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Ecolab (ECL)

Document and Entity Information

Document and Entity Information9 Months Ended
Sep. 30, 2021shares
Document Type10-Q
Document Quarterly Reporttrue
Document Transition Reportfalse
Document Period End DateSep. 30,
2021
Entity File Number1-9328
Entity Registrant NameECOLAB INC.
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number41-0231510
Entity Address, Address Line One1 Ecolab Place
Entity Address, City or TownSt. Paul
Entity Address, State or ProvinceMN
Entity Address, Postal Zip Code55102
City Area Code800
Local Phone Number232-6522
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding286,567,307
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ3
Entity Central Index Key0000031462
Amendment Flagfalse
Common Stock
Title of 12(b) SecurityCommon Stock, $1.00 par value
Trading SymbolECL
Security Exchange NameNYSE
2.625% Euro Notes due 2025
Title of 12(b) Security2.625% Euro Notes due 2025
Trading SymbolECL 25
Security Exchange NameNYSE
1.000% Euro Notes due 2024
Title of 12(b) Security1.000% Euro Notes due 2024
Trading SymbolECL 24
Security Exchange NameNYSE

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Millions, $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Net sales $ 3,320.8 $ 3,018.6 $ 9,368.5 $ 8,724.9
Cost of sales (including special charges (a))2,016.7 1,769.6 5,572.7 5,125.5
Selling, general and administrative expenses832 802.6 2,548.2 2,499.5
Special (gains) and charges6.3 35 36.7 120.3
Operating income465.8 411.4 1,210.9 979.6
Other (income) expense (b)(13)(15.1)(27.5)(45.6)
Interest expense, net (c)76.4 134.8 173.7 241.8
Income before income taxes402.4 291.7 1,064.7 783.4
Provision for income taxes73.8 42.4 226 103.5
Net income from continuing operations including noncontrolling interest328.6 249.3 838.7 679.9
Net income from continuing operations attributable to noncontrolling interest4.1 3.1 9.8 12.8
Net income from continuing operations attributable to Ecolab324.5 246.2 828.9 667.1
Net loss from discontinued operations, net of tax (Note 4) (d)(2,172.5)
Net income (loss) attributable to Ecolab $ 324.5 $ 246.2 $ 828.9 $ (1,505.4)
Basic EPS
Continuing operations $ 1.13 $ 0.86 $ 2.90 $ 2.32
Discontinued operations(7.56)
Earnings attributable to Ecolab1.130.862.90(5.24)
Diluted EPS
Continuing operations1.120.852.872.29
Discontinued operations(7.47)
Earnings attributable to Ecolab $ 1.12 $ 0.85 $ 2.87 $ (5.18)
Weighted-average common shares outstanding
Basic (in shares)286.4 285.4 286.1 287.5
Diluted (in shares)289.2 288.4 289 290.8
Product and sold equipment
Net sales $ 2,653.8 $ 2,426.4 $ 7,461.6 $ 7,017.5
Cost of sales (including special charges (a))1,625.1 1,405.4 4,452.9 4,071.6
Service and lease equipment
Net sales667 592.2 1,906.9 1,707.4
Cost of sales (including special charges (a)) $ 391.6 $ 364.2 $ 1,119.8 $ 1,053.9

CONSOLIDATED STATEMENT OF INC_2

CONSOLIDATED STATEMENT OF INCOME (Parenthetical) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Special charges $ 6.3 $ 35 $ 36.7 $ 120.3
Net income from discontinued operations attributable to noncontrolling interest2.2
Cost of sales
Special charges52.9 9.5 76.2 45.6
Other (income) expense
Special charges7 26.6
Interest expense
Special charges32.3 83.1 32.3 83.8
Product and sold equipment | Cost of sales
Special charges $ 52.9 $ 9.5 $ 76.2 $ 45.6

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income (loss) attributable to Ecolab $ 324.5 $ 246.2 $ 828.9 $ (1,505.4)
Net income from continuing operations attributable to noncontrolling interest4.1 3.1 9.8 12.8
Net income from discontinued operations attributable to noncontrolling interest2.2
Net income (loss) including noncontrolling interest328.6 249.3 838.7 (1,490.4)
Foreign currency translation adjustments
Foreign currency translation(107.2)165.9 60.9 4.7
Separation of ChampionX229.9
Gain (loss) on net investment hedges35.2 (83.4)8.8 (87.4)
Total foreign currency translation adjustments(72)82.5 69.7 147.2
Derivatives and hedging instruments15.3 (19.1)16.7 (14.1)
Pension and postretirement benefits
Current period net actuarial gain109.9
Settlement charge5.3 20.2
Amortization of net actuarial loss and prior service credits, net28.1 (18.5)42.6 12
Total pension and postretirement benefits33.4 (18.5)172.7 12
Subtotal(23.3)44.9 259.1 145.1
Total comprehensive income (loss), including noncontrolling interest305.3 294.2 1,097.8 (1,345.3)
Comprehensive income attributable to noncontrolling interest3.7 27.1 8 15
Comprehensive income (loss) attributable to Ecolab $ 301.6 $ 267.1 $ 1,089.8 $ (1,360.3)

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in MillionsSep. 30, 2021Dec. 31, 2020
Current assets
Cash and cash equivalents $ 897.9 $ 1,260.2
Accounts receivable, net2,384.1 2,273.8
Inventories1,378.2 1,285.2
Other current assets326.6 298.2
Total current assets4,986.8 5,117.4
Property, plant and equipment, net3,069.6 3,124.9
Goodwill6,125.6 6,006.9
Other intangible assets, net2,889.7 2,977
Operating lease assets377.4 423.8
Other assets477.1 476
Total assets17,926.2 18,126
Current liabilities
Short-term debt18.7 17.3
Accounts payable1,237.1 1,160.6
Compensation and benefits452.9 469.3
Income taxes68 96.1
Other current liabilities1,117.8 1,188.9
Total current liabilities2,894.5 2,932.2
Long-term debt5,931.8 6,669.3
Postretirement health care and pension benefits996.6 1,226.2
Deferred income taxes589.4 483.9
Operating lease liabilities263 300.5
Other liabilities289.1 312.4
Total liabilities10,964.4 11,924.5
Commitments and contingencies (Note 17)
Equity (a)
Common stock363.7 362.6
Additional paid-in capital6,399.8 6,235
Retained earnings8,659.8 8,243
Accumulated other comprehensive loss(1,733.5)(1,994.4)
Treasury stock(6,756.3)(6,679.7)
Total Ecolab shareholders' equity6,933.5 6,166.5
Noncontrolling interest28.3 35
Total equity6,961.8 6,201.5
Total liabilities and equity $ 17,926.2 $ 18,126

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares shares in MillionsSep. 30, 2021Dec. 31, 2020
CONSOLIDATED BALANCE SHEET
Common stock, shares authorized800 800
Common stock, par value per share (in dollars per share) $ 1 $ 1
Common stock, shares outstanding286.6 285.7

