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REVENUES | 9 Months Ended
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Sep. 30, 2025
REVENUES |
REVENUES | 14. REVENUES ​ Revenue Recognition ​ Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing service. ​ 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 from product and sold equipment is recognized when obligations under the terms of a contract with the customer are satisfied, which generally occurs with the transfer of the product or delivery of the equipment. ​ 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 Water 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 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. Revenue from service and leased equipment is recognized when the services are provided, or the customer receives the benefit from the leased equipment, which is over time. Service revenue is recognized over time utilizing an input method and aligns with when the services are provided. Typically, revenue is recognized 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 for leased equipment is accounted for under Topic 842 Leases and recognized on a straight-line basis over the length of the lease contract. ​ Other Considerations ​ Contracts with customers may include multiple performance obligations. For contracts with multiple performance obligations, the consideration is allocated between products and services based on their stand-alone selling prices. Stand-alone selling prices are generally based on the prices charged to customers when the good or service is not bundled with other product or services or using an expected cost plus margin. Judgment is used in determining the amount of service that is embedded within the Company’s contracts, which is based on the amount of time spent on the performance obligation activities. The level of effort, including the estimated margin that would be charged, is used to determine the amount of service revenue. Depending on the terms of the contract, the Company defers the recognition of revenue when a future performance obligation has not yet occurred. ​ Taxes assessed by a governmental authority that are both imposed on, and concurrent with, a specific revenue-producing transaction, which are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight are recognized in cost of sales when control over the product has transferred to the customer. ​ Other estimates used in recognizing revenue include variable consideration related to customer programs and incentive offerings, including pricing arrangements, promotions and other volume-based incentives at the time the sale is recorded. These estimates are non-complex in nature and are based primarily on historical experience and anticipated performance over the contract period. In addition, timely sales data is available, limiting estimation uncertainty. Based on the certainty in estimating these amounts, they are included in the transaction price of the contracts and the associated remaining performance obligations. ​ The Company recognizes revenue when collection of the consideration expected to be received in exchange for transferring goods or providing services is probable. ​ The Company’s revenue policies do not provide for general rights of return. Estimates used in recognizing revenue include the delay between the time that products are shipped and when they are received by customers, when title transfers and the amount of credit memos issued in subsequent periods. Depending on market conditions, the Company may increase customer incentive offerings, which could reduce gross profit margins over the term of the incentive. ​ The Company’s operating lease revenue, including an immaterial amount of variable lease revenue, was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Third Quarter Ended | ​ | Nine Months Ended
