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REVENUES | 12 Months Ended
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Dec. 31, 2023
REVENUES |
REVENUES | 17. REVENUES ​ Revenue Recognition ​ Product and Sold Equipment ​ Product revenue is generated from sales of cleaning, sanitizing, water treatment, process treatment and colloidal silica products. In addition, the Company sells equipment which may be used in combination with its specialized products. Revenue recognized from product and sold equipment is recognized at the point in time when the obligations in the contract with the customer are satisfied, which generally occurs with the transfer of the product or delivery of the equipment. ​ 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 2023, 2022 and 2021 were $69.0 million, $123.8 million and $139.1 million, respectively. As of December 31, 2023 and 2022, the Company had an outstanding accounts receivable balance for sales of product to ChampionX of $3.8 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 services include cleaning and sanitizing programs and wash process solutions. Global Healthcare & Life Sciences segment services include pharmaceutical, personal care, infection and containment control solutions. Revenues included in Other primarily related to services designed to detect, eliminate and prevent pests. Service revenue is recognized over time utilizing an input method and aligns with when the services are provided. Typically, revenue is recognized over time using costs incurred to date because the effort provided by the field selling and service organization represents services provided, which corresponds with the transfer of control. Revenue recognized from leased equipment primarily relates to warewashing and water treatment equipment recognized on a straight-line basis over the length of the lease contract pursuant to Topic 842 Leases. Refer to Note 13 for additional information related to lease equipment. ​ Practical Expedients and Exemptions ​ The revenue standard can be applied to a portfolio of contracts with similar characteristics if it is reasonable that the effects of applying the standard at the portfolio level would not be significantly different than applying the standard at the individual contract level. The Company applies the portfolio approach primarily within each operating segment by geographical region. Application of the portfolio approach was focused on those characteristics that have the most significant accounting consequences in terms of their effect on the timing of revenue recognition or the amount of revenue recognized. The Company determined the key criteria to assess with respect to the portfolio approach, including the related deliverables, the characteristics of the customers and the timing and transfer of goods and services, which most closely aligned within the operating segments. In addition, the accountability for the business operations, as well as the operational decisions on how to go to market and the product offerings, are performed at the operating segment level. ​ The following table shows principal activities, separated by reportable segments, from which the Company generates its revenue. The reportable segments have been revised to align with the Company’s reportable segments in the current year. Corporate segment includes sales to ChampionX under the Master Cross Supply and Product Transfer agreements entered into as part of the ChampionX Separation. For more information about the Company’s reportable segments, refer to Note 18. ​ Net sales at public exchange rates by reportable segment were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
(millions) |  | 2023 | ​ | 2022 |  | 2021 |
Global Industrial | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product and sold equipment |  | ​ | $6,331.0 | ​ | ​ | ​ | $5,937.0 | ​ | ​ | $5,372.4 |
Service and lease equipment |  | ​ | 890.8 | ​ | ​ | ​ | 868.0 | ​ | ​ | 865.5 |
Global Institutional & Specialty |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
Product and sold equipment | ​ | ​ | 4,087.4 | ​ | ​ | ​ | 3,655.3 | ​ | ​ | 3,276.3 | ​
Service and lease equipment | ​ | ​ | 911.8 | ​ | ​ | ​ | 776.8 | ​ | ​ | 690.5 | ​
Global Healthcare & Life Sciences | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product and sold equipment | ​ | ​ | 1,476.3 | ​ | ​ | ​ | 1,398.3 | ​ | ​ | 1,068.8 | ​
Service and lease equipment | ​ | ​ | 109.7 | ​ | ​ | ​ | 112.2 | ​ | ​ | 112.8 | ​
Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product and sold equipment | ​ | ​ | 353.1 | ​ | ​ | ​ | 331.9 | ​ | ​ | 297.9 | ​
Service and lease equipment | ​ | ​ | 1,091.1 | ​ | ​ | ​ | 984.5 | ​ | ​ | 909.8 | ​
Corporate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product and sold equipment | ​ | ​ | 69.0 | ​ | ​ | ​ | 123.7 | ​ | ​ | 137.9 | ​
Service and lease equipment | ​ | ​ | - | ​ | ​ | ​ | 0.1 | ​ | ​ | 1.2 | ​
Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total product and sold equipment | ​ | ​ | $12,316.8 | ​ | ​ | ​ | $11,446.2 | ​ | ​ | $10,153.3 | ​
