Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2024	Jan. 31, 2025	Jun. 30, 2024
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	1-9328
Entity Registrant Name	ECOLAB INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0231510
Entity Address, Address Line One	1 Ecolab Place
Entity Address, City or Town	St. Paul
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55102
City Area Code	800
Local Phone Number	232-6522
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 58,992,719,690
Entity Common Stock, Shares Outstanding		282,997,058
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Minneapolis, Minnesota
Auditor Firm ID	238
Entity Central Index Key	0000031462
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Document and Entity Information
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	ECL
Security Exchange Name	NYSE
2.625% Euro Notes due 2025
Document and Entity Information
Title of 12(b) Security	2.625% Euro Notes due 2025
Trading Symbol	ECL 25
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net sales	$ 15,741.4	$ 15,320.2	$ 14,187.8
Cost of sales (including special charges (a))	8,899.7	9,154.9	8,831.0
Selling, general and administrative expenses	4,228.2	4,061.6	3,653.8
Special (gains) and charges	(188.9)	111.4	140.5
Operating income	2,802.4	1,992.3	1,562.5
Other (income) expense (b)	(51.3)	(59.9)	(24.5)
Interest expense, net	282.5	296.7	243.6
Income before income taxes	2,571.2	1,755.5	1,343.4
Provision for income taxes	439.3	362.5	234.5
Net income including noncontrolling interest	2,131.9	1,393.0	1,108.9
Net income attributable to noncontrolling interest	19.5	20.7	17.2
Net income attributable to Ecolab	$ 2,112.4	$ 1,372.3	$ 1,091.7
Earnings attributable to Ecolab per common share
Basic (in dollars per share)	$ 7.43	$ 4.82	$ 3.83
Diluted (in dollars per share)	$ 7.37	$ 4.79	$ 3.81
Weighted-average common shares outstanding
Basic (in shares)	284.3	285.0	285.2
Diluted (in shares)	286.6	286.5	286.6
Product and equipment sales
Net sales	$ 12,473.6	$ 12,316.8	$ 11,446.2
Cost of sales (including special charges (a))	6,990.0	7,389.2	7,212.8
Service and lease sales
Net sales	3,267.8	3,003.4	2,741.6
Cost of sales (including special charges (a))	$ 1,909.7	$ 1,765.7	$ 1,618.2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Special (gains) and charges	$ (188.9)	$ 111.4	$ 140.5
Cost of sales
Special (gains) and charges	5.3	22.5	69.9
Other (income) expense
Special (gains) and charges			50.6
Product and equipment, and service and lease \| Cost of sales
Special (gains) and charges	$ 5.3	14.5	65.0
Service and lease sales \| Cost of sales
Special (gains) and charges		$ 8.0	$ 4.9

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income including noncontrolling interest	$ 2,131.9	$ 1,393.0	$ 1,108.9
Foreign currency translation adjustments
Foreign currency translation	(187.1)	10.0	(333.4)
Gain (loss) on net investment hedges	52.4	(73.1)	108.3
Total foreign currency translation adjustments	(134.7)	(63.1)	(225.1)
Derivatives and hedging instruments	8.7	(7.8)	(1.2)
Pension and postretirement benefits
Pension and postretirement benefits	(5.6)	(55.1)	130.3
Subtotal	(131.6)	(126.0)	(96.0)
Total comprehensive income, including noncontrolling interest	2,000.3	1,267.0	1,012.9
Comprehensive income attributable to noncontrolling interest	19.5	18.5	13.0
Comprehensive income attributable to Ecolab	$ 1,980.8	$ 1,248.5	$ 999.9

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 1,256.8	$ 919.5
Accounts receivable, net	2,865.0	2,834.2
Inventories	1,464.9	1,497.2
Other current assets	439.0	393.2
Total current assets	6,025.7	5,644.1
Property, plant and equipment, net	3,752.4	3,474.6
Goodwill	7,907.3	8,148.2
Other intangible assets, net	3,308.8	3,493.5
Operating lease assets	723.2	553.5
Other assets	670.4	532.7
Total assets	22,387.8	21,846.6
Current liabilities
Short-term debt	615.7	630.4
Accounts payable	1,810.0	1,566.3
Compensation and benefits	727.4	655.5
Income taxes	127.0	158.7
Other current liabilities	1,512.7	1,334.9
Total current liabilities	4,792.8	4,345.8
Long-term debt	6,949.2	7,551.4
Pension and postretirement benefits	634.9	651.7
Deferred income taxes	280.0	418.2
Operating lease liabilities	575.5	425.5
Other liabilities	366.2	381.8
Total liabilities	13,598.6	13,774.4
Commitments and contingencies (Note 15)
Equity (a)
Common stock	367.8	365.7
Additional paid-in capital	7,159.6	6,766.7
Retained earnings	11,517.1	10,075.4
Accumulated other comprehensive loss	(1,982.0)	(1,850.4)
Treasury stock	(8,305.2)	(7,312.7)
Total Ecolab shareholders' equity	8,757.3	8,044.7
Noncontrolling interest	31.9	27.5
Total equity	8,789.2	8,072.2
Total liabilities and equity	$ 22,387.8	$ 21,846.6

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Common stock, shares authorized	800.0
Common stock, par value per share (in dollars per share)	$ 1
Common stock, shares outstanding	283.4	285.4

CONSOLIDATED STATEMENTS OF CASH FLOWS € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
OPERATING ACTIVITIES
Net income including noncontrolling interest	$ 2,131.9	$ 1,393.0	$ 1,108.9
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	634.9	616.7	618.5
Amortization	300.5	306.9	320.2
Deferred income taxes	(190.5)	(55.7)	(142.6)
Share-based compensation expense	134.8	95.1	87.8
Pension and postretirement plan contributions	(54.4)	(109.3)	(64.3)
Pension and postretirement plan expense (income), net	14.3	3.1	45.5
Restructuring charges, net of cash paid	23.7	(32.6)	66.2
Gain on sale of global surgical solutions business	(381.7)
Other, net	24.3	31.9	24.9
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	(146.7)	(84.3)	(319.6)
Inventories	(115.6)	320.3	(402.9)
Other assets	(24.3)	72.2	(278.2)
Accounts payable	300.0	(232.3)	394.7
Other liabilities	162.7	86.8	329.3
Cash provided by operating activities	2,813.9	2,411.8	1,788.4
INVESTING ACTIVITIES
Capital expenditures	(994.5)	(774.8)	(712.8)
Property and other assets sold	11.3	9.9	2.2
Acquisitions and investments in affiliates, net of cash acquired	(312.9)	(180.4)	(7.2)
Divestiture of businesses, net of cash divested	889.7
Other, net	(27.4)	(45.2)	1.0
Cash used for investing activities	(433.8)	(990.5)	(716.8)
FINANCING ACTIVITIES
Net issuances (repayments) of commercial paper and notes payable	1.9	(1.9)	(404.3)
Long-term debt borrowings			494.0
Long-term debt repayments	(630.4)	(500.0)
Reacquired shares	(986.5)	(13.7)	(518.2)
Dividends paid	(664.3)	(617.3)	(602.8)
Exercise of employee stock options	259.4	96.8	29.1
Hedge settlements	(0.6)	(15.3)	172.0
Other, net	(3.6)	(3.3)	(7.1)
Cash used for financing activities	(2,024.1)	(1,054.7)	(837.3)
Effect of exchange rate changes on cash and cash equivalents	(18.7)	(45.7)	4.4
Increase in cash and cash equivalents	337.3	320.9	238.7
Cash and cash equivalents, beginning of period	919.5	598.6	359.9
Cash and cash equivalents, end of period	1,256.8	919.5	598.6
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid	647.4	469.2	308.9
Net interest paid	$ 342.6	$ 324.8	$ 222.4

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Ecolab Shareholders' Equity	Common Stock	Additional Paid-in Capital	Retained Earnings	AOCI (Loss)	Treasury Stock	Non-Controlling Interest	Total
Balance, beginning at Dec. 31, 2021	$ 7,224.2	$ 364.1	$ 6,464.6	$ 8,814.5	$ (1,634.8)	$ (6,784.2)	$ 28.9	$ 7,253.1
Balance, beginning (in shares) at Dec. 31, 2021		364,139,362
Balance, beginning (Treasury, in shares) at Dec. 31, 2021						(77,255,713)
Increase (Decrease) in Stockholders' Equity
Net income	1,091.7			1,091.7			17.2	1,108.9
Other comprehensive income (loss) activity	(91.8)				(91.8)		(4.2)	(96.0)
Cash dividends declared (a)	(587.4)			(587.4)			(20.0)	(607.4)
Fair value adjustment of prior acquisition							0.6	0.6
Stock options and awards	117.6	$ 0.6	115.6			$ 1.4		117.6
Stock options (in shares)		276,059				14,525
Stock awards (in shares)		296,420				17,794
Reacquired shares	(518.2)					$ (518.2)		(518.2)
Reacquired shares (in shares)						(3,038,107)
Balance, Ending at Dec. 31, 2022	7,236.1	$ 364.7	6,580.2	9,318.8	(1,726.6)	$ (7,301.0)	22.5	7,258.6
Balance, Ending (in shares) at Dec. 31, 2022		364,711,841
Balance, ending (Treasury, in shares) at Dec. 31, 2022						(80,261,501)
Increase (Decrease) in Stockholders' Equity
Net income	1,372.3			1,372.3			20.7	1,393.0
Other comprehensive income (loss) activity	(123.8)				(123.8)		(2.2)	(126.0)
Cash dividends declared (a)	(615.7)			(615.7)			(13.5)	(629.2)
Changes in noncontrolling interest	(4.5)		(4.5)					(4.5)
Stock options and awards	194.0	$ 1.0	191.0			$ 2.0		194.0
Stock options (in shares)		802,645				14,629
Stock awards (in shares)		234,154				30,437
Reacquired shares	(13.7)					$ (13.7)		(13.7)
Reacquired shares (in shares)						(83,674)
Balance, Ending at Dec. 31, 2023	8,044.7	$ 365.7	6,766.7	10,075.4	(1,850.4)	$ (7,312.7)	27.5	$ 8,072.2
Balance, Ending (in shares) at Dec. 31, 2023		365,748,640						285,400,000
Balance, ending (Treasury, in shares) at Dec. 31, 2023						(80,300,109)
Increase (Decrease) in Stockholders' Equity
Net income	2,112.4			2,112.4			19.5	$ 2,131.9
Other comprehensive income (loss) activity	(131.6)				(131.6)			(131.6)
Cash dividends declared (a)	(670.7)			(670.7)			(15.1)	(685.8)
Stock options and awards	398.6	$ 2.1	392.9			$ 3.6		398.6
Stock options (in shares)		1,772,396				31,531
Stock awards (in shares)		297,139				51,791
Reacquired shares	(996.1)					$ (996.1)		(996.1)
Reacquired shares (in shares)						(4,246,642)
Balance, Ending at Dec. 31, 2024	$ 8,757.3	$ 367.8	$ 7,159.6	$ 11,517.1	$ (1,982.0)	$ (8,305.2)	$ 31.9	$ 8,789.2
Balance, Ending (in shares) at Dec. 31, 2024		367,818,175						283,400,000
Balance, ending (Treasury, in shares) at Dec. 31, 2024						(84,463,429)

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF EQUITY
Dividends declared per common share (in dollars per share)	$ 2.36	$ 2.16	$ 2.06

NATURE OF BUSINESS

12 Months Ended

Dec. 31, 2024

NATURE OF BUSINESS

NATURE OF BUSINESS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. NATURE OF BUSINESS

Ecolab is a global leader in water, hygiene and infection prevention solutions and services that protect people and vital resources. The Company delivers comprehensive solutions, data-driven insights and personalized service to advance food safety, maintain clean and safe environments, optimize water and energy use and improve operational efficiencies and sustainability for customers in the food, healthcare, high-tech, life sciences, hospitality and industrial markets in more than 170 countries.

The Company’s cleaning and sanitizing programs and products and pest elimination services support customers in the foodservice, food and beverage processing, hospitality, healthcare, government and education, retail, textile care and commercial facilities management sectors. The Company’s products and technologies are also used in water treatment, pollution control, energy conservation, refining, primary metals manufacturing, papermaking, mining and other industrial processes.

The Company is aligned into four reportable segments: Global Industrial, Global Institutional & Specialty, Global Healthcare & Life Sciences and Global Pest Elimination as discussed in Note 18 Operating Segments and Geographical Information.

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2024

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

2. SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and all subsidiaries in which the Company has a controlling financial interest. Investments in companies, joint ventures or partnerships in which the Company does not have control but has the ability to exercise significant influence over operating and financial decisions, are reported using the equity method of accounting. The measurement alternative is used for investments in companies, joint ventures and partnerships over which the Company has neither control nor significant influence and for which the investment does not have a readily determinable fair value. Under the measurement alternative, investments are recorded at cost and adjusted for impairments, if any, or observable price changes. International subsidiaries are included in the financial statements on the basis of their U.S. GAAP November 30 fiscal year ends to facilitate the timely inclusion of such entities in the Company’s consolidated financial reporting. All intercompany transactions and profits are eliminated in consolidation.

Use of Estimates

The preparation of the Company’s financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The Company’s critical accounting estimates include revenue recognition, litigation and environmental reserves, actuarially determined liabilities, income taxes, long-lived assets, intangible assets and goodwill.

Foreign Currency Translation

Financial position and reported results of operations of the Company’s non-U.S. dollar functional currency international subsidiaries are measured using local currencies as the functional currency. Assets and liabilities of these operations are translated at the exchange rates in effect at each fiscal year end. The translation adjustments related to assets and liabilities that arise from changes in exchange rates from period to period are included in accumulated other comprehensive income (loss) in shareholders’ equity. Income statement accounts are translated at average rates of exchange prevailing during the year. As discussed in Note 18 Operating Segments and Geographic Information, the Company evaluates its international operations based on fixed rates of exchange; however, changes in exchange rates from period to period impact the amount of reported income from consolidated operations.

Concentration of Credit Risk

Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed to perform as contracted. The Company believes the likelihood of incurring material losses due to concentration of credit risk is minimal. The principal financial instruments subject to credit risk are as follows:

Cash and Cash Equivalents - The Company maintains cash deposits with major banks, which from time to time may exceed insured limits. The possibility of loss related to financial condition of major banks has been deemed minimal. Additionally, the Company’s investment policy limits exposure to concentrations of credit risk and changes in market conditions.

Accounts Receivable - A large number of customers in diverse industries and geographies, as well as the practice of establishing reasonable credit lines, limits credit risk. Based on historical trends and experiences, the allowance for expected credit losses is adequate to cover expected credit risk losses.

Foreign Currency and Interest Rate Contracts and Derivatives - Exposure to credit risk is limited by internal policies and active monitoring of counterparty risks. In addition, the Company uses a diversified group of major international banks and financial institutions as counterparties. The Company does not anticipate nonperformance by any of these counterparties.

Cash and Cash Equivalents

Cash equivalents include highly-liquid investments with a maturity of three months or less when purchased.

Accounts Receivable and Allowance for Expected Credit Losses

Accounts receivable are carried at the invoiced amounts, less an allowance for expected credit losses, and generally do not bear interest. The Company’s allowance for expected credit losses estimates the amount of expected future credit losses by analyzing accounts receivable balances by age and applying historical write-off and collection experience. The Company’s estimates separately consider macroeconomic trends, specific circumstances and credit conditions of customer receivables. Account balances are written off against the allowance when it is determined the receivable will not be recovered.

The Company’s allowance for the expected return of products shipped and credits related to pricing or quantities shipped was $53 million, $72 million, and $59 million as of December 31, 2024, 2023 and 2022, respectively. Returns and credit activity is recorded directly as a reduction to revenue.

The following table summarizes the activity in the allowance for expected credit losses:



(millions)	2024		2023		2022

Beginning balance		$77.3		$71.9		$52.8
Bad debt expense		46.9		54.0		38.1
Write-offs		(51.0)		(46.2)		(21.1)
Other (a)		(3.2)		(2.4)		2.1
Ending balance		$70.0		$77.3		$71.9

(a)	Other amounts are primarily the effects of changes in currency translations and acquired balances.

Inventory Valuations

Inventories are valued at the lower of cost or net realizable value. Certain U.S. inventory costs are determined on a last-in, first-out (“LIFO”) basis. LIFO inventories represented 31% and 30% of consolidated inventories as of December 31, 2024 and 2023 respectively. All other inventory costs are determined using either the average cost or first-in, first-out (“FIFO”) methods. Inventory values at FIFO, as shown in Note 5, approximate replacement cost.

Property, Plant and Equipment

Property, plant and equipment assets are stated at cost. Merchandising and customer equipment consists principally of various dispensing systems for the Company’s cleaning and sanitizing products, warewashing machines and process control and monitoring equipment. Certain dispensing systems capitalized by the Company are accounted for on a mass asset basis, whereby equipment is capitalized and depreciated as a group and written off when fully depreciated. The Company capitalizes both internal and external costs to develop or purchase computer software. Costs incurred for data conversion, training and maintenance associated with capitalized software are expensed as incurred. Expenditures for major renewals and improvements, which significantly extend the useful lives of existing plant and equipment, are capitalized and depreciated. Expenditures for repairs and maintenance are charged to expense as incurred. Upon retirement or disposition of plant and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income.

Depreciation is charged to operations using the straight-line method over the assets’ estimated useful lives ranging from 5 to 40 years for buildings and leasehold improvements, 3 to 20 years for machinery and equipment, 3 to 20 years for merchandising and customer equipment and 3 to 7 years for capitalized software. The straight-line method of depreciation reflects an appropriate allocation of the cost of the assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. Depreciation expense was $635 million, $617 million and $619 million for 2024, 2023 and 2022, respectively.

Goodwill and Other Intangible Assets

Goodwill

Goodwill arises from the Company’s acquisitions and represents the excess of the fair value of the purchase consideration exchanged over the fair value of net assets acquired. The Company’s reporting units are its eight operating segments. The Company assesses goodwill for impairment on an annual basis during the second quarter. If circumstances change or events occur that demonstrate it is more likely than not that the carrying amount of a reporting unit exceeds its fair value, the Company completes an interim goodwill impairment assessment of that reporting unit prior to the next annual assessment. If the results of an annual or interim goodwill impairment assessment demonstrate the carrying amount of a reporting unit is greater than its fair value, the Company will recognize an impairment loss for the amount by which the reporting unit’s carrying amount exceeds its fair value, but not to exceed the carrying amount of goodwill assigned to that reporting unit.

During the second quarter of 2024, the Company completed its annual goodwill impairment assessment for its eight reporting units using discounted cash flow analyses that incorporated assumptions regarding future growth rates, terminal values and discount rates. The Company’s goodwill impairment assessments for 2024 indicated the estimated fair values of each of these eight reporting units exceeded the carrying amounts of the respective reporting unit by a significant margin. The Company evaluates the need to complete interim goodwill impairment assessments when significant events or changes in business circumstances indicate that it is more likely than not that the carrying amount of a reporting unit may be higher than its fair value. No events were noted during the second half of 2024 that required completion of an interim goodwill impairment assessment for any of the Company’s eight reporting units. There has been no impairment of goodwill in any of the periods presented.

The changes in the carrying amount of goodwill for each of the Company’s reportable segments were as follows:


			Global		Global		Global
	Global		Institutional		Healthcare &		Pest
(millions)	Industrial		& Specialty		Life Sciences		Elimination		Other		Total
December 31, 2022		$4,081.8		$567.6		$3,125.4		$-		$237.9		$8,012.7
Segment change (a)		102.3		-		-		135.6		(237.9)		-
December 31, 2022 recast		4,184.1		567.6		3,125.4		135.6		-		8,012.7
Current year business combinations (b)		30.8		39.3		-		-		-		70.1
Effect of foreign currency translation		28.6		3.1		33.0		0.7		-		65.4
December 31, 2023		$4,243.5		$610.0		$3,158.4		$136.3		$-		$8,148.2
Current year business combinations (b)		116.2		6.5		-		33.9		-		156.6
Prior year business combinations (c)		1.2		-		-		-		-		1.2
Divestiture of businesses (d)		-		-		(305.9)		-		-		(305.9)
Effect of foreign currency translation		(56.0)		(3.3)		(32.7)		(0.8)		-		(92.8)
December 31, 2024		$4,304.9		$613.2		$2,819.8		$169.4		$-		$7,907.3

(a)

Relates to reclassifications made to reportable segments in the current year. Effective January 1, 2024, the Company’s former Textile Care and Colloidal Technologies Group (“CTG”) operating segments are now part of the Water operating segment which continues to remain in the Global Industrial reportable segment. Additionally, the Pest Elimination operating segment, formerly aggregated with the Textile Care and CTG operating segments within Other, is now reported as the stand-alone Global Pest Elimination reportable segment. After these changes, the Company has eight operating segments aligned with eight reporting units. Refer to Note 18 for further information.

(b)

Represents goodwill associated with current year acquisitions. For 2024, approximately $132 of goodwill related to businesses acquired is expected to be tax deductible related primarily to the acquisition of Barclay Water Management. For 2023, approximately $62 of goodwill related to businesses acquired is expected to be tax deductible related primarily to the acquisitions of Chemlink Laboratories LLC and Flottec, LLC. Refer to Note 4 for additional information.

(c)	Represents purchase price allocation adjustments for acquisitions deemed preliminary as of the end of the prior year.

(d)	Represents goodwill associated with the sale of the global surgical solutions business (refer to Note 4 for additional information).

Other Intangible Assets

The Nalco trade name is the Company’s only indefinite life intangible asset, which is tested for impairment on an annual basis during the second quarter. During the second quarter of 2024, the Company completed its annual impairment assessment of the Nalco trade name using the relief from royalty discounted cash flow method, which incorporates assumptions regarding future sales projections, royalty rate and discount rates. The Company’s Nalco trade name impairment assessment for 2024 indicated the estimated fair value of the Nalco trade name exceeded its $1.2 billion carrying amount by a significant margin. No events were noted during the second half of 2024 that required completion of an interim impairment assessment of the Company’s Nalco trade name. There has been no impairment of the Nalco trade name intangible asset since it was acquired.

The Company’s intangible assets subject to amortization include customer relationships, trademarks, patents and other technology primarily acquired through business acquisitions. The fair value of intangible assets acquired in business acquisitions are estimated primarily using discounted cash flow valuation methods at the time of acquisition. Intangible assets are amortized on a straight-line basis over their estimated lives. The weighted-average useful life of amortizable intangible assets was 15 years as of both December 31, 2024 and 2023.

The weighted-average useful life by type of amortizable asset at December 31, 2024 were as follows:

(years)


Customer relationships		15
Patents		15
Trademarks		13
Other technology		12

The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company evaluates the remaining useful life of its intangible assets subject to amortization each reporting period to determine whether events and circumstances warrant a change to the estimated remaining period of amortization. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying amount of the intangible asset will be amortized prospectively over the updated remaining useful life. Amortization expense related to other intangible assets during the last three years and future estimated amortization were as follows:


(millions)
2022		$320
2023		307
2024		301
2025		293
2026		287
2027		165
2028		157
2029		149

Long-Lived Assets

The Company reviews its long-lived and amortizable intangible assets for impairment when significant events or changes in business circumstances indicate that the carrying amount of the assets, or asset group to which it is assigned, may not be recoverable. Such circumstances may include a significant decrease in the market price of an asset or asset group, a significant adverse change in the manner in which the asset or asset group is being used or history of cash flow losses associated with the use of an asset or asset group. Impairment losses could occur when the carrying amount of an asset or asset group exceeds the anticipated future undiscounted cash flows expected to result from the use of the asset or asset group and its eventual disposition. The amount of the impairment loss to be recorded, if any, is calculated by the excess of the asset’s or asset group’s carrying value over its fair value.

In addition, the Company periodically reassesses the estimated remaining useful lives of its long-lived assets. Changes to estimated useful lives would impact the amount of depreciation and amortization recorded in earnings. The Company has not experienced significant changes in the carrying amount or estimated remaining useful lives of its long-lived or amortizable intangible assets.

Rental and Leases

Lessee

The Company determines whether a lease exists at the inception of the arrangement. In assessing whether a contract is or contains a lease, the Company evaluates whether the arrangement conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company accounts for lease components separately from the nonlease components (e.g., common-area maintenance costs, property taxes, parking, etc.). Operating leases are recorded in operating lease assets, other current liabilities and operating lease liabilities in the Consolidated Balance Sheets.

Operating lease assets and operating lease liabilities are measured and recognized based on the present value of the future minimum lease payments over the estimated lease term at the lease commencement date. The Company uses the rate implicit in the lease when available or determinable. When the rate implicit in the lease is not determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date to determine the present value of future payments. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are not included in the lease liability and are recognized as incurred. The Company identified real estate, vehicles and other equipment as the primary classes of its leases. Certain leases with a similar class of underlying assets are accounted for as a portfolio of leases.

The Company does not record operating lease assets or liabilities for leases with terms of twelve months or less. Those lease payments are recognized in the Consolidated Statements of Income over the lease term as incurred.

Many of the Company’s leases include options to renew or cancel, which are at the Company’s sole discretion. Renewal terms can extend the lease term from one month to multiple years, whereas, cancellation terms can shorten the lease term by multiple years. The lease start date is the date when the leased asset is available for use and in possession of the Company. The lease end date, which includes any options to renew or cancel that are reasonably certain to be exercised, is based on the terms of the contract. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The Company’s lease agreements do not contain any material restrictive covenants.

Lessor

The Company accounts for lease and nonlease components separately. The nonlease components, such as product and service revenue, are accounted for under Topic 606 Revenue from Contracts with Customers, refer to Note 17 for more information. Revenue from leasing equipment is recognized on a straight-line basis over the life of the lease. Cost of sales includes the depreciation expense for assets under operating leases. The assets are depreciated over their estimated useful lives. Initial lease terms range from one year to five years and most leases include renewal options.

Lease contracts convey the right for the customer to control the equipment for a period of time as defined by the contract. There are no options for the customer to purchase the equipment and therefore the equipment remains the property of the Company at the end of the lease term. Refer to Note 13 for additional information regarding rental and leases.

Income Taxes

Income taxes are recognized during the period in which transactions enter into the determination of financial statement income, with deferred income taxes provided for the tax effect of temporary differences between the carrying amount of assets and liabilities and their tax bases. The Company records a valuation allowance to reduce its deferred tax assets when uncertainty regarding their realizability exists. Relevant factors in determining the realizability of deferred tax assets include historical results, sources of future taxable income, the expected timing of the reversal of temporary differences, tax planning strategies and the expiration dates of the various tax attributes. The Company records liabilities for unrecognized tax benefits in accordance with the U.S. GAAP recognition and measurement criteria guidance. The Company has elected the period cost method and considers the estimated global intangible low taxed income (“GILTI”) impact in tax expense. The Company recognizes interest and penalties related to unrecognized tax benefits in the income tax provision.

Refer to Note 12 for additional information regarding income taxes.

Share-Based Compensation

The Company measures compensation expense for share-based awards at fair value at the date of grant and recognizes compensation expense over the service period for awards expected to vest. The majority of grants to retirement eligible recipients (age 55 with required years of service) are recorded to expense using the non-substantive vesting method and are fully expensed over a six-month period following the date of grant. In addition, the Company includes a forfeiture estimate in the amount of compensation expense being recognized based on an estimate of the number of outstanding awards expected to vest.

All excess tax benefits or deficiencies are recognized as discrete income tax items on the Consolidated Statements of Income. The extent of excess tax benefits is subject to variation in stock price and stock option exercises. Refer to Note 11 for additional information regarding equity compensation plans.

Restructuring Activities

The Company’s restructuring activities are associated with plans to enhance its efficiency, effectiveness and sharpen its competitiveness. These restructuring plans include net costs associated with significant actions involving employee-related severance charges, contract termination costs and asset write-downs and disposals. Employee termination costs are largely based on policies and severance plans, and include personnel reductions and related costs for severance, benefits and outplacement services. These charges are reflected in the quarter in which the actions are probable and the amounts are estimable, which typically is when management approves the associated actions. Contract termination costs include charges to terminate leases prior to the end of their respective terms and other contract termination costs. Asset write-downs and disposals include leasehold improvement write-downs, other asset write-downs associated with combining operations and disposal of assets. Refer to Note 3 for additional information regarding restructuring activities.

Revenue Recognition

Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing service.

Product and Sold Equipment

Revenue from product and sold equipment is recognized when obligations under the terms of a contract with the customer are satisfied, which generally occurs with the transfer of the product or delivery of the equipment.

Service and Lease Equipment

Revenue from service and leased equipment is recognized when the services are provided, or the customer receives the benefit from the leased equipment, which is over time. Service revenue is recognized over time utilizing an input method and aligns with when the services are provided. Typically, revenue is recognized using costs incurred to date because the effort provided by the field selling and service organization represents services provided, which corresponds with the transfer of control. Revenue for leased equipment is accounted for under Topic 842 Leases and recognized on a straight-line basis over the length of the lease contract.

Other Considerations

Contracts with customers may include multiple performance obligations. For contracts with multiple performance obligations, the consideration is allocated between products and services based on their stand-alone selling prices. Stand-alone selling prices are generally based on the prices charged to customers when the good or service is not bundled with other product or services or using an expected cost plus margin. Judgment is used in determining the amount of service that is embedded within the Company’s contracts, which is based on the amount of time spent on the performance obligation activities. The level of effort, including the estimated margin that would be charged, is used to determine the amount of service revenue. Depending on the terms of the contract, the Company may defer the recognition of revenue when a future performance obligation has not yet occurred.

Taxes assessed by a governmental authority that are both imposed on, and concurrent with, a specific revenue-producing transaction, which are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight are recognized in cost of sales when control over the product has transferred to the customer.

Other estimates used in recognizing revenue include allocating variable consideration to customer programs and incentive offerings, including pricing arrangements, promotions and other volume-based incentives at the time the sale is recorded. These estimates are based primarily on historical experience and anticipated performance over the contract period. Based on the certainty in estimating these amounts, they are included in the transaction price of the contracts and the associated remaining performance obligations. The Company recognizes revenue when collection of the consideration expected to be received in exchange for transferring goods or providing services is probable.

The Company’s revenue policies do not provide for general rights of return. Estimates used in recognizing revenue include the delay between the time that products are shipped and when they are received by customers, when title transfers and the amount of credit memos issued in subsequent periods. Depending on market conditions, the Company may increase customer incentive offerings, which could reduce gross profit margins over the term of the incentive.

Earnings Per Common Share

The difference in the weighted average common shares outstanding for calculating basic and diluted earnings attributable to Ecolab per common share is a result of the dilution associated with the Company’s equity compensation plans. As noted in the table below, certain stock options and units outstanding under these equity compensation plans were not included in the computation of diluted earnings attributable to Ecolab per common share because they would not have had a dilutive effect.

The computations of the basic and diluted earnings attributable to Ecolab per share amounts were as follows:




(millions, except per share)	2024		2023		2022

Net income attributable to Ecolab		$2,112.4		$1,372.3		$1,091.7

Weighted-average common shares outstanding
Basic		284.3		285.0		285.2
Effect of dilutive stock options and units		2.3		1.6		1.4
Diluted		286.6		286.5		286.6

Earnings attributable to Ecolab per common share
Basic EPS		$7.43		$4.82		$3.83
Diluted EPS		$7.37		$4.79		$3.81

Anti-dilutive securities excluded from the computation of diluted EPS		0.6		4.3		3.9

Amounts do not necessarily sum due to rounding.

Assets Held for Sale

Assets and liabilities are classified as held for sale and presented separately on the balance sheet when all of the following criteria for a plan of sale have been met: (1) management, having the authority to approve the action, commits to a plan to sell the assets; (2) the assets are available for immediate sale, in their present condition, subject only to terms that are usual and customary for sales of such assets; (3) an active program to locate a buyer and other actions required to complete the plan to sell the assets have been initiated; (4) the sale of the assets is probable and transfer of the assets is expected to be completed within one year; (5) the assets are being actively marketed for a price that is reasonable in relation to their current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or the plan will be withdrawn. Assets held for sale are measured at the lower of carrying value or fair value less costs to sell. Any loss resulting from the measurement is recognized in the period the held-for-sale criteria are met. Gains are not recognized until the date of the sale. When the disposal group is classified as held for sale, depreciation and amortization for long-lived assets ceases and the Company tests the assets for impairment.

Supplier Finance

In the second quarter of 2024, the Company commenced a voluntary supply chain finance program (the “Program”) to provide certain suppliers with the opportunity to sell receivables due from the Company to a participating financial institution at the sole discretion of both the suppliers and the financial institution. These participating suppliers negotiate their outstanding receivable arrangements directly with the financial institution, and the Company’s obligation to its suppliers, including amounts due and scheduled payment terms, are not impacted by the Company’s suppliers’ decisions to sell amounts under these arrangements. All Company payments to participating suppliers are paid to the financial institution on the invoice due date, regardless of whether the individual invoice is sold by the supplier to the financial institution. The range of payment terms the Company negotiates with its suppliers is consistent, irrespective of whether a supplier participates in the Program.

All outstanding payments owed under the Program are recorded within Accounts payable in the Consolidated Balance Sheets. The Company accounts for all payments made under the Program as a reduction to operating cash flows in Accounts payable within the Consolidated Statements of Cash Flows. The amounts owed to a participating financial institution under the Program are not material as of December 31, 2024.

Other Significant Accounting Policies

The following table includes a reference to additional significant accounting policies that are described in other notes to the financial statements, including the note number:


Policy		Note
Fair value measurements		7
Derivatives and hedging transactions		8
Share-based compensation		10
Research and development expenditures		14
Legal contingencies		15
Pension and post-retirement benefit plans		16
Reportable segments		18

New Accounting Pronouncements


Standards That Are Not Yet Adopted:
	Date of		Required Date of	Effect on the
Standard	Issuance	Description	Adoption	Financial Statements



ASU 2024-03 and ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	November 2024	The amendments in this ASU are intended to improve expense disclosures, primarily by requiring disclosure of disaggregated information about certain income statement expense line items on an annual and interim basis.	Effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted.	The updates required by this standard should be applied prospectively, but retrospective application is permitted. The Company is currently evaluating the impact of adoption and additional disclosure requirements.

ASU 2023-09 Income taxes (Topic 740): Improvements to Income Tax Disclosures	December 2023	The amendments in this Update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold.	January 1, 2025	The Company is currently evaluating the impact of adoption and additional disclosure requirements.


Standards That Were Adopted:
	Date of		Date of	Effect on the
Standard	Issuance	Description	Adoption	Financial Statements

ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	November 2023	The amendments in this ASU are to improve the disclosures about reportable segments and add more detailed information about a reportable segment’s expenses. The amendments in the ASU require public entities to disclose on an annual and interim basis significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, other segment items by reportable segment, the title and position of the CODM, and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU does not change the definition of a segment, the method for determining segments, the criteria for aggregating operating segments into reportable segments, or the current specifically enumerated segment expenses that are required to be disclosed.	January 1, 2024	The Company adopted the standard and applied the amendments retrospectively to all periods presented. Adoption of this standard impacted the disclosures within the financial statements, but did not have an impact on the Company's financial position or the results of operations.

No other new accounting pronouncement issued or effective has had or is expected to have a material impact on the Company’s consolidated financial statements.

SPECIAL (GAINS) AND CHARGES

12 Months Ended

Dec. 31, 2024

SPECIAL (GAINS) AND CHARGES

SPECIAL (GAINS) AND CHARGES

3. SPECIAL (GAINS) AND CHARGES

Special (gains) and charges reported on the Consolidated Statements of Income included the following:



(millions)	2024		2023		2022
Cost of sales
One Ecolab		$1.9		$-		$-
Other restructuring		3.4		22.5		21.4
Acquisition and integration activities		-		-		25.0
Other		-		-		23.5
Cost of sales subtotal		5.3		22.5		69.9

Special (gains) and charges
One Ecolab		98.3		-		-
Other restructuring		21.8		63.2		85.8
Sale of global surgical solutions business		(340.3)		10.3		-
Acquisition and integration activities		12.6		16.1		14.5
Other		18.7		21.8		40.2
Special (gains) and charges subtotal		(188.9)		111.4		140.5

Operating income subtotal		(183.6)		133.9		210.4

Other (income) expense		-		-		50.6

Total special (gains) and charges		($183.6)		$133.9		$261.0

For segment reporting purposes, special (gains) and charges are not allocated to reportable segments, which is consistent with the Company’s internal management reporting.

One Ecolab

On July 30, 2024, the Company announced the One Ecolab initiative, which will enhance its growth and margin expansion journey. As a program within this initiative, the Company also announced that it commenced a restructuring plan to leverage its digital technologies to realign the functional work done in many countries into global centers of excellence. The Company anticipates restructuring costs of $175 million ($136 million after tax) and special charges of $50 million ($39 million after tax) by the end of 2027. The Company anticipates that the restructuring costs will primarily be cash expenditures for severance costs relating to team reorganization.

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, the Company reclassified $5.3 million ($4.0 million after tax) from other restructuring to One Ecolab in the third quarter of 2024.

In 2024 the Company recorded restructuring charges of $76.5 million ($59.0 million after tax) related to severance and professional services. In addition, the Company recorded non-restructuring special charges of $23.7 million ($17.9 million after tax) in 2024 primarily related to professional services. The Company has recorded $81.8 million ($63.0 million after tax) of cumulative restructuring charges and $23.7 million ($17.9 million after tax) of cumulative special charges under the One Ecolab initiative. Net cash payments were $26.9 million during 2024.

The net restructuring liability related to the One Ecolab initiative was $54.9 million as of December 31, 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.

Restructuring activity related to the One Ecolab initiative since inception of the underlying actions includes the following items:

Employee

Asset

Costs

Disposals

Other

Total

(millions)

2024 Activity

Recorded expense (income) and accrual

$46.3

$-

$30.2

$76.5

Net cash payments

-

(26.9)

Non-cash net charges

-

Reclassification

-

5.3

Restructuring liability, December 31, 2024

$46.3

$-

$8.6

$54.9

Other restructuring activities

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, special (gains) and charges, other (income) expense and interest expense, net 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.

Combined Program

In November 2022 the Company approved a Europe cost savings program. In February 2023, the Company expanded its previously announced Europe cost savings program to focus on its Institutional and Healthcare businesses in other regions. In connection with the expanded program (“Combined Program”), the Company expected to incur total pre-tax charges of $195 million ($150 million after tax). The Company completed these restructuring charges at the end of 2024. Program actions included headcount reductions from terminations, not filling certain open positions, and facility closures. The Combined Program charges were primarily cash expenditures related to severance and asset disposals.

In anticipation of this Combined Program, a limited number of actions were taken in the fourth quarter of 2022. As a result, the Company reclassified $19.3 million ($14.5 million after tax) from other restructuring to the Combined Program in the first quarter of 2023.

In 2024, 2023 and 2022 the Company recorded restructuring charges of $25.2 million ($18.6 million after tax), $77.7 million ($66.4 million after tax) and $67.2 million ($56.0 million after tax), respectively, primarily related to severance and professional services. Restructuring activities were completed at the end of 2024, with total costs $184.1 million ($151.5 million after tax).

The Company reclassified $5.3 million ($4.0 million after tax) from the Combined restructuring program to other restructuring activities in the second quarter of 2024.

Net cash payments were $48.9 million and non-cash net charges were $1.3 million during 2024. The net liability related to the Combined Program was $12.8 million and $43.1 million as of December 31, 2024 and 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.

