Ecolab (ECL) 10-Q3 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2023 shares
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-9328
Entity Registrant Name	ECOLAB INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0231510
Entity Address, Address Line One	1 Ecolab Place
Entity Address, City or Town	St. Paul
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55102
City Area Code	800
Local Phone Number	232-6522
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	285,033,916
Entity Central Index Key	0000031462
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net sales	$ 3,852.1	$ 3,580.6	$ 7,423.7	$ 6,847.3
Cost of sales (including special charges (a))	2,334.8	2,211.1	4,540	4,284.5
Selling, general and administrative expenses	1,011.6	940.1	2,001.9	1,854.8
Special (gains) and charges	21	3.6	45.5	27.7
Operating income	484.7	425.8	836.3	680.3
Other (income) expense	(14.4)	(19.5)	(27.5)	(38.3)
Interest expense, net	77.8	56	152	109
Income before income taxes	421.3	389.3	711.8	609.6
Provision for income taxes	86.6	76.6	139	122.2
Net income including noncontrolling interest	334.7	312.7	572.8	487.4
Net income attributable to noncontrolling interest	5	4.4	9.7	7.2
Net income attributable to Ecolab	$ 329.7	$ 308.3	$ 563.1	$ 480.2
Earnings attributable to Ecolab per common share
Basic (in dollars per share)	$ 1.16	$ 1.08	$ 1.98	$ 1.68
Diluted (in dollars per share)	$ 1.15	$ 1.08	$ 1.97	$ 1.67
Weighted-average common shares outstanding
Basic (in shares)	284.9	285.1	284.8	285.7
Diluted (in shares)	286.3	286.6	286.1	287.4
Product and equipment sales
Net sales	$ 3,104.8	$ 2,886.8	$ 5,981.1	$ 5,510.9
Cost of sales (including special charges (a))	1,895.3	1,799	3,693.6	3,494.6
Service and lease sales
Net sales	747.3	693.8	1,442.6	1,336.4
Cost of sales (including special charges (a))	$ 439.5	$ 412.1	$ 846.4	$ 789.9

CONSOLIDATED STATEMENTS OF IN_2

CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Special (gains) and charges	$ 21	$ 3.6	$ 45.5	$ 27.7
Cost of sales
Special (gains) and charges	8.1	1.7	11.3	54.6
Product and equipment, and service and lease \| Cost of sales
Special (gains) and charges	$ 8.1	$ 1.7	$ 11.3	$ 54.6

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income including noncontrolling interest	$ 334.7	$ 312.7	$ 572.8	$ 487.4
Foreign currency translation adjustments
Foreign currency translation	3	(162.7)	14.1	(120.5)
(Loss) gain on net investment hedges	(23.8)	71.4	(40.5)	90.3
Total foreign currency translation adjustments	(20.8)	(91.3)	(26.4)	(30.2)
Derivatives and hedging instruments	(1.5)	6.1	(6.2)	1.5
Pension and postretirement benefits
Pension and postretirement benefits	(4.3)	28	(4.1)	41.7
Subtotal	(26.6)	(57.2)	(36.7)	13
Total comprehensive income, including noncontrolling interest	308.1	255.5	536.1	500.4
Comprehensive income attributable to noncontrolling interest	3	1.5	8.2	3.3
Comprehensive income attributable to Ecolab	$ 305.1	$ 254	$ 527.9	$ 497.1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 554.2	$ 598.6
Accounts receivable, net	2,780.1	2,698.1
Inventories	1,646.2	1,792.8
Other current assets	456	404.7
Total current assets	5,436.5	5,494.2
Property, plant and equipment, net	3,326.5	3,293.4
Goodwill	8,101.3	8,012.7
Other intangible assets, net	3,603.6	3,680.7
Operating lease assets	446.8	448.2
Other assets	541.5	535.1
Total assets	21,456.2	21,464.3
Current liabilities
Short-term debt	1,121.9	505.1
Accounts payable	1,476.8	1,728.2
Compensation and benefits	469.1	493.6
Income taxes	117.3	197.6
Other current liabilities	1,282.4	1,285.9
Total current liabilities	4,467.5	4,210.4
Long-term debt	7,499.6	8,075.3
Pension and postretirement benefits	660.8	670.3
Deferred income taxes	474.1	505.6
Operating lease liabilities	335.4	337.8
Other liabilities	438.3	406.3
Total liabilities	13,875.7	14,205.7
Commitments and contingencies (Note 16)
Equity (a)
Common stock	365.3	364.7
Additional paid-in capital	6,684.1	6,580.2
Retained earnings	9,580	9,318.8
Accumulated other comprehensive loss	(1,761.8)	(1,726.6)
Treasury stock	(7,310.9)	(7,301)
Total Ecolab shareholders' equity	7,556.7	7,236.1
Noncontrolling interest	23.8	22.5
Total equity	7,580.5	7,258.6
Total liabilities and equity	$ 21,456.2	$ 21,464.3

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2023	Dec. 31, 2022
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	285	284.5

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES
Net income including noncontrolling interest	$ 572.8	$ 487.4
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	311.3	311.2
Amortization	152.4	158.2
Deferred income taxes	(36.8)	(57.6)
Share-based compensation expense	58.7	52.8
Pension and postretirement plan contributions	(29)	(35.1)
Pension and postretirement plan expense (income), net	4.3	(2.7)
Restructuring charges, net of cash paid	(26.3)	(13.4)
Other, net	13.2	10.1
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	(52.8)	(234)
Inventories	150.9	(250.8)
Other assets	19.2	(43.2)
Accounts payable	(264.7)	163.8
Other liabilities	(101.6)	(54.2)
Cash provided by operating activities	771.6	492.5
INVESTING ACTIVITIES
Capital expenditures	(345.7)	(317.5)
Property and other assets sold	8.6	0.7
Acquisitions and investments in affiliates, net of cash acquired	(105)	(7.2)
Other, net	(21.4)	13.2
Cash used for investing activities	(463.5)	(310.8)
FINANCING ACTIVITIES
Net issuances of commercial paper and notes payable	1.7	208
Reacquired shares	(10.9)	(402.8)
Dividends paid	(308.6)	(300.1)
Exercise of employee stock options	50.6	12.7
Hedge settlements	(53.5)	55.4
Other, net	(1.5)	(1.4)
Cash used for financing activities	(322.2)	(428.2)
Effect of exchange rate changes on cash and cash equivalents	(30.3)	11.5
Decrease in cash and cash equivalents	(44.4)	(235)
Cash and cash equivalents, beginning of period	598.6	359.9
Cash and cash equivalents, end of period	$ 554.2	$ 124.9

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions	TOTAL ECOLAB SHAREHOLDERS' EQUITY	COMMON STOCK	ADDITIONAL PAID-IN CAPITAL	RETAINED EARNINGS	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	TREASURY STOCK	NON-CONTROLLING INTEREST	Total
Balance at Dec. 31, 2021	$ 7,224.2	$ 364.1	$ 6,464.6	$ 8,814.5	$ (1,634.8)	$ (6,784.2)	$ 28.9	$ 7,253.1
Increase (Decrease) in Stockholders' Equity
Net income	480.2			480.2			7.2	487.4
Other comprehensive income (loss) activity	16.9				16.9		(3.9)	13
Cash dividends declared (a)	(291.4)			(291.4)			(7.8)	(299.2)
Fair value adjustment of prior acquisition							0.6	0.6
Stock options and awards	66.3	0.4	65.2			0.7		66.3
Reacquired shares	(402.8)					(402.8)		(402.8)
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
Balance at Mar. 31, 2022	7,081.6	364.5	6,501.5	8,840.4	(1,563.6)	(7,061.2)	23.5	7,105.1
Increase (Decrease) in Stockholders' Equity
Net income	308.3			308.3			4.4	312.7
Other comprehensive income (loss) activity	(54.3)				(54.3)		(2.9)	(57.2)
Cash dividends declared (a)	(145.4)			(145.4)				(145.4)
Stock options and awards	28.9		28.3			0.6		28.9
Reacquired shares	(125.7)					(125.7)		(125.7)
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
Balance at Dec. 31, 2022	7,236.1	364.7	6,580.2	9,318.8	(1,726.6)	(7,301)	22.5	$ 7,258.6
Balance (in shares) at Dec. 31, 2022								284.5
Increase (Decrease) in Stockholders' Equity
Net income	563.1			563.1			9.7	$ 572.8
Other comprehensive income (loss) activity	(35.2)				(35.2)		(1.5)	(36.7)
Cash dividends declared (a)	(301.9)			(301.9)			(6.9)	(308.8)
Changes in noncontrolling interest	(4.5)		(4.5)					(4.5)
Stock options and awards	110	0.6	108.4			1		110
Reacquired shares	(10.9)					(10.9)		(10.9)
Balance at Jun. 30, 2023	7,556.7	365.3	6,684.1	9,580	(1,761.8)	(7,310.9)	23.8	$ 7,580.5
Balance (in shares) at Jun. 30, 2023								285
Balance at Mar. 31, 2023	7,344.2	365	6,626.5	9,401.3	(1,737.2)	(7,311.4)	20.8	$ 7,365
Increase (Decrease) in Stockholders' Equity
Net income	329.7			329.7			5	334.7
Other comprehensive income (loss) activity	(24.6)				(24.6)		(2)	(26.6)
Cash dividends declared (a)	(151)			(151)				(151)
Changes in noncontrolling interest	(4.5)		(4.5)					(4.5)
Stock options and awards	63.2	0.3	62.1			0.8		63.2
Reacquired shares	(0.3)					(0.3)		(0.3)
Balance at Jun. 30, 2023	$ 7,556.7	$ 365.3	$ 6,684.1	$ 9,580	$ (1,761.8)	$ (7,310.9)	$ 23.8	$ 7,580.5
Balance (in shares) at Jun. 30, 2023								285

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONSOLIDATED STATEMENTS OF EQUITY
Dividends declared per common share (in dollars per share)	$ 0.53	$ 0.51	$ 1.06	$ 1.02

CONSOLIDATED FINANCIAL INFORMAT

CONSOLIDATED FINANCIAL INFORMATION	6 Months Ended
CONSOLIDATED FINANCIAL INFORMATION	Jun. 30, 2023
CONSOLIDATED FINANCIAL INFORMATION
CONSOLIDATED FINANCIAL INFORMATION	1. CONSOLIDATED FINANCIAL INFORMATION The unaudited consolidated financial information for the second quarter ended June 30, 2023 and 2022 reflects, in the opinion of management, all adjustments necessary for a fair statement of the financial position, results of operations, comprehensive income, equity and cash flows of Ecolab Inc. ("Ecolab" or "the Company") for the interim periods presented. Any adjustments consist of normal recurring items. The financial results for any interim period are not necessarily indicative of results for the full year. The consolidated balance sheet data as of December 31, 2022 was derived from the audited consolidated financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited consolidated financial information should be read in conjunction with the consolidated financial statements and notes thereto incorporated in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (“SEC”) on February 24, 2023. With respect to the unaudited financial information of the Company for the second quarter ended June 30, 2023 and 2022 included in this Form 10-Q, PricewaterhouseCoopers LLP reported that they have applied limited procedures in accordance with professional standards for a review of such information. Their separate report dated August 3, 2023 appearing herein states that they did not audit and they do not express an opinion on that unaudited financial information. Accordingly, the degree of reliance on their report on such information should be restricted in light of the limited nature of the review procedures applied. PricewaterhouseCoopers LLP is not subject to the liability provisions of Section 11 of the Securities Act of 1933, as amended (the "Act"), for their report on the unaudited financial information because that report is not a "report" or a "part" of a registration statement prepared or certified by PricewaterhouseCoopers LLP within the meaning of Sections 7 and 11 of the Act.

SPECIAL (GAINS) AND CHARGES

SPECIAL (GAINS) AND CHARGES	6 Months Ended
SPECIAL (GAINS) AND CHARGES	Jun. 30, 2023
SPECIAL (GAINS) AND CHARGES
SPECIAL (GAINS) AND CHARGES	2. SPECIAL (GAINS) AND CHARGES Special (gains) and charges reported on the Consolidated Statements of Income include the following: Second Quarter Ended Six Months Ended June 30 June 30 (millions) 2023 2022 2023 2022 Cost of sales Restructuring activities $8.1 $0.8 $11.3 $3.4 Acquisition and integration activities - 0.9 - 28.5 Russia/Ukraine - - - 6.4 Other - - - 16.3 Cost of sales subtotal 8.1 1.7 11.3 54.6 Special (gains) and charges Restructuring activities 13.7 0.3 26.3 1.1 Acquisition and integration activities 3.5 3.4 8.5 10.9 Russia/Ukraine 0.3 (5.7) 0.6 5.9 Other 3.5 5.6 10.1 9.8 Special (gains) and charges subtotal 21.0 3.6 45.5 27.7 Total special (gains) and charges $29.1 $5.3 $56.8 $82.3 For segment reporting purposes, special (gains) and charges are not allocated to reportable segments, which is consistent with the Company’s internal management reporting. Restructuring activities Restructuring activities are primarily related to the Combined Program which is described below. These activities have been included as a component of cost of sales and special (gains) and charges on the Consolidated Statements of Income. Restructuring liabilities have been classified as a component of other current and other noncurrent liabilities on the Consolidated Balance Sheets. Combined Program In November 2022 the Company approved a Europe cost savings program. In connection with these actions, the Company expected to incur pre-tax charges of $130 million ( $110 million after tax). In February 2023, the Company expanded its previously announced Europe cost savings program to focus on its Institutional and Healthcare businesses in other regions. In connection with the expanded program (“Combined Program”), the Company expects to incur total pre-tax charges of $195 million ( $150 million after tax). The Company expects that these restructuring charges will be completed by 2024. Program actions include headcount reductions from terminations, not filling certain open positions, and facility closures. The Combined Program charges are expected to be primarily cash expenditures related to severance and asset disposals. In anticipation of this Combined Program, a limited number of actions were taken in the fourth quarter of 2022. As a result, the Company reclassified $19.3 million ( $14.5 million after tax) from other restructuring to the Combined Program in the first quarter of 2023. During the second quarter and first six months of 2023 the Company recorded total Combined Program restructuring charges of $19.7 million ( $16.2 million after tax) and $33.1 million ( $26.4 million after tax), respectively, primarily related to severance. The net liability related to the Combined Program was $57.2 million and $62.0 million as of June 30, 2023 and December 31, 2022, respectively. The remaining liability is expected to be paid over a period of a few months to several quarters and will continue to be funded from operating activities. Restructuring activity related to the Combined Program since inception of the underlying actions includes the following items: Employee Asset (millions) Costs Disposals Total 2022 Activity Recorded expense and accrual $67.2 $- $67.2 Net cash payments (5.2) - (5.2) Net restructuring liability, December 31, 2022 62.0 - 62.0 2023 Activity Recorded expense and accrual 27.0 6.1 33.1 Net cash payments (51.1) - (51.1) Non-cash charges - (6.1) (6.1) Reclassification 19.3 - 19.3 Net restructuring liability, June 30, 2023 $57.2 $- $57.2 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 non-cash costs related to equipment disposals. Actual costs may vary from these estimates depending on actions taken. During the second quarter of 2023 and 2022, the Company recorded restructuring charges of $2.1 million ( $1.6 million after tax) and $0.7 million ( $0.6 million after tax), respectively, and $4.5 million ( $3.4 million after tax) and $2.1 million ( $1.6 million after tax) in the first six months of 2023 and 2022, respectively, primarily related to disposals of equipment. The Company has recorded $58.6 million ( $44.8 million after tax) of cumulative restructuring charges under the Institutional Plan. Net cash payments were $0.7 million and non-cash net charges were $1.6 million for the second quarter of 2023. Net cash payments were $3.1 million and non-cash net charges were $3.3 million for the first six months of 2023. The liability related to the Institutional Plan was $0 million and $1.9 million as of June 30, 2023 and December 31, 2022, respectively. Accelerate 2020 During 2018, the Company formally commenced a restructuring plan Accelerate 2020 (“the A2020 Plan”), to leverage technology and system investments and organizational changes. The goals of the Plan were to further simplify and automate processes and tasks, reduce complexity and management layers, consolidate facilities and focus on key long-term growth areas by further leveraging technology and structural improvements. The restructuring activities were completed at the end of 2022, with total costs of $254.4 million ( $198.4 million after tax). Net cash payments were $5.4 million and $9.5 million for the second quarter and first six months of 2023, respectively. The liability related to the Plan was $8.6 million and $18.1 million as of the June 30, 2023 and December 31, 2022, respectively. The remaining liability is expected to be paid over a period of several quarters and will continue to be funded from operating activities. Other Restructuring Activities During the second quarter and first six months of 2022, the Company recorded restructuring charges of $0.3 million ( $0.2 million after tax) and $2.0 million ( $1.5 million after tax), respectively, related to other immaterial restructuring activity. The charges are primarily related to severance and asset write-offs. The restructuring liability balance for all other restructuring plans excluding Combined Program, the A2020 Plan and the Institutional Plan was $3.7 million and $23.2 million as of June 30, 2023 and December 31, 2022, respectively. The decrease in liability was driven primarily by the reclass of $19.3 million from other restructuring to the Combined Program in the first six months of 2023. Cash payments during the second quarter and first six months of 2023 related to all other restructuring plans excluding the Combined Program, the A2020 Plan and the Institutional Plan were $0 million and $0.2 million, respectively. Acquisition and integration related costs Acquisition and integration related costs reported in product and equipment cost of sales on the Consolidated Statements of Income in the second quarter and first six months of 2022 include $0.9 million ( $0.6 million after tax) and $28.5 million ( $21.6 million after tax) related primarily to the recognition of fair value step-up in the Purolite Corporation (“Purolite”) inventory. Acquisition and integration related costs reported in special (gains) and charges on the Consolidated Statements of Income include $3.5 million ( $2.7 million after tax) and $3.4 million ( $2.4 million after tax) during the second quarter of 2023 and 2022, respectively and $8.5 million ( $6.4 million after tax) and $10.9 million ( $8.3 million after tax) during the first six months of 2023 and 2022, respectively. Charges are integration related costs primarily related to the Purolite acquisition. Further information related to the Company’s acquisitions is included in Note 3. Russia/Ukraine In light of Russia’s invasion of Ukraine and the sanctions against Russia by the United States and other countries, the Company has made the determination that it will limit its Russian business to operations that are essential to life, providing minimal support for its healthcare, life sciences, food and beverage and certain water businesses. The Company recorded charges of $0.3 million ( $0.2 million after tax) and $0.6 million ( $0.5 million after tax) in the second quarter and first six months of 2023, respectively, and recorded recoveries of ($5.7) million ( ($5.7) million after tax) and charges of $12.3 million ( $13.3 million after tax) in the second quarter and first six months of 2022, respectively, primarily related to recoverability risk of certain assets in both Russia and Ukraine. Other operating activities Other special charges of $3.5 million ( $2.6 million after tax) and $10.1 million ( $7.7 million after tax) recorded in the second quarter and first six months of 2023, respectively, relate primarily to certain legal charges, which are recorded in special (gains) and charges on the Consolidated Statements of Income. Other special charges of $5.6 million ( $4.4 million after tax) and $26.1 million ( $19.7 million after tax) recorded in the second quarter and first six months of 2022, respectively relate primarily to COVID-19 related inventory charges and certain legal charges, which are recorded in product and equipment cost of sales and special (gains) and charges on the Consolidated Statements of Income.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
ACQUISITIONS	Jun. 30, 2023
ACQUISITIONS
ACQUISITIONS	3. ACQUISITIONS Acquisitions The Company makes business acquisitions that align with its strategic business objectives. The assets and liabilities of acquired businesses are recorded in the Consolidated Balance Sheets based on estimates of the fair value of assets acquired, liabilities assumed and noncontrolling interests acquired as of the acquisition date. Goodwill is recognized in the amount that the purchase consideration paid exceeds the fair value of the net assets acquired. Purchase consideration includes both cash paid and the fair value of noncash consideration exchanged, including stock and/or contingent consideration exchanged, and is reduced by the amount of cash or cash equivalents acquired. In May 2023, the Company acquired Chemlink Laboratories LLC, a U.S.-based producer of small format cleaning solutions. The Company made two other immaterial acquisitions during the second quarter of 2023. All three acquisitions became part of the Global Institutional & Specialty reporting segment. The purchase accounting for these acquisitions are preliminary and subject to change as the Company finalizes the valuation of intangible assets, income tax balances and working capital. The Company expects the goodwill arising from the acquisition of Chemlink Laboratories LLC to be tax deductible. No acquisitions occurred during the first quarter of 2023 or first six months of 2022. The following table summarizes the acquisition date fair value of net assets acquired from the Company’s acquisitions during the second quarter of 2023: June 30 (millions) 2023 Net tangible assets (liabilities) acquired $9.4 Identifiable intangible assets Customer relationships 35.7 Other technology 21.6 Total intangible assets 57.3 Goodwill 38.7 Total aggregate purchase price 105.4 Acquisition-related liabilities and contingent consideration (4.8) Net cash paid for acquisitions, including acquisition-related liabilities and contingent consideration $100.6 During the first six months of 2022, the Company recorded purchase accounting adjustments associated with the finalization of the purchase accounting for its 2022 and 2021 acquisitions. As a result of these purchase accounting adjustments, the Company made $7.2 million of acquisition-related payments, acquisition related net liabilities increased by $7.1 million, definite-lived intangible assets decreased by $5.6 million, and goodwill increased by $19.9 million. The weighted average useful life of identifiable intangible assets acquired during the first six months of 2023 was 12 years . No intangible assets were acquired during the first six months of 2022.

