Ecolab (ECL) 10-K 25 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Jan. 31, 2022	Jun. 30, 2021
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Entity File Number	1-9328
Entity Registrant Name	ECOLAB INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0231510
Entity Address, Address Line One	1 Ecolab Place
Entity Address, City or Town	St. Paul
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55102
City Area Code	800
Local Phone Number	232-6522
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 58,664,362,024
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		286,751,531
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0000031462
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Minneapolis, Minnesota
COMMON STOCK
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	ECL
Security Exchange Name	NYSE
2.625% Euro Notes due 2025
Title of 12(b) Security	2.625% Euro Notes due 2025
Trading Symbol	ECL 25
Security Exchange Name	NYSE
1.000% Euro Notes due 2024
Title of 12(b) Security	1.000% Euro Notes due 2024
Trading Symbol	ECL 24
Security Exchange Name	NYSE

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net sales	$ 12,733.1	$ 11,790.2	$ 12,562
Cost of sales (including special charges (a))	7,615.8	6,905.8	7,045.8
Selling, general and administrative expenses	3,416.1	3,309.1	3,550.8
Special (gains) and charges	102.6	179.6	120.2
Operating income	1,598.6	1,395.7	1,845.2
Other (income) expense (b)	(33.9)	(55.9)	(77)
Interest expense, net (c)	218.3	290.2	190.7
Income before income tax	1,414.2	1,161.4	1,731.5
Provision for income taxes	270.2	176.6	288.6
Net income from continuing operations including noncontrolling interest	1,144	984.8	1,442.9
Net income from continuing operations attributable to noncontrolling interest	14.1	17.4	17.3
Net income from continuing operations attributable to Ecolab	1,129.9	967.4	1,425.6
Net loss from discontinued operations, net of tax (Note 4) (d)		(2,172.5)	133.3
Net income (loss) attributable to Ecolab	$ 1,129.9	$ (1,205.1)	$ 1,558.9
Basic EPS
Continuing operations	$ 3.95	$ 3.37	$ 4.95
Discontinued operations		(7.57)	0.46
Earnings attributable to Ecolab	3.95	(4.20)	5.41
Diluted EPS
Continuing operations	3.91	3.33	4.87
Discontinued operations		(7.48)	0.46
Earnings attributable to Ecolab	$ 3.91	$ (4.15)	$ 5.33
Weighted-average common shares outstanding
Basic (in shares)	286.3	287	288.1
Diluted (in shares)	289.1	290.3	292.5
Product and sold equipment
Net sales	$ 10,153.3	$ 9,466.6	$ 10,129
Cost of sales (including special charges (a))	6,100.9	5,481.3	5,617.5
Service and lease equipment
Net sales	2,579.8	2,323.6	2,433
Cost of sales (including special charges (a))	$ 1,514.9	$ 1,424.5	$ 1,428.3

CONSOLIDATED STATEMENT OF INC_2

CONSOLIDATED STATEMENT OF INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Special charges	$ 65.9	$ 6.3	$ 17.6	$ 12.8	$ 59.3	$ 35	$ 69.4	$ 15.9	$ 102.6	$ 179.6	$ 120.2
Net income (loss) from discontinued operations attributable to noncontrolling interest										2.2
Cost of sales
Special charges									93.9	48.2	38.5
Other (income) expense
Special charges	$ 10.6	$ 7	$ 19.6		$ 0.4				37.2	0.4	9.5
Interest expense
Special charges									33.1	83.8	0.2
Product and sold equipment | Cost of sales
Special charges									91.9	39.3	$ 38.5
Service and lease equipment | Cost of sales
Special charges									$ 2	$ 8.9

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income (loss) attributable to Ecolab	$ 1,129.9	$ (1,205.1)	$ 1,558.9
Net income from continuing operations attributable to noncontrolling interest	14.1	17.4	17.3
Net income (loss) from discontinued operations attributable to noncontrolling interest		2.2
Net income (loss) attributable to Ecolab, including noncontrolling interest	1,144	(1,185.5)	1,576.2
Foreign currency translation adjustments
Foreign currency translation	(10.9)	50	(45.1)
Separation of ChampionX		229.9
Gain (loss) on net investment hedges	51.6	(87.7)	31.4
Total foreign currency translation adjustments	40.7	192.2	(13.7)
Derivatives and hedging instruments	26	(17)	(3.4)
Pension and postretirement benefits
Current period net actuarial gain (loss)	204.8	(139.2)	(251.1)
Settlement charge	26.7
Pension and postretirement prior period service benefits	1.9	5.1	(0.3)
Amortization of net actuarial loss and prior service credits, net	56.3	56	(0.2)
Total pension and postretirement benefits	289.7	(78.1)	(251.6)
Net of tax	356.4	97.1	(268.7)
Total comprehensive income (loss), including noncontrolling interest	1,500.4	(1,088.4)	1,307.5
Comprehensive income attributable to noncontrolling interest	10.9	21.4	15.4
Comprehensive income (loss) attributable to Ecolab	$ 1,489.5	$ (1,109.8)	$ 1,292.1

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 359.9	$ 1,260.2
Accounts receivable, net	2,478.4	2,273.8
Inventories	1,491.8	1,285.2
Other current assets	357	298.2
Total current assets	4,687.1	5,117.4
Property, plant and equipment, net	3,288.5	3,124.9
Goodwill	8,063.9	6,006.9
Other intangible assets, net	4,224.1	2,977
Operating lease assets	396.8	423.8
Other assets	546	476
Total assets	21,206.4	18,126
Current liabilities
Short-term debt	411	17.3
Accounts payable	1,384.2	1,160.6
Compensation and benefits	509.5	469.3
Income taxes	104.3	96.1
Other current liabilities	1,144.2	1,188.9
Total current liabilities	3,553.2	2,932.2
Long-term debt	8,347.2	6,669.3
Postretirement health care and pension benefits	894.2	1,226.2
Deferred income taxes	622	483.9
Operating lease liabilities	282.6	300.5
Other liabilities	254.1	312.4
Total liabilities	13,953.3	11,924.5
Commitments and contingencies (Note 16)
Equity (a)
Common stock	364.1	362.6
Additional paid-in capital	6,464.6	6,235
Retained earnings	8,814.5	8,243
Accumulated other comprehensive loss	(1,634.8)	(1,994.4)
Treasury stock	(6,784.2)	(6,679.7)
Total Ecolab shareholders' equity	7,224.2	6,166.5
Noncontrolling interest	28.9	35
Total equity	7,253.1	6,201.5
Total liabilities and equity	$ 21,206.4	$ 18,126

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares shares in Millions	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEET
Common stock, shares authorized	800	800
Common stock, par value per share (in dollars per share)	$ 1	$ 1
Common stock, shares outstanding	286.9	285.7

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES
Net income (loss) attributable to Ecolab, including noncontrolling interest	$ 1,144	$ (1,185.5)	$ 1,576.2
Less: Net income (loss) from discontinued operations including noncontrolling interest		2,170.3	(133.3)
Net income from continuing operations including noncontrolling interest	1,144	984.8	1,442.9
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	604.4	594.3	569.1
Amortization	238.7	218.4	206.2
Deferred income taxes	(1.1)	(45.8)	(22.1)
Share-based compensation expense	89.5	82.1	84
Pension and postretirement plan contributions	(60.2)	(70.7)	(186)
Pension and postretirement plan expense, net	42.4	42	22.6
Restructuring charges, net of cash paid	(41.7)	7.8	29.9
Debt refinancing	29.4	77.1
Other, net	15.9	61	17.6
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	(178.2)	155.6	(173.1)
Inventories	(73)	(179.5)	22.3
Other assets	(92.9)	42.3	(70.4)
Accounts payable	200.4	55.9	22.9
Other liabilities	144.3	(283.5)	80.8
Cash provided by operating activities - continuing operations	2,061.9	1,741.8	2,046.7
Cash provided by operating activities - discontinued operations		118.4	374
Cash provided by operating activities	2,061.9	1,860.2	2,420.7
INVESTING ACTIVITIES
Capital expenditures	(643)	(489)	(731.3)
Property and other assets sold	12.2	5.3	7.5
Acquisitions and investments in affiliates, net of cash acquired	(3,923.7)	(487)	(391.4)
Divestiture of businesses		116.2	6.8
Other, net	(25.2)	(3.2)	(21.2)
Cash used for investing activities - continuing operations	(4,579.7)	(857.7)	(1,129.6)
Cash provided by (used for) investing activities - discontinued operations		443.2	(69.5)
Cash used for investing activities	(4,579.7)	(414.5)	(1,199.1)
FINANCING ACTIVITIES
Net issuances (repayments) of commercial paper and notes payable	393.6	(65.5)	(252)
Long-term debt borrowings	2,775	1,855.9
Long-term debt repayments	(1,017.9)	(1,570)	(400.6)
Reacquired shares	(106.6)	(146.2)	(353.7)
Dividends paid	(566.4)	(560.8)	(552.9)
Exercise of employee stock options	143.5	241.5	186.8
Debt refinancing	(29.4)	(77.1)
Other, net	11.4	(18)	25.8
Cash provided by (used for) financing activities - continuing operations	1,603.2	(340.2)	(1,346.6)
Cash used for financing activities - discontinued operations		(1.6)	(3)
Cash provided by (used for) financing activities	1,603.2	(341.8)	(1,349.6)
Effect of exchange rate changes on cash and cash equivalents	14.3	(30.1)	20.4
(Decrease) increase in cash and cash equivalents	(900.3)	1,073.8	(107.6)
Cash and cash equivalents, beginning of period - continuing operations	1,260.2	118.8	243.2
Cash and cash equivalents, beginning of period - discontinued operations		67.6	50.8
Cash and cash equivalents, beginning of period	1,260.2	186.4	294
Cash and cash equivalents, end of period - continuing operations	359.9	1,260.2	118.8
Cash and cash equivalents, end of period - discontinued operations			67.6
Cash and cash equivalents, end of period	359.9	1,260.2	186.4
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid	275.7	366.9	337.4
Net interest paid	$ 208.7	$ 262.5	$ 189.4

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Millions	TOTAL ECOLAB SHAREHOLDERS' EQUITYCumulative Effect, Period of Adoption, Adjustment	TOTAL ECOLAB SHAREHOLDERS' EQUITY	COMMON STOCK	ADDITIONAL PAID-IN CAPITAL	RETAINED EARNINGSCumulative Effect, Period of Adoption, Adjustment	RETAINED EARNINGS	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)Cumulative Effect, Period of Adoption, Adjustment	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	TREASURY STOCK	NON-CONTROLLING INTEREST	Cumulative Effect, Period of Adoption, Adjustment	Total
Balance at Dec. 31, 2018	$ (2.8)	$ 8,003.2	$ 357	$ 5,633.2	$ 58.4	$ 8,909.5	$ (61.2)	$ (1,761.7)	$ (5,134.8)	$ 50.4	$ (2.8)	$ 8,053.6
Balance (in shares) at Dec. 31, 2018			356,958,100						(69,243,979)
Increase (Decrease) in Stockholders' Equity
Net (loss) income		1,558.9				1,558.9				17.3		1,576.2
Other comprehensive income (loss) activity		(266.8)						(266.8)		(1.9)		(268.7)
Cash dividends declared		(533.1)				(533.1)				(25.1)		(558.2)
Changes in noncontrolling interest		0.2		0.2								0
Changes in noncontrolling interest										(0.2)
Stock options and awards		279.4	$ 2.6	273.7					$ 3.1			279.4
Stock options (in shares)			2,220,815						41,575
Stock awards (in shares)			390,319						29,173
Reacquired shares		(353.7)							$ (353.7)			(353.7)
Reacquired shares (in shares)									(1,986,241)
Balance at Dec. 31, 2019	$ (4.3)	8,685.3	$ 359.6	5,907.1	$ (4.3)	9,993.7		(2,089.7)	$ (5,485.4)	40.5	$ (4.3)	8,725.8
Balance (in shares) at Dec. 31, 2019			359,569,234						(71,159,472)
Increase (Decrease) in Stockholders' Equity
Net (loss) income		(1,205.1)				(1,205.1)				19.6		(1,185.5)
Other comprehensive income (loss) activity		95.3						95.3		1.8		97.1
Cash dividends declared		(541.3)				(541.3)				(21)		(562.3)
Separation of ChampionX		(1,059.9)		(8.5)					$ (1,051.4)	3.4		(1,056.5)
Separation of ChampionX (in shares)									(4,955,552)
Changes in noncontrolling interest		17.6		17.6								8.3
Changes in noncontrolling interest										(9.3)
Stock options and awards		325.1	$ 3	318.8					$ 3.3			325.1
Stock options (in shares)			2,577,231						35,122
Stock awards (in shares)			406,978						40,122
Reacquired shares		(146.2)							$ (146.2)			(146.2)
Reacquired shares (in shares)									(761,245)
Balance at Dec. 31, 2020		6,166.5	$ 362.6	6,235		8,243		(1,994.4)	$ (6,679.7)	35		$ 6,201.5
Balance (in shares) at Dec. 31, 2020			362,553,443						(76,801,025)			285,700,000
Increase (Decrease) in Stockholders' Equity
Retained earnings												$ 8,243
Net (loss) income		1,129.9				1,129.9				14.1		1,144
Other comprehensive income (loss) activity		359.6						359.6		(3.2)		356.4
Cash dividends declared		(558.4)				(558.4)				(17)		(575.4)
Stock options and awards		233.2	$ 1.5	229.6					$ 2.1			233.2
Stock options (in shares)			1,270,757						29,684
Stock awards (in shares)			315,162						17,760
Reacquired shares		(106.6)							$ (106.6)			(106.6)
Reacquired shares (in shares)									(502,132)
Balance at Dec. 31, 2021		$ 7,224.2	$ 364.1	$ 6,464.6		$ 8,814.5		$ (1,634.8)	$ (6,784.2)	$ 28.9		$ 7,253.1
Balance (in shares) at Dec. 31, 2021			364,139,362						(77,255,713)			286,900,000
Increase (Decrease) in Stockholders' Equity
Retained earnings												$ 8,814.5

CONSOLIDATED STATEMENT OF EQU_2

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENT OF EQUITY
Dividends declared per common share (in dollars per share)	$ 1.95	$ 1.89	$ 1.85

NATURE OF BUSINESS

NATURE OF BUSINESS	12 Months Ended
	Dec. 31, 2021
NATURE OF BUSINESS
NATURE OF BUSINESS	NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ​ 1. NATURE OF BUSINESS ​ Ecolab is a global leader in water, hygiene and infection prevention solutions and services that protect people and vital resources. The Company delivers comprehensive solutions, data-driven insights and personalized service to advance food safety, maintain clean and safe environments, optimize water and energy use and improve operational efficiencies and sustainability for customers in the food, healthcare, hospitality and industrial markets in more than 170 countries. ​ The Company’s cleaning and sanitizing programs and products and pest elimination services support customers in the foodservice, food and beverage processing, hospitality, healthcare, government and education, retail, textile care and commercial facilities management sectors. The Company’s products and technologies are also used in water treatment, pollution control, energy conservation, refining, primary metals manufacturing, papermaking, mining and other industrial processes. ​ On June 3, 2020, the Company completed the separation of its Upstream Energy business (the “ChampionX business”) in a Reverse Morris Trust transaction (the “Transaction”) through the split-off of ChampionX Holding Inc. (“ChampionX”), formed by Ecolab as a wholly owned subsidiary to hold the ChampionX business, followed immediately by the merger (the “Merger”) of ChampionX with a wholly owned subsidiary of ChampionX Corporation (f/k/a Apergy Corporation, “Apergy”). ​ As discussed in Note 5 Discontinued Operations, during 2020, the ChampionX business met the criteria to be reported as discontinued operations because the separation of the ChampionX business was a strategic shift in business that had a major effect on the Company's operations and financial results. Therefore, the Company reported the historical results of ChampionX, including the results of operations, cash flows, and related assets and liabilities, as discontinued operations. Unless otherwise noted, the accompanying Notes to the Consolidated Financial Statements have all been revised to reflect the effect of the separation of ChampionX and all prior year balances have been revised accordingly to reflect continuing operations only. ​ Subsequent to the separation of ChampionX, effective the third quarter of 2020, the Company no longer reports the Upstream Energy segment, which previously held the ChampionX business. The Company is aligned into three reportable segments and Other. ​ Effective in the first quarter of 2020, and in anticipation of the separation of the Upstream Energy business, the Company created the Upstream and Downstream operating segments from the Global Energy operating segment, which was also a reportable segment. Subsequent to the separation of ChampionX, the Company no longer reports the Upstream Energy segment, which previously held the ChampionX business. ​ The Downstream operating segment has been aggregated into the Global Industrial reportable segment. Also, in the first quarter of 2020, the Company announced leadership changes which allow for shared oversight and focus on the Healthcare and Life Sciences operating segments and established the Global Healthcare & Life Sciences reportable segment. This segment is comprised of the Healthcare operating segment which was previously aggregated in the Global Institutional reportable segment and the Life Sciences operating segment which was previously aggregated in the Global Industrial reportable segment. Additionally, the Textile Care operating segment, which is now being reported in Other, had previously been aggregated in the Global Industrial reportable segment. The Company also renamed the Global Institutional reportable segment to the Global Institutional & Specialty reportable segment. The Company made other immaterial changes, including the movement of certain customers and cost allocations between reportable segments. ​ On December 1, 2021, the Company acquired Purolite for total consideration of $3.7 billion in cash, net of cash acquired. Purolite is a leading and fast-growing global provider of high-end ion exchange resins for the separation and purification of solutions, that is highly complementary to our current offering and critical to safe, high quality drug production and biopharma product purification in the life sciences industries. It also provides purification and separation solutions for critical industrial markets like microelectronics, nuclear power and food and beverage. Headquartered in King of Prussia, Pennsylvania, Purolite operates in more than 30 countries. Purolite is reported within our Life Sciences operating segment. ​ The Company is aligned into three reportable segments: Global Industrial, Global Institutional & Specialty, and Global Healthcare & Life Sciences as discussed in Note 19 Operating Segments and Geographical Information. Operating segments that were not aggregated and do not exceed the quantitative criteria to be separately reported have been combined into Other. ​ Except for the changes due to adoption of the new accounting standards, the Company has consistently applied the accounting policies to all periods presented in these consolidated financial statements. ​ ​

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES ​ Principles of Consolidation ​ The consolidated financial statements include the accounts of the Company and all subsidiaries in which the Company has a controlling financial interest. Investments in companies, joint ventures or partnerships in which the Company does not have control but has the ability to exercise significant influence over operating and financial decisions, are reported using the equity method of accounting. The alternative method of accounting is used in circumstance where the Company’s investments in companies, joint ventures and partnerships neither provide it control or significant influence over the investee and for investments that do not have readily identifiable fair values. Investments accounted for under the alternative method are recorded at cost and adjusted for impairments, if any, or observable price changes of the same or similar securities issued by the investee. International subsidiaries are included in the financial statements on the basis of their U.S. GAAP November 30 fiscal year ends to facilitate the timely inclusion of such entities in the Company’s consolidated financial reporting. All intercompany transactions and profits are eliminated in consolidation. ​ Use of Estimates ​ The preparation of the Company’s financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The Company’s critical accounting estimates include revenue recognition, actuarially determined liabilities, income taxes, long-lived assets, intangible assets and goodwill. ​ In March 2020, coronavirus 2019 (“COVID-19”) was declared a pandemic by the World Health Organization. As the impact of the pandemic continues to evolve, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require judgment. These estimates and assumptions may change in future periods and will be recognized in the consolidated financial information as new events occur and additional information becomes known. To the extent actual results differ materially from those estimates and assumptions, the Company’s future financial statements could be affected. ​ 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 loss in shareholders’ equity. Income statement accounts are translated at average rates of exchange prevailing during the year. As discussed in Note 19 Operating Segments and Geographic Information, the Company evaluates its international operations based on fixed rates of exchange; however, changes in exchange rates from period to period impact the amount of reported income from consolidated operations. ​ Concentration of Credit Risk ​ Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed to perform as contracted. The Company believes the likelihood of incurring material losses due to concentration of credit risk is minimal. The principal financial instruments subject to credit risk are as follows: ​ Cash and Cash Equivalents ​ Accounts Receivable ​ Foreign Currency and Interest Rate Contracts and Derivatives ​ 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 considered macroeconomic trends and specific circumstances and credit conditions of customer receivables. Account balances are written off against the allowance when it is determined the receivable will not be recovered. The Company’s allowance for the expected return of products shipped and credits related to pricing or quantities shipped of $19 million, $16 million, and $17 million as of December 31, 2021, 2020, and 2019, respectively. Returns and credit activity is recorded directly as a reduction to revenue. ​ The following table summarizes the activity in the allowance for expected credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ $68.4 ​ ​ ​ $38.8 ​ ​ ​ $36.9 Adoption of new standard ​ ​ - ​ ​ ​ 4.3 ​ ​ ​ - Bad debt expense ​ 15.0 ​ ​ 57.7 ​ ​ 21.5 Write-offs ​ (27.4) ​ ​ (31.6) ​ ​ (19.1) Other (a) ​ (3.2) ​ ​ (0.8) ​ ​ (0.5) Ending balance (b) ​ ​ $52.8 ​ ​ ​ $68.4 ​ ​ ​ $38.8 ​ (a) Other amounts are primarily the effects of changes in currency translations and acquired balances. (b) The allowance for expected credit losses balances in 2021 and 2020 reflect increased reserves, primarily due to the Institutional customer base as a result of the COVID-19 pandemic. ​ 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 27% and 26% of consolidated inventories as of December 31, 2021 and 2020, respectively. All other inventory costs are determined using either the average cost or first-in, first-out (“FIFO”) methods. Inventory values at FIFO, as shown in Note 6, approximate replacement cost. ​ Property, Plant and Equipment ​ Property, plant and equipment assets are stated at cost. Merchandising and customer equipment consists principally of various dispensing systems for the Company’s cleaning and sanitizing products, warewashing machines and process control and monitoring equipment. Certain dispensing systems capitalized by the Company are accounted for on a mass asset basis, whereby equipment is capitalized and depreciated as a group and written off when fully depreciated. The Company capitalizes both internal and external costs to develop or purchase computer software. Costs incurred for data conversion, training and maintenance associated with capitalized software are expensed as incurred. Expenditures for major renewals and improvements, which significantly extend the useful lives of existing plant and equipment, are capitalized and depreciated. Expenditures for repairs and maintenance are charged to expense as incurred. Upon retirement or disposition of plant and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income. ​ Depreciation is charged to operations using the straight-line method over the assets’ estimated useful lives ranging from 5 to 40 years for buildings and leasehold improvements, 3 to 20 years for machinery and equipment, 3 to 20 years for merchandising and customer equipment and 3 to 7 years for capitalized software. The straight-line method of depreciation reflects an appropriate allocation of the cost of the assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. Depreciation expense was $604 million, $594 million and $569 million for 2021, 2020 and 2019, respectively. ​ Goodwill and Other Intangible Assets ​ Goodwill ​ Goodwill arises from the Company’s acquisitions and represents the excess purchase consideration transferred over the fair value of acquired net assets. The Company’s reporting units are its operating segments. The Company assesses goodwill for impairment on an annual basis during the second quarter. If circumstances change or events occur that demonstrate it is more likely than not that the carrying amount of a reporting unit exceeds its fair value, the Company completes an interim goodwill assessment of that reporting unit prior to the next annual assessment. If the results of an annual or interim goodwill assessment demonstrate the carrying amount of a reporting unit is greater than its fair value, the Company will recognize an impairment loss for the amount by which the reporting unit’s carrying amount exceeds its fair value, but not to exceed the carrying amount of goodwill assigned to that reporting unit. ​ ​ During the second quarter of 2021, the Company completed its annual goodwill impairment assessment for each of its eleven reporting units using discounted cash flow analyses that incorporated assumptions, including future operating performance, long-term growth and discount rates. The Company’s goodwill impairment assessment for 2021 indicated the estimated fair values of each of its reporting units exceeded the carrying amounts of the respective reporting units by significant margins. Additionally, no events noted during the second half of 2021 indicated a need to update any of the Company’s analyses or conclusions reached in the second quarter of 2021 for any of its 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 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Global ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Institutional ​ Healthcare & ​ ​ ​ ​ ​ ​ ​ ​ (millions) Industrial & Specialty Life Sciences ​ Other Total ​ December 31, 2019 ​ ​ $3,923.7 ​ ​ $548.2 ​ ​ $859.4 ​ ​ $237.8 ​ ​ $5,569.1 ​ ​ Current year business combinations (a) ​ 275.7 ​ ​ - ​ ​ - ​ ​ - ​ ​ 275.7 ​ ​ Prior year business combinations (b) ​ ​ - ​ ​ - ​ ​ 0.6 ​ ​ - ​ ​ 0.6 ​ ​ Dispositions ​ ​ (47.6) ​ ​ - ​ ​ - ​ ​ - ​ ​ (47.6) ​ ​ Effect of foreign currency translation ​ 136.1 ​ ​ 15.9 ​ ​ 49.8 ​ ​ 7.3 ​ ​ 209.1 ​ ​ December 31, 2020 ​ ​ $4,287.9 ​ ​ $564.1 ​ ​ $909.8 ​ ​ $245.1 ​ ​ $6,006.9 ​ ​ Current year business combinations (a) ​ ​ 6.9 ​ ​ 17.2 ​ ​ 2,123.2 ​ ​ - ​ ​ 2,147.3 ​ ​ Prior year business combinations (b) ​ ​ (0.9) ​ ​ - ​ ​ - ​ ​ - ​ ​ (0.9) ​ ​ Effect of foreign currency translation ​ ​ (23.8) ​ ​ (4.8) ​ ​ (58.8) ​ ​ (2.0) ​ ​ (89.4) ​ ​ December 31, 2021 ​ ​ $4,270.1 ​ ​ $576.5 ​ ​ $2,974.2 ​ ​ $243.1 ​ ​ $8,063.9 ​ ​ ​ (a) Represents goodwill associated with current and prior year acquisitions. For 2021, approximately $1,870 million of goodwill related to businesses acquired is expected to be tax deductible related to the acquisitions of Purolite and National Wiper Alliance, Inc. (refer to Footnote 4 for additional information). This amount of goodwill is subject to change in 2022 based on the finalization of purchase accounting for both transactions. For 2020, the goodwill related to businesses acquired is not tax deductible. (b) Represents purchase price allocation adjustments for acquisitions deemed preliminary as of the end of the prior year. ​ Other Intangible Assets ​ The Nalco trade name is the Company’s only indefinite life intangible asset, which is tested for impairment on an annual basis during the second quarter. During the second quarter of 2021, the Company completed its annual impairment assessment of the Nalco trade name using the relief from royalty discounted cash flow method, which incorporates assumptions, including future sales projections, royalty rates and discount rates. The Company’s Nalco trade name impairment assessment for 2021 indicated the estimated fair value of the Nalco trade name exceeded its $1.2 billion carrying amount by a significant margin. Additionally, no events during the second half of 2021 indicated a need to update the Company’s conclusions reached during the second quarter of 2021. 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 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 and 14 years as of December 31, 2021 and 2020, respectively. ​ The weighted-average useful life by type of amortizable asset at December 31, 2021 is as follows: ​ (years) ​ ​ ​ Customer relationships 15 Trademarks 14 Patents 15 Other technology 12 ​ ​ The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company evaluates the remaining useful life of its intangible assets subject to amortization each reporting period to determine whether events and circumstances warrant a change to the estimated remaining period of amortization. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying amount of the intangible asset will be amortized prospectively over the revised remaining useful life. Total amortization expense related to other intangible assets during the last three years and future estimated amortization is as follows: ​ ​ ​ ​ ​ (millions) ​ ​ ​ 2019 ​ $ 206 ​ 2020 219 ​ 2021 239 2022 314 ​ 2023 309 ​ 2024 302 ​ 2025 295 ​ 2026 283 ​ ​ 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 ​ Change in Accounting Principle ​ The Company adopted Accounting Standards Codification Topic 842 Leases prospectively on January 1, 2019. The adoption changed the manner in which the Company accounts for leases. The accounting policy and Note 14 have been revised for the change on a prospective basis. ​ 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). 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 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 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 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 will continue to be 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. The lease start date is when the asset is available for use and in possession of the Company. The lease end date, which includes any options to renew or cancel that are reasonably certain to be exercised, is based on the terms of the contract. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The Company’s lease agreements do not contain any material restrictive covenants. ​ Lessor ​ The Company accounts for lease and nonlease components separately. The nonlease components, such as product and service revenue, are accounted for under Topic 606 Revenue from Contracts with Customers, refer to Note 18 for more information. Revenue from leasing equipment is recognized on a straight-line basis over the life of the lease. Cost of sales includes the depreciation expense for assets under operating leases. The assets are depreciated over their estimated useful lives. Initial lease terms range from one year to five years and most leases include renewal options. ​ Lease contracts convey the right for the customer to control the equipment for a period of time as defined by the contract. There are no options for the customer to purchase the equipment and therefore the equipment remains the property of the Company at the end of the lease term. Refer to Note 14 for additional information regarding rental and leases. ​ Income Taxes ​ Income taxes are recognized during the period in which transactions enter into the determination of financial statement income, with deferred income taxes provided for the tax effect of temporary differences between the carrying amount of assets and liabilities and their tax bases. The Company records a valuation allowance to reduce its deferred tax assets when uncertainty regarding their realizability exists. Relevant factors in determining the realizability of deferred tax assets include historical results, sources of future taxable income, the expected timing of the reversal of temporary differences, tax planning strategies and the expiration dates of the various tax attributes. The Company records liabilities for income tax uncertainties in accordance with the U.S. GAAP recognition and measurement criteria guidance. The Company has elected the period cost method and considers the estimated global intangible low taxed income (“GILTI”) impact in tax expense. The Company recognizes interest and penalties related to income tax uncertainties in our income tax provision. ​ Refer to Note 13 for additional information regarding income taxes. ​ Share-Based Compensation ​ The Company measures compensation expense for share-based awards at fair value at the date of grant and recognizes compensation expense over the service period for awards expected to vest. The majority of grants to retirement eligible recipients (age 55 with required years of service) are recorded to expense using the non-substantive vesting method and are fully expensed over a six-month period following the date of grant. In addition, the Company includes a forfeiture estimate in the amount of compensation expense being recognized based on an estimate of the number of outstanding awards expected to vest. ​ All excess tax benefits or deficiencies are recognized as discrete income tax items on the Consolidated Statements of Income. The extent of excess tax benefits is subject to variation in stock price and stock option exercises. Refer to Note 12 for additional information regarding equity compensation plans. ​ Restructuring Activities ​ The Company’s restructuring activities are associated with plans to enhance its efficiency, effectiveness and sharpen its competitiveness. These restructuring plans include net costs associated with significant actions involving employee-related severance charges, contract termination costs and asset write-downs and disposals. Employee termination costs are largely based on policies and severance plans, and include personnel reductions and related costs for severance, benefits and outplacement services. These charges are reflected in the quarter in which the actions are probable and the amounts are estimable, which typically is when management approves the associated actions. Contract termination costs include charges to terminate leases prior to the end of their respective terms and other contract termination costs. Asset write-downs and disposals include leasehold improvement write-downs, other asset write-downs associated with combining operations and disposal of assets. Refer to Note 3 for additional information regarding restructuring activities. ​ Revenue Recognition ​ Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing service. ​ Product and Sold Equipment ​ Revenue from product and sold equipment is recognized when obligations under the terms of a contract with the customer are satisfied, which generally occurs with the transfer of the product or delivery of the equipment. ​ Service and Lease Equipment ​ Revenue from service and leased equipment is recognized when the services are provided, or the customer receives the benefit from the leased equipment, which is over time. Service revenue is recognized over time utilizing an input method and aligns with when the services are provided. Typically, revenue is recognized using costs incurred to date because the effort provided by the field selling and service organization represents services provided, which corresponds with the transfer of control. Revenue for leased equipment is accounted for under Topic 842 Leases and recognized on a straight-line basis over the length of the lease contract. ​ ​ Other Considerations ​ Contracts with customers may include multiple performance obligations. For contracts with multiple performance obligations, the consideration is allocated between products and services based on their stand-alone selling prices. Stand-alone selling prices are generally based on the prices charged to customers or using an expected cost plus margin. Judgment is used in determining the amount of service that is embedded within the Company’s contracts, which is based on the amount of time spent on the performance obligation activities. The level of effort, including the estimated margin that would be charged, is used to determine the amount of service revenue. Depending on the terms of the contract, the Company may defer the recognition of revenue when a future performance obligation has not yet occurred. ​ Taxes assessed by a governmental authority that are both imposed on, and concurrent with, a specific revenue-producing transaction, which are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight are recognized in cost of sales when control over the product has transferred to the customer. ​ Other estimates used in recognizing revenue include allocating variable consideration to customer programs and incentive offerings, including pricing arrangements, promotions and other volume-based incentives at the time the sale is recorded. These estimates are based primarily on historical experience and anticipated performance over the contract period. Based on the certainty in estimating these amounts, they are included in the transaction price of the contracts and the associated remaining performance obligations. The Company recognizes revenue when collection of the consideration expected to be received in exchange for transferring goods or providing services is probable. ​ The Company’s revenue policies do not provide for general rights of return. Estimates used in recognizing revenue include the delay between the time that products are shipped and when they are received by customers, when title transfers and the amount of credit memos issued in subsequent periods. Depending on market conditions, the Company may increase customer incentive offerings, which could reduce gross profit margins over the term of the incentive. ​ Earnings Per Common Share ​ The difference in the weighted average common shares outstanding for calculating basic and diluted earnings attributable to Ecolab per common share is a result of the dilution associated with the Company’s equity compensation plans. As noted in the table below, certain stock options and units outstanding under these equity compensation plans were not included in the computation of diluted earnings attributable to Ecolab per common share because they would not have had a dilutive effect. ​ The computations of the basic and diluted earnings attributable to Ecolab per share amounts were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions, except per share) ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations attributable to Ecolab ​ ​ $1,129.9 ​ ​ ​ $967.4 ​ ​ ​ $1,425.6 Net loss from discontinued operations ​ ​ - ​ ​ ​ (2,172.5) ​ ​ ​ 133.3 Net income (loss) attributable to Ecolab ​ ​ $1,129.9 ​ ​ ​ ($1,205.1) ​ ​ ​ $1,558.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic 286.3 ​ ​ 287.0 ​ ​ 288.1 Effect of dilutive stock options and units 2.8 ​ ​ 3.3 ​ ​ ​ 4.4 Diluted 289.1 ​ ​ 290.3 ​ ​ 292.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) attributable to Ecolab per common share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 3.95 ​ ​ ​ $ 3.37 ​ ​ ​ $ 4.95 Discontinued operations ​ ​ $ - ​ ​ ​ ($ 7.57) ​ ​ ​ $ 0.46 Earnings (loss) attributable to Ecolab ​ ​ $ 3.95 ​ ​ ​ ($ 4.20) ​ ​ ​ $ 5.41 Diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 3.91 ​ ​ ​ $ 3.33 ​ ​ ​ $ 4.87 Discontinued operations ​ ​ $ - ​ ​ ​ ($ 7.48) ​ ​ ​ $ 0.46 Earnings (loss) attributable to Ecolab ​ ​ $ 3.91 ​ ​ ​ ($ 4.15) ​ ​ ​ $ 5.33 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Anti-dilutive securities excluded from the computation of diluted EPS 1.9 ​ ​ 1.9 ​ ​ 1.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 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. The ChampionX business met the criteria to be held for sale immediately prior to the Separation. The ChampionX business was previously recorded in the Global Energy reportable segment, which became the Upstream Energy reportable segment beginning in 2020 and subsequently has been reported in discontinued operations. The assets and liabilities held for sale are recorded on the Company’s Consolidated Balance Sheets as current assets of discontinued operations, long-term assets of discontinued operations, current liabilities of discontinued operations and long-term liabilities of discontinued operations, respectively. ​ Discontinued Operations ​ Discontinued operations comprise those activities that were disposed of during the period or which were classified as held for sale at the end of the period and represent a strategic shift that has or will have a major effect on the Company’s operations and financial results. The ChampionX business met the criteria to be reported as discontinued operations because it was a strategic shift in business that had a major effect on the Company’s operations and financial results. The ChampionX business is presented on the Consolidated Statements of Income as discontinued operations. Refer to Note 5, Discontinued Operations, for additional information. ​ Other Significant Accounting Policies ​ The following table includes a reference to additional significant accounting policies that are described in other notes to the financial statements, including the note number: ​ ​ ​ ​ Policy ​ Note Fair value measurements 8 Derivatives and hedging transactions 9 Share-based compensation 12 Research and development expenditures ​ 15 Legal contingencies 16 Pension and post-retirement benefit plans ​ 17 Reportable segments ​ 19 ​ New Accounting Pronouncements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Standards that are not yet adopted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Required ​ ​ ​ Date of ​ ​ ​ Date of ​ Effect on the ​ Standard Issuance ​ Description Adoption Financial Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​ March 2020 ​ LIBOR, a widely used reference rate for pricing financial products is scheduled to be discontinued on December 31, 2021. This standard provides optional expedients and exceptions if certain criteria are met when accounting for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ​ Application of guidance is optional until the options and expedients expire on December 31, 2022. ​ The Company has not elected any expedients and adoption of this standard is not expected to have a material impact on the Company's financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2021-08 - Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ​ October 2021 ​ Update to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the ​ January 1, 2023 ​ The Company is currently evaluating any potential future impacts on the Company's financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2021 -10 - Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance ​ November 2021 ​ Update to increase the transparency of government assistance including the disclosure of the types of assistance, an entity’s accounting for the assistance, and the effect of the assistance on an entity’s financial statements. ​ January 1, 2022 ​ The Company is currently evaluating any potential future impacts on the Company's financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Standards that were adopted: ​ ​ ​ ​ ​ ​ ​ ​ ​ Date of ​ Date of Effect on the Standard Issuance ​ Description Adoption Financial Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2019-12 - Income T

SPECIAL (GAINS) AND CHARGES

SPECIAL (GAINS) AND CHARGES	12 Months Ended
	Dec. 31, 2021
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) ​ 2021 ​ 2020 ​ 2019 Cost of sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restructuring activities ​ $24.7 ​ ​ $7.4 ​ ​ ​ $20.4 ​ Acquisition and integration activities ​ ​ 4.2 ​ ​ ​ 3.9 ​ ​ ​ 7.6 ​ COVID-19 activities, net ​ ​ 64.7 ​ ​ ​ 12.5 ​ ​ ​ - ​ Other ​ ​ 0.3 ​ ​ ​ 24.4 ​ ​ ​ 10.5 ​ Cost of sales subtotal ​ 93.9 ​ ​ 48.2 ​ 38.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Special (gains) and charges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restructuring activities ​ 11.9 ​ ​ 71.4 ​ ​ ​ 93.2 ​ Acquisition and integration activities ​ ​ 29.9 ​ ​ ​ 8.5 ​ ​ ​ 5.6 ​ Disposal and impairment activities ​ ​ - ​ ​ ​ 41.4 ​ ​ ​ - ​ COVID-19 activities, net ​ ​ 42.4 ​ ​ ​ 23.6 ​ ​ ​ - ​ Other ​ 18.4 ​ ​ 34.7 ​ ​ ​ 21.4 ​ Special (gains) and charges subtotal ​ 102.6 ​ ​ 179.6 ​ 120.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income subtotal ​ ​ 196.5 ​ ​ ​ 227.8 ​ ​ ​ 158.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other (income) expense ​ ​ 37.2 ​ ​ ​ 0.4 ​ ​ ​ 9.5 ​ Interest expense, net ​ ​ 33.1 ​ ​ ​ 83.8 ​ ​ ​ 0.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total special (gains) and charges ​ ​ $266.8 ​ ​ ​ $312.0 ​ ​ ​ $168.4 ​ ​ For segment reporting purposes, special (gains) and charges are not allocated to reportable segments, which is consistent with the Company’s internal management reporting. ​ Restructuring Activities ​ Restructuring activities are primarily related to the Institutional Advancement Program and Accelerate 2020, both of which are described below. These activities have been included as a component of cost of sales, special (gains) and charges and other (income) expense 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. ​ Institutional Advancement Program ​ The Company approved a restructuring plan in 2020 focused on the Institutional business (“the Institutional Plan”) which is intended to enhance our Institutional sales and service structure and allow the sales team to capture share and penetration while maximizing service effectiveness by leveraging our ongoing investments in digital technology. In February 2021, the Company expanded the Institutional Plan, and expect that these restructuring charges will be completed by 2023, with total anticipated costs of $65 million ($50 million after tax). The costs are expected to be primarily cash expenditures for severance and facility closures. The Company also anticipates non-cash costs related to equipment disposals. Actual costs may vary from these estimates depending on actions taken. ​ Certain activities contemplated in this Institutional Plan were previously approved in 2020 and included as part of Accelerate 2020. These activities were reclassified to the Institutional Plan. During 2021 and 2020, the Company recorded restructuring charges of $12.6 million ($10.2 million after tax) and $35.2 million ($26.4 million after tax), respectively, primarily related to severance, disposals of equipment and office closures. The Company has recorded $47.8 million ($36.6 million after tax) of cumulative restructuring charges under the Institutional Plan. The liability related to the Institutional Plan was $5.1 million and $24.7 million as of December 31, 2021 and 2020, respectively, and is expected to be paid over a period of a few months to several quarters and will continue to be funded from operating activities. ​ Restructuring activity related to the Institutional Plan since inception of the underlying actions includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ ​ ​ ​ ​ ​ (millions) Costs Disposals Other Total 2020 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense and accrual ​ ​ $25.6 ​ ​ ​ $- ​ ​ ​ $9.6 ​ ​ ​ $35.2 ​ Net cash payments ​ (0.9) ​ ​ ​ - ​ ​ ​ (9.6) ​ ​ ​ (10.5) ​ Restructuring liability, December 31, 2020 ​ 24.7 ​ ​ ​ - ​ ​ ​ - ​ ​ ​ 24.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense (income) and accrual (1.8) ​ ​ ​ 8.5 ​ ​ ​ 5.9 ​ ​ 12.6 ​ Net cash payments (19.0) ​ ​ ​ - ​ ​ ​ (4.7) ​ ​ (23.7) ​ Non-cash net charges - ​ ​ ​ (8.5) ​ ​ ​ - ​ ​ (8.5) ​ Restructuring liability, December 31, 2021 ​ ​ $3.9 ​ ​ ​ $- ​ ​ ​ $1.2 ​ ​ ​ $5.1 ​ ​ Accelerate 2020 ​ During 2018, the Company formally commenced a restructuring plan Accelerate 2020 (“the Plan”), to leverage technology and systems investments and organizational changes. The goal of the Plan is to further simplify and automate processes and tasks, reduce complexity and management layers, consolidate facilities and focus on key long-term growth areas by further leveraging technology and structural improvements. During 2020, the Company expanded the Plan for additional costs and savings to further leverage the technology and structural improvements. Following the establishment of the separate Institutional Plan, the Company now expects that the restructuring activities will be completed by the end of 2022, with total anticipated costs of $255 million ($195 million after tax) when revised for continuing operations. The remaining costs are expected to be primarily cash expenditures for severance costs and some facility closure costs relating to team reorganizations. Actual costs may vary from these estimates depending on actions taken. ​ The Company recorded restructuring charges of $5.3 million ($6.2 million after tax), $41.8 million ($33.0 million after tax) and $113.0 million ($86.5 million after tax) in 2021, 2020 and 2019, respectively, primarily related to severance. Of these expenses, $0.3 million ($0.2 million after tax) and $2.0 million ($1.5 million after tax) during 2020 and 2019, respectively, is recorded in other (income) expense and related to pension settlements and curtailments. The liability related to this Restructuring Plan was $32.7 million and $71.8 million as of December 31, 2021 and 2020, 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. The Company has recorded $244.5 million ($190.0 million after tax) of cumulative restructuring charges under the Plan. ​ Restructuring activity related to the Plan since inception of the underlying actions includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ ​ ​ ​ ​ ​ (millions) Costs Disposals Other Total Restructuring liability, December 31, 2018 ​ ​ $57.5 ​ ​ ​ $- ​ ​ ​ $3.1 ​ ​ ​ $60.6 ​ 2019 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense ​ ​ 102.3 ​ ​ ​ 0.2 ​ ​ ​ 10.5 ​ ​ ​ 113.0 ​ Net cash payments ​ (65.3) ​ ​ ​ 1.2 ​ ​ ​ (10.1) ​ ​ ​ (74.2) ​ Non-cash charges ​ - ​ ​ ​ (1.4) ​ ​ ​ (2.0) ​ ​ ​ (3.4) ​ Effect of foreign currency translation ​ (0.5) ​ ​ ​ - ​ ​ ​ - ​ ​ ​ (0.5) ​ Restructuring liability, December 31, 2019 ​ ​ 94.0 ​ ​ ​ - ​ ​ ​ 1.5 ​ ​ ​ 95.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense ​ ​ 29.5 ​ ​ ​ 7.8 ​ ​ ​ 4.5 ​ ​ ​ 41.8 ​ Net cash payments ​ (56.8) ​ ​ ​ - ​ ​ ​ (1.0) ​ ​ (57.8) ​ Non-cash charges ​ - ​ ​ ​ (7.8) ​ ​ ​ - ​ ​ (7.8) ​ Effect of foreign currency translation ​ 0.1 ​ ​ ​ - ​ ​ ​ - ​ ​ 0.1 ​ Restructuring liability, December 31, 2020 ​ ​ 66.8 ​ ​ ​ - ​ ​ ​ 5.0 ​ ​ ​ 71.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense ​ ​ 4.3 ​ ​ ​ 0.3 ​ ​ ​ 0.7 ​ ​ ​ 5.3 ​ Net cash payments ​ (39.1) ​ ​ ​ - ​ ​ ​ (5.0) ​ ​ ​ (44.1) ​ Non-cash charges ​ - ​ ​ ​ (0.3) ​ ​ ​ - ​ ​ ​ (0.3) ​ Restructuring liability, December 31, 2021 ​ ​ $32.0 ​ ​ ​ $- ​ ​ ​ $0.7 ​ ​ ​ $32.7 ​ ​ Other Restructuring Activities ​ During 2021, the Company recorded restructuring charges of $18.7 million ($17.0 million after tax), related to other immaterial restructuring activity. The charges are primarily related to severance and asset write-offs. During 2020, the Company incurred restructuring charges of $1.8 million ($1.2 million after tax) related to other immaterial restructuring activity. The charges are comprised of severance, asset disposals, and consulting fees. During 2019, net restructuring gains related to restructuring plans entered into prior to 2018 were $1.5 million ($1.1 million after tax). ​ The restructuring liability balance for all other restructuring plans excluding Accelerate 2020 and the Institutional Plan was $4.6 million and $5.9 million as of December 31, 2021 and 2020, respectively. The reduction in liability was driven primarily by severance payments. 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 2021 related to all other restructuring plans excluding the Accelerate 2020 and Institutional Plan were $10.5 million. ​ Acquisition and integration related costs ​ Acquisition and integration costs reported in special (gains) and charges on the Consolidated Statements of Income include $29.9 million ($23.5 million after tax) in 2021. Charges are related to the Purolite Corporation (“Purolite”), Copal Invest NV, including its primary operating entity CID Lines (collectively, “CID Lines”), and Bioquell PLC (“Bioquell”) acquisitions and consist of integration costs and advisory and legal fees. Acquisition and integration costs reported in product and equipment cost of sales on the Consolidated Statements of Income in 2021 include $4.2 million ($3.3 million after tax) and are related to the recognition of fair value step-up in the Purolite inventory. In conjunction with its acquisitions, the Company incurred $0.8 million ($0.6 million after tax) of special (gains) and charges reported in interest expense in 2021. ​ During 2020, acquisition and integration costs reported in special (gains) and charges on the Consolidated Statements of Income include $8.5 million ($6.9 million after tax). Charges are related to the CID Lines, Bioquell and the Laboratoires Anios (“Anios”) acquisitions and consist of integration costs and advisory and legal fees. Acquisition and integration costs reported in product and equipment cost of sales on the Consolidated Statements of Income in 2020 include $3.9 million ($3.2 million after tax) and are related to recognition of fair value step-up in CID Lines inventory, severance and the closure of a facility. In conjunction with its acquisitions, the Company incurred $0.7 million ($0.6 million after tax) of special (gains) and charges reported in interest expense in 2020. ​ During 2019, acquisition and integration costs reported in special (gains) and charges on the Consolidated Statements of Income include $5.6 million ($4.1 million after tax). Charges are primarily related to the Bioquell and Anios acquisitions and consist of integration costs, advisory and legal fees. Acquisition and integration costs reported in product and equipment cost of sales on the Consolidated Statements of Income in 2019 include $7.6 million ($5.6 million after tax) and are related to recognition of fair value step-up in the Bioquell inventory and facility closure costs. In conjunction with the acquisitions, the Company incurred $0.2 million ($0.1 million after tax) of special (gains) and charges reported in interest expense in 2019. ​ Disposal and impairment charges ​ Disposal and impairment charges reported in special (gains) and charges on the Consolidated Statements of Income include $41.4 million ($41.5 million after tax) in 2020. During 2020, the Company recorded a $28.6 million ($28.6 million after tax) impairment for a minority equity method investment due to the COVID-19 impact on the economic environment and the liquidity of the minority equity method investment. In addition, the Company recorded charges of $12.8 million ($12.9 million after tax) related to the disposal of Holchem Group Limited (“Holchem”) for the loss on sale and related transaction fees during 2020. ​ COVID-19 activities ​ Customer demand for sanitizer products surged at the outset of COVID-19. The Company worked hard to meet the rapidly increasing demand and sold the vast majority of the sanitizer inventory. However, COVID-19 variant-related delays of customer’s reopening and consumer activity resulted in a small portion of excess sanitizer inventory. The Company recorded inventory reserves of $60 million during 2021 for excess sanitizer inventory and estimated disposal costs. The Company recorded charges of $36.8 million and $57.1 million during 2021 and 2020, respectively, to protect the wages of certain employees directly impacted by the COVID-19 pandemic. The Company recorded charges related to the COVID-19 pandemic of $16.5 million and $2.4 million related to employee COVID-19 testing and related expenses during 2021 and 2020, respectively. In addition, the Company received subsidies and government assistance, which were recorded as a special (gain) of ($6.2) million and ($23.4) million during 2021 and 2020, respectively. COVID-19 pandemic charges are recorded in product and equipment cost of sales, service and lease cost of sales, and special (gains) and charges on the Consolidated Statements of Income. Total after tax net charges (gains) related to COVID-19 pandemic were $81.3 million and $27.4 million during 2021 and 2020, respectively. ​ Other operating activities ​ Other operating activities recorded in special charges of $0.3 million ($0.2 million after tax), $24.4 million ($16.0 million after tax) and $10.5 million ($7.1 million after tax), during 2021, 2020 and 2019, respectively, recorded in product and equipment cost of sales on the Consolidated Statements of Income primarily related to a Healthcare product recall in Europe. ​ Other operating activities recorded in special charges of $18.4 million ($14.1 million after tax) in 2021, $34.7 million ($33.9 million after tax) in 2020 and $21.4 million ($16.2 million after tax) in 2019 relate primarily to legal reserves and certain legal charges, which are recorded in special (gains) and charges on the Consolidated Statements of Income. The Company also recorded a $7.2 million special charge in 2020 related to the separation of ChampionX as a tax expense on the Consolidated Statements of Income. ​ Other (income) expense ​ During 2021, the Company incurred settlement expense of $37.2 million ($28.7 million after tax) related to U.S. pension plan lump-sum payments to retirees. During 2020 and 2019, the Company recorded other expense of $0.4 million ($0.3 million after tax) and $9.5 million ($7.2 million after tax) related to pension curtailments and settlements due to the ChampionX separation and Accelerate 2020. These charges have been included as a component of other (income) expense on the Consolidated Statements of Income. ​ Interest expense, net ​ During 2021 and 2020, the Company recorded special charges of $32.3 million ($28.4 million after tax) and $83.1 million ($64.0 million after tax), respectively, in interest expense on the Consolidated Statements of Income related to debt refinancing charges. During 2021, 2020 and 2019, an immaterial amount of interest expense was also recorded due to acquisition and integration costs. ​ ​