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions9 Months Ended
Sep. 30, 2021Sep. 30, 2020
OPERATING ACTIVITIES
Net income (loss) including noncontrolling interest $ 838.7 $ (1,490.4)
Less: Net loss from discontinued operations including noncontrolling interest(2,170.3)
Net income from continuing operations including noncontrolling interest838.7 679.9
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation453.1 443.1
Amortization174.4 162.1
Deferred income taxes52.7 (16.6)
Share-based compensation expense72.5 65.1
Pension and postretirement plan contributions(51.3)(50.1)
Pension and postretirement plan expense, net29.9 27.9
Restructuring charges, net of cash paid(35.1)(9.4)
Debt refinancing29.4 77.1
Other, net19.7 44.2
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable(101)98.5
Inventories(79.8)(176.1)
Other assets(48.1)(22.4)
Accounts payable71.5 11.8
Other liabilities(5.6)(243.1)
Cash provided by operating activities - continuing operations1,421 1,092
Cash provided by operating activities - discontinued operations118.4
Cash provided by operating activities1,421 1,210.4
INVESTING ACTIVITIES
Capital expenditures(423.8)(362.3)
Property and other assets sold12.3 2.5
Acquisitions and investments in affiliates, net of cash acquired(209.9)(487)
Divestiture of businesses55.4
Other, net(17.1)(4.5)
Cash used for investing activities - continuing operations(638.5)(795.9)
Cash used for investing activities - discontinued operations443.2
Cash used for investing activities(638.5)(352.7)
FINANCING ACTIVITIES
Net issuances of commercial paper and notes payable0.5 165.5
Long-term debt borrowings293.7 1,855.9
Long-term debt repayments(1,017.9)(1,570)
Reacquired shares(77.8)(124.6)
Dividends paid(426.5)(421.8)
Exercise of employee stock options94.3 199.7
Debt refinancing(29.4)(77.1)
Other, net3.8 2.7
Cash (used for) provided by financing activities - continuing operations(1,159.3)30.3
Cash provided by financing activities - discontinued operations(1.6)
Cash (used for) provided by financing activities(1,159.3)28.7
Effect of exchange rate changes on cash and cash equivalents14.5 (38.1)
(Decrease) increase in cash and cash equivalents(362.3)848.3
Cash and cash equivalents, beginning of period - continuing operations1,260.2 118.8
Cash and cash equivalents, beginning of period - discontinued operations67.6
Cash and cash equivalents, beginning of period1,260.2 186.4
Cash and cash equivalents, end of period - continuing operations897.9 1,034.7
Cash and cash equivalents, end of period $ 897.9 $ 1,034.7

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) shares in Millions, $ in MillionsEcolab Shareholders EquityCumulative Effect, Period of Adoption, AdjustmentEcolab Shareholders EquityCommon StockAdditional Paid-in CapitalRetained EarningsCumulative Effect, Period of Adoption, AdjustmentRetained EarningsOCI (Loss)Treasury StockNon-Controlling InterestCumulative Effect, Period of Adoption, AdjustmentTotal
Balance at Dec. 31, 2019 $ (4.3) $ 8,685.3 $ 359.6 $ 5,907.1 $ (4.3) $ 9,993.7 $ (2,089.7) $ (5,485.4) $ 40.5 $ (4.3) $ 8,725.8
Increase (Decrease) in Stockholders' Equity
Net (loss) income(1,505.3)(1,505.3)14.9 (1,490.4)
Other comprehensive income (loss) activity143.8 143.8 1.3 145.1
Cash dividends declared(404.2)(404.2)(16.2)(420.4)
Separation of ChampionX(1,059.9)(8.5)(1,051.4)3.4 (1,056.5)
Changes in noncontrolling interest17.6 17.6 (9.2)8.4
Stock options and awards266.3 2.5 261.1 2.7 266.3
Reacquired shares(124.6)(124.6)(124.6)
Balance at Sep. 30, 20206,014.7 362.1 6,177.3 8,079.9 (1,945.9)(6,658.7)34.7 6,049.4
Balance at Dec. 31, 2019 $ (4.3)8,685.3 359.6 5,907.1 $ (4.3)9,993.7 (2,089.7)(5,485.4)40.5 $ (4.3)8,725.8
Balance at Dec. 31, 20206,166.5 362.6 6,235 8,243 (1,994.4)(6,679.7)35 $ 6,201.5
Balance (in shares) at Dec. 31, 2020285.7
Balance at Jun. 30, 20205,855.2 362 6,155 7,967.8 (1,989.7)(6,639.9)35 $ 5,890.2
Increase (Decrease) in Stockholders' Equity
Net (loss) income246.3 246.3 3 249.3
Other comprehensive income (loss) activity43.8 43.8 1.1 44.9
Cash dividends declared(134.2)(134.2)(4.4)(138.6)
Stock options and awards23.5 0.1 22.3 1.1 23.5
Reacquired shares(19.9)(19.9)(19.9)
Balance at Sep. 30, 20206,014.7 362.1 6,177.3 8,079.9 (1,945.9)(6,658.7)34.7 6,049.4
Increase (Decrease) in Stockholders' Equity
Retained earnings8,243
Balance at Dec. 31, 20206,166.5 362.6 6,235 8,243 (1,994.4)(6,679.7)35 6,201.5
Increase (Decrease) in Stockholders' Equity
Net (loss) income828.9 828.9 9.8 838.7
Other comprehensive income (loss) activity260.9 260.9 (1.8)259.1
Cash dividends declared(412.1)(412.1)(14.7)(426.8)
Stock options and awards167.1 1.1 164.8 1.2 167.1
Reacquired shares(77.8)(77.8)(77.8)
Balance at Sep. 30, 20216,933.5 363.7 6,399.8 8,659.8 (1,733.5)(6,756.3)28.3 $ 6,961.8
Balance (in shares) at Sep. 30, 2021286.6
Balance at Jun. 30, 20216,709.1 363.2 6,333.3 8,472.8 (1,710.6)(6,749.6)27.2 $ 6,736.3
Increase (Decrease) in Stockholders' Equity
Net (loss) income324.5 324.5 4.1 328.6
Other comprehensive income (loss) activity(22.9)(22.9)(0.4)(23.3)
Cash dividends declared(137.5)(137.5)(2.6)(140.1)
Stock options and awards67.4 0.5 66.5 0.4 67.4
Reacquired shares(7.1)(7.1)(7.1)
Balance at Sep. 30, 2021 $ 6,933.5 $ 363.7 $ 6,399.8 $ 8,659.8 $ (1,733.5) $ (6,756.3) $ 28.3 $ 6,961.8
Balance (in shares) at Sep. 30, 2021286.6
Increase (Decrease) in Stockholders' Equity
Retained earnings $ 8,659.8

CONSOLIDATED STATEMENT OF EQU_2

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
CONSOLIDATED STATEMENT OF EQUITY
Dividends declared per common share (in dollars per share) $ 0.48 $ 0.47 $ 1.44 $ 1.41

