Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2025	Jan. 30, 2026	Jun. 30, 2025
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
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
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	ECL
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 67,088,288,734
Entity Common Stock, Shares Outstanding		281,969,448
Documents Incorporated by Reference [Text Block]	Portions of the registrant’s Proxy Statement for the Annual Meeting of Stockholders to be held May 7, 2026, and to be filed within 120 days after the registrant’s fiscal year ended December 31, 2025 (hereinafter referred to as “Proxy Statement”), are incorporated by reference into Part III.
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Minneapolis, Minnesota
Auditor Firm ID	238
Entity Central Index Key	0000031462
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net sales	$ 16,081.2	$ 15,741.4	$ 15,320.2
Cost of sales (including special charges (a))	8,930.8	8,899.7	9,154.9
Selling, general and administrative expenses	4,257.9	4,228.2	4,061.6
Special (gains) and charges	154.9	(188.9)	111.4
Operating income	2,737.6	2,802.4	1,992.3
Other (income) expense	(51.4)	(51.3)	(59.9)
Interest expense, net	241.1	282.5	296.7
Income before income taxes	2,547.9	2,571.2	1,755.5
Provision for income taxes	454.6	439.3	362.5
Net income including noncontrolling interest	2,093.3	2,131.9	1,393.0
Net income attributable to noncontrolling interest	17.7	19.5	20.7
Net income attributable to Ecolab	$ 2,075.6	$ 2,112.4	$ 1,372.3
Earnings attributable to Ecolab per common share
Basic (in dollars per share)	$ 7.33	$ 7.43	$ 4.82
Diluted EPS (in dollars per share)	$ 7.28	$ 7.37	$ 4.79
Weighted-average common shares outstanding
Basic (in shares)	283.3	284.3	285.0
Diluted (in shares)	285.2	286.6	286.5
Product and equipment sales
Net sales	$ 12,618.5	$ 12,473.6	$ 12,316.8
Cost of sales (including special charges (a))	6,955.8	6,990.0	7,389.2
Service and lease sales
Net sales	3,462.7	3,267.8	3,003.4
Cost of sales (including special charges (a))	$ 1,975.0	$ 1,909.7	$ 1,765.7

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Special (gains) and charges	$ 154.9	$ (188.9)	$ 111.4
Cost of sales
Special (gains) and charges	7.7	5.3	22.5
Product and equipment, and service and lease \| Cost of sales
Special (gains) and charges	$ 7.7	$ 5.3	14.5
Service and lease sales \| Cost of sales
Special (gains) and charges			$ 8.0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income including noncontrolling interest	$ 2,093.3	$ 2,131.9	$ 1,393.0
Foreign currency translation adjustments
Foreign currency translation	276.7	(187.1)	10.0
Gain (loss) on net investment hedges	(216.1)	52.4	(73.1)
Total foreign currency translation adjustments	60.6	(134.7)	(63.1)
Derivatives and hedging instruments	(8.6)	8.7	(7.8)
Pension and postretirement benefits
Pension and postretirement benefits	55.6	(5.6)	(55.1)
Subtotal	107.6	(131.6)	(126.0)
Total comprehensive income, including noncontrolling interest	2,200.9	2,000.3	1,267.0
Comprehensive income attributable to noncontrolling interest	17.6	19.5	18.5
Comprehensive income attributable to Ecolab	$ 2,183.3	$ 1,980.8	$ 1,248.5

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 646.2	$ 1,256.8
Accounts receivable, net	3,249.4	2,865.0
Inventories	1,490.4	1,464.9
Other current assets	569.6	439.0
Total current assets	5,955.6	6,025.7
Property, plant and equipment, net	4,276.6	3,752.4
Goodwill	9,227.0	7,907.3
Other intangible assets, net	3,688.5	3,308.8
Operating lease assets	765.9	723.2
Other assets	782.7	670.4
Total assets	24,696.3	22,387.8
Current liabilities
Short-term debt	870.4	615.7
Accounts payable	2,071.0	1,810.0
Compensation and benefits	721.5	727.4
Income taxes	134.3	127.0
Other current liabilities	1,737.5	1,512.7
Total current liabilities	5,534.7	4,792.8
Long-term debt	7,365.9	6,949.2
Pension and postretirement benefits	546.1	634.9
Deferred income taxes	329.9	280.0
Operating lease liabilities	596.5	575.5
Other liabilities	518.7	366.2
Total liabilities	14,891.8	13,598.6
Commitments and contingencies (Note 15)
Equity (a)
Common stock	369.4	367.8
Additional paid-in capital	7,521.3	7,159.6
Retained earnings	12,834.0	11,517.1
Accumulated other comprehensive loss	(1,874.3)	(1,982.0)
Treasury stock	(9,079.6)	(8,305.2)
Total Ecolab shareholders' equity	9,770.8	8,757.3
Noncontrolling interest	33.7	31.9
Total equity	9,804.5	8,789.2
Total liabilities and equity	$ 24,696.3	$ 22,387.8

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED BALANCE SHEETS
Common Stock Shares Issued Not Disclosed	true	true
Common stock, shares authorized	800.0	800.0
Common stock, par value per share (in dollars per share)	$ 1	$ 1
Common stock, shares outstanding	282.0	283.4

CONSOLIDATED STATEMENTS OF CASH FLOWS € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
OPERATING ACTIVITIES
Net income including noncontrolling interest	$ 2,093.3	$ 2,131.9	$ 1,393.0
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	672.6	634.9	616.7
Amortization	303.8	300.5	306.9
Deferred income taxes	(33.4)	(190.5)	(55.7)
Share-based compensation expense	136.6	134.8	95.1
Pension and postretirement plan contributions	(77.8)	(54.4)	(109.3)
Pension and postretirement plan expense (income), net	15.0	14.3	3.1
Restructuring charges, net of cash paid	18.8	23.7	(32.6)
Sale of global surgical solutions business	1.1	(381.7)
Other, net	28.8	24.3	31.9
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	(185.9)	(146.7)	(84.3)
Inventories	36.4	(115.6)	320.3
Other assets	83.6	(24.3)	72.2
Accounts payable	67.7	300.0	(232.3)
Other liabilities	(208.0)	162.7	86.8
Cash provided by operating activities	2,952.6	2,813.9	2,411.8
INVESTING ACTIVITIES
Capital expenditures	(1,048.3)	(994.5)	(774.8)
Property and other assets sold	52.3	11.3	9.9
Acquisitions and investments in affiliates, net of cash acquired	(1,621.3)	(312.9)	(180.4)
Divestiture of businesses, net of cash divested	(14.9)	889.7
Other, net	(75.0)	(27.4)	(45.2)
Cash used for investing activities	(2,707.2)	(433.8)	(990.5)
FINANCING ACTIVITIES
Net issuances (repayments) of commercial paper and notes payable	98.2	1.9	(1.9)
Long-term debt borrowings	1,045.6
Long-term debt repayments	(674.2)	(630.4)	(500.0)
Reacquired shares	(783.8)	(986.5)	(13.7)
Dividends paid	(753.6)	(664.3)	(617.3)
Exercise of employee stock options	228.2	259.4	96.8
Hedge settlements		(0.6)	(15.3)
Other, net	(13.7)	(3.6)	(3.3)
Cash used for financing activities	(853.3)	(2,024.1)	(1,054.7)
Effect of exchange rate changes on cash and cash equivalents	(2.7)	(18.7)	(45.7)
(Decrease) Increase in cash and cash equivalents	(610.6)	337.3	320.9
Cash and cash equivalents, beginning of period	1,256.8	919.5	598.6
Cash and cash equivalents, end of period	646.2	1,256.8	919.5
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid	548.1	647.4	469.2
Net interest paid	$ 302.6	$ 342.6	$ 324.8

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Ecolab Shareholders' Equity	Common Stock	Additional Paid-in Capital	Retained Earnings	AOCI (Loss)	Treasury Stock	Non-Controlling Interest	Total
Balance, beginning at Dec. 31, 2022	$ 7,236.1	$ 364.7	$ 6,580.2	$ 9,318.8	$ (1,726.6)	$ (7,301.0)	$ 22.5	$ 7,258.6
Balance, beginning (in shares) at Dec. 31, 2022		364,711,841
Balance, beginning (Treasury, in shares) at Dec. 31, 2022						(80,261,501)
Increase (Decrease) in Stockholders' Equity
Net income	1,372.3			1,372.3			20.7	1,393.0
Other comprehensive income (loss) activity	(123.8)				(123.8)		(2.2)	(126.0)
Cash dividends declared (a)	(615.7)			(615.7)			(13.5)	(629.2)
Changes in noncontrolling interest	(4.5)		(4.5)					(4.5)
Stock options and awards	194.0	$ 1.0	191.0			$ 2.0		194.0
Stock options (in shares)		802,645				14,629
Stock awards (in shares)		234,154				30,437
Reacquired shares	(13.7)					$ (13.7)		(13.7)
Reacquired shares (in shares)						(83,674)
Balance, Ending at Dec. 31, 2023	8,044.7	$ 365.7	6,766.7	10,075.4	(1,850.4)	$ (7,312.7)	27.5	8,072.2
Balance, Ending (in shares) at Dec. 31, 2023		365,748,640
Balance, ending (Treasury, in shares) at Dec. 31, 2023						(80,300,109)
Increase (Decrease) in Stockholders' Equity
Net income	2,112.4			2,112.4			19.5	2,131.9
Other comprehensive income (loss) activity	(131.6)				(131.6)			(131.6)
Cash dividends declared (a)	(670.7)			(670.7)			(15.1)	(685.8)
Stock options and awards	398.6	$ 2.1	392.9			$ 3.6		398.6
Stock options (in shares)		1,772,396				31,531
Stock awards (in shares)		297,139				51,791
Reacquired shares	(996.1)					$ (996.1)		(996.1)
Reacquired shares (in shares)						(4,246,642)
Balance, Ending at Dec. 31, 2024	8,757.3	$ 367.8	7,159.6	11,517.1	(1,982.0)	$ (8,305.2)	31.9	$ 8,789.2
Balance, Ending (in shares) at Dec. 31, 2024		367,818,175						283,400,000
Balance, ending (Treasury, in shares) at Dec. 31, 2024						(84,463,429)
Increase (Decrease) in Stockholders' Equity
Net income	2,075.6			2,075.6			17.7	$ 2,093.3
Other comprehensive income (loss) activity	107.7				107.7		(0.1)	107.6
Cash dividends declared (a)	(758.7)			(758.7)			(16.5)	(775.2)
Acquisition of noncontrolling interests							0.7	0.7
Stock options and awards	366.1	$ 1.6	361.7			$ 2.8		366.1
Stock options (in shares)		1,308,470				36,586
Stock awards (in shares)		288,878				28,586
Reacquired shares	(777.2)					$ (777.2)		(777.2)
Reacquired shares (in shares)						(2,994,702)
Balance, Ending at Dec. 31, 2025	$ 9,770.8	$ 369.4	$ 7,521.3	$ 12,834.0	$ (1,874.3)	$ (9,079.6)	$ 33.7	$ 9,804.5
Balance, Ending (in shares) at Dec. 31, 2025		369,415,523						282,000,000
Balance, ending (Treasury, in shares) at Dec. 31, 2025						(87,392,959)

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF EQUITY
Dividends declared per common share (in dollars per share)	$ 2.68	$ 2.36	$ 2.16

NATURE OF BUSINESS

12 Months Ended

Dec. 31, 2025

NATURE OF BUSINESS

NATURE OF BUSINESS

1. NATURE OF BUSINESS

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

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

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

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

2. SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

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

Use of Estimates

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

Foreign Currency Translation

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

Concentration of Credit Risk

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

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

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

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

Cash and Cash Equivalents

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

Accounts Receivable and Allowance for Expected Credit Losses

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

The Company’s allowance for credits related to pricing or quantities shipped was $43 million, $53 million and $72 million as of December 31, 2025, 2024 and 2023, respectively. Credit activity is recorded directly as a reduction to revenue.

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



(millions)	2025		2024		2023

Beginning balance		$70.0		$77.3		$71.9
Bad debt expense		51.4		46.9		54.0
Write-offs		(48.5)		(51.0)		(46.2)
Other (a)		1.2		(3.2)		(2.4)
Ending balance		$74.1		$70.0		$77.3

(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 30% and 31% of consolidated inventories as of December 31, 2025 and 2024, respectively. All other inventory costs are determined using either the average cost or first-in, first-out (“FIFO”) methods. Inventory values at FIFO, as shown in Note 5, “Balance Sheet Information,” approximate replacement cost.

Property, Plant and Equipment

Property, plant and equipment assets are stated at cost. Dispensing and monitoring 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 dispensing and monitoring 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 $673 million, $635 million and $617 million for 2025, 2024 and 2023, respectively.

Goodwill and Other Intangible Assets

Goodwill

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

During the second quarter of 2025, the Company completed its annual goodwill impairment assessment for its seven 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 2025 indicated the estimated fair values of each of these seven reporting units exceeded the carrying amounts of the respective reporting unit by a significant margin. The Company evaluates the need to complete interim goodwill impairment assessments when significant events or changes in business circumstances indicate that it is more likely than not that the carrying amount of a reporting unit may be higher than its fair value. No events were noted during the second half of 2025 that required completion of an interim goodwill impairment assessment for any of the Company’s eight reporting units. There has been no impairment of goodwill in any of the periods presented.

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


				Global		Global
		Global		Institutional		Pest		Global
(millions)		Water		& Specialty		Elimination		Life Sciences		Total
December 31, 2023			$4,243.5		$610.0		$136.3		$3,158.4		$8,148.2
Segment change (a)			-		717.0		-		(717.0)		-
December 31, 2023			4,243.5		1,327.0		136.3		2,441.4		8,148.2
Current year business combinations (b)			116.2		6.5		33.9		-		156.6
Prior year business combinations (c)			1.2		-		-		-		1.2
Divestiture of businesses (d)			-		(305.9)		-		-		(305.9)
Effect of foreign currency translation			(56.0)		(3.3)		(0.8)		(32.7)		(92.8)
December 31, 2024			$4,304.9		$1,024.3		$169.4		$2,408.7		$7,907.3
Current year business combinations (b)			1,105.4		-		17.4		-		1,122.8
Prior year business combinations (c)			5.6		-		0.1		-		5.7
Effect of foreign currency translation			89.6		17.2		2.7		81.7		191.2
December 31, 2025			$5,505.5		$1,041.5		$189.6		$2,490.4		$9,227.0

(a)

Relates to reclassifications made to reportable segments in the current year. Effective January 1, 2025, the Company’s former Global Industrial reportable segment was renamed Global Water and includes the Light & Heavy (previously named Water), Food & Beverage, and Paper operating segments. The Global Institutional & Specialty reportable segment continues to include the Institutional and Specialty operating segments. The Company’s former healthcare operating segment moved into the Institutional operating segment. Global Life Sciences (formerly Global Healthcare & Life Sciences) was elevated to a standalone reportable segment. The Global Pest Elimination segment remains a standalone reportable segment. After these changes, the Company has seven operating segments. Refer to Note 18, “Operating Segments and Geographic Information,” for further information.

(b)

Represents goodwill associated with current year acquisitions. For 2025, approximately $17 million of goodwill related to businesses acquired is expected to be tax deductible. For 2024, approximately $132 million of goodwill related to businesses acquired is expected to be tax deductible related primarily to the acquisition of Barclay Water Management. Refer to Note 4, “Acquisitions and Dispositions,” for additional information.

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

(d)	Represents goodwill associated with the sale of the global surgical solutions business (refer to Note 4, “Acquisitions and Dispositions,” for additional information).

Other Intangible Assets

The Nalco trade name is the Company’s only indefinite life intangible asset, which is tested for impairment on an annual basis during the second quarter. During the second quarter of 2025, 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 2025 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 2025 that required completion of an interim impairment assessment of the Company’s Nalco trade name. There has been no impairment of the Nalco trade name intangible asset since it was acquired.

The Company’s intangible assets subject to amortization include customer relationships, trademarks, patents and other technology primarily acquired through business acquisitions. The fair value of intangible assets acquired in business acquisitions are estimated primarily using discounted cash flow valuation methods at the time of acquisition. Intangible assets are amortized on a straight-line basis over their estimated lives. The weighted-average useful life of amortizable intangible assets was 15 years as of both December 31, 2025 and 2024.

The weighted-average useful life by type of amortizable asset at December 31, 2025 were as follows:

(years)


Customer relationships		16
Patents		15
Trademarks		12
Other technology		11

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)
2023		$307
2024		301
2025		304
2026		338
2027		215
2028		207
2029		199
2030		185

Long-Lived Assets

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

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

Rental and Leases

Lessee

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

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

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

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

Lessor

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

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

Income Taxes

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

Refer to Note 12, “Income Taxes,” for additional information regarding income taxes.

Share-Based Compensation

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

All excess tax benefits or deficiencies are recognized as discrete income tax items on the Consolidated Statements of Income. The extent of excess tax benefits is subject to variation in stock price and stock option exercises. Refer to Note 11, “Equity Compensation Plans,” 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, “Special (Gains) and Charges,” 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

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 products 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 variable consideration related 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 non-complex in nature and are based primarily on historical experience and anticipated performance over the contract period. In addition, timely sales data is available, limiting estimation uncertainty. 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)	2025		2024		2023

Net income attributable to Ecolab		$2,075.6		$2,112.4		$1,372.3

Weighted-average common shares outstanding
Basic		283.3		284.3		285.0
Effect of dilutive stock options and units		1.9		2.3		1.6
Diluted		285.2		286.6		286.5

Earnings attributable to Ecolab per common share
Basic EPS		$7.33		$7.43		$4.82
Diluted EPS		$7.28		$7.37		$4.79

Anti-dilutive securities excluded from the computation of diluted EPS		1.2		0.6		4.3

Amounts do not necessarily sum due to rounding.

Assets Held for Sale

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

Supplier Finance

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

All outstanding payments owed under the Program are recorded within Accounts payable in the Consolidated Balance Sheets. The Company accounts for all payments made under the Program as a reduction to operating cash flows in Accounts payable within the Consolidated Statements of Cash Flows. The rollforward of the Company's outstanding obligations confirmed as valid under its Program are as follows:


		2025		2024
(millions)
Confirmed obligations outstanding at beginning of year			$39.9		$-
Invoices confirmed during the year			193.7		57.0
Confirmed invoices paid during the year			(172.4)		(17.1)
Confirmed obligations outstanding at end of year			$61.2		$39.9

Other Significant Accounting Policies

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


Policy		Note
Fair value measurements		7
Derivatives and hedging transactions		8
Share-based compensation		11
Research and development expenditures		14
Legal contingencies		15
Pension and post-retirement benefit plans		16
Reportable segments		18

New Accounting Pronouncements


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

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

ASU 2025-06 (Topic 350): Targeted Improvements to the Accounting for Internal-Use Software	September 2025	The amendments modernize the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach.	Effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within annual reporting periods. Early adoption is permitted.	The update provides for adoption on a prospective basis, with retrospective or modified retrospective adoption permitted. The Company is currently evaluating the impact of adoption.


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

ASU 2023-09 Income taxes (Topic 740): Improvements to Income Tax Disclosures	December 2023	The amendments in this Update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold.	January 1, 2025	The Company adopted the standard prospectively. Adoption of this standard impacted the disclosures within the financial statements, but did not have an impact on the Company's financial position or the results of operations.

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

SPECIAL (GAINS) AND CHARGES

12 Months Ended

Dec. 31, 2025

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)	2025		2024		2023
Cost of sales
One Ecolab		$7.7		$1.9		$-
Other restructuring		-		3.4		22.5
Cost of sales subtotal		7.7		5.3		22.5

Special (gains) and charges
One Ecolab		140.2		98.3		-
Other restructuring		(12.0)		21.8		63.2
Sale of global surgical solutions business		3.0		(340.3)		10.3
Acquisition and integration activities		36.1		12.6		16.1
Other		(12.4)		18.7		21.8
Special (gains) and charges subtotal		154.9		(188.9)		111.4

Total special (gains) and charges		$162.6		($183.6)		$133.9

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

One Ecolab

On July 30, 2024, the Company announced the One Ecolab initiative, which will enhance its growth and margin expansion journey. As a program within this initiative, the Company also announced that it commenced a restructuring plan to leverage its digital technologies to realign the functional work done in many countries into global centers of excellence. In February 2026, the Company expanded the One Ecolab initiative and anticipates total restructuring costs of $334 million ($261 million after tax) and special charges of $91 million ($71 million after tax) by the end of 2027. The Company anticipates that the restructuring costs will primarily be cash expenditures for severance costs relating to team realignment.

In 2025 and 2024, the Company recorded restructuring charges of $117.0 million ($90.5 million after tax) and $76.5 million ($59.0 million after tax), respectively, related to severance and professional services. In addition, the Company recorded non-restructuring special charges of $30.9 million ($23.4 million after tax) and $23.7 million ($17.9 million after tax) in 2025 and 2024, respectively, primarily related to professional services. The Company has recorded $198.8 million ($153.5 million after tax) of cumulative restructuring charges and $54.6 million ($41.3 million after tax) of cumulative special charges under the One Ecolab initiative. Net cash payments were $75.8 million during 2025.

The net restructuring liability related to the One Ecolab initiative was $96.1 million and $54.9 million as of December 31, 2025 and 2024, respectively. The remaining liability is expected to be paid over a period of a few months to several quarters and will continue to be funded from operating activities.

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


		Employee
		Costs		Other		Total
(millions)
2024 Activity
Recorded expense and accrual			$46.3		$30.2		$76.5
Net cash payments					(26.9)		(26.9)
Non-cash net charges			-		-		-
Reclassification			-		5.3		5.3
Restructuring liability, December 31, 2024			46.3		8.6		54.9

2025 Activity
Recorded expense (income) and accrual			$101.9		$15.1		$117.0
Net cash payments			(55.7)		(20.1)		(75.8)
Non-cash net charges			-		-		-
Reclassification			-		-		-
Restructuring liability, December 31, 2025			$92.5		$3.6		$96.1

Other restructuring

Restructuring activities are primarily related to the Combined Program which is described below. These activities have been included as a component of cost of sales, and special (gains) and charges on the Consolidated Statements of Income. Restructuring liabilities have been classified as a component of other current and other noncurrent liabilities on the Consolidated Balance Sheets.

In November 2022, the Company approved a Europe cost savings program and subsequently expanded the program to focus on its Institutional and Healthcare businesses in other regions (the “Combined Program”). The Company completed these restructuring charges at the end of 2024, with total costs $184.1 million ($151.5 million after tax). Subsequent to the completion of the Combined Program, the Company finalized the sale of a facility, resulting in a gain of $12.0 million ($9.2 million after tax) in the second quarter of 2025.

In 2024 and 2023, the Company recorded restructuring charges of $25.2 million ($18.6 million after tax) and $77.7 million ($66.4 million after tax), respectively, primarily related to severance and professional services in the Combined Program.

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

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



		Employee		Asset
(millions)		Costs		Disposals		Other		Total
2022-2024 Activity
Recorded expense and accrual			$118.0		$15.3		$36.8		$170.1
Net cash payments			(124.5)		-		(31.5)		(156.0)
Non-cash charges			-		(15.3)		-		(15.3)
Reclassification			19.3		-		(5.3)		14.0
Net restructuring liability, December 31, 2024			12.8		-		-		12.8

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

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

The restructuring liability balance for all other restructuring plans excluding the One Ecolab Program was $8.8 million and $19.3 million as of December 31, 2025 and 2024, respectively. The remaining liability is expected to be paid over a period of a few months to several quarters and will continue to be funded from operating activities. Cash payments during 2025 related to all other restructuring plans excluding the One Ecolab Program was $10.4 million.

Sale of global surgical solutions business

On April 27, 2024, the Company reached a definitive agreement to sell its global surgical solutions business, which closed on August 1, 2024. During 2024 the Company recorded a gain on sale of $355.9 million ($257.7 million after tax) as described in Note 4 “Acquisitions and Dispositions.” During 2025, the Company recorded charges of $3.0 million ($2.3 million after tax), primarily related to professional fees to support the sale. Excluding the gain on sale, the Company recorded charges of $15.6 million ($12.0 million after tax) in 2024, which are primarily related to professional fees to support the sale. During 2023 the Company recorded charges of $10.3 million ($7.7 million after tax) primarily related to professional fees to support the sale.

Acquisition and integration related costs

Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income in 2025 include $36.1 million ($31.2 million after tax) related primarily to the Ovivo Electronics and Purolite transactions.

Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income in 2024 and 2023 include $12.6 million ($9.6 million after tax) and $16.1 million ($12.0 million after tax), respectively, related primarily to the Purolite transaction.

Other operating activities

During 2025, the Company recorded other operating activities to special (gains) and charges on the Consolidated Statements of Income of ($12.4 million) ($10.8 million gain after tax), primarily related to the sale of an equity method investment.

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

ACQUISITIONS AND DISPOSITIONS

12 Months Ended

Dec. 31, 2025

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 2025, 2024 and 2023 were not significant to the Company’s consolidated financial statements; therefore, pro forma financial information is not presented.

2025 Activity

Ovivo Electronics Acquisition

On December 16, 2025, the Company acquired Ovivo Electronics for total consideration of $1,596 million in cash, net of cash acquired. Ovivo Electronics is a leading and fast-growing global provider of breakthrough ultrapure water technologies for semiconductor manufacturing.

The Ovivo Electronics 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 for the nature of the asset that incorporated projections of future cash flows and other valuation assumptions. Significant inputs and assumptions used in our 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 to our trademarks and technology intangible asset valuations include projected revenues, asset life cycle, royalty rates, tax saving due to amortization, income tax rates, discount rates and estimated useful lives. Fair value measurements of certain tangible assets, definite-lived intangible assets, lease right of use assets and liabilities, net pension liabilities, carry over tax attributes, deferred income taxes, income tax uncertainties, and goodwill are preliminary and subject to changes as the information necessary to complete the valuations are obtained and analyzed. Accordingly, purchase accounting for this transaction is not yet complete pending finalization of these valuations and completion of comprehensive accounting policy consistency review. The amounts recorded reflect the Company’s best estimates as of December 31, 2025 and are subject to change.

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

The following table summarizes the preliminary value of Ovivo Electronics assets acquired and liabilities assumed, net of cash acquired, as of the acquisition date:


(millions)	December 16, 2025
Net tangible assets (liabilities) acquired		($128.0)

Identifiable intangible assets
Customer relationships		444.5
Technology		131.2
Trademarks		42.6
Total Intangible Assets		618.3

Goodwill		1,105.4

Total consideration transferred to sellers, net of cash acquired		$1,595.7

Tangible assets acquired primarily consist of contract assets of $117.4 million, accounts receivable of $79.4 million, property, plant and equipment of $26.8 million and inventory of $25.0 million. Liabilities assumed primarily consist of deferred tax liabilities of $118.6 million and current liabilities of $262.0 million. Identified intangible assets primarily consist of customer relationships, trademarks, and acquired technologies and are being amortized over average lives of 20, 8, and 8 years, respectively, with a weighted average life of 17 years.

Goodwill of $1,105.4 million arising from the acquisition consists largely of the synergies and economies of scale expected through adding complementary geographies and innovative products to our Light & Heavy businesses. The goodwill arising from this acquisition is not tax deductible. Ovivo Electronics became part of the Global Water reportable segment.

Other Acquisitions

During 2025, the Company completed an immaterial acquisition which became part of the Global Pest Elimination reportable segment. The purchase accounting for this acquisition is preliminary and subject to change as the Company finalizes the valuation of intangible assets, income tax balances and working capital. The goodwill arising from this acquisition is tax deductible.

2024 Activity

In November 2024, the Company acquired Barclay Water Management, a fast-growing provider of water safety and digital monitoring solutions for industrial and institutional customers based primarily in the northeastern U.S for total consideration of $262.2 million in cash. The acquisition became part of the Global Water reportable segment. The purchase accounting for this acquisition was finalized in the fourth quarter of 2025 and no further purchase accounting adjustments will be recorded. The goodwill arising from the acquisition of Barclay Water Management is tax deductible.

During 2024, the Company completed an immaterial acquisition which became part of the Global Institutional & Specialty reportable segment. The Company also completed two immaterial acquisitions both of which became part of the Global Pest Elimination reportable segment. The purchase accounting for these acquisitions was finalized in 2025 and no further purchase accounting adjustments will be recorded. The goodwill arising from these acquisitions is tax deductible.