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	12 Months Ended
	Dec. 31, 2021
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 at fair value as of their acquisition date. The purchase price allocation is based on estimates of the fair value of assets acquired, liabilities assumed and consideration paid. Purchase consideration is reduced by the amount of cash or cash equivalents acquired. Acquisitions during 2021, 2020 and 2019 were not significant to the Company’s consolidated financial statements; therefore, pro forma financial information is not presented. ​ 2021 Activity ​ Purolite Acquisition ​ On December 1, 2021, the Company acquired Purolite for total consideration of $3,698 million in cash, net of cash acquired. Purolite is a leading and fast-growing global provider of resins for the separation and purification of solutions that is highly complementary to our current offering and critical to safe, high quality drug production and biopharma product purification in the life sciences industries. It also provides purification and separation solutions for critical industrial markets like microelectronics, nuclear power and food and beverage. Prior to acquisition, Purolite prepared its consolidated financial statements pursuant to the requirements of UK GAAP. ​ The Purolite acquisition has been accounted for as a business combination with the assets acquired and liabilities assumed recognized at fair value as of the acquisition date. The fair values of intangible assets acquired were estimated using discounted cash flow analyses appropriate 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 tradename and acquired asset 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, 2021 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. ​ The following table summarizes the preliminary value of Purolite assets acquired and liabilities assumed, net of cash acquired, as of the acquisition date: ​ ​ ​ ​ ​ ​ (millions) ​ 2021 Tangible assets ​ ​ $417.6 ​ Identifiable intangible assets ​ ​ ​ ​ Customer relationships ​ ​ 900.0 ​ Trade names ​ 222.0 ​ Acquired technologies ​ ​ 287.0 ​ Other assets ​ 4.4 ​ Total assets acquired ​ 1,831.0 ​ ​ ​ ​ ​ Goodwill ​ ​ 2,014.0 ​ ​ ​ ​ ​ ​ Total liabilities ​ ​ 146.6 ​ Net consideration transferred to sellers ​ $3,698.4 ​ ​ Tangible assets acquired primarily consist of accounts receivable of $65.3 million, property, plant and equipment of $175.1 million and inventory of $163.4 million. Liabilities assumed primarily consist of deferred tax liabilities of $67.6 million and current liabilities of $62.0 million. Identified intangible assets primarily consist of customer relationships, trade names, and acquired technologies and are being amortized over average lives of 17 , 14 , and 14 years , respectively, with a weighted average life of 16 years . ​ Goodwill of $2,014.0 million arising from the acquisition consists largely of the synergies and economies of scale expected through adding complementary geographies and innovative products to our Life Sciences businesses. Purolite became part of the Global Healthcare & Life Sciences reportable segment. Approximately $1,810 million of goodwill is expected to be deductible for income tax purposes. The amount of tax deductible goodwill is subject to change as purchase accounting is finalized. ​ Other Acquisitions ​ On December 1, 2020, the Company acquired VanBaerle Hygiene AG (“VanBaerle”), a Switzerland-based business which sells cleaning products and related services to restaurants, long-term care facilities, hotels and laundries primarily for institutional applications. VanBaerle became part of the Global Institutional & Specialty reporting segment. The purchase price included immaterial amounts of holdback and contingent consideration, portions of which were settled prior to December 31, 2021. Unsettled amounts are recorded within other liabilities on the Consolidated Balance Sheets as of December 31, 2021. ​ On February 1, 2021, the Company acquired TechTex Holdings Limited (“TechTex”), a U.K.-based business which sells wet and dry wipes and other nonwovens products primarily for life sciences and healthcare applications. TechTex became part of the Global Healthcare & Life Sciences reporting segment. The purchase price included an immaterial holdback amount that was settled prior to December 31, 2021. ​ On July 1, 2021, the Company acquired National Wiper Alliance, Inc. (“NWA”), a U.S.-based business which sells wipes for healthcare and institutional applications. NWA became part of the Global Healthcare & Life Sciences reporting segment. ​ On September 1, 2021, the Company acquired EPN Water Col, Ltd. (“EPN”), a South Korean-based business which sells chemical products and manages installations at water treatment chemical injection facilities. EPN became part of the Global Industrial reporting segment. ​ Purchase accounting for the VanBearle acquisition was finalized in the fourth quarter of 2021 and no further purchase accounting adjustments will be recorded. The purchase accounting for acquisitions other than VanBaerle are preliminary and subject to change as the Company finalizes the valuation of certain tangible assets, definite-lived intangible assets, lease right of use assets and liabilities, carry over tax attributes, deferred income taxes, income tax uncertainties and goodwill. The Company does not expect any of the goodwill related to its acquisitions of VanBaerle, TechTex, or EPN to be tax deductible, whereas the goodwill arising from the acquisition of NWA is expected to be tax deductible. ​ 2020 Activity ​ CID Lines Acquisition ​ During 2020, the Company acquired CID Lines for total consideration of $506.9 million in cash. CID Lines had annualized pre-acquisition sales of approximately $110 million and is a leading global provider of livestock biosecurity and hygiene solutions based in Belgium. The CID Lines acquisition has been accounted for as a business combination with the assets acquired and liabilities assumed recognized at fair value as of the acquisition date. The Company incurred certain transaction and integration costs associated with the acquisition that were expensed and are reflected in the Consolidated Statements of Income. Further information related to the Company’s special (gains) and charges is included in Note 3. ​ The following table summarizes the preliminary value of CID Lines assets acquired and liabilities assumed as of the acquisition date: ​ ​ ​ ​ ​ ​ (millions) ​ 2020 Tangible assets ​ ​ $54.1 ​ Identifiable intangible assets ​ ​ ​ ​ Customer relationships ​ ​ 147.5 ​ Trademarks ​ 58.6 ​ Acquired technologies and product registrations ​ 47.7 ​ Total assets acquired ​ 307.9 ​ ​ ​ ​ ​ Goodwill ​ ​ 274.8 ​ ​ ​ ​ ​ ​ Total liabilities ​ ​ 97.2 ​ Net consideration transferred to sellers ​ $485.5 ​ ​ ​ Tangible assets acquired primarily consist of accounts receivable of $30.1 million, property, plant and equipment of $7.7 million and inventory of $16.3 million. Liabilities assumed primarily consist of deferred tax liabilities of $64.8 million and current liabilities of $32.4 million. Identified intangible assets primarily consist of customer relationships, trademarks, and acquired technology and product registrations and are being amortized over average lives of 14 , 14 , and 16 years , respectively. Goodwill of $274.8 million arising from the acquisition consists largely of the synergies and economies of scale expected through adding complementary geographies and innovative products to our Food and Beverage businesses. CID Lines became part of the Global Industrial reportable segment. None of the goodwill recognized from the acquisition is expected to be deductible for income tax purposes. ​ During 2021, the Company recorded purchase accounting adjustments that decreased goodwill recognized from the acquisition of CID Lines by $0.9 million. Purchase accounting was finalized in the second quarter of 2021 and no further purchase accounting adjustments will be recorded for the CID Lines acquisition. ​ 2019 Activity ​ During 2019, the Company acquired Bioquell, a life sciences business which sells bio-decontamination products and services to the Life Sciences and Healthcare industries. This business is a part of the Global Healthcare & Life Sciences reportable segment. During 2018, the Company deposited $179.3 million ( £ ​ The Company also acquired Lobster Ink, a leading provider of end-to-end online customer training solutions. This acquired business became part of the Global Institutional & Specialty reportable segment. The purchase price included an earn-out based on the achievement of a revenue threshold in any of the three fiscal years following the acquisition. The acquisition date fair value of the earn-out was reflected in the overall purchase consideration exchanged for the acquisition and recorded as contingent consideration. There is no contingent consideration liability remaining as of December 31, 2021. ​ The Company also acquired Chemstar Corporation, a leading provider of cleaning and sanitizing products for the retail industry with a focus on cleaning chemicals and food safety. This acquired business became part of the Global Institutional & Specialty reportable segment. ​ The Company also acquired Gallay Medical & Scientific which sells, installs, and services medical equipment and associated chemistry primarily for hospitals, healthcare facilities, and dental clinics. The acquired business is a part of the Global Healthcare & Life Sciences reportable segment. ​ Pre-acquisition sales for the businesses acquired in 2019 were $134 million. ​ Purchase accounting for these acquisitions was finalized in 2020 resulting in insignificant purchase price adjustments being recorded. ​ Acquisitions ​ The components of the cash paid for other acquisitions, excluding the Purolite and CID Lines acquisitions (as further disclosed above), for 2021, 2020 and 2019, are shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 2020 2019 Net tangible assets (liabilities) acquired ​ ​ $5.2 ​ ​ ​ $- ​ ​ ​ ($8.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identifiable intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships 80.6 ​ ​ ​ - ​ ​ ​ 115.7 ​ Trademarks 4.7 ​ ​ ​ - ​ ​ ​ 24.1 ​ Non-compete agreements 3.0 ​ ​ ​ - ​ ​ ​ - ​ Other technology ​ ​ 1.5 ​ ​ ​ - ​ ​ ​ 48.9 ​ Total intangible assets 89.8 ​ ​ ​ - ​ ​ ​ 188.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill 133.4 ​ ​ - ​ ​ ​ 234.8 ​ Total aggregate purchase price 228.4 ​ ​ - ​ ​ 415.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition-related liabilities and contingent consideration (a) (4.4) ​ ​ - ​ ​ (24.1) ​ Net cash paid for acquisitions, including acquisition-related ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ liabilities and contingent consideration ​ ​ $224.0 ​ ​ ​ $- ​ ​ ​ $391.4 ​ ​ (a) Subsequent to the acquisitions, $1.4 in contingent consideration was remitted to the seller during 2021 and is included in investing activities on the Consolidated Statement of Cash Flows. ​ ​ During 2020, the Company recorded purchase accounting adjustments associated with its 2019 acquisitions. As a result of these purchase accounting adjustments, the net intangible assets and goodwill recognized from these acquisitions increased by $0.9 million and $0.6 million, respectively. In conjunction with the finalization of its purchase accounting, the Company made $3.5 million of acquisition-related payments which primarily consisted of the release of holdback liabilities and payment of contingent consideration. The 2019 acquisition-related liabilities primarily consist of holdback liabilities and contingent considerations. ​ The weighted average useful lives of definite-lived intangible assets acquired from other acquisitions were 13 , 14 , and 12 years as of December 31, 2021, 2020 and 2019, respectively. ​ Dispositions ​ In the second quarter of 2020, the Company completed the sale of Holchem, a U.K. based supplier of hygiene and cleaning products and services for the food and beverage, foodservice and hospitality industries for total consideration of $106.6 million. Consideration consisted of $55.4 million of cash and the receipt of notes valued at $51.2 million from the acquirer. In the fourth quarter of 2020, all outstanding principal and interest on the notes was paid by the acquirer. After the recognition of transaction costs, the Company recognized an after-tax loss of $12.8 million, which was classified within special charges in the Consolidated Statements of Income. Annual sales of Holchem were approximately $55 million and were included in the Global Industrial reportable segment prior to disposition. ​ As discussed in Note 5, the ChampionX separation met the criteria to be reported as discontinued operations. No other dispositions were significant to the Company’s consolidated financial statements for 2021, 2020 or 2019. ​

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2021
DISCONTINUED OPERATIONS.
DISCONTINUED OPERATIONS	5. Discontinued Operations ​ On June 3, 2020, the Company effected the split-off of ChampionX through an offer to exchange (the “Exchange Offer”) all shares of ChampionX common stock owned by Ecolab for outstanding shares of Ecolab common stock. In the Exchange Offer, which was oversubscribed, the Company accepted approximately 5.0 million shares of Ecolab common stock in exchange for approximately 122.2 million shares of ChampionX common stock. In the Merger, each outstanding share of ChampionX common stock was converted into the right to receive one share of Apergy common stock, and ChampionX survived the Merger as a wholly owned subsidiary of ChampionX Corporation. In connection with and in accordance with the terms of the Transaction, prior to the consummation of the Exchange Offer and the Merger, ChampionX distributed $527.4 million in cash to Ecolab. ​ The following is a summary of the assets and liabilities transferred to ChampionX as part of the separation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ ​ ​ ​ Assets: ​ ​ ​ Cash and cash equivalent ​ $60.6 ​ Current assets ​ 810.5 ​ Non-current assets ​ 3,222.3 ​ ​ ​ ​ 4,093.4 ​ Liabilities: ​ ​ ​ ​ Current liabilities ​ ​ 313.0 ​ Non-current liabilities ​ ​ 293.7 ​ ​ ​ ​ 606.7 ​ ​ ​ ​ ​ ​ Net assets distributed to ChampionX ​ ​ ($3,486.7) ​ Fair value of shares exchanged ​ ​ 1,051.4 ​ Cash received from ChampionX ​ ​ 527.4 ​ Consideration received less net assets ​ ​ (1,907.9) ​ ​ ​ ​ ​ ​ ChampionX cumulative translation adjustment ("CTA") write-off ​ ​ (229.9) ​ Loss on separation ​ ​ ($2,137.8) ​ ​ ​ ​ ​ ​ ​ The Company accounted for this transaction as a sale and recognized a loss based on ChampionX net assets exceeding the effective proceeds. ​ The ChampionX business, as discussed in Note 1, met the criteria to be reported as discontinued operations because the separation of the ChampionX business was a strategic shift in business that had a major effect on the Company’s operations and financial results. The historical financial results of the ChampionX business are reflected in the Company’s consolidated financial statements as discontinued operations, for all periods presented, and assets and liabilities were retrospectively reclassified as assets and liabilities of discontinued operations. ​ Summarized results of the Company’s discontinued operations are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and equipment sales ​ ​ $- ​ ​ ​ $858.9 ​ ​ $2,109.9 Service and lease sales ​ ​ - ​ ​ ​ 99.6 ​ ​ 234.4 Net sales ​ ​ - ​ ​ ​ 958.5 ​ ​ 2,344.3 Product and equipment cost of sales ​ ​ - ​ ​ ​ 621.7 ​ ​ 1,488.9 Service and lease cost of sales ​ ​ - ​ ​ ​ 80.4 ​ ​ 188.7 Cost of sales (including special charges) ​ ​ - ​ ​ ​ 702.1 ​ ​ 1,677.6 Selling, general and administrative expenses ​ ​ - ​ ​ ​ 180.5 ​ ​ 406.7 Special (gains) and charges ​ ​ - ​ ​ ​ 2,221.7 ​ ​ 91.4 Operating income ​ ​ - ​ ​ (2,145.8) ​ 168.6 Other (income) expense ​ ​ - ​ ​ ​ 0.3 ​ ​ 0.7 Interest expense (income), net ​ ​ - ​ ​ ​ 0.2 ​ ​ 0.5 Income before income taxes ​ ​ - ​ ​ (2,146.3) ​ 167.4 Provision for income taxes ​ ​ - ​ ​ ​ 24.0 ​ ​ 34.1 Net loss including noncontrolling interest ​ ​ - ​ ​ (2,170.3) ​ 133.3 Net income attributable to noncontrolling interest ​ ​ - ​ ​ ​ 2.2 ​ ​ - Net loss from discontinued operations, net of tax ​ ​ $- ​ ​ ​ ($2,172.5) ​ ​ $133.3 ​ Special (gains) and charges of $2,221.7 million and $91.4 million in 2020 and 2019, respectively, primarily relate to the loss on sale, professional fees incurred to support the Transaction and restructuring charges specifically related to the ChampionX business. These charges have been included as a component of both cost of sales and special (gains) and charges in discontinued operations. ​ The Company also recognized discrete tax expense primarily related to friction costs associated with ChampionX separation activity of In connection with the Transaction, the Company entered into agreements with ChampionX and Apergy to effect the separation and to provide a framework for the relationship following the separation, which included a Separation and Distribution Agreement, an Intellectual Property Matters Agreement, an Employee Matters Agreement, a Transition Services Agreement, and a Tax Matters Agreement. Transition services primarily involve the Company providing certain services to ChampionX related to general and administrative services for terms of up to 18 months following the separation. The amounts billed for transition services provided under the above agreements were $12.5 million and $14.3 million during 2021 and 2020, respectively. ​ The Company also entered into a Master Cross Supply and Product Transfer agreement with ChampionX to provide, receive or transfer certain products for a period up to 36 months . Sales of product to ChampionX under this agreement are recorded in product and equipment sales in the Corporate segment along with the related cost of sales, while purchases from ChampionX are recorded in inventory. Sales of product to ChampionX post-separation for 2021 and 2020 were $139.4 million and $99.7 million, respectively. As of December 31, 2021, the Company had an outstanding accounts receivable balance for sales of product to ChampionX of $17.9 million. ​

BALANCE SHEETS INFORMATION

BALANCE SHEETS INFORMATION	12 Months Ended
	Dec. 31, 2021
BALANCE SHEETS INFORMATION
BALANCE SHEETS INFORMATION	6. BALANCE SHEET INFORMATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 (millions) 2021 ​ 2020 Accounts receivable, net ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ ​ $2,549.9 ​ ​ ​ $2,358.1 ​ Allowance for expected credit losses and other accruals ​ ​ (71.5) ​ ​ ​ (84.3) ​ Total ​ ​ $2,478.4 ​ ​ ​ $2,273.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventories ​ ​ ​ ​ ​ ​ ​ ​ Finished goods ​ ​ $1,010.6 ​ ​ ​ $789.6 ​ Raw materials and parts ​ ​ 596.1 ​ ​ ​ 511.2 ​ Inventories at FIFO cost ​ ​ 1,606.7 ​ ​ ​ 1,300.8 ​ FIFO cost to LIFO cost difference ​ ​ (114.9) ​ ​ ​ (15.6) ​ Total ​ ​ $1,491.8 ​ ​ ​ $1,285.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other current assets ​ ​ ​ ​ ​ ​ ​ ​ Prepaid assets ​ ​ $121.2 ​ ​ ​ $99.1 ​ Taxes receivable ​ ​ 151.3 ​ ​ ​ 168.6 ​ Derivative assets ​ ​ 61.4 ​ ​ ​ 3.2 ​ Other ​ ​ 23.1 ​ ​ ​ 27.3 ​ Total ​ ​ $357.0 ​ ​ ​ $298.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net ​ ​ ​ ​ ​ ​ ​ ​ Land ​ ​ $159.2 ​ ​ ​ $159.7 ​ Buildings and leasehold improvements ​ ​ 1,134.1 ​ ​ ​ 1,060.0 ​ Machinery and equipment ​ ​ 1,968.7 ​ ​ ​ 1,830.1 ​ Merchandising and customer equipment ​ ​ 2,708.2 ​ ​ ​ 2,691.0 ​ Capitalized software ​ ​ 884.6 ​ ​ ​ 820.8 ​ Construction in progress ​ ​ 325.0 ​ ​ ​ 219.8 ​ ​ ​ ​ 7,179.8 ​ ​ ​ 6,781.4 ​ Accumulated depreciation ​ ​ (3,891.3) ​ ​ ​ (3,656.5) ​ Total ​ ​ $3,288.5 ​ ​ ​ $3,124.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ 3,444.6 ​ ​ ​ 2,530.9 ​ Trademarks ​ ​ 561.1 ​ ​ ​ 348.0 ​ Patents ​ ​ 496.3 ​ ​ ​ 492.5 ​ Other technology ​ ​ 527.2 ​ ​ ​ 240.1 ​ ​ ​ ​ 5,029.2 ​ ​ ​ 3,611.5 ​ Accumulated amortization ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ ​ (1,440.9) ​ ​ ​ (1,319.1) ​ Trademarks ​ ​ (170.3) ​ ​ ​ (155.0) ​ Patents ​ ​ (269.3) ​ ​ ​ (244.6) ​ Other technology ​ ​ (154.6) ​ ​ ​ (145.8) ​ ​ ​ ​ (2,035.1) ​ ​ ​ (1,864.5) ​ Net intangible assets subject to amortization ​ ​ 2,994.1 ​ ​ ​ 1,747.0 ​ Total ​ ​ $4,224.1 ​ ​ ​ $2,977.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes ​ ​ $120.6 ​ ​ ​ $163.2 ​ Pension ​ ​ 114.6 ​ ​ ​ 33.0 ​ Derivative asset ​ ​ 29.4 ​ ​ ​ - ​ Other ​ ​ 281.4 ​ ​ ​ 279.8 ​ Total ​ ​ $546.0 ​ ​ ​ $476.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 (millions) 2021 ​ 2020 Other current liabilities ​ ​ ​ ​ ​ ​ ​ ​ Discounts and rebates ​ ​ $341.1 ​ ​ ​ $304.1 ​ Dividends payable ​ ​ 146.3 ​ ​ ​ 137.2 ​ Interest payable ​ ​ 47.7 ​ ​ ​ 51.7 ​ Taxes payable, other than income ​ ​ 154.2 ​ ​ ​ 151.8 ​ Derivative liabilities ​ ​ - ​ ​ ​ 25.8 ​ Restructuring ​ ​ 39.1 ​ ​ ​ 98.1 ​ Contract liability ​ ​ 91.7 ​ ​ ​ 80.4 ​ Operating lease liabilities ​ ​ 115.1 ​ ​ ​ 125.6 ​ Other ​ ​ 209.0 ​ ​ ​ 214.2 ​ Total ​ ​ $1,144.2 ​ ​ ​ $1,188.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on derivative financial instruments, net of tax ​ ​ $4.9 ​ ​ ​ ($21.1) ​ Unrecognized pension and postretirement benefit expense, net of tax ​ ​ (632.8) ​ ​ ​ (935.2) ​ Cumulative translation, net of tax ​ ​ (1,006.9) ​ ​ ​ (1,038.1) ​ Total ​ ​ ($1,634.8) ​ ​ ​ ($1,994.4) ​ ​

DEBT AND INTEREST

DEBT AND INTEREST	12 Months Ended
	Dec. 31, 2021
DEBT AND INTEREST
DEBT AND INTEREST	​ ​ 7. DEBT AND INTEREST ​ Short-term Debt ​ The following table provides the components of the Company’s short-term debt obligations, along with applicable interest rates as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ Average ​ Average ​ ​ ​ Carrying ​ Interest ​ Carrying ​ Interest (millions) ​ Value ​ Rate ​ Value ​ Rate Short-term debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ ​ $400.0 ​ ​ 0.28 % ​ ​ $- ​ ​ - % Notes payable ​ ​ 8.5 ​ ​ 7.95 % ​ 15.5 ​ ​ 7.07 % Long-term debt, current maturities ​ ​ 2.5 ​ ​ ​ ​ ​ 1.8 ​ ​ ​ ​ Total ​ ​ ​ $411.0 ​ ​ ​ ​ ​ ​ $17.3 ​ ​ ​ ​ ​ Line of Credit ​ As of December 31, 2021, the Company had in place a $2.0 billion multi-currency revolving credit facility which expires in April 2026. The credit facility has been established with a diverse syndicate of banks and supports the Company’s U.S. and Euro commercial paper programs. There were no borrowings under the Company’s credit facility as of December 31, 2021 and 2020. ​ The Company has $338 million of available bank supported letters of credit, surety bonds and guarantees available in support of its commercial business transactions of which $118 million is outstanding as of December 31, 2021. ​ During the fourth quarter of 2021, the Company utilized a $3.0 billion delayed draw term loan to fund the Purolite acquisition. The Company repaid the $3.0 billion during the fourth quarter of 2021 with no amounts outstanding at December 31, 2021. ​ The Company had a $305 million term credit agreement and drew on and repaid $303 million during the second quarter of 2020. The credit agreement expired in June 2020. ​ Commercial Paper ​ The Company’s commercial paper program is used as a potential source of liquidity and consists of a $2.0 billion U.S. commercial paper program and a $2.0 billion Euro commercial paper program. The maximum aggregate amount of commercial paper that may be issued by the Company under its commercial paper programs may not exceed $2.0 billion. ​ The Company had $400 million outstanding commercial paper under its U.S. program as of December 31, 2021 and no outstanding commercial paper under its Euro or U.S. program as of December 31, 2020. ​ As of December 31, 2021, the Company’s short-term borrowing program was rated A-2 by Standard & Poor’s, P-2 by Moody’s and F-1 by Fitch. ​ Notes Payable ​ The Company’s notes payable consists of uncommitted credit lines with major international banks and financial institutions, primarily to support global cash pooling structures. As of December 31, 2021 and 2020, the Company had $8.5 million and $15.5 million, respectively, outstanding under these credit lines. Approximately $1,628 million and $1,734 million of these credit lines were available for use as of December 31, 2021 and 2020, 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, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ 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 (2021 principal amount) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Five year 2017 senior notes ( $500 million) ​ 2022 ​ ​ $- ​ - % ​ - % ​ ​ $498.6 ​ 2.38 % ​ 2.55 % Seven year 2016 senior notes ( $400 million) ​ 2023 ​ ​ - ​ - % ​ - % ​ ​ 399.0 ​ 3.25 % ​ 3.49 % Two year 2021 senior notes ( $500 million) ​ 2023 ​ ​ 497.2 ​ 0.90 % ​ 1.19 % ​ ​ - ​ - % ​ - % Seven year 2016 senior notes ( €575 million) ​ 2024 ​ ​ 649.3 ​ 1.00 % ​ 1.19 % ​ ​ 682.0 ​ 1.00 % ​ 1.18 % Ten year 2015 senior notes ( €575 million) ​ 2025 ​ 649.7 2.63 % ​ 2.87 % ​ 682.9 2.63 % ​ 2.85 % Ten year 2016 senior notes ( $750 million) ​ 2026 ​ ​ 744.9 ​ 2.70 % ​ 2.89 % ​ ​ 745.3 ​ 2.70 % ​ 2.93 % Ten year 2017 senior notes ( $500 million) ​ 2027 ​ ​ 488.4 ​ 3.25 % ​ 2.89 % ​ ​ 496.0 ​ 3.25 % ​ 3.37 % Six Year 2021 senior notes ( $500 million) ​ 2027 ​ ​ 495.7 ​ 1.65 % ​ 1.84 % ​ ​ - ​ - % ​ - % Ten year 2020 senior notes ( $698 million) ​ 2030 ​ ​ 709.1 ​ 4.80 % ​ 4.06 % ​ ​ 765.2 ​ 4.80 % ​ 4.64 % Ten year 2020 senior notes ( $600 million) ​ 2031 ​ ​ 593.4 ​ 1.30 % ​ 1.39 % ​ ​ 594.4 ​ 1.30 % ​ 1.34 % Eleven year 2021 senior notes ( $650 million) ​ 2032 ​ ​ 644.0 ​ 2.13 % ​ 2.24 % ​ ​ - ​ - % ​ - % Thirty year 2011 senior notes ( $389 million) ​ 2041 ​ ​ 384.3 5.50 % ​ 5.63 % ​ ​ 452.2 5.50 % ​ 5.56 % Thirty year 2016 senior notes ( $200 million) ​ 2046 ​ ​ 197.2 3.70 % ​ 3.81 % ​ ​ 246.4 3.70 % ​ 3.76 % Thirty year 2017 senior notes ( $484 million) ​ 2047 ​ ​ 424.3 ​ 3.95 % ​ 4.80 % ​ ​ 611.9 ​ 3.95 % ​ 4.16 % Thirty year 2020 senior notes ( $500 million) ​ 2050 ​ ​ 490.4 ​ 2.13 % ​ 2.24 % ​ ​ 490.1 ​ 2.13 % ​ 2.15 % Thirty year 2021 senior notes ( $850 million) ​ 2051 ​ ​ 838.5 ​ 2.70 % ​ 2.78 % ​ ​ - ​ - % ​ - % Thirty-four year 2021 senior notes ( $685 million) ​ 2055 ​ ​ 535.3 ​ 2.75 % ​ 3.87 % ​ ​ - ​ - % ​ - % Finance lease obligations and other ​ ​ ​ 8.0 ​ ​ ​ ​ ​ ​ ​ 7.1 ​ ​ ​ ​ ​ ​ Total debt ​ ​ ​ 8,349.7 ​ ​ ​ ​ ​ ​ ​ 6,671.1 ​ ​ ​ ​ ​ ​ Long-term debt, current maturities ​ ​ ​ (2.5) ​ ​ ​ ​ ​ ​ ​ (1.8) ​ ​ ​ ​ ​ ​ Total long-term debt ​ ​ ​ ​ $8,347.2 ​ ​ ​ ​ ​ ​ ​ ​ $6,669.3 ​ ​ ​ ​ ​ ​ ​ Public Notes ​ In August 2021, the Company completed a private offering of a $300 million aggregate principal 34 -year fixed rate notes with a coupon rate of 2.75% (“New 34-year Notes”). Immediately following the offering, the Company completed a private offering to exchange a portion of the outstanding senior notes due 2030, 2041, 2046, 2047 (“Old Notes”), for $385 million of New 34-year Notes. In connection with the exchange offering, $387 million of Old Notes were validly tendered and subsequently cancelled. ​ In December 2021, the Company issued $2.5 billion in notes to repay the $3.0 billion delayed draw term loan used to fund the Purolite acquisition. These notes were comprised of $500 million 0.9% notes due 2023, $500 million 1.65% notes due 2027, $650 million 2.125% notes due 2032, and $850 million 2.7% notes due 2051. ​ During the fourth quarter of 2021, pursuant to a registration rights agreement pertaining to the New 34-year Notes, the Company filed a registration statement regarding an offer to exchange each series of the New 34-year Notes for new issues of notes registered under the U.S. Securities Act of 1933, as amended. The registration statement was declared effective, and substantially all of the New 34-year Notes were exchanged. The terms of each series of the new notes are substantially identical to the terms of the applicable series of New 34-year Notes, except that the new notes are registered as mentioned above and the transfer restrictions and registration rights and related special interest provisions applicable to the New 34-year Notes do not apply to the new notes. ​ The New 34-year Notes bear a lower fixed coupon rate on an extended maturity date, compared with the Old Notes that were exchanged. There were no other significant changes to the terms between the Old Notes and the New 34-year Notes. The exchange was accounted for as a debt modification, and there were cash payments to the note holders of $118 million as a result of the exchange. Existing deferred financing costs associated with the Old Notes, as well as discounts associated with the New 34-year Notes aggregating $143 million, are being amortized over the term of the New 34-year Notes and recorded as interest expense. ​ In September 2021, the Company completed the retirement of the $500 million 2.375% Notes due 2022 and the $400 million 3.25% Notes due 2023 which was accounted for as a debt extinguishment. A make-whole premium of $25.0 million was expensed immediately and is reflected as a financing cash flow activity. The Company’s public notes may be redeemed by the Company at its option at redemption prices that include accrued and unpaid interest and a make-whole premium. Upon the occurrence of a change of control accompanied by a downgrade of the public notes below investment grade rating, within a specified time period, the Company would be required to offer to repurchase the public notes at a price equal to 101% of the aggregate principal amount thereof, plus any accrued and unpaid interest to the date of repurchase. The public notes are senior unsecured and unsubordinated obligations of the Company and rank equally with all other senior and unsubordinated indebtedness of the Company. ​ Covenants and Future Maturities ​ The Company is in compliance with all covenants under the Company’s outstanding indebtedness at December 31, 2021. ​ As of December 31, 2021, the aggregate annual maturities of long-term debt for the next five years were: ​ ​ ​ ​ ​ (millions) ​ 2022 ​ ​ $ 2 2023 ​ 500 2024 ​ 650 2025 ​ 651 2026 ​ 745 ​ Net Interest Expense ​ Interest expense and interest income incurred during 2021, 2020 and 2019 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 2020 2019 Interest expense ​ ​ $230.6 ​ ​ ​ $304.8 ​ ​ ​ $214.4 ​ Interest income (12.3) ​ ​ (14.6) ​ ​ (23.7) ​ Interest expense, net ​ ​ $218.3 ​ ​ ​ $290.2 ​ ​ ​ $190.7 ​ ​ Interest expense generally includes the expense associated with the interest on the Company’s outstanding borrowings. Interest expense also includes the amortization of debt issuance costs and debt discounts, which are both recognized over the term of the related debt. ​ During 2021, the Company issued, exchanged and retired certain long-term debt, incurring debt refinancing charges of $32.3 million ($28.4 million after tax), which are included as a component of interest expense, net on the Consolidated Statements of Income. ​ During 2020, the Company retired certain long-term debt, and incurred debt refinancing charges of $83.1 million ($64.0 million after tax), which are included as a component of interest expense, net on the Consolidated Statements of Income.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	8. FAIR VALUE MEASUREMENTS ​ The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, contingent consideration obligations, commercial paper, notes payable, foreign currency forward contracts, interest rate swap agreements, cross-currency swap derivative contracts and long-term debt. ​ Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The hierarchy is broken down into three levels: ​ Level 1 Level 2 Level 3 ​ The carrying amount and the estimated fair value for assets and liabilities measured on a recurring basis were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 (millions) ​ Carrying ​ Fair Value Measurements ​ Amount Level 1 ​ Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts $94.5 ​ ​ ​ $- ​ ​ $94.5 ​ ​ $- ​ Interest rate swap agreements ​ ​ 1.8 ​ ​ ​ - ​ ​ ​ 1.8 ​ ​ ​ - ​ Cross-currency swap derivative contracts ​ ​ 9.4 ​ ​ ​ - ​ ​ ​ $9.4 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ 12.6 ​ ​ ​ - ​ ​ ​ 12.6 ​ ​ ​ - ​ Interest rate swap agreements ​ ​ 10.1 ​ ​ ​ - ​ ​ ​ 10.1 ​ ​ ​ - ​ Cross-currency swap derivative contracts ​ ​ 1.6 ​ ​ ​ - ​ ​ ​ 1.6 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 (millions) ​ Carrying ​ Fair Value Measurements ​ Amount Level 1 ​ Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $15.5 ​ ​ $- ​ ​ $15.5 ​ ​ $- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ 69.9 ​ ​ - ​ ​ 69.9 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The carrying value of foreign currency forward contracts are at fair value, which are determined based on foreign currency exchange rates as of the balance sheet date and classified within Level 2. The carrying value of interest rate swap contracts are at fair value, which are determined based on current forward interest rates as of the balance sheet date and are classified within Level 2. The cross-currency swap derivative contract is used to partially hedge the Company’s net investments in foreign operations against adverse movements in exchange rates between the U.S. dollar and the Euro. The carrying value of the cross-currency swap derivative contract 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 is classified within Level 2. For purposes of fair value disclosure above, derivative values are presented gross. Further discussion of gross versus net presentation of the Company's derivatives within Note 9. ​ Contingent consideration obligations are recognized and measured at fair value at the acquisition date and thereafter until settlement or expiration. Contingent consideration is classified within Level 3 as the underlying fair value is determined using income-based valuation approaches appropriate for the terms and conditions of each respective contingent consideration. The consideration expected to be transferred is based on the Company’s expectations of various financial measures. The ultimate payment of contingent consideration could deviate from current estimates based on the actual results of these financial measures. Contingent consideration during 2021, 2020 and 2019 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 and the estimated fair value of long-term debt, including current maturities, held by the Company were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Amount Value Amount Value Long-term debt, including current maturities ​ ​ $8,349.7 ​ ​ ​ $9,085.3 ​ ​ ​ $6,671.1 ​ ​ $7,704.4 ​

DERIVATIVES AND HEDGING TRANSAC

DERIVATIVES AND HEDGING TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
DERIVATIVES AND HEDGING TRANSACTIONS
DERIVATIVES AND HEDGING TRANSACTIONS	9. DERIVATIVES AND HEDGING TRANSACTIONS ​ The Company uses foreign currency forward contracts, interest rate swap agreements, cross-currency swap derivative contracts and foreign currency debt to manage risks associated with foreign currency exchange rates, interest rates and net investments in foreign operations. The Company does not hold derivative financial instruments of a speculative nature or for trading purposes. The Company records derivatives as assets and liabilities on the balance sheet at fair value. Changes in fair value are recognized immediately in earnings unless the derivative qualifies and is designated as a hedge. Cash flows from derivatives are classified in the statement of cash flows in the same category as the cash flows from the items subject to designated hedge or undesignated (economic) hedge relationships. The Company evaluates hedge effectiveness at inception and on an ongoing basis. If a derivative is no longer expected to be effective, hedge accounting is discontinued. ​ The Company is exposed to credit risk in the event of nonperformance of counterparties for foreign currency forward exchange contracts and interest rate swap agreements. The Company monitors its exposure to credit risk by using credit approvals and credit limits and by selecting major global banks and financial institutions as counterparties. The Company does not anticipate nonperformance by any of these counterparties, and therefore, recording a valuation allowance against the Company’s derivative balance is not considered necessary. ​ Derivative Positions Summary ​ Certain of the Company’s derivative transactions are subject to master netting arrangements that allow the Company to net settle contracts with the same counterparties. These arrangements generally do not call for collateral and as of the applicable dates presented in the following table, no cash collateral had been received or pledged related to the underlying derivatives. ​ The respective net amounts are included in other current assets, other assets, other current liabilities and other liabilities on the Consolidated Balance Sheets. ​ The following table summarizes the gross fair value and the net value of the Company’s outstanding derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Assets Derivative Liabilities ​ ​ ​ December 31 ​ December 31 ​ December 31 ​ December 31 ​ (millions) ​ 2021 ​ 2020 2021 ​ 2020 Derivatives designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ $44.7 ​ ​ ​ $8.1 ​ ​ $2.6 ​ ​ ​ $54.3 ​ Interest rate swap agreements ​ ​ ​ 1.8 ​ ​ ​ - ​ ​ 10.1 ​ ​ ​ - ​ Cross-currency swap derivative contracts ​ ​ ​ 9.4 ​ ​ ​ - ​ ​ 1.6 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ 49.8 ​ ​ ​ 7.4 ​ ​ 10.0 ​ ​ ​ 15.6 ​ Gross value of derivatives ​ ​ ​ 105.7 ​ ​ ​ 15.5 ​ ​ 24.3 ​ ​ ​ 69.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts offset in the Consolidated Balance Sheets ​ ​ ​ (14.9) ​ ​ ​ (12.3) ​ ​ (14.9) ​ ​ ​ (12.3) ​ Net value of derivatives ​ ​ ​ $90.8 ​ ​ ​ $3.2 ​ ​ $9.4 ​ ​ ​ $57.6 ​ ​ The following table summarizes the notional values of the Company’s outstanding derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional Values ​ ​ ​ December 31 ​ ​ December 31 (millions) ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ $ 4,059 ​ ​ ​ $ 3,702 ​ Interest rate swap agreements ​ ​ 1,250 ​ ​ ​ - ​ Cross-currency swap derivative contracts ​ ​ 482 ​ ​ ​ - ​ ​ ​ ​ Cash Flow Hedges ​ The Company utilizes foreign currency forward contracts to hedge the effect of foreign currency exchange rate fluctuations on forecasted foreign currency transactions, including inventory purchases and intercompany royalty, intercompany loans, management fee and other payments. These forward contracts are designated as cash flow hedges. The changes in fair value of these contracts are recorded in accumulated other comprehensive income (loss) (“AOCI”) until the hedged items affect earnings, at which time the gain or loss is reclassified into the same line item in the Consolidated Statements of Income as the underlying exposure being hedged. Cash flow hedged transactions impacting AOCI are forecasted to occur within the next two years . For forward contracts designated as hedges of foreign currency exchange rate risk associated with forecasted foreign currency transactions, the Company excludes the changes in fair value attributable to time value from the assessment of hedge effectiveness. The initial value of the excluded component (i.e., the forward points) is amortized on a straight-line basis over the life of the hedging instrument and recognized in the same line item in the Consolidated Statements of Income as the underlying exposure being hedged for intercompany loans. For all other cash flow hedge types, the forward points are mark-to-market monthly and recognized in the same line item in the Consolidated Statements of Income as the underlying exposure being hedged. The difference between fair value changes of the excluded component and the amount amortized in the Consolidated Statements of Income is recorded in AOCI. Fair Value Hedges ​ The Company manages interest expense using a mix of fixed and floating rate debt. To help manage exposure to interest rate movements and to reduce borrowing costs, the Company may enter into interest rate swaps under which the Company agrees to exchange, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed upon notional principal amount. The mark-to-market of these fair value hedges is recorded as gains or losses in interest (income) expense and is offset by the gain or loss of the underlying debt instrument, which also is recorded in interest (income) expense. These fair value hedges are highly effective and thus, there is no impact on earnings due to hedge ineffectiveness. ​ In March 2021, the Company entered into an interest rate swap agreement that converted $250 million of its 3.25% debt from a fixed interest rate to a floating interest rate. In July 2021, the Company entered into an interest rate swap agreement that converted the remaining $250 million of its 3.25% debt from a fixed interest rate to a floating interest rate. In September 2021, the Company entered into an interest rate swap agreement that converted $250 million of its 4.80% debt from a fixed interest rate to a floating interest rate. In October 2021, the Company entered into an interest rate swap agreement that converted $250 million of its 2.70% debt from a fixed interest rate to a floating interest rate. In December 2021, the Company entered into an interest rate swap agreement that converted $250 million of its 1.30% debt from a fixed interest rate to a floating interest rate. All of these interest rate swaps are designated as fair value hedges. ​ The following amounts were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line item in which the hedged item is included ​ Carrying amount of the hedged liabilities ​ Cumulative amount of the fair value hedging adjustment included in the carrying amount of the hedged liabilities (millions) ​ 2021 2020 ​ 2019 ​ 2021 2020 ​ 2019 Long-term debt ​ ​ $1,235.6 ​ ​ ​ $- ​ ​ $- ​ ​ $12.1 ​ ​ ​ $- ​ ​ $- ​ Net Investment Hedges ​ The Company designates its outstanding €1,150 million ($1,299 million as of year-end 2021) 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. Certain Euro commercial paper was also designated as a hedge of existing foreign currency exposures and matured in the third quarter of 2020. ​ In July and December of 2021, the Company entered into a cross-currency swap derivative contracts with a notional amount of €300 million and €125 million, respectively, both maturing in 2030. The cross-currency swap derivative contracts are designated as net investment hedge of the Company’s Euro denominated exposures from the Company’s investments in certain of its Euro denominated functional currency subsidiaries. The cross-currency swap derivative contracts exchange fixed-rate payments in one currency for fixed-rate payments in another currency. As of December 31, 2021, the Company had a €425 million ($482 million) cross-currency swap derivative contract outstanding as a hedge of the Company’s net investment in foreign operations. The changes in the spot rate of these instruments are recorded in AOCI in stockholders’ equity, partially offsetting the foreign currency translation adjustment of the Company’s related net investment that is also recorded in AOCI. Any ineffective portions of net investment hedges are reclassified from AOCI into earnings during the period of change. The interest income or expense from these swaps are recorded in interest expense on the accompanying Consolidated Statements of Income consistent with the classification of interest expense attributable to the underlying debt. ​ The revaluation gains and losses on the Euronotes and cross-currency swap derivative, which are designated and effective as hedges of the Company’s net investments, have been included as a component of the cumulative translation adjustment account, and were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 2020 2019 Revaluation gain (loss), net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Euronotes ​ ​ $45.3 ​ ​ ​ ($87.7) ​ ​ ​ $31.4 ​ Cross-currency swap derivative contracts ​ ​ 6.3 ​ ​ ​ - ​ ​ ​ - ​ Total revaluation gain (loss), net of tax ​ ​ $51.6 ​ ​ ​ ($87.7) ​ ​ ​ $31.4 ​ ​ ​ Derivatives Not Designated as Hedging Instruments ​ The Company also uses foreign currency forward contracts to offset its exposure to the change in value of certain foreign currency denominated assets and liabilities held at foreign subsidiaries, primarily receivables and payables, which are remeasured at the end of each period. Although the contracts are effective economic hedges, they are not designated as accounting hedges. Therefore, changes in the value of these derivatives are recognized immediately in earnings, thereby offsetting the current earnings effect of the related foreign currency denominated assets and liabilities. ​ Effect of all Derivative Instruments on Income ​ The gain (loss) of all derivative instruments recognized in product and equipment cost of sales (“COS”), selling, general and administrative expenses (“SG&A”) and interest expense, net (“interest”) is summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ 2020 ​ 2019 (millions) ​ COS ​ SG&A ​ Interest ​ ​ COS ​ SG&A ​ Interest ​ ​ COS ​ SG&A ​ Interest Gain (loss) on derivatives in cash flow hedging relationship: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from AOCI to income ​ ($11.0) ​ $47.6 ​ $- ​ ​ ​ $10.1 ​ ($108.3) ​ $- ​ ​ $15.4 ​ $39.5 ​ $- Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value ​ - ​ - ​ 21.0 ​ ​ ​ - ​ - ​ 27.5 ​ ​ - ​ - ​ 28.7 Interest rate swap agreements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from AOCI to income ​ - ​ - ​ (2.3) ​ ​ ​ - ​ - ​ (2.4) ​ ​ - ​ - ​ (0.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) on derivatives not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in income (a) ​ - ​ 73.7 ​ - ​ ​ ​ - ​ (12.3) ​ - ​ ​ - ​ 30.0 ​ (0.1) Total gain (loss) of all derivative instruments ​ ($11.0) ​ $121.3 ​ $18.7 ​ ​ ​ $10.1 ​ ($120.6) ​ $25.1 ​ ​ $15.4 ​ $69.5 ​ $27.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Gain (loss) on derivatives not designated as hedging instruments recognized in income recorded in SG&A includes discontinued operations of $(2.5) and $(5.1) for the years ended December 31, 2020 and 2019, respectively.

