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SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2022
SHAREHOLDERS' EQUITY  
SHAREHOLDERS' EQUITY

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11. SHAREHOLDERS’ EQUITY

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

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

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Share Repurchase Authorization

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In February 2015 and November 2022, the Company’s Board of Directors authorized the repurchase of up to 20 million and 10 million, respectively, additional shares of its common stock, including shares to be repurchased under Rule 10b5-1. As of December 31, 2022, 12,917,097 shares remained to be repurchased under the Company’s repurchase authorization. The Company intends to repurchase all shares under its authorization, for which no expiration date has been established, in open market or privately negotiated transactions, subject to market conditions.

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Share Repurchases

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During 2022, 2021 and 2020, the Company reacquired 3,038,107, 502,132 and 761,245 shares, respectively, of its common stock, of which 2,933,090, 389,759 and 565,064, respectively, related to share repurchases through open market or private purchases, and 105,017, 112,373 and 196,181, respectively, related to shares withheld for taxes on exercise of stock options and vesting of stock awards and units.

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

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Separation of ChampionX

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