Total service and lease equipment | ​ | ​ | 3,003.4 | ​ | ​ | ​ | 2,741.6 | ​ | ​ | 2,579.8 | ​
​ Net sales at public exchange rates by geographic region were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Global Industrial | ​ | Global Institutional & Specialty
(millions) |  | 2023 | ​ | 2022 |  | 2021 |  | ​ | 2023 | ​ | 2022 |  | 2021 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | ​ | $3,059.3 | ​ | ​ | ​ | $2,945.1 | ​ | ​ | $2,603.1 | ​ | ​ | ​ | $3,454.2 | ​ | ​ | ​ | $3,050.0 | ​ | ​ | $2,721.8 |
Europe |  | ​ | 1,496.6 | ​ | ​ | ​ | 1,373.6 | ​ | ​ | 1,367.1 | ​ | ​ | ​ | 681.9 | ​ | ​ | ​ | 624.0 | ​ | ​ | 558.0 |
Asia Pacific |  | ​ | 880.0 | ​ | ​ | ​ | 830.1 | ​ | ​ | 802.5 | ​ | ​ | ​ | 231.2 | ​ | ​ | ​ | 212.6 | ​ | ​ | 201.2 |
Latin America |  | ​ | 737.2 | ​ | ​ | ​ | 621.7 | ​ | ​ | 551.5 | ​ | ​ | ​ | 188.3 | ​ | ​ | ​ | 162.3 | ​ | ​ | 135.0 |
Greater China | ​ | ​ | 391.4 | ​ | ​ | ​ | 419.3 | ​ | ​ | 394.9 | ​ | ​ | ​ | 158.5 | ​ | ​ | ​ | 134.7 | ​ | ​ | 143.1 | ​
India, Middle East and Africa | ​ | ​ | 452.1 | ​ | ​ | ​ | 419.4 | ​ | ​ | 344.4 | ​ | ​ | ​ | 67.0 | ​ | ​ | ​ | 54.6 | ​ | ​ | 44.2 | ​
Canada | ​ | ​ | 205.2 | ​ | ​ | ​ | 195.8 | ​ | ​ | 174.4 | ​ | ​ | ​ | 218.1 | ​ | ​ | ​ | 193.9 | ​ | ​ | 163.5 | ​
Total | ​ | ​ | $7,221.8 | ​ | ​ | ​ | $6,805.0 | ​ | ​ | $6,237.9 | ​ | ​ | ​ | $4,999.2 | ​ | ​ | ​ | $4,432.1 | ​ | ​ | $3,966.8 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Global Healthcare & Life Sciences | ​ | Other
(millions) | ​ | 2023 | ​ | 2022 |  | 2021 |  | ​ | 2023 | ​ | 2022 |  | 2021 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | ​ | $647.7 | ​ | ​ | ​ | $612.5 | ​ | ​ | $443.8 | ​ | ​ | ​ | $898.6 | ​ | ​ | ​ | $816.0 | ​ | ​ | $719.9 |
Europe | ​ | ​ | 735.0 | ​ | ​ | ​ | 688.8 | ​ | ​ | 625.3 | ​ | ​ | ​ | 301.7 | ​ | ​ | ​ | 272.7 | ​ | ​ | 264.9 |
Asia Pacific | ​ | ​ | 95.3 | ​ | ​ | ​ | 92.8 | ​ | ​ | 65.2 | ​ | ​ | ​ | 85.9 | ​ | ​ | ​ | 76.1 | ​ | ​ | 72.4 |
Latin America | ​ | ​ | 25.5 | ​ | ​ | ​ | 24.7 | ​ | ​ | 5.5 | ​ | ​ | ​ | 57.6 | ​ | ​ | ​ | 51.9 | ​ | ​ | 50.3 |
Greater China | ​ | ​ | 51.2 | ​ | ​ | ​ | 61.0 | ​ | ​ | 10.1 | ​ | ​ | ​ | 69.2 | ​ | ​ | ​ | 68.6 | ​ | ​ | 69.2 | ​
India, Middle East and Africa | ​ | ​ | 24.8 | ​ | ​ | ​ | 25.0 | ​ | ​ | 25.4 | ​ | ​ | ​ | 9.0 | ​ | ​ | ​ | 10.3 | ​ | ​ | 11.6 | ​
Canada | ​ | ​ | 6.5 | ​ | ​ | ​ | 5.7 | ​ | ​ | 6.3 | ​ | ​ | ​ | 22.2 | ​ | ​ | ​ | 20.8 | ​ | ​ | 19.4 | ​
Total | ​ | ​ | $1,586.0 | ​ | ​ | ​ | $1,510.5 | ​ | ​ | $1,181.6 | ​ | ​ | ​ | $1,444.2 | ​ | ​ | ​ | $1,316.4 | ​ | ​ | $1,207.7 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Corporate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(millions) | ​ | 2023 | ​ | 2022 |  | 2021 |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | ​ | $55.6 | ​ | ​ | ​ | $107.5 | ​ | ​ | $98.1 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Europe | ​ | ​ | 3.0 | ​ | ​ | ​ | 3.0 | ​ | ​ | 3.9 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Asia Pacific | ​ | ​ | 3.7 | ​ | ​ | ​ | 4.1 | ​ | ​ | 5.5 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Latin America | ​ | ​ | 5.6 | ​ | ​ | ​ | 7.3 | ​ | ​ | 24.6 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Greater China | ​ | ​ | - | ​ | ​ | ​ | 0.1 | ​ | ​ | 2.3 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
India, Middle East and Africa | ​ | ​ | - | ​ | ​ | ​ | 0.3 | ​ | ​ | 3.4 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Canada | ​ | ​ | 1.1 | ​ | ​ | ​ | 1.5 | ​ | ​ | 1.3 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | ​ | $69.0 | ​ | ​ | ​ | $123.8 | ​ | ​ | $139.1 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Net sales by geographic region were determined based on origin of sale. There were no sales from a single foreign country or individual customer that were material to the Company’s consolidated net sales. Sales of warewashing products were approximately 12%, 12%, and 10% of consolidated net sales in 2023, 2022 and 2021, respectively. Contract Liability ​ Payments received from customers are based on invoices or billing schedules as established in contracts with customers. Accounts receivable are recorded when the right to consideration becomes unconditional. The contract liability relates to billings in advance of performance (primarily service obligations) under the contract. Contract liabilities are recognized as revenue when the performance obligation has been performed, which primarily occurs during the subsequent quarter. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31 | ​ | December 31
(millions) |  | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contract liability as of beginning of the year |  | ​ | $116.5 | ​ | ​ | ​ | $91.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized in the year 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 year ended | ​ | ​ | 110.9 | ​ | ​ | ​ | 116.5
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contract liability as of end of year | ​ | ​ | $110.9 | ​ | ​ | ​ | $116.5
​ ​

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