2023 Activity

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

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

Acquisitions

The components of the cash paid for acquisitions (excluding Ovivo Electronics, which is separately disclosed above), for 2025, 2024 and 2023, are shown in the following table:



(millions)	2025		2024		2023
Net tangible assets (liabilities) acquired		$1.2		$22.7		$20.8

Identifiable intangible assets
Customer relationships		9.8		118.3		60.8
Trademarks		-		5.7		-
Non-compete agreements		-		1.6		2.1
Other technologies		-		17.6		25.8
Total intangible assets		9.8		143.2		88.7

Goodwill		17.4		156.7		70.2
Total aggregate purchase price		28.4		322.6		179.7

Acquisition-related liabilities and contingent consideration		(3.5)		(12.9)		(3.9)
Total cash paid for acquisitions, including acquisition-related
liabilities and contingent consideration, net of cash acquired		$24.9		$309.7		$175.8

During 2025, the Company recorded purchase accounting adjustments associated with its 2024 acquisitions. As a result of these purchase accounting adjustments, the Company made $0.7 million of acquisition-related payments, acquisition-related net liabilities decreased by $0.3 million, net tangible assets acquired decreased by $5.3 million, and goodwill increased by $5.7 million.

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

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

The weighted average useful lives of all identifiable intangible assets acquired during 2025, 2024, and 2023 were 17, 15, and 12 years, respectively.

Dispositions

On April 27, 2024, the Company entered into an agreement to sell its global surgical solutions business for total consideration of $950 million, subject to certain working capital and other purchase price adjustments. On August 1, 2024, the Company closed the sale and received $926 million in cash, after deducting for defined working capital and other purchase price adjustments. In December 2024, the Company recorded an additional purchase price adjustment, reducing the purchase price by approximately $16.1 million, which was paid in cash in the first quarter of 2025. For the year ended December 31, 2024, the Company recorded an associated pre-tax gain within Special (Gains) and Charges in the Consolidated Statements of Income of $355.9 million ($257.7 million after tax), which includes $49.7 million of transaction costs and other adjustments. During 2025, the Company recorded charges of $3.0 million ($2.3 million after tax), primarily related to professional fees to support the sale.

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

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


		August 1
(millions)		2024

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

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

BALANCE SHEETS INFORMATION

12 Months Ended

Dec. 31, 2025

BALANCE SHEETS INFORMATION

BALANCE SHEET INFORMATION

5. BALANCE SHEET INFORMATION



		December 31		December 31
(millions)		2025		2024
Accounts receivable, net
Accounts receivable			$3,366.2		$2,987.5
Allowance for expected credit losses and other accruals			(116.8)		(122.5)
Total			$3,249.4		$2,865.0

Inventories
Finished goods			$962.1		$962.2
Raw materials and parts			620.3		607.4
Inventories at FIFO cost			1,582.4		1,569.6
FIFO cost to LIFO cost difference			(92.0)		(104.7)
Total			$1,490.4		$1,464.9

Other current assets
Prepaid assets			$159.5		$151.4
Taxes receivable			229.8		163.3
Derivative assets			2.6		13.4
Contract assets			117.4		-
Other			60.3		110.9
Total			$569.6		$439.0

Property, plant and equipment, net
Land			$149.2		$144.5
Buildings and leasehold improvements			1,242.6		1,152.8
Machinery and equipment			2,496.4		2,248.5
Dispensing and monitoring equipment			3,193.1		2,925.3
Capitalized software			1,176.8		1,037.8
Construction in progress			858.1		679.3
			9,116.2		8,188.2
Accumulated depreciation			(4,839.6)		(4,435.8)
Total			$4,276.6		$3,752.4

Other intangible assets, net
Intangible assets not subject to amortization
Trade names			$1,230.0		$1,230.0
Intangible assets subject to amortization
Customer relationships			3,827.3		3,279.8
Patents			516.1		504.6
Trademarks			420.6		371.9
Other technologies			680.2		541.8
			5,444.2		4,698.1
Accumulated amortization
Customer relationships			(2,077.3)		(1,814.1)
Patents			(367.4)		(340.6)
Trademarks			(272.0)		(236.3)
Other technologies			(269.0)		(228.3)
			(2,985.7)		(2,619.3)
Net intangible assets subject to amortization			2,458.5		2,078.8
Total			$3,688.5		$3,308.8

Other assets
Deferred income taxes			$181.0		$155.5
Pension			184.3		151.0
Derivative asset			2.9		45.1
Other			414.5		318.8
Total			$782.7		$670.4



		December 31		December 31
(millions)		2025		2024
Other current liabilities
Discounts and rebates			$528.4		$452.2
Dividends payable			205.9		184.2
Interest payable			64.8		62.6
Taxes payable, other than income			179.5		171.8
Derivative liability			5.4		3.0
Restructuring			102.5		71.6
Contract liability			173.0		102.0
Operating lease liabilities			164.7		142.3
Other			313.3		323.0
Total			$1,737.5		$1,512.7

Accumulated other comprehensive income (loss)
Unrealized (loss) gain on derivative financial instruments, net of tax			($4.0)		$4.6
Unrecognized pension and postretirement benefit expense, net of tax			(495.5)		(538.4)
Cumulative translation, net of tax			(1,374.8)		(1,448.2)
Total			($1,874.3)		($1,982.0)

DEBT AND INTEREST

12 Months Ended

Dec. 31, 2025

DEBT AND INTEREST

DEBT AND INTEREST

6. DEBT AND INTEREST

Short-term Debt

The following table provides the components of the Company’s short-term debt obligations, along with applicable interest rates as of December 31, 2025 and 2024:

2025

2024

Average

Carrying

Interest

Carrying

Interest

(millions)

 

Value

Rate

Value

Rate

Short-term debt

Commercial paper

$100.0

3.90

%

$-

-

%

Notes payable

11.0

3.94

%

3.6

7.28

%

Long-term debt, current maturities

759.4

612.1

Total

$870.4

$615.7

Line of Credit

As of December 31, 2024, the Company had in place a $2.0 billion multi-currency revolving credit facility which was due to expire in April 2026. In March 2025, the Company entered into an amended and restated credit facility which extended the maturity from April 2026 to March 2030. 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, 2025 and 2024.

The Company has $428 million of available bank supported letters of credit, surety bonds and guarantees available in support of its commercial business transactions of which $217 million is outstanding as of December 31, 2025.

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 $100 million and zero outstanding commercial paper under its U.S. and Euro commercial paper programs, respectively as of December 31, 2025, and no outstanding commercial paper as of December 31, 2024.

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, 2025 and 2024, the Company had $11.0 million and $3.6 million, respectively, outstanding under these credit lines. Approximately $2,191 million and $2,153 million of these credit lines were available for use as of December 31, 2025 and 2024, 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, 2025 and 2024:


		2025								2024
				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 (2025 principal amount)
Ten year 2015 senior notes (€575 million)	2025		-	-	%	-	%		607.8	2.63	%	2.88	%
Ten year 2016 senior notes ($750 million)	2026		744.4	2.70		3.50			735.2	2.70		3.96
Ten year 2017 senior notes ($500 million)	2027		477.7	3.25		7.16			456.5	3.25		8.54
Six year 2021 senior notes ($500 million)	2027		499.1	1.65		1.82			498.2	1.65		1.73
Five year 2022 senior notes ($500 million)	2028		497.1	5.25		4.42			495.6	5.25		5.08
Three year 2025 senior notes ($500 million)	2028		496.7	4.30		4.48			-	-		-
Ten year 2020 senior notes ($698 million)	2030		677.5	4.80		5.95			657.2	4.80		6.52
Ten year 2020 senior notes ($600 million)	2031		572.3	1.30		1.92			559.3	1.30		3.17
Eleven year 2021 senior notes ($650 million)	2032		646.4	2.13		1.59			645.8	2.13		1.59
Ten year 2025 senior notes ($500 million)	2035		495.1	5.00		5.08			-	-		-
Thirty year 2011 senior notes ($389 million)	2041		385.2	5.50		5.61			385.0	5.50		5.62
Thirty year 2016 senior notes ($200 million)	2046		197.6	3.70		3.80			197.5	3.70		3.80
Thirty year 2017 senior notes ($484 million)	2047		429.6	3.95		4.78			428.2	3.95		4.79
Thirty year 2020 senior notes ($500 million)	2050		491.7	2.13		2.23			491.4	2.13		2.23
Thirty year 2021 senior notes ($850 million)	2051		840.1	2.70		2.78			839.7	2.70		2.78
Thirty four year 2021 senior notes ($685 million)	2055		543.4	2.75		3.86			541.2	2.75		3.86
Finance lease obligations and other			131.4						22.7
Total debt			8,125.3						7,561.3
Long-term debt, current maturities			(759.4)						(612.1)
Total long-term debt			$7,365.9						$6,949.2

Public Notes and Other

In June 2025, the Company issued $500 million aggregate principal three-year fixed rate notes with a coupon rate of 4.30%. In August 2025, the Company issued $500 million aggregate principal ten-year fixed rate notes with a coupon rate of 5.00%. The proceeds were used for general corporate purposes, which included partial funding of the Ovivo Electronics acquisition.

In July 2025, the Company repaid in full €575 million ($674 million) on its ten-year 2015 senior notes. In January 2024, the Company repaid €575 million ($630 million) of long-term debt.

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

In June 2025, one of the Company’s Chinese subsidiaries entered into a construction loan facility that provides up to 1.1 billion in Chinese Yuan (“CNY”) ($155 million) of proceeds to fund capital expenditures. This loan facility has a tenor of 13 years and is secured by certain assets of its Chinese subsidiaries. Any borrowings under this facility are included in Finance lease obligations and other in the table above.

Covenants and Future Maturities

The Company is in compliance with all covenants under the Company’s outstanding indebtedness at December 31, 2025.

As of December 31, 2025, the aggregate annual maturities of long-term debt for the next five years were:


(millions)
2026			$759
2027			1,005
2028			1,012
2029			12
2030			687

Net Interest Expense

Interest expense and interest income incurred during 2025, 2024 and 2023 were as follows:



(millions)	2025			2024		2023
Interest expense		$306.2			$340.3		$348.9
Interest income		(65.1)			(57.8)		(52.2)
Interest expense, net		$241.1			$282.5		$296.7

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

7. FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

December 31, 2025

(millions)

Carrying

Fair Value Measurements

 

Amount

Level 1

Level 2

Level 3

Assets

Foreign currency forward contracts

$17.4

$-

$17.4

$-

Cross-currency swap derivative contracts

11.4

-

11.4

-

Liabilities

Foreign currency forward contracts

20.3

-

20.3

-

Interest rate swap agreements

74.4

-

74.4

-

Cross-currency swap derivative contracts

190.6

-

190.6

-


	December 31, 2024
(millions)	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3
Assets
Foreign currency forward contracts		$38.4		$-		$38.4		$-
Cross-currency swap derivative contracts		119.0		-		119.0		-

Liabilities
Foreign currency forward contracts		28.0		-		28.0		-
Interest rate swap agreements		138.5		-		138.5		-
Cross-currency swap derivative contracts		56.4		-		56.4		-

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

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 2025, 2024 and 2023 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, 2025

December 31, 2024

Carrying

Fair

Carrying

Fair

 

Amount

Value

Amount

Value

Long-term debt, including current maturities

$8,125.3

$7,381.8

$7,561.3

$6,662.1

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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

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

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

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

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

+ Details

DERIVATIVES AND HEDGING TRANSACTIONS

12 Months Ended

Dec. 31, 2025

DERIVATIVES AND HEDGING TRANSACTIONS

DERIVATIVES AND HEDGING TRANSACTIONS

8. DERIVATIVES AND HEDGING TRANSACTIONS

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

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

Derivative Positions Summary

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

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

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

Derivative Assets

Derivative Liabilities

December 31

December 31

December 31

December 31

(millions)

2025

2024

2025

2024

Derivatives designated as hedging instruments

Foreign currency forward contracts

$2.9

$11.4

$6.5

$3.2

Interest rate swap agreements

-

74.4

138.5

Cross-currency swap derivative contracts

5.8

82.1

185.0

19.5

Derivatives not designated as hedging instruments

Foreign currency forward contracts

14.5

27.0

13.8

24.8

Cross-currency swap derivative contracts

5.6

36.9

5.6

36.9

Gross value of derivatives

28.8

157.4

285.3

222.9

Gross amounts offset in the Consolidated Balance Sheets

(23.3)

(98.9)

(23.3)

(98.9)

Net value of derivatives

$5.5

$58.5

$262.0

$124.0

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


	Notional Values
		December 31	December 31
(millions)		2025	2024

Foreign currency forward contracts		$2,525		$3,175
Interest rate swap agreements		1,500		1,500
Cross-currency swap derivative contracts		4,151		2,745

Cash Flow Hedges

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

Fair Value Hedges

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

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

The following amounts were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of December 31, 2025 and 2024:

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)

2025

 

2024

2025

 

2024

Long-term debt

$1,424.4

$1,361.1

($78.0)

($141.3)

Net Investment Hedges

Euronotes

In November 2023, the Company elected to de-designate as a net investment hedge €316 million of its Euro debt maturing on January 15, 2024. In January 2024, the Company repaid €575 million ($630 million) of long-term debt and settled the remaining €259 million net investment hedge related to that Euro debt. The Company designated its remaining outstanding €575 million ($608 million as of year-end 2024) senior notes (“Euronotes”) and related accrued interest as a hedge of its Euro denominated exposures from the Company’s investments in certain of its Euro denominated functional currency subsidiaries as of December 31, 2024. In April 2025 and June 2025, the Company elected to de-designate as a net investment hedge €300 million and €236 million, respectively, of its Euronote maturing July 2025. In July 2025 upon repayment of the €575 million ($674 million) on the Euronotes, the Company settled the remaining €39 million net investment hedge related to the Euronotes.

Cross-currency swap derivative contracts

The Company maintains Euro (“€”), Chinese Yuan (“CNH”), and Canadian dollar (“CAD”) cross-currency swap derivative contracts that are designated as net investment hedges of the Company’s related foreign currency denominated exposures from the Company’s investments in certain subsidiaries denominated in such functional currencies. During 2024, the Company entered into Euro cross-currency swap derivative contracts with an aggregate notional amount of €950 million, replaced a notional €300 of existing cross-currency swap derivative contracts effectively swapping the notional value, and entered into Chinese Yuan cross-currency swap derivative contracts with an aggregate notional amount of CNH 1,427 million.

During 2025, the Company entered into Euro cross-currency swap derivative contracts with an aggregate notional amount of €700 million, Chinese Yuan cross-currency swap derivative contracts with an aggregate notional amount of CNH 1,080 million, and Canadian dollar cross-currency swap contracts with an aggregate notional value of CAD 280 million. As of December 31, 2025, the Company had €2,275 million ($2,672 million), CNH 3,986 million ($570 million), and CAD 280 million ($204 million) cross-currency swap derivative contracts outstanding as a hedge of the Company’s net investment in foreign operations.

The cross-currency swap derivative contracts exchange fixed-rate payments in one currency for fixed-rate payments in another currency. 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. Amounts excluded from the assessment of effectiveness are recognized in interest expense on a straight-line basis over the term of the hedge. The interest income or expense from these swaps are recorded in interest expense on the accompanying Consolidated Statements of Income consistent with the classification of interest expense attributable to the underlying debt.

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



(millions)	2025			2024			2023
Revaluation gain (loss), net of tax:
Euronotes		($33.5)			$12.8			($42.3)
Cross-currency swap derivative contracts		(182.6)			39.6			(30.8)
Total revaluation gain (loss), net of tax		($216.1)			$52.4			($73.1)

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”) are summarized below.



	2025					2024				2023
(millions)		COS	SG&A	Interest			COS	SG&A	Interest		COS	SG&A	Interest
Gain (loss) on derivatives designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) reclassified from AOCI to income		$4.4	$0.5	$-			$4.0	$5.8	$-		$10.6	($18.9)	$-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value		-	-	-			-	-	-		-	-	7.7
Interest rate swap agreements
Amount of (loss) gain reclassified from AOCI to income		-	-	(1.5)			-	-	(1.9)		-	-	(1.9)

Gain (loss) on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) recognized in income		-	(2.6)	-			-	(3.4)	-		-	(26.2)	-
Total gain (loss) of all derivative instruments		$4.4	($2.1)	($1.5)			$4.0	$2.4	($1.9)		$10.6	($45.1)	$5.8

Subsequent Events

In February 2026, the Company entered into cross-currency swap derivative contracts with aggregate notional amounts of 100 million Swiss Franc (“CHF”). These cross-currency swap derivative contracts are designated as net investment hedges of the Company’s CHF denominated exposures from its investments in certain of its CHF denominated functional currency subsidiaries.

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION

12 Months Ended

Dec. 31, 2025

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION

9. OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION

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

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



(millions)	2025		2024		2023
Derivative and Hedging Instruments
Unrealized gain (loss) on derivative and hedging instruments
Amount recognized in AOCI		($7.0)		$19.2		($12.8)
(Gain) loss reclassified from AOCI into income
COS		(4.4)		(4.0)		(10.6)
SG&A		(0.5)		(5.8)		18.9
Interest (income) expense, net		1.5		1.9		(5.8)
		(3.4)		(7.9)		2.5
Other activity		0.2		-		-
Tax impact		1.6		(2.6)		2.5
Net of tax		($8.6)		$8.7		($7.8)

Pension and Postretirement Benefits
Amount recognized in AOCI
Current period net (loss) gain		$61.4		($19.0)		($80.7)
Amount reclassified from AOCI into income
Settlement charge (income)		0.5		0.9		(2.7)
Amortization of losses and prior period service credits, net		9.1		10.6		6.9
		9.6		11.5		4.2
Tax impact		(15.4)		1.9		21.4
Net of tax		$55.6		($5.6)		($55.1)

SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2025

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

10. SHAREHOLDERS’ EQUITY

Authorized common stock, par value $1.00 per share, was 800 million shares at December 31, 2025, 2024 and 2023. Treasury stock is stated at cost. Dividends declared per share of common stock were $2.68 for 2025, $2.36 for 2024 and $2.16 for 2023.

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

Share Repurchase Authorization

In November 2022, the Company’s Board of Directors authorized the repurchase of up to 10,000,000 shares of its common stock, including shares to be repurchased under Rule 10b5-1. As of December 31, 2025, 5,896,821 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 2025, 2024 and 2023, the Company reacquired 2,994,702, 4,246,642 and 83,674 shares, respectively, of its common stock, of which 2,884,764, 4,135,512 and 0, respectively, related to share repurchases through open market or private purchases, and 109,938, 111,130 and 83,674, respectively, related to shares withheld for taxes on exercise of stock options and vesting of stock awards and units.

- Definition

The entire disclosure for equity.

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

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

+ Details

EQUITY COMPENSATION PLANS

12 Months Ended

Dec. 31, 2025

EQUITY COMPENSATION PLANS

EQUITY COMPENSATION PLANS

11. EQUITY COMPENSATION PLANS

The Company’s equity compensation plans provide for grants of stock options, performance-based restricted stock units (“PBRSUs”) and non-performance-based restricted stock units (“RSUs”) and restricted stock awards (“RSAs”). Common shares available for grant as of December 31, 2025, 2024 and 2023 were 17,081,775, 18,052,830 and 18,840,265, respectively. The Company generally issues authorized but previously unissued shares to satisfy stock option exercises and stock award vesting.

The Company’s annual long-term incentive share-based compensation program is made up of 40% stock options and 60% PBRSUs for 2025, 2024 and 2023. The Company also periodically grants RSUs. Total compensation expense related to all share-based compensation plans was $136.6 million, $134.8 million and $95.1 million for 2025, 2024 and 2023, respectively. As of December 31, 2025, there was $196.3 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 2.0 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:


	2025			2024			2023
	Number of	Exercise		Number of	Exercise		Number of	Exercise
	Options	Price (a)		Options	Price (a)		Options	Price (a)
Outstanding, beginning of year	5,548,270		$184.92	6,921,356		$168.65	7,031,103		$160.45
Granted	604,836		268.27	595,791		247.02	861,840		190.53
Exercised	(1,414,518)		172.62	(1,838,103)		144.58	(832,050)		119.41
Canceled	(84,810)		199.43	(130,774)		173.95	(139,537)		183.77
Outstanding, end of year	4,653,778		$199.23	5,548,270		$184.92	6,921,356		$168.65
Exercisable, end of year	3,496,063		$183.20	4,095,681		$178.24	5,107,518		$165.77
Vested and expected to vest, end of year	4,528,202		$197.89

(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 2025, 2024 and 2023 was $132.0 million, $162.4 million and $47.7 million, respectively.

The total aggregate intrinsic value of options outstanding as of December 31, 2025 was $302.8 million, with a corresponding weighted-average remaining contractual life of 6.5 years. The total aggregate intrinsic value of options exercisable as of December 31, 2025 was $281.3 million, with a corresponding weighted-average remaining contractual life of 5.6 years. The total aggregate intrinsic value of options vested and expected to vest as of December 31, 2025 was $300.4 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:


		2025			2024			2023
Weighted-average grant-date fair value of options
granted at market prices			$70.35			$66.80			$50.26
Assumptions
Risk-free rate of return			3.7	%		4.1	%		4.1	%
Expected life			6	years		6	years		6	years
Expected volatility			22.7	%		22.6	%		22.4	%
Expected dividend yield			1.1	%		1.0	%		1.2	%

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

PBRSUs, RSUs and RSAs

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

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

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


	PBRSU	Grant Date		RSAs and	Grant Date
	Awards	Fair Value (a)		RSUs	Fair Value (a)
December 31, 2022	823,170		$181.68	385,097		$170.50
Granted	328,739		185.10	156,618		165.81
Vested / Earned	(180,674)		178.26	(61,776)		191.22
Canceled	(26,409)		175.05	(24,449)		166.22
December 31, 2023	944,826		$183.71	455,490		$166.31
Granted	245,868		240.66	78,386		230.47
Vested / Earned	(180,993)		215.26	(121,400)		196.78
Canceled	(44,499)		171.30	(37,177)		160.90
December 31, 2024	965,202		$192.87	375,299		$170.39
Granted	249,793		260.55	106,254		259.17
Vested / Earned	(154,270)		217.14	(142,531)		152.93
Canceled	(41,265)		190.56	(32,058)		164.42
December 31, 2025	1,019,460		$205.86	306,964		$209.84

(a)

Represents weighted average price per share.

INCOME TAXES

12 Months Ended

Dec. 31, 2025

INCOME TAXES

INCOME TAXES

12. INCOME TAXES

Income before income taxes consisted of:


(millions)	2025			2024		2023
United States (U.S.)		$1,815.3			$1,522.4		$782.0
International		732.6			1,048.8		973.5
Total		$2,547.9			$2,571.2		$1,755.5

Presentation of prior year amounts relating to U.S. and International income before taxes have been recast to conform with the current year presentation, which is before intercompany eliminations. As a result, prior year amounts presented for U.S. and International current and deferred taxes have also been recast to conform with the current year presentation. This had no effect on the reported results of operations.

The provision (benefit) for income taxes consisted of:


(millions)	2025		2024		2023
U.S. federal and state		$265.3		$278.4		$158.6
International		225.5		345.5		259.0
Total current		490.8		623.9		417.6

U.S. federal and state		(5.5)		(127.0)		(34.7)
International		(30.7)		(57.6)		(20.4)
Total deferred		(36.2)		(184.6)		(55.1)

Total U.S. federal and state		259.8		151.4		123.9
Total International		194.8		287.9		238.6
Total provision for income taxes		$454.6		$439.3		$362.5

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


December 31 (millions)		2025			2024
Deferred tax assets
Pension and post-retirement benefits			$32.5			$68.2
Other accrued liabilities			155.9			152.5
Lease liability			181.4			176.7
Credit carryforwards			132.2			105.1
Capitalization of R&D costs			270.7			246.5
Loss carryforwards			189.8			92.9
Share-based compensation			61.1			54.2
Deferred income			88.6			72.4
Deferred interest			144.8			85.2
Other, net			78.3			32.8
Valuation allowance			(90.8)			(77.8)
Total deferred tax assets			1,244.5			1,008.7
Deferred tax liabilities
Goodwill			(170.0)			(133.9)
Intangible assets			(485.5)			(410.4)
Property, plant and equipment			(371.6)			(310.7)
Lease asset			(182.6)			(177.8)
Financing			(41.6)			(43.3)
Tax on undistributed earnings			(100.1)			-
Other, net			(42.0)			(57.1)
Total deferred tax liabilities			(1,393.4)			(1,133.2)
Net deferred tax liabilities balance			($148.9)			($124.5)

As of December 31, 2025, the Company has tax effected federal, state and international net operating loss carryforwards of $21.8 million, $16.0 million and $135.7 million, respectively, and tax effected federal and state tax capital loss carryforwards of $14.3 million and $2.0 million, respectively, which will be available to offset future taxable income. The federal net operating loss carryforwards of $9.4 million have no expiration and $12 million expire from 2036 to 2037. State net operating losses of $16.0 million expire from 2026 to 2046. The international loss carryforwards of $92.6 million expire from 2026 to 2046 and $43.1 million have no expiration. The federal and state capital loss carryforwards of $16.3 million expire from 2026 to 2039. The tax loss carryforwards expiring in 2026 are not material.

Additionally, the Company has $132.2 million of net credit carryforwards that are primarily related to U.S. foreign tax credits and various state and international credits. The U.S. foreign tax credit carryforwards of $117.2 million expire from 2030 to 2036. Other state and international credit carryforwards will expire from 2026 to 2034. The tax credit carryforwards expiring in 2026 are not material.

The Company has valuation allowances on certain deferred tax assets of $90.8 million and $77.8 million at December 31, 2025 and 2024, respectively. The increase in valuation allowance was primarily related to acquired international net operating loss carryforwards of Ovivo Electronics.

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

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. An estimate of the financial impact has been included in operating results as of December 31, 2025. While the Company expects certain provisions of OBBBA to change the timing of U.S. cash taxes related to the current and future periods, OBBBA did not have a material impact to the Company’s income tax expense.

The Company has elected to prospectively adopt the guidance in ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures, or ASU 2023-09. The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the year ended December 31, 2025, in accordance with ASU 2023-09.


	2025

		Amount	Percent
U.S Federal Statutory Income Tax Rate		535.0	21.0	%
Domestic Federal
State and local income tax, net of federal income tax effect (a)		42.0	1.6
Effect of cross-border tax laws
Subpart F Income		58.7	2.3
Foreign Derived Intangible Income		(40.5)	(1.6)
Other		13.0	0.5
Tax credits
Foreign Tax Credit		(183.0)	(7.2)
Research and Development Credit		(33.6)	(1.3)
Other Tax Credits		(14.0)	(0.5)
Changes in valuation allowances		(9.6)	(0.4)
Nontaxable or nondeductible items		5.6	0.2
Other Adjustments		2.3	0.1
Changes in unrecognized tax benefits		14.6	0.6
Foreign tax effects		64.1	2.5
Effective income tax rate		454.6	17.8	%

(a)

The majority of 2025 state income tax expense is comprised of state taxes in California, Illinois, Minnesota, New Jersey, New York and Wisconsin.

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the years ended December 31, 2024, and 2023 prior to the adoption of ASU 2023-09:


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

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 2025 effective tax rate of 17.8% includes $35.2 million of net tax benefits on special (gains) and charges, a net tax benefit of $57.5 million associated with discrete items, and $1.0 million of net tax benefits from Ovivo Electronics. Discrete items include a tax benefit of $21.5 million associated with recognition of deferred tax attributes and $16.8 million related to share-based compensation excess tax benefits. The remaining net discrete tax benefit of $19.2 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 2024 effective tax rate of 17.1% includes $56.9 million of net tax expenses on special (gains) and charges, and net tax benefit of $78.6 million associated with discrete items. Discrete items include a tax benefit of $62.1 million associated with a change to the tax classification of a wholly-owned non-US subsidiary that resulted in recognizing a capital loss and benefit of $30.4 million due to an increase in the tax basis of foreign intangible assets. The remaining net discrete tax expense of $13.9 million was primarily related to the filing of federal, state and foreign tax returns and other income tax adjustments including the impact of changes in tax laws, audit settlements, share-based compensation excess tax benefit and other changes in estimates.

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

In 2025, the Company recorded a deferred tax liability of $100.1 million associated with undistributed earnings of international affiliates. The Company also recognized a deferred tax asset of $72.2 million related to foreign net operating losses available to offset taxable earnings no longer considered permanently reinvested. 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.

