Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2023 shares
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	285,139,820
Entity Central Index Key	0000031462
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
COMMON STOCK
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	ECL
Security Exchange Name	NYSE
2.625% Euro Notes due 2025
Title of 12(b) Security	2.625% Euro Notes due 2025
Trading Symbol	ECL 25
Security Exchange Name	NYSE
1.000% Euro Notes due 2024
Title of 12(b) Security	1.000% Euro Notes due 2024
Trading Symbol	ECL 24
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net sales	$ 3,958.1	$ 3,669.3	$ 11,381.8	$ 10,516.6
Cost of sales (including special charges (a))	2,330.5	2,291.6	6,870.5	6,576.1
Selling, general and administrative expenses	1,024.9	876.9	3,026.8	2,731.7
Special (gains) and charges	36.7	17.8	82.2	45.5
Operating income	566.0	483.0	1,402.3	1,163.3
Other (income) expense (b)	(14.5)	5.7	(42.0)	(32.6)
Interest expense, net	74.3	65.1	226.3	174.1
Income before income taxes	506.2	412.2	1,218.0	1,021.8
Provision for income taxes	96.8	60.2	235.8	182.4
Net income including noncontrolling interest	409.4	352.0	982.2	839.4
Net income attributable to noncontrolling interest	5.4	4.9	15.1	12.1
Net income attributable to Ecolab	$ 404.0	$ 347.1	$ 967.1	$ 827.3
Earnings attributable to Ecolab per common share
Basic (in dollars per share)	$ 1.42	$ 1.22	$ 3.39	$ 2.90
Diluted (in dollars per share)	$ 1.41	$ 1.21	$ 3.38	$ 2.88
Weighted-average common shares outstanding
Basic (in shares)	285.1	284.9	284.9	285.4
Diluted (in shares)	286.9	286.3	286.4	287.0
Product and equipment sales
Net sales	$ 3,170.9	$ 2,963.0	$ 9,152.0	$ 8,473.9
Cost of sales (including special charges (a))	1,868.1	1,877.1	5,561.7	5,371.7
Service and lease sales
Net sales	787.2	706.3	2,229.8	2,042.7
Cost of sales (including special charges (a))	$ 462.4	$ 414.5	$ 1,308.8	$ 1,204.4

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Special (gains) and charges	$ 36.7	$ 17.8	$ 82.2	$ 45.5
Cost of sales
Special (gains) and charges	5.9	7.1	17.2	61.7
Other (income) expense
Special (gains) and charges		24.8		24.8
Product and equipment, and service and lease \| Cost of sales
Special (gains) and charges	$ 5.9	$ 7.1	$ 17.2	$ 61.7

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income including noncontrolling interest	$ 409.4	$ 352.0	$ 982.2	$ 839.4
Foreign currency translation adjustments
Foreign currency translation	(27.7)	(246.7)	(13.6)	(367.2)
(Loss) gain on net investment hedges	(8.2)	82.7	(48.7)	173.0
Total foreign currency translation adjustments	(35.9)	(164.0)	(62.3)	(194.2)
Derivatives and hedging instruments	0.1	11.6	(6.1)	13.1
Pension and postretirement benefits
Pension and postretirement benefits	(3.2)	(62.3)	(7.3)	(20.6)
Subtotal	(39.0)	(214.7)	(75.7)	(201.7)
Total comprehensive income, including noncontrolling interest	370.4	137.3	906.5	637.7
Comprehensive income attributable to noncontrolling interest	6.0	2.8	14.2	6.1
Comprehensive income attributable to Ecolab	$ 364.4	$ 134.5	$ 892.3	$ 631.6

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 1,001.3	$ 598.6
Accounts receivable, net	2,823.5	2,698.1
Inventories	1,536.0	1,792.8
Other current assets	428.6	404.7
Total current assets	5,789.4	5,494.2
Property, plant and equipment, net	3,332.8	3,293.4
Goodwill	8,098.4	8,012.7
Other intangible assets, net	3,528.6	3,680.7
Operating lease assets	536.0	448.2
Other assets	572.9	535.1
Total assets	21,858.1	21,464.3
Current liabilities
Short-term debt	1,129.1	505.1
Accounts payable	1,498.8	1,728.2
Compensation and benefits	553.3	493.6
Income taxes	134.3	197.6
Other current liabilities	1,285.0	1,285.9
Total current liabilities	4,600.5	4,210.4
Long-term debt	7,487.1	8,075.3
Pension and postretirement benefits	627.1	670.3
Deferred income taxes	450.9	505.6
Operating lease liabilities	415.0	337.8
Other liabilities	455.0	406.3
Total liabilities	14,035.6	14,205.7
Commitments and contingencies (Note 16)
Equity (a)
Common stock	365.4	364.7
Additional paid-in capital	6,710.1	6,580.2
Retained earnings	9,832.8	9,318.8
Accumulated other comprehensive loss	(1,801.4)	(1,726.6)
Treasury stock	(7,311.1)	(7,301.0)
Total Ecolab shareholders' equity	7,795.8	7,236.1
Noncontrolling interest	26.7	22.5
Total equity	7,822.5	7,258.6
Total liabilities and equity	$ 21,858.1	$ 21,464.3

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Common stock, shares authorized	800.0	800.0
Common stock, par value per share (in dollars per share)	$ 1.00	$ 1.00
Common stock, shares outstanding	285.1	284.5

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net income including noncontrolling interest	$ 982.2	$ 839.4
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	463.3	463.4
Amortization	229.8	238.8
Deferred income taxes	(45.9)	(106.6)
Share-based compensation expense	73.4	67.2
Pension and postretirement plan contributions	(92.2)	(51.8)
Pension and postretirement plan expense (income), net	6.0	20.5
Restructuring charges, net of cash paid	(17.5)	(17.8)
Other, net	21.1	13.2
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	(88.9)	(350.8)
Inventories	266.4	(385.7)
Other assets	25.2	(345.0)
Accounts payable	(245.7)	260.2
Other liabilities	(17.9)	284.2
Cash provided by operating activities	1,559.3	929.2
INVESTING ACTIVITIES
Capital expenditures	(512.2)	(510.0)
Property and other assets sold	9.5	1.4
Acquisitions and investments in affiliates, net of cash acquired	(106.8)	(7.2)
Other, net	(32.6)	9.4
Cash used for investing activities	(642.1)	(506.4)
FINANCING ACTIVITIES
Net (repayments) issuances of commercial paper and notes payable	(0.3)	87.6
Reacquired shares	(11.7)	(445.4)
Dividends paid	(462.6)	(445.0)
Exercise of employee stock options	61.2	20.8
Hedge settlements	(53.4)	109.6
Other, net	(2.4)	(3.2)
Cash used for financing activities	(469.2)	(675.6)
Effect of exchange rate changes on cash and cash equivalents	(45.3)	5.8
Increase (decrease) in cash and cash equivalents	402.7	(247.0)
Cash and cash equivalents, beginning of period	598.6	359.9
Cash and cash equivalents, end of period	$ 1,001.3	$ 112.9

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions	TOTAL ECOLAB SHAREHOLDERS' EQUITY	COMMON STOCK	ADDITIONAL PAID-IN CAPITAL	RETAINED EARNINGS	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	TREASURY STOCK	NON-CONTROLLING INTEREST	Total
Balance 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
Increase (Decrease) in Stockholders' Equity
Net income	827.3			827.3			12.1	839.4
Other comprehensive income (loss) activity	(195.7)				(195.7)		(6.0)	(201.7)
Cash dividends declared (a)	(436.7)			(436.7)			(8.3)	(445.0)
Fair value adjustment of prior acquisition							0.6	0.6
Stock options and awards	88.9	0.5	87.2			1.2		88.9
Reacquired shares	(445.4)					(445.4)		(445.4)
Balance at Sep. 30, 2022	7,062.6	364.6	6,551.8	9,205.1	(1,830.5)	(7,228.4)	27.3	7,089.9
Balance at Jun. 30, 2022	7,093.4	364.5	6,529.8	9,003.3	(1,617.9)	(7,186.3)	25.0	7,118.4
Increase (Decrease) in Stockholders' Equity
Net income	347.1			347.1			4.9	352.0
Other comprehensive income (loss) activity	(212.6)				(212.6)		(2.1)	(214.7)
Cash dividends declared (a)	(145.3)			(145.3)			(0.5)	(145.8)
Stock options and awards	22.6	0.1	22.0			0.5		22.6
Reacquired shares	(42.6)					(42.6)		(42.6)
Balance at Sep. 30, 2022	7,062.6	364.6	6,551.8	9,205.1	(1,830.5)	(7,228.4)	27.3	7,089.9
Balance 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 (in shares) at Dec. 31, 2022								284.5
Increase (Decrease) in Stockholders' Equity
Net income	967.1			967.1			15.1	$ 982.2
Other comprehensive income (loss) activity	(74.8)				(74.8)		(0.9)	(75.7)
Cash dividends declared (a)	(453.1)			(453.1)			(10.0)	(463.1)
Changes in noncontrolling interest	(4.5)		(4.5)					(4.5)
Stock options and awards	136.7	0.7	134.4			1.6		136.7
Reacquired shares	(11.7)					(11.7)		(11.7)
Balance at Sep. 30, 2023	7,795.8	365.4	6,710.1	9,832.8	(1,801.4)	(7,311.1)	26.7	$ 7,822.5
Balance (in shares) at Sep. 30, 2023								285.1
Balance at Jun. 30, 2023	7,556.7	365.3	6,684.1	9,580.0	(1,761.8)	(7,310.9)	23.8	$ 7,580.5
Increase (Decrease) in Stockholders' Equity
Net income	404.0			404.0			5.4	409.4
Other comprehensive income (loss) activity	(39.6)				(39.6)		0.6	(39.0)
Cash dividends declared (a)	(151.2)			(151.2)			(3.1)	(154.3)
Stock options and awards	26.6	0.1	26.0			0.5		26.6
Reacquired shares	(0.7)					(0.7)		(0.7)
Balance at Sep. 30, 2023	$ 7,795.8	$ 365.4	$ 6,710.1	$ 9,832.8	$ (1,801.4)	$ (7,311.1)	$ 26.7	$ 7,822.5
Balance (in shares) at Sep. 30, 2023								285.1

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CONSOLIDATED STATEMENTS OF EQUITY
Dividends declared per common share (in dollars per share)	$ 0.53	$ 0.51	$ 1.59	$ 1.53

CONSOLIDATED FINANCIAL INFORMATION

9 Months Ended

Sep. 30, 2023

CONSOLIDATED FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL INFORMATION

1. CONSOLIDATED FINANCIAL INFORMATION

The unaudited consolidated financial information for the third quarter ended September 30, 2023 and 2022 reflects, in the opinion of management, all adjustments necessary for a fair statement of the financial position, results of operations, comprehensive income, equity and cash flows of Ecolab Inc. ("Ecolab" or "the Company") for the interim periods presented. Any adjustments consist of normal recurring items.

The financial results for any interim period are not necessarily indicative of results for the full year. The consolidated balance sheet data as of December 31, 2022 was derived from the audited consolidated financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited consolidated financial information should be read in conjunction with the consolidated financial statements and notes thereto incorporated in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (“SEC”) on February 24, 2023.

With respect to the unaudited financial information of the Company for the third quarter ended September 30, 2023 and 2022 included in this Form 10-Q, PricewaterhouseCoopers LLP reported that they have applied limited procedures in accordance with professional standards for a review of such information. Their separate report dated November 2, 2023 appearing herein states that they did not audit and they do not express an opinion on that unaudited financial information. Accordingly, the degree of reliance on their report on such information should be restricted in light of the limited nature of the review procedures applied. PricewaterhouseCoopers LLP is not subject to the liability provisions of Section 11 of the Securities Act of 1933, as amended (the "Act"), for their report on the unaudited financial information because that report is not a "report" or a "part" of a registration statement prepared or certified by PricewaterhouseCoopers LLP within the meaning of Sections 7 and 11 of the Act.

SPECIAL (GAINS) AND CHARGES

9 Months Ended

Sep. 30, 2023

SPECIAL (GAINS) AND CHARGES

SPECIAL (GAINS) AND CHARGES

2. SPECIAL (GAINS) AND CHARGES

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


	Third Quarter Ended				Nine Months Ended
	September 30				September 30
(millions)	2023		2022		2023		2022
Cost of sales
Restructuring activities		$5.9		$2.1		$17.2		$5.5
Acquisition and integration activities		-		4.2		-		32.7
Russia/Ukraine		-		0.8		-		7.2
Other		-		-		-		16.3
Cost of sales subtotal		5.9		7.1		17.2		61.7

Special (gains) and charges
Restructuring activities		20.0		(0.3)		46.3		0.8
Acquisition and integration activities		3.0		4.1		11.5		15.0
Russia/Ukraine		0.5		-		1.1		5.9
Other		13.2		14.0		23.3		23.8
Special (gains) and charges subtotal		36.7		17.8		82.2		45.5

Operating income subtotal		42.6		24.9		99.4		107.2

Other (income) expense		-		24.8		-		24.8

Total special (gains) and charges		$42.6		$49.7		$99.4		$132.0

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

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 and special (gains) and charges 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 connection with these actions, the Company expected to incur pre-tax charges of $130 million ($110 million after tax). 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 expects to incur total pre-tax charges of $195 million ($150 million after tax). The Company expects that these restructuring charges will be completed by the end of 2024. Program actions include headcount reductions from terminations, not filling certain open positions, and facility closures. The Combined Program charges are expected to be 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.

During the third quarter and first nine months of 2023 the Company recorded total Combined Program restructuring charges of $24.2 million ($20.5 million after tax) and $57.3 million ($46.9 million after tax), respectively, primarily related to severance. The net liability related to the Combined Program was $58.4 million and $62.0 million as of September 30, 2023 and December 31, 2022, 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 items:

Employee

Asset

(millions)

Costs

Disposals

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

43.4

13.9

57.3

Net cash payments

(66.3)

-

(66.3)

Non-cash charges

-

(13.9)

Reclassification

19.3

-

19.3

Net restructuring liability, September 30, 2023

$58.4

$-

$58.4

Institutional Advancement Program

The Company approved a restructuring plan in 2020 focused on the Institutional business (“the Institutional Plan”) which is intended to enhance the Company’s Institutional sales and service structure and allow the sales team to capture share and penetration while maximizing service effectiveness by leveraging the Company’s ongoing investments in digital technology. In February 2021, the Company expanded the Institutional Plan, and expects that these restructuring charges will be completed by the end of 2023, with total anticipated costs of $70 million ($55 million after tax). The remaining costs are expected to be primarily non-cash costs related to equipment disposals. Actual costs may vary from these estimates depending on actions taken.

