Ecolab (ECL) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2022 shares
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-9328
Entity Registrant Name	ECOLAB INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0231510
Entity Address, Address Line One	1 Ecolab Place
Entity Address, City or Town	St. Paul
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55102
City Area Code	800
Local Phone Number	232-6522
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	284,828,060
Entity Central Index Key	0000031462
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
COMMON STOCK
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	ECL
Security Exchange Name	NYSE
2.625% Euro Notes due 2025
Title of 12(b) Security	2.625% Euro Notes due 2025
Trading Symbol	ECL 25
Security Exchange Name	NYSE
1.000% Euro Notes due 2024
Title of 12(b) Security	1.000% Euro Notes due 2024
Trading Symbol	ECL 24
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net sales	$ 3,669.3	$ 3,320.8	$ 10,516.6	$ 9,368.5
Cost of sales (including special (gains) and charges (a))	2,291.6	2,016.7	6,576.1	5,572.7
Selling, general and administrative expenses	876.9	832	2,731.7	2,548.2
Special (gains) and charges	17.8	6.3	45.5	36.7
Operating income	483	465.8	1,163.3	1,210.9
Other (income) expense (b)	5.7	(13)	(32.6)	(27.5)
Interest expense, net (c)	65.1	76.4	174.1	173.7
Income before income taxes	412.2	402.4	1,021.8	1,064.7
Provision for income taxes	60.2	73.8	182.4	226
Net income including noncontrolling interest	352	328.6	839.4	838.7
Net income attributable to noncontrolling interest	4.9	4.1	12.1	9.8
Net income attributable to Ecolab	$ 347.1	$ 324.5	$ 827.3	$ 828.9
Earnings attributable to Ecolab per common share
Basic (in dollars per share)	$ 1.22	$ 1.13	$ 2.90	$ 2.90
Diluted (in dollars per share)	$ 1.21	$ 1.12	$ 2.88	$ 2.87
Weighted-average common shares outstanding
Basic (in shares)	284.9	286.4	285.4	286.1
Diluted (in shares)	286.3	289.2	287	289
Product and equipment sales
Net sales	$ 2,963	$ 2,653.8	$ 8,473.9	$ 7,461.6
Cost of sales (including special (gains) and charges (a))	1,877.1	1,625.1	5,371.7	4,452.9
Service and lease sales
Net sales	706.3	667	2,042.7	1,906.9
Cost of sales (including special (gains) and charges (a))	$ 414.5	$ 391.6	$ 1,204.4	$ 1,119.8

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Special (gains) and charges	$ 17.8	$ 6.3	$ 45.5	$ 36.7
Cost of sales
Special (gains) and charges	7.1	52.9	61.7	76.2
Other (income) expense
Special (gains) and charges	24.8	7	24.8	26.6
Interest expense
Special (gains) and charges		32.3		32.3
Product and equipment, and service and lease | Cost of sales
Special (gains) and charges	$ 7.1	$ 52.9	$ 61.7	$ 76.2

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income including noncontrolling interest	$ 352	$ 328.6	$ 839.4	$ 838.7
Foreign currency translation adjustments
Foreign currency translation	(246.7)	(107.2)	(367.2)	60.9
Gain on net investment hedges	82.7	35.2	173	8.8
Total foreign currency translation adjustments	(164)	(72)	(194.2)	69.7
Derivatives and hedging instruments	11.6	15.3	13.1	16.7
Pension and postretirement benefits
Pension and postretirement benefits	(62.3)	33.4	(20.6)	172.7
Subtotal	(214.7)	(23.3)	(201.7)	259.1
Total comprehensive income, including noncontrolling interest	137.3	305.3	637.7	1,097.8
Comprehensive income attributable to noncontrolling interest	2.8	3.7	6.1	8
Comprehensive income attributable to Ecolab	$ 134.5	$ 301.6	$ 631.6	$ 1,089.8

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 112.9	$ 359.9
Accounts receivable, net	2,714.3	2,478.4
Inventories	1,802.7	1,491.8
Other current assets	469.4	357
Total current assets	5,099.3	4,687.1
Property, plant and equipment, net	3,260.9	3,288.5
Goodwill	7,741.4	8,063.9
Other intangible assets, net	3,915	4,224.1
Operating lease assets	427	396.8
Other assets	593.4	546
Total assets	21,037	21,206.4
Current liabilities
Short-term debt	497.9	411
Accounts payable	1,584.4	1,384.2
Compensation and benefits	434.2	509.5
Income taxes	110.4	104.3
Other current liabilities	1,145.4	1,144.2
Total current liabilities	3,772.3	3,553.2
Long-term debt	8,026.7	8,347.2
Postretirement health care and pension benefits	878	894.2
Deferred income taxes	577.1	622
Operating lease liabilities	317.5	282.6
Other liabilities	375.5	254.1
Total liabilities	13,947.1	13,953.3
Commitments and contingencies (Note 16)
Equity (a)
Common stock	364.6	364.1
Additional paid-in capital	6,551.8	6,464.6
Retained earnings	9,205.1	8,814.5
Accumulated other comprehensive loss	(1,830.5)	(1,634.8)
Treasury stock	(7,228.4)	(6,784.2)
Total Ecolab shareholders' equity	7,062.6	7,224.2
Noncontrolling interest	27.3	28.9
Total equity	7,089.9	7,253.1
Total liabilities and equity	$ 21,037	$ 21,206.4

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Common stock, shares authorized	800	800
Common stock, par value per share (in dollars per share)	$ 1	$ 1
Common stock, shares outstanding	284.8	286.9

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
OPERATING ACTIVITIES
Net income including noncontrolling interest	$ 839.4	$ 838.7
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	463.4	453.1
Amortization	238.8	174.4
Deferred income taxes	(106.6)	52.7
Share-based compensation expense	67.2	72.5
Pension and postretirement plan contributions	(51.8)	(51.3)
Pension and postretirement plan expense, net	20.5	29.9
Restructuring charges, net of cash paid	(17.8)	(35.1)
Debt refinancing		29.4
Other, net	13.2	19.7
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	(350.8)	(101)
Inventories	(385.7)	(79.8)
Other assets	(345)	(48.1)
Accounts payable	260.2	71.5
Other liabilities	284.2	(5.6)
Cash provided by operating activities	929.2	1,421
INVESTING ACTIVITIES
Capital expenditures	(510)	(423.8)
Property and other assets sold	1.4	12.3
Acquisitions and investments in affiliates, net of cash acquired	(7.2)	(209.9)
Other, net	9.4	(17.1)
Cash used for investing activities	(506.4)	(638.5)
FINANCING ACTIVITIES
Net issuances of commercial paper and notes payable	87.6	0.5
Long-term debt borrowings		293.7
Long-term debt repayments		(1,017.9)
Reacquired shares	(445.4)	(77.8)
Dividends paid	(445)	(426.5)
Exercise of employee stock options	20.8	94.3
Debt refinancing		(29.4)
Hedge settlements	109.6	9.4
Other, net	(3.2)	(5.6)
Cash used for financing activities	(675.6)	(1,159.3)
Effect of exchange rate changes on cash and cash equivalents	5.8	14.5
Decrease in cash and cash equivalents	(247)	(362.3)
Cash and cash equivalents, beginning of period	359.9	1,260.2
Cash and cash equivalents, end of period	$ 112.9	$ 897.9

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	TOTAL ECOLAB SHAREHOLDERS' EQUITY	COMMON STOCK	ADDITIONAL PAID-IN CAPITAL	RETAINED EARNINGS	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	TREASURY STOCK	NON-CONTROLLING INTEREST	Total
Balance at Dec. 31, 2020	$ 6,166.5	$ 362.6	$ 6,235	$ 8,243	$ (1,994.4)	$ (6,679.7)	$ 35	$ 6,201.5
Increase (Decrease) in Stockholders' Equity
Net income	828.9			828.9			9.8	838.7
Other comprehensive income (loss)	260.9				260.9		(1.8)	259.1
Cash dividends declared (a)	(412.1)			(412.1)			(14.7)	(426.8)
Stock options and awards	167.1	1.1	164.8			1.2		167.1
Reacquired shares	(77.8)					(77.8)		(77.8)
Balance at Sep. 30, 2021	6,933.5	363.7	6,399.8	8,659.8	(1,733.5)	(6,756.3)	28.3	6,961.8
Balance at Jun. 30, 2021	6,709.1	363.2	6,333.3	8,472.8	(1,710.6)	(6,749.6)	27.2	6,736.3
Increase (Decrease) in Stockholders' Equity
Net income	324.5			324.5			4.1	328.6
Other comprehensive income (loss)	(22.9)				(22.9)		(0.4)	(23.3)
Cash dividends declared (a)	(137.5)			(137.5)			(2.6)	(140.1)
Stock options and awards	67.4	0.5	66.5			0.4		67.4
Reacquired shares	(7.1)					(7.1)		(7.1)
Balance at Sep. 30, 2021	6,933.5	363.7	6,399.8	8,659.8	(1,733.5)	(6,756.3)	28.3	6,961.8
Balance at Dec. 31, 2021	7,224.2	364.1	6,464.6	8,814.5	(1,634.8)	(6,784.2)	28.9	7,253.1
Increase (Decrease) in Stockholders' Equity
Net income	827.3			827.3			12.1	839.4
Other comprehensive income (loss)	(195.7)				(195.7)		(6)	(201.7)
Cash dividends declared (a)	(436.7)			(436.7)			(8.3)	(445)
Fair value adjustment of prior acquisition							0.6	0.6
Stock options and awards	88.9	0.5	87.2			1.2		88.9
Reacquired shares	(445.4)					(445.4)		(445.4)
Balance at Sep. 30, 2022	7,062.6	364.6	6,551.8	9,205.1	(1,830.5)	(7,228.4)	27.3	7,089.9
Balance at Jun. 30, 2022	7,093.4	364.5	6,529.8	9,003.3	(1,617.9)	(7,186.3)	25	7,118.4
Increase (Decrease) in Stockholders' Equity
Net income	347.1			347.1			4.9	352
Other comprehensive income (loss)	(212.6)				(212.6)		(2.1)	(214.7)
Cash dividends declared (a)	(145.3)			(145.3)			(0.5)	(145.8)
Stock options and awards	22.6	0.1	22			0.5		22.6
Reacquired shares	(42.6)					(42.6)		(42.6)
Balance at Sep. 30, 2022	$ 7,062.6	$ 364.6	$ 6,551.8	$ 9,205.1	$ (1,830.5)	$ (7,228.4)	$ 27.3	$ 7,089.9

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF EQUITY
Dividends declared per common share (in dollars per share)	$ 0.51	$ 0.48	$ 1.53	$ 1.44

CONSOLIDATED FINANCIAL INFORMAT

CONSOLIDATED FINANCIAL INFORMATION	9 Months Ended
	Sep. 30, 2022
CONSOLIDATED FINANCIAL INFORMATION
CONSOLIDATED FINANCIAL INFORMATION	1. CONSOLIDATED FINANCIAL INFORMATION ​ The unaudited consolidated financial information for the third quarter ended September 30, 2022 and 2021 reflects, in the opinion of management, all adjustments necessary for a fair statement of the financial position, results of operations, comprehensive income, equity and cash flows of Ecolab Inc. ("Ecolab" or "the Company") for the interim periods presented. Any adjustments consist of normal recurring items. ​ 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. ​ The financial results for any interim period are not necessarily indicative of results for the full year. The consolidated balance sheet data as of December 31, 2021 was derived from the audited consolidated financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited consolidated financial information should be read in conjunction with the consolidated financial statements and notes thereto incorporated in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”) on February 25, 2022. ​ With respect to the unaudited financial information of the Company for the third quarter ended September 30, 2022 and 2021 included in this Form 10-Q, PricewaterhouseCoopers LLP reported that they have applied limited procedures in accordance with professional standards for a review of such information. Their separate report dated November 4, 2022 appearing herein states that they did not audit and they do not express an opinion on that unaudited financial information. Accordingly, the degree of reliance on their report on such information should be restricted in light of the limited nature of the review procedures applied. PricewaterhouseCoopers LLP is not subject to the liability provisions of Section 11 of the Securities Act of 1933, as amended (the "Act"), for their report on the unaudited financial information because that report is not a "report" or a "part" of a registration statement prepared or certified by PricewaterhouseCoopers LLP within the meaning of Sections 7 and 11 of the Act. ​

SPECIAL (GAINS) AND CHARGES

SPECIAL (GAINS) AND CHARGES	9 Months Ended
	Sep. 30, 2022
SPECIAL (GAINS) AND CHARGES
SPECIAL (GAINS) AND CHARGES	2. SPECIAL (GAINS) AND CHARGES ​ Special (gains) and charges reported on the Consolidated Statements of Income include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions) 2022 ​ 2021 2022 ​ 2021 ​ Cost of sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restructuring activities ​ ​ $2.1 ​ ​ ​ $2.2 ​ ​ $5.5 ​ ​ $24.1 ​ Acquisition and integration activities ​ ​ 4.2 ​ ​ ​ - ​ ​ 32.7 ​ ​ ​ - ​ COVID-19 activities, net ​ ​ - ​ ​ ​ 50.7 ​ ​ 16.3 ​ ​ ​ 51.8 ​ Russia/Ukraine activities ​ ​ 0.8 ​ ​ ​ - ​ ​ 7.2 ​ ​ ​ - ​ Other ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 0.3 ​ Cost of sales subtotal ​ ​ 7.1 ​ ​ ​ 52.9 ​ ​ 61.7 ​ ​ 76.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Special (gains) and charges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restructuring activities ​ ​ (0.3) ​ ​ ​ 0.4 ​ ​ 0.8 ​ ​ 6.5 ​ Acquisition and integration activities ​ ​ 4.1 ​ ​ ​ 0.8 ​ ​ 15.0 ​ ​ ​ 3.3 ​ COVID-19 activities, net ​ ​ 2.5 ​ ​ ​ 1.5 ​ ​ 7.1 ​ ​ 16.2 ​ Russia/Ukraine activities ​ ​ - ​ ​ ​ - ​ ​ 5.9 ​ ​ ​ - ​ Other ​ ​ 11.5 ​ ​ ​ 3.6 ​ ​ 16.7 ​ ​ 10.7 ​ Special (gains) and charges subtotal ​ ​ 17.8 ​ ​ ​ 6.3 ​ ​ 45.5 ​ ​ 36.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income subtotal ​ ​ 24.9 ​ ​ ​ 59.2 ​ ​ 107.2 ​ ​ ​ 112.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other (income) expense ​ ​ 24.8 ​ ​ ​ 7.0 ​ ​ 24.8 ​ ​ ​ 26.6 ​ Interest expense, net ​ ​ - ​ ​ ​ 32.3 ​ ​ - ​ ​ ​ 32.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total special (gains) and charges ​ ​ $49.7 ​ ​ ​ $98.5 ​ ​ $132.0 ​ ​ ​ $171.8 ​ ​ 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 relate to the Institutional Advancement Program, Accelerate 2020 and other immaterial restructuring programs which are described below. These activities have been included as a component of cost of sales and special (gains) and charges on the Consolidated Statements of Income. Restructuring liabilities have been classified as a component of other current and other noncurrent liabilities on the Consolidated Balance Sheets. ​ Institutional Advancement Program ​ The Company approved a restructuring plan in 2020 focused on the Institutional business (“the Institutional Plan”) which is intended to enhance the Company’s Institutional sales and service structure and allow the sales team to capture share and penetration while maximizing service effectiveness by leveraging the Company’s ongoing investments in digital technology. In February 2021, the Company expanded the Institutional Plan, and expect that these restructuring charges will be completed by 2023, with total anticipated costs of $70 million ( $55 million after tax). The remaining costs are expected to be primarily cash expenditures for severance and non-cash 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 the third quarter of 2022 and 2021, the Company recorded restructuring charges of $1.8 million ( $1.3 million after tax) and $1.4 million ( $1.4 million after tax), respectively, and in the first nine months of 2022 and 2021 $3.9 million ( $2.9 million after tax) and $9.5 million ( $7.5 million after tax), respectively, primarily related to severance, disposals of equipment and office closures. The Company has recorded $51.7 million ( $39.5 million after tax) of cumulative restructuring charges under the Institutional Plan. The liability related to the Institutional Plan was $2.2 million as of September 30, 2022 and is expected to be paid over a period of a few months to several quarters and will continue to be funded from operating activities. ​ ​ Restructuring activity related to the Institutional Plan since inception of the underlying actions includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ ​ ​ ​ ​ ​ (millions) Costs Disposals Other Total 2020-2021 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense (income) and accrual ​ ​ $23.8 ​ ​ ​ $8.5 ​ ​ ​ $15.5 ​ ​ ​ $47.8 ​ Net cash payments ​ (19.9) ​ ​ ​ - ​ ​ ​ (14.3) ​ ​ ​ (34.2) ​ Non-cash net charges ​ - ​ ​ ​ (8.5) ​ ​ ​ - ​ ​ ​ (8.5) ​ Restructuring liability, December 31, 2021 ​ 3.9 ​ ​ ​ - ​ ​ ​ 1.2 ​ ​ ​ 5.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense (income) and accrual 0.4 ​ ​ ​ 2.9 ​ ​ ​ 0.6 ​ ​ 3.9 ​ Net cash payments (3.6) ​ ​ ​ - ​ ​ ​ (0.3) ​ ​ (3.9) ​ Non-cash net charges - ​ ​ ​ (2.9) ​ ​ ​ - ​ ​ (2.9) ​ Restructuring liability, September 30, 2022 ​ ​ $0.7 ​ ​ ​ $- ​ ​ ​ $1.5 ​ ​ ​ $2.2 ​ ​ Accelerate 2020 ​ During 2018, the Company formally commenced a restructuring plan Accelerate 2020 (“the Plan”), to leverage technology and system investments and organizational changes. The goals of the Plan are to further simplify and automate processes and tasks, reduce complexity and management layers, consolidate facilities and focus on key long-term growth areas by further leveraging technology and structural improvements. During 2020, the Company expanded the Plan for additional costs and savings to further leverage the technology and structural improvements. Following the establishment of the separate Institutional Plan, the Company expects that the restructuring activities will be completed by the end of 2022, with total anticipated costs of $255 million ( $195 million after tax). 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 (gains) of ($0.6) million ( $0.3 million after tax) and $1.5 million ( $1.2 million after tax) in the third quarter of 2022 and 2021, respectively, and ($0.2 ) million ( $0.1 million after tax) and $2.9 million ( $2.8 million after tax) in the first nine months of 2022 and 2021, respectively. The liability related to the Plan was $15.5 million as of the end of the third quarter of 2022. The Company has recorded $244.3 million ( $189.9 million after tax) of cumulative restructuring charges under the Plan. The remaining liability is expected to be paid over a period of several quarters and will continue to be funded from operating activities. ​ Restructuring activity related to the Accelerate 2020 Plan since inception of the underlying actions includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ ​ ​ ​ ​ ​ (millions) Costs Disposals Other Total 2018-2021 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense (income) and accrual ​ ​ $216.3 ​ ​ ​ $8.3 ​ ​ ​ $19.9 ​ ​ ​ $244.5 ​ Net cash payments ​ (183.4) ​ ​ ​ 1.2 ​ ​ ​ (17.2) ​ ​ (199.4) ​ Non-cash charges ​ - ​ ​ ​ (9.5) ​ ​ ​ (2.0) ​ ​ (11.5) ​ Effect of foreign currency translation ​ (0.9) ​ ​ ​ - ​ ​ ​ - ​ ​ (0.9) ​ Restructuring liability, December 31, 2021 ​ ​ 32.0 ​ ​ ​ - ​ ​ ​ 0.7 ​ ​ ​ 32.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense (income) and accrual ​ ​ (1.3) ​ ​ ​ - ​ ​ ​ 1.1 ​ ​ ​ (0.2) ​ Net cash payments ​ (15.3) ​ ​ ​ - ​ ​ ​ (1.7) ​ ​ ​ (17.0) ​ Restructuring liability, September 30, 2022 ​ ​ $15.4 ​ ​ ​ $- ​ ​ ​ $0.1 ​ ​ ​ $15.5 ​ ​ Other Restructuring Activities ​ During the third quarter of 2022 and 2021, the Company recorded restructuring charges (gains) of $0.6 million ( $0.5 million after tax) and ($0.3) million ( $0.5 million after tax), respectively, and during the first nine months of 2022 and 2021 $2.6 million ( $2.0 million after tax) and $18.2 million ( $16.9 million after tax), respectively, related to other immaterial restructuring activity. The charges are primarily related to severance and asset write-offs. ​ The restructuring liability balance for all plans other than the Accelerate 2020 and Institutional Plan were $4.0 million and $4.6 million as of September 30, 2022 and December 31, 2021, respectively. The remaining liability is expected to be paid over a period of a few months to several quarters and will continue to be funded from operating activities. ​ Cash payments during 2022 related to all other restructuring plans excluding the Accelerate 2020 and Institutional Plan were $3.2 million. ​ ​ Subsequent event ​ In November 2022, the Company announced a Europe cost savings program (the “Europe Program”) targeting $80 million of annualized pre-tax savings after completion of the program. In connection with these actions, the Company expects to incur pre-tax charges of $130 million ( $110 million after tax), beginning with approximately $60 million of pre-tax charges in the fourth quarter of 2022. The Europe Program charges are expected to be primarily cash expenditures related to severance and asset disposals. ​ Acquisition and integration related costs ​ Acquisition and integration related costs reported in product and equipment cost of sales on the Consolidated Statements of Income in the third quarter and first nine months of 2022 include $4.2 million ( $3.9 million after tax) and $32.7 million ( $25.8 million after tax), respectively, related primarily to the recognition of fair value step-up in the Purolite Corporation (“Purolite”) inventory and other integration costs. ​ Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income include $4.1 million ( $3.9 million after tax) and $0.8 million ( $0.8 million after tax) during the third quarter of 2022 and 2021, respectively and $15.0 million ( $11.9 million after tax) and $3.3 million ( $2.9 million after tax) during the first nine months of 2022 and 2021, respectively. Charges are related to the Purolite, Copal Invest NV, including its primary operating entity CID Lines (collectively, “CID Lines”), and Bioquell PLC (“Bioquell”) acquisitions and consist of integration costs, advisory and legal fees. ​ Further information related to the Company’s acquisitions is included in Note 3. ​ COVID-19 activities ​ The Company recorded charges of $1.3 million and $2.6 million during the third quarter of 2022 and 2021, respectively, and $1.3 million and $12.6 million during the first nine months of 2022 and 2021, respectively, to protect the wages of certain employees directly impacted by the COVID-19 pandemic. The Company recorded charges of $1.6 million and $3.1 million related to employee COVID-19 testing and related expenses during the third quarter of 2022 and 2021, respectively, and $7.7 million and $11.5 million during the first nine months of 2022 and 2021, respectively. In addition, the Company received immaterial amounts of subsidies and government assistance, which were recorded in special (gains) and charges in the first nine months of both 2022 and 2021. The Company recorded $15.0 million in inventory reserves related to excess sanitizer inventory and estimated disposal costs during the first quarter of 2022. COVID-19 pandemic charges are recorded in product and equipment cost of sales and special (gains) and charges on the Consolidated Statements of Income. After tax net charges related to the COVID-19 pandemic were $2.1 million and $40.6 million during the third quarter of 2022 and 2021, respectively, and $17.9 million and $51.9 million during the first nine months of 2022 and 2021, respectively. ​ Russia/Ukraine activities ​ In light of Russia’s invasion of Ukraine and the sanctions against Russia by the United States and other countries, the Company has made the determination that it will limit its Russian business to operations that are essential to life, providing minimal support for its healthcare, life sciences, food and beverage and certain water businesses. The Company recorded charges of $0.8 million ( $0.7 million after tax) and charges of $13.1 million ( $14.0 million after tax) in the third quarter and first nine months of 2022, respectively, primarily related to recoverability risk of certain assets in both Russia and Ukraine. ​ Other operating activities ​ Other special charges of $11.5 million ( $8.7 million after tax) and $16.7 million ( $12.6 million after tax) recorded in the third quarter and first nine months of 2022, respectively, relate primarily to certain legal charges, which are recorded in special (gains) and charges on the Consolidated Statements of Income. ​ Other special charges of $3.6 million ( $2.7 million after tax) and $10.7 million ( $8.3 million after tax) recorded in the third quarter and first nine months of 2021, respectively, related to certain legal charges in addition to tax consulting fees associated with the ChampionX separation, which are recorded in special (gains) and charges and product and equipment cost of sales on the Consolidated Statements of Income. ​ Other (income) expense ​ The Company incurred settlement expense recorded in other expense (income) on the Consolidated Statements of Income of $24.8 million ( $18.8 million after tax) and $7.0 million ( $5.3 million after tax) during the third quarter of 2022 and 2021, respectively, and $24.8 million ( $18.8 million after tax) and $26.6 million ( $20.2 million after tax) during the first nine months of 2022 and 2021, respectively. Expenses are related to U.S. pension plan lump-sum payments to retirees. ​ Interest expense ​ Other special charges of $32.3 million ( $28.4 million after tax) in the third quarter of 2021 in interest expense on the Consolidated Statement of Income primarily related to debt refinancing charges. ​

