expenditures. This loan facility has a tenor of 13 years and is secured by certain assets of our Chinese subsidiaries.
Current report
In July 2025, the Company repaid the principal of €575 million ($674 million) on the ten year 2015 senior notes.
Removed paragraphs (4)
Previous report
Organic operating income margins increased 0.5 percentage points during the first quarter of 2025 as the 1.3 percentage point positive impact of strong pricing and higher volumes overcame the 0.9 percentage point impact of investments in the business.
Previous report
Organic operating income margins increased 3.0 percentage points during the first quarter of 2025, driven by the 3.5 percentage point positive impact from strong pricing, higher volumes, and lower supply chain costs.
Previous report
In April 2025, we entered into cross-currency swap derivative contracts with aggregate notional amounts of €200 million. These cross-currency swap derivative contracts are designated as net investment hedges of our Euro denominated exposures from our investments in certain of our Euro denominated functional currency subsidiaries.
Previous report
In April 2025, we elected to de-designate as a net investment hedge €300 million of its Euro debt maturing on July 8, 2025. We designate the remaining outstanding €275 million senior notes (“Euronotes”) and related accrued interest as a hedge of our Euro denominated exposures from our investments in certain of our Euro denominated functional currency subsidiaries.
Reworded paragraphs (57)
Previous wording
OVERVIEW OF THE FIRST QUARTER ENDED MARCH 31, 2025
Current wording
OVERVIEW OF THE SECOND QUARTER ENDED JUNE 30, 2025
Previous wording
When comparing first quarter 2025 against first quarter 2024, sales performance was as follows:
Current wording
When comparing second quarter 2025 against second quarter 2024, sales performance was as follows:
Previous wording
When comparing first quarter 2025 against first quarter 2024, our financial performance was as follows:
Current wording
When comparing second quarter 2025 against second quarter 2024, our financial performance was as follows:
Previous wording
Our reported gross margin was 44.2% and 43.3% for the first quarter of 2025 and 2024, 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 44.8% and 43.8% for the second quarter of 2025 and 2024, respectively. Our reported gross margin was 44.5% and 43.5% for the first six months of 2025 and 2024, 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, first quarter 2025 and 2024 adjusted gross margin was 44.4% and 43.3%, respectively. Our adjusted gross margin increased when comparing the first quarter of 2025 against the first quarter of 2024 reflecting strong value pricing.
Current wording
Excluding the impact of special (gains) and charges within COS, second quarter 2025 and 2024 adjusted gross margin was 44.8% and 43.8%, respectively, and for the first six months of 2025 and 2024 was 44.6% and 43.6%, respectively. Our adjusted gross margin increased when comparing the second quarter of 2025 against the second quarter of 2024 reflecting strong value pricing.
Previous wording
Selling, general and administrative (“SG&A”) expenses as a percentage of sales were 28.4% for the first quarter of 2025, compared to 28.7% for the first quarter of 2024, respectively. The SG&A ratio to sales in the first quarter of 2025 decreased as good productivity more than offset growth-oriented investments in the business.
Current wording
Selling, general and administrative (“SG&A”) expenses as a percentage of sales were 26.5% and 27.4% for the second quarter and first six months of 2025, respectively, compared to 27.0% and 27.8% for the second quarter and six months of 2024, respectively. The SG&A ratio to sales in the second quarter of 2025 decreased as productivity more than offset growth-oriented investments in the business.
Previous wording
For segment reporting purposes, special (gains) and charges are not allocated to reportable segments, which is consistent with our internal management reporting.
Current wording
For segment reporting purposes, special (gains) and charges are not allocated to reportable segments, which is consistent with our internal management reporting. Per share amounts do not necessarily sum due to rounding.
Previous wording
We recorded restructuring charges of $39.4 million ($30.5 million after tax), or $0.11 per diluted share during the first quarter of 2025, primarily related to severance. In addition, we recorded non-restructuring special charges of $4.8 million ($3.6 million after tax), or $0.01 per diluted share during the first quarter of 2025, primarily related to professional services. We have recorded $121.2 million ($93.5 million after tax), or $0.33 per diluted share of cumulative restructuring charges and $28.5 million ($21.5 million after tax), or $0.07 per diluted share of cumulative special charges under the One Ecolab initiative.