During the third quarter of 2023 and 2022, the Company recorded restructuring charges of $1.7 million ($1.2 million after tax) and $1.8 million ($1.3 million after tax), respectively, and $6.2 million ($4.6 million after tax) and $3.9 million ($2.9 million after tax) in the first nine months of 2023 and 2022, respectively, primarily related to severance, disposals of equipment and office closures. The Company has recorded $60.3 million ($46.0 million after tax) of cumulative restructuring charges under the Institutional Plan. Net cash payments were $0 million and non-cash net charges were $1.7 million for the third quarter of 2023. Net cash payments were $3.1 million and non-cash net charges were $5.0 million for the first nine months of 2023.The liability related to the Institutional Plan was $0 million and $1.9 million as of September 30, 2023 and December 31, 2022, respectively.

Accelerate 2020

During 2018, the Company formally commenced a restructuring plan, Accelerate 2020 (“the A2020 Plan”), to leverage technology and system investments and organizational changes. The goals of the Plan were to further simplify and automate processes and tasks, reduce complexity and management layers, consolidate facilities and focus on key long-term growth areas by further leveraging technology and structural improvements. The restructuring activities were completed at the end of 2022, with total costs of $254.4 million ($198.4 million after tax).

Net cash payments were $1.9 million and $11.4 million for the third quarter and first nine months of 2023, respectively. The liability related to the Plan was $6.7 million and $18.1 million as of the September 30, 2023 and December 31, 2022, respectively. The remaining liability is expected to be paid over a period of several quarters and will continue to be funded from operating activities.

Other Restructuring Activities

During the third quarter and first nine months of 2022, the Company recorded restructuring charges of $0.6 million ($0.5 million after tax) and $2.6 million ($2.0 million after tax), respectively, related to other immaterial restructuring activity. The charges are primarily related to severance and asset write-offs.

The restructuring liability balance for all other restructuring plans excluding Combined Program, the A2020 Plan and the Institutional Plan was $3.7 million and $23.2 million as of September 30, 2023 and December 31, 2022, respectively. The decrease in liability was driven primarily by the reclass of $19.3 million from other restructuring to the Combined Program in the first nine months of 2023. Cash payments during the third quarter and first nine months of 2023 related to all other restructuring plans excluding the Combined Program, the A2020 Plan and the Institutional Plan were $0 million and $0.2 million, respectively.

Acquisition and integration related costs

Acquisition and integration related costs reported in product and equipment cost of sales on the Consolidated Statements of Income in the third quarter and first nine months of 2022 include $4.2 million ($3.9 million after tax) and $32.7 million ($25.8 million after tax) related primarily to the recognition of fair value step-up in the Purolite Corporation (“Purolite”) inventory and other integration costs.

Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income include $3.0 million ($2.2 million after tax) and $4.1 million ($3.9 million after tax) during the third quarter of 2023 and 2022, respectively and $11.5 million ($8.6 million after tax) and $15.0 million ($11.9 million after tax) during the first nine months of 2023 and 2022, respectively. Charges are integration related costs primarily related to the Purolite acquisition.

Further information related to the Company’s acquisitions is included in Note 3.

Russia/Ukraine

In light of Russia’s invasion of Ukraine and the sanctions against Russia by the United States and other countries, the Company has made the determination that it will limit its Russian business to operations that are essential to life, providing minimal support for its healthcare, life sciences, food and beverage and certain water businesses. The Company recorded charges of $0.5 million ($0.4 million after tax) and $1.1 million ($0.9 million after tax) in the third quarter and first nine months of 2023, respectively, and recorded charges of $0.8 million ($0.7 million after tax) and $13.1 million ($14.0 million after tax) in the third quarter and first nine months of 2022, respectively, primarily related to recoverability risk of certain assets in both Russia and Ukraine.

Other operating activities

Other special charges of $13.2 million ($9.9 million after tax) and $23.3 million ($17.6 million after tax) recorded in the third quarter and first nine months of 2023, respectively, relate primarily to certain legal charges, which are recorded in special (gains) and charges on the Consolidated Statements of Income.

Other special charges of $14.0 million ($10.8 million after tax) and $40.1 million ($30.5 million after tax) recorded in the third quarter and first nine months of 2022, respectively relate primarily to COVID-19 related inventory charges and certain legal charges, which are recorded in product and equipment cost of sales and special (gains) and charges on the Consolidated Statements of Income, respectively.

Other (income) expense

The Company incurred settlement expense recorded in other expense on the Consolidated Statements of Income of $24.8 million ($18.8 million after tax) during the third quarter and first nine months of 2022. Expenses are related to U.S. pension plan lump-sum payments to retirees.

ACQUISITIONS

9 Months Ended

Sep. 30, 2023

ACQUISITIONS

ACQUISITIONS

3. ACQUISITIONS

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.

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 are 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 Chemlink Laboratories LLC is tax deductible.

No acquisitions occurred during the third quarter of 2023 or first nine months of 2022. The following table summarizes the acquisition date fair value of net assets acquired from the Company’s acquisitions during the first nine months of 2023:


	Nine Months Ended
	September 30
(millions)	2023
Net tangible assets (liabilities) acquired		$9.8

Identifiable intangible assets
Customer relationships		35.5
Other technology		21.8
Total intangible assets		57.3

Goodwill		40.5
Total aggregate purchase price		107.6

Acquisition-related liabilities and contingent consideration		(5.3)
Net cash paid for acquisitions, including acquisition-related
liabilities and contingent consideration		$102.3

During the first nine months of 2022, the Company recorded purchase accounting adjustments associated with the finalization of the purchase accounting for its 2022 and 2021 acquisitions. As a result of these purchase accounting adjustments, the Company made $7.2 million of acquisition-related payments, acquisition related net tangible assets increased by $5.4 million, definite-lived intangible assets decreased by $5.6 million, and goodwill increased by $7.4 million.

During the third quarter of 2023, the Company recorded purchase accounting adjustments. As a result of these purchase accounting adjustments, the Company made $1.7 million of acquisition-related payments, acquisition related net tangible assets increased by $0.4 million, acquisition related liabilities and contingent consideration increased by $0.5 million and goodwill increased by $1.8 million.

The weighted average useful life of identifiable intangible assets acquired during the first nine months of 2023 was 12 years. No intangible assets were acquired during the first nine months of 2022.

BALANCE SHEETS INFORMATION

9 Months Ended

Sep. 30, 2023

BALANCE SHEETS INFORMATION

BALANCE SHEETS INFORMATION

4. BALANCE SHEETS INFORMATION



	September 30		December 31
(millions)	2023		2022
Accounts receivable, net
Accounts receivable		$2,983.1		$2,829.0
Allowance for expected credit losses and other accruals		(159.6)		(130.9)
Total		$2,823.5		$2,698.1

Inventories
Finished goods		$967.7		$1,122.7
Raw materials and parts		785.7		849.2
Inventories at FIFO cost		1,753.4		1,971.9
FIFO cost to LIFO cost difference		(217.4)		(179.1)
Total		$1,536.0		$1,792.8

Other current assets
Prepaid assets		$137.7		$123.9
Taxes receivable		194.6		184.1
Derivative assets		44.6		57.5
Other		51.7		39.2
Total		$428.6		$404.7

Property, plant and equipment, net
Land		$155.3		$161.3
Buildings and leasehold improvements		1,160.5		1,126.9
Machinery and equipment		2,057.6		1,966.3
Merchandising and customer equipment		2,726.7		2,635.5
Capitalized software		961.0		962.1
Construction in progress		379.9		403.8
		7,441.0		7,255.9
Accumulated depreciation		(4,108.2)		(3,962.5)
Total		$3,332.8		$3,293.4

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		3,352.6		3,292.8
Patents		504.9		497.0
Trademarks		406.2		404.0
Other technologies		539.9		518.8
		4,803.6		4,712.6
Accumulated amortization
Customer relationships		(1,749.2)		(1,581.7)
Patents		(315.5)		(292.3)
Trademarks		(229.1)		(202.5)
Other technologies		(211.2)		(185.4)
		(2,505.0)		(2,261.9)
Net intangible assets subject to amortization		2,298.6		2,450.7
Total		$3,528.6		$3,680.7

Other assets
Deferred income taxes		$115.6		$108.1
Pension		153.1		118.4
Derivative asset		36.5		44.5
Other		267.7		264.1
Total		$572.9		$535.1



	September 30		December 31
(millions)	2023		2022
Other current liabilities
Discounts and rebates		$411.4		$357.8
Dividends payable		151.1		150.8
Interest payable		58.5		58.7
Taxes payable, other than income		161.5		162.9
Derivative liability		0.1		21.9
Restructuring		69.3		100.6
Contract liability		105.5		116.5
Operating lease liabilities		119.1		108.3
Other		208.5		208.4
Total		$1,285.0		$1,285.9

Accumulated other comprehensive income (loss)
Unrealized (loss) gain on derivative financial instruments, net of tax		($2.4)		$3.7
Unrecognized pension and postretirement benefit expense, net of tax		(474.7)		(467.4)
Cumulative translation, net of tax		(1,324.3)		(1,262.9)
Total		($1,801.4)		($1,726.6)

DEBT AND INTEREST

9 Months Ended

Sep. 30, 2023

DEBT AND INTEREST

DEBT AND INTEREST

5. DEBT AND INTEREST

Short-term Debt

The following table provides the components of the Company’s short-term debt obligations as of September 30, 2023 and December 31, 2022.




	September 30		December 31
(millions)	2023		2022
Short-term debt
Commercial paper		$-		$-
Notes payable		3.4		3.7
Long-term debt, current maturities		1,125.7		501.4
Total		$1,129.1		$505.1

Lines of Credit

As of September 30, 2023, the Company has a $2.0 billion multi-year 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 either September 30, 2023 or December 31, 2022.

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 September 30, 2023 and as of December 31, 2022.

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 September 30, 2023 and December 31, 2022, the Company had $3.4 million and $3.7 million, respectively, outstanding under these credit lines.

Long-term Debt

The following table provides the components of the Company’s long-term debt obligations, including current maturities, as of September 30, 2023 and December 31, 2022.




	Maturity	September 30		December 31
(millions)	by Year	2023		2022

Long-term debt
Public notes (2023 principal amount)
Two year 2021 senior notes ($500 million)	2023		$499.7		$498.7
Seven year 2016 senior notes (€575 million)	2024		623.0		596.9
Ten year 2015 senior notes (€575 million)	2025		622.3		596.7
Ten year 2016 senior notes ($750 million)	2026		723.0		721.1
Ten year 2017 senior notes ($500 million)	2027		435.5		433.9
Six Year 2021 senior notes ($500 million)	2027		497.2		496.5
Five Year 2022 senior notes ($500 million)	2028		493.8		492.7
Ten year 2020 senior notes ($698 million)	2030		634.5		653.5
Ten year 2020 senior notes ($600 million)	2031		547.9		555.2
Eleven year 2021 senior notes ($650 million)	2032		645.0		644.6
Thirty year 2011 senior notes ($389 million)	2041		384.7		384.5
Thirty year 2016 senior notes ($200 million)	2046		197.3		197.3
Thirty year 2017 senior notes ($484 million)	2047		426.5		425.5
Thirty year 2020 senior notes ($500 million)	2050		491.0		490.7
Thirty year 2021 senior notes ($850 million)	2051		839.2		838.9
Thirty-four year 2021 senior notes ($685 million)	2055		538.7		537.2
Finance lease obligations and other			13.5		12.8
Total debt			8,612.8		8,576.7
Long-term debt, current maturities			(1,125.7)		(501.4)
Total long-term debt			$7,487.1		$8,075.3

Public Notes

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.

Covenants

The Company is in compliance with all covenants under the Company’s outstanding indebtedness as of September 30, 2023.

Net Interest Expense

Interest expense and interest income recognized during the third quarter and first nine months of 2023 and 2022 were as follows:

Third Quarter Ended

Nine Months Ended

September 30

(millions)

2023

2022

2023

2022

Interest expense

$91.3

$66.7

$254.1

$179.1

Interest income

(17.0)

(1.6)

(27.8)

(5.0)

Interest expense, net

$74.3

$65.1

$226.3

$174.1

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 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2023

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

6. 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 ten 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 assessment of that reporting unit prior to the next annual assessment. If the results of an annual or interim goodwill 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 2023, the Company completed its annual goodwill impairment assessment for its 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 2023 indicated the estimated fair values of each of these ten reporting units exceeded the carrying amounts of the respective reporting unit by a significant margin. 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 during the nine months ended September 30, 2023 were as follows:

Global

Institutional

Healthcare &

(millions)

Industrial

& Specialty

Life Sciences

Other

Total

December 31, 2022

$4,081.8

$567.6

$3,125.4

$237.9

$8,012.7

Current year business combinations

-

40.5

-

40.5

Effect of foreign currency translation

14.0

2.6

27.7

0.9

45.2

September 30, 2023

$4,095.8

$610.7

$3,153.1

$238.8

$8,098.4

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 2023, 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 rates and discount rates. The Company’s Nalco tradename impairment assessment for 2023 indicated the estimated fair value of the Nalco trade name exceeded its $1.2 billion carrying amount by a significant margin. There has been no impairment of the Nalco trade name intangible since it was acquired.

The Company’s intangible assets subject to amortization include customer relationships, trademarks, patents and other technologies 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. Total amortization expense related to intangible assets during the third quarter of 2023 and 2022 was $77.4 million and $80.6 million, respectively, and during the first nine months of 2023 and 2022 was $229.8 million and $238.8 million, respectively. Amortization expense related to intangible assets for the remaining three-month period of 2023 is expected to be approximately $76 million.

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2023

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:

September 30, 2023

(millions)

Carrying

Fair Value Measurements

Amount

Level 1

Level 2

Level 3

Assets

Foreign currency forward contracts

$70.0

$-

$70.0

$-

Cross-currency swap derivative contracts

47.5

-

47.5

-

Liabilities

Foreign currency forward contracts

25.6

-

25.6

-

Interest rate swap agreements

207.1

-

207.1

-

Cross-currency swap derivative contracts

18.4

-

18.4

-


	December 31, 2022
(millions)	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3
Assets
Foreign currency forward contracts		$118.9		$-		$118.9		$-
Cross-currency swap derivative contracts		58.7		-		58.7		-

Liabilities
Foreign currency forward contracts		83.3		-		83.3		-
Interest rate swap agreements		181.4		-		181.4		-
Cross-currency swap derivative contracts		14.5		-		14.5		-

The carrying value of foreign currency forward contracts is at fair value, which are determined based on foreign currency exchange rates as of the balance sheet date and are classified within Level 2. The carrying value of interest rate swap agreements are at fair value, which are 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. The carrying value of the cross-currency swap derivative contracts are at fair value, which are 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 is included 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 was not material 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:

September 30, 2023

December 31, 2022

Carrying

Fair

Carrying

Fair

Amount

Value

Amount

Value

Long-term debt, including current maturities

$8,612.8

$7,541.9

$8,576.7

$7,643.6

- 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 + Details

DERIVATIVES AND HEDGING TRANSACTIONS

9 Months Ended

Sep. 30, 2023

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 statement 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

September 30

December 31

September 30

December 31

(millions)

2023

2022

2023

2022

Derivatives designated as hedging instruments

Foreign currency forward contracts

$41.2

$78.6

$5.7

$9.2

Interest rate swap agreements

-

207.1

181.4

Cross-currency swap derivative contracts

47.5

58.7

18.4

14.5

Derivatives not designated as hedging instruments

Foreign currency forward contracts

28.8

40.3

19.9

74.1

Gross value of derivatives

117.5

177.6

251.1

279.2

Gross amounts offset in the Consolidated Balance Sheets

(36.4)

(75.6)

(36.4)

(75.6)

Net value of derivatives

$81.1

$102.0

$214.7

$203.6

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


	Notional Values
		September 30	December 31
(millions)		2023	2022

Foreign currency forward contracts		$3,801		$5,745
Interest rate swap agreements		1,500		1,500
Cross-currency swap derivative contracts		811		650

Cash Flow Hedges

The Company uses 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 on 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 on 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 marked-to-market monthly and recognized in the same line item on 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 on 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 swap agreements 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 (income) expense and is offset by the gain or loss of the underlying debt instrument, which also is recorded in interest (income) expense. 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. 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:

Carrying amount of the hedged liabilities as of

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

Line item in which the hedged item is included

September 30

(millions)

2023

2022

2023

2022

Long-term debt

$1,294.4

$1,305.6

($208.0)

($196.7)

Net Investment Hedges

The Company designates its outstanding €1,150 million ($1,247 million at the end of the third quarter of 2023) senior notes (“Euronotes”) and related accrued interest as hedges of its Euro denominated exposures from the Company’s investments in certain of its Euro denominated functional currency subsidiaries.

