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REVENUES | 6 Months Ended
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Jun. 30, 2024
REVENUES |
REVENUES | 15. 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 an agreement with ChampionX to provide, receive or transfer certain products for a transitionary period. Transitionary period sales of product to ChampionX under the 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. The remaining sales to ChampionX are recorded in product and equipment sales in the Global Industrial segment along with the related cost of sales. ​ 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 Global Pest Elimination 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) | ​ | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023
Operating lease revenue* | ​ | ​ | $131.6 | ​ | ​ | ​ | $128.7 | ​ | ​ | ​ | $264.8 | ​ | ​ | ​ | $255.1 | ​
​ *Includes immaterial variable lease revenue ​ The following table shows principal activities, separated by reportable segments, from which the Company generates its revenue. The Corporate segment includes sales to ChampionX under the transitional supply agreement entered into as part of the ChampionX Separation. For more information about the Company’s reportable segments, refer to Note 16. Net sales at public exchange rates by reportable segment are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Second Quarter Ended | Six Months Ended
​ | ​ | June 30 | June 30
(millions) |  | 2024 | ​ | 2023 |  | 2024 | ​ | 2023 |
Global Industrial | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product and sold equipment |  | ​ | $1,702.7 | ​ | ​ | ​ | $1,683.1 | ​ | ​ | $3,315.2 | ​ | ​ | ​ | $3,275.4 |
Service and lease equipment |  | ​ | 233.8 | ​ | ​ | ​ | 226.4 | ​ | ​ | 460.5 | ​ | ​ | ​ | 443.2 |
Global Institutional & Specialty |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
Product and sold equipment | ​ | ​ | 1,109.9 | ​ | ​ | ​ | 1,047.2 | ​ | ​ | 2,131.3 | ​ | ​ | ​ | 1,968.0 | ​
Service and lease equipment | ​ | ​ | 254.0 | ​ | ​ | ​ | 225.0 | ​ | ​ | 499.3 | ​ | ​ | ​ | 433.0 | ​
Global Healthcare & Life Sciences | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product and sold equipment | ​ | ​ | 360.5 | ​ | ​ | ​ | 363.9 | ​ | ​ | 713.1 | ​ | ​ | ​ | 716.5 | ​
Service and lease equipment | ​ | ​ | 29.2 | ​ | ​ | ​ | 26.9 | ​ | ​ | 56.5 | ​ | ​ | ​ | 54.0 | ​
Global Pest Elimination | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product and sold equipment | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​ | ​ | - | ​
Service and lease equipment | ​ | ​ | 295.7 | ​ | ​ | ​ | 269.0 | ​ | ​ | 561.8 | ​ | ​ | ​ | 512.4 | ​
Corporate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product and sold equipment | ​ | ​ | - | ​ | ​ | ​ | 10.6 | ​ | ​ | - | ​ | ​ | ​ | 21.2 | ​
Service and lease equipment | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​ | ​ | - | ​
Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total product and sold equipment | ​ | ​ | $3,173.1 | ​ | ​ | ​ | $3,104.8 | ​ | ​ | $6,159.6 | ​ | ​ | ​ | $5,981.1 | ​
Total service and lease equipment | ​ | ​ | $812.7 | ​ | ​ | ​ | $747.3 | ​ | ​ | $1,578.1 | ​ | ​ | ​ | $1,442.6 | ​
​ Net sales at public exchange rates by geographic region for the second quarter ended June 30 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Global | ​ | Global Institutional | ​ | Global Healthcare | ​ | Global Pest | ​ | ​ | ​
​ | ​ | Industrial | ​ | & Specialty | ​ | & Life Sciences | ​ | Elimination | ​ | Corporate | ​
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 | ​
​ | ​ |  | ​ |  | ​ |  | ​ | ​ |  | ​ |  | ​ |  | ​ |  |  | ​ |  | ​ |  | ​ |  |  | ​ |  | ​ |  | ​ |  |  | ​ |  |  |  | ​ | ​
United States | ​ | ​ | $830.3 | ​ | ​ | ​ | $806.0 | ​ | ​ | $960.9 | ​ | ​ | ​ | $879.8 | ​ | ​ | $147.6 | ​ | ​ | ​ | $154.6 | ​ | ​ | $206.8 | ​ | ​ | ​ | $185.9 | ​ | ​ | $- | ​ | ​ | ​ | $9.6 | ​
Europe |  | ​ | 410.6 | ​ | ​ | ​ | 414.3 | ​ | ​ | 179.3 | ​ | ​ | ​ | 174.7 | ​ | ​ | 187.0 | ​ | ​ | ​ | 186.2 | ​ | ​ | 46.4 | ​ | ​ | ​ | 42.8 | ​ | ​ | - | ​ | ​ | ​ | 0.7 | ​
Asia Pacific |  | ​ | 230.8 | ​ | ​ | ​ | 238.9 | ​ | ​ | 59.5 | ​ | ​ | ​ | 58.4 | ​ | ​ | 26.5 | ​ | ​ | ​ | 22.5 | ​ | ​ | 8.0 | ​ | ​ | ​ | 7.2 | ​ | ​ | - | ​ | ​ | ​ | 0.1 | ​
Latin America |  | ​ | 197.6 | ​ | ​ | ​ | 182.9 | ​ | ​ | 46.8 | ​ | ​ | ​ | 47.6 | ​ | ​ | 5.9 | ​ | ​ | ​ | 6.6 | ​ | ​ | 15.0 | ​ | ​ | ​ | 14.2 | ​ | ​ | - | ​ | ​ | ​ | 0.2 | ​
Greater China | ​ | ​ | 100.5 | ​ | ​ | ​ | 104.4 | ​ | ​ | 40.5 | ​ | ​ | ​ | 40.5 | ​ | ​ | 13.8 | ​ | ​ | ​ | 12.9 | ​ | ​ | 14.9 | ​ | ​ | ​ | 14.5 | ​ | ​ | - | ​ | ​ | ​ | - | ​
India, Middle East and Africa | ​ | ​ | 112.3 | ​ | ​ | ​ | 107.8 | ​ | ​ | 17.8 | ​ | ​ | ​ | 17.2 | ​ | ​ | 7.1 | ​ | ​ | ​ | 6.4 | ​ | ​ | 1.7 | ​ | ​ | ​ | 1.7 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Canada | ​ | ​ | 54.4 | ​ | ​ | ​ | 55.2 | ​ | ​ | 59.1 | ​ | ​ | ​ | 54.0 | ​ | ​ | 1.8 | ​ | ​ | ​ | 1.6 | ​ | ​ | 2.9 | ​ | ​ | ​ | 2.7 | ​ | ​ | - | ​ | ​ | ​ | - | ​
Total | ​ | ​ | $1,936.5 | ​ | ​ | ​ | $1,909.5 | ​ | ​ | $1,363.9 | ​ | ​ | ​ | $1,272.2 | ​ | ​ | $389.7 | ​ | ​ | ​ | $390.8 | ​ | ​ | $295.7 | ​ | ​ | ​ | $269.0 | ​ | ​ | $- | ​ | ​ | ​ | $10.6 | ​
​ Net sales at public exchange rates by geographic region for the six months ended June 30 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Global | ​ | Global Institutional | ​ | Global Healthcare | ​ | Global Pest | ​ | ​
​ | ​ | Industrial | ​ | & Specialty | ​ | & Life Sciences | ​ | Elimination | ​ | Corporate
(millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ |  | ​ |  | ​ |  | ​ |  |  | ​ |  | ​ |  | ​ |  |  | ​ |  | ​ |  | ​ |  |  | ​ |  | ​ |  | ​ |  |  | ​ |  | ​ |  | ​
United States | ​ | ​ | $1,624.1 | ​ | ​ | ​ | $1,599.0 | ​ | ​ | $1,844.1 | ​ | ​ | ​ | $1,665.8 | ​ | ​ | $297.4 | ​ | ​ | ​ | $317.1 | ​ | ​ | $388.5 | ​ | ​ | ​ | $351.8 | ​ | ​ | $- | ​ | ​ | ​ | $19.2