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	9 Months Ended
	Sep. 30, 2022
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS	3. 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 dates. The purchase price allocation is based on estimates of the fair value of assets acquired, liabilities assumed and consideration exchanged. Purchase consideration is reduced by the amount of cash or cash equivalents acquired. No acquisitions occurred during the first nine months of 2022 and acquisitions during the first nine months of 2021 were not significant to the Company’s consolidated financial statements; therefore, pro forma financial information is not presented. ​ During the third quarter of 2021, the Company acquired National Wiper Alliance, Inc. (“NWA”), a U.S.-based business which sells wipes for healthcare and institutional applications. NWA became part of the Global Healthcare & Life Sciences reporting segment. Purchase accounting for the NWA acquisition was finalized in the third quarter of 2022. The goodwill related to the acquisition of NWA is tax deductible. ​ During the first quarter of 2021, 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. Purchase accounting for the VanBaerle acquisition was finalized in the fourth quarter of 2021. The goodwill related to the acquisition of VanBaerle is not tax deductible. ​ Also, during the first quarter of 2021, the Company acquired TechTex Holdings Limited (“TechTex”), a U.K.-based business which sells wipes and other nonwovens products primarily for life sciences and healthcare applications. TechTex became part of the Global Healthcare & Life Sciences reporting segment. Purchase accounting for the TechTex acquisition was finalized in the first quarter of 2022. The goodwill related to the acquisition of TechTex is not tax deductible. ​ There were no acquisitions during the third quarter of 2022 or 2021. The following table summarizes the acquisition date fair value of net assets acquired from the Company’s acquisitions during the first nine months of 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ September 30 ​ September 30 (millions) 2022 ​ 2021 2022 ​ 2021 Net tangible assets (liabilities) acquired ​ ​ $- ​ ​ ​ $14.8 ​ ​ ​ $- ​ ​ ​ $12.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identifiable intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ - ​ ​ ​ 41.0 ​ ​ - ​ ​ ​ 72.1 ​ Trademarks ​ - ​ ​ ​ 1.1 ​ ​ - ​ ​ ​ 4.7 ​ Non-compete agreements ​ - ​ ​ ​ 3.0 ​ ​ - ​ ​ ​ 3.0 ​ Other technology ​ ​ - ​ ​ ​ - ​ ​ ​ - ​ ​ ​ 1.5 ​ Total intangible assets ​ - ​ ​ ​ 45.1 ​ ​ - ​ ​ ​ 81.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ - ​ ​ ​ 60.2 ​ ​ - ​ ​ ​ 119.2 ​ Total aggregate purchase price ​ - ​ ​ ​ 120.1 ​ ​ - ​ ​ ​ 212.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition-related liabilities and contingent consideration (a) ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ (4.4) ​ Net cash paid for acquisitions, including acquisition-related ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ liabilities and contingent consideration ​ ​ $- ​ ​ ​ $120.1 ​ ​ ​ $- ​ ​ ​ $208.5 ​ ​ (a) Subsequent to the acquisitions, $1.4 in contingent consideration was remitted to the seller during the first nine months of 2021 and is included in investing activities on the Consolidated Statements of Cash Flows. ​ During the first nine months of 2022, the Company recorded purchase accounting adjustments associated with the finalization of the purchase accounting for its acquisition of TechTex and NWA, as well as continued adjustment of its second half 2021 acquisitions of EPN Water Col, Ltd (“EPN”) and Purolite. The purchase accounting of EPN and Purolite has not been finalized; purchase accounting will be finalized in the fourth quarter of 2022. As a result of these purchase accounting adjustments, the Company made $7.2 million of acquisition-related payments, acquisition related net tangible assets increased by $5.4 million, definite-lived intangible assets decreased by $5.6 million, and goodwill increased by $7.4 million. ​ During the third quarter of 2021, the Company recorded purchase accounting adjustments associated with the finalization of the purchase accounting on its 2020 acquisitions. As a result of these purchase accounting adjustments, the acquisition related liabilities and goodwill recognized from those acquisition decreased by $0.9 million. ​ No intangible assets were acquired during the first nine months of 2022. The weighted average useful life of identifiable intangible assets acquired during the first nine months of 2021 was 14 years .

BALANCE SHEETS INFORMATION

BALANCE SHEETS INFORMATION	9 Months Ended
	Sep. 30, 2022
BALANCE SHEETS INFORMATION
BALANCE SHEETS INFORMATION	4. BALANCE SHEETS INFORMATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ December 31 (millions) 2022 ​ 2021 Accounts receivable, net ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ ​ $2,820.3 ​ ​ ​ $2,549.9 ​ Allowance for expected credit losses and other accruals ​ ​ (106.0) ​ ​ ​ (71.5) ​ Total ​ ​ $2,714.3 ​ ​ ​ $2,478.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventories ​ ​ ​ ​ ​ ​ ​ ​ Finished goods ​ ​ $1,079.4 ​ ​ ​ $1,010.6 ​ Raw materials and parts ​ ​ 853.5 ​ ​ ​ 596.1 ​ Inventories at FIFO cost ​ ​ 1,932.9 ​ ​ ​ 1,606.7 ​ FIFO cost to LIFO cost difference ​ ​ (130.2) ​ ​ ​ (114.9) ​ Total ​ ​ $1,802.7 ​ ​ ​ $1,491.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other current assets ​ ​ ​ ​ ​ ​ ​ ​ Prepaid assets ​ ​ $129.3 ​ ​ ​ $121.2 ​ Taxes receivable ​ ​ 166.1 ​ ​ ​ 151.3 ​ Derivative assets ​ ​ 121.2 ​ ​ ​ 61.4 ​ Other ​ ​ 52.8 ​ ​ ​ 23.1 ​ Total ​ ​ $469.4 ​ ​ ​ $357.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net ​ ​ ​ ​ ​ ​ ​ ​ Land ​ ​ $160.5 ​ ​ ​ $159.2 ​ Buildings and leasehold improvements ​ ​ 1,122.0 ​ ​ ​ 1,134.1 ​ Machinery and equipment ​ ​ 1,955.9 ​ ​ ​ 1,968.7 ​ Merchandising and customer equipment ​ ​ 2,718.1 ​ ​ ​ 2,708.2 ​ Capitalized software ​ ​ 960.3 ​ ​ ​ 884.6 ​ Construction in progress ​ ​ 360.8 ​ ​ ​ 325.0 ​ ​ ​ ​ 7,277.6 ​ ​ ​ 7,179.8 ​ Accumulated depreciation ​ ​ (4,016.7) ​ ​ ​ (3,891.3) ​ Total ​ ​ $3,260.9 ​ ​ ​ $3,288.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other intangible assets, net ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets not subject to amortization ​ ​ ​ ​ ​ ​ ​ ​ Trade names ​ ​ $1,230.0 ​ ​ ​ $1,230.0 ​ Intangible assets subject to amortization ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ ​ 3,301.6 ​ ​ ​ 3,444.6 ​ Trademarks ​ ​ 550.5 ​ ​ ​ 561.1 ​ Patents ​ ​ 500.5 ​ ​ ​ 496.3 ​ Other technology ​ ​ 519.8 ​ ​ ​ 527.2 ​ ​ ​ ​ 4,872.4 ​ ​ ​ 5,029.2 ​ Accumulated amortization ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ ​ (1,523.7) ​ ​ ​ (1,440.9) ​ Trademarks ​ ​ (194.2) ​ ​ ​ (170.3) ​ Patents ​ ​ (291.9) ​ ​ ​ (269.3) ​ Other technology ​ ​ (177.6) ​ ​ ​ (154.6) ​ ​ ​ ​ (2,187.4) ​ ​ ​ (2,035.1) ​ Net intangible assets subject to amortization ​ ​ 2,685.0 ​ ​ ​ 2,994.1 ​ Total ​ ​ $3,915.0 ​ ​ ​ $4,224.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes ​ ​ $115.9 ​ ​ ​ $120.6 ​ Pension ​ ​ 92.2 ​ ​ ​ 114.6 ​ Derivative asset ​ ​ 114.2 ​ ​ ​ 29.4 ​ Other ​ ​ 271.1 ​ ​ ​ 281.4 ​ Total ​ ​ $593.4 ​ ​ ​ $546.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ December 31 (millions) 2022 ​ 2021 Other current liabilities ​ ​ ​ ​ ​ ​ ​ ​ Discounts and rebates ​ ​ $356.5 ​ ​ ​ $341.1 ​ Dividends payable ​ ​ 145.3 ​ ​ ​ 146.3 ​ Interest payable ​ ​ 54.0 ​ ​ ​ 47.7 ​ Taxes payable, other than income ​ ​ 149.1 ​ ​ ​ 154.2 ​ Derivative liability ​ ​ 3.3 ​ ​ ​ - ​ Restructuring ​ ​ 18.6 ​ ​ ​ 39.1 ​ Contract liability ​ ​ 109.1 ​ ​ ​ 91.7 ​ Operating lease liabilities ​ ​ 108.6 ​ ​ ​ 115.1 ​ Other ​ ​ 200.9 ​ ​ ​ 209.0 ​ Total ​ ​ $1,145.4 ​ ​ ​ $1,144.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on derivative financial instruments, net of tax ​ ​ $18.0 ​ ​ ​ $4.9 ​ Unrecognized pension and postretirement benefit expense, net of tax ​ ​ (653.4) ​ ​ ​ (632.8) ​ Cumulative translation, net of tax ​ ​ (1,195.1) ​ ​ ​ (1,006.9) ​ Total ​ ​ ($1,830.5) ​ ​ ​ ($1,634.8) ​ ​

DEBT AND INTEREST

DEBT AND INTEREST	9 Months Ended
	Sep. 30, 2022
DEBT AND INTEREST
DEBT AND INTEREST	5. DEBT AND INTEREST ​ Short-term Debt ​ The following table provides the components of the Company’s short-term debt obligations as of September 30, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ December 31 (millions) 2022 ​ 2021 Short-term debt ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ $485.0 ​ ​ ​ $400.0 ​ Notes payable ​ ​ 10.3 ​ ​ ​ 8.5 ​ Long-term debt, current maturities ​ ​ 2.6 ​ ​ ​ 2.5 ​ Total ​ ​ $497.9 ​ ​ ​ $411.0 ​ ​ Lines of Credit ​ As of September 30, 2022, the Company has a $2.0 billion multi-year revolving credit facility which expires in April 2026. The credit facility has been established with a diverse syndicate of banks and supports the Company’s U.S. and Euro commercial paper programs. There were no borrowings under the Company’s credit facility as of either September 30, 2022 or December 31, 2021. ​ 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 $485.0 million and $400.0 million outstanding commercial paper under its U.S. program as of September 30, 2022 and December 31, 2021, respectively. ​ Notes Payable ​ The Company’s notes payable consists of uncommitted credit lines with major international banks and financial institutions, primarily to support global cash pooling structures. As of September 30, 2022 and December 31, 2021, the Company had $10.3 million and $8.5 million, respectively, outstanding under these credit lines. ​ Long-term Debt ​ The following table provides the components of the Company’s long-term debt obligations, including current maturities, as of September 30, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ September 30 ​ December 31 (millions) ​ by Year ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public notes (2022 principal amount) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Two year 2021 senior notes ( $500 million) ​ 2023 ​ ​ $498.3 ​ ​ ​ $497.2 ​ Seven year 2016 senior notes ( €575 million) ​ 2024 ​ ​ 576.4 ​ ​ ​ 649.3 ​ Ten year 2015 senior notes ( €575 million) ​ 2025 ​ ​ 576.4 ​ ​ ​ 649.7 ​ Ten year 2016 senior notes ( $750 million) ​ 2026 ​ ​ 721.4 ​ ​ ​ 744.9 ​ Ten year 2017 senior notes ( $500 million) ​ 2027 ​ ​ 433.7 ​ ​ ​ 488.4 ​ Six year 2021 senior notes ( $500 million) ​ 2027 ​ ​ 496.3 ​ ​ ​ 495.7 ​ Ten year 2020 senior notes ( $698 million) ​ 2030 ​ ​ 643.7 ​ ​ ​ 709.1 ​ Ten year 2020 senior notes ( $600 million) ​ 2031 ​ ​ 552.8 ​ ​ ​ 593.4 ​ Eleven year 2021 senior notes ( $650 million) ​ 2032 ​ ​ 644.5 ​ ​ ​ 644.0 ​ Thirty year 2011 senior notes ( $389 million) ​ 2041 ​ ​ 384.5 ​ ​ ​ 384.3 ​ Thirty year 2016 senior notes ( $200 million) ​ 2046 ​ ​ 197.2 ​ ​ ​ 197.2 ​ Thirty year 2017 senior notes ( $484 million) ​ 2047 ​ ​ 425.2 ​ ​ ​ 424.3 ​ Thirty year 2020 senior notes ( $500 million) ​ 2050 ​ ​ 490.6 ​ ​ ​ 490.4 ​ Thirty year 2021 senior notes ( $850 million) ​ 2051 ​ ​ 838.8 ​ ​ ​ 838.5 ​ Thirty-four year 2021 senior notes ( $685 million) ​ 2055 ​ ​ 536.7 ​ ​ ​ 535.3 ​ Finance lease obligations and other ​ ​ ​ ​ 12.8 ​ ​ ​ 8.0 ​ Total debt ​ ​ ​ ​ 8,029.3 ​ ​ ​ 8,349.7 ​ Long-term debt, current maturities ​ ​ ​ ​ (2.6) ​ ​ ​ (2.5) ​ Total long-term debt ​ ​ ​ ​ $8,026.7 ​ ​ ​ $8,347.2 ​ ​ 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. ​ 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 ​ The Company is in compliance with all covenants under the Company’s outstanding indebtedness as of September 30, 2022. ​ Net Interest Expense ​ Interest expense and interest income recognized during the third quarter and first nine months of 2022 and 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions) 2022 ​ 2021 ​ 2022 ​ 2021 ​ Interest expense ​ ​ $66.7 ​ ​ ​ $78.3 ​ ​ $179.1 ​ ​ ​ $183.8 ​ Interest income ​ (1.6) ​ ​ ​ (1.9) ​ (5.0) ​ ​ ​ (10.1) Interest expense, net ​ ​ $65.1 ​ ​ ​ $76.4 ​ ​ $174.1 ​ ​ ​ $173.7 ​ ​ ​ 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 the third quarter of 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 Statement of Income. ​ ​

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	6. GOODWILL AND OTHER INTANGIBLE ASSETS ​ Goodwill ​ Goodwill arises from the Company’s acquisitions and represents the excess of the fair value of the purchase consideration exchanged over the fair value of net assets acquired. The Company’s reporting units are largely its operating segments. Following the acquisition of Purolite on December 1, 2021, the Company’s Life Sciences Operating Segment consists of the Purolite and Global Life Sciences Reporting Units. The Company assesses goodwill for impairment on an annual basis during the second quarter. If circumstances change or events occur that demonstrate it is more likely than not that the carrying amount of a reporting unit exceeds its fair value, the Company completes an interim goodwill 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 2022, the Company completed its annual goodwill impairment assessment for eleven of its twelve reporting units using discounted cash flow analyses that incorporated assumptions regarding future growth rates, terminal values and discount rates. The Company’s goodwill impairment assessments for 2022 indicated the estimated fair values of each of these eleven reporting units exceeded the carrying amounts of the respective reporting unit by a significant margin. Given the recent acquisition of Purolite, the Company’s annual goodwill impairment assessment of the Purolite Reporting Unit was qualitative in nature and considered information regarding its operations, financial performance and the macroeconomic environment. After weighting both positive and negative information, it is more likely than not that the fair value of the Purolite Reporting Unit exceeds its carrying amount. There has been no impairment of goodwill in any of the periods presented. ​ The changes in the carrying amount of goodwill for each of the Company's reportable segments during the nine months ended September 30, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Global ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Institutional ​ Healthcare & ​ ​ ​ ​ ​ ​ ​ ​ (millions) Industrial & Specialty Life Sciences ​ Other Total ​ December 31, 2021 ​ ​ $4,270.1 ​ ​ $576.5 ​ ​ $2,974.2 ​ ​ $243.1 ​ ​ $8,063.9 ​ ​ Prior year business combinations (a) ​ ​ 0.4 ​ ​ - ​ ​ 7.0 ​ ​ - ​ ​ 7.4 ​ ​ Effect of foreign currency translation ​ ​ (173.9) ​ ​ (12.6) ​ ​ (137.1) ​ ​ (6.3) ​ ​ (329.9) ​ ​ September 30, 2022 ​ ​ $4,096.6 ​ ​ $563.9 ​ ​ $2,844.1 ​ ​ $236.8 ​ ​ $7,741.4 ​ ​ ​ (a) Represents purchase accounting adjustments associated with 2021 acquisitions. ​ Other Intangible Assets ​ The Nalco trade name is the Company’s only indefinite-lived intangible asset, which is tested for impairment on an annual basis during the second quarter. During the second quarter of 2022, the Company completed its annual impairment assessment of the Nalco trade name using the relief from royalty discounted cash flow method, which incorporates assumptions regarding future sales projections, royalty rates and discount rates. The Company’s Nalco tradename impairment assessment for 2022 indicated the estimated fair value of the Nalco trade name exceeded its $1.2 billion carrying amount by a significant margin. There has been no impairment of the Nalco trade name intangible since it was acquired. ​ The Company’s intangible assets subject to amortization include customer relationships, trademarks, patents and other technology primarily acquired through business acquisitions. The fair value of intangible assets acquired in business acquisitions are estimated primarily using discounted cash flow valuation methods at the time of acquisition. Intangible assets are amortized on a straight-line basis over their estimated lives. Total amortization expense related to intangible assets during the third quarter of 2022 and 2021 was $80.6 million and $57.7 million, respectively. Total amortization expense related to intangible assets during the first nine months of 2022 and 2021 was $238.8 and $174.4 million, respectively. Amortization expense related to intangible assets for the remaining three-month period of 2022 is expected to be approximately $74 million.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2022
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	7. FAIR VALUE MEASUREMENTS ​ The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, contingent consideration obligations, commercial paper, notes payable, foreign currency forward contracts, interest rate swap agreements, cross-currency swap derivative contracts and long-term debt. ​ Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The hierarchy is broken down into three levels: ​ Level 1 - Inputs are quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2 - Inputs include observable inputs other than quoted prices in active markets. Level 3 - Inputs are unobservable inputs for which there is little or no market data available. ​ The carrying amount and the estimated fair value for assets and liabilities measured on a recurring basis were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 (millions) ​ Carrying ​ Fair Value Measurements ​ Amount Level 1 ​ Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts $207.2 ​ ​ ​ $- ​ ​ $207.2 ​ ​ $- ​ Cross-currency swap derivative contracts ​ ​ 86.6 ​ ​ ​ - ​ ​ ​ 86.6 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ 39.4 ​ ​ ​ - ​ ​ ​ 39.4 ​ ​ ​ - ​ Interest rate swap agreements ​ ​ 192.6 ​ ​ ​ - ​ ​ ​ 192.6 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 (millions) ​ Carrying ​ Fair Value Measurements ​ Amount Level 1 ​ Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts $94.5 ​ ​ ​ $- ​ ​ $94.5 ​ ​ $- ​ Interest rate swap agreements ​ ​ 1.8 ​ ​ ​ - ​ ​ ​ 1.8 ​ ​ ​ - ​ Cross-currency swap derivative contracts ​ ​ 9.4 ​ ​ ​ - ​ ​ ​ 9.4 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ 12.6 ​ ​ ​ - ​ ​ ​ 12.6 ​ ​ ​ - ​ Interest rate swap agreements ​ ​ 10.1 ​ ​ ​ - ​ ​ ​ 10.1 ​ ​ ​ - ​ Cross-currency swap derivative contracts ​ ​ 1.6 ​ ​ ​ - ​ ​ ​ 1.6 ​ ​ ​ - ​ ​ The carrying value of foreign currency forward contracts is at fair value, which is determined based on foreign currency exchange rates as of the balance sheet date and is classified within Level 2. The carrying value of interest rate swap agreements are at fair value, which are determined based on current forward interest rates as of the balance sheet date and are classified within Level 2. The cross-currency swap derivative contracts are used to partially hedge the Company’s net investments in foreign operations against adverse movements in exchange rates between the U.S. dollar and the Euro. The carrying value of the cross-currency swap derivative contracts are at fair value, which are determined based on the income approach with the relevant interest rates and foreign currency current exchange rates and forward curves as inputs as of the balance sheet date and 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 is included within Note 8. ​ Contingent consideration obligations are recognized and measured at fair value at the acquisition date and thereafter until settlement or expiration. Contingent consideration is classified within Level 3 as the underlying fair value is determined using income-based valuation approaches appropriate for the terms and conditions of each respective contingent consideration. The consideration expected to be transferred is based on the Company’s expectations of various financial measures. The ultimate payment of contingent consideration could deviate from current estimates based on the actual results of these financial measures. Contingent consideration was not material to the Company’s consolidated financial statements. ​ The carrying values of accounts receivable, accounts payable, cash and cash equivalents, commercial paper and notes payable approximate fair value because of their short maturities and as such are classified within Level 1. ​ The fair value of long-term debt is based on quoted market prices for the same or similar debt instruments (classified as Level 2). The carrying amount, which includes adjustments related to the impact of interest rate swap agreements, premiums and discounts, and deferred debt issuance costs, and the estimated fair value of long-term debt, including current maturities, held by the Company were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Amount Value Amount Value Long-term debt, including current maturities ​ ​ $8,029.3 ​ ​ ​ $7,126.4 ​ ​ ​ $8,349.7 ​ ​ ​ $9,085.3 ​

