ECOLAB INC. (ECL) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that ECOLAB INC. surfaced in its latest filing.

• Russia's invasion of Ukraine led to sanctions, and the company limited its Russian business to operations essential to life.
• During 2025, new tariffs were imposed in the U.S. for imports from a broad range of countries and materials, and several countries implemented or proposed retaliatory tariffs on imports from the U.S.2025
• The separation and split-off of the Upstream Energy business was consummated on June 3, 2020, with a merger and exchange offer intended to be tax-free, though no IRS ruling was obtained; ChampionX Corporation agreed to indemnify Ecolab for tax consequences if it breaches certain agreements.June 3, 2020
• Pillar Two 15% global minimum tax took effect in several jurisdictions starting in 2024.2024
• Enactment of the One Big Beautiful Bill Act (OBBBA) in the U.S. on July 4, 2025 introduced changes to U.S. international tax provisions, with multiple effective dates through 2027.July 4, 2025
• As of December 31, 2025, the company had approximately $8.2 billion in outstanding indebtedness, of which $1.5 billion is floating rate.December 31, 2025
• As of December 31, 2025, the company had goodwill of $9.2 billion, including goodwill from the Nalco, Purolite and Ovivo Electronics transactions.December 31, 2025
• Supply chain investments to secure supply and add new capacity in Life Sciences business.