CONSOLIDATED FINANCIAL INFORMAT

CONSOLIDATED FINANCIAL INFORMATION9 Months Ended
Sep. 30, 2021
CONSOLIDATED FINANCIAL INFORMATION
CONSOLIDATED FINANCIAL INFORMATION1. CONSOLIDATED FINANCIAL INFORMATION ​ The unaudited consolidated financial information for the third quarter ended September 30, 2021 and 2020 reflects, in the opinion of management, all adjustments necessary for a fair statement of the financial position, results of operations, comprehensive income (loss), equity and cash flows of Ecolab Inc. ("Ecolab" or "the Company") for the interim periods presented. Any adjustments consist of normal recurring items. ​ In March 2020, coronavirus 2019 (“COVID-19”) was declared a pandemic by the World Health Organization. As the impact of the pandemic continues to evolve, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require judgment. These estimates and assumptions may change in future periods and will be recognized in the consolidated financial information as new events occur and additional information becomes known. To the extent actual results differ materially from those estimates and assumptions, the Company’s future financial statements could be affected. ​ On June 3, 2020, the Company completed the separation of its Upstream Energy business (the “ChampionX business”) in a Reverse Morris Trust transaction (the “Transaction”) through the split-off of ChampionX Holding Inc. (“ChampionX”), formed by Ecolab as a wholly owned subsidiary to hold the ChampionX Business, followed immediately by the merger (the “Merger”) of ChampionX with a wholly owned subsidiary of ChampionX Corporation (f/k/a Apergy Corporation, “Apergy”). ​ As discussed in Note 4 Discontinued Operations, during 2020, the ChampionX business met the criteria to be reported as discontinued operations because the separation of the ChampionX business was a strategic shift in business that had a major effect on the Company's operations and financial results. Therefore, the Company reported the historical results of ChampionX, including the results of operations, cash flows, and related assets and liabilities, as discontinued operations. Unless otherwise noted, the accompanying Notes to the Consolidated Financial Statements have all been revised to reflect the effect of the separation of ChampionX and all prior year balances have been revised accordingly to reflect continuing operations only. ​ Subsequent to the separation of ChampionX, effective the third quarter of 2020, the Company no longer reports the Upstream Energy segment, which previously held the ChampionX business. The Company is aligned into three reportable segments and Other. ​ Except for the changes due to adoption of the new accounting standards, the Company has consistently applied the accounting policies to all periods presented in these consolidated financial statements. ​ 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, 2020 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, 2020 filed with the Securities and Exchange Commission (“SEC”) on February 26, 2021. ​ With respect to the unaudited financial information of the Company for the third quarter ended September 30, 2021 and 2020 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 October 29, 2021 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 CHARGES9 Months Ended
Sep. 30, 2021
SPECIAL (GAINS) AND CHARGES
SPECIAL (GAINS) AND CHARGES2. SPECIAL (GAINS) AND CHARGES ​ Special (gains) and charges reported on the Consolidated Statements of Income include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ September 30 ​ September 30 (millions) 2021 ​ 2020 2021 ​ 2020 Cost of sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restructuring activities ​ ​ $2.2 ​ ​ ​ $1.0 ​ ​ $24.1 ​ ​ $6.6 Acquisition and integration activities ​ ​ - ​ ​ ​ 1.5 ​ ​ - ​ ​ ​ 4.1 COVID-19 activities, net ​ ​ 50.7 ​ ​ ​ 1.8 ​ ​ 51.8 ​ ​ ​ 8.7 Other ​ ​ - ​ ​ ​ 5.2 ​ ​ 0.3 ​ ​ ​ 26.2 Cost of sales subtotal ​ ​ 52.9 ​ ​ ​ 9.5 ​ ​ 76.2 ​ ​ 45.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Special (gains) and charges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restructuring activities ​ ​ 0.4 ​ ​ ​ 26.9 ​ ​ 6.5 ​ ​ 31.4 Acquisition and integration activities ​ ​ 0.8 ​ ​ ​ 2.7 ​ ​ 3.3 ​ ​ ​ 5.5 Disposal and impairment activities ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 45.9 COVID-19 activities, net ​ ​ 1.5 ​ ​ ​ (3.0) ​ ​ 16.2 ​ ​ 7.2 Other ​ ​ 3.6 ​ ​ ​ 8.4 ​ ​ 10.7 ​ ​ 30.3 Special (gains) and charges subtotal ​ ​ 6.3 ​ ​ ​ 35.0 ​ ​ 36.7 ​ ​ 120.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income subtotal ​ ​ 59.2 ​ ​ ​ 44.5 ​ ​ 112.9 ​ ​ ​ 165.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net ​ ​ 32.3 ​ ​ ​ 83.1 ​ ​ 32.3 ​ ​ ​ 83.8 Other (income) expense ​ ​ 7.0 ​ ​ ​ - ​ ​ 26.6 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total special (gains) and charges ​ ​ $98.5 ​ ​ ​ $127.6 ​ ​ $171.8 ​ ​ ​ $249.7 ​ 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 Institutional Advancement Program and Accelerate 2020, both of which are described below. Restructuring activities and related costs have been included as a component of both 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. ​ Institutional Advancement Program ​ The Company approved a restructuring plan in 2020 focused on the Institutional business (“the Institutional Plan”) which is intended to enhance our Institutional sales and service structure and allow the sales team to capture share and penetration while maximizing service effectiveness by leveraging our ongoing investments in digital technology. In February 2021, the Company expanded the Institutional Plan. The Company expects that these restructuring charges will be completed by 2023, with total anticipated costs of $80 million ( $60 million after tax). The costs are expected to be primarily cash expenditures for severance and facility closures. The Company also anticipates non-cash costs related to equipment disposals. Actual costs may vary from these estimates depending on actions taken. ​ During the third quarter and first nine months of 2021, the Company recorded restructuring charges of $1.4 million ( $1.4 million after tax) and $9.5 million ( $7.5 million after tax), respectively, primarily related to costs to support the transition to the new sales and service structure, and the disposal of equipment. The Company has recorded $44.7 million ( $33.9 million after tax) of cumulative restructuring charges under the Institutional Plan. The liability related to the Institutional Plan was $8.0 million as of September 30, 2021 and 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 Institutional Plan since inception of the underlying actions includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ ​ ​ ​ ​ ​ (millions) Costs Disposals Other Total 2020 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense and accrual ​ ​ $25.6 ​ ​ ​ $- ​ ​ ​ $9.6 ​ ​ ​ $35.2 ​ Net cash payments ​ (0.9) ​ ​ ​ - ​ ​ ​ (9.6) ​ ​ ​ (10.5) ​ Restructuring liability, December 31, 2020 ​ 24.7 ​ ​ ​ - ​ ​ ​ - ​ ​ ​ 24.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense (income) and accrual 2.2 ​ ​ ​ 6.0 ​ ​ ​ 1.3 ​ ​ 9.5 ​ Net cash payments (18.9) ​ ​ ​ - ​ ​ ​ (2.7) ​ ​ (21.6) ​ Non-cash net charges - ​ ​ ​ (6.0) ​ ​ ​ 1.4 ​ ​ (4.6) ​ Restructuring liability, September 30, 2021 ​ ​ $8.0 ​ ​ ​ $- ​ ​ ​ $- ​ ​ ​ $8.0 ​ ​ Accelerate 2020 ​ During 2018, the Company formally commenced a restructuring plan Accelerate 2020 (“the Plan”), to leverage technology and system investments and organizational changes. The goals of the Plan are to 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. During 2020, the Company expanded the Plan for additional costs and savings to further leverage the technology and structural improvements. The Company now expects that the restructuring activities will be completed by the end of 2022, with total anticipated costs of $255 million ( $195 million after tax) when revised for continuing operations. The remaining costs are expected to be primarily cash expenditures for severance costs and some facility closure costs relating to team reorganizations. Actual costs may vary from these estimates depending on actions taken. ​ The Company recorded restructuring charges of $1.5 million ( $1.2 million after tax) and $2.9 million ( $2.8 million after tax) in the third quarter and first nine months of 2021, respectively, primarily related to severance. The liability related to the Plan was $40.6 million as of the end of the third quarter of 2021. The Company has recorded $242.1 million ( $186.6 million after tax) of cumulative restructuring charges under the Plan. The remaining liability is expected to be paid over a period of several quarters and will continue to be funded from operating activities. ​ Restructuring activity related to the Accelerate 2020 Plan since inception of the underlying actions includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ ​ ​ ​ ​ ​ (millions) Costs Disposals Other Total 2018-2020 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense ​ ​ $212.0 ​ ​ ​ $8.0 ​ ​ ​ $19.2 ​ ​ ​ $239.2 ​ Net cash payments ​ (144.3) ​ ​ ​ 1.2 ​ ​ ​ (12.2) ​ ​ (155.3) ​ Non-cash charges ​ - ​ ​ ​ (9.2) ​ ​ ​ (2.0) ​ ​ (11.2) ​ Effect of foreign currency translation ​ (0.9) ​ ​ ​ - ​ ​ ​ - ​ ​ (0.9) ​ Restructuring liability, December 31, 2020 ​ ​ 66.8 ​ ​ ​ - ​ ​ ​ 5.0 ​ ​ ​ 71.