Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Jan. 31, 2023	Jun. 30, 2022
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	1-9328
Entity Registrant Name	ECOLAB INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0231510
Entity Address, Address Line One	1 Ecolab Place
Entity Address, City or Town	St. Paul
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55102
City Area Code	800
Local Phone Number	232-6522
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 43,775,885,223
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		284,462,087
Entity Central Index Key	0000031462
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Minneapolis, Minnesota
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 STATEMENT OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net sales	$ 14,187.8	$ 12,733.1	$ 11,790.2
Cost of sales (including special (gains) and charges (a))	8,831.0	7,615.8	6,905.8
Selling, general and administrative expenses	3,653.8	3,416.1	3,309.1
Special (gains) and charges	140.5	102.6	179.6
Operating income	1,562.5	1,598.6	1,395.7
Other (income) expense	(24.5)	(33.9)	(55.9)
Interest expense, net	243.6	218.3	290.2
Income before income taxes	1,343.4	1,414.2	1,161.4
Provision for income taxes	234.5	270.2	176.6
Net income from continuing operations including noncontrolling interest	1,108.9	1,144.0	984.8
Net income from continuing operations attributable to noncontrolling interest	17.2	14.1	17.4
Net income attributable to Ecolab	1,091.7	1,129.9	967.4
Net loss from discontinued operations, net of tax (Note 5) (d)			(2,172.5)
Net income (loss) attributable to Ecolab	$ 1,091.7	$ 1,129.9	$ (1,205.1)
Basic EPS
Continuing operations	$ 3.83	$ 3.95	$ 3.37
Discontinued operations			(7.57)
Earnings attributable to Ecolab	3.83	3.95	(4.20)
Diluted EPS
Continuing operations	3.81	3.91	3.33
Discontinued operations			(7.48)
Earnings attributable to Ecolab	$ 3.81	$ 3.91	$ (4.15)
Weighted-average common shares outstanding
Basic (in shares)	285.2	286.3	287.0
Diluted (in shares)	286.6	289.1	290.3
Product and equipment sales
Net sales	$ 11,446.2	$ 10,153.3	$ 9,466.6
Cost of sales (including special (gains) and charges (a))	7,212.8	6,100.9	5,481.3
Service and lease sales
Net sales	2,741.6	2,579.8	2,323.6
Cost of sales (including special (gains) and charges (a))	$ 1,618.2	$ 1,514.9	$ 1,424.5

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Special (gains) and charges	$ 140.5	$ 102.6	$ 179.6
Net income from discontinued operations attributable to noncontrolling interest			2.2
Cost of sales
Special (gains) and charges	69.9	93.9	48.2
Other (income) expense
Special (gains) and charges	50.6	37.2	0.4
Interest expense
Special (gains) and charges		33.1	83.8
Product and equipment sales \| Cost of sales
Special (gains) and charges	65.0	91.9	39.3
Service and lease sales \| Cost of sales
Special (gains) and charges	$ 4.9	$ 2.0	$ 8.9

Amount after tax of income (loss) from a discontinued operation attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income (loss) attributable to Ecolab	$ 1,091.7	$ 1,129.9	$ (1,205.1)
Net income from continuing operations attributable to noncontrolling interest	17.2	14.1	17.4
Net income from discontinued operations attributable to noncontrolling interest			2.2
Net income (loss) including noncontrolling interest	1,108.9	1,144.0	(1,185.5)
Foreign currency translation adjustments
Foreign currency translation	(333.4)	(10.9)	50.0
Separation of ChampionX			229.9
Gain on net investment hedges	108.3	51.6	(87.7)
Total foreign currency translation adjustments	(225.1)	40.7	192.2
Derivatives and hedging instruments	(1.2)	26.0	(17.0)
Pension and postretirement benefits
Pension and postretirement benefits	130.3	289.7	(78.1)
Subtotal	(96.0)	356.4	97.1
Total comprehensive income (loss), including noncontrolling interest	1,012.9	1,500.4	(1,088.4)
Comprehensive income attributable to noncontrolling interest	13.0	10.9	21.4
Comprehensive income (loss) attributable to Ecolab	$ 999.9	$ 1,489.5	$ (1,109.8)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 598.6	$ 359.9
Accounts receivable, net	2,698.1	2,478.4
Inventories	1,792.8	1,491.8
Other current assets	404.7	357.0
Total current assets	5,494.2	4,687.1
Property, plant and equipment, net	3,293.4	3,288.5
Goodwill	8,012.7	8,063.9
Other intangible assets, net	3,680.7	4,224.1
Operating lease assets	448.2	396.8
Other assets	535.1	546.0
Total assets	21,464.3	21,206.4
Current liabilities
Short-term debt	505.1	411.0
Accounts payable	1,728.2	1,384.2
Compensation and benefits	493.6	509.5
Income taxes	197.6	104.3
Other current liabilities	1,285.9	1,144.2
Total current liabilities	4,210.4	3,553.2
Long-term debt	8,075.3	8,347.2
Postretirement health care and pension benefits	670.3	894.2
Deferred income taxes	505.6	622.0
Operating lease liabilities	337.8	282.6
Other liabilities	406.3	254.1
Total liabilities	14,205.7	13,953.3
Commitments and contingencies (Note 16)
Equity (a)
Common stock	364.7	364.1
Additional paid-in capital	6,580.2	6,464.6
Retained earnings	9,318.8	8,814.5
Accumulated other comprehensive loss	(1,726.6)	(1,634.8)
Treasury stock	(7,301.0)	(6,784.2)
Total Ecolab shareholders' equity	7,236.1	7,224.2
Noncontrolling interest	22.5	28.9
Total equity	7,258.6	7,253.1
Total liabilities and equity	$ 21,464.3	$ 21,206.4

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2022	Dec. 31, 2021
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	284.5	286.9

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES
Net income (loss) including noncontrolling interest	$ 1,108.9	$ 1,144.0	$ (1,185.5)
Less: Net loss from discontinued operations including noncontrolling interest			(2,170.3)
Net income including noncontrolling interest	1,108.9	1,144.0	984.8
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	618.5	604.4	594.3
Amortization	320.2	238.7	218.4
Deferred income taxes	(142.6)	(1.1)	(45.8)
Share-based compensation expense	87.8	89.5	82.1
Pension and postretirement plan contributions	(64.3)	(60.2)	(70.7)
Pension and postretirement plan expense, net	45.5	42.4	42.0
Restructuring charges, net of cash paid	66.2	(41.7)	7.8
Debt refinancing		29.4	77.1
Other, net	24.9	15.9	61.0
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	(319.6)	(178.2)	155.6
Inventories	(402.9)	(73.0)	(179.5)
Other assets	(278.2)	(92.9)	42.3
Accounts payable	394.7	200.4	55.9
Other liabilities	329.3	144.3	(283.5)
Cash provided by operating activities - continuing operations	1,788.4	2,061.9	1,741.8
Cash provided by operating activities - discontinued operations			118.4
Cash provided by operating activities	1,788.4	2,061.9	1,860.2
INVESTING ACTIVITIES
Capital expenditures	(712.8)	(643.0)	(489.0)
Property and other assets sold	2.2	12.2	5.3
Acquisitions and investments in affiliates, net of cash acquired	(7.2)	(3,923.7)	(487.0)
Divestiture of businesses			116.2
Other, net	1.0	(25.2)	(3.2)
Cash used for investing activities - continuing operations	(716.8)	(4,579.7)	(857.7)
Cash provided by investing activities - discontinued operations			443.2
Cash used for investing activities	(716.8)	(4,579.7)	(414.5)
FINANCING ACTIVITIES
Net (repayments) issuances of commercial paper and notes payable	(404.3)	393.6	(65.5)
Long-term debt borrowings	494.0	2,775.0	1,855.9
Long-term debt repayments		(1,017.9)	(1,570.0)
Reacquired shares	(518.2)	(106.6)	(146.2)
Dividends paid	(602.8)	(566.4)	(560.8)
Exercise of employee stock options	29.1	143.5	241.5
Debt refinancing		(29.4)	(77.1)
Hedge settlements	172.0	25.9	(8.4)
Other, net	(7.1)	(14.5)	(9.6)
Cash (used for) provided by financing activities - continuing operations	(837.3)	1,603.2	(340.2)
Cash used for financing activities - discontinued operations			(1.6)
Cash (used for) provided by financing activities	(837.3)	1,603.2	(341.8)
Effect of exchange rate changes on cash and cash equivalents	4.4	14.3	(30.1)
Increase (decrease) in cash and cash equivalents	238.7	(900.3)	1,073.8
Cash and cash equivalents, beginning of period - continuing operations	359.9	1,260.2	118.8
Cash and cash equivalents, beginning of period - discontinued operations			67.6
Cash and cash equivalents, beginning of period	359.9	1,260.2	186.4
Cash and cash equivalents, end of period - continuing operations	598.6	359.9	1,260.2
Cash and cash equivalents, end of period	598.6	359.9	1,260.2
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid	308.9	275.7	366.9
Net interest paid	$ 222.4	$ 208.7	$ 262.5

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	TOTAL ECOLAB SHAREHOLDERS' EQUITY Cumulative Effect, Period of Adoption, Adjustment	TOTAL ECOLAB SHAREHOLDERS' EQUITY	COMMON STOCK	ADDITIONAL PAID-IN CAPITAL	RETAINED EARNINGS Cumulative Effect, Period of Adoption, Adjustment	RETAINED EARNINGS	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	TREASURY STOCK	NON-CONTROLLING INTEREST	Cumulative Effect, Period of Adoption, Adjustment	Total
Balance at Dec. 31, 2019	$ (4.3)	$ 8,685.3	$ 359.6	$ 5,907.1	$ (4.3)	$ 9,993.7	$ (2,089.7)	$ (5,485.4)	$ 40.5	$ (4.3)	$ 8,725.8
Balance (in shares) at Dec. 31, 2019			359,569,234					(71,159,472)
Increase (Decrease) in Stockholders' Equity
Net income		(1,205.1)				(1,205.1)			19.6		(1,185.5)
Other comprehensive income (loss)		95.3					95.3		1.8		97.1
Cash dividends declared (a)		(541.3)				(541.3)			(21.0)		(562.3)
Separation of ChampionX		(1,059.9)		(8.5)				$ (1,051.4)	3.4		(1,056.5)
Separation of ChampionX (in shares)								(4,955,552)
Changes in noncontrolling interest		17.6		17.6							8.3
Changes in noncontrolling interest									(9.3)
Stock options and awards		325.1	$ 3.0	318.8				$ 3.3			325.1
Stock options (in shares)			2,577,231					35,122
Stock awards (in shares)			406,978					40,122
Reacquired shares		(146.2)						$ (146.2)			(146.2)
Reacquired shares (in shares)								761,245
Balance at Dec. 31, 2020		6,166.5	$ 362.6	6,235.0		8,243.0	(1,994.4)	$ (6,679.7)	35.0		6,201.5
Balance (in shares) at Dec. 31, 2020			362,553,443					(76,801,025)
Increase (Decrease) in Stockholders' Equity
Net income		1,129.9				1,129.9			14.1		1,144.0
Other comprehensive income (loss)		359.6					359.6		(3.2)		356.4
Cash dividends declared (a)		(558.4)				(558.4)			(17.0)		(575.4)
Stock options and awards		233.2	$ 1.5	229.6				$ 2.1			233.2
Stock options (in shares)			1,270,757					29,684
Stock awards (in shares)			315,162					17,760
Reacquired shares		(106.6)						$ (106.6)			(106.6)
Reacquired shares (in shares)								502,132
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
Balance (in shares) at Dec. 31, 2021			364,139,362					(77,255,713)			286,900,000
Increase (Decrease) in Stockholders' Equity
Net income		1,091.7				1,091.7			17.2		$ 1,108.9
Other comprehensive income (loss)		(91.8)					(91.8)		(4.2)		(96.0)
Cash dividends declared (a)		(587.4)				(587.4)			(20.0)		(607.4)
Fair value adjustment of prior acquisition									0.6		0.6
Stock options and awards		117.6	$ 0.6	115.6				$ 1.4			117.6
Stock options (in shares)			276,059					14,525
Stock awards (in shares)			296,420					17,794
Reacquired shares		(518.2)						$ (518.2)			(518.2)
Reacquired shares (in shares)								3,038,107
Balance 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			364,711,841					(80,261,501)			284,500,000

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF EQUITY
Dividends declared per common share (in dollars per share)	$ 2.06	$ 1.95	$ 1.89

NATURE OF BUSINESS

12 Months Ended

Dec. 31, 2022

NATURE OF BUSINESS

NATURE OF BUSINESS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. NATURE OF BUSINESS

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

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

In June 2020, the Company completed the separation of its Upstream Energy business (the “ChampionX business”) in a Reverse Morris Trust transaction (the “Transaction”) through the split-off of ChampionX Holding Inc. (“ChampionX”), formed by Ecolab as a wholly owned subsidiary to hold the ChampionX business, followed immediately by the merger (the “Merger”) of ChampionX with a wholly owned subsidiary of ChampionX Corporation (f/k/a Apergy Corporation, “Apergy”).

As discussed in Note 5 Discontinued Operations, during 2020, the ChampionX business met the criteria to be reported as discontinued operations because the separation of the ChampionX business was a strategic shift in business that had a major effect on the Company's operations and financial results. Therefore, the Company reported the historical results of ChampionX, including the results of operations, cash flows, and related assets and liabilities, as discontinued operations in 2020. Unless otherwise noted, the accompanying Notes to the Consolidated Financial Statements have all been revised to reflect the effect of the separation of ChampionX and all 2020 balances have been revised accordingly to reflect continuing operations only.

In December 2021, the Company acquired Purolite for total consideration of $3.7 billion in cash, net of cash acquired. Purolite is a leading and fast-growing global provider of high-end ion exchange resins for the separation and purification of solutions, that is highly complementary to the Company’s current offering and critical to safe, high quality drug production and biopharma product purification in the life sciences industries. It also provides purification and separation solutions for critical industrial markets like microelectronics, nuclear power and food and beverage. Headquartered in King of Prussia, Pennsylvania, Purolite operates in more than 30 countries. Purolite is reported within the Company’s Life Sciences operating segment.

The Company is aligned into three reportable segments: Global Industrial, Global Institutional & Specialty, and Global Healthcare & Life Sciences as discussed in Note 19 Operating Segments and Geographical Information. Operating segments that were not aggregated and do not exceed the quantitative criteria to be separately reported have been combined into Other.

Except for the changes due to adoption of the new accounting standards, the Company has consistently applied the accounting policies to all periods presented in these consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

2. SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and all subsidiaries in which the Company has a controlling financial interest. Investments in companies, joint ventures or partnerships in which the Company does not have control but has the ability to exercise significant influence over operating and financial decisions, are reported using the equity method of accounting. The alternative method of accounting is used in circumstance where the Company’s investments in companies, joint ventures and partnerships neither provide it control or significant influence over the investee and for investments that do not have readily identifiable fair values. Investments accounted for under the alternative method are recorded at cost and adjusted for impairments, if any, or observable price changes of the same or similar securities issued by the investee. International subsidiaries are included in the financial statements on the basis of their U.S. GAAP November 30 fiscal year ends to facilitate the timely inclusion of such entities in the Company’s consolidated financial reporting. All intercompany transactions and profits are eliminated in consolidation.

Use of Estimates

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

Foreign Currency Translation

Financial position and reported results of operations of the Company’s non-U.S. dollar functional currency international subsidiaries are measured using local currencies as the functional currency. Assets and liabilities of these operations are translated at the exchange rates in effect at each fiscal year end. The translation adjustments related to assets and liabilities that arise from changes in exchange rates from period to period are included in accumulated other comprehensive income (loss) in shareholders’ equity. Income statement accounts are translated at average rates of exchange prevailing during the year. As discussed in Note 19 Operating Segments and Geographic Information, the Company evaluates its international operations based on fixed rates of exchange; however, changes in exchange rates from period to period impact the amount of reported income from consolidated operations.

Concentration of Credit Risk

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

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

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

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

Cash and Cash Equivalents

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

Accounts Receivable and Allowance for Expected Credit Losses

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

The Company’s allowance for the expected return of products shipped and credits related to pricing or quantities shipped was $59 million, $19 million, and $16 million as of December 31, 2022, 2021 and 2020, respectively. Returns and credit activity is recorded directly as a reduction to revenue.

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



(millions)	2022		2021		2020

Beginning balance		$52.8		$68.4		$38.8
Adoption of new standard		-		-		4.3
Bad debt expense		38.1		15.0		57.7
Write-offs		(21.1)		(27.4)		(31.6)
Other (a)		2.1		(3.2)		(0.8)
Ending balance		$71.9		$52.8		$68.4

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

Inventory Valuations

Inventories are valued at the lower of cost or net realizable value. Certain U.S. inventory costs are determined on a last-in, first-out (“LIFO”) basis. LIFO inventories represented 29% and 27% of consolidated inventories as of December 31, 2022 and 2021, respectively. All other inventory costs are determined using either the average cost or first-in, first-out (“FIFO”) methods. Inventory values at FIFO, as shown in Note 6, approximate replacement cost.

Property, Plant and Equipment

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

Depreciation is charged to operations using the straight-line method over the assets’ estimated useful lives ranging from 5 to 40 years for buildings and leasehold improvements, 3 to 20 years for machinery and equipment, 3 to 20 years for merchandising and customer equipment and 3 to 7 years for capitalized software. The straight-line method of depreciation reflects an appropriate allocation of the cost of the assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. Depreciation expense was $619 million, $604 million and $594 million for 2022, 2021 and 2020, respectively.

Goodwill and Other Intangible Assets

Goodwill

Goodwill arises from the Company’s acquisitions and represents the excess of the fair value of the purchase consideration exchanged over the fair value of net assets acquired. The Company’s reporting units are largely its operating segments. Following the acquisition of Purolite in December 2021, the Company’s Life Sciences Operating Segment consists of the Purolite and Global Life Sciences Reporting Units. The Company assesses goodwill for impairment on an annual basis during the second quarter. If circumstances change or events occur that demonstrate it is more likely than not that the carrying amount of a reporting unit exceeds its fair value, the Company completes an interim goodwill impairment assessment of that reporting unit prior to the next annual assessment. If the results of an annual or interim goodwill impairment assessment demonstrate the carrying amount of a reporting unit is greater than its fair value, the Company will recognize an impairment loss for the amount by which the reporting unit’s carrying amount exceeds its fair value, but not to exceed the carrying amount of goodwill assigned to that reporting unit.

During the second quarter of 2022, the Company completed its annual goodwill impairment assessment for eleven of its twelve 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 2022 indicated the estimated fair values of each of these eleven reporting units exceeded the carrying amounts of the respective reporting unit by a significant margin. Given the recent acquisition of Purolite, the Company’s annual goodwill impairment assessment of the Purolite Reporting Unit was qualitative in nature and considered information regarding its operations, financial performance and the macroeconomic environment. After weighting both positive and negative information, it is more likely than not that the fair value of the Purolite Reporting Unit exceeds its carrying amount. No events were noted during the second half of 2022 that required completion of an interim goodwill impairment assessment for any of our twelve reporting units. There has been no impairment of goodwill in any of the periods presented.

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


			Global		Global
	Global		Institutional		Healthcare &
(millions)	Industrial		& Specialty		Life Sciences		Other		Total
December 31, 2020		$4,287.9		$564.1		$909.8		$245.1		$6,006.9
Current year business combinations (a)		6.9		17.2		2,123.2		-		2,147.3
Prior year business combinations (b)		(0.9)		-		-		-		(0.9)
Effect of foreign currency translation		(23.8)		(4.8)		(58.8)		(2.0)		(89.4)
December 31, 2021		$4,270.1		$576.5		$2,974.2		$243.1		$8,063.9
Prior year business combinations (b)		0.4		-		253.4		-		253.8
Effect of foreign currency translation		(188.7)		(8.9)		(102.2)		(5.2)		(305.0)
December 31, 2022		$4,081.8		$567.6		$3,125.4		$237.9		$8,012.7

(a)

Represents goodwill associated with current year acquistions. For 2021, approximately $2,209 million of goodwill related to businesses acquired is expected to be tax deductible related to the acquisitions of Purolite and National Wiper Alliance, Inc. (refer to Footnote 4 for additional information).

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

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 2022, the Company completed its annual impairment assessment of the Nalco trade name using the relief from royalty discounted cash flow method, which incorporates assumptions regarding future sales projections, royalty rate and discount rates. The Company’s Nalco trade name impairment assessment for 2022 indicated the estimated fair value of the Nalco trade name exceeded its $1.2 billion carrying amount by a significant margin. No events were noted during the second half of 2022 that required completion of an interim impairment assessment of our Nalco trade name. There has been no impairment of the Nalco trade name intangible asset since it was acquired.

The Company’s intangible assets subject to amortization include customer relationships, trademarks, patents and other technology primarily acquired through business acquisitions. The fair value of intangible assets acquired in business acquisitions are estimated primarily using discounted cash flow valuation methods at the time of acquisition. Intangible assets are amortized on a straight-line basis over their estimated lives. The weighted-average useful life of amortizable intangible assets was 15 years as of December 31, 2022 and 2021.

The weighted-average useful life by type of amortizable asset at December 31, 2022 were as follows:

(years)


Customer relationships		15
Patents		14
Trademarks		13
Other technology		12

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


(millions)
2020		$219
2021		239
2022		320
2023		299
2024		291
2025		285
2026		271
2027		146

Long-Lived Assets

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

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

Rental and Leases

Lessee

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

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

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

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

Lessor

The Company accounts for lease and nonlease components separately. The nonlease components, such as product and service revenue, are accounted for under Topic 606 Revenue from Contracts with Customers, refer to Note 18 for more information. Revenue from leasing equipment is recognized on a straight-line basis over the life of the lease. Cost of sales includes the depreciation expense for assets under operating leases. The assets are depreciated over their estimated useful lives. Initial lease terms range from one year to five years and most leases include renewal options.

Lease contracts convey the right for the customer to control the equipment for a period of time as defined by the contract. There are no options for the customer to purchase the equipment and therefore the equipment remains the property of the Company at the end of the lease term. Refer to Note 14 for additional information regarding rental and leases.

Income Taxes

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

The CHIPS Act (CHIPS) was signed into U.S. law on August 9, 2022. CHIPS includes incentives for domestic semiconductor manufacturing for expenditures incurred after December 31, 2022. The Company continues to assess qualification for the new tax incentives but does not anticipate CHIPS to have a material impact on the Company’s financial statements.

The Inflation Reduction Act (IRA) includes a corporate alternative minimum tax on certain large corporations, incentives to address climate change mitigation and other non-income tax provisions, including an excise tax on the repurchase of corporate stock. The IRA is effective January 1, 2023. The Company continues to assess the impact of the IRA and qualification for new tax incentives but does not anticipate the IRA to have a material impact on the Company’s financial statements.

Refer to Note 13 for additional information regarding income taxes.

Share-Based Compensation

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

All excess tax benefits or deficiencies are recognized as discrete income tax items on the Consolidated Statements of Income. The extent of excess tax benefits is subject to variation in stock price and stock option exercises. Refer to Note 12 for additional information regarding equity compensation plans.

Restructuring Activities

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

Revenue Recognition

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

Product and Sold Equipment

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

Service and Lease Equipment

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

Other Considerations

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

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

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

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

Earnings Per Common Share

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

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




(millions, except per share)	2022		2021		2020

Net income from continuing operations attributable to Ecolab		$1,091.7		$1,129.9		$967.4
Net loss from discontinued operations, net of tax		-		-		(2,172.5)
Net income (loss) attributable to Ecolab		$1,091.7		$1,129.9		($1,205.1)

Weighted-average common shares outstanding
Basic		285.2		286.3		287.0
Effect of dilutive stock options and units		1.4		2.8		3.3
Diluted		286.6		289.1		290.3

Earnings (loss) attributable to Ecolab per common share
Basic EPS
Continuing operations		$3.83		$3.95		$3.37
Discontinued operations		$-		$-		($7.57)
Earnings (loss) attributable to Ecolab		$3.83		$3.95		($4.20)
Diluted EPS
Continuing operations		$3.81		$3.91		$3.33
Discontinued operations		$-		$-		($7.48)
Earnings (loss) attributable to Ecolab		$3.81		$3.91		($4.15)

Anti-dilutive securities excluded from the computation of diluted EPS		3.9		1.9		1.9

Amounts do not necessarily sum due to rounding.

Discontinued Operations

Discontinued operations comprise those activities that were disposed of during the period or which were classified as held for sale at the end of the period and represent a strategic shift that has or will have a major effect on the Company’s operations and financial results. The ChampionX business met the criteria to be reported as discontinued operations because it was a strategic shift in business that had a major effect on the Company’s operations and financial results. The ChampionX business is presented on the Consolidated Statements of Income as discontinued operations. Refer to Note 5, Discontinued Operations, for additional information.

Other Significant Accounting Policies

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


Policy		Note
Fair value measurements		8
Derivatives and hedging transactions		9
Share-based compensation		12
Research and development expenditures		15
Legal contingencies		16
Pension and post-retirement benefit plans		17
Reportable segments		19

New Accounting Pronouncements


Standards That Are Not Yet Adopted:
			Required
	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 Company is currently evaluating any potential future impacts on the Company's financial statements, any such changes would be prospective.


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

ASU 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ASU 2021-01 - Reference Rate Reform (Topic 848): Scope ASU 2022-06 - Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848	March 2020	Certain LIBOR rates, widely used reference rates for pricing financial products, were discontinued on December 31, 2021. This standard provides optional expedients and exceptions if certain criteria are met when accounting for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.	Application of guidance is optional until the options and expedients expire on December 31, 2024.	The Company evaluated contracts whose terms previously included references to LIBOR or one of its equivalents and identified two contracts requiring modifications of the interest rate provisions included therein. The Company applied certain of the expedients included in ASC 848 allowing the Company to account for the contract modifications prospectively. There were no financial statement impacts at the time of modification.

ASU 2021 -10 - Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance	November 2021	Update to increase the transparency of government assistance including annual disclosure of the types of assistance accounted for under a grant or contribution method of accounting, an entity’s accounting for the assistance, and the effect of the assistance on an entity’s financial statements.	Annual period beginning January 1, 2022.	The adoption of this standard did not have a significant impact on the Company's financial statements.

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

SPECIAL (GAINS) AND CHARGES

12 Months Ended

Dec. 31, 2022

SPECIAL (GAINS) AND CHARGES

SPECIAL (GAINS) AND CHARGES

3. SPECIAL (GAINS) AND CHARGES

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



(millions)	2022		2021		2020
Cost of sales
Restructuring activities		$21.4		$24.7		$7.4
Acquisition and integration activities		25.0		4.2		3.9
COVID-19 activities, net		16.3		64.7		12.5
Russia/Ukraine		7.2		-		-
Other		-		0.3		24.4
Cost of sales subtotal		69.9		93.9		48.2

Special (gains) and charges
Restructuring activities		85.8		11.9		71.4
Acquisition and integration activities		14.5		29.9		8.5
Disposal and impairment activities		-		-		41.4
COVID-19 activities, net		10.2		42.4		23.6
Russia/Ukraine		5.9		-		-
Other		24.1		18.4		34.7
Special (gains) and charges subtotal		140.5		102.6		179.6

Operating income subtotal		210.4		196.5		227.8

Other (income) expense		50.6		37.2		0.4
Interest expense, net		-		33.1		83.8

Total special (gains) and charges		$261.0		$266.8		$312.0

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 Europe Program, Institutional Advancement Program, Accelerate 2020 and other immaterial restructuring programs which are described below. These activities have been included as a component of cost of sales, special (gains) and charges, other (income) expense and interest expense, net on the Consolidated Statements of Income. Restructuring liabilities have been classified as a component of other current and other noncurrent liabilities on the Consolidated Balance Sheets.

Europe Program

In November 2022 the Company approved a Europe cost savings program (the “Europe Program”). In connection with these actions, the Company expects to incur pre-tax charges of $130 million ($110 million after tax). The Europe Program charges are expected to be primarily cash expenditures related to severance and asset disposals. Actual costs may vary from these estimates depending on actions taken.

In 2022 the Company recorded total restructuring charges of $67.2 million ($56.0 million after tax) primarily related to severance. The liability related to the Europe Program was $62.0 million as of December 31, 2022 and 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 Europe Program since inception of the underlying actions includes the following:

Employee

Termination

Asset

(millions)

Costs

Disposals

Other

Total

2022 Activity

Recorded expense and accrual

67.2

-

67.2

Net cash payments

(5.2)

-

(5.2)

Restructuring liability, December 31, 2022

$62.0

$-

$62.0

On February 14, 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, the Company now expects to incur pre-tax charges of $195 million ($150 million after tax). The Company expects that these restructuring actions will be completed by 2024. Program actions include headcount reductions from terminations, not filing certain open positions and facility closures.The expanded program charges are expected to be primarily cash expenditures related to severance and asset disposals.

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 expect that these restructuring charges will be completed in 2023, with total anticipated costs of $70 million ($55 million after tax). The remaining costs are expected to be primarily cash expenditures for severance and non-cash related costs to equipment disposals. Actual costs may vary from these estimates depending on actions taken.

Certain activities contemplated in this Institutional Plan were previously approved in 2020 and included as part of Accelerate 2020. These activities were reclassified to the Institutional Plan. During 2022, 2021 and 2020, the Company recorded restructuring charges of $6.3 million ($4.8 million after tax), $12.6 million ($10.2 million after tax) and $35.2 million ($26.4 million after tax), respectively, primarily related to severance, disposals of equipment and office closures. The Company has recorded $54.1 million ($41.4 million after tax) of cumulative restructuring charges under the Institutional Plan. The liability related to the Institutional Plan was $1.9 million and $5.1 million as of December 31, 2022 and 2021, respectively, and 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 Institutional Plan since inception of the underlying actions includes the following:


	Employee
	Termination		Asset
(millions)	Costs		Disposals		Other		Total
2020 Activity
Recorded expense and accrual		$25.6		$-		$9.6		$35.2
Net cash payments		(0.9)		-		(9.6)		(10.5)
Restructuring liability, December 31, 2020		24.7		-		-		24.7

2021 Activity
Recorded expense (income) and accrual		($1.8)		$8.5		$5.9		$12.6
Net cash payments		(19.0)				(4.7)		(23.7)
Non-cash net charges		-		(8.5)		-		(8.5)
Restructuring liability, December 31, 2021		3.9		-		1.2		5.1

2022 Activity
Recorded expense (income) and accrual		1.2		4.9		0.2		6.3
Net cash payments		(3.8)		-		(0.8)		(4.6)
Non-cash net charges		-		(4.9)		-		(4.9)
Restructuring liability, December 31, 2022		$1.3		$-		$0.6		$1.9

Accelerate 2020

During 2018, the Company formally commenced a restructuring plan Accelerate 2020 (“the A2020 Plan”), to leverage technology and systems investments and organizational changes. The goals of the Plan are 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. During 2020, the Company expanded the Plan for additional costs and savings to further leverage the technology and structural improvements. The Company completed the plan with actual costs of $254 million ($198 million after tax) when revised for continuing operations.

The Company recorded restructuring charges of $9.9 million ($8.4 million after tax), $5.3 million ($6.2 million after tax) and $41.8 million ($33.0 million after tax) in 2022, 2021 and 2020, respectively, primarily related to severance. Of these expenses, $0.3 million ($0.2 million after tax) during 2020 is recorded in other (income) expense and related to pension settlements and curtailments. The liability related to this Restructuring Plan was $18.1 million and $32.7 million as of December 31, 2022 and 2021, respectively. The Company has recorded $254.4 million ($198.4 million after tax) of cumulative restructuring charges under the Plan. 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 A2020 Plan since inception of the underlying actions includes the following:


	Employee
	Termination		Asset
(millions)	Costs		Disposals		Other		Total
Restructuring liability, December 31, 2019		$94.0		$-		$1.5		$95.5
2020 Activity
Recorded expense and accrual		29.5		7.8		4.5		41.8
Net cash payments		(56.8)		-		(1.0)		(57.8)
Non-cash charges		-		(7.8)		-		(7.8)
Effect of foreign currency translation		0.1		-		-		0.1
Restructuring liability, December 31, 2020		66.8		-		5.0		71.8

2021 Activity
Recorded expense and accrual		4.3		0.3		0.7		5.3
Net cash payments		(39.1)		-		(5.0)		(44.1)
Non-cash charges		-		(0.3)		-		(0.3)
Restructuring liability, December 31, 2021		32.0		-		0.7		32.7

2022 Activity
Recorded expense (income) and accrual		5.4		1.9		2.6		9.9
Net cash payments		(21.8)		-		(0.8)		(22.6)
Non-cash charges		-		(1.9)		-		(1.9)
Restructuring liability, December 31, 2022		$15.6		$-		$2.5		$18.1

Other Restructuring Activities

During 2022, 2021, and 2020, the Company recorded other restructuring charges of $23.8 million ($17.9 million after tax), $18.7 million ($17.0 million after tax), and $1.8 million ($1.2 million after tax), respectively, related to other immaterial restructuring activity. The charges are comprised primarily of severance and asset write-offs.

The restructuring liability balance for all other restructuring plans excluding Europe Program, the A2020 Plan and the Institutional Plan was $23.2 million and $4.6 million as of December 31, 2022 and 2021, respectively. The increase in liability was driven primarily by severance expense. The remaining liability is expected to be paid over a period of a few months to several quarters and will continue to be funded from operating activities. Cash payments during 2022 related to all other restructuring plans excluding the Europe Program, the A2020 Plan and Institutional Plan were $5.2 million.

Acquisition and integration related costs

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

Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income include $29.9 million ($23.5 million after tax) in 2021. Charges are related primarily to the Purolite acquisition and consisted of deal costs, integration costs and advisory and legal fees. Acquisition and integration costs reported in product and equipment cost of sales on the Consolidated Statements of Income in 2021 include $4.2 million ($3.3 million after tax) and are related to the recognition of fair value step-up in the Purolite inventory. In conjunction with its acquisitions, the Company incurred $0.8 million ($0.6 million after tax) of special (gains) and charges reported in interest expense in 2021.