Restructuring activity related to the Combined Program since inception of the underlying actions includes the following:



	Employee		Asset
(millions)	Costs		Disposals		Other		Total
2022 Activity
Recorded expense and accrual		$67.2		$-		$-		$67.2
Net cash payments		(5.2)		-		-		(5.2)
Net restructuring liability, December 31, 2022		62.0		-		-		62.0

2023 Activity
Recorded expense and accrual		47.0		14.0		16.7		77.7
Net cash payments		(85.2)		-		(16.7)		(101.9)
Non-cash charges		-		(14.0)		-		(14.0)
Reclassification		19.3		-		-		19.3
Net restructuring liability, December 31, 2023		43.1		-		-		43.1

2024 Activity
Recorded expense and accrual		3.8		1.3		20.1		25.2
Net cash payments		(34.1)		-		(14.8)		(48.9)
Non-cash charges		-		(1.3)		-		(1.3)
Reclassification		-		-		(5.3)		(5.3)
Net restructuring liability, December 31, 2024		$12.8		$-		$-		$12.8

Other Restructuring Activities

During 2024, the Company recorded restructuring charges of $10.6 million ($8.0 million after tax) related to an immaterial restructuring plan approved in the second quarter. This plan became part of the One Ecolab initiative in the third quarter.

During 2023 and 2022, the Company recorded restructuring charges of $8.0 million ($6.0 million after tax) and $40.0 million ($31.1 million after tax), respectively, related to immaterial or subsequently concluded restructuring programs. The charges primarily related to severance and asset write-offs.

The restructuring liability balance for all other restructuring plans excluding the One Ecolab and Combined Program, were $6.5 million and $8.2 million as of December 31, 2024 and 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. Cash payments during 2024 related to all other restructuring plans excluding the One Ecolab and Combined Programs were $2.2 million.

Sale of global surgical solutions business

On April 27, 2024, the Company reached a definitive agreement to sell its global surgical solutions business, which closed on August 1, 2024. During 2024 the Company recorded a gain on sale of $355.9 million ($257.7 million after tax) as described in Note 4. Excluding the gain on sale, the Company recorded charges of $15.6 million ($12.0 million after tax) in 2024, which are primarily related to professional fees to support the sale. During 2023 the Company recorded charges of $10.3 million ($7.7 million after tax) primarily related to professional fees to support the sale.

Acquisition and integration related costs

Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income in 2024 include $12.6 million ($9.6 million after tax) related primarily to the Purolite transaction.

Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income in 2023 include $16.1 million ($12.0 million after tax). Charges are integration related costs primarily related to the Purolite transaction.

Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income include $14.5 million ($11.4 million after tax) in 2022. Charges are related primarily to the Purolite transaction and consisted of integration costs, advisory and legal fees. Acquisition and integration costs reported in product and equipment cost of sales on the Consolidated Statements of Income in 2022 include $25.0 million ($19.6 million after tax) and are related to the recognition of fair value step-up in the Purolite inventory and other integration costs.

Other operating activities

During 2022, the Company recorded other operating activities to cost of sales on the Consolidated Statements of Income of $23.5 million ($19.6 million after tax), relating primarily to COVID-19 activities.

During 2024, the Company recorded other operating activities to special (gains) and charges on the Consolidated Statements of Income of $18.7 million ($13.9 million after tax), relating primarily to a liability relating to a prior divestiture, COVID-19 activities, and certain legal charges. During 2023 and 2022, the Company recorded other operating activities to special (gains) and charges on the Consolidated Statements of Income of $21.8 million ($16.7 million after tax) and $40.2 million ($31.4 million after tax), respectively, relating primarily to certain legal charges.

Other (income) expense

During 2022, the Company incurred pension settlement expense recorded in other (income) expense on the Consolidated Statements of Income of $50.6 million ($38.2 million after tax), respectively, related to U.S. pension plan lump-sum payments to retirees.

ACQUISITIONS AND DISPOSITIONS

12 Months Ended

Dec. 31, 2024

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS

4. ACQUISITIONS AND DISPOSITIONS

Acquisitions

The Company makes business acquisitions that align with its strategic business objectives. The assets and liabilities of acquired businesses are recorded in the Consolidated Balance Sheets based on estimates of the fair value of assets acquired, liabilities assumed and noncontrolling interests acquired as of the acquisition date. Goodwill is recognized in the amount that the purchase consideration paid exceeds the fair value of the net assets acquired. Purchase consideration includes both cash paid and the fair value of noncash consideration exchanged, including stock and/or contingent consideration exchanged, and is reduced by the amount of cash or cash equivalents acquired. Acquisitions during 2024, 2023 and 2022 were not significant to the Company’s consolidated financial statements; therefore, pro forma financial information is not presented.

2024 Activity

In November 2024, the Company acquired Barclay Water Management, a fast-growing provider of water safety and digital monitoring solutions for industrial and institutional customers based primarily in the northeastern U.S for total consideration of $262.2 million in cash. The acquisition became part of the Global Industrial reporting segment. The purchase accounting for this acquisition is preliminary and subject to change as the Company finalizes the valuation of intangible assets, income tax balances and working capital. The goodwill arising from the acquisition of Barclay Water Management is tax deductible.

During 2024, the Company completed an immaterial acquisition which became part of the Global Institutional & Specialty reporting segment. The Company also completed two immaterial acquisitions both of which became part of the Global Pest Elimination reporting segment. The purchase accounting for these acquisitions is preliminary and subject to change as the Company finalizes the valuation of intangible assets, income tax balances and working capital. The goodwill arising from these acquisitions is tax deductible.

2023 Activity

In November 2023, the Company acquired Flottec, LLC, a U.S.-based provider of flotation products and services for the mineral processing industry. The move will expand Nalco Water’s flotation offerings and its work to serve the industry from mine to metal. The acquisition became part of the Global Industrial reporting segment. The purchase accounting for this acquisition was finalized in the fourth quarter of 2024 and no further purchase accounting adjustments will be recorded. The goodwill arising from the acquisition of Flottec, LLC is tax deductible.

In May 2023, the Company acquired Chemlink Laboratories LLC, a U.S.-based producer of small format cleaning solutions. The Company made two other immaterial acquisitions during the second quarter of 2023. All three acquisitions became part of the Global Institutional & Specialty reporting segment. The purchase accounting for these acquisitions was finalized in the second quarter of 2024 and no further purchase accounting adjustments will be recorded. The goodwill arising from the acquisition of Chemlink Laboratories LLC is tax deductible.

2022 Activity

No acquisitions occurred during 2022.

Acquisitions

The components of the cash paid for acquisitions (as further disclosed above), for 2024, 2023 and 2022, are shown in the following table:



(millions)	2024		2023		2022
Net tangible assets (liabilities) acquired		$22.7		$20.8		$-

Identifiable intangible assets
Customer relationships		118.3		60.8		-
Trademarks		5.7		-		-
Non-compete agreements		1.6		2.1		-
Other technologies		17.6		25.8		-
Total intangible assets		143.2		88.7		-

Goodwill		156.7		70.2		-
Total aggregate purchase price		322.6		179.7		-

Acquisition-related liabilities and contingent consideration		(12.9)		(3.9)		-
Total cash paid for acquisitions, including acquisition-related
liabilities and contingent consideration, net of cash acquired		$309.7		$175.8		$-

During 2024, the Company recorded purchase accounting adjustments associated with its 2023 acquisition of Flottec, LLC and two other immaterial acquisitions. As a result of these purchase accounting adjustments, the Company made $3.2 million of acquisition-related payments, acquisition related net tangible assets decreased by $2.5 million, definite-lived intangible assets increased by $1.0 million and goodwill increased by $1.2 million.

During 2023, the Company recorded purchase accounting adjustments. As a result of these purchase accounting adjustments, the Company made $4.1 million of acquisition-related payments, acquisition related net tangible assets increased by $1.7 million, acquisition related liabilities and contingent consideration decreased by $1.7 million and goodwill increased by $0.7 million.

During 2022, the Company recorded purchase accounting adjustments associated with the finalization of the purchase accounting for its acquisitions of Purolite, LLC, TechTex Holdings Limited, National Wiper Alliance, Inc. and EPN Water Col, Ltd. As a result of these purchase accounting adjustments, the Company made $7.2 million of acquisition-related payments, acquisition related net tangible assets decreased by $55.6 million, definite-lived intangible assets decreased by $191.0 million, and goodwill increased by $253.8 million.

The weighted average useful lives of identifiable intangible assets acquired during 2024 and 2023 were 15 and 12 years, respectively. No intangible assets were acquired during 2022.

Dispositions

On April 27, 2024, the Company entered into an agreement to sell its global surgical solutions business for total consideration of $950 million, subject to certain working capital and other purchase price adjustments. On August 1, 2024, the Company closed the sale and received $926 million in cash, after deducting for defined working capital and other purchase price adjustments. In December 2024, the Company recorded an additional purchase price adjustment, reducing the purchase price by approximately $16.1 million, which is expected to be paid in cash in the first quarter of 2025. For the year ended December 31, 2024, the Company recorded an associated pre-tax gain within Special (Gains) and Charges in the Consolidated Statements of Income of $355.9 million ($257.7 million after tax), which includes $49.7 million of transaction costs and other adjustments.

The global surgical solutions business did not meet the criteria to be classified as a discontinued operation. As a result, the Company continued to report its operating results in the Global Healthcare & Life Sciences reportable segment through closing of the transaction on August 1, 2024.

The global surgical solutions business was included in the Company’s continuing operations and classified as current assets and current liabilities held for sale on the Company’s consolidated balance sheets through the closing of the transaction on August 1, 2024. As a result of closing the transaction, the Company derecognized $504.6 million of net assets, the principal components of which were as follows:


	August 1
(millions)	2024

Assets held for sale
Cash and cash equivalents		$36.6
Accounts receivable, net		55.0
Inventories		89.0
Other current assets		7.6
Property, plant and equipment, net		65.1
Goodwill		305.9
Other intangible assets, net		22.4
Operating lease assets		8.2
Other assets		43.0
Total assets held for sale		$632.8

Liabilities held for sale
Accounts payable		$38.6
Compensation and benefits		5.9
Other current liabilities		40.6
Postretirement health care and pension benefits		6.7
Operating lease liabilities		5.6
Other liabilities		30.8
Total liabilities held for sale		$128.2

No dispositions were significant to the Company’s consolidated financial statements for 2023 or 2022.

BALANCE SHEET INFORMATION

12 Months Ended

Dec. 31, 2024

BALANCE SHEET INFORMATION

BALANCE SHEET INFORMATION

5. BALANCE SHEET INFORMATION



	December 31		December 31
(millions)	2024		2023
Accounts receivable, net
Accounts receivable		$2,987.5		$2,983.2
Allowance for expected credit losses and other accruals		(122.5)		(149.0)
Total		$2,865.0		$2,834.2

Inventories
Finished goods		$962.2		$911.4
Raw materials and parts		607.4		704.7
Inventories at FIFO cost		1,569.6		1,616.1
FIFO cost to LIFO cost difference		(104.7)		(118.9)
Total		$1,464.9		$1,497.2

Other current assets
Prepaid assets		$151.4		$143.9
Taxes receivable		163.3		186.9
Derivative assets		13.4		3.3
Other		110.9		59.1
Total		$439.0		$393.2

Property, plant and equipment, net
Land		$144.5		$155.6
Buildings and leasehold improvements		1,152.8		1,171.0
Machinery and equipment		2,248.5		2,113.8
Merchandising and customer equipment		2,925.3		2,758.4
Capitalized software		1,037.8		985.9
Construction in progress		679.3		470.1
		8,188.2		7,654.8
Accumulated depreciation		(4,435.8)		(4,180.2)
Total		$3,752.4		$3,474.6

Other intangible assets, net
Intangible assets not subject to amortization
Trade names		$1,230.0		$1,230.0
Intangible assets subject to amortization
Customer relationships		3,279.8		3,385.1
Patents		504.6		503.6
Trademarks		371.9		406.5
Other technologies		541.8		551.2
		4,698.1		4,846.4
Accumulated amortization
Customer relationships		(1,814.1)		(1,805.0)
Patents		(340.6)		(319.4)
Trademarks		(236.3)		(238.0)
Other technologies		(228.3)		(220.5)
		(2,619.3)		(2,582.9)
Net intangible assets subject to amortization		2,078.8		2,263.5
Total		$3,308.8		$3,493.5

Other assets
Deferred income taxes		$155.5		$119.3
Pension		151.0		118.4
Derivative asset		45.1		23.6
Other		318.8		271.4
Total		$670.4		$532.7



	December 31		December 31
(millions)	2024		2023
Other current liabilities
Discounts and rebates		$452.2		$438.8
Dividends payable		184.2		162.7
Interest payable		62.6		68.5
Taxes payable, other than income		171.8		153.2
Derivative liability		3.0		3.7
Restructuring		71.6		48.9
Contract liability		102.0		110.9
Operating lease liabilities		142.3		126.1
Other		323.0		222.1
Total		$1,512.7		$1,334.9

Accumulated other comprehensive income (loss)
Unrealized (loss) gain on derivative financial instruments, net of tax		$4.6		($4.1)
Unrecognized pension and postretirement benefit expense, net of tax		(538.4)		(534.7)
Cumulative translation, net of tax		(1,448.2)		(1,311.6)
Total		($1,982.0)		($1,850.4)

DEBT AND INTEREST

12 Months Ended

Dec. 31, 2024

DEBT AND INTEREST

DEBT AND INTEREST

6. DEBT AND INTEREST

Short-term Debt

The following table provides the components of the Company’s short-term debt obligations, along with applicable interest rates as of December 31, 2024 and 2023:

2024

2023

Average

Carrying

Interest

Carrying

Interest

(millions)

Value

Rate

Value

Rate

Short-term debt

Commercial paper

$-

-

%

$-

-

%

Notes payable

3.6

7.28

%

1.8

8.29

%

Long-term debt, current maturities

612.1

628.6

Total

$615.7

$630.4

Line of Credit

As of December 31, 2024, the Company had in place a $2.0 billion multi-currency revolving credit facility which expires in April 2026. The credit facility has been established with a diverse syndicate of banks and supports the Company’s U.S. and Euro commercial paper programs. There were no borrowings under the Company’s credit facility as of December 31, 2024 and 2023.

The Company has $301 million of available bank supported letters of credit, surety bonds and guarantees available in support of its commercial business transactions of which $165 million is outstanding as of December 31, 2024.

Commercial Paper

The Company’s commercial paper program is used as a potential source of liquidity and consists of a $2.0 billion U.S. commercial paper program and a $2.0 billion Euro commercial paper program. The maximum aggregate amount of commercial paper that may be issued by the Company under its commercial paper programs may not exceed $2.0 billion.

The Company had no outstanding commercial paper under its U.S. and Euro commercial paper programs as of December 31, 2024 and 2023.

As of December 31, 2024, the Company’s short-term borrowing program was rated A-2 by Standard & Poor’s, P-2 by Moody’s and F-1 by Fitch.

Notes Payable

The Company’s notes payable consists of uncommitted credit lines with major international banks and financial institutions, primarily to support global cash pooling structures. As of December 31, 2024 and 2023, the Company had $3.6 million and $1.8 million, respectively, outstanding under these credit lines. Approximately $2,153 million and $1,829 million of these credit lines were available for use as of December 31, 2024 and 2023, respectively.

Long-term Debt

The following table provides the components of the Company’s long-term debt obligations, along with applicable interest rates as of December 31, 2024 and 2023:


		2024								2023
				Stated		Effective				Stated		Effective
	Maturity	Carrying		Interest		Interest		Carrying		Interest		Interest
(millions)	by Year	Value		Rate		Rate		Value		Rate		Rate

Long-term debt
Public notes (2024 principal amount)
Seven year 2016 senior notes (€575 million)	2024		$-	-	%	-	%		$625.9	1.00	%	1.19	%
Ten year 2015 senior notes (€575 million)	2025		607.8	2.63	%	2.88	%		625.1	2.63	%	2.88	%
Ten year 2016 senior notes ($750 million)	2026		735.2	2.70	%	3.96	%		728.2	2.70	%	4.07	%
Ten year 2017 senior notes ($500 million)	2027		456.5	3.25	%	8.54	%		448.3	3.25	%	8.43	%
Six Year 2021 senior notes ($500 million)	2027		498.2	1.65	%	1.73	%		497.4	1.65	%	1.83	%
Five Year 2022 senior notes ($500 million)	2028		495.6	5.25	%	5.08	%		494.2	5.25	%	5.60	%
Ten year 2020 senior notes ($698 million)	2030		657.2	4.80	%	6.52	%		662.7	4.80	%	6.19	%
Ten year 2020 senior notes ($600 million)	2031		559.3	1.30	%	3.17	%		561.0	1.30	%	3.21	%
Eleven year 2021 senior notes ($650 million)	2032		645.8	2.13	%	1.59	%		645.2	2.13	%	2.06	%
Thirty year 2011 senior notes ($389 million)	2041		385.0	5.50	%	5.62	%		384.7	5.50	%	5.62	%
Thirty year 2016 senior notes ($200 million)	2046		197.5	3.70	%	3.80	%		197.4	3.70	%	3.80	%
Thirty year 2017 senior notes ($484 million)	2047		428.2	3.95	%	4.79	%		426.8	3.95	%	4.79	%
Thirty year 2020 senior notes ($500 million)	2050		491.4	2.13	%	2.23	%		491.1	2.13	%	2.23	%
Thirty year 2021 senior notes ($850 million)	2051		839.7	2.70	%	2.78	%		839.3	2.70	%	2.78	%
Thirty-four year 2021 senior notes ($685 million)	2055		541.2	2.75	%	3.86	%		539.2	2.75	%	3.86	%
Finance lease obligations and other			22.7						13.5
Total debt			7,561.3						8,180.0
Long-term debt, current maturities			(612.1)						(628.6)
Total long-term debt			$6,949.2						$7,551.4

Public Notes

In November 2022, the Company issued $500 million in aggregate principal five year fixed rate notes with a coupon rate of 5.25%. The proceeds are intended to be used for general corporate purposes, which may include, without limitation, repayment of commercial paper borrowings or other indebtedness. The notes mature January 2028.

The Company’s public notes may be redeemed by the Company at its option at redemption prices that include accrued and unpaid interest and a make-whole premium. Upon the occurrence of a change of control accompanied by a downgrade of the public notes below investment grade rating, within a specified time period, the Company would be required to offer to repurchase the public notes at a price equal to 101% of the aggregate principal amount thereof, plus any accrued and unpaid interest to the date of repurchase. The public notes are senior unsecured and unsubordinated obligations of the Company and rank equally with all other senior and unsubordinated indebtedness of the Company.

In January 2024, the Company repaid €575 million ($630 million) of long-term debt.

Covenants and Future Maturities

The Company is in compliance with all covenants under the Company’s outstanding indebtedness at December 31, 2024.

As of December 31, 2024, the aggregate annual maturities of long-term debt for the next five years were:


(millions)
2025			$612
2026			738
2027			958
2028			498
2029			2

Net Interest Expense

Interest expense and interest income incurred during 2024, 2023 and 2022 were as follows:



(millions)	2024		2023		2022
Interest expense		$340.3		$348.9		$252.1
Interest income		(57.8)		(52.2)		(8.5)
Interest expense, net		$282.5		$296.7		$243.6

Interest expense generally includes the expense associated with the interest on the Company’s outstanding borrowings, including the impact of the Company’s interest rate swap agreements. Interest expense also includes the amortization of debt issuance costs and debt discounts, which are both recognized over the term of the related debt.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2024

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

7. FAIR VALUE MEASUREMENTS

The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, contingent consideration obligations, commercial paper, notes payable, foreign currency forward contracts, interest rate swap agreements, cross-currency swap derivative contracts and long-term debt.

Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The hierarchy is broken down into three levels:

Level 1 - Inputs are quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

Level 2 - Inputs include observable inputs other than quoted prices in active markets.

Level 3 - Inputs are unobservable inputs for which there is little or no market data available.

The carrying amount and the estimated fair value for assets and liabilities measured on a recurring basis were:

December 31, 2024

(millions)

Carrying

Fair Value Measurements

Amount

Level 1

Level 2

Level 3

Assets

Foreign currency forward contracts

$38.4

$-

$38.4

$-

Cross-currency swap derivative contracts

119.0

-

119.0

-

Liabilities

Foreign currency forward contracts

28.0

-

28.0

-

Interest rate swap agreements

138.5

-

138.5

-

Cross-currency swap derivative contracts

56.4

-

56.4

-


	December 31, 2023
(millions)	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3
Assets
Foreign currency forward contracts		$26.6		$-		$26.6		$-
Cross-currency swap derivative contracts		29.1		-		29.1		-

Liabilities
Foreign currency forward contracts		27.0		-		27.0		-
Interest rate swap agreements		146.5		-		146.5		-
Cross-currency swap derivative contracts		24.9		-		24.9		-

The carrying value of foreign currency forward contracts is at fair value, which is determined based on foreign currency exchange rates as of the balance sheet date and classified within Level 2. The carrying value of interest rate swap agreements is at fair value, which is determined based on current forward interest rates as of the balance sheet date and are classified within Level 2. The cross-currency swap derivative contracts are used to partially hedge the Company’s net investments in foreign operations against adverse movements in exchange rates between the U.S. dollar and the Euro and the U.S. dollar and CNH (CNH is the Chinese Yuan traded in the offshore market). The carrying value of the cross-currency swap derivative contracts is at fair value, which is determined based on the income approach with the relevant interest rates and foreign currency current exchange rates and forward curves as inputs as of the balance sheet date and are classified within Level 2. For purposes of fair value disclosure above, derivative values are presented gross. Further discussion of gross versus net presentation of the Company's derivatives within Note 8.

Contingent consideration obligations are recognized and measured at fair value at the acquisition date and thereafter until settlement or expiration. Contingent consideration is classified within Level 3 as the underlying fair value is determined using income-based valuation approaches appropriate for the terms and conditions of each respective contingent consideration. The consideration expected to be transferred is based on the Company’s expectations of various financial measures. The ultimate payment of contingent consideration could deviate from current estimates based on the actual results of these financial measures. Contingent consideration during 2024, 2023 and 2022 were not significant to the Company’s consolidated financial statements.

The carrying values of accounts receivable, accounts payable, cash and cash equivalents, commercial paper and notes payable approximate fair value because of their short maturities, and as such are classified within Level 1.

The fair value of long-term debt is based on quoted market prices for the same or similar debt instruments (classified as Level 2). The carrying amount, which includes adjustments related to the impact of interest rate swap agreements, premiums and discounts, and deferred debt issuance costs, and the estimated fair value of long-term debt, including current maturities, held by the Company were:

December 31, 2024

December 31, 2023

Carrying

Fair

Carrying

Fair

Amount

Value

Amount

Value

Long-term debt, including current maturities

$7,561.3

$6,662.1

$8,180.0

$7,552.5

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

DERIVATIVES AND HEDGING TRANSACTIONS

12 Months Ended

Dec. 31, 2024

DERIVATIVES AND HEDGING TRANSACTIONS

DERIVATIVES AND HEDGING TRANSACTIONS

8. DERIVATIVES AND HEDGING TRANSACTIONS

The Company uses foreign currency forward contracts, interest rate swap agreements, cross-currency swap derivative contracts and foreign currency debt to manage risks associated with foreign currency exchange rates, interest rates and net investments in foreign operations. The Company does not hold derivative financial instruments of a speculative nature or for trading purposes. The Company records derivatives as assets and liabilities in the Consolidated Balance Sheets at fair value. Changes in fair value are recognized immediately in earnings unless the derivative qualifies and is designated as a hedge. Cash flows from derivatives are classified in the Consolidated Statements of Cash Flows in the same category as the cash flows from the items subject to designated hedge or undesignated (economic) hedge relationships. The Company evaluates hedge effectiveness at inception and on an ongoing basis. If a derivative is no longer expected to be effective, hedge accounting is discontinued.

The Company is exposed to credit risk in the event of nonperformance of counterparties for foreign currency forward exchange contracts and interest rate swap agreements. The Company monitors its exposure to credit risk by using credit approvals and credit limits and by selecting major global banks and financial institutions as counterparties. The Company does not anticipate nonperformance by any of these counterparties, and therefore, recording a valuation allowance against the Company’s derivative balance is not considered necessary.

Derivative Positions Summary

Certain of the Company’s derivative transactions are subject to master netting arrangements that allow the Company to net settle contracts with the same counterparties. These arrangements generally do not call for collateral and as of the applicable dates presented in the following table, no cash collateral had been received or pledged related to the underlying derivatives.

The respective net amounts are included in other current assets, other assets, other current liabilities and other liabilities on the Consolidated Balance Sheets.

The following table summarizes the gross fair value and the net value of the Company’s outstanding derivatives:

Derivative Assets

Derivative Liabilities

December 31

December 31

December 31

December 31

(millions)

2024

2023

2024

2023

Derivatives designated as hedging instruments

Foreign currency forward contracts

$11.4

$6.7

$3.2

$5.2

Interest rate swap agreements

-

138.5

146.5

Cross-currency swap derivative contracts

82.1

29.1

19.5

24.9

Derivatives not designated as hedging instruments

Foreign currency forward contracts

27.0

19.9

24.8

21.8

Cross-currency swap derivative contracts

36.9

-

36.9

-

Gross value of derivatives

157.4

55.7

222.9

198.4

Gross amounts offset in the Consolidated Balance Sheets

(98.9)

(28.8)

(98.9)

(28.8)

Net value of derivatives

$58.5

$26.9

$124.0

$169.6

The following table summarizes the notional values of the Company’s outstanding derivatives:


	Notional Values
		December 31	December 31
(millions)		2024	2023

Foreign currency forward contracts		$3,175		$3,745
Interest rate swap agreements		1,500		1,500
Cross-currency swap derivative contracts		2,745		998

Cash Flow Hedges

The Company utilizes foreign currency forward contracts to hedge the effect of foreign currency exchange rate fluctuations on forecasted foreign currency transactions, including inventory purchases and intercompany royalty, intercompany loans, management fee and other payments. These forward contracts are designated as cash flow hedges. The changes in fair value of these contracts are recorded in accumulated other comprehensive income (loss) (“AOCI”) until the hedged items affect earnings, at which time the gain or loss is reclassified into the same line item in the Consolidated Statements of Income as the underlying exposure being hedged. Cash flow hedged transactions impacting AOCI are forecasted to occur within the next year. For forward contracts designated as hedges of foreign currency exchange rate risk associated with forecasted foreign currency transactions, the Company excludes the changes in fair value attributable to time value from the assessment of hedge effectiveness. The initial value of the excluded component (i.e., the forward points) is amortized on a straight-line basis over the life of the hedging instrument and recognized in the same line item in the Consolidated Statements of Income as the underlying exposure being hedged for intercompany loans. For all other cash flow hedge types, the forward points are mark-to-market monthly and recognized in the same line item in the Consolidated Statements of Income as the underlying exposure being hedged. The difference between fair value changes of the excluded component and the amount amortized in the Consolidated Statements of Income is recorded in AOCI.

Fair Value Hedges

The Company manages interest expense using a mix of fixed and floating rate debt. To help manage exposure to interest rate movements and to reduce borrowing costs, the Company may enter into interest rate swaps under which the Company agrees to exchange, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed upon notional principal amount. The mark-to-market of these fair value hedges is recorded as gains or losses in interest expense, net and is offset by the gain or loss of the underlying debt instrument, which also is recorded in interest expense, net. These fair value hedges are highly effective and thus, there is no impact on earnings due to hedge ineffectiveness.

In aggregate, the Company has entered into a series of interest rate swap agreements to convert $1.5 billion of its debt from a fixed interest rate to a floating interest rate. The fixed interest rates range from 1.3% to 4.8% and mature between 2026 and 2031. These interest rate swap agreements are designated as fair value hedges.

The following amounts were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of December 31 2024 and 2023:

Line item in which the hedged item is included

Carrying amount of the hedged liabilities

Cumulative amount of the fair value hedging adjustment included in the carrying amount of the hedged liabilities

(millions)

2024

2023

2024

2023

Long-term debt

$1,361.1

$1,353.7

($141.3)

($148.6)

Net Investment Hedges

In November 2023, the Company elected to de-designate as a net investment hedge €316 million of its Euro debt maturing on January 15, 2024. In January 2024, the Company repaid €575 million ($630 million) of long-term debt and settled the remaining €259 million net investment hedge related to that Euro debt. The Company designates its remaining outstanding €575 million ($608 million as of year-end 2024) senior notes (“Euronotes”) and related accrued interest as a hedge of its Euro denominated exposures from the Company’s investments in certain of its Euro denominated functional currency subsidiaries.

In May 2024, the Company entered into a Euro cross-currency swap derivative contract with a notional amount of €300 million. In July 2024, the Company entered into Euro cross-currency swap derivative contracts with notional amounts of €200 million, €100 million and €100 million. In October 2024, the Company entered into Euro cross-currency swap derivative contracts with notional amounts €150 million and €100 million. In November 2024, the Company entered into a series of Euro cross-currency swap derivative contracts effectively replacing two existing cross-currency swap derivative contracts with a total notional amount of €300 million. As a result, the Company has swapped €300 million of notional value.

In aggregate, the Company maintains a series of Euro cross-currency swap derivative contracts that are designated as net investment hedges of the Company’s Euro denominated exposures from the Company’s investments in certain of its Euro denominated functional currency subsidiaries. The cross-currency swap derivative contracts exchange fixed-rate payments in one currency for fixed-rate payments in another currency. As of December 31, 2024, the Company had €1,575 million ($1,631 million) cross-currency swap derivative contracts outstanding designated as a hedge of the Company’s net investment in foreign operations. The changes in the spot rate of these instruments are recorded in AOCI in stockholders’ equity, partially offsetting the foreign currency translation adjustment of the Company’s related net investment that is also recorded in AOCI. Any ineffective portions of net investment hedges are reclassified from AOCI into earnings during the period of change. The interest income or expense from these swaps are recorded in interest expense on the accompanying Consolidated Statements of Income consistent with the classification of interest expense attributable to the underlying debt.

In October 2024, the Company entered into CNH cross-currency swap derivative contracts with a notional amount of CNH 714 million and CNH 713 million. In aggregate, the Company maintains a series of CNH cross-currency swap derivative contracts that are designated as net investment hedges of its Chinese Yuan (“CNY”) denominated exposures from the Company’s investments in certain CNY denominated functional currency subsidiaries. The cross-currency swap derivative contracts exchange fixed-rate payments in USD for fixed-rate payments in CNH. As of December 31, 2024, the Company had CNH 3,619 million ($493 million) cross-currency swap derivative contracts outstanding designated as a hedge of the Company’s net investment in foreign operations. The changes in the spot rate of these instruments are recorded in AOCI in stockholders’ equity, partially offsetting the foreign currency translation adjustment of the Company’s related net investment that is also recorded in AOCI. The interest income or expense from these swaps is recorded in interest expense on the accompanying Consolidated Statements of Income consistent with the classification of interest expense attributable to the underlying debt.

The revaluation gains and losses on the Euronotes and cross-currency swap derivative contracts, which are designated and effective as hedges of the Company’s net investments, have been included as a component of the cumulative translation adjustment account, and were as follows:



(millions)	2024		2023		2022
Revaluation gain (loss), net of tax:
Euronotes		$12.8		($42.3)		$81.9
Cross-currency swap derivative contracts		39.6		(30.8)		26.4
Total revaluation gain (loss), net of tax		$52.4		($73.1)		$108.3

Derivatives Not Designated as Hedging Instruments

The Company also uses foreign currency forward contracts to offset its exposure to the change in value of certain foreign currency denominated assets and liabilities held at foreign subsidiaries, primarily receivables and payables, which are remeasured at the end of each period. Although the contracts are effective economic hedges, they are not designated as accounting hedges. Therefore, changes in the value of these derivatives are recognized immediately in earnings, thereby offsetting the current earnings effect of the related foreign currency denominated assets and liabilities.

Effect of all Derivative Instruments on Income

The gain (loss) of all derivative instruments recognized in product and equipment cost of sales (“COS”), selling, general and administrative expenses (“SG&A”) and interest expense, net (“interest”) is summarized below:



	2024				2023				2022
(millions)		COS	SG&A	Interest		COS	SG&A	Interest		COS	SG&A	Interest
Gain (loss) on derivatives designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) reclassified from AOCI to income		$4.0	$5.8	$-		$10.6	($18.9)	$-		$6.4	$95.0	$-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value		-	-	-		-	-	7.7		-	-	13.9
Interest rate swap agreements
Amount of (loss) gain reclassified from AOCI to income		-	-	(1.9)		-	-	(1.9)		-	-	(2.3)

Gain (loss) on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) recognized in income		-	(3.4)	-		-	(26.2)	-		-	62.0	-
Total gain (loss) of all derivative instruments		$4.0	$2.4	($1.9)		$10.6	($45.1)	$5.8		$6.4	$157.0	$11.6

Subsequent Events

In February 2025, the Company entered into cross-currency swap derivative contracts with notional amounts of €300 million and CAD 280 million. These cross-currency swap derivative contracts are designated as net investment hedges of its Euro or CAD denominated exposures from the Company’s investments in certain of its Euro or CAD denominated functional currency subsidiaries.

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION

12 Months Ended

Dec. 31, 2024

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION

9. OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION

Other comprehensive income (loss) includes net income, foreign currency translation adjustments, defined benefit pension and postretirement plan adjustments, gains and losses on derivative instruments designated and effective as cash flow hedges and non-derivative instruments designated and effective as foreign currency net investment hedges that are charged or credited to the AOCI account in shareholders’ equity.

The following table provides other comprehensive income (loss) information related to the Company’s derivatives and hedging instruments and pension and postretirement benefits. Refer to Note 8 for additional information related to the Company’s derivatives and hedging transactions. Refer to Note 16 for additional information related to the Company’s pension and postretirement benefits activity.



(millions)	2024		2023		2022
Derivative and Hedging Instruments
Unrealized gain (loss) on derivative and hedging instruments
Amount recognized in AOCI		$19.2		($12.8)		$112.9
(Gain) loss reclassified from AOCI into income
COS		(4.0)		(10.6)		(6.4)
SG&A		(5.8)		18.9		(95.0)
Interest (income) expense, net		1.9		(5.8)		(11.6)
		(7.9)		2.5		(113.0)
Other activity		-		-		1.1
Tax impact		(2.6)		2.5		(2.2)
Net of tax		$8.7		($7.8)		($1.2)

Pension and Postretirement Benefits
Amount recognized in AOCI
Current period net (loss) gain		($19.0)		($80.7)		$83.3
Amount reclassified from AOCI into income
Settlement charge (income)		0.9		(2.7)		51.6
Amortization of losses and prior period service credits, net		10.6		6.9		47.7
		11.5		4.2		99.3
Tax impact		1.9		21.4		(52.3)
Net of tax		($5.6)		($55.1)		$130.3

SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2024

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

10. SHAREHOLDERS’ EQUITY

Authorized common stock, par value $1.00 per share, was 800 million shares at December 31, 2024, 2023 and 2022. Treasury stock is stated at cost. Dividends declared per share of common stock were $2.36 for 2024, $2.16 for 2023 and $2.06 for 2022.

The Company has 15 million shares, without par value, of authorized but unissued and undesignated preferred stock.

Share Repurchase Authorization

In November 2022, the Company’s Board of Directors authorized the repurchase of up to 10,000,000 shares of its common stock, including shares to be repurchased under Rule 10b5-1. As of December 31, 2024, 8,781,585 shares remained to be repurchased under the Company’s repurchase authorization. The Company intends to repurchase all shares under its authorization, for which no expiration date has been established, in open market or privately negotiated transactions, subject to market conditions.

Share Repurchases

During 2024, 2023 and 2022, the Company reacquired 4,246,642, 83,674 and 3,038,107 shares, respectively, of its common stock, of which 4,135,512, 0 and 2,933,090, respectively, related to share repurchases through open market or private purchases, and 111,130, 83,674 and 105,017, respectively, related to shares withheld for taxes on exercise of stock options and vesting of stock awards and units.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

EQUITY COMPENSATION PLANS

12 Months Ended

Dec. 31, 2024

EQUITY COMPENSATION PLANS

EQUITY COMPENSATION PLANS

11. EQUITY COMPENSATION PLANS

The Company’s equity compensation plans provide for grants of stock options, performance-based restricted stock units (“PBRSUs”) and non-performance-based restricted stock units (“RSUs”) and restricted stock awards (“RSAs”). Common shares available for grant as of December 31, 2024, 2023 and 2022 were 18,052,830, 18,840,265 and 5,475,903, respectively. The Company generally issues authorized but previously unissued shares to satisfy stock option exercises and stock award vesting.

The Company’s annual long-term incentive share-based compensation program is made up of 40% stock options and 60% PBRSUs for 2024 and 2023, and 50% stock options and 50% PBRSUs for 2022. The Company also periodically grants RSUs. Total compensation expense related to all share-based compensation plans was $134.8 million ($111.8 million net of tax benefit), $95.1 million ($81.4 million net of tax benefit) and $87.8 million ($74.8 million net of tax benefit) for 2024, 2023 and 2022, respectively. As of December 31, 2024, there was $182.6 million of total measured but unrecognized compensation expense related to non-vested share-based compensation arrangements granted under all of the Company’s plans. That cost is expected to be recognized over a weighted-average period of 2.1 years.

Stock Options

Stock options are granted to purchase shares of the Company’s stock at the average daily share price on the date of grant. These options generally expire within ten years from the grant date. The Company generally recognizes compensation expense for these awards on a straight-line basis over the three year vesting period. Stock option grants to retirement eligible recipients are attributed to expense using the non-substantive vesting method.

A summary of stock option activity and average exercise prices is as follows:


	2024			2023			2022
	Number of	Exercise		Number of	Exercise		Number of	Exercise
	Options	Price (a)		Options	Price (a)		Options	Price (a)
Outstanding, beginning of year	6,921,356		$168.65	7,031,103		$160.45	6,217,161		$160.91
Granted	595,791		247.02	861,840		190.53	1,228,673		148.79
Exercised	(1,838,103)		144.58	(832,050)		119.41	(294,228)		101.08
Canceled	(130,774)		173.95	(139,537)		183.77	(120,503)		210.26
Outstanding, end of year	5,548,270		$184.92	6,921,356		$168.65	7,031,103		$160.45
Exercisable, end of year	4,095,681		$178.24	5,107,518		$165.77	5,168,161		$155.45
Vested and expected to vest, end of year	5,396,495		$184.32

(a)

Represents weighted average price per share.

The total aggregate intrinsic value of options (the amount by which the stock price exceeded the exercise price of the option on the date of exercise) that were exercised during 2024, 2023 and 2022 was $162.4 million, $47.7 million and $21.0 million, respectively.

The total aggregate intrinsic value of options outstanding as of December 31, 2024 was $283.4 million, with a corresponding weighted-average remaining contractual life of 6.5 years. The total aggregate intrinsic value of options exercisable as of December 31, 2024 was $231.0 million, with a corresponding weighted-average remaining contractual life of 5.5 years. The total aggregate intrinsic value of options vested and expected to vest as of December 31, 2024 was $278.2 million, with a corresponding weighted-average remaining contractual life of 6.4 years.

The lattice (binomial) option-pricing model is used to estimate the fair value of options at grant date. The Company’s primary employee option grant occurs during the fourth quarter. The weighted-average grant-date fair value of options granted and the significant assumptions used in determining the underlying fair value of each option grant, on the date of grant were as follows:


	2024			2023			2022
Weighted-average grant-date fair value of options
granted at market prices		$66.80			$50.26			$37.04
Assumptions
Risk-free rate of return		4.1	%		4.1	%		3.5	%
Expected life		6	years		6	years		6	years
Expected volatility		22.6	%		22.4	%		23.5	%
Expected dividend yield		1.0	%		1.2	%		1.4	%

The risk-free rate of return is determined based on a yield curve of U.S. treasury rates from one month to ten years and a period commensurate with the expected life of the options granted. Expected volatility is established based on historical volatility of the Company’s stock price. The expected dividend yield is determined based on the Company’s annual dividend amount as a percentage of the average stock price at the time of the grant.