The Company entered into a series of cross-currency swap derivative contracts maturing in 2026 and 2030. These cross-currency swap derivative contracts are designated as net investment hedge of its 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 September 30, 2023, the Company had €625 million ($661 million) cross-currency swap derivative contracts outstanding as hedges 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 August 2023, the Company entered into a cross-currency swap derivative contract with a notional amount of CNH 1,094 million maturing in 2032 (CNH is the Chinese Yuan traded in the offshore market). The cross-currency swap derivative contract is designated as a net investment hedge of its Chinese Yuan (“CNY”) denominated exposures from the Company’s investments in certain of its CNY denominated functional currency subsidiaries. The cross-currency swap derivative contract exchanges fixed-rate payments in USD for fixed-rate payments in CNH. As of September 30, 2023, the Company had a CNH 1,094 million ($150 million) cross-currency swap derivative contract outstanding as a hedge of the Company’s net investment in foreign operations. The changes in the spot rate of these instruments are recorded in accumulated other comprehensive income (loss) in stockholders’ equity, partially offsetting the foreign currency translation adjustment of the Company’s related net investment that is also recorded in accumulated other comprehensive income (loss). 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.

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:

Third Quarter Ended

Nine Months Ended

September 30

(millions)

2023

2022

2023

2022

Revaluation (loss) gain, net of tax:

Euronotes

($13.5)

$59.8

($38.4)

$112.6

Cross-currency swap derivative contracts

5.3

22.9

(10.3)

60.4

Total revaluation (loss) gain, net of tax

($8.2)

$82.7

($48.7)

$173.0

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:


	Third Quarter Ended
	September 30
	2023				2022
(millions)		COS	SG&A	Interest		COS	SG&A	Interest
Gain (loss) on derivatives in cash flow hedging relationship:
Foreign currency forward contracts
Amount of gain (loss) reclassified from AOCI to income		$1.5	($10.4)	$-		$2.7	$52.7	$-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value		-	-	1.9		-	-	3.3
Interest rate swap agreements
Amount of (loss) gain reclassified from AOCI to income		-	-	(0.5)		-	-	(0.6)

(Loss) gain on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of (loss) gain recognized in income		-	(6.2)	-		-	49.6	-
Total gain (loss) of all derivative instruments		$1.5	($16.6)	$1.4		$2.7	$102.3	$2.7

	Nine Months Ended
	September 30
	2023				2022
(millions)		COS	SG&A	Interest		COS	SG&A	Interest
Gain (loss) on derivatives in cash flow hedging relationship:
Foreign currency forward contracts
Amount of gain (loss) reclassified from AOCI to income		$9.6	($20.8)	$-		$3.5	$104.8	$-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value		-	-	6.0		-	-	11.0
Interest rate swap agreements
Amount of (loss) gain reclassified from AOCI to income		-	-	(1.4)		-	-	(1.8)

(Loss) gain on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of (loss) gain recognized in income		-	(34.3)	-		-	98.0	-
Total gain (loss) of all derivative instruments		$9.6	($55.1)	$4.6		$3.5	$202.8	$9.2

Subsequent Event

In October 2023 the Company entered into a cross-currency swap derivative contract with a notional amount of CNH 1,098 million ($150 million) maturing in 2032. The cross-currency swap derivative contract is designated as a net investment hedge of its CNY denominated exposures from the Company’s investments in certain of its CNY denominated functional currency subsidiaries. The cross-currency swap derivative contract exchanges fixed-rate payments in USD for fixed-rate payments in CNH.

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION

9 Months Ended

Sep. 30, 2023

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 accumulated other comprehensive loss account in shareholders’ equity. Refer to Note 8 for additional information related to the Company’s derivatives and hedging transactions. Refer to Note 13 for additional information related to the Company’s pension and postretirement benefits activity.

The following tables provide other comprehensive income information related to the Company’s derivatives and hedging instruments and pension and postretirement benefits:

Third Quarter Ended

Nine Months Ended

September 30

(millions)

2023

2022

2023

2022

Derivative and Hedging Instruments

Unrealized (loss) gain on derivative and hedging instruments

Amount recognized in AOCI

($8.2)

$74.2

($14.9)

$134.6

(Gain) loss reclassified from AOCI into income

COS

(1.5)

(2.7)

(9.6)

(3.5)

SG&A

10.4

(52.7)

20.8

(104.8)

Interest (income) expense, net

(1.4)

(2.7)

(4.6)

(9.2)

7.5

(58.1)

6.6

(117.5)

Other activity

(1.1)

0.2

0.1

0.7

Tax impact

1.9

(4.7)

2.1

(4.7)

Net of tax

$0.1

$11.6

($6.1)

$13.1

Pension and Postretirement Benefits

Amount recognized in AOCI

Current period net actuarial (loss) gain

$-

($151.7)

$-

($151.7)

Amount reclassified from AOCI into income

Settlement charge

-

24.8

0.6

25.7

Amortization of net actuarial loss and prior period service credits, net

1.0

14.3

3.5

43.7

1.0

(112.6)

4.1

(82.3)

Other activity

(3.3)

24.7

(9.4)

42.6

Tax impact

(0.9)

25.6

(2.0)

19.1

Net of tax

($3.2)

($62.3)

($7.3)

($20.6)

The following table summarizes the derivative and pension and postretirement benefit amounts reclassified from AOCI into income:

Third Quarter Ended

Nine Months Ended

September 30

2023

2022

2023

2022

(millions)

Derivative (gain) loss reclassified from AOCI into income, net of tax

$5.6

($43.7)

$4.9

($88.5)

Pension and postretirement benefits amortization of net actuarial losses and prior period service credits and settlement charges reclassified from AOCI into income, net of tax

(3.2)

29.7

(7.3)

53.1

SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2023

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

10. SHAREHOLDERS’ EQUITY

Share Repurchase Authorization

In February 2015 and November 2022, the Company’s Board of Directors authorized the repurchase of up to 20,000,000 and 10,000,000, respectively, additional shares of its common stock, including shares to be repurchased under Rule 10b5–1. As of September 30, 2023, 12,917,097 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 the first nine months of 2023, the Company reacquired 72,900 shares of its common stock related to shares withheld for taxes on the exercise of stock options and the vesting of stock awards and units.

During the first nine months of 2022, the Company reacquired 2,545,822 shares of its common stock, of which 2,445,890 related to share repurchases through open market and 99,932 related to shares withheld for taxes on the exercise of stock options and the 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: 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 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
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")

9 Months Ended

Sep. 30, 2023

EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")

EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")

11. EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE (“EPS”)

The difference in the weighted average common shares outstanding for calculating basic and diluted EPS 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 EPS because they would not have had a dilutive effect.

The computations of the basic and diluted EPS amounts were as follows:

Third Quarter Ended

Nine Months Ended

September 30

(millions, except per share)

2023

2022

2023

2022

Net income attributable to Ecolab

$404.0

$347.1

$967.1

$827.3

Weighted-average common shares outstanding

Basic

285.1

284.9

284.9

285.4

Effect of dilutive stock options and units

1.8

1.4

1.5

1.6

Diluted

286.9

286.3

286.4

287.0

Earnings attributable to Ecolab per common share

Basic EPS

$1.42

$1.22

$3.39

$2.90

Diluted EPS

$1.41

$1.21

$3.38

$2.88

Anti-dilutive securities excluded from the computation of diluted EPS

2.3

2.5

3.5

2.5

Amounts do not necessarily sum due to rounding.

INCOME TAXES

9 Months Ended

Sep. 30, 2023

INCOME TAXES

INCOME TAXES

12. INCOME TAXES

The Company’s tax rate was 19.1% and 14.6% for the third quarter of 2023 and 2022, respectively, and 19.4% and 17.9% for the first nine months of 2023 and 2022, respectively. The change in the Company’s tax rate for the third quarter and first nine months of 2023 compared to the third quarter and first nine months of 2022 was driven primarily by the impact of discrete tax items and special (gains) and charges. Further information related to special (gains) and charges is included in Note 2.

The Company recognized net tax expense related to discrete tax items of $3.5 million and $2.3 million in the third quarter and first nine months of 2023, respectively. This included share-based compensation excess tax benefits of $0.8 million and $2.7 million in the third quarter and first nine months of 2023, respectively. Additionally, the Company recognized discrete tax expense of $4.3 million and $5.0 million during the third quarter and first nine months of 2023, respectively, primarily due to prior year adjustments, changes in estimates, audit settlements, uncertain tax positions, and repricing of deferred tax balances.

The Company recognized net tax benefit related to discrete tax items of $14.2 million and $9.5 million in the third quarter and first nine months of 2022, respectively. This included a deferred tax benefit 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 $0.7 million and $4.3 million in the third quarter and first nine months of 2022, respectively. Additionally, the Company recognized discrete tax expense of $1.1 million and $9.4 million during the third quarter and first nine months of 2022, respectively, primarily due to audit settlements, uncertain tax positions, prior year return adjustments, repricing of deferred tax balances and other changes in estimates.

The Inflation Reduction Act (IRA), which became effective January 1, 2023, includes a corporate alternative minimum tax on certain large corporations and climate change mitigation incentives. In addition, there are other non-income tax provisions, including an excise tax on the repurchase of corporate stock. The Company continues to assess the impact of the IRA but does not anticipate any material impacts on the Company’s financial statements.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

PENSION AND POSTRETIREMENT PLANS

9 Months Ended

Sep. 30, 2023

PENSION AND POSTRETIREMENT PLANS

PENSION AND POSTRETIREMENT PLANS

13. PENSION AND POSTRETIREMENT PLANS

The Company has a non-contributory, qualified, defined benefit pension plan covering the majority of its U.S. employees. The Company also has non-contributory, non-qualified, defined benefit pension plans, which provide for benefits to employees in excess of limits permitted under its U.S. pension plans. Various international subsidiaries also have defined benefit pension plans. The Company also provides postretirement health care and life insurance benefits to certain U.S. employees and retirees.

The components of net periodic pension and postretirement health care benefit expense for the third quarter ended September 30 are as follows:


	U.S.				International				U.S. Postretirement
	Pension				Pension				Health Care
(millions)	2023		2022		2023		2022		2023		2022
Service cost		$9.8		$10.5		$6.3		$6.8		$0.1		$0.2
Interest cost on benefit obligation		22.0		14.1		11.5		5.3		1.4		0.8
Expected return on plan assets		(36.2)		(36.7)		(14.2)		(16.8)		-		(0.1)
Recognition of net actuarial loss (gain)		-		10.0		2.5		5.6		(0.8)		(0.1)
Amortization of prior service benefit		(0.6)		(1.2)		(0.1)		-		-		-
Curtailments and settlements		-		24.8		-		-		-		-
Total expense (benefit)		($5.0)		$21.5		$6.0		$0.9		$0.7		$0.8

The components of net periodic pension and postretirement health care benefit expense for the nine months ended September 30 are as follows:


	U.S.				International				U.S. Postretirement
	Pension				Pension				Health Care
(millions)	2023		2022		2023		2022		2023		2022
Service cost		$30.6		$31.5		$17.1		$21.0		$0.3		$0.6
Interest cost on benefit obligation		66.0		42.3		34.5		16.5		4.2		2.4
Expected return on plan assets		(108.8)		(110.1)		(42.0)		(52.8)		-		(0.3)
Recognition of net actuarial loss (gain)		-		30.0		9.3		17.4		(2.4)		(0.3)
Amortization of prior service benefit		(3.1)		(3.4)		(0.3)		-		-		-
Curtailments and settlements		0.7		25.7		-		-		(0.1)		-
Total expense (benefit)		($14.6)		$16.0		$18.6		$2.1		$2.0		$2.4

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

As of September 30, 2023, the Company is in compliance with all funding requirements of each of its defined benefit plans.

During the first nine months of 2023, the Company made contributions of $5 million to its U.S. non-contributory non-qualified defined benefit plans and estimates it will contribute an additional $4 million to such plans during the remainder of 2023. In September 2023, the Company made a $50 million voluntary contribution to its non-contributory qualified U.S. pension plan.

During the first nine months of 2023, the Company made contributions of $29 million to its international pension plans and estimates it will contribute an additional $11 million to such plans during the remainder of 2023.

During the first nine months of 2023, the Company made contributions of $8 million to its U.S. postretirement health care plans and estimates it will contribute an additional $3 million to such plans during the remainder of 2023.

- 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
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+ Details

REVENUES

9 Months Ended

Sep. 30, 2023

REVENUES

REVENUES

14. 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 equipment sales 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.

On June 3, 2020, the Company completed the separation of its Upstream Energy business (“ChampionX”). The Company entered into a Master Cross Supply and Product Transfer agreement with ChampionX to provide, receive or transfer certain products for a period up to 36 months and for a smaller set of products with limited suppliers over the next few years. Sales of product to ChampionX under this agreement are recorded in product and equipment sales in the Corporate segment along with the related cost of sales, while purchases from ChampionX are recorded in inventory. Sales of product to ChampionX post-separation for the third quarter of 2023 and 2022 were $15.0 million and $27.8 million, respectively, and for the first nine months of 2023 and 2022 were $55.4 million and $96.4 million, respectively. As of September 30, 2023 and December 31, 2022, the Company had an outstanding accounts receivable balance for sales of product to ChampionX of $9.4 million and $12.9 million, respectively.

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 segment 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 relate 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.

The Company’s operating lease revenue was as follows:

Third Quarter Ended

Nine Months Ended

September 30

(millions)

2023

2022

2023

2022

Operating lease revenue*

$128.4

$118.1

$383.5

$345.4

*Includes immaterial variable lease revenue

The following table shows principal activities, separated by reportable segments, from which the Company generates its revenue. The Corporate segment includes sales to ChampionX under the Master Cross Supply and Product Transfer agreements entered into as part of the ChampionX Separation. For more information about the Company’s reportable segments, refer to Note 15.