During 2020, acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income include $8.5 million ($6.9 million after tax). Charges are related to the Copal Invest NV, including its primary operating entity CID Lines (collectively, “CID Lines”), Bioquell PLC (“Bioquell”) and the Laboratoires Anios (“Anios”) acquisitions and consist of integration costs and advisory and legal fees. Acquisition and integration costs reported in product and equipment cost of sales on the Consolidated Statements of Income in 2020 include $3.9 million ($3.2 million after tax) and are related to recognition of fair value step-up in CID Lines inventory, severance and the closure of a facility. In conjunction with its acquisitions, the Company incurred $0.7 million ($0.6 million after tax) of special (gains) and charges reported in interest expense in 2020.

Disposal and impairment charges

Disposal and impairment charges reported in special (gains) and charges on the Consolidated Statements of Income include $41.4 million ($41.5 million after tax) in 2020. During 2020, the Company recorded a $28.6 million ($28.6 million after tax) impairment for a minority equity method investment due to the COVID-19 impact on the economic environment and the liquidity of the minority equity method investment. In addition, the Company recorded charges of $12.8 million ($12.9 million after tax) related to the disposal of Holchem Group Limited (“Holchem”) for the loss on sale and related transaction fees during 2020.

COVID-19 activities

The Company recorded inventory reserves of $15.0 million and $60.0 million during 2022 and 2021, respectively, for excess sanitizer inventory and estimated disposal costs. The Company recorded charges of $2.4 million, $36.8 million and $57.1 million during 2022, 2021 and 2020, respectively, to protect the wages of certain employees directly impacted by the COVID-19 pandemic. The Company recorded charges of $9.8 million, $16.5 million and $2.4 million related to employee COVID-19 testing and related expenses during 2022, 2021 and 2020, respectively. In addition, the Company received subsidies and government assistance, which were recorded as a special (gain) and charges of ($0.7) million, ($6.2) million and ($23.4) million during 2022, 2021 and 2020, respectively. COVID-19 pandemic charges are recorded in product and equipment cost of sales, service and lease cost of sales, and special (gains) and charges on the Consolidated Statements of Income. Total after tax net charges related to COVID-19 pandemic were $20.2 million, $81.3 million and $27.4 million during 2022, 2021 and 2020, respectively.

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 the Company’s Russian business to operations that are essential to life, providing minimal support for the Company’s healthcare, life sciences, food and beverage and certain water businesses. The Company incurred charges of $13.1 million ($12.6 million after tax) during 2022, primarily related to recoverability risk of certain assets in both Russia and Ukraine.

Other operating activities

Other operating activities recorded in special charges of $24.1 million ($18.2 million after tax) in 2022, $18.4 million ($14.1 million after tax) in 2021 and $34.7 million ($33.9 million after tax) in 2020 relate primarily to legal reserves and certain legal charges, which are recorded in special (gains) and charges on the Consolidated Statements of Income. In 2020, other operating activities recorded in special charges of $24.4 million ($16.0 million after tax) were recorded in product and equipment cost of sales on the Consolidated Statements of Income related to a Healthcare product recall in Europe.

The Company also recorded a $7.2 million special charge in 2020 related to the separation of ChampionX as a tax expense on the Consolidated Statements of Income.

Other (income) expense

During 2022 and 2021, the Company incurred pension settlement expense recorded in other (income) expense on the Consolidated Statements of Income of $50.6 million ($38.2 million after tax) and $37.2 million ($28.7 million after tax), respectively, related to U.S. pension plan lump-sum payments to retirees.

Interest expense, net

During 2021 and 2020, the Company recorded special charges of $32.3 million ($28.4 million after tax) and $83.1 million ($64.0 million after tax), respectively, in interest expense on the Consolidated Statements of Income related to debt issuance and refinancing charges.

ACQUISITIONS AND DISPOSITIONS

12 Months Ended

Dec. 31, 2022

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS

4. ACQUISITIONS AND DISPOSITIONS

Acquisitions

The Company makes business acquisitions that align with its strategic business objectives. The assets and liabilities of acquired businesses are recorded in the Consolidated Balance Sheets based on estimates of the fair value of assets acquired, liabilities assumed and noncontrolling interests acquired as of the acquisition date. Goodwill is recognized in the amount that the purchase consideration paid exceeds the fair value of the net assets acquired. Purchase consideration includes both cash paid and the fair value of noncash consideration exchanged, including stock and/or contingent consideration exchanged, and is reduced by the amount of cash or cash equivalents acquired. Acquisitions during 2021 and 2020 were not significant to the Company’s consolidated financial statements; therefore, pro forma financial information is not presented.

2022 Activity

No acquisitions occurred during 2022.

2021 Activity

Purolite Acquisition

On December 1, 2021, the Company acquired Purolite for total consideration of $3,706 million in cash, net of cash acquired. Purolite is a US-based business that is a leading and fast-growing global provider of resins for the separation and purification of solutions that is highly complementary to the Company’s current offering and critical to safe, high quality drug production and biopharma product purification in the life sciences industries. It also provides purification and separation solutions for critical industrial markets like microelectronics, nuclear power and food and beverage. Prior to acquisition, Purolite prepared its consolidated financial statements pursuant to the requirements of UK GAAP.

The Purolite acquisition has been accounted for as a business combination with the assets acquired and liabilities assumed recognized at fair value as of the acquisition date. The fair values of intangible assets acquired were estimated using discounted cash flow analyses appropriate in the circumstances for the nature of the assets being valued. The valuation models incorporated projections of future cash flows and other valuation assumptions. Significant inputs and assumptions used in the Company’s customer relationship intangible asset valuations include projected revenues, contributory asset charges, tax savings due to amortization, income tax rates, customer attrition rates and discount rates. Significant inputs and assumptions used in the Company’s tradename and acquired technology intangible asset valuations include projected revenues, future asset utilities, royalty rates, tax saving due to amortization, income tax rates and discount rates.

The Company incurred certain transaction and integration costs associated with the acquisition that were expensed and were recorded in the Consolidated Statements of Income. Further information related to the Company’s special (gains) and charges is included in Note 3.

Purolite purchase accounting was finalized in the fourth quarter of 2022. The following table summarizes the final value of Purolite assets acquired and liabilities assumed, net of cash acquired, as of the acquisition date:


(millions)	December 1, 2021
Tangible assets		$361.9
Identifiable intangible assets
Customer relationships		870.0
Other technologies		285.0
Trademarks		73.0
Total assets acquired		1,589.9

Goodwill		2,260.6

Total liabilities		144.8
Total consideration transferred to sellers, net of cash acquired		$3,705.7

During 2022, the Company recorded purchase accounting adjustments associated with the finalization of the purchase accounting for its acquisition of Purolite. As a result of these purchase accounting adjustments, the Company made $7.2 million of acquisition-related payments, acquisition related net tangible assets decreased by $54.0 million, definite-lived intangible assets decreased by $185.4 million and goodwill increased by $246.6 million.

Tangible assets acquired primarily consist of accounts receivable of $61.6 million, property, plant and equipment of $156.5 million and inventory of $122.4 million. Liabilities assumed primarily consist of deferred tax liabilities of $38.2 million and current liabilities of $77.6 million. Identified intangible assets primarily consist of customer relationships, acquired technologies, and trade names and are being amortized over weighted average lives of 17, 14, and 5 years, respectively, with a weighted average life of 15 years.

Goodwill of $2,260.6 million arising from the acquisition consists largely of the synergies and economies of scale expected through adding complementary geographies and innovative products to the Company’s Life Sciences businesses. Purolite became part of the Global Healthcare & Life Sciences reportable segment. Goodwill of $2,146.3 million is deductible for income tax purposes.

Other Acquisitions

In December 2020, the Company acquired VanBaerle Hygiene AG (“VanBaerle”), a Switzerland-based business which sells cleaning products and related services to restaurants, long-term care facilities, hotels and laundries primarily for institutional applications. VanBaerle became part of the Global Institutional & Specialty reporting segment. The purchase price included immaterial amounts of holdback and contingent consideration, the remaining amounts of which were settled prior to December 31, 2022. Purchase accounting was finalized in the fourth quarter of 2021.

In February 2021, the Company acquired TechTex Holdings Limited (“TechTex”), a U.K.-based business which sells wet and dry wipes and other nonwovens products primarily for life sciences and healthcare applications. TechTex became part of the Global Healthcare & Life Sciences reporting segment. The purchase price included an immaterial holdback amount that was settled prior to December 31, 2021. Purchase accounting was finalized in the first quarter of 2022.

In July 2021, the Company acquired National Wiper Alliance, Inc. (“NWA”), a U.S.-based business which sells wipes for healthcare and institutional applications. NWA became part of the Global Healthcare & Life Sciences reporting segment. Purchase accounting was finalized in the third quarter of 2022.

In September 2021, the Company acquired EPN Water Col, Ltd. (“EPN”), a South Korean-based business which sells chemical products and manages installations at water treatment chemical injection facilities. EPN became part of the Global Industrial reporting segment. Purchase accounting was finalized in the fourth quarter of 2022.

The goodwill related to the acquisitions of VanBaerle, TechTex, or EPN is not tax deductible, whereas the goodwill arising from the acquisition of NWA is tax deductible.

2020 Activity

CID Lines Acquisition

On May 11, 2020, the Company acquired CID Lines for total consideration of $506.9 million in cash, net of cash acquired. CID Lines, a Belgian-based business is a leading global provider of livestock biosecurity and hygiene solutions.

The CID Lines acquisition has been accounted for as a business combination with the assets acquired and liabilities assumed recognized at fair value as of the acquisition date. The Company incurred certain transaction and integration costs associated with the acquisition that were expensed and recorded in the Consolidated Statements of Income. Further information related to the Company’s special (gains) and charges is included in Note 3.

CID Lines purchase accounting was finalized in the second quarter of 2021. The following table summarizes the final value of CID Lines assets acquired and liabilities assumed, net of cash acquired, as of the acquisition date:


(millions)	May 11, 2020
Tangible assets		$54.1
Identifiable intangible assets
Customer relationships		147.5
Trademarks		58.6
Acquired technologies and product registrations		47.7
Total assets acquired		307.9

Goodwill		274.8

Total liabilities		97.2
Total consideration transferred to sellers, net of cash acquired		$485.5

Tangible assets acquired primarily consist of accounts receivable of $30.1 million, property, plant and equipment of $7.7 million and inventory of $16.3 million. Liabilities assumed primarily consist of deferred tax liabilities of $64.8 million and current liabilities of $32.4 million. Identified intangible assets primarily consist of customer relationships, trademarks, and acquired technology and product registrations and are being amortized over weighted average lives of 14, 14, and 16 years, respectively, with a weighted average life of 14 years.

Goodwill of $274.8 million arising from the acquisition consists largely of the synergies and economies of scale expected through adding complementary geographies and innovative products to the Company’s Food and Beverage businesses. CID Lines became part of the Global Industrial reportable segment. None of the goodwill recognized from the acquisition is expected to be deductible for income tax purposes.

During 2021, the Company recorded purchase accounting adjustments associated with the finalization of the purchase accounting for its acquisition of CID Lines. As a result of these adjustments, the Company decreased goodwill recognized from the acquisition of CID Lines by $0.9 million.

Acquisitions

The components of the cash paid for other acquisitions, excluding the Purolite and CID Lines acquisitions (as further disclosed above), for 2022, 2021 and 2020, are shown in the following table:



(millions)	2022		2021		2020
Net tangible assets acquired		$-		$3.6		$-

Identifiable intangible assets
Customer relationships		-		75.0		-
Trademarks		-		4.7		-
Non-compete agreements		-		3.0		-
Other technologies		-		1.5		-
Total intangible assets		-		84.2		-

Goodwill		-		140.6		-
Total aggregate purchase price		-		228.4		-

Acquisition-related liabilities and contingent consideration (a)		-		(4.4)		-
Total cash paid for acquisitions, including acquisition-related
liabilities and contingent consideration, net of cash acquired		$-		$224.0		$-

(a)Subsequent to the acquisitions, $1.4 in contingent consideration was remitted to the seller during 2021 and is included in investing activities on the Consolidated Statement of Cash Flows.

During 2022, the Company recorded purchase accounting adjustments associated with the finalization of the purchase accounting for its acquisitions of TechTex, NWA and EPN. As a result of these purchase accounting adjustments, acquisition related net tangible assets decreased by $1.6 million, definite-lived intangible assets decreased by $5.6 million, and goodwill increased by $7.2 million.

The weighted average useful lives of definite-lived intangible assets acquired from other acquisitions were 13 years for acquisitions completed in 2021.

Dispositions

In the second quarter of 2020, the Company completed the sale of Holchem, a U.K.-based supplier of hygiene and cleaning products and services for the food and beverage, foodservice and hospitality industries for total consideration of $106.6 million. Consideration consisted of $55.4 million of cash and the receipt of notes valued at $51.2 million from the acquirer. In the fourth quarter of 2020, all outstanding principal and interest on the notes was paid by the acquirer. After the recognition of transaction costs, the Company recognized an after-tax loss of $12.8 million, which was classified within special charges in the Consolidated Statements of Income. Holchem was included in the Global Industrial reportable segment prior to disposition.

As discussed in Note 5, the ChampionX separation met the criteria to be reported as discontinued operations. No other dispositions were significant to the Company’s consolidated financial statements for 2022, 2021 or 2020.

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2022

DISCONTINUED OPERATIONS.

DISCONTINUED OPERATIONS

5. Discontinued Operations

On June 3, 2020, the Company effected the split-off of ChampionX through an offer to exchange (the “Exchange Offer”) all shares of ChampionX common stock owned by Ecolab for outstanding shares of Ecolab common stock. In the Exchange Offer, which was oversubscribed, the Company accepted approximately 5.0 million shares of Ecolab common stock in exchange for approximately 122.2 million shares of ChampionX common stock. In the Merger, each outstanding share of ChampionX common stock was converted into the right to receive one share of Apergy common stock, and ChampionX survived the Merger as a wholly owned subsidiary of ChampionX Corporation. In connection with and in accordance with the terms of the Transaction, prior to the consummation of the Exchange Offer and the Merger, ChampionX distributed $527.4 million in cash to Ecolab.

The following is a summary of the assets and liabilities transferred to ChampionX as part of the separation:



(millions)
Assets:
Cash and cash equivalent			$60.6
Current assets			810.5
Non-current assets			3,222.3
			4,093.4
Liabilities:
Current liabilities			313.0
Non-current liabilities			293.7
			606.7

Net assets distributed to ChampionX			($3,486.7)
Fair value of shares exchanged			1,051.4
Cash received from ChampionX			527.4
Consideration received less net assets			(1,907.9)

ChampionX cumulative translation adjustment ("CTA") write-off			(229.9)
Loss on separation			($2,137.8)

The Company accounted for this transaction as a sale and recognized a loss based on ChampionX net assets exceeding the effective proceeds.

The ChampionX business, as discussed in Note 1, met the criteria to be reported as discontinued operations because the separation of the ChampionX business was a strategic shift in business that had a major effect on the Company’s operations and financial results. The historical financial results of the ChampionX business are reflected in the Company’s consolidated financial statements as discontinued operations, for all periods presented, and assets and liabilities were retrospectively reclassified as assets and liabilities of discontinued operations.

Summarized results of the Company’s discontinued operations are as follows:



(millions)	2022		2021		2020

Product and equipment sales		$-		$-		$858.9
Service and lease sales		-		-		99.6
Net sales		-		-		958.5
Product and equipment cost of sales		-		-		621.7
Service and lease cost of sales		-		-		80.4
Cost of sales (including special charges)		-		-		702.1
Selling, general and administrative expenses		-		-		180.5
Special (gains) and charges		-		-		2,221.7
Operating income		-		-		(2,145.8)
Other (income) expense		-		-		0.3
Interest expense (income), net		-		-		0.2
Income before income taxes		-		-		(2,146.3)
Provision for income taxes		-		-		24.0
Net loss including noncontrolling interest		-		-		(2,170.3)
Net income attributable to noncontrolling interest		-		-		2.2
Net loss from discontinued operations, net of tax		$-		$-		($2,172.5)

Special (gains) and charges of $2,221.7 million in 2020 primarily relate to the loss on sale, professional fees incurred to support the Transaction and restructuring charges specifically related to the ChampionX business. These charges have been included as a component of both cost of sales and special (gains) and charges in discontinued operations.

The Company also recognized discrete tax expense primarily related to friction costs associated with ChampionX separation activity of $22.7 million during 2020 that is allocated within discontinued operations tax expense.

In connection with the Transaction, the Company entered into agreements with ChampionX and Apergy to effect the separation and to provide a framework for the relationship following the separation, which included a Separation and Distribution Agreement, an Intellectual Property Matters Agreement, an Employee Matters Agreement, a Transition Services Agreement, and a Tax Matters Agreement. Transition services primarily involve the Company providing certain services to ChampionX related to general and administrative services for terms of up to 18 months following the separation. The amounts billed for transition services provided under the above agreements were $12.5 million and $14.3 million during 2021 and 2020, respectively.

The Company also 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. 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 2022, 2021 and 2020 were $124.0 million, $139.4 million and $99.7 million, respectively. As of December 31, 2022, the Company had an outstanding accounts receivable balance for sales of product to ChampionX of $12.9 million.

BALANCE SHEETS INFORMATION

12 Months Ended

Dec. 31, 2022

BALANCE SHEETS INFORMATION

BALANCE SHEETS INFORMATION

6. BALANCE SHEET INFORMATION



	December 31		December 31
(millions)	2022		2021
Accounts receivable, net
Accounts receivable		$2,829.0		$2,549.9
Allowance for expected credit losses and other accruals		(130.9)		(71.5)
Total		$2,698.1		$2,478.4

Inventories
Finished goods		$1,122.7		$1,010.6
Raw materials and parts		849.2		596.1
Inventories at FIFO cost		1,971.9		1,606.7
FIFO cost to LIFO cost difference		(179.1)		(114.9)
Total		$1,792.8		$1,491.8

Other current assets
Prepaid assets		$123.9		$121.2
Taxes receivable		184.1		151.3
Derivative assets		57.5		61.4
Other		39.2		23.1
Total		$404.7		$357.0

Property, plant and equipment, net
Land		$161.3		$159.2
Buildings and leasehold improvements		1,126.9		1,134.1
Machinery and equipment		1,966.3		1,968.7
Merchandising and customer equipment		2,635.5		2,708.2
Capitalized software		962.1		884.6
Construction in progress		403.8		325.0
		7,255.9		7,179.8
Accumulated depreciation		(3,962.5)		(3,891.3)
Total		$3,293.4		$3,288.5

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		3,292.8		3,444.6
Patents		497.0		496.3
Trademarks		404.0		561.1
Other technologies		518.8		527.2
		4,712.6		5,029.2
Accumulated amortization
Customer relationships		(1,581.7)		(1,440.9)
Patents		(292.3)		(269.3)
Trademarks		(202.5)		(170.3)
Other technologies		(185.4)		(154.6)
		(2,261.9)		(2,035.1)
Net intangible assets subject to amortization		2,450.7		2,994.1
Total		$3,680.7		$4,224.1

Other assets
Deferred income taxes		$108.1		$120.6
Pension		118.4		114.6
Derivative asset		44.5		29.4
Other		264.1		281.4
Total		$535.1		$546.0



	December 31		December 31
(millions)	2022		2021
Other current liabilities
Discounts and rebates		$357.8		$341.1
Dividends payable		150.8		146.3
Interest payable		58.7		47.7
Taxes payable, other than income		162.9		154.2
Derivative liabilities		21.9		-
Restructuring		100.6		39.1
Contract liability		116.5		91.7
Operating lease liabilities		108.3		115.1
Other		208.4		209.0
Total		$1,285.9		$1,144.2

Accumulated other comprehensive income (loss)
Unrealized gain (loss) on derivative financial instruments, net of tax		$3.7		$4.9
Unrecognized pension and postretirement benefit expense, net of tax		(467.4)		(632.8)
Cumulative translation, net of tax		(1,262.9)		(1,006.9)
Total		($1,726.6)		($1,634.8)

DEBT AND INTEREST

12 Months Ended

Dec. 31, 2022

DEBT AND INTEREST

DEBT AND INTEREST

7. DEBT AND INTEREST

Short-term Debt

The following table provides the components of the Company’s short-term debt obligations, along with applicable interest rates as of December 31, 2022 and 2021:

2022

2021

Average

Carrying

Interest

Carrying

Interest

(millions)

Value

Rate

Value

Rate

Short-term debt

Commercial paper

$-

-

%

$400.0

0.28

%

Notes payable

3.7

7.28

%

8.5

7.95

%

Long-term debt, current maturities

501.4

2.5

Total

$505.1

$411.0

Line of Credit

As of December 31, 2022, the Company had in place a $2.0 billion multi-currency revolving credit facility which expires in April 2026. The credit facility has been established with a diverse syndicate of banks and supports the Company’s U.S. and Euro commercial paper programs. There were no borrowings under the Company’s credit facility as of December 31, 2022 and 2021.

The Company has $337 million of available bank supported letters of credit, surety bonds and guarantees available in support of its commercial business transactions of which $144 million is outstanding as of 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 $400 million outstanding commercial paper under its U.S. program as of December 31, 2021.

As of December 31, 2022, the Company’s short-term borrowing program was rated A-2 by Standard & Poor’s, P-2 by Moody’s and F-1 by Fitch.

Notes Payable

The Company’s notes payable consists of uncommitted credit lines with major international banks and financial institutions, primarily to support global cash pooling structures. As of December 31, 2022 and 2021, the Company had $3.7 million and $8.5 million, respectively, outstanding under these credit lines. Approximately $1,925 million and $1,628 million of these credit lines were available for use as of December 31, 2022 and 2021, respectively.

Long-term Debt

The following table provides the components of the Company’s long-term debt obligations, along with applicable interest rates as of December 31, 2022 and 2021:


		2022								2021
				Stated		Effective				Stated		Effective
	Maturity	Carrying		Interest		Interest		Carrying		Interest		Interest
(millions)	by Year	Value		Rate		Rate		Value		Rate		Rate

Long-term debt
Public notes (2022 principal amount)
Two year 2021 senior notes ($500 million)	2023		$498.7	0.90	%	1.19	%		$497.2	0.90	%	1.19	%
Seven year 2016 senior notes (€575 million)	2024		596.9	1.00	%	1.03	%		649.3	1.00	%	1.19	%
Ten year 2015 senior notes (€575 million)	2025		596.7	2.63	%	2.81	%		649.7	2.63	%	2.87	%
Ten year 2016 senior notes ($750 million)	2026		721.1	2.70	%	3.21	%		744.9	2.70	%	2.89	%
Ten year 2017 senior notes ($500 million)	2027		433.9	3.25	%	4.77	%		488.4	3.25	%	2.89	%
Six Year 2021 senior notes ($500 million)	2027		496.5	1.65	%	1.83	%		495.7	1.65	%	1.84	%
Five Year 2022 senior notes ($500 million)	2028		492.7	5.25	%	5.36	%		-	-	%	-	%
Ten year 2020 senior notes ($698 million)	2030		653.5	4.80	%	3.72	%		709.1	4.80	%	4.06	%
Ten year 2020 senior notes ($600 million)	2031		555.2	1.30	%	1.70	%		593.4	1.30	%	1.39	%
Eleven year 2021 senior notes ($650 million)	2032		644.6	2.13	%	2.24	%		644.0	2.13	%	2.24	%
Thirty year 2011 senior notes ($389 million)	2041		384.5	5.50	%	5.62	%		384.3	5.50	%	5.63	%
Thirty year 2016 senior notes ($200 million)	2046		197.3	3.70	%	3.81	%		197.2	3.70	%	3.81	%
Thirty year 2017 senior notes ($484 million)	2047		425.5	3.95	%	4.79	%		424.3	3.95	%	4.80	%
Thirty year 2020 senior notes ($500 million)	2050		490.7	2.13	%	2.23	%		490.4	2.13	%	2.24	%
Thirty year 2021 senior notes ($850 million)	2051		838.9	2.70	%	2.78	%		838.5	2.70	%	2.78	%
Thirty-four year 2021 senior notes ($685 million)	2055		537.2	2.75	%	3.86	%		535.3	2.75	%	3.87	%
Finance lease obligations and other			12.8						8.0
Total debt			8,576.7						8,349.7
Long-term debt, current maturities			(501.4)						(2.5)
Total long-term debt			$8,075.3						$8,347.2

Public Notes

In November 2022, the Company issued $500 million in aggregate principal five year fixed rate notes with a coupon rate of 5.25% (“New 5-Year Note”). The proceeds are intended to be used for general corporate purposes, which may include, without limitation, repayment of commercial paper borrowings or other indebtedness. The notes mature January 2028.

In December 2021, the Company issued $2.5 billion in notes to repay the $3.0 billion delayed draw term loan used to fund the Purolite acquisition. These notes were comprised of $500 million 0.9% notes due 2023, $500 million 1.65% notes due 2027, $650 million 2.125% notes due 2032, and $850 million 2.7% notes due 2051.

In August 2021, the Company completed a private offering of a $300 million aggregate principal 34-year fixed rate notes with a coupon rate of 2.75% (“New 34-year Notes”). Immediately following the offering, the Company completed a private offering to exchange a portion of the outstanding senior notes due 2030, 2041, 2046, 2047 (“Old Notes”), for $385 million of New 34-year Notes. In connection with the exchange offering, $387 million of Old Notes were validly tendered and subsequently cancelled.

During the fourth quarter of 2021, pursuant to a registration rights agreement pertaining to the New 34-year Notes, the Company filed a registration statement regarding an offer to exchange each series of the New 34-year Notes for new issues of notes registered under the U.S. Securities Act of 1933, as amended. The registration statement was declared effective, and substantially all of the New 34-year Notes were exchanged. The terms of each series of the new notes are substantially identical to the terms of the applicable series of New 34-year Notes, except that the new notes are registered as mentioned above and the transfer restrictions and registration rights and related special interest provisions applicable to the New 34-year Notes do not apply to the new notes.

The New 34-year Notes bear a lower fixed coupon rate on an extended maturity date, compared with the Old Notes that were exchanged. There were no other significant changes to the terms between the Old Notes and the New 34-year Notes. The exchange was accounted for as a debt modification, and there were cash payments to the note holders of $118 million as a result of the exchange. Existing deferred financing costs associated with the Old Notes, as well as discounts associated with the New 34-year Notes aggregating $143 million, are being amortized over the term of the New 34-year Notes and recorded as interest expense.

In September 2021, the Company completed the retirement of the $500 million 2.375% Notes due 2022 and the $400 million 3.25% Notes due 2023 which was accounted for as a debt extinguishment. A make-whole premium of $25.0 million was expensed immediately and is reflected as a financing cash flow activity.

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 and Future Maturities

The Company is in compliance with all covenants under the Company’s outstanding indebtedness at December 31, 2022.

As of December 31, 2022, the aggregate annual maturities of long-term debt for the next five years were:


(millions)
2023			$501
2024			607
2025			597
2026			721
2027			930

Net Interest Expense

Interest expense and interest income incurred during 2022, 2021 and 2020 were as follows:



(millions)	2022		2021		2020
Interest expense		$252.1		$230.6		$304.8
Interest income		(8.5)		(12.3)		(14.6)
Interest expense, net		$243.6		$218.3		$290.2

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

During 2021, the Company issued, exchanged and retired certain long-term debt, incurring debt refinancing charges of $32.3 million ($28.4 million after tax), which are included as a component of interest expense, net on the Consolidated Statements of Income.

During 2020, the Company retired certain long-term debt, and incurred debt refinancing charges of $83.1 million ($64.0 million after tax), which are included as a component of interest expense, net on the Consolidated Statements of Income.

- 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

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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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+ Details

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2022

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

8. FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

December 31, 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

-


	December 31, 2021
(millions)	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3
Assets
Foreign currency forward contracts		$94.5		$-		$94.5		$-
Interest rate swap agreements		1.8		-		1.8		-
Cross-currency swap derivative contracts		9.4		-		9.4		-

Liabilities
Foreign currency forward contracts		12.6		-		12.6		-
Interest rate swap agreements		10.1		-		10.1		-
Cross-currency swap derivative contracts		1.6		-		1.6		-

The carrying value of foreign currency forward contracts are at fair value, which are determined based on foreign currency exchange rates as of the balance sheet date and classified within Level 2. The carrying value of interest rate swap agreements 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 within Note 9.

Contingent consideration obligations are recognized and measured at fair value at the acquisition date and thereafter until settlement or expiration. Contingent consideration is classified within Level 3 as the underlying fair value is determined using income-based valuation approaches appropriate for the terms and conditions of each respective contingent consideration. The consideration expected to be transferred is based on the Company’s expectations of various financial measures. The ultimate payment of contingent consideration could deviate from current estimates based on the actual results of these financial measures. Contingent consideration during 2022, 2021 and 2020 were not significant to the Company’s consolidated financial statements.

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

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

December 31, 2022

December 31, 2021

Carrying

Fair

Carrying

Fair

Amount

Value

Amount

Value

Long-term debt, including current maturities

$8,576.6

$7,643.6

$8,349.7

$9,085.3

- 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

12 Months Ended

Dec. 31, 2022

DERIVATIVES AND HEDGING TRANSACTIONS

DERIVATIVES AND HEDGING TRANSACTIONS

9. 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 on the balance sheet 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

December 31

December 31

December 31

December 31

(millions)

2022

2021

2022

2021

Derivatives designated as hedging instruments

Foreign currency forward contracts

$78.6

$44.7

$9.2

$2.6

Interest rate swap agreements

-

1.8

181.4

10.1

Cross-currency swap derivative contracts

58.7

9.4

14.5

1.6

Derivatives not designated as hedging instruments

Foreign currency forward contracts

40.3

49.8

74.1

10.0

Gross value of derivatives

177.6

105.7

279.2

24.3

Gross amounts offset in the Consolidated Balance Sheets

(75.6)

(14.9)

(75.6)

(14.9)

Net value of derivatives

$102.0

$90.8

$203.6

$9.4

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


	Notional Values
		December 31	December 31
(millions)		2022	2021

Foreign currency forward contracts		$5,745		$4,059
Interest rate swap agreements		1,500		1,250
Cross-currency swap derivative contracts		650		482

Cash Flow Hedges

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

Fair Value Hedges

The Company manages interest expense using a mix of fixed and floating rate debt. To help manage exposure to interest rate movements and to reduce borrowing costs, the Company may enter into interest rate swaps under which the Company agrees to exchange, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed upon notional principal amount. The mark-to-market of these fair value hedges is recorded as gains or losses in interest (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 April 2022, the Company entered into an interest rate swap agreement that converted $250 million of its 4.8% debt from a fixed interest rate to a floating interest rate. In aggregate, the Company has entered into a series of interest rate swap agreements to convert $1.5 billion of its debt from a fixed interest rate to a floating interest rate. The fixed interest rates range from 1.3% to 4.8% and mature between 2026 and 2031. All of these interest rate swaps 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:


Line item in which the hedged item is included	Carrying amount of the hedged liabilities						Cumulative amount of the fair value hedging adjustment included in the carrying amount of the hedged liabilities
(millions)	2022		2021		2020		2022		2021		2020
Long-term debt		$1,317.5		$1,235.6		$-		($184.8)		($12.1)		$-

Net Investment Hedges

The Company designates its outstanding €1,150 million ($1,194 million as of year-end 2022) senior notes (“Euronotes”) and related accrued interest as a hedge of its Euro denominated exposures from the Company’s investments in certain of its Euro denominated functional currency subsidiaries.

In October of 2022, the Company entered into a cross-currency swap derivative contract with a notional amount of €200 million maturing in 2026. In aggregate, the Company has entered into a series of cross-currency swap derivative contracts with a notional amount of €625 million maturing between 2026 and 2030. These cross-currency swap derivative contracts are designated as net investment hedge of the Company’s Euro denominated exposures from the Company’s investments in certain of its Euro denominated functional currency subsidiaries. The cross-currency swap derivative contracts exchange fixed-rate payments in one currency for fixed-rate payments in another currency. As of December 31, 2022, the Company had a €625 million ($650 million) cross-currency swap derivative contracts 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 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.

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



(millions)	2022		2021		2020
Revaluation gain (loss), net of tax:
Euronotes		$81.9		$45.3		($87.7)
Cross-currency swap derivative contracts		26.4		6.3		-
Total revaluation gain (loss), net of tax		$108.3		$51.6		($87.7)

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:



	2022				2021				2020
(millions)		COS	SG&A	Interest		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		$6.4	$95.0	$-		($11.0)	$47.6	$-		$10.1	($108.3)	$-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value		-	-	13.9		-	-	21.0		-	-	27.5
Interest rate swap agreements
Amount of gain (loss) reclassified from AOCI to income		-	-	(2.3)		-	-	(2.3)		-	-	(2.4)

Gain (loss) on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) recognized in income (a)		-	62.0	-		-	73.7	-		-	(12.3)	-
Total gain (loss) of all derivative instruments		$6.4	$157.0	$11.6		($11.0)	$121.3	$18.7		$10.1	($120.6)	$25.1

(a)

Gain (loss) on derivatives not designated as hedging instruments recognized in income recorded in SG&A includes discontinued operations of $(2.5) for the year ended December 31, 2020.

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION

12 Months Ended

Dec. 31, 2022

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION

10. OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION

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

The following table provides other comprehensive income (loss) information related to the Company’s derivatives and hedging instruments and pension and postretirement benefits. Refer to Note 9 for additional information related to the Company’s derivatives and hedging transactions. Refer to Note 17 for additional information related to the Company’s pension and postretirement benefits activity.



(millions)	2022		2021		2020
Derivative and Hedging Instruments
Unrealized gain (loss) on derivative & hedging instruments
Amount recognized in AOCI		$112.9		$87.5		($93.3)
(Gain) loss reclassified from AOCI into income
COS		(6.4)		11.0		(10.1)
SG&A		(95.0)		(47.6)		108.3
Interest (income) expense, net		(11.6)		(18.7)		(25.1)
		(113.0)		(55.3)		73.1
Other activity		1.1		(1.7)		(0.3)
Tax impact		(2.2)		(4.5)		3.5
Net of tax		($1.2)		$26.0		($17.0)

Pension and Postretirement Benefits
Amount recognized in AOCI
Current period net gain (loss)		$83.3		$270.7		($189.9)
Amount reclassified from AOCI into income
Settlement charge		51.6		38.8		-
Amortization of losses and prior period service credits, net		47.7		78.6		68.1
		182.6		388.1		(121.8)
Tax impact		(52.3)		(98.4)		43.7
Net of tax		$130.3		$289.7		($78.1)

SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2022

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

11. SHAREHOLDERS’ EQUITY

Authorized common stock, par value $1.00 per share, was 800 million shares at December 31, 2022, 2021 and 2020. Treasury stock is stated at cost. Dividends declared per share of common stock were $2.06 for 2022, $1.95 for 2021 and $1.89 for 2020.