PBRSUs, RSUs and RSAs

The expense associated with PBRSUs is based on the average of the high and low share price of the Company’s common stock on the date of grant, adjusted for the absence of future dividends. The awards vest based on the Company achieving a defined performance target from 0% to 200% and with continued service for a three year period. Upon vesting and following certification of performance by the Compensation & Human Capital Management Committee of the Board of Directors, the Company issues shares of its common stock such that one award unit equals one share of common stock. The Company assesses the probability of achieving the performance target and recognizes expense over the three year vesting period when it is probable the performance target will be met. PBRSU awards granted to retirement eligible recipients are attributed to expense using the non-substantive vesting method. The awards are generally subject to forfeiture in the event of termination of employment.

The expense associated with shares of non-performance based RSUs and RSAs is based on the average of the high and low share price of the Company’s common stock on the date of grant, adjusted for the absence of future dividends and is amortized on a straight-line basis over the periods during which the restrictions lapse. The Company currently has RSUs that vest over periods between 24 and 48 months. The awards are generally subject to forfeiture in the event of termination of employment.

A summary of non-vested PBRSUs and restricted stock activity is as follows:


	PBRSU	Grant Date		RSAs and	Grant Date
	Awards	Fair Value (a)		RSUs	Fair Value (a)
December 31, 2021	788,529		$189.96	232,274		$195.95
Granted	291,496		142.24	240,370		146.90
Vested / Earned	(232,210)		152.63	(68,864)		163.81
Canceled	(24,645)		207.05	(18,683)		201.39
December 31, 2022	823,170		$181.68	385,097		$170.50
Granted	328,739		185.10	156,618		165.81
Vested / Earned	(180,674)		178.26	(61,776)		191.22
Canceled	(26,409)		175.05	(24,449)		166.22
December 31, 2023	944,826		$183.71	455,490		$166.31
Granted	245,868		240.66	78,386		230.47
Vested / Earned	(180,993)		215.26	(121,400)		196.78
Canceled	(44,499)		171.30	(37,177)		160.90
December 31, 2024	965,202		$192.87	375,299		$170.39

(a)

Represents weighted average price per share.

INCOME TAXES

12 Months Ended

Dec. 31, 2024

INCOME TAXES

INCOME TAXES

12. INCOME TAXES

Income before income taxes consisted of:


(millions)	2024		2023		2022
United States (U.S.)		$1,035.3		$408.9		$295.6
International		1,535.9		1,346.6		1,047.8
Total		$2,571.2		$1,755.5		$1,343.4

The provision (benefit) for income taxes consisted of:


(millions)	2024		2023		2022
U.S. federal and state		$301.3		$137.6		$145.7
International		322.6		280.0		231.4
Total current		623.9		417.6		377.1
U.S. federal and state		(143.1)		(40.1)		(78.9)
International		(41.5)		(15.0)		(63.7)
Total deferred		(184.6)		(55.1)		(142.6)
Provision for income taxes		$439.3		$362.5		$234.5

The Company’s overall net deferred tax assets and deferred tax liabilities were comprised of the following:


December 31 (millions)	2024		2023
Deferred tax assets
Pension and post-retirement benefits		$68.2		$82.1
Other accrued liabilities		152.5		162.0
Lease liability		176.7		135.9
Credit carryforwards		105.1		83.7
Capitalization of R&D costs		246.5		180.9
Loss carryforwards		92.9		57.3
Share-based compensation		54.2		54.5
Deferred income		72.4		27.9
Deferred interest		85.2		64.3
Other, net		32.8		49.0
Valuation allowance		(77.8)		(65.7)
Total deferred tax assets		1,008.7		831.9
Deferred tax liabilities
Goodwill		(133.9)		(160.1)
Intangible assets		(410.4)		(451.3)
Property, plant and equipment		(310.7)		(332.3)
Lease asset		(177.8)		(136.1)
Financing		(43.3)		(32.1)
Other, net		(57.1)		(18.9)
Total deferred tax liabilities		(1,133.2)		(1,130.8)
Net deferred tax liabilities balance		($124.5)		($298.9)

Presentation of prior year amounts relating to other deferred tax assets and deferred interest are now presented separately and have been reclassified to conform with the current year presentation. These reclassifications had no effect on the reported result of operations.

As of December 31, 2024 the Company has tax effected federal, state and international net operating loss carryforwards of $13.7 million, $13.2 million and $39.3 million, respectively, and a tax effected federal tax capital loss carryforward of $26.7 million which will be available to offset future taxable income. The federal and state net operating loss carryforwards of $26.9 million expire from 2025 to 2045. The international loss carryforwards of $18.7 million expire from 2025 to 2045 and $20.6 million have no expiration. The federal capital loss carryforwards of $26.7 million expire from 2025 to 2029. The tax loss carryforwards expiring in 2025 are not material.

Additionally, the Company has $105.1 million of net credit carryforwards that are primarily related to U.S. foreign tax credits and various state and international credits. The U.S. foreign tax credit carryforwards of $88.5 million expire from 2028 to 2034. Other state and international credit carryforwards will expire from 2025 to 2038. The tax credit carryforwards expiring in 2025 are not material.

The Company has valuation allowances on certain deferred tax assets of $77.8 million and $65.7 million at December 31, 2024 and 2023, respectively. The increase in valuation allowance from year end 2023 to year end 2024 was primarily due to U.S. federal capital losses.

In connection with the implementation of Organization for Economic Co-operation and Development (“OECD”) global minimum tax initiative known as Pillar Two, any existing deferred taxes not disclosed in the Company’s financial statements will not be available in the future to reduce tax otherwise due under Pillar Two. Accordingly, the Company is disclosing the existence of gross tax loss carryforwards in Luxembourg of $1.5 billion. The losses are determined to have a remote possibility of realization and, therefore, are not reported in the table above.

The Company obtained tax benefits from a tax holiday in the Dominican Republic. The Company received a permit of operation, which expires in April 2036, from the National Council of Free Zones of Exportation for the Dominican Republic. Companies operating under the Free Zones are not subject to income tax in the Dominican Republic on export income. The tax reduction as the result of the tax holiday for 2024 was $2.7 million ($0.01 per diluted share), 2023 was $6.6 million ($0.02 per diluted share) and 2022 was $5.8 million ($0.02 per diluted share). The tax holiday was associated with an entity that was divested as part of the sale of the global surgical solutions business in 2024.

A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective income tax rate is as follows:


	2024		2023		2022
Statutory U.S. rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	1.5		1.4		1.3
Foreign operations	(1.2)		(0.5)		(0.8)
Excess stock benefits	(0.7)		(0.3)		(0.4)
R&D credit	(0.9)		(1.3)		(1.4)
Foreign derived intangible income	(1.9)		(1.2)		(1.8)
Change in valuation allowance	0.6		0.5		0.7
Legal entity rationalization	-		0.1		(1.5)
Sale of global surgical solutions business	1.1		-		-
Capital losses	(3.4)		-		-
Other, net	1.0		0.9		0.4
Effective income tax rate	17.1	%	20.6	%	17.5	%

The change in the Company’s effective income tax rate includes the tax impact of special (gains) and charges and discrete tax items, which have impacted the comparability of the Company’s historical effective income tax rates, as amounts included in special (gains) and charges are derived from tax jurisdictions with rates that vary from the statutory U.S. 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 the Company’s effective income tax rate in the future.

The Company’s 2024 effective tax rate of 17.1% includes $56.9 million of net tax expenses on special (gains) and charges, and net tax benefit of $78.6 million associated with discrete items. Discrete items include a tax benefit of $62.1 million associated with capital losses and $30.4 million in additional basis of foreign intangible assets. The remaining net discrete tax expense of $13.9 million was primarily related to the filing of federal, state and foreign tax returns and other income tax adjustments including the impact of changes in tax laws, audit settlements, share-based compensation excess tax benefit and other changes in estimates.

The Company’s 2023 effective tax rate of 20.6% includes $24.7 million of net tax benefits on special (gains) and charges, and net tax expense of $11.2 million associated with discrete items. The net discrete tax expense was primarily related to the filing of federal, state and foreign tax returns and other income tax adjustments including the impact of changes in tax laws, audit settlements, share-based compensation excess tax benefit and other changes in estimates.

The Company’s 2022 effective tax rate of 17.5% includes $53.7 million of net tax benefits on special (gains) and charges, and net tax benefit of $11.8 million associated with discrete items. Discrete items included deferred tax benefits of $14.6 million associated with utilization of tax attributes as a result of legal entity rationalization and share-based compensation excess tax benefits of $6.0 million. The remaining discrete tax expense of $8.8 million was primarily related to the filing of federal, state and foreign tax returns and other income tax adjustments including the impact of changes in tax laws, audit settlements and other changes in estimates.

The Company continues to assert permanent reinvestment of the undistributed earnings of international affiliates unless the earnings can be remitted in a net income tax benefit or tax-neutral manner. If there are policy changes, the Company would record the applicable taxes in the period of change. Due to the complexity of the legal entity structure, the number of legal entities and jurisdictions involved, and the complexity of the laws and regulations, the Company believes it is not practicable to estimate the amount of additional taxes which may be payable upon distribution of these undistributed earnings. Accordingly, no deferred taxes have been provided for withholding taxes or other taxes on permanently reinvested earnings.

A reconciliation of the beginning and ending amount of gross liability for unrecognized tax benefits is as follows:


(millions)	2024		2023		2022
Balance at beginning of year		$24.2		$24.9		$25.1
Additions based on tax positions related to the current year		4.6		5.8		2.7
Additions for tax positions of prior years		11.6		1.7		3.6
Reductions for tax positions of prior years		-		-		(1.5)
Reductions for tax positions due to statute of limitations		(0.7)		(2.7)		(0.7)
Settlements		(5.3)		(5.5)		(3.4)
Foreign currency translation		(0.3)		-		(0.9)
Balance at end of year		$34.1		$24.2		$24.9

The total amount of unrecognized tax benefits, if recognized would affect the effective tax rate by $31.5 million as of December 31, 2024, $21.6 million as of December 31, 2023 and $23.1 million as of December 31, 2022.

The Company files U.S. federal income tax returns and income tax returns in various U.S. state and non- U.S. jurisdictions. With few exceptions, the Company is no longer subject to state and foreign income tax examinations by tax authorities for years before 2018. The IRS has completed examinations of the Company’s U.S. federal income tax returns through 2018, and the years 2019 through 2020 are currently under audit. In addition to the U.S. federal examination, there is ongoing audit activity in several U.S. state and foreign jurisdictions. The Company anticipates changes to unrecognized tax benefits due to closing of various audits and statutes closing on years mentioned above. The Company does not believe these changes will result in a material impact during the next twelve months. Decreases in the Company’s gross liability could result in offsets to other balance sheet accounts, cash payments, and adjustments to tax expense. The occurrence of these events and/or other events not included above within the next twelve months could change depending on a variety of factors.

The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. The Company had $5.5 million, $4.0 million and $4.0 million of accrued interest, including minor amounts for penalties, at December 31, 2024, 2023 and 2022, respectively.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

RENTALS AND LEASES

12 Months Ended

Dec. 31, 2024

RENTALS AND LEASES

RENTALS AND LEASES

13. RENTALS AND LEASES

Lessee

The Company leases sales and administrative office facilities, distribution centers, research and manufacturing facilities, as well as vehicles and other equipment under operating leases. Certain of the Company’s lease arrangements are finance leases, which are immaterial individually and in the aggregate.

The Company’s operating lease cost was as follows:


(millions)	2024		2023		2022
Operating lease cost*		$218.0		$215.4		$196.9

*Includes immaterial short-term and variable lease costs

Future maturity of operating lease liabilities as of December 31, 2024 were as follows:



(millions)
2025			$159
2026			148
2027			120
2028			80
2029			50
Thereafter			252
Total lease payments			809
Less: imputed interest			91
Present value of lease liabilities			$718

The Company’s operating leases term and discount rate were as follows:



	December 31			December 31			December 31
	2024			2023			2022

Weighted-average remaining lease terms (years)		7.01			6.44			6.71

Weighted-average discount rate		4.76	%		4.02	%		2.98	%

The Company’s other lease information was as follows:

December 31

December 31

(millions)

2024

2023

2022

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases

$207.7

$170.6

$157.3

Leased assets obtained in exchange for new operating lease liabilities

336.0

251.5

202.7

Lessor

The Company leases warewashing and water treatment equipment to customers under operating leases.

Gross assets under operating leases recorded in Property, plant and equipment, net is $1,481.7 million and $1,397.5 million, and related accumulated depreciation is $932.9 million and $878.9 million, as of December 31, 2024 and 2023, respectively.

The Company’s operating lease revenue was as follows:


(millions)	2024		2023		2022
Operating lease revenue*		$534.9		$511.8		$466.7

*Includes immaterial variable lease revenue

Future revenue from operating leases for existing contracts as of December 31, 2024 were as follows:



(millions)
2025			$438
2026			315
2027			252
2028			174
2029			90
Thereafter			51
Total lease revenue			$1,320

The Company mitigates the risk of residual value subsequent to the lease term by redeploying assets. As such, the Company expects to receive revenue from the operating lease assets through the remaining useful life and therefore subsequent to the initial contract termination date.

RESEARCH AND DEVELOPMENT EXPENDITURES

12 Months Ended

Dec. 31, 2024

RESEARCH AND DEVELOPMENT EXPENDITURES

RESEARCH AND DEVELOPMENT EXPENDITURES

14. RESEARCH AND DEVELOPMENT EXPENDITURES

Research expenditures that relate to the development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred. Such costs were $207 million in 2024, $192 million in 2023 and $190 million in 2022. The Company did not participate in any material customer sponsored research during any of the years.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2024

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

15. COMMITMENTS AND CONTINGENCIES

The Company is subject to various claims and contingencies related to, among other things, workers’ compensation, general liability (including product liability), automobile claims, health care claims, environmental matters and lawsuits. The Company is also subject to various claims and contingencies related to income taxes, which are discussed in Note 12. The Company also has contractual obligations including lease commitments, which are discussed in Note 13.

The Company records liabilities when a contingent loss is probable and can be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. The Company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that a material loss may have been incurred.

Insurance

Globally, the Company has insurance policies with varying deductible levels for property and casualty losses. The Company is insured for losses in excess of these deductibles, subject to policy terms and conditions and has recorded both a liability and an offsetting receivable for amounts in excess of these deductibles. The Company is self-insured for health care claims for eligible participating employees, subject to certain deductibles and limitations. The Company determines its liabilities for claims on an actuarial basis.

Litigation and Environmental Matters

The Company and certain subsidiaries are party to various lawsuits, claims and environmental actions that have arisen in the ordinary course of business. These include from time to time antitrust, employment, commercial, patent infringement, tort, product liability and wage hour lawsuits, as well as possible obligations to investigate and mitigate the effects on the environment of the disposal or release of certain chemical substances at various sites, such as Superfund sites and other operating or closed facilities. The Company has established accruals for certain lawsuits, claims and environmental matters. The Company currently believes that there is not a reasonably possible risk of material loss in excess of the amounts accrued related to these legal matters. Because litigation is inherently uncertain, and unfavorable rulings or developments could occur, there can be no certainty that the Company may not ultimately incur charges in excess of recorded liabilities. A future adverse ruling, settlement or unfavorable development could result in future charges that could have a material adverse effect on the Company’s results of operations or cash flows in the period in which they are recorded.

The Company currently believes that such future charges related to suits and legal claims, if any, would not have a material adverse effect on the Company’s consolidated financial position.

TPC Group Litigation

On November 27, 2019, a Butadiene production plant owned and operated by TPC Group, Inc. (“TPC”) in Port Neches, Texas, experienced an explosion and fire that resulted in personal injuries, the release of chemical fumes and extensive property damage to the plant and surrounding areas in and near Port Neches, Texas.

Nalco Company LLC, a subsidiary of Ecolab, supplied process chemicals to TPC used in TPC’s production processes. Nalco did not operate, manage, maintain or control any aspect of TPC’s plant operations.

In connection with its provision of process chemicals to TPC, Nalco was named in numerous lawsuits stemming from the plant explosion. Nalco has been named a defendant, along with TPC and other defendants, in multi-district litigation (“MDL”) proceedings pending in Orange County, Texas, alleging among other things claims for personal injury, property damage and business losses (In re TPC Group Litigation – A2020-0236-MDL, Orange County, Texas). Numerous other lawsuits were filed against Nalco, including TPC Group v. Nalco, E0208239, Jefferson County, Texas, a subrogation claim by TPC’s insurers seeking reimbursement for property damage losses. Over 5,000 plaintiffs (including the subrogation matter) currently have asserted claims against Nalco. All claims have been consolidated for pretrial purposes into the MDL.

All of these cases make similar allegations and seek damages for personal injury, property damage, business losses and other damages, including exemplary damages. Due to the large number of plaintiffs, the early stage of the litigation and the fact that many of the claims do not specify an amount of damages, any estimate of any loss or range of losses cannot be made at this time.

On June 1, 2022, TPC and seven of its affiliated companies filed for bankruptcy under Chapter 11 (Case No. 22-10493-CTG, United States Bankruptcy Court for the District of Delaware). In connection with the bankruptcy cases, TPC disclosed an estimated range of its liability related to the Port Neches incident to individuals and homeowners (including subrogation claims) of approximately $152 million to $520 million. As part of their bankruptcy plan, TPC and its affiliates announced a settlement which allows the MDL plaintiffs a $500 million claim solely for purposes of claim allowance in the chapter 11 case and distribution of value pursuant to TPC’s bankruptcy plan. Other key terms of the settlement between TPC and the MDL plaintiffs include the establishment of a settlement trust for the benefit of certain general unsecured creditors, which is funded with $30 million and the assignment of TPC’s claims and causes of action, if any, against certain third parties, including Nalco, related to the TPC plant explosion. As part of the bankruptcy process, TPC and its debtor affiliates received a discharge of all MDL related claims, as did certain non-debtor affiliates to the extent third parties did not opt out of the non-debtor releases. As a result, TPC is no longer a defendant in the MDL. Nalco opted out of these releases, preserving any direct causes of action it may have against non-debtors. Furthermore, the allowance of the $500 million claim should have no effect on any claims or defenses asserted against or by Nalco in the MDL litigation. On December 1, 2022, the bankruptcy court confirmed the TPC bankruptcy plan, including the approval of the settlement and establishment of the aforementioned settlement trust. On December 16, 2022, the TPC bankruptcy plan went effective. As a result of the bankruptcy, the MDL was stayed. The stay was lifted in the fourth quarter of 2023 and various activities advancing discovery have resumed.

The Company believes the claims asserted against Nalco in the lawsuits stemming from the TPC plant explosion are without merit and intends to defend the claims vigorously. The Company also believes any potential loss should be covered by insurance subject to deductibles. However, the Company cannot predict the outcome of these lawsuits, the involvement the Company might have in these matters in the future or the potential for future litigation.

Vehicle Accident Litigation

In June 2024, an Ecolab employee was driving a company vehicle when it collided with another vehicle, resulting in fatalities and serious injuries. The Company was recently named in a lawsuit arising out of the collision in which the plaintiffs seek monetary damages. The Company believes any potential loss should be covered by insurance subject to its deductible. Due to the early stage of the litigation, an estimate of any loss or range of losses cannot be made at this time.

Environmental Matters

The Company is currently participating in environmental assessments and remediation at approximately 25 locations, the majority of which are in the U.S., and environmental liabilities have been accrued reflecting management’s best estimate of future costs. Potential insurance reimbursements are not anticipated in the Company’s accruals for environmental liabilities.

RETIREMENT PLANS

12 Months Ended

Dec. 31, 2024

RETIREMENT PLANS

RETIREMENT PLANS

16. RETIREMENT PLANS

Pension and Postretirement Health Care Benefits Plans

The Company has a non-contributory, qualified, defined benefit pension plan covering the majority of its U.S. employees. The Company also has U.S. non-contributory, non-qualified, defined benefit pension plans, which provide for benefits to employees in excess of limits permitted under its pension plans. The U.S. non-qualified plans are not funded and the recorded benefit obligations for the non-qualified plans were $78 million and $87 million at December 31, 2024 and 2023, respectively. The measurement date used for determining the U.S. pension plan assets and obligations is December 31.

Various international subsidiaries have defined benefit pension plans. International plans are funded based on local country requirements. The measurement date used for determining the international pension plan assets and obligations is November 30, the fiscal year end of the Company’s international subsidiaries.

The Company provides postretirement health care and life insurance benefits to certain U.S. employees and retirees. The U.S. postretirement health care plans are contributory based on years of service and choice of coverage (family or single), with retiree contributions adjusted annually. The Company also maintains several U.S. postretirement life insurance plans. The measurement date used to determine the U.S. postretirement health care and life insurance plan assets and obligations is December 31. Certain employees outside the U.S. are covered under government-sponsored programs, which are not required to be fully funded. The expense and obligation for providing international postretirement health care benefits are not significant.

The following table sets forth financial information related to the Company’s pension and postretirement benefit plans:


	U.S.				International				U.S. Postretirement
	Pensions				Pensions				Benefits
(millions)	2024		2023		2024		2023		2024		2023
Accumulated benefit obligation, end of year		$1,790.6		$1,859.5		$1,123.4		$1,125.8		$101.4		$112.0
Projected benefit obligation
Projected benefit obligation, beginning of year		$1,859.5		$1,799.0		$1,174.0		$1,221.9		$112.0		$115.5
Service cost		46.3		40.9		19.0		21.7		0.3		0.4
Interest cost		87.0		88.1		48.9		45.9		5.2		5.6
Participant contributions		-		-		2.9		2.8		3.0		3.8
Plan amendments		-		-		(0.5)		(1.5)		-		-
Actuarial (gain) loss		(68.4)		90.2		14.8		(101.0)		(8.0)		(0.1)
Acquisitions and divestitures		-		-		(13.3)		-		-		-
Other events		-		-		1.6		2.9		-		-
Benefits paid		(133.8)		(158.7)		(58.1)		(69.8)		(11.1)		(13.2)
Foreign currency translation		-		-		(22.7)		51.1		-		-
Projected benefit obligation, end of year		$1,790.6		$1,859.5		$1,166.6		$1,174.0		$101.4		$112.0

Plan assets
Fair value of plan assets, beginning of year		$1,719.7		$1,668.5		$871.2		$905.1		$2.4		$3.2
Actual returns on plan assets		45.1		149.1		76.5		(44.0)		-		0.2
Company contributions		8.0		60.8		35.3		35.4		10.3		12.2
Participant contributions		-		-		2.9		2.8		-		-
Acquisitions and divestitures		-		-		(6.3)		2.9		-		-
Benefits paid		(133.8)		(158.7)		(57.9)		(67.6)		(11.1)		(13.2)
Foreign currency translation		-		-		(10.8)		36.6		-		-
Fair value of plan assets, end of year		$1,639.0		$1,719.7		$910.9		$871.2		$1.6		$2.4
Funded Status, end of year		($151.6)		($139.8)		($255.7)		($302.8)		($99.8)		($109.6)

Amounts recognized in the Consolidated Balance Sheets:
Other assets		$-		$-		$151.0		$118.4		$-		$-
Other current liabilities		(8.8)		(9.2)		(36.2)		(33.0)		(8.3)		(8.7)
Pension and postretirement benefits		(142.8)		(130.6)		(370.5)		(388.2)		(91.5)		(100.9)
Net liability		($151.6)		($139.8)		($255.7)		($302.8)		($99.8)		($109.6)

Amounts recognized in accumulated other comprehensive loss (income):
Unrecognized net actuarial loss (gain)		$526.5		$495.2		$253.5		$278.5		($45.4)		($40.8)
Unrecognized net prior service (benefits) costs		(12.1)		(16.7)		(1.1)		(0.4)		-		-
Tax (benefit) expense		(131.6)		(122.8)		(58.1)		(64.4)		6.7		6.2
Accumulated other comprehensive loss (income), net of tax		$382.8		$355.7		$194.3		$213.7		($38.7)		($34.6)

Change in accumulated other comprehensive loss (income):
Amortization of net actuarial gain (loss)		($6.1)		($0.2)		($12.2)		($14.8)		$3.2		$3.1
Amortization of prior service credits		4.6		4.5		(0.1)		0.5		-		-
Current period net actuarial loss (gain)		37.4		83.5		(10.1)		(1.0)		(7.8)		(0.3)
Current period prior service costs		-		-		(0.5)		(1.5)		-		-
Curtailments and settlements		-		-		(0.9)		2.7		-		-
Tax (benefit) expense		(8.8)		(22.0)		6.3		2.1		0.5		(1.5)
Foreign currency translation		-		-		(1.9)		12.2		-		-
Other comprehensive loss (income)		$27.1		$65.8		($19.4)		$0.2		($4.1)		$1.3

Estimate amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2025 were as follows:


					U.S. Post-
	U.S.		International		Retirement
(millions)	Pensions		Pensions		Benefits
Net actuarial loss (gain)		$8.6		$8.1		($3.6)
Net prior service benefits		(4.6)		(0.3)		-
Total		$4.0		$7.8		($3.6)

Service cost is included with employee compensation cost in either cost of sales and selling, general and administrative expenses in the Consolidated Statements of Income based on employee roles in the Company while all non-service components are included in other (income) expense in the Consolidated Statements of Income.

The aggregate projected benefit obligation, accumulated benefit obligation and fair value of pension plan assets for plans with accumulated benefit obligations in excess of plan assets were as follows:


December 31, (millions)	2024		2023
Aggregate projected benefit obligation		$2,292.5		$2,428.8
Accumulated benefit obligation		2,265.5		2,392.4
Fair value of plan assets		1,738.6		1,868.9

The projected benefit obligation and fair value of pension plan assets for plans with projected benefit obligations in excess of plan assets were as follows:


December 31, (millions)	2024		2023
Projected benefit obligations		$2,373.4		$2,449.1
Fair value of plan assets		1,815.1		1,888.2

These plans include the U.S. non-qualified pension plans which are not funded as well as various international pension plans which are funded consistent with local practices and requirements.

Net Periodic Benefit Costs and Plan Assumptions

Pension and postretirement benefits expense for the Company’s operations were as follows:


	U.S.						International						U.S. Postretirement
	Pensions						Pensions						Benefits
(millions)	2024		2023		2022		2024		2023		2022		2024		2023		2022
Service cost		$46.3		$40.9		$40.8		$19.0		$21.7		$28.4		$0.3		$0.4		$0.8
Interest cost on benefit obligation		87.0		88.1		65.3		48.9		45.9		22.0		5.2		5.6		3.3
Expected return on plan assets		(150.8)		(145.1)		(144.4)		(50.1)		(56.1)		(69.8)		(0.2)		(0.2)		(0.3)
Recognition of net actuarial loss (gain)		6.1		0.2		30.2		9.6		12.5		22.8		(3.2)		(3.1)		(0.6)
Amortization of prior service benefit		(4.6)		(4.5)		(4.5)		(0.1)		(0.5)		(0.1)		-		-		-
Curtailments and settlements (a)		-		-		51.6		0.9		(2.7)		-		-		-		-
Total expense (benefit)		($16.0)		($20.4)		$39.0		$28.2		$20.8		$3.3		$2.1		$2.7		$3.2

(a)

$50.6 of settlement expense was recognized as special charges in 2022.

During 2022, the Company incurred settlement expense in the U.S. of $51.6 million ($38.9 million after tax) related to lump-sum payments to retirees in its U.S. pension plans. In addition to the U.S. qualified plan settlements in 2022, the Company has historically recognized settlements and curtailment gains and losses associated with its U.S. nonqualified pension plans and International pension plans, the amounts of which have been historically not material. These charges have been included as a component of other (income) expense on the Consolidated Statements of Income.

The measurement of the Company’s pension and postretirement benefit obligations are dependent on a variety of assumptions determined by management and used by actuaries in their valuation method and calculations. The significant assumptions used in developing the required estimates of the projected benefit obligations are the discount rates, expected returns on assets, projected salary increases, and mortality tables. Assumptions for the Company were as follows:


Plan Assumptions	U.S.						International						U.S. Postretirement
	Pensions						Pensions						Benefits
(percent)	2024		2023		2022		2024		2023		2022		2024		2023		2022
Weighted-average actuarial assumptions
used to determine benefit obligations
as of year end:
Discount rate	5.58	%	4.95	%	5.17	%	3.99	%	4.34	%	3.70	%	5.58	%	4.95	%	5.14	%
Projected salary increase	3.60		4.03		4.03		2.69		2.84		2.81
Weighted-average actuarial assumptions
used to determine net cost:
Interest credit rate for cash balance plans	4.50		3.89		1.56		N/A		N/A		N/A		N/A		N/A		N/A
Discount rate	4.95		5.17		2.86		4.34		3.70		1.46		4.95		5.14		2.75
Expected return on plan assets	8.00		7.75		7.00		6.00		6.27		6.18		8.00		7.75		7.00
Projected salary increase	4.03		4.03		4.03		2.84		3.08		2.47

Discount rate assumptions for the U.S. plans are developed using a bond yield curve constructed from a population of high-quality, non-callable, corporate bonds with maturities ranging from six months to thirty years. Discount rates are estimated for the U.S. plans based on the timing of the expected benefit payments.

The Company measures service and interest costs by applying the specific spot rates along that yield curve to the plans’ liability cash flows. The Company believes this approach provides a more precise measurement of service and interest costs by aligning the timing of the plans’ liability cash flows to the corresponding spot rates on the yield curve.

The expected long-term rate of return used for the U.S. plans is based on the respective pension plan’s asset mix. The Company considers expected long-term real returns on asset categories, expectations for inflation, and estimates of the impact of active management of the assets in determining the expected long-term rate of return to use. The Company also considers historical returns.

The expected long-term rate of return used for the Company’s international plans is determined in each local jurisdiction and is based on the assets held in that jurisdiction, the expected rate of returns for the type of assets held and any guaranteed rate of return provided by the investment. The other assumptions used to measure the international pension obligations, including discount rate, vary by country based on specific local requirements and information.

The Company uses mortality tables appropriate in the circumstances, which generally are the recent available mortality tables as of the respective U.S. and international measurement dates. The Company’s 2024 and 2023 year-end U.S. valuations reflect mortality tables that estimate the impacts of COVID in an endemic state. This represents a change from 2022 when the impact of COVID on future mortality could not be reasonably estimated.

For postretirement benefit measurement purposes as of December 31, 2024, the annual rates of increase in the per capita cost of covered health care were assumed to be 8.59% for pre-65 costs. Post-65 costs are no longer used. The rates are assumed to decrease each year until they reach 4.5% in 2035 and remain at those levels thereafter. Health care costs for certain employees which are eligible for subsidy by the Company are limited by a cap on the subsidy.

Plan Asset Management

The Company’s U.S. investment strategy and policies are designed to maximize the possibility of having sufficient funds to meet the long-term liabilities of the qualified pension plan, while achieving a balance between the goals of asset growth of the qualified pension plan and keeping risk at a reasonable level. Investment income is not a primary goal of the policy.

The asset allocation position reflects the Company’s ability and willingness to accept relatively more short-term variability in the performance of the qualified pension plan asset portfolio in exchange for the expectation of better long-term returns, lower pension costs and better funded status in the long run. The U.S. qualified pension plan’s assets are diversified across a number of asset classes and securities. Selected individual portfolios within the asset classes may be undiversified while maintaining the diversified nature of total plan assets. The Company has no significant concentration of risk in its U.S. qualified pension plan assets.

Assets of funded international retirement plans are managed in each local jurisdiction and asset allocation strategy is set in accordance with local rules, regulations and practices; therefore, no overall target asset allocation is presented. Although foreign equity securities are all considered international for the Company, some equity securities are considered domestic for the local plan. The funds are invested in a variety of equities, bonds and real estate investments and, in some cases, the assets are managed by insurance companies which may offer a guaranteed rate of return. The Company has no significant concentration of risk in the assets of its international pension plans.

The fair value hierarchy is used to categorize investments measured at fair value in one of three levels in the fair value hierarchy. This categorization is based on the observability of the inputs used in valuing the investments. Refer to Note 7 for definitions of these levels.

The fair value of the Company’s U.S. qualified pension plan assets were as follows:


	Fair Value as of						Fair Value as of
(millions)	December 31, 2024						December 31, 2023
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash		$41.5		$-		$41.5		$30.1		$-		$30.1
Equity securities:
Large cap equity		367.1		-		367.1		276.1		-		276.1
Small cap equity		12.1		26.4		38.5		14.6		29.6		44.2
International equity		93.8		137.4		231.2		40.4		19.2		59.6
Fixed income:
Core fixed income		183.2		371.3		554.5		150.7		669.6		820.3
High-yield bonds		38.8		-		38.8		34.7		-		34.7
Emerging markets		-		42.0		42.0		-		24.8		24.8
Total investments at fair value		736.5		577.1		1,313.6		546.6		743.2		1,289.8
Investments measured at net asset value						327.0						432.3
Total		$736.5		$577.1		$1,640.6		$546.6		$743.2		$1,722.1

The Company had no Level 3 assets as part of its U.S. qualified pension plan assets as of December 31, 2024 or 2023.

The allocation of the Company’s U.S. qualified pension plan assets plans were as follows:


	Target Asset
Asset Category	Allocation				Percentage
	Percentage				of Plan Assets

December 31	2024		2023		2024		2023

Cash	-	%	-	%	3	%	2	%
Equity securities:
Large cap equity	27		21		22		16
Small cap equity	3		3		2		3
International equity	17		13		14		9
Fixed income:
Core fixed income	35		48		34		48
High-yield bonds	3		3		2		2
Emerging markets	3		2		3		1
Other:
Real estate	3		3		3		3
Private equity	6		5		14		14
Distressed debt	3		2		3		2
Total	100	%	100	%	100	%	100	%

The fair value of the Company’s international plan assets for its defined benefit pension plans were as follows:


	Fair Value as of			Fair Value as of
(millions)	December 31, 2024			December 31, 2023
	Level 1	Level 2	Total	Level 1	Level 2	Total
Cash	$8.1	$-	$8.1	$12.6	$-	$12.6
Equity securities:
International equity	-	193.9	193.9	-	182.5	182.5
Fixed income:
Corporate bonds	-	157.5	157.5	-	147.5	147.5
Government bonds	-	339.6	339.6	-	321.4	321.4
Insurance company accounts	-	163.2	163.2	-	163.4	163.4
Total investments at fair value	8.1	854.2	862.3	12.6	814.8	827.4
Investments measured at net asset value			48.6			43.8
Total	$8.1	$854.2	$910.9	$12.6	$814.8	$871.2

The Company had no Level 3 assets as part of its international plan assets as of December 31, 2024 or 2023.

The allocation of plan assets of the Company’s international plan assets for its defined benefit pension plans were as follows:


	Percentage
Asset Category	of Plan Assets

December 31	2024		2023

Cash	1	%	1	%
Equity securities:
International equity	21		21
Fixed income:
Corporate bonds	17		17
Government bonds	37		37
Total fixed income	54		54
Other:
Insurance contracts	18		19
Real estate	6		5
Total	100	%	100	%

Cash Flows

As of year-end 2024, the Company’s estimate of pension and postretirement benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows:


(millions)	All Plans
2025		$247
2026		245
2027		246
2028		250
2029		247
2030 - 2034		1,217

Depending on plan funding levels, the U.S. qualified pension plan provides certain terminating participants with an option to receive their pension benefits in the form of a lump sum payout.

The Company is currently in compliance with all funding requirements of its U.S. pension and postretirement benefit plans. There were no voluntary contributions made to its non-contributory qualified U.S. pension plan in 2024. The Company is required to fund certain international pension benefit plans in accordance with local legal requirements. The Company estimates contributions to be made to its international plans will approximate $48 million in 2025.

The Company seeks to maintain balance in its U.S. assets that meet the long-term funding requirements identified by the projections of the pension plans’ actuaries while simultaneously satisfying the fiduciary responsibilities prescribed in ERISA. The Company also takes into consideration the tax deductibility of contributions to the benefit plans.

Savings Plan and ESOP

The Company provides a 401(k) savings plan for the majority of its U.S. employees under the Company’s 401(k) savings plans, the Ecolab Savings Plan and ESOP (the “Ecolab Savings Plan”).

Under the Ecolab Savings Plan, Employee before-tax contributions of up to 4% of eligible compensation are matched 100% by the Company and employee before-tax contributions over 4% and up to 8% of eligible compensation are matched 50% by the Company.

The Company’s matching contributions are 100% vested immediately. The Company’s matching contribution expense was $92.4 million, $88.2 million and $81.6 million in 2024, 2023 and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

REVENUES

12 Months Ended

Dec. 31, 2024

REVENUES

REVENUES

17. REVENUES

Revenue Recognition

Product and Sold Equipment

Product revenue is generated from sales of cleaning, sanitizing, water treatment, process treatment and colloidal silica products. In addition, the Company sells equipment which may be used in combination with its specialized products. Revenue recognized from product and sold equipment is recognized at the point in time when the obligations in the contract with the customer are satisfied, which generally occurs with the transfer of the product or delivery of the equipment.

Service and Lease Equipment

Service and lease equipment revenue is generated from providing services or leasing equipment to customers. Service offerings include installing or repairing certain types of equipment, activities that supplement or replace headcount at the customer location, or fulfilling deliverables included in the contract. Global Industrial segment services are associated with water treatment and paper process applications. Global Institutional & Specialty services include cleaning and sanitizing programs and wash process solutions. Global Healthcare & Life Sciences segment services include pharmaceutical, personal care, infection and containment control solutions. Revenues included in Other primarily related to services designed to detect, eliminate and prevent pests. Service revenue is recognized over time utilizing an input method and aligns with when the services are provided. Typically, revenue is recognized over time using costs incurred to date because the effort provided by the field selling and service organization represents services provided, which corresponds with the transfer of control. Revenue recognized from leased equipment primarily relates to warewashing and water treatment equipment recognized on a straight-line basis over the length of the lease contract pursuant to Topic 842 Leases. Refer to Note 13 for additional information related to lease equipment.

Practical Expedients and Exemptions

The revenue standard can be applied to a portfolio of contracts with similar characteristics if it is reasonable that the effects of applying the standard at the portfolio level would not be significantly different than applying the standard at the individual contract level. The Company applies the portfolio approach primarily within each operating segment by geographical region. Application of the portfolio approach was focused on those characteristics that have the most significant accounting consequences in terms of their effect on the timing of revenue recognition or the amount of revenue recognized. The Company determined the key criteria to assess with respect to the portfolio approach, including the related deliverables, the characteristics of the customers and the timing and transfer of goods and services, which most closely aligned within the operating segments. In addition, the accountability for the business operations, as well as the operational decisions on how to go to market and the product offerings, are performed at the operating segment level.

The following table shows principal activities, separated by reportable segments, from which the Company generates its revenue. The reportable segments have been revised to align with the Company’s reportable segments in the current year. Corporate includes sales to ChampionX under the transitional supply agreement entered into as part of the ChampionX Separation. For more information about the Company’s reportable segments, refer to Note 18.