BALANCE SHEETS INFORMATION

BALANCE SHEETS INFORMATION	6 Months Ended
BALANCE SHEETS INFORMATION	Jun. 30, 2023
BALANCE SHEETS INFORMATION
BALANCE SHEETS INFORMATION	4. BALANCE SHEETS INFORMATION June 30 December 31 (millions) 2023 2022 Accounts receivable, net Accounts receivable $2,929.9 $2,829.0 Allowance for expected credit losses and other accruals (149.8) (130.9) Total $2,780.1 $2,698.1 Inventories Finished goods $1,041.8 $1,122.7 Raw materials and parts 834.6 849.2 Inventories at FIFO cost 1,876.4 1,971.9 FIFO cost to LIFO cost difference (230.2) (179.1) Total $1,646.2 $1,792.8 Other current assets Prepaid assets $137.6 $123.9 Taxes receivable 215.3 184.1 Derivative assets 62.2 57.5 Other 40.9 39.2 Total $456.0 $404.7 Property, plant and equipment, net Land $155.0 $161.3 Buildings and leasehold improvements 1,145.0 1,126.9 Machinery and equipment 2,037.3 1,966.3 Merchandising and customer equipment 2,709.2 2,635.5 Capitalized software 941.6 962.1 Construction in progress 357.4 403.8 7,345.5 7,255.9 Accumulated depreciation (4,019.0) (3,962.5) Total $3,326.5 $3,293.4 Other intangible assets, net Intangible assets not subject to amortization Trade names $1,230.0 $1,230.0 Intangible assets subject to amortization Customer relationships 3,353.4 3,292.8 Patents 501.6 497.0 Trademarks 406.3 404.0 Other technologies 541.0 518.8 4,802.3 4,712.6 Accumulated amortization Customer relationships (1,697.8) (1,581.7) Patents (307.9) (292.3) Trademarks (219.6) (202.5) Other technologies (203.4) (185.4) (2,428.7) (2,261.9) Net intangible assets subject to amortization 2,373.6 2,450.7 Total $3,603.6 $3,680.7 Other assets Deferred income taxes $110.2 $108.1 Pension 129.6 118.4 Derivative asset 33.2 44.5 Other 268.5 264.1 Total $541.5 $535.1 June 30 December 31 (millions) 2023 2022 Other current liabilities Discounts and rebates $392.9 $357.8 Dividends payable 151.0 150.8 Interest payable 75.3 58.7 Taxes payable, other than income 167.8 162.9 Derivative liability 0.4 21.9 Restructuring 73.7 100.6 Contract liability 107.4 116.5 Operating lease liabilities 110.1 108.3 Other 203.8 208.4 Total $1,282.4 $1,285.9 Accumulated other comprehensive income (loss) Unrealized (loss) gain on derivative financial instruments, net of tax ($2.5) $3.7 Unrecognized pension and postretirement benefit expense, net of tax (471.5) (467.4) Cumulative translation, net of tax (1,287.8) (1,262.9) Total ($1,761.8) ($1,726.6)

DEBT AND INTEREST

DEBT AND INTEREST	6 Months Ended
DEBT AND INTEREST	Jun. 30, 2023
DEBT AND INTEREST
DEBT AND INTEREST	5. DEBT AND INTEREST Short-term Debt The following table provides the components of the Company’s short-term debt obligations as of June 30, 2023 and December 31, 2022. June 30 December 31 (millions) 2023 2022 Short-term debt Commercial paper $- $- Notes payable 5.4 3.7 Long-term debt, current maturities 1,116.5 501.4 Total $1,121.9 $505.1 Lines of Credit As of June 30, 2023, the Company has a $2.0 billion multi-year revolving credit facility which expires in April 2026. The credit facility has been established with a diverse syndicate of banks and supports the Company’s U.S. and Euro commercial paper programs. There were no borrowings under the Company’s credit facility as of either June 30, 2023 or December 31, 2022. Commercial Paper The Company’s commercial paper program is used as a potential source of liquidity and consists of a $2.0 billion U.S. commercial paper program and a $2.0 billion Euro commercial paper program. The maximum aggregate amount of commercial paper that may be issued by the Company under its commercial paper programs may not exceed $2.0 billion. The Company had no outstanding commercial paper under its U.S. and Euro commercial paper programs as of June 30, 2023 and as of December 31, 2022. Notes Payable The Company’s notes payable consists of uncommitted credit lines with major international banks and financial institutions, primarily to support global cash pooling structures. As of June 30, 2023 and December 31, 2022, the Company had $5.4 million and $3.7 million, respectively, outstanding under these credit lines. Long-term Debt The following table provides the components of the Company’s long-term debt obligations, including current maturities, as of June 30, 2023 and December 31, 2022. Maturity June 30 December 31 (millions) by Year 2023 2022 Long-term debt Public notes (2023 principal amount) Two year 2021 senior notes ( $500 million) 2023 $499.4 $498.7 Seven year 2016 senior notes ( €575 million) 2024 614.0 596.9 Ten year 2015 senior notes ( €575 million) 2025 613.3 596.7 Ten year 2016 senior notes ( $750 million) 2026 721.3 721.1 Ten year 2017 senior notes ( $500 million) 2027 434.5 433.9 Six Year 2021 senior notes ( $500 million) 2027 496.9 496.5 Five Year 2022 senior notes ( $500 million) 2028 493.4 492.7 Ten year 2020 senior notes ( $698 million) 2030 652.8 653.5 Ten year 2020 senior notes ( $600 million) 2031 555.7 555.2 Eleven year 2021 senior notes ( $650 million) 2032 644.9 644.6 Thirty year 2011 senior notes ( $389 million) 2041 384.6 384.5 Thirty year 2016 senior notes ( $200 million) 2046 197.3 197.3 Thirty year 2017 senior notes ( $484 million) 2047 426.1 425.5 Thirty year 2020 senior notes ( $500 million) 2050 490.9 490.7 Thirty year 2021 senior notes ( $850 million) 2051 839.1 838.9 Thirty-four year 2021 senior notes ( $685 million) 2055 538.2 537.2 Finance lease obligations and other 13.7 12.8 Total debt 8,616.1 8,576.7 Long-term debt, current maturities (1,116.5) (501.4) Total long-term debt $7,499.6 $8,075.3 Public Notes The Company’s public notes may be redeemed by the Company at its option at redemption prices that include accrued and unpaid interest and a make-whole premium. Upon the occurrence of a change of control accompanied by a downgrade of the public notes below investment grade rating, within a specified time period, the Company would be required to offer to repurchase the public notes at a price equal to 101% of the aggregate principal amount thereof, plus any accrued and unpaid interest to the date of repurchase. The public notes are senior unsecured and unsubordinated obligations of the Company and rank equally with all other senior and unsubordinated indebtedness of the Company. Covenants The Company is in compliance with all covenants under the Company’s outstanding indebtedness as of June 30, 2023. Net Interest Expense Interest expense and interest income recognized during the second quarter and first six months of 2023 and 2022 were as follows: Second Quarter Ended Six Months Ended June 30 June 30 (millions) 2023 2022 2023 2022 Interest expense $82.7 $57.3 $162.8 $112.4 Interest income (4.9) (1.3) (10.8) (3.4) Interest expense, net $77.8 $56.0 $152.0 $109.0 Interest expense generally includes the expense associated with the interest on the Company’s outstanding borrowings, including the impact of the Company’s interest rate swap agreements. Interest expense also includes the amortization of debt issuance costs and debt discounts, which are both recognized over the term of the related debt.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS	Jun. 30, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	6. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Goodwill arises from the Company’s acquisitions and represents the excess of the fair value of the purchase consideration exchanged over the fair value of net assets acquired. The Company’s reporting units are its ten operating segments. The Company assesses goodwill for impairment on an annual basis during the second quarter. If circumstances change or events occur that demonstrate it is more likely than not that the carrying amount of a reporting unit exceeds its fair value, the Company completes an interim goodwill assessment of that reporting unit prior to the next annual assessment. If the results of an annual or interim goodwill assessment demonstrate the carrying amount of a reporting unit is greater than its fair value, the Company will recognize an impairment loss for the amount by which the reporting unit’s carrying amount exceeds its fair value, but not to exceed the carrying amount of goodwill assigned to that reporting unit. During the second quarter of 2023, the Company completed its annual goodwill impairment assessment for its reporting units using discounted cash flow analyses that incorporated assumptions regarding future growth rates, terminal values and discount rates. The Company’s goodwill impairment assessments for 2023 indicated the estimated fair values of each of these ten reporting units exceeded the carrying amounts of the respective reporting unit by a significant margin. There has been no impairment of goodwill in any of the periods presented. The changes in the carrying amount of goodwill for each of the Company's reportable segments during the second quarter ended June 30, 2023 were as follows: Global Global Global Institutional Healthcare & (millions) Industrial & Specialty Life Sciences Other Total December 31, 2022 4,081.8 567.6 3,125.4 237.9 8,012.7 Current year business combinations - 38.7 - - 38.7 Effect of foreign currency translation 16.6 2.7 29.6 1.0 49.9 June 30, 2023 $4,098.4 $609.0 $3,155.0 $238.9 $8,101.3 Other Intangible Assets The Nalco trade name is the Company’s only indefinite life intangible asset, which is tested for impairment on an annual basis during the second quarter. During the second quarter of 2023, the Company completed its annual impairment assessment of the Nalco trade name using the relief from royalty discounted cash flow method, which incorporates assumptions regarding future sales projections, royalty rates and discount rates. The Company’s Nalco tradename impairment assessment for 2023 indicated the estimated fair value of the Nalco trade name exceeded its $1.2 billion carrying amount by a significant margin. There has been no impairment of the Nalco trade name intangible since it was acquired. The Company’s intangible assets subject to amortization include customer relationships, trademarks, patents and other technologies primarily acquired through business acquisitions. The fair value of intangible assets acquired in business acquisitions are estimated primarily using discounted cash flow valuation methods at the time of acquisition. Intangible assets are amortized on a straight-line basis over their estimated lives. Total amortization expense related to intangible assets during the second quarter of 2023 and 2022 was $76.8 million and $78.7 million, respectively, and during the first six months of 2023 and 2022 was $152.4 million and $158.2 million, respectively. Amortization expense related to intangible assets for the remaining six-month period of 2023 is expected to be approximately $151 million.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	7. FAIR VALUE MEASUREMENTS The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, contingent consideration obligations, commercial paper, notes payable, foreign currency forward contracts, interest rate swap agreements, cross-currency swap derivative contracts and long-term debt. Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs be used when available. The hierarchy is broken down into three levels: Level 1 - Inputs are quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2 - Inputs include observable inputs other than quoted prices in active markets. Level 3 - Inputs are unobservable inputs for which there is little or no market data available. The carrying amount and the estimated fair value for assets and liabilities measured on a recurring basis were: June 30, 2023 (millions) Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Assets Foreign currency forward contracts $85.3 $- $85.3 $- Cross-currency swap derivative contracts 42.7 - 42.7 - Liabilities Foreign currency forward contracts 23.5 - 23.5 - Interest rate swap agreements 182.6 - 182.6 - Cross-currency swap derivative contracts 19.6 - 19.6 - December 31, 2022 (millions) Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Assets Foreign currency forward contracts $118.9 $- $118.9 $- Cross-currency swap derivative contracts 58.7 - 58.7 - Liabilities Foreign currency forward contracts 83.3 - 83.3 - Interest rate swap agreements 181.4 - 181.4 - Cross-currency swap derivative contracts 14.5 - 14.5 - The carrying value of foreign currency forward contracts is at fair value, which are determined based on foreign currency exchange rates as of the balance sheet date and are classified within Level 2. The carrying value of interest rate swap agreements are at fair value, which are determined based on current forward interest rates as of the balance sheet date and are classified within Level 2. The cross-currency swap derivative contracts are used to partially hedge the Company’s net investments in foreign operations against adverse movements in exchange rates between the U.S. dollar and the Euro. The carrying value of the cross-currency swap derivative contracts are at fair value, which are determined based on the income approach with the relevant interest rates and foreign currency current exchange rates and forward curves as inputs as of the balance sheet date and are classified within Level 2. For purposes of fair value disclosure above, derivative values are presented gross. Further discussion of gross versus net presentation of the Company's derivatives is included within Note 8. Contingent consideration obligations are recognized and measured at fair value at the acquisition date and thereafter until settlement or expiration. Contingent consideration is classified within Level 3 as the underlying fair value is determined using income-based valuation approaches appropriate for the terms and conditions of each respective contingent consideration. The consideration expected to be transferred is based on the Company’s expectations of various financial measures. The ultimate payment of contingent consideration could deviate from current estimates based on the actual results of these financial measures. Contingent consideration was not material to the Company’s consolidated financial statements. The carrying values of accounts receivable, accounts payable, cash and cash equivalents, commercial paper and notes payable approximate fair value because of their short maturities and as such are classified within Level 1. The fair value of long-term debt is based on quoted market prices for the same or similar debt instruments (classified as Level 2). The carrying amount, which includes adjustments related to the impact of interest rate swap agreements, premiums and discounts, and deferred debt issuance costs, and the estimated fair value of long-term debt, including current maturities, held by the Company were: June 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Amount Value Amount Value Long-term debt, including current maturities $8,616.1 $7,806.2 $8,576.7 $7,643.6