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

Share Repurchase Authorization

In February 2015 and November 2022, the Company’s Board of Directors authorized the repurchase of up to 20 million and 10 million, respectively, additional shares of its common stock, including shares to be repurchased under Rule 10b5-1. As of December 31, 2022, 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 2022, 2021 and 2020, the Company reacquired 3,038,107, 502,132 and 761,245 shares, respectively, of its common stock, of which 2,933,090, 389,759 and 565,064, respectively, related to share repurchases through open market or private purchases, and 105,017, 112,373 and 196,181, respectively, related to shares withheld for taxes on exercise of stock options and vesting of stock awards and units.

The IRA was signed into U.S. law on August 16, 2022 and is effective January 1, 2023. The IRA includes an excise tax on the repurchase of corporate stock. The Company does not anticipate the excise tax to have a material impact on the Company’s financial statements.

Separation of ChampionX

In June 2020, the Company effected the split-off of ChampionX through the Exchange Offer and all shares of ChampionX common stock owned by Ecolab were exchanged for outstanding shares of Ecolab common stock. In the Exchange Offer, which was oversubscribed, the Company accepted 4,955,552 shares of Ecolab common stock in exchange for approximately 122,200,000 shares of ChampionX common stock.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

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+ Details

EQUITY COMPENSATION PLANS

12 Months Ended

Dec. 31, 2022

EQUITY COMPENSATION PLANS

EQUITY COMPENSATION PLANS

12. EQUITY COMPENSATION PLANS

The Company’s equity compensation plans provide for grants of stock options, performance-based restricted stock units (“PBRSUs”) and non-performance-based restricted stock units (“RSUs”) and restricted stock awards (“RSAs”). Common shares available for grant as of December 31, 2022, 2021 and 2020 were 5,475,903, 7,544,458 and 8,644,262, respectively. The Company generally issues authorized but previously unissued shares to satisfy stock option exercises and stock award vesting.

The Company’s annual long-term incentive share-based compensation program is made up of 50% stock options and 50% PBRSUs. The Company also periodically grants RSUs. Total compensation expense related to all share-based compensation plans was $87.8 million ($74.8 million net of tax benefit), $89.5 million ($75.4 million net of tax benefit) and $81.0 million ($67.7 million net of tax benefit) for 2022, 2021 and 2020, respectively. As of December 31, 2022, there was $150.7 million of total measured but unrecognized compensation expense related to non-vested share-based compensation arrangements granted under all of the Company’s plans. That cost is expected to be recognized over a weighted-average period of 2.2 years.

Stock Options

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

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


	2022			2021			2020
	Number of	Exercise		Number of	Exercise		Number of	Exercise
	Options	Price (a)		Options	Price (a)		Options	Price (a)
Outstanding, beginning of year	6,217,161		$160.91	6,802,415		$144.20	9,042,320		$121.72
Granted	1,228,673		148.79	812,853		223.85	931,750		220.95
Exercised	(294,228)		101.08	(1,306,998)		110.91	(2,733,130)		97.52
Canceled	(120,503)		210.26	(91,109)		192.49	(91,660)		166.67
Separation of ChampionX	-		-	-		-	(346,865)		126.37
Outstanding, end of year	7,031,103		$160.45	6,217,161		$160.91	6,802,415		$144.20
Exercisable, end of year	5,168,161		$155.45	4,604,922		$141.21	5,051,927		$125.08
Vested and expected to vest, end of year	6,886,450		$160.31

(a)

Represents weighted average price per share.

The total aggregate intrinsic value of options (the amount by which the stock price exceeded the exercise price of the option on the date of exercise) that were exercised during 2022, 2021 and 2020 was $21.0 million, $148.1 million and $298.7 million, respectively.

The total aggregate intrinsic value of options outstanding as of December 31, 2022 was $62.3 million, with a corresponding weighted-average remaining contractual life of 6.4 years. The total aggregate intrinsic value of options exercisable as of December 31, 2022 was $62.3 million, with a corresponding weighted-average remaining contractual life of 5.3 years. The total aggregate intrinsic value of options vested and expected to vest as of December 31, 2022 was $62.3 million, with a corresponding weighted-average remaining contractual life of 6.4 years.

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


	2022			2021			2020
Weighted-average grant-date fair value of options
granted at market prices		$37.04			$47.65			$44.16
Assumptions
Risk-free rate of return		3.5	%		1.2	%		0.5	%
Expected life		6	years		6	years		6	years
Expected volatility		23.5	%		23.0	%		23.0	%
Expected dividend yield		1.4	%		0.9	%		0.9	%

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

PBRSUs, RSUs and RSAs

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

The expense associated with shares of non-performance based RSUs and RSAs is based on the average of the high and low share price of the Company’s common stock on the date of grant, adjusted for the absence of future dividends and is amortized on a straight-line basis over the periods during which the restrictions lapse. The Company currently has RSUs that vest over periods between 12 and 60 months. The awards are generally subject to forfeiture in the event of termination of employment.

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


	PBRSU	Grant Date		RSAs and	Grant Date
	Awards	Fair Value (a)		RSUs	Fair Value (a)
December 31, 2019	1,116,898		$139.83	265,513		$149.46
Granted	202,187		215.23	62,693		203.09
Vested / Earned	(333,676)		112.78	(81,150)		130.72
Canceled	(26,285)		157.32	(15,996)		162.51
Separation of ChampionX	(44,494)		142.10	(67,377)		161.82
December 31, 2020	914,630		$165.76	163,683		$172.92
Granted	176,297		223.77	130,807		211.12
Vested / Earned	(271,731)		131.74	(48,977)		160.84
Canceled	(30,667)		178.46	(13,239)		192.12
December 31, 2021	788,529		$189.96	232,274		$195.95
Granted	291,496		142.24	240,370		146.90
Vested / Earned	(232,210)		152.63	(68,864)		163.81
Canceled	(24,645)		207.05	(18,683)		201.39
December 31, 2022	823,170		$181.68	385,097		$170.50

(a)	Represents weighted average price per share.

INCOME TAXES

12 Months Ended

Dec. 31, 2022

INCOME TAXES

INCOME TAXES

13. INCOME TAXES

Income before income taxes consisted of:


(millions)	2022		2021		2020
United States (U.S.)		$295.6		$277.7		$100.5
International		1,047.8		1,136.5		1,060.9
Total		$1,343.4		$1,414.2		$1,161.4

The provision (benefit) for income taxes consisted of:


(millions)	2022		2021		2020
U.S. federal and state		$145.7		$30.9		($43.9)
International		231.4		240.2		259.8
Total current		377.1		271.1		215.9
U.S. federal and state		(78.9)		3.6		12.0
International		(63.7)		(4.5)		(51.3)
Total deferred		(142.6)		(0.9)		(39.3)
Provision for income taxes		$234.5		$270.2		$176.6

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


December 31 (millions)	2022		2021
Deferred tax assets
Pension and post-retirement benefits		$87.0		$136.8
Other accrued liabilities		129.6		135.6
Lease liability		109.2		101.3
Credit carryforwards		97.8		81.8
Capitalization of R&D costs		84.5		-
Loss carryforwards		67.2		59.6
Share-based compensation		51.2		44.7
Deferred income		59.6		44.8
Other, net		98.8		71.0
Valuation allowance		(65.2)		(50.3)
Total deferred tax assets		719.7		625.3
Deferred tax liabilities
Intangible assets		(611.1)		(631.0)
Property, plant and equipment		(319.7)		(333.5)
Lease asset		(109.1)		(100.3)
Financing		(33.5)		(34.2)
Other, net		(43.8)		(27.7)
Total deferred tax liabilities		(1,117.2)		(1,126.7)
Net deferred tax liabilities balance		($397.5)		($501.4)

As of December 31, 2022 the Company has tax effected federal, state and international net operating loss carryforwards of $2.5 million, $16.1 million and $48.6 million, respectively, and a tax effected federal tax capital loss carryforward of $9.4 million which will be available to offset future taxable income. The federal and state loss carryforwards of $18.6 million expire from 2023 to 2043. The international loss carryforwards of $9.9 million expire from 2023 to 2043 and $38.7 million have no expiration. The federal capital loss carryforwards of $9.4 million expire from 2023 to 2026. The tax loss carryforwards expiring in 2023 are not material.

Additionally, the Company has $97.8 million of credit carryforwards that are primarily related to U.S. foreign tax credits and various state credits. The U.S. foreign tax credit carryforwards of $71.1 million expire from 2029 to 2032 and the state credit carryforwards of $21.3 million expire from 2023 to 2037. Other international tax credit carryforwards of $5.4 million do not expire. The tax credit carryforwards expiring in 2023 are not material.

The Company has valuation allowances on certain deferred tax assets of $65.2 million and $50.3 million at December 31, 2022 and 2021, respectively. The increase in valuation allowance from year end 2021 to year end 2022 was primarily due to U.S. state tax attributes, foreign net operating losses and other deferred tax assets.

The Company obtained tax benefits from a tax holiday in the Dominican Republic. The Company received a permit of operation, which expires in April 2036, from the National Council of Free Zones of Exportation for the Dominican Republic. Companies operating under the Free Zones are not subject to income tax in the Dominican Republic on export income. The Company had a tax incentive awarded by the Signapore Economic Development Board. This incentive provided for a preferential 10% tax rate on certain headquarter income which expired in January 2021. The tax reduction as the result of the tax holidays for 2022 was $5.8 million ($0.02 per diluted share), 2021 was $2.9 million ($0.01 per diluted share) and 2020 was $26.9 million ($0.09 per diluted share).

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


	2022		2021		2020
Statutory U.S. rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	1.3		0.6		0.4
Foreign operations	(0.8)		(0.6)		(1.3)
Excess stock benefits	(0.4)		(2.0)		(4.9)
R&D credit	(1.4)		(1.3)		(1.1)
Foreign derived intangible income	(1.8)		(1.6)		(0.2)
Change in valuation allowance	0.7		0.5		0.6
Legal entity rationalization	(1.5)		-		-
One-time transfer of intangibles	-		1.8		-
Other, net	0.4		0.7		0.7
Effective income tax rate	17.5	%	19.1	%	15.2	%

The change in the Company’s effective income tax rate includes the tax impact of special (gains) and charges and discrete tax items, which have impacted the comparability of the Company’s historical effective income tax rates, as amounts included in special (gains) and charges are derived from tax jurisdictions with rates that vary from the statutory U.S. rate, and discrete tax items are not necessarily consistent across periods. The tax impact of special (gains) and charges and discrete tax items will likely continue to impact comparability of the Company’s effective income tax rate in the future.

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

The Company’s 2021 effective tax rate of 19.1% includes $53.3 million of net tax benefits on special (gains) and charges, and net tax expense of $5.8 million associated with discrete items. During 2021, the Company recorded a discrete tax benefit of $29.1 million related to share-based compensation excess tax benefits. Additionally, the Company recorded $34.9 million discrete tax charges including a non-cash deferred tax charge of $25.1 million associated with transferring certain intangible property between affiliates. The remaining $9.8 million tax expense primarily related to the filing of federal, state and foreign tax returns and other income tax adjustments including the impact of changes in tax laws, audit settlements and other changes in estimates.

The Company’s 2020 effective tax rate of 15.2% includes $57.9 million of net tax benefits on special (gains) and charges, and net tax benefits of $55.8 million associated with discrete items. During 2020, the Company recorded a discrete tax benefit of $57.3 million related to share-based compensation excess tax benefits. The Company recorded changes in reserves in non-U.S. and U.S. jurisdictions due to audit settlements and the expiration of statutes of limitations which resulted in a $9.8 million tax benefit. Additionally, the Company recognized a net tax expense of $11.3 million primarily related to the filing of prior year federal, state and foreign tax returns and other income tax adjustments.

During 2022, the Company recorded a deferred tax liability of $12.1 million as part of purchase accounting associated with the pre-acquisition undistributed earnings of Purolite that are not considered permanently reinvested. A deferred tax liability of $6.8 million remains as of December 31, 2022. The Company otherwise continues to assert permanent reinvestment of the undistributed earnings of international affiliates unless the earnings can be remitted in a net income tax benefit or tax-neutral manner. If there are policy changes, the Company would record the applicable taxes in the period of change. Due to the complexity of the legal entity structure, the number of legal entities and jurisdictions involved, and the complexity of the laws and regulations, the Company believes it is not practicable to estimate the amount of additional taxes which may be payable upon distribution of these undistributed earnings. Accordingly, no deferred taxes have been provided for withholding taxes or other taxes on permanently reinvested earnings.

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


(millions)	2022		2021		2020
Balance at beginning of year		$25.1		$20.7		$27.0
Additions based on tax positions related to the current year		2.7		3.8		3.3
Additions for tax positions of prior years		3.6		3.0		-
Current year acquisitions		-		4.4		-
Reductions for tax positions of prior years		(1.5)		-		(1.1)
Reductions for tax positions due to statute of limitations		(0.7)		(3.0)		(9.1)
Settlements		(3.4)		(3.7)		-
Foreign currency translation		(0.9)		(0.1)		0.6
Balance at end of year		$24.9		$25.1		$20.7

The total amount of unrecognized tax benefits, if recognized would affect the effective tax rate by $23.1 million as of December 31, 2022, $22.8 million as of December 31, 2021 and $18.3 million as of December 31, 2020.

The Company files U.S. federal income tax returns and income tax returns in various U.S. state and non- U.S. jurisdictions. With few exceptions, the Company is no longer subject to state and foreign income tax examinations by tax authorities for years before 2017. The IRS has completed examinations of the Company’s U.S. federal income tax returns through 2016, and the years 2017 through 2020 are currently under audit. In addition to the U.S. federal examination, there is ongoing audit activity in several U.S. state and foreign jurisdictions. The Company anticipates changes to uncertain tax positions due to closing of various audits and statutes closing on years mentioned above. The Company does not believe these changes will result in a material impact during the next twelve months. Decreases in the Company’s gross liability could result in offsets to other balance sheet accounts, cash payments, and adjustments to tax expense. The occurrence of these events and/or other events not included above within the next twelve months could change depending on a variety of factors.

The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. The Company had $4.0 million, $3.2 million and $4.1 million of accrued interest, including minor amounts for penalties, at December 31, 2022, 2021 and 2020, respectively.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

RENTALS AND LEASES

12 Months Ended

Dec. 31, 2022

RENTALS AND LEASES

RENTAL AND LEASES

14. RENTALS AND LEASES

Lessee

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

The Company’s operating lease cost was as follows:


(millions)	2022		2021		2020
Operating lease cost*		$196.9		$179.4		$183.8

*Includes immaterial short-term and variable lease costs

Future maturity of operating lease liabilities as of December 31, 2022 were as follows:



(millions)
2023			$124
2024			98
2025			75
2026			53
2027			32
Thereafter			121
Total lease payments			503
Less: imputed interest			57
Present value of lease liabilities			$446

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



	December 31		December 31		December 31
	2022		2021		2020

Weighted-average remaining lease terms (years)		6.71		5.99		5.52

Weighted-average discount rate		2.98%		3.07%		3.72%

The Company’s other lease information was as follows:

December 31

December 31

(millions)

2022

2021

2020

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

Operating cash flows from operating leases

$157.3

$157.0

$164.2

Leased assets obtained in exchange for new operating lease liabilities

202.7

116.8

60.4

Lessor

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

Gross assets under operating leases recorded in Property, plant and equipment, net is $1,288.3 million and $1,223.3 million, and related accumulated depreciation is $811.2 million and $767.3 million, as of December 31, 2022 and 2021, respectively.

The Company’s operating lease revenue was as follows:


(millions)	2022		2021		2020
Operating lease revenue*		$466.7		$412.5		$356.3

*Includes immaterial variable lease revenue

Future revenue from operating leases for existing contracts as of December 31, 2022 were as follows:



(millions)
2023			$370
2024			269
2025			207
2026			140
2027			71
Thereafter			41
Total lease revenue			$1,098

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

RESEARCH AND DEVELOPMENT EXPENDITURES

12 Months Ended

Dec. 31, 2022

RESEARCH AND DEVELOPMENT EXPENDITURES

RESEARCH AND DEVELOPMENT EXPENDITURES

15. RESEARCH AND DEVELOPMENT EXPENDITURES

Research expenditures that relate to the development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred. Such costs were $190 million in 2022, $186 million in 2021 and $185 million in 2020. The Company did not participate in any material customer sponsored research during any of the years.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2022

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, which are discussed in Note 13. The Company also has contractual obligations including lease commitments, which are discussed in Note 14.

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.

RETIREMENT PLANS

12 Months Ended

Dec. 31, 2022

RETIREMENT PLANS

RETIREMENT PLANS

17. RETIREMENT PLANS

Pension and Postretirement Health Care Benefits Plans

The Company has a non-contributory, qualified, defined benefit pension plan covering the majority of its U.S. employees. The Company also has U.S. non-contributory, non-qualified, defined benefit pension plans, which provide for benefits to employees in excess of limits permitted under its pension plans. The U.S. non-qualified plans are not funded and the recorded benefit obligations for the non-qualified plans were $86 million and $114 million at December 31, 2022 and 2021, respectively. The measurement date used for determining the U.S. pension plan assets and obligations is December 31.

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

The Company provides postretirement health care and life insurance benefits to certain U.S. employees and retirees. The U.S. postretirement health care plans are contributory based on years of service and choice of coverage (family or single), with retiree contributions adjusted annually. The Company also maintains several U.S. postretirement life insurance plans. The measurement date used to determine the U.S. postretirement health care and life insurance plan assets and obligations is December 31. Certain employees

outside the U.S. are covered under government-sponsored programs, which are not required to be fully funded. The expense and obligation for providing international postretirement health care benefits are not significant.

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


	U.S.				International				U.S. Postretirement
	Pensions				Pensions				Benefits
(millions)	2022		2021		2022		2021		2022		2021
Accumulated benefit obligation, end of year		$1,799.0		$2,462.7		$1,171.1		$1,696.2		$115.5		$155.4
Projected benefit obligation
Projected benefit obligation, beginning of year		$2,462.7		$2,728.4		$1,779.7		$1,834.2		$155.4		$172.4
Service cost		40.8		43.9		28.4		31.4		0.8		1.0
Interest cost		65.3		51.4		22.0		17.3		3.3		2.9
Participant contributions		-		-		3.0		2.9		3.7		3.3
Plan amendments		-		-		-		0.7		-		-
Actuarial (gain) loss		(479.8)		(79.6)		(436.8)		(25.3)		(33.7)		(12.1)
Assumed through acquisitions		-		-		15.1		34.0		-		-
Other events		-		-		-		4.3		-		-
Benefits paid		(290.0)		(281.4)		(54.3)		(68.5)		(14.0)		(12.1)
Foreign currency translation		-		-		(135.2)		(51.3)		-		-
Projected benefit obligation, end of year		$1,799.0		$2,462.7		$1,221.9		$1,779.7		$115.5		$155.4

Plan assets
Fair value of plan assets, beginning of year		$2,376.8		$2,372.9		$1,219.9		$1,148.0		$5.2		$5.7
Actual returns on plan assets		(430.3)		276.8		(218.3)		107.5		(0.8)		0.6
Company contributions		12.0		8.5		38.3		40.7		12.8		11.0
Participant contributions		-		-		3.0		2.9		-		-
Acquired through acquisitions		-		-		15.1		12.9		-		-
Benefits paid		(290.0)		(281.4)		(54.3)		(68.5)		(14.0)		(12.1)
Foreign currency translation		-		-		(98.6)		(23.6)		-		-
Fair value of plan assets, end of year		$1,668.5		$2,376.8		$905.1		$1,219.9		$3.2		$5.2
Funded Status, end of year		($130.5)		($85.9)		($316.8)		($559.8)		($112.3)		($150.2)

Amounts recognized in the Consolidated Balance Sheets:
Other assets		$-		$28.2		$118.6		$86.5		$-		$-
Other current liabilities		($9.2)		(14.8)		(28.6)		(27.0)		(7.6)		(5.5)
Postretirement healthcare and pension benefits		($121.3)		(99.3)		(406.8)		(619.3)		(104.7)		(144.7)
Net liability		($130.5)		($85.9)		($316.8)		($559.8)		($112.3)		($150.2)

Amounts recognized in accumulated other comprehensive loss (income):
Unrecognized net actuarial loss (gain)		$411.9		$396.8		$279.7		$485.7		($43.6)		($11.7)
Unrecognized net prior service (benefits) costs		(21.2)		(25.8)		0.3		(0.2)		-		-
Tax (benefit) expense		(100.8)		(95.3)		(66.5)		(117.8)		7.7		1.2
Accumulated other comprehensive loss (income), net of tax		$289.9		$275.7		$213.5		$367.7		($35.9)		($10.5)

Change in accumulated other comprehensive loss (income):
Amortization of net actuarial gain (loss)		($30.2)		($56.2)		($22.7)		($28.7)		$0.6		($0.7)
Amortization of prior service credits		4.5		6.9		0.1		0.1		-		-
Current period net actuarial loss (gain)		97.0		(203.0)		(147.8)		(56.1)		(32.5)		(12.3)
Current period prior service costs		-		-		-		0.7		-		-
Curtailments and settlements		(51.6)		(35.3)		-		(3.5)		-		-
Tax (benefit) expense		(5.5)		69.8		51.3		25.4		6.5		3.2
Foreign currency translation		-		-		(35.1)		(12.7)		-		-
Other comprehensive loss (income)		$14.2		($217.8)		($154.2)		($74.8)		($25.4)		($9.8)

Estimate amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2023 were as follows:


					U.S. Post-
	U.S.		International		Retirement
(millions)	Pensions		Pensions		Benefits
Net actuarial loss (gain)		$0.2		$11.6		($3.1)
Net prior service benefits		(4.6)		(0.3)		-
Total		($4.4)		$11.3		($3.1)

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

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


December 31, (millions)	2022		2021
Aggregate projected benefit obligation		$2,392.1		$1,022.3
Accumulated benefit obligation		2,355.8		964.5
Fair value of plan assets		1,828.1		280.9

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

For the year ended December 31, 2022, the year-over-year decrease in the Company’s consolidated net benefit obligations was due to decreases in both pension liabilities and pension plan assets. Pension liabilities decreased on a global basis primarily due to increases in pension discount rates used to discount projected pension benefit payments. The Company’s pension discount rates are largely determined based on observable yields of investment grade corporate bonds or government issued debt-securities. Yields on these securities increased sharply in 2022 due, in part, to actions taken by many central banks to curb global inflation. The Company’s pension plan assets are reported at fair value. The fair value of the Company’s pension assets decreased on a global basis primarily due to unfavorable returns on the Company’s equity and fixed income investments.

For the year ended December 31, 2021, the year-over-year decrease in the Company’s consolidated net benefit obligations was due to decreases in pension liabilities and increases in pension plan assets. Pension liabilities decreased primarily due to increases in discount rates used to discount projected benefit payments. The Company’s pension discount rates are largely determined based on observable yields on investment grade corporate bonds and govement issued debt-securities which increased in many geographies year-over-year. The fair value of the Company’s pension assets increased year-over-year as asset returns outpaced pension distributions due to strong returns for equitities and fixed income investments.

Net Periodic Benefit Costs and Plan Assumptions

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


	U.S.						International						U.S. Postretirement
	Pensions						Pensions						Benefits
(millions)	2022		2021		2020		2022		2021		2020		2022		2021		2020
Service cost (a)		$40.8		$43.9		$68.4		$28.4		$31.4		$30.8		$0.8		$1.0		$1.2
Interest cost on benefit obligation		65.3		51.4		70.3		22.0		17.3		22.3		3.3		2.9		4.4
Expected return on plan assets		(144.4)		(152.3)		(152.9)		(69.8)		(70.7)		(63.9)		(0.3)		(0.4)		(0.4)
Recognition of net actuarial loss (gain)		30.2		56.7		51.9		22.8		28.7		26.1		(0.6)		0.7		0.1
Amortization of prior service benefit		(4.5)		(6.9)		(7.4)		(0.1)		(0.1)		(0.1)		-		-		(11.0)
Curtailments and settlements (b)		51.6		35.3		2.5		-		3.5		2.2		-		-		-
Total expense (benefit)		$39.0		$28.1		$32.8		$3.3		$10.1		$17.4		$3.2		$4.2		($5.7)

(a)

Service cost includes discontinued operations of $2.5 for the year ended December 31, 2020.

(b)

$50.6 and $37.2 of settlement expense was recognized as special charges in 2022 and 2021, respectively.

During 2022 and 2021, the Company incurred settlement expense in the U.S. of $51.6 million ($38.9 million after tax) and $35.3 million ($26.8 million after tax), respectively, related to lump-sum payments to retirees in its U.S. pension plans. In addition to the U.S. qualifited plan settlements in 2022 and 2021, we have historically recognized settlements and curtailment gains and losses associated with our U.S. nonqualified pension plans and International pension plans, the amounts of which have been historically not material. These charges have been included as a component of other (income) expense on the Consolidated Statements of Income.

Pension and postretirement health care benefits plan assumptions for the Company were as follows:


Plan Assumptions	U.S.						International						U.S. Postretirement
	Pensions						Pensions						Benefits
(percent)	2022		2021		2020		2022		2021		2020		2022		2021		2020
Weighted-average actuarial assumptions
used to determine benefit obligations
as of year end:
Discount rate	5.17	%	2.86	%	2.48	%	3.70	%	1.45	%	1.13	%	5.14	%	2.75	%	2.37	%
Projected salary increase	4.03		4.03		4.03		2.81		2.42		2.12
Weighted-average actuarial assumptions
used to determine net cost:
Interest credit rate for cash balance plans	1.56		0.87		1.81		N/A		N/A		N/A		N/A		N/A		N/A
Discount rate	2.86		2.49		3.20		1.46		1.37		1.84		2.75		2.37		3.16
Expected return on plan assets	7.00		7.00		7.25		6.18		6.24		6.24		7.00		7.00		7.25
Projected salary increase	4.03		4.03		4.03		2.47		2.31		2.81

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

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

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

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

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

For postretirement benefit measurement purposes as of December 31, 2022, the annual rates of increase in the per capita cost of covered health care were assumed to be 6.75% for pre-65 costs. Post-65 costs are no longer used. The rates are assumed to decrease each year until they reach 4.5% in 2032 and remain at those levels thereafter. Health care costs for certain employees which are eligible for subsidy by the Company are limited by a cap on the subsidy.

Plan Asset Management

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

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

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

The fair value hierarchy is used to categorize investments measured at fair value in one of three levels in the fair value hierarchy. This categorization is based on the observability of the inputs used in valuing the investments. Refer to Note 8 for definitions of these levels.

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


	Fair Value as of						Fair Value as of
(millions)	December 31, 2022						December 31, 2021
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash		$54.8		$-		$54.8		$43.6		$-		$43.6
Equity securities:
Large cap equity		237.1		-		237.1		412.2		-		412.2
Small cap equity		15.4		25.1		40.5		21.3		40.7		62.0
International equity		37.4		17.2		54.6		62.9		28.0		90.9
Fixed income:
Core fixed income		145.5		646.5		792.0		510.7		589.7		1,100.4
High-yield bonds		33.4		-		33.4		49.0		-		49.0
Emerging markets		-		25.4		25.4		-		36.6		36.6
Total investments at fair value		523.6		714.2		1,237.8		1,099.7		695.0		1,794.7
Investments measured at net asset value						433.9						587.3
Total		$523.6		$714.2		$1,671.7		$1,099.7		$695.0		$2,382.0

The Company had no Level 3 assets as part of its U.S. qualified pension plan assets as of December 31, 2022 or 2021.

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


	Target Asset
Asset Category	Allocation				Percentage
	Percentage				of Plan Assets

December 31	2022		2021		2022		2021

Cash	-	%	-	%	3	%	2	%
Equity securities:
Large cap equity	21		21		14		17
Small cap equity	3		3		2		3
International equity	13		10		9		10
Fixed income:
Core fixed income	48		48		47		46
High-yield bonds	3		3		2		2
Emerging markets	2		4		2		2
Other:
Real estate	3		3		4		4
Private equity	5		5		15		11
Distressed debt	2		3		2		3
Total	100	%	100	%	100	%	100	%

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


	Fair Value as of			Fair Value as of
(millions)	December 31, 2022			December 31, 2021
	Level 1	Level 2	Total	Level 1	Level 2	Total
Cash	$9.9	$-	$9.9	$7.2	$-	$7.2
Equity securities:
International equity	-	219.3	219.3	-	490.1	490.1
Fixed income:
Corporate bonds	-	158.5	158.5	9.7	220.0	229.7
Government bonds	-	365.9	365.9	7.2	298.5	305.7
Insurance company accounts	-	106.2	106.2	-	121.2	121.2
Total investments at fair value	9.9	849.9	859.8	24.1	1,129.8	1,153.9
Investments measured at net asset value			45.3			66.0
Total	$9.9	$849.9	$905.1	$24.1	$1,129.8	$1,219.9

The Company had no Level 3 assets as part of its international plan assets as of December 31, 2022 or 2021.

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


	Percentage
Asset Category	of Plan Assets

December 31	2022		2021

Cash	1	%	1	%
Equity securities:
International equity	24		40
Fixed income:
Corporate bonds	18		19
Government bonds	40		25
Total fixed income	58		44
Other:
Insurance contracts	12		10
Debt securities	-		2
Real estate	5		3
Total	100	%	100	%

Cash Flows

As of year-end 2022, the Company’s estimate of pension and postretirement benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows:


(millions)	All Plans
2023		$207
2024		220
2025		224
2026		226
2027		229
2028 - 2032		1,151

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

The Company is currently in compliance with all funding requirements of its U.S. pension and postretirement benefit plans. There were no voluntary contributions made to its non-contributory qualified U.S. pension plan. The Company is required to fund certain international pension benefit plans in accordance with local legal requirements. The Company estimates contributions to be made to its international plans will approximate $41 million in 2023.

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

Savings Plan and ESOP

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

Effective December 31, 2020, the Ecolab Savings Plan and ESOP for Traditional Benefit Employees (the “Traditional Plan”) merged into and became part of the Ecolab Savings Plan. Following the merger, participants in the Traditional Plan became participants in the Ecolab Savings Plan and $1,710 million of net assets of the Traditional Plan transferred to the Ecolab Savings Plan.

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

The Company’s matching contributions are 100% vested immediately. The Company’s matching contribution expense was $81.6 million, $78.2 million and $72.4 million in 2022, 2021 and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

REVENUES

12 Months Ended

Dec. 31, 2022

REVENUES

REVENUES

18. REVENUES

Revenue Recognition

Product and Sold Equipment

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

Service and Lease Equipment

Service and lease equipment revenue is generated from providing services or leasing equipment to customers. Service offerings include installing or repairing certain types of equipment, activities that supplement or replace headcount at the customer location, or fulfilling deliverables included in the contract. Global Industrial segment services are associated with water treatment and paper process applications. Global Institutional & Specialty services include cleaning and sanitizing programs and wash process solutions. Global Healthcare & Life Sciences segment services include pharmaceutical, personal care, infection and containment control solutions. Revenues included in Other primarily related to services designed to detect, eliminate and prevent pests. Service revenue is recognized over time utilizing an input method and aligns with when the services are provided. Typically, revenue is recognized over time using costs incurred to date because the effort provided by the field selling and service organization represents services provided, which corresponds with the transfer of control. Revenue recognized from leased equipment primarily relates to warewashing and water treatment equipment recognized on a straight-line basis over the length of the lease contract pursuant to Topic 842 Leases. In the second quarter ended June 30, 2020, the Company provided a one-time lease billing suspension of approximately $38 million to certain restaurant customers within the Institutional Segment, in recognition of the impact of the COVID-19 pandemic. There was no substantial change to the consideration expected to be received under the lease arrangement. Refer to Note 14 for additional information related to lease equipment.

Practical Expedients and Exemptions

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

The following table shows principal activities, separated by reportable segments, from which the Company generates its revenue. The reportable segments have been revised to align with the Company’s reportable segments in the current year. Corporate 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 19.

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



(millions)	2022		2021		2020
Global Industrial
Product and sold equipment		$5,937.0		$5,372.0		$5,052.3
Service and lease equipment		868.0		865.8		818.5
Global Institutional & Specialty
Product and sold equipment		3,645.1		3,265.5		2,968.7
Service and lease equipment		776.8		690.4		584.5
Global Healthcare & Life Sciences
Product and sold equipment		1,398.3		1,068.9		1,071.4
Service and lease equipment		112.2		112.7		110.5
Other
Product and sold equipment		342.1		308.9		274.5
Service and lease equipment		984.5		909.7		809.8
Corporate
Product and sold equipment		123.7		138.0		99.7
Service and lease equipment		0.1		1.2		0.3
Total
Total product and sold equipment		$11,446.2		$10,153.3		$9,466.6
Total service and lease equipment		2,741.6		2,579.8		2,323.6

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


	Global Industrial						Global Institutional & Specialty
(millions)	2022		2021		2020		2022		2021		2020

United States		$2,945.1		$2,603.0		$2,564.3		$3,050.0		$2,721.8		$2,400.4
Europe		1,373.6		1,367.1		1,262.6		624.0		557.9		510.3
Asia Pacific		830.1		802.5		747.2		212.6		201.2		203.9
Latin America		621.7		551.5		491.7		162.3		135.0		128.3
Greater China		419.3		394.9		333.0		124.5		132.3		114.9
India, Middle East and Africa		419.4		344.4		314.1		54.6		44.2		39.8
Canada		195.8		174.4		157.9		193.9		163.5		155.6
Total		$6,805.0		$6,237.8		$5,870.8		$4,421.9		$3,955.9		$3,553.2

	Global Healthcare & Life Sciences						Other
(millions)	2022		2021		2020		2022		2021		2020

United States		$612.5		$442.3		$432.6		$816.0		$719.9		$645.7
Europe		688.8		647.2		643.6		272.7		264.9		228.8
Asia Pacific		92.8		59.6		69.8		76.1		72.4		64.8
Latin America		24.7		1.8		6.1		51.9		50.4		50.3
Greater China		61.0		6.3		3.6		78.8		80.0		63.4
India, Middle East and Africa		25.0		18.1		19.8		10.3		11.6		14.4
Canada		5.7		6.3		6.4		20.8		19.4		16.9
Total		$1,510.5		$1,181.6		$1,181.9		$1,326.6		$1,218.6		$1,084.3

	Corporate
(millions)	2022		2021		2020

United States		$107.5		$98.2		$75.2
Europe		3.0		3.9		4.8
Asia Pacific		4.1		5.5		2.8
Latin America		7.3		24.6		13.1
Greater China		0.1		2.3		0.9
India, Middle East and Africa		0.3		3.4		2.5
Canada		1.5		1.3		0.7
Total		$123.8		$139.2		$100.0

Net sales by geographic region were determined based on origin of sale. There were no sales from a single foreign country or individual customer that were material to the Company’s consolidated net sales. Sales of warewashing products were approximately 12%, 10%, and 11% of consolidated net sales in 2022, 2021 and 2020, respectively.