Net sales at public exchange rates by reportable segment were as follows:



(millions)	2024		2023		2022
Global Industrial
Product and sold equipment		$6,810.8		$6,710.8		$6,303.9
Service and lease equipment		966.4		915.7		893.2
Global Institutional & Specialty
Product and sold equipment		4,362.2		4,087.3		3,655.1
Service and lease equipment		1,020.4		911.9		777.0
Global Healthcare & Life Sciences
Product and sold equipment		1,300.6		1,476.2		1,398.1
Service and lease equipment		118.2		109.8		112.4
Global Pest Elimination
Service and lease equipment		1,162.8		1,066.0		959.0
Corporate
Product and sold equipment		-		42.5		89.1
Total
Total product and sold equipment		$12,473.6		$12,316.8		$11,446.2
Total service and lease equipment		3,267.8		3,003.4		2,741.6

Net sales at public exchange rates by geographic region were as follows:


	Global Industrial						Global Institutional & Specialty
(millions)	2024		2023		2022		2024		2023		2022

United States		$3,320.7		$3,232.5		$3,129.2		$3,713.5		$3,410.5		$3,008.1
Europe		1,593.7		1,573.0		1,433.9		706.4		682.3		624.4
Asia Pacific		948.9		947.4		888.8		249.7		238.8		220.9
Latin America		810.5		772.5		656.2		201.6		197.8		169.2
India, Middle East and Africa		493.0		491.8		459.3		84.5		77.8		66.2
Greater China		400.4		407.0		435.8		177.5		161.0		138.3
Canada		210.0		202.3		193.9		249.4		231.0		205.0
Total		$7,777.2		$7,626.5		$7,197.1		$5,382.6		$4,999.2		$4,432.1

	Global Healthcare & Life Sciences						Global Pest Elimination
(millions)	2024		2023		2022		2024		2023		2022

United States		$465.8		$633.6		$600.7		$805.6		$733.6		$650.3
Europe		705.5		719.2		675.6		187.5		171.0		154.7
Asia Pacific		111.3		103.9		100.4		32.1		28.7		27.9
Latin America		29.1		35.5		32.9		58.7		57.5		51.8
India, Middle East and Africa		40.6		29.6		29.0		7.1		6.9		8.1
Greater China		59.0		56.4		65.6		60.0		57.4		56.8
Canada		7.5		7.8		6.3		11.8		10.9		9.4
Total		$1,418.8		$1,586.0		$1,510.5		$1,162.8		$1,066.0		$959.0

	Corporate
(millions)	2024		2023		2022

United States		$-		$38.4		$84.0
Europe		-		2.7		2.7
Asia Pacific		-		0.2		0.3
Latin America		-		1.1		1.6
Canada		-		0.1		0.5
Total		$-		$42.5		$89.1

Net sales by geographic region were determined based on sales destination. There were no sales from a single foreign country or individual customer that were material to the Company’s consolidated net sales. Sales of warewashing products were approximately 12% of consolidated net sales in 2024, 2023 and 2022.

Contract Liability

Payments received from customers are based on invoices or billing schedules as established in contracts with customers. Accounts receivable are recorded when the right to consideration becomes unconditional. The contract liability relates to billings in advance of performance (primarily service obligations) under the contract. Contract liabilities are recognized as revenue when the performance obligation has been performed, which primarily occurs during the subsequent quarter.


	December 31		December 31
(millions)	2024		2023

Contract liability as of beginning of the year		$110.9		$116.5

Revenue recognized in the year from:
Amounts included in the contract liability at the beginning of the year		(110.9)		(116.5)

Increases due to billings excluding amounts recognized as revenue during the year ended		102.0		110.9

Contract liability as of end of year		$102.0		$110.9

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION

12 Months Ended

Dec. 31, 2024

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION

OPERATING SEGMENTS

18. OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION

The Company’s organizational structure consists of global business unit and global regional leadership teams. The Company’s eight operating segments follow its commercial and product-based activities and are based on engagement in business activities, availability of discrete financial information and review of operating results by the Chief Operating Decision Maker (“CODM”) at the identified operating segment level. The CODM is the Company’s Chief Executive Officer.

The Company’s operating segments that share similar economic characteristics and future prospects, nature of the products and production processes, end-use markets, channels of distribution and regulatory environment have been aggregated into four reportable segments: Global Industrial, Global Institutional & Specialty, Global Healthcare & Life Sciences and Global Pest Elimination.

The Company’s operating segments are aggregated as follows:

Global Industrial

Includes the Water, Food & Beverage and Paper operating segments, which provide water treatment and process applications, and cleaning and sanitizing solutions, primarily to large industrial customers within the manufacturing, food and beverage processing, transportation, chemical, primary metals and mining, power generation, global refining, petrochemical, pulp and paper industries. The underlying operating segments exhibit similar manufacturing processes, distribution methods and economic characteristics.

Global Institutional & Specialty

Includes the Institutional and Specialty operating segments, which provide specialized cleaning and sanitizing products to the foodservice, hospitality, lodging, government and education and retail industries. The underlying operating segments exhibit similar manufacturing processes, distribution methods and economic characteristics.

Global Healthcare & Life Sciences

Includes the Healthcare and Life Sciences operating segments, which provide specialized cleaning and sanitizing products to the healthcare, personal care and pharmaceutical industries. The underlying operating segments exhibit similar manufacturing processes, distribution methods and economic characteristics.

Global Pest Elimination

Includes the Pest Elimination operating segment which provides services to detect, prevent and eliminate pests, such as rodents and insects, in full-service and quick-service restaurants, food and beverage processors, hotels, grocery operations and other commercial segments including education, life sciences and healthcare. No other operating segments are aggregated into the Global Pest Elimination reportable segment.

Corporate

Consistent with the Company’s internal management reporting, Corporate amounts in the table below include sales to ChampionX under the transitional supply agreement entered into as part of the ChampionX Separation. Corporate also includes intangible asset amortization specifically from the Nalco and Purolite acquisitions and special (gains) and charges, as discussed in Note 3, that are not allocated to the Company’s reportable segments.

Comparability of Reportable Segments

Effective January 1, 2024, the Company’s former Textile Care and Colloidal Technologies Group (“CTG”) operating segments are now part of the Water operating segment which continues to remain in the Global Industrial reportable segment. Additionally, the Pest Elimination operating segment, formerly aggregated with the Textile Care and CTG operating segments within Other, is now reported as the stand-alone Global Pest Elimination reportable segment. The Company made other immaterial changes, including the movement of certain customers and cost allocations between reportable segments. Prior period amounts have been recast to conform with current period presentation.

The Company evaluates the performance of its non-U.S. dollar functional currency international operations based on fixed currency exchange rates, which eliminate the impact of exchange rate fluctuations on its international operations. Fixed currency amounts are updated annually at the beginning of each year based on translation into U.S. dollars at foreign currency exchange rates established by management, with all periods presented using such rates. The “Fixed Currency Rate Change” column shown in the following table reflects international operations at fixed currency exchange rates established by management at the beginning of 2024, rather than the 2023 established rates. The difference between the fixed currency exchange rates and the actual currency exchange rates is reported within the “Effect of foreign currency translation” row in the following table. The “Other” column shown in the following table reflects immaterial changes between reportable segments, including the movement of certain customers and cost allocations.

The impact of the preceding changes on previously reported full year 2023 and 2022 reportable segment net sales and operating income is summarized as follows:


	December 31, 2023

	2023 Reported					Fixed	2023 Reported
	Valued at 2023				Currency		Valued at 2024
(millions)	Fixed Currency Rates		Other		Rate Change		Fixed Currency Rates
Net Sales
Global Industrial		$7,193.1		$407.3		$40.1		$7,640.5
Global Institutional & Specialty		4,994.0		-		20.6		5,014.6
Global Healthcare & Life Sciences		1,576.9		-		30.6		1,607.5
Global Pest Elimination		-		1,061.5		8.7		1,070.2
Other		1,442.3		(1,442.3)		-		-
Corporate		69.1		(26.5)		0.1		42.7
Subtotal at fixed currency rates		15,275.4		-		100.1		15,375.5
Effect of foreign currency translation		44.8		-		(100.1)		(55.3)
Consolidated reported GAAP net sales		$15,320.2		$-		$-		$15,320.2

Operating Income
Global Industrial		$1,080.7		$39.0		$2.3		$1,122.0
Global Institutional & Specialty		823.0		14.9		3.9		841.8
Global Healthcare & Life Sciences		160.0		(6.7)		7.5		160.8
Global Pest Elimination		-		209.0		1.4		210.4
Other		255.0		(255.0)		-		-
Corporate		(331.7)		(1.2)		0.1		(332.8)
Subtotal at fixed currency rates		1,987.0		-		15.2		2,002.2
Effect of foreign currency translation		5.3		-		(15.2)		(9.9)
Consolidated reported GAAP operating income		$1,992.3		$-		$-		$1,992.3


	December 31, 2022

	2022 Reported					Fixed	2022 Reported
	Valued at 2023				Currency		Valued at 2024
(millions)	Fixed Currency Rates		Other		Rate Change		Fixed Currency Rates
Net Sales
Global Industrial		$6,736.3		$392.5		$43.8		$7,172.6
Global Institutional & Specialty		4,414.3		-		18.9		4,433.2
Global Healthcare & Life Sciences		1,505.8		-		28.5		1,534.3
Global Pest Elimination		-		955.4		8.1		963.5
Other		1,313.3		(1,313.3)		-		-
Corporate		123.7		(34.6)		0.1		89.2
Subtotal at fixed currency rates		14,093.4		-		99.4		14,192.8
Effect of foreign currency translation		94.4		-		(99.4)		(5.0)
Consolidated reported GAAP net sales		$14,187.8		$-		$-		$14,187.8

Operating Income
Global Industrial		$935.8		$10.3		$2.8		$948.9
Global Institutional & Specialty		621.7		8.1		2.1		631.9
Global Healthcare & Life Sciences		193.3		(4.1)		4.2		193.4
Global Pest Elimination		-		195.6		1.7		197.3
Other		209.9		(209.9)		-		-
Corporate		(414.4)		-		0.1		(414.3)
Subtotal at fixed currency rates		1,546.3		-		10.9		1,557.2
Effect of foreign currency translation		16.2		-		(10.9)		5.3
Consolidated reported GAAP operating income		$1,562.5		$-		$-		$1,562.5

Reportable Segment Information

The Company has determined its significant segment expenses are cost of sales (“COS”) and selling, general and administrative expenses (“SG&A”), which are regularly provided to the CODM at fixed currency exchange rates. Financial information for each of the Company’s reportable segments were as follows:


	December 31, 2024

(millions)	Net Sales	COS	SG&A	Special (gains) and charges	Operating Income (Loss)

Global Industrial	$7,857.2	$4,691.2	$1,865.4	$-	$1,300.6
Global Institutional & Specialty	5,413.9	2,727.5	1,503.7	-	1,182.7
Global Healthcare & Life Sciences	1,434.1	895.1	391.8	-	147.2
Global Pest Elimination	1,167.8	655.0	292.4	-	220.4
Corporate	-	5.4	199.3	(188.9)	(15.8)
Subtotal at fixed currency rates	$15,873.0	$8,974.2	$4,252.6	($188.9)	$2,835.1
Effect of foreign currency translation	(131.6)				(32.7)
Consolidated reported GAAP	$15,741.4				$2,802.4

	December 31, 2023

(millions)	Net Sales	COS	SG&A	Special (gains) and charges	Operating Income (Loss)

Global Industrial	$7,640.5	$4,769.7	$1,748.8	$-	$1,122.0
Global Institutional & Specialty	5,014.6	2,727.3	1,445.5	-	841.8
Global Healthcare & Life Sciences	1,607.5	1,026.9	419.8	-	160.8
Global Pest Elimination	1,070.2	595.0	264.8	-	210.4
Corporate	42.7	63.3	200.8	111.4	(332.8)
Subtotal at fixed currency rates	$15,375.5	$9,182.2	$4,079.7	$111.4	$2,002.2
Effect of foreign currency translation	(55.3)				(9.9)
Consolidated reported GAAP	$15,320.2				$1,992.3

	December 31, 2022

(millions)	Net Sales	COS	SG&A	Special (gains) and charges	Operating Income (Loss)

Global Industrial	$7,172.6	$4,692.1	$1,531.6	$-	$948.9
Global Institutional & Specialty	4,433.2	2,491.3	1,310.0	-	631.9
Global Healthcare & Life Sciences	1,534.3	956.2	384.7	-	193.4
Global Pest Elimination	963.5	537.8	228.4	-	197.3
Corporate	89.2	159.0	204.0	140.5	(414.3)
Subtotal at fixed currency rates	$14,192.8	$8,836.4	$3,658.7	$140.5	$1,557.2
Effect of foreign currency translation	(5.0)				5.3
Consolidated reported GAAP	$14,187.8				$1,562.5

The profitability of the Company’s operating segments is evaluated by management based on operating income, which is used by the CODM in assessing segment performance, including to determine operational targets, make strategic decisions for the organization, and allocate capital and resources to the segments. Segment operating income is also used in determining the compensation of certain employees.

Consistent with the Company’s internal management reporting, Corporate amounts in the table above include sales to ChampionX in accordance with the transitional supply agreement entered into with the Transaction, as discussed in Note 17. Corporate also includes intangible asset amortization specifically from the Nalco and Purolite acquisitions and special (gains) and charges, as discussed in Note 3, that are not allocated to the Company’s reportable segments.

The Company has an integrated supply chain function that serves all of its reportable segments. As such, asset and capital expenditure information by reportable segment has not been provided and is not available, since the Company does not produce or utilize such information internally. In addition, although depreciation and amortization expense is a component of each reportable segment’s operating results, it is not discretely identifiable.

Geographic Information

Long-lived assets, which includes property, plant and equipment and right of use assets, at public exchange rates by geographic region were as follows:


	Long-Lived Assets, net
(millions)	2024		2023
United States		$3,075.4		$2,708.6
Europe		660.6		631.2
Asia Pacific		241.6		213.0
Greater China		176.0		167.4
Latin America		170.1		175.1
India, Middle East and Africa		78.6		68.2
Canada		73.3		64.6
Total		$4,475.6		$4,028.1

Geographic data for long-lived assets is based on physical location of those assets. Refer to Note 17 for net sales by geographic region.

Subsequent Event

Effective in the first quarter of 2025, the Company modified its organizational structure. As a result, the Company’s Global Industrial reportable segment was renamed Global Water and includes the Light & Heavy (previously named Water), Food & Beverage, and Paper operating segments. The Company’s Global Institutional & Specialty reportable segment continues to include the Institutional and Specialty operating segments. The Company’s former healthcare operating segment moved into the Institutional operating segment. Global Life Sciences was elevated to a standalone reportable segment. The Global Pest Elimination segment remains a standalone reportable segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2024

QUARTERLY FINANCIAL DATA (UNAUDITED)

QUARTERLY FINANCIAL DATA (UNAUDITED)

19. QUARTERLY FINANCIAL DATA (UNAUDITED)

First

Second

Third

Fourth

(millions, except per share)

Quarter

Year

2024

Net sales

$3,751.9

$3,985.8

$3,998.5

$4,005.2

$15,741.4

Operating expenses

Cost of sales (a)

2,128.1

2,241.0

2,261.5

2,269.1

8,899.7

Selling, general and administrative expenses

1,077.7

1,075.7

1,024.8

1,050.0

4,228.2

Special (gains) and charges

28.2

12.2

(332.6)

103.3

(188.9)

Operating income

517.9

656.9

1,044.8

582.8

2,802.4

Other (income) expense

(12.6)

(12.9)

(13.2)

(51.3)

Interest expense, net

71.6

78.8

70.4

61.7

282.5

Income before income taxes

458.9

590.7

987.3

534.3

2,571.2

Provision for income taxes

42.3

95.7

246.5

54.8

439.3

Net income including noncontrolling interest

416.6

495.0

740.8

479.5

2,131.9

Net income attributable to noncontrolling interest

4.5

4.1

4.3

6.6

19.5

Net income attributable to Ecolab

$412.1

$490.9

$736.5

$472.9

$2,112.4

Earnings attributable to Ecolab per common share

Basic

$ 1.44

$ 1.72

$ 2.60

$ 1.67

$ 7.43

Diluted

$ 1.43

$ 1.71

$ 2.58

$ 1.66

$ 7.37

Weighted-average common shares outstanding

Basic

285.7

284.6

283.6

283.3

284.3

Diluted

287.8

287.0

286.0

285.7

286.6

2023

Net sales

$3,571.6

$3,852.1

$3,958.1

$3,938.4

$15,320.2

Operating expenses

Cost of sales (a)

2,205.2

2,334.8

2,330.5

2,284.4

9,154.9

Selling, general and administrative expenses

990.3

1,011.6

1,024.9

1,034.8

4,061.6

Special (gains) and charges

24.5

21.0

36.7

29.2

111.4

Operating income

351.6

484.7

566.0

590.0

1,992.3

Other (income) expense

(13.1)

(14.4)

(14.5)

(17.9)

(59.9)

Interest expense, net

74.2

77.8

74.3

70.4

296.7

Income before income taxes

290.5

421.3

506.2

537.5

1,755.5

Provision for income taxes

52.4

86.6

96.8

126.7

362.5

Net income including noncontrolling interest

238.1

334.7

409.4

410.8

1,393.0

Net income attributable to noncontrolling interest

4.7

5.0

5.4

5.6

20.7

Net income attributable to Ecolab

$233.4

$329.7

$404.0

$405.2

$1,372.3

Earnings attributable to Ecolab per common share

Basic

$ 0.82

$ 1.16

$ 1.42

$ 4.82

Diluted

$ 0.82

$ 1.15

$ 1.41

$ 4.79

Weighted-average common shares outstanding

Basic

284.6

284.9

285.1

285.3

285.0

Diluted

285.9

286.3

286.9

287.1

286.5

Per share amounts do not necessarily sum due to changes in the calculation of shares outstanding for each discrete period and rounding. Gross profit is calculated as net sales minus cost of sales.

(a)

Cost of sales includes special charges of $1.6, $0.7, $0.9 and $2.1 in Q1, Q2, Q3 and Q4 of 2024, respectively, and $3.2, $8.1, $5.9 and $5.3 in Q1, Q2, Q3 and Q4 of 2023, respectively.

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,112.4	$ 1,372.3	$ 1,091.7

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule10b51ArrModified [Flag]	false
NonRule10b51ArrModified [Flag]	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2024

Cybersecurity Risk Management, Strategy, and Governance [Line Items]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Since 2014, when the Ecolab Cybersecurity program was established, we have continuously matured our cybersecurity program to proactively address evolving cybersecurity trends and risks. Ecolab has an Information Security Steering Committee (“ISSC”), a cross-functional team chaired by our Chief Information Security Officer (“CISO”).

Our CISO, who holds a CISO certification, has been our CISO since 2024 and has more than 25 years of information systems experience in total, including in the financial services and defense sectors and the U.S. military, as well as serving in information security and other information technology leadership positions at Ecolab since 2017.

Senior management provides in-depth reviews of cybersecurity matters to the Board and the Audit Committee. Cybersecurity is also considered in the annual enterprise risk assessment presented to the Board by management as part of the Board’s oversight of our enterprise risk management (“ERM”) program.

Ecolab’s cybersecurity policies, standards, processes, and practices are integrated into our ERM program and are based on recognized frameworks established by the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework (“CSF”), the International Organization for Standardization and other applicable industry standards. We are formally assessed by an independent third party against NIST CSF and industry standards, including peer benchmarking.

Risk Management and Strategy

Cybersecurity presents strategic and operating risks and is an area of continued focus for our Board and management under its ERM program. Ecolab’s cybersecurity program addresses the following key areas:

●

Governance: As discussed in more detail under the heading “Cybersecurity Governance,” the Audit Committee and the Board of Directors provide oversight of cybersecurity risk management.

●

Technical Safeguards: We have implemented multi-layer controls designed to protect our information systems from cybersecurity threats, including general, backup, recovery, resiliency, processing, access, change and risk controls. These controls are evaluated by Ecolab’s cybersecurity team and enhanced through controls audits and assessments, internal testing, and third-party cybersecurity threat intelligence.

●

Incident Response and Recovery Planning: We have established and maintain comprehensive cybersecurity incident response and recovery plans that coordinate multidisciplinary internal teams and cybersecurity partners to assess, triage, escalate, contain, mitigate, investigate, remediate, and recover from a potential cybersecurity incident. Through ongoing communications with these teams, management monitors the incidents and reports incidents to the Audit Committee when appropriate. Management is responsible for timely disclosure of cybersecurity incidents as required by law.

●

Third-Party Risk Management: We maintain a risk-based approach to identify, monitor, and manage third-party cybersecurity risks associated with our use of third-party service providers who have access to our systems, data or are critical to our continued business operations. Additionally, cybersecurity considerations affect the selection and oversight of our third-party service providers. We require certain third-party vendors to agree to manage their cybersecurity risks in specified ways, and to agree to be subject to cybersecurity audits, which we conduct as appropriate.

●

Education and Awareness: We provide training for personnel regarding cybersecurity trends and threats to equip them with the knowledge to recognize and tools to report suspected cybersecurity threats. We also conduct simulations for employees and contractors to enhance awareness and responsiveness to such possible threats. In addition, we send global cybersecurity awareness communications to our personnel.

●

Assessment: We engage in the periodic assessment, testing and updating of our policies, standards, processes, and practices that are designed to address cybersecurity threats and incidents. These efforts include a wide range of activities, including audits, assessments, tabletop exercises, threat modeling, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures, and planning. We engage third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness. Additionally, we leverage third party cybersecurity rating agency data to inform our assessment of risk. The results of such assessments, audits and reviews are reported to the Audit Committee and the Board.

While we have continually matured our security program and capabilities and have had no material incidents to date, cyber threats continue to evolve and there can be no assurance that our efforts will prevent cybersecurity attacks or breaches in our systems such as those described in the risk factor entitled, “We are subject to information technology system failures, network disruptions and breaches in data security” under “Item 1A. Risk Factors” of this Form 10-K.

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

Ecolab’s cybersecurity policies, standards, processes, and practices are integrated into our ERM program and are based on recognized frameworks established by the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework (“CSF”), the International Organization for Standardization and other applicable industry standards. We are formally assessed by an independent third party against NIST CSF and industry standards, including peer benchmarking.

We have implemented multi-layer controls designed to protect our information systems from cybersecurity threats, including general, backup, recovery, resiliency, processing, access, change and risk controls. These controls are evaluated by Ecolab’s cybersecurity team and enhanced through controls audits and assessments, internal testing, and third-party cybersecurity threat intelligence.

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Board of Directors Oversight [Text Block]

Cybersecurity Governance

Ecolab’s ISSC, chaired by our CISO, meets as needed. The Committee is comprised of executive leaders including the Executive Vice President and General Manager - Ecolab Digital (“EVP & GM Digital”), the Senior Vice President IT Enterprise Operations, the Chief Operating Officer, the Chief Financial Officer, the Chief Technical Officer, the General Counsel, the Executive Vice Presidents of our commercial divisions, the Executive Vice President Global Supply Chain, the Executive Vice President Human Resources, the Vice President of Global Business Transformation, and the Vice President Internal Audit.

The ISSC assists the CISO in fulfilling our responsibilities regarding our information security program to protect the confidentiality, integrity and availability of our information assets, financial assets, and information systems. ISSC responsibilities include, but are not limited to, evaluation of relevant information security risks, prioritization of information security initiatives, determination of, and advocacy for, appropriate investments, review of related legal and regulatory compliance initiatives, review of effective security communication initiatives, establishing specific requirements of the program in documented policies which all Ecolab associates, customers, and partners are obligated to follow, partner with Ecolab’s business, functional and regional leaders to ensure effective, risk-based security controls and practices are in place to achieve the program’s intent, and assist in monitoring the integrity and evaluating the effectiveness of the program.

The Board, in coordination with the Audit Committee, provides oversight of our ERM program, including the management of risks arising from cybersecurity threats. The Board receives an overview from our EVP & GM Digital and the Audit Committee receives reports from our CISO regarding our cybersecurity threat risk management and strategy processes. These reports cover a wide range of topics, and may include current and emerging cybersecurity threat risks, third-party assessments, risk-mitigation tactics and programs, information security considerations arising with respect to our peers and third parties, and our incident response plan.

Through a risk-based approach consistent with Ecolab’s ERM framework, the CISO identifies cyber incidents that are brought forward to a cross-functional cyber-incident response team including our CEO, CFO, EVP & GM Digital, General Counsel, CISO and Executive Vice President Supply Chain. This cyber incident response team, or, in the event of more minor incidents, the CISO and his team, takes steps to promptly assess and address the incident, including engaging third parties according to pre-established guidelines. The Board and the Audit Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, including ongoing updates regarding any such incident until it has been addressed.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

Audit Committee

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

The Board, in coordination with the Audit Committee, provides oversight of our ERM program, including the management of risks arising from cybersecurity threats. The Board receives an overview from our EVP & GM Digital and the Audit Committee receives reports from our CISO regarding our cybersecurity threat risk management and strategy processes. These reports cover a wide range of topics, and may include current and emerging cybersecurity threat risks, third-party assessments, risk-mitigation tactics and programs, information security considerations arising with respect to our peers and third parties, and our incident response plan.

Cybersecurity Risk Role of Management [Text Block]

The ISSC assists the CISO in fulfilling our responsibilities regarding our information security program to protect the confidentiality, integrity and availability of our information assets, financial assets, and information systems. ISSC responsibilities include, but are not limited to, evaluation of relevant information security risks, prioritization of information security initiatives, determination of, and advocacy for, appropriate investments, review of related legal and regulatory compliance initiatives, review of effective security communication initiatives, establishing specific requirements of the program in documented policies which all Ecolab associates, customers, and partners are obligated to follow, partner with Ecolab’s business, functional and regional leaders to ensure effective, risk-based security controls and practices are in place to achieve the program’s intent, and assist in monitoring the integrity and evaluating the effectiveness of the program.

The Board, in coordination with the Audit Committee, provides oversight of our ERM program, including the management of risks arising from cybersecurity threats. The Board receives an overview from our EVP & GM Digital and the Audit Committee receives reports from our CISO regarding our cybersecurity threat risk management and strategy processes. These reports cover a wide range of topics, and may include current and emerging cybersecurity threat risks, third-party assessments, risk-mitigation tactics and programs, information security considerations arising with respect to our peers and third parties, and our incident response plan.

Through a risk-based approach consistent with Ecolab’s ERM framework, the CISO identifies cyber incidents that are brought forward to a cross-functional cyber-incident response team including our CEO, CFO, EVP & GM Digital, General Counsel, CISO and Executive Vice President Supply Chain. This cyber incident response team, or, in the event of more minor incidents, the CISO and his team, takes steps to promptly assess and address the incident, including engaging third parties according to pre-established guidelines. The Board and the Audit Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, including ongoing updates regarding any such incident until it has been addressed.

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

Chief Information Security Officer (“CISO”).

Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

Our CISO, who holds a CISO certification, has been our CISO since 2024 and has more than 25 years of information systems experience in total, including in the financial services and defense sectors and the U.S. military, as well as serving in information security and other information technology leadership positions at Ecolab since 2017.

Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

The Board, in coordination with the Audit Committee, provides oversight of our ERM program, including the management of risks arising from cybersecurity threats. The Board receives an overview from our EVP & GM Digital and the Audit Committee receives reports from our CISO regarding our cybersecurity threat risk management and strategy processes. These reports cover a wide range of topics, and may include current and emerging cybersecurity threat risks, third-party assessments, risk-mitigation tactics and programs, information security considerations arising with respect to our peers and third parties, and our incident response plan.

Through a risk-based approach consistent with Ecolab’s ERM framework, the CISO identifies cyber incidents that are brought forward to a cross-functional cyber-incident response team including our CEO, CFO, EVP & GM Digital, General Counsel, CISO and Executive Vice President Supply Chain. This cyber incident response team, or, in the event of more minor incidents, the CISO and his team, takes steps to promptly assess and address the incident, including engaging third parties according to pre-established guidelines. The Board and the Audit Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, including ongoing updates regarding any such incident until it has been addressed.

Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]

true

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2024

SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and all subsidiaries in which the Company has a controlling financial interest. Investments in companies, joint ventures or partnerships in which the Company does not have control but has the ability to exercise significant influence over operating and financial decisions, are reported using the equity method of accounting. The measurement alternative is used for investments in companies, joint ventures and partnerships over which the Company has neither control nor significant influence and for which the investment does not have a readily determinable fair value. Under the measurement alternative, investments are recorded at cost and adjusted for impairments, if any, or observable price changes. International subsidiaries are included in the financial statements on the basis of their U.S. GAAP November 30 fiscal year ends to facilitate the timely inclusion of such entities in the Company’s consolidated financial reporting. All intercompany transactions and profits are eliminated in consolidation.

Use of Estimates

Use of Estimates

The preparation of the Company’s financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The Company’s critical accounting estimates include revenue recognition, litigation and environmental reserves, actuarially determined liabilities, income taxes, long-lived assets, intangible assets and goodwill.

Foreign Currency Translation

Foreign Currency Translation

Financial position and reported results of operations of the Company’s non-U.S. dollar functional currency international subsidiaries are measured using local currencies as the functional currency. Assets and liabilities of these operations are translated at the exchange rates in effect at each fiscal year end. The translation adjustments related to assets and liabilities that arise from changes in exchange rates from period to period are included in accumulated other comprehensive income (loss) in shareholders’ equity. Income statement accounts are translated at average rates of exchange prevailing during the year. As discussed in Note 18 Operating Segments and Geographic Information, the Company evaluates its international operations based on fixed rates of exchange; however, changes in exchange rates from period to period impact the amount of reported income from consolidated operations.

Concentration of Credit Risk

Concentration of Credit Risk

Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed to perform as contracted. The Company believes the likelihood of incurring material losses due to concentration of credit risk is minimal. The principal financial instruments subject to credit risk are as follows:

Cash and Cash Equivalents - The Company maintains cash deposits with major banks, which from time to time may exceed insured limits. The possibility of loss related to financial condition of major banks has been deemed minimal. Additionally, the Company’s investment policy limits exposure to concentrations of credit risk and changes in market conditions.

Accounts Receivable - A large number of customers in diverse industries and geographies, as well as the practice of establishing reasonable credit lines, limits credit risk. Based on historical trends and experiences, the allowance for expected credit losses is adequate to cover expected credit risk losses.

Foreign Currency and Interest Rate Contracts and Derivatives - Exposure to credit risk is limited by internal policies and active monitoring of counterparty risks. In addition, the Company uses a diversified group of major international banks and financial institutions as counterparties. The Company does not anticipate nonperformance by any of these counterparties.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash equivalents include highly-liquid investments with a maturity of three months or less when purchased.

Accounts Receivable and Allowance for Expected Credit Losses

Accounts Receivable and Allowance for Expected Credit Losses

Accounts receivable are carried at the invoiced amounts, less an allowance for expected credit losses, and generally do not bear interest. The Company’s allowance for expected credit losses estimates the amount of expected future credit losses by analyzing accounts receivable balances by age and applying historical write-off and collection experience. The Company’s estimates separately consider macroeconomic trends, specific circumstances and credit conditions of customer receivables. Account balances are written off against the allowance when it is determined the receivable will not be recovered.

The Company’s allowance for the expected return of products shipped and credits related to pricing or quantities shipped was $53 million, $72 million, and $59 million as of December 31, 2024, 2023 and 2022, respectively. Returns and credit activity is recorded directly as a reduction to revenue.

The following table summarizes the activity in the allowance for expected credit losses:



(millions)	2024		2023		2022

Beginning balance		$77.3		$71.9		$52.8
Bad debt expense		46.9		54.0		38.1
Write-offs		(51.0)		(46.2)		(21.1)
Other (a)		(3.2)		(2.4)		2.1
Ending balance		$70.0		$77.3		$71.9

(a)	Other amounts are primarily the effects of changes in currency translations and acquired balances.

Inventory Valuations

Inventory Valuations

Inventories are valued at the lower of cost or net realizable value. Certain U.S. inventory costs are determined on a last-in, first-out (“LIFO”) basis. LIFO inventories represented 31% and 30% of consolidated inventories as of December 31, 2024 and 2023 respectively. All other inventory costs are determined using either the average cost or first-in, first-out (“FIFO”) methods. Inventory values at FIFO, as shown in Note 5, approximate replacement cost.

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment assets are stated at cost. Merchandising and customer equipment consists principally of various dispensing systems for the Company’s cleaning and sanitizing products, warewashing machines and process control and monitoring equipment. Certain dispensing systems capitalized by the Company are accounted for on a mass asset basis, whereby equipment is capitalized and depreciated as a group and written off when fully depreciated. The Company capitalizes both internal and external costs to develop or purchase computer software. Costs incurred for data conversion, training and maintenance associated with capitalized software are expensed as incurred. Expenditures for major renewals and improvements, which significantly extend the useful lives of existing plant and equipment, are capitalized and depreciated. Expenditures for repairs and maintenance are charged to expense as incurred. Upon retirement or disposition of plant and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income.

Depreciation is charged to operations using the straight-line method over the assets’ estimated useful lives ranging from 5 to 40 years for buildings and leasehold improvements, 3 to 20 years for machinery and equipment, 3 to 20 years for merchandising and customer equipment and 3 to 7 years for capitalized software. The straight-line method of depreciation reflects an appropriate allocation of the cost of the assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. Depreciation expense was $635 million, $617 million and $619 million for 2024, 2023 and 2022, respectively.

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

Goodwill arises from the Company’s acquisitions and represents the excess of the fair value of the purchase consideration exchanged over the fair value of net assets acquired. The Company’s reporting units are its eight operating segments. The Company assesses goodwill for impairment on an annual basis during the second quarter. If circumstances change or events occur that demonstrate it is more likely than not that the carrying amount of a reporting unit exceeds its fair value, the Company completes an interim goodwill impairment assessment of that reporting unit prior to the next annual assessment. If the results of an annual or interim goodwill impairment assessment demonstrate the carrying amount of a reporting unit is greater than its fair value, the Company will recognize an impairment loss for the amount by which the reporting unit’s carrying amount exceeds its fair value, but not to exceed the carrying amount of goodwill assigned to that reporting unit.

During the second quarter of 2024, the Company completed its annual goodwill impairment assessment for its eight reporting units using discounted cash flow analyses that incorporated assumptions regarding future growth rates, terminal values and discount rates. The Company’s goodwill impairment assessments for 2024 indicated the estimated fair values of each of these eight reporting units exceeded the carrying amounts of the respective reporting unit by a significant margin. The Company evaluates the need to complete interim goodwill impairment assessments when significant events or changes in business circumstances indicate that it is more likely than not that the carrying amount of a reporting unit may be higher than its fair value. No events were noted during the second half of 2024 that required completion of an interim goodwill impairment assessment for any of the Company’s eight reporting units. There has been no impairment of goodwill in any of the periods presented.

The changes in the carrying amount of goodwill for each of the Company’s reportable segments were as follows:


			Global		Global		Global
	Global		Institutional		Healthcare &		Pest
(millions)	Industrial		& Specialty		Life Sciences		Elimination		Other		Total
December 31, 2022		$4,081.8		$567.6		$3,125.4		$-		$237.9		$8,012.7
Segment change (a)		102.3		-		-		135.6		(237.9)		-
December 31, 2022 recast		4,184.1		567.6		3,125.4		135.6		-		8,012.7
Current year business combinations (b)		30.8		39.3		-		-		-		70.1
Effect of foreign currency translation		28.6		3.1		33.0		0.7		-		65.4
December 31, 2023		$4,243.5		$610.0		$3,158.4		$136.3		$-		$8,148.2
Current year business combinations (b)		116.2		6.5		-		33.9		-		156.6
Prior year business combinations (c)		1.2		-		-		-		-		1.2
Divestiture of businesses (d)		-		-		(305.9)		-		-		(305.9)
Effect of foreign currency translation		(56.0)		(3.3)		(32.7)		(0.8)		-		(92.8)
December 31, 2024		$4,304.9		$613.2		$2,819.8		$169.4		$-		$7,907.3

(a)

Relates to reclassifications made to reportable segments in the current year. Effective January 1, 2024, the Company’s former Textile Care and Colloidal Technologies Group (“CTG”) operating segments are now part of the Water operating segment which continues to remain in the Global Industrial reportable segment. Additionally, the Pest Elimination operating segment, formerly aggregated with the Textile Care and CTG operating segments within Other, is now reported as the stand-alone Global Pest Elimination reportable segment. After these changes, the Company has eight operating segments aligned with eight reporting units. Refer to Note 18 for further information.

(b)

Represents goodwill associated with current year acquisitions. For 2024, approximately $132 of goodwill related to businesses acquired is expected to be tax deductible related primarily to the acquisition of Barclay Water Management. For 2023, approximately $62 of goodwill related to businesses acquired is expected to be tax deductible related primarily to the acquisitions of Chemlink Laboratories LLC and Flottec, LLC. Refer to Note 4 for additional information.

(c)	Represents purchase price allocation adjustments for acquisitions deemed preliminary as of the end of the prior year.

(d)	Represents goodwill associated with the sale of the global surgical solutions business (refer to Note 4 for additional information).

Other Intangible Assets

The Nalco trade name is the Company’s only indefinite life intangible asset, which is tested for impairment on an annual basis during the second quarter. During the second quarter of 2024, the Company completed its annual impairment assessment of the Nalco trade name using the relief from royalty discounted cash flow method, which incorporates assumptions regarding future sales projections, royalty rate and discount rates. The Company’s Nalco trade name impairment assessment for 2024 indicated the estimated fair value of the Nalco trade name exceeded its $1.2 billion carrying amount by a significant margin. No events were noted during the second half of 2024 that required completion of an interim impairment assessment of the Company’s Nalco trade name. There has been no impairment of the Nalco trade name intangible asset since it was acquired.

The Company’s intangible assets subject to amortization include customer relationships, trademarks, patents and other technology primarily acquired through business acquisitions. The fair value of intangible assets acquired in business acquisitions are estimated primarily using discounted cash flow valuation methods at the time of acquisition. Intangible assets are amortized on a straight-line basis over their estimated lives. The weighted-average useful life of amortizable intangible assets was 15 years as of both December 31, 2024 and 2023.

The weighted-average useful life by type of amortizable asset at December 31, 2024 were as follows:

(years)


Customer relationships		15
Patents		15
Trademarks		13
Other technology		12

The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company evaluates the remaining useful life of its intangible assets subject to amortization each reporting period to determine whether events and circumstances warrant a change to the estimated remaining period of amortization. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying amount of the intangible asset will be amortized prospectively over the updated remaining useful life. Amortization expense related to other intangible assets during the last three years and future estimated amortization were as follows:


(millions)
2022		$320
2023		307
2024		301
2025		293
2026		287
2027		165
2028		157
2029		149

Long-Lived Assets

Long-Lived Assets

The Company reviews its long-lived and amortizable intangible assets for impairment when significant events or changes in business circumstances indicate that the carrying amount of the assets, or asset group to which it is assigned, may not be recoverable. Such circumstances may include a significant decrease in the market price of an asset or asset group, a significant adverse change in the manner in which the asset or asset group is being used or history of cash flow losses associated with the use of an asset or asset group. Impairment losses could occur when the carrying amount of an asset or asset group exceeds the anticipated future undiscounted cash flows expected to result from the use of the asset or asset group and its eventual disposition. The amount of the impairment loss to be recorded, if any, is calculated by the excess of the asset’s or asset group’s carrying value over its fair value.

In addition, the Company periodically reassesses the estimated remaining useful lives of its long-lived assets. Changes to estimated useful lives would impact the amount of depreciation and amortization recorded in earnings. The Company has not experienced significant changes in the carrying amount or estimated remaining useful lives of its long-lived or amortizable intangible assets.

Rental and Leases, Lessee

Lessee

The Company determines whether a lease exists at the inception of the arrangement. In assessing whether a contract is or contains a lease, the Company evaluates whether the arrangement conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company accounts for lease components separately from the nonlease components (e.g., common-area maintenance costs, property taxes, parking, etc.). Operating leases are recorded in operating lease assets, other current liabilities and operating lease liabilities in the Consolidated Balance Sheets.

Operating lease assets and operating lease liabilities are measured and recognized based on the present value of the future minimum lease payments over the estimated lease term at the lease commencement date. The Company uses the rate implicit in the lease when available or determinable. When the rate implicit in the lease is not determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date to determine the present value of future payments. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are not included in the lease liability and are recognized as incurred. The Company identified real estate, vehicles and other equipment as the primary classes of its leases. Certain leases with a similar class of underlying assets are accounted for as a portfolio of leases.

The Company does not record operating lease assets or liabilities for leases with terms of twelve months or less. Those lease payments are recognized in the Consolidated Statements of Income over the lease term as incurred.