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense ​ ​ 2.4 ​ ​ ​ 0.3 ​ ​ ​ 0.2 ​ ​ ​ 2.9 ​ Net cash payments ​ (31.6) ​ ​ ​ - ​ ​ ​ (2.1) ​ ​ ​ (33.7) ​ Non-cash charges ​ - ​ ​ ​ (0.3) ​ ​ ​ (0.1) ​ ​ ​ (0.4) ​ Restructuring liability, September 30, 2021 ​ ​ $37.6 ​ ​ ​ $- ​ ​ ​ $3.0 ​ ​ ​ $40.6 ​ ​ Other Restructuring Activities ​ During the third quarter and nine months of 2021, the Company recorded restructuring charges (gains) of ( $0.3 ) million ( $0.5 million after tax) and $18.2 million ( $16.9 million after tax), respectively, related to other immaterial restructuring activity. The charges are primarily related to severance and asset write-offs. During the third quarters and first nine months of 2021 and 2020, net restructuring charges related to prior year plans were minimal. The restructuring liability balance for all plans other than the Accelerate 2020 and Institutional Plan were $4.6 million and $5.9 million as of September 30, 2021 and December 31, 2020, 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. ​ Cash payments during 2021 related to all other restructuring plans excluding the Accelerate 2020 and Institutional Plan were $10.5 million. ​ Acquisition and integration related costs ​ Acquisition and integration costs reported in special (gains) and charges on the Consolidated Statements of Income include $0.8 million ( $0.8 million after tax) and $3.3 million ( $2.9 million after tax) in the third quarter and first nine months of 2021, respectively. Charges are related to Copal Invest NV, including its primary operating entity CID Lines (collectively, “CID Lines”), and Bioquell PLC (“Bioquell”) acquisitions and consist of integration costs, advisory and legal fees. ​ Acquisition and integration costs reported in special (gains) and charges on the Consolidated Statements of Income include $2.7 million ( $2.3 million after tax) and $5.5 million ( $4.3 million after tax) in the third quarter and first nine months of 2020, respectively. Charges are related to CID Lines, Bioquell and the Laboratoires Anios (“Anios”) acquisitions and consist of integration costs, advisory and legal fees. Acquisition and integration costs reported in product and equipment cost of sales of $1.5 million ( $1.3 million after tax) and $4.1 million ( $3.2 million after tax) on the Consolidated Statements of Income in the third quarter and first nine months of 2020, respectively, related to the recognition of fair value step-up in the CID Lines inventory, severance and the closure of a facility. The Company also incurred $0.7 million ( $0.6 million after tax) of interest expense in the first nine months of 2020, none of which was incurred during the third quarter. ​ Further information related to the Company’s acquisitions is included in Note 3. ​ Disposal and impairment charges ​ Disposal and impairment charges reported in special (gains) and charges on the Consolidated Statements of Income include $45.9 million ( $45.0 million after tax) in the first nine months of 2020. During the second quarter of 2020, the Company recorded a $28.6 million ( $28.6 million after tax) impairment for a minority equity method investment due to the impact of the economic environment and the liquidity of the minority equity method investment. In addition, the Company recorded charges of $17.3 million ( $16.3 million after tax) in the first six months of 2020 related to transaction fees associated with the sale of Holchem Group Limited (“Holchem”). ​ Further information related to the Company’s disposal is included in Note 3. ​ COVID-19 activities ​ Customer demand for sanitizer products surged at the outset of COVID-19. The Company worked hard to meet the rapidly increasing demand and sold the vast majority of the sanitizer inventory. However, COVID-19 variant-related delays of customer reopenings and consumer activity resulted in a small portion of excess sanitizer inventory. The Company recorded inventory reserves of $50 million in the third quarter of 2021 for excess sanitizer inventory and estimated disposal costs. ​ The Company recorded charges of $2.6 million and $4.1 million during the third quarter of 2021 and 2020, respectively, and $12.6 million and $30.6 million during the first nine months of 2021 and 2020, respectively, to protect the wages for certain employees directly impacted by the COVID-19 pandemic. The Company also recorded charges during the third quarter and first nine months of 2021 of $3.1 million and $11.5 million, respectively, related to COVID-19 testing and related expenses. In addition, the Company received subsidies and government assistance, which were recorded as a special (gain) of ( $3.5 ) million and ( $5.3 ) million during the third quarter of 2021 and 2020, respectively, and ( $6.1 ) million and ( $14.7 ) million during the first nine months of 2021 and 2020, respectively. COVID-19 pandemic charges are recorded in product and equipment cost of sales, service and lease cost of sales, and special (gains) and charges on the Consolidated Statements of Income. After tax net charges (gains) related to the COVID-19 pandemic were $40.6 million and ($0.9) million during the third quarter of 2021 and 2020, respectively, and $51.9 million and $12.3 million during the first nine months of 2021 and 2020, respectively. ​ Other operating activities ​ Other special charges recorded in the first nine months of 2021 in product and equipment cost of sales were $0.3 million ( $0.2 million after tax). During the third quarter and first nine months of 2020, the Company recorded special charges of $5.2 million ( $3.5 million after tax) and $26.2 million ( 17.8 million after tax), respectively, in product and equipment cost of sales on the Consolidated Statements of Income related to a Healthcare product recall in Europe. ​ Other special charges of $3.6 million ( $2.7 million after tax) and $10.7 million ( $8.3 million after tax) recorded in the third quarter and first nine months of 2021, respectively, relate primarily to legal reserve and certain legal charges which are recorded in special (gains) and charges on the Consolidated Statements of Income. ​ Other special charges of $8.4 million ( $7.2 million after tax) and $30.3 million ( $23.7 million after tax), respectively, recorded in the third quarter and first nine months of 2020 relate primarily to legal reserve and certain legal charges which are recorded in special (gains) and charges on the Consolidated Statements of Income. ​ Interest expense ​ Other special charges of $32.3 million ( $28.4 million after tax) and $83.1 million ( $64.0 million after tax) in the third quarter of 2021 and 2020, respectively, in interest expense on the Consolidated Statement of Income primarily related to debt refinancing charges. ​ Other (income) expense ​ During the third quarter and first nine months of 2021, the Company incurred settlement expense recorded in other (income) expense on the Consolidated Statements of Income of $7.0 million ( $5.3 million after tax) and $26.6 million ( $20.2 million after tax), respectively, related to U.S. pension plan lump-sum payments to retirees.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS9 Months Ended
Sep. 30, 2021