Contract Liability

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


	December 31		December 31
(millions)	2022		2021

Contract liability as of beginning of the year		$91.7		$80.4

Revenue recognized in the year from:
Amounts included in the contract liability at the beginning of the year		(91.7)		(80.4)

Increases due to billings excluding amounts recognized as revenue during the year ended		116.5		91.6
Business combinations		-		0.1

Contract liability as of end of year		$116.5		$91.7

- 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
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+ Details

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION

12 Months Ended

Dec. 31, 2022

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION

19. OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION

The Company’s organizational structure consists of global business unit and global regional leadership teams. The Company’s eleven 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.

The Company’s operating segments are aggregated as follows:

Global Industrial

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

Global Institutional & Specialty

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

Global Healthcare & Life Sciences

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

Other

Includes the Pest Elimination operating segment which provides services to detect, eliminate and prevent pests, such as rodents and insects, the CTG operating segment which produces and sells colloidal silica, which is comprised of nano-sized particles of silica in water used primarily for binding and polishing applications and the Textile Care operating segment which provides products and services that manage the entire wash process through custom designed programs, premium products, dispensing equipment, water and energy management and reduction, and real time data management.

Corporate

Consistent with the Company’s internal management reporting, Corporate amounts in the table below include sales to ChampionX under the Master Cross Supply and Product Transfer agreements entered into as part of the ChampionX Separation, as discussed in Note 5. Corporate also includes intangible asset amortization specifically from the Nalco and Purloite acquistions and special (gains) and charges, as discussed in Note 3, that are not allocated to the Company’s reportable segments.

Comparability of Reportable Segments

The Company made immaterial changes, including the movement of certain customers and cost allocations between reportable segments. These changes are reflected in the “Other” column in the table below.

The Company evaluates the performance of its non-U.S. dollar functional currency international operations based on fixed currency exchange rates, which eliminate the impact of exchange rate fluctuations on its international operations. Fixed currency amounts are updated annually at the beginning of each year based on translation into U.S. dollars at foreign currency exchange rates established by management, with all periods presented using such rates. The “Fixed Currency Rate Change” column shown in the following table reflects the impact on previously reported values related to fixed currency exchange rates established by management at the beginning of 2022 and have been updated from the 2021 rates reflected in the Company’s 2021 Form 10-K. The difference between the fixed currency exchange rates and the actual currency exchanges rates is reported within the “Effect of foreign currency translation” row in the table below. The “Other” column in the table reflects immaterial changes between segments, primarily cost allocations.

The impact of the preceding changes on previously reported full year 2021 and 2020 reportable segment net sales and operating income is summarized as follows:


	December 31, 2021

	2021 Reported					Fixed	2021 Reported
	Valued at 2021				Currency		Valued at 2022
(millions)	Management Rates		Other		Rate Change		Management Rates
Net Sales
Global Industrial		$6,304.9		$-		($218.1)		$6,086.8
Global Institutional & Specialty		3,978.2		-		(69.4)		3,908.8
Global Healthcare & Life Sciences		1,195.4		-		(45.8)		1,149.6
Other		1,226.9		-		(25.9)		1,201.0
Corporate		139.4		-		(2.0)		137.4
Subtotal at fixed currency rates		12,844.8		-		(361.2)		12,483.6
Effect of foreign currency translation		(111.7)		-		361.2		249.5
Consolidated reported GAAP net sales		$12,733.1		$-		$-		$12,733.1

Operating Income
Global Industrial		$1,031.0		$4.0		($49.3)		$985.7
Global Institutional & Specialty		556.9		(3.8)		(7.4)		545.7
Global Healthcare & Life Sciences		160.9		(0.9)		(7.7)		152.3
Other		187.3		0.7		(4.0)		184.0
Corporate		(318.6)		-		2.0		(316.6)
Subtotal at fixed currency rates		1,617.5		-		(66.4)		1,551.1
Effect of foreign currency translation		(18.9)		-		66.4		47.5
Consolidated reported GAAP operating income		$1,598.6		$-		$-		$1,598.6


	December 31, 2020

	2020 Reported					Fixed	2020 Reported
	Valued at 2021		Segment		Currency		Valued at 2022
(millions)	Management Rates		Change		Rate Change		Management Rates
Net Sales
Global Industrial		$6,048.2		$-		($202.5)		$5,845.7
Global Institutional & Specialty		3,629.0		-		(69.2)		3,559.8
Global Healthcare & Life Sciences		1,241.1		-		(51.0)		1,190.1
Other		1,103.4		-		(23.6)		1,079.8
Corporate		100.6		-		(1.2)		99.4
Subtotal at fixed currency rates		12,122.3		-		(347.5)		11,774.8
Effect of foreign currency translation		(332.1)		-		347.5		15.4
Consolidated reported GAAP net sales		$11,790.2		$-		$-		$11,790.2

Operating Income
Global Industrial		$1,123.1		$1.4		($45.4)		$1,079.1
Global Institutional & Specialty		324.0		(1.6)		(6.1)		316.3
Global Healthcare & Life Sciences		218.3		(0.5)		(10.2)		207.6
Other		132.8		0.7		(2.9)		130.6
Corporate		(349.7)		-		2.0		(347.7)
Subtotal at fixed currency rates		1,448.5		-		(62.6)		1,385.9
Effect of foreign currency translation		(52.8)		-		62.6		9.8
Consolidated reported GAAP operating income		$1,395.7		$-		$-		$1,395.7

Reportable Segment Information

Financial information for each of the Company’s reportable segments were as follows:


	Net Sales						Operating Income (Loss)
(millions)	2022		2021		2020		2022		2021		2020

Global Industrial		$6,944.0		$6,086.8		$5,845.7		$977.0		$985.7		$1,079.1
Global Institutional & Specialty		4,480.0		3,908.8		3,559.8		634.5		545.7		316.3
Global Healthcare & Life Sciences		1,570.0		1,149.6		1,190.1		205.0		152.3		207.6
Other		1,355.0		1,201.0		1,079.8		212.8		184.0		130.6
Corporate		124.1		137.4		99.4		(416.7)		(316.6)		(347.7)
Subtotal at fixed currency		14,473.1		12,483.6		11,774.8		1,612.6		1,551.1		1,385.9
Effect of foreign currency translation		(285.3)		249.5		15.4		(50.1)		47.5		9.8
Consolidated reported GAAP		$14,187.8		$12,733.1		$11,790.2		$1,562.5		$1,598.6		$1,395.7

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

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

Geographic Information

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


	Long-Lived Assets, net

(millions)	2022		2021
United States		$2,508.9		$2,416.4
Europe		574.3		580.7
Asia Pacific		210.3		237.1
Greater China		176.6		186.4
Latin America		146.5		137.9
India, Middle East and Africa		64.1		60.2
Canada		60.9		66.5
Total		$3,741.6		$3,685.2

Geographic data for long-lived assets is based on physical location of those assets. Refer to Note 18 for net sales by geographic region.

- 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

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-Publisher FASB
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+ Details

QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2022

QUARTERLY FINANCIAL DATA (UNAUDITED)

QUARTERLY FINANCIAL DATA (UNAUDITED)

20. QUARTERLY FINANCIAL DATA (UNAUDITED)

First

Second

Third

Fourth

(millions, except per share)

Quarter

Year

2022

Net sales

$3,266.7

$3,580.6

$3,669.3

$3,671.2

$14,187.8

Operating expenses

Cost of sales (a)

2,073.4

2,211.1

2,291.6

2,254.9

8,831.0

Selling, general and administrative expenses

914.7

940.1

876.9

922.1

3,653.8

Special (gains) and charges

24.1

3.6

17.8

95.0

140.5

Operating income

254.5

425.8

483.0

399.2

1,562.5

Other (income) expense (b)

(18.8)

(19.5)

5.7

8.1

(24.5)

Interest expense, net

53.0

56.0

65.1

69.5

243.6

Income before income taxes

220.3

389.3

412.2

321.6

1,343.4

Provision for income taxes

45.6

76.6

60.2

52.1

234.5

Net income including noncontrolling interest

174.7

312.7

352.0

269.5

1,108.9

Net income attributable to noncontrolling interest

2.8

4.4

4.9

5.1

17.2

Net income attributable to Ecolab

$171.9

$308.3

$347.1

$264.4

$1,091.7

Earnings attributable to Ecolab per common share

Basic

$ 0.60

$ 1.08

$ 1.22

$ 0.93

$ 3.83

Diluted

$ 0.60

$ 1.08

$ 1.21

$ 0.93

$ 3.81

Weighted-average common shares outstanding

Basic

286.2

285.1

284.9

284.6

285.2

Diluted

288.1

286.6

286.3

285.8

286.6

2021

Net sales

$2,885.0

$3,162.7

$3,320.8

$3,364.6

$12,733.1

Operating expenses

Cost of sales (a)

1,712.0

1,844.0

2,016.7

2,043.1

7,615.8

Selling, general and administrative expenses

862.9

853.3

832.0

867.9

3,416.1

Special (gains) and charges

12.8

17.6

6.3

65.9

102.6

Operating income

297.3

447.8

465.8

387.7

1,598.6

Other (income) expense (b)

(17.0)

2.5

(13.0)

(6.4)

(33.9)

Interest expense, net (c)

51.7

45.6

76.4

44.6

218.3

Income before income taxes

262.6

399.7

402.4

349.5

1,414.2

Provision for income taxes

66.1

86.1

73.8

44.2

270.2

Net income including noncontrolling interest

196.5

313.6

328.6

305.3

1,144.0

Net income attributable to noncontrolling interest

2.9

2.8

4.1

4.3

14.1

Net income attributable to Ecolab

$193.6

$310.8

$324.5

$301.0

$1,129.9

Earnings attributable to Ecolab per common share

Basic

$ 0.68

$ 1.09

$ 1.13

$ 1.05

$ 3.95

Diluted

$ 0.67

$ 1.08

$ 1.12

$ 1.04

$ 3.91

Weighted-average common shares outstanding

Basic

286.0

286.4

286.7

286.3

Diluted

288.8

289.2

289.5

289.1

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

(a)

Cost of sales includes special charges of $52.9, $1.7, $7.1 and $8.2 in Q1, Q2, Q3 and Q4 of 2022, respectively, and $19.6, $3.7, $52.9 and $17.7 in Q1, Q2, Q3 and Q4 of 2021, respectively.

(b)

Other (income) expense includes special charges of $24.8 and $25.8 in Q3 and Q4 of 2022, respectively, and $19.6, $7.0 and $10.6 in Q2, Q3 and Q4 of 2021, respectively.

(c)

Interest expense, net includes special charges of $32.3 and $0.8 in Q3 and Q4 of 2021, respectively.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and all subsidiaries in which the Company has a controlling financial interest. Investments in companies, joint ventures or partnerships in which the Company does not have control but has the ability to exercise significant influence over operating and financial decisions, are reported using the equity method of accounting. The alternative method of accounting is used in circumstance where the Company’s investments in companies, joint ventures and partnerships neither provide it control or significant influence over the investee and for investments that do not have readily identifiable fair values. Investments accounted for under the alternative method are recorded at cost and adjusted for impairments, if any, or observable price changes of the same or similar securities issued by the investee. International subsidiaries are included in the financial statements on the basis of their U.S. GAAP November 30 fiscal year ends to facilitate the timely inclusion of such entities in the Company’s consolidated financial reporting. All intercompany transactions and profits are eliminated in consolidation.

Use of Estimates

Use of Estimates

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

Foreign Currency Translation

Concentration of Credit Risk

Concentration of Credit Risk

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

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

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

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

Cash and Cash Equivalents

Cash and Cash Equivalents

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

Accounts Receivable and Allowance for Expected Credit Losses

Accounts Receivable and Allowance for Expected Credit Losses

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

The Company’s allowance for the expected return of products shipped and credits related to pricing or quantities shipped was $59 million, $19 million, and $16 million as of December 31, 2022, 2021 and 2020, respectively. Returns and credit activity is recorded directly as a reduction to revenue.

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



(millions)	2022		2021		2020

Beginning balance		$52.8		$68.4		$38.8
Adoption of new standard		-		-		4.3
Bad debt expense		38.1		15.0		57.7
Write-offs		(21.1)		(27.4)		(31.6)
Other (a)		2.1		(3.2)		(0.8)
Ending balance		$71.9		$52.8		$68.4

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

Inventory Valuations

Inventory Valuations

Inventories are valued at the lower of cost or net realizable value. Certain U.S. inventory costs are determined on a last-in, first-out (“LIFO”) basis. LIFO inventories represented 29% and 27% of consolidated inventories as of December 31, 2022 and 2021, respectively. All other inventory costs are determined using either the average cost or first-in, first-out (“FIFO”) methods. Inventory values at FIFO, as shown in Note 6, approximate replacement cost.

Property, Plant and Equipment

Property, Plant and Equipment

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

Depreciation is charged to operations using the straight-line method over the assets’ estimated useful lives ranging from 5 to 40 years for buildings and leasehold improvements, 3 to 20 years for machinery and equipment, 3 to 20 years for merchandising and customer equipment and 3 to 7 years for capitalized software. The straight-line method of depreciation reflects an appropriate allocation of the cost of the assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. Depreciation expense was $619 million, $604 million and $594 million for 2022, 2021 and 2020, respectively.

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

Goodwill arises from the Company’s acquisitions and represents the excess of the fair value of the purchase consideration exchanged over the fair value of net assets acquired. The Company’s reporting units are largely its operating segments. Following the acquisition of Purolite in December 2021, the Company’s Life Sciences Operating Segment consists of the Purolite and Global Life Sciences Reporting Units. The Company assesses goodwill for impairment on an annual basis during the second quarter. If circumstances change or events occur that demonstrate it is more likely than not that the carrying amount of a reporting unit exceeds its fair value, the Company completes an interim goodwill impairment assessment of that reporting unit prior to the next annual assessment. If the results of an annual or interim goodwill impairment assessment demonstrate the carrying amount of a reporting unit is greater than its fair value, the Company will recognize an impairment loss for the amount by which the reporting unit’s carrying amount exceeds its fair value, but not to exceed the carrying amount of goodwill assigned to that reporting unit.

During the second quarter of 2022, the Company completed its annual goodwill impairment assessment for eleven of its twelve 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 2022 indicated the estimated fair values of each of these eleven reporting units exceeded the carrying amounts of the respective reporting unit by a significant margin. Given the recent acquisition of Purolite, the Company’s annual goodwill impairment assessment of the Purolite Reporting Unit was qualitative in nature and considered information regarding its operations, financial performance and the macroeconomic environment. After weighting both positive and negative information, it is more likely than not that the fair value of the Purolite Reporting Unit exceeds its carrying amount. No events were noted during the second half of 2022 that required completion of an interim goodwill impairment assessment for any of our twelve reporting units. There has been no impairment of goodwill in any of the periods presented.

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


			Global		Global
	Global		Institutional		Healthcare &
(millions)	Industrial		& Specialty		Life Sciences		Other		Total
December 31, 2020		$4,287.9		$564.1		$909.8		$245.1		$6,006.9
Current year business combinations (a)		6.9		17.2		2,123.2		-		2,147.3
Prior year business combinations (b)		(0.9)		-		-		-		(0.9)
Effect of foreign currency translation		(23.8)		(4.8)		(58.8)		(2.0)		(89.4)
December 31, 2021		$4,270.1		$576.5		$2,974.2		$243.1		$8,063.9
Prior year business combinations (b)		0.4		-		253.4		-		253.8
Effect of foreign currency translation		(188.7)		(8.9)		(102.2)		(5.2)		(305.0)
December 31, 2022		$4,081.8		$567.6		$3,125.4		$237.9		$8,012.7

(a)

Represents goodwill associated with current year acquistions. For 2021, approximately $2,209 million of goodwill related to businesses acquired is expected to be tax deductible related to the acquisitions of Purolite and National Wiper Alliance, Inc. (refer to Footnote 4 for additional information).

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

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 2022, the Company completed its annual impairment assessment of the Nalco trade name using the relief from royalty discounted cash flow method, which incorporates assumptions regarding future sales projections, royalty rate and discount rates. The Company’s Nalco trade name impairment assessment for 2022 indicated the estimated fair value of the Nalco trade name exceeded its $1.2 billion carrying amount by a significant margin. No events were noted during the second half of 2022 that required completion of an interim impairment assessment of our Nalco trade name. There has been no impairment of the Nalco trade name intangible asset since it was acquired.

The Company’s intangible assets subject to amortization include customer relationships, trademarks, patents and other technology primarily acquired through business acquisitions. The fair value of intangible assets acquired in business acquisitions are estimated primarily using discounted cash flow valuation methods at the time of acquisition. Intangible assets are amortized on a straight-line basis over their estimated lives. The weighted-average useful life of amortizable intangible assets was 15 years as of December 31, 2022 and 2021.

The weighted-average useful life by type of amortizable asset at December 31, 2022 were as follows:

(years)


Customer relationships		15
Patents		14
Trademarks		13
Other technology		12

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


(millions)
2020		$219
2021		239
2022		320
2023		299
2024		291
2025		285
2026		271
2027		146

Long-Lived Assets

Long-Lived Assets

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

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

Rental and Leases, Lessee

Lessee

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

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

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

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

Rental and Leases, Lessor

Lessor

The Company accounts for lease and nonlease components separately. The nonlease components, such as product and service revenue, are accounted for under Topic 606 Revenue from Contracts with Customers, refer to Note 18 for more information. Revenue from leasing equipment is recognized on a straight-line basis over the life of the lease. Cost of sales includes the depreciation expense for assets under operating leases. The assets are depreciated over their estimated useful lives. Initial lease terms range from one year to five years and most leases include renewal options.

Lease contracts convey the right for the customer to control the equipment for a period of time as defined by the contract. There are no options for the customer to purchase the equipment and therefore the equipment remains the property of the Company at the end of the lease term. Refer to Note 14 for additional information regarding rental and leases.

Income Taxes

Income Taxes

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

The CHIPS Act (CHIPS) was signed into U.S. law on August 9, 2022. CHIPS includes incentives for domestic semiconductor manufacturing for expenditures incurred after December 31, 2022. The Company continues to assess qualification for the new tax incentives but does not anticipate CHIPS to have a material impact on the Company’s financial statements.

The Inflation Reduction Act (IRA) includes a corporate alternative minimum tax on certain large corporations, incentives to address climate change mitigation and other non-income tax provisions, including an excise tax on the repurchase of corporate stock. The IRA is effective January 1, 2023. The Company continues to assess the impact of the IRA and qualification for new tax incentives but does not anticipate the IRA to have a material impact on the Company’s financial statements.

Refer to Note 13 for additional information regarding income taxes.

Share-based compensation

Share-Based Compensation

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

All excess tax benefits or deficiencies are recognized as discrete income tax items on the Consolidated Statements of Income. The extent of excess tax benefits is subject to variation in stock price and stock option exercises. Refer to Note 12 for additional information regarding equity compensation plans.

Restructuring Activities

Restructuring Activities

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

Revenue Recognition

Revenue Recognition

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

Product and Sold Equipment

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

Service and Lease Equipment

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

Other Considerations

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

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

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

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

Earnings Per Common Share

Earnings Per Common Share

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

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




(millions, except per share)	2022		2021		2020

Net income from continuing operations attributable to Ecolab		$1,091.7		$1,129.9		$967.4
Net loss from discontinued operations, net of tax		-		-		(2,172.5)
Net income (loss) attributable to Ecolab		$1,091.7		$1,129.9		($1,205.1)

Weighted-average common shares outstanding
Basic		285.2		286.3		287.0
Effect of dilutive stock options and units		1.4		2.8		3.3
Diluted		286.6		289.1		290.3

Earnings (loss) attributable to Ecolab per common share
Basic EPS
Continuing operations		$3.83		$3.95		$3.37
Discontinued operations		$-		$-		($7.57)
Earnings (loss) attributable to Ecolab		$3.83		$3.95		($4.20)
Diluted EPS
Continuing operations		$3.81		$3.91		$3.33
Discontinued operations		$-		$-		($7.48)
Earnings (loss) attributable to Ecolab		$3.81		$3.91		($4.15)

Anti-dilutive securities excluded from the computation of diluted EPS		3.9		1.9		1.9

Amounts do not necessarily sum due to rounding.

Fair value measurements

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

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

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

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

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

Derivatives and hedging transactions

The Company uses foreign currency forward contracts, interest rate swap agreements, cross-currency swap derivative contracts and foreign currency debt to manage risks associated with foreign currency exchange rates, interest rates and net investments in foreign operations. The Company does not hold derivative financial instruments of a speculative nature or for trading purposes. The Company records derivatives as assets and liabilities on the balance sheet 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.

Research and development expenditures

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

Legal contingencies

The Company is subject to various claims and contingencies related to, among other things, workers’ compensation, general liability (including product liability), automobile claims, health care claims, environmental matters and lawsuits. The Company is also subject to various claims and contingencies related to income taxes, which are discussed in Note 13. The Company also has contractual obligations including lease commitments, which are discussed in Note 14.

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

Insurance

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

Litigation and Environmental Matters

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

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

Pension and post-retirement benefit plans

Pension and Postretirement Health Care Benefits Plans

The Company has a non-contributory, qualified, defined benefit pension plan covering the majority of its U.S. employees. The Company also has U.S. non-contributory, non-qualified, defined benefit pension plans, which provide for benefits to employees in excess of limits permitted under its pension plans. The U.S. non-qualified plans are not funded and the recorded benefit obligations for the non-qualified plans were $86 million and $114 million at December 31, 2022 and 2021, respectively. The measurement date used for determining the U.S. pension plan assets and obligations is December 31.

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

The Company provides postretirement health care and life insurance benefits to certain U.S. employees and retirees. The U.S. postretirement health care plans are contributory based on years of service and choice of coverage (family or single), with retiree contributions adjusted annually. The Company also maintains several U.S. postretirement life insurance plans. The measurement date used to determine the U.S. postretirement health care and life insurance plan assets and obligations is December 31. Certain employees

outside the U.S. are covered under government-sponsored programs, which are not required to be fully funded. The expense and obligation for providing international postretirement health care benefits are not significant.

Reportable segments

The Company’s organizational structure consists of global business unit and global regional leadership teams. The Company’s eleven 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.

Discontinued Operations

Discontinued Operations

Discontinued operations comprise those activities that were disposed of during the period or which were classified as held for sale at the end of the period and represent a strategic shift that has or will have a major effect on the Company’s operations and financial results. The ChampionX business met the criteria to be reported as discontinued operations because it was a strategic shift in business that had a major effect on the Company’s operations and financial results. The ChampionX business is presented on the Consolidated Statements of Income as discontinued operations. Refer to Note 5, Discontinued Operations, for additional information.

New Accounting Pronouncements

New Accounting Pronouncements


Standards That Are Not Yet Adopted:
			Required
	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 Company is currently evaluating any potential future impacts on the Company's financial statements, any such changes would be prospective.


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

ASU 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ASU 2021-01 - Reference Rate Reform (Topic 848): Scope ASU 2022-06 - Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848	March 2020	Certain LIBOR rates, widely used reference rates for pricing financial products, were discontinued on December 31, 2021. This standard provides optional expedients and exceptions if certain criteria are met when accounting for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.	Application of guidance is optional until the options and expedients expire on December 31, 2024.	The Company evaluated contracts whose terms previously included references to LIBOR or one of its equivalents and identified two contracts requiring modifications of the interest rate provisions included therein. The Company applied certain of the expedients included in ASC 848 allowing the Company to account for the contract modifications prospectively. There were no financial statement impacts at the time of modification.

ASU 2021 -10 - Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance	November 2021	Update to increase the transparency of government assistance including annual disclosure of the types of assistance accounted for under a grant or contribution method of accounting, an entity’s accounting for the assistance, and the effect of the assistance on an entity’s financial statements.	Annual period beginning January 1, 2022.	The adoption of this standard did not have a significant impact on the Company's financial statements.

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

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

SIGNIFICANT ACCOUNTING POLICIES

Summarized activity in the allowance for doubtful accounts



(millions)	2022		2021		2020

Beginning balance		$52.8		$68.4		$38.8
Adoption of new standard		-		-		4.3
Bad debt expense		38.1		15.0		57.7
Write-offs		(21.1)		(27.4)		(31.6)
Other (a)		2.1		(3.2)		(0.8)
Ending balance		$71.9		$52.8		$68.4

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

Changes in the carrying amount of goodwill


			Global		Global
	Global		Institutional		Healthcare &
(millions)	Industrial		& Specialty		Life Sciences		Other		Total
December 31, 2020		$4,287.9		$564.1		$909.8		$245.1		$6,006.9
Current year business combinations (a)		6.9		17.2		2,123.2		-		2,147.3
Prior year business combinations (b)		(0.9)		-		-		-		(0.9)
Effect of foreign currency translation		(23.8)		(4.8)		(58.8)		(2.0)		(89.4)
December 31, 2021		$4,270.1		$576.5		$2,974.2		$243.1		$8,063.9
Prior year business combinations (b)		0.4		-		253.4		-		253.8
Effect of foreign currency translation		(188.7)		(8.9)		(102.2)		(5.2)		(305.0)
December 31, 2022		$4,081.8		$567.6		$3,125.4		$237.9		$8,012.7

(a)

Represents goodwill associated with current year acquistions. For 2021, approximately $2,209 million of goodwill related to businesses acquired is expected to be tax deductible related to the acquisitions of Purolite and National Wiper Alliance, Inc. (refer to Footnote 4 for additional information).

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

Weighted-average useful life by type of asset

The weighted-average useful life by type of amortizable asset at December 31, 2022 were as follows:

(years)


Customer relationships		15
Patents		14
Trademarks		13
Other technology		12

Future estimated amortization expenses


(millions)
2020		$219
2021		239
2022		320
2023		299
2024		291
2025		285
2026		271
2027		146

Computations of the basic and diluted EPS

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




(millions, except per share)	2022		2021		2020

Net income from continuing operations attributable to Ecolab		$1,091.7		$1,129.9		$967.4
Net loss from discontinued operations, net of tax		-		-		(2,172.5)
Net income (loss) attributable to Ecolab		$1,091.7		$1,129.9		($1,205.1)

Weighted-average common shares outstanding
Basic		285.2		286.3		287.0
Effect of dilutive stock options and units		1.4		2.8		3.3
Diluted		286.6		289.1		290.3

Earnings (loss) attributable to Ecolab per common share
Basic EPS
Continuing operations		$3.83		$3.95		$3.37
Discontinued operations		$-		$-		($7.57)
Earnings (loss) attributable to Ecolab		$3.83		$3.95		($4.20)
Diluted EPS
Continuing operations		$3.81		$3.91		$3.33
Discontinued operations		$-		$-		($7.48)
Earnings (loss) attributable to Ecolab		$3.81		$3.91		($4.15)

Anti-dilutive securities excluded from the computation of diluted EPS		3.9		1.9		1.9

Amounts do not necessarily sum due to rounding.

Other significant accounting policies


Policy		Note
Fair value measurements		8
Derivatives and hedging transactions		9
Share-based compensation		12
Research and development expenditures		15
Legal contingencies		16
Pension and post-retirement benefit plans		17
Reportable segments		19

Schedule of new accounting pronouncements

New Accounting Pronouncements


Standards That Are Not Yet Adopted:
			Required
	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 Company is currently evaluating any potential future impacts on the Company's financial statements, any such changes would be prospective.


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

ASU 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ASU 2021-01 - Reference Rate Reform (Topic 848): Scope ASU 2022-06 - Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848	March 2020	Certain LIBOR rates, widely used reference rates for pricing financial products, were discontinued on December 31, 2021. This standard provides optional expedients and exceptions if certain criteria are met when accounting for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.	Application of guidance is optional until the options and expedients expire on December 31, 2024.	The Company evaluated contracts whose terms previously included references to LIBOR or one of its equivalents and identified two contracts requiring modifications of the interest rate provisions included therein. The Company applied certain of the expedients included in ASC 848 allowing the Company to account for the contract modifications prospectively. There were no financial statement impacts at the time of modification.

ASU 2021 -10 - Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance	November 2021	Update to increase the transparency of government assistance including annual disclosure of the types of assistance accounted for under a grant or contribution method of accounting, an entity’s accounting for the assistance, and the effect of the assistance on an entity’s financial statements.	Annual period beginning January 1, 2022.	The adoption of this standard did not have a significant impact on the Company's financial statements.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
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-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

SPECIAL (GAINS) AND CHARGES (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring Activities

Special (gains) and charges



(millions)	2022		2021		2020
Cost of sales
Restructuring activities		$21.4		$24.7		$7.4
Acquisition and integration activities		25.0		4.2		3.9
COVID-19 activities, net		16.3		64.7		12.5
Russia/Ukraine		7.2		-		-
Other		-		0.3		24.4
Cost of sales subtotal		69.9		93.9		48.2

Special (gains) and charges
Restructuring activities		85.8		11.9		71.4
Acquisition and integration activities		14.5		29.9		8.5
Disposal and impairment activities		-		-		41.4
COVID-19 activities, net		10.2		42.4		23.6
Russia/Ukraine		5.9		-		-
Other		24.1		18.4		34.7
Special (gains) and charges subtotal		140.5		102.6		179.6

Operating income subtotal		210.4		196.5		227.8

Other (income) expense		50.6		37.2		0.4
Interest expense, net		-		33.1		83.8

Total special (gains) and charges		$261.0		$266.8		$312.0

Restructuring activity


	Employee
	Termination		Asset
(millions)	Costs		Disposals		Other		Total
Restructuring liability, December 31, 2019		$94.0		$-		$1.5		$95.5
2020 Activity
Recorded expense and accrual		29.5		7.8		4.5		41.8
Net cash payments		(56.8)		-		(1.0)		(57.8)
Non-cash charges		-		(7.8)		-		(7.8)
Effect of foreign currency translation		0.1		-		-		0.1
Restructuring liability, December 31, 2020		66.8		-		5.0		71.8

2021 Activity
Recorded expense and accrual		4.3		0.3		0.7		5.3
Net cash payments		(39.1)		-		(5.0)		(44.1)
Non-cash charges		-		(0.3)		-		(0.3)
Restructuring liability, December 31, 2021		32.0		-		0.7		32.7

2022 Activity
Recorded expense (income) and accrual		5.4		1.9		2.6		9.9
Net cash payments		(21.8)		-		(0.8)		(22.6)
Non-cash charges		-		(1.9)		-		(1.9)
Restructuring liability, December 31, 2022		$15.6		$-		$2.5		$18.1

Institutional Advancement Program

Restructuring Activities

Restructuring activity


	Employee
	Termination		Asset
(millions)	Costs		Disposals		Other		Total
2020 Activity
Recorded expense and accrual		$25.6		$-		$9.6		$35.2
Net cash payments		(0.9)		-		(9.6)		(10.5)
Restructuring liability, December 31, 2020		24.7		-		-		24.7

2021 Activity
Recorded expense (income) and accrual		($1.8)		$8.5		$5.9		$12.6
Net cash payments		(19.0)				(4.7)		(23.7)
Non-cash net charges		-		(8.5)		-		(8.5)
Restructuring liability, December 31, 2021		3.9		-		1.2		5.1

2022 Activity
Recorded expense (income) and accrual		1.2		4.9		0.2		6.3
Net cash payments		(3.8)		-		(0.8)		(4.6)
Non-cash net charges		-		(4.9)		-		(4.9)
Restructuring liability, December 31, 2022		$1.3		$-		$0.6		$1.9

Europe Program

Restructuring Activities

Restructuring activity

Employee

Termination

Asset

(millions)

Costs

Disposals

Other

Total

2022 Activity

Recorded expense and accrual

67.2

-

67.2

Net cash payments

(5.2)

-

(5.2)

Restructuring liability, December 31, 2022

$62.0

$-

$62.0

ACQUISITIONS AND DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2022

CID Lines

Business acquisitions

Schedule of assets acquired and liabilities assumed


(millions)	May 11, 2020
Tangible assets		$54.1
Identifiable intangible assets
Customer relationships		147.5
Trademarks		58.6
Acquired technologies and product registrations		47.7
Total assets acquired		307.9

Goodwill		274.8

Total liabilities		97.2
Total consideration transferred to sellers, net of cash acquired		$485.5

Business Acquisitions and Investment

Business acquisitions

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



(millions)	2022		2021		2020
Net tangible assets acquired		$-		$3.6		$-

Identifiable intangible assets
Customer relationships		-		75.0		-
Trademarks		-		4.7		-
Non-compete agreements		-		3.0		-
Other technologies		-		1.5		-
Total intangible assets		-		84.2		-

Goodwill		-		140.6		-
Total aggregate purchase price		-		228.4		-

Acquisition-related liabilities and contingent consideration (a)		-		(4.4)		-
Total cash paid for acquisitions, including acquisition-related
liabilities and contingent consideration, net of cash acquired		$-		$224.0		$-

(a)Subsequent to the acquisitions, $1.4 in contingent consideration was remitted to the seller during 2021 and is included in investing activities on the Consolidated Statement of Cash Flows.

Purolite

Business acquisitions

Schedule of assets acquired and liabilities assumed


(millions)	December 1, 2021
Tangible assets		$361.9
Identifiable intangible assets
Customer relationships		870.0
Other technologies		285.0
Trademarks		73.0
Total assets acquired		1,589.9

Goodwill		2,260.6

Total liabilities		144.8
Total consideration transferred to sellers, net of cash acquired		$3,705.7

DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2022

DISCONTINUED OPERATIONS.

