Exhibit 99(D)
CASH FLOW INFORMATION
ECOLAB INC.
RESTATED FOR SFAS 123(R)
Year ended December 31 (thousands) |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
| 1999 |
| 1998 |
| 1997 |
| 1996 |
| 1995 |
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Operating Activities |
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Net income |
| $ | 282,693 |
| $ | 260,590 |
| $ | 196,313 |
| $ | 177,540 |
| $ | 198,442 |
| $ | 170,654 |
| $ | 188,773 |
| $ | 131,763 |
| $ | 111,761 |
| $ | 98,622 |
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Adjustments: |
| — |
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| — |
| — |
| — |
| — |
| — |
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| — |
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Extraordinary loss |
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| — |
| — |
| — |
| — |
| — |
| — |
| — |
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Cumulative effect of changes in accounting |
| — |
| — |
| 4,002 |
| — |
| 2,428 |
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| — |
| — |
| — |
| — |
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Discontinued operations |
| — |
| — |
| (1,882 | ) | — |
| — |
| — |
| (38,000 | ) | — |
| — |
| — |
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Income from continuing operations |
| 282,693 |
| 260,590 |
| 198,433 |
| 177,540 |
| 200,870 |
| 170,654 |
| 150,773 |
| 131,763 |
| 111,761 |
| 98,622 |
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Adjustments to reconcile income to cash provided by operating activities: |
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Depreciation |
| 213,523 |
| 201,512 |
| 194,840 |
| 128,020 |
| 119,072 |
| 109,946 |
| 99,276 |
| 84,415 |
| 75,185 |
| 64,651 |
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Amortization |
| 33,431 |
| 26,591 |
| 25,795 |
| 30,765 |
| 24,140 |
| 19,294 |
| 18,370 |
| 13,034 |
| 11,606 |
| 9,175 |
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Stock based compensation expense |
| 44,660 |
| 29,202 |
| 25,054 |
| 21,790 |
| 17,937 |
| 13,779 |
| 10,500 |
| 7,056 |
| 5,087 |
| 3,391 |
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Deferred income taxes |
| 7,872 |
| 31,564 |
| 41,119 |
| (9,905 | ) | (16,632 | ) | (7,260 | ) | (4,454 | ) | (3,508 | ) | (7,809 | ) | (1,130 | ) | ||||||||||
Disposal loss, net |
| 3,691 |
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| — |
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| — |
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Charge for in-process research and development |
| 1,600 |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
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Gain on sale of equity investment |
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| (11,105 | ) | — |
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Equity in earnings of joint venture |
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| (15,833 | ) | (19,516 | ) | (18,317 | ) | (16,050 | ) | (13,433 | ) | (13,011 | ) | (7,702 | ) | ||||||||||
Joint venture royalties and dividends |
| — |
| — |
| — |
| 23,928 |
| 15,914 |
| 21,826 |
| 10,451 |
| 25,367 |
| 15,769 |
| 5,610 |
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Restructuring expenses - asset disposals |
| — |
| 1,684 |
| 6,180 |
| (566 | ) | 2,786 |
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Gain on sale of Jackson business |
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| (25,925 | ) | — |
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Other, net |
| (2,507 | ) | 1,837 |
| 1,835 |
| (1,373 | ) | (913 | ) | (303 | ) | 1,526 |
| 4,630 |
| 1,023 |
| 801 |
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Changes in operating assets and liabilities: |
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Accounts receivable |
| (47,217 | ) | (5,547 | ) | 78 |
| 20,570 |
| (30,635 | ) | (44,643 | ) | 1,352 |
| (21,231 | ) | 2,809 |
| (26,843 | ) | ||||||||||
Inventories |
| (5,481 | ) | (2,902 | ) | (3,567 | ) | (8,014 | ) | (22,585 | ) | (8,913 | ) | (11,667 | ) | (14,395 | ) | (6,852 | ) | (4,136 | ) | ||||||||||
Other assets |
| (31,723 | ) | (39,224 | ) | (141,926 | ) | (26,049 | ) | (7,332 | ) | (23,842 | ) | (7,631 | ) | (10,993 | ) | (5,255 | ) | (11,371 | ) | ||||||||||
Accounts payable |
| 34,841 |
| (13,329 | ) | (8,860 | ) | (7,451 | ) | 16,626 |
| (4,512 | ) | (7,794 | ) | 20,876 |
| 16,397 |
| 4,561 |
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Other liabilities |
| 35,525 |
| 43,059 |
| 73,716 |
| 25,086 |
| 36,006 |
| 62,389 |
| 27,962 |
| 10,545 |
| 47,109 |
| 27,834 |