DERIVATIVES AND HEDGING TRANSAC

DERIVATIVES AND HEDGING TRANSACTIONS	6 Months Ended
DERIVATIVES AND HEDGING TRANSACTIONS	Jun. 30, 2023
DERIVATIVES AND HEDGING TRANSACTIONS
DERIVATIVES AND HEDGING TRANSACTIONS	8. DERIVATIVES AND HEDGING TRANSACTIONS The Company uses foreign currency forward contracts, interest rate swap agreements, cross-currency swap derivative contracts and foreign currency debt to manage risks associated with foreign currency exchange rates, interest rates and net investments in foreign operations. The Company does not hold derivative financial instruments of a speculative nature or for trading purposes. The Company records derivatives as assets and liabilities in the Consolidated Balance Sheets at fair value. Changes in fair value are recognized immediately in earnings unless the derivative qualifies and is designated as a hedge. Cash flows from derivatives are classified in the statement of cash flows in the same category as the cash flows from the items subject to designated hedge or undesignated (economic) hedge relationships. The Company evaluates hedge effectiveness at inception and on an ongoing basis. If a derivative is no longer expected to be effective, hedge accounting is discontinued. The Company is exposed to credit risk in the event of nonperformance of counterparties for foreign currency forward exchange contracts and interest rate swap agreements. The Company monitors its exposure to credit risk by using credit approvals and credit limits and by selecting major global banks and financial institutions as counterparties. The Company does not anticipate nonperformance by any of these counterparties, and therefore, recording a valuation allowance against the Company’s derivative balance is not considered necessary. Derivative Positions Summary Certain of the Company’s derivative transactions are subject to master netting arrangements that allow the Company to net settle contracts with the same counterparties. These arrangements generally do not call for collateral and as of the applicable dates presented in the following table, no cash collateral had been received or pledged related to the underlying derivatives. The respective net amounts are included in other current assets, other assets, other current liabilities and other liabilities on the Consolidated Balance Sheets. The following table summarizes the gross fair value and the net value of the Company’s outstanding derivatives: Derivative Assets Derivative Liabilities June 30 December 31 June 30 December 31 (millions) 2023 2022 2023 2022 Derivatives designated as hedging instruments Foreign currency forward contracts $56.7 $78.6 $5.9 $9.2 Interest rate swap agreements - - 182.6 181.4 Cross-currency swap derivative contracts 42.7 58.7 19.6 14.5 Derivatives not designated as hedging instruments Foreign currency forward contracts 28.6 40.3 17.6 74.1 Gross value of derivatives 128.0 177.6 225.7 279.2 Gross amounts offset in the Consolidated Balance Sheets (32.6) (75.6) (32.6) (75.6) Net value of derivatives $95.4 $102.0 $193.1 $203.6 The following table summarizes the notional values of the Company’s outstanding derivatives: Notional Values June 30 December 31 (millions) 2023 2022 Foreign currency forward contracts $3,687 $5,745 Interest rate swap agreements 1,500 1,500 Cross-currency swap derivative contracts 682 650 Cash Flow Hedges The Company utilizes foreign currency forward contracts to hedge the effect of foreign currency exchange rate fluctuations on forecasted foreign currency transactions, including inventory purchases and intercompany royalty, intercompany loans, management fee and other payments. These forward contracts are designated as cash flow hedges. The changes in fair value of these contracts are recorded in accumulated other comprehensive income (loss) (“AOCI”) until the hedged items affect earnings, at which time the gain or loss is reclassified into the same line item on the Consolidated Statements of Income as the underlying exposure being hedged. Cash flow hedged transactions impacting AOCI are forecasted to occur within the next year . For forward contracts designated as hedges of foreign currency exchange rate risk associated with forecasted foreign currency transactions, the Company excludes the changes in fair value attributable to time value from the assessment of hedge effectiveness. The initial value of the excluded component (i.e., the forward points) is amortized on a straight-line basis over the life of the hedging instrument and recognized in the same line item on the Consolidated Statements of Income as the underlying exposure being hedged for intercompany loans. For all other cash flow hedge types, the forward points are marked-to-market monthly and recognized in the same line item on the Consolidated Statements of Income as the underlying exposure being hedged. The difference between fair value changes of the excluded component and the amount amortized on the Consolidated Statements of Income is recorded in AOCI. Fair Value Hedges The Company manages interest expense using a mix of fixed and floating rate debt. To help manage exposure to interest rate movements and to reduce borrowing costs, the Company may enter into interest rate swap agreements under which the Company agrees to exchange, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed upon notional principal amount. The mark-to-market of these fair value hedges is recorded as gains or losses in interest (income) expense and is offset by the gain or loss of the underlying debt instrument, which also is recorded in interest (income) expense. These fair value hedges are highly effective and thus, there is no impact on earnings due to hedge ineffectiveness. In aggregate, the Company has entered into a series of interest rate swap agreements to convert $1.5 billion of its debt from a fixed interest rate to a floating interest rate. These interest rate swap agreements are designated as fair value hedges. The following amounts were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges: Carrying amount of the hedged liabilities Cumulative amount of the fair value hedging adjustment included in the carrying amount of the hedged liabilities Second Quarter Ended Second Quarter Ended Line item in which the hedged item is included June 30 June 30 (millions) 2023 2022 2023 2022 Long-term debt $1,317.9 $1,376.4 ($184.5) ($125.9) Net Investment Hedges The Company designates its outstanding €1,150 million ( $1,229 million at the end of the second quarter of 2023) senior notes (“Euronotes”) and related accrued interest as hedges of its Euro denominated exposures from the Company’s investments in certain of its Euro denominated functional currency subsidiaries. The Company entered into a series of cross-currency swap derivative contracts maturing in 2026 and 2030. 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 June 30, 2023, the Company had €625 million ( $682 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: Second Quarter Ended Six Months Ended June 30 June 30 (millions) 2023 2022 2023 2022 Revaluation (loss) gain, net of tax: Euronotes ($9.8) $42.5 ($24.9) $52.8 Cross-currency swap derivative contracts (14.0) 28.9 (15.6) 37.5 Total revaluation (loss) gain, net of tax ($23.8) $71.4 ($40.5) $90.3 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: Second Quarter Ended June 30 2023 2022 (millions) COS SG&A Interest COS SG&A Interest Gain (loss) on derivatives in cash flow hedging relationship: Foreign currency forward contracts Amount of gain (loss) reclassified from AOCI to income $2.8 ($4.4) $- $0.8 $38.2 $- Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value - - 2.1 - - 3.9 Interest rate swap agreements Amount of (loss) gain reclassified from AOCI to income - - (0.4) - - (0.6) (Loss) gain on derivatives not designated as hedging instruments: Foreign currency forward contracts Amount of (loss) gain recognized in income - (3.5) - - 34.2 - Total gain (loss) of all derivative instruments $2.8 ($7.9) $1.7 $0.8 $72.4 $3.3 Six Months Ended June 30 2023 2022 (millions) COS SG&A Interest COS SG&A Interest Gain (loss) on derivatives in cash flow hedging relationship: Foreign currency forward contracts Amount of gain (loss) reclassified from AOCI to income $8.1 ($10.4) $- $0.8 $52.1 $- Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value - - 4.1 - - 7.7 Interest rate swap agreements Amount of (loss) gain reclassified from AOCI to income - - (0.9) - - (1.2) (Loss) gain on derivatives not designated as hedging instruments: Foreign currency forward contracts Amount of (loss) gain recognized in income - (28.1) - - 48.4 - Total gain (loss) of all derivative instruments $8.1 ($38.5) $3.2 $0.8 $100.5 $6.5

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION	6 Months Ended
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION	Jun. 30, 2023
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION	9. OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION Other comprehensive income (loss) includes net income, foreign currency translation adjustments, defined benefit pension and postretirement plan adjustments, gains and losses on derivative instruments designated and effective as cash flow hedges and non-derivative instruments designated and effective as foreign currency net investment hedges that are charged or credited to the accumulated other comprehensive loss account in shareholders’ equity. Refer to Note 8 for additional information related to the Company’s derivatives and hedging transactions. Refer to Note 13 for additional information related to the Company’s pension and postretirement benefits activity. The following tables provide other comprehensive income information related to the Company’s derivatives and hedging instruments and pension and postretirement benefits: Second Quarter Ended Six Months Ended June 30 June 30 (millions) 2023 2022 2023 2022 Derivative and Hedging Instruments Unrealized (loss) gain on derivative and hedging instruments Amount recognized in AOCI ($1.6) $49.7 ($6.7) $60.4 (Gain) loss reclassified from AOCI into income COS (2.8) (0.8) (8.1) (0.8) SG&A 4.4 (38.2) 10.4 (52.1) Interest (income) expense, net (1.7) (3.3) (3.2) (6.5) (0.1) (42.3) (0.9) (59.4) Other activity 1.1 0.5 1.2 0.5 Tax impact (0.9) (1.8) 0.2 - Net of tax ($1.5) $6.1 ($6.2) $1.5 Pension and Postretirement Benefits Amount reclassified from AOCI into income Settlement charge $- $- $0.6 $0.9 Amortization of net actuarial loss and prior period service credits, net 0.9 14.5 2.5 29.4 0.9 14.5 3.1 30.3 Other activity (4.5) 16.8 (6.1) 17.9 Tax impact (0.7) (3.3) (1.1) (6.5) Net of tax ($4.3) $28.0 ($4.1) $41.7 The following table summarizes the derivative and pension and postretirement benefit amounts reclassified from AOCI into income: Second Quarter Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 (millions) Derivative (gain) loss reclassified from AOCI into income, net of tax ($0.1) ($31.9) ($0.7) ($44.8) Pension and postretirement benefits amortization of net actuarial losses and prior period service credits and settlement charges reclassified from AOCI into income, net of tax (4.3) 28.0 (4.1) 41.7

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
SHAREHOLDERS' EQUITY	Jun. 30, 2023
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	10. SHAREHOLDERS’ EQUITY Share Repurchase Authorization In February 2015 and November 2022, the Company’s Board of Directors authorized the repurchase of up to 20,000,000 and 10,000,000 , respectively, additional shares of its common stock, including shares to be repurchased under Rule 10b5–1. As of June 30, 2023, 12,917,097 shares remained to be repurchased under the Company’s repurchase authorization. The Company intends to repurchase all shares under its authorization, for which no expiration date has been established, in open market or privately negotiated transactions, subject to market conditions. Share Repurchases During the first six months of 2023, the Company reacquired 68,712 shares of its common stock related to shares withheld for taxes on the exercise of stock options and the vesting of stock awards and units. During the first six months of 2022, the Company reacquired 2,284,094 shares of its common stock, of which 2,186,990 related to share repurchases through open market and 97,104 related to shares withheld for taxes on the exercise of stock options and the vesting of stock awards and units.

EARNINGS ATTRIBUTABLE TO ECOLAB

EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")	6 Months Ended
EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")	Jun. 30, 2023
EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")
EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")	11. EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE (“EPS”) The difference in the weighted average common shares outstanding for calculating basic and diluted EPS is a result of the dilution associated with the Company’s equity compensation plans. As noted in the table below, certain stock options and units outstanding under these equity compensation plans were not included in the computation of diluted EPS because they would not have had a dilutive effect. The computations of the basic and diluted EPS amounts were as follows: Second Quarter Ended Six Months Ended June 30 June 30 (millions, except per share) 2023 2022 2023 2022 Net income attributable to Ecolab $329.7 $308.3 $563.1 $480.2 Weighted-average common shares outstanding Basic 284.9 285.1 284.8 285.7 Effect of dilutive stock options and units 1.4 1.5 1.3 1.7 Diluted 286.3 286.6 286.1 287.4 Earnings attributable to Ecolab per common share Basic EPS $ 1.16 $ 1.08 $ 1.98 $ 1.68 Diluted EPS $ 1.15 $ 1.08 $ 1.97 $ 1.67 Anti-dilutive securities excluded from the computation of diluted EPS 2.6 2.6 3.8 2.6 Amounts do not necessarily sum due to rounding.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2023
INCOME TAXES
INCOME TAXES	12. INCOME TAXES The Company’s tax rate was 20.6% and 19.7% for the second quarter of 2023 and 2022, respectively, and 19.5% and 20.0% for the first six months of 2023 and 2022, respectively. The change in the Company’s tax rate for the second quarter and first six months of 2023 compared to the second quarter and first six months of 2022 was driven primarily by the impact of discrete tax items and special (gains) and charges. Further information related to special (gains) and charges is included in Note 2. The Company recognized net tax expense related to discrete tax items of $2.8 million and a net tax benefit of $1.2 million in the second quarter and first six months of 2023, respectively. This included share-based compensation excess tax benefits of $1.8 million and $1.9 million in the second quarter and first six months of 2023, respectively. Additionally, the Company recognized discrete tax expense of $4.6 million and $0.7 million during the second quarter and first six months of 2023, respectively, primarily due to audit settlements, uncertain tax positions, prior year return adjustments, repricing of deferred tax balances, and other changes in estimates. The Company recognized net tax expense related to discrete tax items of $3.7 million and $4.7 million in the second quarter and first six months of 2022, respectively. This included share-based compensation excess tax benefits of $0.7 million and $3.6 million in the second quarter and first six months of 2022, respectively. Additionally, the Company recognized discrete tax expense of $4.4 million and $8.3 million during the second quarter and first six months of 2022, respectively, primarily due to audit settlements, uncertain tax positions, prior year return adjustments, repricing of deferred tax balances, and other changes in estimates. The Inflation Reduction Act (IRA), which became effective January 1, 2023, includes a corporate alternative minimum tax on certain large corporations and climate change mitigation incentives. In addition, there are other non-income tax provisions, including an excise tax on the repurchase of corporate stock. The Company continues to assess the impact of the IRA but does not anticipate any material impacts on the Company’s financial statements.