Schedule Of Assets And Liabilities Transferred As A Part Of Separation



(millions)
Assets:
Cash and cash equivalent			$60.6
Current assets			810.5
Non-current assets			3,222.3
			4,093.4
Liabilities:
Current liabilities			313.0
Non-current liabilities			293.7
			606.7

Net assets distributed to ChampionX			($3,486.7)
Fair value of shares exchanged			1,051.4
Cash received from ChampionX			527.4
Consideration received less net assets			(1,907.9)

ChampionX cumulative translation adjustment ("CTA") write-off			(229.9)
Loss on separation			($2,137.8)

Summary of discontinued operations



(millions)	2022		2021		2020

Product and equipment sales		$-		$-		$858.9
Service and lease sales		-		-		99.6
Net sales		-		-		958.5
Product and equipment cost of sales		-		-		621.7
Service and lease cost of sales		-		-		80.4
Cost of sales (including special charges)		-		-		702.1
Selling, general and administrative expenses		-		-		180.5
Special (gains) and charges		-		-		2,221.7
Operating income		-		-		(2,145.8)
Other (income) expense		-		-		0.3
Interest expense (income), net		-		-		0.2
Income before income taxes		-		-		(2,146.3)
Provision for income taxes		-		-		24.0
Net loss including noncontrolling interest		-		-		(2,170.3)
Net income attributable to noncontrolling interest		-		-		2.2
Net loss from discontinued operations, net of tax		$-		$-		($2,172.5)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
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+ Details

BALANCE SHEETS INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

BALANCE SHEETS INFORMATION

Balance Sheet Information



	December 31		December 31
(millions)	2022		2021
Accounts receivable, net
Accounts receivable		$2,829.0		$2,549.9
Allowance for expected credit losses and other accruals		(130.9)		(71.5)
Total		$2,698.1		$2,478.4

Inventories
Finished goods		$1,122.7		$1,010.6
Raw materials and parts		849.2		596.1
Inventories at FIFO cost		1,971.9		1,606.7
FIFO cost to LIFO cost difference		(179.1)		(114.9)
Total		$1,792.8		$1,491.8

Other current assets
Prepaid assets		$123.9		$121.2
Taxes receivable		184.1		151.3
Derivative assets		57.5		61.4
Other		39.2		23.1
Total		$404.7		$357.0

Property, plant and equipment, net
Land		$161.3		$159.2
Buildings and leasehold improvements		1,126.9		1,134.1
Machinery and equipment		1,966.3		1,968.7
Merchandising and customer equipment		2,635.5		2,708.2
Capitalized software		962.1		884.6
Construction in progress		403.8		325.0
		7,255.9		7,179.8
Accumulated depreciation		(3,962.5)		(3,891.3)
Total		$3,293.4		$3,288.5

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		3,292.8		3,444.6
Patents		497.0		496.3
Trademarks		404.0		561.1
Other technologies		518.8		527.2
		4,712.6		5,029.2
Accumulated amortization
Customer relationships		(1,581.7)		(1,440.9)
Patents		(292.3)		(269.3)
Trademarks		(202.5)		(170.3)
Other technologies		(185.4)		(154.6)
		(2,261.9)		(2,035.1)
Net intangible assets subject to amortization		2,450.7		2,994.1
Total		$3,680.7		$4,224.1

Other assets
Deferred income taxes		$108.1		$120.6
Pension		118.4		114.6
Derivative asset		44.5		29.4
Other		264.1		281.4
Total		$535.1		$546.0



	December 31		December 31
(millions)	2022		2021
Other current liabilities
Discounts and rebates		$357.8		$341.1
Dividends payable		150.8		146.3
Interest payable		58.7		47.7
Taxes payable, other than income		162.9		154.2
Derivative liabilities		21.9		-
Restructuring		100.6		39.1
Contract liability		116.5		91.7
Operating lease liabilities		108.3		115.1
Other		208.4		209.0
Total		$1,285.9		$1,144.2

Accumulated other comprehensive income (loss)
Unrealized gain (loss) on derivative financial instruments, net of tax		$3.7		$4.9
Unrecognized pension and postretirement benefit expense, net of tax		(467.4)		(632.8)
Cumulative translation, net of tax		(1,262.9)		(1,006.9)
Total		($1,726.6)		($1,634.8)

DEBT AND INTEREST (Tables)

12 Months Ended

Dec. 31, 2022

DEBT AND INTEREST

Schedule of short-term debt obligations

2022

2021

Average

Carrying

Interest

Carrying

Interest

(millions)

Value

Rate

Value

Rate

Short-term debt

Commercial paper

$-

-

%

$400.0

0.28

%

Notes payable

3.7

7.28

%

8.5

7.95

%

Long-term debt, current maturities

501.4

2.5

Total

$505.1

$411.0

Schedule of long-term debt obligations including current maturities


		2022								2021
				Stated		Effective				Stated		Effective
	Maturity	Carrying		Interest		Interest		Carrying		Interest		Interest
(millions)	by Year	Value		Rate		Rate		Value		Rate		Rate

Long-term debt
Public notes (2022 principal amount)
Two year 2021 senior notes ($500 million)	2023		$498.7	0.90	%	1.19	%		$497.2	0.90	%	1.19	%
Seven year 2016 senior notes (€575 million)	2024		596.9	1.00	%	1.03	%		649.3	1.00	%	1.19	%
Ten year 2015 senior notes (€575 million)	2025		596.7	2.63	%	2.81	%		649.7	2.63	%	2.87	%
Ten year 2016 senior notes ($750 million)	2026		721.1	2.70	%	3.21	%		744.9	2.70	%	2.89	%
Ten year 2017 senior notes ($500 million)	2027		433.9	3.25	%	4.77	%		488.4	3.25	%	2.89	%
Six Year 2021 senior notes ($500 million)	2027		496.5	1.65	%	1.83	%		495.7	1.65	%	1.84	%
Five Year 2022 senior notes ($500 million)	2028		492.7	5.25	%	5.36	%		-	-	%	-	%
Ten year 2020 senior notes ($698 million)	2030		653.5	4.80	%	3.72	%		709.1	4.80	%	4.06	%
Ten year 2020 senior notes ($600 million)	2031		555.2	1.30	%	1.70	%		593.4	1.30	%	1.39	%
Eleven year 2021 senior notes ($650 million)	2032		644.6	2.13	%	2.24	%		644.0	2.13	%	2.24	%
Thirty year 2011 senior notes ($389 million)	2041		384.5	5.50	%	5.62	%		384.3	5.50	%	5.63	%
Thirty year 2016 senior notes ($200 million)	2046		197.3	3.70	%	3.81	%		197.2	3.70	%	3.81	%
Thirty year 2017 senior notes ($484 million)	2047		425.5	3.95	%	4.79	%		424.3	3.95	%	4.80	%
Thirty year 2020 senior notes ($500 million)	2050		490.7	2.13	%	2.23	%		490.4	2.13	%	2.24	%
Thirty year 2021 senior notes ($850 million)	2051		838.9	2.70	%	2.78	%		838.5	2.70	%	2.78	%
Thirty-four year 2021 senior notes ($685 million)	2055		537.2	2.75	%	3.86	%		535.3	2.75	%	3.87	%
Finance lease obligations and other			12.8						8.0
Total debt			8,576.7						8,349.7
Long-term debt, current maturities			(501.4)						(2.5)
Total long-term debt			$8,075.3						$8,347.2

Schedule of aggregate annual maturities of long-term debt


(millions)
2023			$501
2024			607
2025			597
2026			721
2027			930

Schedule of interest expense and interest income



(millions)	2022		2021		2020
Interest expense		$252.1		$230.6		$304.8
Interest income		(8.5)		(12.3)		(14.6)
Interest expense, net		$243.6		$218.3		$290.2

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

FAIR VALUE MEASUREMENTS

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

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

-


	December 31, 2021
(millions)	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3
Assets
Foreign currency forward contracts		$94.5		$-		$94.5		$-
Interest rate swap agreements		1.8		-		1.8		-
Cross-currency swap derivative contracts		9.4		-		9.4		-

Liabilities
Foreign currency forward contracts		12.6		-		12.6		-
Interest rate swap agreements		10.1		-		10.1		-
Cross-currency swap derivative contracts		1.6		-		1.6		-

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

December 31, 2022

December 31, 2021

Carrying

Fair

Carrying

Fair

Amount

Value

Amount

Value

Long-term debt, including current maturities

$8,576.6

$7,643.6

$8,349.7

$9,085.3

DERIVATIVES AND HEDGING TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2022

DERIVATIVES AND HEDGING TRANSACTIONS

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

Derivative Assets

Derivative Liabilities

December 31

December 31

December 31

December 31

(millions)

2022

2021

2022

2021

Derivatives designated as hedging instruments

Foreign currency forward contracts

$78.6

$44.7

$9.2

$2.6

Interest rate swap agreements

-

1.8

181.4

10.1

Cross-currency swap derivative contracts

58.7

9.4

14.5

1.6

Derivatives not designated as hedging instruments

Foreign currency forward contracts

40.3

49.8

74.1

10.0

Gross value of derivatives

177.6

105.7

279.2

24.3

Gross amounts offset in the Consolidated Balance Sheets

(75.6)

(14.9)

(75.6)

(14.9)

Net value of derivatives

$102.0

$90.8

$203.6

$9.4

Summary of notional values of outstanding derivatives


	Notional Values
		December 31	December 31
(millions)		2022	2021

Foreign currency forward contracts		$5,745		$4,059
Interest rate swap agreements		1,500		1,250
Cross-currency swap derivative contracts		650		482

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


Line item in which the hedged item is included	Carrying amount of the hedged liabilities						Cumulative amount of the fair value hedging adjustment included in the carrying amount of the hedged liabilities
(millions)	2022		2021		2020		2022		2021		2020
Long-term debt		$1,317.5		$1,235.6		$-		($184.8)		($12.1)		$-

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



(millions)	2022		2021		2020
Revaluation gain (loss), net of tax:
Euronotes		$81.9		$45.3		($87.7)
Cross-currency swap derivative contracts		26.4		6.3		-
Total revaluation gain (loss), net of tax		$108.3		$51.6		($87.7)

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



	2022				2021				2020
(millions)		COS	SG&A	Interest		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		$6.4	$95.0	$-		($11.0)	$47.6	$-		$10.1	($108.3)	$-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value		-	-	13.9		-	-	21.0		-	-	27.5
Interest rate swap agreements
Amount of gain (loss) reclassified from AOCI to income		-	-	(2.3)		-	-	(2.3)		-	-	(2.4)

Gain (loss) on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) recognized in income (a)		-	62.0	-		-	73.7	-		-	(12.3)	-
Total gain (loss) of all derivative instruments		$6.4	$157.0	$11.6		($11.0)	$121.3	$18.7		$10.1	($120.6)	$25.1

(a)

Gain (loss) on derivatives not designated as hedging instruments recognized in income recorded in SG&A includes discontinued operations of $(2.5) for the year ended December 31, 2020.

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION

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



(millions)	2022		2021		2020
Derivative and Hedging Instruments
Unrealized gain (loss) on derivative & hedging instruments
Amount recognized in AOCI		$112.9		$87.5		($93.3)
(Gain) loss reclassified from AOCI into income
COS		(6.4)		11.0		(10.1)
SG&A		(95.0)		(47.6)		108.3
Interest (income) expense, net		(11.6)		(18.7)		(25.1)
		(113.0)		(55.3)		73.1
Other activity		1.1		(1.7)		(0.3)
Tax impact		(2.2)		(4.5)		3.5
Net of tax		($1.2)		$26.0		($17.0)

Pension and Postretirement Benefits
Amount recognized in AOCI
Current period net gain (loss)		$83.3		$270.7		($189.9)
Amount reclassified from AOCI into income
Settlement charge		51.6		38.8		-
Amortization of losses and prior period service credits, net		47.7		78.6		68.1
		182.6		388.1		(121.8)
Tax impact		(52.3)		(98.4)		43.7
Net of tax		$130.3		$289.7		($78.1)

EQUITY COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2022

EQUITY COMPENSATION PLANS

Summary of stock option activity and average exercise prices


	2022			2021			2020
	Number of	Exercise		Number of	Exercise		Number of	Exercise
	Options	Price (a)		Options	Price (a)		Options	Price (a)
Outstanding, beginning of year	6,217,161		$160.91	6,802,415		$144.20	9,042,320		$121.72
Granted	1,228,673		148.79	812,853		223.85	931,750		220.95
Exercised	(294,228)		101.08	(1,306,998)		110.91	(2,733,130)		97.52
Canceled	(120,503)		210.26	(91,109)		192.49	(91,660)		166.67
Separation of ChampionX	-		-	-		-	(346,865)		126.37
Outstanding, end of year	7,031,103		$160.45	6,217,161		$160.91	6,802,415		$144.20
Exercisable, end of year	5,168,161		$155.45	4,604,922		$141.21	5,051,927		$125.08
Vested and expected to vest, end of year	6,886,450		$160.31

(a)

Represents weighted average price per share.

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


	2022			2021			2020
Weighted-average grant-date fair value of options
granted at market prices		$37.04			$47.65			$44.16
Assumptions
Risk-free rate of return		3.5	%		1.2	%		0.5	%
Expected life		6	years		6	years		6	years
Expected volatility		23.5	%		23.0	%		23.0	%
Expected dividend yield		1.4	%		0.9	%		0.9	%

Summary of non-vested PBRSU awards and restricted stock activity


	PBRSU	Grant Date		RSAs and	Grant Date
	Awards	Fair Value (a)		RSUs	Fair Value (a)
December 31, 2019	1,116,898		$139.83	265,513		$149.46
Granted	202,187		215.23	62,693		203.09
Vested / Earned	(333,676)		112.78	(81,150)		130.72
Canceled	(26,285)		157.32	(15,996)		162.51
Separation of ChampionX	(44,494)		142.10	(67,377)		161.82
December 31, 2020	914,630		$165.76	163,683		$172.92
Granted	176,297		223.77	130,807		211.12
Vested / Earned	(271,731)		131.74	(48,977)		160.84
Canceled	(30,667)		178.46	(13,239)		192.12
December 31, 2021	788,529		$189.96	232,274		$195.95
Granted	291,496		142.24	240,370		146.90
Vested / Earned	(232,210)		152.63	(68,864)		163.81
Canceled	(24,645)		207.05	(18,683)		201.39
December 31, 2022	823,170		$181.68	385,097		$170.50

(a)	Represents weighted average price per share.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Income before income taxes


(millions)	2022		2021		2020
United States (U.S.)		$295.6		$277.7		$100.5
International		1,047.8		1,136.5		1,060.9
Total		$1,343.4		$1,414.2		$1,161.4

Provision (benefit) for income taxes


(millions)	2022		2021		2020
U.S. federal and state		$145.7		$30.9		($43.9)
International		231.4		240.2		259.8
Total current		377.1		271.1		215.9
U.S. federal and state		(78.9)		3.6		12.0
International		(63.7)		(4.5)		(51.3)
Total deferred		(142.6)		(0.9)		(39.3)
Provision for income taxes		$234.5		$270.2		$176.6

Net deferred tax assets and deferred tax liabilities


December 31 (millions)	2022		2021
Deferred tax assets
Pension and post-retirement benefits		$87.0		$136.8
Other accrued liabilities		129.6		135.6
Lease liability		109.2		101.3
Credit carryforwards		97.8		81.8
Capitalization of R&D costs		84.5		-
Loss carryforwards		67.2		59.6
Share-based compensation		51.2		44.7
Deferred income		59.6		44.8
Other, net		98.8		71.0
Valuation allowance		(65.2)		(50.3)
Total deferred tax assets		719.7		625.3
Deferred tax liabilities
Intangible assets		(611.1)		(631.0)
Property, plant and equipment		(319.7)		(333.5)
Lease asset		(109.1)		(100.3)
Financing		(33.5)		(34.2)
Other, net		(43.8)		(27.7)
Total deferred tax liabilities		(1,117.2)		(1,126.7)
Net deferred tax liabilities balance		($397.5)		($501.4)

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


	2022		2021		2020
Statutory U.S. rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	1.3		0.6		0.4
Foreign operations	(0.8)		(0.6)		(1.3)
Excess stock benefits	(0.4)		(2.0)		(4.9)
R&D credit	(1.4)		(1.3)		(1.1)
Foreign derived intangible income	(1.8)		(1.6)		(0.2)
Change in valuation allowance	0.7		0.5		0.6
Legal entity rationalization	(1.5)		-		-
One-time transfer of intangibles	-		1.8		-
Other, net	0.4		0.7		0.7
Effective income tax rate	17.5	%	19.1	%	15.2	%

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


(millions)	2022		2021		2020
Balance at beginning of year		$25.1		$20.7		$27.0
Additions based on tax positions related to the current year		2.7		3.8		3.3
Additions for tax positions of prior years		3.6		3.0		-
Current year acquisitions		-		4.4		-
Reductions for tax positions of prior years		(1.5)		-		(1.1)
Reductions for tax positions due to statute of limitations		(0.7)		(3.0)		(9.1)
Settlements		(3.4)		(3.7)		-
Foreign currency translation		(0.9)		(0.1)		0.6
Balance at end of year		$24.9		$25.1		$20.7

RENTALS AND LEASES (Tables)

12 Months Ended

Dec. 31, 2022

RENTALS AND LEASES

Schedule of operating lease cost


(millions)	2022		2021		2020
Operating lease cost*		$196.9		$179.4		$183.8

*Includes immaterial short-term and variable lease costs

Schedule of future maturity of operating lease liabilities



(millions)
2023			$124
2024			98
2025			75
2026			53
2027			32
Thereafter			121
Total lease payments			503
Less: imputed interest			57
Present value of lease liabilities			$446

Schedule of operating leases term and discount rate



	December 31		December 31		December 31
	2022		2021		2020

Weighted-average remaining lease terms (years)		6.71		5.99		5.52

Weighted-average discount rate		2.98%		3.07%		3.72%

Schedule of other lease information

December 31

December 31

(millions)

2022

2021

2020

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

Operating cash flows from operating leases

$157.3

$157.0

$164.2

Leased assets obtained in exchange for new operating lease liabilities

202.7

116.8

60.4

Schedule of operating lease revenue


(millions)	2022		2021		2020
Operating lease revenue*		$466.7		$412.5		$356.3

Schedule of revenue from operating leases for existing contracts

Future revenue from operating leases for existing contracts as of December 31, 2022 were as follows:



(millions)
2023			$370
2024			269
2025			207
2026			140
2027			71
Thereafter			41
Total lease revenue			$1,098

RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Pension and Postretirement Plans

Financial information related to pension and postretirement health care plans


	U.S.				International				U.S. Postretirement
	Pensions				Pensions				Benefits
(millions)	2022		2021		2022		2021		2022		2021
Accumulated benefit obligation, end of year		$1,799.0		$2,462.7		$1,171.1		$1,696.2		$115.5		$155.4
Projected benefit obligation
Projected benefit obligation, beginning of year		$2,462.7		$2,728.4		$1,779.7		$1,834.2		$155.4		$172.4
Service cost		40.8		43.9		28.4		31.4		0.8		1.0
Interest cost		65.3		51.4		22.0		17.3		3.3		2.9
Participant contributions		-		-		3.0		2.9		3.7		3.3
Plan amendments		-		-		-		0.7		-		-
Actuarial (gain) loss		(479.8)		(79.6)		(436.8)		(25.3)		(33.7)		(12.1)
Assumed through acquisitions		-		-		15.1		34.0		-		-
Other events		-		-		-		4.3		-		-
Benefits paid		(290.0)		(281.4)		(54.3)		(68.5)		(14.0)		(12.1)
Foreign currency translation		-		-		(135.2)		(51.3)		-		-
Projected benefit obligation, end of year		$1,799.0		$2,462.7		$1,221.9		$1,779.7		$115.5		$155.4

Plan assets
Fair value of plan assets, beginning of year		$2,376.8		$2,372.9		$1,219.9		$1,148.0		$5.2		$5.7
Actual returns on plan assets		(430.3)		276.8		(218.3)		107.5		(0.8)		0.6
Company contributions		12.0		8.5		38.3		40.7		12.8		11.0
Participant contributions		-		-		3.0		2.9		-		-
Acquired through acquisitions		-		-		15.1		12.9		-		-
Benefits paid		(290.0)		(281.4)		(54.3)		(68.5)		(14.0)		(12.1)
Foreign currency translation		-		-		(98.6)		(23.6)		-		-
Fair value of plan assets, end of year		$1,668.5		$2,376.8		$905.1		$1,219.9		$3.2		$5.2
Funded Status, end of year		($130.5)		($85.9)		($316.8)		($559.8)		($112.3)		($150.2)

Amounts recognized in the Consolidated Balance Sheets:
Other assets		$-		$28.2		$118.6		$86.5		$-		$-
Other current liabilities		($9.2)		(14.8)		(28.6)		(27.0)		(7.6)		(5.5)
Postretirement healthcare and pension benefits		($121.3)		(99.3)		(406.8)		(619.3)		(104.7)		(144.7)
Net liability		($130.5)		($85.9)		($316.8)		($559.8)		($112.3)		($150.2)

Amounts recognized in accumulated other comprehensive loss (income):
Unrecognized net actuarial loss (gain)		$411.9		$396.8		$279.7		$485.7		($43.6)		($11.7)
Unrecognized net prior service (benefits) costs		(21.2)		(25.8)		0.3		(0.2)		-		-
Tax (benefit) expense		(100.8)		(95.3)		(66.5)		(117.8)		7.7		1.2
Accumulated other comprehensive loss (income), net of tax		$289.9		$275.7		$213.5		$367.7		($35.9)		($10.5)

Change in accumulated other comprehensive loss (income):
Amortization of net actuarial gain (loss)		($30.2)		($56.2)		($22.7)		($28.7)		$0.6		($0.7)
Amortization of prior service credits		4.5		6.9		0.1		0.1		-		-
Current period net actuarial loss (gain)		97.0		(203.0)		(147.8)		(56.1)		(32.5)		(12.3)
Current period prior service costs		-		-		-		0.7		-		-
Curtailments and settlements		(51.6)		(35.3)		-		(3.5)		-		-
Tax (benefit) expense		(5.5)		69.8		51.3		25.4		6.5		3.2
Foreign currency translation		-		-		(35.1)		(12.7)		-		-
Other comprehensive loss (income)		$14.2		($217.8)		($154.2)		($74.8)		($25.4)		($9.8)

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


					U.S. Post-
	U.S.		International		Retirement
(millions)	Pensions		Pensions		Benefits
Net actuarial loss (gain)		$0.2		$11.6		($3.1)
Net prior service benefits		(4.6)		(0.3)		-
Total		($4.4)		$11.3		($3.1)

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


December 31, (millions)	2022		2021
Aggregate projected benefit obligation		$2,392.1		$1,022.3
Accumulated benefit obligation		2,355.8		964.5
Fair value of plan assets		1,828.1		280.9

Net periodic pension and postretirement health care benefit costs


	U.S.						International						U.S. Postretirement
	Pensions						Pensions						Benefits
(millions)	2022		2021		2020		2022		2021		2020		2022		2021		2020
Service cost (a)		$40.8		$43.9		$68.4		$28.4		$31.4		$30.8		$0.8		$1.0		$1.2
Interest cost on benefit obligation		65.3		51.4		70.3		22.0		17.3		22.3		3.3		2.9		4.4
Expected return on plan assets		(144.4)		(152.3)		(152.9)		(69.8)		(70.7)		(63.9)		(0.3)		(0.4)		(0.4)
Recognition of net actuarial loss (gain)		30.2		56.7		51.9		22.8		28.7		26.1		(0.6)		0.7		0.1
Amortization of prior service benefit		(4.5)		(6.9)		(7.4)		(0.1)		(0.1)		(0.1)		-		-		(11.0)
Curtailments and settlements (b)		51.6		35.3		2.5		-		3.5		2.2		-		-		-
Total expense (benefit)		$39.0		$28.1		$32.8		$3.3		$10.1		$17.4		$3.2		$4.2		($5.7)

(a)

Service cost includes discontinued operations of $2.5 for the year ended December 31, 2020.

(b)

$50.6 and $37.2 of settlement expense was recognized as special charges in 2022 and 2021, respectively.

Plan Assumptions


Plan Assumptions	U.S.						International						U.S. Postretirement
	Pensions						Pensions						Benefits
(percent)	2022		2021		2020		2022		2021		2020		2022		2021		2020
Weighted-average actuarial assumptions
used to determine benefit obligations
as of year end:
Discount rate	5.17	%	2.86	%	2.48	%	3.70	%	1.45	%	1.13	%	5.14	%	2.75	%	2.37	%
Projected salary increase	4.03		4.03		4.03		2.81		2.42		2.12
Weighted-average actuarial assumptions
used to determine net cost:
Interest credit rate for cash balance plans	1.56		0.87		1.81		N/A		N/A		N/A		N/A		N/A		N/A
Discount rate	2.86		2.49		3.20		1.46		1.37		1.84		2.75		2.37		3.16
Expected return on plan assets	7.00		7.00		7.25		6.18		6.24		6.24		7.00		7.00		7.25
Projected salary increase	4.03		4.03		4.03		2.47		2.31		2.81

Estimated future benefits payments


(millions)	All Plans
2023		$207
2024		220
2025		224
2026		226
2027		229
2028 - 2032		1,151

U.S. Pension and Postretirement Health Care Benefits

Pension and Postretirement Plans

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

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


	Fair Value as of						Fair Value as of
(millions)	December 31, 2022						December 31, 2021
	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash		$54.8		$-		$54.8		$43.6		$-		$43.6
Equity securities:
Large cap equity		237.1		-		237.1		412.2		-		412.2
Small cap equity		15.4		25.1		40.5		21.3		40.7		62.0
International equity		37.4		17.2		54.6		62.9		28.0		90.9
Fixed income:
Core fixed income		145.5		646.5		792.0		510.7		589.7		1,100.4
High-yield bonds		33.4		-		33.4		49.0		-		49.0
Emerging markets		-		25.4		25.4		-		36.6		36.6
Total investments at fair value		523.6		714.2		1,237.8		1,099.7		695.0		1,794.7
Investments measured at net asset value						433.9						587.3
Total		$523.6		$714.2		$1,671.7		$1,099.7		$695.0		$2,382.0

The Company had no Level 3 assets as part of its U.S. qualified pension plan assets as of December 31, 2022 or 2021.

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


	Target Asset
Asset Category	Allocation				Percentage
	Percentage				of Plan Assets

December 31	2022		2021		2022		2021

Cash	-	%	-	%	3	%	2	%
Equity securities:
Large cap equity	21		21		14		17
Small cap equity	3		3		2		3
International equity	13		10		9		10
Fixed income:
Core fixed income	48		48		47		46
High-yield bonds	3		3		2		2
Emerging markets	2		4		2		2
Other:
Real estate	3		3		4		4
Private equity	5		5		15		11
Distressed debt	2		3		2		3
Total	100	%	100	%	100	%	100	%

International Pension

Pension and Postretirement Plans

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


	Fair Value as of			Fair Value as of
(millions)	December 31, 2022			December 31, 2021
	Level 1	Level 2	Total	Level 1	Level 2	Total
Cash	$9.9	$-	$9.9	$7.2	$-	$7.2
Equity securities:
International equity	-	219.3	219.3	-	490.1	490.1
Fixed income:
Corporate bonds	-	158.5	158.5	9.7	220.0	229.7
Government bonds	-	365.9	365.9	7.2	298.5	305.7
Insurance company accounts	-	106.2	106.2	-	121.2	121.2
Total investments at fair value	9.9	849.9	859.8	24.1	1,129.8	1,153.9
Investments measured at net asset value			45.3			66.0
Total	$9.9	$849.9	$905.1	$24.1	$1,129.8	$1,219.9

The Company had no Level 3 assets as part of its international plan assets as of December 31, 2022 or 2021.

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


	Percentage
Asset Category	of Plan Assets

December 31	2022		2021

Cash	1	%	1	%
Equity securities:
International equity	24		40
Fixed income:
Corporate bonds	18		19
Government bonds	40		25
Total fixed income	58		44
Other:
Insurance contracts	12		10
Debt securities	-		2
Real estate	5		3
Total	100	%	100	%

REVENUES (Tables)

12 Months Ended

Dec. 31, 2022

REVENUES

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



(millions)	2022		2021		2020
Global Industrial
Product and sold equipment		$5,937.0		$5,372.0		$5,052.3
Service and lease equipment		868.0		865.8		818.5
Global Institutional & Specialty
Product and sold equipment		3,645.1		3,265.5		2,968.7
Service and lease equipment		776.8		690.4		584.5
Global Healthcare & Life Sciences
Product and sold equipment		1,398.3		1,068.9		1,071.4
Service and lease equipment		112.2		112.7		110.5
Other
Product and sold equipment		342.1		308.9		274.5
Service and lease equipment		984.5		909.7		809.8
Corporate
Product and sold equipment		123.7		138.0		99.7
Service and lease equipment		0.1		1.2		0.3
Total
Total product and sold equipment		$11,446.2		$10,153.3		$9,466.6
Total service and lease equipment		2,741.6		2,579.8		2,323.6

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


	Global Industrial						Global Institutional & Specialty
(millions)	2022		2021		2020		2022		2021		2020

United States		$2,945.1		$2,603.0		$2,564.3		$3,050.0		$2,721.8		$2,400.4
Europe		1,373.6		1,367.1		1,262.6		624.0		557.9		510.3
Asia Pacific		830.1		802.5		747.2		212.6		201.2		203.9
Latin America		621.7		551.5		491.7		162.3		135.0		128.3
Greater China		419.3		394.9		333.0		124.5		132.3		114.9
India, Middle East and Africa		419.4		344.4		314.1		54.6		44.2		39.8
Canada		195.8		174.4		157.9		193.9		163.5		155.6
Total		$6,805.0		$6,237.8		$5,870.8		$4,421.9		$3,955.9		$3,553.2

	Global Healthcare & Life Sciences						Other
(millions)	2022		2021		2020		2022		2021		2020

United States		$612.5		$442.3		$432.6		$816.0		$719.9		$645.7
Europe		688.8		647.2		643.6		272.7		264.9		228.8
Asia Pacific		92.8		59.6		69.8		76.1		72.4		64.8
Latin America		24.7		1.8		6.1		51.9		50.4		50.3
Greater China		61.0		6.3		3.6		78.8		80.0		63.4
India, Middle East and Africa		25.0		18.1		19.8		10.3		11.6		14.4
Canada		5.7		6.3		6.4		20.8		19.4		16.9
Total		$1,510.5		$1,181.6		$1,181.9		$1,326.6		$1,218.6		$1,084.3

	Corporate
(millions)	2022		2021		2020

United States		$107.5		$98.2		$75.2
Europe		3.0		3.9		4.8
Asia Pacific		4.1		5.5		2.8
Latin America		7.3		24.6		13.1
Greater China		0.1		2.3		0.9
India, Middle East and Africa		0.3		3.4		2.5
Canada		1.5		1.3		0.7
Total		$123.8		$139.2		$100.0

Schedule of contract liability


	December 31		December 31
(millions)	2022		2021

Contract liability as of beginning of the year		$91.7		$80.4

Revenue recognized in the year from:
Amounts included in the contract liability at the beginning of the year		(91.7)		(80.4)

Increases due to billings excluding amounts recognized as revenue during the year ended		116.5		91.6
Business combinations		-		0.1

Contract liability as of end of year		$116.5		$91.7

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION

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


	December 31, 2021

	2021 Reported					Fixed	2021 Reported
	Valued at 2021				Currency		Valued at 2022
(millions)	Management Rates		Other		Rate Change		Management Rates
Net Sales
Global Industrial		$6,304.9		$-		($218.1)		$6,086.8
Global Institutional & Specialty		3,978.2		-		(69.4)		3,908.8
Global Healthcare & Life Sciences		1,195.4		-		(45.8)		1,149.6
Other		1,226.9		-		(25.9)		1,201.0
Corporate		139.4		-		(2.0)		137.4
Subtotal at fixed currency rates		12,844.8		-		(361.2)		12,483.6
Effect of foreign currency translation		(111.7)		-		361.2		249.5
Consolidated reported GAAP net sales		$12,733.1		$-		$-		$12,733.1

Operating Income
Global Industrial		$1,031.0		$4.0		($49.3)		$985.7
Global Institutional & Specialty		556.9		(3.8)		(7.4)		545.7
Global Healthcare & Life Sciences		160.9		(0.9)		(7.7)		152.3
Other		187.3		0.7		(4.0)		184.0
Corporate		(318.6)		-		2.0		(316.6)
Subtotal at fixed currency rates		1,617.5		-		(66.4)		1,551.1
Effect of foreign currency translation		(18.9)		-		66.4		47.5
Consolidated reported GAAP operating income		$1,598.6		$-		$-		$1,598.6


	December 31, 2020

	2020 Reported					Fixed	2020 Reported
	Valued at 2021		Segment		Currency		Valued at 2022
(millions)	Management Rates		Change		Rate Change		Management Rates
Net Sales
Global Industrial		$6,048.2		$-		($202.5)		$5,845.7
Global Institutional & Specialty		3,629.0		-		(69.2)		3,559.8
Global Healthcare & Life Sciences		1,241.1		-		(51.0)		1,190.1
Other		1,103.4		-		(23.6)		1,079.8
Corporate		100.6		-		(1.2)		99.4
Subtotal at fixed currency rates		12,122.3		-		(347.5)		11,774.8
Effect of foreign currency translation		(332.1)		-		347.5		15.4
Consolidated reported GAAP net sales		$11,790.2		$-		$-		$11,790.2

Operating Income
Global Industrial		$1,123.1		$1.4		($45.4)		$1,079.1
Global Institutional & Specialty		324.0		(1.6)		(6.1)		316.3
Global Healthcare & Life Sciences		218.3		(0.5)		(10.2)		207.6
Other		132.8		0.7		(2.9)		130.6
Corporate		(349.7)		-		2.0		(347.7)
Subtotal at fixed currency rates		1,448.5		-		(62.6)		1,385.9
Effect of foreign currency translation		(52.8)		-		62.6		9.8
Consolidated reported GAAP operating income		$1,395.7		$-		$-		$1,395.7

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


	Net Sales						Operating Income (Loss)
(millions)	2022		2021		2020		2022		2021		2020

Global Industrial		$6,944.0		$6,086.8		$5,845.7		$977.0		$985.7		$1,079.1
Global Institutional & Specialty		4,480.0		3,908.8		3,559.8		634.5		545.7		316.3
Global Healthcare & Life Sciences		1,570.0		1,149.6		1,190.1		205.0		152.3		207.6
Other		1,355.0		1,201.0		1,079.8		212.8		184.0		130.6
Corporate		124.1		137.4		99.4		(416.7)		(316.6)		(347.7)
Subtotal at fixed currency		14,473.1		12,483.6		11,774.8		1,612.6		1,551.1		1,385.9
Effect of foreign currency translation		(285.3)		249.5		15.4		(50.1)		47.5		9.8
Consolidated reported GAAP		$14,187.8		$12,733.1		$11,790.2		$1,562.5		$1,598.6		$1,395.7

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


	Long-Lived Assets, net

(millions)	2022		2021
United States		$2,508.9		$2,416.4
Europe		574.3		580.7
Asia Pacific		210.3		237.1
Greater China		176.6		186.4
Latin America		146.5		137.9
India, Middle East and Africa		64.1		60.2
Canada		60.9		66.5
Total		$3,741.6		$3,685.2

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2022

QUARTERLY FINANCIAL DATA (UNAUDITED)

Quarterly financial data

First

Second

Third

Fourth

(millions, except per share)

Quarter

Year

2022

Net sales

$3,266.7

$3,580.6

$3,669.3

$3,671.2

$14,187.8

Operating expenses

Cost of sales (a)

2,073.4

2,211.1

2,291.6

2,254.9

8,831.0

Selling, general and administrative expenses

914.7

940.1

876.9

922.1

3,653.8

Special (gains) and charges

24.1

3.6

17.8

95.0

140.5

Operating income

254.5

425.8

483.0

399.2

1,562.5

Other (income) expense (b)

(18.8)

(19.5)

5.7

8.1

(24.5)

Interest expense, net

53.0

56.0

65.1

69.5

243.6

Income before income taxes

220.3

389.3

412.2

321.6

1,343.4

Provision for income taxes

45.6

76.6

60.2

52.1

234.5

Net income including noncontrolling interest

174.7

312.7

352.0

269.5

1,108.9

Net income attributable to noncontrolling interest

2.8

4.4

4.9

5.1

17.2

Net income attributable to Ecolab

$171.9

$308.3

$347.1

$264.4

$1,091.7

Earnings attributable to Ecolab per common share

Basic

$ 0.60

$ 1.08

$ 1.22

$ 0.93

$ 3.83

Diluted

$ 0.60

$ 1.08

$ 1.21

$ 0.93

$ 3.81

Weighted-average common shares outstanding

Basic

286.2

285.1

284.9

284.6

285.2

Diluted

288.1

286.6

286.3

285.8

286.6

2021

Net sales

$2,885.0

$3,162.7

$3,320.8

$3,364.6

$12,733.1

Operating expenses

Cost of sales (a)

1,712.0

1,844.0

2,016.7

2,043.1

7,615.8

Selling, general and administrative expenses

862.9

853.3

832.0

867.9

3,416.1

Special (gains) and charges

12.8

17.6

6.3

65.9

102.6

Operating income

297.3

447.8

465.8

387.7

1,598.6

Other (income) expense (b)

(17.0)

2.5

(13.0)

(6.4)

(33.9)

Interest expense, net (c)

51.7

45.6

76.4

44.6

218.3

Income before income taxes

262.6

399.7

402.4

349.5

1,414.2

Provision for income taxes

66.1

86.1

73.8

44.2

270.2

Net income including noncontrolling interest

196.5

313.6

328.6

305.3

1,144.0

Net income attributable to noncontrolling interest

2.9

2.8

4.1

4.3

14.1

Net income attributable to Ecolab

$193.6

$310.8

$324.5

$301.0

$1,129.9

Earnings attributable to Ecolab per common share

Basic

$ 0.68

$ 1.09

$ 1.13

$ 1.05

$ 3.95

Diluted

$ 0.67

$ 1.08

$ 1.12

$ 1.04

$ 3.91

Weighted-average common shares outstanding

Basic

286.0

286.4

286.7

286.3

Diluted

288.8

289.2

289.5

289.1

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

(a)

Cost of sales includes special charges of $52.9, $1.7, $7.1 and $8.2 in Q1, Q2, Q3 and Q4 of 2022, respectively, and $19.6, $3.7, $52.9 and $17.7 in Q1, Q2, Q3 and Q4 of 2021, respectively.