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION	12 Months Ended
	Dec. 31, 2021
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION	10. OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION ​ Other comprehensive income (loss) includes net income, foreign currency translation adjustments, defined benefit pension and postretirement plan adjustments, gains and losses on derivative instruments designated and effective as cash flow hedges and non-derivative instruments designated and effective as foreign currency net investment hedges that are charged or credited to the AOCI account in shareholders’ equity. ​ The following table provides other comprehensive income (loss) information related to the Company’s derivatives and hedging instruments and pension and postretirement benefits. Refer to Note 9 for additional information related to the Company’s derivatives and hedging transactions. Refer to Note 17 for additional information related to the Company’s pension and postretirement benefits activity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 2020 2019 Derivative and Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on derivative & hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in AOCI ​ ​ $87.5 ​ ​ ​ ($93.3) ​ ​ ​ $78.1 ​ Loss (gain) reclassified from AOCI into income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COS ​ ​ 11.0 ​ ​ ​ (10.1) ​ ​ ​ (15.4) ​ SG&A ​ (47.6) ​ ​ ​ 108.3 ​ ​ ​ (39.5) ​ Interest (income) expense, net ​ ​ (18.7) ​ ​ ​ (25.1) ​ ​ ​ (27.8) ​ ​ ​ (55.3) ​ ​ ​ 73.1 ​ ​ ​ (82.7) ​ Other activity ​ (1.7) ​ ​ ​ (0.3) ​ ​ ​ 0.8 ​ Tax impact ​ (4.5) ​ ​ ​ 3.5 ​ ​ ​ 0.4 ​ Net of tax ​ ​ $26.0 ​ ​ ​ ($17.0) ​ ​ ​ ($3.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and Postretirement Benefits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in AOCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period net actuarial gain (loss) ​ ​ $270.7 ​ ​ ​ ($189.9) ​ ​ ​ ($326.3) ​ Amount reclassified from AOCI into income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Settlement charge ​ ​ 38.8 ​ ​ ​ - ​ ​ ​ - ​ Amortization of net actuarial loss and prior period service credits, net ​ ​ 78.6 ​ ​ ​ 68.1 ​ ​ ​ 0.4 ​ ​ ​ 388.1 ​ ​ ​ (121.8) ​ ​ ​ (325.9) ​ Tax impact ​ (98.4) ​ ​ ​ 43.7 ​ ​ ​ 74.3 ​ Net of tax ​ ​ $289.7 ​ ​ ​ ($78.1) ​ ​ ​ ($251.6) ​ ​

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2021
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	​ 11. SHAREHOLDERS’ EQUITY ​ Authorized common stock, par value $1.00 per share, was 800 million shares at December 31, 2021, 2020 and 2019. Treasury stock is stated at cost. Dividends declared per share of common stock were $1.95 for 2021, $1.89 for 2020 and $1.85 for 2019. ​ The Company has 15 million shares, without par value, of authorized but unissued and undesignated preferred stock. ​ Share Repurchase Authorization ​ In February 2015, the Company’s Board of Directors authorized the repurchase of up to 20 million additional shares of its common stock, including shares to be repurchased under Rule 10b5-1. As of December 31, 2021, 5,850,187 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 2021, 2020 and 2019, the Company reacquired 502,132, 761,245 and 1,986,241 shares, respectively, of its common stock, of which 389,759, 565,064 and 1,846,384, respectively, related to share repurchases through open market or private purchases, and 112,373, 196,181 and 139,857, respectively, related to shares withheld for taxes on exercise of stock options and vesting of stock awards and units. ​ Separation of ChampionX ​ On June 3, 2020, the Company effected the split-off of ChampionX through the Exchange Offer and all shares of ChampionX common stock owned by Ecolab were exchanged for outstanding shares of Ecolab common stock. In the Exchange Offer, which was oversubscribed, the Company accepted 4,955,552 shares of Ecolab common stock in exchange for approximately 122,200,000 shares of ChampionX common stock. ​

EQUITY COMPENSATION PLANS

EQUITY COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2021
EQUITY COMPENSATION PLANS
EQUITY COMPENSATION PLANS	12. EQUITY COMPENSATION PLANS ​ The Company’s equity compensation plans provide for grants of stock options, performance-based restricted stock units (“PBRSUs”) and non-performance-based restricted stock units (“RSUs”) and restricted stock awards (“RSAs”). Common shares available for grant as of December 31, 2021, 2020 and 2019 were 7,544,458, 8,644,262 and 9,029,645, respectively. The Company generally issues authorized but previously unissued shares to satisfy stock option exercises and stock award vesting. ​ The Company’s annual long-term incentive share-based compensation program is made up of 50% stock options and 50% PBRSUs. The Company also periodically grants RSUs. Total compensation expense related to all share-based compensation plans was $89 million ( $75 million net of tax benefit), $81 million ( $68 million net of tax benefit) and $84 million ( $70 million net of tax benefit) for 2021, 2020 and 2019, respectively. As of December 31, 2021, there was $123 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 2.6 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 2019 ​ Number of Exercise ​ ​ Number of ​ Exercise ​ Number of ​ Exercise ​ ​ Options ​ Price (a) ​ Options ​ Price (a) ​ Options ​ Price (a) Outstanding, beginning of year 6,802,415 ​ ​ $ 144.20 ​ ​ 9,042,320 ​ ​ $ 121.72 10,516,633 ​ ​ $ 108.28 ​ Granted 812,853 ​ ​ 223.85 ​ ​ 931,750 ​ ​ 220.95 879,862 ​ ​ 184.31 ​ Exercised (1,306,998) ​ ​ 110.91 ​ ​ (2,733,130) ​ ​ 97.52 (2,270,374) ​ ​ 82.93 ​ Canceled (91,109) ​ ​ 192.49 ​ ​ (91,660) ​ ​ 166.67 (83,801) ​ ​ 143.08 ​ Separation of ChampionX - ​ ​ - ​ ​ (346,865) ​ ​ 126.37 - ​ ​ - ​ Outstanding, end of year 6,217,161 ​ ​ $ 160.91 ​ ​ 6,802,415 ​ ​ $ 144.20 9,042,320 ​ ​ $ 121.72 ​ Exercisable, end of year 4,604,922 ​ ​ $ 141.21 ​ ​ 5,051,927 ​ ​ $ 125.08 7,048,422 ​ ​ $ 109.34 ​ Vested and expected to vest, end of year 6,083,642 ​ ​ $ 159.79 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 2021, 2020 and 2019 was $148 million, $299 million and $227 million, respectively. ​ The total aggregate intrinsic value of options outstanding as of December 31, 2021 was $456 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, 2021 was $429 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, 2021 was $453 million, with a corresponding weighted-average remaining contractual life of 6.5 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ 2019 Weighted-average grant-date fair value of options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ granted at market prices ​ ​ $ 47.65 ​ ​ ​ $ 44.16 ​ ​ ​ $ 40.30 ​ Assumptions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk-free rate of return ​ ​ 1.2 % ​ ​ 0.5 % ​ 1.6 % Expected life 6 years ​ 6 years ​ 6 years Expected volatility ​ ​ 23.0 % ​ ​ 23.0 % ​ 23.0 % Expected dividend yield ​ ​ 0.9 % ​ ​ 0.9 % ​ 1.0 % ​ The risk-free rate of return is determined based on a yield curve of U.S. treasury rates from one month to ten years and a period commensurate with the expected life of the options granted. Expected volatility is established based on historical volatility of the Company’s stock price. The expected dividend yield is determined based on the Company’s annual dividend amount as a percentage of the average stock price at the time of the grant. ​ PBRSUs, RSUs and RSAs ​ The expense associated with PBRSUs is based on the average of the high and low share price of the Company’s common stock on the date of grant, adjusted for the absence of future dividends. The awards vest based on the Company achieving a defined performance target and with continued service for a three year period. Upon vesting, the Company issues shares of its common stock such that one award unit equals one share of common stock. The Company assesses the probability of achieving the performance target and recognizes expense over the three year vesting period when it is probable the performance target will be met. PBRSU awards granted to retirement eligible recipients are attributed to expense using the non-substantive vesting method. The awards are generally subject to forfeiture in the event of termination of employment. ​ The expense associated with shares of non-performance based RSUs and RSAs is based on the average of the high and low share price of the Company’s common stock on the date of grant, adjusted for the absence of future dividends and is amortized on a straight-line basis over the periods during which the restrictions lapse. The Company currently has RSUs that vest over periods between 12 and 60 months . The awards are generally subject to forfeiture in the event of termination of employment. ​ A summary of non-vested PBRSUs and restricted stock activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PBRSU ​ Grant Date ​ RSAs and ​ Grant Date ​ ​ Awards ​ Fair Value (a) ​ RSUs ​ Fair Value (a) December 31, 2018 1,267,353 ​ ​ ​ $ 126.75 ​ 246,469 ​ ​ ​ $ 127.09 ​ Granted 207,704 ​ ​ ​ 178.20 ​ ​ 102,941 ​ ​ ​ 177.38 ​ Vested / Earned (334,351) ​ ​ ​ 114.38 ​ ​ (64,597) ​ ​ ​ 119.08 ​ Canceled (23,808) ​ ​ ​ 135.70 ​ ​ (19,300) ​ ​ ​ 124.77 ​ December 31, 2019 1,116,898 ​ ​ ​ $ 139.83 ​ 265,513 ​ ​ ​ $ 149.46 ​ Granted 202,187 ​ ​ ​ 215.23 ​ ​ 62,693 ​ ​ ​ 203.09 ​ Vested / Earned (333,676) ​ ​ ​ 112.78 ​ ​ (81,150) ​ ​ ​ 130.72 ​ Canceled ​ (26,285) ​ ​ ​ 157.32 ​ ​ (15,996) ​ ​ ​ 162.51 ​ Separation of ChampionX (44,494) ​ ​ ​ 142.10 ​ ​ (67,377) ​ ​ ​ 161.82 ​ December 31, 2020 914,630 ​ ​ ​ $ 165.76 ​ 163,683 ​ ​ ​ $ 172.92 ​ Granted ​ 176,297 ​ ​ ​ 223.77 ​ ​ 130,807 ​ ​ ​ 211.12 ​ Vested / Earned ​ (271,731) ​ ​ ​ 131.74 ​ ​ (48,977) ​ ​ ​ 160.84 ​ Canceled ​ (30,667) ​ ​ ​ 178.46 ​ ​ (13,239) ​ ​ ​ 192.12 ​ December 31, 2021 ​ 788,529 ​ ​ ​ $ 189.96 ​ 232,274 ​ ​ ​ $ 195.95 ​ ​ (a) Represents weighted average price per share.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	13. INCOME TAXES ​ Income before income taxes consisted of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) 2021 2020 2019 United States (U.S.) ​ $277.7 ​ $100.5 ​ $787.1 International ​ 1,136.5 ​ ​ ​ 1,060.9 ​ ​ ​ 944.4 ​ Total ​ ​ $1,414.2 ​ ​ ​ $1,161.4 ​ ​ ​ $1,731.5 ​ ​ The provision (benefit) for income taxes consisted of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) 2021 2020 2019 U.S. federal and state ​ $30.9 ​ ($43.9) ​ $134.4 International ​ 240.2 ​ ​ ​ 259.8 ​ ​ ​ 176.3 ​ Total current ​ 271.1 ​ ​ ​ 215.9 ​ ​ ​ 310.7 ​ U.S. federal and state ​ 3.6 ​ ​ ​ 12.0 ​ ​ ​ 37.9 ​ International ​ (4.5) ​ ​ ​ (51.3) ​ ​ ​ (60.0) ​ Total deferred ​ (0.9) ​ ​ ​ (39.3) ​ ​ ​ (22.1) ​ Provision for income taxes ​ ​ $270.2 ​ ​ ​ $176.6 ​ ​ ​ $288.6 ​ ​ The Company’s overall net deferred tax assets and deferred tax liabilities were comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 (millions) 2021 2020 Deferred tax assets ​ ​ ​ ​ Pension and post-retirement benefits ​ ​ $136.8 ​ ​ ​ $234.3 ​ Other accrued liabilities ​ ​ 135.6 ​ ​ ​ 154.7 ​ Lease liability 101.3 ​ ​ 95.5 ​ Credit carryforwards ​ ​ 81.8 ​ ​ ​ 76.6 ​ Loss carryforwards 59.6 ​ ​ 63.4 ​ Share-based compensation 44.7 ​ ​ 44.8 ​ Deferred income ​ ​ 44.8 ​ ​ ​ 12.8 ​ Other, net 71.0 ​ ​ 64.2 ​ Valuation allowance (50.3) ​ ​ (45.3) ​ Total deferred tax assets 625.3 ​ ​ 701.0 ​ Deferred tax liabilities ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets (631.0) ​ ​ (598.9) ​ Property, plant and equipment (333.5) ​ ​ (317.8) ​ Lease asset ​ ​ (100.3) ​ ​ ​ (95.4) ​ Financing ​ ​ (34.2) ​ ​ ​ - ​ Other, net (27.7) ​ ​ (9.6) ​ Total deferred tax liabilities (1,126.7) ​ ​ (1,021.7) ​ Net deferred tax liabilities balance ​ ​ ($501.4) ​ ​ ​ ($320.7) ​ ​ As of December 31, 2021, the Company has tax effected federal, state and international net operating loss carryforwards of $3.1 million, $20.4 million and $36.1 million, respectively, which will be available to offset future taxable income. The federal and state loss carryforwards of $23.5 million expire from 2022 to 2042. The international loss carryforwards of $5.8 million expire from 2022 to 2042 and $30.3 million have no expiration. The tax loss carryforwards expiring in 2022 are not material. ​ Additionally, the Company has $81.8 million of credit carryforwards that are primarily related to U.S. foreign tax credits and various state credits. The U.S. foreign tax credit carryforwards of $49.4 million expire from 2028 to 2030 and the state credit carryforwards of $25.7 million expire from 2022 to 2036. The tax credit carryforwards expiring in 2022 are not material. ​ The Company has valuation allowances on certain deferred tax assets of $50.3 million and $45.3 million at December 31, 2021 and 2020, respectively. The increase in valuation allowance from year end 2020 to year end 2021 was primarily due to U.S. state tax attributes. ​ In 2021, the Company obtained tax benefits from a tax holiday in the Dominican Republic. The Company received a permit of operation, which expires in April 2036, from the National Council of Free Zones of Exportation for the Dominican Republic. Companies operating under the Free Zones are not subject to income tax in the Dominican Republic on export income. The tax reduction as the result of the tax holidays for 2021 was $2.9. million ($0.01 per diluted share), 2020 was $26.9 million ($0.09 per diluted share) and 2019 was $29.2 million ($0.10 per diluted share). The Company had a tax incentive awarded by the Singapore Economic Development Board. This incentive provided for a preferential 10% tax rate on certain headquarter income which expired in January 2021. ​ ​ A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective income tax rate is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 Statutory U.S. rate ​ 21.0 % ​ 21.0 % ​ 21.0 % State income taxes, net of federal benefit ​ 0.6 ​ 0.4 ​ 1.8 ​ Foreign operations ​ (0.6) ​ (1.3) ​ 5.5 ​ Excess stock benefits ​ (2.0) ​ ​ (4.9) ​ ​ (2.4) ​ R&D credit ​ (1.3) ​ (1.1) ​ (1.0) ​ Foreign derived intangible income ​ (1.6) ​ ​ (0.2) ​ ​ (0.2) ​ Change in valuation allowance ​ 0.5 ​ 0.6 ​ (8.2) ​ One-time transfer of intangibles ​ 1.8 ​ ​ - ​ ​ - ​ Other, net ​ 0.7 ​ 0.7 ​ 0.2 ​ Effective income tax rate ​ 19.1 % ​ 15.2 % ​ 16.7 % ​ 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 2021 effective tax rate of 19.1% includes $53.3 million of net tax benefits on special (gains) and charges, and net tax expense of $5.8 million associated with discrete items. During 2021, the Company recorded a discrete tax benefit of $29.1 million related to share-based compensation excess tax benefits. The extent of excess tax benefits is subject to variation in stock price and award exercises. Additionally, the Company recorded $34.9 million discrete tax charges including a non-cash deferred tax charge of $25.1 million associated with transferring certain intangible property between affiliates. The remaining $9.8 million tax expense primarily relates to the filing of federal, state and foreign tax returns and other income tax adjustments including the impact of changes in tax laws, audit settlements and other changes in estimates. ​ The Company’s 2020 effective tax rate of 15.2% includes $57.9 million of net tax benefits on special (gains) and charges, and net tax benefits of $55.8 million associated with discrete items. During 2020, the Company recorded a discrete tax benefit of $57.3 million related to share-based compensation excess tax benefits. The Company recorded changes in reserves in non-U.S. and U.S. jurisdictions due to audit settlements and the expiration of statutes of limitations which resulted in a $9.8 million tax benefit. Additionally, the Company recognized a net tax expense of $11.3 million primarily related to the filing of prior year federal, state and foreign tax returns and other income tax adjustments. ​ The Company’s 2019 effective tax rate of 16.7% includes $40.1 million of net tax benefits on special (gains) and charges, net tax benefits of $54.6 million associated with discrete tax items and $3.1 million of net benefit associated with updates to the one-time transition tax in the U.S. During 2019, the Company recorded a discrete tax benefit of $42.3 million related to share-based compensation excess tax benefits. The Company recognized $15.6 million tax benefit related to changes in local tax law, which primarily includes $30.4 million benefit due to the passage of the Swiss Tax Reform and AHV Financing Act, a Swiss federal tax law, offset by a tax expense of $10.2 million due to the release of the final Treasury Regulation governing taxation of foreign dividends. The Company recorded changes in reserves in non-U.S. and U.S. jurisdictions due to audit settlements and statutes of limitations which resulted in a $13.8 million tax benefit. The Company finalized the 2015 and 2016 IRS audit in 2019, which resulted in a discrete tax expense of $11.0 million. The remaining discrete tax expense was primarily related to changes in estimates in non-U.S. jurisdictions. ​ The Company recorded a preliminary deferred tax liability of $19.3 million as part of purchase accounting in 2021 associated with the pre-acquisition undistributed earnings of Purolite that are not considered permanently reinvested. The Company continues to assert permanent reinvestment of the undistributed earnings of international affiliates unless the earnings can be remitted in a net income tax benefit or tax-neutral manner. If there are policy changes, the Company would record the applicable taxes in the period of change. Due to the complexity of the legal entity structure, the number of legal entities and jurisdictions involved, and the complexity of the laws and regulations, the Company believes it is not practicable to estimate the amount of additional taxes which may be payable upon distribution of these undistributed earnings. Accordingly, no deferred taxes have been provided for withholding taxes or other taxes on permanently reinvested earnings. ​ A reconciliation of the beginning and ending amount of gross liability for unrecognized tax benefits is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) 2021 2020 ​ 2019 Balance at beginning of year ​ ​ $20.7 ​ ​ ​ $27.0 ​ ​ ​ $49.0 ​ Additions based on tax positions related to the current year ​ 3.8 ​ ​ 3.3 ​ ​ 2.1 ​ Additions for tax positions of prior years 3.0 ​ ​ - ​ ​ 1.0 ​ Current year acquisitions ​ ​ 4.4 ​ ​ ​ - ​ ​ ​ - ​ Reductions for tax positions of prior years - ​ ​ (1.1) ​ ​ (18.4) ​ Reductions for tax positions due to statute of limitations (3.0) ​ ​ (9.1) ​ ​ (5.7) ​ Settlements (3.7) ​ ​ - ​ ​ (0.6) ​ Foreign currency translation (0.1) ​ ​ 0.6 ​ ​ (0.4) ​ Balance at end of year ​ ​ $25.1 ​ ​ ​ $20.7 ​ ​ ​ $27.0 ​ ​ The total amount of unrecognized tax benefits, if recognized would affect the effective tax rate by $22.8 million as of December 31, 2021, $18.3 million as of December 31, 2020 and $23.7 million as of December 31, 2019. ​ The Company files U.S. federal income tax returns and income tax returns in various U.S. state and non- U.S. jurisdictions. With few exceptions, the Company is no longer subject to state and foreign income tax examinations by tax authorities for years before 2017. The IRS has completed examinations of the Company’s U.S. federal income tax returns through 2016, and the years 2017 and 2018 are currently under audit. In addition to the U.S. federal examination, there is ongoing audit activity in several U.S. state and foreign jurisdictions. The Company anticipates changes to uncertain tax positions due to closing of various audits and statutes closing on years mentioned above. The Company does not believe these changes will result in a material impact during the next twelve months. Decreases in the Company’s gross liability could result in offsets to other balance sheet accounts, cash payments, and adjustments to tax expense. The occurrence of these events and/or other events not included above within the next twelve months could change depending on a variety of factors. ​ The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. During 2021, 2020 and 2019 the Company released $0.9 million, $2.0 million and $1.9 million related to interest and penalties, respectively. The Company had $3.2 million, $4.1 million and $6.1 million of accrued interest, including minor amounts for penalties, at December 31, 2021, 2020, and 2019, respectively.

RENTALS AND LEASES

RENTALS AND LEASES	12 Months Ended
	Dec. 31, 2021
RENTALS AND LEASES
RENTAL AND LEASES	14. RENTALS AND LEASES ​ Lessee ​ The Company leases sales and administrative office facilities, distribution centers, research and manufacturing facilities, as well as vehicles and other equipment under operating leases. Certain of the Company’s lease arrangements are finance leases, which are immaterial individually and in the aggregate. ​ The Company’s operating lease cost was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 ​ 2020 ​ 2019 Operating lease cost* ​ ​ $179.4 ​ ​ ​ $183.8 ​ ​ ​ $179.8 ​ ​ *Includes immaterial short-term and variable lease costs ​ Future maturity of operating lease liabilities as of December 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ ​ ​ 2022 ​ 138 2023 ​ 93 2024 ​ 64 2025 ​ 45 2026 ​ ​ 29 Thereafter ​ 81 Total lease payments ​ ​ 450 Less: imputed interest ​ ​ 52 Present value of lease liabilities ​ ​ $ 398 ​ The Company’s operating leases term and discount rate were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 ​ December 31 ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease terms (years) ​ ​ 5.99 ​ ​ ​ 5.52 ​ ​ ​ 5.83 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate ​ ​ 3.07% ​ ​ ​ 3.72% ​ ​ ​ 4.00% ​ ​ The Company’s other lease information was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 ​ December 31 (millions) ​ 2021 ​ 2020 ​ 2019 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ $157.0 ​ ​ ​ $164.2 ​ ​ ​ $159.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Leased assets obtained in exchange for new operating lease liabilities ​ ​ 116.8 ​ ​ ​ 60.4 ​ ​ ​ 116.5 ​ ​ 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 $1,223.3 million and $1,190.3 million, and related accumulated depreciation is $767.3 million and $646.1 million, as of December 31, 2021 and 2020, respectively. ​ The Company’s operating lease revenue was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 ​ 2020 ​ 2019 Operating lease revenue* ​ ​ $412.5 ​ ​ ​ $356.3 ​ ​ ​ $412.7 ​ ​ *Includes immaterial variable lease revenue ​ Revenue from operating leases for existing contracts as of December 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ ​ ​ 2022 ​ 350 2023 ​ 253 2024 ​ 193 2025 ​ 119 2026 ​ ​ 49 Thereafter ​ 20 Total lease revenue ​ ​ $ 984 ​ 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 EXPEND

RESEARCH AND DEVELOPMENT EXPENDITURES	12 Months Ended
	Dec. 31, 2021
RESEARCH AND DEVELOPMENT EXPENDITURES
RESEARCH AND DEVELOPMENT EXPENDITURES	15. RESEARCH AND DEVELOPMENT EXPENDITURES ​ Research expenditures that relate to the development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred. Such costs were $186 million in 2021, $185 million in 2020 and $190 million in 2019. The Company did not participate in any material customer sponsored research during any of the years. ​ ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	16. COMMITMENTS AND CONTINGENCIES ​ The Company is subject to various claims and contingencies related to, among other things, workers’ compensation, general liability (including product liability), automobile claims, health care claims, environmental matters and lawsuits. The Company is also subject to various claims and contingencies related to income taxes, which are discussed in Note 13. The Company also has contractual obligations including lease commitments, which are discussed in Note 14. ​ The Company records liabilities where 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. ​ In Re TPC Group Litigation ​ On November 27, 2019, a Butadiene production plant owned and operated by TPC Group, Inc. in Port Neches, Texas, experienced an explosion and fire that resulted in personal injuries, the release of chemical fumes and extensive property damage to the plant and surrounding areas in and near Port Neches, Texas. ​ Nalco Company LLC, a subsidiary of Ecolab, supplied process chemicals to TPC used in TPC’s production processes. Nalco did not operate, manage, maintain or control any aspect of TPC’s plant operations. ​ In connection with its provision of process chemicals to TPC, Nalco has been named in numerous lawsuits stemming from the plant explosion. Nalco has been named a defendant, along with TPC and other defendants, in multi-district litigation (“MDL”) proceedings pending in Orange County, Texas, alleging among other things claims for personal injury, property damage and business losses (In re TPC Group Litigation – A2020-0236-MDL, Orange County, Texas). In addition, numerous other lawsuits have been filed against Nalco, including TPC Group v. Nalco, E0208239, Jefferson County, Texas, a subrogation claim by TPC’s insurers seeking reimbursement for property damage losses. Over 5,000 plaintiffs (including the subrogation matter) currently have claims against Nalco in over 175 individual lawsuits. ​ All of these cases make similar allegations and seek damages for personal injury, property damage, business losses and other damages, including exemplary damages. The Company expects all these cases will be consolidated for pretrial purposes into the Orange County MDL referenced above. Due to the large number of plaintiffs, the early stage of the litigation and the fact that many of the claims do not specify an amount of damages, any estimate of any loss or range of losses cannot be made at this time. ​ The Company believes these claims asserted against Nalco Company LLC are without merit and intend to defend the claims vigorously. The Company also believes the claims should be covered by insurance subject to deductibles. However, the Company cannot predict the outcome of these lawsuits, the involvement the Company might have in these matters in the future or the potential for future litigation. ​ Environmental Matters ​ The Company is currently participating in environmental assessments and remediation at approximately 30 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

RETIREMENT PLANS	12 Months Ended
	Dec. 31, 2021
RETIREMENT PLANS
RETIREMENT PLANS	17. RETIREMENT PLANS ​ Pension and Postretirement Health Care Benefits Plans ​ The Company has a non-contributory, qualified, defined benefit pension plan covering the majority of its U.S. employees. The Company also has non-contributory, non-qualified, defined benefit plans, which provide for benefits to employees in excess of limits permitted under its U.S. pension plans. Various international subsidiaries have defined benefit pension plans. The Company provides postretirement health care benefits to certain U.S. employees and retirees. ​ The non-qualified plans are not funded and the recorded benefit obligation for the non-qualified plans was $114 million and $134 million at December 31, 2021 and 2020, respectively. The measurement date used for determining the U.S. pension plan assets and obligations is December 31. ​ 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 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 measurement date used to determine the U.S. postretirement health care 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 health care plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ International ​ U.S. Postretirement ​ ​ Pension ​ Pension ​ Health Care (millions) ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ 2020 Accumulated benefit obligation, end of year ​ ​ $2,462.7 ​ ​ ​ $2,728.4 ​ ​ $1,696.2 ​ ​ ​ $1,759.8 ​ ​ $155.4 ​ ​ ​ $172.4 ​ Projected benefit obligation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Projected benefit obligation, beginning of year ​ $2,728.4 ​ ​ ​ $2,562.5 ​ ​ $1,834.2 ​ ​ ​ $1,667.6 ​ ​ $172.4 ​ ​ ​ $165.7 ​ Service cost ​ 43.9 ​ ​ ​ 68.4 ​ ​ 31.4 ​ ​ ​ 30.8 ​ ​ 1.0 ​ ​ ​ 1.2 ​ Interest cost ​ 51.4 ​ ​ ​ 70.3 ​ ​ 17.3 ​ ​ ​ 22.3 ​ ​ 2.9 ​ ​ ​ 4.4 ​ Participant contributions ​ - ​ ​ ​ - ​ ​ 2.9 ​ ​ ​ 2.6 ​ ​ 3.3 ​ ​ ​ 3.8 ​ Curtailments and settlements ​ (35.3) ​ ​ ​ (0.6) ​ ​ (24.8) ​ ​ ​ (34.3) ​ ​ - ​ ​ ​ - ​ Plan amendments ​ - ​ ​ ​ - ​ ​ 0.7 ​ ​ ​ (1.7) ​ ​ - ​ ​ ​ - ​ Actuarial (gain) loss ​ (79.6) ​ ​ ​ 241.8 ​ ​ (25.3) ​ ​ ​ 83.6 ​ ​ (12.1) ​ ​ ​ 12.2 ​ Assumed through acquisitions ​ ​ - ​ ​ ​ - ​ ​ 34.0 ​ ​ ​ - ​ ​ - ​ ​ ​ - ​ Other events ​ ​ - ​ ​ ​ - ​ ​ 4.3 ​ ​ ​ 0.3 ​ ​ - ​ ​ ​ - ​ Benefits paid ​ (246.1) ​ ​ ​ (214.0) ​ ​ (43.7) ​ ​ ​ (39.6) ​ ​ (12.1) ​ ​ ​ (14.9) ​ Foreign currency translation ​ - ​ ​ ​ - ​ ​ (51.3) ​ ​ ​ 102.6 ​ ​ - ​ ​ ​ - ​ Projected benefit obligation, end of year ​ $2,462.7 ​ ​ ​ $2,728.4 ​ ​ $1,779.7 ​ ​ ​ $1,834.2 ​ ​ $155.4 ​ ​ ​ $172.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets, beginning of year ​ ​ $2,372.9 ​ ​ ​ $2,292.9 ​ ​ $1,148.0 ​ ​ ​ $1,027.1 ​ ​ $5.7 ​ ​ ​ $6.1 ​ Actual returns on plan assets ​ ​ 276.8 ​ ​ ​ 281.3 ​ ​ 107.5 ​ ​ ​ 87.7 ​ ​ 0.6 ​ ​ ​ 0.8 ​ Company contributions ​ ​ 8.5 ​ ​ ​ 13.3 ​ ​ 40.7 ​ ​ ​ 41.3 ​ ​ 11.0 ​ ​ ​ 13.7 ​ Participant contributions ​ ​ - ​ ​ ​ - ​ ​ 2.9 ​ ​ ​ 2.6 ​ ​ - ​ ​ ​ - ​ Acquired through acquisitions ​ ​ - ​ ​ ​ - ​ ​ 12.9 ​ ​ ​ ​ ​ ​ - ​ ​ ​ - ​ Curtailments and settlements ​ ​ (35.3) ​ ​ ​ (0.6) ​ ​ (24.8) ​ ​ ​ (25.7) ​ ​ - ​ ​ ​ - ​ Benefits paid ​ ​ (246.1) ​ ​ ​ (214.0) ​ ​ (43.7) ​ ​ ​ (39.6) ​ ​ (12.1) ​ ​ ​ (14.9) ​ Foreign currency translation ​ ​ - ​ ​ ​ - ​ ​ (23.6) ​ ​ ​ 54.6 ​ ​ - ​ ​ ​ - ​ Fair value of plan assets, end of year ​ ​ $2,376.8 ​ ​ ​ $2,372.9 ​ ​ $1,219.9 ​ ​ ​ $1,148.0 ​ ​ $5.2 ​ ​ ​ $5.7 ​ Funded Status, end of year ​ ​ ($85.9) ​ ​ ​ ($355.5) ​ ​ ($559.8) ​ ​ ​ ($686.2) ​ ​ ($150.2) ​ ​ ​ ($166.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recognized in the Consolidated Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets ​ ​ $28.2 ​ ​ ​ $- ​ ​ $86.5 ​ ​ ​ $37.0 ​ ​ $- ​ ​ ​ $- ​ Other current liabilities ​ ​ (14.8) ​ ​ ​ (14.7) ​ ​ (27.0) ​ ​ ​ (24.0) ​ ​ (5.5) ​ ​ ​ (5.5) ​ Postretirement healthcare and pension benefits ​ ​ (99.3) ​ ​ ​ (340.8) ​ ​ (619.3) ​ ​ ​ (699.2) ​ ​ (144.7) ​ ​ ​ (161.2) ​ Net liability ​ ​ ($85.9) ​ ​ ​ ($355.5) ​ ​ ($559.8) ​ ​ ​ ($686.2) ​ ​ ($150.2) ​ ​ ​ ($166.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recognized in accumulated other comprehensive loss (income): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized net actuarial loss (gain) ​ ​ $396.8 ​ ​ ​ $691.3 ​ ​ $485.7 ​ ​ ​ $595.6 ​ ​ ($11.7) ​ ​ ​ $1.3 ​ Unrecognized net prior service costs (benefits) ​ ​ (25.8) ​ ​ ​ (32.7) ​ ​ (0.2) ​ ​ ​ (1.2) ​ ​ - ​ ​ ​ - ​ Tax (benefit) expense ​ ​ (95.3) ​ ​ ​ (165.1) ​ ​ (117.8) ​ ​ ​ (151.9) ​ ​ 1.2 ​ ​ ​ (2.0) ​ Accumulated other comprehensive loss (income), net of tax ​ ​ $275.7 ​ ​ ​ $493.5 ​ ​ $367.7 ​ ​ ​ $442.5 ​ ​ ($10.5) ​ ​ ​ ($0.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in accumulated other comprehensive loss (income): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of net actuarial (gain) loss ​ ​ ($56.2) ​ ​ ​ ($51.8) ​ ​ ($28.7) ​ ​ ​ ($29.5) ​ ​ ($0.7) ​ ​ ​ ($0.1) ​ Amortization of prior service costs ​ ​ 6.9 ​ ​ ​ 7.4 ​ ​ 0.1 ​ ​ ​ (0.2) ​ ​ - ​ ​ ​ 11.0 ​ Current period net actuarial loss (gain) ​ ​ (203.0) ​ ​ ​ 113.3 ​ ​ (56.1) ​ ​ ​ 66.4 ​ ​ (12.3) ​ ​ ​ 11.9 ​ Current period prior service costs ​ ​ - ​ ​ ​ - ​ ​ 0.7 ​ ​ ​ (1.7) ​ ​ - ​ ​ ​ - ​ Curtailments and settlements ​ ​ (35.3) ​ ​ ​ (2.7) ​ ​ (3.5) ​ ​ ​ (2.2) ​ ​ - ​ ​ ​ - ​ Tax (benefit) expense ​ ​ 69.8 ​ ​ ​ (16.0) ​ ​ 25.4 ​ ​ ​ (22.3) ​ ​ 3.2 ​ ​ ​ (5.4) ​ Foreign currency translation ​ ​ - ​ ​ ​ - ​ ​ (12.7) ​ ​ ​ 33.3 ​ ​ - ​ ​ ​ - ​ Other comprehensive loss (income) ​ ​ ($217.8) ​ ​ ​ $50.2 ​ ​ ($74.8) ​ ​ ​ $43.8 ​ ​ ($9.8) ​ ​ ​ $17.4 ​ ​ ​ Estimate amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Post- ​ ​ U.S. ​ International ​ Retirement ​ (millions) ​ Pension ​ Pension ​ Health Care Net actuarial loss ​ ​ $39.9 ​ ​ ​ $24.1 ​ ​ ​ $0.7 ​ ​ Net prior service benefits ​ ​ (4.6) ​ ​ ​ (0.2) ​ ​ ​ - ​ ​ Total ​ ​ $35.3 ​ ​ ​ $23.9 ​ ​ ​ $0.7 ​ ​ ​ ​ Service cost is included with employee compensation cost in cost of sales and selling, general and administrative expenses in the Consolidated Statements of Income 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) 2021 2020 ​ Aggregate projected benefit obligation ​ ​ $1,022.3 ​ ​ ​ $4,155.4 ​ Accumulated benefit obligation ​ 964.5 ​ ​ 4,098.6 ​ Fair value of plan assets ​ 280.9 ​ ​ 3,085.2 ​ ​ These plans include the U.S. non-qualified pension plans which are not funded as well as various international pension plans which are funded consistent with local practices and requirements. As of December 31, 2021, the U.S. qualified plan had plan assets in excess of the aggregate projected benefit obligation and the accumulated benefit obligation. ​ For the year ended December 31, 2021, the year-over-year decrease in our net benefit obligation was primarily due to the impacts of discounting projected benefit payments. Increased yields on investment grade corporate bonds used to derived out discount rates increased year-over-year. Additionally, the fair value of our pension assets increased year-over-year as asset returns outpaced pension distributions due to strong returns for equities and fixed income investments. ​ For the year ended December 31, 2020, the most significant driver of the increases in benefit obligations for the plans was the higher actuarial losses experienced by the majority of the Company’s plans. The pension plans incurred actuarial losses primarily due to decreases in bond yields that resulted in decreases to many of the plans’ discount rates. ​ Net Periodic Benefit Costs and Plan Assumptions ​ Pension and postretirement health care benefits expense for the Company’s operations are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ International ​ U.S. Postretirement ​ ​ Pension ​ Pension ​ Health Care (millions) 2021 2020 2019 2021 2020 2019 2021 2020 2019 Service cost (a) ​ ​ $43.9 ​ ​ ​ $68.4 ​ ​ $72.8 ​ ​ $31.4 ​ ​ ​ $30.8 ​ ​ $30.2 ​ ​ $1.0 ​ ​ ​ $1.2 ​ ​ $1.4 Interest cost on benefit obligation ​ 51.4 ​ ​ 70.3 ​ 89.0 ​ 17.3 ​ ​ 22.3 ​ 31.2 ​ 2.9 ​ ​ 4.4 ​ 5.6 Expected return on plan assets ​ (152.3) ​ ​ (152.9) ​ (149.5) ​ (70.7) ​ ​ (63.9) ​ (59.9) ​ (0.4) ​ ​ (0.4) ​ (0.4) Recognition of net actuarial loss (gain) ​ ​ 56.7 ​ ​ 51.9 ​ 23.6 ​ 28.7 ​ ​ 26.1 ​ 16.3 ​ 0.7 ​ ​ 0.1 ​ (4.1) Amortization of prior service benefit ​ ​ (6.9) ​ ​ ​ (7.4) ​ ​ (11.5) ​ ​ (0.1) ​ ​ ​ (0.1) ​ ​ (0.9) ​ ​ - ​ ​ ​ (11.0) ​ ​ (23.2) Curtailments and settlements (b) ​ ​ 35.3 ​ ​ ​ 2.5 ​ ​ 9.1 ​ ​ 3.5 ​ ​ ​ 2.2 ​ ​ (1.9) ​ ​ - ​ ​ ​ - ​ ​ 0.3 Total expense (benefit) ​ ​ $28.1 ​ ​ ​ $32.8 ​ ​ $33.5 ​ ​ $10.1 ​ ​ ​ $17.4 ​ ​ $15.0 ​ ​ $4.2 ​ ​ ​ ($5.7) ​ ​ ($20.4) ​ (a) Service cost includes discontinued operations of $2.5 and $7.8 for the years ended December 31, 2020 and 2019, respectively. (b) Settlement expense of $37.2 million was recognized as special charges in 2021. ​ During 2021, the Company incurred settlement expense of $35.3 million ($26.8 million after tax) related to U.S. pension plan lump-sum payments to retirees. During 2020 and 2019, the Company recorded other expense of $0.4 million ($0.3 million after tax) and $9.5 million ($7.2 million after tax) related to pension curtailments and settlements due to the ChampionX separation and Accelerate 2020 as discussed further above. These charges have been included as a component of other (income) expense on the Consolidated Statements of Income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan Assumptions ​ U.S. ​ International ​ U.S. Postretirement ​ ​ ​ Pension ​ Pension ​ Health Care ​ (percent) 2021 ​ 2020 ​ 2019 2021 ​ 2020 ​ 2019 ​ 2021 ​ 2020 ​ 2019 ​ Weighted-average actuarial assumptions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ used to determine benefit obligations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ as of year end: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ 2.86 % ​ 2.48 % ​ 3.20 % ​ 1.45 % ​ 1.13 % ​ 1.52 % ​ 2.75 % ​ 2.37 % ​ 3.16 % ​ Projected salary increase ​ 4.03 ​ 4.03 ​ 4.03 ​ 2.42 ​ 2.12 ​ 2.50 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average actuarial assumptions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ used to determine net cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest credit rate for cash balance plans ​ 0.87 ​ ​ 1.81 ​ ​ N/A ​ ​ N/A ​ ​ N/A ​ ​ N/A ​ ​ N/A ​ ​ N/A ​ ​ N/A ​ ​ Discount rate ​ 2.49 ​ 3.20 ​ 4.34 ​ 1.37 ​ 1.84 ​ 2.66 ​ 2.37 ​ 3.16 ​ 4.29 ​ ​ Expected return on plan assets ​ 7.00 ​ 7.25 ​ 7.25 ​ 6.24 ​ 6.24 ​ 6.66 ​ 7.00 ​ 7.25 ​ 7.25 ​ ​ Projected salary increase ​ 4.03 ​ 4.03 ​ 4.03 ​ 2.31 ​ 2.81 ​ 2.70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The 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 bond issues with maturities ranging from six months to thirty years . A discount rate is estimated for the U.S. plans and is based on the durations of the underlying plans. ​ 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 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 final rate to use. The Company also considers historical returns. ​ The expected long-term rate of return used for the Company’s international plans is determined in each local jurisdiction and is based on the assets held in that jurisdiction, the expected rate of returns for the type of assets held and any guaranteed rate of return provided by the investment. The other assumptions used to measure the international pension obligations, including discount rate, vary by country based on specific local requirements and information. ​ The Company uses most recently available mortality tables as of the respective U.S. and international measurement dates. ​ For postretirement benefit measurement purposes as of December 31, 2021, the annual rates of increase in the per capita cost of covered health care were assumed to be 6.75% for pre-65 costs and 7.25% for post-65 costs. The rates are assumed to decrease each year until they reach 4.5% in 2029 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. Current income is not a key 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 qualified pension plan’s asset are diversified across a number of asset classes and securities. Selected individual portfolios within the asset classes may be undiversified while maintaining the diversified nature of total plan assets. The Company has no significant concentration of risk in its U.S. qualified pension plan assets. ​ Assets of funded retirement plans outside the U.S. are managed in each local jurisdiction and asset allocation strategy is set in accordance with local rules, regulations and practice. Therefore, no overall target asset allocation is presented. Although non-U.S. equity securities are all considered international for the Company, some equity securities are considered domestic for the local plan. The funds are invested in a variety of equities, bonds and real estate investments and, in some cases, the assets are managed by insurance companies which may offer a guaranteed rate of return. The Company has no significant concentration of risk in the assets of its international pension plans. ​ The fair value hierarchy is used to categorize investments measured at fair value in one of three levels in the fair value hierarchy. This categorization is based on the observability of the inputs used in valuing the investments. Refer to Note 8 for definitions of these levels. ​ The fair value of the Company’s U.S. qualified pension plan assets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value as of ​ Fair Value as of (millions) ​ December 31, 2021 ​ December 31, 2020 ​ Level 1 Level 2 Total ​ Level 1 Level 2 Total Cash ​ ​ $43.6 ​ ​ $- ​ ​ $43.6 ​ ​ $38.3 ​ ​ $- ​ ​ $38.3 Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Large cap equity 412.2 ​ ​ - ​ ​ 412.2 ​ 610.0 ​ ​ - ​ ​ 610.0 Small cap equity 21.3 ​ ​ 40.7 ​ ​ 62.0 ​ 36.5 ​ ​ 68.3 ​ ​ 104.8 International equity 62.9 ​ ​ 28.0 ​ ​ 90.9 ​ 95.8 ​ ​ 42.9 ​ ​ 138.7 Fixed income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Core fixed income 510.7 ​ ​ 589.7 ​ ​ 1,100.4 ​ 360.3 ​ ​ 327.8 ​ ​ 688.1 High-yield bonds 49.0 ​ ​ - ​ ​ 49.0 ​ 76.3 ​ ​ - ​ ​ 76.3 Emerging markets - ​ ​ 36.6 ​ ​ 36.6 ​ - ​ ​ 55.6 ​ ​ 55.6 Total investments at fair value ​ 1,099.7 ​ ​ 695.0 ​ 1,794.7 ​ 1,217.2 ​ ​ 494.6 ​ 1,711.8 Investments measured at NAV ​ ​ ​ ​ ​ ​ 587.3 ​ ​ ​ ​ ​ ​ ​ ​ 666.9 Total ​ ​ $1,099.7 ​ ​ $695.0 ​ ​ $2,382.0 ​ ​ $1,217.2 ​ ​ $494.6 ​ ​ $2,378.7 ​ The Company had no Level 3 assets as part of its U.S. qualified pension plan assets as of December 31, 2021 or 2020. ​ ​ The allocation of the Company’s U.S. qualified pension plan assets plans are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Target Asset ​ ​ ​ ​ ​ Asset Category ​ Allocation ​ Percentage ​ ​ Percentage ​ of Plan Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 2021 ​ 2020 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ - % ​ - % ​ 2 % ​ 2 % Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Large cap equity ​ 21 ​ ​ 27 ​ ​ 17 ​ ​ 26 ​ Small cap equity ​ 3 ​ 4 ​ 3 ​ 4 ​ International equity ​ 10 ​ 16 ​ 10 ​ 15 ​ Fixed income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Core fixed income ​ 48 ​ 30 ​ 46 ​ 29 ​ High-yield bonds ​ 3 ​ 4 ​ 2 ​ 3 ​ Emerging markets ​ 4 ​ 2 ​ 2 ​ 2 ​ Other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate ​ 3 ​ 6 ​ 4 ​ 7 ​ Private equity ​ 5 ​ 8 ​ 11 ​ 9 ​ Distressed debt ​ 3 ​ ​ 3 ​ ​ 3 ​ ​ 3 ​ Total ​ 100 % ​ 100 % ​ 100 % ​ 100 % ​ The fair value of the Company’s international plan assets for its defined benefit pension plans are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value as of ​ Fair Value as of (millions) ​ December 31, 2021 ​ December 31, 2020 ​ Level 1 Level 2 Total ​ Level 1 Level 2 Total Cash ​ $7.2 ​ $- ​ $7.2 ​ ​ $11.0 ​ $- ​ $11.0 Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ International equity ​ - ​ 490.1 ​ 490.1 ​ ​ - ​ 467.0 ​ 467.0 Fixed income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate bonds 9.7 ​ 220.0 ​ 229.7 ​ ​ 9.1 ​ 218.6 ​ 227.7 Government bonds 7.2 ​ 298.5 ​ 305.7 ​ ​ 6.8 ​ 241.9 ​ 248.7 Insurance company accounts ​ - ​ 121.2 ​ 121.2 ​ ​ - ​ 149.6 ​ 149.6 Total investments at fair value ​ 24.1 ​ 1,129.8 ​ 1,153.9 ​ ​ 26.9 ​ 1,077.1 ​ 1,104.0 Investments measured at NAV ​ ​ ​ ​ ​ 66.0 ​ ​ ​ ​ ​ ​ 44.0 Total ​ $24.1 ​ $1,129.8 ​ $1,219.9 ​ ​ $26.9 ​ $1,077.1 ​ $1,148.0 ​ ​ The Company had no Level 3 assets as part of its international plan assets as of December 31, 2021 or 2020. ​ The allocation of plan assets of the Company’s international plan assets for its defined benefit pension plans are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage Asset Category ​ of Plan Assets ​ ​ ​ ​ ​ ​ ​ December 31 ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Cash ​ 1 % ​ 1 % Equity securities: ​ ​ ​ ​ ​ ​ International equity ​ 40 ​ 40 ​ Fixed income: ​ ​ ​ ​ ​ ​ Corporate bonds ​ 19 ​ 20 ​ Government bonds ​ 25 ​ 22 ​ Total fixed income ​ 44 ​ 42 ​ Other: ​ ​ ​ ​ ​ ​ Insurance contracts ​ 10 ​ 14 ​ Debt securities ​ 2 ​ ​ 2 ​ Real estate ​ 3 ​ ​ 1 ​ Total ​ 100 % ​ 100 % ​ Cash Flows ​ As of year-end 2021, the Company’s estimate of benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter for the Company’s pension and postretirement health care benefit plans are as follows: ​ ​ ​ ​ ​ ​ (millions) ​ All Plans ​ 2022 ​ ​ $ 225 ​ 2023 ​ 234 ​ 2024 ​ 241 ​ 2025 ​ 248 ​ 2026 ​ 246 ​ 2027 - 2031 ​ 1,208 ​ ​ 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 lump sum payments. ​ The Company is currently in compliance with all funding requirements of its U.S. pension and postretirement health care plans. The Company is required to fund certain international pension benefit plans in accordance with local legal requirements. There were no voluntary contributions made to its non-contributory qualified U.S. pension plan. In September of 2019, the Company made a voluntary contribution of $120 million to its non-contributory qualified U.S. pension plan. The Company estimates contributions to be made to its international plans will approximate $49 million in 2022. ​ The Company seeks to maintain an asset balance that meets the long-term funding requirements identified by the projections of the pension plan’s actuaries while simultaneously satisfying the fiduciary responsibilities prescribed in ERISA. The Company also takes into consideration the tax deductibility of contributions to the benefit plans. ​ Savings Plan and ESOP ​ The Company provides a 401(k) savings plan for the majority of its U.S. employees under the Company’s 401(k) savings plans, the Ecolab Savings Plan and ESOP (the “Ecolab Savings Plan”). ​ Effective December 31, 2020, the Ecolab Savings Plan and ESOP for Traditional Benefit Employees (the “Traditional Plan”) merged into and became part of the Ecolab Savings Plan. Following the merger, participants in the Traditional Plan became participants in the Ecolab Savings Plan and $1,710 million of net assets of the Traditional Plan transferred to the Ecolab Savings Plan. ​ Under the Ecolab Savings Plan, Employee before-tax contributions of up to 4% of eligible compensation are matched 100% by the Company and employee before-tax contributions over 4% and up to 8% of eligible compensation are matched 50% by the Company. ​ The Company’s matching contributions are 100% vested immediately. The Company’s matching contribution expense was $78 million, $72 million and $76 million in 2021, 2020 and 2019, respectively.