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

Third Quarter Ended

Nine Months Ended

September 30

(millions)

2023

2022

2023

2022

Global Industrial

Product and sold equipment

$1,614.0

$1,551.8

$4,700.0

$4,381.6

Service and lease equipment

227.8

217.8

659.7

643.6

Global Institutional & Specialty

Product and sold equipment

1,071.8

966.9

3,039.8

2,730.2

Service and lease equipment

241.2

199.1

674.2

574.5

Global Healthcare & Life Sciences

Product and sold equipment

378.5

329.5

1,095.0

1,023.7

Service and lease equipment

27.7

27.1

81.7

86.6

Other

Product and sold equipment

91.6

87.1

261.8

242.1

Service and lease equipment

290.5

262.3

814.2

737.9

Corporate

Product and sold equipment

15.0

27.7

55.4

96.3

Service and lease equipment

-

0.1

Total

Total product and sold equipment

$3,170.9

$2,963.0

$9,152.0

$8,473.9

Total service and lease equipment

$787.2

$706.3

$2,229.8

$2,042.7

Net sales at public exchange rates by geographic region for the third quarter ended September 30 are as follows:


	Global				Global Institutional				Global Healthcare
	Industrial				& Specialty				& Life Sciences				Other				Corporate
	2023		2022		2023		2022		2023		2022		2023		2022		2023		2022

North America		$832.1		$836.4		$963.5		$860.5		$170.3		$146.5		$244.9		$227.1		$12.8		$24.8
Europe		385.8		350.3		183.8		162.8		186.5		163.0		81.2		70.0		0.5		0.7
Asia Pacific		218.4		207.2		58.3		53.5		25.5		23.1		21.5		19.6		1.0		1.1
Latin America		193.2		160.6		49.4		40.8		6.8		6.4		14.9		12.9		0.7		1.1
Greater China		95.5		101.0		40.9		33.5		11.5		12.8		17.2		17.1		-		-
India, Middle East and Africa		116.8		114.1		17.1		14.9		5.6		4.8		2.4		2.7		-		-
Total		$1,841.8		$1,769.6		$1,313.0		$1,166.0		$406.2		$356.6		$382.1		$349.4		$15.0		$27.7

Net sales at public exchange rates by geographic region for the nine months ended September 30 are as follows:


	Global				Global Institutional				Global Healthcare
	Industrial				& Specialty				& Life Sciences				Other				Corporate
(millions)	2023		2022		2023		2022		2023		2022		2023		2022		2023		2022

North America		$2,437.5		$2,329.6		$2,731.2		$2,420.6		$490.6		$449.1		$687.5		$623.7		$45.9		$84.5
Europe		1,117.0		1,005.1		505.0		463.8		547.0		513.8		222.5		201.8		2.5		2.2
Asia Pacific		654.9		621.3		173.5		159.2		67.8		67.5		64.7		55.8		2.8		3.2
Latin America		531.4		453.0		138.3		119.1		19.1		17.6		42.7		39.0		4.2		6.2
Greater China		291.1		317.7		117.0		102.4		35.2		44.6		51.5		51.7		-		0.1
India, Middle East and Africa		327.8		298.5		49.0		39.6		17.0		17.7		7.1		8.0		-		0.2
Total		$5,359.7		$5,025.2		$3,714.0		$3,304.7		$1,176.7		$1,110.3		$1,076.0		$980.0		$55.4		$96.4

Net sales by geographic region were determined based on origin of sale. The United States made up 53% and 53% of total revenues during the nine months ended September 30, 2023 and 2022, respectively.

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 expected return of products shipped and credits related to pricing or quantities shipped was $76.8 million and $37.1 million as of September 30, 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:


	Nine Months Ended
	September 30
(millions)	2023		2022

Beginning balance		$71.9		$52.8
Bad debt expense		44.2		26.8
Write-offs		(32.6)		(12.8)
Other (a)		(0.8)		2.1
Ending balance		$82.7		$68.9

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

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.

The following table summarizes the contract liability activity:


	Nine Months Ended
	September 30
(millions)	2023		2022

Contract liability as of beginning of the year		$116.5		$91.7

Revenue recognized in the period from:
Amounts included in the contract liability at the beginning of the year		(116.5)		(91.7)

Increases due to billings excluding amounts recognized as revenue during the period ended		105.5		109.1

Contract liability as of end of period		$105.5		$109.1

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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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 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

OPERATING SEGMENTS

9 Months Ended

Sep. 30, 2023

OPERATING SEGMENTS

OPERATING SEGMENTS

15. OPERATING SEGMENTS

The Company’s organizational structure consists of global business unit and global regional leadership teams. The Company’s ten 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 at the identified operating segment level.

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 three reportable segments: Global Industrial, Global Institutional & Specialty and Global Healthcare & Life Sciences. The Company’s operating segments that do not meet the quantitative criteria to be separately reported have been combined into Other. The Company provides similar information for Other as the Company considers the information regarding its underlying operating segments as useful in understanding its consolidated results.

Comparability of Reportable Segments

Effective January 1, 2023, the Company’s former Downstream operating segment is now part of the Water operating segment. This change did not have any impact on the Global Industrial reportable segment.

The Company evaluates the performance of its non-U.S. dollar functional currency international operations based on fixed currency exchange rates, which eliminates 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 2023, rather than the 2022 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 2022 reportable segment net sales and operating income is summarized as follows:


	December 31, 2022

	2022 Reported					Fixed	2022 Reported
	Valued at 2022				Currency		Valued at 2023
(millions)	Management Rates		Other		Rate Change		Management Rates
Net Sales
Global Industrial		$6,944.0		$-		($207.7)		$6,736.3
Global Institutional & Specialty		4,480.0		10.2		(75.9)		4,414.3
Global Healthcare & Life Sciences		1,570.0		-		(64.2)		1,505.8
Other		1,355.0		(10.2)		(31.5)		1,313.3
Corporate		124.1		-		(0.4)		123.7
Subtotal at fixed currency rates		14,473.1		-		(379.7)		14,093.4
Effect of foreign currency translation		(285.3)				379.7		94.4
Consolidated reported GAAP net sales		$14,187.8		$-		$-		$14,187.8

Operating Income
Global Industrial		$977.0		$0.8		($42.0)		$935.8
Global Institutional & Specialty		634.5		(1.6)		(11.2)		621.7
Global Healthcare & Life Sciences		205.0		(1.8)		(9.9)		193.3
Other		212.8		2.6		(5.5)		209.9
Corporate		(416.7)		-		2.3		(414.4)
Subtotal at fixed currency rates		1,612.6		-		(66.3)		1,546.3
Effect of foreign currency translation		(50.1)				66.3		16.2
Consolidated reported GAAP operating income		$1,562.5		$-		$-		$1,562.5

Reportable Segment Information

Financial information for the Company’s reportable segments, is as follows:

Third Quarter Ended

Nine Months Ended

September 30

(millions)

2023

2022

2023

2022

Net Sales

Global Industrial

$1,826.9

$1,763.4

$5,321.8

$4,928.1

Global Institutional & Specialty

1,308.7

1,165.7

3,703.9

3,275.2

Global Healthcare & Life Sciences

400.7

360.1

1,166.8

1,092.7

Other

380.3

350.8

1,072.2

970.1

Corporate

15.0

27.7

55.3

96.1

Subtotal at fixed currency rates

3,931.6

3,667.7

11,320.0

10,362.2

Effect of foreign currency translation

26.5

1.6

61.8

154.4

Consolidated reported GAAP net sales

$3,958.1

$3,669.3

$11,381.8

$10,516.6

Operating Income

Global Industrial

$287.5

$266.6

$758.5

$663.3

Global Institutional & Specialty

249.9

195.2

584.3

452.4

Global Healthcare & Life Sciences

44.0

32.0

111.7

129.1

Other

72.9

63.3

186.4

152.0

Corporate

(92.2)

(76.6)

(248.4)

(263.0)

Subtotal at fixed currency rates

562.1

480.5

1,392.5

1,133.8

Effect of foreign currency translation

3.9

2.5

9.8

29.5

Consolidated reported GAAP operating income

$566.0

$483.0

$1,402.3

$1,163.3

The profitability of the Company’s operating segments is evaluated by management based on operating income.

Consistent with the Company’s internal management reporting, Corporate amounts in the table above include sales to ChampionX in accordance with the long-term supply agreement entered into with the Transaction, as discussed in Note 14. Corporate also includes intangible asset amortization specifically from the Nalco and Purolite acquisitions and special (gains) and charges, as discussed in Note 2, that are not allocated to the Company’s reportable segments.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2023

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

16. 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. The Company also has contractual obligations including lease commitments.

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. 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 has been 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). In addition, numerous other lawsuits have been 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 of these cases make similar allegations and seek damages for personal injury, property damage, business losses and other damages, including exemplary damages. The Company expects all these cases will be consolidated for pretrial purposes into the Orange County MDL referenced above. 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. 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.

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.

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.

NEW ACCOUNTING PRONOUNCEMENTS

9 Months Ended

Sep. 30, 2023

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS

17. NEW ACCOUNTING PRONOUNCEMENTS


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

ASU 2021-08 - Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers	October 2021	Update to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer.	January 1, 2023	The adoption of this standard did not have a significant impact on the Company's financial statements.

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

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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+ Details

SPECIAL (GAINS) AND CHARGES (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring Activities

Special (gains) and charges


	Third Quarter Ended				Nine Months Ended
	September 30				September 30
(millions)	2023		2022		2023		2022
Cost of sales
Restructuring activities		$5.9		$2.1		$17.2		$5.5
Acquisition and integration activities		-		4.2		-		32.7
Russia/Ukraine		-		0.8		-		7.2
Other		-		-		-		16.3
Cost of sales subtotal		5.9		7.1		17.2		61.7

Special (gains) and charges
Restructuring activities		20.0		(0.3)		46.3		0.8
Acquisition and integration activities		3.0		4.1		11.5		15.0
Russia/Ukraine		0.5		-		1.1		5.9
Other		13.2		14.0		23.3		23.8
Special (gains) and charges subtotal		36.7		17.8		82.2		45.5

Operating income subtotal		42.6		24.9		99.4		107.2

Other (income) expense		-		24.8		-		24.8

Total special (gains) and charges		$42.6		$49.7		$99.4		$132.0

Combined Plan

Restructuring Activities

Restructuring activity

Employee

Asset

(millions)

Costs

Disposals

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

43.4

13.9

57.3

Net cash payments

(66.3)

-

(66.3)

Non-cash charges

-

(13.9)

Reclassification

19.3

-

19.3

Net restructuring liability, September 30, 2023

$58.4

$-

$58.4

ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2023

ACQUISITIONS

Schedule of assets acquired and liabilities assumed


	Nine Months Ended
	September 30
(millions)	2023
Net tangible assets (liabilities) acquired		$9.8

Identifiable intangible assets
Customer relationships		35.5
Other technology		21.8
Total intangible assets		57.3

Goodwill		40.5
Total aggregate purchase price		107.6

Acquisition-related liabilities and contingent consideration		(5.3)
Net cash paid for acquisitions, including acquisition-related
liabilities and contingent consideration		$102.3

BALANCE SHEETS INFORMATION (Tables)

9 Months Ended

Sep. 30, 2023

BALANCE SHEETS INFORMATION

Balance Sheet Information



	September 30		December 31
(millions)	2023		2022
Accounts receivable, net
Accounts receivable		$2,983.1		$2,829.0
Allowance for expected credit losses and other accruals		(159.6)		(130.9)
Total		$2,823.5		$2,698.1

Inventories
Finished goods		$967.7		$1,122.7
Raw materials and parts		785.7		849.2
Inventories at FIFO cost		1,753.4		1,971.9
FIFO cost to LIFO cost difference		(217.4)		(179.1)
Total		$1,536.0		$1,792.8

Other current assets
Prepaid assets		$137.7		$123.9
Taxes receivable		194.6		184.1
Derivative assets		44.6		57.5
Other		51.7		39.2
Total		$428.6		$404.7

Property, plant and equipment, net
Land		$155.3		$161.3
Buildings and leasehold improvements		1,160.5		1,126.9
Machinery and equipment		2,057.6		1,966.3
Merchandising and customer equipment		2,726.7		2,635.5
Capitalized software		961.0		962.1
Construction in progress		379.9		403.8
		7,441.0		7,255.9
Accumulated depreciation		(4,108.2)		(3,962.5)
Total		$3,332.8		$3,293.4

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		3,352.6		3,292.8
Patents		504.9		497.0
Trademarks		406.2		404.0
Other technologies		539.9		518.8
		4,803.6		4,712.6
Accumulated amortization
Customer relationships		(1,749.2)		(1,581.7)
Patents		(315.5)		(292.3)
Trademarks		(229.1)		(202.5)
Other technologies		(211.2)		(185.4)
		(2,505.0)		(2,261.9)
Net intangible assets subject to amortization		2,298.6		2,450.7
Total		$3,528.6		$3,680.7

Other assets
Deferred income taxes		$115.6		$108.1
Pension		153.1		118.4
Derivative asset		36.5		44.5
Other		267.7		264.1
Total		$572.9		$535.1



	September 30		December 31
(millions)	2023		2022
Other current liabilities
Discounts and rebates		$411.4		$357.8
Dividends payable		151.1		150.8
Interest payable		58.5		58.7
Taxes payable, other than income		161.5		162.9
Derivative liability		0.1		21.9
Restructuring		69.3		100.6
Contract liability		105.5		116.5
Operating lease liabilities		119.1		108.3
Other		208.5		208.4
Total		$1,285.0		$1,285.9

Accumulated other comprehensive income (loss)
Unrealized (loss) gain on derivative financial instruments, net of tax		($2.4)		$3.7
Unrecognized pension and postretirement benefit expense, net of tax		(474.7)		(467.4)
Cumulative translation, net of tax		(1,324.3)		(1,262.9)
Total		($1,801.4)		($1,726.6)

DEBT AND INTEREST (Tables)

9 Months Ended

Sep. 30, 2023

DEBT AND INTEREST

Schedule of short-term debt obligations




	September 30		December 31
(millions)	2023		2022
Short-term debt
Commercial paper		$-		$-
Notes payable		3.4		3.7
Long-term debt, current maturities		1,125.7		501.4
Total		$1,129.1		$505.1

