| Summary
operating
and financial data |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| December
31 (thousands, except per share) |
2001
|
2000
|
1999
|
1998
|
1997
|
1996
|
1995
|
1994
|
1993
|
1992
|
1991
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
| Net
sales |
|
|
|
|
|
|
|
|
|
|
|
| United
States |
$
1,855,915
|
$
1,780,350
|
$
1,635,599
|
$
1,456,860
|
$
1,275,828
|
$
1,148,778
|
$
1,030,126
|
$
942,070
|
$
867,415
|
$
816,405
|
$
757,564
|
| International
(at average rates of currency
exchange during the year) |
498,808
|
483,963
|
444,413
|
431,366
|
364,524
|
341,231
|
310,755
|
265,544
|
234,981
|
241,229
|
201,738
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
2,354,723
|
2,264,313
|
2,080,012
|
1,888,226
|
1,640,352
|
1,490,009
|
1,340,881
|
1,207,614
|
1,102,396
|
1,057,634
|
959,302
|
| Cost
of sales (including restructuring income of $566 in 2001
and expenses of $1,948 in 2000) |
1,089,631
|
1,025,906
|
937,612
|
851,173
|
722,084
|
674,953
|
603,167
|
533,143
|
491,306
|
485,206
|
447,356
|
| Selling,
general and administrative expenses |
946,089
|
916,004
|
852,449
|
775,073
|
699,764
|
629,739
|
575,028
|
529,507
|
481,639
|
446,814
|
393,700
|
| Special
charges, sale of business and merger expenses |
824
|
(20,736)
|
|
|
|
|
|
8,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
income |
318,179
|
343,139
|
289,951
|
261,980
|
218,504
|
185,317
|
162,686
|
136,964
|
129,451
|
125,614
|
118,246
|
| Interest
expense, net |
28,434
|
24,605
|
22,713
|
21,742
|
12,637
|
14,372
|
11,505
|
12,909
|
21,384
|
35,334
|
30,489
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
from continuing operations before income taxes and equity
in earnings of Henkel-Ecolab |
289,745
|
318,534
|
267,238
|
240,238
|
205,867
|
170,945
|
151,181
|
124,055
|
108,067
|
90,280
|
87,757
|
| Provision
for income taxes |
117,408
|
129,495
|
109,769
|
101,782
|
85,345
|
70,771
|
59,694
|
50,444
|
33,422
|
27,392
|
29,091
|
| Equity
in earnings of Henkel-Ecolab |
15,833
|
19,516
|
18,317
|
16,050
|
13,433
|
13,011
|
7,702
|
10,951
|
8,127
|
8,600
|
4,573
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
from continuing operations |
188,170
|
208,555
|
175,786
|
154,506
|
133,955
|
113,185
|
99,189
|
84,562
|
82,772
|
71,488
|
63,239
|
| Income
(loss) from discontinued operations |
|
|
|
38,000
|
|
|
|
|
|
|
(274,693)
|
| Extraordinary
loss and changes in accounting principles |
|
(2,428)
|
|
|
|
|
|
|
715
|
|
(24,560)
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
income (loss) |
188,170
|
206,127
|
175,786
|
192,506
|
133,955
|
113,185
|
99,189
|
84,562
|
83,487
|
71,488
|
(236,014)
|
| Preferred
stock dividends |
|
|
|
|
|
|
|
|
|
|
(4,064)
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
income (loss) to common shareholders, as reported |
188,170
|
206,127
|
175,786
|
192,506
|
133,955
|
113,185
|
99,189
|
84,562
|
83,487
|
71,488
|
(240,078)
|
| Pro
forma adjustments |
|
|
|
|
|
|
|
5,902
|
(2,667)
|
(2,797)
|
(2,933)
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pro
forma net income (loss) to common shareholders |
$
188,170
|
$
206,127
|
$
175,786
|
$
192,506
|
$
133,955
|
$
113,185
|
$
99,189
|
$
90,464
|
$
80,820
|
$
68,691
|
$
(243,011)
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
(loss) per common share, as reported |
|
|
|
|
|
|
|
|
|
|
|
| Basic
– continuing operations |