REVENUES

REVENUES	12 Months Ended
	Dec. 31, 2021
REVENUES
REVENUES	18. REVENUES ​ Revenue Recognition ​ Product and Sold Equipment ​ Product revenue is generated from sales of cleaning, sanitizing, water treatment, process treatment and colloidal silica products. In addition, the Company sells equipment which may be used in combination with its specialized products. Revenue recognized from product and sold equipment is recognized at the point in time when the obligations in the contract with the customer are satisfied, which generally occurs with the transfer of the product or delivery of the equipment. ​ Service and Lease Equipment ​ Service and lease equipment revenue is generated from providing services or leasing equipment to customers. Service offerings include installing or repairing certain types of equipment, activities that supplement or replace headcount at the customer location, or fulfilling deliverables included in the contract. Global Industrial segment services are associated with water treatment and paper process applications. Global Institutional & Specialty services include cleaning and sanitizing programs and wash process solutions. Global Healthcare & Life Sciences segment services include pharmaceutical, personal care, infection and containment control solutions. Revenues included in Other primarily related to services designed to detect, eliminate and prevent pests. Service revenue is recognized over time utilizing an input method and aligns with when the services are provided. Typically, revenue is recognized over time using costs incurred to date because the effort provided by the field selling and service organization represents services provided, which corresponds with the transfer of control. Revenue recognized from leased equipment primarily relates to warewashing and water treatment equipment recognized on a straight-line basis over the length of the lease contract pursuant to Topic 842 Leases. In the second quarter ended June 30, 2020, the Company provided a one-time lease billing suspension of approximately $38 million to certain restaurant customers within the Institutional Segment, in recognition of the impact of the COVID-19 pandemic. There was no substantial change to the consideration expected to be received under the lease arrangement. Refer to Note 14 for additional information related to lease equipment. ​ Practical Expedients and Exemptions ​ The revenue standard can be applied to a portfolio of contracts with similar characteristics if it is reasonable that the effects of applying the standard at the portfolio level would not be significantly different than applying the standard at the individual contract level. The Company applies the portfolio approach primarily within each operating segment by geographical region. Application of the portfolio approach was focused on those characteristics that have the most significant accounting consequences in terms of their effect on the timing of revenue recognition or the amount of revenue recognized. The Company determined the key criteria to assess with respect to the portfolio approach, including the related deliverables, the characteristics of the customers and the timing and transfer of goods and services, which most closely aligned within the operating segments. In addition, the accountability for the business operations, as well as the operational decisions on how to go to market and the product offerings, are performed at the operating segment level. ​ The following table shows principal activities, separated by reportable segments, from which the Company generates its revenue. The reportable segments have been revised to align with the Company’s reportable segments in the current year. Corporate segment includes sales to ChampionX under the Master Cross Supply and Product Transfer agreements entered into as part of the ChampionX Separation. For more information about the Company’s reportable segments, refer to Note 19. ​ Net sales at public exchange rates by reportable segment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) 2021 ​ 2020 2019 Global Industrial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ $5,372.0 ​ ​ ​ $5,052.3 ​ ​ $5,174.1 Service and lease equipment ​ 865.8 ​ ​ ​ 818.5 ​ ​ 806.1 Global Institutional & Specialty ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 3,265.5 ​ ​ ​ 2,968.7 ​ ​ 3,701.9 ​ Service and lease equipment ​ ​ 690.4 ​ ​ ​ 584.5 ​ ​ 699.6 ​ Global Healthcare & Life Sciences ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 1,068.9 ​ ​ ​ 1,071.4 ​ ​ 890.6 ​ Service and lease equipment ​ ​ 112.7 ​ ​ ​ 110.5 ​ ​ 82.2 ​ Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 308.9 ​ ​ ​ 274.5 ​ ​ 362.4 ​ Service and lease equipment ​ ​ 909.7 ​ ​ ​ 809.8 ​ ​ 845.1 ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 138.0 ​ ​ ​ 99.7 ​ ​ - ​ Service and lease equipment ​ ​ 1.2 ​ ​ ​ 0.3 ​ ​ - ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total product and sold equipment ​ ​ $10,153.3 ​ ​ ​ $9,466.6 ​ ​ $10,129.0 ​ Total service and lease equipment ​ ​ 2,579.8 ​ ​ ​ 2,323.6 ​ ​ 2,433.0 ​ Net sales at public exchange rates by geographic region are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ Global Institutional & Specialty (millions) 2021 ​ 2020 2019 ​ 2021 ​ 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ $2,603.0 ​ ​ ​ $2,564.3 ​ ​ $2,668.1 ​ ​ ​ $2,721.8 ​ ​ ​ $2,400.4 ​ ​ $3,021.3 Europe ​ 1,367.1 ​ ​ ​ 1,262.6 ​ ​ 1,204.2 ​ ​ ​ 557.9 ​ ​ ​ 510.3 ​ ​ 622.3 Asia Pacific ​ 802.5 ​ ​ ​ 747.2 ​ ​ 774.3 ​ ​ ​ 201.2 ​ ​ ​ 203.9 ​ ​ 235.7 Latin America ​ 551.5 ​ ​ ​ 491.7 ​ ​ 525.8 ​ ​ ​ 135.0 ​ ​ ​ 128.3 ​ ​ 162.2 Greater China ​ ​ 394.9 ​ ​ ​ 333.0 ​ ​ 325.4 ​ ​ ​ 132.3 ​ ​ ​ 114.9 ​ ​ 119.4 ​ India, Middle East and Africa ​ ​ 344.4 ​ ​ ​ 314.1 ​ ​ 319.0 ​ ​ ​ 44.2 ​ ​ ​ 39.8 ​ ​ 52.2 ​ Canada ​ ​ 174.4 ​ ​ ​ 157.9 ​ ​ 163.4 ​ ​ ​ 163.5 ​ ​ ​ 155.6 ​ ​ 188.4 ​ Total ​ ​ $6,237.8 ​ ​ ​ $5,870.8 ​ ​ $5,980.2 ​ ​ ​ $3,955.9 ​ ​ ​ $3,553.2 ​ ​ $4,401.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Healthcare & Life Sciences ​ Other (millions) ​ 2021 ​ 2020 2019 ​ 2021 ​ 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ $442.3 ​ ​ ​ $432.6 ​ ​ $410.3 ​ ​ ​ $719.9 ​ ​ ​ $645.7 ​ ​ $710.8 Europe ​ ​ 647.2 ​ ​ ​ 643.6 ​ ​ 513.8 ​ ​ ​ 264.9 ​ ​ ​ 228.8 ​ ​ 268.4 Asia Pacific ​ ​ 59.6 ​ ​ ​ 69.8 ​ ​ 22.5 ​ ​ ​ 72.4 ​ ​ ​ 64.8 ​ ​ 74.5 Latin America ​ ​ 1.8 ​ ​ ​ 6.1 ​ ​ 4.5 ​ ​ ​ 50.4 ​ ​ ​ 50.3 ​ ​ 50.2 Greater China ​ ​ 6.3 ​ ​ ​ 3.6 ​ ​ 2.0 ​ ​ ​ 80.0 ​ ​ ​ 63.4 ​ ​ 66.5 ​ India, Middle East and Africa ​ ​ 18.1 ​ ​ ​ 19.8 ​ ​ 14.5 ​ ​ ​ 11.6 ​ ​ ​ 14.4 ​ ​ 18.0 ​ Canada ​ ​ 6.3 ​ ​ ​ 6.4 ​ ​ 5.2 ​ ​ ​ 19.4 ​ ​ ​ 16.9 ​ ​ 19.1 ​ Total ​ ​ $1,181.6 ​ ​ ​ $1,181.9 ​ ​ $972.8 ​ ​ ​ $1,218.6 ​ ​ ​ $1,084.3 ​ ​ $1,207.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 ​ 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ $98.2 ​ ​ ​ $75.2 ​ ​ $- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Europe ​ ​ 3.9 ​ ​ ​ 4.8 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asia Pacific ​ ​ 5.5 ​ ​ ​ 2.8 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Latin America ​ ​ 24.6 ​ ​ ​ 13.1 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater China ​ ​ 2.3 ​ ​ ​ 0.9 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ India, Middle East and Africa ​ ​ 3.4 ​ ​ ​ 2.5 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ ​ 1.3 ​ ​ ​ 0.7 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ $139.2 ​ ​ ​ $100.0 ​ ​ $- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales by geographic region were determined based on origin of sale. There were no sales from a single foreign country or individual customer that were material to the Company’s consolidated net sales. Sales of warewashing products were approximately 10%, 11%, and 13% of consolidated net sales in 2021, 2020 and 2019, respectively. ​ Contract Liability ​ Payments received from customers are based on invoices or billing schedules as established in contracts with customers. Accounts receivable are recorded when the right to consideration becomes unconditional. The contract liability relates to billings in advance of performance (primarily service obligations) under the contract. Contract liabilities are recognized as revenue when the performance obligation has been performed, which primarily occurs during the subsequent quarter. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 (millions) 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ Contract liability as of beginning of the year ​ $80.4 ​ ​ ​ $76.7 ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognized in the year from: ​ ​ ​ ​ ​ ​ Amounts included in the contract liability at the beginning of the year ​ (80.4) ​ ​ ​ (76.7) ​ ​ ​ ​ ​ ​ ​ ​ Increases due to billings excluding amounts recognized as revenue during the year ended ​ ​ 91.6 ​ ​ ​ 79.8 Business combinations ​ ​ 0.1 ​ ​ ​ 0.6 ​ ​ ​ ​ ​ ​ ​ ​ Contract liability as of end of year ​ ​ $91.7 ​ ​ ​ $80.4 ​

OPERATING SEGMENTS AND GEOGRAPH

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION	12 Months Ended
	Dec. 31, 2021
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION	19. OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION ​ The Company’s organizational structure consists of global business unit and global regional leadership teams. The Company’s eleven operating segments follow its commercial and product-based activities and are based on engagement in business activities, availability of discrete financial information and review of operating results by the Chief Operating Decision Maker at the identified operating segment level. ​ The Company’s operating segments that share similar economic characteristics and future prospects, nature of the products and production processes, end-use markets, channels of distribution and regulatory environment have been aggregated into three reportable segments: Global Industrial, Global Institutional & Specialty and Global Healthcare & Life Sciences. The Company’s operating segments that do not meet the quantitative criteria to be separately reported have been combined into Other. The Company provides similar information for Other as the Company considers the information regarding its underlying operating segments as useful in understanding its consolidated results. ​ The Company’s operating segments are aggregated as follows: ​ Global Industrial ​ Includes the Water, Food & Beverage, Paper, and Downstream operating segments. It provides water treatment and process applications, and cleaning and sanitizing solutions primarily to large industrial customers within the manufacturing, food and beverage processing, transportation, chemical, primary metals and mining, power generation, pulp and paper, commercial laundry, global petroleum and petrochemical industries. The underlying operating segments exhibit similar manufacturing processes, distribution methods and economic characteristics. ​ Global Institutional & Specialty ​ Includes the Institutional and Specialty operating segments. It provides specialized cleaning and sanitizing products to the foodservice, hospitality, lodging, government and education and retail industries. The underlying operating segments exhibit similar manufacturing processes, distribution methods and economic characteristics. ​ Global Healthcare & Life Sciences ​ Includes the Healthcare and Life Sciences operating segments. It provides specialized cleaning and sanitizing products to the healthcare, personal care and pharmaceutical industries. The underlying operating segments exhibit similar manufacturing processes, distribution methods and economic characteristics. ​ Other ​ Includes the Pest Elimination operating segment which provides services to detect, eliminate and prevent pests, such as rodents and insects, the CTG operating segment which produces and sells colloidal silica, which is comprised of nano-sized particles of silica in water used primarily for binding and polishing applications and the Textile Care operating segment which provides products and services that manage the entire wash process through custom designed programs, premium products, dispensing equipment, water and energy management and reduction, and real time data management. ​ Corporate ​ Consistent with the Company’s internal management reporting, Corporate amounts in the table below include sales to ChampionX under the Master Cross Supply and Product Transfer agreements entered into as part of the ChampionX Separation, as discussed in Note 5. Corporate also includes intangible asset amortization specifically from the Nalco merger and special (gains) and charges, as discussed in Note 3, that are not allocated to the Company’s reportable segments. ​ Comparability of Reportable Segments ​ Effective in the first quarter of 2020, and in anticipation of the separation of the Upstream Energy business, the Company created the Upstream and Downstream operating segments and reporting units from the Global Energy operating segment and reporting unit, which was also a reportable segment. The Downstream operating segment, which was previously included in the Global Energy reportable segment has been aggregated into the Global Industrial reportable segment. The table below reflects the elimination of the Global Energy reportable segment and creation of the Downstream operating segment. Also, in the first quarter of 2020, the Company announced leadership changes which allow for shared oversight and focus on the Healthcare and Life Sciences operating segments and established the Global Healthcare & Life Sciences reportable segment. This segment is comprised of the Healthcare operating segment which was previously aggregated in the Global Institutional reportable segment and the Life Sciences operating segment which was previously aggregated in the Global Industrial reportable segment. Additionally, the table reflects the Textile Care operating segment being reported in Other, which had previously been aggregated in the Global Industrial reportable segment. The Company also renamed the Global Institutional reportable segment to the Global Institutional & Specialty reportable segment. The Company made other immaterial changes, including the movement of certain customers and cost allocations between reportable segments. These changes are reflected in the “Segment Change” column in the table below. Subsequent to the separation of ChampionX, the Company no longer reports the Upstream Energy segment, which is reflected in discontinued operations. The ChampionX business, which includes the direct revenues, operating expenses and certain other expenses directly attributable to the ChampionX business, is reflected in the Company’s historical financial statements as discontinued operations. Allocations of overhead expenses included in historical Upstream Energy segment results are reallocated to the remaining segments. These changes are presented in the “Discontinued operations and related allocation changes” columns in the table below. ​ The Company evaluates the performance of its non-U.S. dollar functional currency international operations based on fixed currency exchange rates, which eliminate the impact of exchange rate fluctuations on its international operations. Fixed currency amounts are updated annually at the beginning of each year based on translation into U.S. dollars at foreign currency exchange rates established by management, with all periods presented using such rates. The “Fixed Currency Rate Change” column shown in the following table reflects the impact on previously reported values related to fixed currency exchange rates established by management at the beginning of 2021 and have been updated from the 2020 rates reflected in the Company’s 2020 Form 10-K. The difference between the fixed currency exchange rates and the actual currency exchanges rates is reported within the “Effect of foreign currency translation” row in the table below. The “Other” column in the table reflects immaterial changes between segments, primarily cost allocations. ​ The impact of the preceding changes on previously reported full year 2020 and 2019 reportable segment net sales and operating income is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 Reported ​ ​ ​ ​ ​ ​ ​ Fixed ​ ​ ​ 2020 Reported ​ ​ ​ Valued at 2020 ​ ​ Currency ​ Valued at 2021 ​ (millions) ​ Management Rates Other ​ Rate Change ​ Management Rates ​ Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $5,959.9 ​ ​ ​ ($3.7) ​ ​ ​ ​ $92.0 ​ ​ ​ ​ $6,048.2 ​ ​ Global Institutional & Specialty ​ ​ 3,577.2 ​ ​ ​ 9.3 ​ ​ ​ ​ 42.5 ​ ​ ​ ​ 3,629.0 ​ ​ Global Healthcare & Life Sciences ​ ​ 1,189.1 ​ ​ ​ 3.7 ​ ​ ​ ​ 48.3 ​ ​ ​ ​ 1,241.1 ​ ​ Other ​ ​ 1,093.3 ​ ​ ​ (9.3) ​ ​ ​ ​ 19.4 ​ ​ ​ ​ 1,103.4 ​ ​ Corporate ​ ​ 102.4 ​ ​ ​ - ​ ​ ​ ​ (1.8) ​ ​ ​ ​ 100.6 ​ ​ Subtotal at fixed currency rates ​ ​ 11,921.9 ​ ​ ​ - ​ ​ ​ ​ 200.4 ​ ​ ​ ​ 12,122.3 ​ ​ Effect of foreign currency translation ​ ​ (131.7) ​ ​ ​ - ​ ​ ​ ​ (200.4) ​ ​ ​ ​ (332.1) ​ ​ Consolidated reported GAAP net sales ​ ​ $11,790.2 ​ ​ ​ $- ​ ​ ​ ​ $- ​ ​ ​ ​ $11,790.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $1,106.0 ​ ​ ​ ($0.2) ​ ​ ​ ​ $17.3 ​ ​ ​ ​ $1,123.1 ​ ​ Global Institutional & Specialty ​ ​ 321.9 ​ ​ ​ (0.3) ​ ​ ​ ​ 2.4 ​ ​ ​ ​ 324.0 ​ ​ Global Healthcare & Life Sciences ​ ​ 207.6 ​ ​ ​ 0.7 ​ ​ ​ ​ 10.0 ​ ​ ​ ​ 218.3 ​ ​ Other ​ ​ 131.5 ​ ​ ​ (0.2) ​ ​ ​ ​ 1.5 ​ ​ ​ ​ 132.8 ​ ​ Corporate ​ ​ (347.5) ​ ​ ​ - ​ ​ ​ ​ (2.2) ​ ​ ​ ​ (349.7) ​ ​ Subtotal at fixed currency rates ​ ​ 1,419.5 ​ ​ ​ - ​ ​ ​ ​ 29.0 ​ ​ ​ ​ 1,448.5 ​ ​ Effect of foreign currency translation ​ ​ (23.8) ​ ​ ​ - ​ ​ ​ ​ (29.0) ​ ​ ​ ​ (52.8) ​ ​ Consolidated reported GAAP operating income ​ ​ $1,395.7 ​ ​ ​ $- ​ ​ ​ ​ $- ​ ​ ​ ​ $1,395.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discontinued ​ ​ ​ ​ 2019 Reported ​ ​ ​ ​ ​ Fixed ​ ​ 2019 Reported ​ Operations and 2019 Revised ​ ​ Valued at 2019 Segment ​ Currency ​ Valued at 2020 ​ Related Allocation Valued at 2020 (millions) ​ Management Rates Change ​ Rate Change ​ Management Rates ​ Charges Management Rates Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $5,569.9 ​ ​ ​ $479.2 ​ ​ ​ ​ ($52.7) ​ ​ ​ ​ $5,996.4 ​ ​ ​ ($1.8) ​ ​ ​ $5,994.6 ​ Global Institutional & Specialty ​ ​ 5,235.5 ​ ​ ​ (800.1) ​ ​ ​ ​ (23.3) ​ ​ ​ ​ 4,412.1 ​ ​ ​ - ​ ​ ​ 4,412.1 ​ Global Healthcare & Life Sciences ​ ​ - ​ ​ ​ 991.7 ​ ​ ​ ​ (12.7) ​ ​ ​ ​ 979.0 ​ ​ ​ - ​ ​ ​ 979.0 ​ Upstream Energy ​ ​ - ​ ​ ​ 2,350.0 ​ ​ ​ ​ 2.9 ​ ​ ​ ​ 2,352.9 ​ ​ ​ (2,352.9) ​ ​ ​ - ​ Global Energy ​ ​ 3,334.0 ​ ​ ​ (3,334.0) ​ ​ ​ ​ - ​ ​ ​ ​ - ​ ​ ​ - ​ ​ ​ - ​ Other ​ ​ 907.5 ​ ​ ​ 313.2 ​ ​ ​ ​ (9.0) ​ ​ ​ ​ 1,211.7 ​ ​ ​ - ​ ​ ​ 1,211.7 ​ Subtotal at fixed currency rates ​ ​ 15,046.9 ​ ​ ​ - ​ ​ ​ ​ (94.8) ​ ​ ​ ​ 14,952.1 ​ ​ ​ (2,354.7) ​ ​ ​ 12,597.4 ​ Effect of foreign currency translation ​ ​ (140.6) ​ ​ ​ - ​ ​ ​ ​ 94.8 ​ ​ ​ ​ (45.8) ​ ​ ​ 10.4 ​ ​ ​ (35.4) ​ Consolidated reported GAAP net sales ​ ​ $14,906.3 ​ ​ ​ $- ​ ​ ​ ​ $- ​ ​ ​ ​ $14,906.3 ​ ​ ​ ($2,344.3) ​ ​ ​ $12,562.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $854.7 ​ ​ ​ $133.4 ​ ​ ​ ​ ($7.5) ​ ​ ​ ​ $980.6 ​ ​ ​ ($77.9) ​ ​ ​ $902.7 ​ Global Institutional & Specialty ​ ​ 1,042.2 ​ ​ ​ (93.4) ​ ​ ​ ​ (1.5) ​ ​ ​ ​ 947.3 ​ ​ ​ (7.5) ​ ​ ​ 939.8 ​ Global Healthcare & Life Sciences ​ ​ - ​ ​ ​ 136.7 ​ ​ ​ ​ (1.6) ​ ​ ​ ​ 135.1 ​ ​ ​ (10.6) ​ ​ ​ 124.5 ​ Upstream Energy ​ ​ - ​ ​ ​ 188.2 ​ ​ ​ ​ (0.3) ​ ​ ​ ​ 187.9 ​ ​ ​ (187.9) ​ ​ ​ - ​ Global Energy ​ ​ 379.1 ​ ​ ​ (379.1) ​ ​ ​ ​ - ​ ​ ​ ​ - ​ ​ ​ - ​ ​ ​ - ​ Other ​ ​ 167.3 ​ ​ ​ 14.2 ​ ​ ​ ​ (0.9) ​ ​ ​ ​ 180.6 ​ ​ ​ (13.6) ​ ​ ​ 167.0 ​ Corporate ​ ​ (409.1) ​ ​ ​ - ​ ​ ​ ​ 1.2 ​ ​ ​ ​ (407.9) ​ ​ ​ 128.2 ​ ​ ​ (279.7) ​ Subtotal at fixed currency rates ​ ​ 2,034.2 ​ ​ ​ - ​ ​ ​ ​ (10.6) ​ ​ ​ ​ 2,023.6 ​ ​ ​ (169.3) ​ ​ ​ 1,854.3 ​ Effect of foreign currency translation ​ ​ (20.4) ​ ​ ​ - ​ ​ ​ ​ 10.6 ​ ​ ​ ​ (9.8) ​ ​ ​ 0.7 ​ ​ ​ (9.1) ​ Consolidated reported GAAP operating income ​ ​ $2,013.8 ​ ​ ​ $- ​ ​ ​ ​ $- ​ ​ ​ ​ $2,013.8 ​ ​ ​ ($168.6) ​ ​ ​ $1,845.2 ​ ​ ​ Reportable Segment Information ​ Financial information for each of the Company’s reportable segments is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales ​ ​ Operating Income (Loss) (millions) ​ 2021 ​ 2020 ​ 2019 ​ ​ 2021 ​ 2020 ​ ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $6,304.9 ​ ​ ​ $6,048.2 ​ ​ $6,087.9 ​ ​ ​ $1,031.0 ​ ​ ​ $1,123.1 ​ ​ ​ $921.3 Global Institutional & Specialty ​ ​ 3,978.2 ​ ​ ​ 3,629.0 ​ ​ 4,477.2 ​ ​ ​ 556.9 ​ ​ ​ 324.0 ​ ​ ​ 945.8 Global Healthcare & Life Sciences ​ ​ 1,195.4 ​ ​ ​ 1,241.1 ​ ​ 1,017.6 ​ ​ ​ 160.9 ​ ​ ​ 218.3 ​ ​ ​ 129.2 Other ​ ​ 1,226.9 ​ ​ ​ 1,103.4 ​ ​ 1,220.5 ​ ​ ​ 187.3 ​ ​ ​ 132.8 ​ ​ ​ 169.7 Corporate ​ ​ 139.4 ​ ​ ​ 100.6 ​ ​ - ​ ​ ​ (318.6) ​ ​ ​ (349.7) ​ ​ ​ (283.6) Subtotal at fixed currency ​ ​ 12,844.8 ​ ​ ​ 12,122.3 ​ ​ 12,803.2 ​ ​ ​ 1,617.5 ​ ​ ​ 1,448.5 ​ ​ ​ 1,882.4 Effect of foreign currency translation ​ ​ (111.7) ​ ​ ​ (332.1) ​ ​ (241.2) ​ ​ ​ (18.9) ​ ​ ​ (52.8) ​ ​ ​ (37.2) Consolidated reported GAAP ​ ​ $12,733.1 ​ ​ ​ $11,790.2 ​ ​ $12,562.0 ​ ​ ​ $1,598.6 ​ ​ ​ $1,395.7 ​ ​ ​ $1,845.2 ​ The profitability of the Company’s operating segments is evaluated by management based on operating income. ​ The Company has an integrated supply chain function that serves all of its reportable segments. As such, asset and capital expenditure information by reportable segment has not been provided and is not available, since the Company does not produce or utilize such information internally. In addition, although depreciation and amortization expense is a component of each reportable segment’s operating results, it is not discretely identifiable. ​ Geographic Information ​ Long-lived assets, which includes property, plant and equipment and right of use assets, at public exchange rates by geographic region are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-Lived Assets, net ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 2020 United States ​ ​ $2,416.4 ​ ​ ​ $2,375.2 ​ Europe ​ 580.7 ​ ​ ​ 523.7 ​ Asia Pacific ​ ​ 237.1 ​ ​ ​ 245.0 ​ Greater China ​ 186.4 ​ ​ ​ 136.4 ​ Latin America ​ 137.9 ​ ​ ​ 138.4 ​ Canada ​ 66.5 ​ ​ ​ 72.2 ​ India, Middle East and Africa ​ ​ 60.2 ​ ​ ​ 57.8 ​ Total ​ ​ $3,685.2 ​ ​ ​ $3,548.7 ​ ​ ​ ​ ​ ​ Geographic data for long-lived assets is based on physical location of those assets. Refer to Note 18 for net sales by geographic region.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2021
QUARTERLY FINANCIAL DATA (UNAUDITED)
QUARTERLY FINANCIAL DATA (UNAUDITED)	20. QUARTERLY FINANCIAL DATA (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Second Third Fourth ​ ​ (millions, except per share) ​ Quarter ​ Quarter ​ Quarter ​ Quarter ​ Year 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ $2,885.0 ​ ​ $3,162.7 ​ ​ $3,320.8 ​ ​ $3,364.6 ​ ​ $12,733.1 ​ Operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales (a) ​ ​ 1,712.0 ​ ​ 1,844.0 ​ ​ 2,016.7 ​ ​ 2,043.1 ​ ​ 7,615.8 ​ Selling, general and administrative expenses ​ ​ 862.9 ​ ​ 853.3 ​ ​ 832.0 ​ ​ 867.9 ​ ​ 3,416.1 ​ Special (gains) and charges ​ ​ 12.8 ​ ​ 17.6 ​ ​ 6.3 ​ ​ 65.9 ​ ​ 102.6 ​ Operating income ​ ​ 297.3 ​ ​ 447.8 ​ ​ 465.8 ​ ​ 387.7 ​ ​ 1,598.6 ​ Other (income) expense (b) ​ ​ (17.0) ​ ​ 2.5 ​ ​ (13.0) ​ ​ (6.4) ​ ​ (33.9) ​ Interest expense, net (c) ​ ​ 51.7 ​ ​ 45.6 ​ ​ 76.4 ​ ​ 44.6 ​ ​ 218.3 ​ Income before income taxes ​ ​ 262.6 ​ ​ 399.7 ​ ​ 402.4 ​ ​ 349.5 ​ ​ 1,414.2 ​ Provision for income taxes ​ ​ 66.1 ​ ​ 86.1 ​ ​ 73.8 ​ ​ 44.2 ​ ​ 270.2 ​ Net income including noncontrolling interest ​ ​ 196.5 ​ ​ 313.6 ​ ​ 328.6 ​ ​ 305.3 ​ ​ 1,144.0 ​ Net income attributable to noncontrolling interest ​ ​ 2.9 ​ ​ 2.8 ​ ​ 4.1 ​ ​ 4.3 ​ ​ 14.1 ​ Net income attributable to Ecolab ​ ​ $193.6 ​ ​ $310.8 ​ ​ $324.5 ​ ​ $301.0 ​ ​ $1,129.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings attributable to Ecolab per common share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ 0.68 ​ ​ $ 1.09 ​ ​ $ 1.13 ​ ​ $ 1.05 ​ ​ $ 3.95 ​ Diluted ​ ​ $ 0.67 ​ ​ $ 1.08 ​ ​ $ 1.12 ​ ​ $ 1.04 ​ ​ $ 3.91 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 286.0 ​ ​ 286.0 ​ ​ 286.4 ​ ​ 286.7 ​ ​ 286.3 ​ Diluted ​ ​ 288.8 ​ ​ 288.8 ​ ​ 289.2 ​ ​ 289.5 ​ ​ 289.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ $3,020.6 ​ ​ $2,685.7 ​ ​ $3,018.6 ​ ​ $3,065.3 ​ ​ $11,790.2 ​ Operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales (a) ​ ​ 1,720.2 ​ ​ 1,635.7 ​ ​ 1,769.6 ​ ​ 1,780.3 ​ ​ 6,905.8 ​ Selling, general and administrative expenses ​ ​ 908.3 ​ ​ 788.6 ​ ​ 802.6 ​ ​ 809.6 ​ ​ 3,309.1 ​ Special (gains) and charges ​ ​ 15.9 ​ ​ 69.4 ​ ​ 35.0 ​ ​ 59.3 ​ ​ 179.6 ​ Operating income ​ ​ 376.2 ​ ​ 192.0 ​ ​ 411.4 ​ ​ 416.1 ​ ​ 1,395.7 ​ Other (income) expense (b) ​ ​ (15.4) ​ ​ (15.1) ​ ​ (15.1) ​ ​ (10.3) ​ ​ (55.9) ​ Interest expense, net (c) ​ ​ 48.3 ​ ​ 58.7 ​ ​ 134.8 ​ ​ 48.4 ​ ​ 290.2 ​ Income before income taxes ​ ​ 343.3 ​ ​ 148.4 ​ ​ 291.7 ​ ​ 378.0 ​ ​ 1,161.4 ​ Provision for income taxes ​ ​ 47.0 ​ ​ 14.1 ​ ​ 42.4 ​ ​ 73.1 ​ ​ 176.6 ​ Net income from continuing operations, including noncontrolling interest ​ ​ 296.3 ​ ​ 134.3 ​ ​ 249.3 ​ ​ 304.9 ​ ​ 984.8 ​ Net income from continuing operations attributable to noncontrolling interest ​ ​ 4.3 ​ ​ 5.4 ​ ​ 3.1 ​ ​ 4.6 ​ ​ 17.4 ​ Net income from continuing operations attributable to Ecolab ​ ​ 292.0 ​ ​ 128.9 ​ ​ 246.2 ​ ​ 300.3 ​ ​ 967.4 ​ Net income (loss) from discontinued operations, net of tax (d) ​ ​ (8.6) ​ ​ (2,163.9) ​ ​ - ​ ​ - ​ ​ (2,172.5) ​ Net income (loss) attributable to Ecolab ​ ​ $283.4 ​ ​ ($2,035.0) ​ ​ $246.2 ​ ​ $300.3 ​ ​ ($1,205.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) attributable to Ecolab per common share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 1.01 ​ ​ $ 0.45 ​ ​ $ 0.86 ​ ​ $ 1.05 ​ ​ $ 3.37 ​ Discontinued operations ​ ​ ($ 0.03) ​ ​ ($ 7.51) ​ ​ $ - ​ ​ $ - ​ ​ ($ 7.57) ​ Earnings (loss) attributable to Ecolab ​ ​ $ 0.98 ​ ​ ($ 7.06) ​ ​ $ 0.86 ​ ​ $ 1.05 ​ ​ ($ 4.20) ​ Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 1.00 ​ ​ $ 0.44 ​ ​ $ 0.85 ​ ​ $ 1.04 ​ ​ $ 3.33 ​ Discontinued operations ​ ​ ($ 0.03) ​ ​ ($ 7.42) ​ ​ $ - ​ ​ $ - ​ ​ ($ 7.48) ​ Earnings (loss) attributable to Ecolab ​ ​ $ 0.97 ​ ​ ($ 6.98) ​ ​ $ 0.85 ​ ​ $ 1.04 ​ ​ ($ 4.15) ​ Weighted-average common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 288.8 ​ ​ 288.2 ​ ​ 285.4 ​ ​ 285.6 ​ ​ 287.0 ​ Diluted ​ ​ 292.6 ​ ​ 291.5 ​ ​ 288.4 ​ ​ 288.7 ​ ​ 290.3 ​ ​ Per share amounts do not necessarily sum due to changes in the calculation of shares outstanding for each discrete period and rounding. Gross profit is calculated as net sales minus cost of sales. As discussed in Note 5, the ChampionX separation met the criteria to be reported as discontinued operations and prior periods have been conformed to current period presentation. ​ (a) Cost of sales includes special charges of $19.6 , $3.7 , $52.9 and $17.7 in Q1, Q2, Q3 and Q4 of 2021, respectively, and $9.1 , $27.0 , $9.5 and $2.6 in Q1, Q2, Q3 and Q4 of 2020, respectively. (b) Other (income) expense includes special charges of $19.6 , $7.0 and $10.6 in Q2, Q3 and Q4 of 2021, respectively, and $0.4 in Q4 of 2020. (c) Interest expense, net includes special charges of $32.3 and $0.8 in Q3 and Q4 of 2021, respectively, and $0.7 and $83.1 in Q2 and Q3 of 2020, respectively. (d) Net income from discontinued operations, net of tax includes noncontrolling interest of $2.5 and ($0.3) in Q1 and Q2 of 2020, respectively.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation ​ The consolidated financial statements include the accounts of the Company and all subsidiaries in which the Company has a controlling financial interest. Investments in companies, joint ventures or partnerships in which the Company does not have control but has the ability to exercise significant influence over operating and financial decisions, are reported using the equity method of accounting. The alternative method of accounting is used in circumstance where the Company’s investments in companies, joint ventures and partnerships neither provide it control or significant influence over the investee and for investments that do not have readily identifiable fair values. Investments accounted for under the alternative method are recorded at cost and adjusted for impairments, if any, or observable price changes of the same or similar securities issued by the investee. International subsidiaries are included in the financial statements on the basis of their U.S. GAAP November 30 fiscal year ends to facilitate the timely inclusion of such entities in the Company’s consolidated financial reporting. All intercompany transactions and profits are eliminated in consolidation.
Use of Estimates	Use of Estimates ​ The preparation of the Company’s financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The Company’s critical accounting estimates include revenue recognition, actuarially determined liabilities, income taxes, long-lived assets, intangible assets and goodwill. ​ In March 2020, coronavirus 2019 (“COVID-19”) was declared a pandemic by the World Health Organization. As the impact of the pandemic continues to evolve, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require judgment. These estimates and assumptions may change in future periods and will be recognized in the consolidated financial information as new events occur and additional information becomes known. To the extent actual results differ materially from those estimates and assumptions, the Company’s future financial statements could be affected. ​
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 loss in shareholders’ equity. Income statement accounts are translated at average rates of exchange prevailing during the year. As discussed in Note 19 Operating Segments and Geographic Information, the Company evaluates its international operations based on fixed rates of exchange; however, changes in exchange rates from period to period impact the amount of reported income from consolidated operations. ​
Concentration of Credit Risk	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 ​ Accounts Receivable ​ Foreign Currency and Interest Rate Contracts and Derivatives ​
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 considered macroeconomic trends and specific circumstances and credit conditions of customer receivables. Account balances are written off against the allowance when it is determined the receivable will not be recovered. The Company’s allowance for the expected return of products shipped and credits related to pricing or quantities shipped of $19 million, $16 million, and $17 million as of December 31, 2021, 2020, and 2019, respectively. Returns and credit activity is recorded directly as a reduction to revenue. ​ The following table summarizes the activity in the allowance for expected credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ $68.4 ​ ​ ​ $38.8 ​ ​ ​ $36.9 Adoption of new standard ​ ​ - ​ ​ ​ 4.3 ​ ​ ​ - Bad debt expense ​ 15.0 ​ ​ 57.7 ​ ​ 21.5 Write-offs ​ (27.4) ​ ​ (31.6) ​ ​ (19.1) Other (a) ​ (3.2) ​ ​ (0.8) ​ ​ (0.5) Ending balance (b) ​ ​ $52.8 ​ ​ ​ $68.4 ​ ​ ​ $38.8 ​ (a) Other amounts are primarily the effects of changes in currency translations and acquired balances. (b) The allowance for expected credit losses balances in 2021 and 2020 reflect increased reserves, primarily due to the Institutional customer base as a result of the COVID-19 pandemic. ​
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 27% and 26% of consolidated inventories as of December 31, 2021 and 2020, respectively. All other inventory costs are determined using either the average cost or first-in, first-out (“FIFO”) methods. Inventory values at FIFO, as shown in Note 6, approximate replacement cost. ​
Property, Plant and Equipment	Property, Plant and Equipment ​ Property, plant and equipment assets are stated at cost. Merchandising and customer equipment consists principally of various dispensing systems for the Company’s cleaning and sanitizing products, warewashing machines and process control and monitoring equipment. Certain dispensing systems capitalized by the Company are accounted for on a mass asset basis, whereby equipment is capitalized and depreciated as a group and written off when fully depreciated. The Company capitalizes both internal and external costs to develop or purchase computer software. Costs incurred for data conversion, training and maintenance associated with capitalized software are expensed as incurred. Expenditures for major renewals and improvements, which significantly extend the useful lives of existing plant and equipment, are capitalized and depreciated. Expenditures for repairs and maintenance are charged to expense as incurred. Upon retirement or disposition of plant and equipment, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income. ​ Depreciation is charged to operations using the straight-line method over the assets’ estimated useful lives ranging from 5 to 40 years for buildings and leasehold improvements, 3 to 20 years for machinery and equipment, 3 to 20 years for merchandising and customer equipment and 3 to 7 years for capitalized software. The straight-line method of depreciation reflects an appropriate allocation of the cost of the assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. Depreciation expense was $604 million, $594 million and $569 million for 2021, 2020 and 2019, respectively. ​
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets ​ Goodwill ​ Goodwill arises from the Company’s acquisitions and represents the excess purchase consideration transferred over the fair value of acquired net assets. The Company’s reporting units are its operating segments. The Company assesses goodwill for impairment on an annual basis during the second quarter. If circumstances change or events occur that demonstrate it is more likely than not that the carrying amount of a reporting unit exceeds its fair value, the Company completes an interim goodwill assessment of that reporting unit prior to the next annual assessment. If the results of an annual or interim goodwill assessment demonstrate the carrying amount of a reporting unit is greater than its fair value, the Company will recognize an impairment loss for the amount by which the reporting unit’s carrying amount exceeds its fair value, but not to exceed the carrying amount of goodwill assigned to that reporting unit. ​ ​ During the second quarter of 2021, the Company completed its annual goodwill impairment assessment for each of its eleven reporting units using discounted cash flow analyses that incorporated assumptions, including future operating performance, long-term growth and discount rates. The Company’s goodwill impairment assessment for 2021 indicated the estimated fair values of each of its reporting units exceeded the carrying amounts of the respective reporting units by significant margins. Additionally, no events noted during the second half of 2021 indicated a need to update any of the Company’s analyses or conclusions reached in the second quarter of 2021 for any of its 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 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Global ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Institutional ​ Healthcare & ​ ​ ​ ​ ​ ​ ​ ​ (millions) Industrial & Specialty Life Sciences ​ Other Total ​ December 31, 2019 ​ ​ $3,923.7 ​ ​ $548.2 ​ ​ $859.4 ​ ​ $237.8 ​ ​ $5,569.1 ​ ​ Current year business combinations (a) ​ 275.7 ​ ​ - ​ ​ - ​ ​ - ​ ​ 275.7 ​ ​ Prior year business combinations (b) ​ ​ - ​ ​ - ​ ​ 0.6 ​ ​ - ​ ​ 0.6 ​ ​ Dispositions ​ ​ (47.6) ​ ​ - ​ ​ - ​ ​ - ​ ​ (47.6) ​ ​ Effect of foreign currency translation ​ 136.1 ​ ​ 15.9 ​ ​ 49.8 ​ ​ 7.3 ​ ​ 209.1 ​ ​ December 31, 2020 ​ ​ $4,287.9 ​ ​ $564.1 ​ ​ $909.8 ​ ​ $245.1 ​ ​ $6,006.9 ​ ​ Current year business combinations (a) ​ ​ 6.9 ​ ​ 17.2 ​ ​ 2,123.2 ​ ​ - ​ ​ 2,147.3 ​ ​ Prior year business combinations (b) ​ ​ (0.9) ​ ​ - ​ ​ - ​ ​ - ​ ​ (0.9) ​ ​ Effect of foreign currency translation ​ ​ (23.8) ​ ​ (4.8) ​ ​ (58.8) ​ ​ (2.0) ​ ​ (89.4) ​ ​ December 31, 2021 ​ ​ $4,270.1 ​ ​ $576.5 ​ ​ $2,974.2 ​ ​ $243.1 ​ ​ $8,063.9 ​ ​ ​ (a) Represents goodwill associated with current and prior year acquisitions. For 2021, approximately $1,870 million of goodwill related to businesses acquired is expected to be tax deductible related to the acquisitions of Purolite and National Wiper Alliance, Inc. (refer to Footnote 4 for additional information). This amount of goodwill is subject to change in 2022 based on the finalization of purchase accounting for both transactions. For 2020, the goodwill related to businesses acquired is not tax deductible. (b) Represents purchase price allocation adjustments for acquisitions deemed preliminary as of the end of the prior year. ​ Other Intangible Assets ​ The Nalco trade name is the Company’s only indefinite life intangible asset, which is tested for impairment on an annual basis during the second quarter. During the second quarter of 2021, the Company completed its annual impairment assessment of the Nalco trade name using the relief from royalty discounted cash flow method, which incorporates assumptions, including future sales projections, royalty rates and discount rates. The Company’s Nalco trade name impairment assessment for 2021 indicated the estimated fair value of the Nalco trade name exceeded its $1.2 billion carrying amount by a significant margin. Additionally, no events during the second half of 2021 indicated a need to update the Company’s conclusions reached during the second quarter of 2021. 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 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 and 14 years as of December 31, 2021 and 2020, respectively. ​ The weighted-average useful life by type of amortizable asset at December 31, 2021 is as follows: ​ (years) ​ ​ ​ Customer relationships 15 Trademarks 14 Patents 15 Other technology 12 ​ ​ The straight-line method of amortization reflects an appropriate allocation of the cost of the intangible assets to earnings in proportion to the amount of economic benefits obtained by the Company in each reporting period. The Company evaluates the remaining useful life of its intangible assets subject to amortization each reporting period to determine whether events and circumstances warrant a change to the estimated remaining period of amortization. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying amount of the intangible asset will be amortized prospectively over the revised remaining useful life. Total amortization expense related to other intangible assets during the last three years and future estimated amortization is as follows: ​ ​ ​ ​ ​ (millions) ​ ​ ​ 2019 ​ $ 206 ​ 2020 219 ​ 2021 239 2022 314 ​ 2023 309 ​ 2024 302 ​ 2025 295 ​ 2026 283 ​
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). 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 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 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 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 will continue to be 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. The lease start date is when the asset is available for use and in possession of the Company. The lease end date, which includes any options to renew or cancel that are reasonably certain to be exercised, is based on the terms of the contract. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. The Company’s lease agreements do not contain any material restrictive covenants.
Rental and Leases, Lessor	Lessor ​ The Company accounts for lease and nonlease components separately. The nonlease components, such as product and service revenue, are accounted for under Topic 606 Revenue from Contracts with Customers, refer to Note 18 for more information. Revenue from leasing equipment is recognized on a straight-line basis over the life of the lease. Cost of sales includes the depreciation expense for assets under operating leases. The assets are depreciated over their estimated useful lives. Initial lease terms range from one year to five years and most leases include renewal options. ​ Lease contracts convey the right for the customer to control the equipment for a period of time as defined by the contract. There are no options for the customer to purchase the equipment and therefore the equipment remains the property of the Company at the end of the lease term. Refer to Note 14 for additional information regarding rental and leases.
Income Taxes	​ Income Taxes ​ Income taxes are recognized during the period in which transactions enter into the determination of financial statement income, with deferred income taxes provided for the tax effect of temporary differences between the carrying amount of assets and liabilities and their tax bases. The Company records a valuation allowance to reduce its deferred tax assets when uncertainty regarding their realizability exists. Relevant factors in determining the realizability of deferred tax assets include historical results, sources of future taxable income, the expected timing of the reversal of temporary differences, tax planning strategies and the expiration dates of the various tax attributes. The Company records liabilities for income tax uncertainties in accordance with the U.S. GAAP recognition and measurement criteria guidance. The Company has elected the period cost method and considers the estimated global intangible low taxed income (“GILTI”) impact in tax expense. The Company recognizes interest and penalties related to income tax uncertainties in our income tax provision. ​ Refer to Note 13 for additional information regarding income taxes.
Share-based compensation	Share-Based Compensation ​ The Company measures compensation expense for share-based awards at fair value at the date of grant and recognizes compensation expense over the service period for awards expected to vest. The majority of grants to retirement eligible recipients (age 55 with required years of service) are recorded to expense using the non-substantive vesting method and are fully expensed over a six-month period following the date of grant. In addition, the Company includes a forfeiture estimate in the amount of compensation expense being recognized based on an estimate of the number of outstanding awards expected to vest. ​ All excess tax benefits or deficiencies are recognized as discrete income tax items on the Consolidated Statements of Income. The extent of excess tax benefits is subject to variation in stock price and stock option exercises. Refer to Note 12 for additional information regarding equity compensation plans.
Restructuring Activities	Restructuring Activities ​ The Company’s restructuring activities are associated with plans to enhance its efficiency, effectiveness and sharpen its competitiveness. These restructuring plans include net costs associated with significant actions involving employee-related severance charges, contract termination costs and asset write-downs and disposals. Employee termination costs are largely based on policies and severance plans, and include personnel reductions and related costs for severance, benefits and outplacement services. These charges are reflected in the quarter in which the actions are probable and the amounts are estimable, which typically is when management approves the associated actions. Contract termination costs include charges to terminate leases prior to the end of their respective terms and other contract termination costs. Asset write-downs and disposals include leasehold improvement write-downs, other asset write-downs associated with combining operations and disposal of assets. Refer to Note 3 for additional information regarding restructuring activities. ​
Revenue Recognition	Revenue Recognition ​ Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing service. ​ Product and Sold Equipment ​ Revenue from product and sold equipment is recognized when obligations under the terms of a contract with the customer are satisfied, which generally occurs with the transfer of the product or delivery of the equipment. ​ Service and Lease Equipment ​ Revenue from service and leased equipment is recognized when the services are provided, or the customer receives the benefit from the leased equipment, which is over time. Service revenue is recognized over time utilizing an input method and aligns with when the services are provided. Typically, revenue is recognized using costs incurred to date because the effort provided by the field selling and service organization represents services provided, which corresponds with the transfer of control. Revenue for leased equipment is accounted for under Topic 842 Leases and recognized on a straight-line basis over the length of the lease contract. ​ ​ Other Considerations ​ Contracts with customers may include multiple performance obligations. For contracts with multiple performance obligations, the consideration is allocated between products and services based on their stand-alone selling prices. Stand-alone selling prices are generally based on the prices charged to customers or using an expected cost plus margin. Judgment is used in determining the amount of service that is embedded within the Company’s contracts, which is based on the amount of time spent on the performance obligation activities. The level of effort, including the estimated margin that would be charged, is used to determine the amount of service revenue. Depending on the terms of the contract, the Company may defer the recognition of revenue when a future performance obligation has not yet occurred. ​ Taxes assessed by a governmental authority that are both imposed on, and concurrent with, a specific revenue-producing transaction, which are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight are recognized in cost of sales when control over the product has transferred to the customer. ​ Other estimates used in recognizing revenue include allocating variable consideration to customer programs and incentive offerings, including pricing arrangements, promotions and other volume-based incentives at the time the sale is recorded. These estimates are based primarily on historical experience and anticipated performance over the contract period. Based on the certainty in estimating these amounts, they are included in the transaction price of the contracts and the associated remaining performance obligations. The Company recognizes revenue when collection of the consideration expected to be received in exchange for transferring goods or providing services is probable. ​ The Company’s revenue policies do not provide for general rights of return. Estimates used in recognizing revenue include the delay between the time that products are shipped and when they are received by customers, when title transfers and the amount of credit memos issued in subsequent periods. Depending on market conditions, the Company may increase customer incentive offerings, which could reduce gross profit margins over the term of the incentive.
Earnings Per Common Share	Earnings Per Common Share ​ The difference in the weighted average common shares outstanding for calculating basic and diluted earnings attributable to Ecolab per common share is a result of the dilution associated with the Company’s equity compensation plans. As noted in the table below, certain stock options and units outstanding under these equity compensation plans were not included in the computation of diluted earnings attributable to Ecolab per common share because they would not have had a dilutive effect. ​ The computations of the basic and diluted earnings attributable to Ecolab per share amounts were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions, except per share) ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations attributable to Ecolab ​ ​ $1,129.9 ​ ​ ​ $967.4 ​ ​ ​ $1,425.6 Net loss from discontinued operations ​ ​ - ​ ​ ​ (2,172.5) ​ ​ ​ 133.3 Net income (loss) attributable to Ecolab ​ ​ $1,129.9 ​ ​ ​ ($1,205.1) ​ ​ ​ $1,558.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic 286.3 ​ ​ 287.0 ​ ​ 288.1 Effect of dilutive stock options and units 2.8 ​ ​ 3.3 ​ ​ ​ 4.4 Diluted 289.1 ​ ​ 290.3 ​ ​ 292.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) attributable to Ecolab per common share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 3.95 ​ ​ ​ $ 3.37 ​ ​ ​ $ 4.95 Discontinued operations ​ ​ $ - ​ ​ ​ ($ 7.57) ​ ​ ​ $ 0.46 Earnings (loss) attributable to Ecolab ​ ​ $ 3.95 ​ ​ ​ ($ 4.20) ​ ​ ​ $ 5.41 Diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 3.91 ​ ​ ​ $ 3.33 ​ ​ ​ $ 4.87 Discontinued operations ​ ​ $ - ​ ​ ​ ($ 7.48) ​ ​ ​ $ 0.46 Earnings (loss) attributable to Ecolab ​ ​ $ 3.91 ​ ​ ​ ($ 4.15) ​ ​ ​ $ 5.33 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Anti-dilutive securities excluded from the computation of diluted EPS 1.9 ​ ​ 1.9 ​ ​ 1.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Level 2 Level 3
Derivatives and hedging transactions	The Company uses foreign currency forward contracts, interest rate swap agreements, cross-currency swap derivative contracts and foreign currency debt to manage risks associated with foreign currency exchange rates, interest rates and net investments in foreign operations. The Company does not hold derivative financial instruments of a speculative nature or for trading purposes. The Company records derivatives as assets and liabilities on the balance sheet at fair value. Changes in fair value are recognized immediately in earnings unless the derivative qualifies and is designated as a hedge. Cash flows from derivatives are classified in the statement of cash flows in the same category as the cash flows from the items subject to designated hedge or undesignated (economic) hedge relationships. The Company evaluates hedge effectiveness at inception and on an ongoing basis. If a derivative is no longer expected to be effective, hedge accounting is discontinued. ​ The Company is exposed to credit risk in the event of nonperformance of counterparties for foreign currency forward exchange contracts and interest rate swap agreements. The Company monitors its exposure to credit risk by using credit approvals and credit limits and by selecting major global banks and financial institutions as counterparties. The Company does not anticipate nonperformance by any of these counterparties, and therefore, recording a valuation allowance against the Company’s derivative balance is not considered necessary.
Research and development expenditures	Research expenditures that relate to the development of new products and processes, including significant improvements and refinements to existing products, are expensed as incurred.
Legal contingencies	The Company is subject to various claims and contingencies related to, among other things, workers’ compensation, general liability (including product liability), automobile claims, health care claims, environmental matters and lawsuits. The Company is also subject to various claims and contingencies related to income taxes, which are discussed in Note 13. The Company also has contractual obligations including lease commitments, which are discussed in Note 14. ​ The Company records liabilities where 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	The Company has a non-contributory, qualified, defined benefit pension plan covering the majority of its U.S. employees. The Company also has non-contributory, non-qualified, defined benefit plans, which provide for benefits to employees in excess of limits permitted under its U.S. pension plans. Various international subsidiaries have defined benefit pension plans. The Company provides postretirement health care benefits to certain U.S. employees and retirees. ​ The non-qualified plans are not funded and the recorded benefit obligation for the non-qualified plans was $114 million and $134 million at December 31, 2021 and 2020, respectively. The measurement date used for determining the U.S. pension plan assets and obligations is December 31. ​ 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 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 measurement date used to determine the U.S. postretirement health care plan assets and obligations is December 31. Certain employees outside the U.S. are covered under government-sponsored programs, which are not required to be fully funded. The expense and obligation for providing international postretirement health care benefits are not significant.
Reportable segments	The Company’s organizational structure consists of global business unit and global regional leadership teams. The Company’s eleven operating segments follow its commercial and product-based activities and are based on engagement in business activities, availability of discrete financial information and review of operating results by the Chief Operating Decision Maker at the identified operating segment level. ​
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 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. The ChampionX business met the criteria to be held for sale immediately prior to the Separation. The ChampionX business was previously recorded in the Global Energy reportable segment, which became the Upstream Energy reportable segment beginning in 2020 and subsequently has been reported in discontinued operations. The assets and liabilities held for sale are recorded on the Company’s Consolidated Balance Sheets as current assets of discontinued operations, long-term assets of discontinued operations, current liabilities of discontinued operations and long-term liabilities of discontinued operations, respectively.
Discontinued Operations	Discontinued Operations ​ Discontinued operations comprise those activities that were disposed of during the period or which were classified as held for sale at the end of the period and represent a strategic shift that has or will have a major effect on the Company’s operations and financial results. The ChampionX business met the criteria to be reported as discontinued operations because it was a strategic shift in business that had a major effect on the Company’s operations and financial results. The ChampionX business is presented on the Consolidated Statements of Income as discontinued operations. Refer to Note 5, Discontinued Operations, for additional information.
New Accounting Pronouncements	New Accounting Pronouncements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Standards that are not yet adopted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Required ​ ​ ​ Date of ​ ​ ​ Date of ​ Effect on the ​ Standard Issuance ​ Description Adoption Financial Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​ March 2020 ​ LIBOR, a widely used reference rate for pricing financial products is scheduled to be discontinued on December 31, 2021. This standard provides optional expedients and exceptions if certain criteria are met when accounting for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ​ Application of guidance is optional until the options and expedients expire on December 31, 2022. ​ The Company has not elected any expedients and adoption of this standard is not expected to have a material impact on the Company's financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2021-08 - Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ​ October 2021 ​ Update to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the ​ January 1, 2023 ​ The Company is currently evaluating any potential future impacts on the Company's financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2021 -10 - Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance ​ November 2021 ​ Update to increase the transparency of government assistance including the disclosure of the types of assistance, an entity’s accounting for the assistance, and the effect of the assistance on an entity’s financial statements. ​ January 1, 2022 ​ The Company is currently evaluating any potential future impacts on the Company's financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Standards that were adopted: ​ ​ ​ ​ ​ ​ ​ ​ ​ Date of ​ Date of Effect on the Standard Issuance ​ Description Adoption Financial Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ​ December 2019 ​ Simplifies the accounting for income taxes by removing certain exceptions to the general principles related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and recognition of deferred tax liabilities for outside basis differences. The new standard also simplifies the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the basis of goodwill. ​ January 1, 2021 ​ Adoption of this standard did not have a material impact on the Company's financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ No other new accounting pronouncement issued or effective has had or is expected to have a material impact on the Company’s consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Summarized activity in the allowance for doubtful accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ $68.4 ​ ​ ​ $38.8 ​ ​ ​ $36.9 Adoption of new standard ​ ​ - ​ ​ ​ 4.3 ​ ​ ​ - Bad debt expense ​ 15.0 ​ ​ 57.7 ​ ​ 21.5 Write-offs ​ (27.4) ​ ​ (31.6) ​ ​ (19.1) Other (a) ​ (3.2) ​ ​ (0.8) ​ ​ (0.5) Ending balance (b) ​ ​ $52.8 ​ ​ ​ $68.4 ​ ​ ​ $38.8 ​ (a) Other amounts are primarily the effects of changes in currency translations and acquired balances. (b) The allowance for expected credit losses balances in 2021 and 2020 reflect increased reserves, primarily due to the Institutional customer base as a result of the COVID-19 pandemic. ​
Changes in the carrying amount of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Global ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Institutional ​ Healthcare & ​ ​ ​ ​ ​ ​ ​ ​ (millions) Industrial & Specialty Life Sciences ​ Other Total ​ December 31, 2019 ​ ​ $3,923.7 ​ ​ $548.2 ​ ​ $859.4 ​ ​ $237.8 ​ ​ $5,569.1 ​ ​ Current year business combinations (a) ​ 275.7 ​ ​ - ​ ​ - ​ ​ - ​ ​ 275.7 ​ ​ Prior year business combinations (b) ​ ​ - ​ ​ - ​ ​ 0.6 ​ ​ - ​ ​ 0.6 ​ ​ Dispositions ​ ​ (47.6) ​ ​ - ​ ​ - ​ ​ - ​ ​ (47.6) ​ ​ Effect of foreign currency translation ​ 136.1 ​ ​ 15.9 ​ ​ 49.8 ​ ​ 7.3 ​ ​ 209.1 ​ ​ December 31, 2020 ​ ​ $4,287.9 ​ ​ $564.1 ​ ​ $909.8 ​ ​ $245.1 ​ ​ $6,006.9 ​ ​ Current year business combinations (a) ​ ​ 6.9 ​ ​ 17.2 ​ ​ 2,123.2 ​ ​ - ​ ​ 2,147.3 ​ ​ Prior year business combinations (b) ​ ​ (0.9) ​ ​ - ​ ​ - ​ ​ - ​ ​ (0.9) ​ ​ Effect of foreign currency translation ​ ​ (23.8) ​ ​ (4.8) ​ ​ (58.8) ​ ​ (2.0) ​ ​ (89.4) ​ ​ December 31, 2021 ​ ​ $4,270.1 ​ ​ $576.5 ​ ​ $2,974.2 ​ ​ $243.1 ​ ​ $8,063.9 ​ ​ ​ (a) Represents goodwill associated with current and prior year acquisitions. For 2021, approximately $1,870 million of goodwill related to businesses acquired is expected to be tax deductible related to the acquisitions of Purolite and National Wiper Alliance, Inc. (refer to Footnote 4 for additional information). This amount of goodwill is subject to change in 2022 based on the finalization of purchase accounting for both transactions. For 2020, the goodwill related to businesses acquired is not tax deductible. (b) Represents purchase price allocation adjustments for acquisitions deemed preliminary as of the end of the prior year. ​
Weighted-average useful life by type of asset	​ The weighted-average useful life by type of amortizable asset at December 31, 2021 is as follows: ​ (years) ​ ​ ​ Customer relationships 15 Trademarks 14 Patents 15 Other technology 12 ​
Future estimated amortization expenses	​ ​ ​ ​ ​ (millions) ​ ​ ​ 2019 ​ $ 206 ​ 2020 219 ​ 2021 239 2022 314 ​ 2023 309 ​ 2024 302 ​ 2025 295 ​ 2026 283 ​
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) ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations attributable to Ecolab ​ ​ $1,129.9 ​ ​ ​ $967.4 ​ ​ ​ $1,425.6 Net loss from discontinued operations ​ ​ - ​ ​ ​ (2,172.5) ​ ​ ​ 133.3 Net income (loss) attributable to Ecolab ​ ​ $1,129.9 ​ ​ ​ ($1,205.1) ​ ​ ​ $1,558.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic 286.3 ​ ​ 287.0 ​ ​ 288.1 Effect of dilutive stock options and units 2.8 ​ ​ 3.3 ​ ​ ​ 4.4 Diluted 289.1 ​ ​ 290.3 ​ ​ 292.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) attributable to Ecolab per common share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 3.95 ​ ​ ​ $ 3.37 ​ ​ ​ $ 4.95 Discontinued operations ​ ​ $ - ​ ​ ​ ($ 7.57) ​ ​ ​ $ 0.46 Earnings (loss) attributable to Ecolab ​ ​ $ 3.95 ​ ​ ​ ($ 4.20) ​ ​ ​ $ 5.41 Diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 3.91 ​ ​ ​ $ 3.33 ​ ​ ​ $ 4.87 Discontinued operations ​ ​ $ - ​ ​ ​ ($ 7.48) ​ ​ ​ $ 0.46 Earnings (loss) attributable to Ecolab ​ ​ $ 3.91 ​ ​ ​ ($ 4.15) ​ ​ ​ $ 5.33 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Anti-dilutive securities excluded from the computation of diluted EPS 1.9 ​ ​ 1.9 ​ ​ 1.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts do not necessarily sum due to rounding. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Other significant accounting policies	​ ​ ​ ​ Policy ​ Note Fair value measurements 8 Derivatives and hedging transactions 9 Share-based compensation 12 Research and development expenditures ​ 15 Legal contingencies 16 Pension and post-retirement benefit plans ​ 17 Reportable segments ​ 19 ​
Schedule of new accounting pronouncements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Standards that are not yet adopted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Required ​ ​ ​ Date of ​ ​ ​ Date of ​ Effect on the ​ Standard Issuance ​ Description Adoption Financial Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​ March 2020 ​ LIBOR, a widely used reference rate for pricing financial products is scheduled to be discontinued on December 31, 2021. This standard provides optional expedients and exceptions if certain criteria are met when accounting for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ​ Application of guidance is optional until the options and expedients expire on December 31, 2022. ​ The Company has not elected any expedients and adoption of this standard is not expected to have a material impact on the Company's financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2021-08 - Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ​ October 2021 ​ Update to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the ​ January 1, 2023 ​ The Company is currently evaluating any potential future impacts on the Company's financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2021 -10 - Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance ​ November 2021 ​ Update to increase the transparency of government assistance including the disclosure of the types of assistance, an entity’s accounting for the assistance, and the effect of the assistance on an entity’s financial statements. ​ January 1, 2022 ​ The Company is currently evaluating any potential future impacts on the Company's financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SPECIAL (GAINS) AND CHARGES (Ta