Schedule of long-term debt obligations including current maturities




	Maturity	September 30		December 31
(millions)	by Year	2023		2022

Long-term debt
Public notes (2023 principal amount)
Two year 2021 senior notes ($500 million)	2023		$499.7		$498.7
Seven year 2016 senior notes (€575 million)	2024		623.0		596.9
Ten year 2015 senior notes (€575 million)	2025		622.3		596.7
Ten year 2016 senior notes ($750 million)	2026		723.0		721.1
Ten year 2017 senior notes ($500 million)	2027		435.5		433.9
Six Year 2021 senior notes ($500 million)	2027		497.2		496.5
Five Year 2022 senior notes ($500 million)	2028		493.8		492.7
Ten year 2020 senior notes ($698 million)	2030		634.5		653.5
Ten year 2020 senior notes ($600 million)	2031		547.9		555.2
Eleven year 2021 senior notes ($650 million)	2032		645.0		644.6
Thirty year 2011 senior notes ($389 million)	2041		384.7		384.5
Thirty year 2016 senior notes ($200 million)	2046		197.3		197.3
Thirty year 2017 senior notes ($484 million)	2047		426.5		425.5
Thirty year 2020 senior notes ($500 million)	2050		491.0		490.7
Thirty year 2021 senior notes ($850 million)	2051		839.2		838.9
Thirty-four year 2021 senior notes ($685 million)	2055		538.7		537.2
Finance lease obligations and other			13.5		12.8
Total debt			8,612.8		8,576.7
Long-term debt, current maturities			(1,125.7)		(501.4)
Total long-term debt			$7,487.1		$8,075.3

Schedule of interest expense and interest income

Third Quarter Ended

Nine Months Ended

September 30

(millions)

2023

2022

2023

2022

Interest expense

$91.3

$66.7

$254.1

$179.1

Interest income

(17.0)

(1.6)

(27.8)

(5.0)

Interest expense, net

$74.3

$65.1

$226.3

$174.1

- 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://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 2: 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 3: 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 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 3
-Publisher FASB
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: 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//1943274/2147480848/942-470-50-3

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

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2023

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill

Global

Institutional

Healthcare &

(millions)

Industrial

& Specialty

Life Sciences

Other

Total

December 31, 2022

$4,081.8

$567.6

$3,125.4

$237.9

$8,012.7

Current year business combinations

-

40.5

-

40.5

Effect of foreign currency translation

14.0

2.6

27.7

0.9

45.2

September 30, 2023

$4,095.8

$610.7

$3,153.1

$238.8

$8,098.4

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2023

FAIR VALUE MEASUREMENTS

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

September 30, 2023

(millions)

Carrying

Fair Value Measurements

Amount

Level 1

Level 2

Level 3

Assets

Foreign currency forward contracts

$70.0

$-

$70.0

$-

Cross-currency swap derivative contracts

47.5

-

47.5

-

Liabilities

Foreign currency forward contracts

25.6

-

25.6

-

Interest rate swap agreements

207.1

-

207.1

-

Cross-currency swap derivative contracts

18.4

-

18.4

-


	December 31, 2022
(millions)	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3
Assets
Foreign currency forward contracts		$118.9		$-		$118.9		$-
Cross-currency swap derivative contracts		58.7		-		58.7		-

Liabilities
Foreign currency forward contracts		83.3		-		83.3		-
Interest rate swap agreements		181.4		-		181.4		-
Cross-currency swap derivative contracts		14.5		-		14.5		-

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

September 30, 2023

December 31, 2022

Carrying

Fair

Carrying

Fair

Amount

Value

Amount

Value

Long-term debt, including current maturities

$8,612.8

$7,541.9

$8,576.7

$7,643.6

DERIVATIVES AND HEDGING TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2023

DERIVATIVES AND HEDGING TRANSACTIONS

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

Derivative Assets

Derivative Liabilities

September 30

December 31

September 30

December 31

(millions)

2023

2022

2023

2022

Derivatives designated as hedging instruments

Foreign currency forward contracts

$41.2

$78.6

$5.7

$9.2

Interest rate swap agreements

-

207.1

181.4

Cross-currency swap derivative contracts

47.5

58.7

18.4

14.5

Derivatives not designated as hedging instruments

Foreign currency forward contracts

28.8

40.3

19.9

74.1

Gross value of derivatives

117.5

177.6

251.1

279.2

Gross amounts offset in the Consolidated Balance Sheets

(36.4)

(75.6)

(36.4)

(75.6)

Net value of derivatives

$81.1

$102.0

$214.7

$203.6

Summary of notional values of outstanding derivatives


	Notional Values
		September 30	December 31
(millions)		2023	2022

Foreign currency forward contracts		$3,801		$5,745
Interest rate swap agreements		1,500		1,500
Cross-currency swap derivative contracts		811		650

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

Carrying amount of the hedged liabilities as of

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

Line item in which the hedged item is included

September 30

(millions)

2023

2022

2023

2022

Long-term debt

$1,294.4

$1,305.6

($208.0)

($196.7)

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

Third Quarter Ended

Nine Months Ended

September 30

(millions)

2023

2022

2023

2022

Revaluation (loss) gain, net of tax:

Euronotes

($13.5)

$59.8

($38.4)

$112.6

Cross-currency swap derivative contracts

5.3

22.9

(10.3)

60.4

Total revaluation (loss) gain, net of tax

($8.2)

$82.7

($48.7)

$173.0

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


	Third Quarter Ended
	September 30
	2023				2022
(millions)		COS	SG&A	Interest		COS	SG&A	Interest
Gain (loss) on derivatives in cash flow hedging relationship:
Foreign currency forward contracts
Amount of gain (loss) reclassified from AOCI to income		$1.5	($10.4)	$-		$2.7	$52.7	$-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value		-	-	1.9		-	-	3.3
Interest rate swap agreements
Amount of (loss) gain reclassified from AOCI to income		-	-	(0.5)		-	-	(0.6)

(Loss) gain on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of (loss) gain recognized in income		-	(6.2)	-		-	49.6	-
Total gain (loss) of all derivative instruments		$1.5	($16.6)	$1.4		$2.7	$102.3	$2.7

	Nine Months Ended
	September 30
	2023				2022
(millions)		COS	SG&A	Interest		COS	SG&A	Interest
Gain (loss) on derivatives in cash flow hedging relationship:
Foreign currency forward contracts
Amount of gain (loss) reclassified from AOCI to income		$9.6	($20.8)	$-		$3.5	$104.8	$-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value		-	-	6.0		-	-	11.0
Interest rate swap agreements
Amount of (loss) gain reclassified from AOCI to income		-	-	(1.4)		-	-	(1.8)

(Loss) gain on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of (loss) gain recognized in income		-	(34.3)	-		-	98.0	-
Total gain (loss) of all derivative instruments		$9.6	($55.1)	$4.6		$3.5	$202.8	$9.2

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Tables)

9 Months Ended

Sep. 30, 2023

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

Third Quarter Ended

Nine Months Ended

September 30

(millions)

2023

2022

2023

2022

Derivative and Hedging Instruments

Unrealized (loss) gain on derivative and hedging instruments

Amount recognized in AOCI

($8.2)

$74.2

($14.9)

$134.6

(Gain) loss reclassified from AOCI into income

COS

(1.5)

(2.7)

(9.6)

(3.5)

SG&A

10.4

(52.7)

20.8

(104.8)

Interest (income) expense, net

(1.4)

(2.7)

(4.6)

(9.2)

7.5

(58.1)

6.6

(117.5)

Other activity

(1.1)

0.2

0.1

0.7

Tax impact

1.9

(4.7)

2.1

(4.7)

Net of tax

$0.1

$11.6

($6.1)

$13.1

Pension and Postretirement Benefits

Amount recognized in AOCI

Current period net actuarial (loss) gain

$-

($151.7)

$-

($151.7)

Amount reclassified from AOCI into income

Settlement charge

-

24.8

0.6

25.7

Amortization of net actuarial loss and prior period service credits, net

1.0

14.3

3.5

43.7

1.0

(112.6)

4.1

(82.3)

Other activity

(3.3)

24.7

(9.4)

42.6

Tax impact

(0.9)

25.6

(2.0)

19.1

Net of tax

($3.2)

($62.3)

($7.3)

($20.6)

Summary of the net of tax derivative and pension and postretirement benefit amounts reclassified from AOCI into income

Third Quarter Ended

Nine Months Ended

September 30

2023

2022

2023

2022

(millions)

Derivative (gain) loss reclassified from AOCI into income, net of tax

$5.6

($43.7)

$4.9

($88.5)

Pension and postretirement benefits amortization of net actuarial losses and prior period service credits and settlement charges reclassified from AOCI into income, net of tax

(3.2)

29.7

(7.3)

53.1

EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS") (Tables)

9 Months Ended

Sep. 30, 2023

EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")

Computations of the basic and diluted EPS

Third Quarter Ended

Nine Months Ended

September 30

(millions, except per share)

2023

2022

2023

2022

Net income attributable to Ecolab

$404.0

$347.1

$967.1

$827.3

Weighted-average common shares outstanding

Basic

285.1

284.9

284.9

285.4

Effect of dilutive stock options and units

1.8

1.4

1.5

1.6

Diluted

286.9

286.3

286.4

287.0

Earnings attributable to Ecolab per common share

Basic EPS

$1.42

$1.22

$3.39

$2.90

Diluted EPS

$1.41

$1.21

$3.38

$2.88

Anti-dilutive securities excluded from the computation of diluted EPS

2.3

2.5

3.5

2.5

Amounts do not necessarily sum due to rounding.

PENSION AND POSTRETIREMENT PLANS (Tables)

9 Months Ended

Sep. 30, 2023

PENSION AND POSTRETIREMENT PLANS

Net periodic pension and postretirement health care benefit costs

The components of net periodic pension and postretirement health care benefit expense for the third quarter ended September 30 are as follows:


	U.S.				International				U.S. Postretirement
	Pension				Pension				Health Care
(millions)	2023		2022		2023		2022		2023		2022
Service cost		$9.8		$10.5		$6.3		$6.8		$0.1		$0.2
Interest cost on benefit obligation		22.0		14.1		11.5		5.3		1.4		0.8
Expected return on plan assets		(36.2)		(36.7)		(14.2)		(16.8)		-		(0.1)
Recognition of net actuarial loss (gain)		-		10.0		2.5		5.6		(0.8)		(0.1)
Amortization of prior service benefit		(0.6)		(1.2)		(0.1)		-		-		-
Curtailments and settlements		-		24.8		-		-		-		-
Total expense (benefit)		($5.0)		$21.5		$6.0		$0.9		$0.7		$0.8

The components of net periodic pension and postretirement health care benefit expense for the nine months ended September 30 are as follows:


	U.S.				International				U.S. Postretirement
	Pension				Pension				Health Care
(millions)	2023		2022		2023		2022		2023		2022
Service cost		$30.6		$31.5		$17.1		$21.0		$0.3		$0.6
Interest cost on benefit obligation		66.0		42.3		34.5		16.5		4.2		2.4
Expected return on plan assets		(108.8)		(110.1)		(42.0)		(52.8)		-		(0.3)
Recognition of net actuarial loss (gain)		-		30.0		9.3		17.4		(2.4)		(0.3)
Amortization of prior service benefit		(3.1)		(3.4)		(0.3)		-		-		-
Curtailments and settlements		0.7		25.7		-		-		(0.1)		-
Total expense (benefit)		($14.6)		$16.0		$18.6		$2.1		$2.0		$2.4

REVENUES (Tables)

9 Months Ended

Sep. 30, 2023

REVENUES

Schedule of operating lease revenue

Third Quarter Ended

Nine Months Ended

September 30

(millions)

2023

2022

2023

2022

Operating lease revenue*

$128.4

$118.1

$383.5

$345.4

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

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

Third Quarter Ended

Nine Months Ended

September 30

(millions)

2023

2022

2023

2022

Global Industrial

Product and sold equipment

$1,614.0

$1,551.8

$4,700.0

$4,381.6

Service and lease equipment

227.8

217.8

659.7

643.6

Global Institutional & Specialty

Product and sold equipment

1,071.8

966.9

3,039.8

2,730.2

Service and lease equipment

241.2

199.1

674.2

574.5

Global Healthcare & Life Sciences

Product and sold equipment

378.5

329.5

1,095.0

1,023.7

Service and lease equipment

27.7

27.1

81.7

86.6

Other

Product and sold equipment

91.6

87.1

261.8

242.1

Service and lease equipment

290.5

262.3

814.2

737.9

Corporate

Product and sold equipment

15.0

27.7

55.4

96.3

Service and lease equipment

-

0.1

Total

Total product and sold equipment

$3,170.9

$2,963.0

$9,152.0

$8,473.9

Total service and lease equipment

$787.2

$706.3

$2,229.8

$2,042.7

Net sales at public exchange rates by geographic region for the third quarter ended September 30 are as follows:


	Global				Global Institutional				Global Healthcare
	Industrial				& Specialty				& Life Sciences				Other				Corporate
	2023		2022		2023		2022		2023		2022		2023		2022		2023		2022

North America		$832.1		$836.4		$963.5		$860.5		$170.3		$146.5		$244.9		$227.1		$12.8		$24.8
Europe		385.8		350.3		183.8		162.8		186.5		163.0		81.2		70.0		0.5		0.7
Asia Pacific		218.4		207.2		58.3		53.5		25.5		23.1		21.5		19.6		1.0		1.1
Latin America		193.2		160.6		49.4		40.8		6.8		6.4		14.9		12.9		0.7		1.1
Greater China		95.5		101.0		40.9		33.5		11.5		12.8		17.2		17.1		-		-
India, Middle East and Africa		116.8		114.1		17.1		14.9		5.6		4.8		2.4		2.7		-		-
Total		$1,841.8		$1,769.6		$1,313.0		$1,166.0		$406.2		$356.6		$382.1		$349.4		$15.0		$27.7

Net sales at public exchange rates by geographic region for the nine months ended September 30 are as follows:


	Global				Global Institutional				Global Healthcare
	Industrial				& Specialty				& Life Sciences				Other				Corporate
(millions)	2023		2022		2023		2022		2023		2022		2023		2022		2023		2022

North America		$2,437.5		$2,329.6		$2,731.2		$2,420.6		$490.6		$449.1		$687.5		$623.7		$45.9		$84.5
Europe		1,117.0		1,005.1		505.0		463.8		547.0		513.8		222.5		201.8		2.5		2.2
Asia Pacific		654.9		621.3		173.5		159.2		67.8		67.5		64.7		55.8		2.8		3.2
Latin America		531.4		453.0		138.3		119.1		19.1		17.6		42.7		39.0		4.2		6.2
Greater China		291.1		317.7		117.0		102.4		35.2		44.6		51.5		51.7		-		0.1
India, Middle East and Africa		327.8		298.5		49.0		39.6		17.0		17.7		7.1		8.0		-		0.2
Total		$5,359.7		$5,025.2		$3,714.0		$3,304.7		$1,176.7		$1,110.3		$1,076.0		$980.0		$55.4		$96.4

Summarized activity in the allowance for doubtful accounts


	Nine Months Ended
	September 30
(millions)	2023		2022

Beginning balance		$71.9		$52.8
Bad debt expense		44.2		26.8
Write-offs		(32.6)		(12.8)
Other (a)		(0.8)		2.1
Ending balance		$82.7		$68.9

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

Schedule of contract liability


	Nine Months Ended
	September 30
(millions)	2023		2022

Contract liability as of beginning of the year		$116.5		$91.7

Revenue recognized in the period from:
Amounts included in the contract liability at the beginning of the year		(116.5)		(91.7)