Many of the Company’s leases include options to renew or cancel, which are at the Company’s sole discretion. Renewal terms can extend the lease term from one month to multiple years, whereas, cancellation terms can shorten the lease term by multiple years. The lease start date is the date when the leased asset is available for use and in possession of the Company. The lease end date, which includes any options to renew or cancel that are reasonably certain to be exercised, is based on the terms of the contract. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The Company’s lease agreements do not contain any material restrictive covenants.

Rental and Leases, Lessor

Lessor

The Company accounts for lease and nonlease components separately. The nonlease components, such as product and service revenue, are accounted for under Topic 606 Revenue from Contracts with Customers, refer to Note 17 for more information. Revenue from leasing equipment is recognized on a straight-line basis over the life of the lease. Cost of sales includes the depreciation expense for assets under operating leases. The assets are depreciated over their estimated useful lives. Initial lease terms range from one year to five years and most leases include renewal options.

Lease contracts convey the right for the customer to control the equipment for a period of time as defined by the contract. There are no options for the customer to purchase the equipment and therefore the equipment remains the property of the Company at the end of the lease term. Refer to Note 13 for additional information regarding rental and leases.

Income Taxes

Income Taxes

Income taxes are recognized during the period in which transactions enter into the determination of financial statement income, with deferred income taxes provided for the tax effect of temporary differences between the carrying amount of assets and liabilities and their tax bases. The Company records a valuation allowance to reduce its deferred tax assets when uncertainty regarding their realizability exists. Relevant factors in determining the realizability of deferred tax assets include historical results, sources of future taxable income, the expected timing of the reversal of temporary differences, tax planning strategies and the expiration dates of the various tax attributes. The Company records liabilities for unrecognized tax benefits in accordance with the U.S. GAAP recognition and measurement criteria guidance. The Company has elected the period cost method and considers the estimated global intangible low taxed income (“GILTI”) impact in tax expense. The Company recognizes interest and penalties related to unrecognized tax benefits in the income tax provision.

Refer to Note 12 for additional information regarding income taxes.

Share-based compensation

Share-Based Compensation

The Company measures compensation expense for share-based awards at fair value at the date of grant and recognizes compensation expense over the service period for awards expected to vest. The majority of grants to retirement eligible recipients (age 55 with required years of service) are recorded to expense using the non-substantive vesting method and are fully expensed over a six-month period following the date of grant. In addition, the Company includes a forfeiture estimate in the amount of compensation expense being recognized based on an estimate of the number of outstanding awards expected to vest.

All excess tax benefits or deficiencies are recognized as discrete income tax items on the Consolidated Statements of Income. The extent of excess tax benefits is subject to variation in stock price and stock option exercises. Refer to Note 11 for additional information regarding equity compensation plans.

Restructuring Activities

Restructuring Activities

The Company’s restructuring activities are associated with plans to enhance its efficiency, effectiveness and sharpen its competitiveness. These restructuring plans include net costs associated with significant actions involving employee-related severance charges, contract termination costs and asset write-downs and disposals. Employee termination costs are largely based on policies and severance plans, and include personnel reductions and related costs for severance, benefits and outplacement services. These charges are reflected in the quarter in which the actions are probable and the amounts are estimable, which typically is when management approves the associated actions. Contract termination costs include charges to terminate leases prior to the end of their respective terms and other contract termination costs. Asset write-downs and disposals include leasehold improvement write-downs, other asset write-downs associated with combining operations and disposal of assets. Refer to Note 3 for additional information regarding restructuring activities.

Revenue Recognition

Revenue Recognition

Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing service.

Product and Sold Equipment

Revenue from product and sold equipment is recognized when obligations under the terms of a contract with the customer are satisfied, which generally occurs with the transfer of the product or delivery of the equipment.

Service and Lease Equipment

Revenue from service and leased equipment is recognized when the services are provided, or the customer receives the benefit from the leased equipment, which is over time. Service revenue is recognized over time utilizing an input method and aligns with when the services are provided. Typically, revenue is recognized using costs incurred to date because the effort provided by the field selling and service organization represents services provided, which corresponds with the transfer of control. Revenue for leased equipment is accounted for under Topic 842 Leases and recognized on a straight-line basis over the length of the lease contract.

Other Considerations

Contracts with customers may include multiple performance obligations. For contracts with multiple performance obligations, the consideration is allocated between products and services based on their stand-alone selling prices. Stand-alone selling prices are generally based on the prices charged to customers when the good or service is not bundled with other product or services or using an expected cost plus margin. Judgment is used in determining the amount of service that is embedded within the Company’s contracts, which is based on the amount of time spent on the performance obligation activities. The level of effort, including the estimated margin that would be charged, is used to determine the amount of service revenue. Depending on the terms of the contract, the Company may defer the recognition of revenue when a future performance obligation has not yet occurred.

Taxes assessed by a governmental authority that are both imposed on, and concurrent with, a specific revenue-producing transaction, which are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight are recognized in cost of sales when control over the product has transferred to the customer.

Other estimates used in recognizing revenue include allocating variable consideration to customer programs and incentive offerings, including pricing arrangements, promotions and other volume-based incentives at the time the sale is recorded. These estimates are based primarily on historical experience and anticipated performance over the contract period. Based on the certainty in estimating these amounts, they are included in the transaction price of the contracts and the associated remaining performance obligations. The Company recognizes revenue when collection of the consideration expected to be received in exchange for transferring goods or providing services is probable.

The Company’s revenue policies do not provide for general rights of return. Estimates used in recognizing revenue include the delay between the time that products are shipped and when they are received by customers, when title transfers and the amount of credit memos issued in subsequent periods. Depending on market conditions, the Company may increase customer incentive offerings, which could reduce gross profit margins over the term of the incentive.

Earnings Per Common Share

Earnings Per Common Share

The difference in the weighted average common shares outstanding for calculating basic and diluted earnings attributable to Ecolab per common share is a result of the dilution associated with the Company’s equity compensation plans. As noted in the table below, certain stock options and units outstanding under these equity compensation plans were not included in the computation of diluted earnings attributable to Ecolab per common share because they would not have had a dilutive effect.

The computations of the basic and diluted earnings attributable to Ecolab per share amounts were as follows:




(millions, except per share)	2024		2023		2022

Net income attributable to Ecolab		$2,112.4		$1,372.3		$1,091.7

Weighted-average common shares outstanding
Basic		284.3		285.0		285.2
Effect of dilutive stock options and units		2.3		1.6		1.4
Diluted		286.6		286.5		286.6

Earnings attributable to Ecolab per common share
Basic EPS		$7.43		$4.82		$3.83
Diluted EPS		$7.37		$4.79		$3.81

Anti-dilutive securities excluded from the computation of diluted EPS		0.6		4.3		3.9

Amounts do not necessarily sum due to rounding.

Fair value measurements

The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, contingent consideration obligations, commercial paper, notes payable, foreign currency forward contracts, interest rate swap agreements, cross-currency swap derivative contracts and long-term debt.

Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The hierarchy is broken down into three levels:

Level 1 - Inputs are quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

Level 2 - Inputs include observable inputs other than quoted prices in active markets.

Level 3 - Inputs are unobservable inputs for which there is little or no market data available.

Derivatives and hedging transactions

The Company uses foreign currency forward contracts, interest rate swap agreements, cross-currency swap derivative contracts and foreign currency debt to manage risks associated with foreign currency exchange rates, interest rates and net investments in foreign operations. The Company does not hold derivative financial instruments of a speculative nature or for trading purposes. The Company records derivatives as assets and liabilities in the Consolidated Balance Sheets at fair value. Changes in fair value are recognized immediately in earnings unless the derivative qualifies and is designated as a hedge. Cash flows from derivatives are classified in the Consolidated Statements of Cash Flows in the same category as the cash flows from the items subject to designated hedge or undesignated (economic) hedge relationships. The Company evaluates hedge effectiveness at inception and on an ongoing basis. If a derivative is no longer expected to be effective, hedge accounting is discontinued.

The Company is exposed to credit risk in the event of nonperformance of counterparties for foreign currency forward exchange contracts and interest rate swap agreements. The Company monitors its exposure to credit risk by using credit approvals and credit limits and by selecting major global banks and financial institutions as counterparties. The Company does not anticipate nonperformance by any of these counterparties, and therefore, recording a valuation allowance against the Company’s derivative balance is not considered necessary.

Research and development expenditures

Research expenditures that relate to the development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred.

Legal contingencies

The Company is subject to various claims and contingencies related to, among other things, workers’ compensation, general liability (including product liability), automobile claims, health care claims, environmental matters and lawsuits. The Company is also subject to various claims and contingencies related to income taxes, which are discussed in Note 12. The Company also has contractual obligations including lease commitments, which are discussed in Note 13.

The Company records liabilities when a contingent loss is probable and can be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. The Company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that a material loss may have been incurred.

Insurance

Globally, the Company has insurance policies with varying deductible levels for property and casualty losses. The Company is insured for losses in excess of these deductibles, subject to policy terms and conditions and has recorded both a liability and an offsetting receivable for amounts in excess of these deductibles. The Company is self-insured for health care claims for eligible participating employees, subject to certain deductibles and limitations. The Company determines its liabilities for claims on an actuarial basis.

Litigation and Environmental Matters

The Company and certain subsidiaries are party to various lawsuits, claims and environmental actions that have arisen in the ordinary course of business. These include from time to time antitrust, employment, commercial, patent infringement, tort, product liability and wage hour lawsuits, as well as possible obligations to investigate and mitigate the effects on the environment of the disposal or release of certain chemical substances at various sites, such as Superfund sites and other operating or closed facilities. The Company has established accruals for certain lawsuits, claims and environmental matters. The Company currently believes that there is not a reasonably possible risk of material loss in excess of the amounts accrued related to these legal matters. Because litigation is inherently uncertain, and unfavorable rulings or developments could occur, there can be no certainty that the Company may not ultimately incur charges in excess of recorded liabilities. A future adverse ruling, settlement or unfavorable development could result in future charges that could have a material adverse effect on the Company’s results of operations or cash flows in the period in which they are recorded.

The Company currently believes that such future charges related to suits and legal claims, if any, would not have a material adverse effect on the Company’s consolidated financial position.

Pension and post-retirement benefit plans

Pension and Postretirement Health Care Benefits Plans

The Company has a non-contributory, qualified, defined benefit pension plan covering the majority of its U.S. employees. The Company also has U.S. non-contributory, non-qualified, defined benefit pension plans, which provide for benefits to employees in excess of limits permitted under its pension plans. The U.S. non-qualified plans are not funded and the recorded benefit obligations for the non-qualified plans were $78 million and $87 million at December 31, 2024 and 2023, respectively. The measurement date used for determining the U.S. pension plan assets and obligations is December 31.

Various international subsidiaries have defined benefit pension plans. International plans are funded based on local country requirements. The measurement date used for determining the international pension plan assets and obligations is November 30, the fiscal year end of the Company’s international subsidiaries.

The Company provides postretirement health care and life insurance benefits to certain U.S. employees and retirees. The U.S. postretirement health care plans are contributory based on years of service and choice of coverage (family or single), with retiree contributions adjusted annually. The Company also maintains several U.S. postretirement life insurance plans. The measurement date used to determine the U.S. postretirement health care and life insurance plan assets and obligations is December 31. Certain employees outside the U.S. are covered under government-sponsored programs, which are not required to be fully funded. The expense and obligation for providing international postretirement health care benefits are not significant.

Reportable segments

The Company’s organizational structure consists of global business unit and global regional leadership teams. The Company’s eight operating segments follow its commercial and product-based activities and are based on engagement in business activities, availability of discrete financial information and review of operating results by the Chief Operating Decision Maker (“CODM”) at the identified operating segment level. The CODM is the Company’s Chief Executive Officer.

Asset Held for Sale

Assets Held for Sale

Assets and liabilities are classified as held for sale and presented separately on the balance sheet when all of the following criteria for a plan of sale have been met: (1) management, having the authority to approve the action, commits to a plan to sell the assets; (2) the assets are available for immediate sale, in their present condition, subject only to terms that are usual and customary for sales of such assets; (3) an active program to locate a buyer and other actions required to complete the plan to sell the assets have been initiated; (4) the sale of the assets is probable and transfer of the assets is expected to be completed within one year; (5) the assets are being actively marketed for a price that is reasonable in relation to their current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or the plan will be withdrawn. Assets held for sale are measured at the lower of carrying value or fair value less costs to sell. Any loss resulting from the measurement is recognized in the period the held-for-sale criteria are met. Gains are not recognized until the date of the sale. When the disposal group is classified as held for sale, depreciation and amortization for long-lived assets ceases and the Company tests the assets for impairment.

Supplier Finance

Supplier Finance

In the second quarter of 2024, the Company commenced a voluntary supply chain finance program (the “Program”) to provide certain suppliers with the opportunity to sell receivables due from the Company to a participating financial institution at the sole discretion of both the suppliers and the financial institution. These participating suppliers negotiate their outstanding receivable arrangements directly with the financial institution, and the Company’s obligation to its suppliers, including amounts due and scheduled payment terms, are not impacted by the Company’s suppliers’ decisions to sell amounts under these arrangements. All Company payments to participating suppliers are paid to the financial institution on the invoice due date, regardless of whether the individual invoice is sold by the supplier to the financial institution. The range of payment terms the Company negotiates with its suppliers is consistent, irrespective of whether a supplier participates in the Program.

All outstanding payments owed under the Program are recorded within Accounts payable in the Consolidated Balance Sheets. The Company accounts for all payments made under the Program as a reduction to operating cash flows in Accounts payable within the Consolidated Statements of Cash Flows. The amounts owed to a participating financial institution under the Program are not material as of December 31, 2024.

New Accounting Pronouncements

New Accounting Pronouncements


Standards That Are Not Yet Adopted:
	Date of		Required Date of	Effect on the
Standard	Issuance	Description	Adoption	Financial Statements



ASU 2024-03 and ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	November 2024	The amendments in this ASU are intended to improve expense disclosures, primarily by requiring disclosure of disaggregated information about certain income statement expense line items on an annual and interim basis.	Effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted.	The updates required by this standard should be applied prospectively, but retrospective application is permitted. The Company is currently evaluating the impact of adoption and additional disclosure requirements.

ASU 2023-09 Income taxes (Topic 740): Improvements to Income Tax Disclosures	December 2023	The amendments in this Update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold.	January 1, 2025	The Company is currently evaluating the impact of adoption and additional disclosure requirements.


Standards That Were Adopted:
	Date of		Date of	Effect on the
Standard	Issuance	Description	Adoption	Financial Statements

ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	November 2023	The amendments in this ASU are to improve the disclosures about reportable segments and add more detailed information about a reportable segment’s expenses. The amendments in the ASU require public entities to disclose on an annual and interim basis significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, other segment items by reportable segment, the title and position of the CODM, and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU does not change the definition of a segment, the method for determining segments, the criteria for aggregating operating segments into reportable segments, or the current specifically enumerated segment expenses that are required to be disclosed.	January 1, 2024	The Company adopted the standard and applied the amendments retrospectively to all periods presented. Adoption of this standard impacted the disclosures within the financial statements, but did not have an impact on the Company's financial position or the results of operations.

No other new accounting pronouncement issued or effective has had or is expected to have a material impact on the Company’s consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

SIGNIFICANT ACCOUNTING POLICIES

Summarized activity in the allowance for doubtful accounts



(millions)	2024		2023		2022

Beginning balance		$77.3		$71.9		$52.8
Bad debt expense		46.9		54.0		38.1
Write-offs		(51.0)		(46.2)		(21.1)
Other (a)		(3.2)		(2.4)		2.1
Ending balance		$70.0		$77.3		$71.9

(a)	Other amounts are primarily the effects of changes in currency translations and acquired balances.

Changes in the carrying amount of goodwill


			Global		Global		Global
	Global		Institutional		Healthcare &		Pest
(millions)	Industrial		& Specialty		Life Sciences		Elimination		Other		Total
December 31, 2022		$4,081.8		$567.6		$3,125.4		$-		$237.9		$8,012.7
Segment change (a)		102.3		-		-		135.6		(237.9)		-
December 31, 2022 recast		4,184.1		567.6		3,125.4		135.6		-		8,012.7
Current year business combinations (b)		30.8		39.3		-		-		-		70.1
Effect of foreign currency translation		28.6		3.1		33.0		0.7		-		65.4
December 31, 2023		$4,243.5		$610.0		$3,158.4		$136.3		$-		$8,148.2
Current year business combinations (b)		116.2		6.5		-		33.9		-		156.6
Prior year business combinations (c)		1.2		-		-		-		-		1.2
Divestiture of businesses (d)		-		-		(305.9)		-		-		(305.9)
Effect of foreign currency translation		(56.0)		(3.3)		(32.7)		(0.8)		-		(92.8)
December 31, 2024		$4,304.9		$613.2		$2,819.8		$169.4		$-		$7,907.3

(a)

Relates to reclassifications made to reportable segments in the current year. Effective January 1, 2024, the Company’s former Textile Care and Colloidal Technologies Group (“CTG”) operating segments are now part of the Water operating segment which continues to remain in the Global Industrial reportable segment. Additionally, the Pest Elimination operating segment, formerly aggregated with the Textile Care and CTG operating segments within Other, is now reported as the stand-alone Global Pest Elimination reportable segment. After these changes, the Company has eight operating segments aligned with eight reporting units. Refer to Note 18 for further information.

(b)

Represents goodwill associated with current year acquisitions. For 2024, approximately $132 of goodwill related to businesses acquired is expected to be tax deductible related primarily to the acquisition of Barclay Water Management. For 2023, approximately $62 of goodwill related to businesses acquired is expected to be tax deductible related primarily to the acquisitions of Chemlink Laboratories LLC and Flottec, LLC. Refer to Note 4 for additional information.

(c)	Represents purchase price allocation adjustments for acquisitions deemed preliminary as of the end of the prior year.

(d)	Represents goodwill associated with the sale of the global surgical solutions business (refer to Note 4 for additional information).

Weighted-average useful life by type of asset

The weighted-average useful life by type of amortizable asset at December 31, 2024 were as follows:

(years)


Customer relationships		15
Patents		15
Trademarks		13
Other technology		12

Future estimated amortization expenses


(millions)
2022		$320
2023		307
2024		301
2025		293
2026		287
2027		165
2028		157
2029		149

Computations of the basic and diluted EPS

The computations of the basic and diluted earnings attributable to Ecolab per share amounts were as follows:




(millions, except per share)	2024		2023		2022

Net income attributable to Ecolab		$2,112.4		$1,372.3		$1,091.7

Weighted-average common shares outstanding
Basic		284.3		285.0		285.2
Effect of dilutive stock options and units		2.3		1.6		1.4
Diluted		286.6		286.5		286.6

Earnings attributable to Ecolab per common share
Basic EPS		$7.43		$4.82		$3.83
Diluted EPS		$7.37		$4.79		$3.81

Anti-dilutive securities excluded from the computation of diluted EPS		0.6		4.3		3.9

Amounts do not necessarily sum due to rounding.

Other significant accounting policies


Policy		Note
Fair value measurements		7
Derivatives and hedging transactions		8
Share-based compensation		10
Research and development expenditures		14
Legal contingencies		15
Pension and post-retirement benefit plans		16
Reportable segments		18

Schedule of new accounting pronouncements

New Accounting Pronouncements


Standards That Are Not Yet Adopted:
	Date of		Required Date of	Effect on the
Standard	Issuance	Description	Adoption	Financial Statements



ASU 2024-03 and ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	November 2024	The amendments in this ASU are intended to improve expense disclosures, primarily by requiring disclosure of disaggregated information about certain income statement expense line items on an annual and interim basis.	Effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted.	The updates required by this standard should be applied prospectively, but retrospective application is permitted. The Company is currently evaluating the impact of adoption and additional disclosure requirements.

ASU 2023-09 Income taxes (Topic 740): Improvements to Income Tax Disclosures	December 2023	The amendments in this Update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold.	January 1, 2025	The Company is currently evaluating the impact of adoption and additional disclosure requirements.


Standards That Were Adopted:
	Date of		Date of	Effect on the
Standard	Issuance	Description	Adoption	Financial Statements

ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	November 2023	The amendments in this ASU are to improve the disclosures about reportable segments and add more detailed information about a reportable segment’s expenses. The amendments in the ASU require public entities to disclose on an annual and interim basis significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, other segment items by reportable segment, the title and position of the CODM, and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU does not change the definition of a segment, the method for determining segments, the criteria for aggregating operating segments into reportable segments, or the current specifically enumerated segment expenses that are required to be disclosed.	January 1, 2024	The Company adopted the standard and applied the amendments retrospectively to all periods presented. Adoption of this standard impacted the disclosures within the financial statements, but did not have an impact on the Company's financial position or the results of operations.

No other new accounting pronouncement issued or effective has had or is expected to have a material impact on the Company’s consolidated financial statements.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

SPECIAL (GAINS) AND CHARGES (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring Activities

Special (gains) and charges



(millions)	2024		2023		2022
Cost of sales
One Ecolab		$1.9		$-		$-
Other restructuring		3.4		22.5		21.4
Acquisition and integration activities		-		-		25.0
Other		-		-		23.5
Cost of sales subtotal		5.3		22.5		69.9

Special (gains) and charges
One Ecolab		98.3		-		-
Other restructuring		21.8		63.2		85.8
Sale of global surgical solutions business		(340.3)		10.3		-
Acquisition and integration activities		12.6		16.1		14.5
Other		18.7		21.8		40.2
Special (gains) and charges subtotal		(188.9)		111.4		140.5

Operating income subtotal		(183.6)		133.9		210.4

Other (income) expense		-		-		50.6

Total special (gains) and charges		($183.6)		$133.9		$261.0

One Ecolab Initiative Program

Restructuring Activities

Restructuring activity

Employee

Asset

Costs

Disposals

Other

Total

(millions)

2024 Activity

Recorded expense (income) and accrual

$46.3

$-

$30.2

$76.5

Net cash payments

-

(26.9)

Non-cash net charges

-

Reclassification

-

5.3

Restructuring liability, December 31, 2024

$46.3

$-

$8.6

$54.9

Combined Program

Restructuring Activities

Restructuring activity



	Employee		Asset
(millions)	Costs		Disposals		Other		Total
2022 Activity
Recorded expense and accrual		$67.2		$-		$-		$67.2
Net cash payments		(5.2)		-		-		(5.2)
Net restructuring liability, December 31, 2022		62.0		-		-		62.0

2023 Activity
Recorded expense and accrual		47.0		14.0		16.7		77.7
Net cash payments		(85.2)		-		(16.7)		(101.9)
Non-cash charges		-		(14.0)		-		(14.0)
Reclassification		19.3		-		-		19.3
Net restructuring liability, December 31, 2023		43.1		-		-		43.1

2024 Activity
Recorded expense and accrual		3.8		1.3		20.1		25.2
Net cash payments		(34.1)		-		(14.8)		(48.9)
Non-cash charges		-		(1.3)		-		(1.3)
Reclassification		-		-		(5.3)		(5.3)
Net restructuring liability, December 31, 2024		$12.8		$-		$-		$12.8

ACQUISITIONS AND DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2024

Business acquisitions

Summary of discontinued operations


	August 1
(millions)	2024

Assets held for sale
Cash and cash equivalents		$36.6
Accounts receivable, net		55.0
Inventories		89.0
Other current assets		7.6
Property, plant and equipment, net		65.1
Goodwill		305.9
Other intangible assets, net		22.4
Operating lease assets		8.2
Other assets		43.0
Total assets held for sale		$632.8

Liabilities held for sale
Accounts payable		$38.6
Compensation and benefits		5.9
Other current liabilities		40.6
Postretirement health care and pension benefits		6.7
Operating lease liabilities		5.6
Other liabilities		30.8
Total liabilities held for sale		$128.2

Business Acquisitions and Investment

Business acquisitions

Schedule of final consideration transferred to acquire all of the acquired entity's stock



(millions)	2024		2023		2022
Net tangible assets (liabilities) acquired		$22.7		$20.8		$-

Identifiable intangible assets
Customer relationships		118.3		60.8		-
Trademarks		5.7		-		-
Non-compete agreements		1.6		2.1		-
Other technologies		17.6		25.8		-
Total intangible assets		143.2		88.7		-

Goodwill		156.7		70.2		-
Total aggregate purchase price		322.6		179.7		-

Acquisition-related liabilities and contingent consideration		(12.9)		(3.9)		-
Total cash paid for acquisitions, including acquisition-related
liabilities and contingent consideration, net of cash acquired		$309.7		$175.8		$-

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

BALANCE SHEET INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

BALANCE SHEET INFORMATION

Balance Sheet Information



	December 31		December 31
(millions)	2024		2023
Accounts receivable, net
Accounts receivable		$2,987.5		$2,983.2
Allowance for expected credit losses and other accruals		(122.5)		(149.0)
Total		$2,865.0		$2,834.2

Inventories
Finished goods		$962.2		$911.4
Raw materials and parts		607.4		704.7
Inventories at FIFO cost		1,569.6		1,616.1
FIFO cost to LIFO cost difference		(104.7)		(118.9)
Total		$1,464.9		$1,497.2

Other current assets
Prepaid assets		$151.4		$143.9
Taxes receivable		163.3		186.9
Derivative assets		13.4		3.3
Other		110.9		59.1
Total		$439.0		$393.2

Property, plant and equipment, net
Land		$144.5		$155.6
Buildings and leasehold improvements		1,152.8		1,171.0
Machinery and equipment		2,248.5		2,113.8
Merchandising and customer equipment		2,925.3		2,758.4
Capitalized software		1,037.8		985.9
Construction in progress		679.3		470.1
		8,188.2		7,654.8
Accumulated depreciation		(4,435.8)		(4,180.2)
Total		$3,752.4		$3,474.6

Other intangible assets, net
Intangible assets not subject to amortization
Trade names		$1,230.0		$1,230.0
Intangible assets subject to amortization
Customer relationships		3,279.8		3,385.1
Patents		504.6		503.6
Trademarks		371.9		406.5
Other technologies		541.8		551.2
		4,698.1		4,846.4
Accumulated amortization
Customer relationships		(1,814.1)		(1,805.0)
Patents		(340.6)		(319.4)
Trademarks		(236.3)		(238.0)
Other technologies		(228.3)		(220.5)
		(2,619.3)		(2,582.9)
Net intangible assets subject to amortization		2,078.8		2,263.5
Total		$3,308.8		$3,493.5

Other assets
Deferred income taxes		$155.5		$119.3
Pension		151.0		118.4
Derivative asset		45.1		23.6
Other		318.8		271.4
Total		$670.4		$532.7



	December 31		December 31
(millions)	2024		2023
Other current liabilities
Discounts and rebates		$452.2		$438.8
Dividends payable		184.2		162.7
Interest payable		62.6		68.5
Taxes payable, other than income		171.8		153.2
Derivative liability		3.0		3.7
Restructuring		71.6		48.9
Contract liability		102.0		110.9
Operating lease liabilities		142.3		126.1
Other		323.0		222.1
Total		$1,512.7		$1,334.9

Accumulated other comprehensive income (loss)
Unrealized (loss) gain on derivative financial instruments, net of tax		$4.6		($4.1)
Unrecognized pension and postretirement benefit expense, net of tax		(538.4)		(534.7)
Cumulative translation, net of tax		(1,448.2)		(1,311.6)
Total		($1,982.0)		($1,850.4)

DEBT AND INTEREST (Tables)

12 Months Ended

Dec. 31, 2024

DEBT AND INTEREST

Schedule of short-term debt obligations

2024

2023

Average

Carrying

Interest

Carrying

Interest

(millions)

Value

Rate

Value

Rate

Short-term debt

Commercial paper

$-

-

%

$-

-

%

Notes payable

3.6

7.28

%

1.8

8.29

%

Long-term debt, current maturities

612.1

628.6

Total

$615.7

$630.4

Schedule of long-term debt obligations including current maturities


		2024								2023
				Stated		Effective				Stated		Effective
	Maturity	Carrying		Interest		Interest		Carrying		Interest		Interest
(millions)	by Year	Value		Rate		Rate		Value		Rate		Rate

Long-term debt
Public notes (2024 principal amount)
Seven year 2016 senior notes (€575 million)	2024		$-	-	%	-	%		$625.9	1.00	%	1.19	%
Ten year 2015 senior notes (€575 million)	2025		607.8	2.63	%	2.88	%		625.1	2.63	%	2.88	%
Ten year 2016 senior notes ($750 million)	2026		735.2	2.70	%	3.96	%		728.2	2.70	%	4.07	%
Ten year 2017 senior notes ($500 million)	2027		456.5	3.25	%	8.54	%		448.3	3.25	%	8.43	%
Six Year 2021 senior notes ($500 million)	2027		498.2	1.65	%	1.73	%		497.4	1.65	%	1.83	%
Five Year 2022 senior notes ($500 million)	2028		495.6	5.25	%	5.08	%		494.2	5.25	%	5.60	%
Ten year 2020 senior notes ($698 million)	2030		657.2	4.80	%	6.52	%		662.7	4.80	%	6.19	%
Ten year 2020 senior notes ($600 million)	2031		559.3	1.30	%	3.17	%		561.0	1.30	%	3.21	%
Eleven year 2021 senior notes ($650 million)	2032		645.8	2.13	%	1.59	%		645.2	2.13	%	2.06	%
Thirty year 2011 senior notes ($389 million)	2041		385.0	5.50	%	5.62	%		384.7	5.50	%	5.62	%
Thirty year 2016 senior notes ($200 million)	2046		197.5	3.70	%	3.80	%		197.4	3.70	%	3.80	%
Thirty year 2017 senior notes ($484 million)	2047		428.2	3.95	%	4.79	%		426.8	3.95	%	4.79	%
Thirty year 2020 senior notes ($500 million)	2050		491.4	2.13	%	2.23	%		491.1	2.13	%	2.23	%
Thirty year 2021 senior notes ($850 million)	2051		839.7	2.70	%	2.78	%		839.3	2.70	%	2.78	%
Thirty-four year 2021 senior notes ($685 million)	2055		541.2	2.75	%	3.86	%		539.2	2.75	%	3.86	%
Finance lease obligations and other			22.7						13.5
Total debt			7,561.3						8,180.0
Long-term debt, current maturities			(612.1)						(628.6)
Total long-term debt			$6,949.2						$7,551.4

Schedule of aggregate annual maturities of long-term debt


(millions)
2025			$612
2026			738
2027			958
2028			498
2029			2

Schedule of interest expense and interest income



(millions)	2024		2023		2022
Interest expense		$340.3		$348.9		$252.1
Interest income		(57.8)		(52.2)		(8.5)
Interest expense, net		$282.5		$296.7		$243.6

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

FAIR VALUE MEASUREMENTS

Schedule of the carrying amount and estimated fair value of assets and liabilities measured on recurring basis

December 31, 2024

(millions)

Carrying

Fair Value Measurements

Amount

Level 1

Level 2

Level 3

Assets

Foreign currency forward contracts

$38.4

$-

$38.4

$-

Cross-currency swap derivative contracts

119.0

-

119.0

-

Liabilities

Foreign currency forward contracts

28.0

-

28.0

-

Interest rate swap agreements

138.5

-

138.5

-

Cross-currency swap derivative contracts

56.4

-

56.4

-


	December 31, 2023
(millions)	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3
Assets
Foreign currency forward contracts		$26.6		$-		$26.6		$-
Cross-currency swap derivative contracts		29.1		-		29.1		-

Liabilities
Foreign currency forward contracts		27.0		-		27.0		-
Interest rate swap agreements		146.5		-		146.5		-
Cross-currency swap derivative contracts		24.9		-		24.9		-

Schedule of carrying amount and estimated fair value of long-term debt

December 31, 2024

December 31, 2023

Carrying

Fair

Carrying

Fair

Amount

Value

Amount

Value

Long-term debt, including current maturities

$7,561.3

$6,662.1

$8,180.0

$7,552.5

DERIVATIVES AND HEDGING TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2024

DERIVATIVES AND HEDGING TRANSACTIONS

Gross fair value and net value of the company's outstanding derivative assets and liabilities

Derivative Assets

Derivative Liabilities

December 31

December 31

December 31

December 31

(millions)

2024

2023

2024

2023

Derivatives designated as hedging instruments

Foreign currency forward contracts

$11.4

$6.7

$3.2

$5.2

Interest rate swap agreements

-

138.5

146.5

Cross-currency swap derivative contracts

82.1

29.1

19.5

24.9

Derivatives not designated as hedging instruments

Foreign currency forward contracts

27.0

19.9

24.8

21.8

Cross-currency swap derivative contracts

36.9

-

36.9

-

Gross value of derivatives

157.4

55.7

222.9

198.4

Gross amounts offset in the Consolidated Balance Sheets

(98.9)

(28.8)

(98.9)

(28.8)

Net value of derivatives

$58.5

$26.9

$124.0

$169.6

Summary of notional values of outstanding derivatives


	Notional Values
		December 31	December 31
(millions)		2024	2023

Foreign currency forward contracts		$3,175		$3,745
Interest rate swap agreements		1,500		1,500
Cross-currency swap derivative contracts		2,745		998

Schedule of amounts on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges

Line item in which the hedged item is included

Carrying amount of the hedged liabilities

Cumulative amount of the fair value hedging adjustment included in the carrying amount of the hedged liabilities

(millions)

2024

2023

2024

2023

Long-term debt

$1,361.1

$1,353.7

($141.3)

($148.6)

Revaluation gains and losses on euro notes and cross-currency swap derivative



(millions)	2024		2023		2022
Revaluation gain (loss), net of tax:
Euronotes		$12.8		($42.3)		$81.9
Cross-currency swap derivative contracts		39.6		(30.8)		26.4
Total revaluation gain (loss), net of tax		$52.4		($73.1)		$108.3

Impact on AOCI and earnings from derivative contracts qualified as cash flow hedges



	2024				2023				2022
(millions)		COS	SG&A	Interest		COS	SG&A	Interest		COS	SG&A	Interest
Gain (loss) on derivatives designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) reclassified from AOCI to income		$4.0	$5.8	$-		$10.6	($18.9)	$-		$6.4	$95.0	$-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value		-	-	-		-	-	7.7		-	-	13.9
Interest rate swap agreements
Amount of (loss) gain reclassified from AOCI to income		-	-	(1.9)		-	-	(1.9)		-	-	(2.3)

Gain (loss) on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) recognized in income		-	(3.4)	-		-	(26.2)	-		-	62.0	-
Total gain (loss) of all derivative instruments		$4.0	$2.4	($1.9)		$10.6	($45.1)	$5.8		$6.4	$157.0	$11.6

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION

Schedule of other comprehensive income (loss) information related to the Company's derivatives and hedging instruments and pension and postretirement benefits



(millions)	2024		2023		2022
Derivative and Hedging Instruments
Unrealized gain (loss) on derivative and hedging instruments
Amount recognized in AOCI		$19.2		($12.8)		$112.9
(Gain) loss reclassified from AOCI into income
COS		(4.0)		(10.6)		(6.4)
SG&A		(5.8)		18.9		(95.0)
Interest (income) expense, net		1.9		(5.8)		(11.6)
		(7.9)		2.5		(113.0)
Other activity		-		-		1.1
Tax impact		(2.6)		2.5		(2.2)
Net of tax		$8.7		($7.8)		($1.2)

Pension and Postretirement Benefits
Amount recognized in AOCI
Current period net (loss) gain		($19.0)		($80.7)		$83.3
Amount reclassified from AOCI into income
Settlement charge (income)		0.9		(2.7)		51.6
Amortization of losses and prior period service credits, net		10.6		6.9		47.7
		11.5		4.2		99.3
Tax impact		1.9		21.4		(52.3)
Net of tax		($5.6)		($55.1)		$130.3

EQUITY COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2024

EQUITY COMPENSATION PLANS

Summary of stock option activity and average exercise prices


	2024			2023			2022
	Number of	Exercise		Number of	Exercise		Number of	Exercise
	Options	Price (a)		Options	Price (a)		Options	Price (a)
Outstanding, beginning of year	6,921,356		$168.65	7,031,103		$160.45	6,217,161		$160.91
Granted	595,791		247.02	861,840		190.53	1,228,673		148.79
Exercised	(1,838,103)		144.58	(832,050)		119.41	(294,228)		101.08
Canceled	(130,774)		173.95	(139,537)		183.77	(120,503)		210.26
Outstanding, end of year	5,548,270		$184.92	6,921,356		$168.65	7,031,103		$160.45
Exercisable, end of year	4,095,681		$178.24	5,107,518		$165.77	5,168,161		$155.45
Vested and expected to vest, end of year	5,396,495		$184.32

(a)

Represents weighted average price per share.