DERIVATIVES AND HEDGING TRANSAC

DERIVATIVES AND HEDGING TRANSACTIONS	9 Months Ended
	Sep. 30, 2022
DERIVATIVES AND HEDGING TRANSACTIONS
DERIVATIVES AND HEDGING TRANSACTIONS	8. DERIVATIVES AND HEDGING TRANSACTIONS ​ The Company uses foreign currency forward contracts, interest rate swap agreements, cross-currency swap derivative contracts and foreign currency debt to manage risks associated with foreign currency exchange rates, interest rates and net investments in foreign operations. The Company does not hold derivative financial instruments of a speculative nature or for trading purposes. The Company records derivatives as assets and liabilities in the Consolidated Balance Sheets at fair value. Changes in fair value are recognized immediately in earnings unless the derivative qualifies and is designated as a hedge. Cash flows from derivatives are classified in the statement of cash flows in the same category as the cash flows from the items subject to designated hedge or undesignated (economic) hedge relationships. The Company evaluates hedge effectiveness at inception and on an ongoing basis. If a derivative is no longer expected to be effective, hedge accounting is discontinued. ​ The Company is exposed to credit risk in the event of nonperformance of counterparties for foreign currency forward exchange contracts and interest rate swap agreements. The Company monitors its exposure to credit risk by using credit approvals and credit limits and by selecting major global banks and financial institutions as counterparties. The Company does not anticipate nonperformance by any of these counterparties, and therefore, recording a valuation allowance against the Company’s derivative balance is not considered necessary. ​ Derivative Positions Summary ​ Certain of the Company’s derivative transactions are subject to master netting arrangements that allow the Company to net settle contracts with the same counterparties. These arrangements generally do not call for collateral and as of the applicable dates presented in the following table, no cash collateral had been received or pledged related to the underlying derivatives. ​ The respective net amounts are included in other current assets, other assets, other current liabilities and other liabilities on the Consolidated Balance Sheets. ​ The following table summarizes the gross fair value and the net value of the Company’s outstanding derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Assets Derivative Liabilities ​ ​ ​ September 30 ​ December 31 ​ September 30 ​ December 31 ​ (millions) ​ 2022 ​ 2021 2022 ​ 2021 Derivatives designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ $130.4 ​ ​ ​ $44.7 ​ ​ $6.5 ​ ​ ​ $2.6 ​ Interest rate swap agreements ​ ​ ​ - ​ ​ ​ 1.8 ​ ​ 192.6 ​ ​ ​ 10.1 ​ Cross-currency swap derivative contracts ​ ​ ​ 86.6 ​ ​ ​ 9.4 ​ ​ - ​ ​ ​ 1.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ 76.8 ​ ​ ​ 49.8 ​ ​ 32.9 ​ ​ ​ 10.0 ​ Gross value of derivatives ​ ​ ​ 293.8 ​ ​ ​ 105.7 ​ ​ 232.0 ​ ​ ​ 24.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts offset in the Consolidated Balance Sheets ​ ​ ​ (58.4) ​ ​ ​ (14.9) ​ ​ (58.4) ​ ​ ​ (14.9) ​ Net value of derivatives ​ ​ ​ $235.4 ​ ​ ​ $90.8 ​ ​ $173.6 ​ ​ ​ $9.4 ​ ​ The following table summarizes the notional values of the Company’s outstanding derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional Values ​ ​ ​ September 30 ​ ​ December 31 (millions) ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ $ 4,304 ​ ​ ​ $ 4,059 ​ Interest rate swap agreements ​ ​ 1,500 ​ ​ ​ 1,250 ​ Cross-currency swap derivative contracts ​ ​ 427 ​ ​ ​ 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 (“AOCI”) until the hedged items affect earnings, at which time the gain or loss is reclassified into the same line item on the Consolidated Statements of Income as the underlying exposure being hedged. Cash flow hedged transactions impacting AOCI are forecasted to occur within the next 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 on the Consolidated Statements of Income as the underlying exposure being hedged for intercompany loans. For all other cash flow hedge types, the forward points are marked-to-market monthly and recognized in the same line item on the Consolidated Statements of Income as the underlying exposure being hedged. The difference between fair value changes of the excluded component and the amount amortized on the Consolidated Statements of Income is recorded in AOCI. ​ Fair Value Hedges ​ The Company manages interest expense using a mix of fixed and floating rate debt. To help manage exposure to interest rate movements and to reduce borrowing costs, the Company may enter into interest rate swap agreements under which the Company agrees to exchange, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed upon notional principal amount. The mark-to-market of these fair value hedges is recorded as gains or losses in interest (income) expense and is offset by the gain or loss of the underlying debt instrument, which also is recorded in interest (income) expense. These fair value hedges are highly effective and thus, there is no impact on earnings due to hedge ineffectiveness. ​ In April 2022, the Company entered into an interest rate swap agreement that converted $250 million of its 4.8% debt from a fixed interest rate to a floating interest rate. In aggregate, the Company has entered into a series of interest rate swap agreements to convert $1.5 billion of its debt from a fixed interest rate to a floating interest rate. These interest rate swap agreements are designated as fair value hedges. ​ The following amounts were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying amount of the hedged liabilities ​ ​ Cumulative amount of the fair value hedging adjustment included in the carrying amount of the hedged liabilities ​ ​ ​ Third Quarter Ended ​ ​ Third Quarter Ended ​ Line item in which the hedged item is included ​ September 30 ​ ​ September 30 ​ (millions) 2022 ​ 2021 ​ 2022 ​ 2021 Long-term debt ​ ​ $1,305.6 ​ ​ ​ $745.9 ​ ​ ​ ($196.7) ​ ​ ​ ($5.2) ​ ​ Net Investment Hedges ​ The Company designates its outstanding €1,150 million ( $1,153 million at the end of the third quarter of 2022) senior notes (“Euronotes”) and related accrued interest as hedges of its Euro denominated exposures from the Company’s investments in certain of its Euro denominated functional currency subsidiaries. ​ The Company entered into a series of cross-currency swap derivative contracts maturing in 2030. The cross-currency swap derivative contracts are designated as net investment hedge of its Euro denominated exposures from the Company’s investments in certain of its Euro denominated functional currency subsidiaries. The cross-currency swap derivative contracts exchange fixed-rate payments in one currency for fixed-rate payments in another currency. As of September 30, 2022, the Company had €425 million ( $427 million) cross-currency swap derivative contracts outstanding as hedges of the Company’s net investment in foreign operations. The changes in the spot rate of these instruments are recorded in AOCI in stockholders’ equity, partially offsetting the foreign currency translation adjustment of the Company’s related net investment that is also recorded in AOCI. Any ineffective portions of net investment hedges are reclassified from AOCI into earnings during the period of change. The interest income or expense from these swaps are recorded in interest expense on the accompanying Consolidated Statements of Income consistent with the classification of interest expense attributable to the underlying debt. ​ ​ The revaluation gains and losses on the Euronotes and cross-currency swap derivative contracts, which are designated and effective as hedges of the Company’s net investments, have been included as a component of the cumulative translation adjustment account, and were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 (millions) 2022 ​ 2021 ​ 2022 ​ 2021 Revaluation gain (loss), net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Euronotes ​ ​ $59.8 ​ ​ ​ $36.7 ​ ​ ​ $112.6 ​ ​ ​ $10.3 ​ Cross-currency swap derivative contracts ​ ​ 22.9 ​ ​ ​ (1.5) ​ ​ ​ 60.4 ​ ​ ​ (1.5) ​ Total revaluation gain (loss), net of tax ​ ​ $82.7 ​ ​ ​ $35.2 ​ ​ ​ $173.0 ​ ​ ​ $8.8 ​ ​ Derivatives Not Designated as Hedging Instruments ​ The Company also uses foreign currency forward contracts to offset its exposure to the change in value of certain foreign currency denominated assets and liabilities held at foreign subsidiaries, primarily receivables and payables, which are remeasured at the end of each period. Although the contracts are effective economic hedges, they are not designated as accounting hedges. Therefore, changes in the value of these derivatives are recognized immediately in earnings, thereby offsetting the current earnings effect of the related foreign currency denominated assets and liabilities. ​ Effect of all Derivative Instruments on Income ​ The gain (loss) of all derivative instruments recognized in product and equipment cost of sales (“COS”), selling, general and administrative expenses (“SG&A”) and interest expense, net (“interest”) is summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ ​ ​ September 30 ​ ​ ​ 2022 ​ 2021 ​ (millions) ​ ​ COS ​ SG&A ​ Interest ​ ​ COS ​ SG&A ​ Interest ​ Gain (loss) on derivatives in cash flow hedging relationship: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from AOCI to income ​ ​ $2.7 ​ $52.7 ​ $- ​ ​ ​ ($4.6) ​ $42.1 ​ $- ​ Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value ​ ​ - ​ - ​ 3.3 ​ ​ ​ - ​ - ​ 5.1 ​ Interest rate swap agreements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from AOCI to income ​ ​ - ​ - ​ (0.6) ​ ​ ​ - ​ - ​ (0.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) on derivatives not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in income ​ ​ - ​ 49.6 ​ - ​ ​ ​ - ​ 22.8 ​ - ​ Total gain (loss) of all derivative instruments ​ ​ $2.7 ​ $102.3 ​ $2.7 ​ ​ ​ ($4.6) ​ $64.9 ​ $4.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ September 30 ​ ​ ​ 2022 ​ 2021 ​ (millions) ​ ​ COS ​ SG&A ​ Interest ​ ​ COS ​ SG&A ​ Interest ​ Gain (loss) on derivatives in cash flow hedging relationship: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from AOCI to income ​ ​ $3.5 ​ $104.8 ​ $- ​ ​ ​ ($9.2) ​ $4.7 ​ $- ​ Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value ​ ​ - ​ - ​ 11.0 ​ ​ ​ - ​ - ​ 16.4 ​ Interest rate swap agreements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from AOCI to income ​ ​ - ​ - ​ (1.8) ​ ​ ​ - ​ - ​ (1.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) on derivatives not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in income ​ ​ - ​ 98.0 ​ - ​ ​ ​ - ​ 28.6 ​ - ​ Total gain (loss) of all derivative instruments ​ ​ $3.5 ​ $202.8 ​ $9.2 ​ ​ ​ ($9.2) ​ $33.3 ​ $14.6 ​ ​ ​ Subsequent Event ​ In October 2022, the Company entered into a cross currency swap agreement with a notional amount of €200 million maturing in 2026. The cross currency swap is designated as a net investment hedge of its Euro denominated exposures from the Company’s investments in certain of its Euro denominated functional currency subsidiaries. ​

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION	9 Months Ended
	Sep. 30, 2022
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION	9. OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION ​ Other comprehensive income (loss) includes net income, foreign currency translation adjustments, defined benefit pension and postretirement plan adjustments, gains and losses on derivative instruments designated and effective as cash flow hedges and non-derivative instruments designated and effective as foreign currency net investment hedges that are charged or credited to the accumulated other comprehensive loss account in shareholders’ equity. Refer to Note 8 for additional information related to the Company’s derivatives and hedging transactions. Refer to Note 13 for additional information related to the Company’s pension and postretirement benefits activity. ​ The following tables provide other comprehensive income information related to the Company’s derivatives and hedging instruments and pension and postretirement benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions) 2022 ​ 2021 2022 ​ 2021 ​ Derivative and Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on derivative & hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in AOCI ​ ​ $74.2 ​ ​ ​ $61.2 ​ ​ $134.6 ​ ​ ​ $30.3 ​ Loss (gain) reclassified from AOCI into income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COS ​ ​ (2.7) ​ ​ ​ 4.6 ​ ​ (3.5) ​ ​ ​ 9.2 ​ SG&A ​ (52.7) ​ ​ ​ (42.1) ​ (104.8) ​ ​ ​ (4.7) ​ Interest (income) expense, net ​ ​ (2.7) ​ ​ ​ (4.5) ​ ​ (9.2) ​ ​ ​ (14.6) ​ ​ ​ (58.1) ​ ​ ​ (42.0) ​ (117.5) ​ ​ ​ (10.1) ​ Other activity ​ 0.2 ​ ​ ​ 0.5 ​ 0.7 ​ ​ ​ (0.2) ​ Tax impact ​ (4.7) ​ ​ ​ (4.4) ​ (4.7) ​ ​ ​ (3.3) ​ Net of tax ​ ​ $11.6 ​ ​ ​ $15.3 ​ ​ $13.1 ​ ​ ​ $16.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and Postretirement Benefits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in AOCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period net actuarial (loss) gain ​ ​ ($151.7) ​ ​ ​ $- ​ ​ ($151.7) ​ ​ ​ $145.0 ​ Amount reclassified from AOCI into income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Settlement charge ​ ​ 24.8 ​ ​ ​ 7.0 ​ ​ 25.7 ​ ​ ​ 26.6 ​ Amortization of net actuarial loss and prior period service credits, net ​ ​ 14.3 ​ ​ ​ 16.3 ​ ​ 43.7 ​ ​ ​ 59.8 ​ ​ ​ (112.6) ​ ​ ​ 23.3 ​ ​ (82.3) ​ ​ ​ 231.4 ​ Other activity ​ ​ 24.7 ​ ​ ​ 15.6 ​ ​ 42.6 ​ ​ ​ (2.8) ​ Tax impact ​ 25.6 ​ ​ ​ (5.5) ​ 19.1 ​ ​ ​ (55.9) ​ Net of tax ​ ​ ($62.3) ​ ​ ​ $33.4 ​ ​ ($20.6) ​ ​ ​ $172.7 ​ ​ The following table summarizes the derivative and pension and postretirement benefit amounts reclassified from AOCI into income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ ​ 2022 ​ 2021 2022 ​ 2021 ​ (millions) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative (gain) loss reclassified from AOCI into income, net of tax ​ ​ ($43.7) ​ ​ ​ ($31.9) ​ ​ ($88.5) ​ ​ ​ ($7.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and postretirement benefits amortization of net actuarial losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and prior service credits and settlement charges reclassified from AOCI into income, net of tax ​ ​ 29.7 ​ ​ ​ 33.4 ​ ​ 53.1 ​ ​ ​ 62.8 ​ ​

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2022
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	10. SHAREHOLDERS’ EQUITY ​ Share Repurchase Authorization ​ In February 2015, the Company’s Board of Directors authorized the repurchase of up to 20,000,000 shares of its common stock, including shares to be repurchased under Rule 10b5–1. As of September 30, 2022, 3,404,297 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. ​ Subsequent Event ​ In November 2022, the Company’s Board of Director's authorized the repurchase up to 10 million additional shares of Ecolab common stock. ​ Share Repurchases ​ During the first nine months of 2022, the Company reacquired 2,545,822 shares of its common stock, of which 2,445,890 related to share repurchases through open market and 99,932 related to shares withheld for taxes on the exercise of stock options and the vesting of stock awards and units. ​ During the first nine months of 2021, the Company reacquired 367,141 shares of its common stock, of which 261,447 related to share repurchases through open market and 105,694 related to shares withheld for taxes on the exercise of stock options and the vesting of stock awards and units. ​ The Inflation Reduction Act (IRA) was signed into U.S. law on August 16, 2022 and is effective January 1, 2023. The IRA includes an excise tax on the repurchase of corporate stock. The Company does not anticipate the excise tax to have a material impact on the Company’s financial statements. ​ ​

EARNINGS ATTRIBUTABLE TO ECOLAB

EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")	9 Months Ended
	Sep. 30, 2022
EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")
EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")	11. EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE (“EPS”) ​ The difference in the weighted average common shares outstanding for calculating basic and diluted EPS is a result of the dilution associated with the Company’s equity compensation plans. As noted in the table below, certain stock options and units outstanding under these equity compensation plans were not included in the computation of diluted EPS because they would not have had a dilutive effect. ​ The computations of the basic and diluted EPS amounts were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions, except per share) 2022 2021 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Ecolab ​ ​ $347.1 ​ ​ ​ $324.5 ​ ​ ​ $827.3 ​ ​ ​ $828.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 284.9 ​ ​ ​ 286.4 ​ ​ 285.4 ​ ​ ​ 286.1 ​ Effect of dilutive stock options and units ​ 1.4 ​ ​ ​ 2.8 ​ ​ 1.6 ​ ​ ​ 2.9 ​ Diluted ​ 286.3 ​ ​ ​ 289.2 ​ ​ ​ 287.0 ​ ​ ​ 289.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings attributable to Ecolab per common share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic EPS ​ ​ $ 1.22 ​ ​ ​ $ 1.13 ​ ​ $ 2.90 ​ ​ ​ $ 2.90 ​ Diluted EPS ​ ​ $ 1.21 ​ ​ ​ $ 1.12 ​ ​ ​ $ 2.88 ​ ​ ​ $ 2.87 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Anti-dilutive securities excluded from the computation of diluted EPS ​ 2.5 ​ ​ ​ 1.0 ​ ​ 2.5 ​ ​ ​ 1.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts do not necessarily sum due to rounding. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
INCOME TAXES
INCOME TAXES	12. INCOME TAXES ​ The Company’s tax rate was 14.6% and 18.3% for the third quarter of 2022 and 2021, respectively, and 17.9% and 21.2% for the first nine months of 2022 and 2021, respectively. The change in the Company’s tax rate for the third quarter and first nine months of 2022 compared to the third quarter and first nine months of 2021 was driven primarily by the impact of discrete tax items and special (gains) and charges. Further information related to special (gains) and charges is included in Note 2. ​ The Company recognized a net tax benefit related to discrete tax items of $14.2 million and $9.5 million in the third quarter and first nine months of 2022, respectively. This included a deferred tax benefit of $14.6 million associated with utilization of tax attributes as a result of legal entity rationalization and share-based compensation excess tax benefits of $0.7 million and $4.3 million in the third quarter and first nine months of 2022, respectively. The amount of the excess tax benefit is subject to variation in stock price and award exercises. Additionally, the Company recognized discrete tax expense of $1.1 million and $9.4 million during the third quarter and first nine months of 2022, respectively, primarily due to audit settlements, reserves for uncertain tax positions, prior year return adjustments, repricing of deferred tax balances, and other changes in estimates. ​ The Company recognized a net tax benefit related to discrete tax items of $6.3 million in the third quarter and a net tax expense of $17.5 million in the first nine months of 2021. This included a tax benefit of $4.0 million in the third quarter and a net tax expense of $5.5 million in the first nine months of 2021 related to prior year returns, and a deferred tax benefit of $0.4 million and deferred tax expense of $23.8 million associated with transferring certain intangible property between affiliates in the third quarter and first nine months of 2021, respectively. The share-based compensation excess tax benefit was $9.9 million and $20.7 million in the third quarter and first nine months of 2021, respectively. The remaining discrete tax expense of $8.0 million and $8.9 million in the third quarter and first nine months of 2021, respectively, was primarily due to changes in tax law, reserves for uncertain tax positions, audit settlements, and other changes in estimates. ​ The CHIPS Act (CHIPS) was signed into U.S. law on August 9, 2022. CHIPS includes incentives for domestic semiconductor manufacturing for expenditures incurred after December 31, 2022. The Company continues to assess qualification for the new tax incentives but does not anticipate CHIPS to have a material impact on the Company’s financial statements. ​ The IRA includes a corporate alternative minimum tax on certain large corporations, incentives to address climate change mitigation and other non-income tax provisions, including an excise tax on the repurchase of corporate stock. The IRA is effective January 1, 2023. The Company continues to assess the impact of the IRA but does not anticipate the IRA to have a material impact on the Company’s financial statements.

PENSION AND POSTRETIREMENT PLAN

PENSION AND POSTRETIREMENT PLANS	9 Months Ended
	Sep. 30, 2022
PENSION AND POSTRETIREMENT PLANS
PENSION AND POSTRETIREMENT PLANS	13. PENSION AND POSTRETIREMENT PLANS ​ The Company has a non-contributory, qualified, defined benefit pension plan covering the majority of its U.S. employees. The Company also has non-contributory, non-qualified, defined benefit plans, which provide for benefits to employees in excess of limits permitted under its U.S. pension plans. Various international subsidiaries also have defined benefit pension plans. The Company provides postretirement health care benefits to certain U.S. employees and retirees. ​ The components of net periodic pension and postretirement health care benefit expense for the third quarter ended September 30 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ International ​ U.S. Postretirement ​ ​ ​ Pension ​ Pension ​ Health Care ​ (millions) 2022 ​ 2021 2022 ​ 2021 2022 ​ 2021 Service cost ​ ​ $10.5 ​ ​ ​ $11.2 ​ ​ $6.8 ​ ​ ​ $7.9 ​ ​ $0.2 ​ ​ ​ $0.2 ​ Interest cost on benefit obligation ​ 14.1 ​ ​ ​ 13.3 ​ ​ 5.3 ​ ​ ​ 4.4 ​ ​ 0.8 ​ ​ ​ 0.7 ​ Expected return on plan assets ​ (36.7) ​ ​ ​ (38.0) ​ ​ (16.8) ​ ​ ​ (16.6) ​ ​ (0.1) ​ ​ ​ (0.1) ​ Recognition of net actuarial loss (gain) ​ ​ 10.0 ​ ​ ​ 12.1 ​ ​ 5.6 ​ ​ ​ 5.8 ​ ​ (0.1) ​ ​ ​ 0.2 ​ Amortization of prior service benefit ​ ​ (1.2) ​ ​ ​ (1.7) ​ ​ - ​ ​ ​ (0.1) ​ ​ - ​ ​ ​ - ​ Curtailments and settlements ​ ​ 24.8 ​ ​ ​ 7.0 ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ - ​ Total expense ​ ​ $21.5 ​ ​ ​ $3.9 ​ ​ $0.9 ​ ​ ​ $1.4 ​ ​ $0.8 ​ ​ ​ $1.0 ​ ​ The components of net periodic pension and postretirement health care benefit expense for the nine months ended September 30 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ International ​ U.S. Postretirement ​ ​ ​ Pension ​ Pension ​ Health Care ​ (millions) 2022 ​ 2021 2022 ​ 2021 2022 ​ 2021 Service cost ​ ​ $31.5 ​ ​ ​ $32.8 ​ ​ $21.0 ​ ​ ​ $24.0 ​ ​ $0.6 ​ ​ ​ $0.6 ​ Interest cost on benefit obligation ​ ​ 42.3 ​ ​ ​ 38.3 ​ ​ 16.5 ​ ​ ​ 13.1 ​ ​ 2.4 ​ ​ ​ 2.1 ​ Expected return on plan assets ​ ​ (110.1) ​ ​ ​ (115.2) ​ ​ (52.8) ​ ​ ​ (51.9) ​ ​ (0.3) ​ ​ ​ (0.3) ​ Recognition of net actuarial loss (gain) ​ ​ 30.0 ​ ​ ​ 44.5 ​ ​ 17.4 ​ ​ ​ 20.3 ​ ​ (0.3) ​ ​ ​ 0.6 ​ Amortization of prior service benefit ​ ​ (3.4) ​ ​ ​ (5.1) ​ ​ - ​ ​ ​ (0.5) ​ ​ - ​ ​ ​ - ​ Curtailments and settlements ​ ​ 25.7 ​ ​ ​ 26.6 ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ - ​ Total expense ​ ​ $16.0 ​ ​ ​ $21.9 ​ ​ $2.1 ​ ​ ​ $5.0 ​ ​ $2.4 ​ ​ ​ $3.0 ​ ​ Service cost is included as employee compensation cost in either cost of sales or selling, general and administrative expenses on the Consolidated Statements of Income based on employee roles, while non-service components are included in other (income) expense in the Consolidated Statements of Income. ​ As of September 30, 2022, the Company is in compliance with all funding requirements of each of its defined benefit plans. ​ During the first nine months of 2022, the Company made contributions of $11 million to its U.S. non-contributory non-qualified defined benefit plans and estimates it will contribute an additional $4 million to such plans during the remainder of 2022. ​ During the first nine months of 2022, the Company made contributions of $33 million to its international pension plans and estimates it will contribute an additional $12 million to such plans during the remainder of 2022. ​ During the first nine months of 2022, the Company made contributions of $8 million to its U.S. postretirement health care plans and estimates it will contribute an additional $3 million to such plans during the remainder of 2022.