Increases due to billings excluding amounts recognized as revenue during the period ended		105.5		109.1

Contract liability as of end of period		$105.5		$109.1

OPERATING SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2023

OPERATING SEGMENTS

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, 2022

	2022 Reported					Fixed	2022 Reported
	Valued at 2022				Currency		Valued at 2023
(millions)	Management Rates		Other		Rate Change		Management Rates
Net Sales
Global Industrial		$6,944.0		$-		($207.7)		$6,736.3
Global Institutional & Specialty		4,480.0		10.2		(75.9)		4,414.3
Global Healthcare & Life Sciences		1,570.0		-		(64.2)		1,505.8
Other		1,355.0		(10.2)		(31.5)		1,313.3
Corporate		124.1		-		(0.4)		123.7
Subtotal at fixed currency rates		14,473.1		-		(379.7)		14,093.4
Effect of foreign currency translation		(285.3)				379.7		94.4
Consolidated reported GAAP net sales		$14,187.8		$-		$-		$14,187.8

Operating Income
Global Industrial		$977.0		$0.8		($42.0)		$935.8
Global Institutional & Specialty		634.5		(1.6)		(11.2)		621.7
Global Healthcare & Life Sciences		205.0		(1.8)		(9.9)		193.3
Other		212.8		2.6		(5.5)		209.9
Corporate		(416.7)		-		2.3		(414.4)
Subtotal at fixed currency rates		1,612.6		-		(66.3)		1,546.3
Effect of foreign currency translation		(50.1)				66.3		16.2
Consolidated reported GAAP operating income		$1,562.5		$-		$-		$1,562.5

Schedule of financial information for each of the entity's reportable segments

Third Quarter Ended

Nine Months Ended

September 30

(millions)

2023

2022

2023

2022

Net Sales

Global Industrial

$1,826.9

$1,763.4

$5,321.8

$4,928.1

Global Institutional & Specialty

1,308.7

1,165.7

3,703.9

3,275.2

Global Healthcare & Life Sciences

400.7

360.1

1,166.8

1,092.7

Other

380.3

350.8

1,072.2

970.1

Corporate

15.0

27.7

55.3

96.1

Subtotal at fixed currency rates

3,931.6

3,667.7

11,320.0

10,362.2

Effect of foreign currency translation

26.5

1.6

61.8

154.4

Consolidated reported GAAP net sales

$3,958.1

$3,669.3

$11,381.8

$10,516.6

Operating Income

Global Industrial

$287.5

$266.6

$758.5

$663.3

Global Institutional & Specialty

249.9

195.2

584.3

452.4

Global Healthcare & Life Sciences

44.0

32.0

111.7

129.1

Other

72.9

63.3

186.4

152.0

Corporate

(92.2)

(76.6)

(248.4)

(263.0)

Subtotal at fixed currency rates

562.1

480.5

1,392.5

1,133.8

Effect of foreign currency translation

3.9

2.5

9.8

29.5

Consolidated reported GAAP operating income

$566.0

$483.0

$1,402.3

$1,163.3

NEW ACCOUNTING PRONOUNCEMENTS (Tables)

9 Months Ended

Sep. 30, 2023

NEW ACCOUNTING PRONOUNCEMENTS

Schedule of new accounting pronouncements


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

ASU 2021-08 - Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers	October 2021	Update to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer.	January 1, 2023	The adoption of this standard did not have a significant impact on the Company's financial statements.

SPECIAL (GAINS) AND CHARGES - Charges Reported on Statement of Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Special (gains) and charges
Other (income) expense	$ 36.7	$ 17.8	$ 82.2	$ 45.5
Total special (gains) and charges	42.6	49.7	99.4	132.0
Russia/Ukraine charges
Special (gains) and charges
Russia/Ukraine charges	0.5	0.8	1.1	13.1
Cost of sales
Special (gains) and charges
Restructuring activities	5.9	2.1	17.2	5.5
Acquisition and integration activities		4.2		32.7
Other special gains and charges				16.3
Other (income) expense	5.9	7.1	17.2	61.7
Cost of sales \| Russia/Ukraine charges
Special (gains) and charges
Russia/Ukraine charges		0.8		7.2
Special (gains) and charges
Special (gains) and charges
Restructuring activities	20.0	(0.3)	46.3	0.8
Acquisition and integration activities	3.0	4.1	11.5	15.0
Other special gains and charges	13.2	14.0	23.3	23.8
Other (income) expense	36.7	17.8	82.2	45.5
Special (gains) and charges \| Russia/Ukraine charges
Special (gains) and charges
Russia/Ukraine charges	0.5		1.1	5.9
Operating income subtotal
Special (gains) and charges
Other (income) expense	$ 42.6	24.9	$ 99.4	107.2
Other (income) expense
Special (gains) and charges
Other (income) expense		$ 24.8		$ 24.8

SPECIAL (GAINS) AND CHARGES - Restructuring and Non-Restructuring Activity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Mar. 31, 2023	Feb. 28, 2023	Nov. 30, 2022
Other restructuring information
Cash payments			$ 11.4
Special (gains) and charges	$ 36.7	$ 17.8	82.2	$ 45.5
Non-restructuring Special (Gains) and Charges
Accounts payable	1,498.8		1,498.8		$ 1,728.2
Other current liabilities	1,285.0		1,285.0		1,285.9
Special (gains) and charges
Other restructuring information
Restructuring charges incurred, pre-tax	20.0	(0.3)	46.3	0.8
Business combination advisory and legal fees, pre tax	3.0	4.1	11.5	15.0
Other special gains and charges	13.2	14.0	23.3	23.8
Special (gains) and charges	36.7	17.8	82.2	45.5
Non-restructuring Special (Gains) and Charges
Business combination and integration related costs, pre tax	3.0	4.1	11.5	15.0
Business combination and integration related costs, after tax	2.2	3.9	8.6	11.9
Cost of sales
Other restructuring information
Restructuring charges incurred, pre-tax	5.9	2.1	17.2	5.5
Business combination advisory and legal fees, pre tax		4.2		32.7
Business combination advisory and legal fees, after tax		3.9		25.8
Other special gains and charges				16.3
Special (gains) and charges	5.9	7.1	17.2	61.7
Specific legal reserve and related legal charges
Other restructuring information
Other special gains and charges	13.2		23.3
Other special gains and charges, after-tax	9.9		17.6
Other (income) expense
Other restructuring information
Special (gains) and charges		24.8		24.8
Pension settlements and curtailments		24.8		24.8
Pension settlements and curtailments, after tax		18.8		18.8
Russia/Ukraine charges
Other restructuring information
Russia/Ukraine charges	0.5	0.8	1.1	13.1
Charges related to recoverability risk	0.4	0.7	0.9	14.0
Russia/Ukraine charges \| Special (gains) and charges
Other restructuring information
Russia/Ukraine charges	0.5		1.1	5.9
Russia/Ukraine charges \| Cost of sales
Other restructuring information
Russia/Ukraine charges		0.8		7.2
Product and equipment sales \| Cost of sales
Other restructuring information
Other special gains and charges		14.0		40.1
Other special gains and charges, after-tax		10.8		30.5
Institutional Advancement Program
Restructuring
Non-cash net charges	(1.7)		5.0
Other restructuring information
Restructuring charge expected to be incurred, pre-tax	70.0		70.0
Restructuring charge expected to be incurred, after tax	55.0		55.0
Restructuring liability	0.0		0.0		1.9
Restructuring charges incurred to date, pre-tax	60.3		60.3
Restructuring charges incurred to date, after-tax	46.0		46.0
Restructuring charges incurred, pre-tax	1.7	1.8	6.2	3.9
Restructuring charges incurred, after tax	1.2	1.3	4.6	2.9
Cash payments	0.0		3.1
Accelerate 2020 Restructuring Plan
Other restructuring information
Restructuring charge expected to be incurred, pre-tax	254.4		254.4
Restructuring charge expected to be incurred, after tax	198.4		198.4
Restructuring liability					18.1
Cash payments	1.9
Accelerate 2020 Restructuring Plan \| Special (gains) and charges
Other restructuring information
Restructuring liability	6.7		6.7
Other Restructuring Plan
Restructuring
Restructuring reserve, period increase (decrease)			(19.3)
Other restructuring information
Restructuring charges incurred, pre-tax		0.6		2.6
Restructuring charges incurred, after tax		$ 0.5		$ 2.0
Prior Year Plans
Other restructuring information
Restructuring liability	3.7		3.7		23.2
Cash payments	0.0		0.2
Combined Plan
Restructuring
Recorded expense (income) and accrual			57.3		67.2
Net cash payments			(66.3)		(5.2)
Non-cash net charges			(13.9)
Reclassification			19.3
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	58.4		58.4		62.0
Combined Plan \| Employee termination costs
Restructuring
Recorded expense (income) and accrual			43.4		67.2
Net cash payments			(66.3)		(5.2)
Reclassification			19.3
Other restructuring information
Restructuring liability	58.4		58.4		$ 62.0
Restructuring charges incurred, pre-tax	24.2		57.3
Restructuring charges incurred, after tax	$ 20.5		46.9
Combined Plan \| Asset disposals
Restructuring
Recorded expense (income) and accrual			13.9
Non-cash net charges			$ (13.9)
Europe Program
Other restructuring information
Restructuring charge expected to be incurred, pre-tax								$ 130.0
Restructuring charge expected to be incurred, after tax								$ 110.0

ACQUISITIONS - Acquisition Summary (Details) $ in Millions	3 Months Ended	9 Months Ended
ACQUISITIONS - Acquisition Summary (Details) $ in Millions	Sep. 30, 2023 USD ($) item	Sep. 30, 2023 USD ($) item	Sep. 30, 2022 USD ($) item
Business Acquisition [Line Items]
Number of acquisitions \| item	0	3	0
Payments for Merger Related Costs	$ 1.7		$ 7.2
Prior year business combinations, acquisition related net liabilities adjustments	0.4	$ 0.4	5.4
Prior year business combinations, net intangible assets adjustments	0.5		(5.6)
Prior year business combinations, goodwill adjustments	$ 1.8		7.4
Intangible assets acquired			$ 0.0
Business Acquisitions and Investment
Business Acquisition [Line Items]
Number of acquisitions \| item		2
Net tangible assets (liabilities) acquired		$ 9.8
Customer relationships		35.5
Other technology		21.8
Total intangible assets		57.3
Goodwill		40.5
Total aggregate purchase price		107.6
Acquisition related liabilities and contingent consideration		(5.3)
Net cash paid for acquisitions, including acquisition-related liabilities and contingent consideration		$ 102.3
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions		12 years

BALANCE SHEETS INFORMATION (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Accounts receivable, net
Accounts receivable	$ 2,983.1	$ 2,829.0
Allowance for expected credit losses and other accruals	(159.6)	(130.9)
Total	2,823.5	2,698.1
Inventories
Finished goods	967.7	1,122.7
Raw materials and parts	785.7	849.2
Inventories at FIFO cost	1,753.4	1,971.9
FIFO cost to LIFO cost difference	(217.4)	(179.1)
Total	1,536.0	1,792.8
Other current assets
Prepaid assets	137.7	123.9
Taxes receivable	194.6	184.1
Derivative assets	44.6	57.5
Other	51.7	39.2
Total	428.6	404.7
Property, plant and equipment, net
Land	155.3	161.3
Buildings and leasehold improvements	1,160.5	1,126.9
Machinery and equipment	2,057.6	1,966.3
Merchandising and customer equipment	2,726.7	2,635.5
Capitalized software	961.0	962.1
Construction in progress	379.9	403.8
Property, plant and equipment, gross	7,441.0	7,255.9
Accumulated depreciation	(4,108.2)	(3,962.5)
Total	3,332.8	3,293.4
Intangible assets subject to amortization:
Other intangible assets, gross	4,803.6	4,712.6
Accumulated amortization	(2,505.0)	(2,261.9)
Net intangible assets subject to amortization	2,298.6	2,450.7
Total	3,528.6	3,680.7
Other assets
Deferred income taxes	115.6	108.1
Pension	153.1	118.4
Derivative asset	36.5	44.5
Other	267.7	264.1
Total	572.9	535.1
Other current liabilities
Discounts and rebates	411.4	357.8
Dividends payable	151.1	150.8
Interest payable	58.5	58.7
Taxes payable, other than income	161.5	162.9
Derivative liability	0.1	21.9
Restructuring	69.3	100.6
Contract liability	105.5	116.5
Operating lease liabilities	119.1	108.3
Other	208.5	208.4
Total	1,285.0	1,285.9
Accumulated other comprehensive income (loss)
Unrealized (loss) gain on derivative financial instruments, net of tax	(2.4)	3.7
Unrecognized pension and postretirement benefit expense, net of tax	(474.7)	(467.4)
Cumulative translation, net of tax	(1,324.3)	(1,262.9)
Total	(1,801.4)	(1,726.6)
Customer relationships
Intangible assets subject to amortization:
Other intangible assets, gross	3,352.6	3,292.8
Accumulated amortization	(1,749.2)	(1,581.7)
Trademarks
Intangible assets subject to amortization:
Other intangible assets, gross	406.2	404.0
Accumulated amortization	(229.1)	(202.5)
Patents
Intangible assets subject to amortization:
Other intangible assets, gross	504.9	497.0
Accumulated amortization	(315.5)	(292.3)
Other technologies
Intangible assets subject to amortization:
Other intangible assets, gross	539.9	518.8
Accumulated amortization	(211.2)	(185.4)
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	Sep. 30, 2023	Dec. 31, 2022
Components of the company's debt obligations
Long-term debt, current maturities	$ 1,125.7	$ 501.4
Short-term debt including current maturities of long-term debt	1,129.1	505.1
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	0.0
European commercial paper
Components of the company's debt obligations
Maximum borrowing capacity, commercial paper	2,000.0
Notes payable
Components of the company's debt obligations
Short term borrowings	3.4	3.7
Multi Currency Revolving Credit Facility
Components of the company's debt obligations
Maximum borrowing capacity under the credit agreement	2,000.0
Amount outstanding under the credit agreement	$ 0.0	$ 0.0