SPECIAL (GAINS) AND CHARGES (Tables)	12 Months Ended
	Dec. 31, 2021
Restructuring Activities
Special (gains) and charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 ​ 2020 ​ 2019 Cost of sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restructuring activities ​ $24.7 ​ ​ $7.4 ​ ​ ​ $20.4 ​ Acquisition and integration activities ​ ​ 4.2 ​ ​ ​ 3.9 ​ ​ ​ 7.6 ​ COVID-19 activities, net ​ ​ 64.7 ​ ​ ​ 12.5 ​ ​ ​ - ​ Other ​ ​ 0.3 ​ ​ ​ 24.4 ​ ​ ​ 10.5 ​ Cost of sales subtotal ​ 93.9 ​ ​ 48.2 ​ 38.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Special (gains) and charges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restructuring activities ​ 11.9 ​ ​ 71.4 ​ ​ ​ 93.2 ​ Acquisition and integration activities ​ ​ 29.9 ​ ​ ​ 8.5 ​ ​ ​ 5.6 ​ Disposal and impairment activities ​ ​ - ​ ​ ​ 41.4 ​ ​ ​ - ​ COVID-19 activities, net ​ ​ 42.4 ​ ​ ​ 23.6 ​ ​ ​ - ​ Other ​ 18.4 ​ ​ 34.7 ​ ​ ​ 21.4 ​ Special (gains) and charges subtotal ​ 102.6 ​ ​ 179.6 ​ 120.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income subtotal ​ ​ 196.5 ​ ​ ​ 227.8 ​ ​ ​ 158.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other (income) expense ​ ​ 37.2 ​ ​ ​ 0.4 ​ ​ ​ 9.5 ​ Interest expense, net ​ ​ 33.1 ​ ​ ​ 83.8 ​ ​ ​ 0.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total special (gains) and charges ​ ​ $266.8 ​ ​ ​ $312.0 ​ ​ ​ $168.4 ​
Restructuring activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ ​ ​ ​ ​ ​ (millions) Costs Disposals Other Total Restructuring liability, December 31, 2018 ​ ​ $57.5 ​ ​ ​ $- ​ ​ ​ $3.1 ​ ​ ​ $60.6 ​ 2019 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense ​ ​ 102.3 ​ ​ ​ 0.2 ​ ​ ​ 10.5 ​ ​ ​ 113.0 ​ Net cash payments ​ (65.3) ​ ​ ​ 1.2 ​ ​ ​ (10.1) ​ ​ ​ (74.2) ​ Non-cash charges ​ - ​ ​ ​ (1.4) ​ ​ ​ (2.0) ​ ​ ​ (3.4) ​ Effect of foreign currency translation ​ (0.5) ​ ​ ​ - ​ ​ ​ - ​ ​ ​ (0.5) ​ Restructuring liability, December 31, 2019 ​ ​ 94.0 ​ ​ ​ - ​ ​ ​ 1.5 ​ ​ ​ 95.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense ​ ​ 29.5 ​ ​ ​ 7.8 ​ ​ ​ 4.5 ​ ​ ​ 41.8 ​ Net cash payments ​ (56.8) ​ ​ ​ - ​ ​ ​ (1.0) ​ ​ (57.8) ​ Non-cash charges ​ - ​ ​ ​ (7.8) ​ ​ ​ - ​ ​ (7.8) ​ Effect of foreign currency translation ​ 0.1 ​ ​ ​ - ​ ​ ​ - ​ ​ 0.1 ​ Restructuring liability, December 31, 2020 ​ ​ 66.8 ​ ​ ​ - ​ ​ ​ 5.0 ​ ​ ​ 71.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense ​ ​ 4.3 ​ ​ ​ 0.3 ​ ​ ​ 0.7 ​ ​ ​ 5.3 ​ Net cash payments ​ (39.1) ​ ​ ​ - ​ ​ ​ (5.0) ​ ​ ​ (44.1) ​ Non-cash charges ​ - ​ ​ ​ (0.3) ​ ​ ​ - ​ ​ ​ (0.3) ​ Restructuring liability, December 31, 2021 ​ ​ $32.0 ​ ​ ​ $- ​ ​ ​ $0.7 ​ ​ ​ $32.7 ​
Institutional Advancement Program
Restructuring Activities
Restructuring activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ ​ ​ ​ ​ ​ (millions) Costs Disposals Other Total 2020 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense and accrual ​ ​ $25.6 ​ ​ ​ $- ​ ​ ​ $9.6 ​ ​ ​ $35.2 ​ Net cash payments ​ (0.9) ​ ​ ​ - ​ ​ ​ (9.6) ​ ​ ​ (10.5) ​ Restructuring liability, December 31, 2020 ​ 24.7 ​ ​ ​ - ​ ​ ​ - ​ ​ ​ 24.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense (income) and accrual (1.8) ​ ​ ​ 8.5 ​ ​ ​ 5.9 ​ ​ 12.6 ​ Net cash payments (19.0) ​ ​ ​ - ​ ​ ​ (4.7) ​ ​ (23.7) ​ Non-cash net charges - ​ ​ ​ (8.5) ​ ​ ​ - ​ ​ (8.5) ​ Restructuring liability, December 31, 2021 ​ ​ $3.9 ​ ​ ​ $- ​ ​ ​ $1.2 ​ ​ ​ $5.1 ​

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	12 Months Ended
	Dec. 31, 2021
CID Lines
Business acquisitions
Schedule of assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ (millions) ​ 2020 Tangible assets ​ ​ $54.1 ​ Identifiable intangible assets ​ ​ ​ ​ Customer relationships ​ ​ 147.5 ​ Trademarks ​ 58.6 ​ Acquired technologies and product registrations ​ 47.7 ​ Total assets acquired ​ 307.9 ​ ​ ​ ​ ​ Goodwill ​ ​ 274.8 ​ ​ ​ ​ ​ ​ Total liabilities ​ ​ 97.2 ​ Net consideration transferred to sellers ​ $485.5 ​
Business Acquisitions and Investment
Business acquisitions
Schedule of final consideration transferred to acquire all of the acquired entity's stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 2020 2019 Net tangible assets (liabilities) acquired ​ ​ $5.2 ​ ​ ​ $- ​ ​ ​ ($8.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identifiable intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships 80.6 ​ ​ ​ - ​ ​ ​ 115.7 ​ Trademarks 4.7 ​ ​ ​ - ​ ​ ​ 24.1 ​ Non-compete agreements 3.0 ​ ​ ​ - ​ ​ ​ - ​ Other technology ​ ​ 1.5 ​ ​ ​ - ​ ​ ​ 48.9 ​ Total intangible assets 89.8 ​ ​ ​ - ​ ​ ​ 188.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill 133.4 ​ ​ - ​ ​ ​ 234.8 ​ Total aggregate purchase price 228.4 ​ ​ - ​ ​ 415.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition-related liabilities and contingent consideration (a) (4.4) ​ ​ - ​ ​ (24.1) ​ Net cash paid for acquisitions, including acquisition-related ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ liabilities and contingent consideration ​ ​ $224.0 ​ ​ ​ $- ​ ​ ​ $391.4 ​
Purolite
Business acquisitions
Schedule of assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ (millions) ​ 2021 Tangible assets ​ ​ $417.6 ​ Identifiable intangible assets ​ ​ ​ ​ Customer relationships ​ ​ 900.0 ​ Trade names ​ 222.0 ​ Acquired technologies ​ ​ 287.0 ​ Other assets ​ 4.4 ​ Total assets acquired ​ 1,831.0 ​ ​ ​ ​ ​ Goodwill ​ ​ 2,014.0 ​ ​ ​ ​ ​ ​ Total liabilities ​ ​ 146.6 ​ Net consideration transferred to sellers ​ $3,698.4 ​

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2021
DISCONTINUED OPERATIONS.
Schedule Of Assets And Liabilities Transferred As A Part Of Separation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ ​ ​ ​ Assets: ​ ​ ​ Cash and cash equivalent ​ $60.6 ​ Current assets ​ 810.5 ​ Non-current assets ​ 3,222.3 ​ ​ ​ ​ 4,093.4 ​ Liabilities: ​ ​ ​ ​ Current liabilities ​ ​ 313.0 ​ Non-current liabilities ​ ​ 293.7 ​ ​ ​ ​ 606.7 ​ ​ ​ ​ ​ ​ Net assets distributed to ChampionX ​ ​ ($3,486.7) ​ Fair value of shares exchanged ​ ​ 1,051.4 ​ Cash received from ChampionX ​ ​ 527.4 ​ Consideration received less net assets ​ ​ (1,907.9) ​ ​ ​ ​ ​ ​ ChampionX cumulative translation adjustment ("CTA") write-off ​ ​ (229.9) ​ Loss on separation ​ ​ ($2,137.8) ​ ​ ​ ​ ​ ​
Summary of discontinued operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and equipment sales ​ ​ $- ​ ​ ​ $858.9 ​ ​ $2,109.9 Service and lease sales ​ ​ - ​ ​ ​ 99.6 ​ ​ 234.4 Net sales ​ ​ - ​ ​ ​ 958.5 ​ ​ 2,344.3 Product and equipment cost of sales ​ ​ - ​ ​ ​ 621.7 ​ ​ 1,488.9 Service and lease cost of sales ​ ​ - ​ ​ ​ 80.4 ​ ​ 188.7 Cost of sales (including special charges) ​ ​ - ​ ​ ​ 702.1 ​ ​ 1,677.6 Selling, general and administrative expenses ​ ​ - ​ ​ ​ 180.5 ​ ​ 406.7 Special (gains) and charges ​ ​ - ​ ​ ​ 2,221.7 ​ ​ 91.4 Operating income ​ ​ - ​ ​ (2,145.8) ​ 168.6 Other (income) expense ​ ​ - ​ ​ ​ 0.3 ​ ​ 0.7 Interest expense (income), net ​ ​ - ​ ​ ​ 0.2 ​ ​ 0.5 Income before income taxes ​ ​ - ​ ​ (2,146.3) ​ 167.4 Provision for income taxes ​ ​ - ​ ​ ​ 24.0 ​ ​ 34.1 Net loss including noncontrolling interest ​ ​ - ​ ​ (2,170.3) ​ 133.3 Net income attributable to noncontrolling interest ​ ​ - ​ ​ ​ 2.2 ​ ​ - Net loss from discontinued operations, net of tax ​ ​ $- ​ ​ ​ ($2,172.5) ​ ​ $133.3

BALANCE SHEETS INFORMATION (Tab

BALANCE SHEETS INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
BALANCE SHEETS INFORMATION
Balance Sheet Information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 (millions) 2021 ​ 2020 Accounts receivable, net ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ ​ $2,549.9 ​ ​ ​ $2,358.1 ​ Allowance for expected credit losses and other accruals ​ ​ (71.5) ​ ​ ​ (84.3) ​ Total ​ ​ $2,478.4 ​ ​ ​ $2,273.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventories ​ ​ ​ ​ ​ ​ ​ ​ Finished goods ​ ​ $1,010.6 ​ ​ ​ $789.6 ​ Raw materials and parts ​ ​ 596.1 ​ ​ ​ 511.2 ​ Inventories at FIFO cost ​ ​ 1,606.7 ​ ​ ​ 1,300.8 ​ FIFO cost to LIFO cost difference ​ ​ (114.9) ​ ​ ​ (15.6) ​ Total ​ ​ $1,491.8 ​ ​ ​ $1,285.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other current assets ​ ​ ​ ​ ​ ​ ​ ​ Prepaid assets ​ ​ $121.2 ​ ​ ​ $99.1 ​ Taxes receivable ​ ​ 151.3 ​ ​ ​ 168.6 ​ Derivative assets ​ ​ 61.4 ​ ​ ​ 3.2 ​ Other ​ ​ 23.1 ​ ​ ​ 27.3 ​ Total ​ ​ $357.0 ​ ​ ​ $298.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net ​ ​ ​ ​ ​ ​ ​ ​ Land ​ ​ $159.2 ​ ​ ​ $159.7 ​ Buildings and leasehold improvements ​ ​ 1,134.1 ​ ​ ​ 1,060.0 ​ Machinery and equipment ​ ​ 1,968.7 ​ ​ ​ 1,830.1 ​ Merchandising and customer equipment ​ ​ 2,708.2 ​ ​ ​ 2,691.0 ​ Capitalized software ​ ​ 884.6 ​ ​ ​ 820.8 ​ Construction in progress ​ ​ 325.0 ​ ​ ​ 219.8 ​ ​ ​ ​ 7,179.8 ​ ​ ​ 6,781.4 ​ Accumulated depreciation ​ ​ (3,891.3) ​ ​ ​ (3,656.5) ​ Total ​ ​ $3,288.5 ​ ​ ​ $3,124.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ 3,444.6 ​ ​ ​ 2,530.9 ​ Trademarks ​ ​ 561.1 ​ ​ ​ 348.0 ​ Patents ​ ​ 496.3 ​ ​ ​ 492.5 ​ Other technology ​ ​ 527.2 ​ ​ ​ 240.1 ​ ​ ​ ​ 5,029.2 ​ ​ ​ 3,611.5 ​ Accumulated amortization ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ ​ (1,440.9) ​ ​ ​ (1,319.1) ​ Trademarks ​ ​ (170.3) ​ ​ ​ (155.0) ​ Patents ​ ​ (269.3) ​ ​ ​ (244.6) ​ Other technology ​ ​ (154.6) ​ ​ ​ (145.8) ​ ​ ​ ​ (2,035.1) ​ ​ ​ (1,864.5) ​ Net intangible assets subject to amortization ​ ​ 2,994.1 ​ ​ ​ 1,747.0 ​ Total ​ ​ $4,224.1 ​ ​ ​ $2,977.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes ​ ​ $120.6 ​ ​ ​ $163.2 ​ Pension ​ ​ 114.6 ​ ​ ​ 33.0 ​ Derivative asset ​ ​ 29.4 ​ ​ ​ - ​ Other ​ ​ 281.4 ​ ​ ​ 279.8 ​ Total ​ ​ $546.0 ​ ​ ​ $476.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 (millions) 2021 ​ 2020 Other current liabilities ​ ​ ​ ​ ​ ​ ​ ​ Discounts and rebates ​ ​ $341.1 ​ ​ ​ $304.1 ​ Dividends payable ​ ​ 146.3 ​ ​ ​ 137.2 ​ Interest payable ​ ​ 47.7 ​ ​ ​ 51.7 ​ Taxes payable, other than income ​ ​ 154.2 ​ ​ ​ 151.8 ​ Derivative liabilities ​ ​ - ​ ​ ​ 25.8 ​ Restructuring ​ ​ 39.1 ​ ​ ​ 98.1 ​ Contract liability ​ ​ 91.7 ​ ​ ​ 80.4 ​ Operating lease liabilities ​ ​ 115.1 ​ ​ ​ 125.6 ​ Other ​ ​ 209.0 ​ ​ ​ 214.2 ​ Total ​ ​ $1,144.2 ​ ​ ​ $1,188.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on derivative financial instruments, net of tax ​ ​ $4.9 ​ ​ ​ ($21.1) ​ Unrecognized pension and postretirement benefit expense, net of tax ​ ​ (632.8) ​ ​ ​ (935.2) ​ Cumulative translation, net of tax ​ ​ (1,006.9) ​ ​ ​ (1,038.1) ​ Total ​ ​ ($1,634.8) ​ ​ ​ ($1,994.4) ​

DEBT AND INTEREST (Tables)

DEBT AND INTEREST (Tables)	12 Months Ended
	Dec. 31, 2021
DEBT AND INTEREST
Schedule of short-term debt obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ Average ​ Average ​ ​ ​ Carrying ​ Interest ​ Carrying ​ Interest (millions) ​ Value ​ Rate ​ Value ​ Rate Short-term debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ ​ $400.0 ​ ​ 0.28 % ​ ​ $- ​ ​ - % Notes payable ​ ​ 8.5 ​ ​ 7.95 % ​ 15.5 ​ ​ 7.07 % Long-term debt, current maturities ​ ​ 2.5 ​ ​ ​ ​ ​ 1.8 ​ ​ ​ ​ Total ​ ​ ​ $411.0 ​ ​ ​ ​ ​ ​ $17.3 ​ ​ ​ ​
Schedule of long-term debt obligations including current maturities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ 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 (2021 principal amount) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Five year 2017 senior notes ( $500 million) ​ 2022 ​ ​ $- ​ - % ​ - % ​ ​ $498.6 ​ 2.38 % ​ 2.55 % Seven year 2016 senior notes ( $400 million) ​ 2023 ​ ​ - ​ - % ​ - % ​ ​ 399.0 ​ 3.25 % ​ 3.49 % Two year 2021 senior notes ( $500 million) ​ 2023 ​ ​ 497.2 ​ 0.90 % ​ 1.19 % ​ ​ - ​ - % ​ - % Seven year 2016 senior notes ( €575 million) ​ 2024 ​ ​ 649.3 ​ 1.00 % ​ 1.19 % ​ ​ 682.0 ​ 1.00 % ​ 1.18 % Ten year 2015 senior notes ( €575 million) ​ 2025 ​ 649.7 2.63 % ​ 2.87 % ​ 682.9 2.63 % ​ 2.85 % Ten year 2016 senior notes ( $750 million) ​ 2026 ​ ​ 744.9 ​ 2.70 % ​ 2.89 % ​ ​ 745.3 ​ 2.70 % ​ 2.93 % Ten year 2017 senior notes ( $500 million) ​ 2027 ​ ​ 488.4 ​ 3.25 % ​ 2.89 % ​ ​ 496.0 ​ 3.25 % ​ 3.37 % Six Year 2021 senior notes ( $500 million) ​ 2027 ​ ​ 495.7 ​ 1.65 % ​ 1.84 % ​ ​ - ​ - % ​ - % Ten year 2020 senior notes ( $698 million) ​ 2030 ​ ​ 709.1 ​ 4.80 % ​ 4.06 % ​ ​ 765.2 ​ 4.80 % ​ 4.64 % Ten year 2020 senior notes ( $600 million) ​ 2031 ​ ​ 593.4 ​ 1.30 % ​ 1.39 % ​ ​ 594.4 ​ 1.30 % ​ 1.34 % Eleven year 2021 senior notes ( $650 million) ​ 2032 ​ ​ 644.0 ​ 2.13 % ​ 2.24 % ​ ​ - ​ - % ​ - % Thirty year 2011 senior notes ( $389 million) ​ 2041 ​ ​ 384.3 5.50 % ​ 5.63 % ​ ​ 452.2 5.50 % ​ 5.56 % Thirty year 2016 senior notes ( $200 million) ​ 2046 ​ ​ 197.2 3.70 % ​ 3.81 % ​ ​ 246.4 3.70 % ​ 3.76 % Thirty year 2017 senior notes ( $484 million) ​ 2047 ​ ​ 424.3 ​ 3.95 % ​ 4.80 % ​ ​ 611.9 ​ 3.95 % ​ 4.16 % Thirty year 2020 senior notes ( $500 million) ​ 2050 ​ ​ 490.4 ​ 2.13 % ​ 2.24 % ​ ​ 490.1 ​ 2.13 % ​ 2.15 % Thirty year 2021 senior notes ( $850 million) ​ 2051 ​ ​ 838.5 ​ 2.70 % ​ 2.78 % ​ ​ - ​ - % ​ - % Thirty-four year 2021 senior notes ( $685 million) ​ 2055 ​ ​ 535.3 ​ 2.75 % ​ 3.87 % ​ ​ - ​ - % ​ - % Finance lease obligations and other ​ ​ ​ 8.0 ​ ​ ​ ​ ​ ​ ​ 7.1 ​ ​ ​ ​ ​ ​ Total debt ​ ​ ​ 8,349.7 ​ ​ ​ ​ ​ ​ ​ 6,671.1 ​ ​ ​ ​ ​ ​ Long-term debt, current maturities ​ ​ ​ (2.5) ​ ​ ​ ​ ​ ​ ​ (1.8) ​ ​ ​ ​ ​ ​ Total long-term debt ​ ​ ​ ​ $8,347.2 ​ ​ ​ ​ ​ ​ ​ ​ $6,669.3 ​ ​ ​ ​ ​ ​
Schedule of aggregate annual maturities of long-term debt	​ ​ ​ ​ ​ (millions) ​ 2022 ​ ​ $ 2 2023 ​ 500 2024 ​ 650 2025 ​ 651 2026 ​ 745
Schedule of interest expense and interest income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 2020 2019 Interest expense ​ ​ $230.6 ​ ​ ​ $304.8 ​ ​ ​ $214.4 ​ Interest income (12.3) ​ ​ (14.6) ​ ​ (23.7) ​ Interest expense, net ​ ​ $218.3 ​ ​ ​ $290.2 ​ ​ ​ $190.7 ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
Schedule of the carrying amount and estimated fair value of assets and liabilities measured on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 (millions) ​ Carrying ​ Fair Value Measurements ​ Amount Level 1 ​ Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts $94.5 ​ ​ ​ $- ​ ​ $94.5 ​ ​ $- ​ Interest rate swap agreements ​ ​ 1.8 ​ ​ ​ - ​ ​ ​ 1.8 ​ ​ ​ - ​ Cross-currency swap derivative contracts ​ ​ 9.4 ​ ​ ​ - ​ ​ ​ $9.4 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ 12.6 ​ ​ ​ - ​ ​ ​ 12.6 ​ ​ ​ - ​ Interest rate swap agreements ​ ​ 10.1 ​ ​ ​ - ​ ​ ​ 10.1 ​ ​ ​ - ​ Cross-currency swap derivative contracts ​ ​ 1.6 ​ ​ ​ - ​ ​ ​ 1.6 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 (millions) ​ Carrying ​ Fair Value Measurements ​ Amount Level 1 ​ Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $15.5 ​ ​ $- ​ ​ $15.5 ​ ​ $- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ 69.9 ​ ​ - ​ ​ 69.9 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of carrying amount and estimated fair value of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Amount Value Amount Value Long-term debt, including current maturities ​ ​ $8,349.7 ​ ​ ​ $9,085.3 ​ ​ ​ $6,671.1 ​ ​ $7,704.4

DERIVATIVES AND HEDGING TRANS_2

DERIVATIVES AND HEDGING TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
DERIVATIVES AND HEDGING TRANSACTIONS
Gross fair value of the company's outstanding derivative assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Assets Derivative Liabilities ​ ​ ​ December 31 ​ December 31 ​ December 31 ​ December 31 ​ (millions) ​ 2021 ​ 2020 2021 ​ 2020 Derivatives designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ $44.7 ​ ​ ​ $8.1 ​ ​ $2.6 ​ ​ ​ $54.3 ​ Interest rate swap agreements ​ ​ ​ 1.8 ​ ​ ​ - ​ ​ 10.1 ​ ​ ​ - ​ Cross-currency swap derivative contracts ​ ​ ​ 9.4 ​ ​ ​ - ​ ​ 1.6 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ 49.8 ​ ​ ​ 7.4 ​ ​ 10.0 ​ ​ ​ 15.6 ​ Gross value of derivatives ​ ​ ​ 105.7 ​ ​ ​ 15.5 ​ ​ 24.3 ​ ​ ​ 69.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts offset in the Consolidated Balance Sheets ​ ​ ​ (14.9) ​ ​ ​ (12.3) ​ ​ (14.9) ​ ​ ​ (12.3) ​ Net value of derivatives ​ ​ ​ $90.8 ​ ​ ​ $3.2 ​ ​ $9.4 ​ ​ ​ $57.6 ​
Summary of notional values of outstanding derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional Values ​ ​ ​ December 31 ​ ​ December 31 (millions) ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ $ 4,059 ​ ​ ​ $ 3,702 ​ Interest rate swap agreements ​ ​ 1,250 ​ ​ ​ - ​ Cross-currency swap derivative contracts ​ ​ 482 ​ ​ ​ - ​ ​ ​
Schedule of amounts on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Line item in which the hedged item is included ​ Carrying amount of the hedged liabilities ​ Cumulative amount of the fair value hedging adjustment included in the carrying amount of the hedged liabilities (millions) ​ 2021 2020 ​ 2019 ​ 2021 2020 ​ 2019 Long-term debt ​ ​ $1,235.6 ​ ​ ​ $- ​ ​ $- ​ ​ $12.1 ​ ​ ​ $- ​ ​ $-
Revaluation gains and losses on euro notes and cross-currency swap derivative	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 2020 2019 Revaluation gain (loss), net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Euronotes ​ ​ $45.3 ​ ​ ​ ($87.7) ​ ​ ​ $31.4 ​ Cross-currency swap derivative contracts ​ ​ 6.3 ​ ​ ​ - ​ ​ ​ - ​ Total revaluation gain (loss), net of tax ​ ​ $51.6 ​ ​ ​ ($87.7) ​ ​ ​ $31.4 ​ ​
Impact on AOCI and earnings from derivative contracts qualified as cash flow hedges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ 2020 ​ 2019 (millions) ​ COS ​ SG&A ​ Interest ​ ​ COS ​ SG&A ​ Interest ​ ​ COS ​ SG&A ​ Interest Gain (loss) on derivatives in cash flow hedging relationship: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from AOCI to income ​ ($11.0) ​ $47.6 ​ $- ​ ​ ​ $10.1 ​ ($108.3) ​ $- ​ ​ $15.4 ​ $39.5 ​ $- Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value ​ - ​ - ​ 21.0 ​ ​ ​ - ​ - ​ 27.5 ​ ​ - ​ - ​ 28.7 Interest rate swap agreements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from AOCI to income ​ - ​ - ​ (2.3) ​ ​ ​ - ​ - ​ (2.4) ​ ​ - ​ - ​ (0.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) on derivatives not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in income (a) ​ - ​ 73.7 ​ - ​ ​ ​ - ​ (12.3) ​ - ​ ​ - ​ 30.0 ​ (0.1) Total gain (loss) of all derivative instruments ​ ($11.0) ​ $121.3 ​ $18.7 ​ ​ ​ $10.1 ​ ($120.6) ​ $25.1 ​ ​ $15.4 ​ $69.5 ​ $27.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Gain (loss) on derivatives not designated as hedging instruments recognized in income recorded in SG&A includes discontinued operations of $(2.5) and $(5.1) for the years ended December 31, 2020 and 2019, respectively.

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
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) ​ 2021 2020 2019 Derivative and Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on derivative & hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in AOCI ​ ​ $87.5 ​ ​ ​ ($93.3) ​ ​ ​ $78.1 ​ Loss (gain) reclassified from AOCI into income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COS ​ ​ 11.0 ​ ​ ​ (10.1) ​ ​ ​ (15.4) ​ SG&A ​ (47.6) ​ ​ ​ 108.3 ​ ​ ​ (39.5) ​ Interest (income) expense, net ​ ​ (18.7) ​ ​ ​ (25.1) ​ ​ ​ (27.8) ​ ​ ​ (55.3) ​ ​ ​ 73.1 ​ ​ ​ (82.7) ​ Other activity ​ (1.7) ​ ​ ​ (0.3) ​ ​ ​ 0.8 ​ Tax impact ​ (4.5) ​ ​ ​ 3.5 ​ ​ ​ 0.4 ​ Net of tax ​ ​ $26.0 ​ ​ ​ ($17.0) ​ ​ ​ ($3.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and Postretirement Benefits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in AOCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period net actuarial gain (loss) ​ ​ $270.7 ​ ​ ​ ($189.9) ​ ​ ​ ($326.3) ​ Amount reclassified from AOCI into income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Settlement charge ​ ​ 38.8 ​ ​ ​ - ​ ​ ​ - ​ Amortization of net actuarial loss and prior period service credits, net ​ ​ 78.6 ​ ​ ​ 68.1 ​ ​ ​ 0.4 ​ ​ ​ 388.1 ​ ​ ​ (121.8) ​ ​ ​ (325.9) ​ Tax impact ​ (98.4) ​ ​ ​ 43.7 ​ ​ ​ 74.3 ​ Net of tax ​ ​ $289.7 ​ ​ ​ ($78.1) ​ ​ ​ ($251.6) ​

EQUITY COMPENSATION PLANS (Tabl

EQUITY COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2021
EQUITY COMPENSATION PLANS
Summary of stock option activity and average exercise prices	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 2019 ​ Number of Exercise ​ ​ Number of ​ Exercise ​ Number of ​ Exercise ​ ​ Options ​ Price (a) ​ Options ​ Price (a) ​ Options ​ Price (a) Outstanding, beginning of year 6,802,415 ​ ​ $ 144.20 ​ ​ 9,042,320 ​ ​ $ 121.72 10,516,633 ​ ​ $ 108.28 ​ Granted 812,853 ​ ​ 223.85 ​ ​ 931,750 ​ ​ 220.95 879,862 ​ ​ 184.31 ​ Exercised (1,306,998) ​ ​ 110.91 ​ ​ (2,733,130) ​ ​ 97.52 (2,270,374) ​ ​ 82.93 ​ Canceled (91,109) ​ ​ 192.49 ​ ​ (91,660) ​ ​ 166.67 (83,801) ​ ​ 143.08 ​ Separation of ChampionX - ​ ​ - ​ ​ (346,865) ​ ​ 126.37 - ​ ​ - ​ Outstanding, end of year 6,217,161 ​ ​ $ 160.91 ​ ​ 6,802,415 ​ ​ $ 144.20 9,042,320 ​ ​ $ 121.72 ​ Exercisable, end of year 4,604,922 ​ ​ $ 141.21 ​ ​ 5,051,927 ​ ​ $ 125.08 7,048,422 ​ ​ $ 109.34 ​ Vested and expected to vest, end of year 6,083,642 ​ ​ $ 159.79 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ 2019 Weighted-average grant-date fair value of options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ granted at market prices ​ ​ $ 47.65 ​ ​ ​ $ 44.16 ​ ​ ​ $ 40.30 ​ Assumptions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk-free rate of return ​ ​ 1.2 % ​ ​ 0.5 % ​ 1.6 % Expected life 6 years ​ 6 years ​ 6 years Expected volatility ​ ​ 23.0 % ​ ​ 23.0 % ​ 23.0 % Expected dividend yield ​ ​ 0.9 % ​ ​ 0.9 % ​ 1.0 % ​
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, 2018 1,267,353 ​ ​ ​ $ 126.75 ​ 246,469 ​ ​ ​ $ 127.09 ​ Granted 207,704 ​ ​ ​ 178.20 ​ ​ 102,941 ​ ​ ​ 177.38 ​ Vested / Earned (334,351) ​ ​ ​ 114.38 ​ ​ (64,597) ​ ​ ​ 119.08 ​ Canceled (23,808) ​ ​ ​ 135.70 ​ ​ (19,300) ​ ​ ​ 124.77 ​ December 31, 2019 1,116,898 ​ ​ ​ $ 139.83 ​ 265,513 ​ ​ ​ $ 149.46 ​ Granted 202,187 ​ ​ ​ 215.23 ​ ​ 62,693 ​ ​ ​ 203.09 ​ Vested / Earned (333,676) ​ ​ ​ 112.78 ​ ​ (81,150) ​ ​ ​ 130.72 ​ Canceled ​ (26,285) ​ ​ ​ 157.32 ​ ​ (15,996) ​ ​ ​ 162.51 ​ Separation of ChampionX (44,494) ​ ​ ​ 142.10 ​ ​ (67,377) ​ ​ ​ 161.82 ​ December 31, 2020 914,630 ​ ​ ​ $ 165.76 ​ 163,683 ​ ​ ​ $ 172.92 ​ Granted ​ 176,297 ​ ​ ​ 223.77 ​ ​ 130,807 ​ ​ ​ 211.12 ​ Vested / Earned ​ (271,731) ​ ​ ​ 131.74 ​ ​ (48,977) ​ ​ ​ 160.84 ​ Canceled ​ (30,667) ​ ​ ​ 178.46 ​ ​ (13,239) ​ ​ ​ 192.12 ​ December 31, 2021 ​ 788,529 ​ ​ ​ $ 189.96 ​ 232,274 ​ ​ ​ $ 195.95 ​ ​ (a) Represents weighted average price per share.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Income before income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) 2021 2020 2019 United States (U.S.) ​ $277.7 ​ $100.5 ​ $787.1 International ​ 1,136.5 ​ ​ ​ 1,060.9 ​ ​ ​ 944.4 ​ Total ​ ​ $1,414.2 ​ ​ ​ $1,161.4 ​ ​ ​ $1,731.5 ​ ​
Provision (benefit) for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) 2021 2020 2019 U.S. federal and state ​ $30.9 ​ ($43.9) ​ $134.4 International ​ 240.2 ​ ​ ​ 259.8 ​ ​ ​ 176.3 ​ Total current ​ 271.1 ​ ​ ​ 215.9 ​ ​ ​ 310.7 ​ U.S. federal and state ​ 3.6 ​ ​ ​ 12.0 ​ ​ ​ 37.9 ​ International ​ (4.5) ​ ​ ​ (51.3) ​ ​ ​ (60.0) ​ Total deferred ​ (0.9) ​ ​ ​ (39.3) ​ ​ ​ (22.1) ​ Provision for income taxes ​ ​ $270.2 ​ ​ ​ $176.6 ​ ​ ​ $288.6 ​ ​
Net deferred tax assets and deferred tax liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 (millions) 2021 2020 Deferred tax assets ​ ​ ​ ​ Pension and post-retirement benefits ​ ​ $136.8 ​ ​ ​ $234.3 ​ Other accrued liabilities ​ ​ 135.6 ​ ​ ​ 154.7 ​ Lease liability 101.3 ​ ​ 95.5 ​ Credit carryforwards ​ ​ 81.8 ​ ​ ​ 76.6 ​ Loss carryforwards 59.6 ​ ​ 63.4 ​ Share-based compensation 44.7 ​ ​ 44.8 ​ Deferred income ​ ​ 44.8 ​ ​ ​ 12.8 ​ Other, net 71.0 ​ ​ 64.2 ​ Valuation allowance (50.3) ​ ​ (45.3) ​ Total deferred tax assets 625.3 ​ ​ 701.0 ​ Deferred tax liabilities ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets (631.0) ​ ​ (598.9) ​ Property, plant and equipment (333.5) ​ ​ (317.8) ​ Lease asset ​ ​ (100.3) ​ ​ ​ (95.4) ​ Financing ​ ​ (34.2) ​ ​ ​ - ​ Other, net (27.7) ​ ​ (9.6) ​ Total deferred tax liabilities (1,126.7) ​ ​ (1,021.7) ​ Net deferred tax liabilities balance ​ ​ ($501.4) ​ ​ ​ ($320.7) ​
Reconciliation of the statutory U.S. federal income tax rate to the company's effective income tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ 2019 Statutory U.S. rate ​ 21.0 % ​ 21.0 % ​ 21.0 % State income taxes, net of federal benefit ​ 0.6 ​ 0.4 ​ 1.8 ​ Foreign operations ​ (0.6) ​ (1.3) ​ 5.5 ​ Excess stock benefits ​ (2.0) ​ ​ (4.9) ​ ​ (2.4) ​ R&D credit ​ (1.3) ​ (1.1) ​ (1.0) ​ Foreign derived intangible income ​ (1.6) ​ ​ (0.2) ​ ​ (0.2) ​ Change in valuation allowance ​ 0.5 ​ 0.6 ​ (8.2) ​ One-time transfer of intangibles ​ 1.8 ​ ​ - ​ ​ - ​ Other, net ​ 0.7 ​ 0.7 ​ 0.2 ​ Effective income tax rate ​ 19.1 % ​ 15.2 % ​ 16.7 %
Reconciliation of the beginning and ending amount of gross liability for unrecognized tax benefits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) 2021 2020 ​ 2019 Balance at beginning of year ​ ​ $20.7 ​ ​ ​ $27.0 ​ ​ ​ $49.0 ​ Additions based on tax positions related to the current year ​ 3.8 ​ ​ 3.3 ​ ​ 2.1 ​ Additions for tax positions of prior years 3.0 ​ ​ - ​ ​ 1.0 ​ Current year acquisitions ​ ​ 4.4 ​ ​ ​ - ​ ​ ​ - ​ Reductions for tax positions of prior years - ​ ​ (1.1) ​ ​ (18.4) ​ Reductions for tax positions due to statute of limitations (3.0) ​ ​ (9.1) ​ ​ (5.7) ​ Settlements (3.7) ​ ​ - ​ ​ (0.6) ​ Foreign currency translation (0.1) ​ ​ 0.6 ​ ​ (0.4) ​ Balance at end of year ​ ​ $25.1 ​ ​ ​ $20.7 ​ ​ ​ $27.0 ​ ​