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


(millions)		2025			2024		2023
Balance at beginning of year			$34.1			$24.2		$24.9
Additions based on tax positions related to the current year			7.1			4.6		5.8
Additions for tax positions of prior years			9.4			11.6		1.7
Current year acquisitions			9.0			-		-
Reductions for tax positions of prior years			-			-		-
Reductions for tax positions due to statute of limitations			(1.3)			(0.7)		(2.7)
Settlements			(5.3)			(5.3)		(5.5)
Foreign currency translation			0.9			(0.3)		—
Balance at end of year			$53.9			$34.1		$24.2

The total amount of unrecognized tax benefits, if recognized, would affect the effective tax rate by $50.6 million as of December 31, 2025, $31.5 million as of December 31, 2024 and $21.6 million as of December 31, 2023.

The Company files U.S. federal income tax returns and income tax returns in various U.S. state and non- U.S. jurisdictions. With few exceptions, the Company is no longer subject to state and foreign income tax examinations by tax authorities for years before 2018. The IRS has completed examinations of the Company’s U.S. federal income tax returns through 2018, and the years 2019 through 2020 are currently under audit. The U.S. federal audit of tax years 2021 through 2024 is expected to begin in 2026. In addition to the U.S. federal examination, there is ongoing audit activity in several U.S. state and foreign jurisdictions.

The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. The Company had $8.7 million, $5.5 million and $4.0 million of accrued interest, including minor amounts for penalties, at December 31, 2025, 2024 and 2023, respectively.

The Company paid cash income taxes of $548.1 million, $647.4 million and $469.2 million in 2025, 2024 and 2023, respectively. The payments in 2025 include $126.4 million, $60.5 million, $361.2 million in U.S. federal, state, and international jurisdictions, respectively. International payments are further comprised of income tax payments in Switzerland, China and other international jurisdictions of $37.4 million, $35.6 million and $288.2 million, respectively.

- Definition

The entire disclosure for income tax.

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

RENTALS AND LEASES

12 Months Ended

Dec. 31, 2025

RENTALS AND LEASES

RENTALS AND LEASES

13. RENTALS AND LEASES

Lessee

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

The Company’s operating lease cost was as follows:


(millions)	2025		2024		2023
Operating lease cost*		$230.0		$218.0		$215.4

*Includes immaterial short-term and variable lease costs

Future maturity of operating lease liabilities as of December 31, 2025 were as follows:



(millions)
2026			$197
2027			174
2028			126
2029			82
2030			59
Thereafter			252
Total lease payments			890
Less: imputed interest			129
Present value of lease liabilities			$761

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



	December 31			December 31			December 31
	2025			2024			2023

Weighted-average remaining lease term (years)		6.69			7.01			6.44

Weighted-average discount rate		4.84	%		4.76	%		4.02	%

The Company’s other lease information was as follows:

December 31

December 31

(millions)

2025

2024

2023

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

Operating cash flows from operating leases

$225.8

$207.7

$170.6

Leased assets obtained in exchange for new operating lease liabilities

152.5

336.0

251.5

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 $1,563.2 million and $1,481.7 million, and related accumulated depreciation is $954.5 million and $932.9 million, as of December 31, 2025 and 2024, respectively.

The Company’s operating lease revenue was as follows:


(millions)	2025		2024		2023
Operating lease revenue*		$562.1		$534.9		$511.8

*Includes immaterial variable lease revenue

Future revenue from operating leases for existing contracts as of December 31, 2025 were as follows:



(millions)
2026			$467
2027			341
2028			275
2029			191
2030			105
Thereafter			68
Total lease revenue			$1,447

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, 2025

RESEARCH AND DEVELOPMENT EXPENDITURES

RESEARCH AND DEVELOPMENT EXPENDITURES

14. RESEARCH AND DEVELOPMENT EXPENDITURES

Research expenditures that relate to the development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred. Such costs were $202 million in 2025, $207 million in 2024 and $192 million in 2023. The Company did not participate in any material customer sponsored research during any of the years presented.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

15. COMMITMENTS AND CONTINGENCIES

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

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

Insurance

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

Litigation and Environmental Matters

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

TPC Group Litigation

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

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

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

All of these cases make similar allegations and seek damages for personal injury, property damage, business losses and other damages, including exemplary damages.

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

In July 2025, Nalco executed a settlement with a portion of the plaintiffs in the MDL. The Company continues to believe the claims asserted against Nalco are without merit and intends to defend the remaining 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. Due to the large number of remaining plaintiffs and the fact that many of the claims do not specify an amount of supported damages, any estimate of any further loss or range of losses cannot be made at this time.

Vehicle Accident Litigation

In June 2024, an Ecolab employee was driving a company vehicle when it collided with another vehicle, resulting in fatalities and serious injuries. The Company was named in a lawsuit arising out of the collision in which the plaintiffs seek monetary damages. The Company finalized a settlement with the plaintiffs in December 2025 fully resolving plaintiffs’ claims. The loss was covered by insurance subject to the Company’s deductible.

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, 2025

RETIREMENT PLANS

RETIREMENT PLANS

16. RETIREMENT PLANS

Pension and Postretirement Health Care Benefits Plans

The Company has a non-contributory, qualified, defined benefit pension plan covering the majority of its U.S. employees. The Company also has U.S. non-contributory, non-qualified, defined benefit pension plans, which provide for benefits to employees in excess of limits permitted under its pension plans. The U.S. non-qualified plans are not funded and the recorded benefit obligations for the non-qualified plans were $79 million and $78 million at December 31, 2025 and 2024, respectively. The U.S. qualified obligation was $1,738 million and $1,712 million at December 31, 2025 and 2024, 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)	2025		2024		2025		2024		2025		2024
Accumulated benefit obligation, end of year		$1,818.0		$1,790.6		$1,114.3		$1,123.4		$100.4		$101.4
Projected benefit obligation
Projected benefit obligation, beginning of year		$1,790.6		$1,859.5		$1,166.6		$1,174.0		$101.4		$112.0
Service cost		46.9		46.3		19.3		19.0		0.2		0.3
Interest cost		91.7		87.0		45.4		48.9		5.1		5.2
Participant contributions		-		-		3.0		2.9		2.5		3.0
Plan amendments		-		-		0.9		(0.5)		-		-
Actuarial (gain) loss		41.0		(68.4)		(83.3)		14.8		1.8		(8.0)
Acquisitions and divestitures		-		-		-		(13.3)		-		-
Other events		-		-		(0.4)		1.6		-		-
Benefits paid		(152.2)		(133.8)		(68.5)		(58.1)		(10.6)		(11.1)
Foreign currency translation		-		-		77.4		(22.7)		-		-
Projected benefit obligation, end of year		$1,818.0		$1,790.6		$1,160.4		$1,166.6		$100.4		$101.4

Plan assets
Fair value of plan assets, beginning of year		$1,639.0		$1,719.7		$910.9		$871.2		$1.6		$2.4
Actual returns on plan assets		223.1		45.1		0.4		76.5		0.2		-
Company contributions		35.0		8.0		32.2		35.3		10.4		10.3
Participant contributions		-		-		3.0		2.9		-		-
Acquisitions and divestitures		-		-		-		(6.3)		-		-
Benefits paid		(152.2)		(133.8)		(68.7)		(57.9)		(10.6)		(11.1)
Foreign currency translation		-		-		50.7		(10.8)		-		-
Fair value of plan assets, end of year		$1,744.9		$1,639.0		$928.5		$910.9		$1.6		$1.6
Funded Status, end of year		($73.1)		($151.6)		($231.9)		($255.7)		($98.8)		($99.8)

Amounts recognized in the Consolidated Balance Sheets:
Other assets		$6.4		$-		$177.9		$151.0		-		$-
Other current liabilities		(12.6)		(8.8)		(26.1)		(36.2)		(8.1)		(8.3)
Pension and postretirement benefits		(66.9)		(142.8)		(383.7)		(370.5)		(90.7)		(91.5)
Net liability		($73.1)		($151.6)		($231.9)		($255.7)		($98.8)		($99.8)

Amounts recognized in accumulated other comprehensive loss (income):
Unrecognized net actuarial loss (gain)		$485.8		$526.5		$225.0		$253.5		($40.1)		($45.4)
Unrecognized net prior service (benefits) costs		(7.6)		(12.1)		-		(1.1)		-		-
Tax (benefit) expense		(122.6)		(131.6)		(50.9)		(58.1)		5.9		6.7
Accumulated other comprehensive loss (income), net of tax		$355.6		$382.8		$174.1		$194.3		($34.2)		($38.7)

Change in accumulated other comprehensive loss (income):
Amortization of net actuarial gain (loss)		($8.6)		($6.1)		($9.0)		($12.2)		$3.6		$3.2
Amortization of prior service credits		4.6		4.6		0.3		(0.1)		-		-
Current period net actuarial loss (gain)		(32.2)		37.4		(31.8)		(10.1)		1.7		(7.8)
Current period prior service costs		-		-		0.9		(0.5)		-		-
Curtailments and settlements		-		-		(0.5)		(0.9)		-		-
Tax (benefit) expense		9.0		(8.8)		7.2		6.3		(0.8)		0.5
Foreign currency translation		-		-		12.7		(1.9)		-		-
Other comprehensive loss (income)		($27.2)		$27.1		($20.2)		($19.4)		$4.5		($4.1)

Estimate amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2026 were as follows:


					U.S. Post-
	U.S.		International		Retirement
(millions)	Pensions		Pensions		Benefits
Net actuarial loss (gain)		$26.1		$8.0		($3.2)
Net prior service benefits		(4.6)		(0.2)		-
Total		$21.5		$7.8		($3.2)

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)		2025			2024
Aggregate projected benefit obligation			$524.2			$2,292.5
Accumulated benefit obligation			493.5			2,265.5
Fair value of plan assets			38.2			1,738.6

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


December 31, (millions)		2025			2024
Projected benefit obligations			$578.3			$2,373.4
Fair value of plan assets			89.1			1,815.1

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

Net Periodic Benefit Costs and Plan Assumptions

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


		U.S.						International						U.S. Postretirement
		Pensions						Pensions						Benefits
(millions)		2025		2024		2023		2025		2024		2023		2025		2024		2023
Service cost			$46.9		$46.3		$40.9		$19.3		$19.0		$21.7		$0.2		$0.3		$0.4
Interest cost on benefit obligation			91.7		87.0		88.1		45.4		48.9		45.9		5.1		5.2		5.6
Expected return on plan assets			(150.5)		(150.8)		(145.1)		(52.3)		(50.1)		(56.1)		(0.1)		(0.2)		(0.2)
Recognition of net actuarial loss (gain)			8.6		6.1		0.2		8.7		9.6		12.5		(3.6)		(3.2)		(3.1)
Amortization of prior service benefit			(4.6)		(4.6)		(4.5)		(0.3)		(0.1)		(0.5)		-		-		-
Curtailments and settlements			-		-		-		0.5		0.9		(2.7)		-		-		-
Total expense (benefit)			($7.9)		($16.0)		($20.4)		$21.3		$28.2		$20.8		$1.6		$2.1		$2.7

The Company has historically recognized settlements and curtailment gains and losses associated with its U.S. nonqualified pension plans and international pension plans, the amounts of which have been historically not material. These charges have been included as a component of other (income) expense on the Consolidated Statements of Income.

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


Plan Assumptions	U.S.						International						U.S. Postretirement
	Pensions						Pensions						Benefits
(percent)	2025		2024		2023		2025		2024		2023		2025		2024		2023
Weighted-average actuarial assumptions
used to determine benefit obligations
as of year end:
Discount rate	5.28	%	5.58	%	4.95	%	4.46	%	3.99	%	4.34	%	5.27	%	5.58	%	4.95	%
Projected salary increase	3.60		3.60		4.03		2.68		2.69		2.84
Weighted-average actuarial assumptions
used to determine net cost:
Interest credit rate for cash balance plans	4.36		4.50		3.89		N/A		N/A		N/A		N/A		N/A		N/A
Discount rate	5.58		4.95		5.17		3.99		4.34		3.70		5.58		4.95		5.14
Expected return on plan assets	8.25		8.00		7.75		5.81		6.00		6.27		8.25		8.00		7.75
Projected salary increase	3.60		4.03		4.03		2.69		2.84		3.08

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.

For postretirement benefit measurement purposes as of December 31, 2025, the annual rates of increase in the per capita cost of covered health care were assumed to be 8.15% 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 2036 and remain at those levels thereafter. Health care costs for certain employees which are eligible for subsidy by the Company are limited by a cap on the subsidy.

Plan Asset Management

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

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

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

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

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


	Fair Value as of								Fair Value as of
(millions)	December 31, 2025								December 31, 2024
	Level 1			Level 2			Total		Level 1		Level 2		Total
Cash		$47.7			$-			$47.7		$41.5		$-		$41.5
Equity securities:
Large cap equity		408.4			-			408.4		367.1		-		367.1
Small cap equity		12.8			31.7			44.5		12.1		26.4		38.5
International equity		103.9			152.8			256.7		93.8		137.4		231.2
Fixed income:								-
Core fixed income		214.0			365.9			579.9		183.2		371.3		554.5
High-yield bonds		43.3			-			43.3		38.8		-		38.8
Emerging markets		-			44.3			44.3		-		42.0		42.0
Total investments at fair value		830.1			594.7			1,424.8		736.5		577.1		1,313.6
Investments measured at net asset value								321.7						327.0
Total		$830.1			$594.7			$1,746.5		$736.5		$577.1		$1,640.6

The Company had no Level 3 assets as part of its U.S. qualified pension plan assets as of December 31, 2025 or 2024.

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


	Target Asset
Asset Category	Allocation				Percentage
	Percentage				of Plan Assets

December 31	2025		2024		2025		2024

Cash	-	%	-	%	3	%	3	%
Equity securities:
Large cap equity	27		27		23		22
Small cap equity	3		3		3		2
International equity	17		17		15		14
Fixed income:
Core fixed income	35		35		33		34
High-yield bonds	3		3		2		2
Emerging markets	3		3		2		3
Other:
Real estate	3		3		3		3
Private equity	6		6		14		14
Distressed debt	3		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, 2025					December 31, 2024
	Level 1		Level 2		Total	Level 1	Level 2	Total
Cash	$10.3		$-		$10.3	$8.1	$-	$8.1
Equity securities:
International equity	-		192.5		192.5	-	193.9	193.9
Fixed income:
Corporate bonds	-		153.7		153.7	-	157.5	157.5
Government bonds	-		356.5		356.5	-	339.6	339.6
Insurance company accounts	-		164.1		164.1	-	163.2	163.2
Total investments at fair value	10.3		866.8		877.1	8.1	854.2	862.3
Investments measured at net asset value					51.4			48.6
Total	$10.3		$866.8		$928.5	$8.1	$854.2	$910.9

The Company had no Level 3 assets as part of its international plan assets as of December 31, 2025 or 2024.

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	2025		2024

Cash	1	%	1	%
Equity securities:
International equity	21		21
Fixed income:
Corporate bonds	16		17
Government bonds	38		37
Total fixed income	54		54
Other:
Insurance contracts	18		18
Real estate	6		6
Total	100	%	100	%

Cash Flows

As of year-end 2025, 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
2026		$256
2027		256
2028		257
2029		258
2030		259
2031 - 2035		1,283

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. A $25.0 million voluntary contribution was made to its non-contributory qualified U.S. pension plan in 2025. 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 $39 million in 2026.

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

Savings Plan and ESOP

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

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

The Company’s matching contributions are 100% vested immediately. The Company’s matching contribution expense was $97.0 million, $92.4 million and $88.2 million in 2025, 2024 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

REVENUES

12 Months Ended

Dec. 31, 2025

REVENUES

REVENUES

17. REVENUES

Revenue Recognition

Product and Sold Equipment

Product revenue is generated from sales of cleaning, sanitizing, water treatment, process treatment and colloidal silica products. In addition, the Company sells equipment which may be used in combination with its specialized products. Revenue 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

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 Water segment services are associated with water treatment and paper process applications. Global Institutional & Specialty segment services include cleaning and sanitizing programs and wash process solutions. Global Life Sciences segment services include pharmaceutical and personal care solutions. Revenues included in Global Pest Elimination primarily relate to services designed to detect, eliminate and prevent pests. 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. Refer to Note 13, “Rentals and Leases,” for additional information related to lease equipment.

Practical Expedients and Exemptions

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

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

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



(millions)		2025		2024			2023
Global Water
Product and sold equipment			$6,958.7		$6,809.6			$6,709.8
Service and lease equipment			1,023.7		966.3			915.7
Global Institutional & Specialty
Product and sold equipment			4,950.4		5,000.0			4,920.5
Service and lease equipment			1,154.2		1,103.4			990.3
Global Pest Elimination
Product and sold equipment			-		-			-
Service and lease equipment			1,246.3		1,162.8			1,066.0
Global Life Sciences
Product and sold equipment			709.4		664.0			644.0
Service and lease equipment			38.5		35.3			31.4
Corporate
Product and sold equipment			-		-			42.5
Total
Total product and sold equipment			$12,618.5		$12,473.6			$12,316.8
Total service and lease equipment			3,462.7		3,267.8			3,003.4

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


		Global Water								Global Institutional & Specialty
(millions)		2025		2024			2023			2025		2024			2023

United States			$3,415.1		$3,306.7			$3,218.1			$3,996.0		$3,992.0			$3,856.9
Europe			1,661.1		1,593.7			1,573.0			1,026.1		1,037.5			1,033.2
Asia Pacific			945.7		947.6			946.4			329.2		322.4			308.2
Latin America			816.7		810.5			772.5			205.8		209.6			212.0
India, Middle East and Africa			501.1		493.0			491.8			99.1		105.1			98.6
Greater China			410.4		400.4			407.0			198.1		182.7			165.7
Canada			232.3		224.0			216.7			250.3		254.1			236.2
Total			$7,982.4		$7,775.9			$7,625.5			$6,104.6		$6,103.4			$5,910.8

		Global Pest Elimination								Global Life Sciences
(millions)		2025		2024			2023			2025		2024			2023

United States			$864.0		$805.6			$733.6			$205.1		$187.3			$187.2
Europe			205.7		187.5			171.0			382.4		374.4			368.6
Asia Pacific			35.1		32.1			28.7			54.5		37.2			33.9
Latin America			60.4		58.7			57.5			18.3		21.1			21.3
India, Middle East and Africa			7.0		7.1			6.9			31.0		22.4			9.6
Greater China			61.3		60.0			57.4			52.6		54.1			52.2
Canada			12.8		11.8			10.9			4.0		2.8			2.6
Total			$1,246.3		$1,162.8			$1,066.0			$747.9		$699.3			$675.4

		Corporate
(millions)		2025		2024			2023

United States			$-		$-			$38.4
Europe			-		-			2.7
Asia Pacific			-		-			0.2
Latin America			-		-			1.1
Canada			-		-			0.1
Total			$-		$-			$42.5

Net sales by geographic region were determined based on sales destination. There were no sales from a single foreign country or individual customer that were material to the Company’s consolidated net sales. Sales of warewashing products were approximately 13% of consolidated net sales in 2025 and 12% in 2024 and 2023.

Contract Asset and 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 Company has contract assets which relate to performance under the contract in advance of billings. Contract assets were $117.4 million as of December 31, 2025 and immaterial as of December 31, 2024. Contract assets are recorded in Other current assets within the Consolidated Balance Sheets. Current year contract assets arose as a result of current year acquisitions. In addition, the Company has contract liabilities which relate 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. Contract liabilities are recorded in Other current liabilities within the Consolidated Balance Sheets.


		December 31		December 31
(millions)		2025		2024

Contract liability as of beginning of the year			$102.0		$110.9

Revenue recognized in the year from:
Amounts included in the contract liability at the beginning of the year			(102.0)		(110.9)

Increases due to billings excluding amounts recognized as revenue during the year ended			113.7		102.0
Business combinations			59.3		-

Contract liability as of end of year			$173.0		$102.0

- Definition

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

+ References

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-Topic 606
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-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION

12 Months Ended

Dec. 31, 2025

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION

18. OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION

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

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

The Company’s operating segments are aggregated as follows:

Global Water

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

Global Institutional & Specialty

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

Global Pest Elimination

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

Global Life Sciences

Includes the Life Sciences operating segment which provides end-to-end cleaning and contamination control solutions to pharmaceutical and personal care manufacturers. No other operating segments are aggregated into the Global Life Sciences reportable segment.

Corporate

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

Comparability of Reportable Segments

Effective January 1, 2025, the Company’s former Global Industrial reportable segment was renamed Global Water and includes the Light & Heavy (previously named Water), Food & Beverage, and Paper operating segments. The Global Institutional & Specialty reportable segment continues to include the Institutional and Specialty operating segments. The Company’s former healthcare operating segment moved into the Institutional operating segment. Global Life Sciences was elevated to a standalone reportable segment. The Global Pest Elimination segment remains a standalone reportable segment. The Company made other immaterial changes, including the movement of certain customers and cost allocations between reportable segments. These changes are presented in the "Other" column of the tables below. Prior period amounts have been recast to conform with current period presentation.

The Company evaluates the performance of its non-U.S. dollar functional currency international operations based on fixed currency exchange rates, which eliminates the impact of exchange rate fluctuations on its international operations. Fixed currency amounts are updated annually at the beginning of each year based on translation into U.S. dollars at foreign currency exchange rates established by management, with all periods presented using such rates. The “Fixed Currency Rate Change” column shown in the following table reflects international operations at fixed currency exchange rates established by management at the beginning of 2025, rather than the 2024 established rates. The difference between the fixed currency exchange rates and the actual currency exchange rates is reported within the “Effect of foreign currency translation” row in the following table.

The impact of the preceding changes on previously reported full year 2024 and 2023 reportable segment information is summarized as follows:


	December 31, 2024

	2024 Reported					Fixed	2024 Reported
	Valued at 2024				Currency		Valued at 2025
(millions)	Fixed Currency Rates		Other		Rate Change		Fixed Currency Rates
Net Sales
Global Water		$7,857.2		($1.2)		($372.6)		$7,483.4
Global Institutional & Specialty		5,413.9		726.0		(160.5)		5,979.4
Global Pest Elimination		1,167.8		-		(27.7)		1,140.1
Global Life Sciences		1,434.1		(724.8)		(38.8)		670.5
Subtotal at fixed currency rates		15,873.0		-		(599.6)		15,273.4
Effect of foreign currency translation		(131.6)		-		599.6		468.0
Consolidated reported GAAP net sales		$15,741.4		$-		$-		$15,741.4

Cost of Sales
Global Water		$4,691.2		$2.0		($222.3)		$4,470.9
Global Institutional & Specialty		2,727.5		490.6		(87.1)		3,131.0
Global Pest Elimination		655.0		0.1		(15.3)		639.8
Global Life Sciences		895.1		(492.7)		(19.8)		382.6
Corporate		5.4		-		(0.2)		$5.2
Subtotal at fixed currency rates		$8,974.2		$-		($344.7)		$8,629.5

Selling, General and Administrative Expenses
Global Water		$1,865.4		$3.1		($63.2)		$1,805.3
Global Institutional & Specialty		1,503.7		181.2		(38.7)		1,646.2
Global Pest Elimination		292.4		5.1		(6.9)		290.6
Global Life Sciences		391.8		(189.4)		(6.3)		196.1
Corporate		199.3		-		(3.7)		195.6
Subtotal at fixed currency rates		$4,252.6		$-		($118.8)		$4,133.8

Special (Gains) and Charges
Corporate		(188.9)		-		0.2		(188.7)
Subtotal at fixed currency rates		($188.9)		$-		$0.2		($188.7)

Operating Income
Global Water		$1,300.6		($6.3)		($87.1)		$1,207.2
Global Institutional & Specialty		1,182.7		54.2		(34.7)		1,202.2
Global Pest Elimination		220.4		(5.2)		(5.5)		209.7
Global Life Sciences		147.2		(42.7)		(12.7)		91.8
Corporate		(15.8)		-		3.7		(12.1)
Subtotal at fixed currency rates		2,835.1		-		(136.3)		2,698.8
Effect of foreign currency translation		(32.7)		-		136.3		103.6
Consolidated reported GAAP operating income		$2,802.4		$-		$-		$2,802.4


	December 31, 2023

	2023 Reported					Fixed	2023 Reported
	Valued at 2024				Currency		Valued at 2025
(millions)	Fixed Currency Rates		Other		Rate Change		Fixed Currency Rates
Net Sales
Global Water		$7,640.5		($1.0)		($355.4)		$7,284.1
Global Institutional & Specialty		5,014.6		920.7		(155.9)		5,779.4
Global Pest Elimination		1,070.2		-		(25.9)		1,044.3
Global Life Sciences		1,607.5		(919.7)		(37.0)		650.8
Corporate		42.7		-		(0.3)		42.4
Subtotal at fixed currency rates		15,375.5		-		(574.5)		14,801.0
Effect of foreign currency translation		(55.3)		-		574.5		519.2
Consolidated reported GAAP net sales		$15,320.2		$-		$-		$15,320.2

Cost of Sales
Global Water		$4,769.7		$2.4		($223.5)		$4,548.6
Global Institutional & Specialty		2,727.3		664.6		(91.9)		3,300.0
Global Pest Elimination		595.0		0.1		(14.1)		581.0
Global Life Sciences		1,026.9		(667.1)		(18.3)		341.5
Corporate		63.3		-		(0.3)		63.0
Subtotal at fixed currency rates		$9,182.2		$-		($348.1)		$8,834.1

Selling, General and Administrative Expenses
Global Water		$1,748.8		$3.2		($58.6)		$1,693.4
Global Institutional & Specialty		1,445.5		215.4		(38.0)		1,622.9
Global Pest Elimination		264.8		4.3		(6.7)		262.4
Global Life Sciences		419.8		(222.9)		(6.5)		190.4
Corporate		200.8		-		(3.7)		197.1
Subtotal at fixed currency rates		$4,079.7		$-		($113.5)		$3,966.2

Special (Gains) and Charges
Corporate		111.4		-		(0.1)		111.3
Subtotal at fixed currency rates		$111.4		$-		($0.1)		$111.3

Operating Income
Global Water		$1,122.0		($6.6)		($73.3)		$1,042.1
Global Institutional & Specialty		841.8		40.7		(26.0)		856.5
Global Pest Elimination		210.4		(4.4)		(5.1)		200.9
Global Life Sciences		160.8		(29.7)		(12.2)		118.9
Corporate		(332.8)		-		3.8		(329.0)
Subtotal at fixed currency rates		2,002.2		-		(112.8)		1,889.4
Effect of foreign currency translation		(9.9)		-		112.8		102.9
Consolidated reported GAAP operating income		$1,992.3		$-		$-		$1,992.3

Reportable Segment Information

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


	December 31, 2025

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

Global Water	$7,679.9	$4,585.9	$1,830.1	$-	$1,263.9
Global Institutional & Specialty	5,962.0	2,977.7	1,626.5	-	1,357.8
Global Pest Elimination	1,219.2	686.3	295.8	-	237.1
Global Life Sciences	706.1	382.6	202.8	-	120.7
Corporate	-	7.7	195.2	150.3	(353.2)
Subtotal at fixed currency rates	$15,567.2	$8,640.2	$4,150.4	$150.3	$2,626.3
Effect of foreign currency translation	514.0				111.3
Consolidated reported GAAP	$16,081.2				$2,737.6

	December 31, 2024

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

Global Water	$7,483.4	$4,470.9	$1,805.3	$-	$1,207.2
Global Institutional & Specialty	5,979.4	3,131.0	1,646.2	-	1,202.2
Global Pest Elimination	1,140.1	639.8	290.6	-	209.7
Global Life Sciences	670.5	382.6	196.1	-	91.8
Corporate	-	5.2	195.6	(188.7)	(12.1)
Subtotal at fixed currency rates	$15,273.4	$8,629.5	$4,133.8	($188.7)	$2,698.8
Effect of foreign currency translation	468.0				103.6
Consolidated reported GAAP	$15,741.4				$2,802.4

	December 31, 2023

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

Global Water	$7,284.1	$4,548.6	$1,693.4	$-	$1,042.1
Global Institutional & Specialty	5,779.4	3,300.0	1,622.9	-	856.5
Global Pest Elimination	1,044.3	581.0	262.4	-	200.9
Global Life Sciences	650.8	341.5	190.4	-	118.9
Corporate	42.4	63.0	197.1	111.3	(329.0)
Subtotal at fixed currency rates	$14,801.0	$8,834.1	$3,966.2	$111.3	$1,889.4
Effect of foreign currency translation	519.2				102.9
Consolidated reported GAAP	$15,320.2				$1,992.3

The profitability of the Company’s operating segments is evaluated by management based on operating income. On a monthly basis, the CODM primarily reviews variances in operating income compared to last year and forecast to assess segment performance, including to determine operational targets, make strategic decisions for the organization, and allocate capital and resources to the segments. Segment operating income is also used in determining the compensation of certain employees.