DEBT AND INTEREST - Other Debt Information (Details) € in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Debt instrument
Carrying value	$ 8,612.8		$ 8,612.8			$ 8,576.7
Long-term debt, current maturities	(1,125.7)		(1,125.7)			(501.4)
Long-term debt	7,487.1		7,487.1			8,075.3
Interest
Interest expense	91.3	$ 66.7	254.1	$ 179.1
Interest income	(17.0)	(1.6)	(27.8)	(5.0)
Interest expense, net	74.3	$ 65.1	$ 226.3	$ 174.1
Public Notes
Debt instrument
Principal outstanding payable at time of prepayment of notes (as a percent)			101.00%
Two Year 2021 Senior Notes
Debt instrument
Carrying value	499.7		$ 499.7			498.7
Aggregate principal amount	500.0		$ 500.0
Debt instrument, term			2 years
Five Year 2022 senior notes
Debt instrument
Carrying value	493.8		$ 493.8			492.7
Aggregate principal amount	500.0		$ 500.0
Debt instrument, term			5 years
Six Year 2021 Senior Notes
Debt instrument
Carrying value	497.2		$ 497.2			496.5
Aggregate principal amount	500.0		$ 500.0
Debt instrument, term			6 years
Ten year 2017 senior notes
Debt instrument
Carrying value	435.5		$ 435.5			433.9
Aggregate principal amount	500.0		$ 500.0
Debt instrument, term			10 years
Ten year 2020 senior notes
Debt instrument
Carrying value	634.5		$ 634.5			653.5
Aggregate principal amount	698.0		$ 698.0
Debt instrument, term			10 years
Ten year 2020 senior notes, maturing in 2031
Debt instrument
Carrying value	547.9		$ 547.9			555.2
Aggregate principal amount	600.0		$ 600.0
Debt instrument, term			10 years
Eleven Year 2021 Senior Notes
Debt instrument
Carrying value	645.0		$ 645.0			644.6
Aggregate principal amount	650.0		$ 650.0
Debt instrument, term			11 years
Thirty year 2011 senior notes
Debt instrument
Carrying value	384.7		$ 384.7			384.5
Aggregate principal amount	389.0		$ 389.0
Debt instrument, term			30 years
Thirty year 2017 senior notes
Debt instrument
Carrying value	426.5		$ 426.5			425.5
Aggregate principal amount	484.0		$ 484.0
Debt instrument, term			30 years
Thirty year 2020 senior notes
Debt instrument
Carrying value	491.0		$ 491.0			490.7
Aggregate principal amount	500.0		$ 500.0
Debt instrument, term			30 years
Thirty Year 2021 Senior Notes
Debt instrument
Carrying value	839.2		$ 839.2			838.9
Aggregate principal amount	850.0		$ 850.0
Debt instrument, term			30 years
Thirty-four year 2021 senior notes
Debt instrument
Carrying value	538.7		$ 538.7			537.2
Aggregate principal amount	685.0		$ 685.0
Debt instrument, term			34 years
Seven year 2016 senior euro notes
Debt instrument
Carrying value	623.0		$ 623.0			596.9
Aggregate principal amount \| €					€ 575
Debt instrument, term			7 years
Ten year 2016 senior notes
Debt instrument
Carrying value	723.0		$ 723.0			721.1
Aggregate principal amount	750.0		$ 750.0
Debt instrument, term			10 years
Thirty year 2016 senior notes
Debt instrument
Carrying value	197.3		$ 197.3			197.3
Aggregate principal amount	200.0		$ 200.0
Debt instrument, term			30 years
Ten Year 2015 senior euro notes
Debt instrument
Carrying value	622.3		$ 622.3			596.7
Aggregate principal amount \| €					€ 575
Debt instrument, term			10 years
Other debt.
Debt instrument
Carrying value	$ 13.5		$ 13.5			$ 12.8

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Changes in the carrying amount of goodwill for each of the company's reportable segments
Impairment of goodwill			$ 0.0
Changes in the carrying amount of goodwill
Beginning goodwill			8,012.7
Ending goodwill	$ 8,098.4		8,098.4
Future estimated amortization expense related to amortizable other identifiable intangible assets
Estimated expense for the remaining six-month period	76.0		76.0
Total amortization expense related to other intangible assets	77.4	$ 80.6	229.8	$ 238.8
Nalco Holding Company ("Nalco") \| Trademarks
Changes in the carrying amount of goodwill
Impairment of indefinite life intangible asset			0.0
Carrying value of asset subject to impairment testing	1,200.0		1,200.0
Global Industrial
Changes in the carrying amount of goodwill
Beginning goodwill			4,081.8
Effect of foreign currency translation			14.0
Ending goodwill	4,095.8		4,095.8
Global Institutional and Specialty
Changes in the carrying amount of goodwill
Beginning goodwill			567.6
Current year business combinations			40.5
Effect of foreign currency translation			2.6
Ending goodwill	610.7		610.7
Global Healthcare and Life Sciences
Changes in the carrying amount of goodwill
Beginning goodwill			3,125.4
Effect of foreign currency translation			27.7
Ending goodwill	3,153.1		3,153.1
Other
Changes in the carrying amount of goodwill
Beginning goodwill			237.9
Effect of foreign currency translation			0.9
Ending goodwill	$ 238.8		$ 238.8

FAIR VALUE MEASUREMENTS (Details) - Recurring - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Carrying Amount \| Foreign currency forward contracts
Assets:
Foreign currency forward contracts	$ 70.0	$ 118.9
Liabilities:
Foreign currency forward contracts	25.6	83.3
Carrying Amount \| Interest rate swap agreements
Liabilities:
Interest rate swap agreements	207.1	181.4
Carrying Amount \| Cross-currency swap derivative contracts
Assets:
Foreign currency forward contracts	47.5	58.7
Liabilities:
Foreign currency forward contracts		14.5
Interest rate swap agreements	18.4
Level 2 \| Foreign currency forward contracts
Assets:
Foreign currency forward contracts	70.0	118.9
Liabilities:
Foreign currency forward contracts	25.6	83.3
Level 2 \| Interest rate swap agreements
Liabilities:
Interest rate swap agreements	207.1	181.4
Level 2 \| Cross-currency swap derivative contracts
Assets:
Foreign currency forward contracts	47.5	58.7
Liabilities:
Foreign currency forward contracts		$ 14.5
Interest rate swap agreements	$ 18.4

FAIR VALUE MEASUREMENTS - Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Carrying Amount
Carrying amount and fair value of financial instruments
Long-term debt, including current maturities	$ 8,612.8	$ 8,576.7
Fair Value \| Level 2
Carrying amount and fair value of financial instruments
Long-term debt, including current maturities	$ 7,541.9	$ 7,643.6

DERIVATIVES AND HEDGING TRANSACTIONS - Derivative Positions Summary (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Asset Derivatives
Gross value of derivatives	$ 117.5	$ 177.6
Gross amounts offset in the Consolidated Balance Sheet	(36.4)	(75.6)
Net value of derivatives presented in the Consolidated Balance Sheet	81.1	102.0
Liability Derivatives
Gross value of derivatives	251.1	279.2
Gross amounts offset in the Consolidated Balance Sheet	(36.4)	(75.6)
Net value of derivatives presented in the Consolidated Balance Sheet	214.7	203.6
Cash collateral received	0.0
Cash collateral pledged	0.0
Foreign currency forward contracts
Liability Derivatives
Notional values	3,801.0	5,745.0
Interest rate swap agreements
Liability Derivatives
Notional values	1,500.0	1,500.0
Cross-currency swap derivative contracts
Liability Derivatives
Notional values	811.0	650.0
Derivatives designated as hedging instruments \| Foreign currency forward contracts
Asset Derivatives
Gross value of derivatives	41.2	78.6
Liability Derivatives
Gross value of derivatives	5.7	9.2
Derivatives designated as hedging instruments \| Interest rate swap agreements
Liability Derivatives
Gross value of derivatives	207.1	181.4
Derivatives designated as hedging instruments \| Cross-currency swap derivative contracts
Asset Derivatives
Gross value of derivatives	47.5	58.7
Liability Derivatives
Gross value of derivatives	18.4	14.5
Derivatives not designated as hedging instruments \| Foreign currency forward contracts
Asset Derivatives
Gross value of derivatives	28.8	40.3
Liability Derivatives
Gross value of derivatives	$ 19.9	$ 74.1

DERIVATIVES AND HEDGING TRANSACTIONS - Information by Type of Derivative and Hedging Activities (Details) € in Millions, ¥ in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Oct. 31, 2023 USD ($)	Oct. 31, 2023 CNY (¥)	Sep. 30, 2023 EUR (€)	Aug. 31, 2023 USD ($)	Aug. 31, 2023 CNY (¥)	Dec. 31, 2022 USD ($)
Cash Flow Hedges
Maximum period for hedged transactions			1 year
Fair Value Hedges
Derivative liability	$ 214.7		$ 214.7							$ 203.6
Net Investment Hedges
Revaluation (loss) gain, net of tax	(8.2)	$ 82.7	(48.7)	$ 173.0
Seven year 2008 senior notes
Fair Value Hedges
Aggregate principal amount	1,500.0		1,500.0
Cost of sales
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	1.5	2.7	9.6	3.5
Selling, general and administrative expenses
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	(16.6)	102.3	(55.1)	202.8
Interest expense, net
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	1.4	2.7	4.6	9.2
Foreign currency forward contracts
Net Investment Hedges
Notional values	3,801.0		3,801.0							5,745.0
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	$ (6.2)	$ 49.6	$ (34.3)	$ 98.0
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	Selling, General and Administrative Expense
Interest rate swap agreements
Net Investment Hedges
Notional values	$ 1,500.0		$ 1,500.0							1,500.0
Euro Notes
Net Investment Hedges
Revaluation (loss) gain, net of tax	(13.5)	$ 59.8	(38.4)	$ 112.6
Cross-currency swap derivative contracts
Net Investment Hedges
Notional values	811.0		811.0							$ 650.0
Revaluation (loss) gain, net of tax	$ 5.3	$ 22.9	(10.3)	60.4
Cash Flow Hedges. \| 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			$ 6.0	$ 11.0
Cash Flow Hedges. \| Foreign currency forward contracts \| Derivatives designated as hedging instruments
Impact on AOCI and earnings from derivative contracts
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
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)	$ 1.5	$ 2.7	$ 9.6	$ 3.5
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)	(10.4)	52.7	$ (20.8)	$ 104.8
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	1.9	3.3
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)	$ (0.5)	$ (0.6)
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	Interest Expense, Net
Gain (loss) on derivative recognized in income			$ (1.4)	$ (1.8)
Fair Value Hedges \| Interest rate swap agreements
Fair Value Hedges
Cumulative amount of fair value hedging adjustment	$ (208.0)	$ (196.7)	(208.0)	(196.7)
Derivative liability	1,294.4	$ 1,305.6	1,294.4	$ 1,305.6
Net Investment Hedge \| Senior euro notes
Net Investment Hedges
Notional values	1,247.0		1,247.0				€ 1,150
Net Investment Hedge \| Cross-currency swap derivative contracts \| Euro
Net Investment Hedges
Notional values	$ 661.0		$ 661.0				€ 625
Net Investment Hedge \| Cross-currency swap derivative contracts \| CNY
Net Investment Hedges
Notional values								$ 150.0	¥ 1,094
Subsequent event \| Net Investment Hedge \| Cross-currency swap derivative contracts \| CNY
Net Investment Hedges
Notional values					$ 150.0	¥ 1,098

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reclassification adjustments
COS	$ (2,330.5)	$ (2,291.6)	$ (6,870.5)	$ (6,576.1)
SG&A	(1,024.9)	(876.9)	(3,026.8)	(2,731.7)
Interest (income) expense, net	(74.3)	(65.1)	(226.3)	(174.1)
Subtotal	(39.0)	(214.7)	(75.7)	(201.7)
Derivative (gain) loss reclassified from AOCI into income, net of tax	5.6	(43.7)	4.9	(88.5)
Pension and postretirement benefits amortization of net actuarial losses and prior service credits and settlement charges reclassified from AOCI into income, net of tax	(3.2)	29.7	(7.3)	53.1
Derivative & Hedging Instruments
Reclassification adjustments
Amount recognized in AOCI	(8.2)	74.2	(14.9)	134.6
Other activity	(1.1)	0.2	0.1	0.7
Tax impact	1.9	(4.7)	2.1	(4.7)
Subtotal	0.1	11.6	(6.1)	13.1
Derivative & Hedging Instruments \| Reclassifications adjustments
Reclassification adjustments
COS	(1.5)	(2.7)	(9.6)	(3.5)
SG&A	10.4	(52.7)	20.8	(104.8)
Interest (income) expense, net	(1.4)	(2.7)	(4.6)	(9.2)
(Gains) losses reclassified from AOCI into income	7.5	(58.1)	6.6	(117.5)
Pension & Postretirement Benefits
Reclassification adjustments
(Gains) losses reclassified from AOCI into income	1.0	(112.6)	4.1	(82.3)
Other activity	(3.3)	24.7	(9.4)	42.6
Tax impact	(0.9)	25.6	(2.0)	19.1
Subtotal	(3.2)	(62.3)	(7.3)	(20.6)
Pension & Postretirement Benefits \| Reclassifications adjustments
Reclassification adjustments
(Gains) losses reclassified from AOCI into income	$ 1.0	14.3	3.5	43.7
Current period net actuarial (loss) gain
Reclassification adjustments
Amount recognized in AOCI		(151.7)		(151.7)
Settlement charge \| Reclassifications adjustments
Reclassification adjustments
(Gains) losses reclassified from AOCI into income		$ 24.8	$ 0.6	$ 25.7

SHAREHOLDERS' EQUITY (Details) - COMMON STOCK - shares	9 Months Ended
SHAREHOLDERS' EQUITY (Details) - COMMON STOCK - shares	Sep. 30, 2023	Sep. 30, 2022	Nov. 30, 2022	Feb. 28, 2015
SHAREHOLDERS' EQUITY
Common stock, shares authorized to be repurchased			10,000,000	20,000,000
Remaining shares authorized to be repurchased	12,917,097
Reacquired shares (in shares)	72,900	2,545,822
Number of shares reacquired through the open market		2,445,890
Number of shares that have been repurchased through the exercise of stock options and vesting of stock awards		99,932

- 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

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

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: 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 9: 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 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
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-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS") (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Computations of the basic and diluted earnings attributable to Ecolab per share amounts
Net income attributable to Ecolab	$ 404.0	$ 347.1	$ 967.1	$ 827.3
Weighted-average common shares outstanding
Basic (in shares)	285.1	284.9	284.9	285.4
Effect of dilutive stock options and units (in shares)	1.8	1.4	1.5	1.6
Diluted (in shares)	286.9	286.3	286.4	287.0
Earnings attributable to Ecolab per common share
Basic EPS (in dollars per share)	$ 1.42	$ 1.22	$ 3.39	$ 2.90
Diluted EPS (in dollars per share)	$ 1.41	$ 1.21	$ 3.38	$ 2.88
Anti-dilutive securities excluded from the computation of diluted EPS	2.3	2.5	3.5	2.5

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
INCOME TAXES
Effective income tax rate (as a percent)	19.10%	14.60%	19.40%	17.90%
Recognized discrete tax expense (benefit)	$ 3.5	$ 14.2	$ 2.3	$ 9.5
Deferred income taxes benefit			14.6
Recognized other discrete tax expense (benefit)	4.3	1.1	5.0	9.4
Excess tax benefits, share-based compensation	$ 0.8	$ 0.7	$ 2.7	$ 4.3