(b)

Other (income) expense includes special charges of $24.8 and $25.8 in Q3 and Q4 of 2022, respectively, and $19.6, $7.0 and $10.6 in Q2, Q3 and Q4 of 2021, respectively.

(c)

Interest expense, net includes special charges of $32.3 and $0.8 in Q3 and Q4 of 2021, respectively.

NATURE OF BUSINESS (Details) $ in Millions		1 Months Ended	12 Months Ended
NATURE OF BUSINESS (Details) $ in Millions	Dec. 01, 2021 USD ($) country	Dec. 31, 2021 USD ($) country	Dec. 31, 2022 segment country
Nature of business
Number of reportable segments \| segment			3
Purolite
Nature of business
Number of countries in which company delivers comprehensive programs and services	30	30
Consideration transferred \| $	$ 3,706	$ 3,700
Minimum
Nature of business
Number of countries in which company delivers comprehensive programs and services			170

SIGNIFICANT ACCOUNTING POLICIES - Valuation Allowance and Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable and Allowance for Doubtful Accounts
Allowance for doubtful accounts, returns and credits	$ 59.0	$ 19.0	$ 16.0
Activity in the allowance for doubtful accounts
Beginning balance	52.8	68.4	38.8
Bad debt expense (a)	38.1	15.0	57.7
Write-offs	(21.1)	(27.4)	(31.6)
Other (b)	2.1	(3.2)	(0.8)
Ending balance (c)	71.9	52.8	68.4
Accounting Standards Update 2016-13 \| Adjustment.
Activity in the allowance for doubtful accounts
Beginning balance		$ 4.3
Ending balance (c)	$ 0.0		$ 4.3

SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventory Valuations
LIFO inventory as percentage of consolidated inventory	29.00%	27.00%
Property, Plant and Equipment
Total depreciation expense	$ 618.5	$ 604.4	$ 594.3
Buildings and Leasehold Improvements \| Minimum
Property, Plant and Equipment
Estimated useful life	5 years
Buildings and Leasehold Improvements \| Maximum
Property, Plant and Equipment
Estimated useful life	40 years
Machinery and Equipment \| Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Machinery and Equipment \| Maximum
Property, Plant and Equipment
Estimated useful life	20 years
Merchandising and Customer Equipment \| Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Merchandising and Customer Equipment \| Maximum
Property, Plant and Equipment
Estimated useful life	20 years
Capitalized Software \| Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Capitalized Software \| Maximum
Property, Plant and Equipment
Estimated useful life	7 years

SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Other Intangible Assets (Details) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) item	Jun. 30, 2022 USD ($) segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Changes in the carrying amount of goodwill for each of the company's reportable segments
Number of reporting units \| item	12
Number of operating units \| segment		11	11
Changes in the carrying amount of goodwill
Beginning goodwill		$ 8,063.9	$ 8,063.9	$ 6,006.9
Current year business combinations				2,147.3
Prior year business combinations			253.8	(0.9)
Effect of foreign currency translation			(305.0)	(89.4)
Ending goodwill			8,012.7	8,063.9
Impairment of goodwill			0.0	0.0
Goodwill expected to be tax deductible				2,209.0
Nalco Holding Company ("Nalco") \| Trademarks
Changes in the carrying amount of goodwill
Carrying value of asset subject to impairment testing	$ 1,200.0	1,200.0
Impairment of indefinite life intangible asset			0.0
Global Industrial
Changes in the carrying amount of goodwill
Beginning goodwill		4,270.1	4,270.1	4,287.9
Current year business combinations				6.9
Prior year business combinations			0.4	(0.9)
Effect of foreign currency translation			(188.7)	(23.8)
Ending goodwill			4,081.8	4,270.1
Global Institutional and Specialty
Changes in the carrying amount of goodwill
Beginning goodwill		576.5	576.5	564.1
Current year business combinations				17.2
Effect of foreign currency translation			(8.9)	(4.8)
Ending goodwill			567.6	576.5
Global Healthcare and Life Sciences
Changes in the carrying amount of goodwill
Beginning goodwill		2,974.2	2,974.2	909.8
Current year business combinations				2,123.2
Prior year business combinations			253.4
Effect of foreign currency translation			(102.2)	(58.8)
Ending goodwill			3,125.4	2,974.2
Other
Changes in the carrying amount of goodwill
Beginning goodwill		$ 243.1	243.1	245.1
Effect of foreign currency translation			(5.2)	(2.0)
Ending goodwill			$ 237.9	$ 243.1

SIGNIFICANT ACCOUNTING POLICIES - Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total amortization expense related to other intangible assets during the last three years and future estimated amortization
Total amortization expense related to other intangible assets	$ 320	$ 239	$ 219
2023	299
2024	291
2025	285
2026	271
2027	$ 146
Customer relationships
Other intangible assets
Weighted-average useful life of other amortizable assets	15 years
Trademarks
Other intangible assets
Weighted-average useful life of other amortizable assets	13 years
Patents
Other intangible assets
Weighted-average useful life of other amortizable assets	14 years
Other technologies
Other intangible assets
Weighted-average useful life of other amortizable assets	12 years
Other assets
Other intangible assets
Weighted-average useful life of other amortizable assets	15 years	15 years

SIGNIFICANT ACCOUNTING POLICIES - Rentals and Leases (Details)	12 Months Ended
	Dec. 31, 2022
Lessor, Operating Lease, Description [Abstract]
Lessor, Operating Lease, Existence of Lessee Option to Purchase Underlying Asset [true false]	false
Minimum
Lessee, Lease, Description [Line Items]
Renewal term - Operating	1 month
Lessor, Operating Lease, Description [Abstract]
Lessor, Operating Lease, Term of Contract	1 year
Maximum
Lessor, Operating Lease, Description [Abstract]
Lessor, Operating Lease, Term of Contract	5 years

SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Statutory U.S. rate (as a percent)	21.00%	21.00%	21.00%

SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Computations of the basic and diluted earnings attributable to Ecolab per share amounts
Net income from continuing operations attributable to Ecolab	$ 264.4	$ 347.1	$ 308.3	$ 171.9	$ 301.0	$ 324.5	$ 310.8	$ 193.6	$ 1,091.7	$ 1,129.9	$ 967.4
Net (loss) income from discontinued operations, net of tax											(2,172.5)
Net income (loss) attributable to Ecolab									$ 1,091.7	$ 1,129.9	$ (1,205.1)
Weighted-average common shares outstanding
Basic (in shares)	284.6	284.9	285.1	286.2	286.7	286.4	286.0	286.0	285.2	286.3	287.0
Effect of dilutive stock options and units (in shares)									1.4	2.8	3.3
Diluted (in shares)	285.8	286.3	286.6	288.1	289.5	289.2	288.8	288.8	286.6	289.1	290.3
Basic EPS
Continuing operations									$ 3.83	$ 3.95	$ 3.37
Discontinued operations											(7.57)
Earnings attributable to Ecolab	$ 0.93	$ 1.22	$ 1.08	$ 0.60	$ 1.05	$ 1.13	$ 1.09	$ 0.68	3.83	3.95	(4.20)
Diluted EPS
Continuing operations									3.81	3.91	3.33
Discontinued operations											(7.48)
Earnings attributable to Ecolab	$ 0.93	$ 1.21	$ 1.08	$ 0.60	$ 1.04	$ 1.12	$ 1.08	$ 0.67	$ 3.81	$ 3.91	$ (4.15)
Anti-dilutive securities excluded from computation of earnings per share (in shares)									3.9	1.9	1.9

SIGNIFICANT ACCOUNTING POLICIES - New Accounting Pronouncements (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
New accounting guidance, cumulative effect	$ 9,318.8	$ 8,814.5

SPECIAL (GAINS) AND CHARGES - Charges Reported on Statement of Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Special (gains) and charges
Other (income) expense	$ 95.0	$ 17.8	$ 3.6	$ 24.1	$ 65.9	$ 6.3	$ 17.6	$ 12.8	$ 140.5	$ 102.6	$ 179.6
Total special (gains) and charges									261.0	266.8	312.0
Russia/Ukraine charges
Special (gains) and charges
Russia/Ukraine charges									13.1
Cost of sales
Special (gains) and charges
Restructuring activities									$ 21.4	$ 24.7	$ 7.4
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]									Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Acquisition and integration activities									$ 25.0	$ 4.2	$ 3.9
Other special gains and charges										0.3	24.4
Other (income) expense									69.9	93.9	48.2
Cost of sales \| Russia/Ukraine charges
Special (gains) and charges
Russia/Ukraine charges									7.2
Cost of sales \| C O V I D 19
Special (gains) and charges
COVID-19									16.3	64.7	12.5
Special (gains) and charges
Special (gains) and charges
Restructuring activities									$ 85.8	$ 11.9	$ 71.4
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]									Other (income) expense	Other (income) expense	Other (income) expense
Acquisition and integration activities									$ 14.5	$ 29.9	$ 8.5
Other special gains and charges									24.1	18.4	34.7
Other (income) expense									140.5	102.6	179.6
Special (gains) and charges \| Russia/Ukraine charges
Special (gains) and charges
Russia/Ukraine charges									5.9
Special (gains) and charges \| C O V I D 19
Special (gains) and charges
COVID-19									10.2	42.4	23.6
Operating income subtotal
Special (gains) and charges
Other (income) expense									210.4	196.5	227.8
Other (income) expense
Special (gains) and charges
Other (income) expense	$ 25.8	$ 24.8			$ 10.6	$ 7.0	$ 19.6		$ 50.6	37.2	0.4
Interest expense
Special (gains) and charges
Acquisition and integration activities										0.8	0.7
Other (income) expense										$ 33.1	$ 83.8

SPECIAL (GAINS) AND CHARGES - Restructuring and Non-Restructuring Activity (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 14, 2023	Nov. 30, 2022	Dec. 31, 2019
Restructuring
Recorded expense									$ 9.9	$ 5.3	$ 41.8
Net cash payments									(22.6)	(44.1)	(57.8)
Non-cash charges									(1.9)	(0.3)	(7.8)
Effect of foreign currency translation											0.1
Other restructuring information
Restructuring liability	$ 18.1				$ 32.7				18.1	32.7	71.8			$ 95.5
ChampionX Separation											7.2
Special (gains) and charges	95.0	$ 17.8	$ 3.6	$ 24.1	65.9	$ 6.3	$ 17.6	$ 12.8	140.5	102.6	179.6
C O V I D 19
Non-restructuring Special (Gains) and Charges
Inventory-related reserves									15.0	60.0
Expenses Incurred To Pay Employees Impacted By Pandemic									2.4	36.8	57.1
Net charges (gains) related to the pandemic									20.2	81.3	27.4
Medical charges and testing fee									9.8	16.5	2.4
Gain from government subsidy									0.7	6.2	23.4
Holchem
Non-restructuring Special (Gains) and Charges
Gain (loss) on sale of business, before tax											$ (12.8)
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]											Special (gains) and charges
Special (gains) and charges
Other restructuring information
Restructuring charges incurred, pre-tax									85.8	11.9	$ 71.4
Business combination advisory and legal fees, pre tax									14.5	29.9	8.5
Business combination advisory and legal fees, after tax										23.5	6.9
Other special gains and charges									24.1	18.4	34.7
Special (gains) and charges									140.5	102.6	179.6
Disposal And Impairment charges											41.4
Disposal And Impairment charges, after tax											41.5
Equity Method Investment, Other than Temporary Impairment											28.6
Non-restructuring Special (Gains) and Charges
Business combination and integration related costs, pre tax									14.5
Business combination and integration related costs, after tax									11.4
Special (gains) and charges \| Holchem
Non-restructuring Special (Gains) and Charges
Gain (loss) on sale of business, net of tax											(12.9)
Cost of sales
Other restructuring information
Restructuring charges incurred, pre-tax									21.4	24.7	7.4
Business combination advisory and legal fees, pre tax									25.0	4.2	3.9
Business combination advisory and legal fees, after tax										3.3
Other special gains and charges										0.3	24.4
Special (gains) and charges									69.9	93.9	48.2
Non-restructuring Special (Gains) and Charges
Business combination and integration related costs, pre tax									25.0
Business combination and integration related costs, after tax									19.6
Interest expense
Other restructuring information
Business combination advisory and legal fees, pre tax										0.8	0.7
Business combination advisory and legal fees, after tax										0.6
Special (gains) and charges										33.1	83.8
Non-restructuring Special (Gains) and Charges
Debt refinancing charges, pre-tax									32.3	32.3	83.1
Debt refinancing charges, net of tax										28.4	64.0
Specific legal reserve and related legal charges
Other restructuring information
Other special gains and charges									24.1	18.4	34.7
Other special gains and charges, after-tax									18.2	14.1	33.9
Other (income) expense
Other restructuring information
Special (gains) and charges	25.8	$ 24.8			10.6	$ 7.0	$ 19.6		50.6	37.2	0.4
Pension settlements and curtailments									50.6	37.2
Pension settlements and curtailments, after tax									38.2	28.7
Russia/Ukraine charges
Other restructuring information
Russia/Ukraine charges									13.1
Charges related to recoverability risk									12.6
Russia/Ukraine charges \| Special (gains) and charges
Other restructuring information
Russia/Ukraine charges									5.9
Russia/Ukraine charges \| Cost of sales
Other restructuring information
Russia/Ukraine charges									7.2
Bioquell \| Interest expense
Other restructuring information
Business combination advisory and legal fees, after tax											0.6
Employee termination costs
Restructuring
Recorded expense									5.4	4.3	29.5
Net cash payments									(21.8)	(39.1)	(56.8)
Effect of foreign currency translation											0.1
Other restructuring information
Restructuring liability	15.6				32.0				15.6	32.0	66.8			94.0
Asset disposals
Restructuring
Recorded expense									1.9	0.3	7.8
Non-cash charges									(1.9)	(0.3)	(7.8)
Other.
Restructuring
Recorded expense									2.6	0.7	4.5
Net cash payments									(0.8)	(5.0)	(1.0)
Other restructuring information
Restructuring liability	2.5				0.7				2.5	0.7	5.0			$ 1.5
Product and equipment sales \| Cost of sales
Other restructuring information
Business combination advisory and legal fees, pre tax											3.9
Business combination advisory and legal fees, after tax											3.2
Other special gains and charges											24.4
Other special gains and charges, after-tax											16.0
Special (gains) and charges									65.0	91.9	39.3
Institutional Advancement Program
Restructuring
Recorded expense (income) and accrual									6.3	12.6	35.2
Recorded expense											35.2
Net cash payments									(4.6)	(23.7)	(10.5)
Non-cash net charges									(4.9)	(8.5)
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 charges, after tax										10.2	26.4
Restructuring liability	1.9				5.1				1.9	5.1	24.7
Restructuring charges incurred to date, pre-tax	54.1								54.1
Restructuring charges incurred to date, after-tax	41.4								41.4
Restructuring charges incurred, pre-tax									6.3	12.6
Restructuring charges incurred, after tax									4.8
Institutional Advancement Program \| Employee termination costs
Restructuring
Recorded expense (income) and accrual									1.2	(1.8)	25.6
Net cash payments									(3.8)	(19.0)	(0.9)
Other restructuring information
Restructuring liability	1.3				3.9				1.3	3.9	24.7
Institutional Advancement Program \| Asset disposals
Restructuring
Recorded expense (income) and accrual									4.9	8.5
Non-cash net charges									(4.9)	(8.5)
Institutional Advancement Program \| Other.
Restructuring
Recorded expense (income) and accrual									0.2	5.9	9.6
Net cash payments									(0.8)	(4.7)	(9.6)
Other restructuring information
Restructuring liability	0.6				1.2				0.6	1.2
Accelerate 2020 Restructuring Plan
Other restructuring information
Restructuring charge expected to be incurred, pre-tax	254.0								254.0
Restructuring charge expected to be incurred, after tax	198.0								198.0
Accelerate 2020 Restructuring Plan \| Special (gains) and charges
Restructuring
Recorded expense									9.9	5.3	41.8
Other restructuring information
Restructuring charges, after tax									8.4	6.2	33.0
Restructuring liability	18.1				32.7				18.1	32.7
Restructuring charges incurred to date, pre-tax	254.4								254.4
Restructuring charges incurred, after tax									198.4
Pension settlements and curtailments											0.3
Pension settlements and curtailments, after tax											0.2
Other Restructuring Plan
Restructuring
Recorded expense									23.8	18.7	1.8
Other restructuring information
Restructuring charges, after tax									17.9	17.0	$ 1.2
Prior Year Plans
Other restructuring information
Restructuring liability	23.2				$ 4.6				23.2	$ 4.6
Cash payments									5.2
Europe Program
Restructuring
Recorded expense (income) and accrual									67.2
Net cash payments									(5.2)
Other restructuring information
Restructuring charge expected to be incurred, pre-tax												$ 195.0	$ 130.0
Restructuring charge expected to be incurred, after tax												$ 150.0	$ 110.0
Restructuring liability	62.0								62.0
After restructuring charges									56.0
Europe Program \| Employee termination costs
Restructuring
Recorded expense (income) and accrual									67.2
Net cash payments									(5.2)
Other restructuring information
Restructuring liability	$ 62.0								$ 62.0

ACQUISITIONS AND DISPOSITIONS - Acquisition Summary (Details) - USD ($)			1 Months Ended	12 Months Ended
	Dec. 01, 2021	May 11, 2020	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Number of acquisitions				0
Total assets acquired			$ 84,200,000		$ 84,200,000
Accounts receivable		$ 30,100,000
Property, plant and equipment		7,700,000
Inventory		16,300,000
Deferred tax liabilities		64,800,000
Current liabilities		$ 32,400,000		$ 77,600,000
Goodwill			8,063,900,000	8,012,700,000	8,063,900,000	$ 6,006,900,000
Net tangible assets (liabilities) acquired					3,600,000
Customer relationships					75,000,000.0
Trademarks					4,700,000
Non-compete agreements					3,000,000.0
Other technology					1,500,000
Goodwill					140,600,000
Total aggregate purchase price					228,400,000
Acquisition related liabilities and contingent consideration					4,400,000
Net cash paid for acquisitions, including acquisition-related liabilities and contingent consideration					224,000,000.0
Prior year business combinations, goodwill adjustments				$ 253,800,000	(900,000)
Goodwill expected to be tax deductible			2,209,000,000		2,209,000,000
Contingent consideration			1,400,000		1,400,000
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions				14 years
Customer relationships
Business Acquisition [Line Items]
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions		14 years
Other technologies
Business Acquisition [Line Items]
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions		16 years
Trademarks
Business Acquisition [Line Items]
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions		14 years
CID Lines
Business Acquisition [Line Items]
Total consideration		$ 506,900,000
Tangible assets		54,100,000
Total assets acquired		307,900,000
Total liabilities		97,200,000
Net consideration transferred to sellers		485,500,000
Goodwill		274,800,000
Prior year business combinations, net intangible assets adjustments					$ 900,000
CID Lines \| Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets		147,500,000
CID Lines \| Trademarks
Business Acquisition [Line Items]
Identifiable intangible assets		58,600,000
CID Lines \| Acquired technologies
Business Acquisition [Line Items]
Identifiable intangible assets		$ 47,700,000
Purolite
Business Acquisition [Line Items]
Consideration transferred	$ 3,706,000,000		$ 3,700,000,000
Tangible assets	361,900,000
Total assets acquired	1,589,900,000
Total liabilities	144,800,000
Net consideration transferred to sellers	3,705,700,000
Accounts receivable	61,600,000
Property, plant and equipment	156,500,000
Inventory	122,400,000
Deferred tax liabilities	38,200,000
Goodwill	$ 2,260,600,000			$ 2,260,600,000
Prior year business combinations, net intangible assets adjustments				185,400,000
Payments for Merger Related Costs				7,200,000
Prior year business combinations, goodwill adjustments				246,600,000
Goodwill expected to be tax deductible				2,146,300,000
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions	15 years
Prior year business combinations, net tangible assets adjustments				54,000,000.0
Purolite \| Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets	$ 870,000,000.0
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions	17 years
Purolite \| Other technologies
Business Acquisition [Line Items]
Identifiable intangible assets	$ 285,000,000.0
Purolite \| Trademarks
Business Acquisition [Line Items]
Identifiable intangible assets	$ 73,000,000.0
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions	5 years
Purolite \| Acquired technologies
Business Acquisition [Line Items]
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions	14 years
Business Acquisitions and Investment
Business Acquisition [Line Items]
Prior year business combinations, net intangible assets adjustments				(5,600,000)
Prior year business combinations, goodwill adjustments				(7,200,000)
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions					13 years	13 years
Prior year business combinations, net tangible assets adjustments				$ (1,600,000)

ACQUISITIONS AND DISPOSITIONS - Disposition (Details) - Holchem Group Limited [Member] $ in Millions	3 Months Ended
	Jun. 30, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total Consideration	$ 106.6
Cash received from sale of business	55.4
Disposal Group Including Discontinued Operation, Consideration, Notes Receivable	51.2
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal After Tax	$ 12.8

DISCONTINUED OPERATIONS - Summary of Assets and Liabilities Transferred (Details) - Discontinued Operations, Disposed of By Sale - ChampionX $ in Millions	Jun. 03, 2020 USD ($) shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares accepted \| shares	4,955,552
Number of shares exchanged \| shares	122,200,000
Share Conversion Rights \| shares	1
Discontinued Operation, Assets And Liabilities Transferred [Abstract]
Cash and cash equivalent	$ 60.6
Current assets	810.5
Non-current Assets	3,222.3
Total assets	4,093.4
Current liabilities	313.0
Non-current liabilities	293.7
Total liabilities	606.7
Net assets distributed to ChampionX	(3,486.7)
Fair value of shares exchanged	1,051.4
Cash received from ChampionX	527.4
Consideration received less net assets	(1,907.9)
ChampionX cumulative translation adjustment ("CTA") write-off	(229.9)
Loss on separation	$ (2,137.8)
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold, Other Nonrecurring (Income) Expense

DISCONTINUED OPERATIONS - Summarized Results of Discontinued Operations (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net (loss) income including noncontrolling interest	$ (2,170.3)
Net income from discontinued operations attributable to noncontrolling interest	2.2
Net (loss) income from discontinued operations, net of tax	(2,172.5)
ChampionX \| Discontinued Operations, Disposed of By Sale
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net sales	958.5
Cost of sales (including special charges)	702.1
Selling, general and administrative expenses	180.5
Special (gains) and charges	2,221.7
Operating income	(2,145.8)
Other (income) expense	0.3
Interest expense (income), net	0.2
Income before income taxes	(2,146.3)
Provision for income taxes	24.0
Net (loss) income including noncontrolling interest	(2,170.3)
Net income from discontinued operations attributable to noncontrolling interest	2.2
Net (loss) income from discontinued operations, net of tax	(2,172.5)
Special (gains) and charges, including non-controlling interest	2,221.7
Tax expense, friction costs associated with separation activity	22.7
ChampionX \| Discontinued Operations, Disposed of By Sale \| Product and equipment sales
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net sales	858.9
Cost of sales (including special charges)	621.7
ChampionX \| Discontinued Operations, Disposed of By Sale \| Service and lease sales
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net sales	99.6
Cost of sales (including special charges)	$ 80.4

DISCONTINUED OPERATIONS - Summary of Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Millions		12 Months Ended
	Jun. 03, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]
Accounts receivable, net		$ 2,698.1	$ 2,478.4
ChampionX \| Discontinued Operations, Disposed of By Sale
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]
Term of post-separation agreement	18 months
Amount billed for transition services			12.5	$ 14.3
Period of time post-separation that the entity may transfer or receive certain products	36 months
Post-separation sales		124.0	$ 139.4	$ 99.7
Accounts receivable, net		$ 12.9

BALANCE SHEETS INFORMATION (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accounts receivable, net
Accounts receivable	$ 2,829.0	$ 2,549.9
Allowance for expected credit losses and other accruals	(130.9)	(71.5)
Total	2,698.1	2,478.4
Inventories
Finished goods	1,122.7	1,010.6
Raw materials and parts	849.2	596.1
Inventories at FIFO cost	1,971.9	1,606.7
FIFO cost to LIFO cost difference	(179.1)	(114.9)
Total	1,792.8	1,491.8
Other current assets
Prepaid assets	123.9	121.2
Taxes receivable	184.1	151.3
Derivative assets	57.5	61.4
Other	39.2	23.1
Total	404.7	357.0
Property, plant and equipment, net
Land	161.3	159.2
Buildings and leasehold improvements	1,126.9	1,134.1
Machinery and equipment	1,966.3	1,968.7
Merchandising and customer equipment	2,635.5	2,708.2
Capitalized software	962.1	884.6
Construction in progress	403.8	325.0
Property, plant and equipment, gross	7,255.9	7,179.8
Accumulated depreciation	(3,962.5)	(3,891.3)
Total	3,293.4	3,288.5
Intangible assets subject to amortization:
Other intangible assets, gross	4,712.6	5,029.2
Accumulated amortization	(2,261.9)	(2,035.1)
Net intangible assets subject to amortization	2,450.7	2,994.1
Total	3,680.7	4,224.1
Other assets
Deferred income taxes	108.1	120.6
Pension	118.4	114.6
Derivative asset	44.5	29.4
Other	264.1	281.4
Total	535.1	546.0
Other current liabilities
Discounts and rebates	357.8	341.1
Dividends payable	150.8	146.3
Interest payable	58.7	47.7
Taxes payable, other than income	162.9	154.2
Derivative liability	21.9
Restructuring	100.6	39.1
Contract liability	116.5	91.7
Operating lease liabilities	$ 108.3	$ 115.1
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total	Total
Other	$ 208.4	$ 209.0
Total	1,285.9	1,144.2
Accumulated other comprehensive income (loss)
Unrealized gain (loss) on derivative financial instruments, net of tax	3.7	4.9
Unrecognized pension and postretirement benefit expense, net of tax	(467.4)	(632.8)
Cumulative translation, net of tax	(1,262.9)	(1,006.9)
Total	(1,726.6)	(1,634.8)
Customer relationships
Intangible assets subject to amortization:
Other intangible assets, gross	3,292.8	3,444.6
Accumulated amortization	(1,581.7)	(1,440.9)
Trademarks
Intangible assets subject to amortization:
Other intangible assets, gross	404.0	561.1
Accumulated amortization	(202.5)	(170.3)
Patents
Intangible assets subject to amortization:
Other intangible assets, gross	497.0	496.3
Accumulated amortization	(292.3)	(269.3)
Other technologies
Intangible assets subject to amortization:
Other intangible assets, gross	518.8	527.2
Accumulated amortization	(185.4)	(154.6)
Trade names.
Intangible assets not subject to amortization:
Other intangible assets, gross	$ 1,230.0	$ 1,230.0

DEBT AND INTEREST (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Components of the company's debt obligations
Long-term debt, current maturities	$ 501.4	$ 2.5
Short-term debt including current maturities of long-term debt	505.1	411.0
Amount outstanding under the credit agreement	0.0	0.0
Letters of Credit, Surety Bonds and Guarantees, Outstanding, Amount	144.0
Maximum borrowing capacity for letters of credit, surety bonds and guarantees	337.0
Outstanding amount for letters of credit, surety bonds and guarantees	144.0
Commercial paper
Components of the company's debt obligations
Short term borrowings		$ 400.0
Average interest rate (as a percent)		0.28%
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		$ 400.0
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	$ 3.7	$ 8.5
Average interest rate (as a percent)	7.28%	7.95%
Remaining capacity	$ 1,925.0	$ 1,628.0
Multi Currency Revolving Credit Facility
Components of the company's debt obligations
Maximum borrowing capacity under the credit agreement	$ 2,000.0