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

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

Geographic Information

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


	Long-Lived Assets, net
(millions)	2025		2024
United States		$3,302.0		$3,075.4
Europe		798.9		660.6
Greater China		273.3		176.0
Asia Pacific		262.6		241.6
Latin America		208.5		170.1
India, Middle East and Africa		118.6		78.6
Canada		78.6		73.3
Total		$5,042.5		$4,475.6

Geographic data for long-lived assets is based on physical location of those assets. Refer to Note 17, “Revenues,” 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.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,075.6	$ 2,112.4	$ 1,372.3

- Definition

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

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule10b51ArrModified [Flag]	false
NonRule10b51ArrModified [Flag]	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2025

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

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

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

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

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

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

Risk Management and Strategy

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

●

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

●

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

●

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

●

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

●

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

●

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

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

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

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

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

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

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

false

Cybersecurity Risk Board of Directors Oversight [Text Block]

Cybersecurity Governance

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

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

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

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

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

Audit Committee

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

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

Cybersecurity Risk Role of Management [Text Block]

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

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

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

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

Chief Information Security Officer (“CISO”).

Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

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

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

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

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

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

true

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Principles of Consolidation

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

Use of Estimates

Use of Estimates

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

Foreign Currency Translation

Foreign Currency Translation

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

Concentration of Credit Risk

Concentration of Credit Risk

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

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

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

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

Cash and Cash Equivalents

Cash and Cash Equivalents

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

Accounts Receivable and Allowance for Expected Credit Losses

Accounts Receivable and Allowance for Expected Credit Losses

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

The Company’s allowance for credits related to pricing or quantities shipped was $43 million, $53 million and $72 million as of December 31, 2025, 2024 and 2023, respectively. Credit activity is recorded directly as a reduction to revenue.

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



(millions)	2025		2024		2023

Beginning balance		$70.0		$77.3		$71.9
Bad debt expense		51.4		46.9		54.0
Write-offs		(48.5)		(51.0)		(46.2)
Other (a)		1.2		(3.2)		(2.4)
Ending balance		$74.1		$70.0		$77.3

(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 30% and 31% of consolidated inventories as of December 31, 2025 and 2024, respectively. All other inventory costs are determined using either the average cost or first-in, first-out (“FIFO”) methods. Inventory values at FIFO, as shown in Note 5, “Balance Sheet Information,” approximate replacement cost.

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment assets are stated at cost. Dispensing and monitoring 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 dispensing and monitoring 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 $673 million, $635 million and $617 million for 2025, 2024 and 2023, respectively.

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

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

During the second quarter of 2025, the Company completed its annual goodwill impairment assessment for its seven 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 2025 indicated the estimated fair values of each of these seven reporting units exceeded the carrying amounts of the respective reporting unit by a significant margin. The Company evaluates the need to complete interim goodwill impairment assessments when significant events or changes in business circumstances indicate that it is more likely than not that the carrying amount of a reporting unit may be higher than its fair value. No events were noted during the second half of 2025 that required completion of an interim goodwill impairment assessment for any of the Company’s eight reporting units. There has been no impairment of goodwill in any of the periods presented.

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


				Global		Global
		Global		Institutional		Pest		Global
(millions)		Water		& Specialty		Elimination		Life Sciences		Total
December 31, 2023			$4,243.5		$610.0		$136.3		$3,158.4		$8,148.2
Segment change (a)			-		717.0		-		(717.0)		-
December 31, 2023			4,243.5		1,327.0		136.3		2,441.4		8,148.2
Current year business combinations (b)			116.2		6.5		33.9		-		156.6
Prior year business combinations (c)			1.2		-		-		-		1.2
Divestiture of businesses (d)			-		(305.9)		-		-		(305.9)
Effect of foreign currency translation			(56.0)		(3.3)		(0.8)		(32.7)		(92.8)
December 31, 2024			$4,304.9		$1,024.3		$169.4		$2,408.7		$7,907.3
Current year business combinations (b)			1,105.4		-		17.4		-		1,122.8
Prior year business combinations (c)			5.6		-		0.1		-		5.7
Effect of foreign currency translation			89.6		17.2		2.7		81.7		191.2
December 31, 2025			$5,505.5		$1,041.5		$189.6		$2,490.4		$9,227.0

(a)

Relates to reclassifications made to reportable segments in the current year. Effective January 1, 2025, the Company’s former Global Industrial reportable segment was renamed Global Water and includes the Light & Heavy (previously named Water), Food & Beverage, and Paper operating segments. The Global Institutional & Specialty reportable segment continues to include the Institutional and Specialty operating segments. The Company’s former healthcare operating segment moved into the Institutional operating segment. Global Life Sciences (formerly Global Healthcare & Life Sciences) was elevated to a standalone reportable segment. The Global Pest Elimination segment remains a standalone reportable segment. After these changes, the Company has seven operating segments. Refer to Note 18, “Operating Segments and Geographic Information,” for further information.

(b)

Represents goodwill associated with current year acquisitions. For 2025, approximately $17 million of goodwill related to businesses acquired is expected to be tax deductible. For 2024, approximately $132 million of goodwill related to businesses acquired is expected to be tax deductible related primarily to the acquisition of Barclay Water Management. Refer to Note 4, “Acquisitions and Dispositions,” for additional information.

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

(d)	Represents goodwill associated with the sale of the global surgical solutions business (refer to Note 4, “Acquisitions and Dispositions,” for additional information).

Other Intangible Assets

The Nalco trade name is the Company’s only indefinite life intangible asset, which is tested for impairment on an annual basis during the second quarter. During the second quarter of 2025, 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 2025 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 2025 that required completion of an interim impairment assessment of the Company’s Nalco trade name. There has been no impairment of the Nalco trade name intangible asset since it was acquired.

The Company’s intangible assets subject to amortization include customer relationships, trademarks, patents and other technology primarily acquired through business acquisitions. The fair value of intangible assets acquired in business acquisitions are estimated primarily using discounted cash flow valuation methods at the time of acquisition. Intangible assets are amortized on a straight-line basis over their estimated lives. The weighted-average useful life of amortizable intangible assets was 15 years as of both December 31, 2025 and 2024.

The weighted-average useful life by type of amortizable asset at December 31, 2025 were as follows:

(years)


Customer relationships		16
Patents		15
Trademarks		12
Other technology		11

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)
2023		$307
2024		301
2025		304
2026		338
2027		215
2028		207
2029		199
2030		185

Long-Lived Assets

Long-Lived Assets

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

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

Rental and Leases, Lessee

Lessee

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

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

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

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

Rental and Leases, Lessor

Lessor

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

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

Income Taxes

Income Taxes

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

Refer to Note 12, “Income Taxes,” for additional information regarding income taxes.

Share-based compensation

Share-Based Compensation

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

All excess tax benefits or deficiencies are recognized as discrete income tax items on the Consolidated Statements of Income. The extent of excess tax benefits is subject to variation in stock price and stock option exercises. Refer to Note 11, “Equity Compensation Plans,” 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, “Special (Gains) and Charges,” 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

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 products 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 variable consideration related 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 non-complex in nature and are based primarily on historical experience and anticipated performance over the contract period. In addition, timely sales data is available, limiting estimation uncertainty. 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)	2025		2024		2023

Net income attributable to Ecolab		$2,075.6		$2,112.4		$1,372.3

Weighted-average common shares outstanding
Basic		283.3		284.3		285.0
Effect of dilutive stock options and units		1.9		2.3		1.6
Diluted		285.2		286.6		286.5

Earnings attributable to Ecolab per common share
Basic EPS		$7.33		$7.43		$4.82
Diluted EPS		$7.28		$7.37		$4.79

Anti-dilutive securities excluded from the computation of diluted EPS		1.2		0.6		4.3

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

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

Research and development expenditures

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

Legal contingencies

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

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 $79 million and $78 million at December 31, 2025 and 2024, respectively. The U.S. qualified obligation was $1,738 million and $1,712 million at December 31, 2025 and 2024, 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 units and market-based leadership teams. The Company’s seven operating segments follow its commercial and product-based activities and are based on engagement in business activities, availability of discrete financial information and review of operating results by the Chief Operating Decision Maker (“CODM”) at the identified operating segment level. The CODM is the Company’s Chief Executive Officer.

Asset Held for Sale

Assets Held for Sale

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

Supplier Finance

Supplier Finance

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

All outstanding payments owed under the Program are recorded within Accounts payable in the Consolidated Balance Sheets. The Company accounts for all payments made under the Program as a reduction to operating cash flows in Accounts payable within the Consolidated Statements of Cash Flows. The rollforward of the Company's outstanding obligations confirmed as valid under its Program are as follows:


		2025		2024
(millions)
Confirmed obligations outstanding at beginning of year			$39.9		$-
Invoices confirmed during the year			193.7		57.0
Confirmed invoices paid during the year			(172.4)		(17.1)
Confirmed obligations outstanding at end of year			$61.2		$39.9

New Accounting Pronouncements

New Accounting Pronouncements


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

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

ASU 2025-06 (Topic 350): Targeted Improvements to the Accounting for Internal-Use Software	September 2025	The amendments modernize the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach.	Effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within annual reporting periods. Early adoption is permitted.	The update provides for adoption on a prospective basis, with retrospective or modified retrospective adoption permitted. The Company is currently evaluating the impact of adoption.


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

ASU 2023-09 Income taxes (Topic 740): Improvements to Income Tax Disclosures	December 2023	The amendments in this Update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold.	January 1, 2025	The Company adopted the standard prospectively. Adoption of this standard impacted the disclosures within the financial statements, but did not have an impact on the Company's financial position or the results of operations.

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

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

SIGNIFICANT ACCOUNTING POLICIES

Summarized activity in the allowance for doubtful accounts



(millions)	2025		2024		2023

Beginning balance		$70.0		$77.3		$71.9
Bad debt expense		51.4		46.9		54.0
Write-offs		(48.5)		(51.0)		(46.2)
Other (a)		1.2		(3.2)		(2.4)
Ending balance		$74.1		$70.0		$77.3

(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		Pest		Global
(millions)		Water		& Specialty		Elimination		Life Sciences		Total
December 31, 2023			$4,243.5		$610.0		$136.3		$3,158.4		$8,148.2
Segment change (a)			-		717.0		-		(717.0)		-
December 31, 2023			4,243.5		1,327.0		136.3		2,441.4		8,148.2
Current year business combinations (b)			116.2		6.5		33.9		-		156.6
Prior year business combinations (c)			1.2		-		-		-		1.2
Divestiture of businesses (d)			-		(305.9)		-		-		(305.9)
Effect of foreign currency translation			(56.0)		(3.3)		(0.8)		(32.7)		(92.8)
December 31, 2024			$4,304.9		$1,024.3		$169.4		$2,408.7		$7,907.3
Current year business combinations (b)			1,105.4		-		17.4		-		1,122.8
Prior year business combinations (c)			5.6		-		0.1		-		5.7
Effect of foreign currency translation			89.6		17.2		2.7		81.7		191.2
December 31, 2025			$5,505.5		$1,041.5		$189.6		$2,490.4		$9,227.0

(a)

Relates to reclassifications made to reportable segments in the current year. Effective January 1, 2025, the Company’s former Global Industrial reportable segment was renamed Global Water and includes the Light & Heavy (previously named Water), Food & Beverage, and Paper operating segments. The Global Institutional & Specialty reportable segment continues to include the Institutional and Specialty operating segments. The Company’s former healthcare operating segment moved into the Institutional operating segment. Global Life Sciences (formerly Global Healthcare & Life Sciences) was elevated to a standalone reportable segment. The Global Pest Elimination segment remains a standalone reportable segment. After these changes, the Company has seven operating segments. Refer to Note 18, “Operating Segments and Geographic Information,” for further information.

(b)

Represents goodwill associated with current year acquisitions. For 2025, approximately $17 million of goodwill related to businesses acquired is expected to be tax deductible. For 2024, approximately $132 million of goodwill related to businesses acquired is expected to be tax deductible related primarily to the acquisition of Barclay Water Management. Refer to Note 4, “Acquisitions and Dispositions,” for additional information.

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

(d)	Represents goodwill associated with the sale of the global surgical solutions business (refer to Note 4, “Acquisitions and Dispositions,” for additional information).

Weighted-average useful life by type of asset

The weighted-average useful life by type of amortizable asset at December 31, 2025 were as follows:

(years)


Customer relationships		16
Patents		15
Trademarks		12
Other technology		11

Future estimated amortization expenses


(millions)
2023		$307
2024		301
2025		304
2026		338
2027		215
2028		207
2029		199
2030		185

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)	2025		2024		2023

Net income attributable to Ecolab		$2,075.6		$2,112.4		$1,372.3

Weighted-average common shares outstanding
Basic		283.3		284.3		285.0
Effect of dilutive stock options and units		1.9		2.3		1.6
Diluted		285.2		286.6		286.5

Earnings attributable to Ecolab per common share
Basic EPS		$7.33		$7.43		$4.82
Diluted EPS		$7.28		$7.37		$4.79

Anti-dilutive securities excluded from the computation of diluted EPS		1.2		0.6		4.3

Amounts do not necessarily sum due to rounding.

Schedule of outstanding obligations


		2025		2024
(millions)
Confirmed obligations outstanding at beginning of year			$39.9		$-
Invoices confirmed during the year			193.7		57.0
Confirmed invoices paid during the year			(172.4)		(17.1)
Confirmed obligations outstanding at end of year			$61.2		$39.9

Other significant accounting policies


Policy		Note
Fair value measurements		7
Derivatives and hedging transactions		8
Share-based compensation		11
Research and development expenditures		14
Legal contingencies		15
Pension and post-retirement benefit plans		16
Reportable segments		18

Schedule of new accounting pronouncements

New Accounting Pronouncements


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

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

ASU 2025-06 (Topic 350): Targeted Improvements to the Accounting for Internal-Use Software	September 2025	The amendments modernize the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach.	Effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within annual reporting periods. Early adoption is permitted.	The update provides for adoption on a prospective basis, with retrospective or modified retrospective adoption permitted. The Company is currently evaluating the impact of adoption.


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

ASU 2023-09 Income taxes (Topic 740): Improvements to Income Tax Disclosures	December 2023	The amendments in this Update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold.	January 1, 2025	The Company adopted the standard prospectively. Adoption of this standard impacted the disclosures within the financial statements, but did not have an impact on the Company's financial position or the results of operations.

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

- Definition

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

+ References

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+ Details

SPECIAL (GAINS) AND CHARGES (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring Activities

Special (gains) and charges



(millions)	2025		2024		2023
Cost of sales
One Ecolab		$7.7		$1.9		$-
Other restructuring		-		3.4		22.5
Cost of sales subtotal		7.7		5.3		22.5

Special (gains) and charges
One Ecolab		140.2		98.3		-
Other restructuring		(12.0)		21.8		63.2
Sale of global surgical solutions business		3.0		(340.3)		10.3
Acquisition and integration activities		36.1		12.6		16.1
Other		(12.4)		18.7		21.8
Special (gains) and charges subtotal		154.9		(188.9)		111.4

Total special (gains) and charges		$162.6		($183.6)		$133.9

Restructuring activity


		Employee
		Costs		Other		Total
(millions)
2024 Activity
Recorded expense and accrual			$46.3		$30.2		$76.5
Net cash payments					(26.9)		(26.9)
Non-cash net charges			-		-		-
Reclassification			-		5.3		5.3
Restructuring liability, December 31, 2024			46.3		8.6		54.9

2025 Activity
Recorded expense (income) and accrual			$101.9		$15.1		$117.0
Net cash payments			(55.7)		(20.1)		(75.8)
Non-cash net charges			-		-		-
Reclassification			-		-		-
Restructuring liability, December 31, 2025			$92.5		$3.6		$96.1

Combined Program

Restructuring Activities

Restructuring activity



		Employee		Asset
(millions)		Costs		Disposals		Other		Total
2022-2024 Activity
Recorded expense and accrual			$118.0		$15.3		$36.8		$170.1
Net cash payments			(124.5)		-		(31.5)		(156.0)
Non-cash charges			-		(15.3)		-		(15.3)
Reclassification			19.3		-		(5.3)		14.0
Net restructuring liability, December 31, 2024			12.8		-		-		12.8

ACQUISITIONS AND DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2025

Business acquisitions

Schedule of the acquisition date fair value of net assets acquired


(millions)	December 16, 2025
Net tangible assets (liabilities) acquired		($128.0)

Identifiable intangible assets
Customer relationships		444.5
Technology		131.2
Trademarks		42.6
Total Intangible Assets		618.3

Goodwill		1,105.4

Total consideration transferred to sellers, net of cash acquired		$1,595.7

Summary of discontinued operations


		August 1
(millions)		2024

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

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

Business Acquisitions and Investment

Business acquisitions

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



(millions)	2025		2024		2023
Net tangible assets (liabilities) acquired		$1.2		$22.7		$20.8

Identifiable intangible assets
Customer relationships		9.8		118.3		60.8
Trademarks		-		5.7		-
Non-compete agreements		-		1.6		2.1
Other technologies		-		17.6		25.8
Total intangible assets		9.8		143.2		88.7

Goodwill		17.4		156.7		70.2
Total aggregate purchase price		28.4		322.6		179.7

Acquisition-related liabilities and contingent consideration		(3.5)		(12.9)		(3.9)
Total cash paid for acquisitions, including acquisition-related
liabilities and contingent consideration, net of cash acquired		$24.9		$309.7		$175.8

- Definition

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

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+ Details

BALANCE SHEETS INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

BALANCE SHEETS INFORMATION

Balance Sheet Information



		December 31		December 31
(millions)		2025		2024
Accounts receivable, net
Accounts receivable			$3,366.2		$2,987.5
Allowance for expected credit losses and other accruals			(116.8)		(122.5)
Total			$3,249.4		$2,865.0

Inventories
Finished goods			$962.1		$962.2
Raw materials and parts			620.3		607.4
Inventories at FIFO cost			1,582.4		1,569.6
FIFO cost to LIFO cost difference			(92.0)		(104.7)
Total			$1,490.4		$1,464.9

Other current assets
Prepaid assets			$159.5		$151.4
Taxes receivable			229.8		163.3
Derivative assets			2.6		13.4
Contract assets			117.4		-
Other			60.3		110.9
Total			$569.6		$439.0

Property, plant and equipment, net
Land			$149.2		$144.5
Buildings and leasehold improvements			1,242.6		1,152.8
Machinery and equipment			2,496.4		2,248.5
Dispensing and monitoring equipment			3,193.1		2,925.3
Capitalized software			1,176.8		1,037.8
Construction in progress			858.1		679.3
			9,116.2		8,188.2
Accumulated depreciation			(4,839.6)		(4,435.8)
Total			$4,276.6		$3,752.4

Other intangible assets, net
Intangible assets not subject to amortization
Trade names			$1,230.0		$1,230.0
Intangible assets subject to amortization
Customer relationships			3,827.3		3,279.8
Patents			516.1		504.6
Trademarks			420.6		371.9
Other technologies			680.2		541.8
			5,444.2		4,698.1
Accumulated amortization
Customer relationships			(2,077.3)		(1,814.1)
Patents			(367.4)		(340.6)
Trademarks			(272.0)		(236.3)
Other technologies			(269.0)		(228.3)
			(2,985.7)		(2,619.3)
Net intangible assets subject to amortization			2,458.5		2,078.8
Total			$3,688.5		$3,308.8

Other assets
Deferred income taxes			$181.0		$155.5
Pension			184.3		151.0
Derivative asset			2.9		45.1
Other			414.5		318.8
Total			$782.7		$670.4



		December 31		December 31
(millions)		2025		2024
Other current liabilities
Discounts and rebates			$528.4		$452.2
Dividends payable			205.9		184.2
Interest payable			64.8		62.6
Taxes payable, other than income			179.5		171.8
Derivative liability			5.4		3.0
Restructuring			102.5		71.6
Contract liability			173.0		102.0
Operating lease liabilities			164.7		142.3
Other			313.3		323.0
Total			$1,737.5		$1,512.7

Accumulated other comprehensive income (loss)
Unrealized (loss) gain on derivative financial instruments, net of tax			($4.0)		$4.6
Unrecognized pension and postretirement benefit expense, net of tax			(495.5)		(538.4)
Cumulative translation, net of tax			(1,374.8)		(1,448.2)
Total			($1,874.3)		($1,982.0)

DEBT AND INTEREST (Tables)

12 Months Ended

Dec. 31, 2025

DEBT AND INTEREST

Schedule of short-term debt obligations

2025

2024

Average

Carrying

Interest

Carrying

Interest

(millions)

 

Value

Rate

Value

Rate

Short-term debt

Commercial paper

$100.0

3.90

%

$-

-

%

Notes payable

11.0

3.94

%

3.6

7.28

%

Long-term debt, current maturities

759.4

612.1

Total

$870.4

$615.7

Schedule of long-term debt obligations including current maturities


		2025								2024
				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 (2025 principal amount)
Ten year 2015 senior notes (€575 million)	2025		-	-	%	-	%		607.8	2.63	%	2.88	%
Ten year 2016 senior notes ($750 million)	2026		744.4	2.70		3.50			735.2	2.70		3.96
Ten year 2017 senior notes ($500 million)	2027		477.7	3.25		7.16			456.5	3.25		8.54
Six year 2021 senior notes ($500 million)	2027		499.1	1.65		1.82			498.2	1.65		1.73
Five year 2022 senior notes ($500 million)	2028		497.1	5.25		4.42			495.6	5.25		5.08
Three year 2025 senior notes ($500 million)	2028		496.7	4.30		4.48			-	-		-
Ten year 2020 senior notes ($698 million)	2030		677.5	4.80		5.95			657.2	4.80		6.52
Ten year 2020 senior notes ($600 million)	2031		572.3	1.30		1.92			559.3	1.30		3.17
Eleven year 2021 senior notes ($650 million)	2032		646.4	2.13		1.59			645.8	2.13		1.59
Ten year 2025 senior notes ($500 million)	2035		495.1	5.00		5.08			-	-		-
Thirty year 2011 senior notes ($389 million)	2041		385.2	5.50		5.61			385.0	5.50		5.62
Thirty year 2016 senior notes ($200 million)	2046		197.6	3.70		3.80			197.5	3.70		3.80
Thirty year 2017 senior notes ($484 million)	2047		429.6	3.95		4.78			428.2	3.95		4.79
Thirty year 2020 senior notes ($500 million)	2050		491.7	2.13		2.23			491.4	2.13		2.23
Thirty year 2021 senior notes ($850 million)	2051		840.1	2.70		2.78			839.7	2.70		2.78
Thirty four year 2021 senior notes ($685 million)	2055		543.4	2.75		3.86			541.2	2.75		3.86
Finance lease obligations and other			131.4						22.7
Total debt			8,125.3						7,561.3
Long-term debt, current maturities			(759.4)						(612.1)
Total long-term debt			$7,365.9						$6,949.2

Schedule of aggregate annual maturities of long-term debt


(millions)
2026			$759
2027			1,005
2028			1,012
2029			12
2030			687

Schedule of interest expense and interest income



(millions)	2025			2024		2023
Interest expense		$306.2			$340.3		$348.9
Interest income		(65.1)			(57.8)		(52.2)
Interest expense, net		$241.1			$282.5		$296.7

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

+ Details

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENTS

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

December 31, 2025

(millions)

Carrying

Fair Value Measurements

 

Amount

Level 1

Level 2

Level 3

Assets

Foreign currency forward contracts

$17.4

$-

$17.4

$-

Cross-currency swap derivative contracts

11.4

-

11.4

-

Liabilities

Foreign currency forward contracts

20.3

-

20.3

-

Interest rate swap agreements

74.4

-

74.4

-

Cross-currency swap derivative contracts

190.6

-

190.6

-


	December 31, 2024
(millions)	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3
Assets
Foreign currency forward contracts		$38.4		$-		$38.4		$-
Cross-currency swap derivative contracts		119.0		-		119.0		-

Liabilities
Foreign currency forward contracts		28.0		-		28.0		-
Interest rate swap agreements		138.5		-		138.5		-
Cross-currency swap derivative contracts		56.4		-		56.4		-

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

December 31, 2025

December 31, 2024

Carrying

Fair

Carrying

Fair

 

Amount

Value

Amount

Value

Long-term debt, including current maturities

$8,125.3

$7,381.8

$7,561.3

$6,662.1

DERIVATIVES AND HEDGING TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

DERIVATIVES AND HEDGING TRANSACTIONS

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

Derivative Assets

Derivative Liabilities

December 31

December 31

December 31

December 31

(millions)

2025

2024

2025

2024

Derivatives designated as hedging instruments

Foreign currency forward contracts

$2.9

$11.4

$6.5

$3.2

Interest rate swap agreements

-

74.4

138.5

Cross-currency swap derivative contracts

5.8

82.1

185.0

19.5

Derivatives not designated as hedging instruments

Foreign currency forward contracts

14.5

27.0

13.8

24.8

Cross-currency swap derivative contracts

5.6

36.9

5.6

36.9

Gross value of derivatives

28.8

157.4

285.3

222.9

Gross amounts offset in the Consolidated Balance Sheets

(23.3)

(98.9)

(23.3)

(98.9)

Net value of derivatives

$5.5

$58.5

$262.0

$124.0

Summary of notional values of outstanding derivatives


	Notional Values
		December 31	December 31
(millions)		2025	2024

Foreign currency forward contracts		$2,525		$3,175
Interest rate swap agreements		1,500		1,500
Cross-currency swap derivative contracts		4,151		2,745

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)

2025

 

2024

2025

 

2024

Long-term debt

$1,424.4

$1,361.1

($78.0)

($141.3)

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



(millions)	2025			2024			2023
Revaluation gain (loss), net of tax:
Euronotes		($33.5)			$12.8			($42.3)
Cross-currency swap derivative contracts		(182.6)			39.6			(30.8)
Total revaluation gain (loss), net of tax		($216.1)			$52.4			($73.1)

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



	2025					2024				2023
(millions)		COS	SG&A	Interest			COS	SG&A	Interest		COS	SG&A	Interest
Gain (loss) on derivatives designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) reclassified from AOCI to income		$4.4	$0.5	$-			$4.0	$5.8	$-		$10.6	($18.9)	$-
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value		-	-	-			-	-	-		-	-	7.7
Interest rate swap agreements
Amount of (loss) gain reclassified from AOCI to income		-	-	(1.5)			-	-	(1.9)		-	-	(1.9)

Gain (loss) on derivatives not designated as hedging instruments:
Foreign currency forward contracts
Amount of gain (loss) recognized in income		-	(2.6)	-			-	(3.4)	-		-	(26.2)	-
Total gain (loss) of all derivative instruments		$4.4	($2.1)	($1.5)			$4.0	$2.4	($1.9)		$10.6	($45.1)	$5.8

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

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)	2025		2024		2023
Derivative and Hedging Instruments
Unrealized gain (loss) on derivative and hedging instruments
Amount recognized in AOCI		($7.0)		$19.2		($12.8)
(Gain) loss reclassified from AOCI into income
COS		(4.4)		(4.0)		(10.6)
SG&A		(0.5)		(5.8)		18.9
Interest (income) expense, net		1.5		1.9		(5.8)
		(3.4)		(7.9)		2.5
Other activity		0.2		-		-
Tax impact		1.6		(2.6)		2.5
Net of tax		($8.6)		$8.7		($7.8)

Pension and Postretirement Benefits
Amount recognized in AOCI
Current period net (loss) gain		$61.4		($19.0)		($80.7)
Amount reclassified from AOCI into income
Settlement charge (income)		0.5		0.9		(2.7)
Amortization of losses and prior period service credits, net		9.1		10.6		6.9
		9.6		11.5		4.2
Tax impact		(15.4)		1.9		21.4
Net of tax		$55.6		($5.6)		($55.1)

EQUITY COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2025

EQUITY COMPENSATION PLANS

Summary of stock option activity and average exercise prices


	2025			2024			2023
	Number of	Exercise		Number of	Exercise		Number of	Exercise
	Options	Price (a)		Options	Price (a)		Options	Price (a)
Outstanding, beginning of year	5,548,270		$184.92	6,921,356		$168.65	7,031,103		$160.45
Granted	604,836		268.27	595,791		247.02	861,840		190.53
Exercised	(1,414,518)		172.62	(1,838,103)		144.58	(832,050)		119.41
Canceled	(84,810)		199.43	(130,774)		173.95	(139,537)		183.77
Outstanding, end of year	4,653,778		$199.23	5,548,270		$184.92	6,921,356		$168.65
Exercisable, end of year	3,496,063		$183.20	4,095,681		$178.24	5,107,518		$165.77
Vested and expected to vest, end of year	4,528,202		$197.89

(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


		2025			2024			2023
Weighted-average grant-date fair value of options
granted at market prices			$70.35			$66.80			$50.26
Assumptions
Risk-free rate of return			3.7	%		4.1	%		4.1	%
Expected life			6	years		6	years		6	years
Expected volatility			22.7	%		22.6	%		22.4	%
Expected dividend yield			1.1	%		1.0	%		1.2	%

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, 2022	823,170		$181.68	385,097		$170.50
Granted	328,739		185.10	156,618		165.81
Vested / Earned	(180,674)		178.26	(61,776)		191.22
Canceled	(26,409)		175.05	(24,449)		166.22
December 31, 2023	944,826		$183.71	455,490		$166.31
Granted	245,868		240.66	78,386		230.47
Vested / Earned	(180,993)		215.26	(121,400)		196.78
Canceled	(44,499)		171.30	(37,177)		160.90
December 31, 2024	965,202		$192.87	375,299		$170.39
Granted	249,793		260.55	106,254		259.17
Vested / Earned	(154,270)		217.14	(142,531)		152.93
Canceled	(41,265)		190.56	(32,058)		164.42
December 31, 2025	1,019,460		$205.86	306,964		$209.84

(a)

Represents weighted average price per share.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

INCOME TAXES

Income before income taxes


(millions)	2025			2024		2023
United States (U.S.)		$1,815.3			$1,522.4		$782.0
International		732.6			1,048.8		973.5
Total		$2,547.9			$2,571.2		$1,755.5

Provision (benefit) for income taxes


(millions)	2025		2024		2023
U.S. federal and state		$265.3		$278.4		$158.6
International		225.5		345.5		259.0
Total current		490.8		623.9		417.6

U.S. federal and state		(5.5)		(127.0)		(34.7)
International		(30.7)		(57.6)		(20.4)
Total deferred		(36.2)		(184.6)		(55.1)

Total U.S. federal and state		259.8		151.4		123.9
Total International		194.8		287.9		238.6
Total provision for income taxes		$454.6		$439.3		$362.5

Net deferred tax assets and deferred tax liabilities


December 31 (millions)		2025			2024
Deferred tax assets
Pension and post-retirement benefits			$32.5			$68.2
Other accrued liabilities			155.9			152.5
Lease liability			181.4			176.7
Credit carryforwards			132.2			105.1
Capitalization of R&D costs			270.7			246.5
Loss carryforwards			189.8			92.9
Share-based compensation			61.1			54.2
Deferred income			88.6			72.4
Deferred interest			144.8			85.2
Other, net			78.3			32.8
Valuation allowance			(90.8)			(77.8)
Total deferred tax assets			1,244.5			1,008.7
Deferred tax liabilities
Goodwill			(170.0)			(133.9)
Intangible assets			(485.5)			(410.4)
Property, plant and equipment			(371.6)			(310.7)
Lease asset			(182.6)			(177.8)
Financing			(41.6)			(43.3)
Tax on undistributed earnings			(100.1)			-
Other, net			(42.0)			(57.1)
Total deferred tax liabilities			(1,393.4)			(1,133.2)
Net deferred tax liabilities balance			($148.9)			($124.5)

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


	2025

		Amount	Percent
U.S Federal Statutory Income Tax Rate		535.0	21.0	%
Domestic Federal
State and local income tax, net of federal income tax effect (a)		42.0	1.6
Effect of cross-border tax laws
Subpart F Income		58.7	2.3
Foreign Derived Intangible Income		(40.5)	(1.6)
Other		13.0	0.5
Tax credits
Foreign Tax Credit		(183.0)	(7.2)
Research and Development Credit		(33.6)	(1.3)
Other Tax Credits		(14.0)	(0.5)
Changes in valuation allowances		(9.6)	(0.4)
Nontaxable or nondeductible items		5.6	0.2
Other Adjustments		2.3	0.1
Changes in unrecognized tax benefits		14.6	0.6
Foreign tax effects		64.1	2.5
Effective income tax rate		454.6	17.8	%

(a)

The majority of 2025 state income tax expense is comprised of state taxes in California, Illinois, Minnesota, New Jersey, New York and Wisconsin.