PENSION AND POSTRETIREMENT PLAN

PENSION AND POSTRETIREMENT PLANS	6 Months Ended
PENSION AND POSTRETIREMENT PLANS	Jun. 30, 2023
PENSION AND POSTRETIREMENT PLANS
PENSION AND POSTRETIREMENT PLANS	13. PENSION AND POSTRETIREMENT PLANS The Company has a non-contributory, qualified, defined benefit pension plan covering the majority of its U.S. employees. The Company also has non-contributory, non-qualified, defined benefit pension plans, which provide for benefits to employees in excess of limits permitted under its U.S. pension plans. Various international subsidiaries also have defined benefit pension plans. The Company also provides postretirement health care and life insurance benefits to certain U.S. employees and retirees. The components of net periodic pension and postretirement health care benefit expense for the second quarter ended June 30 are as follows: U.S. International U.S. Postretirement Pension Pension Health Care (millions) 2023 2022 2023 2022 2023 2022 Service cost $10.6 $10.5 $5.4 $6.9 $0.1 $0.2 Interest cost on benefit obligation 22.0 14.1 11.6 5.5 1.4 0.8 Expected return on plan assets (36.3) (36.7) (14.0) (17.6) - (0.1) Recognition of net actuarial loss (gain) - 10.0 3.3 5.8 (0.8) (0.1) Amortization of prior service benefit (1.5) (1.2) (0.1) - - - Total expense (benefit) ($5.2) ($3.3) $6.2 $0.6 $0.7 $0.8 The components of net periodic pension and postretirement health care benefit expense for the six months ended June 30 are as follows: U.S. International U.S. Postretirement Pension Pension Health Care (millions) 2023 2022 2023 2022 2023 2022 Service cost $20.8 $21.0 $10.8 $14.2 $0.2 $0.4 Interest cost on benefit obligation 44.0 28.2 23.0 11.2 2.8 1.6 Expected return on plan assets (72.6) (73.4) (27.8) (36.0) - (0.2) Recognition of net actuarial loss (gain) - 20.0 6.8 11.8 (1.6) (0.2) Amortization of prior service benefit (2.5) (2.2) (0.2) - - - Curtailments and settlements 0.7 0.9 - - (0.1) - Total expense (benefit) ($9.6) ($5.5) $12.6 $1.2 $1.3 $1.6 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 June 30, 2023, the Company is in compliance with all funding requirements of each of its defined benefit plans. During the first six months of 2023, the Company made contributions of $4 million to its U.S. non-contributory non-qualified defined benefit plans and estimates it will contribute an additional $5 million to such plans during the remainder of 2023. During the first six months of 2023, the Company made contributions of $20 million to its international pension plans and estimates it will contribute an additional $22 million to such plans during the remainder of 2023. During the first six months of 2023, the Company made contributions of $5 million to its U.S. postretirement health care plans and estimates it will contribute an additional $6 million to such plans during the remainder of 2023.

REVENUES

REVENUES	6 Months Ended
REVENUES	Jun. 30, 2023
REVENUES
REVENUES	14. REVENUES Revenue Recognition Product and Sold Equipment Product revenue is generated from sales of cleaning, sanitizing, water treatment, process treatment and colloidal silica products. In addition, the Company sells equipment which may be used in combination with its specialized products. Revenue recognized from product and equipment sales is recognized at the point in time when the obligations in the contract with the customer are satisfied, which generally occurs with the transfer of the product or delivery of the equipment. On June 3, 2020, the Company completed the separation of its Upstream Energy business (“ChampionX”). The Company entered into a Master Cross Supply and Product Transfer agreement with ChampionX to provide, receive or transfer certain products for a period up to 36 months and for a smaller set of products with limited suppliers over the next few years. Sales of product to ChampionX under this agreement are recorded in product and equipment sales in the Corporate segment along with the related cost of sales, while purchases from ChampionX are recorded in inventory. Sales of product to ChampionX post-separation for the second quarter of 2023 and 2022 were $16.7 million and $33.9 million, respectively, and for the first six months of 2023 and 2022 were $40.4 million and $68.6 million, respectively. As of June 30, 2023 and December 31, 2022, the Company had an outstanding accounts receivable balance for sales of product to ChampionX of $12.0 million and $12.9 million, respectively. Service and Lease Equipment Service and lease equipment revenue is generated from providing services or leasing equipment to customers. Service offerings include installing or repairing certain types of equipment, activities that supplement or replace headcount at the customer location, or fulfilling deliverables included in the contract. Global Industrial segment services are associated with water treatment and paper process applications. Global Institutional & Specialty segment services include cleaning and sanitizing programs and wash process solutions. Global Healthcare & Life Sciences segment services include pharmaceutical, personal care, infection and containment control solutions. Revenues included in Other primarily relate to services designed to detect, eliminate and prevent pests. Service revenue is recognized over time utilizing an input method and aligns with when the services are provided. Typically, revenue is recognized over time using costs incurred to date because the effort provided by the field selling and service organization represents services provided, which corresponds with the transfer of control. Revenue recognized from leased equipment primarily relates to warewashing and water treatment equipment recognized on a straight-line basis over the length of the lease contract pursuant to Topic 842 Leases. The Company’s operating lease revenue was as follows: Second Quarter Ended Six Months Ended June 30 June 30 (millions) 2023 2022 2023 2022 Operating lease revenue* $128.7 $115.2 $255.1 $227.3 *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: Second Quarter Ended Six Months Ended June 30 June 30 (millions) 2023 2022 2023 2022 Global Industrial Product and sold equipment $1,587.8 $1,471.4 $3,086.0 $2,829.8 Service and lease equipment 220.7 218.5 431.9 425.8 Global Institutional & Specialty Product and sold equipment 1,047.2 936.3 1,968.0 1,763.3 Service and lease equipment 225.0 193.0 433.0 375.4 Global Healthcare & Life Sciences Product and sold equipment 363.9 360.2 716.5 694.2 Service and lease equipment 26.9 30.7 54.0 59.5 Other Product and sold equipment 89.2 85.0 170.2 155.0 Service and lease equipment 274.7 251.6 523.7 475.6 Corporate Product and sold equipment 16.7 33.9 40.4 68.6 Service and lease equipment - - - 0.1 Total Total product and sold equipment $3,104.8 $2,886.8 $5,981.1 $5,510.9 Total service and lease equipment $747.3 $693.8 $1,442.6 $1,336.4 Net sales at public exchange rates by geographic region for the second quarter ended June 30 are as follows: Global Global Institutional Global Healthcare Industrial & Specialty & Life Sciences Other Corporate 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 North America $814.7 $776.6 $933.8 $828.1 $156.4 $157.6 $232.3 $214.9 $12.4 $30.3 Europe 382.4 341.3 174.7 164.3 186.1 180.7 74.1 69.7 1.3 0.9 Asia Pacific 222.2 209.0 58.4 53.0 22.6 24.4 23.0 19.6 0.8 1.1 Latin America 181.0 156.0 47.6 41.5 6.6 5.3 14.2 13.1 2.2 1.6 Greater China 101.0 106.5 40.5 28.7 12.9 17.0 18.0 16.7 - - India, Middle East and Africa 107.2 100.5 17.2 13.7 6.2 5.9 2.3 2.6 - - Total $1,808.5 $1,689.9 $1,272.2 $1,129.3 $390.8 $390.9 $363.9 $336.6 $16.7 $33.9 Net sales at public exchange rates by geographic region for the six months ended June 30 are as follows: Global Global Institutional Global Healthcare Industrial & Specialty & Life Sciences Other Corporate (millions) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 North America $1,605.4 $1,493.2 $1,767.7 $1,560.1 $320.3 $302.6 $442.6 $396.6 $33.1 $59.7 Europe 731.2 654.8 321.2 301.0 360.5 350.8 141.3 131.8 2.0 1.5 Asia Pacific 436.5 414.1 115.2 105.7 42.3 44.4 43.2 36.2 1.8 2.1 Latin America 338.2 292.4 88.9 78.3 12.3 11.2 27.8 26.1 3.5 5.1 Greater China 195.6 216.7 76.1 68.9 23.7 31.8 34.3 34.6 - 0.1 India, Middle East and Africa 211.0 184.4 31.9 24.7 11.4 12.9 4.7 5.3 - 0.2 Total $3,517.9 $3,255.6 $2,401.0 $2,138.7 $770.5 $753.7 $693.9 $630.6 $40.4 $68.7 Net sales by geographic region were determined based on origin of sale. The United States made up 53% and 53% of total revenues during the six months ended June 30, 2023 and 2022, respectively. Accounts Receivable and Allowance for Expected Credit Losses Accounts receivable are carried at the invoiced amounts, less an allowance for expected credit losses, and generally do not bear interest. The Company’s allowance for expected credit losses estimates the amount of expected future credit losses by analyzing accounts receivable balances by age and applying historical write-off and collection experience. The Company’s estimates separately consider macroeconomic trends, specific circumstances and credit conditions of customer receivables. Account balances are written off against the allowance when it is determined the receivable will not be recovered. The Company’s allowance for expected return of products shipped and credits related to pricing or quantities shipped was $66.0 million and $24.9 million as of June 30, 2023 and 2022, respectively. Returns and credit activity is recorded directly as a reduction to revenue. The following table summarizes the activity in the allowance for expected credit losses: Six Months Ended June 30 (millions) 2023 2022 Beginning balance $71.9 $52.8 Bad debt expense 32.5 24.8 Write-offs (18.6) (8.5) Other (a) (2.0) 3.8 Ending balance $83.8 $72.9 (a) O ther 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: Six Months Ended June 30 (millions) 2023 2022 Contract liability as of beginning of the year $116.5 $91.7 Revenue recognized in the period from: Amounts included in the contract liability at the beginning of the year (116.5) (91.7) Increases due to billings excluding amounts recognized as revenue during the period ended 107.4 99.1 Contract liability as of end of period $107.4 $99.1

OPERATING SEGMENTS

OPERATING SEGMENTS	6 Months Ended
OPERATING SEGMENTS	Jun. 30, 2023
OPERATING SEGMENTS
OPERATING SEGMENTS	15. OPERATING SEGMENTS The Company’s organizational structure consists of global business unit and global regional leadership teams. The Company’s ten operating segments follow its commercial and product-based activities and are based on engagement in business activities, availability of discrete financial information and review of operating results by the Chief Operating Decision Maker at the identified operating segment level. The Company’s operating segments that share similar economic characteristics and future prospects, nature of the products and production processes, end-use markets, channels of distribution and regulatory environment have been aggregated into three reportable segments: Global Industrial, Global Institutional & Specialty and Global Healthcare & Life Sciences. The Company’s operating segments that do not meet the quantitative criteria to be separately reported have been combined into Other. The Company provides similar information for Other as the Company considers the information regarding its underlying operating segments as useful in understanding its consolidated results. Comparability of Reportable Segments Effective January 1, 2023, the Company’s former Downstream operating segment is now part of the Water operating segment. This change did not have any impact on the Global Industrial reportable segment. The Company evaluates the performance of its non-U.S. dollar functional currency international operations based on fixed currency exchange rates, which eliminates the impact of exchange rate fluctuations on its international operations. Fixed currency amounts are updated annually at the beginning of each year based on translation into U.S. dollars at foreign currency exchange rates established by management, with all periods presented using such rates. The “Fixed Currency Rate Change” column shown in the following table reflects international operations at fixed currency exchange rates established by management at the beginning of 2023, rather than the 2022 established rates. The difference between the fixed currency exchange rates and the actual currency exchange rates is reported within the “Effect of foreign currency translation” row in the following table. The “Other” column shown in the following table reflects immaterial changes between reportable segments, including the movement of certain customers and cost allocations. The impact of the preceding changes on previously reported full year 2022 reportable segment net sales and operating income is summarized as follows: December 31, 2022 2022 Reported Fixed 2022 Reported Valued at 2022 Currency Valued at 2023 (millions) Management Rates Other Rate Change Management Rates Net Sales Global Industrial $6,944.0 $- ($207.7) $6,736.3 Global Institutional & Specialty 4,480.0 10.2 (75.9) 4,414.3 Global Healthcare & Life Sciences 1,570.0 - (64.2) 1,505.8 Other 1,355.0 (10.2) (31.5) 1,313.3 Corporate 124.1 - (0.4) 123.7 Subtotal at fixed currency rates 14,473.1 - (379.7) 14,093.4 Effect of foreign currency translation (285.3) 379.7 94.4 Consolidated reported GAAP net sales $14,187.8 $- $- $14,187.8 Operating Income Global Industrial $977.0 $0.8 ($42.0) $935.8 Global Institutional & Specialty 634.5 (1.6) (11.2) 621.7 Global Healthcare & Life Sciences 205.0 (1.8) (9.9) 193.3 Other 212.8 2.6 (5.5) 209.9 Corporate (416.7) - 2.3 (414.4) Subtotal at fixed currency rates 1,612.6 - (66.3) 1,546.3 Effect of foreign currency translation (50.1) 66.3 16.2 Consolidated reported GAAP operating income $1,562.5 $- $- $1,562.5 Reportable Segment Information Financial information for the Company’s reportable segments, is as follows: Second Quarter Ended Six Months Ended June 30 June 30 (millions) 2023 2022 2023 2022 Net Sales Global Industrial $1,795.6 $1,653.3 $3,494.9 $3,164.7 Global Institutional & Specialty 1,268.6 1,118.2 2,395.2 2,109.5 Global Healthcare & Life Sciences 387.5 384.4 766.1 732.6 Other 362.6 332.5 691.9 619.3 Corporate 16.7 33.8 40.3 68.4 Subtotal at fixed currency rates 3,831.0 3,522.2 7,388.4 6,694.5 Effect of foreign currency translation 21.1 58.4 35.3 152.8 Consolidated reported GAAP net sales $3,852.1 $3,580.6 $7,423.7 $6,847.3 Operating Income Global Industrial $255.4 $216.8 $471.0 $396.7 Global Institutional & Specialty 208.7 148.6 334.4 257.2 Global Healthcare & Life Sciences 32.7 55.2 67.7 97.1 Other 63.4 51.6 113.5 88.7 Corporate (78.8) (57.4) (156.2) (186.4) Subtotal at fixed currency rates 481.4 414.8 830.4 653.3 Effect of foreign currency translation 3.3 11.0 5.9 27.0 Consolidated reported GAAP operating income $484.7 $425.8 $836.3 $680.3 The profitability of the Company’s operating segments is evaluated by management based on operating income. Consistent with the Company’s internal management reporting, Corporate amounts in the table above include sales to ChampionX in accordance with the long-term supply agreement entered into with the Transaction, as discussed in Note 14. Corporate also includes intangible asset amortization specifically from the Nalco and Purolite acquisitions and special (gains) and charges, as discussed in Note 2, that are not allocated to the Company’s reportable segments.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	16. COMMITMENTS AND CONTINGENCIES The Company is subject to various claims and contingencies related to, among other things, workers’ compensation, general liability (including product liability), automobile claims, health care claims, environmental matters and lawsuits. The Company is also subject to various claims and contingencies related to income taxes. The Company also has contractual obligations including lease commitments. The Company records liabilities when a contingent loss is probable and can be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. The Company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that a material loss may have been incurred. Insurance Globally, the Company has insurance policies with varying deductible levels for property and casualty losses. The Company is insured for losses in excess of these deductibles, subject to policy terms and conditions and has recorded both a liability and an offsetting receivable for amounts in excess of these deductibles. The Company is self-insured for health care claims for eligible participating employees, subject to certain deductibles and limitations. The Company determines its liabilities for claims on an actuarial basis. Litigation and Environmental Matters The Company and certain subsidiaries are party to various lawsuits, claims and environmental actions that have arisen in the ordinary course of business. These include from time to time antitrust, employment, commercial, patent infringement, tort, product liability and wage hour lawsuits, as well as possible obligations to investigate and mitigate the effects on the environment of the disposal or release of certain chemical substances at various sites, such as Superfund sites and other operating or closed facilities. The Company has established accruals for certain lawsuits, claims and environmental matters. The Company currently believes that there is not a reasonably possible risk of material loss in excess of the amounts accrued related to these legal matters. Because litigation is inherently uncertain, and unfavorable rulings or developments could occur, there can be no certainty that the Company may not ultimately incur charges in excess of recorded liabilities. A future adverse ruling, settlement or unfavorable development could result in future charges that could have a material adverse effect on the Company’s results of operations or cash flows in the period in which they are recorded. The Company currently believes that such future charges related to suits and legal claims, if any, would not have a material adverse effect on the Company’s consolidated financial position. TPC Group Litigation On November 27, 2019, a Butadiene production plant owned and operated by TPC Group, Inc. in Port Neches, Texas, experienced an explosion and fire that resulted in personal injuries, the release of chemical fumes and extensive property damage to the plant and surrounding areas in and near Port Neches, Texas. Nalco Company LLC, a subsidiary of Ecolab, supplied process chemicals to TPC used in TPC’s production processes. Nalco did not operate, manage, maintain or control any aspect of TPC’s plant operations. In connection with its provision of process chemicals to TPC, Nalco has been named in numerous lawsuits stemming from the plant explosion. Nalco has been named a defendant, along with TPC and other defendants, in multi-district litigation (“MDL”) proceedings pending in Orange County, Texas, alleging among other things claims for personal injury, property damage and business losses (In re TPC Group Litigation – A2020-0236-MDL, Orange County, Texas). In addition, numerous other lawsuits have been filed against Nalco, including TPC Group v. Nalco, E0208239, Jefferson County, Texas, a subrogation claim by TPC’s insurers seeking reimbursement for property damage losses. Over 5,000 plaintiffs (including the subrogation matter) currently have asserted claims against Nalco. All of these cases make similar allegations and seek damages for personal injury, property damage, business losses and other damages, including exemplary damages. The Company expects all these cases will be consolidated for pretrial purposes into the Orange County MDL referenced above. Due to the large number of plaintiffs, the early stage of the litigation and the fact that many of the claims do not specify an amount of damages, any estimate of any loss or range of losses cannot be made at this time. On June 1, 2022, TPC and seven of its affiliated companies filed for bankruptcy under Chapter 11 (Case No. 22-10493-CTG, United States Bankruptcy Court for the District of Delaware). In connection with the bankruptcy cases, TPC disclosed an estimated range of its liability related to the Port Neches incident to individuals and homeowners (including subrogation claims) of approximately $152 million to $520 million. As part of their bankruptcy plan, TPC and its affiliates announced a settlement which allows the MDL plaintiffs a $500 million claim solely for purposes of claim allowance in the chapter 11 case and distribution of value pursuant to TPC’s bankruptcy plan. Other key terms of the settlement between TPC and the MDL plaintiffs include the establishment of a settlement trust for the benefit of certain general unsecured creditors, which is funded with $30 million and the assignment of TPC’s claims and causes of action, if any, against certain third parties, including Nalco, related to the TPC plant explosion. As part of the bankruptcy process, TPC and its debtor affiliates received a discharge of all MDL related claims, as did certain non-debtor affiliates to the extent third parties did not opt out of the non-debtor releases. Nalco opted out of these releases, preserving any direct causes of action it may have against non-debtors. Furthermore, the allowance of the $500 million claim should have no effect on any claims or defenses asserted against or by Nalco in the MDL litigation. On December 1, 2022, the bankruptcy court confirmed the TPC bankruptcy plan, including the approval of the settlement and establishment of the aforementioned settlement trust. On December 16, 2022, the TPC bankruptcy plan went effective. The Company believes the claims asserted against Nalco in the lawsuits stemming from the TPC plant explosion are without merit and intends to defend the claims vigorously. The Company also believes any potential loss should be covered by insurance subject to deductibles. However, the Company cannot predict the outcome of these lawsuits, the involvement the Company might have in these matters in the future or the potential for future litigation. Environmental Matters The Company is currently participating in environmental assessments and remediation at approximately 25 locations, the majority of which are in the U.S., and environmental liabilities have been accrued reflecting management’s best estimate of future costs. Potential insurance reimbursements are not anticipated in the Company’s accruals for environmental liabilities.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	6 Months Ended
NEW ACCOUNTING PRONOUNCEMENTS	Jun. 30, 2023
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS	17. NEW ACCOUNTING PRONOUNCEMENTS Standards That Were Adopted: Date of Date of Effect on the Standard Issuance Description Adoption Financial Statements ASU 2021-08 - Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers October 2021 Update to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. January 1, 2023 The adoption of this standard did not have a significant impact on the Company's financial statements. No other new accounting pronouncements issued or effective have had or are expected to have a material impact on the Company’s consolidated financial statements.