Weighted-average grant-date fair value of options granted and significant assumptions used in determining the underlying fair value of each option grant


	2024			2023			2022
Weighted-average grant-date fair value of options
granted at market prices		$66.80			$50.26			$37.04
Assumptions
Risk-free rate of return		4.1	%		4.1	%		3.5	%
Expected life		6	years		6	years		6	years
Expected volatility		22.6	%		22.4	%		23.5	%
Expected dividend yield		1.0	%		1.2	%		1.4	%

Summary of non-vested PBRSU awards and restricted stock activity


	PBRSU	Grant Date		RSAs and	Grant Date
	Awards	Fair Value (a)		RSUs	Fair Value (a)
December 31, 2021	788,529		$189.96	232,274		$195.95
Granted	291,496		142.24	240,370		146.90
Vested / Earned	(232,210)		152.63	(68,864)		163.81
Canceled	(24,645)		207.05	(18,683)		201.39
December 31, 2022	823,170		$181.68	385,097		$170.50
Granted	328,739		185.10	156,618		165.81
Vested / Earned	(180,674)		178.26	(61,776)		191.22
Canceled	(26,409)		175.05	(24,449)		166.22
December 31, 2023	944,826		$183.71	455,490		$166.31
Granted	245,868		240.66	78,386		230.47
Vested / Earned	(180,993)		215.26	(121,400)		196.78
Canceled	(44,499)		171.30	(37,177)		160.90
December 31, 2024	965,202		$192.87	375,299		$170.39

(a)

Represents weighted average price per share.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

Income before income taxes


(millions)	2024		2023		2022
United States (U.S.)		$1,035.3		$408.9		$295.6
International		1,535.9		1,346.6		1,047.8
Total		$2,571.2		$1,755.5		$1,343.4

Provision (benefit) for income taxes


(millions)	2024		2023		2022
U.S. federal and state		$301.3		$137.6		$145.7
International		322.6		280.0		231.4
Total current		623.9		417.6		377.1
U.S. federal and state		(143.1)		(40.1)		(78.9)
International		(41.5)		(15.0)		(63.7)
Total deferred		(184.6)		(55.1)		(142.6)
Provision for income taxes		$439.3		$362.5		$234.5

Net deferred tax assets and deferred tax liabilities


December 31 (millions)	2024		2023
Deferred tax assets
Pension and post-retirement benefits		$68.2		$82.1
Other accrued liabilities		152.5		162.0
Lease liability		176.7		135.9
Credit carryforwards		105.1		83.7
Capitalization of R&D costs		246.5		180.9
Loss carryforwards		92.9		57.3
Share-based compensation		54.2		54.5
Deferred income		72.4		27.9
Deferred interest		85.2		64.3
Other, net		32.8		49.0
Valuation allowance		(77.8)		(65.7)
Total deferred tax assets		1,008.7		831.9
Deferred tax liabilities
Goodwill		(133.9)		(160.1)
Intangible assets		(410.4)		(451.3)
Property, plant and equipment		(310.7)		(332.3)
Lease asset		(177.8)		(136.1)
Financing		(43.3)		(32.1)
Other, net		(57.1)		(18.9)
Total deferred tax liabilities		(1,133.2)		(1,130.8)
Net deferred tax liabilities balance		($124.5)		($298.9)

Reconciliation of the statutory U.S. federal income tax rate to the company's effective income tax rate


	2024		2023		2022
Statutory U.S. rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	1.5		1.4		1.3
Foreign operations	(1.2)		(0.5)		(0.8)
Excess stock benefits	(0.7)		(0.3)		(0.4)
R&D credit	(0.9)		(1.3)		(1.4)
Foreign derived intangible income	(1.9)		(1.2)		(1.8)
Change in valuation allowance	0.6		0.5		0.7
Legal entity rationalization	-		0.1		(1.5)
Sale of global surgical solutions business	1.1		-		-
Capital losses	(3.4)		-		-
Other, net	1.0		0.9		0.4
Effective income tax rate	17.1	%	20.6	%	17.5	%

Reconciliation of the beginning and ending amount of gross liability for unrecognized tax benefits


(millions)	2024		2023		2022
Balance at beginning of year		$24.2		$24.9		$25.1
Additions based on tax positions related to the current year		4.6		5.8		2.7
Additions for tax positions of prior years		11.6		1.7		3.6
Reductions for tax positions of prior years		-		-		(1.5)
Reductions for tax positions due to statute of limitations		(0.7)		(2.7)		(0.7)
Settlements		(5.3)		(5.5)		(3.4)
Foreign currency translation		(0.3)		-		(0.9)
Balance at end of year		$34.1		$24.2		$24.9

RENTALS AND LEASES (Tables)

12 Months Ended

Dec. 31, 2024

RENTALS AND LEASES

Schedule of operating lease cost


(millions)	2024		2023		2022
Operating lease cost*		$218.0		$215.4		$196.9

*Includes immaterial short-term and variable lease costs

Schedule of future maturity of operating lease liabilities



(millions)
2025			$159
2026			148
2027			120
2028			80
2029			50
Thereafter			252
Total lease payments			809
Less: imputed interest			91
Present value of lease liabilities			$718

Schedule of operating leases term and discount rate



	December 31			December 31			December 31
	2024			2023			2022

Weighted-average remaining lease terms (years)		7.01			6.44			6.71

Weighted-average discount rate		4.76	%		4.02	%		2.98	%

Schedule of other lease information

December 31

December 31

(millions)

2024

2023

2022

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases

$207.7

$170.6

$157.3

Leased assets obtained in exchange for new operating lease liabilities

336.0

251.5

202.7

Schedule of operating lease revenue


(millions)	2024		2023		2022
Operating lease revenue*		$534.9		$511.8		$466.7

Schedule of revenue from operating leases for existing contracts

Future revenue from operating leases for existing contracts as of December 31, 2024 were as follows:



(millions)
2025			$438
2026			315
2027			252
2028			174
2029			90
Thereafter			51
Total lease revenue			$1,320

RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2024

Pension and Postretirement Plans

Financial information related to pension and postretirement health care plans


	U.S.				International				U.S. Postretirement
	Pensions				Pensions				Benefits
(millions)	2024		2023		2024		2023		2024		2023
Accumulated benefit obligation, end of year		$1,790.6		$1,859.5		$1,123.4		$1,125.8		$101.4		$112.0
Projected benefit obligation
Projected benefit obligation, beginning of year		$1,859.5		$1,799.0		$1,174.0		$1,221.9		$112.0		$115.5
Service cost		46.3		40.9		19.0		21.7		0.3		0.4
Interest cost		87.0		88.1		48.9		45.9		5.2		5.6
Participant contributions		-		-		2.9		2.8		3.0		3.8
Plan amendments		-		-		(0.5)		(1.5)		-		-
Actuarial (gain) loss		(68.4)		90.2		14.8		(101.0)		(8.0)		(0.1)
Acquisitions and divestitures		-		-		(13.3)		-		-		-
Other events		-		-		1.6		2.9		-		-
Benefits paid		(133.8)		(158.7)		(58.1)		(69.8)		(11.1)		(13.2)
Foreign currency translation		-		-		(22.7)		51.1		-		-
Projected benefit obligation, end of year		$1,790.6		$1,859.5		$1,166.6		$1,174.0		$101.4		$112.0

Plan assets
Fair value of plan assets, beginning of year		$1,719.7		$1,668.5		$871.2		$905.1		$2.4		$3.2
Actual returns on plan assets		45.1		149.1		76.5		(44.0)		-		0.2
Company contributions		8.0		60.8		35.3		35.4		10.3		12.2
Participant contributions		-		-		2.9		2.8		-		-
Acquisitions and divestitures		-		-		(6.3)		2.9		-		-
Benefits paid		(133.8)		(158.7)		(57.9)		(67.6)		(11.1)		(13.2)
Foreign currency translation		-		-		(10.8)		36.6		-		-
Fair value of plan assets, end of year		$1,639.0		$1,719.7		$910.9		$871.2		$1.6		$2.4
Funded Status, end of year		($151.6)		($139.8)		($255.7)		($302.8)		($99.8)		($109.6)

Amounts recognized in the Consolidated Balance Sheets:
Other assets		$-		$-		$151.0		$118.4		$-		$-
Other current liabilities		(8.8)		(9.2)		(36.2)		(33.0)		(8.3)		(8.7)
Pension and postretirement benefits		(142.8)		(130.6)		(370.5)		(388.2)		(91.5)		(100.9)
Net liability		($151.6)		($139.8)		($255.7)		($302.8)		($99.8)		($109.6)

Amounts recognized in accumulated other comprehensive loss (income):
Unrecognized net actuarial loss (gain)		$526.5		$495.2		$253.5		$278.5		($45.4)		($40.8)
Unrecognized net prior service (benefits) costs		(12.1)		(16.7)		(1.1)		(0.4)		-		-
Tax (benefit) expense		(131.6)		(122.8)		(58.1)		(64.4)		6.7		6.2
Accumulated other comprehensive loss (income), net of tax		$382.8		$355.7		$194.3		$213.7		($38.7)		($34.6)

Change in accumulated other comprehensive loss (income):
Amortization of net actuarial gain (loss)		($6.1)		($0.2)		($12.2)		($14.8)		$3.2		$3.1
Amortization of prior service credits		4.6		4.5		(0.1)		0.5		-		-
Current period net actuarial loss (gain)		37.4		83.5		(10.1)		(1.0)		(7.8)		(0.3)
Current period prior service costs		-		-		(0.5)		(1.5)		-		-
Curtailments and settlements		-		-		(0.9)		2.7		-		-
Tax (benefit) expense		(8.8)		(22.0)		6.3		2.1		0.5		(1.5)
Foreign currency translation		-		-		(1.9)		12.2		-		-
Other comprehensive loss (income)		$27.1		$65.8		($19.4)		$0.2		($4.1)		$1.3

Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost


					U.S. Post-
	U.S.		International		Retirement
(millions)	Pensions		Pensions		Benefits
Net actuarial loss (gain)		$8.6		$8.1		($3.6)
Net prior service benefits		(4.6)		(0.3)		-
Total		$4.0		$7.8		($3.6)

Aggregate projected benefit obligation, accumulated benefit obligation and fair value of pension plan assets for plans with accumulated benefit obligations in excess of plan assets


December 31, (millions)	2024		2023
Aggregate projected benefit obligation		$2,292.5		$2,428.8
Accumulated benefit obligation		2,265.5		2,392.4
Fair value of plan assets		1,738.6		1,868.9

Schedule of projected benefit obligation and fair value of pension plan assets for plans with projected benefit obligations in excess of plan assets


December 31, (millions)	2024		2023
Projected benefit obligations		$2,373.4		$2,449.1
Fair value of plan assets		1,815.1		1,888.2

Net periodic pension and postretirement health care benefit costs


	U.S.						International						U.S. Postretirement
	Pensions						Pensions						Benefits
(millions)	2024		2023		2022		2024		2023		2022		2024		2023		2022
Service cost		$46.3		$40.9		$40.8		$19.0		$21.7		$28.4		$0.3		$0.4		$0.8
Interest cost on benefit obligation		87.0		88.1		65.3		48.9		45.9		22.0		5.2		5.6		3.3
Expected return on plan assets		(150.8)		(145.1)		(144.4)		(50.1)		(56.1)		(69.8)		(0.2)		(0.2)		(0.3)
Recognition of net actuarial loss (gain)		6.1		0.2		30.2		9.6		12.5		22.8		(3.2)		(3.1)		(0.6)
Amortization of prior service benefit		(4.6)		(4.5)		(4.5)		(0.1)		(0.5)		(0.1)		-		-		-
Curtailments and settlements (a)		-		-		51.6		0.9		(2.7)		-		-		-		-
Total expense (benefit)		($16.0)		($20.4)		$39.0		$28.2		$20.8		$3.3		$2.1		$2.7		$3.2

(a)

$50.6 of settlement expense was recognized as special charges in 2022.

Plan Assumptions


Plan Assumptions	U.S.						International						U.S. Postretirement
	Pensions						Pensions						Benefits
(percent)	2024		2023		2022		2024		2023		2022		2024		2023		2022
Weighted-average actuarial assumptions
used to determine benefit obligations
as of year end:
Discount rate	5.58	%	4.95	%	5.17	%	3.99	%	4.34	%	3.70	%	5.58	%	4.95	%	5.14	%
Projected salary increase	3.60		4.03		4.03		2.69		2.84		2.81
Weighted-average actuarial assumptions
used to determine net cost:
Interest credit rate for cash balance plans	4.50		3.89		1.56		N/A		N/A		N/A		N/A		N/A		N/A
Discount rate	4.95		5.17		2.86		4.34		3.70		1.46		4.95		5.14		2.75
Expected return on plan assets	8.00		7.75		7.00		6.00		6.27		6.18		8.00		7.75		7.00
Projected salary increase	4.03		4.03		4.03		2.84		3.08		2.47

Estimated future benefits payments


(millions)	All Plans
2025		$247
2026		245
2027		246
2028		250
2029		247
2030 - 2034		1,217

U.S. Pension and Postretirement Health Care Benefits

Pension and Postretirement Plans

Allocation and fair value of plan assets for defined benefit pension and postretirement health care benefit plans

The fair value of the Company’s U.S. qualified pension plan assets were as follows:


	Fair Value as of						Fair Value as of
(millions)	December 31, 2024						December 31, 2023
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash		$41.5		$-		$41.5		$30.1		$-		$30.1
Equity securities:
Large cap equity		367.1		-		367.1		276.1		-		276.1
Small cap equity		12.1		26.4		38.5		14.6		29.6		44.2
International equity		93.8		137.4		231.2		40.4		19.2		59.6
Fixed income:
Core fixed income		183.2		371.3		554.5		150.7		669.6		820.3
High-yield bonds		38.8		-		38.8		34.7		-		34.7
Emerging markets		-		42.0		42.0		-		24.8		24.8
Total investments at fair value		736.5		577.1		1,313.6		546.6		743.2		1,289.8
Investments measured at net asset value						327.0						432.3
Total		$736.5		$577.1		$1,640.6		$546.6		$743.2		$1,722.1

The Company had no Level 3 assets as part of its U.S. qualified pension plan assets as of December 31, 2024 or 2023.

The allocation of the Company’s U.S. qualified pension plan assets plans were as follows:


	Target Asset
Asset Category	Allocation				Percentage
	Percentage				of Plan Assets

December 31	2024		2023		2024		2023

Cash	-	%	-	%	3	%	2	%
Equity securities:
Large cap equity	27		21		22		16
Small cap equity	3		3		2		3
International equity	17		13		14		9
Fixed income:
Core fixed income	35		48		34		48
High-yield bonds	3		3		2		2
Emerging markets	3		2		3		1
Other:
Real estate	3		3		3		3
Private equity	6		5		14		14
Distressed debt	3		2		3		2
Total	100	%	100	%	100	%	100	%

International Pension

Pension and Postretirement Plans

Allocation and fair value of plan assets for defined benefit pension and postretirement health care benefit plans


	Fair Value as of			Fair Value as of
(millions)	December 31, 2024			December 31, 2023
	Level 1	Level 2	Total	Level 1	Level 2	Total
Cash	$8.1	$-	$8.1	$12.6	$-	$12.6
Equity securities:
International equity	-	193.9	193.9	-	182.5	182.5
Fixed income:
Corporate bonds	-	157.5	157.5	-	147.5	147.5
Government bonds	-	339.6	339.6	-	321.4	321.4
Insurance company accounts	-	163.2	163.2	-	163.4	163.4
Total investments at fair value	8.1	854.2	862.3	12.6	814.8	827.4
Investments measured at net asset value			48.6			43.8
Total	$8.1	$854.2	$910.9	$12.6	$814.8	$871.2

The Company had no Level 3 assets as part of its international plan assets as of December 31, 2024 or 2023.

The allocation of plan assets of the Company’s international plan assets for its defined benefit pension plans were as follows:


	Percentage
Asset Category	of Plan Assets

December 31	2024		2023

Cash	1	%	1	%
Equity securities:
International equity	21		21
Fixed income:
Corporate bonds	17		17
Government bonds	37		37
Total fixed income	54		54
Other:
Insurance contracts	18		19
Real estate	6		5
Total	100	%	100	%

REVENUES (Tables)

12 Months Ended

Dec. 31, 2024

REVENUES

Schedule of principal activities, separated by reportable segments and geographic region



(millions)	2024		2023		2022
Global Industrial
Product and sold equipment		$6,810.8		$6,710.8		$6,303.9
Service and lease equipment		966.4		915.7		893.2
Global Institutional & Specialty
Product and sold equipment		4,362.2		4,087.3		3,655.1
Service and lease equipment		1,020.4		911.9		777.0
Global Healthcare & Life Sciences
Product and sold equipment		1,300.6		1,476.2		1,398.1
Service and lease equipment		118.2		109.8		112.4
Global Pest Elimination
Service and lease equipment		1,162.8		1,066.0		959.0
Corporate
Product and sold equipment		-		42.5		89.1
Total
Total product and sold equipment		$12,473.6		$12,316.8		$11,446.2
Total service and lease equipment		3,267.8		3,003.4		2,741.6

Net sales at public exchange rates by geographic region were as follows:


	Global Industrial						Global Institutional & Specialty
(millions)	2024		2023		2022		2024		2023		2022

United States		$3,320.7		$3,232.5		$3,129.2		$3,713.5		$3,410.5		$3,008.1
Europe		1,593.7		1,573.0		1,433.9		706.4		682.3		624.4
Asia Pacific		948.9		947.4		888.8		249.7		238.8		220.9
Latin America		810.5		772.5		656.2		201.6		197.8		169.2
India, Middle East and Africa		493.0		491.8		459.3		84.5		77.8		66.2
Greater China		400.4		407.0		435.8		177.5		161.0		138.3
Canada		210.0		202.3		193.9		249.4		231.0		205.0
Total		$7,777.2		$7,626.5		$7,197.1		$5,382.6		$4,999.2		$4,432.1

	Global Healthcare & Life Sciences						Global Pest Elimination
(millions)	2024		2023		2022		2024		2023		2022

United States		$465.8		$633.6		$600.7		$805.6		$733.6		$650.3
Europe		705.5		719.2		675.6		187.5		171.0		154.7
Asia Pacific		111.3		103.9		100.4		32.1		28.7		27.9
Latin America		29.1		35.5		32.9		58.7		57.5		51.8
India, Middle East and Africa		40.6		29.6		29.0		7.1		6.9		8.1
Greater China		59.0		56.4		65.6		60.0		57.4		56.8
Canada		7.5		7.8		6.3		11.8		10.9		9.4
Total		$1,418.8		$1,586.0		$1,510.5		$1,162.8		$1,066.0		$959.0

	Corporate
(millions)	2024		2023		2022

United States		$-		$38.4		$84.0
Europe		-		2.7		2.7
Asia Pacific		-		0.2		0.3
Latin America		-		1.1		1.6
Canada		-		0.1		0.5
Total		$-		$42.5		$89.1

Schedule of contract liability


	December 31		December 31
(millions)	2024		2023

Contract liability as of beginning of the year		$110.9		$116.5

Revenue recognized in the year from:
Amounts included in the contract liability at the beginning of the year		(110.9)		(116.5)

Increases due to billings excluding amounts recognized as revenue during the year ended		102.0		110.9

Contract liability as of end of year		$102.0		$110.9

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION

Schedule of financial information for each of the entity's reportable segments, including the impact of the preceding changes on previously reported full year 2021 net sales and operating income


	December 31, 2023

	2023 Reported					Fixed	2023 Reported
	Valued at 2023				Currency		Valued at 2024
(millions)	Fixed Currency Rates		Other		Rate Change		Fixed Currency Rates
Net Sales
Global Industrial		$7,193.1		$407.3		$40.1		$7,640.5
Global Institutional & Specialty		4,994.0		-		20.6		5,014.6
Global Healthcare & Life Sciences		1,576.9		-		30.6		1,607.5
Global Pest Elimination		-		1,061.5		8.7		1,070.2
Other		1,442.3		(1,442.3)		-		-
Corporate		69.1		(26.5)		0.1		42.7
Subtotal at fixed currency rates		15,275.4		-		100.1		15,375.5
Effect of foreign currency translation		44.8		-		(100.1)		(55.3)
Consolidated reported GAAP net sales		$15,320.2		$-		$-		$15,320.2

Operating Income
Global Industrial		$1,080.7		$39.0		$2.3		$1,122.0
Global Institutional & Specialty		823.0		14.9		3.9		841.8
Global Healthcare & Life Sciences		160.0		(6.7)		7.5		160.8
Global Pest Elimination		-		209.0		1.4		210.4
Other		255.0		(255.0)		-		-
Corporate		(331.7)		(1.2)		0.1		(332.8)
Subtotal at fixed currency rates		1,987.0		-		15.2		2,002.2
Effect of foreign currency translation		5.3		-		(15.2)		(9.9)
Consolidated reported GAAP operating income		$1,992.3		$-		$-		$1,992.3


	December 31, 2022

	2022 Reported					Fixed	2022 Reported
	Valued at 2023				Currency		Valued at 2024
(millions)	Fixed Currency Rates		Other		Rate Change		Fixed Currency Rates
Net Sales
Global Industrial		$6,736.3		$392.5		$43.8		$7,172.6
Global Institutional & Specialty		4,414.3		-		18.9		4,433.2
Global Healthcare & Life Sciences		1,505.8		-		28.5		1,534.3
Global Pest Elimination		-		955.4		8.1		963.5
Other		1,313.3		(1,313.3)		-		-
Corporate		123.7		(34.6)		0.1		89.2
Subtotal at fixed currency rates		14,093.4		-		99.4		14,192.8
Effect of foreign currency translation		94.4		-		(99.4)		(5.0)
Consolidated reported GAAP net sales		$14,187.8		$-		$-		$14,187.8

Operating Income
Global Industrial		$935.8		$10.3		$2.8		$948.9
Global Institutional & Specialty		621.7		8.1		2.1		631.9
Global Healthcare & Life Sciences		193.3		(4.1)		4.2		193.4
Global Pest Elimination		-		195.6		1.7		197.3
Other		209.9		(209.9)		-		-
Corporate		(414.4)		-		0.1		(414.3)
Subtotal at fixed currency rates		1,546.3		-		10.9		1,557.2
Effect of foreign currency translation		16.2		-		(10.9)		5.3
Consolidated reported GAAP operating income		$1,562.5		$-		$-		$1,562.5

Schedule of reportable segment information


	December 31, 2024

(millions)	Net Sales	COS	SG&A	Special (gains) and charges	Operating Income (Loss)

Global Industrial	$7,857.2	$4,691.2	$1,865.4	$-	$1,300.6
Global Institutional & Specialty	5,413.9	2,727.5	1,503.7	-	1,182.7
Global Healthcare & Life Sciences	1,434.1	895.1	391.8	-	147.2
Global Pest Elimination	1,167.8	655.0	292.4	-	220.4
Corporate	-	5.4	199.3	(188.9)	(15.8)
Subtotal at fixed currency rates	$15,873.0	$8,974.2	$4,252.6	($188.9)	$2,835.1
Effect of foreign currency translation	(131.6)				(32.7)
Consolidated reported GAAP	$15,741.4				$2,802.4

	December 31, 2023

(millions)	Net Sales	COS	SG&A	Special (gains) and charges	Operating Income (Loss)

Global Industrial	$7,640.5	$4,769.7	$1,748.8	$-	$1,122.0
Global Institutional & Specialty	5,014.6	2,727.3	1,445.5	-	841.8
Global Healthcare & Life Sciences	1,607.5	1,026.9	419.8	-	160.8
Global Pest Elimination	1,070.2	595.0	264.8	-	210.4
Corporate	42.7	63.3	200.8	111.4	(332.8)
Subtotal at fixed currency rates	$15,375.5	$9,182.2	$4,079.7	$111.4	$2,002.2
Effect of foreign currency translation	(55.3)				(9.9)
Consolidated reported GAAP	$15,320.2				$1,992.3

	December 31, 2022

(millions)	Net Sales	COS	SG&A	Special (gains) and charges	Operating Income (Loss)

Global Industrial	$7,172.6	$4,692.1	$1,531.6	$-	$948.9
Global Institutional & Specialty	4,433.2	2,491.3	1,310.0	-	631.9
Global Healthcare & Life Sciences	1,534.3	956.2	384.7	-	193.4
Global Pest Elimination	963.5	537.8	228.4	-	197.3
Corporate	89.2	159.0	204.0	140.5	(414.3)
Subtotal at fixed currency rates	$14,192.8	$8,836.4	$3,658.7	$140.5	$1,557.2
Effect of foreign currency translation	(5.0)				5.3
Consolidated reported GAAP	$14,187.8				$1,562.5

Schedule of net sales and long-lived assets at public exchange rates by geographic region


	Long-Lived Assets, net
(millions)	2024		2023
United States		$3,075.4		$2,708.6
Europe		660.6		631.2
Asia Pacific		241.6		213.0
Greater China		176.0		167.4
Latin America		170.1		175.1
India, Middle East and Africa		78.6		68.2
Canada		73.3		64.6
Total		$4,475.6		$4,028.1

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2024

QUARTERLY FINANCIAL DATA (UNAUDITED)

Quarterly financial data

First

Second

Third

Fourth

(millions, except per share)

Quarter

Year

2024

Net sales

$3,751.9

$3,985.8

$3,998.5

$4,005.2

$15,741.4

Operating expenses

Cost of sales (a)

2,128.1

2,241.0

2,261.5

2,269.1

8,899.7

Selling, general and administrative expenses

1,077.7

1,075.7

1,024.8

1,050.0

4,228.2

Special (gains) and charges

28.2

12.2

(332.6)

103.3

(188.9)

Operating income

517.9

656.9

1,044.8

582.8

2,802.4

Other (income) expense

(12.6)

(12.9)

(13.2)

(51.3)

Interest expense, net

71.6

78.8

70.4

61.7

282.5

Income before income taxes

458.9

590.7

987.3

534.3

2,571.2

Provision for income taxes

42.3

95.7

246.5

54.8

439.3

Net income including noncontrolling interest

416.6

495.0

740.8

479.5

2,131.9

Net income attributable to noncontrolling interest

4.5

4.1

4.3

6.6

19.5

Net income attributable to Ecolab

$412.1

$490.9

$736.5

$472.9

$2,112.4

Earnings attributable to Ecolab per common share

Basic

$ 1.44

$ 1.72

$ 2.60

$ 1.67

$ 7.43

Diluted

$ 1.43

$ 1.71

$ 2.58

$ 1.66

$ 7.37

Weighted-average common shares outstanding

Basic

285.7

284.6

283.6

283.3

284.3

Diluted

287.8

287.0

286.0

285.7

286.6

2023

Net sales

$3,571.6

$3,852.1

$3,958.1

$3,938.4

$15,320.2

Operating expenses

Cost of sales (a)

2,205.2

2,334.8

2,330.5

2,284.4

9,154.9

Selling, general and administrative expenses

990.3

1,011.6

1,024.9

1,034.8

4,061.6

Special (gains) and charges

24.5

21.0

36.7

29.2

111.4

Operating income

351.6

484.7

566.0

590.0

1,992.3

Other (income) expense

(13.1)

(14.4)

(14.5)

(17.9)

(59.9)

Interest expense, net

74.2

77.8

74.3

70.4

296.7

Income before income taxes

290.5

421.3

506.2

537.5

1,755.5

Provision for income taxes

52.4

86.6

96.8

126.7

362.5

Net income including noncontrolling interest

238.1

334.7

409.4

410.8

1,393.0

Net income attributable to noncontrolling interest

4.7

5.0

5.4

5.6

20.7

Net income attributable to Ecolab

$233.4

$329.7

$404.0

$405.2

$1,372.3

Earnings attributable to Ecolab per common share

Basic

$ 0.82

$ 1.16

$ 1.42

$ 4.82

Diluted

$ 0.82

$ 1.15

$ 1.41

$ 4.79

Weighted-average common shares outstanding

Basic

284.6

284.9

285.1

285.3

285.0

Diluted

285.9

286.3

286.9

287.1

286.5

Per share amounts do not necessarily sum due to changes in the calculation of shares outstanding for each discrete period and rounding. Gross profit is calculated as net sales minus cost of sales.

(a)

Cost of sales includes special charges of $1.6, $0.7, $0.9 and $2.1 in Q1, Q2, Q3 and Q4 of 2024, respectively, and $3.2, $8.1, $5.9 and $5.3 in Q1, Q2, Q3 and Q4 of 2023, respectively.

NATURE OF BUSINESS (Details)	12 Months Ended
NATURE OF BUSINESS (Details)	Dec. 31, 2024 country segment
NATURE OF BUSINESS
Number of reportable segments \| segment	4
Minimum
NATURE OF BUSINESS
Number of countries in which company delivers comprehensive programs and services \| country	170

SIGNIFICANT ACCOUNTING POLICIES - Valuation Allowance and Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable and Allowance for Doubtful Accounts
Allowance for doubtful accounts, returns and credits	$ 53.0	$ 72.0	$ 59.0
Activity in the allowance for doubtful accounts
Beginning balance	77.3	71.9	52.8
Bad debt expense	46.9	54.0	38.1
Write-offs	(51.0)	(46.2)	(21.1)
Other (a)	(3.2)	(2.4)	2.1
Ending balance	$ 70.0	$ 77.3	$ 71.9

SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Inventory Valuations
Percentage of consolidated inventories	31.00%	30.00%
Property, Plant and Equipment
Depreciation expense	$ 634.9	$ 616.7	$ 618.5
Buildings and Leasehold Improvements \| Minimum
Property, Plant and Equipment
Estimated useful life	5 years
Buildings and Leasehold Improvements \| Maximum
Property, Plant and Equipment
Estimated useful life	40 years
Machinery and Equipment \| Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Machinery and Equipment \| Maximum
Property, Plant and Equipment
Estimated useful life	20 years
Merchandising and Customer Equipment \| Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Merchandising and Customer Equipment \| Maximum
Property, Plant and Equipment
Estimated useful life	20 years
Capitalized Software \| Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Capitalized Software \| Maximum
Property, Plant and Equipment
Estimated useful life	7 years

SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Other Intangible Assets (Details) $ in Millions	3 Months Ended	12 Months Ended					24 Months Ended
	Jun. 30, 2024 USD ($) segment item	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) segment	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($)
Changes in the carrying amount of goodwill for each of the company's reportable segments
Number of reporting units \| item	8			8
Number of operating units	8		8	8
Changes in the carrying amount of goodwill
Beginning goodwill		$ 8,148.2			$ 8,012.7		$ 8,012.7
Goodwill revised						$ 8,012.7
Current year business combinations		156.6			70.1
Prior year business combinations		1.2			0.7	253.8
Divestiture of businesses		(305.9)
Effect of foreign currency translation		(92.8)			65.4
Ending goodwill		7,907.3			8,148.2	8,012.7	7,907.3
Impairment of goodwill							0.0
Nalco Holding Company ("Nalco") \| Trademarks
Changes in the carrying amount of goodwill
Carrying value of asset subject to impairment testing	$ 1,200.0
Impairment of indefinite life intangible asset		0.0
Barclay water management
Changes in the carrying amount of goodwill
Goodwill expected to be tax deductible		132.0	$ 132.0	$ 132.0			132.0
Chemlink Laboratories LLC and Flottec, LLC
Changes in the carrying amount of goodwill
Goodwill expected to be tax deductible					62.0
Global Industrial
Changes in the carrying amount of goodwill
Beginning goodwill		4,243.5			4,081.8		4,081.8
Segment changes/Transferred to held for sale						102.3
Goodwill revised						4,184.1
Current year business combinations		116.2			30.8
Prior year business combinations		1.2
Effect of foreign currency translation		(56.0)			28.6
Ending goodwill		4,304.9			4,243.5	4,081.8	4,304.9
Global Institutional and Specialty
Changes in the carrying amount of goodwill
Beginning goodwill		610.0			567.6		567.6
Goodwill revised						567.6
Current year business combinations		6.5			39.3
Effect of foreign currency translation		(3.3)			3.1
Ending goodwill		613.2			610.0	567.6	613.2
Global Healthcare and Life Sciences
Changes in the carrying amount of goodwill
Beginning goodwill		3,158.4			3,125.4		3,125.4
Goodwill revised						3,125.4
Divestiture of businesses		(305.9)
Effect of foreign currency translation		(32.7)			33.0
Ending goodwill		2,819.8			3,158.4	3,125.4	2,819.8
Global Pest Elimination
Changes in the carrying amount of goodwill
Beginning goodwill		136.3
Segment changes/Transferred to held for sale						135.6
Goodwill revised						135.6
Current year business combinations		33.9
Effect of foreign currency translation		(0.8)			0.7
Ending goodwill		$ 169.4			136.3		169.4
Other
Changes in the carrying amount of goodwill
Beginning goodwill					$ 237.9		$ 237.9
Segment changes/Transferred to held for sale						(237.9)
Ending goodwill						$ 237.9

SIGNIFICANT ACCOUNTING POLICIES - Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total amortization expense related to other intangible assets during the last three years and future estimated amortization
Total amortization expense related to other intangible assets	$ 301	$ 307	$ 320
2025	293
2026	287
2027	165
2028	157
2029	$ 149
Customer relationships
Other intangible assets
Weighted-average useful life of other amortizable assets	15 years
Patents
Other intangible assets
Weighted-average useful life of other amortizable assets	15 years
Trademarks
Other intangible assets
Weighted-average useful life of other amortizable assets	13 years
Other technology
Other intangible assets
Weighted-average useful life of other amortizable assets	12 years
Other assets
Other intangible assets
Weighted-average useful life of other amortizable assets	15 years

SIGNIFICANT ACCOUNTING POLICIES - Rentals and Leases (Details)	12 Months Ended
	Dec. 31, 2024
Lessor
Lessor, Operating Lease, Existence of Lessee Option to Purchase Underlying Asset [true false]	false
Minimum
Lessee
Renewal term - Operating	1 month
Lessor
Lessor, Operating Lease, Term of Contract	1 year
Maximum
Lessor
Lessor, Operating Lease, Term of Contract	5 years

SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Statutory U.S. rate (as a percent)	21.00%	21.00%	21.00%

SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Computations of the basic and diluted earnings attributable to Ecolab per share amounts
Net income attributable to Ecolab									$ 2,112.4	$ 1,372.3	$ 1,091.7
Weighted-average common shares outstanding
Basic (in shares)	283.3	283.6	284.6	285.7	285.3	285.1	284.9	284.6	284.3	285.0	285.2
Effect of dilutive stock options and units (in shares)									2.3	1.6	1.4
Diluted (in shares)	285.7	286.0	287.0	287.8	287.1	286.9	286.3	285.9	286.6	286.5	286.6
Basic EPS
Earnings attributable to Ecolab	$ 1.67	$ 2.6	$ 1.72	$ 1.44	$ 1.42	$ 1.42	$ 1.16	$ 0.82	$ 7.43	$ 4.82	$ 3.83
Diluted EPS
Earnings attributable to Ecolab	$ 1.66	$ 2.58	$ 1.71	$ 1.43	$ 1.41	$ 1.41	$ 1.15	$ 0.82	$ 7.37	$ 4.79	$ 3.81
Anti-dilutive securities excluded from computation of earnings per share (in shares)									0.6	4.3	3.9

SIGNIFICANT ACCOUNTING POLICIES - New Accounting Pronouncements (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
New accounting guidance, cumulative effect	$ 11,517.1	$ 10,075.4

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

SPECIAL (GAINS) AND CHARGES - Charges Reported on Statement of Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Special (gains) and charges
Other (income) expense	$ 103.3	$ (332.6)	$ 12.2	$ 28.2	$ 29.2	$ 36.7	$ 21.0	$ 24.5	$ (188.9)	$ 111.4	$ 140.5
Total special (gains) and charges									(183.6)	133.9	261.0
Gain on sale of business									(381.7)
Combined Restructuring Plan
Special (gains) and charges
Other restructuring									184.1
Cost of sales
Special (gains) and charges
Acquisition and integration activities											25.0
Other special gains and charges											23.5
Other (income) expense									5.3	22.5	69.9
Cost of sales \| Combined Restructuring Plan
Special (gains) and charges
Other restructuring									$ 3.4	$ 22.5	$ 21.4
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]									Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Cost of sales \| One Ecolab
Special (gains) and charges
Other restructuring									$ 1.9
Special (gains) and charges
Special (gains) and charges
Sale of global surgical solutions business									(340.3)	$ 10.3
Acquisition and integration activities									12.6	16.1	$ 14.5
Other special gains and charges									18.7	21.8	40.2
Other (income) expense									(188.9)	111.4	140.5
Special (gains) and charges \| Combined Restructuring Plan
Special (gains) and charges
Other restructuring									$ 21.8	$ 63.2	$ 85.8
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]									Other (income) expense	Other (income) expense	Other (income) expense
Special (gains) and charges \| One Ecolab
Special (gains) and charges
Other restructuring									$ 98.3
Professional services									23.7
Operating income subtotal
Special (gains) and charges
Other (income) expense									$ (183.6)	$ 133.9	$ 210.4
Other (income) expense
Special (gains) and charges
Other (income) expense											$ 50.6

SPECIAL (GAINS) AND CHARGES - Restructuring and Non-Restructuring Activity (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jul. 30, 2024	Feb. 28, 2023
Other restructuring information
Special (gains) and charges	$ 103.3	$ (332.6)	$ 12.2	$ 28.2	$ 29.2	$ 36.7	$ 21.0	$ 24.5	$ (188.9)	$ 111.4	$ 140.5
Non-restructuring Special (Gains) and Charges
Accounts payable	1,810.0				1,566.3				1,810.0	1,566.3
Other current liabilities	1,512.7				1,334.9				1,512.7	1,334.9
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Global surgical solutions business
Other restructuring information
Professional services									15.6	10.3
Services from professionals, net of tax.									12.0	7.7
Disposal group, held-for-sale, not discontinued operations \| Global surgical solutions business
Other restructuring information
Special gain (loss) on sale of business before tax									355.9
Special gain (loss) on sale of business after tax									257.7
Special (gains) and charges
Other restructuring information
Business combination advisory and legal fees, pre tax									12.6	16.1	14.5
Special (gains) and charges									(188.9)	111.4	140.5
Other special gains and charges									18.7	21.8	40.2
Non-restructuring Special (Gains) and Charges
Business combination and integration related costs, after tax									9.6	12.0	11.4
Cost of sales
Other restructuring information
Business combination advisory and legal fees, pre tax											25.0
Special (gains) and charges									5.3	22.5	69.9
Other special gains and charges											23.5
Non-restructuring Special (Gains) and Charges
Business combination and integration related costs, after tax											19.6
Other operating income (expense)											23.5
Other operating income (expense), net, after tax											19.6
Specific legal reserve and related legal charges
Other restructuring information
Other special gains and charges									18.7	21.8	40.2
Other special gains and charges, after-tax									13.9	16.7	31.4
Other (income) expense
Other restructuring information
Special (gains) and charges											50.6
Pension settlements and curtailments											50.6
Pension settlements and curtailments, after tax											38.2
Other Restructuring Plan
Other restructuring information
Restructuring charge expected to be incurred, pre-tax			5.3
Restructuring charge expected to be incurred, after tax			4.0
Restructuring charges incurred, pre-tax			10.6							8.0	40.0
Restructuring charges incurred, after tax			$ 8.0							6.0	31.1
Prior Year Plans
Other restructuring information
Restructuring liability	6.5				8.2				6.5	8.2
Cash payments									2.2
Combined Program
Restructuring
Recorded expense (income) and accrual									25.2	77.7	67.2
Net cash payments									(48.9)	(101.9)	(5.2)
Non-cash charges									(1.3)	(14.0)
Reclassification									(5.3)	19.3
Non-cash net charges									1.3
Other restructuring information
Restructuring charge expected to be incurred, pre-tax								19.3					$ 195.0
Restructuring charge expected to be incurred, after tax								$ 14.5					$ 150.0
Restructuring liability	12.8				43.1				12.8	43.1	62.0
Restructuring charges incurred, pre-tax									184.1
Restructuring charges incurred, after tax									151.5
Cash payments									48.9
Combined Program \| Special (gains) and charges
Other restructuring information
Restructuring charges incurred, pre-tax									21.8	63.2	85.8
Combined Program \| Cost of sales
Other restructuring information
Restructuring charges incurred, pre-tax									3.4	22.5	21.4
Combined Program \| Employee termination costs
Restructuring
Recorded expense (income) and accrual									3.8	47.0	67.2
Net cash payments									(34.1)	(85.2)	(5.2)
Reclassification										19.3
Other restructuring information
Restructuring liability	12.8				$ 43.1				12.8	43.1	62.0
Restructuring charges incurred, pre-tax									25.2	77.7	67.2
Restructuring charges incurred, after tax									18.6	66.4	$ 56.0
Combined Program \| Asset disposals
Restructuring
Recorded expense (income) and accrual									1.3	14.0
Non-cash charges									(1.3)	(14.0)
Combined Program \| Other.
Restructuring
Recorded expense (income) and accrual									20.1	16.7
Net cash payments									(14.8)	$ (16.7)
Reclassification									(5.3)
One Ecolab
Restructuring
Recorded expense (income) and accrual									76.5
Net cash payments									(26.9)
Reclassification									5.3
Other restructuring information
Restructuring charge expected to be incurred, pre-tax		5.3										$ 175.0
Restructuring charge expected to be incurred, after tax		$ 4.0										136.0
Restructuring and related special charges, pre-tax												50.0
Restructuring and related activities special charges, after tax												$ 39.0
Restructuring liability	54.9								54.9
Special charges to date	23.7								23.7
Special charges to date, after tax	17.9								17.9
Cash payments									26.9
Restructuring charges incurred to date, pre-tax	81.8								81.8
Restructuring charges incurred to date, after-tax	63.0								63.0
One Ecolab \| Special (gains) and charges
Other restructuring information
Restructuring charges incurred, pre-tax									98.3
Professional services									23.7
Services from professionals, net of tax.									17.9
One Ecolab \| Cost of sales
Other restructuring information
Restructuring charges incurred, pre-tax									1.9
One Ecolab \| Employee termination costs
Restructuring
Recorded expense (income) and accrual									46.3
Other restructuring information
Restructuring liability	46.3								46.3
Restructuring charges incurred, pre-tax									76.5
Restructuring charges incurred, after tax									59.0
One Ecolab \| Other.
Restructuring
Recorded expense (income) and accrual									30.2
Net cash payments									(26.9)
Reclassification									5.3
Other restructuring information
Restructuring liability	$ 8.6								$ 8.6