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 2022
REVENUES
REVENUES	14. REVENUES ​ Revenue Recognition ​ Product and Sold Equipment ​ Product revenue is generated from sales of cleaning, sanitizing, water treatment, process treatment and colloidal silica products. In addition, the Company sells equipment which may be used in combination with its specialized products. Revenue recognized from product and equipment sales is recognized at the point in time when the obligations in the contract with the customer are satisfied, which generally occurs with the transfer of the product or delivery of the equipment. ​ On June 3, 2020, the Company completed the separation of its Upstream Energy business (“ChampionX”). The Company entered into a Master Cross Supply and Product Transfer agreement with ChampionX to provide, receive or transfer certain products for a period up to 36 months . Sales of product to ChampionX under this agreement are recorded in product and equipment sales in the Corporate segment along with the related cost of sales, while purchases from ChampionX are recorded in inventory. Sales of product to ChampionX post-separation for the third quarter of 2022 and 2021 were $27.8 million and $35.4 million, respectively, and first nine months of 2022 and 2021 were $96.4 million and $102.7 million, respectively. As of September 30, 2022, the Company had an outstanding accounts receivable balance for sales of product to ChampionX of $10.9 million. ​ Service and Lease Equipment ​ Service and lease equipment revenue is generated from providing services or leasing equipment to customers. Service offerings include installing or repairing certain types of equipment, activities that supplement or replace headcount at the customer location, or fulfilling deliverables included in the contract. Global Industrial segment services are associated with water treatment and paper process applications. Global Institutional & Specialty segment services include cleaning and sanitizing programs and wash process solutions. Global Healthcare & Life Sciences segment services include pharmaceutical, personal care, infection and containment control solutions. Revenues included in Other primarily relate to services designed to detect, eliminate and prevent pests. Service revenue is recognized over time utilizing an input method and aligns with when the services are provided. Typically, revenue is recognized over time using costs incurred to date because the effort provided by the field selling and service organization represents services provided, which corresponds with the transfer of control. Revenue recognized from leased equipment primarily relates to warewashing and water treatment equipment recognized on a straight-line basis over the length of the lease contract pursuant to Topic 842 Leases. ​ The Company’s operating lease revenue was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions) ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Operating lease revenue* ​ ​ $118.1 ​ ​ ​ $103.3 ​ ​ ​ $345.4 ​ ​ ​ $306.4 ​ ​ ​ *Includes immaterial variable lease revenue ​ The following table shows principal activities, separated by reportable segments, from which the Company generates its revenue. Corporate segment includes sales to ChampionX under the Master Cross Supply and Product Transfer agreements entered into as part of the ChampionX Separation. For more information about the Company’s reportable segments, refer to Note 15. ​ Net sales at public exchange rates by reportable segment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended Nine Months Ended ​ ​ September 30 September 30 (millions) 2022 ​ 2021 2022 ​ 2021 Global Industrial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ $1,551.8 ​ ​ ​ $1,386.0 ​ ​ $4,381.6 ​ ​ ​ $3,941.0 Service and lease equipment ​ 217.8 ​ ​ ​ 217.1 ​ ​ 643.6 ​ ​ ​ 637.6 Global Institutional & Specialty ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 964.0 ​ ​ ​ 889.9 ​ ​ 2,722.8 ​ ​ ​ 2,397.7 ​ Service and lease equipment ​ ​ 199.1 ​ ​ ​ 180.7 ​ ​ 574.5 ​ ​ ​ 506.3 ​ Global Healthcare & Life Sciences ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 329.5 ​ ​ ​ 259.4 ​ ​ 1,023.7 ​ ​ ​ 795.4 ​ Service and lease equipment ​ ​ 27.1 ​ ​ ​ 27.5 ​ ​ 86.6 ​ ​ ​ 86.0 ​ Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 90.0 ​ ​ ​ 82.7 ​ ​ 249.5 ​ ​ ​ 224.0 ​ Service and lease equipment ​ ​ 262.3 ​ ​ ​ 241.5 ​ ​ 737.9 ​ ​ ​ 676.4 ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 27.7 ​ ​ ​ 35.8 ​ ​ 96.3 ​ ​ ​ 103.5 ​ Service and lease equipment ​ ​ - ​ ​ ​ 0.2 ​ ​ 0.1 ​ ​ ​ 0.6 ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total product and sold equipment ​ ​ $2,963.0 ​ ​ ​ $2,653.8 ​ ​ $8,473.9 ​ ​ ​ $7,461.6 ​ Total service and lease equipment ​ ​ $706.3 ​ ​ ​ $667.0 ​ ​ $2,042.7 ​ ​ ​ $1,906.9 ​ ​ Net sales at public exchange rates by geographic region for the third quarter ended September 30 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Global Institutional ​ Global Healthcare ​ ​ ​ ​ ​ ​ ​ Industrial ​ & Specialty ​ & Life Sciences ​ Other ​ Corporate ​ (millions) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ ​ $836.4 ​ ​ ​ $716.8 ​ ​ $860.5 ​ ​ ​ $776.4 ​ ​ $146.8 ​ ​ ​ $112.6 ​ ​ $227.1 ​ ​ ​ $201.3 ​ ​ $24.8 ​ ​ ​ $25.7 ​ Europe ​ 350.3 ​ ​ ​ 353.3 ​ ​ 162.8 ​ ​ ​ 166.3 ​ ​ 164.9 ​ ​ ​ 154.1 ​ ​ 70.0 ​ ​ ​ 70.6 ​ ​ 0.7 ​ ​ ​ 0.8 ​ Asia Pacific ​ 207.2 ​ ​ ​ 199.8 ​ ​ 53.5 ​ ​ ​ 48.4 ​ ​ 23.0 ​ ​ ​ 14.8 ​ ​ 19.6 ​ ​ ​ 17.1 ​ ​ 1.1 ​ ​ ​ 1.5 ​ Latin America ​ 160.6 ​ ​ ​ 141.0 ​ ​ 40.8 ​ ​ ​ 34.9 ​ ​ 5.9 ​ ​ ​ - ​ ​ 12.9 ​ ​ ​ 13.0 ​ ​ 1.1 ​ ​ ​ 6.7 ​ Greater China ​ ​ 101.0 ​ ​ ​ 102.9 ​ ​ 30.6 ​ ​ ​ 32.6 ​ ​ 11.9 ​ ​ ​ 1.8 ​ ​ 20.0 ​ ​ ​ 19.5 ​ ​ - ​ ​ ​ 0.7 ​ India, Middle East and Africa ​ ​ 114.1 ​ ​ ​ 89.3 ​ ​ 14.9 ​ ​ ​ 12.0 ​ ​ 4.1 ​ ​ ​ 3.6 ​ ​ 2.7 ​ ​ ​ 2.7 ​ ​ - ​ ​ ​ 0.6 ​ Total ​ ​ $1,769.6 ​ ​ ​ $1,603.1 ​ ​ $1,163.1 ​ ​ ​ $1,070.6 ​ ​ $356.6 ​ ​ ​ $286.9 ​ ​ $352.3 ​ ​ ​ $324.2 ​ ​ $27.7 ​ ​ ​ $36.0 ​ ​ Net sales at public exchange rates by geographic region for the nine months ended September 30 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Global Institutional ​ Global Healthcare ​ ​ ​ ​ ​ ​ Industrial ​ & Specialty ​ & Life Sciences ​ Other ​ Corporate (millions) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ ​ $2,329.6 ​ ​ ​ $2,046.0 ​ ​ $2,420.6 ​ ​ ​ $2,133.6 ​ ​ $449.5 ​ ​ ​ $320.0 ​ ​ $623.7 ​ ​ ​ $549.8 ​ ​ $84.5 ​ ​ ​ $73.4 Europe ​ 1,005.1 ​ ​ ​ 1,008.5 ​ ​ 463.8 ​ ​ ​ 394.5 ​ ​ 523.0 ​ ​ ​ 500.8 ​ ​ 201.8 ​ ​ ​ 191.3 ​ ​ 2.2 ​ ​ ​ 2.6 Asia Pacific ​ 621.3 ​ ​ ​ 586.8 ​ ​ 159.2 ​ ​ ​ 150.0 ​ ​ 66.0 ​ ​ ​ 40.3 ​ ​ 55.8 ​ ​ ​ 54.9 ​ ​ 3.2 ​ ​ ​ 4.2 Latin America ​ 453.0 ​ ​ ​ 400.5 ​ ​ 119.1 ​ ​ ​ 97.3 ​ ​ 16.2 ​ ​ ​ 1.1 ​ ​ 39.0 ​ ​ ​ 37.7 ​ ​ 6.2 ​ ​ ​ 19.4 Greater China ​ ​ 317.7 ​ ​ ​ 292.7 ​ ​ 95.0 ​ ​ ​ 98.7 ​ ​ 41.6 ​ ​ ​ 4.5 ​ ​ 59.1 ​ ​ ​ 57.7 ​ ​ 0.1 ​ ​ ​ 1.9 India, Middle East and Africa ​ ​ 298.5 ​ ​ ​ 244.1 ​ ​ 39.6 ​ ​ ​ 29.9 ​ ​ 14.0 ​ ​ ​ 14.7 ​ ​ 8.0 ​ ​ ​ 9.0 ​ ​ 0.2 ​ ​ ​ 2.6 Total ​ ​ $5,025.2 ​ ​ ​ $4,578.6 ​ ​ $3,297.3 ​ ​ ​ $2,904.0 ​ ​ $1,110.3 ​ ​ ​ $881.4 ​ ​ $987.4 ​ ​ ​ $900.4 ​ ​ $96.4 ​ ​ ​ $104.1 ​ Net sales by geographic region were determined based on origin of sale. The United States made up 53% and 52% of total revenues during the nine months ended September 30, 2022 and 2021, respectively. ​ Accounts Receivable and Allowance for Expected Credit Losses ​ Accounts receivable are carried at the invoiced amounts, less an allowance for expected credit losses, and generally do not bear interest. The Company’s allowance for expected credit losses estimates the amount of expected future credit losses by analyzing accounts receivable balances by age and applying historical write-off and collection experience. The Company’s estimates separately consider macroeconomic trends, specific circumstances and credit conditions of customer receivables. Account balances are written off against the allowance when it is determined the receivable will not be recovered. ​ The Company’s allowance for expected return of products shipped and credits related to pricing or quantities shipped was $37.1 million and $20.4 million as of September 30, 2022 and 2021, respectively. Returns and credit activity is recorded directly as a reduction to revenue. ​ The following table summarizes the activity in the allowance for expected credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ September 30 ​ (millions) ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ $52.8 ​ ​ ​ $68.4 ​ Bad debt expense ​ 26.8 ​ ​ 12.4 ​ Write-offs ​ (12.8) ​ ​ (23.7) ​ Other (a) ​ 2.1 ​ ​ (1.1) ​ Ending balance ​ ​ $68.9 ​ ​ ​ $56.0 ​ ​ (a) Other amounts are primarily the effects of changes in currency translations. ​ ​ Contract Liability ​ Payments received from customers are based on invoices or billing schedules as established in contracts with customers. Accounts receivable are recorded when the right to consideration becomes unconditional. The contract liability relates to billings in advance of performance (primarily service obligations) under the contract. Contract liabilities are recognized as revenue when the performance obligation has been performed, which primarily occurs during the subsequent quarter. ​ The following table summarizes the contract liability activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30 (millions) 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract liability as of beginning of the year ​ $91.7 ​ ​ ​ $80.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognized in the period from: ​ ​ ​ ​ ​ ​ Amounts included in the contract liability at the beginning of the year ​ (91.7) ​ ​ ​ (80.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ Increases due to billings excluding amounts recognized as revenue during the period ended ​ ​ 109.1 ​ ​ ​ 86.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract liability as of end of period ​ ​ $109.1 ​ ​ ​ $86.7 ​ ​

OPERATING SEGMENTS

OPERATING SEGMENTS	9 Months Ended
	Sep. 30, 2022
OPERATING SEGMENTS
OPERATING SEGMENTS	​ ​ 15. OPERATING SEGMENTS ​ The Company’s organizational structure consists of global business unit and global regional leadership teams. The Company’s 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. ​ Comparability of Reportable Segments ​ The Company evaluates the performance of its non-U.S. dollar functional currency international operations based on fixed currency exchange rates, which eliminates the impact of exchange rate fluctuations on its international operations. Fixed currency amounts are updated annually at the beginning of each year based on translation into U.S. dollars at foreign currency exchange rates established by management, with all periods presented using such rates. The “Fixed Currency Rate Change” column shown in the following table reflects international operations at fixed currency exchange rates established by management at the beginning of 2022, rather than the 2021 established rates. The difference between the fixed currency exchange rates and the actual currency exchange rates is reported within the “Effect of foreign currency translation” row in the following table. The “Other” column shown in the following table reflects immaterial changes between reportable segments, including the movement of certain customers and cost allocations. ​ The impact of the preceding changes on previously reported full year 2021 reportable segment net sales and operating income is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Reported ​ ​ ​ ​ ​ ​ ​ Fixed ​ ​ ​ 2021 Reported ​ ​ ​ Valued at 2021 ​ ​ Currency ​ Valued at 2022 ​ (millions) ​ Management Rates Other ​ Rate Change ​ Management Rates ​ Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $6,304.9 ​ ​ ​ $- ​ ​ ​ ​ ($218.1) ​ ​ ​ ​ $6,086.8 ​ ​ Global Institutional & Specialty ​ ​ 3,978.2 ​ ​ ​ - ​ ​ ​ ​ (69.4) ​ ​ ​ ​ 3,908.8 ​ ​ Global Healthcare & Life Sciences ​ ​ 1,195.4 ​ ​ ​ - ​ ​ ​ ​ (45.8) ​ ​ ​ ​ 1,149.6 ​ ​ Other ​ ​ 1,226.9 ​ ​ ​ - ​ ​ ​ ​ (25.9) ​ ​ ​ ​ 1,201.0 ​ ​ Corporate ​ ​ 139.4 ​ ​ ​ - ​ ​ ​ ​ (2.0) ​ ​ ​ ​ 137.4 ​ ​ Subtotal at fixed currency rates ​ ​ 12,844.8 ​ ​ ​ - ​ ​ ​ ​ (361.2) ​ ​ ​ ​ 12,483.6 ​ ​ Effect of foreign currency translation ​ ​ (111.7) ​ ​ ​ - ​ ​ ​ ​ 361.2 ​ ​ ​ ​ 249.5 ​ ​ Consolidated reported GAAP net sales ​ ​ $12,733.1 ​ ​ ​ $- ​ ​ ​ ​ $- ​ ​ ​ ​ $12,733.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $1,031.0 ​ ​ ​ $4.0 ​ ​ ​ ​ ($49.3) ​ ​ ​ ​ $985.7 ​ ​ Global Institutional & Specialty ​ ​ 556.9 ​ ​ ​ (3.8) ​ ​ ​ ​ (7.4) ​ ​ ​ ​ 545.7 ​ ​ Global Healthcare & Life Sciences ​ ​ 160.9 ​ ​ ​ (0.9) ​ ​ ​ ​ (7.7) ​ ​ ​ ​ 152.3 ​ ​ Other ​ ​ 187.3 ​ ​ ​ 0.7 ​ ​ ​ ​ (4.0) ​ ​ ​ ​ 184.0 ​ ​ Corporate ​ ​ (318.6) ​ ​ ​ ​ ​ ​ ​ ​ 2.0 ​ ​ ​ ​ (316.6) ​ ​ Subtotal at fixed currency rates ​ ​ 1,617.5 ​ ​ ​ - ​ ​ ​ ​ (66.4) ​ ​ ​ ​ 1,551.1 ​ ​ Effect of foreign currency translation ​ ​ (18.9) ​ ​ ​ ​ ​ ​ ​ ​ 66.4 ​ ​ ​ ​ 47.5 ​ ​ Consolidated reported GAAP operating income ​ ​ $1,598.6 ​ ​ ​ $- ​ ​ ​ ​ $- ​ ​ ​ ​ $1,598.6 ​ ​ ​ Reportable Segment Information ​ Financial information for the Company’s reportable segments, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions) 2022 ​ ​ 2021 ​ 2022 ​ ​ 2021 ​ Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ $1,816.7 ​ ​ ​ $1,565.0 ​ ​ $5,077.8 ​ ​ ​ $4,452.2 ​ Global Institutional & Specialty ​ ​ 1,183.2 ​ ​ ​ 1,057.1 ​ ​ 3,323.4 ​ ​ ​ 2,864.7 ​ Global Healthcare & Life Sciences ​ ​ 375.5 ​ ​ ​ 279.7 ​ ​ 1,138.9 ​ ​ ​ 852.8 ​ Other ​ ​ 362.1 ​ ​ ​ 319.5 ​ ​ 1,000.4 ​ ​ ​ 885.2 ​ Corporate ​ ​ 27.8 ​ ​ ​ 35.4 ​ ​ 96.4 ​ ​ ​ 102.7 ​ Subtotal at fixed currency rates ​ ​ 3,765.3 ​ ​ ​ 3,256.7 ​ ​ 10,636.9 ​ ​ ​ 9,157.6 ​ Effect of foreign currency translation ​ ​ (96.0) ​ ​ ​ 64.1 ​ ​ (120.3) ​ ​ ​ 210.9 ​ Consolidated reported GAAP net sales ​ $3,669.3 ​ ​ $3,320.8 ​ ​ $10,516.6 ​ ​ ​ $9,368.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ $277.0 ​ ​ ​ $258.6 ​ ​ $693.2 ​ ​ ​ $719.7 ​ Global Institutional & Specialty ​ ​ 199.1 ​ ​ ​ 190.9 ​ ​ 462.5 ​ ​ ​ 390.5 ​ Global Healthcare & Life Sciences ​ ​ 34.7 ​ ​ ​ 35.2 ​ ​ 137.3 ​ ​ ​ 123.9 ​ Other ​ ​ 64.4 ​ ​ ​ 57.8 ​ ​ 153.6 ​ ​ ​ 140.9 ​ Corporate ​ ​ (77.2) ​ ​ ​ (89.4) ​ ​ (264.7) ​ ​ ​ (202.8) ​ Subtotal at fixed currency rates ​ ​ 498.0 ​ ​ ​ 453.1 ​ ​ 1,181.9 ​ ​ ​ 1,172.2 ​ Effect of foreign currency translation ​ ​ (15.0) ​ ​ ​ 12.7 ​ ​ (18.6) ​ ​ ​ 38.7 ​ Consolidated reported GAAP operating income ​ $483.0 ​ ​ $465.8 ​ ​ $1,163.3 ​ ​ ​ $1,210.9 ​ ​ The profitability of the Company’s operating segments is evaluated by management based on operating income. ​ Consistent with the Company’s internal management reporting, Corporate amounts in the table above include sales to ChampionX in accordance with the long-term supply agreement entered into with the Transaction, as discussed in Note 14. Corporate also includes intangible asset amortization specifically from the Nalco and Purolite acquisitions and special (gains) and charges, as discussed in Note 2, that are not allocated to the Company’s reportable segments.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	16. COMMITMENTS AND CONTINGENCIES ​ The Company is subject to various claims and contingencies related to, among other things, workers’ compensation, general liability (including product liability), automobile claims, health care claims, environmental matters and lawsuits. The Company is also subject to various claims and contingencies related to income taxes. The Company also has contractual obligations including lease commitments. ​ The Company records liabilities when a contingent loss is probable and can be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. The Company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that a material loss may have been incurred. ​ Insurance ​ Globally, the Company has insurance policies with varying deductible levels for property and casualty losses. The Company is insured for losses in excess of these deductibles, subject to policy terms and conditions and has recorded both a liability and an offsetting receivable for amounts in excess of these deductibles. The Company is self-insured for health care claims for eligible participating employees, subject to certain deductibles and limitations. The Company determines its liabilities for claims on an actuarial basis. ​ Litigation and Environmental Matters ​ The Company and certain subsidiaries are party to various lawsuits, claims and environmental actions that have arisen in the ordinary course of business. These include from time to time antitrust, employment, commercial, patent infringement, tort, product liability and wage hour lawsuits, as well as possible obligations to investigate and mitigate the effects on the environment of the disposal or release of certain chemical substances at various sites, such as Superfund sites and other operating or closed facilities. The Company has established accruals for certain lawsuits, claims and environmental matters. The Company currently believes that there is not a reasonably possible risk of material loss in excess of the amounts accrued related to these legal matters. Because litigation is inherently uncertain, and unfavorable rulings or developments could occur, there can be no certainty that the Company may not ultimately incur charges in excess of recorded liabilities. A future adverse ruling, settlement or unfavorable development could result in future charges that could have a material adverse effect on the Company’s results of operations or cash flows in the period in which they are recorded. The Company currently believes that such future charges related to suits and legal claims, if any, would not have a material adverse effect on the Company’s consolidated financial position. ​ TPC Group Litigation ​ On November 27, 2019, a Butadiene production plant owned and operated by TPC Group, Inc. in Port Neches, Texas, experienced an explosion and fire that resulted in personal injuries, the release of chemical fumes and extensive property damage to the plant and surrounding areas in and near Port Neches, Texas. ​ Nalco Company LLC, a subsidiary of Ecolab, supplied process chemicals to TPC used in TPC’s production processes. Nalco did not operate, manage, maintain or control any aspect of TPC’s plant operations. ​ In connection with its provision of process chemicals to TPC, Nalco has been named in numerous lawsuits stemming from the plant explosion. Nalco has been named a defendant, along with TPC and other defendants, in multi-district litigation (“MDL”) proceedings pending in Orange County, Texas, alleging among other things claims for personal injury, property damage and business losses (In re TPC Group Litigation – A2020-0236-MDL, Orange County, Texas). In addition, numerous other lawsuits have been filed against Nalco, including TPC Group v. Nalco, E0208239, Jefferson County, Texas, a subrogation claim by TPC’s insurers seeking reimbursement for property damage losses. Over 5,000 plaintiffs (including the subrogation matter) currently have asserted claims against Nalco. ​ All of these cases make similar allegations and seek damages for personal injury, property damage, business losses and other damages, including exemplary damages. The Company expects all these cases will be consolidated for pretrial purposes into the Orange County MDL referenced above. Due to the large number of plaintiffs, the early stage of the litigation and the fact that many of the claims do not specify an amount of damages, any estimate of any loss or range of losses cannot be made at this time. ​ On June 1, 2022, TPC and seven of its affiliated companies filed for bankruptcy reorganization under Chapter 11 (Case No. 22-10493-CTG, United States Bankruptcy Court for the District of Delaware), and the bankruptcy cases are expected to continue through at least November 2022. In connection with the bankruptcy cases, TPC has disclosed an estimated range of its liability related to the Port Neches incident to individuals and homeowners (including subrogation claims) of approximately $152 million to $520 million. TPC and its affiliates have announced a settlement in principle between them and certain of these plaintiffs seeking to discharge all Port Neches related claims asserted against TPC and its affiliates in exchange for $30 million and the establishment of a settlement trust for the benefit of certain general unsecured creditors, to which TPC would assign its claims and causes of action, if any, against certain third parties, including Nalco, related to the TPC plant explosion. The settlement is subject to definitive documentation and approval in the bankruptcy court. ​ The Company believes the claims asserted against Nalco in the lawsuits stemming from the TPC plant explosion are without merit and intends to defend the claims vigorously. The Company also believes 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. ​

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2022
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS	17. 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 ASU 2021-01 - Reference Rate Reform (Topic 848): Scope ​ March 2020 ​ Certain LIBOR rates, widely used reference rates for pricing financial products were discontinued on December 31, 2021. This standard provides optional expedients and exceptions if certain criteria are met when accounting for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ​ Application of guidance is optional until the options and expedients expire on December 31, 2022. ​ The Company evaluated contracts whose terms previously included references to LIBOR or one of its equivalents and identified two contracts requiring modifications of the interest rate provisions included therein. The Company applied certain of the expedients included in ASC 848 allowing the Company to account for the contract modifications prospectively. There were no financial statement impacts at the time of modification. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2021-08 - Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ​ October 2021 ​ Update to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. ​ January 1, 2023. ​ The Company is currently evaluating any potential future impacts on the Company's financial statements, any such changes would be prospective. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2021 -10 - Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance ​ November 2021 ​ Update to increase the transparency of government assistance including annual disclosure of the types of assistance, an entity’s accounting for the assistance, and the effect of the assistance on an entity’s financial statements. ​ Annual period beginning January 1, 2022. ​ The Company is currently gathering the information and evaluating the future impact on the Company's financial statement annual disclosures. ​ ​ ​ No other new accounting pronouncements issued or effective have had or are expected to have a material impact on the Company’s consolidated financial statements.