RENTALS AND LEASES (Tables)

RENTALS AND LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
RENTALS AND LEASES
Schedule of operating lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 ​ 2020 ​ 2019 Operating lease cost* ​ ​ $179.4 ​ ​ ​ $183.8 ​ ​ ​ $179.8 ​ ​ *Includes immaterial short-term and variable lease costs ​
Schedule of future maturity of operating lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ ​ ​ 2022 ​ 138 2023 ​ 93 2024 ​ 64 2025 ​ 45 2026 ​ ​ 29 Thereafter ​ 81 Total lease payments ​ ​ 450 Less: imputed interest ​ ​ 52 Present value of lease liabilities ​ ​ $ 398
Schedule of operating leases term and discount rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 ​ December 31 ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease terms (years) ​ ​ 5.99 ​ ​ ​ 5.52 ​ ​ ​ 5.83 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate ​ ​ 3.07% ​ ​ ​ 3.72% ​ ​ ​ 4.00% ​
Schedule of other lease information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 ​ December 31 (millions) ​ 2021 ​ 2020 ​ 2019 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ $157.0 ​ ​ ​ $164.2 ​ ​ ​ $159.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Leased assets obtained in exchange for new operating lease liabilities ​ ​ 116.8 ​ ​ ​ 60.4 ​ ​ ​ 116.5 ​
Schedule of operating lease revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 ​ 2020 ​ 2019 Operating lease revenue* ​ ​ $412.5 ​ ​ ​ $356.3 ​ ​ ​ $412.7 ​
Schedule of revenue from operating leases for existing contracts	Revenue from operating leases for existing contracts as of December 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ ​ ​ 2022 ​ 350 2023 ​ 253 2024 ​ 193 2025 ​ 119 2026 ​ ​ 49 Thereafter ​ 20 Total lease revenue ​ ​ $ 984

RETIREMENT PLANS (Tables)

RETIREMENT PLANS (Tables)	12 Months Ended
	Dec. 31, 2021
Pension and Postretirement Plans
Financial information related to pension and postretirement health care plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ International ​ U.S. Postretirement ​ ​ Pension ​ Pension ​ Health Care (millions) ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ 2020 Accumulated benefit obligation, end of year ​ ​ $2,462.7 ​ ​ ​ $2,728.4 ​ ​ $1,696.2 ​ ​ ​ $1,759.8 ​ ​ $155.4 ​ ​ ​ $172.4 ​ Projected benefit obligation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Projected benefit obligation, beginning of year ​ $2,728.4 ​ ​ ​ $2,562.5 ​ ​ $1,834.2 ​ ​ ​ $1,667.6 ​ ​ $172.4 ​ ​ ​ $165.7 ​ Service cost ​ 43.9 ​ ​ ​ 68.4 ​ ​ 31.4 ​ ​ ​ 30.8 ​ ​ 1.0 ​ ​ ​ 1.2 ​ Interest cost ​ 51.4 ​ ​ ​ 70.3 ​ ​ 17.3 ​ ​ ​ 22.3 ​ ​ 2.9 ​ ​ ​ 4.4 ​ Participant contributions ​ - ​ ​ ​ - ​ ​ 2.9 ​ ​ ​ 2.6 ​ ​ 3.3 ​ ​ ​ 3.8 ​ Curtailments and settlements ​ (35.3) ​ ​ ​ (0.6) ​ ​ (24.8) ​ ​ ​ (34.3) ​ ​ - ​ ​ ​ - ​ Plan amendments ​ - ​ ​ ​ - ​ ​ 0.7 ​ ​ ​ (1.7) ​ ​ - ​ ​ ​ - ​ Actuarial (gain) loss ​ (79.6) ​ ​ ​ 241.8 ​ ​ (25.3) ​ ​ ​ 83.6 ​ ​ (12.1) ​ ​ ​ 12.2 ​ Assumed through acquisitions ​ ​ - ​ ​ ​ - ​ ​ 34.0 ​ ​ ​ - ​ ​ - ​ ​ ​ - ​ Other events ​ ​ - ​ ​ ​ - ​ ​ 4.3 ​ ​ ​ 0.3 ​ ​ - ​ ​ ​ - ​ Benefits paid ​ (246.1) ​ ​ ​ (214.0) ​ ​ (43.7) ​ ​ ​ (39.6) ​ ​ (12.1) ​ ​ ​ (14.9) ​ Foreign currency translation ​ - ​ ​ ​ - ​ ​ (51.3) ​ ​ ​ 102.6 ​ ​ - ​ ​ ​ - ​ Projected benefit obligation, end of year ​ $2,462.7 ​ ​ ​ $2,728.4 ​ ​ $1,779.7 ​ ​ ​ $1,834.2 ​ ​ $155.4 ​ ​ ​ $172.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets, beginning of year ​ ​ $2,372.9 ​ ​ ​ $2,292.9 ​ ​ $1,148.0 ​ ​ ​ $1,027.1 ​ ​ $5.7 ​ ​ ​ $6.1 ​ Actual returns on plan assets ​ ​ 276.8 ​ ​ ​ 281.3 ​ ​ 107.5 ​ ​ ​ 87.7 ​ ​ 0.6 ​ ​ ​ 0.8 ​ Company contributions ​ ​ 8.5 ​ ​ ​ 13.3 ​ ​ 40.7 ​ ​ ​ 41.3 ​ ​ 11.0 ​ ​ ​ 13.7 ​ Participant contributions ​ ​ - ​ ​ ​ - ​ ​ 2.9 ​ ​ ​ 2.6 ​ ​ - ​ ​ ​ - ​ Acquired through acquisitions ​ ​ - ​ ​ ​ - ​ ​ 12.9 ​ ​ ​ ​ ​ ​ - ​ ​ ​ - ​ Curtailments and settlements ​ ​ (35.3) ​ ​ ​ (0.6) ​ ​ (24.8) ​ ​ ​ (25.7) ​ ​ - ​ ​ ​ - ​ Benefits paid ​ ​ (246.1) ​ ​ ​ (214.0) ​ ​ (43.7) ​ ​ ​ (39.6) ​ ​ (12.1) ​ ​ ​ (14.9) ​ Foreign currency translation ​ ​ - ​ ​ ​ - ​ ​ (23.6) ​ ​ ​ 54.6 ​ ​ - ​ ​ ​ - ​ Fair value of plan assets, end of year ​ ​ $2,376.8 ​ ​ ​ $2,372.9 ​ ​ $1,219.9 ​ ​ ​ $1,148.0 ​ ​ $5.2 ​ ​ ​ $5.7 ​ Funded Status, end of year ​ ​ ($85.9) ​ ​ ​ ($355.5) ​ ​ ($559.8) ​ ​ ​ ($686.2) ​ ​ ($150.2) ​ ​ ​ ($166.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recognized in the Consolidated Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets ​ ​ $28.2 ​ ​ ​ $- ​ ​ $86.5 ​ ​ ​ $37.0 ​ ​ $- ​ ​ ​ $- ​ Other current liabilities ​ ​ (14.8) ​ ​ ​ (14.7) ​ ​ (27.0) ​ ​ ​ (24.0) ​ ​ (5.5) ​ ​ ​ (5.5) ​ Postretirement healthcare and pension benefits ​ ​ (99.3) ​ ​ ​ (340.8) ​ ​ (619.3) ​ ​ ​ (699.2) ​ ​ (144.7) ​ ​ ​ (161.2) ​ Net liability ​ ​ ($85.9) ​ ​ ​ ($355.5) ​ ​ ($559.8) ​ ​ ​ ($686.2) ​ ​ ($150.2) ​ ​ ​ ($166.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts recognized in accumulated other comprehensive loss (income): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized net actuarial loss (gain) ​ ​ $396.8 ​ ​ ​ $691.3 ​ ​ $485.7 ​ ​ ​ $595.6 ​ ​ ($11.7) ​ ​ ​ $1.3 ​ Unrecognized net prior service costs (benefits) ​ ​ (25.8) ​ ​ ​ (32.7) ​ ​ (0.2) ​ ​ ​ (1.2) ​ ​ - ​ ​ ​ - ​ Tax (benefit) expense ​ ​ (95.3) ​ ​ ​ (165.1) ​ ​ (117.8) ​ ​ ​ (151.9) ​ ​ 1.2 ​ ​ ​ (2.0) ​ Accumulated other comprehensive loss (income), net of tax ​ ​ $275.7 ​ ​ ​ $493.5 ​ ​ $367.7 ​ ​ ​ $442.5 ​ ​ ($10.5) ​ ​ ​ ($0.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in accumulated other comprehensive loss (income): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of net actuarial (gain) loss ​ ​ ($56.2) ​ ​ ​ ($51.8) ​ ​ ($28.7) ​ ​ ​ ($29.5) ​ ​ ($0.7) ​ ​ ​ ($0.1) ​ Amortization of prior service costs ​ ​ 6.9 ​ ​ ​ 7.4 ​ ​ 0.1 ​ ​ ​ (0.2) ​ ​ - ​ ​ ​ 11.0 ​ Current period net actuarial loss (gain) ​ ​ (203.0) ​ ​ ​ 113.3 ​ ​ (56.1) ​ ​ ​ 66.4 ​ ​ (12.3) ​ ​ ​ 11.9 ​ Current period prior service costs ​ ​ - ​ ​ ​ - ​ ​ 0.7 ​ ​ ​ (1.7) ​ ​ - ​ ​ ​ - ​ Curtailments and settlements ​ ​ (35.3) ​ ​ ​ (2.7) ​ ​ (3.5) ​ ​ ​ (2.2) ​ ​ - ​ ​ ​ - ​ Tax (benefit) expense ​ ​ 69.8 ​ ​ ​ (16.0) ​ ​ 25.4 ​ ​ ​ (22.3) ​ ​ 3.2 ​ ​ ​ (5.4) ​ Foreign currency translation ​ ​ - ​ ​ ​ - ​ ​ (12.7) ​ ​ ​ 33.3 ​ ​ - ​ ​ ​ - ​ Other comprehensive loss (income) ​ ​ ($217.8) ​ ​ ​ $50.2 ​ ​ ($74.8) ​ ​ ​ $43.8 ​ ​ ($9.8) ​ ​ ​ $17.4 ​ ​ ​
Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Post- ​ ​ U.S. ​ International ​ Retirement ​ (millions) ​ Pension ​ Pension ​ Health Care Net actuarial loss ​ ​ $39.9 ​ ​ ​ $24.1 ​ ​ ​ $0.7 ​ ​ Net prior service benefits ​ ​ (4.6) ​ ​ ​ (0.2) ​ ​ ​ - ​ ​ Total ​ ​ $35.3 ​ ​ ​ $23.9 ​ ​ ​ $0.7 ​ ​ ​ ​
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) 2021 2020 ​ Aggregate projected benefit obligation ​ ​ $1,022.3 ​ ​ ​ $4,155.4 ​ Accumulated benefit obligation ​ 964.5 ​ ​ 4,098.6 ​ Fair value of plan assets ​ 280.9 ​ ​ 3,085.2 ​ ​
Net periodic pension and postretirement health care benefit costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ International ​ U.S. Postretirement ​ ​ Pension ​ Pension ​ Health Care (millions) 2021 2020 2019 2021 2020 2019 2021 2020 2019 Service cost (a) ​ ​ $43.9 ​ ​ ​ $68.4 ​ ​ $72.8 ​ ​ $31.4 ​ ​ ​ $30.8 ​ ​ $30.2 ​ ​ $1.0 ​ ​ ​ $1.2 ​ ​ $1.4 Interest cost on benefit obligation ​ 51.4 ​ ​ 70.3 ​ 89.0 ​ 17.3 ​ ​ 22.3 ​ 31.2 ​ 2.9 ​ ​ 4.4 ​ 5.6 Expected return on plan assets ​ (152.3) ​ ​ (152.9) ​ (149.5) ​ (70.7) ​ ​ (63.9) ​ (59.9) ​ (0.4) ​ ​ (0.4) ​ (0.4) Recognition of net actuarial loss (gain) ​ ​ 56.7 ​ ​ 51.9 ​ 23.6 ​ 28.7 ​ ​ 26.1 ​ 16.3 ​ 0.7 ​ ​ 0.1 ​ (4.1) Amortization of prior service benefit ​ ​ (6.9) ​ ​ ​ (7.4) ​ ​ (11.5) ​ ​ (0.1) ​ ​ ​ (0.1) ​ ​ (0.9) ​ ​ - ​ ​ ​ (11.0) ​ ​ (23.2) Curtailments and settlements (b) ​ ​ 35.3 ​ ​ ​ 2.5 ​ ​ 9.1 ​ ​ 3.5 ​ ​ ​ 2.2 ​ ​ (1.9) ​ ​ - ​ ​ ​ - ​ ​ 0.3 Total expense (benefit) ​ ​ $28.1 ​ ​ ​ $32.8 ​ ​ $33.5 ​ ​ $10.1 ​ ​ ​ $17.4 ​ ​ $15.0 ​ ​ $4.2 ​ ​ ​ ($5.7) ​ ​ ($20.4) ​ (a) Service cost includes discontinued operations of $2.5 and $7.8 for the years ended December 31, 2020 and 2019, respectively. (b) Settlement expense of $37.2 million was recognized as special charges in 2021.
Plan Assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan Assumptions ​ U.S. ​ International ​ U.S. Postretirement ​ ​ ​ Pension ​ Pension ​ Health Care ​ (percent) 2021 ​ 2020 ​ 2019 2021 ​ 2020 ​ 2019 ​ 2021 ​ 2020 ​ 2019 ​ Weighted-average actuarial assumptions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ used to determine benefit obligations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ as of year end: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ 2.86 % ​ 2.48 % ​ 3.20 % ​ 1.45 % ​ 1.13 % ​ 1.52 % ​ 2.75 % ​ 2.37 % ​ 3.16 % ​ Projected salary increase ​ 4.03 ​ 4.03 ​ 4.03 ​ 2.42 ​ 2.12 ​ 2.50 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average actuarial assumptions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ used to determine net cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest credit rate for cash balance plans ​ 0.87 ​ ​ 1.81 ​ ​ N/A ​ ​ N/A ​ ​ N/A ​ ​ N/A ​ ​ N/A ​ ​ N/A ​ ​ N/A ​ ​ Discount rate ​ 2.49 ​ 3.20 ​ 4.34 ​ 1.37 ​ 1.84 ​ 2.66 ​ 2.37 ​ 3.16 ​ 4.29 ​ ​ Expected return on plan assets ​ 7.00 ​ 7.25 ​ 7.25 ​ 6.24 ​ 6.24 ​ 6.66 ​ 7.00 ​ 7.25 ​ 7.25 ​ ​ Projected salary increase ​ 4.03 ​ 4.03 ​ 4.03 ​ 2.31 ​ 2.81 ​ 2.70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Estimated future benefits payments	​ ​ ​ ​ ​ ​ (millions) ​ All Plans ​ 2022 ​ ​ $ 225 ​ 2023 ​ 234 ​ 2024 ​ 241 ​ 2025 ​ 248 ​ 2026 ​ 246 ​ 2027 - 2031 ​ 1,208 ​
U.S. Pension and Postretirement Health Care Benefits
Pension and Postretirement Plans
Allocation and fair value of plan assets for defined benefit pension and postretirement health care benefit plans	The fair value of the Company’s U.S. qualified pension plan assets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value as of ​ Fair Value as of (millions) ​ December 31, 2021 ​ December 31, 2020 ​ Level 1 Level 2 Total ​ Level 1 Level 2 Total Cash ​ ​ $43.6 ​ ​ $- ​ ​ $43.6 ​ ​ $38.3 ​ ​ $- ​ ​ $38.3 Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Large cap equity 412.2 ​ ​ - ​ ​ 412.2 ​ 610.0 ​ ​ - ​ ​ 610.0 Small cap equity 21.3 ​ ​ 40.7 ​ ​ 62.0 ​ 36.5 ​ ​ 68.3 ​ ​ 104.8 International equity 62.9 ​ ​ 28.0 ​ ​ 90.9 ​ 95.8 ​ ​ 42.9 ​ ​ 138.7 Fixed income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Core fixed income 510.7 ​ ​ 589.7 ​ ​ 1,100.4 ​ 360.3 ​ ​ 327.8 ​ ​ 688.1 High-yield bonds 49.0 ​ ​ - ​ ​ 49.0 ​ 76.3 ​ ​ - ​ ​ 76.3 Emerging markets - ​ ​ 36.6 ​ ​ 36.6 ​ - ​ ​ 55.6 ​ ​ 55.6 Total investments at fair value ​ 1,099.7 ​ ​ 695.0 ​ 1,794.7 ​ 1,217.2 ​ ​ 494.6 ​ 1,711.8 Investments measured at NAV ​ ​ ​ ​ ​ ​ 587.3 ​ ​ ​ ​ ​ ​ ​ ​ 666.9 Total ​ ​ $1,099.7 ​ ​ $695.0 ​ ​ $2,382.0 ​ ​ $1,217.2 ​ ​ $494.6 ​ ​ $2,378.7 ​ The Company had no Level 3 assets as part of its U.S. qualified pension plan assets as of December 31, 2021 or 2020. ​ ​ The allocation of the Company’s U.S. qualified pension plan assets plans are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Target Asset ​ ​ ​ ​ ​ Asset Category ​ Allocation ​ Percentage ​ ​ Percentage ​ of Plan Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 2021 ​ 2020 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ - % ​ - % ​ 2 % ​ 2 % Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Large cap equity ​ 21 ​ ​ 27 ​ ​ 17 ​ ​ 26 ​ Small cap equity ​ 3 ​ 4 ​ 3 ​ 4 ​ International equity ​ 10 ​ 16 ​ 10 ​ 15 ​ Fixed income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Core fixed income ​ 48 ​ 30 ​ 46 ​ 29 ​ High-yield bonds ​ 3 ​ 4 ​ 2 ​ 3 ​ Emerging markets ​ 4 ​ 2 ​ 2 ​ 2 ​ Other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate ​ 3 ​ 6 ​ 4 ​ 7 ​ Private equity ​ 5 ​ 8 ​ 11 ​ 9 ​ Distressed debt ​ 3 ​ ​ 3 ​ ​ 3 ​ ​ 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, 2021 ​ December 31, 2020 ​ Level 1 Level 2 Total ​ Level 1 Level 2 Total Cash ​ $7.2 ​ $- ​ $7.2 ​ ​ $11.0 ​ $- ​ $11.0 Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ International equity ​ - ​ 490.1 ​ 490.1 ​ ​ - ​ 467.0 ​ 467.0 Fixed income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate bonds 9.7 ​ 220.0 ​ 229.7 ​ ​ 9.1 ​ 218.6 ​ 227.7 Government bonds 7.2 ​ 298.5 ​ 305.7 ​ ​ 6.8 ​ 241.9 ​ 248.7 Insurance company accounts ​ - ​ 121.2 ​ 121.2 ​ ​ - ​ 149.6 ​ 149.6 Total investments at fair value ​ 24.1 ​ 1,129.8 ​ 1,153.9 ​ ​ 26.9 ​ 1,077.1 ​ 1,104.0 Investments measured at NAV ​ ​ ​ ​ ​ 66.0 ​ ​ ​ ​ ​ ​ 44.0 Total ​ $24.1 ​ $1,129.8 ​ $1,219.9 ​ ​ $26.9 ​ $1,077.1 ​ $1,148.0 ​ ​ The Company had no Level 3 assets as part of its international plan assets as of December 31, 2021 or 2020. ​ The allocation of plan assets of the Company’s international plan assets for its defined benefit pension plans are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage Asset Category ​ of Plan Assets ​ ​ ​ ​ ​ ​ ​ December 31 ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ Cash ​ 1 % ​ 1 % Equity securities: ​ ​ ​ ​ ​ ​ International equity ​ 40 ​ 40 ​ Fixed income: ​ ​ ​ ​ ​ ​ Corporate bonds ​ 19 ​ 20 ​ Government bonds ​ 25 ​ 22 ​ Total fixed income ​ 44 ​ 42 ​ Other: ​ ​ ​ ​ ​ ​ Insurance contracts ​ 10 ​ 14 ​ Debt securities ​ 2 ​ ​ 2 ​ Real estate ​ 3 ​ ​ 1 ​ Total ​ 100 % ​ 100 %

REVENUES (Tables)

REVENUES (Tables)	12 Months Ended
	Dec. 31, 2021
REVENUES
Schedule of principal activities, separated by reportable segments and geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) 2021 ​ 2020 2019 Global Industrial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ $5,372.0 ​ ​ ​ $5,052.3 ​ ​ $5,174.1 Service and lease equipment ​ 865.8 ​ ​ ​ 818.5 ​ ​ 806.1 Global Institutional & Specialty ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 3,265.5 ​ ​ ​ 2,968.7 ​ ​ 3,701.9 ​ Service and lease equipment ​ ​ 690.4 ​ ​ ​ 584.5 ​ ​ 699.6 ​ Global Healthcare & Life Sciences ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 1,068.9 ​ ​ ​ 1,071.4 ​ ​ 890.6 ​ Service and lease equipment ​ ​ 112.7 ​ ​ ​ 110.5 ​ ​ 82.2 ​ Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 308.9 ​ ​ ​ 274.5 ​ ​ 362.4 ​ Service and lease equipment ​ ​ 909.7 ​ ​ ​ 809.8 ​ ​ 845.1 ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 138.0 ​ ​ ​ 99.7 ​ ​ - ​ Service and lease equipment ​ ​ 1.2 ​ ​ ​ 0.3 ​ ​ - ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total product and sold equipment ​ ​ $10,153.3 ​ ​ ​ $9,466.6 ​ ​ $10,129.0 ​ Total service and lease equipment ​ ​ 2,579.8 ​ ​ ​ 2,323.6 ​ ​ 2,433.0 ​ Net sales at public exchange rates by geographic region are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ Global Institutional & Specialty (millions) 2021 ​ 2020 2019 ​ 2021 ​ 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ $2,603.0 ​ ​ ​ $2,564.3 ​ ​ $2,668.1 ​ ​ ​ $2,721.8 ​ ​ ​ $2,400.4 ​ ​ $3,021.3 Europe ​ 1,367.1 ​ ​ ​ 1,262.6 ​ ​ 1,204.2 ​ ​ ​ 557.9 ​ ​ ​ 510.3 ​ ​ 622.3 Asia Pacific ​ 802.5 ​ ​ ​ 747.2 ​ ​ 774.3 ​ ​ ​ 201.2 ​ ​ ​ 203.9 ​ ​ 235.7 Latin America ​ 551.5 ​ ​ ​ 491.7 ​ ​ 525.8 ​ ​ ​ 135.0 ​ ​ ​ 128.3 ​ ​ 162.2 Greater China ​ ​ 394.9 ​ ​ ​ 333.0 ​ ​ 325.4 ​ ​ ​ 132.3 ​ ​ ​ 114.9 ​ ​ 119.4 ​ India, Middle East and Africa ​ ​ 344.4 ​ ​ ​ 314.1 ​ ​ 319.0 ​ ​ ​ 44.2 ​ ​ ​ 39.8 ​ ​ 52.2 ​ Canada ​ ​ 174.4 ​ ​ ​ 157.9 ​ ​ 163.4 ​ ​ ​ 163.5 ​ ​ ​ 155.6 ​ ​ 188.4 ​ Total ​ ​ $6,237.8 ​ ​ ​ $5,870.8 ​ ​ $5,980.2 ​ ​ ​ $3,955.9 ​ ​ ​ $3,553.2 ​ ​ $4,401.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Healthcare & Life Sciences ​ Other (millions) ​ 2021 ​ 2020 2019 ​ 2021 ​ 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ $442.3 ​ ​ ​ $432.6 ​ ​ $410.3 ​ ​ ​ $719.9 ​ ​ ​ $645.7 ​ ​ $710.8 Europe ​ ​ 647.2 ​ ​ ​ 643.6 ​ ​ 513.8 ​ ​ ​ 264.9 ​ ​ ​ 228.8 ​ ​ 268.4 Asia Pacific ​ ​ 59.6 ​ ​ ​ 69.8 ​ ​ 22.5 ​ ​ ​ 72.4 ​ ​ ​ 64.8 ​ ​ 74.5 Latin America ​ ​ 1.8 ​ ​ ​ 6.1 ​ ​ 4.5 ​ ​ ​ 50.4 ​ ​ ​ 50.3 ​ ​ 50.2 Greater China ​ ​ 6.3 ​ ​ ​ 3.6 ​ ​ 2.0 ​ ​ ​ 80.0 ​ ​ ​ 63.4 ​ ​ 66.5 ​ India, Middle East and Africa ​ ​ 18.1 ​ ​ ​ 19.8 ​ ​ 14.5 ​ ​ ​ 11.6 ​ ​ ​ 14.4 ​ ​ 18.0 ​ Canada ​ ​ 6.3 ​ ​ ​ 6.4 ​ ​ 5.2 ​ ​ ​ 19.4 ​ ​ ​ 16.9 ​ ​ 19.1 ​ Total ​ ​ $1,181.6 ​ ​ ​ $1,181.9 ​ ​ $972.8 ​ ​ ​ $1,218.6 ​ ​ ​ $1,084.3 ​ ​ $1,207.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 ​ 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ $98.2 ​ ​ ​ $75.2 ​ ​ $- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Europe ​ ​ 3.9 ​ ​ ​ 4.8 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asia Pacific ​ ​ 5.5 ​ ​ ​ 2.8 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Latin America ​ ​ 24.6 ​ ​ ​ 13.1 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater China ​ ​ 2.3 ​ ​ ​ 0.9 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ India, Middle East and Africa ​ ​ 3.4 ​ ​ ​ 2.5 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ ​ 1.3 ​ ​ ​ 0.7 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ $139.2 ​ ​ ​ $100.0 ​ ​ $- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of contract liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31 ​ December 31 (millions) 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ Contract liability as of beginning of the year ​ $80.4 ​ ​ ​ $76.7 ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognized in the year from: ​ ​ ​ ​ ​ ​ Amounts included in the contract liability at the beginning of the year ​ (80.4) ​ ​ ​ (76.7) ​ ​ ​ ​ ​ ​ ​ ​ Increases due to billings excluding amounts recognized as revenue during the year ended ​ ​ 91.6 ​ ​ ​ 79.8 Business combinations ​ ​ 0.1 ​ ​ ​ 0.6 ​ ​ ​ ​ ​ ​ ​ ​ Contract liability as of end of year ​ ​ $91.7 ​ ​ ​ $80.4

OPERATING SEGMENTS AND GEOGRA_2

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
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 2020 net sales and operating income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 Reported ​ ​ ​ ​ ​ ​ ​ Fixed ​ ​ ​ 2020 Reported ​ ​ ​ Valued at 2020 ​ ​ Currency ​ Valued at 2021 ​ (millions) ​ Management Rates Other ​ Rate Change ​ Management Rates ​ Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $5,959.9 ​ ​ ​ ($3.7) ​ ​ ​ ​ $92.0 ​ ​ ​ ​ $6,048.2 ​ ​ Global Institutional & Specialty ​ ​ 3,577.2 ​ ​ ​ 9.3 ​ ​ ​ ​ 42.5 ​ ​ ​ ​ 3,629.0 ​ ​ Global Healthcare & Life Sciences ​ ​ 1,189.1 ​ ​ ​ 3.7 ​ ​ ​ ​ 48.3 ​ ​ ​ ​ 1,241.1 ​ ​ Other ​ ​ 1,093.3 ​ ​ ​ (9.3) ​ ​ ​ ​ 19.4 ​ ​ ​ ​ 1,103.4 ​ ​ Corporate ​ ​ 102.4 ​ ​ ​ - ​ ​ ​ ​ (1.8) ​ ​ ​ ​ 100.6 ​ ​ Subtotal at fixed currency rates ​ ​ 11,921.9 ​ ​ ​ - ​ ​ ​ ​ 200.4 ​ ​ ​ ​ 12,122.3 ​ ​ Effect of foreign currency translation ​ ​ (131.7) ​ ​ ​ - ​ ​ ​ ​ (200.4) ​ ​ ​ ​ (332.1) ​ ​ Consolidated reported GAAP net sales ​ ​ $11,790.2 ​ ​ ​ $- ​ ​ ​ ​ $- ​ ​ ​ ​ $11,790.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $1,106.0 ​ ​ ​ ($0.2) ​ ​ ​ ​ $17.3 ​ ​ ​ ​ $1,123.1 ​ ​ Global Institutional & Specialty ​ ​ 321.9 ​ ​ ​ (0.3) ​ ​ ​ ​ 2.4 ​ ​ ​ ​ 324.0 ​ ​ Global Healthcare & Life Sciences ​ ​ 207.6 ​ ​ ​ 0.7 ​ ​ ​ ​ 10.0 ​ ​ ​ ​ 218.3 ​ ​ Other ​ ​ 131.5 ​ ​ ​ (0.2) ​ ​ ​ ​ 1.5 ​ ​ ​ ​ 132.8 ​ ​ Corporate ​ ​ (347.5) ​ ​ ​ - ​ ​ ​ ​ (2.2) ​ ​ ​ ​ (349.7) ​ ​ Subtotal at fixed currency rates ​ ​ 1,419.5 ​ ​ ​ - ​ ​ ​ ​ 29.0 ​ ​ ​ ​ 1,448.5 ​ ​ Effect of foreign currency translation ​ ​ (23.8) ​ ​ ​ - ​ ​ ​ ​ (29.0) ​ ​ ​ ​ (52.8) ​ ​ Consolidated reported GAAP operating income ​ ​ $1,395.7 ​ ​ ​ $- ​ ​ ​ ​ $- ​ ​ ​ ​ $1,395.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discontinued ​ ​ ​ ​ 2019 Reported ​ ​ ​ ​ ​ Fixed ​ ​ 2019 Reported ​ Operations and 2019 Revised ​ ​ Valued at 2019 Segment ​ Currency ​ Valued at 2020 ​ Related Allocation Valued at 2020 (millions) ​ Management Rates Change ​ Rate Change ​ Management Rates ​ Charges Management Rates Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $5,569.9 ​ ​ ​ $479.2 ​ ​ ​ ​ ($52.7) ​ ​ ​ ​ $5,996.4 ​ ​ ​ ($1.8) ​ ​ ​ $5,994.6 ​ Global Institutional & Specialty ​ ​ 5,235.5 ​ ​ ​ (800.1) ​ ​ ​ ​ (23.3) ​ ​ ​ ​ 4,412.1 ​ ​ ​ - ​ ​ ​ 4,412.1 ​ Global Healthcare & Life Sciences ​ ​ - ​ ​ ​ 991.7 ​ ​ ​ ​ (12.7) ​ ​ ​ ​ 979.0 ​ ​ ​ - ​ ​ ​ 979.0 ​ Upstream Energy ​ ​ - ​ ​ ​ 2,350.0 ​ ​ ​ ​ 2.9 ​ ​ ​ ​ 2,352.9 ​ ​ ​ (2,352.9) ​ ​ ​ - ​ Global Energy ​ ​ 3,334.0 ​ ​ ​ (3,334.0) ​ ​ ​ ​ - ​ ​ ​ ​ - ​ ​ ​ - ​ ​ ​ - ​ Other ​ ​ 907.5 ​ ​ ​ 313.2 ​ ​ ​ ​ (9.0) ​ ​ ​ ​ 1,211.7 ​ ​ ​ - ​ ​ ​ 1,211.7 ​ Subtotal at fixed currency rates ​ ​ 15,046.9 ​ ​ ​ - ​ ​ ​ ​ (94.8) ​ ​ ​ ​ 14,952.1 ​ ​ ​ (2,354.7) ​ ​ ​ 12,597.4 ​ Effect of foreign currency translation ​ ​ (140.6) ​ ​ ​ - ​ ​ ​ ​ 94.8 ​ ​ ​ ​ (45.8) ​ ​ ​ 10.4 ​ ​ ​ (35.4) ​ Consolidated reported GAAP net sales ​ ​ $14,906.3 ​ ​ ​ $- ​ ​ ​ ​ $- ​ ​ ​ ​ $14,906.3 ​ ​ ​ ($2,344.3) ​ ​ ​ $12,562.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $854.7 ​ ​ ​ $133.4 ​ ​ ​ ​ ($7.5) ​ ​ ​ ​ $980.6 ​ ​ ​ ($77.9) ​ ​ ​ $902.7 ​ Global Institutional & Specialty ​ ​ 1,042.2 ​ ​ ​ (93.4) ​ ​ ​ ​ (1.5) ​ ​ ​ ​ 947.3 ​ ​ ​ (7.5) ​ ​ ​ 939.8 ​ Global Healthcare & Life Sciences ​ ​ - ​ ​ ​ 136.7 ​ ​ ​ ​ (1.6) ​ ​ ​ ​ 135.1 ​ ​ ​ (10.6) ​ ​ ​ 124.5 ​ Upstream Energy ​ ​ - ​ ​ ​ 188.2 ​ ​ ​ ​ (0.3) ​ ​ ​ ​ 187.9 ​ ​ ​ (187.9) ​ ​ ​ - ​ Global Energy ​ ​ 379.1 ​ ​ ​ (379.1) ​ ​ ​ ​ - ​ ​ ​ ​ - ​ ​ ​ - ​ ​ ​ - ​ Other ​ ​ 167.3 ​ ​ ​ 14.2 ​ ​ ​ ​ (0.9) ​ ​ ​ ​ 180.6 ​ ​ ​ (13.6) ​ ​ ​ 167.0 ​ Corporate ​ ​ (409.1) ​ ​ ​ - ​ ​ ​ ​ 1.2 ​ ​ ​ ​ (407.9) ​ ​ ​ 128.2 ​ ​ ​ (279.7) ​ Subtotal at fixed currency rates ​ ​ 2,034.2 ​ ​ ​ - ​ ​ ​ ​ (10.6) ​ ​ ​ ​ 2,023.6 ​ ​ ​ (169.3) ​ ​ ​ 1,854.3 ​ Effect of foreign currency translation ​ ​ (20.4) ​ ​ ​ - ​ ​ ​ ​ 10.6 ​ ​ ​ ​ (9.8) ​ ​ ​ 0.7 ​ ​ ​ (9.1) ​ Consolidated reported GAAP operating income ​ ​ $2,013.8 ​ ​ ​ $- ​ ​ ​ ​ $- ​ ​ ​ ​ $2,013.8 ​ ​ ​ ($168.6) ​ ​ ​ $1,845.2 ​
Schedule of financial information for each of the entity's reportable segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Sales ​ ​ Operating Income (Loss) (millions) ​ 2021 ​ 2020 ​ 2019 ​ ​ 2021 ​ 2020 ​ ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $6,304.9 ​ ​ ​ $6,048.2 ​ ​ $6,087.9 ​ ​ ​ $1,031.0 ​ ​ ​ $1,123.1 ​ ​ ​ $921.3 Global Institutional & Specialty ​ ​ 3,978.2 ​ ​ ​ 3,629.0 ​ ​ 4,477.2 ​ ​ ​ 556.9 ​ ​ ​ 324.0 ​ ​ ​ 945.8 Global Healthcare & Life Sciences ​ ​ 1,195.4 ​ ​ ​ 1,241.1 ​ ​ 1,017.6 ​ ​ ​ 160.9 ​ ​ ​ 218.3 ​ ​ ​ 129.2 Other ​ ​ 1,226.9 ​ ​ ​ 1,103.4 ​ ​ 1,220.5 ​ ​ ​ 187.3 ​ ​ ​ 132.8 ​ ​ ​ 169.7 Corporate ​ ​ 139.4 ​ ​ ​ 100.6 ​ ​ - ​ ​ ​ (318.6) ​ ​ ​ (349.7) ​ ​ ​ (283.6) Subtotal at fixed currency ​ ​ 12,844.8 ​ ​ ​ 12,122.3 ​ ​ 12,803.2 ​ ​ ​ 1,617.5 ​ ​ ​ 1,448.5 ​ ​ ​ 1,882.4 Effect of foreign currency translation ​ ​ (111.7) ​ ​ ​ (332.1) ​ ​ (241.2) ​ ​ ​ (18.9) ​ ​ ​ (52.8) ​ ​ ​ (37.2) Consolidated reported GAAP ​ ​ $12,733.1 ​ ​ ​ $11,790.2 ​ ​ $12,562.0 ​ ​ ​ $1,598.6 ​ ​ ​ $1,395.7 ​ ​ ​ $1,845.2
Schedule of net sales and long-lived assets at public exchange rates by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-Lived Assets, net ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 2020 United States ​ ​ $2,416.4 ​ ​ ​ $2,375.2 ​ Europe ​ 580.7 ​ ​ ​ 523.7 ​ Asia Pacific ​ ​ 237.1 ​ ​ ​ 245.0 ​ Greater China ​ 186.4 ​ ​ ​ 136.4 ​ Latin America ​ 137.9 ​ ​ ​ 138.4 ​ Canada ​ 66.5 ​ ​ ​ 72.2 ​ India, Middle East and Africa ​ ​ 60.2 ​ ​ ​ 57.8 ​ Total ​ ​ $3,685.2 ​ ​ ​ $3,548.7 ​ ​ ​ ​ ​

QUARTERLY FINANCIAL DATA (UNA_2

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2021
QUARTERLY FINANCIAL DATA (UNAUDITED)
Quarterly financial data	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Second Third Fourth ​ ​ (millions, except per share) ​ Quarter ​ Quarter ​ Quarter ​ Quarter ​ Year 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ $2,885.0 ​ ​ $3,162.7 ​ ​ $3,320.8 ​ ​ $3,364.6 ​ ​ $12,733.1 ​ Operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales (a) ​ ​ 1,712.0 ​ ​ 1,844.0 ​ ​ 2,016.7 ​ ​ 2,043.1 ​ ​ 7,615.8 ​ Selling, general and administrative expenses ​ ​ 862.9 ​ ​ 853.3 ​ ​ 832.0 ​ ​ 867.9 ​ ​ 3,416.1 ​ Special (gains) and charges ​ ​ 12.8 ​ ​ 17.6 ​ ​ 6.3 ​ ​ 65.9 ​ ​ 102.6 ​ Operating income ​ ​ 297.3 ​ ​ 447.8 ​ ​ 465.8 ​ ​ 387.7 ​ ​ 1,598.6 ​ Other (income) expense (b) ​ ​ (17.0) ​ ​ 2.5 ​ ​ (13.0) ​ ​ (6.4) ​ ​ (33.9) ​ Interest expense, net (c) ​ ​ 51.7 ​ ​ 45.6 ​ ​ 76.4 ​ ​ 44.6 ​ ​ 218.3 ​ Income before income taxes ​ ​ 262.6 ​ ​ 399.7 ​ ​ 402.4 ​ ​ 349.5 ​ ​ 1,414.2 ​ Provision for income taxes ​ ​ 66.1 ​ ​ 86.1 ​ ​ 73.8 ​ ​ 44.2 ​ ​ 270.2 ​ Net income including noncontrolling interest ​ ​ 196.5 ​ ​ 313.6 ​ ​ 328.6 ​ ​ 305.3 ​ ​ 1,144.0 ​ Net income attributable to noncontrolling interest ​ ​ 2.9 ​ ​ 2.8 ​ ​ 4.1 ​ ​ 4.3 ​ ​ 14.1 ​ Net income attributable to Ecolab ​ ​ $193.6 ​ ​ $310.8 ​ ​ $324.5 ​ ​ $301.0 ​ ​ $1,129.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings attributable to Ecolab per common share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ 0.68 ​ ​ $ 1.09 ​ ​ $ 1.13 ​ ​ $ 1.05 ​ ​ $ 3.95 ​ Diluted ​ ​ $ 0.67 ​ ​ $ 1.08 ​ ​ $ 1.12 ​ ​ $ 1.04 ​ ​ $ 3.91 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 286.0 ​ ​ 286.0 ​ ​ 286.4 ​ ​ 286.7 ​ ​ 286.3 ​ Diluted ​ ​ 288.8 ​ ​ 288.8 ​ ​ 289.2 ​ ​ 289.5 ​ ​ 289.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ $3,020.6 ​ ​ $2,685.7 ​ ​ $3,018.6 ​ ​ $3,065.3 ​ ​ $11,790.2 ​ Operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales (a) ​ ​ 1,720.2 ​ ​ 1,635.7 ​ ​ 1,769.6 ​ ​ 1,780.3 ​ ​ 6,905.8 ​ Selling, general and administrative expenses ​ ​ 908.3 ​ ​ 788.6 ​ ​ 802.6 ​ ​ 809.6 ​ ​ 3,309.1 ​ Special (gains) and charges ​ ​ 15.9 ​ ​ 69.4 ​ ​ 35.0 ​ ​ 59.3 ​ ​ 179.6 ​ Operating income ​ ​ 376.2 ​ ​ 192.0 ​ ​ 411.4 ​ ​ 416.1 ​ ​ 1,395.7 ​ Other (income) expense (b) ​ ​ (15.4) ​ ​ (15.1) ​ ​ (15.1) ​ ​ (10.3) ​ ​ (55.9) ​ Interest expense, net (c) ​ ​ 48.3 ​ ​ 58.7 ​ ​ 134.8 ​ ​ 48.4 ​ ​ 290.2 ​ Income before income taxes ​ ​ 343.3 ​ ​ 148.4 ​ ​ 291.7 ​ ​ 378.0 ​ ​ 1,161.4 ​ Provision for income taxes ​ ​ 47.0 ​ ​ 14.1 ​ ​ 42.4 ​ ​ 73.1 ​ ​ 176.6 ​ Net income from continuing operations, including noncontrolling interest ​ ​ 296.3 ​ ​ 134.3 ​ ​ 249.3 ​ ​ 304.9 ​ ​ 984.8 ​ Net income from continuing operations attributable to noncontrolling interest ​ ​ 4.3 ​ ​ 5.4 ​ ​ 3.1 ​ ​ 4.6 ​ ​ 17.4 ​ Net income from continuing operations attributable to Ecolab ​ ​ 292.0 ​ ​ 128.9 ​ ​ 246.2 ​ ​ 300.3 ​ ​ 967.4 ​ Net income (loss) from discontinued operations, net of tax (d) ​ ​ (8.6) ​ ​ (2,163.9) ​ ​ - ​ ​ - ​ ​ (2,172.5) ​ Net income (loss) attributable to Ecolab ​ ​ $283.4 ​ ​ ($2,035.0) ​ ​ $246.2 ​ ​ $300.3 ​ ​ ($1,205.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) attributable to Ecolab per common share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 1.01 ​ ​ $ 0.45 ​ ​ $ 0.86 ​ ​ $ 1.05 ​ ​ $ 3.37 ​ Discontinued operations ​ ​ ($ 0.03) ​ ​ ($ 7.51) ​ ​ $ - ​ ​ $ - ​ ​ ($ 7.57) ​ Earnings (loss) attributable to Ecolab ​ ​ $ 0.98 ​ ​ ($ 7.06) ​ ​ $ 0.86 ​ ​ $ 1.05 ​ ​ ($ 4.20) ​ Diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 1.00 ​ ​ $ 0.44 ​ ​ $ 0.85 ​ ​ $ 1.04 ​ ​ $ 3.33 ​ Discontinued operations ​ ​ ($ 0.03) ​ ​ ($ 7.42) ​ ​ $ - ​ ​ $ - ​ ​ ($ 7.48) ​ Earnings (loss) attributable to Ecolab ​ ​ $ 0.97 ​ ​ ($ 6.98) ​ ​ $ 0.85 ​ ​ $ 1.04 ​ ​ ($ 4.15) ​ Weighted-average common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 288.8 ​ ​ 288.2 ​ ​ 285.4 ​ ​ 285.6 ​ ​ 287.0 ​ Diluted ​ ​ 292.6 ​ ​ 291.5 ​ ​ 288.4 ​ ​ 288.7 ​ ​ 290.3 ​ ​ Per share amounts do not necessarily sum due to changes in the calculation of shares outstanding for each discrete period and rounding. Gross profit is calculated as net sales minus cost of sales. As discussed in Note 5, the ChampionX separation met the criteria to be reported as discontinued operations and prior periods have been conformed to current period presentation. ​ (a) Cost of sales includes special charges of $19.6 , $3.7 , $52.9 and $17.7 in Q1, Q2, Q3 and Q4 of 2021, respectively, and $9.1 , $27.0 , $9.5 and $2.6 in Q1, Q2, Q3 and Q4 of 2020, respectively. (b) Other (income) expense includes special charges of $19.6 , $7.0 and $10.6 in Q2, Q3 and Q4 of 2021, respectively, and $0.4 in Q4 of 2020. (c) Interest expense, net includes special charges of $32.3 and $0.8 in Q3 and Q4 of 2021, respectively, and $0.7 and $83.1 in Q2 and Q3 of 2020, respectively. (d) Net income from discontinued operations, net of tax includes noncontrolling interest of $2.5 and ($0.3) in Q1 and Q2 of 2020, respectively.