Current wording
We recorded restructuring charges of $17.4 million ($13.2 million after tax), or $0.05 per diluted share and $56.8 million ($43.7 million after tax), or $0.15 per diluted share during the second quarter and first six months of 2025, respectively, primarily related to severance. In addition, we recorded non-restructuring special charges of $11.6 million ($8.8 million after tax), or $0.03 per diluted share and $16.4 million ($12.4 million after tax), or $0.04 per diluted share during the second quarter and first six months of 2025, respectively, primarily related to professional services. We have recorded $138.6 million ($106.7 million after tax), or $0.37 per diluted share of cumulative restructuring charges and $40.1 million ($30.3 million after tax), or $0.11 per diluted share of cumulative special charges under the One Ecolab initiative.
Previous wording
The restructuring liability related to the One Ecolab initiative was $84.7 million and $54.9 million as of March 31, 2025 and December 31, 2025, 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 restructuring liability related to the One Ecolab initiative was $82.1 million and $54.9 million as of June 30, 2025 and December 31, 2025, 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
One Ecolab has delivered $25 million of cumulative cost savings with estimated annualized cost savings of $140 million in continuing operations by 2027.
Current wording
One Ecolab has delivered $49 million of cumulative cost savings with estimated annualized cost savings of $140 million in continuing operations by 2027.
Previous wording
In November 2022 we approved a Europe cost savings program and subsequently expanded the program to focus on our Institutional and Healthcare businesses in other regions (the “Combined Program”). The restructuring activities were completed at the end of 2024, with total costs $184.1 million ($151.5 million after tax), or $0.53 per diluted share.
Current wording
In November 2022 we approved a Europe cost savings program and subsequently expanded the program to focus on our Institutional and Healthcare businesses in other regions (the “Combined Program”). The restructuring activities were completed at the end of 2024, with total costs of $184.1 million ($151.5 million after tax), or $0.53 per diluted share. Subsequent to the completion of the Combined Program, we finalized the sale of a facility, resulting in a gain of $12 million ($9.2 million after tax), or $(0.03) per diluted share in the second quarter of 2025.
Previous wording
The net liability related to the Combined Program was $5.7 million and $12.8 million as of March 31, 2025 and December 31, 2024, 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 $4.4 million and $12.8 million as of June 30, 2025 and December 31, 2024, 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 restructuring liability balance for all other restructuring plans excluding the Combined Program and One Ecolab was $5.6 million and $6.5 million as of March 31, 2025 and December 31, 2024, respectively.
Current wording
The restructuring liability balance for all other restructuring plans excluding the Combined Program and One Ecolab was $5.0 million and $6.5 million as of June 30, 2025 and December 31, 2024, respectively.
Previous wording
On April 27, 2024, we reached a definitive agreement to sell our global surgical solutions business, which closed on August 1, 2024. We recorded charges of $1.6 million ($1.2 million after tax), or $0.01 per diluted share, and $6.0 million ($4.5 million after tax), or $0.02 per diluted share, in the first quarter of 2025 and 2024 respectively.
Current wording
On April 27, 2024, we reached a definitive agreement to sell our global surgical solutions business, which closed on August 1, 2024. We recorded charges of $0.8 million ($0.6 million after tax) or less than $0.01 per diluted share and $2.4 million ($1.8 million after tax) or $0.01 per diluted share in the second quarter and first six months of 2025, respectively, which are primarily related to professional fees to support the sale. 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.
Previous wording
Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income include $1.5 million ($1.1 million after tax)or less than $0.01 per diluted share and $2.5 million ($1.9 million after tax) or $0.01 per diluted share in the first quarter of 2025 and 2024, respectively.
Current wording
Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income include $7.3 million ($5.6 million after tax)or $0.02 per diluted share and $2.3 million ($1.7 million after tax) or less than $0.01 per diluted share in the second quarter of 2025 and 2024, respectively, and $8.8 million ($6.7 million after tax) or $0.02 per diluted share and $4.8 million ($3.6 million after tax or $0.01 per diluted share in the first six months of 2025 and 2024, respectively.
Previous wording
Other special gains recorded in special (gains) and charges on the Consolidated Statements of Income in the first quarter of 2025 and 2024 were $13.0 million ($11.3 million gain after tax) or ($0.04) per diluted share and charges of $1.6 million ($0.9 million after tax) or less than $0.01 per diluted share, respectively, aredriven by the sale of an equity method investment.