​ | ​ | September 30 | ​ | September 30
(millions) | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
Operating lease revenue | ​ | ​ | $141.9 | ​ | ​ | ​ | $133.5 | ​ | ​ | ​ | $416.1 | ​ | ​ | ​ | $398.3 | ​
​ ​ The following table shows principal activities, separated by reportable segments, from which the Company generates its revenue. ​ Net sales at public exchange rates by reportable segment are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Third Quarter Ended | Nine Months Ended
​ | ​ | September 30 | September 30
(millions) |  | 2025 | ​ | 2024 |  | 2025 | ​ | 2024 |
Global Water | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product and sold equipment |  | ​ | $1,791.5 | ​ | ​ | ​ | $1,722.0 | ​ | ​ | $5,115.8 | ​ | ​ | ​ | $5,036.4 |
Service and lease equipment |  | ​ | 263.1 | ​ | ​ | ​ | 244.4 | ​ | ​ | 742.5 | ​ | ​ | ​ | 705.0 |
Global Institutional & Specialty |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
Product and sold equipment | ​ | ​ | 1,296.4 | ​ | ​ | ​ | 1,274.1 | ​ | ​ | 3,693.4 | ​ | ​ | ​ | 3,792.5 | ​
Service and lease equipment | ​ | ​ | 297.5 | ​ | ​ | ​ | 282.6 | ​ | ​ | 863.1 | ​ | ​ | ​ | 822.2 | ​
Global Pest Elimination | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product and sold equipment | ​ | ​ | - | ​ | ​ | ​ | - | ​ | ​ | - | ​ | ​ | ​ | - | ​
Service and lease equipment | ​ | ​ | 331.8 | ​ | ​ | ​ | 307.2 | ​ | ​ | 929.8 | ​ | ​ | ​ | 869.0 | ​
Global Life Sciences | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Product and sold equipment | ​ | ​ | 174.7 | ​ | ​ | ​ | 159.9 | ​ | ​ | 512.1 | ​ | ​ | ​ | 486.7 | ​
Service and lease equipment | ​ | ​ | 10.0 | ​ | ​ | ​ | 8.3 | ​ | ​ | 28.5 | ​ | ​ | ​ | 24.4 | ​
Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total product and sold equipment | ​ | ​ | $3,262.6 | ​ | ​ | ​ | $3,156.0 | ​ | ​ | $9,321.3 | ​ | ​ | ​ | $9,315.6 | ​
Total service and lease equipment | ​ | ​ | $902.4 | ​ | ​ | ​ | $842.5 | ​ | ​ | $2,563.9 | ​ | ​ | ​ | $2,420.6 | ​
​ Net sales at public exchange rates by geographic region for the third quarter ended September 30 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Global | ​ | Global Institutional | ​ | Global Pest | ​ | Global | ​
​ | ​ | Water | ​ | & Specialty | ​ | Elimination | ​ | Life Sciences | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
​ | ​ |  | ​ |  | ​ |  | ​ | ​ |  | ​ |  | ​ |  | ​ |  |  | ​ |  | ​ |  | ​ |  |  | ​ |  | ​ |  | ​ |
United States | ​ | ​ | $884.3 | ​ | ​ | ​ | $835.6 | ​ | ​ | $1,042.8 | ​ | ​ | ​ | $1,013.1 | ​ | ​ | $231.8 | ​ | ​ | ​ | $217.2 | ​ | ​ | $52.3 | ​ | ​ | ​ | $47.3 | ​
Europe |  | ​ | 435.0 | ​ | ​ | ​ | 416.1 | ​ | ​ | 271.5 | ​ | ​ | ​ | 267.0 | ​ | ​ | 54.4 | ​ | ​ | ​ | 47.0 | ​ | ​ | 95.1 | ​ | ​ | ​ | 84.1 | ​
Asia Pacific |  | ​ | 236.7 | ​ | ​ | ​ | 234.4 | ​ | ​ | 83.7 | ​ | ​ | ​ | 79.3 | ​ | ​ | 8.9 | ​ | ​ | ​ | 8.0 | ​ | ​ | 12.5 | ​ | ​ | ​ | 9.5 | ​
Latin America |  | ​ | 210.1 | ​ | ​ | ​ | 201.9 | ​ | ​ | 50.4 | ​ | ​ | ​ | 52.6 | ​ | ​ | 15.6 | ​ | ​ | ​ | 14.8 | ​ | ​ | 4.3 | ​ | ​ | ​ | 5.5 | ​
India, Middle East and Africa | ​ | ​ | 124.4 | ​ | ​ | ​ | 121.8 | ​ | ​ | 25.7 | ​ | ​ | ​ | 28.5 | ​ | ​ | 1.8 | ​ | ​ | ​ | 1.8 | ​ | ​ | 6.8 | ​ | ​ | ​ | 6.5 | ​
Greater China | ​ | ​ | 105.4 | ​ | ​ | ​ | 100.5 | ​ | ​ | 50.8 | ​ | ​ | ​ | 46.4 | ​ | ​ | 15.7 | ​ | ​ | ​ | 15.3 | ​ | ​ | 12.4 | ​ | ​ | ​ | 14.5 | ​
Canada | ​ | ​ | 58.7 | ​ | ​ | ​ | 56.1 | ​ | ​ | 69.0 | ​ | ​ | ​ | 69.8 | ​ | ​ | 3.6 | ​ | ​ | ​ | 3.1 | ​ | ​ | 1.3 | ​ | ​ | ​ | 0.8 | ​