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS3. ACQUISITIONS AND DISPOSITIONS ​ 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 at fair value as of their acquisition dates. The purchase price allocation is based on estimates of the fair value of assets acquired, liabilities assumed and consideration transferred. Purchase consideration transferred is reduced by the amount of cash or cash equivalents acquired. ​ Acquisitions during the first nine months of 2021 and 2020 were not significant to the Company’s consolidated financial statements; therefore, pro forma financial information is not presented. ​ During the third quarter of 2021, the Company acquired National Wiper Alliance, Inc. (“NWA”), a U.S.-based business which sells dry wipes for healthcare and institutional applications. NWA became part of the Global Healthcare & Life Sciences reporting segment. ​ During the first quarter of 2021, the Company acquired VanBaerle Hygiene AG (“VanBaerle”), a Swiss-based business which sells cleaning products and related services to restaurants, long-term care facilities, hotels and laundries primarily for institutional applications. VanBaerle became part of the Global Institutional reporting segment. The purchase price included immaterial amounts of holdback and contingent consideration, which are recorded within other liabilities on the Consolidated Balance Sheets as of September 30, 2021. ​ Also, during the first quarter of 2021, the Company acquired TechTex Holdings Limited (“TechTex”), a U.K.-based business which sells wet and dry wipes and other nonwovens products primarily for life sciences and healthcare applications. TechTex became part of the Global Healthcare & Life Sciences reporting segment. The purchase price included an immaterial holdback amount that was subsequently settled prior to September 30, 2021. ​ 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 does not expect any of the goodwill related to its acquisitions of VanBaerle or TechTex to be tax deductible, whereas the goodwill arising from the application of NWA is expected to be tax deductible. ​ Other than CID Lines, the Company did not close on any other business acquisitions during the first nine months of 2020. ​ The following table summarizes the acquisition date fair value of net assets acquired from the Company’s acquisitions other than CID Lines during the first nine months of 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ September 30 ​ September 30 (millions) 2021 ​ 2020 2021 ​ 2020 Net tangible assets (liabilities) acquired and equity method investments ​ ​ $14.8 ​ ​ ​ $- ​ ​ ​ $12.4 ​ ​ ​ $- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identifiable intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ 41.0 ​ ​ ​ - ​ ​ 72.1 ​ ​ ​ - ​ Trademarks ​ 1.1 ​ ​ ​ - ​ ​ 4.7 ​ ​ ​ - ​ Non-compete agreements ​ 3.0 ​ ​ ​ ​ ​ ​ 3.0 ​ ​ ​ ​ ​ Other technology ​ ​ - ​ ​ ​ - ​ ​ ​ 1.5 ​ ​ ​ - ​ Total intangible assets ​ 45.1 ​ ​ ​ - ​ ​ 81.3 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ 60.2 ​ ​ ​ - ​ ​ 119.2 ​ ​ ​ - ​ Total aggregate purchase price ​ 120.1 ​ ​ ​ - ​ ​ 212.9 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition-related liabilities and contingent consideration (a) ​ - ​ ​ ​ - ​ ​ (4.4) ​ ​ ​ - ​ Net cash paid for acquisitions, including acquisition-related ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ liabilities and contingent consideration ​ ​ $120.1 ​ ​ ​ $- ​ ​ ​ $208.5 ​ ​ ​ $- ​ ​ (a) Subsequent to the acquisitions, $1.4 in contingent consideration was remitted to the seller during the first nine months of 2021 and is included in investing activities on the Consolidated Statements of Cash Flows. ​ During the first nine months of 2020, the Company recorded purchase accounting adjustments associated with the finalization of the purchase accounting on its 2019 acquisitions. As a result of these purchase accounting adjustments, the net intangible assets and goodwill recognized from these acquisitions increased by $1.3 million and $0.3 million, respectively. In conjunction with the finalization of its purchase accounting, the Company made $3.5 million of acquisition-related payments which primarily consisted of the release of holdback liabilities and payment of contingent consideration. The weighted average useful life of identifiable intangible assets acquired during the first nine months of 2021 was 14 years . ​ CID Lines Acquisition ​ On May 11, 2020, the Company acquired CID Lines for total consideration of $506.9 million in cash. CID Lines had annualized pre-acquisition sales of approximately $110 million and is a leading global provider of livestock biosecurity and hygiene solutions based in Belgium. ​ The Company incurred certain acquisition and integration costs associated with the transaction that were expensed and are reflected on the Consolidated Statements of Income. Further information related to the Company’s special (gains) and charges is included in Note 2. ​ The following table summarizes the acquisition date fair value of net assets acquired from the Company’s acquisition of CID Lines. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ May 11, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tangible assets ​ ​ $54.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identifiable intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ ​ 147.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trademarks ​ 58.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquired technologies and product registrations ​ ​ 47.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets acquired ​ 307.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ ​ 274.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities ​ 97.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net consideration transferred to sellers ​ ​ $485.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tangible assets are primarily comprised of accounts receivable of $30.1 million, property, plant and equipment of $7.7 million and inventory of $16.3 million. Liabilities primarily consist of deferred tax liabilities of $64.8 million and current liabilities of $32.4 million. ​ Customer relationships, trademarks, and other technology and product registrations are being amortized over weighted average lives of 14 , 14 , and 16 years , respectively. Goodwill of $274.8 million arising from the acquisition consists largely of the synergies and economies of scale expected through adding complementary geographies and innovative products to the Company’s Food and Beverage businesses. CID Lines became part of the Global Industrial reportable segment. None of the goodwill recognized is expected to be deductible for income tax purposes. ​ During the first six months of 2021, the Company recorded purchase accounting adjustments that decreased goodwill recognized from the acquisition of CID Lines by $0.9 million. Purchase accounting was finalized in the second quarter of 2021 and no further purchase accounting adjustments will be recorded for the CID Lines acquisition. ​ Dispositions ​ There were no business dispositions during the first nine months of 2021. ​ In the second quarter of 2020, the Company completed the sale of Holchem, a U.K.-based supplier of hygiene and cleaning products and services for the food and beverage, foodservice and hospitality industries for total consideration of $106.6 million. Consideration consisted of $55.4 million of cash and $51.2 million in notes receivable recorded at fair value. After the recognition of transaction costs, the Company recognized an after-tax loss of $16.3 million, which is classified within special (gains) and charges on the Consolidated Statements of Income. Annual sales of Holchem were approximately $55 million and were included in the Global Industrial reportable segment prior to disposition. Further information related to the Company’s special (gains) and charges is included in Note 2. ​ As discussed in Note 4, the ChampionX separation met the criteria to be reported as discontinued operations. No other dispositions were significant to the Company’s consolidated financial statements for the first nine months of 2020. ​ Subsequent Event ​ On October 28, 2021, Ecolab entered into an agreement to acquire Purolite Corporation for $3.7 billion, subject to certain adjustments. Purolite is a leading, fast growing global provider of high-end ion exchange resins for separation and purification solutions that are highly complementary to our current offering and critical to high quality, safe drug production and biopharma products purification in the life sciences industries. It also provides ultra-pure water solutions for critical industrial markets like microelectronics, nuclear power and food and beverage. ​ ​