SPECIAL (GAINS) AND CHARGES (Ta

SPECIAL (GAINS) AND CHARGES (Tables)	6 Months Ended
SPECIAL (GAINS) AND CHARGES (Tables)	Jun. 30, 2023
Restructuring Activities
Special (gains) and charges	Second Quarter Ended Six Months Ended June 30 June 30 (millions) 2023 2022 2023 2022 Cost of sales Restructuring activities $8.1 $0.8 $11.3 $3.4 Acquisition and integration activities - 0.9 - 28.5 Russia/Ukraine - - - 6.4 Other - - - 16.3 Cost of sales subtotal 8.1 1.7 11.3 54.6 Special (gains) and charges Restructuring activities 13.7 0.3 26.3 1.1 Acquisition and integration activities 3.5 3.4 8.5 10.9 Russia/Ukraine 0.3 (5.7) 0.6 5.9 Other 3.5 5.6 10.1 9.8 Special (gains) and charges subtotal 21.0 3.6 45.5 27.7 Total special (gains) and charges $29.1 $5.3 $56.8 $82.3
Combined Plan
Restructuring Activities
Restructuring activity	Employee Asset (millions) Costs Disposals Total 2022 Activity Recorded expense and accrual $67.2 $- $67.2 Net cash payments (5.2) - (5.2) Net restructuring liability, December 31, 2022 62.0 - 62.0 2023 Activity Recorded expense and accrual 27.0 6.1 33.1 Net cash payments (51.1) - (51.1) Non-cash charges - (6.1) (6.1) Reclassification 19.3 - 19.3 Net restructuring liability, June 30, 2023 $57.2 $- $57.2

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
ACQUISITIONS (Tables)	Jun. 30, 2023
ACQUISITIONS
Schedule of assets acquired and liabilities assumed	June 30 (millions) 2023 Net tangible assets (liabilities) acquired $9.4 Identifiable intangible assets Customer relationships 35.7 Other technology 21.6 Total intangible assets 57.3 Goodwill 38.7 Total aggregate purchase price 105.4 Acquisition-related liabilities and contingent consideration (4.8) Net cash paid for acquisitions, including acquisition-related liabilities and contingent consideration $100.6

BALANCE SHEETS INFORMATION (Tab

BALANCE SHEETS INFORMATION (Tables)	6 Months Ended
BALANCE SHEETS INFORMATION (Tables)	Jun. 30, 2023
BALANCE SHEETS INFORMATION
Balance Sheet Information	June 30 December 31 (millions) 2023 2022 Accounts receivable, net Accounts receivable $2,929.9 $2,829.0 Allowance for expected credit losses and other accruals (149.8) (130.9) Total $2,780.1 $2,698.1 Inventories Finished goods $1,041.8 $1,122.7 Raw materials and parts 834.6 849.2 Inventories at FIFO cost 1,876.4 1,971.9 FIFO cost to LIFO cost difference (230.2) (179.1) Total $1,646.2 $1,792.8 Other current assets Prepaid assets $137.6 $123.9 Taxes receivable 215.3 184.1 Derivative assets 62.2 57.5 Other 40.9 39.2 Total $456.0 $404.7 Property, plant and equipment, net Land $155.0 $161.3 Buildings and leasehold improvements 1,145.0 1,126.9 Machinery and equipment 2,037.3 1,966.3 Merchandising and customer equipment 2,709.2 2,635.5 Capitalized software 941.6 962.1 Construction in progress 357.4 403.8 7,345.5 7,255.9 Accumulated depreciation (4,019.0) (3,962.5) Total $3,326.5 $3,293.4 Other intangible assets, net Intangible assets not subject to amortization Trade names $1,230.0 $1,230.0 Intangible assets subject to amortization Customer relationships 3,353.4 3,292.8 Patents 501.6 497.0 Trademarks 406.3 404.0 Other technologies 541.0 518.8 4,802.3 4,712.6 Accumulated amortization Customer relationships (1,697.8) (1,581.7) Patents (307.9) (292.3) Trademarks (219.6) (202.5) Other technologies (203.4) (185.4) (2,428.7) (2,261.9) Net intangible assets subject to amortization 2,373.6 2,450.7 Total $3,603.6 $3,680.7 Other assets Deferred income taxes $110.2 $108.1 Pension 129.6 118.4 Derivative asset 33.2 44.5 Other 268.5 264.1 Total $541.5 $535.1 June 30 December 31 (millions) 2023 2022 Other current liabilities Discounts and rebates $392.9 $357.8 Dividends payable 151.0 150.8 Interest payable 75.3 58.7 Taxes payable, other than income 167.8 162.9 Derivative liability 0.4 21.9 Restructuring 73.7 100.6 Contract liability 107.4 116.5 Operating lease liabilities 110.1 108.3 Other 203.8 208.4 Total $1,282.4 $1,285.9 Accumulated other comprehensive income (loss) Unrealized (loss) gain on derivative financial instruments, net of tax ($2.5) $3.7 Unrecognized pension and postretirement benefit expense, net of tax (471.5) (467.4) Cumulative translation, net of tax (1,287.8) (1,262.9) Total ($1,761.8) ($1,726.6)

DEBT AND INTEREST (Tables)

DEBT AND INTEREST (Tables)	6 Months Ended
DEBT AND INTEREST (Tables)	Jun. 30, 2023
DEBT AND INTEREST
Schedule of short-term debt obligations	June 30 December 31 (millions) 2023 2022 Short-term debt Commercial paper $- $- Notes payable 5.4 3.7 Long-term debt, current maturities 1,116.5 501.4 Total $1,121.9 $505.1
Schedule of long-term debt obligations including current maturities	Maturity June 30 December 31 (millions) by Year 2023 2022 Long-term debt Public notes (2023 principal amount) Two year 2021 senior notes ( $500 million) 2023 $499.4 $498.7 Seven year 2016 senior notes ( €575 million) 2024 614.0 596.9 Ten year 2015 senior notes ( €575 million) 2025 613.3 596.7 Ten year 2016 senior notes ( $750 million) 2026 721.3 721.1 Ten year 2017 senior notes ( $500 million) 2027 434.5 433.9 Six Year 2021 senior notes ( $500 million) 2027 496.9 496.5 Five Year 2022 senior notes ( $500 million) 2028 493.4 492.7 Ten year 2020 senior notes ( $698 million) 2030 652.8 653.5 Ten year 2020 senior notes ( $600 million) 2031 555.7 555.2 Eleven year 2021 senior notes ( $650 million) 2032 644.9 644.6 Thirty year 2011 senior notes ( $389 million) 2041 384.6 384.5 Thirty year 2016 senior notes ( $200 million) 2046 197.3 197.3 Thirty year 2017 senior notes ( $484 million) 2047 426.1 425.5 Thirty year 2020 senior notes ( $500 million) 2050 490.9 490.7 Thirty year 2021 senior notes ( $850 million) 2051 839.1 838.9 Thirty-four year 2021 senior notes ( $685 million) 2055 538.2 537.2 Finance lease obligations and other 13.7 12.8 Total debt 8,616.1 8,576.7 Long-term debt, current maturities (1,116.5) (501.4) Total long-term debt $7,499.6 $8,075.3
Schedule of interest expense and interest income	Second Quarter Ended Six Months Ended June 30 June 30 (millions) 2023 2022 2023 2022 Interest expense $82.7 $57.3 $162.8 $112.4 Interest income (4.9) (1.3) (10.8) (3.4) Interest expense, net $77.8 $56.0 $152.0 $109.0

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	Jun. 30, 2023
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, 2022 4,081.8 567.6 3,125.4 237.9 8,012.7 Current year business combinations - 38.7 - - 38.7 Effect of foreign currency translation 16.6 2.7 29.6 1.0 49.9 June 30, 2023 $4,098.4 $609.0 $3,155.0 $238.9 $8,101.3

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Jun. 30, 2023
FAIR VALUE MEASUREMENTS
Schedule of the carrying amount and estimated fair value of assets and liabilities measured on recurring basis	June 30, 2023 (millions) Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Assets Foreign currency forward contracts $85.3 $- $85.3 $- Cross-currency swap derivative contracts 42.7 - 42.7 - Liabilities Foreign currency forward contracts 23.5 - 23.5 - Interest rate swap agreements 182.6 - 182.6 - Cross-currency swap derivative contracts 19.6 - 19.6 - December 31, 2022 (millions) Carrying Fair Value Measurements Amount Level 1 Level 2 Level 3 Assets Foreign currency forward contracts $118.9 $- $118.9 $- Cross-currency swap derivative contracts 58.7 - 58.7 - Liabilities Foreign currency forward contracts 83.3 - 83.3 - Interest rate swap agreements 181.4 - 181.4 - Cross-currency swap derivative contracts 14.5 - 14.5 -
Schedule of carrying amount and estimated fair value of long-term debt	June 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Amount Value Amount Value Long-term debt, including current maturities $8,616.1 $7,806.2 $8,576.7 $7,643.6

DERIVATIVES AND HEDGING TRANS_2

DERIVATIVES AND HEDGING TRANSACTIONS (Tables)	6 Months Ended
DERIVATIVES AND HEDGING TRANSACTIONS (Tables)	Jun. 30, 2023
DERIVATIVES AND HEDGING TRANSACTIONS
Gross fair value of the company's outstanding derivative assets and liabilities	Derivative Assets Derivative Liabilities June 30 December 31 June 30 December 31 (millions) 2023 2022 2023 2022 Derivatives designated as hedging instruments Foreign currency forward contracts $56.7 $78.6 $5.9 $9.2 Interest rate swap agreements - - 182.6 181.4 Cross-currency swap derivative contracts 42.7 58.7 19.6 14.5 Derivatives not designated as hedging instruments Foreign currency forward contracts 28.6 40.3 17.6 74.1 Gross value of derivatives 128.0 177.6 225.7 279.2 Gross amounts offset in the Consolidated Balance Sheets (32.6) (75.6) (32.6) (75.6) Net value of derivatives $95.4 $102.0 $193.1 $203.6
Summary of notional values of outstanding derivatives	Notional Values June 30 December 31 (millions) 2023 2022 Foreign currency forward contracts $3,687 $5,745 Interest rate swap agreements 1,500 1,500 Cross-currency swap derivative contracts 682 650
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 Second Quarter Ended Second Quarter Ended Line item in which the hedged item is included June 30 June 30 (millions) 2023 2022 2023 2022 Long-term debt $1,317.9 $1,376.4 ($184.5) ($125.9)
Revaluation gains and losses on euro notes and cross-currency swap derivative	Second Quarter Ended Six Months Ended June 30 June 30 (millions) 2023 2022 2023 2022 Revaluation (loss) gain, net of tax: Euronotes ($9.8) $42.5 ($24.9) $52.8 Cross-currency swap derivative contracts (14.0) 28.9 (15.6) 37.5 Total revaluation (loss) gain, net of tax ($23.8) $71.4 ($40.5) $90.3
Impact on AOCI and earnings from derivative contracts qualified as cash flow hedges	Second Quarter Ended June 30 2023 2022 (millions) COS SG&A Interest COS SG&A Interest Gain (loss) on derivatives in cash flow hedging relationship: Foreign currency forward contracts Amount of gain (loss) reclassified from AOCI to income $2.8 ($4.4) $- $0.8 $38.2 $- Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value - - 2.1 - - 3.9 Interest rate swap agreements Amount of (loss) gain reclassified from AOCI to income - - (0.4) - - (0.6) (Loss) gain on derivatives not designated as hedging instruments: Foreign currency forward contracts Amount of (loss) gain recognized in income - (3.5) - - 34.2 - Total gain (loss) of all derivative instruments $2.8 ($7.9) $1.7 $0.8 $72.4 $3.3 Six Months Ended June 30 2023 2022 (millions) COS SG&A Interest COS SG&A Interest Gain (loss) on derivatives in cash flow hedging relationship: Foreign currency forward contracts Amount of gain (loss) reclassified from AOCI to income $8.1 ($10.4) $- $0.8 $52.1 $- Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value - - 4.1 - - 7.7 Interest rate swap agreements Amount of (loss) gain reclassified from AOCI to income - - (0.9) - - (1.2) (Loss) gain on derivatives not designated as hedging instruments: Foreign currency forward contracts Amount of (loss) gain recognized in income - (28.1) - - 48.4 - Total gain (loss) of all derivative instruments $8.1 ($38.5) $3.2 $0.8 $100.5 $6.5

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Tables)	6 Months Ended
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Tables)	Jun. 30, 2023
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION
Schedule of other comprehensive income (loss) information related to the Company's derivatives and hedging instruments and pension and postretirement benefits	Second Quarter Ended Six Months Ended June 30 June 30 (millions) 2023 2022 2023 2022 Derivative and Hedging Instruments Unrealized (loss) gain on derivative and hedging instruments Amount recognized in AOCI ($1.6) $49.7 ($6.7) $60.4 (Gain) loss reclassified from AOCI into income COS (2.8) (0.8) (8.1) (0.8) SG&A 4.4 (38.2) 10.4 (52.1) Interest (income) expense, net (1.7) (3.3) (3.2) (6.5) (0.1) (42.3) (0.9) (59.4) Other activity 1.1 0.5 1.2 0.5 Tax impact (0.9) (1.8) 0.2 - Net of tax ($1.5) $6.1 ($6.2) $1.5 Pension and Postretirement Benefits Amount reclassified from AOCI into income Settlement charge $- $- $0.6 $0.9 Amortization of net actuarial loss and prior period service credits, net 0.9 14.5 2.5 29.4 0.9 14.5 3.1 30.3 Other activity (4.5) 16.8 (6.1) 17.9 Tax impact (0.7) (3.3) (1.1) (6.5) Net of tax ($4.3) $28.0 ($4.1) $41.7
Summary of the net of tax derivative and pension and postretirement benefit amounts reclassified from AOCI into income	Second Quarter Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 (millions) Derivative (gain) loss reclassified from AOCI into income, net of tax ($0.1) ($31.9) ($0.7) ($44.8) Pension and postretirement benefits amortization of net actuarial losses and prior period service credits and settlement charges reclassified from AOCI into income, net of tax (4.3) 28.0 (4.1) 41.7

EARNINGS ATTRIBUTABLE TO ECOL_2

EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS") (Tables)	6 Months Ended
	Jun. 30, 2023
EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")
Computations of the basic and diluted EPS	Second Quarter Ended Six Months Ended June 30 June 30 (millions, except per share) 2023 2022 2023 2022 Net income attributable to Ecolab $329.7 $308.3 $563.1 $480.2 Weighted-average common shares outstanding Basic 284.9 285.1 284.8 285.7 Effect of dilutive stock options and units 1.4 1.5 1.3 1.7 Diluted 286.3 286.6 286.1 287.4 Earnings attributable to Ecolab per common share Basic EPS $ 1.16 $ 1.08 $ 1.98 $ 1.68 Diluted EPS $ 1.15 $ 1.08 $ 1.97 $ 1.67 Anti-dilutive securities excluded from the computation of diluted EPS 2.6 2.6 3.8 2.6 Amounts do not necessarily sum due to rounding.