SPECIAL (GAINS) AND CHARGES (Ta

SPECIAL (GAINS) AND CHARGES (Tables)	9 Months Ended
	Sep. 30, 2022
Restructuring Activities
Special (gains) and charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions) 2022 ​ 2021 2022 ​ 2021 ​ Cost of sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restructuring activities ​ ​ $2.1 ​ ​ ​ $2.2 ​ ​ $5.5 ​ ​ $24.1 ​ Acquisition and integration activities ​ ​ 4.2 ​ ​ ​ - ​ ​ 32.7 ​ ​ ​ - ​ COVID-19 activities, net ​ ​ - ​ ​ ​ 50.7 ​ ​ 16.3 ​ ​ ​ 51.8 ​ Russia/Ukraine activities ​ ​ 0.8 ​ ​ ​ - ​ ​ 7.2 ​ ​ ​ - ​ Other ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 0.3 ​ Cost of sales subtotal ​ ​ 7.1 ​ ​ ​ 52.9 ​ ​ 61.7 ​ ​ 76.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Special (gains) and charges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restructuring activities ​ ​ (0.3) ​ ​ ​ 0.4 ​ ​ 0.8 ​ ​ 6.5 ​ Acquisition and integration activities ​ ​ 4.1 ​ ​ ​ 0.8 ​ ​ 15.0 ​ ​ ​ 3.3 ​ COVID-19 activities, net ​ ​ 2.5 ​ ​ ​ 1.5 ​ ​ 7.1 ​ ​ 16.2 ​ Russia/Ukraine activities ​ ​ - ​ ​ ​ - ​ ​ 5.9 ​ ​ ​ - ​ Other ​ ​ 11.5 ​ ​ ​ 3.6 ​ ​ 16.7 ​ ​ 10.7 ​ Special (gains) and charges subtotal ​ ​ 17.8 ​ ​ ​ 6.3 ​ ​ 45.5 ​ ​ 36.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income subtotal ​ ​ 24.9 ​ ​ ​ 59.2 ​ ​ 107.2 ​ ​ ​ 112.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other (income) expense ​ ​ 24.8 ​ ​ ​ 7.0 ​ ​ 24.8 ​ ​ ​ 26.6 ​ Interest expense, net ​ ​ - ​ ​ ​ 32.3 ​ ​ - ​ ​ ​ 32.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total special (gains) and charges ​ ​ $49.7 ​ ​ ​ $98.5 ​ ​ $132.0 ​ ​ ​ $171.8 ​
Institutional Advancement Program
Restructuring Activities
Restructuring activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ ​ ​ ​ ​ ​ (millions) Costs Disposals Other Total 2020-2021 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense (income) and accrual ​ ​ $23.8 ​ ​ ​ $8.5 ​ ​ ​ $15.5 ​ ​ ​ $47.8 ​ Net cash payments ​ (19.9) ​ ​ ​ - ​ ​ ​ (14.3) ​ ​ ​ (34.2) ​ Non-cash net charges ​ - ​ ​ ​ (8.5) ​ ​ ​ - ​ ​ ​ (8.5) ​ Restructuring liability, December 31, 2021 ​ 3.9 ​ ​ ​ - ​ ​ ​ 1.2 ​ ​ ​ 5.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense (income) and accrual 0.4 ​ ​ ​ 2.9 ​ ​ ​ 0.6 ​ ​ 3.9 ​ Net cash payments (3.6) ​ ​ ​ - ​ ​ ​ (0.3) ​ ​ (3.9) ​ Non-cash net charges - ​ ​ ​ (2.9) ​ ​ ​ - ​ ​ (2.9) ​ Restructuring liability, September 30, 2022 ​ ​ $0.7 ​ ​ ​ $- ​ ​ ​ $1.5 ​ ​ ​ $2.2 ​
Accelerate 2020 Restructuring Plan
Restructuring Activities
Restructuring activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ ​ ​ ​ ​ ​ (millions) Costs Disposals Other Total 2018-2021 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense (income) and accrual ​ ​ $216.3 ​ ​ ​ $8.3 ​ ​ ​ $19.9 ​ ​ ​ $244.5 ​ Net cash payments ​ (183.4) ​ ​ ​ 1.2 ​ ​ ​ (17.2) ​ ​ (199.4) ​ Non-cash charges ​ - ​ ​ ​ (9.5) ​ ​ ​ (2.0) ​ ​ (11.5) ​ Effect of foreign currency translation ​ (0.9) ​ ​ ​ - ​ ​ ​ - ​ ​ (0.9) ​ Restructuring liability, December 31, 2021 ​ ​ 32.0 ​ ​ ​ - ​ ​ ​ 0.7 ​ ​ ​ 32.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense (income) and accrual ​ ​ (1.3) ​ ​ ​ - ​ ​ ​ 1.1 ​ ​ ​ (0.2) ​ Net cash payments ​ (15.3) ​ ​ ​ - ​ ​ ​ (1.7) ​ ​ ​ (17.0) ​ Restructuring liability, September 30, 2022 ​ ​ $15.4 ​ ​ ​ $- ​ ​ ​ $0.1 ​ ​ ​ $15.5 ​

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	9 Months Ended
	Sep. 30, 2022
Business Acquisitions and Investment
Business acquisitions
Schedule of assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ September 30 ​ September 30 (millions) 2022 ​ 2021 2022 ​ 2021 Net tangible assets (liabilities) acquired ​ ​ $- ​ ​ ​ $14.8 ​ ​ ​ $- ​ ​ ​ $12.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identifiable intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ - ​ ​ ​ 41.0 ​ ​ - ​ ​ ​ 72.1 ​ Trademarks ​ - ​ ​ ​ 1.1 ​ ​ - ​ ​ ​ 4.7 ​ Non-compete agreements ​ - ​ ​ ​ 3.0 ​ ​ - ​ ​ ​ 3.0 ​ Other technology ​ ​ - ​ ​ ​ - ​ ​ ​ - ​ ​ ​ 1.5 ​ Total intangible assets ​ - ​ ​ ​ 45.1 ​ ​ - ​ ​ ​ 81.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ - ​ ​ ​ 60.2 ​ ​ - ​ ​ ​ 119.2 ​ Total aggregate purchase price ​ - ​ ​ ​ 120.1 ​ ​ - ​ ​ ​ 212.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition-related liabilities and contingent consideration (a) ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ (4.4) ​ Net cash paid for acquisitions, including acquisition-related ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ liabilities and contingent consideration ​ ​ $- ​ ​ ​ $120.1 ​ ​ ​ $- ​ ​ ​ $208.5 ​ ​ (a) Subsequent to the acquisitions, $1.4 in contingent consideration was remitted to the seller during the first nine months of 2021 and is included in investing activities on the Consolidated Statements of Cash Flows.

BALANCE SHEETS INFORMATION (Tab

BALANCE SHEETS INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2022
BALANCE SHEETS INFORMATION
Balance Sheet Information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ December 31 (millions) 2022 ​ 2021 Accounts receivable, net ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ ​ $2,820.3 ​ ​ ​ $2,549.9 ​ Allowance for expected credit losses and other accruals ​ ​ (106.0) ​ ​ ​ (71.5) ​ Total ​ ​ $2,714.3 ​ ​ ​ $2,478.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventories ​ ​ ​ ​ ​ ​ ​ ​ Finished goods ​ ​ $1,079.4 ​ ​ ​ $1,010.6 ​ Raw materials and parts ​ ​ 853.5 ​ ​ ​ 596.1 ​ Inventories at FIFO cost ​ ​ 1,932.9 ​ ​ ​ 1,606.7 ​ FIFO cost to LIFO cost difference ​ ​ (130.2) ​ ​ ​ (114.9) ​ Total ​ ​ $1,802.7 ​ ​ ​ $1,491.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other current assets ​ ​ ​ ​ ​ ​ ​ ​ Prepaid assets ​ ​ $129.3 ​ ​ ​ $121.2 ​ Taxes receivable ​ ​ 166.1 ​ ​ ​ 151.3 ​ Derivative assets ​ ​ 121.2 ​ ​ ​ 61.4 ​ Other ​ ​ 52.8 ​ ​ ​ 23.1 ​ Total ​ ​ $469.4 ​ ​ ​ $357.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net ​ ​ ​ ​ ​ ​ ​ ​ Land ​ ​ $160.5 ​ ​ ​ $159.2 ​ Buildings and leasehold improvements ​ ​ 1,122.0 ​ ​ ​ 1,134.1 ​ Machinery and equipment ​ ​ 1,955.9 ​ ​ ​ 1,968.7 ​ Merchandising and customer equipment ​ ​ 2,718.1 ​ ​ ​ 2,708.2 ​ Capitalized software ​ ​ 960.3 ​ ​ ​ 884.6 ​ Construction in progress ​ ​ 360.8 ​ ​ ​ 325.0 ​ ​ ​ ​ 7,277.6 ​ ​ ​ 7,179.8 ​ Accumulated depreciation ​ ​ (4,016.7) ​ ​ ​ (3,891.3) ​ Total ​ ​ $3,260.9 ​ ​ ​ $3,288.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other intangible assets, net ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets not subject to amortization ​ ​ ​ ​ ​ ​ ​ ​ Trade names ​ ​ $1,230.0 ​ ​ ​ $1,230.0 ​ Intangible assets subject to amortization ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ ​ 3,301.6 ​ ​ ​ 3,444.6 ​ Trademarks ​ ​ 550.5 ​ ​ ​ 561.1 ​ Patents ​ ​ 500.5 ​ ​ ​ 496.3 ​ Other technology ​ ​ 519.8 ​ ​ ​ 527.2 ​ ​ ​ ​ 4,872.4 ​ ​ ​ 5,029.2 ​ Accumulated amortization ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ ​ (1,523.7) ​ ​ ​ (1,440.9) ​ Trademarks ​ ​ (194.2) ​ ​ ​ (170.3) ​ Patents ​ ​ (291.9) ​ ​ ​ (269.3) ​ Other technology ​ ​ (177.6) ​ ​ ​ (154.6) ​ ​ ​ ​ (2,187.4) ​ ​ ​ (2,035.1) ​ Net intangible assets subject to amortization ​ ​ 2,685.0 ​ ​ ​ 2,994.1 ​ Total ​ ​ $3,915.0 ​ ​ ​ $4,224.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes ​ ​ $115.9 ​ ​ ​ $120.6 ​ Pension ​ ​ 92.2 ​ ​ ​ 114.6 ​ Derivative asset ​ ​ 114.2 ​ ​ ​ 29.4 ​ Other ​ ​ 271.1 ​ ​ ​ 281.4 ​ Total ​ ​ $593.4 ​ ​ ​ $546.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ December 31 (millions) 2022 ​ 2021 Other current liabilities ​ ​ ​ ​ ​ ​ ​ ​ Discounts and rebates ​ ​ $356.5 ​ ​ ​ $341.1 ​ Dividends payable ​ ​ 145.3 ​ ​ ​ 146.3 ​ Interest payable ​ ​ 54.0 ​ ​ ​ 47.7 ​ Taxes payable, other than income ​ ​ 149.1 ​ ​ ​ 154.2 ​ Derivative liability ​ ​ 3.3 ​ ​ ​ - ​ Restructuring ​ ​ 18.6 ​ ​ ​ 39.1 ​ Contract liability ​ ​ 109.1 ​ ​ ​ 91.7 ​ Operating lease liabilities ​ ​ 108.6 ​ ​ ​ 115.1 ​ Other ​ ​ 200.9 ​ ​ ​ 209.0 ​ Total ​ ​ $1,145.4 ​ ​ ​ $1,144.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other comprehensive income (loss) ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on derivative financial instruments, net of tax ​ ​ $18.0 ​ ​ ​ $4.9 ​ Unrecognized pension and postretirement benefit expense, net of tax ​ ​ (653.4) ​ ​ ​ (632.8) ​ Cumulative translation, net of tax ​ ​ (1,195.1) ​ ​ ​ (1,006.9) ​ Total ​ ​ ($1,830.5) ​ ​ ​ ($1,634.8) ​

DEBT AND INTEREST (Tables)

DEBT AND INTEREST (Tables)	9 Months Ended
	Sep. 30, 2022
DEBT AND INTEREST
Schedule of short-term debt obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ December 31 (millions) 2022 ​ 2021 Short-term debt ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper ​ ​ $485.0 ​ ​ ​ $400.0 ​ Notes payable ​ ​ 10.3 ​ ​ ​ 8.5 ​ Long-term debt, current maturities ​ ​ 2.6 ​ ​ ​ 2.5 ​ Total ​ ​ $497.9 ​ ​ ​ $411.0 ​
Schedule of long-term debt obligations including current maturities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ September 30 ​ December 31 (millions) ​ by Year ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public notes (2022 principal amount) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Two year 2021 senior notes ( $500 million) ​ 2023 ​ ​ $498.3 ​ ​ ​ $497.2 ​ Seven year 2016 senior notes ( €575 million) ​ 2024 ​ ​ 576.4 ​ ​ ​ 649.3 ​ Ten year 2015 senior notes ( €575 million) ​ 2025 ​ ​ 576.4 ​ ​ ​ 649.7 ​ Ten year 2016 senior notes ( $750 million) ​ 2026 ​ ​ 721.4 ​ ​ ​ 744.9 ​ Ten year 2017 senior notes ( $500 million) ​ 2027 ​ ​ 433.7 ​ ​ ​ 488.4 ​ Six year 2021 senior notes ( $500 million) ​ 2027 ​ ​ 496.3 ​ ​ ​ 495.7 ​ Ten year 2020 senior notes ( $698 million) ​ 2030 ​ ​ 643.7 ​ ​ ​ 709.1 ​ Ten year 2020 senior notes ( $600 million) ​ 2031 ​ ​ 552.8 ​ ​ ​ 593.4 ​ Eleven year 2021 senior notes ( $650 million) ​ 2032 ​ ​ 644.5 ​ ​ ​ 644.0 ​ Thirty year 2011 senior notes ( $389 million) ​ 2041 ​ ​ 384.5 ​ ​ ​ 384.3 ​ Thirty year 2016 senior notes ( $200 million) ​ 2046 ​ ​ 197.2 ​ ​ ​ 197.2 ​ Thirty year 2017 senior notes ( $484 million) ​ 2047 ​ ​ 425.2 ​ ​ ​ 424.3 ​ Thirty year 2020 senior notes ( $500 million) ​ 2050 ​ ​ 490.6 ​ ​ ​ 490.4 ​ Thirty year 2021 senior notes ( $850 million) ​ 2051 ​ ​ 838.8 ​ ​ ​ 838.5 ​ Thirty-four year 2021 senior notes ( $685 million) ​ 2055 ​ ​ 536.7 ​ ​ ​ 535.3 ​ Finance lease obligations and other ​ ​ ​ ​ 12.8 ​ ​ ​ 8.0 ​ Total debt ​ ​ ​ ​ 8,029.3 ​ ​ ​ 8,349.7 ​ Long-term debt, current maturities ​ ​ ​ ​ (2.6) ​ ​ ​ (2.5) ​ Total long-term debt ​ ​ ​ ​ $8,026.7 ​ ​ ​ $8,347.2 ​
Schedule of interest expense and interest income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions) 2022 ​ 2021 ​ 2022 ​ 2021 ​ Interest expense ​ ​ $66.7 ​ ​ ​ $78.3 ​ ​ $179.1 ​ ​ ​ $183.8 ​ Interest income ​ (1.6) ​ ​ ​ (1.9) ​ (5.0) ​ ​ ​ (10.1) Interest expense, net ​ ​ $65.1 ​ ​ ​ $76.4 ​ ​ $174.1 ​ ​ ​ $173.7 ​

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
Changes in the carrying amount of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Global ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Institutional ​ Healthcare & ​ ​ ​ ​ ​ ​ ​ ​ (millions) Industrial & Specialty Life Sciences ​ Other Total ​ December 31, 2021 ​ ​ $4,270.1 ​ ​ $576.5 ​ ​ $2,974.2 ​ ​ $243.1 ​ ​ $8,063.9 ​ ​ Prior year business combinations (a) ​ ​ 0.4 ​ ​ - ​ ​ 7.0 ​ ​ - ​ ​ 7.4 ​ ​ Effect of foreign currency translation ​ ​ (173.9) ​ ​ (12.6) ​ ​ (137.1) ​ ​ (6.3) ​ ​ (329.9) ​ ​ September 30, 2022 ​ ​ $4,096.6 ​ ​ $563.9 ​ ​ $2,844.1 ​ ​ $236.8 ​ ​ $7,741.4 ​ ​ ​ (a) Represents purchase accounting adjustments associated with 2021 acquisitions. ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
FAIR VALUE MEASUREMENTS
Schedule of the carrying amount and estimated fair value of assets and liabilities measured on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 (millions) ​ Carrying ​ Fair Value Measurements ​ Amount Level 1 ​ Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts $207.2 ​ ​ ​ $- ​ ​ $207.2 ​ ​ $- ​ Cross-currency swap derivative contracts ​ ​ 86.6 ​ ​ ​ - ​ ​ ​ 86.6 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ 39.4 ​ ​ ​ - ​ ​ ​ 39.4 ​ ​ ​ - ​ Interest rate swap agreements ​ ​ 192.6 ​ ​ ​ - ​ ​ ​ 192.6 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 (millions) ​ Carrying ​ Fair Value Measurements ​ Amount Level 1 ​ Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts $94.5 ​ ​ ​ $- ​ ​ $94.5 ​ ​ $- ​ Interest rate swap agreements ​ ​ 1.8 ​ ​ ​ - ​ ​ ​ 1.8 ​ ​ ​ - ​ Cross-currency swap derivative contracts ​ ​ 9.4 ​ ​ ​ - ​ ​ ​ 9.4 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ 12.6 ​ ​ ​ - ​ ​ ​ 12.6 ​ ​ ​ - ​ Interest rate swap agreements ​ ​ 10.1 ​ ​ ​ - ​ ​ ​ 10.1 ​ ​ ​ - ​ Cross-currency swap derivative contracts ​ ​ 1.6 ​ ​ ​ - ​ ​ ​ 1.6 ​ ​ ​ - ​
Schedule of carrying amount and estimated fair value of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Amount Value Amount Value Long-term debt, including current maturities ​ ​ $8,029.3 ​ ​ ​ $7,126.4 ​ ​ ​ $8,349.7 ​ ​ ​ $9,085.3