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS9 Months Ended
Sep. 30, 2021
DISCONTINUED OPERATIONS.
DISCONTINUED OPERATIONS4. DISCONTINUED OPERATIONS ​ On June 3, 2020, the Company effected the split-off of ChampionX through an offer to exchange (the “Exchange Offer”) all shares of ChampionX common stock owned by Ecolab for outstanding shares of Ecolab common stock. In the Exchange Offer, which was oversubscribed, the Company accepted approximately 5.0 million shares of Ecolab common stock in exchange for approximately 122.2 million shares of ChampionX common stock. In the Merger, each outstanding share of ChampionX common stock was converted into the right to receive one share of Apergy common stock, and ChampionX survived the Merger as a wholly owned subsidiary of ChampionX Corporation (f/k/a Apergy). In connection with and in accordance with the terms of the Transaction, prior to the consummation of the Exchange Offer and the Merger, ChampionX distributed $527.4 million in cash to Ecolab. ​ The following is a summary of the assets and liabilities transferred to ChampionX as part of the separation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ ​ ​ ​ Assets: ​ ​ ​ Cash and cash equivalent ​ $60.6 ​ Current assets ​ 810.5 ​ Non-current assets ​ 3,222.3 ​ ​ ​ ​ 4,093.4 ​ Liabilities: ​ ​ ​ ​ Current liabilities ​ ​ 313.0 ​ Non-current liabilities ​ ​ 293.7 ​ ​ ​ ​ 606.7 ​ ​ ​ ​ ​ ​ Net assets distributed to ChampionX ​ ​ ($3,486.7) ​ Fair value of shares exchanged ​ ​ 1,051.4 ​ Cash received from ChampionX ​ ​ 527.4 ​ Consideration received less net assets ​ ​ (1,907.9) ​ ​ ​ ​ ​ ​ ChampionX cumulative translation adjustment ("CTA") write-off ​ ​ (229.9) ​ Loss on separation ​ ​ ($2,137.8) ​ ​ ​ ​ ​ ​ ​ The Company accounted for this transaction as a sale and recognized a loss based on ChampionX net assets exceeding the effective proceeds. ​ The ChampionX business, as discussed in Note 1, met the criteria to be reported as discontinued operations because the separation of the ChampionX business was a strategic shift in business that had a major effect on the Company’s operations and financial results. Therefore, the results of discontinued operations for the second quarter ended June 30, 2020 include the historical results of ChampionX prior to separation. ​ ​ Summarized results of the Company’s discontinued operations are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ September 30 ​ September 30 (millions) ​ 2021 2020 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and equipment sales ​ ​ $- ​ ​ ​ $- ​ ​ $- ​ ​ ​ $858.9 Service and lease sales ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 99.6 Net sales ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 958.5 Product and equipment cost of sales ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 621.7 Service and lease cost of sales ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 80.4 Cost of sales (including special charges) ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 702.1 Selling, general and administrative expenses ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 180.5 Special (gains) and charges ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 2,221.7 Operating income ​ ​ - ​ ​ ​ - ​ - ​ ​ ​ (2,145.8) Other (income) expense ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 0.3 Interest expense (income), net ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 0.2 Income before income taxes ​ ​ - ​ ​ ​ - ​ - ​ ​ ​ (2,146.3) Provision for income taxes ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 24.0 Net loss including noncontrolling interest ​ ​ - ​ ​ ​ - ​ - ​ ​ ​ (2,170.3) Net income attributable to noncontrolling interest ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 2.2 Net loss from discontinued operations, net of tax ​ ​ $- ​ ​ ​ $- ​ ​ $- ​ ​ ​ ($2,172.5) ​ Special (gains) and charges of $2,221.7 million in the first nine months of 2020 primarily relate to professional fees incurred to support the Transaction and restructuring charges specifically related to the ChampionX business. These charges have been included as a component of both cost of sales and special (gains) and charges in discontinued operations. ​ The Company also recognized discrete tax expense primarily related to friction costs associated with ChampionX separation activity of $22.7 million in the first nine months of 2020 that is allocated within discontinued operations tax expense. ​ In connection with the Transaction, the Company entered into agreements with ChampionX and Apergy to effect the separation and to provide a framework for the relationship following the separation, which included a Separation and Distribution Agreement, an Intellectual Property Matters Agreement, an Employee Matters Agreement, a Transition Services Agreement, and a Tax Matters Agreement. Transition services primarily involve the Company providing certain services to ChampionX related to general and administrative services for terms of up to 18 months following the separation. The amounts billed for transition services provided under the above agreements were not material to the Company’s results of operations. ​ The Company also 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 . 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 third quarter and first nine months of 2021 were $35.8 million and $103.5 million, respectively, and for the third quarter and first nine months of 2020 were $46.6 million and $58.9 million, respectively. As of September 30, 2021, the Company had an outstanding accounts receivable balance for sales of product to ChampionX of $18.0 million.