ACQUISITIONS AND DISPOSITIONS - Acquisition Summary (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2024 USD ($)	Jun. 30, 2023 item	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) item
Business Acquisition [Line Items]
Number of acquisitions \| item		3			0
Number of other immaterial acquisitions \| item		2	2
Goodwill			$ 7,907,300,000	$ 8,148,200,000	$ 8,012,700,000
Payments for merger related costs			3,200,000	4,100,000	7,200,000
Acquisition related liabilities and contingent consideration, purchase accounting adjustments				1,700,000
Prior year business combinations, net tangible assets adjustments			2,500,000	1,700,000	55,600,000
Net intangible assets purchase			1,000,000		191,000,000
Prior year business combinations, goodwill adjustments			$ 1,200,000	$ 700,000	253,800,000
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions			15 years	12 years
Finite-lived intangible assets acquired					0
Global Institutional and Specialty
Business Acquisition [Line Items]
Goodwill			$ 613,200,000	$ 610,000,000	$ 567,600,000
Business Acquisitions and Investment
Business Acquisition [Line Items]
Net tangible assets (liabilities) acquired			22,700,000	20,800,000
Identifiable intangible assets			143,200,000	88,700,000
Goodwill			156,700,000	70,200,000
Total aggregate purchase price			322,600,000	179,700,000
Acquisition related liabilities and contingent consideration			12,900,000	3,900,000
Net cash paid for acquisitions, including acquisition-related liabilities and contingent consideration			309,700,000	175,800,000
Business Acquisitions and Investment \| Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets			118,300,000	60,800,000
Business Acquisitions and Investment \| Trademarks
Business Acquisition [Line Items]
Identifiable intangible assets			5,700,000
Business Acquisitions and Investment \| Non-compete agreements
Business Acquisition [Line Items]
Identifiable intangible assets			1,600,000	2,100,000
Business Acquisitions and Investment \| Other assets
Business Acquisition [Line Items]
Identifiable intangible assets			$ 17,600,000	$ 25,800,000
Barclay water management
Business Acquisition [Line Items]
Consideration transferred	$ 262,200,000

ACQUISITIONS AND DISPOSITIONS - Dispositions (Details) - Global surgical solutions business - Disposal group, held-for-sale, not discontinued operations - USD ($) $ in Millions		12 Months Ended
	Aug. 01, 2024	Dec. 31, 2024	Apr. 27, 2024
Dispositions
Sale consideration			$ 950.0
Cash received from sale of business	$ 926.0
Purchase price		$ 16.1
Special gain (loss) on sale of business before tax		355.9
Special gain (loss) on sale of business after tax		257.7
Transaction costs and other adjustments		$ 49.7
Derecognition of net assets	$ 504.6

ACQUISITIONS AND DISPOSITIONS - Dispositions - Schedule of assets and liabilities of businesses held for sale (Details) - Global surgical solutions business - Disposal group, held-for-sale, not discontinued operations $ in Millions	Aug. 01, 2024 USD ($)
Assets:
Cash and cash equivalents	$ 36.6
Accounts receivable, net	55.0
Inventories	89.0
Other current assets	7.6
Property, plant and equipment, net	65.1
Goodwill	305.9
Other intangible assets, net	22.4
Operating lease assets	8.2
Other assets	43.0
Total assets held for sale	632.8
Liabilities:
Accounts payable	38.6
Compensation and benefits	5.9
Other current liabilities	40.6
Postretirement health care and pension benefits	6.7
Operating lease liabilities	5.6
Other liabilities	30.8
Total liabilities	$ 128.2

BALANCE SHEETS INFORMATION (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounts receivable, net
Accounts receivable	$ 2,987.5	$ 2,983.2
Allowance for expected credit losses and other accruals	(122.5)	(149.0)
Total	2,865.0	2,834.2
Inventories
Finished goods	962.2	911.4
Raw materials and parts	607.4	704.7
Inventories at FIFO cost	1,569.6	1,616.1
FIFO cost to LIFO cost difference	(104.7)	(118.9)
Total	1,464.9	1,497.2
Other current assets
Prepaid assets	151.4	143.9
Taxes receivable	163.3	186.9
Derivative assets	13.4	3.3
Other	110.9	59.1
Total	439.0	393.2
Property, plant and equipment, net
Land	144.5	155.6
Buildings and leasehold improvements	1,152.8	1,171.0
Machinery and equipment	2,248.5	2,113.8
Merchandising and customer equipment	2,925.3	2,758.4
Capitalized software	1,037.8	985.9
Construction in progress	679.3	470.1
Property, plant and equipment, gross	8,188.2	7,654.8
Accumulated depreciation	(4,435.8)	(4,180.2)
Total	3,752.4	3,474.6
Intangible assets subject to amortization:
Other intangible assets, gross	4,698.1	4,846.4
Accumulated amortization	(2,619.3)	(2,582.9)
Net intangible assets subject to amortization	2,078.8	2,263.5
Total	3,308.8	3,493.5
Other assets
Deferred income taxes	155.5	119.3
Pension	151.0	118.4
Derivative asset	45.1	23.6
Other	318.8	271.4
Total	670.4	532.7
Other current liabilities
Discounts and rebates	452.2	438.8
Dividends payable	184.2	162.7
Interest payable	62.6	68.5
Taxes payable, other than income	171.8	153.2
Derivative liability	3.0	3.7
Restructuring	71.6	48.9
Contract liability	102.0	110.9
Operating lease liabilities	$ 142.3	$ 126.1
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total	Total
Other	$ 323.0	$ 222.1
Total	1,512.7	1,334.9
Accumulated other comprehensive income (loss)
Unrealized (loss) gain on derivative financial instruments, net of tax	4.6	(4.1)
Unrecognized pension and postretirement benefit expense, net of tax	(538.4)	(534.7)
Cumulative translation, net of tax	(1,448.2)	(1,311.6)
Total	(1,982.0)	(1,850.4)
Customer relationships
Intangible assets subject to amortization:
Other intangible assets, gross	3,279.8	3,385.1
Accumulated amortization	(1,814.1)	(1,805.0)
Trademarks
Intangible assets subject to amortization:
Other intangible assets, gross	371.9	406.5
Accumulated amortization	(236.3)	(238.0)
Patents
Intangible assets subject to amortization:
Other intangible assets, gross	504.6	503.6
Accumulated amortization	(340.6)	(319.4)
Other technology
Intangible assets subject to amortization:
Other intangible assets, gross	541.8	551.2
Accumulated amortization	(228.3)	(220.5)
Trade names.
Intangible assets not subject to amortization:
Other intangible assets, gross	$ 1,230.0	$ 1,230.0

DEBT AND INTEREST (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Components of the company's debt obligations
Long-term debt, current maturities	$ 612.1	$ 628.6
Short-term debt including current maturities of long-term debt	615.7	630.4
Amount outstanding under the credit agreement	0.0
Letters of Credit, Surety Bonds and Guarantees, Outstanding, Amount	165.0
Maximum borrowing capacity for letters of credit, surety bonds and guarantees	301.0
Outstanding amount for letters of credit, surety bonds and guarantees	165.0
Commercial paper
Components of the company's debt obligations
Maximum borrowing capacity, commercial paper	2,000.0
U.S. commercial paper program
Components of the company's debt obligations
Maximum borrowing capacity, commercial paper	2,000.0
Outstanding commercial paper	0.0
European commercial paper
Components of the company's debt obligations
Maximum borrowing capacity, commercial paper	2,000.0
Outstanding commercial paper	0.0
Notes payable
Components of the company's debt obligations
Short term borrowings	$ 3.6	$ 1.8
Average interest rate (as a percent)	7.28%	8.29%
Remaining capacity	$ 2,153.0	$ 1,829.0
Multi Currency Revolving Credit Facility
Components of the company's debt obligations
Maximum borrowing capacity under the credit agreement	$ 2,000.0

DEBT AND INTEREST - Other Debt Information (Details) € in Millions, $ in Millions	1 Months Ended			3 Months Ended								12 Months Ended
	Jan. 31, 2024 USD ($)	Jan. 31, 2024 EUR (€)	Nov. 30, 2022 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 EUR (€)
Debt instrument
Carrying value				$ 7,561.3				$ 8,180.0				$ 7,561.3	$ 8,180.0
Long-term debt, current maturities				(612.1)				(628.6)				(612.1)	(628.6)
Long-term debt				6,949.2				7,551.4				6,949.2	7,551.4
Repayments of long-term debt	$ 630.0	€ 575										630.4	500.0
Aggregate annual maturities of long-term debt
2025				612.0								612.0
2026				738.0								738.0
2027				958.0								958.0
2028				498.0								498.0
2029				2.0								2.0
Interest
Interest expense												340.3	348.9	$ 252.1
Interest income												(57.8)	(52.2)	(8.5)
Interest expense, net				61.7	$ 70.4	$ 78.8	$ 71.6	70.4	$ 74.3	$ 77.8	$ 74.2	282.5	296.7	$ 243.6
Ten Year 2015 senior euro notes
Debt instrument
Carrying value				$ 607.8				$ 625.1				$ 607.8	$ 625.1
AVERAGE INTEREST RATE (as a percent)				2.63%				2.63%				2.63%	2.63%		2.63%
Effective interest rate (as a percent)				2.88%				2.88%				2.88%	2.88%		2.88%
Aggregate principal amount \| €															€ 575
Debt instrument, term												10 years
Seven year 2016 senior euro notes
Debt instrument
Carrying value								$ 625.9					$ 625.9
AVERAGE INTEREST RATE (as a percent)								1.00%					1.00%
Effective interest rate (as a percent)								1.19%					1.19%
Aggregate principal amount \| €															€ 575
Debt instrument, term												7 years
Ten year 2016 senior notes
Debt instrument
Carrying value				$ 735.2				$ 728.2				$ 735.2	$ 728.2
AVERAGE INTEREST RATE (as a percent)				2.70%				2.70%				2.70%	2.70%		2.70%
Effective interest rate (as a percent)				3.96%				4.07%				3.96%	4.07%		3.96%
Aggregate principal amount				$ 750.0								$ 750.0
Debt instrument, term												10 years
Thirty year 2016 senior notes
Debt instrument
Carrying value				$ 197.5				$ 197.4				$ 197.5	$ 197.4
AVERAGE INTEREST RATE (as a percent)				3.70%				3.70%				3.70%	3.70%		3.70%
Effective interest rate (as a percent)				3.80%				3.80%				3.80%	3.80%		3.80%
Aggregate principal amount				$ 200.0								$ 200.0
Debt instrument, term												30 years
Ten year 2017 senior notes
Debt instrument
Carrying value				$ 456.5				$ 448.3				$ 456.5	$ 448.3
AVERAGE INTEREST RATE (as a percent)				3.25%				3.25%				3.25%	3.25%		3.25%
Effective interest rate (as a percent)				8.54%				8.43%				8.54%	8.43%		8.54%
Aggregate principal amount				$ 500.0								$ 500.0
Debt instrument, term												10 years
Six Year 2021 Senior Notes
Debt instrument
Carrying value				$ 498.2				$ 497.4				$ 498.2	$ 497.4
AVERAGE INTEREST RATE (as a percent)				1.65%				1.65%				1.65%	1.65%		1.65%
Effective interest rate (as a percent)				1.73%				1.83%				1.73%	1.83%		1.73%
Aggregate principal amount				$ 500.0								$ 500.0
Debt instrument, term												6 years
Five Year 2022 senior notes
Debt instrument
Carrying value				$ 495.6				$ 494.2				$ 495.6	$ 494.2
AVERAGE INTEREST RATE (as a percent)				5.25%				5.25%				5.25%	5.25%		5.25%
Effective interest rate (as a percent)				5.08%				5.60%				5.08%	5.60%		5.08%
Aggregate principal amount				$ 500.0								$ 500.0
Debt instrument, term												5 years
Ten year 2020 senior notes
Debt instrument
Carrying value				$ 657.2				$ 662.7				$ 657.2	$ 662.7
AVERAGE INTEREST RATE (as a percent)				4.80%				4.80%				4.80%	4.80%		4.80%
Effective interest rate (as a percent)				6.52%				6.19%				6.52%	6.19%		6.52%
Aggregate principal amount				$ 698.0								$ 698.0
Debt instrument, term												10 years
Ten year 2020 senior notes, maturing in 2031
Debt instrument
Carrying value				$ 559.3				$ 561.0				$ 559.3	$ 561.0
AVERAGE INTEREST RATE (as a percent)				1.30%				1.30%				1.30%	1.30%		1.30%
Effective interest rate (as a percent)				3.17%				3.21%				3.17%	3.21%		3.17%
Aggregate principal amount				$ 600.0								$ 600.0
Debt instrument, term												10 years
Eleven Year 2021 Senior Notes
Debt instrument
Carrying value				$ 645.8				$ 645.2				$ 645.8	$ 645.2
AVERAGE INTEREST RATE (as a percent)				2.13%				2.13%				2.13%	2.13%		2.13%
Effective interest rate (as a percent)				1.59%				2.06%				1.59%	2.06%		1.59%
Aggregate principal amount				$ 650.0								$ 650.0
Debt instrument, term												11 years
Thirty year 2011 senior notes
Debt instrument
Carrying value				$ 385.0				$ 384.7				$ 385.0	$ 384.7
AVERAGE INTEREST RATE (as a percent)				5.50%				5.50%				5.50%	5.50%		5.50%
Effective interest rate (as a percent)				5.62%				5.62%				5.62%	5.62%		5.62%
Aggregate principal amount				$ 389.0								$ 389.0
Debt instrument, term												30 years
Thirty year 2017 senior notes
Debt instrument
Carrying value				$ 428.2				$ 426.8				$ 428.2	$ 426.8
AVERAGE INTEREST RATE (as a percent)				3.95%				3.95%				3.95%	3.95%		3.95%
Effective interest rate (as a percent)				4.79%				4.79%				4.79%	4.79%		4.79%
Aggregate principal amount				$ 484.0								$ 484.0
Debt instrument, term												30 years
Thirty year 2020 senior notes
Debt instrument
Carrying value				$ 491.4				$ 491.1				$ 491.4	$ 491.1
AVERAGE INTEREST RATE (as a percent)				2.13%				2.13%				2.13%	2.13%		2.13%
Effective interest rate (as a percent)				2.23%				2.23%				2.23%	2.23%		2.23%
Aggregate principal amount				$ 500.0								$ 500.0
Debt instrument, term												30 years
Thirty Year 2021 Senior Notes
Debt instrument
Carrying value				$ 839.7				$ 839.3				$ 839.7	$ 839.3
AVERAGE INTEREST RATE (as a percent)				2.70%				2.70%				2.70%	2.70%		2.70%
Effective interest rate (as a percent)				2.78%				2.78%				2.78%	2.78%		2.78%
Aggregate principal amount				$ 850.0								$ 850.0
Debt instrument, term												30 years
Thirty-four year 2021 senior notes
Debt instrument
Carrying value				$ 541.2				$ 539.2				$ 541.2	$ 539.2
AVERAGE INTEREST RATE (as a percent)				2.75%				2.75%				2.75%	2.75%		2.75%
Effective interest rate (as a percent)				3.86%				3.86%				3.86%	3.86%		3.86%
Aggregate principal amount				$ 685.0								$ 685.0
Debt instrument, term												34 years
Other debt.
Debt instrument
Carrying value				$ 22.7				$ 13.5				$ 22.7	$ 13.5
New 5-Year Note
Debt instrument
Aggregate principal amount			$ 500.0
Debt instrument, term			5 years
Interest rate (as a percent)			5.25%
Public Notes
Debt instrument
Principal outstanding payable at time of prepayment of notes (as a percent)												101.00%

FAIR VALUE MEASUREMENTS (Details) - Recurring - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Carrying Amount \| Foreign currency forward contracts
Assets:
Foreign currency forward contracts	$ 38.4	$ 26.6
Liabilities:
Foreign currency forward contracts	28.0	27.0
Carrying Amount \| Interest rate swap agreements
Liabilities:
Interest rate swap agreements	138.5	146.5
Carrying Amount \| Cross-currency swap derivative contracts
Assets:
Foreign currency forward contracts	119.0	29.1
Liabilities:
Foreign currency forward contracts	56.4	24.9
Level 2 \| Foreign currency forward contracts
Assets:
Foreign currency forward contracts	38.4	26.6
Liabilities:
Foreign currency forward contracts	28.0	27.0
Level 2 \| Interest rate swap agreements
Liabilities:
Interest rate swap agreements	138.5	146.5
Level 2 \| Cross-currency swap derivative contracts
Assets:
Foreign currency forward contracts	119.0	29.1
Liabilities:
Foreign currency forward contracts	$ 56.4	$ 24.9

FAIR VALUE MEASUREMENTS - Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Carrying Amount
Carrying amount and fair value of financial instruments
Long-term debt, including current maturities	$ 7,561.3	$ 8,180.0
Fair Value \| Level 2
Carrying amount and fair value of financial instruments
Long-term debt, including current maturities	$ 6,662.1	$ 7,552.5

DERIVATIVES AND HEDGING TRANSACTIONS - Derivative Positions Summary (Details) € in Millions, ¥ in Millions, $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 USD ($)
Asset Derivatives
Gross value of derivatives	$ 157.4			$ 55.7
Gross amounts offset in the Consolidated Balance Sheet	(98.9)			(28.8)
Net value of derivatives presented in the Consolidated Balance Sheet	58.5			26.9
Liability Derivatives
Gross value of derivatives	222.9			198.4
Gross amounts offset in the Consolidated Balance Sheet	(98.9)			(28.8)
Net value of derivatives presented in the Consolidated Balance Sheet	$ 124.0			$ 169.6
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current, Other Liabilities, Noncurrent	Other Liabilities, Current, Other Liabilities, Noncurrent	Other Liabilities, Current, Other Liabilities, Noncurrent	Other Liabilities, Current, Other Liabilities, Noncurrent
Cash collateral received	$ 0.0
Cash collateral pledged	0.0
Foreign currency forward contracts
Liability Derivatives
Notional values	3,175.0			$ 3,745.0
Interest rate swap agreements
Liability Derivatives
Notional values	1,500.0			1,500.0
Cross-currency swap derivative contracts
Liability Derivatives
Notional values	2,745.0	€ 1,575	¥ 3,619	998.0
Derivatives designated as hedging instruments \| Foreign currency forward contracts
Asset Derivatives
Gross value of derivatives	11.4			6.7
Liability Derivatives
Gross value of derivatives	3.2			5.2
Derivatives designated as hedging instruments \| Interest rate swap agreements
Liability Derivatives
Gross value of derivatives	138.5			146.5
Derivatives designated as hedging instruments \| Cross-currency swap derivative contracts
Asset Derivatives
Gross value of derivatives	82.1			29.1
Liability Derivatives
Gross value of derivatives	19.5			24.9
Derivatives not designated as hedging instruments \| Foreign currency forward contracts
Asset Derivatives
Gross value of derivatives	27.0			19.9
Liability Derivatives
Gross value of derivatives	24.8			$ 21.8
Derivatives not designated as hedging instruments \| Cross-currency swap derivative contracts
Asset Derivatives
Gross value of derivatives	36.9
Liability Derivatives
Gross value of derivatives	$ 36.9

DERIVATIVES AND HEDGING TRANSACTIONS - Information by Type of Derivative and Hedging Activities (Details) € in Millions, ¥ in Millions, $ in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Jan. 31, 2024 USD ($)	Jan. 31, 2024 EUR (€)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 21, 2025 EUR (€)	Feb. 21, 2025 CAD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 CNY (¥)	Nov. 30, 2024 EUR (€) instrument	Oct. 31, 2024 EUR (€)	Oct. 31, 2024 CNY (¥)	Jul. 31, 2024 EUR (€)	May 31, 2024 EUR (€)	Nov. 30, 2023 EUR (€)
Fair Value Hedges
Derivative liability			$ 124.0	$ 169.6
Net Investment Hedges
Repayments of long-term debt	$ 630.0	€ 575	630.4	500.0
Revaluation (loss) gain, net of tax			52.4	(73.1)	$ 108.3
Seven year 2008 senior notes
Fair Value Hedges
Aggregate principal amount			1,500.0
Cost of sales
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income			$ 4.0	$ 10.6	$ 6.4
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Selling, general and administrative expenses
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income			$ 2.4	$ (45.1)	$ 157.0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Interest expense, net
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income			$ (1.9)	$ 5.8	$ 11.6
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Interest Expense, Net	Interest Expense, Net	Interest Expense, Net
Foreign currency forward contracts
Net Investment Hedges
Notional values			$ 3,175.0	$ 3,745.0
Foreign currency forward contracts \| Derivatives not designated as hedging instruments
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income			$ (3.4)	$ (26.2)	$ 62.0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Interest rate swap agreements
Net Investment Hedges
Notional values			$ 1,500.0	$ 1,500.0
Cross-currency swap derivative contracts
Net Investment Hedges
Notional values			2,745.0	998.0				€ 1,575	¥ 3,619
Cross-currency swap derivative contracts \| Euro
Net Investment Hedges
Notional values			1,631.0
Cross-currency swap derivative contracts \| CNY
Net Investment Hedges
Notional values			$ 493.0
Minimum
Fair Value Hedges
Interest rate (as a percent)			1.30%					1.30%	1.30%
Maximum
Fair Value Hedges
Interest rate (as a percent)			4.80%					4.80%	4.80%
Cash Flow Hedges. \| Foreign currency forward contracts \| Derivatives designated as hedging instruments \| Cost of sales
Impact on AOCI and earnings from derivative contracts
Gain (loss) reclassified from AOCI into income (effective portion)			$ 4.0	10.6	$ 6.4
Cash Flow Hedges. \| Foreign currency forward contracts \| Derivatives designated as hedging instruments \| Selling, general and administrative expenses
Impact on AOCI and earnings from derivative contracts
Gain (loss) reclassified from AOCI into income (effective portion)			5.8	(18.9)	95.0
Cash Flow Hedges. \| Foreign currency forward contracts \| Derivatives designated as hedging instruments \| Interest expense, net
Impact on AOCI and earnings from derivative contracts
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value				7.7	13.9
Cash Flow Hedges. \| Interest rate swap agreements \| Derivatives designated as hedging instruments
Impact on AOCI and earnings from derivative contracts
Gain (loss) reclassified from AOCI into income (effective portion)			$ (1.9)	$ (1.9)	$ (2.3)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]			Interest Expense, Net	Interest Expense, Net	Interest Expense, Net
Fair Value Hedges \| Interest rate swap agreements
Fair Value Hedges
Derivative liability			$ 1,361.1	$ 1,353.7
Cumulative amount of fair value hedging adjustment			(141.3)	(148.6)
Net Investment Hedge
Net Investment Hedges
Revaluation (loss) gain, net of tax			52.4	(73.1)	$ 108.3
Net Investment Hedge \| Euro debt maturing on January 15, 2024
Net Investment Hedges
Net investment hedge elected to de-designate \| €															€ 316
Settled derivative amount \| €		€ 259
Net Investment Hedge \| Senior euro notes
Net Investment Hedges
Notional values			608.0					€ 575
Net Investment Hedge \| Euro Notes
Net Investment Hedges
Revaluation (loss) gain, net of tax			12.8	(42.3)	81.9
Net Investment Hedge \| Cross-currency swap derivative contracts
Net Investment Hedges
Revaluation (loss) gain, net of tax			$ 39.6	$ (30.8)	$ 26.4
Net Investment Hedge \| Cross-currency swap derivative contracts \| Euro
Net Investment Hedges
Notional values \| €										€ 300				€ 300
Number of cross-currency swap derivative contracts replaced \| instrument										2
Net Investment Hedge \| Cross-currency swap derivative contracts \| Euro \| Subsequent event
Net Investment Hedges
Notional values \| €						€ 300
Net Investment Hedge \| Cross-currency swap derivative contracts \| CAD \| Subsequent event
Net Investment Hedges
Notional values							$ 280
Net Investment Hedge \| Cross currency interest rate contract one, maturing in 2028 \| Euro
Net Investment Hedges
Notional values \| €													€ 200
Net Investment Hedge \| Cross currency interest rate contract two, maturing in 2028 \| Euro
Net Investment Hedges
Notional values \| €													100
Net Investment Hedge \| Cross currency interest rate contract maturing in 2026 \| Euro
Net Investment Hedges
Notional values \| €													€ 100
Net Investment Hedge \| Cross currency interest rate contract one, entered in October 2024 \| Euro
Net Investment Hedges
Notional values \| €											€ 150
Net Investment Hedge \| Cross currency interest rate contract one, entered in October 2024 \| CNY
Net Investment Hedges
Notional values \| ¥												¥ 714
Net Investment Hedge \| Cross currency interest rate contract two, entered in October 2024 \| Euro
Net Investment Hedges
Notional values \| €											€ 100
Net Investment Hedge \| Cross currency interest rate contract two, entered in October 2024 \| CNY
Net Investment Hedges
Notional values \| ¥												¥ 713

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reclassification adjustments
COS	$ (2,269.1)	$ (2,261.5)	$ (2,241.0)	$ (2,128.1)	$ (2,284.4)	$ (2,330.5)	$ (2,334.8)	$ (2,205.2)	$ (8,899.7)	$ (9,154.9)	$ (8,831.0)
SG&A	(1,050.0)	(1,024.8)	(1,075.7)	(1,077.7)	(1,034.8)	(1,024.9)	(1,011.6)	(990.3)	(4,228.2)	(4,061.6)	(3,653.8)
Interest (income) expense, net	$ (61.7)	$ (70.4)	$ (78.8)	$ (71.6)	$ (70.4)	$ (74.3)	$ (77.8)	$ (74.2)	(282.5)	(296.7)	(243.6)
Subtotal									(131.6)	(126.0)	(96.0)
Derivative & Hedging Instruments
Reclassification adjustments
Amount recognized in AOCI									19.2	(12.8)	112.9
Other activity											1.1
Tax impact									(2.6)	2.5	(2.2)
Subtotal									8.7	(7.8)	(1.2)
Derivative & Hedging Instruments \| Reclassifications adjustments
Reclassification adjustments
COS									(4.0)	(10.6)	(6.4)
SG&A									(5.8)	18.9	(95.0)
Interest (income) expense, net									1.9	(5.8)	(11.6)
(Gains) losses reclassified from AOCI into income									(7.9)	2.5	(113.0)
Pension & Postretirement Benefits
Reclassification adjustments
Amount recognized in AOCI									11.5	4.2	99.3
Tax impact									1.9	21.4	(52.3)
Subtotal									(5.6)	(55.1)	130.3
Current period net actuarial (loss) gain
Reclassification adjustments
Amount recognized in AOCI									(19.0)	(80.7)	83.3
Settlement charge \| Reclassifications adjustments
Reclassification adjustments
(Gains) losses reclassified from AOCI into income									0.9	(2.7)	51.6
Prior service costs \| Reclassifications adjustments
Reclassification adjustments
(Gains) losses reclassified from AOCI into income									$ 10.6	$ 6.9	$ 47.7

SHAREHOLDERS' EQUITY (Details) - $ / shares	12 Months Ended
SHAREHOLDERS' EQUITY (Details) - $ / shares	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2022
SHAREHOLDERS' EQUITY
Common stock, par value per share (in dollars per share)	$ 1
Common Stock, Shares Authorized	800,000,000
Common Stock, Dividends, Per Share, Declared	$ 2.36	$ 2.16	$ 2.06
COMMON STOCK
SHAREHOLDERS' EQUITY
Common stock, par value per share (in dollars per share)	$ 1	$ 1	$ 1
Common Stock, Shares Authorized	800,000,000	800,000,000	800,000,000
Common stock, shares authorized to be repurchased				10,000,000
Remaining shares authorized to be repurchased	8,781,585
Reacquired shares (in shares)	4,246,642	83,674	3,038,107
Number of shares reacquired through the open market	4,135,512	0	2,933,090
Number of shares that have been repurchased through the exercise of stock options and vesting of stock awards	111,130	83,674	105,017
Undesignated preferred stock
SHAREHOLDERS' EQUITY
Preferred stock, shares authorized	15,000,000

EQUITY COMPENSATION PLANS (Details) - USD ($) $ in Millions	12 Months Ended			24 Months Ended
EQUITY COMPENSATION PLANS (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
EQUITY COMPENSATION PLANS
Common shares available for grant (in shares)	18,052,830	18,840,265	5,475,903	18,052,830
Value of awards granted, portion from stock options under current program (as a percent)			50.00%	40.00%
Value of awards granted, portion from PBRSUs under current program (as a percent)			50.00%	60.00%
Total compensation expense related to all share-based compensation plans	$ 134.8	$ 95.1	$ 87.8
Total compensation expense, net of tax benefit	111.8	$ 81.4	$ 74.8
Total measured but unrecognized compensation expense related to non-vested share-based compensation arrangements granted under all of the company's plans	$ 182.6			$ 182.6
Weighted-average period over which unrecognized compensation costs on nonvested awards expected to be recognized	2 years 1 month 6 days

EQUITY COMPENSATION PLANS - Stock Options (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock incentive and option plans
Stock option expiration period	10 years
Stock option vesting period	3 years
SHARES
Outstanding, beginning of year (in shares)	6,921,356	7,031,103	6,217,161
Granted (in shares)	595,791	861,840	1,228,673
Exercised (in shares)	(1,838,103)	(832,050)	(294,228)
Canceled (in shares)	(130,774)	(139,537)	(120,503)
Outstanding, end of year (in shares)	5,548,270	6,921,356	7,031,103
Exercisable, end of year (in shares)	4,095,681	5,107,518	5,168,161
Vested and expected to vest, end of year (in shares)	5,396,495
AVERAGE PRICE PER SHARE
Outstanding, beginning of year (in dollars per share)	$ 168.65	$ 160.45	$ 160.91
Granted (in dollars per share)	247.02	190.53	148.79
Exercised (in dollars per share)	144.58	119.41	101.08
Canceled (in dollars per share)	173.95	183.77	210.26
Outstanding, end of year (in dollars per share)	184.92	168.65	160.45
Exercisable, end of year (in dollars per share)	178.24	$ 165.77	$ 155.45
Vested and expected to vest, end of year (in dollars per shares)	$ 184.32
Total intrinsic value of options exercised during period	$ 162.4	$ 47.7	$ 21.0
Total aggregate intrinsic value of in-the-money options outstanding	$ 283.4
Weighted-average remaining contractual life of options outstanding	6 years 6 months
Total aggregate intrinsic value of in-the-money options exercisable	$ 231.0
Weighted-average remaining contractual life of options exercisable	5 years 6 months
Aggregate intrinsic value of vested and expected to vest options outstanding	$ 278.2
Weighted-average remaining contractual life of vested and expected to vest options outstanding	6 years 4 months 24 days

EQUITY COMPENSATION PLANS - Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Option [Member]
Assumptions
Weighted average grant date fair value of options granted at market prices (in dollars per share)	$ 66.8	$ 50.26	$ 37.04
Risk-free rate of return (as a percent)	4.10%	4.10%	3.50%
Expected life	6 years	6 years	6 years
Expected volatility (as a percent)	22.60%	22.40%	23.50%
Expected dividend yield (as a percent)	1.00%	1.20%	1.40%
Vesting period	3 years
Employee Stock Option [Member] \| Minimum
Assumptions
Yield curve of U.S. treasury rates	1 month
Employee Stock Option [Member] \| Maximum
Assumptions
Yield curve of U.S. treasury rates	10 years
PBRSU Awards
Assumptions
Period of requisite continued service	3 years
Common stock issuable for each vested stock award (in shares)	1
Vesting period	3 years
PBRSU Awards \| Minimum
Assumptions
Defined performance target (as a percent)	0.00%
PBRSU Awards \| Maximum
Assumptions
Defined performance target (as a percent)	200.00%
Restricted Stock Awards and Units \| Minimum
Assumptions
Vesting period	24 months
Restricted Stock Awards and Units \| Maximum
Assumptions
Vesting period	48 months

EQUITY COMPENSATION PLANS - Other Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
PBRSU Awards
Summary of PBRSU awards and restricted stock activity:
Stock awards outstanding, at the beginning of period (in shares)	944,826	823,170	788,529
Stock awards granted (in shares)	245,868	328,739	291,496
Stock awards vested/ earned (in shares)	(180,993)	(180,674)	(232,210)
Stock awards cancelled (in shares)	(44,499)	(26,409)	(24,645)
Stock awards outstanding, at the end of period (in shares)	965,202	944,826	823,170
Weighted-average fair value at grant-date of stock awards outstanding, at the beginning of period (in dollars per share)	$ 183.71	$ 181.68	$ 189.96
Weighted-average fair value at grant-date of stock awards granted (in dollars per share)	240.66	185.1	142.24
Weighted-average fair value at grant-date of stock awards vested/earned (in dollars per share)	215.26	178.26	152.63
Weighted-average fair value at grant-date of stock awards cancelled (in dollars per share)	171.3	175.05	207.05
Weighted-average fair value at grant-date of stock awards outstanding, at the end of period (in dollars per share)	$ 192.87	$ 183.71	$ 181.68
Restricted Stock Awards and Units
Summary of PBRSU awards and restricted stock activity:
Stock awards outstanding, at the beginning of period (in shares)	455,490	385,097	232,274
Stock awards granted (in shares)	78,386	156,618	240,370
Stock awards vested/ earned (in shares)	(121,400)	(61,776)	(68,864)
Stock awards cancelled (in shares)	(37,177)	(24,449)	(18,683)
Stock awards outstanding, at the end of period (in shares)	375,299	455,490	385,097
Weighted-average fair value at grant-date of stock awards outstanding, at the beginning of period (in dollars per share)	$ 166.31	$ 170.5	$ 195.95
Weighted-average fair value at grant-date of stock awards granted (in dollars per share)	230.47	165.81	146.9
Weighted-average fair value at grant-date of stock awards vested/earned (in dollars per share)	196.78	191.22	163.81
Weighted-average fair value at grant-date of stock awards cancelled (in dollars per share)	160.9	166.22	201.39
Weighted-average fair value at grant-date of stock awards outstanding, at the end of period (in dollars per share)	$ 170.39	$ 166.31	$ 170.5

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income before income taxes.
United States (U.S.)									$ 1,035.3	$ 408.9	$ 295.6
International									1,535.9	1,346.6	1,047.8
Income before income taxes	$ 534.3	$ 987.3	$ 590.7	$ 458.9	$ 537.5	$ 506.2	$ 421.3	$ 290.5	2,571.2	1,755.5	1,343.4
Current income tax expense (benefit)
U.S. federal and state									301.3	137.6	145.7
International									322.6	280.0	231.4
Total current									623.9	417.6	377.1
Deferred income tax expense (benefit)
U.S. federal and state									(143.1)	(40.1)	(78.9)
International									(41.5)	(15.0)	(63.7)
Total deferred									(184.6)	(55.1)	(142.6)
Provision for income taxes	$ 54.8	$ 246.5	$ 95.7	$ 42.3	$ 126.7	$ 96.8	$ 86.6	$ 52.4	$ 439.3	$ 362.5	$ 234.5

INCOME TAXES - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Pension and post-retirement benefits	$ 68.2	$ 82.1
Other accrued liabilities	152.5	162.0
Lease liability	176.7	135.9
Credit carryforwards	105.1	83.7
Capitalization of R&D costs	246.5	180.9
Loss carryforwards	92.9	57.3
Share-based compensation	54.2	54.5
Deferred income	72.4	27.9
Deferred interest	85.2	64.3
Other, net	32.8	49.0
Valuation allowance	(77.8)	(65.7)
Total deferred tax assets	1,008.7	831.9
Deferred tax liabilities
Goodwill	(133.9)	(160.1)
Intangible assets	(410.4)	(451.3)
Property, plant and equipment	(310.7)	(332.3)
Lease asset	(177.8)	(136.1)
Financing	(43.3)	(32.1)
Other, net	(57.1)	(18.9)
Total deferred tax liabilities	(1,133.2)	(1,130.8)
Net deferred tax liabilities balance	(124.5)	$ (298.9)
Federal
Deferred tax assets
Loss carryforwards	13.7
State
Deferred tax assets
Loss carryforwards	13.2
International
Deferred tax assets
Credit carryforwards	88.5
Loss carryforwards	$ 39.3

INCOME TAXES - Loss Carryforwards (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating loss carryforwards
Statutory U.S. rate (as a percent)	21.00%	21.00%	21.00%
Net operating loss carryforwards	$ 92.9	$ 57.3
Valuation allowance on deferred tax asset	77.8	65.7
Deferred Tax Liabilities, Net	124.5	298.9
Total deferred	(184.6)	(55.1)	$ (142.6)
Excess tax benefits, share-based compensation			6.0
Federal
Operating loss carryforwards
Net operating loss carryforwards	13.7
Capital loss carryforward	26.7
Capital loss carryforwards,Subject to Expiration	26.7
Carryforwards subject to expiration	26.9
State
Operating loss carryforwards
Net operating loss carryforwards	13.2
International
Operating loss carryforwards
Net operating loss carryforwards	39.3
Carryforwards subject to expiration	18.7
No expiration	20.6
Tax reduction due to tax holiday	$ 2.7	$ 6.6	$ 5.8
Tax holiday impact on diluted earnings per share (in dollars per share)	$ 0.01	$ 0.02	$ 0.02
International \| Luxembourg
Operating loss carryforwards
Operating loss carryforward, not reported in financial statements	$ 1,500.0

INCOME TAXES - Reconciliation of the Statutory Rate to Effective Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of the statutory U.S. federal income tax rate to the company's effective income tax rate
Statutory U.S. rate (as a percent)	21.00%	21.00%	21.00%
State income taxes, net of federal benefit (as a percent)	1.50%	1.40%	1.30%
Foreign operations (as a percent)	(1.20%)	(0.50%)	(0.80%)
Excess stock benefits (as a percent)	(0.70%)	(0.30%)	(0.40%)
R&D credit (as a percent)	(0.90%)	(1.30%)	(1.40%)
Foreign derived intangible income (as a percent)	(1.90%)	(1.20%)	(1.80%)
Change in valuation allowance (as a percent)	0.60%	0.50%	0.70%
Legal entity rationalization (as a percent)		0.10%	(1.50%)
Sale of global surgical solutions business (as a Percent)	1.10%
Capital losses (as a Percent)	3.40%
Other, net (as a percent)	1.00%	0.90%	0.40%
Effective income tax rate (as a percent)	17.10%	20.60%	17.50%
Remaining tax expense	$ 13.9		$ 8.8
Special gains and charges, recognized discrete tax expense (benefit), net,	56.9	$ (24.7)	53.7
Associated with capital losses	62.1
Foreign intangible assets	30.4
Recognized discrete tax benefits, legal entity rationalization			14.6
Excess tax benefits, share-based compensation			6.0
Recognized discrete tax benefits	78.6	11.2	11.8
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Balance at beginning of year	24.2	24.9	25.1
Additions based on tax positions related to the current year	4.6	5.8	2.7
Additions for tax positions of prior years	11.6	1.7	3.6
Reductions for tax positions of prior years			(1.5)
Reductions for tax positions due to statute of limitations	(0.7)	(2.7)	(0.7)
Settlements	(5.3)	(5.5)	(3.4)
Foreign currency translation	(0.3)		(0.9)
Balance at end of year	34.1	24.2	24.9
Unrecognized tax benefits that would affect the annual effective tax rate	31.5	21.6	23.1
Accrued interest, including minor amounts for penalties	$ 5.5	$ 4.0	$ 4.0

RENTALS AND LEASES - Lessee (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
RENTALS AND LEASES
Operating lease cost	$ 218.0	$ 215.4	$ 196.9

RENTALS AND LEASES - Future Maturity and Minimum Payments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating leases maturities:
2025	$ 159.0
2026	148.0
2027	120.0
2028	80.0
2029	50.0
Thereafter	252.0
Total lease payments	809.0
Less: imputed interest	91.0
Present value of lease liabilities	$ 718.0
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Operating Lease, Liability, Current, Operating Lease Liability Noncurrent, Excluded From Long-term Debt
Weighted-average remaining lease terms (years) - operating leases	7 years 3 days	6 years 5 months 8 days	6 years 8 months 15 days
Weighted-average discount rate - operating leases	4.76%	4.02%	2.98%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 207.7	$ 170.6	$ 157.3
Leased assets obtained in exchange for new operating lease liabilities	$ 336.0	$ 251.5	$ 202.7