Europe |  | ​ | 785.2 | ​ | ​ | ​ | 791.7 | ​ | ​ | 339.8 | ​ | ​ | ​ | 321.2 | ​ | ​ | 371.5 | ​ | ​ | ​ | 360.6 | ​ | ​ | 89.6 | ​ | ​ | ​ | 81.5 | ​ | ​ | - | ​ | ​ | ​ | 1.4
Asia Pacific |  | ​ | 461.5 | ​ | ​ | ​ | 467.3 | ​ | ​ | 118.8 | ​ | ​ | ​ | 115.2 | ​ | ​ | 49.9 | ​ | ​ | ​ | 42.1 | ​ | ​ | 15.6 | ​ | ​ | ​ | 14.1 | ​ | ​ | - | ​ | ​ | ​ | 0.1
Latin America |  | ​ | 387.2 | ​ | ​ | ​ | 341.1 | ​ | ​ | 96.7 | ​ | ​ | ​ | 88.9 | ​ | ​ | 11.4 | ​ | ​ | ​ | 12.3 | ​ | ​ | 29.5 | ​ | ​ | ​ | 27.8 | ​ | ​ | - | ​ | ​ | ​ | 0.5
Greater China | ​ | ​ | 198.2 | ​ | ​ | ​ | 201.3 | ​ | ​ | 85.2 | ​ | ​ | ​ | 76.1 | ​ | ​ | 23.2 | ​ | ​ | ​ | 23.7 | ​ | ​ | 29.6 | ​ | ​ | ​ | 28.5 | ​ | ​ | - | ​ | ​ | ​ | -
India, Middle East and Africa | ​ | ​ | 211.5 | ​ | ​ | ​ | 212.2 | ​ | ​ | 33.3 | ​ | ​ | ​ | 31.9 | ​ | ​ | 12.5 | ​ | ​ | ​ | 11.7 | ​ | ​ | 3.4 | ​ | ​ | ​ | 3.6 | ​ | ​ | - | ​ | ​ | ​ | -
Canada | ​ | ​ | 108.0 | ​ | ​ | ​ | 106.0 | ​ | ​ | 112.7 | ​ | ​ | ​ | 101.9 | ​ | ​ | 3.7 | ​ | ​ | ​ | 3.0 | ​ | ​ | 5.6 | ​ | ​ | ​ | 5.1 | ​ | ​ | - | ​ | ​ | ​ | -
Total | ​ | ​ | $3,775.7 | ​ | ​ | ​ | $3,718.6 | ​ | ​ | $2,630.6 | ​ | ​ | ​ | $2,401.0 | ​ | ​ | $769.6 | ​ | ​ | ​ | $770.5 | ​ | ​ | $561.8 | ​ | ​ | ​ | $512.4 | ​ | ​ | $- | ​ | ​ | ​ | $21.2
​ Net sales by geographic region were determined based on origin of sale. The United States made up 54% and 53% of total revenues during the six months ended June 30, 2024 and 2023, 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 $61.0 million and $71.7 million as of June 30, 2024 and December 31, 2023, 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) | ​ | 2024 |  | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | ​ | $77.3 | ​ | ​ | ​ | $71.9 | ​
Bad debt expense | ​ |  | 23.6 | ​ | ​ |  | 32.5 | ​
Write-offs | ​ |  | (24.3) | ​ | ​ |  | (18.6) | ​
Other (a) | ​ | ​ | (0.4) | ​ | ​ | ​ | (2.0) | ​
Transferred to held for sale | ​ |  | (3.0) | ​ | ​ |  | - | ​
Ending balance | ​ | ​ | $73.2 | ​ | ​ | ​ | $83.8 | ​
​
(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) |  | 2024 | ​ | 2023 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contract liability as of beginning of the year |  | ​ | $110.9 | ​ | ​ | ​ | $116.5 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized in the period from: |  | ​ | ​ | ​ | ​ | ​ | ​ |
Amounts included in the contract liability at the beginning of the year |  | ​ | (110.9) | ​ | ​ | ​ | (116.5) |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Increases due to billings excluding amounts recognized as revenue during the period ended | ​ | ​ | 106.1 | ​ | ​ | ​ | 107.4 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contract liability as of end of period | ​ | ​ | $106.1 | ​ | ​ | ​ | $107.4 | ​
​ ​

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