$
1.48
|
$
1.63
|
$
1.36
|
$
1.20
|
$
1.03
|
$
0.88
|
$
0.75
|
$
0.63
|
$
0.61
|
$
0.53
|
$
0.51
|
| Basic
– net income (loss) |
1.48
|
1.61
|
1.36
|
1.49
|
1.03
|
0.88
|
0.75
|
0.63
|
0.62
|
0.53
|
(2.05)
|
| Diluted
– continuing operations |
1.45
|
1.58
|
1.31
|
1.15
|
1.00
|
0.85
|
0.73
|
0.62
|
0.60
|
0.52
|
0.50
|
| Diluted
– net income (loss) |
1.45
|
1.56
|
1.31
|
1.44
|
1.00
|
0.85
|
0.73
|
0.62
|
0.61
|
0.52
|
(2.05)
|
| Pro
forma income (loss) per common share |
|
|
|
|
|
|
|
|
|
|
|
| Basic
– continuing operations |
1.48
|
1.63
|
1.36
|
1.20
|
1.03
|
0.88
|
0.75
|
0.67
|
0.59
|
0.51
|
0.48
|
| Basic
– net income (loss) |
1.48
|
1.61
|
1.36
|
1.49
|
1.03
|
0.88
|
0.75
|
0.67
|
0.60
|
0.51
|
(2.08)
|
| Diluted
– continuing operations |
1.45
|
1.58
|
1.31
|
1.15
|
1.00
|
0.85
|
0.73
|
0.66
|
0.58
|
0.50
|
0.48
|
| Diluted
– net income (loss) |
$
1.45
|
$
1.56
|
$
1.31
|
$
1.44
|
$
1.00
|
$
0.85
|
$
0.73
|
$
0.66
|
$
0.59
|
$
0.50
|
$
(2.08)
|
| Weighted-average
common shares outstanding – basic |
127,416
|
127,753
|
129,550
|
129,157
|
129,446
|
128,991
|
132,193
|
135,100
|
135,056
|
134,408
|
117,050
|
| Weighted-average
common shares outstanding – diluted |
129,928
|
131,946
|
134,419
|
134,047
|
133,822
|
132,817
|
134,956
|
137,306
|
137,421
|
136,227
|
118,178
|
| Selected
Income Statement Ratios |
|
|
|
|
|
|
|
|
|
|
|
| Gross
profit |
53.7%
|
54.7%
|
54.9%
|
54.9%
|
56.0%
|
54.7%
|
55.0%
|
55.9%
|
55.4%
|
54.1%
|
53.4%
|
| Selling,
general and administrative expenses |
40.2
|
40.5
|
41.0
|
41.0
|
42.7
|
42.3
|
42.9
|
44.6
|
43.7
|
42.2
|
41.1
|
| Operating
income |
13.5
|
15.2
|
13.9
|
13.9
|
13.3
|
12.4
|
12.1
|
11.3
|
11.7
|
11.9
|
12.3
|
| Income
from continuing operations before income taxes |
12.3
|
14.1
|
12.8
|
12.7
|
12.6
|
11.5
|
11.3
|
10.3
|
9.8
|
8.5
|
9.1
|
| Income
from continuing operations |
8.0
|
9.2
|
8.5
|
8.2
|
8.2
|
7.6
|
7.4
|
7.0
|
7.5
|
6.8
|
6.6
|
| Effective
income tax rate |
40.5%
|
40.7%
|
41.1%
|
42.4%
|
41.5%
|
41.4%
|
39.5%
|
40.7%
|
30.9%
|
30.3%
|
33.1%
|
| Financial
Position |
|
|
|
|
|
|
|
|
|
|
|
| Current
assets |
$
929,583
|
$
600,568
|
$
577,321
|
$
503,514
|
$
509,501
|
$
435,507
|
$
358,072
|
$
401,179
|
$
311,051
|
$
264,512
|
$
293,053
|
| Property,
plant and equipment, net |
644,323
|
501,640
|
448,116
|
420,205
|
395,562
|
332,314
|
292,937
|
246,191
|
219,268
|
207,183
|
198,086
|
| Investment
in Henkel-Ecolab |
|
199,642
|
219,003
|
253,646
|
239,879
|
285,237
|
302,298
|
284,570
|
255,804
|
289,034
|
296,292
|
| Other
assets |
951,094
|
412,161
|
341,506
|
293,630
|
271,357
|
155,351
|
107,573
|
88,416
|
105,607
|
98,135
|
152,857
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
assets |
$
2,525,000
|
$
1,714,011
|
$
1,585,946
|
$
1,470,995
|
$
1,416,299
|
$
1,208,409
|
$
1,060,880
|
$
1,020,356
|
$
891,730
|
$
858,864
|
$
940,288
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current
liabilities |
$
827,952
|
$
532,034
|
$
470,674
|
$
399,791
|
$
404,464
|
$
327,771
|
$
310,538
|
$
253,665
|
$
201,498
|
$
192,023
|
$
240,219
|
| Long-term
debt |
512,280
|
234,377
|
169,014
|
227,041
|
259,384
|
148,683
|
89,402
|
105,393
|
131,861
|
215,963
|
325,492
|
| Postretirement
health care and pension benefits |
183,281
|
117,790
|
97,527
|
85,793
|
76,109
|
73,577
|
70,666
|
70,882
|
72,647
|
63,393
|
56,427
|
| Other
liabilities |
121,135
|
72,803