RENTALS AND LEASES - Lessor (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessor
Property, plant and equipment, gross	$ 8,188.2	$ 7,654.8
Accumulated depreciation	4,435.8	4,180.2
Operating Leases, Income Statement, Lease Revenue
Operating lease revenue	$ 534.9	$ 511.8	$ 466.7
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Income (Loss)	Operating Income (Loss)	Operating Income (Loss)
Operating Leases, Future Minimum Payments Receivable
2025	$ 438.0
2026	315.0
2027	252.0
2028	174.0
2029	90.0
Thereafter	51.0
Total lease revenue	1,320.0
Operating Leases Recorded in Property, Plant and Equipment
Lessor
Property, plant and equipment, gross	1,481.7	$ 1,397.5
Accumulated depreciation	$ 932.9	$ 878.9

RESEARCH AND DEVELOPMENT EXPENDITURES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
RESEARCH AND DEVELOPMENT EXPENDITURES
Research expenditures related to the development of new products and processes, including significant improvements and refinements to existing products	$ 207	$ 192	$ 190

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 31, 2024 item location	Jun. 01, 2022 USD ($)
Loss contingencies
Estimated settlement		$ 500
Environmental matters
Number of locations for environmental assessments and remediation \| location	25
Nalco Holding Company ("Nalco")
Loss contingencies
Number of plaintiffs having claims \| item	5,000
Estimated settlement		30
Maximum \| Nalco Holding Company ("Nalco")
Loss contingencies
Estimated possible loss		520
Minimum \| Nalco Holding Company ("Nalco")
Loss contingencies
Estimated possible loss		$ 152

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

RETIREMENT PLANS - Information Related to Pension and Postretirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Projected Benefit Obligation
Recorded benefit obligations	$ 78.0	$ 87.0
Settlement expense			$ 50.6
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Other Nonrecurring (Income) Expense
Amounts recognized in the Consolidated Balance Sheets:
Other assets	151.0	118.4
Pension and postretirement benefits	(634.9)	(651.7)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Accumulated other comprehensive loss (income), net of tax	538.4	534.7
Change in Accumulated Other Comprehensive Loss (Income):
Other comprehensive loss (income)	5.6	55.1	$ (130.3)
Aggregate projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets:
Aggregate projected benefit obligation	2,292.5	2,428.8
Accumulated benefit obligation	2,265.5	2,392.4
Fair value of plan assets	1,738.6	1,868.9
Projected benefit obligation and fair value of pension plan assets for plans with projected benefit obligations in excess of plan assets
Projected benefit obligations	2,373.4	2,449.1
Fair value of plan assets	1,815.1	1,888.2
U.S. Pension. \| Pension
Defined Benefit Plan Disclosure
Accumulated Benefit Obligation, end of year	1,790.6	1,859.5
Projected Benefit Obligation
Projected benefit obligation, beginning of year	1,859.5	1,799.0
Service cost	46.3	40.9	40.8
Interest cost	87.0	88.1	65.3
Actuarial (gain) loss	(68.4)	90.2
Benefits paid	(133.8)	(158.7)
Projected benefit obligation, end of year	1,790.6	1,859.5	1,799.0
Plan Assets
Fair value of plan assets, beginning of year	1,719.7	1,668.5
Actual returns on plan assets	45.1	149.1
Company contributions	8.0	60.8
Benefits paid	(133.8)	(158.7)
Fair value of plan assets, end of year	1,639.0	1,719.7	1,668.5
Funded Status, end of year	(151.6)	(139.8)
Amounts recognized in the Consolidated Balance Sheets:
Other current liabilities	(8.8)	(9.2)
Pension and postretirement benefits	(142.8)	(130.6)
Net liability	(151.6)	(139.8)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Unrecognized net actuarial loss (gain)	526.5	495.2
Unrecognized net prior service (benefits) costs	(12.1)	(16.7)
Tax (benefit) expense	(131.6)	(122.8)
Accumulated other comprehensive loss (income), net of tax	382.8	355.7
Change in Accumulated Other Comprehensive Loss (Income):
Amortization of net actuarial gain (loss)	(6.1)	(0.2)
Amortization of prior service credits	4.6	4.5
Current period net actuarial loss (gain)	37.4	83.5
Tax (benefit) expense	(8.8)	(22.0)
Other comprehensive loss (income)	27.1	65.8
Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2025
Net actuarial loss (gain)	8.6
Net prior service benefits	(4.6)
Total	4.0
U.S. Pension. \| U.S. Postretirement Benefits
Defined Benefit Plan Disclosure
Accumulated Benefit Obligation, end of year	101.4	112.0
Projected Benefit Obligation
Projected benefit obligation, beginning of year	112.0	115.5
Service cost	0.3	0.4	0.8
Interest cost	5.2	5.6	3.3
Participant contributions	3.0	3.8
Actuarial (gain) loss	(8.0)	(0.1)
Benefits paid	(11.1)	(13.2)
Projected benefit obligation, end of year	101.4	112.0	115.5
Plan Assets
Fair value of plan assets, beginning of year	2.4	3.2
Actual returns on plan assets		0.2
Company contributions	10.3	12.2
Benefits paid	(11.1)	(13.2)
Fair value of plan assets, end of year	1.6	2.4	3.2
Funded Status, end of year	(99.8)	(109.6)
Amounts recognized in the Consolidated Balance Sheets:
Other current liabilities	(8.3)	(8.7)
Pension and postretirement benefits	(91.5)	(100.9)
Net liability	(99.8)	(109.6)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Unrecognized net actuarial loss (gain)	(45.4)	(40.8)
Tax (benefit) expense	6.7	6.2
Accumulated other comprehensive loss (income), net of tax	(38.7)	(34.6)
Change in Accumulated Other Comprehensive Loss (Income):
Amortization of net actuarial gain (loss)	3.2	3.1
Current period net actuarial loss (gain)	(7.8)	(0.3)
Tax (benefit) expense	0.5	(1.5)
Other comprehensive loss (income)	(4.1)	1.3
Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2025
Net actuarial loss (gain)	(3.6)
Total	(3.6)
International Pension \| Pension
Defined Benefit Plan Disclosure
Accumulated Benefit Obligation, end of year	1,123.4	1,125.8
Projected Benefit Obligation
Projected benefit obligation, beginning of year	1,174.0	1,221.9
Service cost	19.0	21.7	28.4
Interest cost	48.9	45.9	22.0
Participant contributions	2.9	2.8
Plan amendments	(0.5)	(1.5)
Actuarial (gain) loss	14.8	(101.0)
Acquisitions and divestitures	(13.3)
Other events	1.6	2.9
Benefits paid	(58.1)	(69.8)
Foreign currency translation	(22.7)	51.1
Projected benefit obligation, end of year	1,166.6	1,174.0	1,221.9
Plan Assets
Fair value of plan assets, beginning of year	871.2	905.1
Actual returns on plan assets	76.5	(44.0)
Company contributions	35.3	35.4
Participant contributions	2.9	2.8
Acquisitions and divestitures	(6.3)	2.9
Benefits paid	(57.9)	(67.6)
Foreign currency translation	(10.8)	36.6
Fair value of plan assets, end of year	910.9	871.2	$ 905.1
Funded Status, end of year	(255.7)	(302.8)
Amounts recognized in the Consolidated Balance Sheets:
Other assets	151.0	118.4
Other current liabilities	(36.2)	(33.0)
Pension and postretirement benefits	(370.5)	(388.2)
Net liability	(255.7)	(302.8)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Unrecognized net actuarial loss (gain)	253.5	278.5
Unrecognized net prior service (benefits) costs	(1.1)	(0.4)
Tax (benefit) expense	(58.1)	(64.4)
Accumulated other comprehensive loss (income), net of tax	194.3	213.7
Change in Accumulated Other Comprehensive Loss (Income):
Amortization of net actuarial gain (loss)	(12.2)	(14.8)
Amortization of prior service credits	(0.1)	0.5
Current period net actuarial loss (gain)	(10.1)	(1.0)
Current period prior service costs	(0.5)	(1.5)
Curtailments and settlements	(0.9)	2.7
Tax (benefit) expense	6.3	2.1
Foreign currency translation	(1.9)	12.2
Other comprehensive loss (income)	(19.4)	$ 0.2
Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2025
Net actuarial loss (gain)	8.1
Net prior service benefits	(0.3)
Total	$ 7.8

RETIREMENT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
RETIREMENT PLANS (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other (income) expense
Other Pension Plan Information
Settlement expense before tax			$ 51.6
Settlement expense after tax			38.9
U.S. Pension. \| Pension
Net periodic benefit costs
Service cost	$ 46.3	$ 40.9	40.8
Interest cost on benefit obligation	87.0	88.1	65.3
Expected return on plan assets	(150.8)	(145.1)	(144.4)
Recognition of net actuarial loss (gain)	6.1	0.2	30.2
Amortization of prior service benefit	(4.6)	(4.5)	(4.5)
Curtailments and settlements			51.6
Total expense (benefit)	(16.0)	(20.4)	39.0
U.S. Pension. \| U.S. Postretirement Benefits
Net periodic benefit costs
Service cost	0.3	0.4	0.8
Interest cost on benefit obligation	5.2	5.6	3.3
Expected return on plan assets	(0.2)	(0.2)	(0.3)
Recognition of net actuarial loss (gain)	(3.2)	(3.1)	(0.6)
Total expense (benefit)	2.1	2.7	3.2
International Pension \| Pension
Net periodic benefit costs
Service cost	19.0	21.7	28.4
Interest cost on benefit obligation	48.9	45.9	22.0
Expected return on plan assets	(50.1)	(56.1)	(69.8)
Recognition of net actuarial loss (gain)	9.6	12.5	22.8
Amortization of prior service benefit	(0.1)	(0.5)	(0.1)
Curtailments and settlements	0.9	(2.7)
Total expense (benefit)	$ 28.2	$ 20.8	$ 3.3

RETIREMENT PLANS - Assumption Details (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
U.S. Pension. \| Corporate bonds \| Minimum
Weighted-average actuarial assumptions used to determine net cost:
Maturity period of debt securities	6 months
U.S. Pension. \| Corporate bonds \| Maximum
Weighted-average actuarial assumptions used to determine net cost:
Maturity period of debt securities	30 years
U.S. Pension. \| Pension
Weighted-average actuarial assumptions used to determine benefit obligations as of year end:
Discount rate (as a percent)	5.58%	4.95%	5.17%
Projected salary increase (as a percent)	3.60%	4.03%	4.03%
Weighted-average actuarial assumptions used to determine net cost:
Interest credit rate for cash balance plans	4.50%	3.89%	1.56%
Discount rate (as a percent)	4.95%	5.17%	2.86%
Expected return on plan assets (as a percent)	8.00%	7.75%	7.00%
Projected salary increase (as a percent)	4.03%	4.03%	4.03%
U.S. Pension. \| U.S. Postretirement Benefits
Weighted-average actuarial assumptions used to determine benefit obligations as of year end:
Discount rate (as a percent)	5.58%	4.95%	5.14%
Weighted-average actuarial assumptions used to determine net cost:
Discount rate (as a percent)	4.95%	5.14%	2.75%
Expected return on plan assets (as a percent)	8.00%	7.75%	7.00%
Defined Benefit Plan Assumed Health Care Cost Trend Rates
Annual rates of increase in the per capita cost of covered health care for pre-age 65 retirees (as a percent)	8.59%
Rate of per capita cost of covered health care, in 2028 (as a percent)	4.50%
International Pension \| Pension
Weighted-average actuarial assumptions used to determine benefit obligations as of year end:
Discount rate (as a percent)	3.99%	4.34%	3.70%
Projected salary increase (as a percent)	2.69%	2.84%	2.81%
Weighted-average actuarial assumptions used to determine net cost:
Discount rate (as a percent)	4.34%	3.70%	1.46%
Expected return on plan assets (as a percent)	6.00%	6.27%	6.18%
Projected salary increase (as a percent)	2.84%	3.08%	2.47%
Defined Benefit Plan Assumed Health Care Cost Trend Rates
Plan amendments, decrease in benefit obligation	$ (0.5)	$ (1.5)

RETIREMENT PLANS - Fair Value of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension \| U.S. Pension.
Defined Benefit Plan Disclosure
Total	$ 1,639.0	$ 1,719.7	$ 1,668.5
Pension \| International Pension
Defined Benefit Plan Disclosure
Total investments at fair value	862.3	827.4
Investments measured at NAV	48.6	43.8
Total	910.9	871.2	$ 905.1
Pension \| International Pension \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	8.1	12.6
Total	8.1	12.6
Pension \| International Pension \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	854.2	814.8
Total	854.2	814.8
Pension \| International Pension \| Level 3
Defined Benefit Plan Disclosure
Total	0.0
Pension \| International Pension \| Cash
Defined Benefit Plan Disclosure
Total investments at fair value	8.1	12.6
Pension \| International Pension \| Cash \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	8.1	12.6
Pension \| International Pension \| International equity
Defined Benefit Plan Disclosure
Total investments at fair value	193.9	182.5
Pension \| International Pension \| International equity \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	193.9	182.5
Pension \| International Pension \| Corporate bonds
Defined Benefit Plan Disclosure
Total investments at fair value	157.5	147.5
Pension \| International Pension \| Corporate bonds \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	157.5	147.5
Pension \| International Pension \| Government bonds
Defined Benefit Plan Disclosure
Total investments at fair value	339.6	321.4
Pension \| International Pension \| Government bonds \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	339.6	321.4
Pension \| International Pension \| Insurance contracts
Defined Benefit Plan Disclosure
Total investments at fair value	163.2	163.4
Pension \| International Pension \| Insurance contracts \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	163.2	163.4
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension.
Defined Benefit Plan Disclosure
Total investments at fair value	1,313.6	1,289.8
Total	1,640.6	1,722.1
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	736.5	546.6
Total	736.5	546.6
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	577.1	743.2
Total	577.1	743.2
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Level 3
Defined Benefit Plan Disclosure
Total	0.0
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Cash
Defined Benefit Plan Disclosure
Total investments at fair value	41.5	30.1
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Cash \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	41.5	30.1
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Large cap equity
Defined Benefit Plan Disclosure
Total investments at fair value	367.1	276.1
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Large cap equity \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	367.1	276.1
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Small cap equity
Defined Benefit Plan Disclosure
Total investments at fair value	38.5	44.2
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Small cap equity \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	12.1	14.6
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Small cap equity \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	26.4	29.6
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| International equity
Defined Benefit Plan Disclosure
Total investments at fair value	231.2	59.6
Investments measured at NAV	327.0	432.3
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| International equity \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	93.8	40.4
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| International equity \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	137.4	19.2
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Core fixed income
Defined Benefit Plan Disclosure
Total investments at fair value	554.5	820.3
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Core fixed income \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	183.2	150.7
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Core fixed income \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	371.3	669.6
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| High-yield bonds
Defined Benefit Plan Disclosure
Total investments at fair value	38.8	34.7
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| High-yield bonds \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	38.8	34.7
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Emerging markets
Defined Benefit Plan Disclosure
Total investments at fair value	42.0	24.8
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Emerging markets \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	$ 42.0	$ 24.8

RETIREMENT PLANS - Allocation Plan Assets (Details)	12 Months Ended
RETIREMENT PLANS - Allocation Plan Assets (Details)	Dec. 31, 2024	Dec. 31, 2023
Pension \| International Pension
Asset allocation percentages
Percentage of Plan Assets	100.00%	100.00%
Pension \| International Pension \| Cash
Asset allocation percentages
Percentage of Plan Assets	1.00%	1.00%
Pension \| International Pension \| International equity
Asset allocation percentages
Percentage of Plan Assets	21.00%	21.00%
Pension \| International Pension \| Corporate bonds
Asset allocation percentages
Percentage of Plan Assets	17.00%	17.00%
Pension \| International Pension \| Government bonds
Asset allocation percentages
Percentage of Plan Assets	37.00%	37.00%
Pension \| International Pension \| Total fixed income
Asset allocation percentages
Percentage of Plan Assets	54.00%	54.00%
Pension \| International Pension \| Insurance contracts
Asset allocation percentages
Percentage of Plan Assets	18.00%	19.00%
Pension \| International Pension \| Real estate
Asset allocation percentages
Percentage of Plan Assets	6.00%	5.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension.
Asset allocation percentages
Target Asset Allocation Percentage	100.00%	100.00%
Percentage of Plan Assets	100.00%	100.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Cash
Asset allocation percentages
Percentage of Plan Assets	3.00%	2.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Large cap equity
Asset allocation percentages
Target Asset Allocation Percentage	27.00%	21.00%
Percentage of Plan Assets	22.00%	16.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Small cap equity
Asset allocation percentages
Target Asset Allocation Percentage	3.00%	3.00%
Percentage of Plan Assets	2.00%	3.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| International equity
Asset allocation percentages
Target Asset Allocation Percentage	17.00%	13.00%
Percentage of Plan Assets	14.00%	9.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Core fixed income
Asset allocation percentages
Target Asset Allocation Percentage	35.00%	48.00%
Percentage of Plan Assets	34.00%	48.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| High-yield bonds
Asset allocation percentages
Target Asset Allocation Percentage	3.00%	3.00%
Percentage of Plan Assets	2.00%	2.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Emerging markets
Asset allocation percentages
Target Asset Allocation Percentage	3.00%	2.00%
Percentage of Plan Assets	3.00%	1.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Real estate
Asset allocation percentages
Target Asset Allocation Percentage	3.00%	3.00%
Percentage of Plan Assets	3.00%	3.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| PRIVATE EQUITY
Asset allocation percentages
Target Asset Allocation Percentage	6.00%	5.00%
Percentage of Plan Assets	14.00%	14.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Distressed debt
Asset allocation percentages
Target Asset Allocation Percentage	3.00%	2.00%
Percentage of Plan Assets	3.00%	2.00%

RETIREMENT PLANS - Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024
Estimate of benefits expected to be paid for company's pension and postretirement health care benefit plans:
Settlement charge	$ (50.6)
Pension \| International Pension
Estimate of benefits expected to be paid for company's pension and postretirement health care benefit plans:
Estimated contribution to pension benefit plan during 2022		$ 48.0
U.S. Pension and Postretirement Health Care Benefits
Estimate of benefits expected to be paid for company's pension and postretirement health care benefit plans:
2025		247.0
2026		245.0
2027		246.0
2028		250.0
2029		247.0
2030 - 2034		$ 1,217.0

RETIREMENT PLANS - Savings Plan and ESOP (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Percentage of matching contribution by company vested immediately	100.00%
Employer matching contribution expense	$ 92.4	$ 88.2	$ 81.6
Ecolab Plan
Defined Contribution Plan Disclosure [Line Items]
Percentage of matching contribution made by company, up to 4% eligible compensation	100.00%
Percentage of matching contribution made by company for employee contributions between 4% and 8%	50.00%
Minimum \| Ecolab Plan
Defined Contribution Plan Disclosure [Line Items]
Percentage of eligible compensation, matched 50%	4.00%
Maximum \| Ecolab Plan
Defined Contribution Plan Disclosure [Line Items]
Percentage of eligible compensation, matched 100%	4.00%
Percentage of eligible compensation, matched 50%	8.00%

REVENUES - Product and Sold Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]
Accounts receivable, net	$ 2,865.0	$ 2,834.2
Operating lease revenue	$ 534.9	$ 511.8	$ 466.7
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Income (Loss)	Operating Income (Loss)	Operating Income (Loss)

REVENUES - Principal Activities (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of revenue
Net sales	$ 4,005.2	$ 3,998.5	$ 3,985.8	$ 3,751.9	$ 3,938.4	$ 3,958.1	$ 3,852.1	$ 3,571.6	$ 15,741.4	$ 15,320.2	$ 14,187.8
Allowance for expected return of products	$ 53.0				$ 72.0				53.0	72.0	59.0
Product and equipment sales
Disaggregation of revenue
Net sales									12,473.6	12,316.8	11,446.2
Service and lease sales
Disaggregation of revenue
Net sales									$ 3,267.8	$ 3,003.4	$ 2,741.6
Warewashing Products \| Product concentration \| Consolidated net sales
Disaggregation of revenue
Percentage of consolidated sales									12.00%	12.00%	12.00%
Corporate \| Product and equipment sales
Disaggregation of revenue
Net sales										$ 42.5	$ 89.1
Operating segment
Disaggregation of revenue
Net sales									$ 15,873.0	15,375.5	14,192.8
Global Industrial
Disaggregation of revenue
Net sales									7,777.2	7,626.5	7,197.1
Global Industrial \| United States
Disaggregation of revenue
Net sales									3,320.7	3,232.5	3,129.2
Global Industrial \| Europe
Disaggregation of revenue
Net sales									1,593.7	1,573.0	1,433.9
Global Industrial \| Asia Pacific
Disaggregation of revenue
Net sales									948.9	947.4	888.8
Global Industrial \| Latin America
Disaggregation of revenue
Net sales									810.5	772.5	656.2
Global Industrial \| Greater China
Disaggregation of revenue
Net sales									400.4	407.0	435.8
Global Industrial \| India, Middle East and Africa
Disaggregation of revenue
Net sales									493.0	491.8	459.3
Global Industrial \| Canada
Disaggregation of revenue
Net sales									210.0	202.3	193.9
Global Industrial \| Product and equipment sales
Disaggregation of revenue
Net sales									6,810.8	6,710.8	6,303.9
Global Industrial \| Service and lease sales
Disaggregation of revenue
Net sales									966.4	915.7	893.2
Global Industrial \| Operating segment
Disaggregation of revenue
Net sales									5,413.9	5,014.6	4,433.2
Global Institutional and Specialty
Disaggregation of revenue
Net sales									5,382.6	4,999.2	4,432.1
Global Institutional and Specialty \| United States
Disaggregation of revenue
Net sales									3,713.5	3,410.5	3,008.1
Global Institutional and Specialty \| Europe
Disaggregation of revenue
Net sales									706.4	682.3	624.4
Global Institutional and Specialty \| Asia Pacific
Disaggregation of revenue
Net sales									249.7	238.8	220.9
Global Institutional and Specialty \| Latin America
Disaggregation of revenue
Net sales									201.6	197.8	169.2
Global Institutional and Specialty \| Greater China
Disaggregation of revenue
Net sales									177.5	161.0	138.3
Global Institutional and Specialty \| India, Middle East and Africa
Disaggregation of revenue
Net sales									84.5	77.8	66.2
Global Institutional and Specialty \| Canada
Disaggregation of revenue
Net sales									249.4	231.0	205.0
Global Institutional and Specialty \| Product and equipment sales
Disaggregation of revenue
Net sales									4,362.2	4,087.3	3,655.1
Global Institutional and Specialty \| Service and lease sales
Disaggregation of revenue
Net sales									1,020.4	911.9	777.0
Global Institutional and Specialty \| Operating segment
Disaggregation of revenue
Net sales									1,434.1	1,607.5	1,534.3
Global Healthcare and Life Sciences
Disaggregation of revenue
Net sales									1,418.8	1,586.0	1,510.5
Global Healthcare and Life Sciences \| United States
Disaggregation of revenue
Net sales									465.8	633.6	600.7
Global Healthcare and Life Sciences \| Europe
Disaggregation of revenue
Net sales									705.5	719.2	675.6
Global Healthcare and Life Sciences \| Asia Pacific
Disaggregation of revenue
Net sales									111.3	103.9	100.4
Global Healthcare and Life Sciences \| Latin America
Disaggregation of revenue
Net sales									29.1	35.5	32.9
Global Healthcare and Life Sciences \| Greater China
Disaggregation of revenue
Net sales									59.0	56.4	65.6
Global Healthcare and Life Sciences \| India, Middle East and Africa
Disaggregation of revenue
Net sales									40.6	29.6	29.0
Global Healthcare and Life Sciences \| Canada
Disaggregation of revenue
Net sales									7.5	7.8	6.3
Global Healthcare and Life Sciences \| Product and equipment sales
Disaggregation of revenue
Net sales									1,300.6	1,476.2	1,398.1
Global Healthcare and Life Sciences \| Service and lease sales
Disaggregation of revenue
Net sales									118.2	109.8	112.4
Global Healthcare and Life Sciences \| Operating segment
Disaggregation of revenue
Net sales									1,167.8	1,070.2	963.5
Global Pest Elimination
Disaggregation of revenue
Net sales									1,162.8	1,066.0	959.0
Global Pest Elimination \| United States
Disaggregation of revenue
Net sales									805.6	733.6	650.3
Global Pest Elimination \| Europe
Disaggregation of revenue
Net sales									187.5	171.0	154.7
Global Pest Elimination \| Asia Pacific
Disaggregation of revenue
Net sales									32.1	28.7	27.9
Global Pest Elimination \| Latin America
Disaggregation of revenue
Net sales									58.7	57.5	51.8
Global Pest Elimination \| Greater China
Disaggregation of revenue
Net sales									60.0	57.4	56.8
Global Pest Elimination \| India, Middle East and Africa
Disaggregation of revenue
Net sales									7.1	6.9	8.1
Global Pest Elimination \| Canada
Disaggregation of revenue
Net sales									11.8	10.9	9.4
Global Pest Elimination \| Service and lease sales
Disaggregation of revenue
Net sales									1,162.8	1,066.0	959.0
Global Pest Elimination \| Operating segment
Disaggregation of revenue
Net sales									$ 7,857.2	7,640.5	7,172.6
Corporate
Disaggregation of revenue
Net sales										42.5	89.1
Corporate \| United States
Disaggregation of revenue
Net sales										38.4	84.0
Corporate \| Europe
Disaggregation of revenue
Net sales										2.7	2.7
Corporate \| Asia Pacific
Disaggregation of revenue
Net sales										0.2	0.3
Corporate \| Latin America
Disaggregation of revenue
Net sales										1.1	1.6
Corporate \| Canada
Disaggregation of revenue
Net sales										0.1	0.5
Corporate \| Operating segment
Disaggregation of revenue
Net sales										$ 42.7	$ 89.2

REVENUES - Contract Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Change in contract liability
Contract liability as of beginning of the year	$ 110.9	$ 116.5
Revenue recognized in the period from: Amounts included in the contract liability at the beginning of the period	(110.9)	(116.5)
Increases due to billings excluding amounts recognized as revenue during the period ended	102.0	110.9
Contract liability as of end of period	$ 102.0	$ 110.9

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Details) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) segment	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 segment	Dec. 31, 2024 item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Number of operating units			8							8	8
Number of reportable segments \| segment										4
Net sales	$ 4,005.2	$ 3,998.5	$ 3,985.8	$ 3,751.9	$ 3,938.4	$ 3,958.1	$ 3,852.1	$ 3,571.6	$ 15,741.4			$ 15,320.2	$ 14,187.8
Operating Income (Loss)	$ 582.8	$ 1,044.8	$ 656.9	$ 517.9	$ 590.0	$ 566.0	$ 484.7	$ 351.6	2,802.4			1,992.3	1,562.5
Previously Reported \| Valued at 2023 fixed currency rates
Net sales												15,320.2	14,187.8
Operating Income (Loss)												1,992.3	1,562.5
Previously Reported \| Valued at 2024 Fixed Currency Rates
Net sales												15,320.2	14,187.8
Operating Income (Loss)												1,992.3	1,562.5
Global Industrial
Net sales									7,777.2			7,626.5	7,197.1
Global Institutional and Specialty
Net sales									5,382.6			4,999.2	4,432.1
Global Healthcare and Life Sciences
Net sales									1,418.8			1,586.0	1,510.5
Global Pest Elimination
Net sales									1,162.8			1,066.0	959.0
Corporate
Net sales												42.5	89.1
Operating segment
Net sales									15,873.0			15,375.5	14,192.8
Operating Income (Loss)									2,835.1			2,002.2	1,557.2
Operating segment \| Previously Reported \| Valued at 2023 fixed currency rates
Net sales												15,275.4	14,093.4
Operating Income (Loss)												1,987.0	1,546.3
Operating segment \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Net sales												15,375.5	14,192.8
Operating Income (Loss)												2,002.2	1,557.2
Operating segment \| Purchase Price Adjustments \| Changes in Currency Rates
Net sales												100.1	99.4
Operating Income (Loss)												15.2	10.9
Operating segment \| Global Industrial
Net sales									5,413.9			5,014.6	4,433.2
Operating Income (Loss)									1,182.7			841.8	631.9
Operating segment \| Global Industrial \| Previously Reported \| Valued at 2023 fixed currency rates
Net sales												7,193.1	6,736.3
Operating Income (Loss)												1,080.7	935.8
Operating segment \| Global Industrial \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Net sales												7,640.5	7,172.6
Operating Income (Loss)												1,122.0	948.9
Operating segment \| Global Industrial \| Purchase Price Adjustments \| Changes in Currency Rates
Net sales												40.1	43.8
Operating Income (Loss)												2.3	2.8
Operating segment \| Global Industrial \| Purchase Price Adjustments \| Segment Changes
Net sales												407.3	392.5
Operating Income (Loss)												39.0	10.3
Operating segment \| Global Institutional and Specialty
Net sales									1,434.1			1,607.5	1,534.3
Operating Income (Loss)									147.2			160.8	193.4
Operating segment \| Global Institutional and Specialty \| Previously Reported \| Valued at 2023 fixed currency rates
Net sales												4,994.0	4,414.3
Operating Income (Loss)												823.0	621.7
Operating segment \| Global Institutional and Specialty \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Net sales												5,014.6	4,433.2
Operating Income (Loss)												841.8	631.9
Operating segment \| Global Institutional and Specialty \| Purchase Price Adjustments \| Changes in Currency Rates
Net sales												20.6	18.9
Operating Income (Loss)												3.9	2.1
Operating segment \| Global Institutional and Specialty \| Purchase Price Adjustments \| Segment Changes
Operating Income (Loss)												14.9	8.1
Operating segment \| Global Healthcare and Life Sciences
Net sales									1,167.8			1,070.2	963.5
Operating Income (Loss)									220.4			210.4	197.3
Operating segment \| Global Healthcare and Life Sciences \| Previously Reported \| Valued at 2023 fixed currency rates
Net sales												1,576.9	1,505.8
Operating Income (Loss)												160.0	193.3
Operating segment \| Global Healthcare and Life Sciences \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Net sales												1,607.5	1,534.3
Operating Income (Loss)												160.8	193.4
Operating segment \| Global Healthcare and Life Sciences \| Purchase Price Adjustments \| Changes in Currency Rates
Net sales												30.6	28.5
Operating Income (Loss)												7.5	4.2
Operating segment \| Global Healthcare and Life Sciences \| Purchase Price Adjustments \| Segment Changes
Operating Income (Loss)												(6.7)	(4.1)
Operating segment \| Global Pest Elimination
Net sales									7,857.2			7,640.5	7,172.6
Operating Income (Loss)									1,300.6			1,122.0	948.9
Operating segment \| Global Pest Elimination \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Net sales												1,070.2	963.5
Operating Income (Loss)												210.4	197.3
Operating segment \| Global Pest Elimination \| Purchase Price Adjustments \| Changes in Currency Rates
Net sales												8.7	8.1
Operating Income (Loss)												1.4	1.7
Operating segment \| Global Pest Elimination \| Purchase Price Adjustments \| Segment Changes
Net sales												1,061.5	955.4
Operating Income (Loss)												209.0	195.6
Operating segment \| Other \| Previously Reported \| Valued at 2023 fixed currency rates
Net sales												1,442.3	1,313.3
Operating Income (Loss)												255.0	209.9
Operating segment \| Other \| Purchase Price Adjustments \| Segment Changes
Net sales												(1,442.3)	(1,313.3)
Operating Income (Loss)												(255.0)	(209.9)
Operating segment \| Corporate
Net sales												42.7	89.2
Operating Income (Loss)									(15.8)			(332.8)	(414.3)
Currency impact
Net sales									(131.6)			(55.3)	(5.0)
Operating Income (Loss)									$ (32.7)			(9.9)	5.3
Currency impact \| Previously Reported \| Valued at 2023 fixed currency rates
Net sales												44.8	94.4
Operating Income (Loss)												5.3	16.2
Currency impact \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Net sales												(55.3)	(5.0)
Operating Income (Loss)												(9.9)	5.3
Currency impact \| Purchase Price Adjustments \| Changes in Currency Rates
Net sales												(100.1)	(99.4)
Operating Income (Loss)												(15.2)	(10.9)
Corporate \| Previously Reported \| Valued at 2023 fixed currency rates
Net sales												69.1	123.7
Operating Income (Loss)												(331.7)	(414.4)
Corporate \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Net sales												42.7	89.2
Operating Income (Loss)												(332.8)	(414.3)
Corporate \| Purchase Price Adjustments \| Changes in Currency Rates
Net sales												0.1	0.1
Operating Income (Loss)												0.1	0.1
Corporate \| Purchase Price Adjustments \| Segment Changes
Net sales												(26.5)	$ (34.6)
Operating Income (Loss)												$ (1.2)

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Reportable segment information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
OPERATING SEGMENTS
Net sales	$ 4,005.2	$ 3,998.5	$ 3,985.8	$ 3,751.9	$ 3,938.4	$ 3,958.1	$ 3,852.1	$ 3,571.6	$ 15,741.4	$ 15,320.2	$ 14,187.8
Cost of sales	2,269.1	2,261.5	2,241.0	2,128.1	2,284.4	2,330.5	2,334.8	2,205.2	8,899.7	9,154.9	8,831.0
Selling, general and administrative expenses	1,050.0	1,024.8	1,075.7	1,077.7	1,034.8	1,024.9	1,011.6	990.3	4,228.2	4,061.6	3,653.8
Special (gains) and charges	103.3	(332.6)	12.2	28.2	29.2	36.7	21.0	24.5	(188.9)	111.4	140.5
Operating Income (Loss)	$ 582.8	$ 1,044.8	$ 656.9	$ 517.9	$ 590.0	$ 566.0	$ 484.7	$ 351.6	2,802.4	1,992.3	1,562.5
Operating segment
OPERATING SEGMENTS
Net sales									15,873.0	15,375.5	14,192.8
Cost of sales									8,974.2	9,182.2	8,836.4
Selling, general and administrative expenses									4,252.6	4,079.7	3,658.7
Special (gains) and charges									(188.9)	111.4	140.5
Operating Income (Loss)									2,835.1	2,002.2	1,557.2
Currency impact
OPERATING SEGMENTS
Net sales									(131.6)	(55.3)	(5.0)
Operating Income (Loss)									(32.7)	(9.9)	5.3
Global Pest Elimination
OPERATING SEGMENTS
Net sales									1,162.8	1,066.0	959.0
Global Pest Elimination \| Operating segment
OPERATING SEGMENTS
Net sales									7,857.2	7,640.5	7,172.6
Cost of sales									4,691.2	4,769.7	4,692.1
Selling, general and administrative expenses									1,865.4	1,748.8	1,531.6
Operating Income (Loss)									1,300.6	1,122.0	948.9
Global Industrial
OPERATING SEGMENTS
Net sales									7,777.2	7,626.5	7,197.1
Global Industrial \| Operating segment
OPERATING SEGMENTS
Net sales									5,413.9	5,014.6	4,433.2
Cost of sales									2,727.5	2,727.3	2,491.3
Selling, general and administrative expenses									1,503.7	1,445.5	1,310.0
Operating Income (Loss)									1,182.7	841.8	631.9
Global Institutional and Specialty
OPERATING SEGMENTS
Net sales									5,382.6	4,999.2	4,432.1
Global Institutional and Specialty \| Operating segment
OPERATING SEGMENTS
Net sales									1,434.1	1,607.5	1,534.3
Cost of sales									895.1	1,026.9	956.2
Selling, general and administrative expenses									391.8	419.8	384.7
Operating Income (Loss)									147.2	160.8	193.4
Global Healthcare and Life Sciences
OPERATING SEGMENTS
Net sales									1,418.8	1,586.0	1,510.5
Global Healthcare and Life Sciences \| Operating segment
OPERATING SEGMENTS
Net sales									1,167.8	1,070.2	963.5
Cost of sales									655.0	595.0	537.8
Selling, general and administrative expenses									292.4	264.8	228.4
Operating Income (Loss)									220.4	210.4	197.3
Corporate
OPERATING SEGMENTS
Net sales										42.5	89.1
Corporate \| Operating segment
OPERATING SEGMENTS
Net sales										42.7	89.2
Cost of sales									5.4	63.3	159.0
Selling, general and administrative expenses									199.3	200.8	204.0
Special (gains) and charges									(188.9)	111.4	140.5
Operating Income (Loss)									$ (15.8)	$ (332.8)	$ (414.3)

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Net Sales and Long-lived Assets by Geographic Region (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
Long-Lived Assets, net	$ 4,475.6	$ 4,028.1
United States
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
Long-Lived Assets, net	3,075.4	2,708.6
Europe
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
Long-Lived Assets, net	660.6	631.2
Asia Pacific.
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
Long-Lived Assets, net	241.6	213.0
Latin America
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
Long-Lived Assets, net	170.1	175.1
Greater China
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
Long-Lived Assets, net	176.0	167.4
India, Middle East and Africa.
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
Long-Lived Assets, net	78.6	68.2
Canada
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
Long-Lived Assets, net	$ 73.3	$ 64.6

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net sales	$ 4,005.2	$ 3,998.5	$ 3,985.8	$ 3,751.9	$ 3,938.4	$ 3,958.1	$ 3,852.1	$ 3,571.6	$ 15,741.4	$ 15,320.2	$ 14,187.8
Cost of sales	2,269.1	2,261.5	2,241.0	2,128.1	2,284.4	2,330.5	2,334.8	2,205.2	8,899.7	9,154.9	8,831.0
Selling, general and administrative expenses	1,050.0	1,024.8	1,075.7	1,077.7	1,034.8	1,024.9	1,011.6	990.3	4,228.2	4,061.6	3,653.8
Special (gains) and charges	103.3	(332.6)	12.2	28.2	29.2	36.7	21.0	24.5	(188.9)	111.4	140.5
Operating Income	582.8	1,044.8	656.9	517.9	590.0	566.0	484.7	351.6	2,802.4	1,992.3	1,562.5
Other (income) expense (b)	(13.2)	(12.9)	(12.6)	(12.6)	(17.9)	(14.5)	(14.4)	(13.1)	(51.3)	(59.9)	(24.5)
Interest expense, net	61.7	70.4	78.8	71.6	70.4	74.3	77.8	74.2	282.5	296.7	243.6
Income before income taxes	534.3	987.3	590.7	458.9	537.5	506.2	421.3	290.5	2,571.2	1,755.5	1,343.4
Provision for income taxes	54.8	246.5	95.7	42.3	126.7	96.8	86.6	52.4	439.3	362.5	$ 234.5
Net income from continuing operations including noncontrolling interest	479.5	740.8	495.0	416.6	410.8	409.4	334.7	238.1	2,131.9	1,393.0
Net income from continuing operations attributable to noncontrolling interest	6.6	4.3	4.1	4.5	5.6	5.4	5.0	4.7	19.5	20.7
Net income attributable to Ecolab	$ 472.9	$ 736.5	$ 490.9	$ 412.1	$ 405.2	$ 404.0	$ 329.7	$ 233.4	$ 2,112.4	$ 1,372.3
Basic EPS
Earnings attributable to Ecolab	$ 1.67	$ 2.6	$ 1.72	$ 1.44	$ 1.42	$ 1.42	$ 1.16	$ 0.82	$ 7.43	$ 4.82	$ 3.83
Diluted EPS
Earnings attributable to Ecolab	$ 1.66	$ 2.58	$ 1.71	$ 1.43	$ 1.41	$ 1.41	$ 1.15	$ 0.82	$ 7.37	$ 4.79	$ 3.81
Weighted-average common shares outstanding
Basic (in shares)	283.3	283.6	284.6	285.7	285.3	285.1	284.9	284.6	284.3	285.0	285.2
Diluted (in shares)	285.7	286.0	287.0	287.8	287.1	286.9	286.3	285.9	286.6	286.5	286.6
Cost of sales
Special (gains) and charges									$ 5.3	$ 22.5	$ 69.9
Weighted-average common shares outstanding
Cost of sales, special charges	$ 2.1	$ 0.9	$ 0.7	$ 1.6	$ 5.3	$ 5.9	$ 8.1	$ 3.2
Other (income) expense
Special (gains) and charges											$ 50.6