Total | ​ | ​ | $2,054.6 | ​ | ​ | ​ | $1,966.4 | ​ | ​ | $1,593.9 | ​ | ​ | ​ | $1,556.7 | ​ | ​ | $331.8 | ​ | ​ | ​ | $307.2 | ​ | ​ | $184.7 | ​ | ​ | ​ | $168.2 | ​
​ Net sales at public exchange rates by geographic region for the nine months ended September 30 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Global | ​ | Global Institutional | ​ | Global Pest | ​ | Global | ​
​ | ​ | Water | ​ | & Specialty | ​ | Elimination | ​ | Life Sciences | ​
(millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
​ | ​ |  | ​ |  | ​ |  | ​ |  |  | ​ |  | ​ |  | ​ |  |  | ​ |  | ​ |  | ​ |  |  | ​ |  | ​ |  | ​ |
United States | ​ | ​ | $2,552.8 | ​ | ​ | ​ | $2,449.9 | ​ | ​ | $3,005.8 | ​ | ​ | ​ | $3,034.3 | ​ | ​ | $649.9 | ​ | ​ | ​ | $605.7 | ​ | ​ | $156.4 | ​ | ​ | ​ | $141.3 | ​
Europe |  | ​ | 1,202.5 | ​ | ​ | ​ | 1,175.1 | ​ | ​ | 756.2 | ​ | ​ | ​ | 778.4 | ​ | ​ | 149.9 | ​ | ​ | ​ | 136.6 | ​ | ​ | 272.4 | ​ | ​ | ​ | 277.2 | ​
Asia Pacific |  | ​ | 688.9 | ​ | ​ | ​ | 695.6 | ​ | ​ | 238.0 | ​ | ​ | ​ | 238.9 | ​ | ​ | 25.6 | ​ | ​ | ​ | 23.6 | ​ | ​ | 34.4 | ​ | ​ | ​ | 26.1 | ​
Latin America |  | ​ | 584.8 | ​ | ​ | ​ | 602.9 | ​ | ​ | 150.6 | ​ | ​ | ​ | 159.0 | ​ | ​ | 44.3 | ​ | ​ | ​ | 44.3 | ​ | ​ | 13.7 | ​ | ​ | ​ | 14.8 | ​
India, Middle East and Africa | ​ | ​ | 350.8 | ​ | ​ | ​ | 350.0 | ​ | ​ | 70.5 | ​ | ​ | ​ | 75.4 | ​ | ​ | 5.2 | ​ | ​ | ​ | 5.2 | ​ | ​ | 23.0 | ​ | ​ | ​ | 11.8 | ​
Greater China | ​ | ​ | 307.6 | ​ | ​ | ​ | 301.4 | ​ | ​ | 147.9 | ​ | ​ | ​ | 136.2 | ​ | ​ | 45.5 | ​ | ​ | ​ | 44.9 | ​ | ​ | 37.6 | ​ | ​ | ​ | 37.8 | ​
Canada | ​ | ​ | 170.9 | ​ | ​ | ​ | 166.5 | ​ | ​ | 187.5 | ​ | ​ | ​ | 192.5 | ​ | ​ | 9.4 | ​ | ​ | ​ | 8.7 | ​ | ​ | 3.1 | ​ | ​ | ​ | 2.1 | ​
Total | ​ | ​ | $5,858.3 | ​ | ​ | ​ | $5,741.4 | ​ | ​ | $4,556.5 | ​ | ​ | ​ | $4,614.7 | ​ | ​ | $929.8 | ​ | ​ | ​ | $869.0 | ​ | ​ | $540.6 | ​ | ​ | ​ | $511.1 | ​
​ Net sales by geographic region were determined based on sales destination. The United States made up 54% and 53% of total revenues during the nine months ended September 30, 2025 and 2024, 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 $52.1 million and $52.5 million as of September 30, 2025 and December 31, 2024, respectively. Returns and credit activity are recorded directly as a reduction to revenue. ​ The following table summarizes the activity in the allowance for expected credit losses: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended | ​
​ | ​ | September 30 | ​
(millions) | ​ | 2025 |  | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance | ​ | ​ | $70.0 | ​ | ​ | ​ | $77.3 | ​
Bad debt expense | ​ |  | 39.4 | ​ | ​ |  | 33.2 | ​
Write-offs | ​ |  | (34.1) | ​ | ​ |  | (34.4) | ​
Other (a) | ​ | ​ | 2.8 | ​ | ​ | ​ | (0.1) | ​
Ending balance | ​ | ​ | $78.1 | ​ | ​ | ​ | $76.0 | ​
​
(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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended
​ | ​ | September 30
(millions) |  | 2025 | ​ | 2024 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contract liability as of beginning of the year |  | ​ | $102.0 | ​ | ​ | ​ | $110.9 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized in the period from: |  | ​ | ​ | ​ | ​ | ​ | ​ |
Amounts included in the contract liability at the beginning of the year |  | ​ | (102.0) | ​ | ​ | ​ | (110.9) |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Increases due to billings excluding amounts recognized as revenue during the period ended | ​ | ​ | 116.0 | ​ | ​ | ​ | 103.9 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contract liability as of end of period | ​ | ​ | $116.0 | ​ | ​ | ​ | $103.9 | ​
​

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