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

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


(millions)		2025			2024		2023
Balance at beginning of year			$34.1			$24.2		$24.9
Additions based on tax positions related to the current year			7.1			4.6		5.8
Additions for tax positions of prior years			9.4			11.6		1.7
Current year acquisitions			9.0			-		-
Reductions for tax positions of prior years			-			-		-
Reductions for tax positions due to statute of limitations			(1.3)			(0.7)		(2.7)
Settlements			(5.3)			(5.3)		(5.5)
Foreign currency translation			0.9			(0.3)		—
Balance at end of year			$53.9			$34.1		$24.2

RENTALS AND LEASES (Tables)

12 Months Ended

Dec. 31, 2025

RENTALS AND LEASES

Schedule of operating lease cost


(millions)	2025		2024		2023
Operating lease cost*		$230.0		$218.0		$215.4

*Includes immaterial short-term and variable lease costs

Schedule of future maturity of operating lease liabilities



(millions)
2026			$197
2027			174
2028			126
2029			82
2030			59
Thereafter			252
Total lease payments			890
Less: imputed interest			129
Present value of lease liabilities			$761

Schedule of operating leases term and discount rate



	December 31			December 31			December 31
	2025			2024			2023

Weighted-average remaining lease term (years)		6.69			7.01			6.44

Weighted-average discount rate		4.84	%		4.76	%		4.02	%

Schedule of other lease information

December 31

December 31

(millions)

2025

2024

2023

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

Operating cash flows from operating leases

$225.8

$207.7

$170.6

Leased assets obtained in exchange for new operating lease liabilities

152.5

336.0

251.5

Schedule of operating lease revenue


(millions)	2025		2024		2023
Operating lease revenue*		$562.1		$534.9		$511.8

Schedule of revenue from operating leases for existing contracts

Future revenue from operating leases for existing contracts as of December 31, 2025 were as follows:



(millions)
2026			$467
2027			341
2028			275
2029			191
2030			105
Thereafter			68
Total lease revenue			$1,447

RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2025

Pension and Postretirement Plans

Financial information related to pension and postretirement health care plans


	U.S.				International				U.S. Postretirement
	Pensions				Pensions				Benefits
(millions)	2025		2024		2025		2024		2025		2024
Accumulated benefit obligation, end of year		$1,818.0		$1,790.6		$1,114.3		$1,123.4		$100.4		$101.4
Projected benefit obligation
Projected benefit obligation, beginning of year		$1,790.6		$1,859.5		$1,166.6		$1,174.0		$101.4		$112.0
Service cost		46.9		46.3		19.3		19.0		0.2		0.3
Interest cost		91.7		87.0		45.4		48.9		5.1		5.2
Participant contributions		-		-		3.0		2.9		2.5		3.0
Plan amendments		-		-		0.9		(0.5)		-		-
Actuarial (gain) loss		41.0		(68.4)		(83.3)		14.8		1.8		(8.0)
Acquisitions and divestitures		-		-		-		(13.3)		-		-
Other events		-		-		(0.4)		1.6		-		-
Benefits paid		(152.2)		(133.8)		(68.5)		(58.1)		(10.6)		(11.1)
Foreign currency translation		-		-		77.4		(22.7)		-		-
Projected benefit obligation, end of year		$1,818.0		$1,790.6		$1,160.4		$1,166.6		$100.4		$101.4

Plan assets
Fair value of plan assets, beginning of year		$1,639.0		$1,719.7		$910.9		$871.2		$1.6		$2.4
Actual returns on plan assets		223.1		45.1		0.4		76.5		0.2		-
Company contributions		35.0		8.0		32.2		35.3		10.4		10.3
Participant contributions		-		-		3.0		2.9		-		-
Acquisitions and divestitures		-		-		-		(6.3)		-		-
Benefits paid		(152.2)		(133.8)		(68.7)		(57.9)		(10.6)		(11.1)
Foreign currency translation		-		-		50.7		(10.8)		-		-
Fair value of plan assets, end of year		$1,744.9		$1,639.0		$928.5		$910.9		$1.6		$1.6
Funded Status, end of year		($73.1)		($151.6)		($231.9)		($255.7)		($98.8)		($99.8)

Amounts recognized in the Consolidated Balance Sheets:
Other assets		$6.4		$-		$177.9		$151.0		-		$-
Other current liabilities		(12.6)		(8.8)		(26.1)		(36.2)		(8.1)		(8.3)
Pension and postretirement benefits		(66.9)		(142.8)		(383.7)		(370.5)		(90.7)		(91.5)
Net liability		($73.1)		($151.6)		($231.9)		($255.7)		($98.8)		($99.8)

Amounts recognized in accumulated other comprehensive loss (income):
Unrecognized net actuarial loss (gain)		$485.8		$526.5		$225.0		$253.5		($40.1)		($45.4)
Unrecognized net prior service (benefits) costs		(7.6)		(12.1)		-		(1.1)		-		-
Tax (benefit) expense		(122.6)		(131.6)		(50.9)		(58.1)		5.9		6.7
Accumulated other comprehensive loss (income), net of tax		$355.6		$382.8		$174.1		$194.3		($34.2)		($38.7)

Change in accumulated other comprehensive loss (income):
Amortization of net actuarial gain (loss)		($8.6)		($6.1)		($9.0)		($12.2)		$3.6		$3.2
Amortization of prior service credits		4.6		4.6		0.3		(0.1)		-		-
Current period net actuarial loss (gain)		(32.2)		37.4		(31.8)		(10.1)		1.7		(7.8)
Current period prior service costs		-		-		0.9		(0.5)		-		-
Curtailments and settlements		-		-		(0.5)		(0.9)		-		-
Tax (benefit) expense		9.0		(8.8)		7.2		6.3		(0.8)		0.5
Foreign currency translation		-		-		12.7		(1.9)		-		-
Other comprehensive loss (income)		($27.2)		$27.1		($20.2)		($19.4)		$4.5		($4.1)

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)		$26.1		$8.0		($3.2)
Net prior service benefits		(4.6)		(0.2)		-
Total		$21.5		$7.8		($3.2)

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)		2025			2024
Aggregate projected benefit obligation			$524.2			$2,292.5
Accumulated benefit obligation			493.5			2,265.5
Fair value of plan assets			38.2			1,738.6

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


December 31, (millions)		2025			2024
Projected benefit obligations			$578.3			$2,373.4
Fair value of plan assets			89.1			1,815.1

Net periodic pension and postretirement health care benefit costs


		U.S.						International						U.S. Postretirement
		Pensions						Pensions						Benefits
(millions)		2025		2024		2023		2025		2024		2023		2025		2024		2023
Service cost			$46.9		$46.3		$40.9		$19.3		$19.0		$21.7		$0.2		$0.3		$0.4
Interest cost on benefit obligation			91.7		87.0		88.1		45.4		48.9		45.9		5.1		5.2		5.6
Expected return on plan assets			(150.5)		(150.8)		(145.1)		(52.3)		(50.1)		(56.1)		(0.1)		(0.2)		(0.2)
Recognition of net actuarial loss (gain)			8.6		6.1		0.2		8.7		9.6		12.5		(3.6)		(3.2)		(3.1)
Amortization of prior service benefit			(4.6)		(4.6)		(4.5)		(0.3)		(0.1)		(0.5)		-		-		-
Curtailments and settlements			-		-		-		0.5		0.9		(2.7)		-		-		-
Total expense (benefit)			($7.9)		($16.0)		($20.4)		$21.3		$28.2		$20.8		$1.6		$2.1		$2.7

Plan Assumptions


Plan Assumptions	U.S.						International						U.S. Postretirement
	Pensions						Pensions						Benefits
(percent)	2025		2024		2023		2025		2024		2023		2025		2024		2023
Weighted-average actuarial assumptions
used to determine benefit obligations
as of year end:
Discount rate	5.28	%	5.58	%	4.95	%	4.46	%	3.99	%	4.34	%	5.27	%	5.58	%	4.95	%
Projected salary increase	3.60		3.60		4.03		2.68		2.69		2.84
Weighted-average actuarial assumptions
used to determine net cost:
Interest credit rate for cash balance plans	4.36		4.50		3.89		N/A		N/A		N/A		N/A		N/A		N/A
Discount rate	5.58		4.95		5.17		3.99		4.34		3.70		5.58		4.95		5.14
Expected return on plan assets	8.25		8.00		7.75		5.81		6.00		6.27		8.25		8.00		7.75
Projected salary increase	3.60		4.03		4.03		2.69		2.84		3.08

Estimated future benefits payments


(millions)	All Plans
2026		$256
2027		256
2028		257
2029		258
2030		259
2031 - 2035		1,283

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. plan assets were as follows:


	Fair Value as of								Fair Value as of
(millions)	December 31, 2025								December 31, 2024
	Level 1			Level 2			Total		Level 1		Level 2		Total
Cash		$47.7			$-			$47.7		$41.5		$-		$41.5
Equity securities:
Large cap equity		408.4			-			408.4		367.1		-		367.1
Small cap equity		12.8			31.7			44.5		12.1		26.4		38.5
International equity		103.9			152.8			256.7		93.8		137.4		231.2
Fixed income:								-
Core fixed income		214.0			365.9			579.9		183.2		371.3		554.5
High-yield bonds		43.3			-			43.3		38.8		-		38.8
Emerging markets		-			44.3			44.3		-		42.0		42.0
Total investments at fair value		830.1			594.7			1,424.8		736.5		577.1		1,313.6
Investments measured at net asset value								321.7						327.0
Total		$830.1			$594.7			$1,746.5		$736.5		$577.1		$1,640.6

The Company had no Level 3 assets as part of its U.S. qualified pension plan assets as of December 31, 2025 or 2024.

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


	Target Asset
Asset Category	Allocation				Percentage
	Percentage				of Plan Assets

December 31	2025		2024		2025		2024

Cash	-	%	-	%	3	%	3	%
Equity securities:
Large cap equity	27		27		23		22
Small cap equity	3		3		3		2
International equity	17		17		15		14
Fixed income:
Core fixed income	35		35		33		34
High-yield bonds	3		3		2		2
Emerging markets	3		3		2		3
Other:
Real estate	3		3		3		3
Private equity	6		6		14		14
Distressed debt	3		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, 2025					December 31, 2024
	Level 1		Level 2		Total	Level 1	Level 2	Total
Cash	$10.3		$-		$10.3	$8.1	$-	$8.1
Equity securities:
International equity	-		192.5		192.5	-	193.9	193.9
Fixed income:
Corporate bonds	-		153.7		153.7	-	157.5	157.5
Government bonds	-		356.5		356.5	-	339.6	339.6
Insurance company accounts	-		164.1		164.1	-	163.2	163.2
Total investments at fair value	10.3		866.8		877.1	8.1	854.2	862.3
Investments measured at net asset value					51.4			48.6
Total	$10.3		$866.8		$928.5	$8.1	$854.2	$910.9

The Company had no Level 3 assets as part of its international plan assets as of December 31, 2025 or 2024.

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	2025		2024

Cash	1	%	1	%
Equity securities:
International equity	21		21
Fixed income:
Corporate bonds	16		17
Government bonds	38		37
Total fixed income	54		54
Other:
Insurance contracts	18		18
Real estate	6		6
Total	100	%	100	%

REVENUES (Tables)

12 Months Ended

Dec. 31, 2025

REVENUES

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



(millions)		2025		2024			2023
Global Water
Product and sold equipment			$6,958.7		$6,809.6			$6,709.8
Service and lease equipment			1,023.7		966.3			915.7
Global Institutional & Specialty
Product and sold equipment			4,950.4		5,000.0			4,920.5
Service and lease equipment			1,154.2		1,103.4			990.3
Global Pest Elimination
Product and sold equipment			-		-			-
Service and lease equipment			1,246.3		1,162.8			1,066.0
Global Life Sciences
Product and sold equipment			709.4		664.0			644.0
Service and lease equipment			38.5		35.3			31.4
Corporate
Product and sold equipment			-		-			42.5
Total
Total product and sold equipment			$12,618.5		$12,473.6			$12,316.8
Total service and lease equipment			3,462.7		3,267.8			3,003.4

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


		Global Water								Global Institutional & Specialty
(millions)		2025		2024			2023			2025		2024			2023

United States			$3,415.1		$3,306.7			$3,218.1			$3,996.0		$3,992.0			$3,856.9
Europe			1,661.1		1,593.7			1,573.0			1,026.1		1,037.5			1,033.2
Asia Pacific			945.7		947.6			946.4			329.2		322.4			308.2
Latin America			816.7		810.5			772.5			205.8		209.6			212.0
India, Middle East and Africa			501.1		493.0			491.8			99.1		105.1			98.6
Greater China			410.4		400.4			407.0			198.1		182.7			165.7
Canada			232.3		224.0			216.7			250.3		254.1			236.2
Total			$7,982.4		$7,775.9			$7,625.5			$6,104.6		$6,103.4			$5,910.8

		Global Pest Elimination								Global Life Sciences
(millions)		2025		2024			2023			2025		2024			2023

United States			$864.0		$805.6			$733.6			$205.1		$187.3			$187.2
Europe			205.7		187.5			171.0			382.4		374.4			368.6
Asia Pacific			35.1		32.1			28.7			54.5		37.2			33.9
Latin America			60.4		58.7			57.5			18.3		21.1			21.3
India, Middle East and Africa			7.0		7.1			6.9			31.0		22.4			9.6
Greater China			61.3		60.0			57.4			52.6		54.1			52.2
Canada			12.8		11.8			10.9			4.0		2.8			2.6
Total			$1,246.3		$1,162.8			$1,066.0			$747.9		$699.3			$675.4

		Corporate
(millions)		2025		2024			2023

United States			$-		$-			$38.4
Europe			-		-			2.7
Asia Pacific			-		-			0.2
Latin America			-		-			1.1
Canada			-		-			0.1
Total			$-		$-			$42.5

Schedule of contract liability


		December 31		December 31
(millions)		2025		2024

Contract liability as of beginning of the year			$102.0		$110.9

Revenue recognized in the year from:
Amounts included in the contract liability at the beginning of the year			(102.0)		(110.9)

Increases due to billings excluding amounts recognized as revenue during the year ended			113.7		102.0
Business combinations			59.3		-

Contract liability as of end of year			$173.0		$102.0

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

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 2024 net sales and operating income


	December 31, 2024

	2024 Reported					Fixed	2024 Reported
	Valued at 2024				Currency		Valued at 2025
(millions)	Fixed Currency Rates		Other		Rate Change		Fixed Currency Rates
Net Sales
Global Water		$7,857.2		($1.2)		($372.6)		$7,483.4
Global Institutional & Specialty		5,413.9		726.0		(160.5)		5,979.4
Global Pest Elimination		1,167.8		-		(27.7)		1,140.1
Global Life Sciences		1,434.1		(724.8)		(38.8)		670.5
Subtotal at fixed currency rates		15,873.0		-		(599.6)		15,273.4
Effect of foreign currency translation		(131.6)		-		599.6		468.0
Consolidated reported GAAP net sales		$15,741.4		$-		$-		$15,741.4

Cost of Sales
Global Water		$4,691.2		$2.0		($222.3)		$4,470.9
Global Institutional & Specialty		2,727.5		490.6		(87.1)		3,131.0
Global Pest Elimination		655.0		0.1		(15.3)		639.8
Global Life Sciences		895.1		(492.7)		(19.8)		382.6
Corporate		5.4		-		(0.2)		$5.2
Subtotal at fixed currency rates		$8,974.2		$-		($344.7)		$8,629.5

Selling, General and Administrative Expenses
Global Water		$1,865.4		$3.1		($63.2)		$1,805.3
Global Institutional & Specialty		1,503.7		181.2		(38.7)		1,646.2
Global Pest Elimination		292.4		5.1		(6.9)		290.6
Global Life Sciences		391.8		(189.4)		(6.3)		196.1
Corporate		199.3		-		(3.7)		195.6
Subtotal at fixed currency rates		$4,252.6		$-		($118.8)		$4,133.8

Special (Gains) and Charges
Corporate		(188.9)		-		0.2		(188.7)
Subtotal at fixed currency rates		($188.9)		$-		$0.2		($188.7)

Operating Income
Global Water		$1,300.6		($6.3)		($87.1)		$1,207.2
Global Institutional & Specialty		1,182.7		54.2		(34.7)		1,202.2
Global Pest Elimination		220.4		(5.2)		(5.5)		209.7
Global Life Sciences		147.2		(42.7)		(12.7)		91.8
Corporate		(15.8)		-		3.7		(12.1)
Subtotal at fixed currency rates		2,835.1		-		(136.3)		2,698.8
Effect of foreign currency translation		(32.7)		-		136.3		103.6
Consolidated reported GAAP operating income		$2,802.4		$-		$-		$2,802.4


	December 31, 2023

	2023 Reported					Fixed	2023 Reported
	Valued at 2024				Currency		Valued at 2025
(millions)	Fixed Currency Rates		Other		Rate Change		Fixed Currency Rates
Net Sales
Global Water		$7,640.5		($1.0)		($355.4)		$7,284.1
Global Institutional & Specialty		5,014.6		920.7		(155.9)		5,779.4
Global Pest Elimination		1,070.2		-		(25.9)		1,044.3
Global Life Sciences		1,607.5		(919.7)		(37.0)		650.8
Corporate		42.7		-		(0.3)		42.4
Subtotal at fixed currency rates		15,375.5		-		(574.5)		14,801.0
Effect of foreign currency translation		(55.3)		-		574.5		519.2
Consolidated reported GAAP net sales		$15,320.2		$-		$-		$15,320.2

Cost of Sales
Global Water		$4,769.7		$2.4		($223.5)		$4,548.6
Global Institutional & Specialty		2,727.3		664.6		(91.9)		3,300.0
Global Pest Elimination		595.0		0.1		(14.1)		581.0
Global Life Sciences		1,026.9		(667.1)		(18.3)		341.5
Corporate		63.3		-		(0.3)		63.0
Subtotal at fixed currency rates		$9,182.2		$-		($348.1)		$8,834.1

Selling, General and Administrative Expenses
Global Water		$1,748.8		$3.2		($58.6)		$1,693.4
Global Institutional & Specialty		1,445.5		215.4		(38.0)		1,622.9
Global Pest Elimination		264.8		4.3		(6.7)		262.4
Global Life Sciences		419.8		(222.9)		(6.5)		190.4
Corporate		200.8		-		(3.7)		197.1
Subtotal at fixed currency rates		$4,079.7		$-		($113.5)		$3,966.2

Special (Gains) and Charges
Corporate		111.4		-		(0.1)		111.3
Subtotal at fixed currency rates		$111.4		$-		($0.1)		$111.3

Operating Income
Global Water		$1,122.0		($6.6)		($73.3)		$1,042.1
Global Institutional & Specialty		841.8		40.7		(26.0)		856.5
Global Pest Elimination		210.4		(4.4)		(5.1)		200.9
Global Life Sciences		160.8		(29.7)		(12.2)		118.9
Corporate		(332.8)		-		3.8		(329.0)
Subtotal at fixed currency rates		2,002.2		-		(112.8)		1,889.4
Effect of foreign currency translation		(9.9)		-		112.8		102.9
Consolidated reported GAAP operating income		$1,992.3		$-		$-		$1,992.3

Schedule of reportable segment information


	December 31, 2025

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

Global Water	$7,679.9	$4,585.9	$1,830.1	$-	$1,263.9
Global Institutional & Specialty	5,962.0	2,977.7	1,626.5	-	1,357.8
Global Pest Elimination	1,219.2	686.3	295.8	-	237.1
Global Life Sciences	706.1	382.6	202.8	-	120.7
Corporate	-	7.7	195.2	150.3	(353.2)
Subtotal at fixed currency rates	$15,567.2	$8,640.2	$4,150.4	$150.3	$2,626.3
Effect of foreign currency translation	514.0				111.3
Consolidated reported GAAP	$16,081.2				$2,737.6

	December 31, 2024

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

Global Water	$7,483.4	$4,470.9	$1,805.3	$-	$1,207.2
Global Institutional & Specialty	5,979.4	3,131.0	1,646.2	-	1,202.2
Global Pest Elimination	1,140.1	639.8	290.6	-	209.7
Global Life Sciences	670.5	382.6	196.1	-	91.8
Corporate	-	5.2	195.6	(188.7)	(12.1)
Subtotal at fixed currency rates	$15,273.4	$8,629.5	$4,133.8	($188.7)	$2,698.8
Effect of foreign currency translation	468.0				103.6
Consolidated reported GAAP	$15,741.4				$2,802.4

	December 31, 2023

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

Global Water	$7,284.1	$4,548.6	$1,693.4	$-	$1,042.1
Global Institutional & Specialty	5,779.4	3,300.0	1,622.9	-	856.5
Global Pest Elimination	1,044.3	581.0	262.4	-	200.9
Global Life Sciences	650.8	341.5	190.4	-	118.9
Corporate	42.4	63.0	197.1	111.3	(329.0)
Subtotal at fixed currency rates	$14,801.0	$8,834.1	$3,966.2	$111.3	$1,889.4
Effect of foreign currency translation	519.2				102.9
Consolidated reported GAAP	$15,320.2				$1,992.3

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


	Long-Lived Assets, net
(millions)	2025		2024
United States		$3,302.0		$3,075.4
Europe		798.9		660.6
Greater China		273.3		176.0
Asia Pacific		262.6		241.6
Latin America		208.5		170.1
India, Middle East and Africa		118.6		78.6
Canada		78.6		73.3
Total		$5,042.5		$4,475.6

NATURE OF BUSINESS (Details)	12 Months Ended
NATURE OF BUSINESS (Details)	Dec. 31, 2025 segment country
NATURE OF BUSINESS
Number of reportable segments \| segment	4
Minimum
NATURE OF BUSINESS
Number of countries in which company delivers comprehensive programs and services \| country	170

SIGNIFICANT ACCOUNTING POLICIES - Valuation Allowance and Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable and Allowance for Doubtful Accounts
Allowance for doubtful accounts, returns and credits	$ 43.0	$ 53.0	$ 72.0
Activity in the allowance for doubtful accounts
Beginning balance	70.0	77.3	71.9
Bad debt expense	51.4	46.9	54.0
Write-offs	(48.5)	(51.0)	(46.2)
Other (a)	1.2	(3.2)	(2.4)
Ending balance	$ 74.1	$ 70.0	$ 77.3

SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Inventory Valuations
Percentage of consolidated inventories	30.00%	31.00%
Property, Plant and Equipment
Depreciation expense	$ 672.6	$ 634.9	$ 616.7
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
Capitalized Software \| Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Capitalized Software \| Maximum
Property, Plant and Equipment
Estimated useful life	7 years
Dispensing and Monitoring Equipment \| Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Dispensing and Monitoring Equipment \| Maximum
Property, Plant and Equipment
Estimated useful life	20 years

SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Other Intangible Assets (Details) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2025 USD ($) item segment	Dec. 31, 2025 USD ($) item	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Changes in the carrying amount of goodwill for each of the company's reportable segments
Number of reporting units \| item	7	8
Number of operating units \| segment	7		7
Changes in the carrying amount of goodwill
Beginning goodwill			$ 7,907.3	$ 8,148.2
Current year business combinations			1,122.8	156.6
Acquisition related goodwill			5.7	1.2	$ 0.7
Divestiture of businesses				(305.9)
Effect of foreign currency translation			191.2	(92.8)
Ending goodwill		$ 9,227.0	9,227.0	7,907.3	8,148.2
Impairment of goodwill			0.0	0.0
Previously Reported
Changes in the carrying amount of goodwill
Beginning goodwill				8,148.2
Ending goodwill					8,148.2
Nalco Holding Company ("Nalco") \| Trademarks
Changes in the carrying amount of goodwill
Carrying value of asset subject to impairment testing	$ 1,200.0
Impairment of indefinite life intangible asset			0.0
Barclay water management
Changes in the carrying amount of goodwill
Goodwill expected to be tax deductible		17.0	17.0	132.0
Global Institutional and Specialty
Changes in the carrying amount of goodwill
Beginning goodwill			1,024.3	1,327.0
Segment changes/Transferred to held for sale					717.0
Current year business combinations				6.5
Divestiture of businesses				(305.9)
Effect of foreign currency translation			17.2	(3.3)
Ending goodwill		1,041.5	1,041.5	1,024.3	1,327.0
Global Institutional and Specialty \| Previously Reported
Changes in the carrying amount of goodwill
Beginning goodwill				610.0
Ending goodwill					610.0
Global Life Sciences
Changes in the carrying amount of goodwill
Beginning goodwill			2,408.7	2,441.4
Segment changes/Transferred to held for sale					(717.0)
Effect of foreign currency translation			81.7	(32.7)
Ending goodwill		2,490.4	2,490.4	2,408.7	2,441.4
Global Life Sciences \| Previously Reported
Changes in the carrying amount of goodwill
Beginning goodwill				3,158.4
Ending goodwill					3,158.4
Global Pest Elimination
Changes in the carrying amount of goodwill
Beginning goodwill			169.4	136.3
Current year business combinations			17.4	33.9
Acquisition related goodwill			0.1
Effect of foreign currency translation			2.7	(0.8)
Ending goodwill		189.6	189.6	169.4	136.3
Global Pest Elimination \| Previously Reported
Changes in the carrying amount of goodwill
Beginning goodwill				136.3
Ending goodwill					136.3
Global Water
Changes in the carrying amount of goodwill
Beginning goodwill			4,304.9	4,243.5
Current year business combinations			1,105.4	116.2
Acquisition related goodwill			5.6	1.2
Effect of foreign currency translation			89.6	(56.0)
Ending goodwill		$ 5,505.5	$ 5,505.5	4,304.9	4,243.5
Global Water \| Previously Reported
Changes in the carrying amount of goodwill
Beginning goodwill				$ 4,243.5
Ending goodwill					$ 4,243.5