BALANCE SHEETS INFORMATION

BALANCE SHEETS INFORMATION9 Months Ended
Sep. 30, 2021
BALANCE SHEETS INFORMATION
BALANCE SHEETS INFORMATION5. BALANCE SHEETS INFORMATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ December 31 (millions) 2021 ​ 2020 Accounts receivable, net ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ ​ $2,460.5 ​ ​ ​ $2,358.1 ​ Allowance for doubtful accounts ​ ​ (76.4) ​ ​ ​ (84.3) ​ Total ​ ​ $2,384.1 ​ ​ ​ $2,273.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventories ​ ​ ​ ​ ​ ​ ​ ​ Finished goods ​ ​ $886.5 ​ ​ ​ $789.6 ​ Raw materials and parts ​ ​ 550.2 ​ ​ ​ 511.2 ​ Inventories at FIFO cost ​ ​ 1,436.7 ​ ​ ​ 1,300.8 ​ FIFO cost to LIFO cost difference ​ ​ (58.5) ​ ​ ​ (15.6) ​ Total ​ ​ $1,378.2 ​ ​ ​ $1,285.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other current assets ​ ​ ​ ​ ​ ​ ​ ​ Prepaid assets ​ ​ $122.8 ​ ​ ​ $99.1 ​ Taxes receivable ​ ​ 158.0 ​ ​ ​ 168.6 ​ Derivative assets ​ ​ 25.6 ​ ​ ​ 3.2 ​ Other ​ ​ 20.2 ​ ​ ​ 27.3 ​ Total ​ ​ $326.6 ​ ​ ​ $298.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net ​ ​ ​ ​ ​ ​ ​ ​ Land ​ ​ $153.2 ​ ​ ​ $159.7 ​ Buildings and leasehold improvements ​ ​ 1,083.7 ​ ​ ​ 1,060.0 ​ Machinery and equipment ​ ​ 1,828.6 ​ ​ ​ 1,830.1 ​ Merchandising and customer equipment ​ ​ 2,714.6 ​ ​ ​ 2,691.0 ​ Capitalized software ​ ​ 863.7 ​ ​ ​ 820.8 ​ Construction in progress ​ ​ 279.7 ​ ​ ​ 219.8 ​ ​ ​ ​ 6,923.5 ​ ​ ​ 6,781.4 ​ Accumulated depreciation ​ ​ (3,853.9) ​ ​ ​ (3,656.5) ​ Total ​ ​ $3,069.6 ​ ​ ​ $3,124.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ 2,593.2 ​ ​ ​ 2,530.9 ​ Trademarks ​ ​ 348.0 ​ ​ ​ 348.0 ​ Patents ​ ​ 499.5 ​ ​ ​ 492.5 ​ Other technology ​ ​ 242.4 ​ ​ ​ 240.1 ​ ​ ​ ​ 3,683.1 ​ ​ ​ 3,611.5 ​ Accumulated amortization ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ ​ (1,432.6) ​ ​ ​ (1,319.1) ​ Trademarks ​ ​ (169.7) ​ ​ ​ (155.0) ​ Patents ​ ​ (266.9) ​ ​ ​ (244.6) ​ Other technology ​ ​ (154.2) ​ ​ ​ (145.8) ​ ​ ​ ​ (2,023.4) ​ ​ ​ (1,864.5) ​ Net intangible assets subject to amortization ​ ​ 1,659.7 ​ ​ ​ 1,747.0 ​ Total ​ ​ $2,889.7 ​ ​ ​ $2,977.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes ​ ​ $150.8 ​ ​ ​ $163.2 ​ Pension ​ ​ 46.9 ​ ​ ​ 33.0 ​ Derivative asset ​ ​ 3.2 ​ ​ ​ - ​ Other ​ ​ 276.2 ​ ​ ​ 279.8 ​ Total ​ ​ $477.1 ​ ​ ​ $476.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ December 31 (millions) 2021 ​ 2020 Other current liabilities ​ ​ ​ ​ ​ ​ ​ ​ Discounts and rebates ​ ​ $341.0 ​ ​ ​ $304.1 ​ Dividends payable ​ ​ 137.5 ​ ​ ​ 137.2 ​ Interest payable ​ ​ 44.0 ​ ​ ​ 51.7 ​ Taxes payable, other than income ​ ​ 131.7 ​ ​ ​ 151.8 ​ Derivative liabilities ​ ​ 1.0 ​ ​ ​ 25.8 ​ Restructuring ​ ​ 48.9 ​ ​ ​ 98.1 ​ Contract liability ​ ​ 86.7 ​ ​ ​ 80.4 ​ Operating lease liabilities ​ ​ 115.7 ​ ​ ​ 125.6 ​ Other ​ ​ 211.3 ​ ​ ​ 214.2 ​ Total ​ ​ $1,117.8 ​ ​ ​ $1,188.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ Unrealized loss on derivative financial instruments, net of tax ​ ​ ($4.4) ​ ​ ​ ($21.1) ​ Unrecognized pension and postretirement benefit expense, net of tax ​ ​ (762.5) ​ ​ ​ (935.2) ​ Cumulative translation, net of tax ​ ​ (966.6) ​ ​ ​ (1,038.1) ​ Total ​ ​ ($1,733.5) ​ ​ ​ ($1,994.4) ​ ​