PENSION AND POSTRETIREMENT PL_2

PENSION AND POSTRETIREMENT PLANS (Tables)	6 Months Ended
PENSION AND POSTRETIREMENT PLANS (Tables)	Jun. 30, 2023
PENSION AND POSTRETIREMENT PLANS
Net periodic pension and postretirement health care benefit costs	The components of net periodic pension and postretirement health care benefit expense for the second quarter ended June 30 are as follows: U.S. International U.S. Postretirement Pension Pension Health Care (millions) 2023 2022 2023 2022 2023 2022 Service cost $10.6 $10.5 $5.4 $6.9 $0.1 $0.2 Interest cost on benefit obligation 22.0 14.1 11.6 5.5 1.4 0.8 Expected return on plan assets (36.3) (36.7) (14.0) (17.6) - (0.1) Recognition of net actuarial loss (gain) - 10.0 3.3 5.8 (0.8) (0.1) Amortization of prior service benefit (1.5) (1.2) (0.1) - - - Total expense (benefit) ($5.2) ($3.3) $6.2 $0.6 $0.7 $0.8 The components of net periodic pension and postretirement health care benefit expense for the six months ended June 30 are as follows: U.S. International U.S. Postretirement Pension Pension Health Care (millions) 2023 2022 2023 2022 2023 2022 Service cost $20.8 $21.0 $10.8 $14.2 $0.2 $0.4 Interest cost on benefit obligation 44.0 28.2 23.0 11.2 2.8 1.6 Expected return on plan assets (72.6) (73.4) (27.8) (36.0) - (0.2) Recognition of net actuarial loss (gain) - 20.0 6.8 11.8 (1.6) (0.2) Amortization of prior service benefit (2.5) (2.2) (0.2) - - - Curtailments and settlements 0.7 0.9 - - (0.1) - Total expense (benefit) ($9.6) ($5.5) $12.6 $1.2 $1.3 $1.6

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
REVENUES (Tables)	Jun. 30, 2023
REVENUES
Schedule of operating lease revenue	Second Quarter Ended Six Months Ended June 30 June 30 (millions) 2023 2022 2023 2022 Operating lease revenue* $128.7 $115.2 $255.1 $227.3
Schedule of principal activities, separated by reportable segments and geographic region	Net sales at public exchange rates by reportable segment are as follows: Second Quarter Ended Six Months Ended June 30 June 30 (millions) 2023 2022 2023 2022 Global Industrial Product and sold equipment $1,587.8 $1,471.4 $3,086.0 $2,829.8 Service and lease equipment 220.7 218.5 431.9 425.8 Global Institutional & Specialty Product and sold equipment 1,047.2 936.3 1,968.0 1,763.3 Service and lease equipment 225.0 193.0 433.0 375.4 Global Healthcare & Life Sciences Product and sold equipment 363.9 360.2 716.5 694.2 Service and lease equipment 26.9 30.7 54.0 59.5 Other Product and sold equipment 89.2 85.0 170.2 155.0 Service and lease equipment 274.7 251.6 523.7 475.6 Corporate Product and sold equipment 16.7 33.9 40.4 68.6 Service and lease equipment - - - 0.1 Total Total product and sold equipment $3,104.8 $2,886.8 $5,981.1 $5,510.9 Total service and lease equipment $747.3 $693.8 $1,442.6 $1,336.4 Net sales at public exchange rates by geographic region for the second quarter ended June 30 are as follows: Global Global Institutional Global Healthcare Industrial & Specialty & Life Sciences Other Corporate 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 North America $814.7 $776.6 $933.8 $828.1 $156.4 $157.6 $232.3 $214.9 $12.4 $30.3 Europe 382.4 341.3 174.7 164.3 186.1 180.7 74.1 69.7 1.3 0.9 Asia Pacific 222.2 209.0 58.4 53.0 22.6 24.4 23.0 19.6 0.8 1.1 Latin America 181.0 156.0 47.6 41.5 6.6 5.3 14.2 13.1 2.2 1.6 Greater China 101.0 106.5 40.5 28.7 12.9 17.0 18.0 16.7 - - India, Middle East and Africa 107.2 100.5 17.2 13.7 6.2 5.9 2.3 2.6 - - Total $1,808.5 $1,689.9 $1,272.2 $1,129.3 $390.8 $390.9 $363.9 $336.6 $16.7 $33.9 Net sales at public exchange rates by geographic region for the six months ended June 30 are as follows: Global Global Institutional Global Healthcare Industrial & Specialty & Life Sciences Other Corporate (millions) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 North America $1,605.4 $1,493.2 $1,767.7 $1,560.1 $320.3 $302.6 $442.6 $396.6 $33.1 $59.7 Europe 731.2 654.8 321.2 301.0 360.5 350.8 141.3 131.8 2.0 1.5 Asia Pacific 436.5 414.1 115.2 105.7 42.3 44.4 43.2 36.2 1.8 2.1 Latin America 338.2 292.4 88.9 78.3 12.3 11.2 27.8 26.1 3.5 5.1 Greater China 195.6 216.7 76.1 68.9 23.7 31.8 34.3 34.6 - 0.1 India, Middle East and Africa 211.0 184.4 31.9 24.7 11.4 12.9 4.7 5.3 - 0.2 Total $3,517.9 $3,255.6 $2,401.0 $2,138.7 $770.5 $753.7 $693.9 $630.6 $40.4 $68.7
Summarized activity in the allowance for doubtful accounts	Six Months Ended June 30 (millions) 2023 2022 Beginning balance $71.9 $52.8 Bad debt expense 32.5 24.8 Write-offs (18.6) (8.5) Other (a) (2.0) 3.8 Ending balance $83.8 $72.9 (a) O ther amounts are primarily the effects of changes in currency translations.
Schedule of contract liability	Six Months Ended June 30 (millions) 2023 2022 Contract liability as of beginning of the year $116.5 $91.7 Revenue recognized in the period from: Amounts included in the contract liability at the beginning of the year (116.5) (91.7) Increases due to billings excluding amounts recognized as revenue during the period ended 107.4 99.1 Contract liability as of end of period $107.4 $99.1

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	6 Months Ended
OPERATING SEGMENTS (Tables)	Jun. 30, 2023
OPERATING SEGMENTS
Schedule of financial information for each of the entity's reportable segments, including the impact of the preceding changes on previously reported full year 2021 net sales and operating income	December 31, 2022 2022 Reported Fixed 2022 Reported Valued at 2022 Currency Valued at 2023 (millions) Management Rates Other Rate Change Management Rates Net Sales Global Industrial $6,944.0 $- ($207.7) $6,736.3 Global Institutional & Specialty 4,480.0 10.2 (75.9) 4,414.3 Global Healthcare & Life Sciences 1,570.0 - (64.2) 1,505.8 Other 1,355.0 (10.2) (31.5) 1,313.3 Corporate 124.1 - (0.4) 123.7 Subtotal at fixed currency rates 14,473.1 - (379.7) 14,093.4 Effect of foreign currency translation (285.3) 379.7 94.4 Consolidated reported GAAP net sales $14,187.8 $- $- $14,187.8 Operating Income Global Industrial $977.0 $0.8 ($42.0) $935.8 Global Institutional & Specialty 634.5 (1.6) (11.2) 621.7 Global Healthcare & Life Sciences 205.0 (1.8) (9.9) 193.3 Other 212.8 2.6 (5.5) 209.9 Corporate (416.7) - 2.3 (414.4) Subtotal at fixed currency rates 1,612.6 - (66.3) 1,546.3 Effect of foreign currency translation (50.1) 66.3 16.2 Consolidated reported GAAP operating income $1,562.5 $- $- $1,562.5
Schedule of financial information for each of the entity's reportable segments	Second Quarter Ended Six Months Ended June 30 June 30 (millions) 2023 2022 2023 2022 Net Sales Global Industrial $1,795.6 $1,653.3 $3,494.9 $3,164.7 Global Institutional & Specialty 1,268.6 1,118.2 2,395.2 2,109.5 Global Healthcare & Life Sciences 387.5 384.4 766.1 732.6 Other 362.6 332.5 691.9 619.3 Corporate 16.7 33.8 40.3 68.4 Subtotal at fixed currency rates 3,831.0 3,522.2 7,388.4 6,694.5 Effect of foreign currency translation 21.1 58.4 35.3 152.8 Consolidated reported GAAP net sales $3,852.1 $3,580.6 $7,423.7 $6,847.3 Operating Income Global Industrial $255.4 $216.8 $471.0 $396.7 Global Institutional & Specialty 208.7 148.6 334.4 257.2 Global Healthcare & Life Sciences 32.7 55.2 67.7 97.1 Other 63.4 51.6 113.5 88.7 Corporate (78.8) (57.4) (156.2) (186.4) Subtotal at fixed currency rates 481.4 414.8 830.4 653.3 Effect of foreign currency translation 3.3 11.0 5.9 27.0 Consolidated reported GAAP operating income $484.7 $425.8 $836.3 $680.3

NEW ACCOUNTING PRONOUNCEMENTS (

NEW ACCOUNTING PRONOUNCEMENTS (Tables)	6 Months Ended
NEW ACCOUNTING PRONOUNCEMENTS (Tables)	Jun. 30, 2023
NEW ACCOUNTING PRONOUNCEMENTS
Schedule of new accounting pronouncements	Standards That Were Adopted: Date of Date of Effect on the Standard Issuance Description Adoption Financial Statements ASU 2021-08 - Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers October 2021 Update to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. January 1, 2023 The adoption of this standard did not have a significant impact on the Company's financial statements.

SPECIAL (GAINS) AND CHARGES - C

SPECIAL (GAINS) AND CHARGES - Charges Reported on Statement of Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Special (gains) and charges
Other (income) expense	$ 21	$ 3.6	$ 45.5	$ 27.7
Total special (gains) and charges	29.1	5.3	56.8	82.3
Russia/Ukraine charges
Special (gains) and charges
Russia/Ukraine charges	0.3	(5.7)	0.6	12.3
Cost of sales
Special (gains) and charges
Restructuring activities	8.1	0.8	11.3	3.4
Acquisition and integration activities		0.9		28.5
Other special gains and charges				16.3
Other (income) expense	8.1	1.7	11.3	54.6
Cost of sales \| Russia/Ukraine charges
Special (gains) and charges
Russia/Ukraine charges				6.4
Special (gains) and charges
Special (gains) and charges
Restructuring activities	13.7	0.3	26.3	1.1
Acquisition and integration activities	3.5	3.4	8.5	10.9
Other special gains and charges	3.5	5.6	10.1	9.8
Other (income) expense	21	3.6	45.5	27.7
Special (gains) and charges \| Russia/Ukraine charges
Special (gains) and charges
Russia/Ukraine charges	$ 0.3	$ (5.7)	$ 0.6	$ 5.9

SPECIAL (GAINS) AND CHARGES - R

SPECIAL (GAINS) AND CHARGES - Restructuring and Non-Restructuring Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Mar. 31, 2023	Feb. 28, 2023	Nov. 30, 2022
Other restructuring information
Cash payments			$ 9.5
Special (gains) and charges	$ 21	$ 3.6	45.5	$ 27.7
Non-restructuring Special (Gains) and Charges
Accounts payable	1,476.8		1,476.8		$ 1,728.2
Other current liabilities	1,282.4		1,282.4		1,285.9
Special (gains) and charges
Other restructuring information
Restructuring charges incurred, pre-tax	13.7	0.3	26.3	1.1
Business combination advisory and legal fees, pre tax	3.5	3.4	8.5	10.9
Other special gains and charges	3.5	5.6	10.1	9.8
Special (gains) and charges	21	3.6	45.5	27.7
Non-restructuring Special (Gains) and Charges
Business combination and integration related costs, pre tax	3.5	3.4	8.5	10.9
Business combination and integration related costs, after tax	2.7	2.4	6.4	8.3
Cost of sales
Other restructuring information
Restructuring charges incurred, pre-tax	8.1	0.8	11.3	3.4
Business combination advisory and legal fees, pre tax		0.9		28.5
Business combination advisory and legal fees, after tax		0.6		21.6
Other special gains and charges				16.3
Special (gains) and charges	8.1	1.7	11.3	54.6
Specific legal reserve and related legal charges
Other restructuring information
Other special gains and charges	3.5		10.1
Other special gains and charges, after-tax	2.6		7.7
Russia/Ukraine charges
Other restructuring information
Russia/Ukraine charges	0.3	(5.7)	0.6	12.3
Charges related to recoverability risk	0.2	(5.7)	0.5	13.3
Russia/Ukraine charges \| Special (gains) and charges
Other restructuring information
Russia/Ukraine charges	0.3	(5.7)	0.6	5.9
Russia/Ukraine charges \| Cost of sales
Other restructuring information
Russia/Ukraine charges				6.4
Product and equipment sales \| Cost of sales
Other restructuring information
Other special gains and charges		5.6		26.1
Other special gains and charges, after-tax		4.4		19.7
Institutional Advancement Program
Restructuring
Non-cash net charges	(1.6)		3.3
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	0		0		1.9
Restructuring charges incurred to date, pre-tax	58.6		58.6
Restructuring charges incurred to date, after-tax	44.8		44.8
Restructuring charges incurred, pre-tax	2.1	0.7	4.5	2.1
Restructuring charges incurred, after tax	1.6	0.6	3.4	1.6
Cash payments	0.7		3.1
Accelerate 2020 Restructuring Plan
Other restructuring information
Restructuring charge expected to be incurred, pre-tax	254.4		254.4
Restructuring charge expected to be incurred, after tax	198.4		198.4
Restructuring liability					18.1
Cash payments	5.4
Accelerate 2020 Restructuring Plan \| Special (gains) and charges
Other restructuring information
Restructuring liability	8.6		8.6
Other Restructuring Plan
Restructuring
Restructuring reserve, period increase (decrease)			(19.3)
Other restructuring information
Restructuring charges incurred, pre-tax		0.3		2
Restructuring charges incurred, after tax		$ 0.2		$ 1.5
Prior Year Plans
Other restructuring information
Restructuring liability	3.7		3.7		23.2
Cash payments	0		0.2
Combined Plan
Restructuring
Recorded expense (income) and accrual			33.1		67.2
Net cash payments			(51.1)		(5.2)
Non-cash net charges			(6.1)
Reclassification			19.3
Other restructuring information
Restructuring charge expected to be incurred, pre-tax						$ 19.3	$ 195
Restructuring charge expected to be incurred, after tax						$ 14.5	$ 150
Restructuring liability	57.2		57.2		62
Combined Plan \| Employee termination costs
Restructuring
Recorded expense (income) and accrual			27		67.2
Net cash payments			(51.1)		(5.2)
Reclassification			19.3
Other restructuring information
Restructuring liability	57.2		57.2		$ 62
Restructuring charges incurred, pre-tax	19.7		33.1
Restructuring charges incurred, after tax	$ 16.2		26.4
Combined Plan \| Asset disposals
Restructuring
Recorded expense (income) and accrual			6.1
Non-cash net charges			$ (6.1)
Europe Program
Other restructuring information
Restructuring charge expected to be incurred, pre-tax								$ 130
Restructuring charge expected to be incurred, after tax								$ 110

ACQUISITIONS - Acquisition Summ

ACQUISITIONS - Acquisition Summary (Details) $ in Millions	3 Months Ended		6 Months Ended
ACQUISITIONS - Acquisition Summary (Details) $ in Millions	Jun. 30, 2033 USD ($) item	Mar. 31, 2023 item	Jun. 30, 2033	Jun. 30, 2022 USD ($) item
Business Acquisition [Line Items]
Number of acquisitions \| item	3	0		0
Payments for Merger Related Costs				$ 7.2
Prior year business combinations, acquisition related net liabilities adjustments				7.1
Prior year business combinations, net intangible assets adjustments				(5.6)
Prior year business combinations, goodwill adjustments				19.9
Intangible assets acquired				$ 0
Business Acquisitions and Investment
Business Acquisition [Line Items]
Number of acquisitions \| item	2
Net tangible assets (liabilities) acquired	$ 9.4
Customer relationships	35.7
Other technology	21.6
Total intangible assets	57.3
Goodwill	38.7
Total aggregate purchase price	105.4
Acquisition related liabilities and contingent consideration	(4.8)
Net cash paid for acquisitions, including acquisition-related liabilities and contingent consideration	$ 100.6
Weighted average useful lives of definite-lived intangible assets acquired from other acquisitions			12 years