SIGNIFICANT ACCOUNTING POLICIES - Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
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	$ 304	$ 301	$ 307
2026	338
2027	215
2028	207
2029	199
2030	$ 185
Customer relationships
Other intangible assets
Weighted-average useful life of other amortizable assets	16 years
Patents
Other intangible assets
Weighted-average useful life of other amortizable assets	15 years
Trademarks
Other intangible assets
Weighted-average useful life of other amortizable assets	12 years
Other technology
Other intangible assets
Weighted-average useful life of other amortizable assets	11 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, 2025
Lessor
Lessor, Operating Lease, Existence of Lessee Option to Purchase Underlying Asset [true false]	false
Minimum
Lessee
Renewal term - Operating	1 month
Lessor
Lessor, Operating Lease, Term of Contract	1 year
Maximum
Lessor
Lessor, Operating Lease, Term of Contract	5 years

SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Computations of the basic and diluted earnings attributable to Ecolab per share amounts
Net income attributable to Ecolab	$ 2,075.6	$ 2,112.4	$ 1,372.3
Weighted-average common shares outstanding
Basic (in shares)	283.3	284.3	285.0
Effect of dilutive stock options and units (in shares)	1.9	2.3	1.6
Diluted (in shares)	285.2	286.6	286.5
Basic EPS
Earnings attributable to Ecolab	$ 7.33	$ 7.43	$ 4.82
Diluted EPS
Earnings attributable to Ecolab	$ 7.28	$ 7.37	$ 4.79
Anti-dilutive securities excluded from computation of earnings per share (in shares)	1.2	0.6	4.3

SIGNIFICANT ACCOUNTING POLICIES - Supplier Finance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
SIGNIFICANT ACCOUNTING POLICIES
Beginning of year	$ 39.9
Invoices confirmed during the year	193.7	$ 57.0
Confirmed invoices paid during the year	(172.4)	(17.1)
End of year	$ 61.2	$ 39.9
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts Payable, Current	Accounts Payable, Current

SIGNIFICANT ACCOUNTING POLICIES - New Accounting Pronouncements (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
SIGNIFICANT ACCOUNTING POLICIES
New accounting guidance, cumulative effect	$ 12,834.0	$ 11,517.1

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

SPECIAL (GAINS) AND CHARGES - Charges Reported on Statement of Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Special (gains) and charges
Other restructuring	$ 184.1
Other (income) expense	154.9	$ (188.9)	$ 111.4
Total special (gains) and charges	162.6	(183.6)	133.9
Cost of sales
Special (gains) and charges
Other (income) expense	7.7	5.3	22.5
Cost of sales \| Combined Restructuring Plan
Special (gains) and charges
Other restructuring		3.4	22.5
Cost of sales \| One Ecolab
Special (gains) and charges
Other restructuring	7.7	1.9
Special (gains) and charges
Special (gains) and charges
Sale of global surgical solutions business	3.0	(340.3)	10.3
Acquisition and integration activities	36.1	12.6	16.1
Other special gains and charges	(12.4)	18.7	21.8
Other (income) expense	154.9	(188.9)	111.4
Special (gains) and charges \| Combined Restructuring Plan
Special (gains) and charges
Other restructuring	(12.0)	21.8	$ 63.2
Special (gains) and charges \| One Ecolab
Special (gains) and charges
Other restructuring	$ 140.2	$ 98.3

SPECIAL (GAINS) AND CHARGES - Restructuring and Non-Restructuring Activity (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended			36 Months Ended
	Aug. 01, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Feb. 28, 2026	Apr. 27, 2024
Other restructuring information
Restructuring charges incurred, pre-tax				$ 184.1
Restructuring charges incurred, after tax				151.5
Resulting in a gain		$ 12.0
Gain after tax		$ 9.2
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Global surgical solutions business
Other restructuring information
Professional services				3.0	$ 15.6	$ 10.3
Services from professionals, net of tax				2.3	12.0	7.7
Disposal group, held-for-sale, not discontinued operations \| Global surgical solutions business
Other restructuring information
Total Consideration									$ 950.0
Cash received from sale of business	$ 926.0
Special gain (loss) on sale of business before tax				355.9	355.9
Special gain (loss) on sale of business after tax				257.7	257.7
Transaction costs and other adjustments				49.7
Professional services				3.0
Services from professionals, net of tax				2.3
Special (gains) and charges
Other restructuring information
Business combination advisory and legal fees, pre tax				36.1	12.6	16.1
Business combination and integration related costs, after tax				31.2	9.6	12.0
Other special gains and charges				(12.4)	18.7	21.8
Specific legal reserve and related legal charges
Other restructuring information
Other special gains and charges				12.4	18.7	21.8
Other special gains and charges, after-tax				10.8	13.9	16.7
Other Restructuring Plan
Other restructuring information
Restructuring charge expected to be incurred, pre-tax			$ 5.3
Restructuring charge expected to be incurred, after tax			4.0
Restructuring charges incurred, pre-tax			10.6			8.0
Restructuring charges incurred, after tax			$ 8.0			6.0
Prior Year Plans
Other restructuring information
Cash payments				10.4
Restructuring
Restructuring liability				8.8	19.3		$ 19.3
Combined Program
Restructuring
Recorded expense (income) and accrual							170.1
Net cash payments							(156.0)
Non-cash net charges							(15.3)
Reclassification							14.0
Restructuring liability					12.8		12.8
Combined Program \| Special (gains) and charges
Other restructuring information
Restructuring charges incurred, pre-tax				(12.0)	21.8	63.2
Combined Program \| Cost of sales
Other restructuring information
Restructuring charges incurred, pre-tax					3.4	22.5
Combined Program \| Employee termination costs
Other restructuring information
Restructuring charges incurred, pre-tax					25.2	77.7
Restructuring charges incurred, after tax					18.6	$ 66.4
Restructuring
Recorded expense (income) and accrual							118.0
Net cash payments							(124.5)
Reclassification							19.3
Restructuring liability					12.8		12.8
Combined Program \| Asset disposals
Restructuring
Recorded expense (income) and accrual							15.3
Non-cash net charges							(15.3)
Combined Program \| Other
Restructuring
Recorded expense (income) and accrual							36.8
Net cash payments							(31.5)
Reclassification							(5.3)
One Ecolab
Other restructuring information
Restructuring charge expected to be incurred, pre-tax								$ 334.0
Restructuring charge expected to be incurred, after tax								261.0
Restructuring and related special charges, pre-tax								91.0
Restructuring and related activities special charges, after tax								$ 71.0
Restructuring charges incurred to date, pre-tax				198.8
Restructuring charges incurred to date, after-tax				153.5
Special charges to date				54.6
Special charges to date, after tax				41.3
Cash payments				75.8
Restructuring
Recorded expense (income) and accrual				117.0	76.5
Net cash payments				(75.8)	(26.9)
Reclassification					5.3
Restructuring liability				96.1	54.9		54.9
One Ecolab \| Special (gains) and charges
Other restructuring information
Restructuring charges incurred, pre-tax				140.2	98.3
Professional services				30.9	23.7
Services from professionals, net of tax				23.4	17.9
One Ecolab \| Cost of sales
Other restructuring information
Restructuring charges incurred, pre-tax				7.7	1.9
One Ecolab \| Employee termination costs
Other restructuring information
Restructuring charges incurred, pre-tax				117.0	76.5
Restructuring charges incurred, after tax				90.5	59.0
Restructuring
Recorded expense (income) and accrual				101.9	46.3
Net cash payments				(55.7)
Restructuring liability				92.5	46.3		46.3
One Ecolab \| Other
Restructuring
Recorded expense (income) and accrual				15.1	30.2
Net cash payments				(20.1)	(26.9)
Reclassification					5.3
Restructuring liability				$ 3.6	$ 8.6		$ 8.6

ACQUISITIONS AND DISPOSITIONS - 2025 Activity (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 16, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 9,227.0	$ 7,907.3	$ 8,148.2
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions		17 years	15 years	12 years
Ovivo's Electronics
Business Acquisition [Line Items]
Consideration transferred	$ 1,596.0
Net tangible assets (liabilities) acquired	(128.0)
Identifiable intangible assets	618.3
Goodwill	1,105.4
Total consideration transferred to sellers, net of cash acquired	1,595.7
Contract asset	117.4
Accounts receivable	79.4
Property, plant and equipment	26.8
Inventory	25.0
Deferred tax liabilities	118.6
Current liabilities	$ 262.0
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions	17 years
Customer relationships \| Ovivo's Electronics
Business Acquisition [Line Items]
Identifiable intangible assets	$ 444.5
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions	20 years
Technology \| Ovivo's Electronics
Business Acquisition [Line Items]
Identifiable intangible assets	$ 131.2
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions	8 years
Trademarks \| Ovivo's Electronics
Business Acquisition [Line Items]
Identifiable intangible assets	$ 42.6
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions	8 years

ACQUISITIONS AND DISPOSITIONS - 2024 and 2023 Activity (Details) $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2024 USD ($)	Jun. 30, 2023 item	Dec. 31, 2024 item
Business Acquisition [Line Items]
Number of other immaterial acquisitions		2	2
Number of Acquisitions		3
Barclay Water Management [Member]
Business Acquisition [Line Items]
Consideration transferred \| $	$ 262.2

ACQUISITIONS AND DISPOSITIONS - Acquisition Summary -Schedule of Cash paid for Acquisitions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 9,227.0	$ 7,907.3	$ 8,148.2
Business Acquisitions and Investment
Business Acquisition [Line Items]
Net tangible assets (liabilities) acquired	1.2	22.7	20.8
Identifiable intangible assets	9.8	143.2	88.7
Goodwill	17.4	156.7	70.2
Total aggregate purchase price	28.4	322.6	179.7
Acquisition-related liabilities and contingent consideration	3.5	12.9	3.9
Total cash paid for acquisitions, including acquisition-related liabilities and contingent consideration, net of cash acquired	24.9	309.7	175.8
Customer relationships \| Business Acquisitions and Investment
Business Acquisition [Line Items]
Identifiable intangible assets	$ 9.8	118.3	60.8
Trademarks \| Business Acquisitions and Investment
Business Acquisition [Line Items]
Identifiable intangible assets		5.7
Non-compete agreements \| Business Acquisitions and Investment
Business Acquisition [Line Items]
Identifiable intangible assets		1.6	2.1
Other technology \| Business Acquisitions and Investment
Business Acquisition [Line Items]
Identifiable intangible assets		$ 17.6	$ 25.8

ACQUISITIONS AND DISPOSITIONS - Acquisitions Summary (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Jun. 30, 2023 item
ACQUISITIONS AND DISPOSITIONS
Payments for merger related costs	$ 0.7	$ 3.2	$ 4.1
Number of other immaterial acquisitions \| item		2		2
Acquisition related net liabilities adjustments, decrease	0.3
Acquisition related net tangible assets adjustments	(5.3)	$ (2.5)	1.7
Acquisition related net intangible assets adjustments		1.0
Acquisition related liabilities and contingent consideration, purchase accounting adjustments			(1.7)
Acquisition related goodwill	$ 5.7	$ 1.2	$ 0.7
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions	17 years	15 years	12 years

ACQUISITIONS AND DISPOSITIONS - Dispositions (Details) - Global surgical solutions business - Disposal group, held-for-sale, not discontinued operations - USD ($) $ in Millions		12 Months Ended
	Aug. 01, 2024	Dec. 31, 2025	Dec. 31, 2024	Apr. 27, 2024
Dispositions
Sale consideration				$ 950.0
Cash received from sale of business	$ 926.0
Purchase price		$ 16.1
Special gain (loss) on sale of business before tax		355.9	$ 355.9
Special gain (loss) on sale of business after tax		257.7	$ 257.7
Transaction costs and other adjustments		49.7
Professional services		3.0
Services from professionals, net of tax		$ 2.3
Derecognition of net assets	$ 504.6

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

BALANCE SHEETS INFORMATION (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounts receivable, net
Accounts receivable	$ 3,366.2	$ 2,987.5
Allowance for expected credit losses and other accruals	(116.8)	(122.5)
Total	3,249.4	2,865.0
Inventories
Finished goods	962.1	962.2
Raw materials and parts	620.3	607.4
Inventories at FIFO cost	1,582.4	1,569.6
FIFO cost to LIFO cost difference	(92.0)	(104.7)
Total	1,490.4	1,464.9
Other current assets
Prepaid assets	159.5	151.4
Taxes receivable	229.8	163.3
Derivative assets	2.6	13.4
Contract assets	117.4
Other	60.3	110.9
Total	569.6	439.0
Property, plant and equipment, net
Land	149.2	144.5
Buildings and leasehold improvements	1,242.6	1,152.8
Machinery and equipment	2,496.4	2,248.5
Dispensing and monitoring equipment	3,193.1	2,925.3
Capitalized software	1,176.8	1,037.8
Construction in progress	858.1	679.3
Property, plant and equipment, gross	9,116.2	8,188.2
Accumulated depreciation	(4,839.6)	(4,435.8)
Total	4,276.6	3,752.4
Intangible assets subject to amortization:
Other intangible assets, gross	5,444.2	4,698.1
Accumulated amortization	(2,985.7)	(2,619.3)
Net intangible assets subject to amortization	2,458.5	2,078.8
Total	3,688.5	3,308.8
Other assets
Deferred income taxes	181.0	155.5
Pension	184.3	151.0
Derivative asset	2.9	45.1
Other	414.5	318.8
Total	782.7	670.4
Other current liabilities
Discounts and rebates	528.4	452.2
Dividends payable	205.9	184.2
Interest payable	64.8	62.6
Taxes payable, other than income	179.5	171.8
Derivative liability	5.4	3.0
Restructuring	102.5	71.6
Contract liability	173.0	102.0
Operating lease liabilities	$ 164.7	$ 142.3
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total	Total
Other	$ 313.3	$ 323.0
Total	1,737.5	1,512.7
Accumulated other comprehensive income (loss)
Unrealized (loss) gain on derivative financial instruments, net of tax	(4.0)	4.6
Unrecognized pension and postretirement benefit expense, net of tax	(495.5)	(538.4)
Cumulative translation, net of tax	(1,374.8)	(1,448.2)
Total	(1,874.3)	(1,982.0)
Customer relationships
Intangible assets subject to amortization:
Other intangible assets, gross	3,827.3	3,279.8
Accumulated amortization	(2,077.3)	(1,814.1)
Trademarks
Intangible assets subject to amortization:
Other intangible assets, gross	420.6	371.9
Accumulated amortization	(272.0)	(236.3)
Patents
Intangible assets subject to amortization:
Other intangible assets, gross	516.1	504.6
Accumulated amortization	(367.4)	(340.6)
Other technology
Intangible assets subject to amortization:
Other intangible assets, gross	680.2	541.8
Accumulated amortization	(269.0)	(228.3)
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, 2025	Dec. 31, 2024
Components of the company's debt obligations
Long-term debt, current maturities	$ 759.4	$ 612.1
Short-term debt including current maturities of long-term debt	870.4	615.7
Amount outstanding under the credit agreement	0.0	0.0
Letters of Credit, Surety Bonds and Guarantees, Outstanding, Amount	217.0
Maximum borrowing capacity for letters of credit, surety bonds and guarantees	428.0
Outstanding amount for letters of credit, surety bonds and guarantees	217.0
Commercial paper
Components of the company's debt obligations
Short term borrowings	$ 100.0
Average interest rate (as a percent)	3.90%
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	100.0	0.0
European commercial paper
Components of the company's debt obligations
Maximum borrowing capacity, commercial paper	2,000.0
Outstanding commercial paper	0.0
Notes payable
Components of the company's debt obligations
Short term borrowings	$ 11.0	$ 3.6
Average interest rate (as a percent)	3.94%	7.28%
Remaining capacity	$ 2,191.0	$ 2,153.0
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, ¥ in Billions	1 Months Ended					12 Months Ended
	Aug. 31, 2025 USD ($)	Jul. 31, 2025 USD ($)	Jul. 31, 2025 EUR (€)	Jan. 31, 2024 USD ($)	Jan. 31, 2024 EUR (€)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 EUR (€)	Jun. 30, 2025 USD ($)	Jun. 30, 2025 CNY (¥)
Debt instrument
Carrying value						$ 8,125.3	$ 7,561.3
Long-term debt, current maturities						(759.4)	(612.1)
Long-term debt						7,365.9	6,949.2
Repayments of long-term debt				$ 630.0	€ 575	674.2	630.4	$ 500.0
Aggregate annual maturities of long-term debt
2026						759.0
2027						1,005.0
2028						1,012.0
2029						12.0
2030						687.0
Interest
Interest expense						306.2	340.3	348.9
Interest income						(65.1)	(57.8)	(52.2)
Interest expense, net						$ 241.1	282.5	$ 296.7
Ten Year 2015 senior euro notes
Debt instrument
Carrying value							$ 607.8
Stated Interest Rate (as a percent)							2.63%
Effective Interest Rate (as a percent)							2.88%
Aggregate principal amount \| €									€ 575
Debt instrument, term						10 years
Repayments of long-term debt		$ 674.0	€ 575
Ten year 2016 senior notes
Debt instrument
Carrying value						$ 744.4	$ 735.2
Stated Interest Rate (as a percent)						2.70%	2.70%		2.70%
Effective Interest Rate (as a percent)						3.50%	3.96%		3.50%
Aggregate principal amount						$ 750.0
Debt instrument, term						10 years
Thirty year 2016 senior notes
Debt instrument
Carrying value						$ 197.6	$ 197.5
Stated Interest Rate (as a percent)						3.70%	3.70%		3.70%
Effective Interest Rate (as a percent)						3.80%	3.80%		3.80%
Aggregate principal amount						$ 200.0
Debt instrument, term						30 years
Ten year 2017 senior notes
Debt instrument
Carrying value						$ 477.7	$ 456.5
Stated Interest Rate (as a percent)						3.25%	3.25%		3.25%
Effective Interest Rate (as a percent)						7.16%	8.54%		7.16%
Aggregate principal amount						$ 500.0
Debt instrument, term						10 years
Six Year 2021 Senior Notes
Debt instrument
Carrying value						$ 499.1	$ 498.2
Stated Interest Rate (as a percent)						1.65%	1.65%		1.65%
Effective Interest Rate (as a percent)						1.82%	1.73%		1.82%
Aggregate principal amount						$ 500.0
Debt instrument, term						6 years
Five Year 2022 senior notes
Debt instrument
Carrying value						$ 497.1	$ 495.6
Stated Interest Rate (as a percent)						5.25%	5.25%		5.25%
Effective Interest Rate (as a percent)						4.42%	5.08%		4.42%
Aggregate principal amount						$ 500.0
Debt instrument, term						5 years
Three year 2025 senior notes
Debt instrument
Carrying value						$ 496.7
Stated Interest Rate (as a percent)						4.30%			4.30%
Effective Interest Rate (as a percent)						4.48%			4.48%
Aggregate principal amount						$ 500.0				$ 500.0
Principal year	3 years
Debt instrument, term						3 years
Interest rate (as a percent)										4.30%	4.30%
Ten year 2020 senior notes
Debt instrument
Carrying value						$ 677.5	$ 657.2
Stated Interest Rate (as a percent)						4.80%	4.80%		4.80%
Effective Interest Rate (as a percent)						5.95%	6.52%		5.95%
Aggregate principal amount						$ 698.0
Debt instrument, term						10 years
Ten year 2020 senior notes, maturing in 2031
Debt instrument
Carrying value						$ 572.3	$ 559.3
Stated Interest Rate (as a percent)						1.30%	1.30%		1.30%
Effective Interest Rate (as a percent)						1.92%	3.17%		1.92%
Aggregate principal amount						$ 600.0
Debt instrument, term						10 years
Eleven Year 2021 Senior Notes
Debt instrument
Carrying value						$ 646.4	$ 645.8
Stated Interest Rate (as a percent)						2.13%	2.13%		2.13%
Effective Interest Rate (as a percent)						1.59%	1.59%		1.59%
Aggregate principal amount						$ 650.0
Debt instrument, term						11 years
Ten year 2025 senior nots
Debt instrument
Carrying value						$ 495.1
Stated Interest Rate (as a percent)						5.00%			5.00%
Effective Interest Rate (as a percent)						5.08%			5.08%
Aggregate principal amount	$ 500.0					$ 500.0
Debt instrument, term	10 years					10 years
Interest rate (as a percent)	5.00%
Thirty year 2011 senior notes
Debt instrument
Carrying value						$ 385.2	$ 385.0
Stated Interest Rate (as a percent)						5.50%	5.50%		5.50%
Effective Interest Rate (as a percent)						5.61%	5.62%		5.61%
Aggregate principal amount						$ 389.0
Debt instrument, term						30 years
Thirty year 2017 senior notes
Debt instrument
Carrying value						$ 429.6	$ 428.2
Stated Interest Rate (as a percent)						3.95%	3.95%		3.95%
Effective Interest Rate (as a percent)						4.78%	4.79%		4.78%
Aggregate principal amount						$ 484.0
Debt instrument, term						30 years
Thirty year 2020 senior notes
Debt instrument
Carrying value						$ 491.7	$ 491.4
Stated Interest Rate (as a percent)						2.13%	2.13%		2.13%
Effective Interest Rate (as a percent)						2.23%	2.23%		2.23%
Aggregate principal amount						$ 500.0
Debt instrument, term						30 years
Thirty Year 2021 Senior Notes
Debt instrument
Carrying value						$ 840.1	$ 839.7
Stated Interest Rate (as a percent)						2.70%	2.70%		2.70%
Effective Interest Rate (as a percent)						2.78%	2.78%		2.78%
Aggregate principal amount						$ 850.0
Debt instrument, term						30 years
Thirty-four year 2021 senior notes
Debt instrument
Carrying value						$ 543.4	$ 541.2
Stated Interest Rate (as a percent)						2.75%	2.75%		2.75%
Effective Interest Rate (as a percent)						3.86%	3.86%		3.86%
Aggregate principal amount						$ 685.0
Debt instrument, term						34 years
Other debt.
Debt instrument
Carrying value						$ 131.4	$ 22.7
Public Notes
Debt instrument
Principal outstanding payable at time of prepayment of notes (as a percent)						101.00%
Construction loan payable
Debt instrument
Aggregate principal amount										$ 155.0	¥ 1.1
Principal year										13 years	13 years

FAIR VALUE MEASUREMENTS (Details) - Recurring - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Carrying Amount \| Foreign currency forward contracts
Assets:
Foreign currency forward contracts	$ 17.4	$ 38.4
Liabilities:
Foreign currency forward contracts	20.3	28.0
Carrying Amount \| Interest rate swap agreements
Liabilities:
Interest rate swap agreements	74.4	138.5
Carrying Amount \| Cross-currency swap derivative contracts
Assets:
Foreign currency forward contracts	11.4	119.0
Liabilities:
Foreign currency forward contracts	190.6	56.4
Level 2 \| Foreign currency forward contracts
Assets:
Foreign currency forward contracts	17.4	38.4
Liabilities:
Foreign currency forward contracts	20.3	28.0
Level 2 \| Interest rate swap agreements
Liabilities:
Interest rate swap agreements	74.4	138.5
Level 2 \| Cross-currency swap derivative contracts
Assets:
Foreign currency forward contracts	11.4	119.0
Liabilities:
Foreign currency forward contracts	$ 190.6	$ 56.4

FAIR VALUE MEASUREMENTS - Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Carrying Amount
Carrying amount and fair value of financial instruments
Long-term debt, including current maturities	$ 8,125.3	$ 7,561.3
Fair Value \| Level 2
Carrying amount and fair value of financial instruments
Long-term debt, including current maturities	$ 7,381.8	$ 6,662.1

DERIVATIVES AND HEDGING TRANSACTIONS - Derivative Positions Summary (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Asset Derivatives
Gross value of derivatives	$ 28.8	$ 157.4
Gross amounts offset in the Consolidated Balance Sheet	(23.3)	(98.9)
Net value of derivatives presented in the Consolidated Balance Sheet	5.5	58.5
Liability Derivatives
Gross value of derivatives	285.3	222.9
Gross amounts offset in the Consolidated Balance Sheet	(23.3)	(98.9)
Net value of derivatives presented in the Consolidated Balance Sheet	$ 262.0	$ 124.0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current, Other Liabilities, Noncurrent	Other Liabilities, Current, Other Liabilities, Noncurrent
Cash collateral received	$ 0.0
Cash collateral pledged	0.0
Derivatives designated as hedging instruments \| Foreign currency forward contracts
Asset Derivatives
Gross value of derivatives	2.9	$ 11.4
Liability Derivatives
Gross value of derivatives	6.5	3.2
Derivatives designated as hedging instruments \| Interest rate swap agreements
Liability Derivatives
Gross value of derivatives	74.4	138.5
Derivatives designated as hedging instruments \| Cross-currency swap derivative contracts
Asset Derivatives
Gross value of derivatives	5.8	82.1
Liability Derivatives
Gross value of derivatives	185.0	19.5
Derivatives not designated as hedging instruments \| Foreign currency forward contracts
Asset Derivatives
Gross value of derivatives	14.5	27.0
Liability Derivatives
Gross value of derivatives	13.8	24.8
Derivatives not designated as hedging instruments \| Cross-currency swap derivative contracts
Asset Derivatives
Gross value of derivatives	5.6	36.9
Liability Derivatives
Gross value of derivatives	$ 5.6	$ 36.9