DEBT AND INTEREST - Other Debt Information (Details) € in Millions, $ in Millions		1 Months Ended			3 Months Ended								12 Months Ended
	Aug. 31, 2021 USD ($)	Nov. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Aug. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 EUR (€)
Debt instrument
Carrying value					$ 8,576.7				$ 8,349.7				$ 8,576.7	$ 8,349.7
Long-term debt, current maturities					(501.4)				(2.5)				(501.4)	(2.5)
Long-term debt					8,075.3				8,347.2				8,075.3	8,347.2
Payment for Debt Extinguishment or Debt Prepayment Cost			$ 25.0
Aggregate annual maturities of long-term debt
2023					501.0								501.0
2024					607.0								607.0
2025					597.0								597.0
2026					721.0								721.0
2027					930.0								930.0
Interest
Interest expense													252.1	230.6	$ 304.8
Interest income													(8.5)	(12.3)	(14.6)
Interest expense, net					69.5	$ 65.1	$ 56.0	$ 53.0	44.6	$ 76.4	$ 45.6	$ 51.7	243.6	218.3	290.2
Interest expense
Debt instrument
Debt refinancing charges, pre-tax													$ 32.3	32.3	83.1
Debt refinancing charges, net of tax														28.4	$ 64.0
Public Notes
Debt instrument
Principal outstanding payable at time of prepayment of notes (as a percent)													101.00%
Thirty year 2011 senior notes
Debt instrument
Carrying value					$ 384.5				$ 384.3				$ 384.5	$ 384.3
AVERAGE INTEREST RATE (as a percent)					5.50%				5.50%				5.50%	5.50%		5.50%
Effective interest rate (as a percent)					5.62%				5.63%				5.62%	5.63%		5.62%
Aggregate principal amount					$ 389.0								$ 389.0
Debt instrument, term													30 years
Two Year 2021 Senior Notes
Debt instrument
Carrying value					$ 498.7				$ 497.2				$ 498.7	$ 497.2
AVERAGE INTEREST RATE (as a percent)					0.90%				0.90%				0.90%	0.90%		0.90%
Effective interest rate (as a percent)					1.19%				1.19%				1.19%	1.19%		1.19%
Aggregate principal amount					$ 500.0								$ 500.0
Debt instrument, term													2 years
Six Year 2021 Senior Notes
Debt instrument
Carrying value					$ 496.5				$ 495.7				$ 496.5	$ 495.7
AVERAGE INTEREST RATE (as a percent)					1.65%				1.65%				1.65%	1.65%		1.65%
Effective interest rate (as a percent)					1.83%				1.84%				1.83%	1.84%		1.83%
Aggregate principal amount					$ 500.0								$ 500.0
Debt instrument, term													6 years
Five Year 2022 senior notes
Debt instrument
Carrying value					$ 492.7								$ 492.7
AVERAGE INTEREST RATE (as a percent)					5.25%								5.25%			5.25%
Effective interest rate (as a percent)					5.36%								5.36%			5.36%
Aggregate principal amount					$ 500.0								$ 500.0
Debt instrument, term													5 years
Eleven Year 2021 Senior Notes
Debt instrument
Carrying value					$ 644.6				$ 644.0				$ 644.6	$ 644.0
AVERAGE INTEREST RATE (as a percent)					2.13%				2.13%				2.13%	2.13%		2.13%
Effective interest rate (as a percent)					2.24%				2.24%				2.24%	2.24%		2.24%
Aggregate principal amount					$ 650.0								$ 650.0
Debt instrument, term													11 years
Thirty Year 2021 Senior Notes
Debt instrument
Carrying value					$ 838.9				$ 838.5				$ 838.9	$ 838.5
AVERAGE INTEREST RATE (as a percent)					2.70%				2.70%				2.70%	2.70%		2.70%
Effective interest rate (as a percent)					2.78%				2.78%				2.78%	2.78%		2.78%
Aggregate principal amount					$ 850.0								$ 850.0
Debt instrument, term													30 years
Ten year 2017 senior notes
Debt instrument
Carrying value					$ 433.9				$ 488.4				$ 433.9	$ 488.4
AVERAGE INTEREST RATE (as a percent)					3.25%				3.25%				3.25%	3.25%		3.25%
Effective interest rate (as a percent)					4.77%				2.89%				4.77%	2.89%		4.77%
Aggregate principal amount					$ 500.0								$ 500.0
Debt instrument, term													10 years
Thirty year 2017 senior notes
Debt instrument
Carrying value					$ 425.5				$ 424.3				$ 425.5	$ 424.3
AVERAGE INTEREST RATE (as a percent)					3.95%				3.95%				3.95%	3.95%		3.95%
Effective interest rate (as a percent)					4.79%				4.80%				4.79%	4.80%		4.79%
Aggregate principal amount					$ 484.0								$ 484.0
Debt instrument, term													30 years
Thirty year 2020 senior notes
Debt instrument
Carrying value					$ 490.7				$ 490.4				$ 490.7	$ 490.4
AVERAGE INTEREST RATE (as a percent)					2.13%				2.13%				2.13%	2.13%		2.13%
Effective interest rate (as a percent)					2.23%				2.24%				2.23%	2.24%		2.23%
Aggregate principal amount					$ 500.0								$ 500.0
Debt instrument, term													30 years
Thirty-four year 2021 senior notes
Debt instrument
Carrying value					$ 537.2				$ 535.3				$ 537.2	$ 535.3
AVERAGE INTEREST RATE (as a percent)					2.75%				2.75%				2.75%	2.75%		2.75%
Effective interest rate (as a percent)					3.86%				3.87%				3.86%	3.87%		3.86%
Aggregate principal amount					$ 685.0								$ 685.0
Debt instrument, term				34 years									34 years
Interest rate (as a percent)	2.75%			2.75%
Debt exchanged				$ 385.0
Payment for Debt Extinguishment or Debt Prepayment Cost				118.0
Value of notes tendered in an exchange offering				387.0
Debt, unamortized discounts and financing costs	$ 143.0			143.0
Ten year 2020 senior notes
Debt instrument
Carrying value					$ 653.5				$ 709.1				$ 653.5	$ 709.1
AVERAGE INTEREST RATE (as a percent)					4.80%				4.80%				4.80%	4.80%		4.80%
Effective interest rate (as a percent)					3.72%				4.06%				3.72%	4.06%		3.72%
Aggregate principal amount					$ 698.0								$ 698.0
Debt instrument, term													10 years
Ten year 2020 senior notes, maturing in 2031
Debt instrument
Carrying value					$ 555.2				$ 593.4				$ 555.2	$ 593.4
AVERAGE INTEREST RATE (as a percent)					1.30%				1.30%				1.30%	1.30%		1.30%
Effective interest rate (as a percent)					1.70%				1.39%				1.70%	1.39%		1.70%
Aggregate principal amount					$ 600.0								$ 600.0
Debt instrument, term													10 years
Seven year 2016 senior euro notes
Debt instrument
Carrying value					$ 596.9				$ 649.3				$ 596.9	$ 649.3
AVERAGE INTEREST RATE (as a percent)					1.00%				1.00%				1.00%	1.00%		1.00%
Effective interest rate (as a percent)					1.03%				1.19%				1.03%	1.19%		1.03%
Aggregate principal amount \| €																€ 575
Debt instrument, term													7 years
Ten year 2016 senior notes
Debt instrument
Carrying value					$ 721.1				$ 744.9				$ 721.1	$ 744.9
AVERAGE INTEREST RATE (as a percent)					2.70%				2.70%				2.70%	2.70%		2.70%
Effective interest rate (as a percent)					3.21%				2.89%				3.21%	2.89%		3.21%
Aggregate principal amount					$ 750.0								$ 750.0
Debt instrument, term													10 years
Thirty year 2016 senior notes
Debt instrument
Carrying value					$ 197.3				$ 197.2				$ 197.3	$ 197.2
AVERAGE INTEREST RATE (as a percent)					3.70%				3.70%				3.70%	3.70%		3.70%
Effective interest rate (as a percent)					3.81%				3.81%				3.81%	3.81%		3.81%
Aggregate principal amount					$ 200.0								$ 200.0
Debt instrument, term													30 years
Ten Year 2015 senior euro notes
Debt instrument
Carrying value					$ 596.7				$ 649.7				$ 596.7	$ 649.7
AVERAGE INTEREST RATE (as a percent)					2.63%				2.63%				2.63%	2.63%		2.63%
Effective interest rate (as a percent)					2.81%				2.87%				2.81%	2.87%		2.81%
Aggregate principal amount \| €																€ 575
Debt instrument, term													10 years
Private Placement 34-Year 2021 Senior Notes
Debt instrument
Aggregate principal amount	$ 300.0			$ 300.0
Debt instrument, term	34 years
New 5-Year Note
Debt instrument
Aggregate principal amount		$ 500.0
Debt instrument, term		5 years
Interest rate (as a percent)		5.25%
Other debt.
Debt instrument
Carrying value					$ 12.8				$ 8.0				$ 12.8	$ 8.0
2.375% Notes due 2022
Debt instrument
Interest rate (as a percent)			2.375%							2.375%
Debt extinguishment amount			$ 500.0
3.25% Notes due 2023
Debt instrument
Interest rate (as a percent)			3.25%							3.25%
Debt extinguishment amount			$ 400.0
Notes payable
Debt instrument
Aggregate principal amount									2,500.0					2,500.0
Delayed draw term loan
Debt instrument
Repayment of notes									3,000.0					3,000.0
Due 2023
Debt instrument
Aggregate principal amount									$ 500.0					$ 500.0
Interest rate (as a percent)									0.90%					0.90%
Due 2027
Debt instrument
Aggregate principal amount									$ 500.0					$ 500.0
Interest rate (as a percent)									1.65%					1.65%
Due 2032
Debt instrument
Aggregate principal amount									$ 650.0					$ 650.0
Interest rate (as a percent)									2.125%					2.125%
Due 2051
Debt instrument
Aggregate principal amount									$ 850.0					$ 850.0
Interest rate (as a percent)									2.70%					2.70%

FAIR VALUE MEASUREMENTS (Details) - Recurring - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Carrying Amount \| Foreign currency forward contracts
Assets:
Foreign currency forward contracts	$ 118.9	$ 94.5
Liabilities:
Foreign currency forward contracts	83.3	12.6
Carrying Amount \| Interest rate swap agreements
Assets:
Interest rate swap agreements		1.8
Liabilities:
Interest rate swap agreements	181.4	10.1
Carrying Amount \| Cross-currency swap derivative contracts
Assets:
Foreign currency forward contracts	58.7	9.4
Liabilities:
Foreign currency forward contracts	14.5	1.6
Level 2 \| Foreign currency forward contracts
Assets:
Foreign currency forward contracts	118.9	94.5
Liabilities:
Foreign currency forward contracts	83.3	12.6
Level 2 \| Interest rate swap agreements
Assets:
Interest rate swap agreements		1.8
Liabilities:
Interest rate swap agreements	181.4	10.1
Level 2 \| Cross-currency swap derivative contracts
Assets:
Foreign currency forward contracts	58.7	9.4
Liabilities:
Foreign currency forward contracts	$ 14.5	$ 1.6

FAIR VALUE MEASUREMENTS - Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Carrying Amount
Carrying amount and fair value of financial instruments
Long-term debt, including current maturities	$ 8,576.6	$ 8,349.7
Fair Value \| Level 2
Carrying amount and fair value of financial instruments
Long-term debt, including current maturities	$ 7,643.6	$ 9,085.3

DERIVATIVES AND HEDGING TRANSACTIONS - Derivative Positions Summary (Details) € in Millions, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Asset Derivatives
Gross value of derivatives	$ 177.6		$ 105.7
Gross amounts offset in the Consolidated Balance Sheet	(75.6)		(14.9)
Net value of derivatives presented in the Consolidated Balance Sheet	102.0		90.8
Liability Derivatives
Gross value of derivatives	279.2		24.3
Gross amounts offset in the Consolidated Balance Sheet	(75.6)		(14.9)
Net value of derivatives presented in the Consolidated Balance Sheet	203.6		9.4
Cash collateral received	0.0
Cash collateral pledged	0.0
Foreign currency forward contracts
Liability Derivatives
Notional values	5,745.0		4,059.0
Interest rate swap agreements
Liability Derivatives
Notional values	1,500.0		1,250.0
Cross-currency swap derivative contracts
Liability Derivatives
Notional values	650.0	€ 625	482.0
Derivatives designated as hedging instruments \| Foreign currency forward contracts
Asset Derivatives
Gross value of derivatives	78.6		44.7
Liability Derivatives
Gross value of derivatives	9.2		2.6
Derivatives designated as hedging instruments \| Interest rate swap agreements
Asset Derivatives
Gross value of derivatives			1.8
Liability Derivatives
Gross value of derivatives	181.4		10.1
Derivatives designated as hedging instruments \| Cross-currency swap derivative contracts
Asset Derivatives
Gross value of derivatives	58.7		9.4
Liability Derivatives
Gross value of derivatives	14.5		1.6
Derivatives not designated as hedging instruments \| Foreign currency forward contracts
Asset Derivatives
Gross value of derivatives	40.3		49.8
Liability Derivatives
Gross value of derivatives	$ 74.1		$ 10.0

DERIVATIVES AND HEDGING TRANSACTIONS - Information by Type of Derivative and Hedging Activities (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 EUR (€)	Oct. 31, 2022 EUR (€)	Apr. 30, 2022 USD ($)
Fair Value Hedges
Derivative liability	$ 203.6	$ 9.4
Net Investment Hedges
Revaluation gain (loss), net of tax	108.3	51.6	$ (87.7)
Seven year 2008 senior notes
Fair Value Hedges
Aggregate principal amount	1,500.0
Cost of sales
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	$ 6.4	$ (11.0)	$ 10.1
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Selling, general and administrative expenses
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	$ 157.0	$ 121.3	$ (120.6)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Interest expense, net
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	$ 11.6	$ 18.7	$ 25.1
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Net	Interest Expense, Net	Interest Expense, Net
Foreign currency forward contracts
Net Investment Hedges
Notional values	$ 5,745.0	$ 4,059.0
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	$ 62.0	$ 73.7	$ (12.3)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Interest rate swap agreements
Net Investment Hedges
Notional values	$ 1,500.0	$ 1,250.0
Cross-currency swap derivative contracts
Net Investment Hedges
Notional values	650.0	482.0		€ 625.0
Minimum
Impact on AOCI and earnings from derivative contracts
Interest rate (as a percent)						1.30%
Fair Value Hedges
Interest rate (as a percent)						1.30%
Maximum
Impact on AOCI and earnings from derivative contracts
Interest rate (as a percent)						4.80%
Fair Value Hedges
Interest rate (as a percent)						4.80%
Cash Flow Hedges. \| Foreign currency forward contracts \| Derivatives designated as hedging instruments \| Cost of sales
Impact on AOCI and earnings from derivative contracts
Gain (loss) reclassified from AOCI into income (effective portion)	6.4	(11.0)	$ 10.1
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)	95.0	47.6	(108.3)
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	13.9	21.0	27.5
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)	$ (2.3)	$ (2.3)	$ (2.4)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Net	Interest Expense, Net	Interest Expense, Net
Fair Value Hedges \| Interest rate swap agreements
Impact on AOCI and earnings from derivative contracts
Interest rate (as a percent)						4.80%
Fair Value Hedges
Cumulative amount of fair value hedging adjustment	$ (184.8)	$ (12.1)
Derivative liability	1,317.5	1,235.6
Aggregate principal amount						$ 250.0
Interest rate (as a percent)						4.80%
Net Investment Hedge
Net Investment Hedges
Revaluation gain (loss), net of tax	108.3	51.6	$ (87.7)
Net Investment Hedge \| Senior euro notes
Net Investment Hedges
Notional values	1,194.0			€ 1,150.0
Net Investment Hedge \| Euro Notes
Net Investment Hedges
Revaluation gain (loss), net of tax	81.9	45.3	(87.7)
Net Investment Hedge \| Cross-currency swap derivative contracts
Net Investment Hedges
Revaluation gain (loss), net of tax	$ 26.4	$ 6.3
Net Investment Hedge \| Cross currency interest rate contract maturing in 2026
Net Investment Hedges
Notional values \| €					€ 200.0
Net Investment Hedge \| Cross currency interest rate contract maturing between 2026 and 2030
Net Investment Hedges
Notional values \| €					€ 625.0
Discontinued Operations \| Derivatives not designated as hedging instruments \| Selling, general and administrative expenses
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivatives			$ (2.5)

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reclassification adjustments
COS	$ (2,254.9)	$ (2,291.6)	$ (2,211.1)	$ (2,073.4)	$ (2,043.1)	$ (2,016.7)	$ (1,844.0)	$ (1,712.0)	$ (8,831.0)	$ (7,615.8)	$ (6,905.8)
SG&A	(922.1)	(876.9)	(940.1)	(914.7)	(867.9)	(832.0)	(853.3)	(862.9)	(3,653.8)	(3,416.1)	(3,309.1)
Interest (income) expense, net	$ (69.5)	$ (65.1)	$ (56.0)	$ (53.0)	$ (44.6)	$ (76.4)	$ (45.6)	$ (51.7)	(243.6)	(218.3)	(290.2)
Subtotal									(96.0)	356.4	97.1
Derivative & Hedging Instruments
Reclassification adjustments
Amount recognized in AOCI									112.9	87.5	(93.3)
Other activity									1.1	(1.7)	(0.3)
Tax impact									(2.2)	(4.5)	3.5
Subtotal									(1.2)	26.0	(17.0)
Derivative & Hedging Instruments \| Reclassifications adjustments
Reclassification adjustments
COS									(6.4)	11.0	(10.1)
SG&A									(95.0)	(47.6)	108.3
Interest (income) expense, net									(11.6)	(18.7)	(25.1)
Amount reclassified from AOCI into income									(113.0)	(55.3)	73.1
Pension & Postretirement Benefits
Reclassification adjustments
Amount recognized in AOCI									182.6	388.1	(121.8)
Tax impact									(52.3)	(98.4)	43.7
Subtotal									130.3	289.7	(78.1)
Actuarial gain (loss)
Reclassification adjustments
Amount recognized in AOCI									83.3	270.7	(189.9)
Settlement charge \| Reclassifications adjustments
Reclassification adjustments
Amount reclassified from AOCI into income									51.6	38.8
Prior service costs \| Reclassifications adjustments
Reclassification adjustments
Amount reclassified from AOCI into income									$ 47.7	$ 78.6	$ 68.1

SHAREHOLDERS' EQUITY (Details) - $ / shares		12 Months Ended
SHAREHOLDERS' EQUITY (Details) - $ / shares	Jun. 03, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2022	Feb. 28, 2015
Shareholder's Equity
Common stock, par value per share (in dollars per share)		$ 1.00	$ 1.00
Common Stock, Shares Authorized		800,000,000.0	800,000,000.0
Dividends declared per common share (in dollars per share)		$ 2.06	$ 1.95	$ 1.89
Discontinued Operations, Disposed of By Sale \| ChampionX
Shareholder's Equity
Shares accepted	4,955,552
Number of shares exchanged	122,200,000
COMMON STOCK
Shareholder's Equity
Common stock, par value per share (in dollars per share)		$ 1.00	$ 1.00	$ 1.00
Common Stock, Shares Authorized		800,000,000	800,000,000	800,000,000
Dividends declared per common share (in dollars per share)		$ 2.06	$ 1.95	$ 1.89
Common stock, shares authorized to be repurchased						20,000,000
Remaining shares authorized to be repurchased		12,917,097
Reacquired shares (in shares)		3,038,107	502,132	761,245
Number of shares reacquired through the open market		2,933,090	389,759	565,064
Number of shares that have been repurchased through the exercise of stock options and vesting of stock awards		105,017	112,373	196,181
COMMON STOCK \| Maximum
Shareholder's Equity
Common stock, shares authorized to be repurchased					10,000,000
Undesignated preferred stock
Shareholder's Equity
Preferred stock, shares authorized		15,000,000

EQUITY COMPENSATION PLANS (Details) - USD ($) $ in Millions	12 Months Ended
EQUITY COMPENSATION PLANS (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EQUITY COMPENSATION PLANS
Common shares available for grant (in shares)	5,475,903	7,544,458	8,644,262
Value of awards granted, portion from stock options under current program (as a percent)	50.00%
Value of awards granted, portion from PBRSUs under current program (as a percent)	50.00%
Total compensation expense related to all share-based compensation plans	$ 87.8	$ 89.5	$ 81.0
Total compensation expense, net of tax benefit	74.8	$ 75.4	$ 67.7
Total measured but unrecognized compensation expense related to non-vested share-based compensation arrangements granted under all of the company's plans	$ 150.7
Weighted-average period over which unrecognized compensation costs on nonvested awards expected to be recognized	2 years 2 months 12 days

EQUITY COMPENSATION PLANS - Stock Options (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock incentive and option plans
Stock option expiration period	10 years
Stock option vesting period	3 years
SHARES
Outstanding, beginning of year (in shares)	6,217,161	6,802,415	9,042,320
Granted (in shares)	1,228,673	812,853	931,750
Exercised (in shares)	(294,228)	(1,306,998)	(2,733,130)
Canceled (in shares)	(120,503)	(91,109)	(91,660)
Separation of ChampionX	0		(346,865)
Outstanding, end of year (in shares)	7,031,103	6,217,161	6,802,415
Exercisable, end of year (in shares)	5,168,161	4,604,922	5,051,927
Vested and expected to vest, end of year (in shares)	6,886,450
AVERAGE PRICE PER SHARE
Outstanding, beginning of year (in dollars per share)	$ 160.91	$ 144.20	$ 121.72
Granted (in dollars per share)	148.79	223.85	220.95
Exercised (in dollars per share)	101.08	110.91	97.52
Canceled (in dollars per share)	210.26	192.49	166.67
Separation of ChampionX (in dollars per share)	0		126.37
Outstanding, end of year (in dollars per share)	160.45	160.91	144.20
Exercisable, end of year (in dollars per share)	155.45	$ 141.21	$ 125.08
Vested and expected to vest, end of year (in dollars per shares)	$ 160.31
Total intrinsic value of options exercised during period	$ 21.0	$ 148.1	$ 298.7
Total aggregate intrinsic value of in-the-money options outstanding	$ 62.3
Weighted-average remaining contractual life of options outstanding	6 years 4 months 24 days
Total aggregate intrinsic value of in-the-money options exercisable	$ 62.3
Weighted-average remaining contractual life of options exercisable	5 years 3 months 18 days
Aggregate intrinsic value of vested and expected to vest options outstanding	$ 62.3
Weighted-average remaining contractual life of vested and expected to vest options outstanding	6 years 4 months 24 days

EQUITY COMPENSATION PLANS - Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock Options
Assumptions
Weighted average grant date fair value of options granted at market prices (in dollars per share)	$ 37.04	$ 47.65	$ 44.16
Risk-free rate of return (as a percent)	3.50%	1.20%	0.50%
Expected life	6 years	6 years	6 years
Expected volatility (as a percent)	23.50%	23.00%	23.00%
Expected dividend yield (as a percent)	1.40%	0.90%	0.90%
Vesting period	3 years
Stock Options \| Minimum
Assumptions
Yield curve of U.S. treasury rates	1 month
Stock Options \| Maximum
Assumptions
Yield curve of U.S. treasury rates	10 years
PBRSU Awards
Assumptions
Period of requisite continued service	3 years
Common stock issuable for each vested stock award (in shares)	1
Vesting period	3 years
Restricted Stock Awards and Units \| Minimum
Assumptions
Vesting period	12 months
Restricted Stock Awards and Units \| Maximum
Assumptions
Vesting period	60 months

EQUITY COMPENSATION PLANS - Other Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
PBRSU Awards
Summary of PBRSU awards and restricted stock activity:
Stock awards outstanding, at the beginning of period (in shares)	788,529	914,630	1,116,898
Stock awards granted (in shares)	291,496	176,297	202,187
Stock awards vested/ earned (in shares)	(232,210)	(271,731)	(333,676)
Stock awards cancelled (in shares)	(24,645)	(30,667)	(26,285)
Separation of ChampionX			(44,494)
Stock awards outstanding, at the end of period (in shares)	823,170	788,529	914,630
Weighted-average fair value at grant-date of stock awards outstanding, at the beginning of period (in dollars per share)	$ 189.96	$ 165.76	$ 139.83
Weighted-average fair value at grant-date of stock awards granted (in dollars per share)	142.24	223.77	215.23
Weighted-average fair value at grant-date of stock awards vested/earned (in dollars per share)	152.63	131.74	112.78
Weighted-average fair value at grant-date of stock awards cancelled (in dollars per share)	207.05	178.46	157.32
Weighted-average fair value at grant-date of stock awards Separation of ChampionX (in dollars per share)			142.10
Weighted-average fair value at grant-date of stock awards outstanding, at the end of period (in dollars per share)	$ 181.68	$ 189.96	$ 165.76
Restricted Stock Awards and Units
Summary of PBRSU awards and restricted stock activity:
Stock awards outstanding, at the beginning of period (in shares)	232,274	163,683	265,513
Stock awards granted (in shares)	240,370	130,807	62,693
Stock awards vested/ earned (in shares)	(68,864)	(48,977)	(81,150)
Stock awards cancelled (in shares)	(18,683)	(13,239)	(15,996)
Separation of ChampionX			(67,377)
Stock awards outstanding, at the end of period (in shares)	385,097	232,274	163,683
Weighted-average fair value at grant-date of stock awards outstanding, at the beginning of period (in dollars per share)	$ 195.95	$ 172.92	$ 149.46
Weighted-average fair value at grant-date of stock awards granted (in dollars per share)	146.90	211.12	203.09
Weighted-average fair value at grant-date of stock awards vested/earned (in dollars per share)	163.81	160.84	130.72
Weighted-average fair value at grant-date of stock awards cancelled (in dollars per share)	201.39	192.12	162.51
Weighted-average fair value at grant-date of stock awards Separation of ChampionX (in dollars per share)			161.82
Weighted-average fair value at grant-date of stock awards outstanding, at the end of period (in dollars per share)	$ 170.50	$ 195.95	$ 172.92

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income before income taxes.
United States									$ 295.6	$ 277.7	$ 100.5
International									1,047.8	1,136.5	1,060.9
Income before income taxes	$ 321.6	$ 412.2	$ 389.3	$ 220.3	$ 349.5	$ 402.4	$ 399.7	$ 262.6	1,343.4	1,414.2	1,161.4
Current income tax expense (benefit)
Federal and state									145.7	30.9	(43.9)
International									231.4	240.2	259.8
Total current									377.1	271.1	215.9
Deferred income tax expense (benefit)
Federal and state									(78.9)	3.6	12.0
International									(63.7)	(4.5)	(51.3)
Total deferred									(142.6)	(0.9)	(39.3)
Provision for income taxes	$ 52.1	$ 60.2	$ 76.6	$ 45.6	$ 44.2	$ 73.8	$ 86.1	$ 66.1	$ 234.5	$ 270.2	$ 176.6

INCOME TAXES - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Pension and post-retirement benefits	$ 87.0	$ 136.8
Other accrued liabilities	129.6	135.6
Lease liability	109.2	101.3
Credit carryforwards	97.8	81.8
Capitalization of R&D costs	84.5
Loss carryforwards	67.2	59.6
Share-based compensation	51.2	44.7
Deferred income	59.6	44.8
Other, net	98.8	71.0
Valuation allowance	(65.2)	(50.3)
Total deferred tax assets	719.7	625.3
Deferred tax liabilities
Intangible assets	(611.1)	(631.0)
Property, plant and equipment	(319.7)	(333.5)
Lease asset	(109.1)	(100.3)
Financing	(33.5)	(34.2)
Other, net	(43.8)	(27.7)
Total deferred tax liabilities	(1,117.2)	(1,126.7)
Net deferred tax liabilities balance	(397.5)	$ (501.4)
Federal
Deferred tax assets
Loss carryforwards	2.5
State
Deferred tax assets
Credit carryforwards	21.3
Loss carryforwards	16.1
International
Deferred tax assets
Credit carryforwards	71.1
Loss carryforwards	$ 48.6

INCOME TAXES - Loss Carryforwards (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating loss carryforwards
Statutory U.S. rate (as a percent)	21.00%	21.00%	21.00%
Net operating loss carryforwards	$ 67.2	$ 59.6
Valuation allowance on deferred tax asset	65.2	50.3
Deferred Tax Liabilities, Net	397.5	501.4
Total deferred	(142.6)	(0.9)	$ (39.3)
Excess tax benefits, share-based compensation	6.0	29.1	57.3
Purolite
Operating loss carryforwards
Deferred Tax Liabilities, Net	6.8
Federal
Operating loss carryforwards
Net operating loss carryforwards	2.5
Capital loss carryforward	9.4
Capital loss carryforwards,Subject to Expiration	9.4
Carryforwards subject to expiration	18.6
State
Operating loss carryforwards
Net operating loss carryforwards	16.1
International
Operating loss carryforwards
Net operating loss carryforwards	48.6
Tax credit carryforwards, not expire	5.4
Carryforwards subject to expiration	9.9
No expiration	$ 38.7
Preferential income tax rate, certain headquarter income	10.00%
Tax reduction due to tax holiday	$ 5.8	$ 2.9	$ 26.9
Tax holiday impact on diluted earnings per share (in dollars per share)	$ 0.02	$ 0.01	$ 0.09

INCOME TAXES - Reconciliation of the Statutory Rate to Effective Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of the statutory U.S. federal income tax rate to the company's effective income tax rate
Statutory U.S. rate (as a percent)	21.00%	21.00%	21.00%
State income taxes, net of federal benefit (as a percent)	1.30%	0.60%	0.40%
Foreign operations (as a percent)	(0.80%)	(0.60%)	(1.30%)
Excess stock benefits (as a percent)	(0.40%)	(2.00%)	(4.90%)
R&D credit (as a percent)	(1.40%)	(1.30%)	(1.10%)
Foreign derived intangible income	(1.80%)	(1.60%)	(0.20%)
Change in valuation allowance (as a percent)	0.70%	0.50%	0.60%
Legal entity rationalization (as a percent)	(1.50%)
One-time transfer of intangibles (as a percent)		1.80%
Other, net (as a percent)	0.40%	0.70%	0.70%
Effective income tax rate (as a percent)	17.50%	19.10%	15.20%
Discrete tax charges		$ 34.9
Non-cash deferred tax charge		25.1
Remaining tax expense	$ 8.8	9.8
Special gains and charges, recognized discrete tax expense (benefit), net,	(53.7)	53.3	$ 57.9
Recognized discrete tax expense (benefit), net		5.8	55.8
Recognized discrete tax benefits, legal entity rationalization	14.6
Excess tax benefits, share-based compensation	6.0	29.1	57.3
Recognized discrete tax benefits	11.8
Tax expense (benefit) due to audit settlements and statutes of limitations			9.8
Amount of adjustments recognized from filing prior year U.S. federal and state tax returns, used to derive net discrete tax benefit			11.3
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Balance at beginning of year	25.1	20.7	27.0
Additions based on tax positions related to the current year	2.7	3.8	3.3
Additions for tax positions of prior years	3.6	3.0
Current year acquisitions		4.4
Assumed in connection with acquisitions		4.4
Reductions for tax positions of prior years	(1.5)		(1.1)
Reductions for tax positions due to statute of limitations	(0.7)	(3.0)	(9.1)
Settlements	(3.4)	(3.7)
Foreign currency translation	(0.9)	(0.1)	0.6
Balance at end of year	24.9	25.1	20.7
Unrecognized tax benefits that would affect the annual effective tax rate	23.1	22.8	18.3
Accrued interest, including minor amounts for penalties	$ 4.0	3.2	$ 4.1
Purolite
Reconciliation of the statutory U.S. federal income tax rate to the company's effective income tax rate
Deferred tax liability		$ 12.1

RENTALS AND LEASES - Lessee (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
RENTALS AND LEASES
Operating lease cost	$ 196.9	$ 179.4	$ 183.8

RENTALS AND LEASES - Future Maturity and Minimum Payments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating leases maturities:
2023	$ 124.0
2024	98.0
2025	75.0
2026	53.0
2027	32.0
Thereafter	121.0
Total lease payments	503.0
Less: imputed interest	57.0
Present value of lease liabilities	$ 446.0
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Operating Lease, Liability, Current, Operating Lease Liability Noncurrent, Excluded From Long-term Debt
Weighted-average remaining lease term - operating leases	6 years 8 months 15 days	5 years 11 months 26 days	5 years 6 months 7 days
Weighted-average discount rate - operating leases	2.98%	3.07%	3.72%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 157.3	$ 157.0	$ 164.2
Leased assets obtained in exchange for new operating lease liabilities	$ 202.7	$ 116.8	$ 60.4

RENTALS AND LEASES - Lessor (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessor, Lease, Description [Line Items]
Property, plant and equipment, gross	$ 7,255.9	$ 7,179.8
Accumulated depreciation	3,962.5	3,891.3
Operating Leases, Income Statement, Lease Revenue
Operating lease revenue	$ 466.7	$ 412.5	$ 356.3
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Income (Loss)	Operating Income (Loss)	Operating Income (Loss)
Operating Leases, Future Minimum Payments Receivable
2023	$ 370.0
2024	269.0
2025	207.0
2026	140.0
2027	71.0
Thereafter	41.0
Total lease revenue	1,098.0
Operating Leases Recorded in Property, Plant and Equipment
Lessor, Lease, Description [Line Items]
Property, plant and equipment, gross	1,288.3	$ 1,223.3
Accumulated depreciation	$ 811.2	$ 767.3

RESEARCH AND DEVELOPMENT EXPENDITURES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
RESEARCH AND DEVELOPMENT EXPENDITURES
Research expenditures related to the development of new products and processes, including significant improvements and refinements to existing products	$ 190	$ 186	$ 185