NATURE OF BUSINESS (Details)

NATURE OF BUSINESS (Details) $ in Millions	Dec. 01, 2021USD ($)country	Dec. 31, 2021countrysegment
Nature of business
Number of reportable segments | segment		3
Purolite
Nature of business
Number of countries in which company delivers comprehensive programs and services	30
Consideration transferred | $	$ 3,698
Minimum
Nature of business
Number of countries in which company delivers comprehensive programs and services		170

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Valuation Allowance and Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable and Allowance for Doubtful Accounts
Allowance for doubtful accounts, returns and credits	$ 19	$ 16	$ 17
Activity in the allowance for doubtful accounts
Beginning balance	68.4	38.8	36.9
Bad debt expense	15	57.7	21.5
Write-offs	(27.4)	(31.6)	(19.1)
Other	(3.2)	(0.8)	(0.5)
Ending balance (b)	52.8	68.4	$ 38.8
Accounting Standards Update 2016-13 | Adjustment.
Activity in the allowance for doubtful accounts
Beginning balance	4.3
Ending balance (b)	$ 0	$ 4.3

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Inventory Valuations
LIFO inventory as percentage of consolidated inventory	27.00%	26.00%
Property, Plant and Equipment
Total depreciation expense	$ 604.4	$ 594.3	$ 569.1
Buildings and Leasehold Improvements | Minimum
Property, Plant and Equipment
Estimated useful life	5 years
Buildings and Leasehold Improvements | Maximum
Property, Plant and Equipment
Estimated useful life	40 years
Machinery and Equipment | Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Machinery and Equipment | Maximum
Property, Plant and Equipment
Estimated useful life	20 years
Merchandising and Customer Equipment | Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Merchandising and Customer Equipment | Maximum
Property, Plant and Equipment
Estimated useful life	20 years
Capitalized Software | Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Capitalized Software | Maximum
Property, Plant and Equipment
Estimated useful life	7 years

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Goodwill and Other Intangible Assets (Details) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)item	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Changes in the carrying amount of goodwill for each of the company's reportable segments
Number of reporting units | item	11
Changes in the carrying amount of goodwill
Beginning goodwill		$ 6,006.9	$ 5,569.1
Current year business combinations		2,147.3	275.7
Prior year business combinations		(0.9)	0.6	$ 0.6
Dispositions			(47.6)
Effect of foreign currency translation		(89.4)	209.1
Ending goodwill		8,063.9	6,006.9	5,569.1
Impairment of goodwill		0
Goodwill expected to be tax deductible		1,870
Nalco Holding Company ("Nalco") | Trade names
Changes in the carrying amount of goodwill
Carrying value of asset subject to impairment testing	$ 1,200
Impairment of indefinite life intangible asset		0
Global Industrial
Changes in the carrying amount of goodwill
Beginning goodwill		4,287.9	3,923.7
Current year business combinations		6.9	275.7
Prior year business combinations		(0.9)
Dispositions			(47.6)
Effect of foreign currency translation		(23.8)	136.1
Ending goodwill		4,270.1	4,287.9	3,923.7
Global Institutional and Specialty
Changes in the carrying amount of goodwill
Beginning goodwill		564.1	548.2
Current year business combinations		17.2
Effect of foreign currency translation		(4.8)	15.9
Ending goodwill		576.5	564.1	548.2
Global Healthcare and Life Sciences
Changes in the carrying amount of goodwill
Beginning goodwill		909.8	859.4
Current year business combinations		2,123.2
Prior year business combinations			0.6
Effect of foreign currency translation		(58.8)	49.8
Ending goodwill		2,974.2	909.8	859.4
Other
Changes in the carrying amount of goodwill
Beginning goodwill		245.1	237.8
Effect of foreign currency translation		(2)	7.3
Ending goodwill		$ 243.1	$ 245.1	$ 237.8

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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	$ 239	$ 219	$ 206
2022	314
2023	309
2024	302
2025	295
2026	$ 283
Customer relationships
Other intangible assets
Weighted-average useful life of other amortizable assets	15 years
Trade names
Other intangible assets
Weighted-average useful life of other amortizable assets	14 years
Patents
Other intangible assets
Weighted-average useful life of other amortizable assets	15 years
Other technology
Other intangible assets
Weighted-average useful life of other amortizable assets	12 years
Other assets
Other intangible assets
Weighted-average useful life of other amortizable assets	15 years	14 years

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES - Rentals and Leases (Details)	12 Months Ended
	Dec. 31, 2021
Lessor, Operating Lease, Description [Abstract]
Lessor, Operating Lease, Existence of Lessee Option to Purchase Underlying Asset [true false]	false
Minimum
Lessee, Lease, Description [Line Items]
Renewal term - Operating	1 month
Lessor, Operating Lease, Description [Abstract]
Lessor, Operating Lease, Term of Contract	1 year
Maximum
Lessor, Operating Lease, Description [Abstract]
Lessor, Operating Lease, Term of Contract	5 years

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
Statutory U.S. rate (as a percent)	21.00%	21.00%	21.00%

SIGNIFICANT ACCOUNTING POLIC_10

SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Computations of the basic and diluted earnings attributable to Ecolab per share amounts
Net income from continuing operations attributable to Ecolab	$ 301	$ 324.5	$ 310.8	$ 193.6	$ 300.3	$ 246.2	$ 128.9	$ 292	$ 1,129.9	$ 967.4	$ 1,425.6
Net (loss) income from discontinued operations, net of tax							(2,163.9)	(8.6)		(2,172.5)	133.3
Net income (loss) attributable to Ecolab					$ 300.3	$ 246.2	$ (2,035)	$ 283.4	$ 1,129.9	$ (1,205.1)	$ 1,558.9
Weighted-average common shares outstanding
Basic (in shares)	286.7	286.4	286	286	285.6	285.4	288.2	288.8	286.3	287	288.1
Effect of dilutive stock options and units (in shares)									2.8	3.3	4.4
Diluted (in shares)	289.5	289.2	288.8	288.8	288.7	288.4	291.5	292.6	289.1	290.3	292.5
Basic EPS
Continuing operations					$ 1.05	$ 0.86	$ 0.45	$ 1.01	$ 3.95	$ 3.37	$ 4.95
Discontinued operations							(7.51)	(0.03)		(7.57)	0.46
Earnings attributable to Ecolab	$ 1.05	$ 1.13	$ 1.09	$ 0.68	1.05	0.86	(7.06)	0.98	3.95	(4.20)	5.41
Diluted EPS
Continuing operations					1.04	0.85	0.44	1	3.91	3.33	4.87
Discontinued operations							(7.42)	(0.03)		(7.48)	0.46
Earnings attributable to Ecolab	$ 1.04	$ 1.12	$ 1.08	$ 0.67	$ 1.04	$ 0.85	$ (6.98)	$ 0.97	$ 3.91	$ (4.15)	$ 5.33
Anti-dilutive securities excluded from computation of earnings per share (in shares)									1.9	1.9	1.1

SIGNIFICANT ACCOUNTING POLIC_11

SIGNIFICANT ACCOUNTING POLICIES - New Accounting Pronouncements (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
New accounting guidance, cumulative effect	$ 8,814.5	$ 8,243

SPECIAL (GAINS) AND CHARGES - C

SPECIAL (GAINS) AND CHARGES - Charges Reported on Statement of Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Special (gains) and charges
Other (income) expense	$ 65.9	$ 6.3	$ 17.6	$ 12.8	$ 59.3	$ 35	$ 69.4	$ 15.9	$ 102.6	$ 179.6	$ 120.2
Total special (gains) and charges									266.8	312	168.4
Cost of sales
Special (gains) and charges
Restructuring activities									24.7	7.4	20.4
Acquisition and integration activities									4.2	3.9	7.6
Acquisition and integration costs, after tax									(3.3)
Other special gains and charges									0.3	24.4	10.5
Other (income) expense									93.9	48.2	38.5
Cost of sales | C O V I D 19
Special (gains) and charges
COVID-19									64.7	12.5
Special (gains) and charges
Special (gains) and charges
Restructuring activities									11.9	71.4	93.2
Acquisition and integration activities									29.9	8.5	5.6
Acquisition and integration costs, after tax									23.5	6.9	4.1
Disposal And Impairment charges										41.4
Other special gains and charges									18.4	34.7	21.4
Other (income) expense									102.6	179.6	120.2
Special (gains) and charges | C O V I D 19
Special (gains) and charges
COVID-19									42.4	23.6
Operating income subtotal
Special (gains) and charges
Other (income) expense									196.5	227.8	158.7
Interest expense
Special (gains) and charges
Acquisition and integration activities									0.8	0.7	0.2
Acquisition and integration costs, after tax									0.6		0.1
Other (income) expense									33.1	83.8	0.2
Other (income) expense
Special (gains) and charges
Other (income) expense	$ 10.6	$ 7	$ 19.6		$ 0.4				$ 37.2	0.4	9.5
Other (income) expense, net of tax										$ 0.3	$ 7.2

SPECIAL (GAINS) AND CHARGES - R

SPECIAL (GAINS) AND CHARGES - Restructuring and Non-Restructuring Activity (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring
Recorded expense									$ 5.3	$ 41.8	$ 113
Net cash payments									(44.1)	(57.8)	(74.2)
Non-cash charges									(0.3)	(7.8)	(3.4)
Effect of foreign currency translation										0.1	(0.5)
Other restructuring information
Restructuring liability	$ 32.7				$ 71.8				32.7	71.8	95.5	$ 60.6
Restructuring Costs									(41.7)	7.8	29.9
ChampionX Separation										7.2
Special (gains) and charges	65.9	$ 6.3	$ 17.6	$ 12.8	59.3	$ 35	$ 69.4	$ 15.9	102.6	179.6	120.2
C O V I D 19
Non-restructuring Special (Gains) and Charges
Inventory-related reserves	60								60
Expenses Incurred To Pay Employees Impacted By Pandemic									36.8	57.1
Net charges (gains) related to the pandemic									81.3	27.4
Medical charges and testing fee									16.5	2.4
Gain from government subsidy									(6.2)	(23.4)
Special (gains) and charges
Other restructuring information
Restructuring charges incurred, pre-tax									11.9	71.4	93.2
Business combination advisory and legal fees, pre tax									29.9	8.5	5.6
Business combination advisory and legal fees, after tax									23.5	6.9	4.1
Other special gains and charges									18.4	34.7	21.4
Special (gains) and charges									102.6	179.6	120.2
Disposal And Impairment charges										41.4
Disposal And Impairment charges, after tax										41.5
Equity Method Investment, Other than Temporary Impairment										28.6
Special (gains) and charges | Holchem
Other restructuring information
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal										(12.8)
Non-restructuring Special (Gains) and Charges
Gain (loss) on sale of business, before tax										(12.8)
Gain (loss) on sale of business, net of tax									(12.9)
Cost of sales
Other restructuring information
Restructuring charges incurred, pre-tax									24.7	7.4	20.4
Business combination advisory and legal fees, pre tax									4.2	3.9	7.6
Business combination advisory and legal fees, after tax									(3.3)
Other special gains and charges									0.3	24.4	10.5
Special (gains) and charges									93.9	48.2	38.5
Interest expense
Other restructuring information
Business combination advisory and legal fees, pre tax									0.8	0.7	0.2
Business combination advisory and legal fees, after tax									0.6		0.1
Special (gains) and charges									33.1	83.8	0.2
Non-restructuring Special (Gains) and Charges
Debt refinancing charges, pre-tax									32.3	83.1
Debt refinancing charges, net of tax									28.4	64
Specific Legal Reserve And Related Legal Charges [Member]
Other restructuring information
Other special gains and charges									18.4	34.7	21.4
Other special gains and charges, after-tax									14.1	33.9	16.2
Other (income) expense
Other restructuring information
Special (gains) and charges	10.6	$ 7	$ 19.6		0.4				37.2	0.4	9.5
Special (gains) and charges, net of tax										0.4
Pension settlements and curtailments									37.2
Pension settlements and curtailments, after tax									28.7
Bioquell | Interest expense
Other restructuring information
Business combination advisory and legal fees, after tax										0.6
Employee termination costs
Restructuring
Recorded expense									4.3	29.5	102.3
Net cash payments									(39.1)	(56.8)	(65.3)
Effect of foreign currency translation										0.1	(0.5)
Other restructuring information
Restructuring liability	32				66.8				32	66.8	94	57.5
Asset disposals
Restructuring
Recorded expense									0.3	7.8	0.2
Net cash payments											1.2
Non-cash charges									(0.3)	(7.8)	(1.4)
Other.
Restructuring
Recorded expense									0.7	4.5	10.5
Net cash payments									(5)	(1)	(10.1)
Non-cash charges											(2)
Other restructuring information
Restructuring liability	0.7				5				0.7	5	1.5	$ 3.1
Product and sold equipment | Cost of sales
Other restructuring information
Business combination advisory and legal fees, pre tax										3.9	7.6
Business combination advisory and legal fees, after tax										3.2	5.6
Other special gains and charges									0.3	24.4	10.5
Other special gains and charges, after-tax									0.2	16	7.1
Special (gains) and charges									91.9	39.3	38.5
Service and lease equipment | Cost of sales
Other restructuring information
Special (gains) and charges									2	8.9
Institutional Advancement Program
Restructuring
Recorded expense (income) and accrual									12.6	35.2
Recorded expense									12.6	35.2
Net cash payments									(23.7)	(10.5)
Non-cash net charges									(8.5)
Other restructuring information
Restructuring charge expected to be incurred, pre-tax	65								65
Restructuring charge expected to be incurred, after tax	50								50
Restructuring charges, after tax									10.2	26.4
Restructuring liability	5.1				24.7				5.1	24.7
Restructuring charges incurred to date, pre-tax	47.8								47.8
Restructuring charges incurred to date, after-tax	36.6								36.6
Institutional Advancement Program | Employee termination costs
Restructuring
Recorded expense (income) and accrual									(1.8)	25.6
Net cash payments									(19)	(0.9)
Other restructuring information
Restructuring liability	3.9				24.7				3.9	24.7
Institutional Advancement Program | Asset disposals
Restructuring
Recorded expense (income) and accrual									8.5
Non-cash net charges									(8.5)
Institutional Advancement Program | Other.
Restructuring
Recorded expense (income) and accrual									5.9	9.6
Net cash payments									(4.7)	(9.6)
Other restructuring information
Restructuring liability	1.2								1.2
Accelerate 2020 Restructuring Plan
Other restructuring information
Restructuring charge expected to be incurred, pre-tax	255								255
Restructuring charge expected to be incurred, after tax	195								195
Accelerate 2020 Restructuring Plan | Special (gains) and charges
Restructuring
Recorded expense									5.3	41.8	113
Other restructuring information
Restructuring charges, after tax									6.2	33	86.5
Restructuring liability	32.7				71.8				32.7	71.8
Restructuring charges incurred to date, pre-tax	244.5								244.5
Restructuring charges incurred, after tax									190
Pension settlements and curtailments									0.3		2
Pension settlements and curtailments, after tax										0.2	1.5
Other Restructuring Plan
Restructuring
Recorded expense									18.7	1.8
Other restructuring information
Restructuring charges, after tax									17	1.2
Prior Year Plans
Other restructuring information
Restructuring liability	$ 4.6				$ 5.9				4.6	$ 5.9
Restructuring net gain											1.5
Restructuring net gain, net of tax											$ 1.1
Cash payments									$ 10.5

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Acquisition Summary (Details) € in Millions, $ in Millions	Dec. 01, 2021USD ($)	May 11, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)
Business Acquisition [Line Items]
Total assets acquired			$ 89.8		$ 188.7
Goodwill			8,063.9	$ 6,006.9	5,569.1
Accounts receivable		$ 30.1
Property, plant and equipment		7.7
Inventory		16.3
Deferred tax liabilities		64.8
Current liabilities		$ 32.4
Net tangible assets (liabilities) acquired			5.2		(8)
Customer relationships			80.6		115.7
Trademarks			4.7		24.1
Non-compete agreements			3
Other technology			1.5		48.9
Goodwill			133.4		234.8
Total aggregate purchase price			228.4		415.5
Acquisition related liabilities and contingent consideration			4.4		24.1
Net cash paid for acquisitions, including acquisition-related liabilities and contingent consideration			224		391.4
Prior year business combinations, net intangible assets adjustments				0.9
Prior year business combinations, goodwill adjustments			(0.9)	0.6	0.6
Goodwill expected to be tax deductible			1,870
Contingent consideration			1.4
Acquisition related liabilities and contingent consideration				3.5
Customer relationships
Business Acquisition [Line Items]
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions		14 years
Other technology
Business Acquisition [Line Items]
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions		16 years
Trade names
Business Acquisition [Line Items]
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions		14 years
Bioquell
Business Acquisition [Line Items]
Portion of purchase price transferred to an escrow fund					179.3	€ 140.5
Pre-acquisition annual sales					$ 134
Lobster Ink
Business Acquisition [Line Items]
Earn-out term					3 years	3 years
Contingent consideration			0
CID Lines
Business Acquisition [Line Items]
Total consideration		$ 506.9
Annualized pre-acquisition sales				$ 110
Tangible assets		54.1
Total assets acquired		307.9
Goodwill		274.8
Total liabilities		97.2
Net consideration transferred to sellers		485.5
Prior year business combinations, net intangible assets adjustments			$ 0.9
CID Lines | Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets		147.5
CID Lines | Trade names
Business Acquisition [Line Items]
Identifiable intangible assets		58.6
CID Lines | Acquired technologies
Business Acquisition [Line Items]
Identifiable intangible assets		$ 47.7
Purolite
Business Acquisition [Line Items]
Consideration transferred	$ 3,698
Tangible assets	417.6
Total assets acquired	1,831
Goodwill	2,014
Total liabilities	146.6
Net consideration transferred to sellers	3,698.4
Accounts receivable	65.3
Property, plant and equipment	175.1
Inventory	163.4
Deferred tax liabilities	67.6
Current liabilities	$ 62
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions	16 years
Goodwill expected to be tax deductible	$ 1,810
Purolite | Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets	$ 900
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions	17 years
Purolite | Trade names
Business Acquisition [Line Items]
Identifiable intangible assets	$ 222
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions	14 years
Purolite | Other assets
Business Acquisition [Line Items]
Identifiable intangible assets	$ 4.4
Purolite | Acquired technologies
Business Acquisition [Line Items]
Identifiable intangible assets	$ 287
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions	14 years
Business Acquisitions and Investment
Business Acquisition [Line Items]
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions			13 years	14 years	12 years	12 years

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Disposition (Details) - Holchem Group Limited [Member] $ in Millions	3 Months Ended
	Jun. 30, 2020USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total Consideration	$ 106.6
Cash received from sale of business	55.4
Disposal Group Including Discontinued Operation, Consideration, Notes Receivable	51.2
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal After Tax	12.8
Disposal Group, Including Discontinued Operation, Revenue	$ 55

DISCONTINUED OPERATIONS - Summa

DISCONTINUED OPERATIONS - Summary of Assets and Liabilities Transferred (Details) - Discontinued Operations, Disposed of By Sale - ChampionX $ in Millions	Jun. 03, 2020USD ($)shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares accepted | shares	4,955,552
Number of shares exchanged | shares	122,200,000
Share Conversion Rights | shares	1
Discontinued Operation, Assets And Liabilities Transferred [Abstract]
Cash and cash equivalent	$ 60.6
Current assets	810.5
Non-current Assets	3,222.3
Total assets	4,093.4
Current liabilities	313
Non-current liabilities	293.7
Total liabilities	606.7
Net assets distributed to ChampionX	(3,486.7)
Fair value of shares exchanged	1,051.4
Cash received from ChampionX	527.4
Consideration received less net assets	(1,907.9)
ChampionX cumulative translation adjustment ("CTA") write-off	(229.9)
Loss on separation	$ (2,137.8)

DISCONTINUED OPERATIONS - Sum_2

DISCONTINUED OPERATIONS - Summarized Results of Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net (loss) income including noncontrolling interest			$ 2,170.3	$ (133.3)
Net income (loss) from discontinued operations attributable to noncontrolling interest			2.2
Net (loss) income from discontinued operations, net of tax	$ (2,163.9)	$ (8.6)	(2,172.5)	133.3
ChampionX | Discontinued Operations, Disposed of By Sale
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net sales			958.5	2,344.3
Cost of sales (including special charges)			702.1	1,677.6
Selling, general and administrative expenses			180.5	406.7
Special (gains) and charges			2,221.7	91.4
Operating income			(2,145.8)	168.6
Other (income) expense			0.3	0.7
Interest expense (income), net			0.2	0.5
Income before income taxes			(2,146.3)	167.4
Provision for income taxes			24	34.1
Net (loss) income including noncontrolling interest			(2,170.3)	133.3
Net income (loss) from discontinued operations attributable to noncontrolling interest			2.2
Net (loss) income from discontinued operations, net of tax			(2,172.5)	133.3
Special (gains) and charges, including non-controlling interest			2,221.7	91.4
Tax expense, friction costs associated with separation activity			22.7
ChampionX | Discontinued Operations, Disposed of By Sale | Product and sold equipment
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net sales			858.9	2,109.9
Cost of sales (including special charges)			621.7	1,488.9
ChampionX | Discontinued Operations, Disposed of By Sale | Service and lease equipment
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net sales			99.6	234.4
Cost of sales (including special charges)			$ 80.4	$ 188.7

DISCONTINUED OPERATIONS - Sum_3

DISCONTINUED OPERATIONS - Summary of Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Millions	Jun. 03, 2020	Dec. 31, 2021	Dec. 31, 2020
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]
Accounts receivable, net		$ 2,478.4	$ 2,273.8
ChampionX | Discontinued Operations, Disposed of By Sale
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]
Term of post-separation agreement	18 months
Amount billed for transition services		12.5	14.3
Period of time post-separation that the entity may transfer or receive certain products	36 months
Post-separation sales		139.4	$ 99.7
Accounts receivable, net		$ 17.9

BALANCE SHEETS INFORMATION (Det

BALANCE SHEETS INFORMATION (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounts receivable, net
Accounts receivable	$ 2,549.9	$ 2,358.1
Allowance for expected credit losses and other accruals	(71.5)	(84.3)
Total	2,478.4	2,273.8
Inventories
Finished goods	1,010.6	789.6
Raw materials and parts	596.1	511.2
Inventories at FIFO cost	1,606.7	1,300.8
FIFO cost to LIFO cost difference	(114.9)	(15.6)
Total	1,491.8	1,285.2
Other current assets
Prepaid assets	121.2	99.1
Taxes receivable	151.3	168.6
Derivative assets	61.4	3.2
Other current assets	23.1	27.3
Total	357	298.2
Property, plant and equipment, net
Land	159.2	159.7
Buildings and leasehold improvements	1,134.1	1,060
Machinery and equipment	1,968.7	1,830.1
Merchandising and customer equipment	2,708.2	2,691
Capitalized software	884.6	820.8
Construction in progress	325	219.8
Property, plant and equipment, gross	7,179.8	6,781.4
Accumulated depreciation	(3,891.3)	(3,656.5)
Total	3,288.5	3,124.9
Intangible assets subject to amortization:
Other intangible assets, gross	5,029.2	3,611.5
Accumulated amortization	(2,035.1)	(1,864.5)
Net intangible assets subject to amortization	2,994.1	1,747
Total	4,224.1	2,977
Other assets
Deferred income taxes	120.6	163.2
Pension	114.6	33
Derivative asset	29.4
Other	281.4	279.8
Total	546	476
Other current liabilities
Discounts and rebates	341.1	304.1
Dividends payable	146.3	137.2
Interest payable	47.7	51.7
Taxes payable, other than income	154.2	151.8
Derivative liabilities		25.8
Restructuring	39.1	98.1
Contract liability	91.7	80.4
Operating lease liabilities	$ 115.1	$ 125.6
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total	Total
Other	$ 209	$ 214.2
Total	1,144.2	1,188.9
Accumulated other comprehensive loss
Unrealized loss on derivative financial instruments, net of tax	4.9	(21.1)
Unrecognized pension and postretirement benefit expense, net of tax	(632.8)	(935.2)
Cumulative translation, net of tax	(1,006.9)	(1,038.1)
Total	(1,634.8)	(1,994.4)
Customer relationships
Intangible assets subject to amortization:
Other intangible assets, gross	3,444.6	2,530.9
Accumulated amortization	(1,440.9)	(1,319.1)
Trade names
Intangible assets subject to amortization:
Other intangible assets, gross	561.1	348
Accumulated amortization	(170.3)	(155)
Patents
Intangible assets subject to amortization:
Other intangible assets, gross	496.3	492.5
Accumulated amortization	(269.3)	(244.6)
Other technology
Intangible assets subject to amortization:
Other intangible assets, gross	527.2	240.1
Accumulated amortization	(154.6)	(145.8)
Trade names.
Intangible assets not subject to amortization:
Other intangible assets, gross	$ 1,230	$ 1,230

DEBT AND INTEREST (Details)

DEBT AND INTEREST (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2021	Jun. 30, 2020	Dec. 31, 2020
Components of the company's debt obligations
Long-term debt, current maturities	$ 2.5		$ 1.8
Short-term debt including current maturities of long-term debt	411		17.3
Amount outstanding under the credit agreement	0		0
Letters of Credit, Surety Bonds and Guarantees, Outstanding, Amount	118
Maximum borrowing capacity for letters of credit, surety bonds and guarantees	338
Outstanding amount for letters of credit, surety bonds and guarantees	118
Commercial paper
Components of the company's debt obligations
Short term borrowings	$ 400
Average interest rate (as a percent)	0.28%
Maximum borrowing capacity, commercial paper	$ 2,000
U.S. commercial paper program
Components of the company's debt obligations
Maximum borrowing capacity, commercial paper	2,000
Outstanding commercial paper	400		0
European commercial paper
Components of the company's debt obligations
Maximum borrowing capacity, commercial paper	2,000
Outstanding commercial paper			0
Notes payable
Components of the company's debt obligations
Short term borrowings	$ 8.5		$ 15.5
Average interest rate (as a percent)	7.95%		7.07%
Remaining capacity	$ 1,628		$ 1,734
Multi Currency Revolving Credit Facility
Components of the company's debt obligations
Maximum borrowing capacity under the credit agreement	2,000
Term loan
Components of the company's debt obligations
Maximum borrowing capacity under the credit agreement	3,000
Amount repaid under the credit agreement	$ 3,000
Term credit agreement
Components of the company's debt obligations
Maximum borrowing capacity under the credit agreement		$ 305
Amount repaid under the credit agreement		$ 303

DEBT AND INTEREST - Other Debt

DEBT AND INTEREST - Other Debt Information (Details) € in Millions, $ in Millions	1 Months Ended		3 Months Ended								12 Months Ended
	Sep. 30, 2021USD ($)	Aug. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021EUR (€)
Debt instrument
CARRYING VALUE			$ 8,349.7				$ 6,671.1				$ 8,349.7	$ 6,671.1
Long-term debt, current maturities			(2.5)				(1.8)				(2.5)	(1.8)
Long-term debt			8,347.2				6,669.3				8,347.2	6,669.3
Payment for Debt Extinguishment or Debt Prepayment Cost	$ 25
Aggregate annual maturities of long-term debt
2022			2								2
2023			500								500
2024			650								650
2025			651								651
2026			745								745
Interest
Interest expense											230.6	304.8	$ 214.4
Interest income											(12.3)	(14.6)	(23.7)
Interest expense, net			44.6	$ 76.4	$ 45.6	$ 51.7	48.4	$ 134.8	$ 58.7	$ 48.3	218.3	290.2	$ 190.7
Interest expense
Debt instrument
Debt refinancing charges, pre-tax											32.3	83.1
Debt Refinancing Charges, Net of Tax											$ 28.4	64
Public Notes
Debt instrument
Principal outstanding payable at time of prepayment of notes (as a percent)											101.00%
Thirty year 2011 senior notes
Debt instrument
CARRYING VALUE			$ 384.3				$ 452.2				$ 384.3	$ 452.2
AVERAGE INTEREST RATE (as a percent)			5.50%				5.50%				5.50%	5.50%		5.50%
Effective interest rate (as a percent)			5.63%				5.56%				5.63%	5.56%		5.63%
Aggregate principal amount			$ 389								$ 389
Debt instrument, term											30 years
Five year 2017 senior notes
Debt instrument
CARRYING VALUE							$ 498.6					$ 498.6
AVERAGE INTEREST RATE (as a percent)							2.38%					2.38%
Effective interest rate (as a percent)							2.55%					2.55%
Aggregate principal amount			500								$ 500
Debt instrument, term											5 years
Two Year 2021 Senior Notes [Member]
Debt instrument
CARRYING VALUE			$ 497.2								$ 497.2
AVERAGE INTEREST RATE (as a percent)			0.90%								0.90%			0.90%
Effective interest rate (as a percent)			1.19%								1.19%			1.19%
Aggregate principal amount			$ 500								$ 500
Debt instrument, term											2 years
Six Year 2021 Senior Notes [Member]
Debt instrument
CARRYING VALUE			$ 495.7								$ 495.7
AVERAGE INTEREST RATE (as a percent)			1.65%								1.65%			1.65%
Effective interest rate (as a percent)			1.84%								1.84%			1.84%
Aggregate principal amount			$ 500								$ 500
Debt instrument, term											6 years
Eleven Year 2021 Senior Notes [Member]
Debt instrument
CARRYING VALUE			$ 644								$ 644
AVERAGE INTEREST RATE (as a percent)			2.13%								2.13%			2.13%
Effective interest rate (as a percent)			2.24%								2.24%			2.24%
Aggregate principal amount			$ 650								$ 650
Debt instrument, term											11 years
Thirty Year 2021 Senior Notes [Member]
Debt instrument
CARRYING VALUE			$ 838.5								$ 838.5
AVERAGE 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								$ 850
Debt instrument, term											30 years
Ten year 2017 senior notes
Debt instrument
CARRYING VALUE			$ 488.4				$ 496				$ 488.4	$ 496
AVERAGE INTEREST RATE (as a percent)			3.25%				3.25%				3.25%	3.25%		3.25%
Effective interest rate (as a percent)			2.89%				3.37%				2.89%	3.37%		2.89%
Aggregate principal amount			$ 500								$ 500
Debt instrument, term											10 years
Thirty year 2017 senior notes
Debt instrument
CARRYING VALUE			$ 424.3				$ 611.9				$ 424.3	$ 611.9
AVERAGE INTEREST RATE (as a percent)			3.95%				3.95%				3.95%	3.95%		3.95%
Effective interest rate (as a percent)			4.80%				4.16%				4.80%	4.16%		4.80%
Aggregate principal amount			$ 484								$ 484
Debt instrument, term											30 years
Thirty year 2020 senior notes
Debt instrument
CARRYING VALUE			$ 490.4				$ 490.1				$ 490.4	$ 490.1
AVERAGE INTEREST RATE (as a percent)			2.13%				2.13%				2.13%	2.13%		2.13%
Effective interest rate (as a percent)			2.24%				2.15%				2.24%	2.15%		2.24%
Aggregate principal amount			$ 500								$ 500
Debt instrument, term											30 years
Thirty-four year 2021 senior notes
Debt instrument
CARRYING VALUE			$ 535.3								$ 535.3
AVERAGE INTEREST RATE (as a percent)			2.75%								2.75%			2.75%
Effective interest rate (as a percent)			3.87%								3.87%			3.87%
Aggregate principal amount			$ 685								$ 685
Debt instrument, term		34 years									34 years
Interest rate (as a percent)		2.75%
Debt exchanged		$ 385
Payment for Debt Extinguishment or Debt Prepayment Cost		118
Value of notes tendered in an exchange offering		387
Debt, unamortized discounts and financing costs		143
Ten year 2020 senior notes
Debt instrument
CARRYING VALUE			$ 709.1				$ 765.2				$ 709.1	$ 765.2
AVERAGE INTEREST RATE (as a percent)			4.80%				4.80%				4.80%	4.80%		4.80%
Effective interest rate (as a percent)			4.06%				4.64%				4.06%	4.64%		4.06%
Aggregate principal amount			$ 698								$ 698
Debt instrument, term											10 years
Ten year 2020 senior notes, maturing in 2031
Debt instrument
CARRYING VALUE			$ 593.4				$ 594.4				$ 593.4	$ 594.4
AVERAGE INTEREST RATE (as a percent)			1.30%				1.30%				1.30%	1.30%		1.30%
Effective interest rate (as a percent)			1.39%				1.34%				1.39%	1.34%		1.39%
Aggregate principal amount			$ 600								$ 600
Debt instrument, term											10 years
Seven year 2016 senior notes
Debt instrument
CARRYING VALUE							$ 399					$ 399
AVERAGE INTEREST RATE (as a percent)							3.25%					3.25%
Effective interest rate (as a percent)							3.49%					3.49%
Aggregate principal amount			400								$ 400
Debt instrument, term											7 years
Seven year 2016 senior euro notes
Debt instrument
CARRYING VALUE			$ 649.3				$ 682				$ 649.3	$ 682
AVERAGE INTEREST RATE (as a percent)			1.00%				1.00%				1.00%	1.00%		1.00%
Effective interest rate (as a percent)			1.19%				1.18%				1.19%	1.18%		1.19%
Aggregate principal amount | €														€ 575
Debt instrument, term											7 years
Ten year 2016 senior notes
Debt instrument
CARRYING VALUE			$ 744.9				$ 745.3				$ 744.9	$ 745.3
AVERAGE INTEREST RATE (as a percent)			2.70%				2.70%				2.70%	2.70%		2.70%
Effective interest rate (as a percent)			2.89%				2.93%				2.89%	2.93%		2.89%
Aggregate principal amount			$ 750								$ 750
Debt instrument, term											10 years
Thirty year 2016 senior notes
Debt instrument
CARRYING VALUE			$ 197.2				$ 246.4				$ 197.2	$ 246.4
AVERAGE INTEREST RATE (as a percent)			3.70%				3.70%				3.70%	3.70%		3.70%
Effective interest rate (as a percent)			3.81%				3.76%				3.81%	3.76%		3.81%
Aggregate principal amount			$ 200								$ 200
Debt instrument, term											30 years
Ten Year 2015 senior euro notes
Debt instrument
CARRYING VALUE			$ 649.7				$ 682.9				$ 649.7	$ 682.9
AVERAGE INTEREST RATE (as a percent)			2.63%				2.63%				2.63%	2.63%		2.63%
Effective interest rate (as a percent)			2.87%				2.85%				2.87%	2.85%		2.87%
Aggregate principal amount | €														€ 575
Debt instrument, term											10 years
Private Placement 34-Year 2021 Senior Notes
Debt instrument
Aggregate principal amount		$ 300
Other debt.
Debt instrument
CARRYING VALUE			$ 8				$ 7.1				$ 8	$ 7.1
2.375% Notes due 2022
Debt instrument
Interest rate (as a percent)	2.375%			2.375%
Debt extinguishment amount	$ 500
3.25% Notes due 2023
Debt instrument
Interest rate (as a percent)	3.25%			3.25%
Debt extinguishment amount	$ 400
Notes payable
Debt instrument
Aggregate principal amount			2,500								2,500
Delayed draw term loan
Debt instrument
Repayment of notes			3,000								3,000
Due 2023
Debt instrument
Aggregate principal amount			$ 500								$ 500
Interest rate (as a percent)			0.90%								0.90%			0.90%
Due 2027
Debt instrument
Aggregate principal amount			$ 500								$ 500
Interest rate (as a percent)			1.65%								1.65%			1.65%
Due 2032
Debt instrument
Aggregate principal amount			$ 650								$ 650
Interest rate (as a percent)			2.125%								2.125%			2.125%
Due 2051
Debt instrument
Aggregate principal amount			$ 850								$ 850
Interest rate (as a percent)			2.70%								2.70%			2.70%

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Carrying Amount
Liabilities:
Foreign currency forward contracts	$ 12.6
Carrying Amount | Foreign currency forward contracts
Assets:
Foreign currency forward contracts	94.5	$ 15.5
Liabilities:
Foreign currency forward contracts		69.9
Carrying Amount | Interest rate swap agreements
Assets:
Interest rate swap agreements	1.8
Liabilities:
Interest rate swap agreements	10.1
Carrying Amount | Cross-currency swap derivative contracts
Assets:
Foreign currency forward contracts	9.4
Liabilities:
Foreign currency forward contracts	1.6
Level 2
Liabilities:
Foreign currency forward contracts	12.6
Level 2 | Foreign currency forward contracts
Assets:
Foreign currency forward contracts	94.5	15.5
Liabilities:
Foreign currency forward contracts		$ 69.9
Level 2 | Interest rate swap agreements
Assets:
Interest rate swap agreements	1.8
Liabilities:
Interest rate swap agreements	10.1
Level 2 | Cross-currency swap derivative contracts
Assets:
Foreign currency forward contracts	9.4
Liabilities:
Foreign currency forward contracts	$ 1.6

FAIR VALUE MEASUREMENTS - Long-

FAIR VALUE MEASUREMENTS - Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Carrying Amount
Carrying amount and fair value of financial instruments
Long-term debt, including current maturities	$ 8,349.7	$ 6,671.1
Fair Value | Level 2
Carrying amount and fair value of financial instruments
Long-term debt, including current maturities	$ 9,085.3	$ 7,704.4

DERIVATIVES AND HEDGING TRANS_3

DERIVATIVES AND HEDGING TRANSACTIONS - Derivative Positions Summary (Details) € in Millions, $ in Millions	Dec. 31, 2021USD ($)	Dec. 31, 2021EUR (€)	Dec. 31, 2020USD ($)
Asset Derivatives
Gross value of derivatives	$ 105.7		$ 15.5
Gross amounts offset in the Consolidated Balance Sheet	(14.9)		(12.3)
Net value of derivatives presented in the Consolidated Balance Sheet	90.8		3.2
Liability Derivatives
Gross value of derivatives	24.3		69.9
Gross amounts offset in the Consolidated Balance Sheet	(14.9)		(12.3)
Net value of derivatives presented in the Consolidated Balance Sheet	9.4		57.6
Cash collateral received	0
Cash collateral pledged	0
Foreign currency forward contracts
Liability Derivatives
Notional values	4,059		3,702
Interest rate swap agreements
Liability Derivatives
Notional values	1,250
Cross-currency swap derivative contracts
Liability Derivatives
Notional values	482	€ 425
Derivatives designated as hedging instruments | Foreign currency forward contracts
Asset Derivatives
Gross value of derivatives	44.7		8.1
Liability Derivatives
Gross value of derivatives	2.6		54.3
Derivatives designated as hedging instruments | Interest rate swap agreements
Asset Derivatives
Gross value of derivatives	1.8
Liability Derivatives
Gross value of derivatives	10.1
Derivatives designated as hedging instruments | Cross-currency swap derivative contracts
Asset Derivatives
Gross value of derivatives	9.4
Liability Derivatives
Gross value of derivatives	1.6
Derivatives not designated as hedging instruments | Foreign currency forward contracts
Asset Derivatives
Gross value of derivatives	49.8		7.4
Liability Derivatives
Gross value of derivatives	$ 10		$ 15.6

DERIVATIVES AND HEDGING TRANS_4

DERIVATIVES AND HEDGING TRANSACTIONS - Information by Type of Derivative and Hedging Activities (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2021EUR (€)	Oct. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Jul. 31, 2021USD ($)	Jul. 31, 2021EUR (€)	Mar. 31, 2021USD ($)
Cash Flow Hedges
Maximum period for hedged transactions	2 years
Fair Value Hedges
Derivative liability	$ 9.4	$ 57.6
Net Investment Hedges
Revaluation gain (loss), net of tax	51.6	(87.7)	$ 31.4
Cost of sales
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	(11)	10.1	15.4
Selling, general and administrative expenses
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	121.3	(120.6)	69.5
Interest expense, net
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	18.7	25.1	27.7
Foreign currency forward contracts
Net Investment Hedges
Notional values	4,059	3,702
Foreign currency forward contracts | Derivatives not designated as hedging instruments | Selling, general and administrative expenses
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	73.7	(12.3)	30
Foreign currency forward contracts | Derivatives not designated as hedging instruments | Interest expense, net
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income			(0.1)
Interest rate swap agreements
Net Investment Hedges
Notional values	1,250
Cross-currency swap derivative contracts
Net Investment Hedges
Notional values	482			€ 425
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)	(11)	10.1	15.4
Cash Flow Hedges. | Foreign currency forward contracts | Derivatives designated as hedging instruments | Selling, general and administrative expenses
Impact on AOCI and earnings from derivative contracts
Gain (loss) reclassified from AOCI into income (effective portion)	47.6	(108.3)	39.5
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	21	27.5	28.7
Cash Flow Hedges. | Interest rate swap agreements | Derivatives designated as hedging instruments | Interest expense, net
Impact on AOCI and earnings from derivative contracts
Gain (loss) reclassified from AOCI into income (effective portion)	$ (2.3)	(2.4)	(0.9)
Fair Value Hedges | Interest rate swap agreements
Impact on AOCI and earnings from derivative contracts
Interest rate (as a percent)	1.30%			1.30%	2.70%	4.80%	3.25%	3.25%	3.25%
Fair Value Hedges
Cumulative amount of fair value hedging adjustment	$ 12.1
Derivative liability	1,235.6
Aggregate principal amount	$ 250				$ 250	$ 250	$ 250		$ 250
Interest rate (as a percent)	1.30%			1.30%	2.70%	4.80%	3.25%	3.25%	3.25%
Net Investment Hedge
Net Investment Hedges
Revaluation gain (loss), net of tax	$ 51.6	(87.7)	31.4
Net Investment Hedge | Senior euro notes
Net Investment Hedges
Notional values	1,299			€ 1,150
Net Investment Hedge | Euro Notes
Net Investment Hedges
Revaluation gain (loss), net of tax	45.3	(87.7)	31.4
Net Investment Hedge | Cross-currency swap derivative contracts
Net Investment Hedges
Notional values | €				€ 125				€ 300
Revaluation gain (loss), net of tax	$ 6.3
Discontinued Operations | Derivatives not designated as hedging instruments | Selling, general and administrative expenses
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivatives		$ (2.5)	$ (5.1)

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reclassification adjustments
COS	$ (2,043.1)	$ (2,016.7)	$ (1,844)	$ (1,712)	$ (1,780.3)	$ (1,769.6)	$ (1,635.7)	$ (1,720.2)	$ (7,615.8)	$ (6,905.8)	$ (7,045.8)
SG&A	(867.9)	(832)	(853.3)	(862.9)	(809.6)	(802.6)	(788.6)	(908.3)	(3,416.1)	(3,309.1)	(3,550.8)
Interest (income) expense, net	$ (44.6)	$ (76.4)	$ (45.6)	$ (51.7)	$ (48.4)	$ (134.8)	$ (58.7)	$ (48.3)	(218.3)	(290.2)	(190.7)
Net of tax									356.4	97.1	(268.7)
Derivative & Hedging Instruments
Reclassification adjustments
Amount recognized in AOCI									87.5	(93.3)	78.1
Other activity									(1.7)	(0.3)	0.8
Tax impact									(4.5)	3.5	0.4
Net of tax									26	(17)	(3.4)
Derivative & Hedging Instruments | Reclassifications adjustments
Reclassification adjustments
COS									11	(10.1)	(15.4)
SG&A									(47.6)	108.3	(39.5)
Interest (income) expense, net									(18.7)	(25.1)	(27.8)
Amount reclassified from AOCI into income									(55.3)	73.1	(82.7)
Pension & Postretirement Benefits
Reclassification adjustments
Amount recognized in AOCI									388.1	(121.8)	(325.9)
Tax impact									(98.4)	43.7	74.3
Net of tax									289.7	(78.1)	(251.6)
Actuarial gain (loss)
Reclassification adjustments
Amount recognized in AOCI									270.7	(189.9)	(326.3)
Settlement charge | Reclassifications adjustments
Reclassification adjustments
Amount reclassified from AOCI into income									(38.8)
Prior service costs | Reclassifications adjustments
Reclassification adjustments
Amount reclassified from AOCI into income									$ (78.6)	$ (68.1)	$ (0.4)

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - $ / shares	Jun. 03, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 28, 2015
Shareholder's Equity
Common stock, par value per share (in dollars per share)		$ 1	$ 1
Common stock, shares authorized		800,000,000	800,000,000
Dividends declared per common share (in dollars per share)		$ 1.95	$ 1.89	$ 1.85
Discontinued Operations, Disposed of By Sale | ChampionX
Shareholder's Equity
Shares accepted	4,955,552
Number of shares exchanged	122,200,000
COMMON STOCK
Shareholder's Equity
Common stock, par value per share (in dollars per share)		$ 1	$ 1	$ 1
Common stock, shares authorized		800,000,000	800,000,000	800,000,000
Dividends declared per common share (in dollars per share)		$ 1.95	$ 1.89	$ 1.85
Common stock, shares authorized to be repurchased					20,000,000
Remaining shares authorized to be repurchased		5,850,187
Reacquired shares (in shares)		502,132	761,245	1,986,241
Number of shares reacquired through the open market		389,759	565,064	1,846,384
Number of shares that have been repurchased through the exercise of stock options and vesting of stock awards		112,373	196,181	139,857
Undesignated preferred stock
Shareholder's Equity
Preferred stock, shares authorized		15,000,000

EQUITY COMPENSATION PLANS (Deta

EQUITY COMPENSATION PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
EQUITY COMPENSATION PLANS
Common shares available for grant (in shares)	7,544,458	8,644,262	9,029,645
Value of awards granted, portion from stock options under current program (as a percent)	50.00%
Value of awards granted, portion from PBRSUs under current program (as a percent)	50.00%
Total compensation expense related to all share-based compensation plans	$ 89	$ 81	$ 84
Total compensation expense, net of tax benefit	(75)	$ 68	$ 70
Total measured but unrecognized compensation expense related to non-vested share-based compensation arrangements granted under all of the company's plans	$ 123
Weighted-average period over which unrecognized compensation costs on nonvested awards expected to be recognized	2 years 7 months 6 days

EQUITY COMPENSATION PLANS - Sto

EQUITY COMPENSATION PLANS - Stock Options (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock incentive and option plans
Stock option expiration period	10 years
Stock option vesting period	3 years
SHARES
Outstanding, beginning of year (in shares)	6,802,415	9,042,320	10,516,633
Granted (in shares)	812,853	931,750	879,862
Exercised (in shares)	(1,306,998)	(2,733,130)	(2,270,374)
Canceled (in shares)	(91,109)	(91,660)	(83,801)
Separation of ChampionX	0	(346,865)
Outstanding, end of year (in shares)	6,217,161	6,802,415	9,042,320
Exercisable, end of year (in shares)	4,604,922	5,051,927	7,048,422
Vested and expected to vest, end of year (in shares)	6,083,642
AVERAGE PRICE PER SHARE
Outstanding, beginning of year (in dollars per share)	$ 144.20	$ 121.72	$ 108.28
Granted (in dollars per share)	223.85	220.95	184.31
Exercised (in dollars per share)	110.91	97.52	82.93
Canceled (in dollars per share)	192.49	166.67	143.08
Separation of ChampionX (in dollars per share)	0	126.37
Outstanding, end of year (in dollars per share)	160.91	144.20	121.72
Exercisable, end of year (in dollars per share)	141.21	$ 125.08	$ 109.34
Vested and expected to vest, end of year (in dollars per shares)	$ 159.79
Total intrinsic value of options exercised during period	$ 148	$ 299	$ 227
Total aggregate intrinsic value of in-the-money options outstanding	$ 456
Weighted-average remaining contractual life of options outstanding	6 years 6 months
Total aggregate intrinsic value of in-the-money options exercisable	$ 429
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	$ 453
Weighted-average remaining contractual life of vested and expected to vest options outstanding	6 years 6 months

EQUITY COMPENSATION PLANS - Fai

EQUITY COMPENSATION PLANS - Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Options
Assumptions
Weighted average grant date fair value of options granted at market prices (in dollars per share)	$ 47.65	$ 44.16	$ 40.30
Risk-free rate of return (as a percent)	1.20%	0.50%	1.60%
Expected life	6 years	6 years	6 years
Expected volatility (as a percent)	23.00%	23.00%	23.00%
Expected dividend yield (as a percent)	0.90%	0.90%	1.00%
Vesting period	3 years
Stock Options | Minimum
Assumptions
Yield curve of U.S. treasury rates	1 month
Stock Options | Maximum
Assumptions
Yield curve of U.S. treasury rates	10 years
PBRSU Awards
Assumptions
Period of requisite continued service	3 years
Common stock issuable for each vested stock award (in shares)	1
Vesting period	3 years
Restricted Stock Awards and Units | Minimum
Assumptions
Vesting period	12 months
Restricted Stock Awards and Units | Maximum
Assumptions
Vesting period	60 months

EQUITY COMPENSATION PLANS - Oth

EQUITY COMPENSATION PLANS - Other Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
PBRSU Awards
Summary of PBRSU awards and restricted stock activity:
Stock awards outstanding, at the beginning of period (in shares)	914,630	1,116,898	1,267,353
Stock awards granted (in shares)	176,297	202,187	207,704
Stock awards vested/ earned (in shares)	(271,731)	(333,676)	(334,351)
Stock awards cancelled (in shares)	(30,667)	(26,285)	(23,808)
Separation of ChampionX		(44,494)
Stock awards outstanding, at the end of period (in shares)	788,529	914,630	1,116,898
Weighted-average fair value at grant-date of stock awards outstanding, at the beginning of period (in dollars per share)	$ 165.76	$ 139.83	$ 126.75
Weighted-average fair value at grant-date of stock awards granted (in dollars per share)	223.77	215.23	178.20
Weighted-average fair value at grant-date of stock awards vested/earned (in dollars per share)	131.74	112.78	114.38
Weighted-average fair value at grant-date of stock awards cancelled (in dollars per share)	178.46	157.32	135.70
Weighted-average fair value at grant-date of stock awards Separation of ChampionX (in dollars per share)		142.10
Weighted-average fair value at grant-date of stock awards outstanding, at the end of period (in dollars per share)	$ 189.96	$ 165.76	$ 139.83
Restricted Stock Awards and Units
Summary of PBRSU awards and restricted stock activity:
Stock awards outstanding, at the beginning of period (in shares)	163,683	265,513	246,469
Stock awards granted (in shares)	130,807	62,693	102,941
Stock awards vested/ earned (in shares)	(48,977)	(81,150)	(64,597)
Stock awards cancelled (in shares)	(13,239)	(15,996)	(19,300)
Separation of ChampionX		(67,377)
Stock awards outstanding, at the end of period (in shares)	232,274	163,683	265,513
Weighted-average fair value at grant-date of stock awards outstanding, at the beginning of period (in dollars per share)	$ 172.92	$ 149.46	$ 127.09
Weighted-average fair value at grant-date of stock awards granted (in dollars per share)	211.12	203.09	177.38
Weighted-average fair value at grant-date of stock awards vested/earned (in dollars per share)	160.84	130.72	119.08
Weighted-average fair value at grant-date of stock awards cancelled (in dollars per share)	192.12	162.51	124.77
Weighted-average fair value at grant-date of stock awards Separation of ChampionX (in dollars per share)		161.82
Weighted-average fair value at grant-date of stock awards outstanding, at the end of period (in dollars per share)	$ 195.95	$ 172.92	$ 149.46