DERIVATIVES AND HEDGING TRANS_2

DERIVATIVES AND HEDGING TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2022
DERIVATIVES AND HEDGING TRANSACTIONS
Gross fair value of the company's outstanding derivative assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Assets Derivative Liabilities ​ ​ ​ September 30 ​ December 31 ​ September 30 ​ December 31 ​ (millions) ​ 2022 ​ 2021 2022 ​ 2021 Derivatives designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ $130.4 ​ ​ ​ $44.7 ​ ​ $6.5 ​ ​ ​ $2.6 ​ Interest rate swap agreements ​ ​ ​ - ​ ​ ​ 1.8 ​ ​ 192.6 ​ ​ ​ 10.1 ​ Cross-currency swap derivative contracts ​ ​ ​ 86.6 ​ ​ ​ 9.4 ​ ​ - ​ ​ ​ 1.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ 76.8 ​ ​ ​ 49.8 ​ ​ 32.9 ​ ​ ​ 10.0 ​ Gross value of derivatives ​ ​ ​ 293.8 ​ ​ ​ 105.7 ​ ​ 232.0 ​ ​ ​ 24.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts offset in the Consolidated Balance Sheets ​ ​ ​ (58.4) ​ ​ ​ (14.9) ​ ​ (58.4) ​ ​ ​ (14.9) ​ Net value of derivatives ​ ​ ​ $235.4 ​ ​ ​ $90.8 ​ ​ $173.6 ​ ​ ​ $9.4 ​ ​
Summary of notional values of outstanding derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional Values ​ ​ ​ September 30 ​ ​ December 31 (millions) ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ $ 4,304 ​ ​ ​ $ 4,059 ​ Interest rate swap agreements ​ ​ 1,500 ​ ​ ​ 1,250 ​ Cross-currency swap derivative contracts ​ ​ 427 ​ ​ ​ 482 ​ ​
Schedule of amounts on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying amount of the hedged liabilities ​ ​ Cumulative amount of the fair value hedging adjustment included in the carrying amount of the hedged liabilities ​ ​ ​ Third Quarter Ended ​ ​ Third Quarter Ended ​ Line item in which the hedged item is included ​ September 30 ​ ​ September 30 ​ (millions) 2022 ​ 2021 ​ 2022 ​ 2021 Long-term debt ​ ​ $1,305.6 ​ ​ ​ $745.9 ​ ​ ​ ($196.7) ​ ​ ​ ($5.2) ​
Revaluation gains and losses on euro notes and cross-currency swap derivative	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 (millions) 2022 ​ 2021 ​ 2022 ​ 2021 Revaluation gain (loss), net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Euronotes ​ ​ $59.8 ​ ​ ​ $36.7 ​ ​ ​ $112.6 ​ ​ ​ $10.3 ​ Cross-currency swap derivative contracts ​ ​ 22.9 ​ ​ ​ (1.5) ​ ​ ​ 60.4 ​ ​ ​ (1.5) ​ Total revaluation gain (loss), net of tax ​ ​ $82.7 ​ ​ ​ $35.2 ​ ​ ​ $173.0 ​ ​ ​ $8.8 ​
Impact on AOCI and earnings from derivative contracts qualified as cash flow hedges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ ​ ​ September 30 ​ ​ ​ 2022 ​ 2021 ​ (millions) ​ ​ COS ​ SG&A ​ Interest ​ ​ COS ​ SG&A ​ Interest ​ Gain (loss) on derivatives in cash flow hedging relationship: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from AOCI to income ​ ​ $2.7 ​ $52.7 ​ $- ​ ​ ​ ($4.6) ​ $42.1 ​ $- ​ Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value ​ ​ - ​ - ​ 3.3 ​ ​ ​ - ​ - ​ 5.1 ​ Interest rate swap agreements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from AOCI to income ​ ​ - ​ - ​ (0.6) ​ ​ ​ - ​ - ​ (0.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) on derivatives not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in income ​ ​ - ​ 49.6 ​ - ​ ​ ​ - ​ 22.8 ​ - ​ Total gain (loss) of all derivative instruments ​ ​ $2.7 ​ $102.3 ​ $2.7 ​ ​ ​ ($4.6) ​ $64.9 ​ $4.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ September 30 ​ ​ ​ 2022 ​ 2021 ​ (millions) ​ ​ COS ​ SG&A ​ Interest ​ ​ COS ​ SG&A ​ Interest ​ Gain (loss) on derivatives in cash flow hedging relationship: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from AOCI to income ​ ​ $3.5 ​ $104.8 ​ $- ​ ​ ​ ($9.2) ​ $4.7 ​ $- ​ Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value ​ ​ - ​ - ​ 11.0 ​ ​ ​ - ​ - ​ 16.4 ​ Interest rate swap agreements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from AOCI to income ​ ​ - ​ - ​ (1.8) ​ ​ ​ - ​ - ​ (1.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) on derivatives not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in income ​ ​ - ​ 98.0 ​ - ​ ​ ​ - ​ 28.6 ​ - ​ Total gain (loss) of all derivative instruments ​ ​ $3.5 ​ $202.8 ​ $9.2 ​ ​ ​ ($9.2) ​ $33.3 ​ $14.6 ​

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2022
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION
Schedule of other comprehensive income (loss) information related to the Company's derivatives and hedging instruments and pension and postretirement benefits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions) 2022 ​ 2021 2022 ​ 2021 ​ Derivative and Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on derivative & hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in AOCI ​ ​ $74.2 ​ ​ ​ $61.2 ​ ​ $134.6 ​ ​ ​ $30.3 ​ Loss (gain) reclassified from AOCI into income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COS ​ ​ (2.7) ​ ​ ​ 4.6 ​ ​ (3.5) ​ ​ ​ 9.2 ​ SG&A ​ (52.7) ​ ​ ​ (42.1) ​ (104.8) ​ ​ ​ (4.7) ​ Interest (income) expense, net ​ ​ (2.7) ​ ​ ​ (4.5) ​ ​ (9.2) ​ ​ ​ (14.6) ​ ​ ​ (58.1) ​ ​ ​ (42.0) ​ (117.5) ​ ​ ​ (10.1) ​ Other activity ​ 0.2 ​ ​ ​ 0.5 ​ 0.7 ​ ​ ​ (0.2) ​ Tax impact ​ (4.7) ​ ​ ​ (4.4) ​ (4.7) ​ ​ ​ (3.3) ​ Net of tax ​ ​ $11.6 ​ ​ ​ $15.3 ​ ​ $13.1 ​ ​ ​ $16.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and Postretirement Benefits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in AOCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period net actuarial (loss) gain ​ ​ ($151.7) ​ ​ ​ $- ​ ​ ($151.7) ​ ​ ​ $145.0 ​ Amount reclassified from AOCI into income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Settlement charge ​ ​ 24.8 ​ ​ ​ 7.0 ​ ​ 25.7 ​ ​ ​ 26.6 ​ Amortization of net actuarial loss and prior period service credits, net ​ ​ 14.3 ​ ​ ​ 16.3 ​ ​ 43.7 ​ ​ ​ 59.8 ​ ​ ​ (112.6) ​ ​ ​ 23.3 ​ ​ (82.3) ​ ​ ​ 231.4 ​ Other activity ​ ​ 24.7 ​ ​ ​ 15.6 ​ ​ 42.6 ​ ​ ​ (2.8) ​ Tax impact ​ 25.6 ​ ​ ​ (5.5) ​ 19.1 ​ ​ ​ (55.9) ​ Net of tax ​ ​ ($62.3) ​ ​ ​ $33.4 ​ ​ ($20.6) ​ ​ ​ $172.7 ​
Summary of the net of tax derivative and pension and postretirement benefit amounts reclassified from AOCI into income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ ​ 2022 ​ 2021 2022 ​ 2021 ​ (millions) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative (gain) loss reclassified from AOCI into income, net of tax ​ ​ ($43.7) ​ ​ ​ ($31.9) ​ ​ ($88.5) ​ ​ ​ ($7.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and postretirement benefits amortization of net actuarial losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and prior service credits and settlement charges reclassified from AOCI into income, net of tax ​ ​ 29.7 ​ ​ ​ 33.4 ​ ​ 53.1 ​ ​ ​ 62.8 ​

EARNINGS ATTRIBUTABLE TO ECOL_2

EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS") (Tables)	9 Months Ended
	Sep. 30, 2022
EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")
Computations of the basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions, except per share) 2022 2021 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Ecolab ​ ​ $347.1 ​ ​ ​ $324.5 ​ ​ ​ $827.3 ​ ​ ​ $828.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 284.9 ​ ​ ​ 286.4 ​ ​ 285.4 ​ ​ ​ 286.1 ​ Effect of dilutive stock options and units ​ 1.4 ​ ​ ​ 2.8 ​ ​ 1.6 ​ ​ ​ 2.9 ​ Diluted ​ 286.3 ​ ​ ​ 289.2 ​ ​ ​ 287.0 ​ ​ ​ 289.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings attributable to Ecolab per common share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic EPS ​ ​ $ 1.22 ​ ​ ​ $ 1.13 ​ ​ $ 2.90 ​ ​ ​ $ 2.90 ​ Diluted EPS ​ ​ $ 1.21 ​ ​ ​ $ 1.12 ​ ​ ​ $ 2.88 ​ ​ ​ $ 2.87 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Anti-dilutive securities excluded from the computation of diluted EPS ​ 2.5 ​ ​ ​ 1.0 ​ ​ 2.5 ​ ​ ​ 1.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts do not necessarily sum due to rounding. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

PENSION AND POSTRETIREMENT PL_2

PENSION AND POSTRETIREMENT PLANS (Tables)	9 Months Ended
	Sep. 30, 2022
PENSION AND POSTRETIREMENT PLANS
Net periodic pension and postretirement health care benefit costs	The components of net periodic pension and postretirement health care benefit expense for the third quarter ended September 30 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ International ​ U.S. Postretirement ​ ​ ​ Pension ​ Pension ​ Health Care ​ (millions) 2022 ​ 2021 2022 ​ 2021 2022 ​ 2021 Service cost ​ ​ $10.5 ​ ​ ​ $11.2 ​ ​ $6.8 ​ ​ ​ $7.9 ​ ​ $0.2 ​ ​ ​ $0.2 ​ Interest cost on benefit obligation ​ 14.1 ​ ​ ​ 13.3 ​ ​ 5.3 ​ ​ ​ 4.4 ​ ​ 0.8 ​ ​ ​ 0.7 ​ Expected return on plan assets ​ (36.7) ​ ​ ​ (38.0) ​ ​ (16.8) ​ ​ ​ (16.6) ​ ​ (0.1) ​ ​ ​ (0.1) ​ Recognition of net actuarial loss (gain) ​ ​ 10.0 ​ ​ ​ 12.1 ​ ​ 5.6 ​ ​ ​ 5.8 ​ ​ (0.1) ​ ​ ​ 0.2 ​ Amortization of prior service benefit ​ ​ (1.2) ​ ​ ​ (1.7) ​ ​ - ​ ​ ​ (0.1) ​ ​ - ​ ​ ​ - ​ Curtailments and settlements ​ ​ 24.8 ​ ​ ​ 7.0 ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ - ​ Total expense ​ ​ $21.5 ​ ​ ​ $3.9 ​ ​ $0.9 ​ ​ ​ $1.4 ​ ​ $0.8 ​ ​ ​ $1.0 ​ ​ The components of net periodic pension and postretirement health care benefit expense for the nine months ended September 30 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ International ​ U.S. Postretirement ​ ​ ​ Pension ​ Pension ​ Health Care ​ (millions) 2022 ​ 2021 2022 ​ 2021 2022 ​ 2021 Service cost ​ ​ $31.5 ​ ​ ​ $32.8 ​ ​ $21.0 ​ ​ ​ $24.0 ​ ​ $0.6 ​ ​ ​ $0.6 ​ Interest cost on benefit obligation ​ ​ 42.3 ​ ​ ​ 38.3 ​ ​ 16.5 ​ ​ ​ 13.1 ​ ​ 2.4 ​ ​ ​ 2.1 ​ Expected return on plan assets ​ ​ (110.1) ​ ​ ​ (115.2) ​ ​ (52.8) ​ ​ ​ (51.9) ​ ​ (0.3) ​ ​ ​ (0.3) ​ Recognition of net actuarial loss (gain) ​ ​ 30.0 ​ ​ ​ 44.5 ​ ​ 17.4 ​ ​ ​ 20.3 ​ ​ (0.3) ​ ​ ​ 0.6 ​ Amortization of prior service benefit ​ ​ (3.4) ​ ​ ​ (5.1) ​ ​ - ​ ​ ​ (0.5) ​ ​ - ​ ​ ​ - ​ Curtailments and settlements ​ ​ 25.7 ​ ​ ​ 26.6 ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ - ​ Total expense ​ ​ $16.0 ​ ​ ​ $21.9 ​ ​ $2.1 ​ ​ ​ $5.0 ​ ​ $2.4 ​ ​ ​ $3.0 ​ ​

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2022
REVENUES
Schedule of operating lease revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions) ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Operating lease revenue* ​ ​ $118.1 ​ ​ ​ $103.3 ​ ​ ​ $345.4 ​ ​ ​ $306.4 ​ ​
Schedule of principal activities, separated by reportable segments and geographic region	​ Net sales at public exchange rates by reportable segment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended Nine Months Ended ​ ​ September 30 September 30 (millions) 2022 ​ 2021 2022 ​ 2021 Global Industrial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ $1,551.8 ​ ​ ​ $1,386.0 ​ ​ $4,381.6 ​ ​ ​ $3,941.0 Service and lease equipment ​ 217.8 ​ ​ ​ 217.1 ​ ​ 643.6 ​ ​ ​ 637.6 Global Institutional & Specialty ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 964.0 ​ ​ ​ 889.9 ​ ​ 2,722.8 ​ ​ ​ 2,397.7 ​ Service and lease equipment ​ ​ 199.1 ​ ​ ​ 180.7 ​ ​ 574.5 ​ ​ ​ 506.3 ​ Global Healthcare & Life Sciences ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 329.5 ​ ​ ​ 259.4 ​ ​ 1,023.7 ​ ​ ​ 795.4 ​ Service and lease equipment ​ ​ 27.1 ​ ​ ​ 27.5 ​ ​ 86.6 ​ ​ ​ 86.0 ​ Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 90.0 ​ ​ ​ 82.7 ​ ​ 249.5 ​ ​ ​ 224.0 ​ Service and lease equipment ​ ​ 262.3 ​ ​ ​ 241.5 ​ ​ 737.9 ​ ​ ​ 676.4 ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 27.7 ​ ​ ​ 35.8 ​ ​ 96.3 ​ ​ ​ 103.5 ​ Service and lease equipment ​ ​ - ​ ​ ​ 0.2 ​ ​ 0.1 ​ ​ ​ 0.6 ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total product and sold equipment ​ ​ $2,963.0 ​ ​ ​ $2,653.8 ​ ​ $8,473.9 ​ ​ ​ $7,461.6 ​ Total service and lease equipment ​ ​ $706.3 ​ ​ ​ $667.0 ​ ​ $2,042.7 ​ ​ ​ $1,906.9 ​ ​ Net sales at public exchange rates by geographic region for the third quarter ended September 30 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Global Institutional ​ Global Healthcare ​ ​ ​ ​ ​ ​ ​ Industrial ​ & Specialty ​ & Life Sciences ​ Other ​ Corporate ​ (millions) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ ​ $836.4 ​ ​ ​ $716.8 ​ ​ $860.5 ​ ​ ​ $776.4 ​ ​ $146.8 ​ ​ ​ $112.6 ​ ​ $227.1 ​ ​ ​ $201.3 ​ ​ $24.8 ​ ​ ​ $25.7 ​ Europe ​ 350.3 ​ ​ ​ 353.3 ​ ​ 162.8 ​ ​ ​ 166.3 ​ ​ 164.9 ​ ​ ​ 154.1 ​ ​ 70.0 ​ ​ ​ 70.6 ​ ​ 0.7 ​ ​ ​ 0.8 ​ Asia Pacific ​ 207.2 ​ ​ ​ 199.8 ​ ​ 53.5 ​ ​ ​ 48.4 ​ ​ 23.0 ​ ​ ​ 14.8 ​ ​ 19.6 ​ ​ ​ 17.1 ​ ​ 1.1 ​ ​ ​ 1.5 ​ Latin America ​ 160.6 ​ ​ ​ 141.0 ​ ​ 40.8 ​ ​ ​ 34.9 ​ ​ 5.9 ​ ​ ​ - ​ ​ 12.9 ​ ​ ​ 13.0 ​ ​ 1.1 ​ ​ ​ 6.7 ​ Greater China ​ ​ 101.0 ​ ​ ​ 102.9 ​ ​ 30.6 ​ ​ ​ 32.6 ​ ​ 11.9 ​ ​ ​ 1.8 ​ ​ 20.0 ​ ​ ​ 19.5 ​ ​ - ​ ​ ​ 0.7 ​ India, Middle East and Africa ​ ​ 114.1 ​ ​ ​ 89.3 ​ ​ 14.9 ​ ​ ​ 12.0 ​ ​ 4.1 ​ ​ ​ 3.6 ​ ​ 2.7 ​ ​ ​ 2.7 ​ ​ - ​ ​ ​ 0.6 ​ Total ​ ​ $1,769.6 ​ ​ ​ $1,603.1 ​ ​ $1,163.1 ​ ​ ​ $1,070.6 ​ ​ $356.6 ​ ​ ​ $286.9 ​ ​ $352.3 ​ ​ ​ $324.2 ​ ​ $27.7 ​ ​ ​ $36.0 ​ ​ Net sales at public exchange rates by geographic region for the nine months ended September 30 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Global Institutional ​ Global Healthcare ​ ​ ​ ​ ​ ​ Industrial ​ & Specialty ​ & Life Sciences ​ Other ​ Corporate (millions) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ ​ $2,329.6 ​ ​ ​ $2,046.0 ​ ​ $2,420.6 ​ ​ ​ $2,133.6 ​ ​ $449.5 ​ ​ ​ $320.0 ​ ​ $623.7 ​ ​ ​ $549.8 ​ ​ $84.5 ​ ​ ​ $73.4 Europe ​ 1,005.1 ​ ​ ​ 1,008.5 ​ ​ 463.8 ​ ​ ​ 394.5 ​ ​ 523.0 ​ ​ ​ 500.8 ​ ​ 201.8 ​ ​ ​ 191.3 ​ ​ 2.2 ​ ​ ​ 2.6 Asia Pacific ​ 621.3 ​ ​ ​ 586.8 ​ ​ 159.2 ​ ​ ​ 150.0 ​ ​ 66.0 ​ ​ ​ 40.3 ​ ​ 55.8 ​ ​ ​ 54.9 ​ ​ 3.2 ​ ​ ​ 4.2 Latin America ​ 453.0 ​ ​ ​ 400.5 ​ ​ 119.1 ​ ​ ​ 97.3 ​ ​ 16.2 ​ ​ ​ 1.1 ​ ​ 39.0 ​ ​ ​ 37.7 ​ ​ 6.2 ​ ​ ​ 19.4 Greater China ​ ​ 317.7 ​ ​ ​ 292.7 ​ ​ 95.0 ​ ​ ​ 98.7 ​ ​ 41.6 ​ ​ ​ 4.5 ​ ​ 59.1 ​ ​ ​ 57.7 ​ ​ 0.1 ​ ​ ​ 1.9 India, Middle East and Africa ​ ​ 298.5 ​ ​ ​ 244.1 ​ ​ 39.6 ​ ​ ​ 29.9 ​ ​ 14.0 ​ ​ ​ 14.7 ​ ​ 8.0 ​ ​ ​ 9.0 ​ ​ 0.2 ​ ​ ​ 2.6 Total ​ ​ $5,025.2 ​ ​ ​ $4,578.6 ​ ​ $3,297.3 ​ ​ ​ $2,904.0 ​ ​ $1,110.3 ​ ​ ​ $881.4 ​ ​ $987.4 ​ ​ ​ $900.4 ​ ​ $96.4 ​ ​ ​ $104.1 ​
Summarized activity in the allowance for doubtful accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ September 30 ​ (millions) ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ $52.8 ​ ​ ​ $68.4 ​ Bad debt expense ​ 26.8 ​ ​ 12.4 ​ Write-offs ​ (12.8) ​ ​ (23.7) ​ Other (a) ​ 2.1 ​ ​ (1.1) ​ Ending balance ​ ​ $68.9 ​ ​ ​ $56.0 ​ ​ (a) Other amounts are primarily the effects of changes in currency translations. ​
Schedule of contract liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30 (millions) 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract liability as of beginning of the year ​ $91.7 ​ ​ ​ $80.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognized in the period from: ​ ​ ​ ​ ​ ​ Amounts included in the contract liability at the beginning of the year ​ (91.7) ​ ​ ​ (80.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ Increases due to billings excluding amounts recognized as revenue during the period ended ​ ​ 109.1 ​ ​ ​ 86.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract liability as of end of period ​ ​ $109.1 ​ ​ ​ $86.7 ​

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
OPERATING SEGMENTS
Schedule of financial information for each of the entity's reportable segments, including the impact of the preceding changes on previously reported full year 2021 net sales and operating income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Reported ​ ​ ​ ​ ​ ​ ​ Fixed ​ ​ ​ 2021 Reported ​ ​ ​ Valued at 2021 ​ ​ Currency ​ Valued at 2022 ​ (millions) ​ Management Rates Other ​ Rate Change ​ Management Rates ​ Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $6,304.9 ​ ​ ​ $- ​ ​ ​ ​ ($218.1) ​ ​ ​ ​ $6,086.8 ​ ​ Global Institutional & Specialty ​ ​ 3,978.2 ​ ​ ​ - ​ ​ ​ ​ (69.4) ​ ​ ​ ​ 3,908.8 ​ ​ Global Healthcare & Life Sciences ​ ​ 1,195.4 ​ ​ ​ - ​ ​ ​ ​ (45.8) ​ ​ ​ ​ 1,149.6 ​ ​ Other ​ ​ 1,226.9 ​ ​ ​ - ​ ​ ​ ​ (25.9) ​ ​ ​ ​ 1,201.0 ​ ​ Corporate ​ ​ 139.4 ​ ​ ​ - ​ ​ ​ ​ (2.0) ​ ​ ​ ​ 137.4 ​ ​ Subtotal at fixed currency rates ​ ​ 12,844.8 ​ ​ ​ - ​ ​ ​ ​ (361.2) ​ ​ ​ ​ 12,483.6 ​ ​ Effect of foreign currency translation ​ ​ (111.7) ​ ​ ​ - ​ ​ ​ ​ 361.2 ​ ​ ​ ​ 249.5 ​ ​ Consolidated reported GAAP net sales ​ ​ $12,733.1 ​ ​ ​ $- ​ ​ ​ ​ $- ​ ​ ​ ​ $12,733.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $1,031.0 ​ ​ ​ $4.0 ​ ​ ​ ​ ($49.3) ​ ​ ​ ​ $985.7 ​ ​ Global Institutional & Specialty ​ ​ 556.9 ​ ​ ​ (3.8) ​ ​ ​ ​ (7.4) ​ ​ ​ ​ 545.7 ​ ​ Global Healthcare & Life Sciences ​ ​ 160.9 ​ ​ ​ (0.9) ​ ​ ​ ​ (7.7) ​ ​ ​ ​ 152.3 ​ ​ Other ​ ​ 187.3 ​ ​ ​ 0.7 ​ ​ ​ ​ (4.0) ​ ​ ​ ​ 184.0 ​ ​ Corporate ​ ​ (318.6) ​ ​ ​ ​ ​ ​ ​ ​ 2.0 ​ ​ ​ ​ (316.6) ​ ​ Subtotal at fixed currency rates ​ ​ 1,617.5 ​ ​ ​ - ​ ​ ​ ​ (66.4) ​ ​ ​ ​ 1,551.1 ​ ​ Effect of foreign currency translation ​ ​ (18.9) ​ ​ ​ ​ ​ ​ ​ ​ 66.4 ​ ​ ​ ​ 47.5 ​ ​ Consolidated reported GAAP operating income ​ ​ $1,598.6 ​ ​ ​ $- ​ ​ ​ ​ $- ​ ​ ​ ​ $1,598.6 ​ ​
Schedule of financial information for each of the entity's reportable segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions) 2022 ​ ​ 2021 ​ 2022 ​ ​ 2021 ​ Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ $1,816.7 ​ ​ ​ $1,565.0 ​ ​ $5,077.8 ​ ​ ​ $4,452.2 ​ Global Institutional & Specialty ​ ​ 1,183.2 ​ ​ ​ 1,057.1 ​ ​ 3,323.4 ​ ​ ​ 2,864.7 ​ Global Healthcare & Life Sciences ​ ​ 375.5 ​ ​ ​ 279.7 ​ ​ 1,138.9 ​ ​ ​ 852.8 ​ Other ​ ​ 362.1 ​ ​ ​ 319.5 ​ ​ 1,000.4 ​ ​ ​ 885.2 ​ Corporate ​ ​ 27.8 ​ ​ ​ 35.4 ​ ​ 96.4 ​ ​ ​ 102.7 ​ Subtotal at fixed currency rates ​ ​ 3,765.3 ​ ​ ​ 3,256.7 ​ ​ 10,636.9 ​ ​ ​ 9,157.6 ​ Effect of foreign currency translation ​ ​ (96.0) ​ ​ ​ 64.1 ​ ​ (120.3) ​ ​ ​ 210.9 ​ Consolidated reported GAAP net sales ​ $3,669.3 ​ ​ $3,320.8 ​ ​ $10,516.6 ​ ​ ​ $9,368.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ $277.0 ​ ​ ​ $258.6 ​ ​ $693.2 ​ ​ ​ $719.7 ​ Global Institutional & Specialty ​ ​ 199.1 ​ ​ ​ 190.9 ​ ​ 462.5 ​ ​ ​ 390.5 ​ Global Healthcare & Life Sciences ​ ​ 34.7 ​ ​ ​ 35.2 ​ ​ 137.3 ​ ​ ​ 123.9 ​ Other ​ ​ 64.4 ​ ​ ​ 57.8 ​ ​ 153.6 ​ ​ ​ 140.9 ​ Corporate ​ ​ (77.2) ​ ​ ​ (89.4) ​ ​ (264.7) ​ ​ ​ (202.8) ​ Subtotal at fixed currency rates ​ ​ 498.0 ​ ​ ​ 453.1 ​ ​ 1,181.9 ​ ​ ​ 1,172.2 ​ Effect of foreign currency translation ​ ​ (15.0) ​ ​ ​ 12.7 ​ ​ (18.6) ​ ​ ​ 38.7 ​ Consolidated reported GAAP operating income ​ $483.0 ​ ​ $465.8 ​ ​ $1,163.3 ​ ​ ​ $1,210.9 ​