BALANCE SHEETS INFORMATION (Det

BALANCE SHEETS INFORMATION (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounts receivable, net
Accounts receivable	$ 2,929.9	$ 2,829
Allowance for expected credit losses and other accruals	(149.8)	(130.9)
Total	2,780.1	2,698.1
Inventories
Finished goods	1,041.8	1,122.7
Raw materials and parts	834.6	849.2
Inventories at FIFO cost	1,876.4	1,971.9
FIFO cost to LIFO cost difference	(230.2)	(179.1)
Total	1,646.2	1,792.8
Other current assets
Prepaid assets	137.6	123.9
Taxes receivable	215.3	184.1
Derivative assets	62.2	57.5
Other	40.9	39.2
Total	456	404.7
Property, plant and equipment, net
Land	155	161.3
Buildings and leasehold improvements	1,145	1,126.9
Machinery and equipment	2,037.3	1,966.3
Merchandising and customer equipment	2,709.2	2,635.5
Capitalized software	941.6	962.1
Construction in progress	357.4	403.8
Property, plant and equipment, gross	7,345.5	7,255.9
Accumulated depreciation	(4,019)	(3,962.5)
Total	3,326.5	3,293.4
Intangible assets subject to amortization:
Other intangible assets, gross	4,802.3	4,712.6
Accumulated amortization	(2,428.7)	(2,261.9)
Net intangible assets subject to amortization	2,373.6	2,450.7
Total	3,603.6	3,680.7
Other assets
Deferred income taxes	110.2	108.1
Pension	129.6	118.4
Derivative asset	33.2	44.5
Other	268.5	264.1
Total	541.5	535.1
Other current liabilities
Discounts and rebates	392.9	357.8
Dividends payable	151	150.8
Interest payable	75.3	58.7
Taxes payable, other than income	167.8	162.9
Derivative liability	0.4	21.9
Restructuring	73.7	100.6
Contract liability	107.4	116.5
Operating lease liabilities	110.1	108.3
Other	203.8	208.4
Total	1,282.4	1,285.9
Accumulated other comprehensive income (loss)
Unrealized (loss) gain on derivative financial instruments, net of tax	(2.5)	3.7
Unrecognized pension and postretirement benefit expense, net of tax	(471.5)	(467.4)
Cumulative translation, net of tax	(1,287.8)	(1,262.9)
Total	(1,761.8)	(1,726.6)
Customer relationships
Intangible assets subject to amortization:
Other intangible assets, gross	3,353.4	3,292.8
Accumulated amortization	(1,697.8)	(1,581.7)
Trademarks
Intangible assets subject to amortization:
Other intangible assets, gross	406.3	404
Accumulated amortization	(219.6)	(202.5)
Patents
Intangible assets subject to amortization:
Other intangible assets, gross	501.6	497
Accumulated amortization	(307.9)	(292.3)
Other technologies
Intangible assets subject to amortization:
Other intangible assets, gross	541	518.8
Accumulated amortization	(203.4)	(185.4)
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	Jun. 30, 2023	Dec. 31, 2022
Components of the company's debt obligations
Long-term debt, current maturities	$ 1,116.5	$ 501.4
Short-term debt including current maturities of long-term debt	1,121.9	505.1
Commercial paper
Components of the company's debt obligations
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	0	0
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	5.4	3.7
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	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Debt instrument
Carrying value	$ 8,616.1		$ 8,616.1			$ 8,576.7
Long-term debt, current maturities	(1,116.5)		(1,116.5)			(501.4)
Long-term debt	7,499.6		7,499.6			8,075.3
Interest
Interest expense	82.7	$ 57.3	162.8	$ 112.4
Interest income	(4.9)	(1.3)	(10.8)	(3.4)
Interest expense, net	77.8	$ 56	$ 152	$ 109
Public Notes
Debt instrument
Principal outstanding payable at time of prepayment of notes (as a percent)			101%
Two Year 2021 Senior Notes
Debt instrument
Carrying value	499.4		$ 499.4			498.7
Aggregate principal amount	500		$ 500
Debt instrument, term			2 years
Five Year 2022 senior notes
Debt instrument
Carrying value	493.4		$ 493.4			492.7
Aggregate principal amount	500		$ 500
Debt instrument, term			5 years
Six Year 2021 Senior Notes
Debt instrument
Carrying value	496.9		$ 496.9			496.5
Aggregate principal amount	500		$ 500
Debt instrument, term			6 years
Ten year 2017 senior notes
Debt instrument
Carrying value	434.5		$ 434.5			433.9
Aggregate principal amount	500		$ 500
Debt instrument, term			10 years
Ten year 2020 senior notes
Debt instrument
Carrying value	652.8		$ 652.8			653.5
Aggregate principal amount	698		$ 698
Debt instrument, term			10 years
Ten year 2020 senior notes, maturing in 2031
Debt instrument
Carrying value	555.7		$ 555.7			555.2
Aggregate principal amount	600		$ 600
Debt instrument, term			10 years
Eleven Year 2021 Senior Notes
Debt instrument
Carrying value	644.9		$ 644.9			644.6
Aggregate principal amount	650		$ 650
Debt instrument, term			11 years
Thirty year 2011 senior notes
Debt instrument
Carrying value	384.6		$ 384.6			384.5
Aggregate principal amount	389		$ 389
Debt instrument, term			30 years
Thirty year 2017 senior notes
Debt instrument
Carrying value	426.1		$ 426.1			425.5
Aggregate principal amount	484		$ 484
Debt instrument, term			30 years
Thirty year 2020 senior notes
Debt instrument
Carrying value	490.9		$ 490.9			490.7
Aggregate principal amount	500		$ 500
Debt instrument, term			30 years
Thirty Year 2021 Senior Notes
Debt instrument
Carrying value	839.1		$ 839.1			838.9
Aggregate principal amount	850		$ 850
Debt instrument, term			30 years
Thirty-four year 2021 senior notes
Debt instrument
Carrying value	538.2		$ 538.2			537.2
Aggregate principal amount	685		$ 685
Debt instrument, term			34 years
Seven year 2016 senior euro notes
Debt instrument
Carrying value	614		$ 614			596.9
Aggregate principal amount \| €					€ 575
Debt instrument, term			7 years
Ten year 2016 senior notes
Debt instrument
Carrying value	721.3		$ 721.3			721.1
Aggregate principal amount	750		$ 750
Debt instrument, term			10 years
Thirty year 2016 senior notes
Debt instrument
Carrying value	197.3		$ 197.3			197.3
Aggregate principal amount	200		$ 200
Debt instrument, term			30 years
Ten Year 2015 senior euro notes
Debt instrument
Carrying value	613.3		$ 613.3			596.7
Aggregate principal amount \| €					€ 575
Debt instrument, term			10 years
Other debt.
Debt instrument
Carrying value	$ 13.7		$ 13.7			$ 12.8

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Changes in the carrying amount of goodwill for each of the company's reportable segments
Impairment of goodwill			$ 0
Changes in the carrying amount of goodwill
Beginning goodwill			8,012.7
Current year business combinations			38.7
Effect of foreign currency translation			49.9
Ending goodwill	$ 8,101.3		8,101.3
Future estimated amortization expense related to amortizable other identifiable intangible assets
Estimated expense for the remaining six-month period	151		151
Total amortization expense related to other intangible assets	76.8	$ 78.7	152.4	$ 158.2
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			4,081.8
Effect of foreign currency translation			16.6
Ending goodwill	4,098.4		4,098.4
Global Institutional and Specialty
Changes in the carrying amount of goodwill
Beginning goodwill			567.6
Current year business combinations			38.7
Effect of foreign currency translation			2.7
Ending goodwill	609		609
Global Healthcare and Life Sciences
Changes in the carrying amount of goodwill
Beginning goodwill			3,125.4
Effect of foreign currency translation			29.6
Ending goodwill	3,155		3,155
Other
Changes in the carrying amount of goodwill
Beginning goodwill			237.9
Effect of foreign currency translation			1
Ending goodwill	$ 238.9		$ 238.9

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Carrying Amount \| Foreign currency forward contracts
Assets:
Foreign currency forward contracts	$ 85.3	$ 118.9
Liabilities:
Foreign currency forward contracts	23.5	83.3
Carrying Amount \| Interest rate swap agreements
Liabilities:
Interest rate swap agreements	182.6	181.4
Carrying Amount \| Cross-currency swap derivative contracts
Assets:
Foreign currency forward contracts	42.7	58.7
Liabilities:
Foreign currency forward contracts		14.5
Interest rate swap agreements	19.6
Level 2 \| Foreign currency forward contracts
Assets:
Foreign currency forward contracts	85.3	118.9
Liabilities:
Foreign currency forward contracts	23.5	83.3
Level 2 \| Interest rate swap agreements
Liabilities:
Interest rate swap agreements	182.6	181.4
Level 2 \| Cross-currency swap derivative contracts
Assets:
Foreign currency forward contracts	42.7	58.7
Liabilities:
Foreign currency forward contracts		$ 14.5
Interest rate swap agreements	$ 19.6

FAIR VALUE MEASUREMENTS - Long-

FAIR VALUE MEASUREMENTS - Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Carrying Amount
Carrying amount and fair value of financial instruments
Long-term debt, including current maturities	$ 8,616.1	$ 8,576.7
Fair Value \| Level 2
Carrying amount and fair value of financial instruments
Long-term debt, including current maturities	$ 7,806.2	$ 7,643.6

DERIVATIVES AND HEDGING TRANS_3

DERIVATIVES AND HEDGING TRANSACTIONS - Derivative Positions Summary (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Asset Derivatives
Gross value of derivatives	$ 128	$ 177.6
Gross amounts offset in the Consolidated Balance Sheet	(32.6)	(75.6)
Net value of derivatives presented in the Consolidated Balance Sheet	95.4	102
Liability Derivatives
Gross value of derivatives	225.7	279.2
Gross amounts offset in the Consolidated Balance Sheet	(32.6)	(75.6)
Net value of derivatives presented in the Consolidated Balance Sheet	193.1	203.6
Cash collateral received	0
Cash collateral pledged	0
Foreign currency forward contracts
Liability Derivatives
Notional values	3,687	5,745
Interest rate swap agreements
Liability Derivatives
Notional values	1,500	1,500
Cross-currency swap derivative contracts
Liability Derivatives
Notional values	682	650
Derivatives designated as hedging instruments \| Foreign currency forward contracts
Asset Derivatives
Gross value of derivatives	56.7	78.6
Liability Derivatives
Gross value of derivatives	5.9	9.2
Derivatives designated as hedging instruments \| Interest rate swap agreements
Liability Derivatives
Gross value of derivatives	182.6	181.4
Derivatives designated as hedging instruments \| Cross-currency swap derivative contracts
Asset Derivatives
Gross value of derivatives	42.7	58.7
Liability Derivatives
Gross value of derivatives	19.6	14.5
Derivatives not designated as hedging instruments \| Foreign currency forward contracts
Asset Derivatives
Gross value of derivatives	28.6	40.3
Liability Derivatives
Gross value of derivatives	$ 17.6	$ 74.1

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		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Cash Flow Hedges
Maximum period for hedged transactions			1 year
Fair Value Hedges
Derivative liability	$ 193.1		$ 193.1			$ 203.6
Net Investment Hedges
Revaluation (loss) gain, net of tax	(23.8)	$ 71.4	(40.5)	$ 90.3
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	2.8	0.8	8.1	0.8
Selling, general and administrative expenses
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	(7.9)	72.4	(38.5)	100.5
Interest expense, net
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	1.7	3.3	3.2	6.5
Foreign currency forward contracts
Net Investment Hedges
Notional values	3,687		3,687			5,745
Foreign currency forward contracts \| Derivatives not designated as hedging instruments
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	$ (3.5)	$ 34.2	$ (28.1)	$ 48.4
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Interest rate swap agreements
Net Investment Hedges
Notional values	$ 1,500		$ 1,500			1,500
Euro Notes
Net Investment Hedges
Revaluation (loss) gain, net of tax	(9.8)	$ 42.5	(24.9)	$ 52.8
Cross-currency swap derivative contracts
Net Investment Hedges
Notional values	682		682			$ 650
Revaluation (loss) gain, net of tax	$ (14)	$ 28.9	(15.6)	37.5
Cash Flow Hedges. \| Derivatives designated as hedging instruments \| Interest expense, net
Impact on AOCI and earnings from derivative contracts
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value			$ 4.1	$ 7.7
Cash Flow Hedges. \| Foreign currency forward contracts \| Derivatives designated as hedging instruments
Impact on AOCI and earnings from derivative contracts
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Cash Flow Hedges. \| Foreign currency forward contracts \| Derivatives designated as hedging instruments \| Cost of sales
Impact on AOCI and earnings from derivative contracts
Gain (loss) reclassified from AOCI into income (effective portion)	$ 2.8	$ 0.8	$ 8.1	$ 0.8
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)	(4.4)	38.2	$ (10.4)	$ 52.1
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	2.1	3.9
Cash Flow Hedges. \| Interest rate swap agreements \| Derivatives designated as hedging instruments
Impact on AOCI and earnings from derivative contracts
Gain (loss) reclassified from AOCI into income (effective portion)	$ (0.4)	$ (0.6)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Net	Interest Expense, Net	Interest Expense, Net	Interest Expense, Net
Gain (loss) on derivative recognized in income			$ (0.9)	$ (1.2)
Fair Value Hedges \| Interest rate swap agreements
Fair Value Hedges
Cumulative amount of fair value hedging adjustment	$ (184.5)	$ (125.9)	(184.5)	(125.9)
Derivative liability	1,317.9	$ 1,376.4	1,317.9	$ 1,376.4
Net Investment Hedge \| Senior euro notes
Net Investment Hedges
Notional values	1,229		1,229		€ 1,150
Net Investment Hedge \| Cross-currency swap derivative contracts
Net Investment Hedges
Notional values	$ 682		$ 682		€ 625

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification adjustments
COS	$ (2,334.8)	$ (2,211.1)	$ (4,540)	$ (4,284.5)
SG&A	(1,011.6)	(940.1)	(2,001.9)	(1,854.8)
Interest (income) expense, net	(77.8)	(56)	(152)	(109)
Subtotal	(26.6)	(57.2)	(36.7)	13
Derivative (gain) loss reclassified from AOCI into income, net of tax	(0.1)	(31.9)	(0.7)	(44.8)
Pension and postretirement benefits amortization of net actuarial losses and prior service credits and settlement charges reclassified from AOCI into income, net of tax	(4.3)	28	(4.1)	41.7
Derivative & Hedging Instruments
Reclassification adjustments
Amount recognized in AOCI	(1.6)	49.7	(6.7)	60.4
Other activity	1.1	0.5	1.2	0.5
Tax impact	(0.9)	(1.8)	0.2
Subtotal	(1.5)	6.1	(6.2)	1.5
Derivative & Hedging Instruments \| Reclassifications adjustments
Reclassification adjustments
COS	(2.8)	(0.8)	(8.1)	(0.8)
SG&A	4.4	(38.2)	10.4	(52.1)
Interest (income) expense, net	(1.7)	(3.3)	(3.2)	(6.5)
(Gains) losses reclassified from AOCI into income	(0.1)	(42.3)	(0.9)	(59.4)
Pension & Postretirement Benefits
Reclassification adjustments
(Gains) losses reclassified from AOCI into income	0.9	14.5	3.1	30.3
Other activity	(4.5)	16.8	(6.1)	17.9
Tax impact	(0.7)	(3.3)	(1.1)	(6.5)
Subtotal	(4.3)	28	(4.1)	41.7
Pension & Postretirement Benefits \| Reclassifications adjustments
Reclassification adjustments
(Gains) losses reclassified from AOCI into income	$ 0.9	$ 14.5	2.5	29.4
Settlement charge \| Reclassifications adjustments
Reclassification adjustments
(Gains) losses reclassified from AOCI into income			$ 0.6	$ 0.9

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - COMMON STOCK - shares	6 Months Ended
SHAREHOLDERS' EQUITY (Details) - COMMON STOCK - shares	Jun. 30, 2023	Jun. 30, 2022	Nov. 30, 2022	Feb. 28, 2015
Shareholder's Equity
Common stock, shares authorized to be repurchased			10,000,000	20,000,000
Remaining shares authorized to be repurchased	12,917,097
Reacquired shares (in shares)	68,712	2,284,094
Number of shares reacquired through the open market		2,186,990
Number of shares that have been repurchased through the exercise of stock options and vesting of stock awards		97,104