|
86,715
|
67,829
|
124,641
|
138,415
|
133,616
|
128,608
|
93,917
|
29,179
|
11,002
|
| Shareholders’
equity |
880,352
|
757,007
|
762,016
|
690,541
|
551,701
|
519,963
|
456,658
|
461,808
|
391,807
|
358,306
|
307,148
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
liabilities and shareholders’ equity |
$
2,525,000
|
$
1,714,011
|
$
1,585,946
|
$
1,470,995
|
$
1,416,299
|
$
1,208.409
|
$
1,060,880
|
$
1,020,356
|
$
891,730
|
$
858,864
|
$
940,288
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected
Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
| Cash
provided by operating activities |
$
364,481
|
$
315,486
|
$
293,494
|
$
235,642
|
$
235,098
|
$
254,269
|
$
166,463
|
$
169,346
|
$
175,674
|
$
120,217
|
$
128,999
|
| Depreciation
and amortization |
162,990
|
148,436
|
134,530
|
121,971
|
100,879
|
89,523
|
76,279
|
66,869
|
60,609
|
60,443
|
55,653
|
| Capital
expenditures |
157,937
|
150,009
|
145,622
|
147,631
|
121,667
|
111,518
|
109,894
|
88,457
|
68,321
|
59,904
|
53,752
|
| EBITDA
from continuing operations |
481,169
|
491,575
|
424,481
|
383,951
|
319,383
|
274,840
|
238,965
|
203,833
|
190,060
|
186,057
|
173,899
|
| Cash
dividends declared per common share |
$
0.525
|
$
0.49
|
$
0.435
|
$
0.39
|
$
0.335
|
$
0.29
|
$
0.2575
|
$
0.2275
|
$
0.1975
|
$
0.17875
|
$
0.175
|
| Selected
Financial Measures/Other |
|
|
|
|
|
|
|
|
|
|
|
| Total
debt and preferred stock |
$
745,673
|
$
370,969
|
$
281,074
|
$
295,032
|
$
308,268
|
$
176,292
|
$
161,049
|
$
147,213
|
$
151,281
|
$
236,695
|
$
407,221
|
| Total
debt and preferred stock to capitalization |
45.9%
|
32.9%
|
26.9%
|
29.9%
|
35.8%
|
25.3%
|
26.1%
|
24.2%
|
27.9%
|
39.8%
|
57.0%
|
| Book
value per common share |
$
6.88
|
$
5.95
|
$
5.89
|
$
5.33
|
$
4.27
|
$
4.01
|
$
3.53
|
$
3.41
|
$
2.90
|
$
2.66
|
$
2.30
|
| Return
on beginning equity |
24.9%
|
26.0%
|
25.5%
|
28.0%
|
25.8%
|
24.8%
|
21.5%
|
21.6%
|
23.3%
|
23.3%
|
13.6%
|
| Dividends/diluted
net income per common share |
36.2%
|
32.7%
|
33.2%
|
33.9%
|
33.5%
|
34.1%
|
35.3%
|
36.7%
|
32.4%
|
34.4%
|
42.7%
|
| Annual
common stock price range |
$44.19-28.50
|
$45.69-28.00
|
$44.44-31.69
|
$
38.00-26.13
|
$
28.00-18.13
|
$
19.75-14.56
|
$
15.88-10.00
|
$
11.75-9.63
|
$
11.91-9.07
|
$
9.57-6.66
|
$
8.38-4.88
|
| Number
of employees |
19,326
|
14,250
|
12,870
|
12,007
|
10,210
|
9,573
|
9,026
|
8,206
|
7,822
|
7,601
|
7,428
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Henkel-Ecolab
was included effective November 30, 2001. Pro forma
results for 1994 and prior years reflect adjustments
to eliminate unusual items associated with Ecolab’s
merger with Kay Chemical Company in December 1994. All
per share, shares outstanding and market price data
reflect the two-for-one stock splits declared in 1997
and 1993. Other assets includes net assets of Ecolab
Europe and discontinued operations prior to 1992. The
ratios of return on beginning equity and dividends/diluted
net income per common share exclude the gain on sale
of the Jackson business, restructuring expenses and special charges
and change in accounting for revenue recognition in
2000 and the change in accounting principle and the
loss on the ChemLawn divestiture in 1991. EBITDA from
continuing operations is the total of operating income,
and depreciation and amortization for the year. Number
of employees excludes ChemLawn operations.
|
|
|