NEW ACCOUNTING PRONOUNCEMENTS (

NEW ACCOUNTING PRONOUNCEMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
NEW ACCOUNTING PRONOUNCEMENTS
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 ASU 2021-01 - Reference Rate Reform (Topic 848): Scope ​ March 2020 ​ Certain LIBOR rates, widely used reference rates for pricing financial products were discontinued on December 31, 2021. This standard provides optional expedients and exceptions if certain criteria are met when accounting for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ​ Application of guidance is optional until the options and expedients expire on December 31, 2022. ​ The Company evaluated contracts whose terms previously included references to LIBOR or one of its equivalents and identified two contracts requiring modifications of the interest rate provisions included therein. The Company applied certain of the expedients included in ASC 848 allowing the Company to account for the contract modifications prospectively. There were no financial statement impacts at the time of modification. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2021-08 - Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ​ October 2021 ​ Update to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. ​ January 1, 2023. ​ The Company is currently evaluating any potential future impacts on the Company's financial statements, any such changes would be prospective. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2021 -10 - Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance ​ November 2021 ​ Update to increase the transparency of government assistance including annual disclosure of the types of assistance, an entity’s accounting for the assistance, and the effect of the assistance on an entity’s financial statements. ​ Annual period beginning January 1, 2022. ​ The Company is currently gathering the information and evaluating the future impact on the Company's financial statement annual disclosures. ​ ​

SPECIAL (GAINS) AND CHARGES - C

SPECIAL (GAINS) AND CHARGES - Charges Reported on Statement of Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Special (gains) and charges
Other (income) expense	$ 17.8	$ 6.3	$ 45.5	$ 36.7
Total special (gains) and charges	49.7	98.5	132	171.8
Russia/Ukraine charges
Special (gains) and charges
Russia/Ukraine charges	0.8		13.1
Cost of sales
Special (gains) and charges
Restructuring activities	2.1	2.2	5.5	24.1
Acquisition and integration activities	4.2		32.7
Other special gains and charges				0.3
Other (income) expense	7.1	52.9	61.7	76.2
Cost of sales | Russia/Ukraine charges
Special (gains) and charges
Russia/Ukraine charges	0.8		7.2
Cost of sales | C O V I D 19
Special (gains) and charges
COVID-19		50.7	16.3	51.8
Special (gains) and charges
Special (gains) and charges
Restructuring activities	(0.3)	0.4	0.8	6.5
Acquisition and integration activities	4.1	0.8	15	3.3
Other special gains and charges	11.5	3.6	16.7	10.7
Other (income) expense	17.8	6.3	45.5	36.7
Special (gains) and charges | Russia/Ukraine charges
Special (gains) and charges
Russia/Ukraine charges			5.9
Special (gains) and charges | C O V I D 19
Special (gains) and charges
COVID-19	2.5	1.5	7.1	16.2
Operating income subtotal
Special (gains) and charges
Other (income) expense	24.9	59.2	107.2	112.9
Other (income) expense
Special (gains) and charges
Other (income) expense	$ 24.8	7	$ 24.8	26.6
Interest expense
Special (gains) and charges
Other (income) expense		$ 32.3		$ 32.3

SPECIAL (GAINS) AND CHARGES - R

SPECIAL (GAINS) AND CHARGES - Restructuring and Non-Restructuring Activity (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended		12 Months Ended	48 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2021	Nov. 30, 2022
Other restructuring information
Special (gains) and charges		$ 17.8		$ 6.3	$ 45.5	$ 36.7
C O V I D 19
Non-restructuring Special (Gains) and Charges
Inventory-related reserves			$ 15
Expenses Incurred To Pay Employees Impacted By Pandemic		1.3		2.6	1.3	12.6
Net charges (gains) related to the pandemic		2.1		40.6	17.9	51.9
Medical charges and testing fee		1.6		3.1	7.7	11.5
Special (gains) and charges
Other restructuring information
Restructuring charges incurred, pre-tax		(0.3)		0.4	0.8	6.5
Business combination advisory and legal fees, pre tax		4.1		0.8	15	3.3
Other special gains and charges		11.5		3.6	16.7	10.7
Special (gains) and charges		17.8		6.3	45.5	36.7
Non-restructuring Special (Gains) and Charges
Business combination and integration related costs, pre tax		4.1		0.8	15	3.3
Business combination and integration related costs, after tax		3.9		0.8	11.9	2.9
Cost of sales
Other restructuring information
Restructuring charges incurred, pre-tax		2.1		2.2	5.5	24.1
Business combination advisory and legal fees, pre tax		4.2			32.7
Business combination advisory and legal fees, after tax		3.9			25.8
Other special gains and charges						0.3
Special (gains) and charges		7.1		52.9	61.7	76.2
Interest expense
Other restructuring information
Special (gains) and charges				32.3		32.3
Non-restructuring Special (Gains) and Charges
Debt refinancing charges, pre-tax				32.3
Debt refinancing charges, net of tax				28.4
Specific legal reserve and related legal charges
Other restructuring information
Other special gains and charges		11.5			16.7
Other special gains and charges, after-tax		8.7			12.6
Other (income) expense
Other restructuring information
Special (gains) and charges		24.8		7	24.8	26.6
Pension settlements and curtailments		24.8		7	24.8	26.6
Pension settlements and curtailments, after tax		18.8		5.3	18.8	20.2
Russia/Ukraine charges
Other restructuring information
Russia/Ukraine charges		0.8			13.1
Charges related to recoverability risk		0.7			14
Russia/Ukraine charges | Special (gains) and charges
Other restructuring information
Russia/Ukraine charges					5.9
Russia/Ukraine charges | Cost of sales
Other restructuring information
Russia/Ukraine charges		0.8			7.2
Product and equipment sales | Cost of sales
Other restructuring information
Other special gains and charges				3.6		10.7
Other special gains and charges, after-tax				2.7		8.3
Institutional Advancement Program
Restructuring
Recorded expense (income) and accrual					3.9		$ 47.8
Net cash payments					(3.9)		(34.2)
Non-cash net charges					(2.9)		(8.5)
Other restructuring information
Restructuring charge expected to be incurred, pre-tax		70			70
Restructuring charge expected to be incurred, after tax		55			55
Restructuring liability		2.2			2.2		5.1	$ 5.1
Restructuring charges incurred to date, pre-tax		51.7			51.7
Restructuring charges incurred to date, after-tax		39.5			39.5
Restructuring charges incurred, pre-tax		1.8		1.4	3.9	9.5
Restructuring charges incurred, after tax		1.3		1.4	2.9	7.5
Institutional Advancement Program | Employee termination costs
Restructuring
Recorded expense (income) and accrual					0.4		23.8
Net cash payments					(3.6)		(19.9)
Other restructuring information
Restructuring liability		0.7			0.7		3.9	3.9
Institutional Advancement Program | Asset disposals
Restructuring
Recorded expense (income) and accrual					2.9		8.5
Non-cash net charges					(2.9)		(8.5)
Institutional Advancement Program | Other.
Restructuring
Recorded expense (income) and accrual					0.6		15.5
Net cash payments					(0.3)		(14.3)
Other restructuring information
Restructuring liability		1.5			1.5		1.2	1.2
Accelerate 2020 Restructuring Plan
Restructuring
Recorded expense					(0.2)			244.5
Net cash payments					(17)			(199.4)
Non-cash charges								(11.5)
Effect of foreign currency translation								(0.9)
Other restructuring information
Restructuring charge expected to be incurred, pre-tax		255			255
Restructuring charge expected to be incurred, after tax		195			195
Restructuring liability		15.5			15.5		32.7	32.7
Accelerate 2020 Restructuring Plan | Special (gains) and charges
Other restructuring information
Restructuring liability		15.5			15.5
Restructuring charges incurred to date, pre-tax		244.3			244.3
Restructuring charges incurred to date, after-tax		189.9			189.9
Restructuring charges incurred, pre-tax		(0.6)		1.5	(0.2)	2.9
Restructuring charges incurred, after tax		0.3		1.2	0.1	2.8
Accelerate 2020 Restructuring Plan | Employee termination costs
Restructuring
Recorded expense					(1.3)			216.3
Net cash payments					(15.3)			(183.4)
Effect of foreign currency translation								(0.9)
Other restructuring information
Restructuring liability		15.4			15.4		32	32
Accelerate 2020 Restructuring Plan | Asset disposals
Restructuring
Recorded expense								8.3
Net cash payments								1.2
Non-cash charges								(9.5)
Accelerate 2020 Restructuring Plan | Other.
Restructuring
Recorded expense					1.1			19.9
Net cash payments					(1.7)			(17.2)
Non-cash charges								(2)
Other restructuring information
Restructuring liability		0.1			0.1		0.7	0.7
Other Restructuring Plan
Other restructuring information
Restructuring charges incurred, pre-tax		0.6		(0.3)	2.6	18.2
Restructuring charges incurred, after tax		0.5		$ 0.5	2	$ 16.9
Prior Year Plans
Other restructuring information
Restructuring liability		$ 4			4		$ 4.6	$ 4.6
Cash payments					$ 3.2
Europe Program | Subsequent event
Restructuring
Recorded expense	$ 60
Other restructuring information
Restructuring charge expected to be incurred, pre-tax									$ 130
Restructuring charge expected to be incurred, after tax									110
Annualized pre-tax savings									$ 80

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Acquisition Summary (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 item	Sep. 30, 2021 USD ($) item	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($)
Business Acquisition [Line Items]
Number of acquisitions | item	0	0	0
Prior year business combinations, net intangible assets adjustments		$ (0.9)	$ (5.6)
Payments for Merger Related Costs			7.2
Prior year business combinations, goodwill adjustments			7.4
Intangible assets acquired			0
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions				14 years
Contingent consideration payment				$ 1.4
Prior year business combinations, net tangible assets adjustments			$ 5.4
Business Acquisitions and Investment
Business Acquisition [Line Items]
Net tangible assets (liabilities) acquired		14.8		12.4
Customer relationships		41		72.1
Trademarks		1.1		4.7
Non-compete agreements		3		3
Other technology				1.5
Total intangible assets		45.1		81.3
Goodwill		60.2		119.2
Total aggregate purchase price		120.1		212.9
Acquisition related liabilities and contingent consideration				(4.4)
Net cash paid for acquisitions, including acquisition-related liabilities and contingent consideration		$ 120.1		$ 208.5

BALANCE SHEETS INFORMATION (Det

BALANCE SHEETS INFORMATION (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Accounts receivable, net
Accounts receivable	$ 2,820.3	$ 2,549.9
Allowance for expected credit losses and other accruals	(106)	(71.5)
Total	2,714.3	2,478.4
Inventories
Finished goods	1,079.4	1,010.6
Raw materials and parts	853.5	596.1
Inventories at FIFO cost	1,932.9	1,606.7
FIFO cost to LIFO cost difference	(130.2)	(114.9)
Total	1,802.7	1,491.8
Other current assets
Prepaid assets	129.3	121.2
Taxes receivable	166.1	151.3
Derivative assets	121.2	61.4
Other	52.8	23.1
Total	469.4	357
Property, plant and equipment, net
Land	160.5	159.2
Buildings and leasehold improvements	1,122	1,134.1
Machinery and equipment	1,955.9	1,968.7
Merchandising and customer equipment	2,718.1	2,708.2
Capitalized software	960.3	884.6
Construction in progress	360.8	325
Property, plant and equipment, gross	7,277.6	7,179.8
Accumulated depreciation	(4,016.7)	(3,891.3)
Total	3,260.9	3,288.5
Intangible assets subject to amortization:
Other intangible assets, gross	4,872.4	5,029.2
Accumulated amortization	(2,187.4)	(2,035.1)
Net intangible assets subject to amortization	2,685	2,994.1
Total	3,915	4,224.1
Other assets
Deferred income taxes	115.9	120.6
Pension	92.2	114.6
Derivative asset	114.2	29.4
Other	271.1	281.4
Total	593.4	546
Other current liabilities
Discounts and rebates	356.5	341.1
Dividends payable	145.3	146.3
Interest payable	54	47.7
Taxes payable, other than income	149.1	154.2
Derivative liability	3.3
Restructuring	18.6	39.1
Contract liability	109.1	91.7
Operating lease liabilities	108.6	115.1
Other	200.9	209
Total	1,145.4	1,144.2
Accumulated other comprehensive income (loss)
Unrealized gain (loss) on derivative financial instruments, net of tax	18	4.9
Unrecognized pension and postretirement benefit expense, net of tax	(653.4)	(632.8)
Cumulative translation, net of tax	(1,195.1)	(1,006.9)
Total	(1,830.5)	(1,634.8)
Customer relationships
Intangible assets subject to amortization:
Other intangible assets, gross	3,301.6	3,444.6
Accumulated amortization	(1,523.7)	(1,440.9)
Trademarks
Intangible assets subject to amortization:
Other intangible assets, gross	550.5	561.1
Accumulated amortization	(194.2)	(170.3)
Patents
Intangible assets subject to amortization:
Other intangible assets, gross	500.5	496.3
Accumulated amortization	(291.9)	(269.3)
Other technology
Intangible assets subject to amortization:
Other intangible assets, gross	519.8	527.2
Accumulated amortization	(177.6)	(154.6)
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	Sep. 30, 2022	Dec. 31, 2021
Components of the company's debt obligations
Long-term debt, current maturities	$ 2.6	$ 2.5
Short-term debt including current maturities of long-term debt	497.9	411
Commercial paper
Components of the company's debt obligations
Short term borrowings	485	400
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	485	400
European commercial paper
Components of the company's debt obligations
Maximum borrowing capacity, commercial paper	2,000
Notes payable
Components of the company's debt obligations
Short term borrowings	10.3	8.5
Multi Currency Revolving Credit Facility
Components of the company's debt obligations
Maximum borrowing capacity under the credit agreement	2,000
Amount outstanding under the credit agreement	$ 0	$ 0

DEBT AND INTEREST - Other Debt

DEBT AND INTEREST - Other Debt Information (Details) € in Millions, $ in Millions			1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2021 USD ($)	Aug. 01, 2021 USD ($)	Sep. 30, 2021 USD ($)	Aug. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Debt instrument
Carrying value					$ 8,029.3		$ 8,029.3			$ 8,349.7
Long-term debt, current maturities					(2.6)		(2.6)			(2.5)
Long-term debt					8,026.7		8,026.7			8,347.2
Payment for Debt Extinguishment or Debt Prepayment Cost			$ 25
Interest
Interest expense					66.7	$ 78.3	179.1	$ 183.8
Interest income					(1.6)	(1.9)	(5)	(10.1)
Interest expense, net					65.1	76.4	$ 174.1	$ 173.7
Interest expense
Debt instrument
Debt refinancing charges, pre-tax						32.3
Debt refinancing charges, net of tax						$ 28.4
Public Notes
Debt instrument
Principal outstanding payable at time of prepayment of notes (as a percent)							101%
Thirty year 2011 senior notes
Debt instrument
Carrying value					384.5		$ 384.5			384.3
Aggregate principal amount					389		$ 389
Debt instrument, term							30 years
Five year 2017 senior notes
Debt instrument
Interest rate (as a percent)			2.375%			2.375%		2.375%
Debt extinguishment amount			$ 500
Two Year 2021 Senior Notes [Member]
Debt instrument
Carrying value					498.3		$ 498.3			497.2
Aggregate principal amount					500		$ 500
Debt instrument, term							2 years
Six Year 2021 Senior Notes [Member]
Debt instrument
Carrying value					496.3		$ 496.3			495.7
Aggregate principal amount					500		$ 500
Debt instrument, term							6 years
Eleven Year 2021 Senior Notes [Member]
Debt instrument
Carrying value					644.5		$ 644.5			644
Aggregate principal amount					650		$ 650
Debt instrument, term							11 years
Thirty Year 2021 Senior Notes [Member]
Debt instrument
Carrying value					838.8		$ 838.8			838.5
Aggregate principal amount					850		$ 850
Debt instrument, term							30 years
Ten year 2017 senior notes
Debt instrument
Carrying value					433.7		$ 433.7			488.4
Aggregate principal amount					500		$ 500
Debt instrument, term							10 years
Thirty year 2017 senior notes
Debt instrument
Carrying value					425.2		$ 425.2			424.3
Aggregate principal amount					484		$ 484
Debt instrument, term							30 years
Thirty year 2020 senior notes
Debt instrument
Carrying value					490.6		$ 490.6			490.4
Aggregate principal amount					500		$ 500
Debt instrument, term							30 years
Thirty-four year 2021 senior notes
Debt instrument
Carrying value					536.7		$ 536.7			535.3
Aggregate principal amount					685		$ 685
Debt instrument, term	34 years						34 years
Debt exchanged	$ 385
Payment for Debt Extinguishment or Debt Prepayment Cost				$ 118
Value of notes tendered in an exchange offering	$ 387
Ten year 2020 senior notes
Debt instrument
Carrying value					643.7		$ 643.7			709.1
Aggregate principal amount					698		$ 698
Debt instrument, term							10 years
Ten year 2020 senior notes, maturing in 2031
Debt instrument
Carrying value					552.8		$ 552.8			593.4
Aggregate principal amount					600		$ 600
Debt instrument, term							10 years
Seven year 2016 senior notes
Debt instrument
Interest rate (as a percent)			3.25%			3.25%		3.25%
Debt extinguishment amount			$ 400
Seven year 2016 senior euro notes
Debt instrument
Carrying value					576.4		$ 576.4			649.3
Aggregate principal amount | €									€ 575
Debt instrument, term							7 years
Ten year 2016 senior notes
Debt instrument
Carrying value					721.4		$ 721.4			744.9
Aggregate principal amount					750		$ 750
Debt instrument, term							10 years
Thirty year 2016 senior notes
Debt instrument
Carrying value					197.2		$ 197.2			197.2
Aggregate principal amount					200		$ 200
Debt instrument, term							30 years
Ten Year 2015 senior euro notes
Debt instrument
Carrying value					576.4		$ 576.4			649.7
Aggregate principal amount | €									€ 575
Debt instrument, term							10 years
Private Placement 34-Year 2021 Senior Notes
Debt instrument
Aggregate principal amount		$ 300
Debt instrument, term		34 years
Interest rate (as a percent)		2.75%
Debt, unamortized discounts and financing costs		$ 143
Other debt.
Debt instrument
Carrying value					$ 12.8		$ 12.8			$ 8

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Changes in the carrying amount of goodwill for each of the company's reportable segments
Number of reporting units | segment	12
Impairment of goodwill			$ 0
Changes in the carrying amount of goodwill
Beginning goodwill			8,063.9
Prior year business combinations			7.4
Effect of foreign currency translation			(329.9)
Ending goodwill	$ 7,741.4		7,741.4
Future estimated amortization expense related to amortizable other identifiable intangible assets
Estimated expense for the remaining six-month period	74		74
Total amortization expense related to other intangible assets	80.6	$ 57.7	238.8	$ 174.4
Nalco Holding Company ("Nalco") | Trademarks
Changes in the carrying amount of goodwill
Impairment of indefinite life intangible asset			0
Carrying value of asset subject to impairment testing	1,200		1,200
Global Industrial
Changes in the carrying amount of goodwill
Beginning goodwill			4,270.1
Prior year business combinations			0.4
Effect of foreign currency translation			(173.9)
Ending goodwill	4,096.6		4,096.6
Global Institutional and Specialty
Changes in the carrying amount of goodwill
Beginning goodwill			576.5
Effect of foreign currency translation			(12.6)
Ending goodwill	563.9		563.9
Global Healthcare and Life Sciences
Changes in the carrying amount of goodwill
Beginning goodwill			2,974.2
Prior year business combinations			7
Effect of foreign currency translation			(137.1)
Ending goodwill	2,844.1		2,844.1
Other
Changes in the carrying amount of goodwill
Beginning goodwill			243.1
Effect of foreign currency translation			(6.3)
Ending goodwill	$ 236.8		$ 236.8

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Carrying Amount | Foreign currency forward contracts
Assets:
Foreign currency forward contracts	$ 207.2	$ 94.5
Liabilities:
Foreign currency forward contracts	39.4	12.6
Carrying Amount | Interest rate swap agreements
Assets:
Interest rate swap agreements		1.8
Liabilities:
Interest rate swap agreements	192.6	10.1
Carrying Amount | Cross-currency swap derivative contracts
Assets:
Foreign currency forward contracts	86.6	9.4
Liabilities:
Foreign currency forward contracts		1.6
Level 2 | Foreign currency forward contracts
Assets:
Foreign currency forward contracts	207.2	94.5
Liabilities:
Foreign currency forward contracts	39.4	12.6
Level 2 | Interest rate swap agreements
Assets:
Interest rate swap agreements		1.8
Liabilities:
Interest rate swap agreements	192.6	10.1
Level 2 | Cross-currency swap derivative contracts
Assets:
Foreign currency forward contracts	$ 86.6	9.4
Liabilities:
Foreign currency forward contracts		$ 1.6

FAIR VALUE MEASUREMENTS - Long-

FAIR VALUE MEASUREMENTS - Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Carrying Amount
Carrying amount and fair value of financial instruments
Long-term debt, including current maturities	$ 8,029.3	$ 8,349.7
Fair Value | Level 2
Carrying amount and fair value of financial instruments
Long-term debt, including current maturities	$ 7,126.4	$ 9,085.3