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

RETIREMENT PLANS - Information Related to Pension and Postretirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Projected Benefit Obligation
Settlement expense	$ 50.6	$ 37.2
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonrecurring (Income) Expense	Other Nonrecurring (Income) Expense
Amounts recognized in Consolidated Balance Sheet:
Other assets	$ 118.4	$ 114.6
Postretirement health care and pension benefits	(670.3)	(894.2)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Accumulated other comprehensive loss (income), net of tax	467.4	632.8
Change in Accumulated Other Comprehensive Loss (Income):
Other comprehensive loss (income)	(130.3)	(289.7)	$ 78.1
Aggregate projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets:
Aggregate projected benefit obligation	2,392.1	1,022.3
Accumulated benefit obligation	2,355.8	964.5
Fair value of plan assets	1,828.1	280.9
Discontinued Operations
Projected Benefit Obligation
Service cost			2.5
Non-qualified plan
Projected Benefit Obligation
Projected benefit obligation, beginning of year	114.0
Projected benefit obligation, end of year	86.0	114.0
U.S. Pension. \| Pension
Defined Benefit Plan Disclosure
Accumulated Benefit Obligation, end of year	1,799.0	2,462.7
Projected Benefit Obligation
Projected benefit obligation, beginning of year	2,462.7	2,728.4
Service cost	40.8	43.9	68.4
Interest cost	65.3	51.4	70.3
Actuarial (gain) loss	(479.8)	(79.6)
Benefits paid	(290.0)	(281.4)
Projected benefit obligation, end of year	1,799.0	2,462.7	2,728.4
Plan Assets
Fair value of plan assets, beginning of year	2,376.8	2,372.9
Actual returns on plan assets	(430.3)	276.8
Company contributions	12.0	8.5
Benefits paid	(290.0)	(281.4)
Fair value of plan assets, end of year	1,668.5	2,376.8	2,372.9
Funded Status, end of year	(130.5)	(85.9)
Amounts recognized in Consolidated Balance Sheet:
Other assets		28.2
Other current liabilities	(9.2)	(14.8)
Postretirement health care and pension benefits	(121.3)	(99.3)
Net liability	(130.5)	(85.9)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Unrecognized net actuarial loss (gain)	411.9	396.8
Unrecognized net prior service costs (benefits)	(21.2)	(25.8)
Tax (benefit) expense	(100.8)	(95.3)
Accumulated other comprehensive loss (income), net of tax	289.9	275.7
Change in Accumulated Other Comprehensive Loss (Income):
Amortization of net actuarial gain (loss)	(30.2)	(56.2)
Amortization of prior service credits	4.5	6.9
Current period net actuarial loss (gain)	97.0	(203.0)
Curtailments and settlements	(51.6)	(35.3)
Tax (benefit) expense	(5.5)	69.8
Other comprehensive loss (income)	14.2	(217.8)
Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2021
Net actuarial loss (gain)	0.2
Net prior service costs (benefits)	(4.6)
Total	(4.4)
U.S. Pension. \| U.S. Postretirement Benefits
Defined Benefit Plan Disclosure
Accumulated Benefit Obligation, end of year	115.5	155.4
Projected Benefit Obligation
Projected benefit obligation, beginning of year	155.4	172.4
Service cost	0.8	1.0	1.2
Interest cost	3.3	2.9	4.4
Participant contributions	3.7	3.3
Actuarial (gain) loss	(33.7)	(12.1)
Benefits paid	(14.0)	(12.1)
Projected benefit obligation, end of year	115.5	155.4	172.4
Plan Assets
Fair value of plan assets, beginning of year	5.2	5.7
Actual returns on plan assets	(0.8)	0.6
Company contributions	12.8	11.0
Benefits paid	(14.0)	(12.1)
Fair value of plan assets, end of year	3.2	5.2	5.7
Funded Status, end of year	(112.3)	(150.2)
Amounts recognized in Consolidated Balance Sheet:
Other current liabilities	(7.6)	(5.5)
Postretirement health care and pension benefits	(104.7)	(144.7)
Net liability	(112.3)	(150.2)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Unrecognized net actuarial loss (gain)	(43.6)	(11.7)
Tax (benefit) expense	7.7	1.2
Accumulated other comprehensive loss (income), net of tax	(35.9)	(10.5)
Change in Accumulated Other Comprehensive Loss (Income):
Amortization of net actuarial gain (loss)	0.6	(0.7)
Current period net actuarial loss (gain)	(32.5)	(12.3)
Tax (benefit) expense	6.5	3.2
Other comprehensive loss (income)	(25.4)	(9.8)
Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2021
Net actuarial loss (gain)	(3.1)
Total	(3.1)
International Pension \| Pension
Defined Benefit Plan Disclosure
Accumulated Benefit Obligation, end of year	1,171.1	1,696.2
Projected Benefit Obligation
Projected benefit obligation, beginning of year	1,779.7	1,834.2
Service cost	28.4	31.4	30.8
Interest cost	22.0	17.3	22.3
Participant contributions	3.0	2.9
Plan amendments		0.7
Actuarial (gain) loss	(436.8)	(25.3)
Assumed through acquisitions	15.1	34.0
Other events		4.3
Benefits paid	(54.3)	(68.5)
Foreign currency translation	(135.2)	(51.3)
Projected benefit obligation, end of year	1,221.9	1,779.7	1,834.2
Plan Assets
Fair value of plan assets, beginning of year	1,219.9	1,148.0
Actual returns on plan assets	(218.3)	107.5
Company contributions	38.3	40.7
Participant contributions	3.0	2.9
Acquired through acquisitions	15.1	12.9
Benefits paid	(54.3)	(68.5)
Foreign currency translation	(98.6)	(23.6)
Fair value of plan assets, end of year	905.1	1,219.9	$ 1,148.0
Funded Status, end of year	(316.8)	(559.8)
Amounts recognized in Consolidated Balance Sheet:
Other assets	118.6	86.5
Other current liabilities	(28.6)	(27.0)
Postretirement health care and pension benefits	(406.8)	(619.3)
Net liability	(316.8)	(559.8)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Unrecognized net actuarial loss (gain)	279.7	485.7
Unrecognized net prior service costs (benefits)	0.3	(0.2)
Tax (benefit) expense	(66.5)	(117.8)
Accumulated other comprehensive loss (income), net of tax	213.5	367.7
Change in Accumulated Other Comprehensive Loss (Income):
Amortization of net actuarial gain (loss)	(22.7)	(28.7)
Amortization of prior service credits	0.1	0.1
Current period net actuarial loss (gain)	(147.8)	(56.1)
Current period prior service costs		0.7
Curtailments and settlements		(3.5)
Tax (benefit) expense	51.3	25.4
Foreign currency translation	(35.1)	(12.7)
Other comprehensive loss (income)	(154.2)	$ (74.8)
Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2021
Net actuarial loss (gain)	11.6
Net prior service costs (benefits)	(0.3)
Total	$ 11.3

RETIREMENT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
RETIREMENT PLANS (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other (income) expense
Other Pension Plan Information
Settlement expense before tax	$ 51.6	$ 35.3
Settlement expense after tax	38.9	26.8
U.S. Pension. \| Pension
Net periodic benefit costs
Service cost	40.8	43.9	$ 68.4
Interest cost on benefit obligation	65.3	51.4	70.3
Expected return on plan assets	(144.4)	(152.3)	(152.9)
Recognition of net actuarial loss (gain)	30.2	56.7	51.9
Amortization of prior service benefit	(4.5)	(6.9)	(7.4)
Curtailments and settlements (a)	51.6	35.3	2.5
Total expense	39.0	28.1	32.8
U.S. Pension. \| U.S. Postretirement Benefits
Net periodic benefit costs
Service cost	0.8	1.0	1.2
Interest cost on benefit obligation	3.3	2.9	4.4
Expected return on plan assets	(0.3)	(0.4)	(0.4)
Recognition of net actuarial loss (gain)	(0.6)	0.7	0.1
Amortization of prior service benefit			(11.0)
Total expense	3.2	4.2	(5.7)
International Pension \| Pension
Net periodic benefit costs
Service cost	28.4	31.4	30.8
Interest cost on benefit obligation	22.0	17.3	22.3
Expected return on plan assets	(69.8)	(70.7)	(63.9)
Recognition of net actuarial loss (gain)	22.8	28.7	26.1
Amortization of prior service benefit	(0.1)	(0.1)	(0.1)
Curtailments and settlements (a)		3.5	2.2
Total expense	$ 3.3	$ 10.1	17.4
Discontinued Operations
Net periodic benefit costs
Service cost			$ 2.5

RETIREMENT PLANS - Assumption Details (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
U.S. Pension. \| Corporate bonds \| Minimum
Weighted-average actuarial assumptions used to determine net cost:
Maturity period of debt securities	6 months
U.S. Pension. \| Corporate bonds \| Maximum
Weighted-average actuarial assumptions used to determine net cost:
Maturity period of debt securities	30 years
U.S. Pension. \| Pension
Weighted-average actuarial assumptions used to determine benefit obligations as of year end:
Discount rate (as a percent)	5.17%	2.86%	2.48%
Projected salary increase (as a percent)	4.03%	4.03%	4.03%
Weighted-average actuarial assumptions used to determine net cost:
Interest credit rate for cash balance plans	1.56%	0.87%	1.81%
Discount rate (as a percent)	2.86%	2.49%	3.20%
Expected return on plan assets (as a percent)	7.00%	7.00%	7.25%
Projected salary increase (as a percent)	4.03%	4.03%	4.03%
U.S. Pension. \| U.S. Postretirement Benefits
Weighted-average actuarial assumptions used to determine benefit obligations as of year end:
Discount rate (as a percent)	5.14%	2.75%	2.37%
Weighted-average actuarial assumptions used to determine net cost:
Discount rate (as a percent)	2.75%	2.37%	3.16%
Expected return on plan assets (as a percent)	7.00%	7.00%	7.25%
Defined Benefit Plan Assumed Health Care Cost Trend Rates
Annual rates of increase in the per capita cost of covered health care for pre-age 65 retirees (as a percent)	6.75%
Rate of per capita cost of covered health care, in 2028 (as a percent)	4.50%
International Pension \| Pension
Weighted-average actuarial assumptions used to determine benefit obligations as of year end:
Discount rate (as a percent)	3.70%	1.45%	1.13%
Projected salary increase (as a percent)	2.81%	2.42%	2.12%
Weighted-average actuarial assumptions used to determine net cost:
Discount rate (as a percent)	1.46%	1.37%	1.84%
Expected return on plan assets (as a percent)	6.18%	6.24%	6.24%
Projected salary increase (as a percent)	2.47%	2.31%	2.81%
Defined Benefit Plan Assumed Health Care Cost Trend Rates
Plan amendments, decrease in benefit obligation		$ 0.7

RETIREMENT PLANS - Fair Value of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension \| U.S. Pension.
Defined Benefit Plan Disclosure
Total	$ 1,668.5	$ 2,376.8	$ 2,372.9
Pension \| International Pension
Defined Benefit Plan Disclosure
Total investments at fair value	859.8	1,153.9
Investments measured at NAV	45.3	66.0
Total	905.1	1,219.9	$ 1,148.0
Pension \| International Pension \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	9.9	24.1
Total	9.9	24.1
Pension \| International Pension \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	849.9	1,129.8
Total	849.9	1,129.8
Pension \| International Pension \| Level 3
Defined Benefit Plan Disclosure
Total	0.0	0.0
Pension \| International Pension \| Cash
Defined Benefit Plan Disclosure
Total investments at fair value	9.9	7.2
Pension \| International Pension \| Cash \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	9.9	7.2
Pension \| International Pension \| International equity
Defined Benefit Plan Disclosure
Total investments at fair value	219.3	490.1
Pension \| International Pension \| International equity \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	219.3	490.1
Pension \| International Pension \| Corporate bonds
Defined Benefit Plan Disclosure
Total investments at fair value	158.5	229.7
Pension \| International Pension \| Corporate bonds \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value		9.7
Pension \| International Pension \| Corporate bonds \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	158.5	220.0
Pension \| International Pension \| Government bonds
Defined Benefit Plan Disclosure
Total investments at fair value	365.9	305.7
Pension \| International Pension \| Government bonds \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value		7.2
Pension \| International Pension \| Government bonds \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	365.9	298.5
Pension \| International Pension \| Insurance contracts
Defined Benefit Plan Disclosure
Total investments at fair value	106.2	121.2
Pension \| International Pension \| Insurance contracts \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	106.2	121.2
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension.
Defined Benefit Plan Disclosure
Total investments at fair value	1,237.8	1,794.7
Total	1,671.7	2,382.0
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	523.6	1,099.7
Total	523.6	1,099.7
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	714.2	695.0
Total	714.2	695.0
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Level 3
Defined Benefit Plan Disclosure
Total	0.0	0.0
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Cash
Defined Benefit Plan Disclosure
Total investments at fair value	54.8	43.6
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Cash \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	54.8	43.6
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Large cap equity
Defined Benefit Plan Disclosure
Total investments at fair value	237.1	412.2
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Large cap equity \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	237.1	412.2
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Small cap equity
Defined Benefit Plan Disclosure
Total investments at fair value	40.5	62.0
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Small cap equity \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	15.4	21.3
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Small cap equity \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	25.1	40.7
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| International equity
Defined Benefit Plan Disclosure
Total investments at fair value	54.6	90.9
Investments measured at NAV	433.9	587.3
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| International equity \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	37.4	62.9
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| International equity \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	17.2	28.0
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Core fixed income
Defined Benefit Plan Disclosure
Total investments at fair value	792.0	1,100.4
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Core fixed income \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	145.5	510.7
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Core fixed income \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	646.5	589.7
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| High-yield bonds
Defined Benefit Plan Disclosure
Total investments at fair value	33.4	49.0
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| High-yield bonds \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	33.4	49.0
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Emerging markets
Defined Benefit Plan Disclosure
Total investments at fair value	25.4	36.6
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Emerging markets \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	$ 25.4	$ 36.6

RETIREMENT PLANS - Allocation Plan Assets (Details)	12 Months Ended
RETIREMENT PLANS - Allocation Plan Assets (Details)	Dec. 31, 2022	Dec. 31, 2021
Pension \| International Pension
Asset allocation percentages
PERCENTAGE OF PLAN ASSETS	100.00%	100.00%
Pension \| International Pension \| Cash
Asset allocation percentages
PERCENTAGE OF PLAN ASSETS	1.00%	1.00%
Pension \| International Pension \| International equity
Asset allocation percentages
PERCENTAGE OF PLAN ASSETS	24.00%	40.00%
Pension \| International Pension \| Corporate bonds
Asset allocation percentages
PERCENTAGE OF PLAN ASSETS	18.00%	19.00%
Pension \| International Pension \| Government bonds
Asset allocation percentages
PERCENTAGE OF PLAN ASSETS	40.00%	25.00%
Pension \| International Pension \| Total fixed income
Asset allocation percentages
PERCENTAGE OF PLAN ASSETS	58.00%	44.00%
Pension \| International Pension \| Insurance contracts
Asset allocation percentages
PERCENTAGE OF PLAN ASSETS	12.00%	10.00%
Pension \| International Pension \| Real estate
Asset allocation percentages
PERCENTAGE OF PLAN ASSETS	5.00%	3.00%
Pension \| International Pension \| Debt securities
Asset allocation percentages
PERCENTAGE OF PLAN ASSETS		2.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension.
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	100.00%	100.00%
PERCENTAGE OF PLAN ASSETS	100.00%	100.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Cash
Asset allocation percentages
PERCENTAGE OF PLAN ASSETS	3.00%	2.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Large cap equity
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	21.00%	21.00%
PERCENTAGE OF PLAN ASSETS	14.00%	17.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Small cap equity
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	3.00%	3.00%
PERCENTAGE OF PLAN ASSETS	2.00%	3.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| International equity
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	13.00%	10.00%
PERCENTAGE OF PLAN ASSETS	9.00%	10.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Core fixed income
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	48.00%	48.00%
PERCENTAGE OF PLAN ASSETS	47.00%	46.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| High-yield bonds
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	3.00%	3.00%
PERCENTAGE OF PLAN ASSETS	2.00%	2.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Emerging markets
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	2.00%	4.00%
PERCENTAGE OF PLAN ASSETS	2.00%	2.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Real estate
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	3.00%	3.00%
PERCENTAGE OF PLAN ASSETS	4.00%	4.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| PRIVATE EQUITY
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	5.00%	5.00%
PERCENTAGE OF PLAN ASSETS	15.00%	11.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Distressed debt
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	2.00%	3.00%
PERCENTAGE OF PLAN ASSETS	2.00%	3.00%

RETIREMENT PLANS - Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Estimate of benefits expected to be paid for company's pension and postretirement health care benefit plans:
Settlement charge	$ (50.6)	$ (37.2)
Pension \| International Pension
Estimate of benefits expected to be paid for company's pension and postretirement health care benefit plans:
Estimated contribution to pension benefit plan during 2022	41.0
Pension \| Non-qualified plan \| U.S. Pension.
Estimate of benefits expected to be paid for company's pension and postretirement health care benefit plans:
Employer voluntary contribution to defined benefit plan	0.0
U.S. Pension and Postretirement Health Care Benefits
Estimate of benefits expected to be paid for company's pension and postretirement health care benefit plans:
2023	207.0
2024	220.0
2025	224.0
2026	226.0
2027	229.0
2028-2032	$ 1,151.0

RETIREMENT PLANS - Savings Plan and ESOP (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Plan Disclosure [Line Items]
Percentage of matching contribution by company vested immediately	100.00%
Employer matching contribution expense	$ 81.6	$ 78.2	$ 72.4
Traditional Plan transferred assets			$ 1,710.0
Ecolab Plan
Defined Contribution Plan Disclosure [Line Items]
Percentage of matching contribution made by company, up to 4% eligible compensation	100.00%
Percentage of matching contribution made by company for employee contributions between 4% and 8%	50.00%
Minimum \| Ecolab Plan
Defined Contribution Plan Disclosure [Line Items]
Percentage of eligible compensation, matched 50%	4.00%
Maximum \| Ecolab Plan
Defined Contribution Plan Disclosure [Line Items]
Percentage of eligible compensation, matched 100%	4.00%
Percentage of eligible compensation, matched 50%	8.00%

REVENUES - Principal Activities (Details) - USD ($) $ in Millions	3 Months Ended									12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of revenue
Lease billing suspension									$ 38.0
Net sales	$ 3,671.2	$ 3,669.3	$ 3,580.6	$ 3,266.7	$ 3,364.6	$ 3,320.8	$ 3,162.7	$ 2,885.0		$ 14,187.8	$ 12,733.1	$ 11,790.2
Product and equipment sales
Disaggregation of revenue
Net sales										11,446.2	10,153.3	9,466.6
Service and lease sales
Disaggregation of revenue
Net sales										$ 2,741.6	$ 2,579.8	$ 2,323.6
Warewashing Products \| Product concentration \| Consolidated net sales
Disaggregation of revenue
Percentage of consolidated sales										12.00%	10.00%	11.00%
Corporate
Disaggregation of revenue
Net sales										$ 123.8	$ 139.2	$ 100.0
Corporate \| U.S. Pension.
Disaggregation of revenue
Net sales										107.5	98.2	75.2
Corporate \| Europe
Disaggregation of revenue
Net sales										3.0	3.9	4.8
Corporate \| Asia Pacific
Disaggregation of revenue
Net sales										4.1	5.5	2.8
Corporate \| Latin America
Disaggregation of revenue
Net sales										7.3	24.6	13.1
Corporate \| Greater China
Disaggregation of revenue
Net sales										0.1	2.3	0.9
Corporate \| India, Middle East and Africa
Disaggregation of revenue
Net sales										0.3	3.4	2.5
Corporate \| Canada
Disaggregation of revenue
Net sales										1.5	1.3	0.7
Corporate \| Product and equipment sales
Disaggregation of revenue
Net sales										123.7	138.0	99.7
Corporate \| Service and lease sales
Disaggregation of revenue
Net sales										0.1	1.2	0.3
Global Industrial
Disaggregation of revenue
Net sales										6,805.0	6,237.8	5,870.8
Global Industrial \| U.S. Pension.
Disaggregation of revenue
Net sales										2,945.1	2,603.0	2,564.3
Global Industrial \| Europe
Disaggregation of revenue
Net sales										1,373.6	1,367.1	1,262.6
Global Industrial \| Asia Pacific
Disaggregation of revenue
Net sales										830.1	802.5	747.2
Global Industrial \| Latin America
Disaggregation of revenue
Net sales										621.7	551.5	491.7
Global Industrial \| Greater China
Disaggregation of revenue
Net sales										419.3	394.9	333.0
Global Industrial \| India, Middle East and Africa
Disaggregation of revenue
Net sales										419.4	344.4	314.1
Global Industrial \| Canada
Disaggregation of revenue
Net sales										195.8	174.4	157.9
Global Industrial \| Product and equipment sales
Disaggregation of revenue
Net sales										5,937.0	5,372.0	5,052.3
Global Industrial \| Service and lease sales
Disaggregation of revenue
Net sales										868.0	865.8	818.5
Global Institutional and Specialty
Disaggregation of revenue
Net sales										4,421.9	3,955.9	3,553.2
Global Institutional and Specialty \| U.S. Pension.
Disaggregation of revenue
Net sales										3,050.0	2,721.8	2,400.4
Global Institutional and Specialty \| Europe
Disaggregation of revenue
Net sales										624.0	557.9	510.3
Global Institutional and Specialty \| Asia Pacific
Disaggregation of revenue
Net sales										212.6	201.2	203.9
Global Institutional and Specialty \| Latin America
Disaggregation of revenue
Net sales										162.3	135.0	128.3
Global Institutional and Specialty \| Greater China
Disaggregation of revenue
Net sales										124.5	132.3	114.9
Global Institutional and Specialty \| India, Middle East and Africa
Disaggregation of revenue
Net sales										54.6	44.2	39.8
Global Institutional and Specialty \| Canada
Disaggregation of revenue
Net sales										193.9	163.5	155.6
Global Institutional and Specialty \| Product and equipment sales
Disaggregation of revenue
Net sales										3,645.1	3,265.5	2,968.7
Global Institutional and Specialty \| Service and lease sales
Disaggregation of revenue
Net sales										776.8	690.4	584.5
Global Healthcare and Life Sciences
Disaggregation of revenue
Net sales										1,510.5	1,181.6	1,181.9
Global Healthcare and Life Sciences \| U.S. Pension.
Disaggregation of revenue
Net sales										612.5	442.3	432.6
Global Healthcare and Life Sciences \| Europe
Disaggregation of revenue
Net sales										688.8	647.2	643.6
Global Healthcare and Life Sciences \| Asia Pacific
Disaggregation of revenue
Net sales										92.8	59.6	69.8
Global Healthcare and Life Sciences \| Latin America
Disaggregation of revenue
Net sales										24.7	1.8	6.1
Global Healthcare and Life Sciences \| Greater China
Disaggregation of revenue
Net sales										61.0	6.3	3.6
Global Healthcare and Life Sciences \| India, Middle East and Africa
Disaggregation of revenue
Net sales										25.0	18.1	19.8
Global Healthcare and Life Sciences \| Canada
Disaggregation of revenue
Net sales										5.7	6.3	6.4
Global Healthcare and Life Sciences \| Product and equipment sales
Disaggregation of revenue
Net sales										1,398.3	1,068.9	1,071.4
Global Healthcare and Life Sciences \| Service and lease sales
Disaggregation of revenue
Net sales										112.2	112.7	110.5
Other
Disaggregation of revenue
Net sales										1,326.6	1,218.6	1,084.3
Other \| U.S. Pension.
Disaggregation of revenue
Net sales										816.0	719.9	645.7
Other \| Europe
Disaggregation of revenue
Net sales										272.7	264.9	228.8
Other \| Asia Pacific
Disaggregation of revenue
Net sales										76.1	72.4	64.8
Other \| Latin America
Disaggregation of revenue
Net sales										51.9	50.4	50.3
Other \| Greater China
Disaggregation of revenue
Net sales										78.8	80.0	63.4
Other \| India, Middle East and Africa
Disaggregation of revenue
Net sales										10.3	11.6	14.4
Other \| Canada
Disaggregation of revenue
Net sales										20.8	19.4	16.9
Other \| Product and equipment sales
Disaggregation of revenue
Net sales										342.1	308.9	274.5
Other \| Service and lease sales
Disaggregation of revenue
Net sales										$ 984.5	$ 909.7	$ 809.8

REVENUES - Contract Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Change in contract liability
Contract liability as of beginning of the year	$ 91.7	$ 80.4
Revenue recognized in the period from: Amounts included in the contract liability at the beginning of the period	(91.7)	(80.4)
Increases due to billings excluding amounts recognized as revenue during the period ended	116.5	91.6
Business combinations		0.1
Contract liability as of end of period	$ 116.5	$ 91.7

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Details) $ in Millions	3 Months Ended								6 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Financial information of reportable segments
Number of operating units \| segment									11	11
Number of reportable segments \| segment										3
Net sales	$ 3,671.2	$ 3,669.3	$ 3,580.6	$ 3,266.7	$ 3,364.6	$ 3,320.8	$ 3,162.7	$ 2,885.0		$ 14,187.8	$ 12,733.1	$ 11,790.2
Operating Income (Loss)	$ 399.2	$ 483.0	$ 425.8	$ 254.5	$ 387.7	$ 465.8	$ 447.8	$ 297.3		1,562.5	1,598.6	1,395.7
Previously Reported \| Valued at 2021 Management Rates
Financial information of reportable segments
Net sales											12,733.1
Operating Income (Loss)											1,598.6
Previously Reported \| Valued at 2020 Management Rates
Financial information of reportable segments
Net sales											12,733.1	11,790.2
Operating Income (Loss)											1,598.6	1,395.7
Previously Reported \| Valued at 2019 Management Rates
Financial information of reportable segments
Net sales												11,790.2
Operating Income (Loss)												1,395.7
Global Industrial
Financial information of reportable segments
Net sales										6,805.0	6,237.8	5,870.8
Global Institutional and Specialty
Financial information of reportable segments
Net sales										4,421.9	3,955.9	3,553.2
Global Healthcare and Life Sciences
Financial information of reportable segments
Net sales										1,510.5	1,181.6	1,181.9
Other
Financial information of reportable segments
Net sales										1,326.6	1,218.6	1,084.3
Operating segment \| Valued at 2021 Management Rates
Financial information of reportable segments
Net sales										14,473.1	12,483.6	11,774.8
Operating Income (Loss)										1,612.6	1,551.1	1,385.9
Operating segment \| Previously Reported \| Valued at 2021 Management Rates
Financial information of reportable segments
Net sales											12,483.6
Operating Income (Loss)											1,551.1
Operating segment \| Previously Reported \| Valued at 2020 Management Rates
Financial information of reportable segments
Net sales											12,844.8	11,774.8
Operating Income (Loss)											1,617.5	1,385.9
Operating segment \| Previously Reported \| Valued at 2019 Management Rates
Financial information of reportable segments
Net sales												12,122.3
Operating Income (Loss)												1,448.5
Operating segment \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales											(361.2)	(347.5)
Operating Income (Loss)											(66.4)	(62.6)
Operating segment \| Global Industrial \| Valued at 2021 Management Rates
Financial information of reportable segments
Net sales										6,944.0	6,086.8	5,845.7
Operating Income (Loss)										977.0	985.7	1,079.1
Operating segment \| Global Industrial \| Previously Reported \| Valued at 2021 Management Rates
Financial information of reportable segments
Net sales											6,086.8
Operating Income (Loss)											985.7
Operating segment \| Global Industrial \| Previously Reported \| Valued at 2020 Management Rates
Financial information of reportable segments
Net sales											6,304.9	5,845.7
Operating Income (Loss)											1,031.0	1,079.1
Operating segment \| Global Industrial \| Previously Reported \| Valued at 2019 Management Rates
Financial information of reportable segments
Net sales												6,048.2
Operating Income (Loss)												1,123.1
Operating segment \| Global Industrial \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales											(218.1)	(202.5)
Operating Income (Loss)											(49.3)	(45.4)
Operating segment \| Global Industrial \| Purchase Price Adjustments \| Segment Changes
Financial information of reportable segments
Operating Income (Loss)											4.0	1.4
Operating segment \| Global Institutional and Specialty \| Valued at 2021 Management Rates
Financial information of reportable segments
Net sales										4,480.0	3,908.8	3,559.8
Operating Income (Loss)										634.5	545.7	316.3
Operating segment \| Global Institutional and Specialty \| Previously Reported \| Valued at 2021 Management Rates
Financial information of reportable segments
Net sales											3,908.8
Operating Income (Loss)											545.7
Operating segment \| Global Institutional and Specialty \| Previously Reported \| Valued at 2020 Management Rates
Financial information of reportable segments
Net sales											3,978.2	3,559.8
Operating Income (Loss)											556.9	316.3
Operating segment \| Global Institutional and Specialty \| Previously Reported \| Valued at 2019 Management Rates
Financial information of reportable segments
Net sales												3,629.0
Operating Income (Loss)												324.0
Operating segment \| Global Institutional and Specialty \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales											(69.4)	(69.2)
Operating Income (Loss)											(7.4)	(6.1)
Operating segment \| Global Institutional and Specialty \| Purchase Price Adjustments \| Segment Changes
Financial information of reportable segments
Operating Income (Loss)											(3.8)	(1.6)
Operating segment \| Global Healthcare and Life Sciences \| Valued at 2021 Management Rates
Financial information of reportable segments
Net sales										1,570.0	1,149.6	1,190.1
Operating Income (Loss)										205.0	152.3	207.6
Operating segment \| Global Healthcare and Life Sciences \| Previously Reported \| Valued at 2021 Management Rates
Financial information of reportable segments
Net sales											1,149.6
Operating Income (Loss)											152.3
Operating segment \| Global Healthcare and Life Sciences \| Previously Reported \| Valued at 2020 Management Rates
Financial information of reportable segments
Net sales											1,195.4	1,190.1
Operating Income (Loss)											160.9	207.6
Operating segment \| Global Healthcare and Life Sciences \| Previously Reported \| Valued at 2019 Management Rates
Financial information of reportable segments
Net sales												1,241.1
Operating Income (Loss)												218.3
Operating segment \| Global Healthcare and Life Sciences \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales											(45.8)	(51.0)
Operating Income (Loss)											(7.7)	(10.2)
Operating segment \| Global Healthcare and Life Sciences \| Purchase Price Adjustments \| Segment Changes
Financial information of reportable segments
Operating Income (Loss)											(0.9)	(0.5)
Operating segment \| Other \| Valued at 2021 Management Rates
Financial information of reportable segments
Net sales										1,355.0	1,201.0	1,079.8
Operating Income (Loss)										212.8	184.0	130.6
Operating segment \| Other \| Previously Reported \| Valued at 2021 Management Rates
Financial information of reportable segments
Net sales											1,201.0
Operating Income (Loss)											184.0
Operating segment \| Other \| Previously Reported \| Valued at 2020 Management Rates
Financial information of reportable segments
Net sales											1,226.9	1,079.8
Operating Income (Loss)											187.3	130.6
Operating segment \| Other \| Previously Reported \| Valued at 2019 Management Rates
Financial information of reportable segments
Net sales												1,103.4
Operating Income (Loss)												132.8
Operating segment \| Other \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales											(25.9)	(23.6)
Operating Income (Loss)											(4.0)	(2.9)
Operating segment \| Other \| Purchase Price Adjustments \| Segment Changes
Financial information of reportable segments
Operating Income (Loss)											0.7	0.7
Currency impact
Financial information of reportable segments
Net sales										(285.3)	249.5	15.4
Operating Income (Loss)										(50.1)	47.5	9.8
Currency impact \| Previously Reported \| Valued at 2021 Management Rates
Financial information of reportable segments
Net sales											249.5
Operating Income (Loss)											47.5
Currency impact \| Previously Reported \| Valued at 2020 Management Rates
Financial information of reportable segments
Net sales											(111.7)	15.4
Operating Income (Loss)											(18.9)	9.8
Currency impact \| Previously Reported \| Valued at 2019 Management Rates
Financial information of reportable segments
Net sales												(332.1)
Operating Income (Loss)												(52.8)
Currency impact \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales											361.2	347.5
Operating Income (Loss)											66.4	62.6
Corporate
Financial information of reportable segments
Net sales										123.8	139.2	100.0
Corporate \| Valued at 2021 Management Rates
Financial information of reportable segments
Net sales										124.1	137.4	99.4
Operating Income (Loss)										$ (416.7)	(316.6)	(347.7)
Corporate \| Previously Reported \| Valued at 2021 Management Rates
Financial information of reportable segments
Net sales											137.4
Operating Income (Loss)											(316.6)
Corporate \| Previously Reported \| Valued at 2020 Management Rates
Financial information of reportable segments
Net sales											139.4	99.4
Operating Income (Loss)											(318.6)	(347.7)
Corporate \| Previously Reported \| Valued at 2019 Management Rates
Financial information of reportable segments
Net sales												100.6
Operating Income (Loss)												(349.7)
Corporate \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales											(2.0)	(1.2)
Operating Income (Loss)											$ 2.0	$ 2.0

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Net Sales and Long-lived Assets by Geographic Region (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financial information of operating segments
Long-Lived Assets, net	$ 3,741.6	$ 3,685.2
U.S. Pension.
Financial information of operating segments
Long-Lived Assets, net	2,508.9	2,416.4
Europe
Financial information of operating segments
Long-Lived Assets, net	574.3	580.7
Greater China
Financial information of operating segments
Long-Lived Assets, net	176.6	186.4
Asia Pacific.
Financial information of operating segments
Long-Lived Assets, net	210.3	237.1
Latin America
Financial information of operating segments
Long-Lived Assets, net	146.5	137.9
India, Middle East and Africa.
Financial information of operating segments
Long-Lived Assets, net	60.9	66.5
Canada
Financial information of operating segments
Long-Lived Assets, net	$ 64.1	$ 60.2

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net sales	$ 3,671.2	$ 3,669.3	$ 3,580.6	$ 3,266.7	$ 3,364.6	$ 3,320.8	$ 3,162.7	$ 2,885.0	$ 14,187.8	$ 12,733.1	$ 11,790.2
Cost of sales	2,254.9	2,291.6	2,211.1	2,073.4	2,043.1	2,016.7	1,844.0	1,712.0	8,831.0	7,615.8	6,905.8
Selling, general and administrative expenses	922.1	876.9	940.1	914.7	867.9	832.0	853.3	862.9	3,653.8	3,416.1	3,309.1
Special (gains) and charges	95.0	17.8	3.6	24.1	65.9	6.3	17.6	12.8	140.5	102.6	179.6
Operating Income	399.2	483.0	425.8	254.5	387.7	465.8	447.8	297.3	1,562.5	1,598.6	1,395.7
Other (income) expense	8.1	5.7	(19.5)	(18.8)	(6.4)	(13.0)	2.5	(17.0)	(24.5)	(33.9)	(55.9)
Interest expense, net	69.5	65.1	56.0	53.0	44.6	76.4	45.6	51.7	243.6	218.3	290.2
Income before income taxes	321.6	412.2	389.3	220.3	349.5	402.4	399.7	262.6	1,343.4	1,414.2	1,161.4
Provision for income taxes	52.1	60.2	76.6	45.6	44.2	73.8	86.1	66.1	234.5	270.2	176.6
Net income from continuing operations including noncontrolling interest	269.5	352.0	312.7	174.7	305.3	328.6	313.6	196.5	1,108.9	1,144.0	984.8
Net income from continuing operations attributable to noncontrolling interest	5.1	4.9	4.4	2.8	4.3	4.1	2.8	2.9	17.2	14.1	17.4
Net income attributable to Ecolab	$ 264.4	$ 347.1	$ 308.3	$ 171.9	$ 301.0	$ 324.5	$ 310.8	$ 193.6	$ 1,091.7	$ 1,129.9	$ 967.4
Basic EPS
Earnings attributable to Ecolab	$ 0.93	$ 1.22	$ 1.08	$ 0.60	$ 1.05	$ 1.13	$ 1.09	$ 0.68	$ 3.83	$ 3.95	$ (4.20)
Diluted EPS
Earnings attributable to Ecolab	$ 0.93	$ 1.21	$ 1.08	$ 0.60	$ 1.04	$ 1.12	$ 1.08	$ 0.67	$ 3.81	$ 3.91	$ (4.15)
Weighted-average common shares outstanding
Basic (in shares)	284.6	284.9	285.1	286.2	286.7	286.4	286.0	286.0	285.2	286.3	287.0
Diluted (in shares)	285.8	286.3	286.6	288.1	289.5	289.2	288.8	288.8	286.6	289.1	290.3
Net income from discontinued operations attributable to noncontrolling interest											$ 2.2
Cost of sales
Special (gains) and charges									$ 69.9	$ 93.9	48.2
Weighted-average common shares outstanding
Cost of sales, special charges	$ 8.2	$ 7.1	$ 1.7	$ 52.9	$ 17.7	$ 52.9	$ 3.7	$ 19.6
Other (income) expense
Special (gains) and charges	$ 25.8	$ 24.8			10.6	7.0	$ 19.6		$ 50.6	37.2	0.4
Interest expense
Special (gains) and charges										$ 33.1	$ 83.8
Weighted-average common shares outstanding
Interest expense, special charges					$ 0.8	$ 32.3