DERIVATIVES AND HEDGING TRANSACTIONS - Information by Type of Derivative and Hedging Activities (Details) € in Millions, ¥ in Millions, SFr in Millions, $ in Millions, $ in Millions	1 Months Ended				12 Months Ended
	Jul. 31, 2025 USD ($)	Jul. 31, 2025 EUR (€)	Jan. 31, 2024 USD ($)	Jan. 31, 2024 EUR (€)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 26, 2026 CHF (SFr)	Dec. 31, 2025 EUR (€)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 CAD ($)	Jun. 30, 2025 EUR (€)	Apr. 30, 2025 EUR (€)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 CNY (¥)	Nov. 30, 2023 EUR (€)
Fair Value Hedges
Derivative liability					$ 262.0	$ 124.0
Net Investment Hedges
Repayments of long-term debt			$ 630.0	€ 575	674.2	630.4	$ 500.0
Total revaluation gain (loss), net of tax					(216.1)	52.4	(73.1)
Seven year 2008 senior notes
Fair Value Hedges
Aggregate principal amount					1,500.0
Ten Year 2015 senior euro notes
Fair Value Hedges
Aggregate principal amount \| €									€ 575
Net Investment Hedges
Repayments of long-term debt	$ 674.0	€ 575
Cost of sales
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income					$ 4.4	$ 4.0	$ 10.6
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]					Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Selling, general and administrative expenses
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income					$ (2.1)	$ 2.4	$ (45.1)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]					Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Interest expense, net
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income					$ (1.5)	$ (1.9)	$ 5.8
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					$ 2,525.0	$ 3,175.0
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					$ (2.6)	$ (3.4)	$ (26.2)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]					Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Interest rate swap agreements
Net Investment Hedges
Notional values					$ 1,500.0	$ 1,500.0
Cross-currency swap derivative contracts
Net Investment Hedges
Notional values					4,151.0	2,745.0			€ 2,275	¥ 3,986	$ 280
Cross-currency swap derivative contracts \| Euro
Net Investment Hedges
Notional values					2,672.0
Cross-currency swap derivative contracts \| CNY
Net Investment Hedges
Notional values					570.0
Cross-currency swap derivative contracts \| CAD
Net Investment Hedges
Notional values					$ 204.0
Cross-currency swap derivative contracts \| Subsequent event
Net Investment Hedges
Notional values \| SFr								SFr 100
Minimum
Fair Value Hedges
Interest rate (as a percent)					1.30%				1.30%	1.30%	1.30%
Maximum
Fair Value Hedges
Interest rate (as a percent)					4.80%				4.80%	4.80%	4.80%
Cash Flow Hedges. \| Foreign currency forward contracts \| Derivatives designated as hedging instruments \| Cost of sales
Impact on AOCI and earnings from derivative contracts
Gain (loss) reclassified from AOCI into income (effective portion)					$ 4.4	4.0	$ 10.6
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)					0.5	5.8	(18.9)
Cash Flow Hedges. \| Foreign currency forward contracts \| Derivatives designated as hedging instruments \| Interest expense, net
Impact on AOCI and earnings from derivative contracts
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value							7.7
Cash Flow Hedges. \| Interest rate swap agreements \| Derivatives designated as hedging instruments
Impact on AOCI and earnings from derivative contracts
Gain (loss) reclassified from AOCI into income (effective portion)					(1.5)	$ (1.9)	$ (1.9)
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
Fair Value Hedges \| Interest rate swap agreements
Fair Value Hedges
Derivative liability					1,424.4	$ 1,361.1
Cumulative amount of fair value hedging adjustment					(78.0)	(141.3)
Net Investment Hedge
Net Investment Hedges
Total revaluation gain (loss), net of tax					(216.1)	52.4	$ (73.1)
Net Investment Hedge \| Ten Year 2015 senior euro notes
Net Investment Hedges
Net investment hedge elected to de-designate \| €												€ 236	€ 300
Net Investment Hedge \| Euro debt maturing on January 15, 2024
Net Investment Hedges
Net investment hedge elected to de-designate \| €																€ 316
Settled derivative amount \| €				€ 259
Net Investment Hedge \| Senior euro notes
Net Investment Hedges
Notional values						608.0								€ 575
Net Investment Hedge \| Euro Notes
Net Investment Hedges
Total revaluation gain (loss), net of tax					(33.5)	12.8	(42.3)
Net Investment Hedge \| Euro Notes \| Ten Year 2015 senior euro notes
Net Investment Hedges
Hedge settlements \| €		€ 39
Net Investment Hedge \| Cross-currency swap derivative contracts
Net Investment Hedges
Total revaluation gain (loss), net of tax					$ (182.6)	$ 39.6	$ (30.8)
Net Investment Hedge \| Cross-currency swap derivative contracts \| Euro
Net Investment Hedges
Notional values \| €									€ 700					950
Net Investment Hedge \| Cross-currency swap derivative contracts \| CNY
Net Investment Hedges
Notional values \| ¥										¥ 1,080					¥ 1,427
Net Investment Hedge \| Cross-currency swap derivative contracts \| CAD
Net Investment Hedges
Notional values											$ 280
Net Investment Hedge \| Existing cross currency interest rate contract \| Euro
Net Investment Hedges
Notional values \| €														€ 300

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION
COS	$ (8,930.8)	$ (8,899.7)	$ (9,154.9)
SG&A	(4,257.9)	(4,228.2)	(4,061.6)
Interest (income) expense, net	(241.1)	(282.5)	(296.7)
Subtotal	107.6	(131.6)	(126.0)
Derivative & Hedging Instruments (deprecated element)
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION
Amount recognized in AOCI	(7.0)	19.2	(12.8)
Other activity	0.2
Tax impact	1.6	(2.6)	2.5
Subtotal	(8.6)	8.7	(7.8)
Derivative & Hedging Instruments (deprecated element) \| Reclassifications adjustments
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION
COS	(4.4)	(4.0)	(10.6)
SG&A	(0.5)	(5.8)	18.9
Interest (income) expense, net	1.5	1.9	(5.8)
(Gains) losses reclassified from AOCI into income	(3.4)	(7.9)	2.5
Pension & Postretirement Benefits
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION
Amount recognized in AOCI	9.6	11.5	4.2
Tax impact	(15.4)	1.9	21.4
Subtotal	55.6	(5.6)	(55.1)
Current period net actuarial (loss) gain
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION
Amount recognized in AOCI	61.4	(19.0)	(80.7)
Settlement charge (income) \| Reclassifications adjustments
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION
(Gains) losses reclassified from AOCI into income	0.5	0.9	(2.7)
Prior service costs \| Reclassifications adjustments
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION
(Gains) losses reclassified from AOCI into income	$ 9.1	$ 10.6	$ 6.9

SHAREHOLDERS' EQUITY (Details) - $ / shares	12 Months Ended
SHAREHOLDERS' EQUITY (Details) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Nov. 30, 2022
SHAREHOLDERS' EQUITY
Common stock, par value per share (in dollars per share)	$ 1	$ 1
Common Stock, Shares Authorized	800,000,000	800,000,000
COMMON STOCK
SHAREHOLDERS' EQUITY
Common stock, par value per share (in dollars per share)	$ 1	$ 1	$ 1
Common Stock, Shares Authorized	800,000,000	800,000,000	800,000,000
Common stock, shares authorized to be repurchased				10,000,000
Remaining shares authorized to be repurchased	5,896,821
Reacquired shares (in shares)	2,994,702	4,246,642	83,674
Number of shares reacquired through the open market	2,884,764	4,135,512	0
Number of shares that have been repurchased through the exercise of stock options and vesting of stock awards	109,938	111,130	83,674
Undesignated preferred stock
SHAREHOLDERS' 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, 2025	Dec. 31, 2024	Dec. 31, 2023
EQUITY COMPENSATION PLANS
Common shares available for grant (in shares)	17,081,775	18,052,830	18,840,265
Value of awards granted, portion from stock options under current program (as a percent)	40.00%	40.00%	40.00%
Value of awards granted, portion from PBRSUs under current program (as a percent)	60.00%	60.00%	60.00%
Total compensation expense related to all share-based compensation plans	$ 136.6	$ 134.8	$ 95.1
Total measured but unrecognized compensation expense related to non-vested share-based compensation arrangements granted under all of the company's plans	$ 196.3
Weighted-average period over which unrecognized compensation costs on nonvested awards expected to be recognized	2 years

EQUITY COMPENSATION PLANS - Stock Options (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock incentive and option plans
Stock option expiration period	10 years
Stock option vesting period	3 years
SHARES
Outstanding, beginning of year (in shares)	5,548,270	6,921,356	7,031,103
Granted (in shares)	604,836	595,791	861,840
Exercised (in shares)	(1,414,518)	(1,838,103)	(832,050)
Canceled (in shares)	(84,810)	(130,774)	(139,537)
Outstanding, end of year (in shares)	4,653,778	5,548,270	6,921,356
Exercisable, end of year (in shares)	3,496,063	4,095,681	5,107,518
Vested and expected to vest, end of year (in shares)	4,528,202
AVERAGE PRICE PER SHARE
Outstanding, beginning of year (in dollars per share)	$ 184.92	$ 168.65	$ 160.45
Granted (in dollars per share)	268.27	247.02	190.53
Exercised (in dollars per share)	172.62	144.58	119.41
Canceled (in dollars per share)	199.43	173.95	183.77
Outstanding, end of year (in dollars per share)	199.23	184.92	168.65
Exercisable, end of year (in dollars per share)	183.2	$ 178.24	$ 165.77
Vested and expected to vest, end of year (in dollars per shares)	$ 197.89
Total intrinsic value of options exercised during period	$ 132.0	$ 162.4	$ 47.7
Total aggregate intrinsic value of in-the-money options outstanding	$ 302.8
Weighted-average remaining contractual life of options outstanding	6 years 6 months
Total aggregate intrinsic value of in-the-money options exercisable	$ 281.3
Weighted-average remaining contractual life of options exercisable	5 years 7 months 6 days
Aggregate intrinsic value of vested and expected to vest options outstanding	$ 300.4
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, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee Stock Option [Member]
Assumptions
Weighted average grant date fair value of options granted at market prices (in dollars per share)	$ 70.35	$ 66.8	$ 50.26
Risk-free rate of return (as a percent)	3.70%	4.10%	4.10%
Expected life	6 years	6 years	6 years
Expected volatility (as a percent)	22.70%	22.60%	22.40%
Expected dividend yield (as a percent)	1.10%	1.00%	1.20%
Vesting period	3 years
Employee Stock Option [Member] \| Minimum
Assumptions
Yield curve of U.S. treasury rates	1 month
Employee Stock Option [Member] \| Maximum
Assumptions
Yield curve of U.S. treasury rates	10 years
PBRSU Awards
Assumptions
Period of requisite continued service	3 years
Common stock issuable for each vested stock award (in shares)	1
Vesting period	3 years
PBRSU Awards \| Minimum
Assumptions
Defined performance target (as a percent)	0.00%
PBRSU Awards \| Maximum
Assumptions
Defined performance target (as a percent)	200.00%
Restricted Stock Awards and Units \| Minimum
Assumptions
Vesting period	24 months
Restricted Stock Awards and Units \| Maximum
Assumptions
Vesting period	48 months

EQUITY COMPENSATION PLANS - Other Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
PBRSU Awards
Summary of PBRSU awards and restricted stock activity:
Stock awards outstanding, at the beginning of period (in shares)	965,202	944,826	823,170
Stock awards granted (in shares)	249,793	245,868	328,739
Stock awards vested/ earned (in shares)	(154,270)	(180,993)	(180,674)
Stock awards cancelled (in shares)	(41,265)	(44,499)	(26,409)
Stock awards outstanding, at the end of period (in shares)	1,019,460	965,202	944,826
Weighted-average fair value at grant-date of stock awards outstanding, at the beginning of period (in dollars per share)	$ 192.87	$ 183.71	$ 181.68
Weighted-average fair value at grant-date of stock awards granted (in dollars per share)	260.55	240.66	185.1
Weighted-average fair value at grant-date of stock awards vested/earned (in dollars per share)	217.14	215.26	178.26
Weighted-average fair value at grant-date of stock awards cancelled (in dollars per share)	190.56	171.3	175.05
Weighted-average fair value at grant-date of stock awards outstanding, at the end of period (in dollars per share)	$ 205.86	$ 192.87	$ 183.71
Restricted Stock Awards and Units
Summary of PBRSU awards and restricted stock activity:
Stock awards outstanding, at the beginning of period (in shares)	375,299	455,490	385,097
Stock awards granted (in shares)	106,254	78,386	156,618
Stock awards vested/ earned (in shares)	(142,531)	(121,400)	(61,776)
Stock awards cancelled (in shares)	(32,058)	(37,177)	(24,449)
Stock awards outstanding, at the end of period (in shares)	306,964	375,299	455,490
Weighted-average fair value at grant-date of stock awards outstanding, at the beginning of period (in dollars per share)	$ 170.39	$ 166.31	$ 170.5
Weighted-average fair value at grant-date of stock awards granted (in dollars per share)	259.17	230.47	165.81
Weighted-average fair value at grant-date of stock awards vested/earned (in dollars per share)	152.93	196.78	191.22
Weighted-average fair value at grant-date of stock awards cancelled (in dollars per share)	164.42	160.9	166.22
Weighted-average fair value at grant-date of stock awards outstanding, at the end of period (in dollars per share)	$ 209.84	$ 170.39	$ 166.31

INCOME TAXES (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income before income taxes.
United States (U.S.)	$ 1,815.3	$ 1,522.4	$ 782.0
International	732.6	1,048.8	973.5
Income before income taxes	2,547.9	2,571.2	1,755.5
Current income tax expense (benefit)
U.S. federal and state	265.3	278.4	158.6
International	225.5	345.5	259.0
Total current	490.8	623.9	417.6
Deferred income tax expense (benefit)
U.S. federal and state	(5.5)	(127.0)	(34.7)
International	(30.7)	(57.6)	(20.4)
Total deferred	(36.2)	(184.6)	(55.1)
Current and deferred income tax expense (benefit)
Total U.S. federal and state	259.8	151.4	123.9
Total International	194.8	287.9	238.6
Total	$ 454.6	$ 439.3	$ 362.5

INCOME TAXES - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets
Pension and post-retirement benefits	$ 32.5	$ 68.2
Other accrued liabilities	155.9	152.5
Lease liability	181.4	176.7
Credit carryforwards	132.2	105.1
Capitalization of R&D costs	270.7	246.5
Loss carryforwards	189.8	92.9
Share-based compensation	61.1	54.2
Deferred income	88.6	72.4
Deferred interest	144.8	85.2
Other, net	78.3	32.8
Valuation allowance	(90.8)	(77.8)
Total deferred tax assets	1,244.5	1,008.7
Deferred tax liabilities
Goodwill	(170.0)	(133.9)
Intangible assets	(485.5)	(410.4)
Property, plant and equipment	(371.6)	(310.7)
Lease asset	(182.6)	(177.8)
Financing	(41.6)	(43.3)
Tax on undistributed earnings	(100.1)
Other, net	(42.0)	(57.1)
Total deferred tax liabilities	(1,393.4)	(1,133.2)
Net deferred tax liabilities balance	(148.9)	$ (124.5)
International
Deferred tax assets
Credit carryforwards	$ 117.2

INCOME TAXES - Loss Carryforwards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating loss carryforwards
Statutory U.S. rate (as a percent)	21.00%	21.00%	21.00%
Operating loss carryforwards, federal	$ 21.8
Operating loss carryforwards, state	16.0
Operating loss carryforwards, international	135.7
Net operating loss carryforwards	189.8	$ 92.9
Federal and state capital loss carry-forwards subject to expiration	16.3
Valuation allowance on deferred tax asset	90.8	77.8
Deferred Tax Liabilities, Net	148.9	124.5
Total deferred	(36.2)	$ (184.6)	$ (55.1)
Excess tax benefits, share-based compensation	16.8
Federal
Operating loss carryforwards
Capital loss carryforwards	14.3
No expiration	9.4
Carryforwards subject to expiration	12.0
State
Operating loss carryforwards
Capital loss carryforwards	2.0
Carryforwards subject to expiration	16.0
International
Operating loss carryforwards
No expiration	43.1
Carryforwards subject to expiration	92.6
International \| Luxembourg
Operating loss carryforwards
Operating loss carryforward, not reported in financial statements	$ 1,500.0

INCOME TAXES - Reconciliation of the Statutory Rate to Effective Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reconciliation of the statutory U.S. federal income tax rate to the company's effective income tax rate
U.S Federal Statutory Income Tax Rate	$ 535.0
State and local income tax, net of federal income tax effect	42.0
Effect of cross-border tax laws
Subpart F Income	58.7
Foreign Derived Intangible Income	(40.5)
Other	13.0
Tax credits
Foreign Tax Credit	(183.0)
Research and Development Credit	(33.6)
Other Tax Credits	(14.0)
Changes in valuation allowances	(9.6)
Nontaxable or nondeductible items	5.6
Other Adjustments	2.3
Changes in unrecognized tax benefits	14.6
Foreign tax effects	64.1
Total	$ 454.6	$ 439.3	$ 362.5
Tax Jurisdiction of Domicile [Extensible Enumeration]	U.S. Pension.	U.S. Pension.	U.S. Pension.
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]	stpr:CA, stpr:IL, stpr:MN, stpr:NJ, stpr:NY, stpr:WI
Reconciliation of the statutory U.S. federal income tax rate to the company's effective income tax rate (percentage)
Statutory U.S. rate (as a percent)	21.00%	21.00%	21.00%
State income taxes, net of federal benefit (as a percent)	1.60%	1.50%	1.40%
Effect of cross-border tax laws
Subpart F Income (as a percent)	2.30%
Foreign derived intangible income (as a percent)	(1.60%)	(1.90%)	(1.20%)
Other (as a percent)	0.50%
Tax credits
Foreign Tax Credit (as a percent)	(7.20%)
Research and Development Credit (as a percent)	(1.30%)	(0.90%)	(1.30%)
Other Tax Credits (as a percent)	(0.50%)
Change in valuation allowance (as a percent)	(0.40%)	0.60%	0.50%
Nontaxable or nondeductible items (as a percent)	0.20%
Other Adjustments (as a percent)	0.10%	1.00%	0.90%
Changes in unrecognized tax benefits (as a percent)	0.60%
Foreign tax effects (as a percent)	2.50%	(1.20%)	(0.50%)
Excess stock benefits (as a percent)		(0.70%)	(0.30%)
Legal entity rationalization (as a percent)			0.10%
Sale of global surgical solutions business (as a Percent)		1.10%
Capital losses (as a Percent)		(3.40%)
Effective income tax rate (as a percent)	17.80%	17.10%	20.60%
Remaining tax expense	$ 19.2	$ 13.9
Special gains and charges, recognized discrete tax expense (benefit), net,	35.2	56.9	$ 24.7
Recognized discrete tax benefits	57.5	78.6	11.2
Net tax benefits from Ovivo Electronics	1.0
Tax benefit, recognition of deferred tax attributes	21.5
Associated with capital losses		62.1
Foreign intangible assets		30.4
Excess tax benefits, share-based compensation	16.8
Unremitted foreign earnings	100.1
Deferred tax asset related to foreign net operating losses	72.2
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Balance at beginning of year	34.1	24.2	24.9
Additions based on tax positions related to the current year	7.1	4.6	5.8
Additions for tax positions of prior years	9.4	11.6	1.7
Current year acquisitions	9.0
Assumed in connection with acquisitions	9.0
Reductions for tax positions due to statute of limitations	(1.3)	(0.7)	(2.7)
Settlements	(5.3)	(5.3)	(5.5)
Foreign currency translation	0.9	(0.3)
Balance at end of year	53.9	34.1	24.2
Unrecognized tax benefits that would affect the annual effective tax rate	50.6	31.5	21.6
Accrued interest, including minor amounts for penalties	8.7	5.5	4.0
Income taxes paid	548.1	$ 647.4	$ 469.2
Income tax paid, federal	126.4
Income tax paid, state	60.5
Income tax paid, international	361.2
Switzerland
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Income tax paid, international	37.4
China
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Income tax paid, international	35.6
Other
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Income tax paid, international	$ 288.2

RENTALS AND LEASES - Lessee (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RENTALS AND LEASES
Operating lease cost	$ 230.0	$ 218.0	$ 215.4

RENTALS AND LEASES - Future Maturity and Minimum Payments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating leases maturities:
2026	$ 197.0
2027	174.0
2028	126.0
2029	82.0
2030	59.0
Thereafter	252.0
Total lease payments	890.0
Less: imputed interest	129.0
Present value of lease liabilities	$ 761.0
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 (years) - operating leases	6 years 8 months 8 days	7 years 3 days	6 years 5 months 8 days
Weighted-average discount rate - operating leases	4.84%	4.76%	4.02%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 225.8	$ 207.7	$ 170.6
Leased assets obtained in exchange for new operating lease liabilities	$ 152.5	$ 336.0	$ 251.5

RENTALS AND LEASES - Lessor (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessor
Property, plant and equipment, gross	$ 9,116.2	$ 8,188.2
Accumulated depreciation	4,839.6	4,435.8
Operating Leases, Income Statement, Lease Revenue
Operating lease revenue	$ 562.1	$ 534.9	$ 511.8
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
2026	$ 467.0
2027	341.0
2028	275.0
2029	191.0
2030	105.0
Thereafter	68.0
Total lease revenue	1,447.0
Operating Leases Recorded in Property, Plant and Equipment
Lessor
Property, plant and equipment, gross	1,563.2	$ 1,481.7
Accumulated depreciation	$ 954.5	$ 932.9

RESEARCH AND DEVELOPMENT EXPENDITURES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RESEARCH AND DEVELOPMENT EXPENDITURES
Research expenditures related to the development of new products and processes, including significant improvements and refinements to existing products	$ 202	$ 207	$ 192

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 31, 2025 location item	Jun. 01, 2022 USD ($)
Loss contingencies
Estimated settlement		$ 500
Environmental matters
Number of locations for environmental assessments and remediation \| location	25
Nalco Holding Company ("Nalco")
Loss contingencies
Number of plaintiffs having claims \| item	5,000
Estimated settlement		30
Maximum \| Nalco Holding Company ("Nalco")
Loss contingencies
Estimated possible loss		520
Minimum \| Nalco Holding Company ("Nalco")
Loss contingencies
Estimated possible loss		$ 152

- Definition

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

+ References + Details

RETIREMENT PLANS - Information Related to Pension and Postretirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amounts recognized in the Consolidated Balance Sheets:
Other assets	$ 184.3	$ 151.0
Pension and postretirement benefits	(546.1)	(634.9)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Accumulated other comprehensive loss (income), net of tax	495.5	538.4
Change in Accumulated Other Comprehensive Loss (Income):
Other comprehensive loss (income)	(55.6)	5.6	$ 55.1
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	524.2	2,292.5
Accumulated benefit obligation	493.5	2,265.5
Fair value of plan assets	38.2	1,738.6
Projected benefit obligation and fair value of pension plan assets for plans with projected benefit obligations in excess of plan assets
Projected benefit obligations	578.3	2,373.4
Fair value of plan assets	89.1	1,815.1
Non-qualified plan
Projected Benefit Obligation
Recorded benefit obligations	79.0	78.0
Qualified plan
Projected Benefit Obligation
Recorded benefit obligations	1,738.0	1,712.0
U.S. Pension. \| Pension
Defined Benefit Plan Disclosure
Accumulated Benefit Obligation, end of year	1,818.0	1,790.6
Projected Benefit Obligation
Projected benefit obligation, beginning of year	1,790.6	1,859.5
Service cost	46.9	46.3	40.9
Interest cost	91.7	87.0	88.1
Actuarial (gain) loss	41.0	(68.4)
Benefits paid	(152.2)	(133.8)
Projected benefit obligation, end of year	1,818.0	1,790.6	1,859.5
Plan Assets
Fair value of plan assets, beginning of year	1,639.0	1,719.7
Actual returns on plan assets	223.1	45.1
Company contributions	35.0	8.0
Benefits paid	(152.2)	(133.8)
Fair value of plan assets, end of year	1,744.9	1,639.0	1,719.7
Funded Status, end of year	(73.1)	(151.6)
Amounts recognized in the Consolidated Balance Sheets:
Other assets	6.4
Other current liabilities	(12.6)	(8.8)
Pension and postretirement benefits	(66.9)	(142.8)
Net liability	(73.1)	(151.6)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Unrecognized net actuarial loss (gain)	485.8	526.5
Unrecognized net prior service (benefits) costs	(7.6)	(12.1)
Tax (benefit) expense	(122.6)	(131.6)
Accumulated other comprehensive loss (income), net of tax	355.6	382.8
Change in Accumulated Other Comprehensive Loss (Income):
Amortization of net actuarial gain (loss)	(8.6)	(6.1)
Amortization of prior service credits	4.6	4.6
Current period net actuarial loss (gain)	(32.2)	37.4
Tax (benefit) expense	9.0	(8.8)
Other comprehensive loss (income)	(27.2)	27.1
Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2025
Net actuarial loss (gain)	26.1
Net prior service benefits	(4.6)
Total	21.5
U.S. Pension. \| U.S. Postretirement Benefits
Defined Benefit Plan Disclosure
Accumulated Benefit Obligation, end of year	100.4	101.4
Projected Benefit Obligation
Projected benefit obligation, beginning of year	101.4	112.0
Service cost	0.2	0.3	0.4
Interest cost	5.1	5.2	5.6
Participant contributions	2.5	3.0
Actuarial (gain) loss	1.8	(8.0)
Benefits paid	(10.6)	(11.1)
Projected benefit obligation, end of year	100.4	101.4	112.0
Plan Assets
Fair value of plan assets, beginning of year	1.6	2.4
Actual returns on plan assets	0.2
Company contributions	10.4	10.3
Benefits paid	(10.6)	(11.1)
Fair value of plan assets, end of year	1.6	1.6	2.4
Funded Status, end of year	(98.8)	(99.8)
Amounts recognized in the Consolidated Balance Sheets:
Other current liabilities	(8.1)	(8.3)
Pension and postretirement benefits	(90.7)	(91.5)
Net liability	(98.8)	(99.8)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Unrecognized net actuarial loss (gain)	(40.1)	(45.4)
Tax (benefit) expense	5.9	6.7
Accumulated other comprehensive loss (income), net of tax	(34.2)	(38.7)
Change in Accumulated Other Comprehensive Loss (Income):
Amortization of net actuarial gain (loss)	3.6	3.2
Current period net actuarial loss (gain)	1.7	(7.8)
Tax (benefit) expense	(0.8)	0.5
Other comprehensive loss (income)	4.5	(4.1)
Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2025
Net actuarial loss (gain)	(3.2)
Total	(3.2)
International Pension \| Pension
Defined Benefit Plan Disclosure
Accumulated Benefit Obligation, end of year	1,114.3	1,123.4
Projected Benefit Obligation
Projected benefit obligation, beginning of year	1,166.6	1,174.0
Service cost	19.3	19.0	21.7
Interest cost	45.4	48.9	45.9
Participant contributions	3.0	2.9
Plan amendments	0.9	(0.5)
Actuarial (gain) loss	(83.3)	14.8
Acquisitions and divestitures		(13.3)
Other events	(0.4)	1.6
Benefits paid	(68.5)	(58.1)
Foreign currency translation	77.4	(22.7)
Projected benefit obligation, end of year	1,160.4	1,166.6	1,174.0
Plan Assets
Fair value of plan assets, beginning of year	910.9	871.2
Actual returns on plan assets	0.4	76.5
Company contributions	32.2	35.3
Participant contributions	3.0	2.9
Acquisitions and divestitures		(6.3)
Benefits paid	(68.7)	(57.9)
Foreign currency translation	50.7	(10.8)
Fair value of plan assets, end of year	928.5	910.9	$ 871.2
Funded Status, end of year	(231.9)	(255.7)
Amounts recognized in the Consolidated Balance Sheets:
Other assets	177.9	151.0
Other current liabilities	(26.1)	(36.2)
Pension and postretirement benefits	(383.7)	(370.5)
Net liability	(231.9)	(255.7)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Unrecognized net actuarial loss (gain)	225.0	253.5
Unrecognized net prior service (benefits) costs		(1.1)
Tax (benefit) expense	(50.9)	(58.1)
Accumulated other comprehensive loss (income), net of tax	174.1	194.3
Change in Accumulated Other Comprehensive Loss (Income):
Amortization of net actuarial gain (loss)	(9.0)	(12.2)
Amortization of prior service credits	0.3	(0.1)
Current period net actuarial loss (gain)	(31.8)	(10.1)
Current period prior service costs	0.9	(0.5)
Curtailments and settlements	(0.5)	(0.9)
Tax (benefit) expense	7.2	6.3
Foreign currency translation	12.7	(1.9)
Other comprehensive loss (income)	(20.2)	$ (19.4)
Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2025
Net actuarial loss (gain)	8.0
Net prior service benefits	(0.2)
Total	$ 7.8

RETIREMENT PLANS - Net Periodic Benefit Costs and Plan Assumptions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
U.S. Pension. \| Pension
Net periodic benefit costs
Service cost	$ 46.9	$ 46.3	$ 40.9
Interest cost on benefit obligation	91.7	87.0	88.1
Expected return on plan assets	(150.5)	(150.8)	(145.1)
Recognition of net actuarial loss (gain)	8.6	6.1	0.2
Amortization of prior service benefit	(4.6)	(4.6)	(4.5)
Total expense (benefit)	(7.9)	(16.0)	(20.4)
U.S. Pension. \| U.S. Postretirement Benefits
Net periodic benefit costs
Service cost	0.2	0.3	0.4
Interest cost on benefit obligation	5.1	5.2	5.6
Expected return on plan assets	(0.1)	(0.2)	(0.2)
Recognition of net actuarial loss (gain)	(3.6)	(3.2)	(3.1)
Total expense (benefit)	1.6	2.1	2.7
International Pension \| Pension
Net periodic benefit costs
Service cost	19.3	19.0	21.7
Interest cost on benefit obligation	45.4	48.9	45.9
Expected return on plan assets	(52.3)	(50.1)	(56.1)
Recognition of net actuarial loss (gain)	8.7	9.6	12.5
Amortization of prior service benefit	(0.3)	(0.1)	(0.5)
Curtailments and settlements	0.5	0.9	(2.7)
Total expense (benefit)	$ 21.3	$ 28.2	$ 20.8