PENSION AND POSTRETIREMENT PLANS (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Pension Plan Information
Defined benefit plan, tax status extensible enumeration		Qualified plan		Non-qualified plan
U.S. Pension. \| Pension
Net periodic benefit costs
Service cost		$ 9.8	$ 10.5	$ 30.6	$ 31.5
Interest cost on benefit obligation		22.0	14.1	66.0	42.3
Expected return on plan assets		(36.2)	(36.7)	(108.8)	(110.1)
Recognition of net actuarial loss (gain)			10.0		30.0
Amortization of prior service benefit		(0.6)	(1.2)	(3.1)	(3.4)
Curtailments and settlements			24.8	0.7	25.7
Total expense		(5.0)	21.5	(14.6)	16.0
Other Pension Plan Information
Contributions anticipated to be made during the remainder of 2023	$ 4.0	4.0		4.0
U.S. Pension. \| Pension \| Qualified plan
Other Pension Plan Information
Contributions to plan	50.0
U.S. Pension. \| Pension \| Non-qualified plan
Other Pension Plan Information
Contributions to plan				5.0
U.S. Pension. \| U.S. Postretirement Benefits
Net periodic benefit costs
Service cost		0.1	0.2	0.3	0.6
Interest cost on benefit obligation		1.4	0.8	4.2	2.4
Expected return on plan assets			(0.1)		(0.3)
Recognition of net actuarial loss (gain)		(0.8)	(0.1)	(2.4)	(0.3)
Curtailments and settlements				(0.1)
Total expense		0.7	0.8	2.0	2.4
Other Pension Plan Information
Contributions to plan				8.0
Contributions anticipated to be made during the remainder of 2023	3.0	3.0		3.0
International Pension \| Pension
Net periodic benefit costs
Service cost		6.3	6.8	17.1	21.0
Interest cost on benefit obligation		11.5	5.3	34.5	16.5
Expected return on plan assets		(14.2)	(16.8)	(42.0)	(52.8)
Recognition of net actuarial loss (gain)		2.5	5.6	9.3	17.4
Amortization of prior service benefit		(0.1)		(0.3)
Total expense		6.0	$ 0.9	18.6	$ 2.1
Other Pension Plan Information
Contributions to plan				29.0
Contributions anticipated to be made during the remainder of 2023	$ 11.0	$ 11.0		$ 11.0

REVENUES - Product and Sold Equipment (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jun. 03, 2020	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]
Accounts receivable, net		$ 2,823.5		$ 2,823.5		$ 2,698.1
ChampionX \| Discontinued Operations, Disposed of By Sale
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]
Period of time post-separation that the entity may transfer or receive certain products	36 months
Post-separation sales		15.0	$ 27.8	55.4	$ 96.4
Accounts receivable, net		$ 9.4		$ 9.4		$ 12.9

REVENUES - Operating Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating Lease, Lease Income
Operating lease revenue	$ 128.4	$ 118.1	$ 383.5	$ 345.4

REVENUES - Principal Activities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of revenue
Net sales	$ 3,958.1	$ 3,669.3	$ 11,381.8	$ 10,516.6
U.S. Pension. \| Geographic concentration \| Consolidated net sales
Disaggregation of revenue
Percentage of consolidated sales			53.00%	53.00%
Product and equipment sales
Disaggregation of revenue
Net sales	3,170.9	2,963.0	$ 9,152.0	$ 8,473.9
Service and lease sales
Disaggregation of revenue
Net sales	787.2	706.3	2,229.8	2,042.7
Global Industrial
Disaggregation of revenue
Net sales	1,841.8	1,769.6	5,359.7	5,025.2
Global Industrial \| North America
Disaggregation of revenue
Net sales	832.1	836.4	2,437.5	2,329.6
Global Industrial \| Europe
Disaggregation of revenue
Net sales	385.8	350.3	1,117.0	1,005.1
Global Industrial \| Asia Pacific
Disaggregation of revenue
Net sales	218.4	207.2	654.9	621.3
Global Industrial \| Latin America
Disaggregation of revenue
Net sales	193.2	160.6	531.4	453.0
Global Industrial \| Greater China
Disaggregation of revenue
Net sales	95.5	101.0	291.1	317.7
Global Industrial \| India, Middle East and Africa
Disaggregation of revenue
Net sales	116.8	114.1	327.8	298.5
Global Industrial \| Product and equipment sales
Disaggregation of revenue
Net sales	1,614.0	1,551.8	4,700.0	4,381.6
Global Industrial \| Service and lease sales
Disaggregation of revenue
Net sales	227.8	217.8	659.7	643.6
Global Institutional and Specialty
Disaggregation of revenue
Net sales	1,313.0	1,166.0	3,714.0	3,304.7
Global Institutional and Specialty \| North America
Disaggregation of revenue
Net sales	963.5	860.5	2,731.2	2,420.6
Global Institutional and Specialty \| Europe
Disaggregation of revenue
Net sales	183.8	162.8	505.0	463.8
Global Institutional and Specialty \| Asia Pacific
Disaggregation of revenue
Net sales	58.3	53.5	173.5	159.2
Global Institutional and Specialty \| Latin America
Disaggregation of revenue
Net sales	49.4	40.8	138.3	119.1
Global Institutional and Specialty \| Greater China
Disaggregation of revenue
Net sales	40.9	33.5	117.0	102.4
Global Institutional and Specialty \| India, Middle East and Africa
Disaggregation of revenue
Net sales	17.1	14.9	49.0	39.6
Global Institutional and Specialty \| Product and equipment sales
Disaggregation of revenue
Net sales	1,071.8	966.9	3,039.8	2,730.2
Global Institutional and Specialty \| Service and lease sales
Disaggregation of revenue
Net sales	241.2	199.1	674.2	574.5
Global Healthcare and Life Sciences
Disaggregation of revenue
Net sales	406.2	356.6	1,176.7	1,110.3
Global Healthcare and Life Sciences \| North America
Disaggregation of revenue
Net sales	170.3	146.5	490.6	449.1
Global Healthcare and Life Sciences \| Europe
Disaggregation of revenue
Net sales	186.5	163.0	547.0	513.8
Global Healthcare and Life Sciences \| Asia Pacific
Disaggregation of revenue
Net sales	25.5	23.1	67.8	67.5
Global Healthcare and Life Sciences \| Latin America
Disaggregation of revenue
Net sales	6.8	6.4	19.1	17.6
Global Healthcare and Life Sciences \| Greater China
Disaggregation of revenue
Net sales	11.5	12.8	35.2	44.6
Global Healthcare and Life Sciences \| India, Middle East and Africa
Disaggregation of revenue
Net sales	5.6	4.8	17.0	17.7
Global Healthcare and Life Sciences \| Product and equipment sales
Disaggregation of revenue
Net sales	378.5	329.5	1,095.0	1,023.7
Global Healthcare and Life Sciences \| Service and lease sales
Disaggregation of revenue
Net sales	27.7	27.1	81.7	86.6
Other
Disaggregation of revenue
Net sales	382.1	349.4	1,076.0	980.0
Other \| North America
Disaggregation of revenue
Net sales	244.9	227.1	687.5	623.7
Other \| Europe
Disaggregation of revenue
Net sales	81.2	70.0	222.5	201.8
Other \| Asia Pacific
Disaggregation of revenue
Net sales	21.5	19.6	64.7	55.8
Other \| Latin America
Disaggregation of revenue
Net sales	14.9	12.9	42.7	39.0
Other \| Greater China
Disaggregation of revenue
Net sales	17.2	17.1	51.5	51.7
Other \| India, Middle East and Africa
Disaggregation of revenue
Net sales	2.4	2.7	7.1	8.0
Other \| Product and equipment sales
Disaggregation of revenue
Net sales	91.6	87.1	261.8	242.1
Other \| Service and lease sales
Disaggregation of revenue
Net sales	290.5	262.3	814.2	737.9
Corporate
Disaggregation of revenue
Net sales	15.0	27.7	55.4	96.4
Corporate \| North America
Disaggregation of revenue
Net sales	12.8	24.8	45.9	84.5
Corporate \| Europe
Disaggregation of revenue
Net sales	0.5	0.7	2.5	2.2
Corporate \| Asia Pacific
Disaggregation of revenue
Net sales	1.0	1.1	2.8	3.2
Corporate \| Latin America
Disaggregation of revenue
Net sales	0.7	1.1	4.2	6.2
Corporate \| Greater China
Disaggregation of revenue
Net sales				0.1
Corporate \| India, Middle East and Africa
Disaggregation of revenue
Net sales				0.2
Corporate \| Product and equipment sales
Disaggregation of revenue
Net sales	$ 15.0	$ 27.7	$ 55.4	96.3
Corporate \| Service and lease sales
Disaggregation of revenue
Net sales				$ 0.1

REVENUES - Allowance for Expected Credit Losses (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Accounts Receivable and Allowance for Doubtful Accounts
Allowance for doubtful accounts, returns and credits	$ 76.8	$ 37.1
Activity in the allowance for doubtful accounts
Beginning balance	71.9	52.8
Bad debt expense	44.2	26.8
Write-offs	(32.6)	(12.8)
Other (a)	(0.8)	2.1
Ending balance	$ 82.7	$ 68.9

REVENUES - Contract Liability (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Change in contract liability
Contract liability as of beginning of the year	$ 116.5	$ 91.7
Revenue recognized in the period from: Amounts included in the contract liability at the beginning of the period	(116.5)	(91.7)
Increases due to billings excluding amounts recognized as revenue during the period ended	105.5	109.1
Contract liability as of end of period	$ 105.5	$ 109.1

OPERATING SEGMENTS (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
OPERATING SEGMENTS (Details) $ in Millions	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) item segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Financial information of reportable segments
Number of operating units \| segment			10
Number of reportable segments \| item			3
Net sales	$ 3,958.1	$ 3,669.3	$ 11,381.8	$ 10,516.6
Operating Income (Loss)	566.0	483.0	1,402.3	1,163.3
Previously Reported \| Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					$ 14,187.8
Operating Income (Loss)					1,562.5
Previously Reported \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales					14,187.8
Operating Income (Loss)					1,562.5
Global Industrial
Financial information of reportable segments
Net sales	1,841.8	1,769.6	5,359.7	5,025.2
Global Institutional and Specialty
Financial information of reportable segments
Net sales	1,313.0	1,166.0	3,714.0	3,304.7
Global Healthcare and Life Sciences
Financial information of reportable segments
Net sales	406.2	356.6	1,176.7	1,110.3
Other
Financial information of reportable segments
Net sales	382.1	349.4	1,076.0	980.0
Corporate
Financial information of reportable segments
Net sales	15.0	27.7	55.4	96.4
Operating segment
Financial information of reportable segments
Net sales	3,931.6	3,667.7	11,320.0	10,362.2
Operating Income (Loss)	562.1	480.5	1,392.5	1,133.8
Operating segment \| Previously Reported \| Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					14,473.1
Operating Income (Loss)					1,612.6
Operating segment \| Previously Reported \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales					14,093.4
Operating Income (Loss)					1,546.3
Operating segment \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales					(379.7)
Operating Income (Loss)					(66.3)
Operating segment \| Global Industrial
Financial information of reportable segments
Net sales	1,826.9	1,763.4	5,321.8	4,928.1
Operating Income (Loss)	287.5	266.6	758.5	663.3
Operating segment \| Global Industrial \| Previously Reported \| Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					6,944.0
Operating Income (Loss)					977.0
Operating segment \| Global Industrial \| Previously Reported \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales					6,736.3
Operating Income (Loss)					935.8
Operating segment \| Global Industrial \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales					(207.7)
Operating Income (Loss)					(42.0)
Operating segment \| Global Industrial \| Purchase Price Adjustments \| Segment Changes
Financial information of reportable segments
Operating Income (Loss)					0.8
Operating segment \| Global Institutional and Specialty
Financial information of reportable segments
Net sales	1,308.7	1,165.7	3,703.9	3,275.2
Operating Income (Loss)	249.9	195.2	584.3	452.4
Operating segment \| Global Institutional and Specialty \| Previously Reported \| Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					4,480.0
Operating Income (Loss)					634.5
Operating segment \| Global Institutional and Specialty \| Previously Reported \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales					4,414.3
Operating Income (Loss)					621.7
Operating segment \| Global Institutional and Specialty \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales					(75.9)
Operating Income (Loss)					(11.2)
Operating segment \| Global Institutional and Specialty \| Purchase Price Adjustments \| Segment Changes
Financial information of reportable segments
Net sales					10.2
Operating Income (Loss)					(1.6)
Operating segment \| Global Healthcare and Life Sciences
Financial information of reportable segments
Net sales	400.7	360.1	1,166.8	1,092.7
Operating Income (Loss)	44.0	32.0	111.7	129.1
Operating segment \| Global Healthcare and Life Sciences \| Previously Reported \| Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					1,570.0
Operating Income (Loss)					205.0
Operating segment \| Global Healthcare and Life Sciences \| Previously Reported \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales					1,505.8
Operating Income (Loss)					193.3
Operating segment \| Global Healthcare and Life Sciences \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales					(64.2)
Operating Income (Loss)					(9.9)
Operating segment \| Global Healthcare and Life Sciences \| Purchase Price Adjustments \| Segment Changes
Financial information of reportable segments
Operating Income (Loss)					(1.8)
Operating segment \| Other
Financial information of reportable segments
Net sales	380.3	350.8	1,072.2	970.1
Operating Income (Loss)	72.9	63.3	186.4	152.0
Operating segment \| Other \| Previously Reported \| Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					1,355.0
Operating Income (Loss)					212.8
Operating segment \| Other \| Previously Reported \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales					1,313.3
Operating Income (Loss)					209.9
Operating segment \| Other \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales					(31.5)
Operating Income (Loss)					(5.5)
Operating segment \| Other \| Purchase Price Adjustments \| Segment Changes
Financial information of reportable segments
Net sales					(10.2)
Operating Income (Loss)					2.6
Operating segment \| Corporate
Financial information of reportable segments
Operating Income (Loss)	(92.2)	(76.6)	(248.4)	(263.0)
Operating segment \| Corporate \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales	15.0	27.7	55.3	96.1
Operating segment \| Corporate \| Previously Reported \| Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					124.1
Operating Income (Loss)					(416.7)
Operating segment \| Corporate \| Previously Reported \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales					123.7
Operating Income (Loss)					(414.4)
Operating segment \| Corporate \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales					(0.4)
Operating Income (Loss)					2.3
Currency impact
Financial information of reportable segments
Net sales	26.5	1.6	61.8	154.4
Operating Income (Loss)	$ 3.9	$ 2.5	$ 9.8	$ 29.5
Currency impact \| Previously Reported \| Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					(285.3)
Operating Income (Loss)					(50.1)
Currency impact \| Previously Reported \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales					94.4
Operating Income (Loss)					16.2
Currency impact \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales					379.7
Operating Income (Loss)					$ 66.3

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 30, 2023 location plaintiff	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
Estimated settlement		30
Number of plaintiffs having claims \| plaintiff	5,000
Maximum \| Nalco Holding Company ("Nalco")
Loss contingencies
Estimated possible loss		520
Minimum \| Nalco Holding Company ("Nalco")
Loss contingencies
Estimated possible loss		$ 152

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 404.0	$ 347.1	$ 967.1	$ 827.3

- Definition

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

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Rule10b51ArrModified [Flag]	false