Current wording
Other special gains recorded in special (gains) and charges on the Consolidated Statements of Income in the second quarter of 2025 and 2024 were $2.0 million ($1.6 million after tax) or less than $0.01 per diluted share and charges of ($4.3 million) ($3.1 million gain after tax) or ($0.01) per diluted share, respectively. Other special gains recorded in special (gains) and charges on the Consolidated Statements of Income in the first six months of 2025 and 2024 were $(11.0 million) ($9.7 million gain after tax) or ($0.04) per diluted share and ($2.7 million) ($2.2 million gain after tax) or ($0.01) per diluted share, respectively, primarily related to the sale of an equity method investment.
Previous wording
Our reported operating income increased 7% in the first quarter of 2025, versus the comparable period of 2024. Our reported operating income for 2025 and 2024 was impacted by special (gains) and charges; excluding the impact of special (gains) and charges from 2025 and 2024 reported results, our adjusted operating income increased 8% in the first quarter of 2025.
Current wording
Our reported operating income increased 8% in both the second quarter and first six months of 2025 versus the comparable periods of 2024. Our reported operating income for 2025 and 2024 was impacted by special (gains) and charges; excluding the impact of special (gains) and charges from 2025 and 2024 reported results, our adjusted operating income increased 10% and 9% in the second quarter and first six months of 2025, respectively.
Previous wording
As shown in the previous table, foreign currency had a 4 percentage point negative impact on adjusted operating income growth for the first quarter of 2025.
Current wording
As shown in the previous table, foreign currency had a neutral and 2 percentage point negative impact on adjusted operating income growth for the second quarter and first six months of 2025, respectively. Foreign currency had a 2 and 1 percentage point negative impact on adjusted operating income growth for the second quarter and first six months of 2024, respectively.
Previous wording
Reported other (income) expense increased to ($13.0) million from ($12.6) million in the first quarter of 2025 compared to the first quarter of 2024, respectively, driven by lower pension costs.
Current wording
Reported other (income) expense increased to ($13.0) million from ($12.6) million in the second quarter of 2025 compared to the second quarter of 2024, respectively, and increased to ($26.0) million from ($25.2) million in the first six months of 2025 compared to the first six months of 2024, respectively.
Previous wording
Reported net interest expense was $58.3 million and $71.6 million in the first quarter of 2025 and 2024, respectively. The decrease in net interest expense reflects the impact from lower interest rates and a higher cash balance.
Current wording
Reported net interest expense was $63.2 million and $78.8 million in the second quarter of 2025 and 2024, respectively, and $121.5 million and $150.4 million in the first six months of 2025 and 2024, The decrease in net interest expense reflects the impact from lower interest rates and a higher cash balance.
Previous wording
Our reported tax rate was 20.3% and 9.2% for the first quarter of 2025 and 2024, respectively. The change in our tax rate for the first quarter versus the comparable periods of 2024 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 19.9% and 16.2% for the second quarter of 2025 and 2024, respectively, and 20.1% and 13.1% for the first six months of 2025 and 2024, respectively. The change in our tax rate for the second quarter and first six months versus the comparable periods of 2024 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 $48.2 million in the first quarter of 2024. This included a tax benefit of $41.9 million associated with transferring certain intangible property between affiliates and $8.6 million associated with share-based compensation excess tax benefits. The remaining net expense of $2.3 million is from other income tax adjustments including the impact of changes in tax laws, audit settlements, and other changes in estimates.
Current 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.
Previous wording
Currency translation had an unfavorable impact of approximately ($0.06) per share on diluted EPS for the first quarter of 2025 when compared to the comparable period of 2024.
Current wording
Currency translation had a favorable impact of approximately $0.01 and an unfavorable impact of approximately ($0.05) per share on diluted EPS for the second quarter and first six months of 2025, respectively, when compared to the comparable period of 2024.
Previous wording
Fixed currency net sales and operating income for the first quarter of 2025 for our reportable segments are shown in the following tables:
Current wording
Fixed currency net sales and operating income for the second quarter and first six months of 2025 for our reportable segments are shown in the following tables:
Previous wording
Unless otherwise noted, the following segment performance commentary compares the first quarter of 2025 against the first quarter of 2024.
Current wording
Unless otherwise noted, the following segment performance commentary compares the second quarter and first six months of 2025 against the second quarter and first six months of 2024.