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income before income taxes.
United States									$ 277.7	$ 100.5	$ 787.1
International									1,136.5	1,060.9	944.4
Income before income tax	$ 349.5	$ 402.4	$ 399.7	$ 262.6	$ 378	$ 291.7	$ 148.4	$ 343.3	1,414.2	1,161.4	1,731.5
Current income tax expense (benefit)
Federal and state									30.9	(43.9)	134.4
International									240.2	259.8	176.3
Total current									271.1	215.9	310.7
Deferred income tax expense (benefit)
Federal and state									3.6	12	37.9
International									(4.5)	(51.3)	(60)
Total deferred									(0.9)	(39.3)	(22.1)
Provision for income taxes	$ 44.2	$ 73.8	$ 86.1	$ 66.1	$ 73.1	$ 42.4	$ 14.1	$ 47	$ 270.2	$ 176.6	$ 288.6

INCOME TAXES - Net Deferred Tax

INCOME TAXES - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Pension and post-retirement benefits	$ 136.8	$ 234.3
Other accrued liabilities	135.6	154.7
Lease liability	101.3	95.5
Credit carryforwards	81.8	76.6
Loss carryforwards	59.6	63.4
Share-based compensation	44.7	44.8
Deferred income	44.8	12.8
Other, net	71	64.2
Valuation allowance	(50.3)	(45.3)
Total deferred tax assets	625.3	701
Deferred tax liabilities
Intangible assets	(631)	(598.9)
Property, plant and equipment	(333.5)	(317.8)
Lease asset	(100.3)	(95.4)
Financing	(34.2)
Other, net	(27.7)	(9.6)
Total deferred tax liabilities	(1,126.7)	(1,021.7)
Net deferred tax liabilities balance	(501.4)	$ (320.7)
Federal
Deferred tax assets
Loss carryforwards	3.1
State
Deferred tax assets
Credit carryforwards	25.7
Loss carryforwards	20.4
International
Deferred tax assets
Credit carryforwards	49.4
Loss carryforwards	$ 36.1

INCOME TAXES - Loss Carryforwar

INCOME TAXES - Loss Carryforwards (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating loss carryforwards
Statutory U.S. rate (as a percent)	21.00%	21.00%	21.00%
Net discrete expense (benefit), prior year returns		$ 11
Net operating loss carryforwards	$ 59.6	63.4
Valuation allowance on deferred tax asset	50.3	45.3
Federal
Operating loss carryforwards
Net operating loss carryforwards	3.1
Carryforwards subject to expiration	23.5
State
Operating loss carryforwards
Net operating loss carryforwards	20.4
International
Operating loss carryforwards
Net operating loss carryforwards	36.1
Carryforwards subject to expiration	5.8
No expiration	$ 30.3
Preferential income tax rate, certain headquarter income	10.00%
Tax reduction due to tax holiday	$ 2.9	$ 26.9	$ 29.2
Tax holiday impact on diluted earnings per share (in dollars per share)	$ 0.01	$ 0.09	$ 0.10

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of the Statutory Rate to Effective Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of the statutory U.S. federal income tax rate to the company's effective income tax rate
Statutory U.S. rate (as a percent)	21.00%	21.00%	21.00%
State income taxes, net of federal benefit (as a percent)	0.60%	0.40%	1.80%
Foreign operations (as a percent)	(0.60%)	(1.30%)	5.50%
Excess stock benefits (as a percent)	(2.00%)	(4.90%)	(2.40%)
R&D credit (as a percent)	(1.30%)	(1.10%)	(1.00%)
Foreign derived intangible income	(1.60%)	(0.20%)	(0.20%)
Change in valuation allowance (as a percent)	0.50%	0.60%	(8.20%)
One time transition tax (as a percent)	1.8
Other, net (as a percent)	0.70%	0.70%	0.20%
Effective income tax rate (as a percent)	19.10%	15.20%	16.70%
Discrete tax charges	$ 34.9
Non-cash deferred tax charge	25.1
Remaining tax expense	9.8
Deferred tax liability	19.3
Net tax benefit for the one-time transition			$ 3.1
Special gains and charges, recognized discrete tax expense (benefit), net,	53.3	$ 57.9	40.1
Recognized discrete tax expense (benefit), net	5.8	55.8	54.6
Excess tax benefits, share-based compensation	29.1	57.3	42.3
Effective Income Tax			15.6
Net discrete expense (benefit), prior year returns		11
Tax expense (benefit) due to issuance of final regulations governing taxation of foreign dividends			10.2
Tax expense (benefit) due to passage of tax reform.			30.4
Tax expense (benefit) due to audit settlements and statutes of limitations	9.8		13.8
Amount of adjustments recognized from filing prior year U.S. federal and state tax returns, used to derive net discrete tax benefit		11.3
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Additions based on tax positions related to the current year	3.8	3.3	2.1
Additions for tax positions of prior years	3		1
Current year acquisitions	4.4
Assumed in connection with acquisitions	4.4
Reductions for tax positions of prior years		(1.1)	(18.4)
Reductions for tax positions due to statute of limitations	(3)	(9.1)	(5.7)
Settlements	(3.7)		(0.6)
Foreign currency translation	(0.1)	0.6	(0.4)
Balance at end of year	25.1	20.7	27
Balance at beginning of year	20.7	27	49
Unrecognized tax benefits that would affect the annual effective tax rate	22.8	18.3	23.7
Interest and penalties on unrecognized tax benefits accrued during the period	(0.9)	2	1.9
Accrued interest, including minor amounts for penalties	$ 3.2	$ 4.1	$ 6.1

RENTALS AND LEASES - Lessee (De

RENTALS AND LEASES - Lessee (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RENTALS AND LEASES
Operating lease cost	$ 179.4	$ 183.8	$ 179.8

RENTALS AND LEASES - Future Mat

RENTALS AND LEASES - Future Maturity and Minimum Payments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating leases maturities:
2022	$ 138
2023	93
2024	64
2025	45
2026	29
Thereafter	81
Total lease payments	450
Less: imputed interest	52
Present value of lease liabilities	$ 398
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Operating Lease, Liability, Current, Operating Lease Liability Noncurrent, Excluded From Long-term Debt
Weighted-average remaining lease term - operating leases	5 years 11 months 26 days	5 years 6 months 7 days	5 years 9 months 29 days
Weighted-average discount rate - operating leases	3.07%	3.72%	4.00%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 157	$ 164.2	$ 159
Leased assets obtained in exchange for new operating lease liabilities	$ 116.8	$ 60.4	$ 116.5

RENTALS AND LEASES - Lessor (De

RENTALS AND LEASES - Lessor (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessor, Lease, Description [Line Items]
Property, plant and equipment, gross	$ 7,179.8	$ 6,781.4
Accumulated depreciation	3,891.3	3,656.5
Operating Leases, Income Statement, Lease Revenue
Operating lease revenue	412.5	356.3	$ 412.7
Operating Leases, Future Minimum Payments Receivable
2022	350
2023	253
2024	193
2025	119
2026	49
Thereafter	20
Total lease revenue	984
Operating Leases Recorded in Property, Plant and Equipment
Lessor, Lease, Description [Line Items]
Property, plant and equipment, gross	1,223.3	1,190.3
Accumulated depreciation	$ 767.3	$ 646.1

RESEARCH AND DEVELOPMENT EXPE_2

RESEARCH AND DEVELOPMENT EXPENDITURES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RESEARCH AND DEVELOPMENT EXPENDITURES
Research expenditures related to the development of new products and processes, including significant improvements and refinements to existing products	$ 186	$ 185	$ 190

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	12 Months Ended
	Dec. 31, 2021location
Environmental matters
Number of locations for environmental assessments and remediation	30

RETIREMENT PLANS - Information

RETIREMENT PLANS - Information Related to Pension and Postretirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Projected Benefit Obligation
Settlement expense	$ 37.2
Amounts recognized in Consolidated Balance Sheet:
Other assets	114.6	$ 33
Postretirement health care and pension benefits	(894.2)	(1,226.2)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Accumulated other comprehensive loss (income), net of tax	632.8	935.2
Change in Accumulated Other Comprehensive Loss (Income):
Other comprehensive loss (income)	(289.7)	78.1	$ 251.6
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	1,022.3	4,155.4
Accumulated benefit obligation	964.5	4,098.6
Fair value of plan assets	280.9	3,085.2
Discontinued Operations
Projected Benefit Obligation
Service cost (a)		2.5	7.8
Non-qualified plan
Projected Benefit Obligation
Projected benefit obligation, beginning of year	134
Projected benefit obligation, end of year	114	134
United States | Pension
Defined Benefit Plan Disclosure
Accumulated Benefit Obligation, end of year	2,462.7	2,728.4
Projected Benefit Obligation
Projected benefit obligation, beginning of year	2,728.4	2,562.5
Service cost (a)	43.9	68.4	72.8
Interest cost	51.4	70.3	89
Curtailments and settlements	(35.3)	(0.6)
Actuarial (gain) loss	(79.6)	241.8
Benefits paid	(246.1)	(214)
Projected benefit obligation, end of year	2,462.7	2,728.4	2,562.5
Plan Assets
Fair value of plan assets, beginning of year	2,372.9	2,292.9
Actual returns on plan assets	276.8	281.3
Company contributions	8.5	13.3
Curtailments and settlements	(35.3)	(0.6)
Benefits paid	(246.1)	(214)
Fair value of plan assets, end of year	2,376.8	2,372.9	2,292.9
Funded Status, end of year	(85.9)	(355.5)
Amounts recognized in Consolidated Balance Sheet:
Other assets	28.2
Other current liabilities	(14.8)	(14.7)
Postretirement health care and pension benefits	(99.3)	(340.8)
Net liability	(85.9)	(355.5)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Unrecognized net actuarial loss (gain)	396.8	691.3
Unrecognized net prior service costs (benefits)	(25.8)	(32.7)
Tax (benefit) expense	(95.3)	(165.1)
Accumulated other comprehensive loss (income), net of tax	275.7	493.5
Change in Accumulated Other Comprehensive Loss (Income):
Amortization of net actuarial (gain) loss	(56.2)	(51.8)
Amortization of prior service costs	6.9	7.4
Current period net actuarial loss (gain)	(203)	113.3
Curtailments and settlements	(35.3)	(2.7)
Tax (benefit) expense	69.8	(16)
Other comprehensive loss (income)	(217.8)	50.2
Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2021
Net actuarial loss (gain)	39.9
Net prior service costs (benefits)	(4.6)
Total	35.3
United States | U.S. Postretirement Health Care
Defined Benefit Plan Disclosure
Accumulated Benefit Obligation, end of year	155.4	172.4
Projected Benefit Obligation
Projected benefit obligation, beginning of year	172.4	165.7
Service cost (a)	1	1.2	1.4
Interest cost	2.9	4.4	5.6
Participant contributions	3.3	3.8
Actuarial (gain) loss	(12.1)	12.2
Benefits paid	(12.1)	(14.9)
Projected benefit obligation, end of year	155.4	172.4	165.7
Plan Assets
Fair value of plan assets, beginning of year	5.7	6.1
Actual returns on plan assets	0.6	0.8
Company contributions	11	13.7
Benefits paid	(12.1)	(14.9)
Fair value of plan assets, end of year	5.2	5.7	6.1
Funded Status, end of year	(150.2)	(166.7)
Amounts recognized in Consolidated Balance Sheet:
Other current liabilities	(5.5)	(5.5)
Postretirement health care and pension benefits	(144.7)	(161.2)
Net liability	(150.2)	(166.7)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Unrecognized net actuarial loss (gain)	(11.7)	1.3
Tax (benefit) expense	1.2	(2)
Accumulated other comprehensive loss (income), net of tax	(10.5)	(0.7)
Change in Accumulated Other Comprehensive Loss (Income):
Amortization of net actuarial (gain) loss	(0.7)	(0.1)
Amortization of prior service costs		11
Current period net actuarial loss (gain)	(12.3)	11.9
Tax (benefit) expense	3.2	(5.4)
Other comprehensive loss (income)	(9.8)	17.4
Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2021
Net actuarial loss (gain)	0.7
Total	0.7
International Pension | Pension
Defined Benefit Plan Disclosure
Accumulated Benefit Obligation, end of year	1,696.2	1,759.8
Projected Benefit Obligation
Projected benefit obligation, beginning of year	1,834.2	1,667.6
Service cost (a)	31.4	30.8	30.2
Interest cost	17.3	22.3	31.2
Participant contributions	2.9	2.6
Curtailments and settlements	(24.8)	(34.3)
Plan amendments	0.7	(1.7)
Actuarial (gain) loss	(25.3)	83.6
Assumed through acquisitions	34
Other events	4.3	0.3
Benefits paid	(43.7)	(39.6)
Foreign currency translation	(51.3)	102.6
Projected benefit obligation, end of year	1,779.7	1,834.2	1,667.6
Plan Assets
Fair value of plan assets, beginning of year	1,148	1,027.1
Actual returns on plan assets	107.5	87.7
Company contributions	40.7	41.3
Participant contributions	2.9	2.6
Acquired through acquisitions	12.9
Curtailments and settlements	(24.8)	(25.7)
Benefits paid	(43.7)	(39.6)
Foreign currency translation	(23.6)	54.6
Fair value of plan assets, end of year	1,219.9	1,148	$ 1,027.1
Funded Status, end of year	(559.8)	(686.2)
Amounts recognized in Consolidated Balance Sheet:
Other assets	86.5	37
Other current liabilities	(27)	(24)
Postretirement health care and pension benefits	(619.3)	(699.2)
Net liability	(559.8)	(686.2)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Unrecognized net actuarial loss (gain)	485.7	595.6
Unrecognized net prior service costs (benefits)	(0.2)	(1.2)
Tax (benefit) expense	(117.8)	(151.9)
Accumulated other comprehensive loss (income), net of tax	367.7	442.5
Change in Accumulated Other Comprehensive Loss (Income):
Amortization of net actuarial (gain) loss	(28.7)	(29.5)
Amortization of prior service costs	0.1	(0.2)
Current period net actuarial loss (gain)	(56.1)	66.4
Current period prior service costs	0.7	(1.7)
Curtailments and settlements	(3.5)	(2.2)
Tax (benefit) expense	25.4	(22.3)
Foreign currency translation	(12.7)	33.3
Other comprehensive loss (income)	(74.8)	$ 43.8
Estimated amounts in accumulated other comprehensive loss expected to be reclassified to net period cost during 2021
Net actuarial loss (gain)	24.1
Net prior service costs (benefits)	(0.2)
Total	$ 23.9

RETIREMENT PLANS (Details)

RETIREMENT PLANS (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other (income) expense
Other Pension Plan Information
Settlement expense before tax		$ 35.3
Settlement expense after tax		26.8
Curtailment and settlement expenses before tax			$ 0.4	$ 9.5
Curtailment and settlement expenses after tax			0.3	7.2
United States | Pension
Net periodic benefit costs
Service cost (a)		43.9	68.4	72.8
Interest cost on benefit obligation		51.4	70.3	89
Expected return on plan assets		(152.3)	(152.9)	(149.5)
Recognition of net actuarial (gain) loss		56.7	51.9	23.6
Amortization of prior service benefit		(6.9)	(7.4)	(11.5)
Curtailments and settlements (b)		35.3	2.5	9.1
Total expense (benefit)		28.1	32.8	33.5
Other Pension Plan Information
Contributions to plan	$ 120
United States | U.S. Postretirement Health Care
Net periodic benefit costs
Service cost (a)		1	1.2	1.4
Interest cost on benefit obligation		2.9	4.4	5.6
Expected return on plan assets		(0.4)	(0.4)	(0.4)
Recognition of net actuarial (gain) loss		0.7	0.1	(4.1)
Amortization of prior service benefit			(11)	(23.2)
Curtailments and settlements (b)				0.3
Total expense (benefit)		4.2	(5.7)	(20.4)
International Pension | Pension
Net periodic benefit costs
Service cost (a)		31.4	30.8	30.2
Interest cost on benefit obligation		17.3	22.3	31.2
Expected return on plan assets		(70.7)	(63.9)	(59.9)
Recognition of net actuarial (gain) loss		28.7	26.1	16.3
Amortization of prior service benefit		(0.1)	(0.1)	(0.9)
Curtailments and settlements (b)		3.5	2.2	(1.9)
Total expense (benefit)		$ 10.1	17.4	15
Discontinued Operations
Net periodic benefit costs
Service cost (a)			$ 2.5	$ 7.8

RETIREMENT PLANS - Assumption D

RETIREMENT PLANS - Assumption Details (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Assumed Health Care Cost Trend Rates
Postretirement benefit changes	$ (26.7)
United States | Corporate bonds | Minimum
Weighted-average actuarial assumptions used to determine net cost:
Maturity period of debt securities	6 months
United States | Corporate bonds | Maximum
Weighted-average actuarial assumptions used to determine net cost:
Maturity period of debt securities	30 years
United States | Pension
Weighted-average actuarial assumptions used to determine benefit obligations as of year end:
Discount rate (as a percent)	2.86%	2.48%	3.20%
Projected salary increase (as a percent)	4.03%	4.03%	4.03%
Weighted-average actuarial assumptions used to determine net cost:
Interest credit rate for cash balance plans	0.87%	1.81%
Discount rate (as a percent)	2.49%	3.20%	4.34%
Expected return on plan assets (as a percent)	7.00%	7.25%	7.25%
Projected salary increase (as a percent)	4.03%	4.03%	4.03%
United States | U.S. Postretirement Health Care
Weighted-average actuarial assumptions used to determine benefit obligations as of year end:
Discount rate (as a percent)	2.75%	2.37%	3.16%
Weighted-average actuarial assumptions used to determine net cost:
Discount rate (as a percent)	2.37%	3.16%	4.29%
Expected return on plan assets (as a percent)	7.00%	7.25%	7.25%
Defined Benefit Plan Assumed Health Care Cost Trend Rates
Annual rates of increase in the per capita cost of covered health care for pre-age 65 retirees (as a percent)	6.75%
Annual rates of increase in the per capita cost of covered health care for post-age 65 retirees (as a percent)	7.25%
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)	1.45%	1.13%	1.52%
Projected salary increase (as a percent)	2.42%	2.12%	2.50%
Weighted-average actuarial assumptions used to determine net cost:
Discount rate (as a percent)	1.37%	1.84%	2.66%
Expected return on plan assets (as a percent)	6.24%	6.24%	6.66%
Projected salary increase (as a percent)	2.31%	2.81%	2.70%
Defined Benefit Plan Assumed Health Care Cost Trend Rates
Plan amendments, decrease in benefit obligation	$ 0.7	$ (1.7)

RETIREMENT PLANS - Fair Value o

RETIREMENT PLANS - Fair Value of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension | United States
Defined Benefit Plan Disclosure
Total	$ 2,376.8	$ 2,372.9	$ 2,292.9
Pension | International Pension
Defined Benefit Plan Disclosure
Total investments at fair value	1,153.9	1,104
Investments measured at NAV	66	44
Total	1,219.9	1,148	$ 1,027.1
Pension | International Pension | Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	24.1	26.9
Total	24.1	26.9
Pension | International Pension | Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	1,129.8	1,077.1
Total	1,129.8	1,077.1
Pension | International Pension | Level 3
Defined Benefit Plan Disclosure
Total	0	0
Pension | International Pension | Cash
Defined Benefit Plan Disclosure
Total investments at fair value	7.2	11
Pension | International Pension | Cash | Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	7.2	11
Pension | International Pension | International equity
Defined Benefit Plan Disclosure
Total investments at fair value	490.1	467
Pension | International Pension | International equity | Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	490.1	467
Pension | International Pension | Corporate bonds
Defined Benefit Plan Disclosure
Total investments at fair value	229.7	227.7
Pension | International Pension | Corporate bonds | Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	9.7	9.1
Pension | International Pension | Corporate bonds | Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	220	218.6
Pension | International Pension | Government bonds
Defined Benefit Plan Disclosure
Total investments at fair value	305.7	248.7
Pension | International Pension | Government bonds | Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	7.2	6.8
Pension | International Pension | Government bonds | Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	298.5	241.9
Pension | International Pension | Insurance contracts
Defined Benefit Plan Disclosure
Total investments at fair value	121.2	149.6
Pension | International Pension | Insurance contracts | Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	121.2	149.6
U.S. Pension and Postretirement Health Care Benefits | United States
Defined Benefit Plan Disclosure
Total investments at fair value	1,794.7	1,711.8
Total	2,382	2,378.7
U.S. Pension and Postretirement Health Care Benefits | United States | Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	1,099.7	1,217.2
Total	1,099.7	1,217.2
U.S. Pension and Postretirement Health Care Benefits | United States | Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	695	494.6
Total	695	494.6
U.S. Pension and Postretirement Health Care Benefits | United States | Level 3
Defined Benefit Plan Disclosure
Total	0	0
U.S. Pension and Postretirement Health Care Benefits | United States | Cash
Defined Benefit Plan Disclosure
Total investments at fair value	43.6	38.3
U.S. Pension and Postretirement Health Care Benefits | United States | Cash | Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	43.6	38.3
U.S. Pension and Postretirement Health Care Benefits | United States | Large cap equity
Defined Benefit Plan Disclosure
Total investments at fair value	412.2	610
U.S. Pension and Postretirement Health Care Benefits | United States | Large cap equity | Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	412.2	610
U.S. Pension and Postretirement Health Care Benefits | United States | Small cap equity
Defined Benefit Plan Disclosure
Total investments at fair value	62	104.8
U.S. Pension and Postretirement Health Care Benefits | United States | Small cap equity | Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	21.3	36.5
U.S. Pension and Postretirement Health Care Benefits | United States | Small cap equity | Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	40.7	68.3
U.S. Pension and Postretirement Health Care Benefits | United States | International equity
Defined Benefit Plan Disclosure
Total investments at fair value	90.9	138.7
Investments measured at NAV	587.3	666.9
U.S. Pension and Postretirement Health Care Benefits | United States | International equity | Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	62.9	95.8
U.S. Pension and Postretirement Health Care Benefits | United States | International equity | Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	28	42.9
U.S. Pension and Postretirement Health Care Benefits | United States | Core fixed income
Defined Benefit Plan Disclosure
Total investments at fair value	1,100.4	688.1
U.S. Pension and Postretirement Health Care Benefits | United States | Core fixed income | Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	510.7	360.3
U.S. Pension and Postretirement Health Care Benefits | United States | Core fixed income | Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	589.7	327.8
U.S. Pension and Postretirement Health Care Benefits | United States | High-yield bonds
Defined Benefit Plan Disclosure
Total investments at fair value	49	76.3
U.S. Pension and Postretirement Health Care Benefits | United States | High-yield bonds | Level 1
Defined Benefit Plan Disclosure
Total investments at fair value	49	76.3
U.S. Pension and Postretirement Health Care Benefits | United States | Emerging markets
Defined Benefit Plan Disclosure
Total investments at fair value	36.6	55.6
U.S. Pension and Postretirement Health Care Benefits | United States | Emerging markets | Level 2
Defined Benefit Plan Disclosure
Total investments at fair value	$ 36.6	$ 55.6

RETIREMENT PLANS - Allocation P

RETIREMENT PLANS - Allocation Plan Assets (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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	40.00%	40.00%
Pension | International Pension | Corporate bonds
Asset allocation percentages
PERCENTAGE OF PLAN ASSETS	19.00%	20.00%
Pension | International Pension | Government bonds
Asset allocation percentages
PERCENTAGE OF PLAN ASSETS	25.00%	22.00%
Pension | International Pension | Total fixed income
Asset allocation percentages
PERCENTAGE OF PLAN ASSETS	44.00%	42.00%
Pension | International Pension | Insurance contracts
Asset allocation percentages
PERCENTAGE OF PLAN ASSETS	10.00%	14.00%
Pension | International Pension | Real estate
Asset allocation percentages
PERCENTAGE OF PLAN ASSETS	3.00%	1.00%
Pension | International Pension | Debt securities
Asset allocation percentages
PERCENTAGE OF PLAN ASSETS	2.00%	2.00%
U.S. Pension and Postretirement Health Care Benefits | United States
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 | United States | Cash
Asset allocation percentages
PERCENTAGE OF PLAN ASSETS	2.00%	2.00%
U.S. Pension and Postretirement Health Care Benefits | United States | Large cap equity
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	21.00%	27.00%
PERCENTAGE OF PLAN ASSETS	17.00%	26.00%
U.S. Pension and Postretirement Health Care Benefits | United States | Small cap equity
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	3.00%	4.00%
PERCENTAGE OF PLAN ASSETS	3.00%	4.00%
U.S. Pension and Postretirement Health Care Benefits | United States | International equity
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	10.00%	16.00%
PERCENTAGE OF PLAN ASSETS	10.00%	15.00%
U.S. Pension and Postretirement Health Care Benefits | United States | Core fixed income
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	48.00%	30.00%
PERCENTAGE OF PLAN ASSETS	46.00%	29.00%
U.S. Pension and Postretirement Health Care Benefits | United States | High-yield bonds
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	3.00%	4.00%
PERCENTAGE OF PLAN ASSETS	2.00%	3.00%
U.S. Pension and Postretirement Health Care Benefits | United States | Emerging markets
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	4.00%	2.00%
PERCENTAGE OF PLAN ASSETS	2.00%	2.00%
U.S. Pension and Postretirement Health Care Benefits | United States | Real estate
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	3.00%	6.00%
PERCENTAGE OF PLAN ASSETS	4.00%	7.00%
U.S. Pension and Postretirement Health Care Benefits | United States | PRIVATE EQUITY
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	5.00%	8.00%
PERCENTAGE OF PLAN ASSETS	11.00%	9.00%
U.S. Pension and Postretirement Health Care Benefits | United States | Distressed debt
Asset allocation percentages
TARGET ASSET ALLOCATION PERCENTAGE	3.00%	3.00%
PERCENTAGE OF PLAN ASSETS	3.00%	3.00%

RETIREMENT PLANS - Cash Flows (

RETIREMENT PLANS - Cash Flows (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2021
Estimate of benefits expected to be paid for company's pension and postretirement health care benefit plans:
Settlement charge		$ (37.2)
Pension | United States
Estimate of benefits expected to be paid for company's pension and postretirement health care benefit plans:
Contributions to plan	$ 120
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 2021		49
Pension | Non-qualified plan | United States
Estimate of benefits expected to be paid for company's pension and postretirement health care benefit plans:
Employer voluntary contribution to defined benefit plan		0
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:
2022		225
2023		234
2024		241
2025		248
2026		246
2027-2031		$ 1,208

RETIREMENT PLANS - Savings Plan

RETIREMENT PLANS - Savings Plan and ESOP (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Contribution Plan Disclosure [Line Items]
Percentage of matching contribution by company vested immediately	100.00%
Employer matching contribution expense	$ 78	$ 72	$ 76
Traditional Plan transferred assets		$ 1,710
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

REVENUES - Principal Activities (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of revenue
Lease billing suspension							$ 38
Net sales	$ 3,364.6	$ 3,320.8	$ 3,162.7	$ 2,885	$ 3,065.3	$ 3,018.6	$ 2,685.7	$ 3,020.6	$ 12,733.1	$ 11,790.2	$ 12,562
Product and sold equipment
Disaggregation of revenue
Net sales									10,153.3	9,466.6	10,129
Service and lease equipment
Disaggregation of revenue
Net sales									$ 2,579.8	$ 2,323.6	$ 2,433
Warewashing Products | Product concentration | Consolidated net sales
Disaggregation of revenue
Percentage of consolidated sales									10.00%	11.00%	13.00%
Corporate
Disaggregation of revenue
Net sales									$ 139.2	$ 100
Corporate | United States
Disaggregation of revenue
Net sales									98.2	75.2
Corporate | Europe
Disaggregation of revenue
Net sales									3.9	4.8
Corporate | Asia Pacific
Disaggregation of revenue
Net sales									5.5	2.8
Corporate | Latin America
Disaggregation of revenue
Net sales									24.6	13.1
Corporate | Greater China
Disaggregation of revenue
Net sales									2.3	0.9
Corporate | India, Middle East and Africa
Disaggregation of revenue
Net sales									3.4	2.5
Corporate | Canada
Disaggregation of revenue
Net sales									1.3	0.7
Corporate | Product and sold equipment
Disaggregation of revenue
Net sales									138	99.7
Corporate | Service and lease equipment
Disaggregation of revenue
Net sales									1.2	0.3
Global Industrial
Disaggregation of revenue
Net sales									6,237.8	5,870.8	$ 5,980.2
Global Industrial | United States
Disaggregation of revenue
Net sales									2,603	2,564.3	2,668.1
Global Industrial | Europe
Disaggregation of revenue
Net sales									1,367.1	1,262.6	1,204.2
Global Industrial | Asia Pacific
Disaggregation of revenue
Net sales									802.5	747.2	774.3
Global Industrial | Latin America
Disaggregation of revenue
Net sales									551.5	491.7	525.8
Global Industrial | Greater China
Disaggregation of revenue
Net sales									394.9	333	325.4
Global Industrial | India, Middle East and Africa
Disaggregation of revenue
Net sales									344.4	314.1	319
Global Industrial | Canada
Disaggregation of revenue
Net sales									174.4	157.9	163.4
Global Industrial | Product and sold equipment
Disaggregation of revenue
Net sales									5,372	5,052.3	5,174.1
Global Industrial | Service and lease equipment
Disaggregation of revenue
Net sales									865.8	818.5	806.1
Global Institutional and Specialty
Disaggregation of revenue
Net sales									3,955.9	3,553.2	4,401.5
Global Institutional and Specialty | United States
Disaggregation of revenue
Net sales									2,721.8	2,400.4	3,021.3
Global Institutional and Specialty | Europe
Disaggregation of revenue
Net sales									557.9	510.3	622.3
Global Institutional and Specialty | Asia Pacific
Disaggregation of revenue
Net sales									201.2	203.9	235.7
Global Institutional and Specialty | Latin America
Disaggregation of revenue
Net sales									135	128.3	162.2
Global Institutional and Specialty | Greater China
Disaggregation of revenue
Net sales									132.3	114.9	119.4
Global Institutional and Specialty | India, Middle East and Africa
Disaggregation of revenue
Net sales									44.2	39.8	52.2
Global Institutional and Specialty | Canada
Disaggregation of revenue
Net sales									163.5	155.6	188.4
Global Institutional and Specialty | Product and sold equipment
Disaggregation of revenue
Net sales									3,265.5	2,968.7	3,701.9
Global Institutional and Specialty | Service and lease equipment
Disaggregation of revenue
Net sales									690.4	584.5	699.6
Global Healthcare and Life Sciences
Disaggregation of revenue
Net sales									1,181.6	1,181.9	972.8
Global Healthcare and Life Sciences | United States
Disaggregation of revenue
Net sales									442.3	432.6	410.3
Global Healthcare and Life Sciences | Europe
Disaggregation of revenue
Net sales									647.2	643.6	513.8
Global Healthcare and Life Sciences | Asia Pacific
Disaggregation of revenue
Net sales									59.6	69.8	22.5
Global Healthcare and Life Sciences | Latin America
Disaggregation of revenue
Net sales									1.8	6.1	4.5
Global Healthcare and Life Sciences | Greater China
Disaggregation of revenue
Net sales									6.3	3.6	2
Global Healthcare and Life Sciences | India, Middle East and Africa
Disaggregation of revenue
Net sales									18.1	19.8	14.5
Global Healthcare and Life Sciences | Canada
Disaggregation of revenue
Net sales									6.3	6.4	5.2
Global Healthcare and Life Sciences | Product and sold equipment
Disaggregation of revenue
Net sales									1,068.9	1,071.4	890.6
Global Healthcare and Life Sciences | Service and lease equipment
Disaggregation of revenue
Net sales									112.7	110.5	82.2
Other
Disaggregation of revenue
Net sales									1,218.6	1,084.3	1,207.5
Other | United States
Disaggregation of revenue
Net sales									719.9	645.7	710.8
Other | Europe
Disaggregation of revenue
Net sales									264.9	228.8	268.4
Other | Asia Pacific
Disaggregation of revenue
Net sales									72.4	64.8	74.5
Other | Latin America
Disaggregation of revenue
Net sales									50.4	50.3	50.2
Other | Greater China
Disaggregation of revenue
Net sales									80	63.4	66.5
Other | India, Middle East and Africa
Disaggregation of revenue
Net sales									11.6	14.4	18
Other | Canada
Disaggregation of revenue
Net sales									19.4	16.9	19.1
Other | Product and sold equipment
Disaggregation of revenue
Net sales									308.9	274.5	362.4
Other | Service and lease equipment
Disaggregation of revenue
Net sales									$ 909.7	$ 809.8	$ 845.1

REVENUES - Contract Liability (

REVENUES - Contract Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Change in contract liability
Contract liability as of beginning of the year	$ 80.4	$ 76.7
Revenue recognized in the period from: Amounts included in the contract liability at the beginning of the period	(80.4)	(76.7)
Increases due to billings excluding amounts recognized as revenue during the period ended	91.6	79.8
Business combinations	0.1	0.6
Contract liability as of end of period	$ 91.7	$ 80.4

OPERATING SEGMENTS AND GEOGRA_3

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Details) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Financial information of reportable segments
Number of operating units | segment									11
Number of reportable segments | segment									3
Net sales	$ 3,364.6	$ 3,320.8	$ 3,162.7	$ 2,885	$ 3,065.3	$ 3,018.6	$ 2,685.7	$ 3,020.6	$ 12,733.1	$ 11,790.2	$ 12,562
Operating Income (Loss)	$ 387.7	$ 465.8	$ 447.8	$ 297.3	$ 416.1	$ 411.4	$ 192	$ 376.2	1,598.6	1,395.7	1,845.2
Valued at 2020 Management Rates
Financial information of reportable segments
Net sales											12,562
Operating Income (Loss)											1,845.2
Allocation | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales										11,790.2	14,906.3
Operating Income (Loss)										1,395.7	2,013.8
Allocation | Valued at 2019 Management Rates
Financial information of reportable segments
Net sales											14,906.3
Operating Income (Loss)											2,013.8
Allocation | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales										11,790.2
Operating Income (Loss)										1,395.7
Purchase Price Adjustments | Discontinued Operations and Related Allocation Charges
Financial information of reportable segments
Net sales											(2,344.3)
Operating Income (Loss)											(168.6)
Global Industrial
Financial information of reportable segments
Net sales									6,237.8	5,870.8	5,980.2
Global Institutional and Specialty
Financial information of reportable segments
Net sales									3,955.9	3,553.2	4,401.5
Global Healthcare and Life Sciences
Financial information of reportable segments
Net sales									1,181.6	1,181.9	972.8
Other
Financial information of reportable segments
Net sales									1,218.6	1,084.3	1,207.5
Operating segment | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales											12,597.4
Operating Income (Loss)											1,854.3
Operating segment | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales									12,844.8	12,122.3	12,803.2
Operating Income (Loss)									1,617.5	1,448.5	1,882.4
Operating segment | Allocation | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales										11,921.9	14,952.1
Operating Income (Loss)										1,419.5	2,023.6
Operating segment | Allocation | Valued at 2019 Management Rates
Financial information of reportable segments
Net sales											15,046.9
Operating Income (Loss)											2,034.2
Operating segment | Allocation | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales										12,122.3
Operating Income (Loss)										1,448.5
Operating segment | Purchase Price Adjustments | Changes in Currency Rates
Financial information of reportable segments
Net sales										200.4	(94.8)
Operating Income (Loss)										29	(10.6)
Operating segment | Purchase Price Adjustments | Discontinued Operations and Related Allocation Charges
Financial information of reportable segments
Net sales											(2,354.7)
Operating Income (Loss)											(169.3)
Operating segment | Global Industrial | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales											5,994.6
Operating Income (Loss)											902.7
Operating segment | Global Industrial | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales									6,304.9	6,048.2	6,087.9
Operating Income (Loss)									1,031	1,123.1	921.3
Operating segment | Global Industrial | Allocation | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales										5,959.9	5,996.4
Operating Income (Loss)										1,106	980.6
Operating segment | Global Industrial | Allocation | Valued at 2019 Management Rates
Financial information of reportable segments
Net sales											5,569.9
Operating Income (Loss)											854.7
Operating segment | Global Industrial | Allocation | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales										6,048.2
Operating Income (Loss)										1,123.1
Operating segment | Global Industrial | Purchase Price Adjustments | Changes in Currency Rates
Financial information of reportable segments
Net sales										92	(52.7)
Operating Income (Loss)										17.3	(7.5)
Operating segment | Global Industrial | Purchase Price Adjustments | Segment Changes
Financial information of reportable segments
Net sales										(3.7)	479.2
Operating Income (Loss)										(0.2)	133.4
Operating segment | Global Industrial | Purchase Price Adjustments | Discontinued Operations and Related Allocation Charges
Financial information of reportable segments
Net sales											(1.8)
Operating Income (Loss)											(77.9)
Operating segment | Global Institutional and Specialty | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales											4,412.1
Operating Income (Loss)											939.8
Operating segment | Global Institutional and Specialty | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales									3,978.2	3,629	4,477.2
Operating Income (Loss)									556.9	324	945.8
Operating segment | Global Institutional and Specialty | Allocation | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales										3,577.2	4,412.1
Operating Income (Loss)										321.9	947.3
Operating segment | Global Institutional and Specialty | Allocation | Valued at 2019 Management Rates
Financial information of reportable segments
Net sales											5,235.5
Operating Income (Loss)											1,042.2
Operating segment | Global Institutional and Specialty | Allocation | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales										3,629
Operating Income (Loss)										324
Operating segment | Global Institutional and Specialty | Purchase Price Adjustments | Changes in Currency Rates
Financial information of reportable segments
Net sales										42.5	(23.3)
Operating Income (Loss)										2.4	(1.5)
Operating segment | Global Institutional and Specialty | Purchase Price Adjustments | Segment Changes
Financial information of reportable segments
Net sales										9.3	(800.1)
Operating Income (Loss)										(0.3)	(93.4)
Operating segment | Global Institutional and Specialty | Purchase Price Adjustments | Discontinued Operations and Related Allocation Charges
Financial information of reportable segments
Operating Income (Loss)											(7.5)
Operating segment | Global Healthcare and Life Sciences | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales											979
Operating Income (Loss)											124.5
Operating segment | Global Healthcare and Life Sciences | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales									1,195.4	1,241.1	1,017.6
Operating Income (Loss)									160.9	218.3	129.2
Operating segment | Global Healthcare and Life Sciences | Allocation | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales										1,189.1	979
Operating Income (Loss)										207.6	135.1
Operating segment | Global Healthcare and Life Sciences | Allocation | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales										1,241.1
Operating Income (Loss)										218.3
Operating segment | Global Healthcare and Life Sciences | Purchase Price Adjustments | Changes in Currency Rates
Financial information of reportable segments
Net sales										48.3	(12.7)
Operating Income (Loss)										10	(1.6)
Operating segment | Global Healthcare and Life Sciences | Purchase Price Adjustments | Segment Changes
Financial information of reportable segments
Net sales										3.7	991.7
Operating Income (Loss)										0.7	136.7
Operating segment | Global Healthcare and Life Sciences | Purchase Price Adjustments | Discontinued Operations and Related Allocation Charges
Financial information of reportable segments
Operating Income (Loss)											(10.6)
Operating segment | Upstream Energy | Allocation | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales											2,352.9
Operating segment | Upstream Energy | Purchase Price Adjustments | Changes in Currency Rates
Financial information of reportable segments
Net sales											2.9
Operating segment | Upstream Energy | Purchase Price Adjustments | Segment Changes
Financial information of reportable segments
Net sales											2,350
Operating segment | Upstream Energy | Purchase Price Adjustments | Discontinued Operations and Related Allocation Charges
Financial information of reportable segments
Net sales											(2,352.9)
Operating segment | Global Energy | Allocation | Valued at 2019 Management Rates
Financial information of reportable segments
Net sales											3,334
Operating Income (Loss)											379.1
Operating segment | Global Energy | Purchase Price Adjustments | Segment Changes
Financial information of reportable segments
Net sales											(3,334)
Operating Income (Loss)											(379.1)
Operating segment | Other | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales											1,211.7
Operating Income (Loss)											167
Operating segment | Other | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales									1,226.9	1,103.4	1,220.5
Operating Income (Loss)									187.3	132.8	169.7
Operating segment | Other | Allocation | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales										1,093.3	1,211.7
Operating Income (Loss)										131.5	180.6
Operating segment | Other | Allocation | Valued at 2019 Management Rates
Financial information of reportable segments
Net sales											907.5
Operating Income (Loss)											167.3
Operating segment | Other | Allocation | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales										1,103.4
Operating Income (Loss)										132.8
Operating segment | Other | Purchase Price Adjustments | Changes in Currency Rates
Financial information of reportable segments
Net sales										19.4	(9)
Operating Income (Loss)										1.5	(0.9)
Operating segment | Other | Purchase Price Adjustments | Segment Changes
Financial information of reportable segments
Net sales										(9.3)	313.2
Operating Income (Loss)										(0.2)	14.2
Operating segment | Other | Purchase Price Adjustments | Discontinued Operations and Related Allocation Charges
Financial information of reportable segments
Operating Income (Loss)											(13.6)
Currency impact
Financial information of reportable segments
Net sales									(111.7)	(332.1)	(241.2)
Operating Income (Loss)									(18.9)	(52.8)	(37.2)
Currency impact | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales											(35.4)
Operating Income (Loss)											(9.1)
Currency impact | Allocation | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales										(131.7)	(45.8)
Operating Income (Loss)										(23.8)	(9.8)
Currency impact | Allocation | Valued at 2019 Management Rates
Financial information of reportable segments
Net sales											(140.6)
Operating Income (Loss)											(20.4)
Currency impact | Allocation | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales										(332.1)
Operating Income (Loss)										(52.8)
Currency impact | Purchase Price Adjustments | Changes in Currency Rates
Financial information of reportable segments
Net sales										(200.4)	94.8
Operating Income (Loss)										(29)	10.6
Currency impact | Purchase Price Adjustments | Discontinued Operations and Related Allocation Charges
Financial information of reportable segments
Net sales											10.4
Operating Income (Loss)											0.7
Corporate
Financial information of reportable segments
Net sales									139.2	100
Corporate | Valued at 2020 Management Rates
Financial information of reportable segments
Operating Income (Loss)											(279.7)
Corporate | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales									139.4	100.6
Operating Income (Loss)									$ (318.6)	(349.7)	(283.6)
Corporate | Allocation | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales										102.4
Operating Income (Loss)										(347.5)	(407.9)
Corporate | Allocation | Valued at 2019 Management Rates
Financial information of reportable segments
Operating Income (Loss)											(409.1)
Corporate | Allocation | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales										100.6
Operating Income (Loss)										(349.7)
Corporate | Purchase Price Adjustments | Changes in Currency Rates
Financial information of reportable segments
Net sales										(1.8)
Operating Income (Loss)										$ (2.2)	1.2
Corporate | Purchase Price Adjustments | Discontinued Operations and Related Allocation Charges
Financial information of reportable segments
Operating Income (Loss)											128.2
Corporate | Upstream Energy | Allocation | Valued at 2020 Management Rates
Financial information of reportable segments
Operating Income (Loss)											187.9
Corporate | Upstream Energy | Purchase Price Adjustments | Changes in Currency Rates
Financial information of reportable segments
Operating Income (Loss)											(0.3)
Corporate | Upstream Energy | Purchase Price Adjustments | Segment Changes
Financial information of reportable segments
Operating Income (Loss)											188.2
Corporate | Upstream Energy | Purchase Price Adjustments | Discontinued Operations and Related Allocation Charges
Financial information of reportable segments
Operating Income (Loss)											$ (187.9)

OPERATING SEGMENTS AND GEOGRA_4

OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Net Sales and Long-lived Assets by Geographic Region (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Financial information of operating segments
Long-Lived Assets, net	$ 3,685.2	$ 3,548.7
United States
Financial information of operating segments
Long-Lived Assets, net	2,416.4	2,375.2
Europe
Financial information of operating segments
Long-Lived Assets, net	580.7	523.7
Greater China
Financial information of operating segments
Long-Lived Assets, net	186.4	136.4
Asia Pacific.
Financial information of operating segments
Long-Lived Assets, net	237.1	245
Latin America
Financial information of operating segments
Long-Lived Assets, net	137.9	138.4
India, Middle East and Africa.
Financial information of operating segments
Long-Lived Assets, net	60.2	57.8
Canada
Financial information of operating segments
Long-Lived Assets, net	$ 66.5	$ 72.2

QUARTERLY FINANCIAL DATA (UNA_3

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net sales	$ 3,364.6	$ 3,320.8	$ 3,162.7	$ 2,885	$ 3,065.3	$ 3,018.6	$ 2,685.7	$ 3,020.6	$ 12,733.1	$ 11,790.2	$ 12,562
Cost of sales	2,043.1	2,016.7	1,844	1,712	1,780.3	1,769.6	1,635.7	1,720.2	7,615.8	6,905.8	7,045.8
Selling, general and administrative expenses	867.9	832	853.3	862.9	809.6	802.6	788.6	908.3	3,416.1	3,309.1	3,550.8
Special (gains) and charges	65.9	6.3	17.6	12.8	59.3	35	69.4	15.9	102.6	179.6	120.2
Operating Income	387.7	465.8	447.8	297.3	416.1	411.4	192	376.2	1,598.6	1,395.7	1,845.2
Other (income) expense (b)	(6.4)	(13)	2.5	(17)	(10.3)	(15.1)	(15.1)	(15.4)	(33.9)	(55.9)	(77)
Interest (income) expense, net	(44.6)	(76.4)	(45.6)	(51.7)	(48.4)	(134.8)	(58.7)	(48.3)	(218.3)	(290.2)	(190.7)
Income before income tax	349.5	402.4	399.7	262.6	378	291.7	148.4	343.3	1,414.2	1,161.4	1,731.5
Provision for income taxes	44.2	73.8	86.1	66.1	73.1	42.4	14.1	47	270.2	176.6	288.6
Net income from continuing operations including noncontrolling interest	305.3	328.6	313.6	196.5	304.9	249.3	134.3	296.3	1,144	984.8	1,442.9
Net income from continuing operations attributable to noncontrolling interest	4.3	4.1	2.8	2.9	4.6	3.1	5.4	4.3	14.1	17.4	17.3
Net income from continuing operations attributable to Ecolab	$ 301	$ 324.5	$ 310.8	$ 193.6	300.3	246.2	128.9	292	1,129.9	967.4	1,425.6
Net (loss) income from discontinued operations, net of tax							(2,163.9)	(8.6)		(2,172.5)	133.3
Net income (loss) attributable to Ecolab					$ 300.3	$ 246.2	$ (2,035)	$ 283.4	$ 1,129.9	$ (1,205.1)	$ 1,558.9
Basic EPS
Continuing operations					$ 1.05	$ 0.86	$ 0.45	$ 1.01	$ 3.95	$ 3.37	$ 4.95
Discontinued operations							(7.51)	(0.03)		(7.57)	0.46
Earnings attributable to Ecolab	$ 1.05	$ 1.13	$ 1.09	$ 0.68	1.05	0.86	(7.06)	0.98	3.95	(4.20)	5.41
Diluted EPS
Continuing operations					1.04	0.85	0.44	1	3.91	3.33	4.87
Discontinued operations							(7.42)	(0.03)		(7.48)	0.46
Earnings attributable to Ecolab	$ 1.04	$ 1.12	$ 1.08	$ 0.67	$ 1.04	$ 0.85	$ (6.98)	$ 0.97	$ 3.91	$ (4.15)	$ 5.33
Weighted-average common shares outstanding
Basic (in shares)	286.7	286.4	286	286	285.6	285.4	288.2	288.8	286.3	287	288.1
Diluted (in shares)	289.5	289.2	288.8	288.8	288.7	288.4	291.5	292.6	289.1	290.3	292.5
Net income (loss) from discontinued operations attributable to noncontrolling interest										$ 2.2
Cost of sales
Special (gains) and charges									$ 93.9	48.2	$ 38.5
Weighted-average common shares outstanding
Cost of sales, special charges	$ 17.7	$ 52.9	$ 3.7	$ 19.6	$ 2.6	$ 9.5	$ 27	$ 9.1
Other (income) expense
Special (gains) and charges	10.6	7	$ 19.6		$ 0.4				37.2	0.4	9.5
Interest expense
Special (gains) and charges									$ 33.1	$ 83.8	$ 0.2
Weighted-average common shares outstanding
Interest expense, special charges	$ 0.8	$ 32.3				$ 83.1	0.7
Net income attributable to noncontrolling interest
Weighted-average common shares outstanding
Net income (loss) attributable to noncontrolling interest, special charges							$ (0.3)	$ 2.5