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Cash provided by continuing operations |
| 570,908 |
| 523,932 |
| 412,697 |
| 358,508 |
| 309,813 |
| 290,098 |
| 272,614 |
| 234,126 |
| 253,819 |
| 163,463 |
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Cash provided by (used for) discontinued operations |
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| — |
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| (38,887 | ) |
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| 3,000 |
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Cash provided by operating activities |
| 570,908 |
| 523,932 |
| 412,697 |
| 358,508 |
| 309,813 |
| 290,098 |
| 233,727 |
| 234,126 |
| 253,819 |
| 166,463 |
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Investing Activities |
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Capital expenditures |
| (275,871 | ) | (212,035 | ) | (212,757 | ) | (157,937 | ) | (150,009 | ) | (145,622 | ) | (147,631 | ) | (121,667 | ) | (111,518 | ) | (109,894 | ) | ||||||||||
Property disposals |
| 18,373 |
| 8,502 |
| 6,788 |
| 3,027 |
| 2,092 |
| 6,293 |
| 7,060 |
| 3,424 |
| 3,284 |
| 1,806 |
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Capitalized software expenditures |
| (9,688 | ) | (8,951 | ) | (4,490 | ) | — |
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Investments in securities |
| — |
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| 4,007 |
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Businesses acquired |
| (129,822 | ) | (31,726 | ) | (62,825 | ) | (469,804 | ) | (90,603 | ) | (45,991 | ) | (40,206 | ) | (157,234 | ) | (54,911 | ) | (26,437 | ) | ||||||||||
Sale of businesses and assets |
| 3,417 |
| 27,130 |
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| 35,803 |
| 12,090 |
| 14,226 |
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Discontinued operations |
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Other, net |
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| (1,246 | ) | 4,766 |
| (1,240 | ) | (1,449 | ) | 6,991 |
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Cash used for investing activities |
| (393,591 | ) | (217,080 | ) | (273,284 | ) | (624,714 | ) | (202,717 | ) | (174,476 | ) | (161,785 | ) | (276,717 | ) | (164,594 | ) | (123,527 | ) | ||||||||||
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Financing Activities |
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Net issuances (repayments) of notes payable |
| (17,474 | ) | (94,412 | ) | (368,834 | ) | 204,218 |
| 124,080 |
| 43,896 |
| 24,820 |
| 9,280 |
| (42,045 | ) | 29,355 |
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Long-term debt borrowings |
| 7,325 |
| 5,959 |
| 261,039 |
| 149,817 |
| — |
| 62,552 |
| 117,740 |
| 117,000 |
| 75,000 |
| 2,141 |
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Long-term debt repayments |
| (6,632 | ) | (13,270 | ) | (1,257 | ) | (16,283 | ) | (21,777 | ) | (122,096 | ) | (151,143 | ) | (15,210 | ) | (35,690 | ) | (20,060 | ) | ||||||||||
Reacquired shares |
| (165,414 | ) | (227,145 | ) | (8,894 | ) | (32,164 | ) | (186,516 | ) | (42,395 | ) | (52,984 | ) | (60,795 | ) | (22,790 | ) | (90,391 | ) | ||||||||||
Dividends on common stock |
| (82,419 | ) | (75,413 | ) | (69,583 | ) | (66,456 | ) | (61,644 | ) | (54,333 | ) | (49,000 | ) | (41,456 | ) | (36,096 | ) | (33,114 | ) | ||||||||||
Exercise of employee stock options |
| 71,545 |
| 131,882 |
| 56,160 |
| 25,329 |
| 28,785 |
| 11,836 |
| 1,915 |
| 972 |
| 450 |
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Other, net |
| (800 | ) | (313 | ) | (1,746 | ) | (975 | ) | 7,510 |
| 4,823 |
| 5,679 |
| 26,278 |
| 17,088 |
| (4,561 | ) | ||||||||||
Cash used for financing activities |
| (193,869 | ) | (272,712 | ) | (133,115 | ) | 263,486 |
| (109,562 | ) | (95,717 | ) | (102,973 | ) | 36,069 |
| (44,083 | ) | (116,630 | ) | ||||||||||
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Effect of exchange rate changes on cash |
| 2,157 |
| 2,281 |
| 1,114 |
| 548 |
| (1,317 | ) | (582 | ) | (1,713 | ) | (1,584 | ) | (585 | ) | 157 |
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Increase (Decrease) in Cash and Cash Equivalents |
| $ | (14,395 | ) | $ | 36,421 |
| $ | 7,412 |
| $ | (2,172 | ) | $ | (3,783 | ) | $ | 19,323 |
| $ | (32,744 | ) | $ | (8,106 | ) | $ | 44,557 |
| $ | (73,537 | ) |
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Cash Flow Measures |
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Cash dividends declared per common share |
| $ | 0.3275 |
| $ | 0.2975 |
| $ | 0.2750 |
| $ | 0.2625 |
| $ | 0.2450 |
| $ | 0.2175 |
| $ | 0.1950 |
| $ | 0.1675 |
| $ | 0.1450 |
| $ | 0.1288 |
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