Previous wording
Fixed currency sales increased 3%, including a benefit from the acquisition of Barclay Water Management. Organic sales for Global Water increased in the first quarter of 2025 driven by growth in Light & Heavy and Food & Beverage.
Current wording
Fixed currency sales increased 2% and 3% for the second quarter and first six months of 2025, respectively, including a benefit from the acquisition of Barclay Water Management. Organic sales for Global Water increased 2% in both the second quarter and first six months of 2025 driven by growth in Light & Heavy and Food & Beverage.
Previous wording
Light & Heavy organic sales increased 3% in the first quarter of 2025 driven by accelerating growth in high tech and solid growth in manufacturing and downstream which more than offset slightly lower sales in basic industries. High tech reported strong double-digit sales growth driven by cooling technologies for data centers and circular water for microelectronics. Manufacturing reported solid growth driven by food & beverage. Downstream reported good growth in North America and Europe partially offset by softer sales in other international regions. Basic Industries reported solid growth in chemicals which was more than offset by modestly lower sales in primary metals and power.** **Food & Beverage organic sales increased 2% in the first quarter of 2025 as continued value pricing and new business wins overcame end-market demand that softened during the quarter. Paper organic sales remained flat in the first quarter of 2025 as new business wins were offset by softer customer production rates.
Current wording
Light & Heavy organic sales increased 2% in both the second quarter and first six months of 2025 driven by double-digit growth in high-tech and solid manufacturing sales growth, which more than offset continued soft end-market demand in basic industries and mining. High-tech reported strong double-digit sales growth driven by data centers and microelectronics. Manufacturing reported solid growth driven by food & beverage. Downstream reported good growth in North America, partially offset by softer sales in international regions. Basic Industries sales modestly declined as further new business wins were more than offset by continued soft end-market demand in primary metals and chemicals. Food & Beverage organic sales increased 3% and 2% in the second quarter and first six months of 2025, respectively, driven by value pricing and new business wins. Paper organic sales decreased 3% and 2% in the second quarter and first six months of 2025, respectively, as continued new business wins were offset by softer customer production rates.
Previous wording
Organic operating income and organic operating income margins increased for Global Water in the first quarter of 2025.
Current wording
Organic operating income and organic operating income margins increased for Global Water in the second quarter and first six months of 2025.
Previous wording
Fixed currency sales declined 3% in the first quarter of 2025 due to the sale of Ecolab’s global surgical solutions business, which was sold in the third quarter of 2024. Organic sales for Global Institutional & Specialty increased in the first quarter of 2025 with strong growth in both operating segments.
Current wording
Fixed currency sales declined 2% and 3% in the second quarter and first six months of 2025, respectively, due to the sale of Ecolab’s global surgical solutions business, which was sold in the third quarter of 2024. Organic sales for Global Institutional & Specialty increased 4% in both the second quarter and first six months of 2025 with growth in both operating segments.
Previous wording
At an operating segment level, Institutional organic sales increased 4% in the first quarter of 2025 reflecting strong growth in the legacy Institutional business and a modest decline in healthcare sales. Specialty organic sales increased 3% in the first quarter of 2025 reflecting strong growth, partially offset by unfavorable impact from non-strategic, low margin business exits.
Current wording
At an operating segment level, Institutional organic sales increased 3% and 4% in the second quarter and first six months of 2025, respectively, as mid-single digit growth in sales to hospitality customers was partially offset by modestly lower sales to hospitals. Specialty organic sales increased 4% in both the second quarter and first six months of 2025 reflecting strong growth, partially offset by an unfavorable impact from non-strategic, low margin business exits.
Previous wording
Organic operating income and organic operating income margin increased in the first quarter of 2025 for our Global Institutional & Specialty segment.
Current wording
Organic operating income and organic operating income margin increased in the second quarter and first six months of 2025 for our Global Institutional & Specialty segment.
Previous wording
Fixed currency sales increased 7%, reflecting a benefit from attractive, targeted acquisitions in North America. Organic sales for Global Pest Elimination increased 5% in the first quarter of 2025 reflecting growth across food & beverage, restaurants, and hospitality, which more than offset slightly softer performance in food retail.