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Computations of the basic and diluted earnings attributable to Ecolab per share amounts
Net income attributable to Ecolab	$ 329.7	$ 308.3	$ 563.1	$ 480.2
Weighted-average common shares outstanding
Basic (in shares)	284.9	285.1	284.8	285.7
Effect of dilutive stock options and units (in shares)	1.4	1.5	1.3	1.7
Diluted (in shares)	286.3	286.6	286.1	287.4
Earnings attributable to Ecolab per common share
Basic EPS (in dollars per share)	$ 1.16	$ 1.08	$ 1.98	$ 1.68
Diluted EPS (in dollars per share)	$ 1.15	$ 1.08	$ 1.97	$ 1.67
Anti-dilutive securities excluded from the computation of diluted EPS	2.6	2.6	3.8	2.6

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
INCOME TAXES
Effective income tax rate (as a percent)	20.60%	19.70%	19.50%	20%
Recognized discrete tax expense (benefit)	$ 2.8	$ 3.7	$ 1.2	$ 4.7
Recognized other discrete tax expense (benefit)	4.6	4.4	0.7	8.3
Excess tax benefits, share-based compensation	$ 1.8	$ 0.7	$ 1.9	$ 3.6

PENSION AND POSTRETIREMENT PL_3

PENSION AND POSTRETIREMENT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
U.S. Pension. \| Pension
Net periodic benefit costs
Service cost	$ 10.6	$ 10.5	$ 20.8	$ 21
Interest cost on benefit obligation	22	14.1	44	28.2
Expected return on plan assets	(36.3)	(36.7)	(72.6)	(73.4)
Recognition of net actuarial loss (gain)		10		20
Amortization of prior service benefit	(1.5)	(1.2)	(2.5)	(2.2)
Curtailments and settlements			0.7	0.9
Total expense	(5.2)	(3.3)	(9.6)	(5.5)
U.S. Pension. \| Pension \| Non-qualified plan
Other Pension Plan Information
Contributions to plan			4
Contributions anticipated to be made during the remainder of 2023	5		5
U.S. Pension. \| U.S. Postretirement Benefits
Net periodic benefit costs
Service cost	0.1	0.2	0.2	0.4
Interest cost on benefit obligation	1.4	0.8	2.8	1.6
Expected return on plan assets		(0.1)		(0.2)
Recognition of net actuarial loss (gain)	(0.8)	(0.1)	(1.6)	(0.2)
Curtailments and settlements			(0.1)
Total expense	0.7	0.8	1.3	1.6
Other Pension Plan Information
Contributions to plan			5
Contributions anticipated to be made during the remainder of 2023	6		6
International Pension \| Pension
Net periodic benefit costs
Service cost	5.4	6.9	10.8	14.2
Interest cost on benefit obligation	11.6	5.5	23	11.2
Expected return on plan assets	(14)	(17.6)	(27.8)	(36)
Recognition of net actuarial loss (gain)	3.3	5.8	6.8	11.8
Amortization of prior service benefit	(0.1)		(0.2)
Total expense	6.2	$ 0.6	12.6	$ 1.2
Other Pension Plan Information
Contributions to plan			20
Contributions anticipated to be made during the remainder of 2023	$ 22		$ 22

REVENUES - Product and Sold Equ

REVENUES - Product and Sold Equipment (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jun. 03, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]
Accounts receivable, net		$ 2,780.1		$ 2,780.1		$ 2,698.1
ChampionX \| Discontinued Operations, Disposed of By Sale
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]
Period of time post-separation that the entity may transfer or receive certain products	36 months
Post-separation sales		16.7	$ 33.9	40.4	$ 68.6
Accounts receivable, net		$ 12		$ 12		$ 12.9

REVENUES - Operating Lease Reve

REVENUES - Operating Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Lease, Lease Income
Operating lease revenue	$ 128.7	$ 115.2	$ 255.1	$ 227.3

REVENUES - Principal Activities

REVENUES - Principal Activities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of revenue
Net sales	$ 3,852.1	$ 3,580.6	$ 7,423.7	$ 6,847.3
U.S. Pension. \| Geographic concentration \| Consolidated net sales
Disaggregation of revenue
Percentage of consolidated sales			53%	53%
Product and equipment sales
Disaggregation of revenue
Net sales	3,104.8	2,886.8	$ 5,981.1	$ 5,510.9
Service and lease sales
Disaggregation of revenue
Net sales	747.3	693.8	1,442.6	1,336.4
Global Industrial
Disaggregation of revenue
Net sales	1,808.5	1,689.9	3,517.9	3,255.6
Global Industrial \| North America
Disaggregation of revenue
Net sales	814.7	776.6	1,605.4	1,493.2
Global Industrial \| Europe
Disaggregation of revenue
Net sales	382.4	341.3	731.2	654.8
Global Industrial \| Asia Pacific
Disaggregation of revenue
Net sales	222.2	209	436.5	414.1
Global Industrial \| Latin America
Disaggregation of revenue
Net sales	181	156	338.2	292.4
Global Industrial \| Greater China
Disaggregation of revenue
Net sales	101	106.5	195.6	216.7
Global Industrial \| India, Middle East and Africa
Disaggregation of revenue
Net sales	107.2	100.5	211	184.4
Global Industrial \| Product and equipment sales
Disaggregation of revenue
Net sales	1,587.8	1,471.4	3,086	2,829.8
Global Industrial \| Service and lease sales
Disaggregation of revenue
Net sales	220.7	218.5	431.9	425.8
Global Institutional and Specialty
Disaggregation of revenue
Net sales	1,272.2	1,129.3	2,401	2,138.7
Global Institutional and Specialty \| North America
Disaggregation of revenue
Net sales	933.8	828.1	1,767.7	1,560.1
Global Institutional and Specialty \| Europe
Disaggregation of revenue
Net sales	174.7	164.3	321.2	301
Global Institutional and Specialty \| Asia Pacific
Disaggregation of revenue
Net sales	58.4	53	115.2	105.7
Global Institutional and Specialty \| Latin America
Disaggregation of revenue
Net sales	47.6	41.5	88.9	78.3
Global Institutional and Specialty \| Greater China
Disaggregation of revenue
Net sales	40.5	28.7	76.1	68.9
Global Institutional and Specialty \| India, Middle East and Africa
Disaggregation of revenue
Net sales	17.2	13.7	31.9	24.7
Global Institutional and Specialty \| Product and equipment sales
Disaggregation of revenue
Net sales	1,047.2	936.3	1,968	1,763.3
Global Institutional and Specialty \| Service and lease sales
Disaggregation of revenue
Net sales	225	193	433	375.4
Global Healthcare and Life Sciences
Disaggregation of revenue
Net sales	390.8	390.9	770.5	753.7
Global Healthcare and Life Sciences \| North America
Disaggregation of revenue
Net sales	156.4	157.6	320.3	302.6
Global Healthcare and Life Sciences \| Europe
Disaggregation of revenue
Net sales	186.1	180.7	360.5	350.8
Global Healthcare and Life Sciences \| Asia Pacific
Disaggregation of revenue
Net sales	22.6	24.4	42.3	44.4
Global Healthcare and Life Sciences \| Latin America
Disaggregation of revenue
Net sales	6.6	5.3	12.3	11.2
Global Healthcare and Life Sciences \| Greater China
Disaggregation of revenue
Net sales	12.9	17	23.7	31.8
Global Healthcare and Life Sciences \| India, Middle East and Africa
Disaggregation of revenue
Net sales	6.2	5.9	11.4	12.9
Global Healthcare and Life Sciences \| Product and equipment sales
Disaggregation of revenue
Net sales	363.9	360.2	716.5	694.2
Global Healthcare and Life Sciences \| Service and lease sales
Disaggregation of revenue
Net sales	26.9	30.7	54	59.5
Other
Disaggregation of revenue
Net sales	363.9	336.6	693.9	630.6
Other \| North America
Disaggregation of revenue
Net sales	232.3	214.9	442.6	396.6
Other \| Europe
Disaggregation of revenue
Net sales	74.1	69.7	141.3	131.8
Other \| Asia Pacific
Disaggregation of revenue
Net sales	23	19.6	43.2	36.2
Other \| Latin America
Disaggregation of revenue
Net sales	14.2	13.1	27.8	26.1
Other \| Greater China
Disaggregation of revenue
Net sales	18	16.7	34.3	34.6
Other \| India, Middle East and Africa
Disaggregation of revenue
Net sales	2.3	2.6	4.7	5.3
Other \| Product and equipment sales
Disaggregation of revenue
Net sales	89.2	85	170.2	155
Other \| Service and lease sales
Disaggregation of revenue
Net sales	274.7	251.6	523.7	475.6
Corporate
Disaggregation of revenue
Net sales	16.7	33.9	40.4	68.7
Corporate \| North America
Disaggregation of revenue
Net sales	12.4	30.3	33.1	59.7
Corporate \| Europe
Disaggregation of revenue
Net sales	1.3	0.9	2	1.5
Corporate \| Asia Pacific
Disaggregation of revenue
Net sales	0.8	1.1	1.8	2.1
Corporate \| Latin America
Disaggregation of revenue
Net sales	2.2	1.6	3.5	5.1
Corporate \| Greater China
Disaggregation of revenue
Net sales				0.1
Corporate \| India, Middle East and Africa
Disaggregation of revenue
Net sales				0.2
Corporate \| Product and equipment sales
Disaggregation of revenue
Net sales	$ 16.7	$ 33.9	$ 40.4	68.6
Corporate \| Service and lease sales
Disaggregation of revenue
Net sales				$ 0.1

REVENUES - Allowance for Expect

REVENUES - Allowance for Expected Credit Losses (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accounts Receivable and Allowance for Doubtful Accounts
Allowance for doubtful accounts, returns and credits	$ 66	$ 24.9
Activity in the allowance for doubtful accounts
Beginning balance	71.9	52.8
Bad debt expense	32.5	24.8
Write-offs	(18.6)	(8.5)
Other (a)	(2)	3.8
Ending balance	$ 83.8	$ 72.9

REVENUES - Contract Liability (

REVENUES - Contract Liability (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Change in contract liability
Contract liability as of beginning of the year	$ 116.5	$ 91.7
Revenue recognized in the period from: Amounts included in the contract liability at the beginning of the period	(116.5)	(91.7)
Increases due to billings excluding amounts recognized as revenue during the period ended	107.4	99.1
Contract liability as of end of period	$ 107.4	$ 99.1

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
OPERATING SEGMENTS (Details) $ in Millions	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) item segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Financial information of reportable segments
Number of operating units \| segment			10
Number of reportable segments \| item			3
Net sales	$ 3,852.1	$ 3,580.6	$ 7,423.7	$ 6,847.3
Operating Income (Loss)	484.7	425.8	836.3	680.3
Previously Reported \| Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					$ 14,187.8
Operating Income (Loss)					1,562.5
Previously Reported \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales					14,187.8
Operating Income (Loss)					1,562.5
Global Industrial
Financial information of reportable segments
Net sales	1,808.5	1,689.9	3,517.9	3,255.6
Global Institutional and Specialty
Financial information of reportable segments
Net sales	1,272.2	1,129.3	2,401	2,138.7
Global Healthcare and Life Sciences
Financial information of reportable segments
Net sales	390.8	390.9	770.5	753.7
Other
Financial information of reportable segments
Net sales	363.9	336.6	693.9	630.6
Corporate
Financial information of reportable segments
Net sales	16.7	33.9	40.4	68.7
Operating segment
Financial information of reportable segments
Net sales	3,831	3,522.2	7,388.4	6,694.5
Operating Income (Loss)	481.4	414.8	830.4	653.3
Operating segment \| Previously Reported \| Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					14,473.1
Operating Income (Loss)					1,612.6
Operating segment \| Previously Reported \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales					14,093.4
Operating Income (Loss)					1,546.3
Operating segment \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales					(379.7)
Operating Income (Loss)					(66.3)
Operating segment \| Global Industrial
Financial information of reportable segments
Net sales	1,795.6	1,653.3	3,494.9	3,164.7
Operating Income (Loss)	255.4	216.8	471	396.7
Operating segment \| Global Industrial \| Previously Reported \| Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					6,944
Operating Income (Loss)					977
Operating segment \| Global Industrial \| Previously Reported \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales					6,736.3
Operating Income (Loss)					935.8
Operating segment \| Global Industrial \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales					(207.7)
Operating Income (Loss)					(42)
Operating segment \| Global Industrial \| Purchase Price Adjustments \| Segment Changes
Financial information of reportable segments
Operating Income (Loss)					0.8
Operating segment \| Global Institutional and Specialty
Financial information of reportable segments
Net sales	1,268.6	1,118.2	2,395.2	2,109.5
Operating Income (Loss)	208.7	148.6	334.4	257.2
Operating segment \| Global Institutional and Specialty \| Previously Reported \| Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					4,480
Operating Income (Loss)					634.5
Operating segment \| Global Institutional and Specialty \| Previously Reported \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales					4,414.3
Operating Income (Loss)					621.7
Operating segment \| Global Institutional and Specialty \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales					(75.9)
Operating Income (Loss)					(11.2)
Operating segment \| Global Institutional and Specialty \| Purchase Price Adjustments \| Segment Changes
Financial information of reportable segments
Net sales					10.2
Operating Income (Loss)					(1.6)
Operating segment \| Global Healthcare and Life Sciences
Financial information of reportable segments
Net sales	387.5	384.4	766.1	732.6
Operating Income (Loss)	32.7	55.2	67.7	97.1
Operating segment \| Global Healthcare and Life Sciences \| Previously Reported \| Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					1,570
Operating Income (Loss)					205
Operating segment \| Global Healthcare and Life Sciences \| Previously Reported \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales					1,505.8
Operating Income (Loss)					193.3
Operating segment \| Global Healthcare and Life Sciences \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales					(64.2)
Operating Income (Loss)					(9.9)
Operating segment \| Global Healthcare and Life Sciences \| Purchase Price Adjustments \| Segment Changes
Financial information of reportable segments
Operating Income (Loss)					(1.8)
Operating segment \| Other
Financial information of reportable segments
Net sales	362.6	332.5	691.9	619.3
Operating Income (Loss)	63.4	51.6	113.5	88.7
Operating segment \| Other \| Previously Reported \| Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					1,355
Operating Income (Loss)					212.8
Operating segment \| Other \| Previously Reported \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales					1,313.3
Operating Income (Loss)					209.9
Operating segment \| Other \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales					(31.5)
Operating Income (Loss)					(5.5)
Operating segment \| Other \| Purchase Price Adjustments \| Segment Changes
Financial information of reportable segments
Net sales					(10.2)
Operating Income (Loss)					2.6
Operating segment \| Corporate
Financial information of reportable segments
Operating Income (Loss)	(78.8)	(57.4)	(156.2)	(186.4)
Operating segment \| Corporate \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales	16.7	33.8	40.3	68.4
Operating segment \| Corporate \| Previously Reported \| Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					124.1
Operating Income (Loss)					(416.7)
Operating segment \| Corporate \| Previously Reported \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales					123.7
Operating Income (Loss)					(414.4)
Operating segment \| Corporate \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales					(0.4)
Operating Income (Loss)					2.3
Currency impact
Financial information of reportable segments
Net sales	21.1	58.4	35.3	152.8
Operating Income (Loss)	$ 3.3	$ 11	$ 5.9	$ 27
Currency impact \| Previously Reported \| Valued at 2022 Management Rates
Financial information of reportable segments
Net sales					(285.3)
Operating Income (Loss)					(50.1)
Currency impact \| Previously Reported \| Valued at 2023 Management Rates
Financial information of reportable segments
Net sales					94.4
Operating Income (Loss)					16.2
Currency impact \| Purchase Price Adjustments \| Changes in Currency Rates
Financial information of reportable segments
Net sales					379.7
Operating Income (Loss)					$ 66.3

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 30, 2023 location plaintiff	Jun. 01, 2022 USD ($)
Loss contingencies
Estimated settlement		$ 500
Environmental matters
Number of locations for environmental assessments and remediation \| location	25
Nalco Holding Company ("Nalco")
Loss contingencies
Estimated settlement		30
Number of plaintiffs having claims \| plaintiff	5,000
Maximum \| Nalco Holding Company ("Nalco")
Loss contingencies
Estimated possible loss		520
Minimum \| Nalco Holding Company ("Nalco")
Loss contingencies
Estimated possible loss		$ 152

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 329.7	$ 308.3	$ 563.1	$ 480.2

Insider Trading Arrangements

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