DERIVATIVES AND HEDGING TRANS_3

DERIVATIVES AND HEDGING TRANSACTIONS - Derivative Positions Summary (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Asset Derivatives
Gross value of derivatives	$ 293.8	$ 105.7
Gross amounts offset in the Consolidated Balance Sheet	(58.4)	(14.9)
Net value of derivatives presented in the Consolidated Balance Sheet	235.4	90.8
Liability Derivatives
Gross value of derivatives	232	24.3
Gross amounts offset in the Consolidated Balance Sheet	(58.4)	(14.9)
Net value of derivatives presented in the Consolidated Balance Sheet	173.6	9.4
Cash collateral received	0
Cash collateral pledged	0
Foreign currency forward contracts
Liability Derivatives
Notional values	4,304	4,059
Interest rate swap agreements
Liability Derivatives
Notional values	1,500	1,250
Cross-currency swap derivative contracts
Liability Derivatives
Notional values	427	482
Derivatives designated as hedging instruments | Foreign currency forward contracts
Asset Derivatives
Gross value of derivatives	130.4	44.7
Liability Derivatives
Gross value of derivatives	6.5	2.6
Derivatives designated as hedging instruments | Interest rate swap agreements
Asset Derivatives
Gross value of derivatives		1.8
Liability Derivatives
Gross value of derivatives	192.6	10.1
Derivatives designated as hedging instruments | Cross-currency swap derivative contracts
Asset Derivatives
Gross value of derivatives	86.6	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	76.8	49.8
Liability Derivatives
Gross value of derivatives	$ 32.9	$ 10

DERIVATIVES AND HEDGING TRANS_4

DERIVATIVES AND HEDGING TRANSACTIONS - Information by Type of Derivative and Hedging Activities (Details) € in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Oct. 31, 2022 EUR (€)	Sep. 30, 2022 EUR (€)	Apr. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Cash Flow Hedges
Maximum period for hedged transactions			2 years
Fair Value Hedges
Derivative liability	$ 173.6		$ 173.6					$ 9.4
Net Investment Hedges
Revaluation gain (loss), net of tax	82.7	$ 35.2	173	$ 8.8
Seven year 2008 senior notes
Fair Value Hedges
Aggregate principal amount	1,500		1,500
Cost of sales
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	2.7	(4.6)	3.5	(9.2)
Selling, general and administrative expenses
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	102.3	64.9	202.8	33.3
Interest expense, net
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	2.7	4.5	9.2	14.6
Foreign currency forward contracts
Net Investment Hedges
Notional values	4,304		4,304					4,059
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	49.6	22.8	98	28.6
Interest rate swap agreements
Net Investment Hedges
Notional values	1,500		1,500					1,250
Euro Notes
Net Investment Hedges
Revaluation gain (loss), net of tax	59.8	36.7	112.6	10.3
Cross-currency swap derivative contracts
Net Investment Hedges
Notional values	427		427					$ 482
Revaluation gain (loss), net of tax	22.9	(1.5)	60.4	(1.5)
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)	2.7	(4.6)	3.5	(9.2)
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)	52.7	42.1	104.8	4.7
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	3.3	5.1	11	16.4
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)	(0.6)	(0.6)	(1.8)	(1.8)
Fair Value Hedges | Interest rate swap agreements
Impact on AOCI and earnings from derivative contracts
Interest rate (as a percent)							4.80%
Fair Value Hedges
Cumulative amount of fair value hedging adjustment	(196.7)	(5.2)	(196.7)	(5.2)
Derivative liability	1,305.6	$ 745.9	1,305.6	$ 745.9
Aggregate principal amount							$ 250
Interest rate (as a percent)							4.80%
Net Investment Hedge | Senior euro notes
Net Investment Hedges
Notional values	1,153		1,153			€ 1,150
Net Investment Hedge | Cross-currency swap derivative contracts
Net Investment Hedges
Notional values	$ 427		$ 427			€ 425
Subsequent event | Cross-currency swap derivative contracts
Net Investment Hedges
Notional values | €					€ 200

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reclassification adjustments
COS	$ (2,291.6)	$ (2,016.7)	$ (6,576.1)	$ (5,572.7)
SG&A	(876.9)	(832)	(2,731.7)	(2,548.2)
Interest (income) expense, net	(65.1)	(76.4)	(174.1)	(173.7)
Subtotal	(214.7)	(23.3)	(201.7)	259.1
Derivative (gain) loss reclassified from AOCI into income, net of tax	(43.7)	(31.9)	(88.5)	(7.7)
Pension and postretirement benefits amortization of net actuarial losses and prior service credits and settlement charges reclassified from AOCI into income, net of tax	29.7	33.4	53.1	62.8
Derivative & Hedging Instruments
Reclassification adjustments
Amount recognized in AOCI	74.2	61.2	134.6	30.3
Other activity	0.2	0.5	0.7	(0.2)
Tax impact	(4.7)	(4.4)	(4.7)	(3.3)
Subtotal	11.6	15.3	13.1	16.7
Derivative & Hedging Instruments | Reclassifications adjustments
Reclassification adjustments
COS	(2.7)	4.6	(3.5)	9.2
SG&A	(52.7)	(42.1)	(104.8)	(4.7)
Interest (income) expense, net	(2.7)	(4.5)	(9.2)	(14.6)
Amount reclassified from AOCI into income	(58.1)	(42)	(117.5)	(10.1)
Pension & Postretirement Benefits
Reclassification adjustments
Amount reclassified from AOCI into income	(112.6)	23.3	(82.3)	231.4
Other activity	24.7	15.6	42.6	(2.8)
Tax impact	25.6	(5.5)	19.1	(55.9)
Subtotal	(62.3)	33.4	(20.6)	172.7
Pension & Postretirement Benefits | Reclassifications adjustments
Reclassification adjustments
Amount reclassified from AOCI into income	14.3	16.3	43.7	59.8
Actuarial gain (loss)
Reclassification adjustments
Amount recognized in AOCI	(151.7)		(151.7)	145
Settlement charge | Reclassifications adjustments
Reclassification adjustments
Amount reclassified from AOCI into income	$ 24.8	$ 7	$ 25.7	$ 26.6

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - COMMON STOCK - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Nov. 30, 2022	Feb. 28, 2015
Shareholder's Equity
Common stock, shares authorized to be repurchased				20,000,000
Remaining shares authorized to be repurchased	3,404,297
Reacquired shares (in shares)	2,545,822	367,141
Number of shares reacquired through the open market or private purchases		261,447
Number of shares reacquired through the open market	2,445,890
Number of shares that have been repurchased through the exercise of stock options and vesting of stock awards	99,932	105,694
Subsequent event | Maximum
Shareholder's Equity
Common stock, shares authorized to be repurchased			10,000,000

EARNINGS ATTRIBUTABLE TO ECOL_3

EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS") (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Computations of the basic and diluted earnings attributable to Ecolab per share amounts
Net income attributable to Ecolab	$ 347.1	$ 324.5	$ 827.3	$ 828.9
Weighted-average common shares outstanding
Basic (in shares)	284.9	286.4	285.4	286.1
Effect of dilutive stock options and units (in shares)	1.4	2.8	1.6	2.9
Diluted (in shares)	286.3	289.2	287	289
Earnings attributable to Ecolab per common share
Basic EPS (in dollars per share)	$ 1.22	$ 1.13	$ 2.90	$ 2.90
Diluted EPS (in dollars per share)	$ 1.21	$ 1.12	$ 2.88	$ 2.87
Anti-dilutive securities excluded from the computation of diluted EPS	2.5	1	2.5	1

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
INCOME TAXES
Effective income tax rate (as a percent)	14.60%	18.30%	17.90%	21.20%
Recognized discrete tax expense (benefit)	$ 14.2	$ 6.3	$ 9.5	$ 17.5
Deferred income taxes benefit			14.6
Tax expense, transfer of intangible assets between affiliates		(0.4)		23.8
Recognized other discrete tax expense (benefit)	1.1	8	9.4	8.9
Excess tax benefits, share-based compensation	$ 0.7	9.9	$ 4.3	20.7
Net discrete expense (benefit), prior year returns		$ 4		$ 5.5

PENSION AND POSTRETIREMENT PL_3

PENSION AND POSTRETIREMENT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
U.S. Pension. | Pension
Net periodic benefit costs
Service cost	$ 10.5	$ 11.2	$ 31.5	$ 32.8
Interest cost on benefit obligation	14.1	13.3	42.3	38.3
Expected return on plan assets	(36.7)	(38)	(110.1)	(115.2)
Recognition of net actuarial loss (gain)	10	12.1	30	44.5
Amortization of prior service benefit	(1.2)	(1.7)	(3.4)	(5.1)
Curtailments and settlements (a)	24.8	7	25.7	26.6
Total expense	21.5	3.9	16	21.9
U.S. Pension. | Pension | Non-qualified plan
Other Pension Plan Information
Contributions to plan			11
Contributions anticipated to be made during the remainder of 2022	4		4
U.S. Pension. | U.S. Postretirement Health Care
Net periodic benefit costs
Service cost	0.2	0.2	0.6	0.6
Interest cost on benefit obligation	0.8	0.7	2.4	2.1
Expected return on plan assets	(0.1)	(0.1)	(0.3)	(0.3)
Recognition of net actuarial loss (gain)	(0.1)	0.2	(0.3)	0.6
Total expense	0.8	1	2.4	3
Other Pension Plan Information
Contributions to plan			8
Contributions anticipated to be made during the remainder of 2022	3		3
International Pension | Pension
Net periodic benefit costs
Service cost	6.8	7.9	21	24
Interest cost on benefit obligation	5.3	4.4	16.5	13.1
Expected return on plan assets	(16.8)	(16.6)	(52.8)	(51.9)
Recognition of net actuarial loss (gain)	5.6	5.8	17.4	20.3
Amortization of prior service benefit		(0.1)		(0.5)
Total expense	0.9	$ 1.4	2.1	$ 5
Other Pension Plan Information
Contributions to plan			33
Contributions anticipated to be made during the remainder of 2022	$ 12		$ 12

REVENUES - Product and Sold Equ

REVENUES - Product and Sold Equipment (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jun. 03, 2020	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]
Accounts receivable, net		$ 2,714.3		$ 2,714.3		$ 2,478.4
ChampionX | Discontinued Operations, Disposed of By Sale
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]
Period of time post-separation that the entity may transfer or receive certain products	36 months
Post-separation sales		27.8	$ 35.4	96.4	$ 102.7
Accounts receivable, net		$ 10.9		$ 10.9

REVENUES - Operating Lease Reve

REVENUES - Operating Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Lease, Lease Income
Operating lease revenue	$ 118.1	$ 103.3	$ 345.4	$ 306.4

REVENUES - Principal Activities

REVENUES - Principal Activities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of revenue
Net sales	$ 3,669.3	$ 3,320.8	$ 10,516.6	$ 9,368.5
U.S. Pension. | Geographic concentration | Consolidated net sales
Disaggregation of revenue
Percentage of consolidated sales			53%	52%
Product and equipment sales
Disaggregation of revenue
Net sales	2,963	2,653.8	$ 8,473.9	$ 7,461.6
Service and lease sales
Disaggregation of revenue
Net sales	706.3	667	2,042.7	1,906.9
Corporate
Disaggregation of revenue
Net sales	27.7	36	96.4	104.1
Corporate | North America
Disaggregation of revenue
Net sales	24.8	25.7	84.5	73.4
Corporate | Europe
Disaggregation of revenue
Net sales	0.7	0.8	2.2	2.6
Corporate | Asia Pacific
Disaggregation of revenue
Net sales	1.1	1.5	3.2	4.2
Corporate | Latin America
Disaggregation of revenue
Net sales	1.1	6.7	6.2	19.4
Corporate | Greater China
Disaggregation of revenue
Net sales		0.7	0.1	1.9
Corporate | India, Middle East and Africa
Disaggregation of revenue
Net sales		0.6	0.2	2.6
Corporate | Product and equipment sales
Disaggregation of revenue
Net sales	27.7	35.8	96.3	103.5
Corporate | Service and lease sales
Disaggregation of revenue
Net sales		0.2	0.1	0.6
Global Industrial
Disaggregation of revenue
Net sales	1,769.6	1,603.1	5,025.2	4,578.6
Global Industrial | North America
Disaggregation of revenue
Net sales	836.4	716.8	2,329.6	2,046
Global Industrial | Europe
Disaggregation of revenue
Net sales	350.3	353.3	1,005.1	1,008.5
Global Industrial | Asia Pacific
Disaggregation of revenue
Net sales	207.2	199.8	621.3	586.8
Global Industrial | Latin America
Disaggregation of revenue
Net sales	160.6	141	453	400.5
Global Industrial | Greater China
Disaggregation of revenue
Net sales	101	102.9	317.7	292.7
Global Industrial | India, Middle East and Africa
Disaggregation of revenue
Net sales	114.1	89.3	298.5	244.1
Global Industrial | Product and equipment sales
Disaggregation of revenue
Net sales	1,551.8	1,386	4,381.6	3,941
Global Industrial | Service and lease sales
Disaggregation of revenue
Net sales	217.8	217.1	643.6	637.6
Global Institutional and Specialty
Disaggregation of revenue
Net sales	1,163.1	1,070.6	3,297.3	2,904
Global Institutional and Specialty | North America
Disaggregation of revenue
Net sales	860.5	776.4	2,420.6	2,133.6
Global Institutional and Specialty | Europe
Disaggregation of revenue
Net sales	162.8	166.3	463.8	394.5
Global Institutional and Specialty | Asia Pacific
Disaggregation of revenue
Net sales	53.5	48.4	159.2	150
Global Institutional and Specialty | Latin America
Disaggregation of revenue
Net sales	40.8	34.9	119.1	97.3
Global Institutional and Specialty | Greater China
Disaggregation of revenue
Net sales	30.6	32.6	95	98.7
Global Institutional and Specialty | India, Middle East and Africa
Disaggregation of revenue
Net sales	14.9	12	39.6	29.9
Global Institutional and Specialty | Product and equipment sales
Disaggregation of revenue
Net sales	964	889.9	2,722.8	2,397.7
Global Institutional and Specialty | Service and lease sales
Disaggregation of revenue
Net sales	199.1	180.7	574.5	506.3
Global Healthcare and Life Sciences
Disaggregation of revenue
Net sales	356.6	286.9	1,110.3	881.4
Global Healthcare and Life Sciences | North America
Disaggregation of revenue
Net sales	146.8	112.6	449.5	320
Global Healthcare and Life Sciences | Europe
Disaggregation of revenue
Net sales	164.9	154.1	523	500.8
Global Healthcare and Life Sciences | Asia Pacific
Disaggregation of revenue
Net sales	23	14.8	66	40.3
Global Healthcare and Life Sciences | Latin America
Disaggregation of revenue
Net sales	5.9		16.2	1.1
Global Healthcare and Life Sciences | Greater China
Disaggregation of revenue
Net sales	11.9	1.8	41.6	4.5
Global Healthcare and Life Sciences | India, Middle East and Africa
Disaggregation of revenue
Net sales	4.1	3.6	14	14.7
Global Healthcare and Life Sciences | Product and equipment sales
Disaggregation of revenue
Net sales	329.5	259.4	1,023.7	795.4
Global Healthcare and Life Sciences | Service and lease sales
Disaggregation of revenue
Net sales	27.1	27.5	86.6	86
Other
Disaggregation of revenue
Net sales	352.3	324.2	987.4	900.4
Other | North America
Disaggregation of revenue
Net sales	227.1	201.3	623.7	549.8
Other | Europe
Disaggregation of revenue
Net sales	70	70.6	201.8	191.3
Other | Asia Pacific
Disaggregation of revenue
Net sales	19.6	17.1	55.8	54.9
Other | Latin America
Disaggregation of revenue
Net sales	12.9	13	39	37.7
Other | Greater China
Disaggregation of revenue
Net sales	20	19.5	59.1	57.7
Other | India, Middle East and Africa
Disaggregation of revenue
Net sales	2.7	2.7	8	9
Other | Product and equipment sales
Disaggregation of revenue
Net sales	90	82.7	249.5	224
Other | Service and lease sales
Disaggregation of revenue
Net sales	$ 262.3	$ 241.5	$ 737.9	$ 676.4

REVENUES - Allowance for Expect

REVENUES - Allowance for Expected Credit Losses (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Accounts Receivable and Allowance for Doubtful Accounts
Allowance for doubtful accounts, returns and credits	$ 37.1	$ 20.4
Activity in the allowance for doubtful accounts
Beginning balance	52.8	68.4
Bad debt expense (a)	26.8	12.4
Write-offs	(12.8)	(23.7)
Other (b)	2.1	(1.1)
Ending balance (c)	$ 68.9	$ 56

REVENUES - Contract Liability (

REVENUES - Contract Liability (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Change in contract liability
Contract liability as of beginning of the year	$ 91.7	$ 80.4
Revenue recognized in the period from: Amounts included in the contract liability at the beginning of the period	(91.7)	(80.4)
Increases due to billings excluding amounts recognized as revenue during the period ended	109.1	86.7
Contract liability as of end of period	$ 109.1	$ 86.7

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) item segment	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Financial information of reportable segments
Number of operating units | segment			11
Number of reportable segments | item			3
Net sales	$ 3,669.3	$ 3,320.8	$ 10,516.6	$ 9,368.5
Operating Income (Loss)	483	465.8	1,163.3	1,210.9
Previously Reported | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales					$ 12,733.1
Operating Income (Loss)					1,598.6
Previously Reported | Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					12,733.1
Operating Income (Loss)					1,598.6
Global Industrial
Financial information of reportable segments
Net sales	1,769.6	1,603.1	5,025.2	4,578.6
Global Institutional and Specialty
Financial information of reportable segments
Net sales	1,163.1	1,070.6	3,297.3	2,904
Global Healthcare and Life Sciences
Financial information of reportable segments
Net sales	356.6	286.9	1,110.3	881.4
Other
Financial information of reportable segments
Net sales	352.3	324.2	987.4	900.4
Operating segment
Financial information of reportable segments
Net sales	3,765.3	3,256.7	10,636.9	9,157.6
Operating Income (Loss)	498	453.1	1,181.9	1,172.2
Operating segment | Previously Reported | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales					12,844.8
Operating Income (Loss)					1,617.5
Operating segment | Previously Reported | Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					12,483.6
Operating Income (Loss)					1,551.1
Operating segment | Purchase Price Adjustments | Changes in Currency Rates
Financial information of reportable segments
Net sales					(361.2)
Operating Income (Loss)					(66.4)
Operating segment | Global Industrial
Financial information of reportable segments
Net sales	1,816.7	1,565	5,077.8	4,452.2
Operating Income (Loss)	277	258.6	693.2	719.7
Operating segment | Global Industrial | Previously Reported | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales					6,304.9
Operating Income (Loss)					1,031
Operating segment | Global Industrial | Previously Reported | Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					6,086.8
Operating Income (Loss)					985.7
Operating segment | Global Industrial | Purchase Price Adjustments | Changes in Currency Rates
Financial information of reportable segments
Net sales					(218.1)
Operating Income (Loss)					(49.3)
Operating segment | Global Industrial | Purchase Price Adjustments | Segment Changes
Financial information of reportable segments
Operating Income (Loss)					4
Operating segment | Global Institutional and Specialty
Financial information of reportable segments
Net sales	1,183.2	1,057.1	3,323.4	2,864.7
Operating Income (Loss)	199.1	190.9	462.5	390.5
Operating segment | Global Institutional and Specialty | Previously Reported | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales					3,978.2
Operating Income (Loss)					556.9
Operating segment | Global Institutional and Specialty | Previously Reported | Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					3,908.8
Operating Income (Loss)					545.7
Operating segment | Global Institutional and Specialty | Purchase Price Adjustments | Changes in Currency Rates
Financial information of reportable segments
Net sales					(69.4)
Operating Income (Loss)					(7.4)
Operating segment | Global Institutional and Specialty | Purchase Price Adjustments | Segment Changes
Financial information of reportable segments
Operating Income (Loss)					(3.8)
Operating segment | Global Healthcare and Life Sciences
Financial information of reportable segments
Net sales	375.5	279.7	1,138.9	852.8
Operating Income (Loss)	34.7	35.2	137.3	123.9
Operating segment | Global Healthcare and Life Sciences | Previously Reported | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales					1,195.4
Operating Income (Loss)					160.9
Operating segment | Global Healthcare and Life Sciences | Previously Reported | Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					1,149.6
Operating Income (Loss)					152.3
Operating segment | Global Healthcare and Life Sciences | Purchase Price Adjustments | Changes in Currency Rates
Financial information of reportable segments
Net sales					(45.8)
Operating Income (Loss)					(7.7)
Operating segment | Global Healthcare and Life Sciences | Purchase Price Adjustments | Segment Changes
Financial information of reportable segments
Operating Income (Loss)					(0.9)
Operating segment | Other
Financial information of reportable segments
Net sales	362.1	319.5	1,000.4	885.2
Operating Income (Loss)	64.4	57.8	153.6	140.9
Operating segment | Other | Previously Reported | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales					1,226.9
Operating Income (Loss)					187.3
Operating segment | Other | Previously Reported | Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					1,201
Operating Income (Loss)					184
Operating segment | Other | Purchase Price Adjustments | Changes in Currency Rates
Financial information of reportable segments
Net sales					(25.9)
Operating Income (Loss)					(4)
Operating segment | Other | Purchase Price Adjustments | Segment Changes
Financial information of reportable segments
Operating Income (Loss)					0.7
Currency impact
Financial information of reportable segments
Net sales	(96)	64.1	(120.3)	210.9
Operating Income (Loss)	(15)	12.7	(18.6)	38.7
Currency impact | Previously Reported | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales					(111.7)
Operating Income (Loss)					(18.9)
Currency impact | Previously Reported | Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					249.5
Operating Income (Loss)					47.5
Currency impact | Purchase Price Adjustments | Changes in Currency Rates
Financial information of reportable segments
Net sales					361.2
Operating Income (Loss)					66.4
Corporate
Financial information of reportable segments
Net sales	27.7	36	96.4	104.1
Operating Income (Loss)	(77.2)	(89.4)	(264.7)	(202.8)
Corporate | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales	$ 27.8	$ 35.4	$ 96.4	$ 102.7
Corporate | Previously Reported | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales					139.4
Operating Income (Loss)					(318.6)
Corporate | Previously Reported | Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					137.4
Operating Income (Loss)					(316.6)
Corporate | Purchase Price Adjustments | Changes in Currency Rates
Financial information of reportable segments
Net sales					(2)
Operating Income (Loss)					$ 2

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 location item	Jun. 01, 2022 USD ($)
Environmental matters
Number of locations for environmental assessments and remediation | location	30
Nalco Holding Company ("Nalco")
Loss contingencies
Estimated settlement		$ 30
Number of plaintiffs having claims | item	5,000
Maximum | Nalco Holding Company ("Nalco")
Loss contingencies
Estimated possible loss		520
Minimum | Nalco Holding Company ("Nalco")
Loss contingencies
Estimated possible loss		$ 152