RETIREMENT PLANS - Assumption Details (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
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)	5.28%	5.58%	4.95%
Projected salary increase (as a percent)	3.60%	3.60%	4.03%
Weighted-average actuarial assumptions used to determine net cost:
Interest credit rate for cash balance plans	4.36%	4.50%	3.89%
Discount rate (as a percent)	5.58%	4.95%	5.17%
Expected return on plan assets (as a percent)	8.25%	8.00%	7.75%
Projected salary increase (as a percent)	3.60%	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)	5.27%	5.58%	4.95%
Weighted-average actuarial assumptions used to determine net cost:
Discount rate (as a percent)	5.58%	4.95%	5.14%
Expected return on plan assets (as a percent)	8.25%	8.00%	7.75%
Defined Benefit Plan Assumed Health Care Cost Trend Rates
Annual rates of increase in the per capita cost of covered health care for pre-age 65 retirees (as a percent)	8.15%
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)	4.46%	3.99%	4.34%
Projected salary increase (as a percent)	2.68%	2.69%	2.84%
Weighted-average actuarial assumptions used to determine net cost:
Discount rate (as a percent)	3.99%	4.34%	3.70%
Expected return on plan assets (as a percent)	5.81%	6.00%	6.27%
Projected salary increase (as a percent)	2.69%	2.84%	3.08%
Defined Benefit Plan Assumed Health Care Cost Trend Rates
Plan amendments, decrease in benefit obligation	$ 0.9	$ (0.5)

RETIREMENT PLANS - Fair Value of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pension \| U.S. Pension.
Defined Benefit Plan Disclosure
Total	$ 1,744.9	$ 1,639.0	$ 1,719.7
Pension \| International Pension
Defined Benefit Plan Disclosure
Total investments at fair value	877.1	862.3
Investments measured at NAV	51.4	48.6
Total	928.5	910.9	$ 871.2
Pension \| International Pension \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	10.3	8.1
Total	10.3	8.1
Pension \| International Pension \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	866.8	854.2
Total	866.8	854.2
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	10.3	8.1
Pension \| International Pension \| Cash \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	10.3	8.1
Pension \| International Pension \| International equity
Defined Benefit Plan Disclosure
Total investments at fair value	192.5	193.9
Pension \| International Pension \| International equity \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	192.5	193.9
Pension \| International Pension \| Corporate bonds
Defined Benefit Plan Disclosure
Total investments at fair value	153.7	157.5
Pension \| International Pension \| Corporate bonds \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	153.7	157.5
Pension \| International Pension \| Government bonds
Defined Benefit Plan Disclosure
Total investments at fair value	356.5	339.6
Pension \| International Pension \| Government bonds \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	356.5	339.6
Pension \| International Pension \| Insurance contracts
Defined Benefit Plan Disclosure
Total investments at fair value	164.1	163.2
Pension \| International Pension \| Insurance contracts \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	164.1	163.2
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension.
Defined Benefit Plan Disclosure
Total investments at fair value	1,424.8	1,313.6
Total	1,746.5	1,640.6
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	830.1	736.5
Total	830.1	736.5
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	594.7	577.1
Total	594.7	577.1
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	47.7	41.5
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Cash \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	47.7	41.5
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Large cap equity
Defined Benefit Plan Disclosure
Total investments at fair value	408.4	367.1
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Large cap equity \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	408.4	367.1
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Small cap equity
Defined Benefit Plan Disclosure
Total investments at fair value	44.5	38.5
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Small cap equity \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	12.8	12.1
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	31.7	26.4
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| International equity
Defined Benefit Plan Disclosure
Total investments at fair value	256.7	231.2
Investments measured at NAV	321.7	327.0
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| International equity \| Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	103.9	93.8
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| International equity \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	152.8	137.4
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Core fixed income
Defined Benefit Plan Disclosure
Total investments at fair value	579.9	554.5
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	214.0	183.2
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	365.9	371.3
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| High-yield bonds
Defined Benefit Plan Disclosure
Total investments at fair value	43.3	38.8
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	43.3	38.8
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Emerging markets
Defined Benefit Plan Disclosure
Total investments at fair value	44.3	42.0
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Emerging markets \| Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	$ 44.3	$ 42.0

RETIREMENT PLANS - Allocation Plan Assets (Details)	12 Months Ended
RETIREMENT PLANS - Allocation Plan Assets (Details)	Dec. 31, 2025	Dec. 31, 2024
Pension \| International Pension
Asset allocation percentages
Percentage of Plan Assets	100.00%	100.00%
Pension \| International Pension \| Cash
Asset allocation percentages
Percentage of Plan Assets	1.00%	1.00%
Pension \| International Pension \| International equity
Asset allocation percentages
Percentage of Plan Assets	21.00%	21.00%
Pension \| International Pension \| Corporate bonds
Asset allocation percentages
Percentage of Plan Assets	16.00%	17.00%
Pension \| International Pension \| Government bonds
Asset allocation percentages
Percentage of Plan Assets	38.00%	37.00%
Pension \| International Pension \| Total fixed income
Asset allocation percentages
Percentage of Plan Assets	54.00%	54.00%
Pension \| International Pension \| Insurance contracts
Asset allocation percentages
Percentage of Plan Assets	18.00%	18.00%
Pension \| International Pension \| Real estate
Asset allocation percentages
Percentage of Plan Assets	6.00%	6.00%
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%	3.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Large cap equity
Asset allocation percentages
Target Asset Allocation Percentage	27.00%	27.00%
Percentage of Plan Assets	23.00%	22.00%
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	3.00%	2.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| International equity
Asset allocation percentages
Target Asset Allocation Percentage	17.00%	17.00%
Percentage of Plan Assets	15.00%	14.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Core fixed income
Asset allocation percentages
Target Asset Allocation Percentage	35.00%	35.00%
Percentage of Plan Assets	33.00%	34.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| High-yield bonds
Asset allocation percentages
Target Asset Allocation Percentage	3.00%	3.00%
Percentage of Plan Assets	2.00%	2.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Emerging markets
Asset allocation percentages
Target Asset Allocation Percentage	3.00%	3.00%
Percentage of Plan Assets	2.00%	3.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Real estate
Asset allocation percentages
Target Asset Allocation Percentage	3.00%	3.00%
Percentage of Plan Assets	3.00%	3.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| PRIVATE EQUITY
Asset allocation percentages
Target Asset Allocation Percentage	6.00%	6.00%
Percentage of Plan Assets	14.00%	14.00%
U.S. Pension and Postretirement Health Care Benefits \| U.S. Pension. \| Distressed debt
Asset allocation percentages
Target Asset Allocation Percentage	3.00%	3.00%
Percentage of Plan Assets	2.00%	3.00%

RETIREMENT PLANS - Cash Flows (Details) $ in Millions	12 Months Ended
RETIREMENT PLANS - Cash Flows (Details) $ in Millions	Dec. 31, 2025 USD ($)
U.S. Pension.
Estimate of benefits expected to be paid for company's pension and postretirement health care benefit plans:
Voluntary contribution	$ 25.0
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	39.0
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:
2026	256.0
2027	256.0
2028	257.0
2029	258.0
2030	259.0
2031 - 2035	$ 1,283.0

RETIREMENT PLANS - Savings Plan and ESOP (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Percentage of matching contribution by company vested immediately	100.00%
Employer matching contribution expense	$ 97.0	$ 92.4	$ 88.2
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	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of revenue
Net sales	$ 16,081.2	$ 15,741.4	$ 15,320.2
Product and equipment sales
Disaggregation of revenue
Net sales	12,618.5	12,473.6	12,316.8
Product and equipment sales \| Corporate
Disaggregation of revenue
Net sales			42.5
Service and lease sales
Disaggregation of revenue
Net sales	$ 3,462.7	$ 3,267.8	$ 3,003.4
Warewashing Products \| Product concentration \| Consolidated net sales
Disaggregation of revenue
Percentage of consolidated sales	13.00%	12.00%	12.00%
Global Water
Disaggregation of revenue
Net sales	$ 7,982.4	$ 7,775.9	$ 7,625.5
Global Water \| United States
Disaggregation of revenue
Net sales	3,415.1	3,306.7	3,218.1
Global Water \| Europe
Disaggregation of revenue
Net sales	1,661.1	1,593.7	1,573.0
Global Water \| Asia Pacific
Disaggregation of revenue
Net sales	945.7	947.6	946.4
Global Water \| Latin America
Disaggregation of revenue
Net sales	816.7	810.5	772.5
Global Water \| India, Middle East and Africa
Disaggregation of revenue
Net sales	501.1	493.0	491.8
Global Water \| Greater China
Disaggregation of revenue
Net sales	410.4	400.4	407.0
Global Water \| Canada
Disaggregation of revenue
Net sales	232.3	224.0	216.7
Global Water \| Product and equipment sales
Disaggregation of revenue
Net sales	6,958.7	6,809.6	6,709.8
Global Water \| Service and lease sales
Disaggregation of revenue
Net sales	1,023.7	966.3	915.7
Global Institutional and Specialty
Disaggregation of revenue
Net sales	6,104.6	6,103.4	5,910.8
Global Institutional and Specialty \| United States
Disaggregation of revenue
Net sales	3,996.0	3,992.0	3,856.9
Global Institutional and Specialty \| Europe
Disaggregation of revenue
Net sales	1,026.1	1,037.5	1,033.2
Global Institutional and Specialty \| Asia Pacific
Disaggregation of revenue
Net sales	329.2	322.4	308.2
Global Institutional and Specialty \| Latin America
Disaggregation of revenue
Net sales	205.8	209.6	212.0
Global Institutional and Specialty \| India, Middle East and Africa
Disaggregation of revenue
Net sales	99.1	105.1	98.6
Global Institutional and Specialty \| Greater China
Disaggregation of revenue
Net sales	198.1	182.7	165.7
Global Institutional and Specialty \| Canada
Disaggregation of revenue
Net sales	250.3	254.1	236.2
Global Institutional and Specialty \| Product and equipment sales
Disaggregation of revenue
Net sales	4,950.4	5,000.0	4,920.5
Global Institutional and Specialty \| Service and lease sales
Disaggregation of revenue
Net sales	1,154.2	1,103.4	990.3
Global Pest Elimination
Disaggregation of revenue
Net sales	1,246.3	1,162.8	1,066.0
Global Pest Elimination \| United States
Disaggregation of revenue
Net sales	864.0	805.6	733.6
Global Pest Elimination \| Europe
Disaggregation of revenue
Net sales	205.7	187.5	171.0
Global Pest Elimination \| Asia Pacific
Disaggregation of revenue
Net sales	35.1	32.1	28.7
Global Pest Elimination \| Latin America
Disaggregation of revenue
Net sales	60.4	58.7	57.5
Global Pest Elimination \| India, Middle East and Africa
Disaggregation of revenue
Net sales	7.0	7.1	6.9
Global Pest Elimination \| Greater China
Disaggregation of revenue
Net sales	61.3	60.0	57.4
Global Pest Elimination \| Canada
Disaggregation of revenue
Net sales	12.8	11.8	10.9
Global Pest Elimination \| Service and lease sales
Disaggregation of revenue
Net sales	1,246.3	1,162.8	1,066.0
Global Life Sciences
Disaggregation of revenue
Net sales	747.9	699.3	675.4
Global Life Sciences \| United States
Disaggregation of revenue
Net sales	205.1	187.3	187.2
Global Life Sciences \| Europe
Disaggregation of revenue
Net sales	382.4	374.4	368.6
Global Life Sciences \| Asia Pacific
Disaggregation of revenue
Net sales	54.5	37.2	33.9
Global Life Sciences \| Latin America
Disaggregation of revenue
Net sales	18.3	21.1	21.3
Global Life Sciences \| India, Middle East and Africa
Disaggregation of revenue
Net sales	31.0	22.4	9.6
Global Life Sciences \| Greater China
Disaggregation of revenue
Net sales	52.6	54.1	52.2
Global Life Sciences \| Canada
Disaggregation of revenue
Net sales	4.0	2.8	2.6
Global Life Sciences \| Product and equipment sales
Disaggregation of revenue
Net sales	709.4	664.0	644.0
Global Life Sciences \| Service and lease sales
Disaggregation of revenue
Net sales	$ 38.5	$ 35.3	31.4
Corporate
Disaggregation of revenue
Net sales			42.5
Corporate \| United States
Disaggregation of revenue
Net sales			38.4
Corporate \| Europe
Disaggregation of revenue
Net sales			2.7
Corporate \| Asia Pacific
Disaggregation of revenue
Net sales			0.2
Corporate \| Latin America
Disaggregation of revenue
Net sales			1.1
Corporate \| Canada
Disaggregation of revenue
Net sales			$ 0.1

REVENUES - Contract Asset and Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
REVENUES
Contract assets	$ 117.4
Change in contract liability
Contract liability as of beginning of the year	102.0	$ 110.9
Revenue recognized in the period from: Amounts included in the contract liability at the beginning of the year	(102.0)	(110.9)
Increases due to billings excluding amounts recognized as revenue during the period ended	113.7	102.0
Business combinations	59.3
Contract liability as of end of period	$ 173.0	$ 102.0

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Number of operating segments aggregated for classification as reportable segments \| segment	7
Number of reportable segments \| segment	4
Net sales	$ 16,081.2	$ 15,741.4	$ 15,320.2
Cost of sales	8,930.8	8,899.7	9,154.9
Selling, general and administrative expenses	4,257.9	4,228.2	4,061.6
Special (gains) and charges	154.9	(188.9)	111.4
Operating Income (Loss)	2,737.6	2,802.4	1,992.3
Previously Reported \| Valued at 2024 Fixed Currency Rates
Net sales		15,741.4	15,320.2
Operating Income (Loss)		2,802.4	1,992.3
Previously Reported \| Valued at 2025 Fixed Currency Rates
Net sales		15,741.4	15,320.2
Operating Income (Loss)		2,802.4	1,992.3
Global Water
Net sales	7,982.4	7,775.9	7,625.5
Global Institutional and Specialty
Net sales	6,104.6	6,103.4	5,910.8
Global Pest Elimination
Net sales	1,246.3	1,162.8	1,066.0
Global Life Sciences
Net sales	747.9	699.3	675.4
Corporate
Net sales			42.5
Operating segment
Net sales	15,567.2	15,273.4	14,801.0
Cost of sales	8,640.2	8,629.5	8,834.1
Selling, general and administrative expenses	4,150.4	4,133.8	3,966.2
Special (gains) and charges	150.3	(188.7)	111.3
Operating Income (Loss)	2,626.3	2,698.8	1,889.4
Operating segment \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Net sales		15,873.0	15,375.5
Cost of sales		8,974.2	9,182.2
Selling, general and administrative expenses		4,252.6	4,079.7
Special (gains) and charges		(188.9)	111.4
Operating Income (Loss)		2,835.1	2,002.2
Operating segment \| Previously Reported \| Valued at 2025 Fixed Currency Rates
Net sales		15,273.4	14,801.0
Cost of sales		8,629.5	8,834.1
Selling, general and administrative expenses		4,133.8	3,966.2
Special (gains) and charges		(188.7)	111.3
Operating Income (Loss)		2,698.8	1,889.4
Operating segment \| Purchase Price Adjustments \| Changes in Currency Rates
Net sales		(599.6)	(574.5)
Cost of sales		(344.7)	(348.1)
Selling, general and administrative expenses		(118.8)	(113.5)
Special (gains) and charges		0.2	(0.1)
Operating Income (Loss)		(136.3)	(112.8)
Operating segment \| Global Water
Net sales	7,679.9	7,483.4	7,284.1
Cost of sales	4,585.9	4,470.9	4,548.6
Selling, general and administrative expenses	1,830.1	1,805.3	1,693.4
Operating Income (Loss)	1,263.9	1,207.2	1,042.1
Operating segment \| Global Water \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Net sales		7,857.2	7,640.5
Cost of sales		4,691.2	4,769.7
Selling, general and administrative expenses			1,748.8
Operating Income (Loss)		1,300.6	1,122.0
Operating segment \| Global Water \| Previously Reported \| Valued at 2025 Fixed Currency Rates
Net sales		7,483.4	7,284.1
Cost of sales		4,470.9	4,548.6
Selling, general and administrative expenses			1,693.4
Operating Income (Loss)		1,207.2	1,042.1
Operating segment \| Global Water \| Purchase Price Adjustments \| Changes in Currency Rates
Net sales		(372.6)	(355.4)
Cost of sales		(222.3)	(223.5)
Selling, general and administrative expenses			(58.6)
Operating Income (Loss)		(87.1)	(73.3)
Operating segment \| Global Water \| Purchase Price Adjustments \| Segment Changes
Net sales		(1.2)	(1.0)
Cost of sales		2.0	2.4
Selling, general and administrative expenses			3.2
Operating Income (Loss)		(6.3)	(6.6)
Operating segment \| Global Institutional and Specialty
Net sales	5,962.0	5,979.4	5,779.4
Cost of sales	2,977.7	3,131.0	3,300.0
Selling, general and administrative expenses	1,626.5	1,646.2	1,622.9
Operating Income (Loss)	1,357.8	1,202.2	856.5
Operating segment \| Global Institutional and Specialty \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Net sales		5,413.9	5,014.6
Cost of sales		2,727.5	2,727.3
Selling, general and administrative expenses			1,445.5
Operating Income (Loss)		1,182.7	841.8
Operating segment \| Global Institutional and Specialty \| Previously Reported \| Valued at 2025 Fixed Currency Rates
Net sales		5,979.4	5,779.4
Cost of sales		3,131.0	3,300.0
Selling, general and administrative expenses			1,622.9
Operating Income (Loss)		1,202.2	856.5
Operating segment \| Global Institutional and Specialty \| Purchase Price Adjustments \| Changes in Currency Rates
Net sales		(160.5)	(155.9)
Cost of sales		(87.1)	(91.9)
Selling, general and administrative expenses			(38.0)
Operating Income (Loss)		(34.7)	(26.0)
Operating segment \| Global Institutional and Specialty \| Purchase Price Adjustments \| Segment Changes
Net sales		726.0	920.7
Cost of sales		490.6	664.6
Selling, general and administrative expenses			215.4
Operating Income (Loss)		54.2	40.7
Operating segment \| Global Pest Elimination
Net sales	1,219.2	1,140.1	1,044.3
Cost of sales	686.3	639.8	581.0
Selling, general and administrative expenses	295.8	290.6	262.4
Operating Income (Loss)	237.1	209.7	200.9
Operating segment \| Global Pest Elimination \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Net sales		1,167.8	1,070.2
Cost of sales		655.0	595.0
Selling, general and administrative expenses			264.8
Operating Income (Loss)		220.4	210.4
Operating segment \| Global Pest Elimination \| Previously Reported \| Valued at 2025 Fixed Currency Rates
Net sales		1,140.1	1,044.3
Cost of sales		639.8	581.0
Selling, general and administrative expenses			262.4
Operating Income (Loss)		209.7	200.9
Operating segment \| Global Pest Elimination \| Purchase Price Adjustments \| Changes in Currency Rates
Net sales		(27.7)	(25.9)
Cost of sales		(15.3)	(14.1)
Selling, general and administrative expenses			(6.7)
Operating Income (Loss)		(5.5)	(5.1)
Operating segment \| Global Pest Elimination \| Purchase Price Adjustments \| Segment Changes
Cost of sales		0.1	0.1
Selling, general and administrative expenses			4.3
Operating Income (Loss)		(5.2)	(4.4)
Operating segment \| Global Life Sciences
Net sales	706.1	670.5	650.8
Cost of sales	382.6	382.6	341.5
Selling, general and administrative expenses	202.8	196.1	190.4
Operating Income (Loss)	120.7	91.8	118.9
Operating segment \| Global Life Sciences \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Net sales		1,434.1	1,607.5
Cost of sales		895.1	1,026.9
Selling, general and administrative expenses			419.8
Operating Income (Loss)		147.2	160.8
Operating segment \| Global Life Sciences \| Previously Reported \| Valued at 2025 Fixed Currency Rates
Net sales		670.5	650.8
Cost of sales		382.6	341.5
Selling, general and administrative expenses			190.4
Operating Income (Loss)		91.8	118.9
Operating segment \| Global Life Sciences \| Purchase Price Adjustments \| Changes in Currency Rates
Net sales		(38.8)	(37.0)
Cost of sales		(19.8)	(18.3)
Selling, general and administrative expenses			(6.5)
Operating Income (Loss)		(12.7)	(12.2)
Operating segment \| Global Life Sciences \| Purchase Price Adjustments \| Segment Changes
Net sales		(724.8)	(919.7)
Cost of sales		(492.7)	(667.1)
Selling, general and administrative expenses			(222.9)
Operating Income (Loss)		(42.7)	(29.7)
Operating segment \| Corporate
Net sales			42.4
Cost of sales	7.7	5.2	63.0
Selling, general and administrative expenses	195.2	195.6	197.1
Special (gains) and charges	150.3	(188.7)	111.3
Operating Income (Loss)	(353.2)	(12.1)	(329.0)
Operating segment \| Corporate \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Net sales			42.7
Cost of sales			63.3
Selling, general and administrative expenses			200.8
Special (gains) and charges			111.4
Operating Income (Loss)			(332.8)
Operating segment \| Corporate \| Previously Reported \| Valued at 2025 Fixed Currency Rates
Net sales			42.4
Cost of sales			63.0
Selling, general and administrative expenses			197.1
Special (gains) and charges			111.3
Operating Income (Loss)			(329.0)
Operating segment \| Corporate \| Purchase Price Adjustments \| Changes in Currency Rates
Net sales			(0.3)
Cost of sales			(0.3)
Selling, general and administrative expenses			(3.7)
Special (gains) and charges			(0.1)
Operating Income (Loss)			3.8
Currency impact
Net sales	514.0	468.0	519.2
Operating Income (Loss)	$ 111.3	103.6	102.9
Currency impact \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Net sales		(131.6)	(55.3)
Operating Income (Loss)		(32.7)	(9.9)
Currency impact \| Previously Reported \| Valued at 2025 Fixed Currency Rates
Net sales		468.0	519.2
Operating Income (Loss)		103.6	102.9
Currency impact \| Purchase Price Adjustments \| Changes in Currency Rates
Net sales		599.6	574.5
Operating Income (Loss)		136.3	$ 112.8
Corporate \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Cost of sales		5.4
Selling, general and administrative expenses		199.3
Special (gains) and charges		(188.9)
Operating Income (Loss)		(15.8)
Corporate \| Previously Reported \| Valued at 2025 Fixed Currency Rates
Cost of sales		5.2
Selling, general and administrative expenses		195.6
Special (gains) and charges		(188.7)
Operating Income (Loss)		(12.1)
Corporate \| Purchase Price Adjustments \| Changes in Currency Rates
Cost of sales		(0.2)
Selling, general and administrative expenses		(3.7)
Special (gains) and charges		0.2
Operating Income (Loss)		3.7
Corporate \| Global Water \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Selling, general and administrative expenses		1,865.4
Corporate \| Global Water \| Previously Reported \| Valued at 2025 Fixed Currency Rates
Selling, general and administrative expenses		1,805.3
Corporate \| Global Water \| Purchase Price Adjustments \| Changes in Currency Rates
Selling, general and administrative expenses		(63.2)
Corporate \| Global Water \| Purchase Price Adjustments \| Segment Changes
Selling, general and administrative expenses		3.1
Corporate \| Global Institutional and Specialty \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Selling, general and administrative expenses		1,503.7
Corporate \| Global Institutional and Specialty \| Previously Reported \| Valued at 2025 Fixed Currency Rates
Selling, general and administrative expenses		1,646.2
Corporate \| Global Institutional and Specialty \| Purchase Price Adjustments \| Changes in Currency Rates
Selling, general and administrative expenses		(38.7)
Corporate \| Global Institutional and Specialty \| Purchase Price Adjustments \| Segment Changes
Selling, general and administrative expenses		181.2
Corporate \| Global Pest Elimination \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Selling, general and administrative expenses		292.4
Corporate \| Global Pest Elimination \| Previously Reported \| Valued at 2025 Fixed Currency Rates
Selling, general and administrative expenses		290.6
Corporate \| Global Pest Elimination \| Purchase Price Adjustments \| Changes in Currency Rates
Selling, general and administrative expenses		(6.9)
Corporate \| Global Pest Elimination \| Purchase Price Adjustments \| Segment Changes
Selling, general and administrative expenses		5.1
Corporate \| Global Life Sciences \| Previously Reported \| Valued at 2024 Fixed Currency Rates
Selling, general and administrative expenses		391.8
Corporate \| Global Life Sciences \| Previously Reported \| Valued at 2025 Fixed Currency Rates
Selling, general and administrative expenses		196.1
Corporate \| Global Life Sciences \| Purchase Price Adjustments \| Changes in Currency Rates
Selling, general and administrative expenses		(6.3)
Corporate \| Global Life Sciences \| Purchase Price Adjustments \| Segment Changes
Selling, general and administrative expenses		$ (189.4)

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Reportable segment information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING SEGMENTS
Net sales	$ 16,081.2	$ 15,741.4	$ 15,320.2
Cost of sales	8,930.8	8,899.7	9,154.9
Selling, general and administrative expenses	4,257.9	4,228.2	4,061.6
Special (gains) and charges	154.9	(188.9)	111.4
Operating Income (Loss)	2,737.6	2,802.4	1,992.3
Operating segment
OPERATING SEGMENTS
Net sales	15,567.2	15,273.4	14,801.0
Cost of sales	8,640.2	8,629.5	8,834.1
Selling, general and administrative expenses	4,150.4	4,133.8	3,966.2
Special (gains) and charges	150.3	(188.7)	111.3
Operating Income (Loss)	2,626.3	2,698.8	1,889.4
Currency impact
OPERATING SEGMENTS
Net sales	514.0	468.0	519.2
Operating Income (Loss)	111.3	103.6	102.9
Global Water
OPERATING SEGMENTS
Net sales	7,982.4	7,775.9	7,625.5
Global Water \| Operating segment
OPERATING SEGMENTS
Net sales	7,679.9	7,483.4	7,284.1
Cost of sales	4,585.9	4,470.9	4,548.6
Selling, general and administrative expenses	1,830.1	1,805.3	1,693.4
Operating Income (Loss)	1,263.9	1,207.2	1,042.1
Global Institutional and Specialty
OPERATING SEGMENTS
Net sales	6,104.6	6,103.4	5,910.8
Global Institutional and Specialty \| Operating segment
OPERATING SEGMENTS
Net sales	5,962.0	5,979.4	5,779.4
Cost of sales	2,977.7	3,131.0	3,300.0
Selling, general and administrative expenses	1,626.5	1,646.2	1,622.9
Operating Income (Loss)	1,357.8	1,202.2	856.5
Global Pest Elimination
OPERATING SEGMENTS
Net sales	1,246.3	1,162.8	1,066.0
Global Pest Elimination \| Operating segment
OPERATING SEGMENTS
Net sales	1,219.2	1,140.1	1,044.3
Cost of sales	686.3	639.8	581.0
Selling, general and administrative expenses	295.8	290.6	262.4
Operating Income (Loss)	237.1	209.7	200.9
Global Life Sciences
OPERATING SEGMENTS
Net sales	747.9	699.3	675.4
Global Life Sciences \| Operating segment
OPERATING SEGMENTS
Net sales	706.1	670.5	650.8
Cost of sales	382.6	382.6	341.5
Selling, general and administrative expenses	202.8	196.1	190.4
Operating Income (Loss)	120.7	91.8	118.9
Corporate
OPERATING SEGMENTS
Net sales			42.5
Corporate \| Operating segment
OPERATING SEGMENTS
Net sales			42.4
Cost of sales	7.7	5.2	63.0
Selling, general and administrative expenses	195.2	195.6	197.1
Special (gains) and charges	150.3	(188.7)	111.3
Operating Income (Loss)	$ (353.2)	$ (12.1)	$ (329.0)

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Net Sales and Long-lived Assets by Geographic Region (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
Long-Lived Assets, net	$ 5,042.5	$ 4,475.6
United States
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
Long-Lived Assets, net	3,302.0	3,075.4
Europe
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
Long-Lived Assets, net	798.9	660.6
Greater China
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
Long-Lived Assets, net	273.3	176.0
Asia Pacific.
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
Long-Lived Assets, net	262.6	241.6
Latin America
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
Long-Lived Assets, net	208.5	170.1
India, Middle East and Africa.
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
Long-Lived Assets, net	118.6	78.6
Canada
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
Long-Lived Assets, net	$ 78.6	$ 73.3