Current wording
Fixed currency sales increased 7% in both the second quarter and first six months of 2025 reflecting a benefit from attractive, targeted acquisitions in North America. Organic sales for Global Pest Elimination increased 6% in both the second quarter and first six months of 2025 driven by gains in food & beverage, restaurants, and healthcare.
Previous wording
Organic operating income and organic operating income margins decreased for Global Pest Elimination in the first quarter 2025.
Current wording
Organic operating income increased and remained flat for Global Pest Elimination in the second quarter and first six months of 2025, respectively. Organic operating income margins decreased for Global Pest Elimination in the second quarter and first six months of 2025.
Previous wording
Organic operating income margins decreased 1.1 percentage points during the first quarter of 2025, as the 3.5 percentage point positive impact from strong pricing and higher volumes was more than offset by the 4.0 percentage point impactof investments in the business.
Current wording
Organic operating income margins decreased 1.0 percentage points during the second quarter of 2025, as the 2.4 percentage point positive impact from value pricing was more than offset by the 3.2 percentage point impactof strategic investments in the business. Organic operating income margins decreased 0.9 percentage points during the first six months of 2025, as the 3.6 percentage point positive impact from value pricing and higher volumes was more than offset by the 4.2 percentage point impact of strategic investments in the business.
Previous wording
Fixed currency and organic sales for Global Life Sciences increased 5% in the first quarter of 2025 driven by new business wins and progressively improving industry trends.
Current wording
Fixed currency and organic sales for Global Life Sciences increased 4% in both the second quarter and first six months of 2025, respectively, driven by new business wins and progressively improving industry trends.
Previous wording
Organic operating income and organic operating income margins increased in the first quarter of 2025 for our Global Life Sciences segment.
Current wording
Organic operating income and organic operating income margins increased in the second quarter and first six months of 2025 for our Global Life Sciences segment.
Previous wording
Organic operating income margins increased 3.9 percentage points during the first quarter of 2025, driven by the 3.5 percentage point positive impact from strong pricing and lower supply chain costs.
Current wording
Organic operating income margins increased 9.7 percentage points during the second quarter of 2025, driven by lower supply chain costs and value pricing. Organic operating income margins increased 6.5 percentage points during the first six months of 2025, driven by the 6.4 percentage point positive impact from lower supply chain costs and value pricing.
Previous wording
Consistent with our internal management reporting, Corporate amounts in the table on page 37 include intangible asset amortization specifically from the Nalco and Purolite transactions and special (gains) and charges that are not allocated to our reportable segments. Items included within special (gains) and charges are shown in the table on page 33.
Current wording
Consistent with our internal management reporting, Corporate amounts in the tables on pages 36 and 37 include intangible asset amortization specifically from the Nalco and Purolite transactions and special (gains) and charges that are not allocated to our reportable segments. Items included within special (gains) and charges are shown in the table on page 32.
Previous wording
Total assets were $22.4 billion as of March 31, 2025 and $22.4 billion as of December 31, 2024.
Current wording
Total assets were $23.7 billion as of June 30, 2025 and $22.4 billion as of December 31, 2024.
Previous wording
Total liabilities were $13.5 billion as of March 31, 2025, compared to total liabilities of $13.6 billion as of December 31, 2024. Total debt was $7.6 billion as of March 31, 2025 and $7.6 billion as of December 31, 2024. See further discussion of our debt activity within the “Liquidity and Capital Resources” section of this MD&A.
Current wording
Total liabilities were $14.4 billion as of June 30, 2025, compared to total liabilities of $13.6 billion as of December 31, 2024. Total debt was $8.2 billion as of June 30, 2025 and $7.6 billion as of December 31, 2024. See further discussion of our debt activity within the “Liquidity and Capital Resources” section of this MD&A.
Showing the first 40 of 57 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
We recognized net tax benefits related to discrete tax items of $0.5 million in the first quarter of 2025. This included $7.3 million associated with share-based compensation excess tax benefits. The remaining net expense of $6.8 million is from other income tax adjustments including audit settlements, changes in uncertain tax positions, and other changes in estimates.
Previous report — wording carried elsewhere
There was no long-term debt issuance activity through the first quarter of 2025 or 2024. We repaid $630 million of long-term debt in the first quarter of 2024.
Previous report — wording carried elsewhere
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. There can be no assurances that our earnings levels will meet investors’ expectations. Except as may be required under applicable law, we do not undertake, and expressly disclaim, any duty to update our Forward-Looking Statements.