DEBT AND INTEREST

DEBT AND INTEREST9 Months Ended
Sep. 30, 2021
DEBT AND INTEREST
DEBT AND INTEREST6. DEBT AND INTEREST ​ Short-term Debt ​ The following table provides the components of the Company’s short-term debt obligations as of September 30, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ December 31 (millions) 2021 ​ 2020 Short-term debt ​ ​ ​ ​ ​ ​ ​ Notes payable ​ $16.0 ​ ​ ​ $15.5 ​ Long-term debt, current maturities ​ 2.7 ​ ​ ​ 1.8 ​ Total ​ $18.7 ​ ​ ​ $17.3 ​ ​ Lines of Credit ​ As of September 30, 2021, the Company has a $2.0 billion multi-year 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 September 30, 2021 or December 31, 2020. ​ Commercial Paper ​ The Company’s commercial paper program is used as a 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. or Euro programs as of either September 30, 2021 or December 31, 2020. ​ 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 September 30, 2021 and December 31, 2020, the Company had $16.0 million and $15.5 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 September 30, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ September 30 ​ December 31 (millions) ​ by Year ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public and 144A notes (2021 principal amount) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Five year 2017 senior notes ( $500 million) ​ 2022 ​ ​ $- ​ ​ ​ $498.6 ​ Seven year 2016 senior notes ( $400 million) ​ 2023 ​ ​ - ​ ​ ​ 399.0 ​ Seven year 2016 senior notes ( €575 million) ​ 2024 ​ ​ 676.1 ​ ​ ​ 682.0 ​ Ten year 2015 senior notes ( €575 million) ​ 2025 ​ ​ 676.6 ​ ​ ​ 682.9 ​ Ten year 2016 senior notes ( $750 million) ​ 2026 ​ ​ 745.9 ​ ​ ​ 745.3 ​ Ten year 2017 senior notes ( $500 million) ​ 2027 ​ ​ 493.6 ​ ​ ​ 496.0 ​ Ten year 2020 senior notes ( $698 million) ​ 2030 ​ ​ 708.3 ​ ​ ​ 765.2 ​ Ten year 2020 senior notes ( $600 million) ​ 2031 ​ ​ 594.9 ​ ​ ​ 594.4 ​ Thirty year 2011 senior notes ( $389 million) ​ 2041 ​ ​ 384.2 ​ ​ ​ 452.2 ​ Thirty year 2016 senior notes ( $200 million) ​ 2046 ​ ​ 197.1 ​ ​ ​ 246.4 ​ Thirty year 2017 senior notes ( $484 million) ​ 2047 ​ ​ 424.0 ​ ​ ​ 611.9 ​ Thirty year 2020 senior notes ( $500 million) ​ 2050 ​ ​ 490.3 ​ ​ ​ 490.1 ​ Thirty-four year 2021 144A notes ( $685 million) ​ 2055 ​ ​ 534.9 ​ ​ ​ - ​ Finance lease obligations and other ​ ​ ​ ​ 8.6 ​ ​ ​ 7.1 ​ Total debt ​ ​ ​ ​ 5,934.5 ​ ​ ​ 6,671.1 ​ Long-term debt, current maturities ​ ​ ​ ​ (2.7) ​ ​ ​ (1.8) ​ Total long-term debt ​ ​ ​ ​ $5,931.8 ​ ​ ​ $6,669.3 ​ ​ Public and 144A Notes ​ In August 2021, the Company completed a private offering of a $300 million aggregate principal 34-year fixed rate note with a coupon rate of 2.75% (“New 34-year Notes”). Immediately following the offering, the Company completed a private offering to exchange a portion of the outstanding senior notes due 2030, 2041, 2046, 2047 (“Old Notes”), for $385 million of New 34-year Notes (collectively “144A Notes”). In connection with the exchange offering, $387 million of Old Notes were validly tendered and subsequently cancelled. ​ The New 34-year Notes bear a lower fixed coupon rate on an extended maturity date, compared with the Old Notes that were exchanged. There were no other significant changes to the terms between the Old Notes and the New 34-year Notes. The exchange was accounted for as a debt modification, and there were cash payments to the note holders of $118 million as a result of the exchange. Existing deferred financing costs associated with the Old Notes, as well as discounts associated with the New 34-year Notes aggregating $143 million, are being amortized over the term of the New 34-year Notes and recorded as interest expense. ​ In September 2021, the Company completed the retirement of the $500 million 2.375% Notes due 2022 and the $400 million 3.25% Notes due 2023 which was accounted for as a debt extinguishment. A make-whole premium of $25.0 million was expensed immediately and is reflected as a financing cash flow activity. ​ The Company’s public notes and 144A 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 and 144A 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 and 144A notes are senior unsecured and unsubordinated obligations of the Company and rank equally with all other senior and unsubordinated indebtedness of the Company. ​ The Company entered into a registration rights agreement in connection with the issuance of the 144A Notes. Subject to certain limitations set forth in the registration rights agreement, the Company has agreed to (i) file a registration statement (the “Exchange Offer Registration Statement”) with respect to registered offers to exchange the 144A Notes for exchange notes (the “Exchange Notes”), which will have terms identical in all material respects to the New 34-year Notes, as applicable, except that the Exchange Notes will not contain transfer restrictions and will not provide for any increase in the interest rate thereon in certain circumstances and (ii) use commercially reasonable efforts to cause the Exchange Offer Registration Statement to be declared effective within 270 days after the date of issuance of the 144A Notes. Until such time as the Exchange Offer Registration Statement is declared effective, the 144A Notes may only be transferred in accordance with Rule 144A or Regulation S of the Securities Act of 1933, as amended. ​ Covenants ​ The Company is in compliance with its debt covenants as of September 30, 2021. ​ Net Interest Expense ​ Interest expense and interest income recognized during the third quarter and first nine months of 2021 and 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions) 2021 ​ 2020 ​ 2021 ​ 2020 ​ Interest expense ​ ​ $78.3 ​ ​ ​ $139.0 ​ ​ $183.8 ​ ​ ​ $253.4 ​ Interest income ​ (1.9) ​ ​ ​ (4.2) ​ (10.1) ​ ​ ​ (11.6) Interest expense, net ​ ​ $76.4 ​ ​ ​ $134.8 ​ ​ $173.7 ​ ​ ​ $241.8 ​ ​ ​ Interest expense generally includes the expense associated with the interest on the Company’s outstanding borrowings. Interest expense also includes the amortization of debt issuance costs and debt discounts, which are both recognized over the term of the related debt. ​ During the third quarter of 2021, the Company issued, exchanged and retired certain long-term debt, incurring debt refinancing charges of $32.3 million ( $28.4 million after tax), which are included as a component of interest expense, net on the Consolidated Statement of Income. ​ During the third quarter of 2020, the Company retired certain long-term debt, and incurred debt refinancing charges of $83.1 million ( $64.0 million after tax), which are included as a component of interest expense, net on the Consolidated Statement of Income. ​ ​ ​

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS9 Months Ended
Sep. 30, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS7. GOODWILL AND OTHER INTANGIBLE ASSETS ​ Goodwill ​ Goodwill arises from the Company’s acquisitions and represents the excess purchase consideration transferred over the fair value of acquired net assets. The Company’s reporting units are its 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 2021, the Company completed its annual goodwill impairment assessment for each of its eleven reporting units using discounted cash flow analyses that incorporated assumptions, including future operating performance, long-term growth, and discount rates. The Company’s goodwill impairment assessments for 2021 indicated the estimated fair values of each of its reporting units exceeded the carrying amounts of the respective reporting units by significant margins. 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 nine-month period ended September 30, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Global ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Institutional ​ Healthcare & ​ ​ ​ ​ ​ ​ ​ ​ (millions) Industrial & Specialty Life Sciences ​ Other Total ​ December 31, 2020 ​ ​ $4,287.9 ​ ​ $564.1 ​ ​ $909.8 ​ ​ $245.1 ​ ​ $6,006.9 ​ ​ Current year business combinations (a) ​ ​ - ​ ​ 11.0 ​ ​ 108.2 ​ ​ - ​ ​ 119.2 ​ ​ Prior year business combinations (b) ​ ​ (0.9) ​ ​ - ​ ​ - ​ ​ - ​ ​ (0.9) ​ ​ Effect of foreign currency translation ​ ​ 2.4 ​ ​ (0.4) ​ ​ (1.5) ​ ​ (0.1) ​ ​ 0.4 ​ ​ September 30, 2021 ​ ​ $4,289.4 ​ ​ $574.7 ​ ​ $1,016.5 ​ ​ $245.0 ​ ​ $6,125.6 ​ ​ ​ (a) Represents goodwill associated with current year acquisitions. (b) Represents purchase accounting adjustments associated with the CID Lines acquisition. ​ 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 2021, the Company completed its annual impairment assessment of the Nalco trade name using the relief from royalty discounted cash flow method, which incorporates assumptions, including future sales projections, royalty rates and discount rates. The Company’s Nalco tradename impairment assessment for 2021 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 technology 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 third quarter of 2021 and 2020 was $57.7 million and $58.9 million, respectively. Total amortization expense related to intangible assets during the first nine months of 2021 and 2020 was $174.4 and $162.1 million, respectively. Amortization expense related to intangible assets for the remaining three-month period of 2021 is expected to be approximately $53 million.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS9 Months Ended
Sep. 30, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS8. FAIR VALUE MEASUREMENTS ​ The Company’s financial instruments include cash and cash equivalents, restricted cash, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 (millions) ​ Carrying ​ Fair Value Measurements ​ Amount Level 1 ​ Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts $45.0 ​ ​ ​ $- ​ ​ $45.0 ​ ​ $- ​ Interest rate swap agreements ​ ​ 2.4 ​ ​ ​ - ​ ​ ​ 2.4 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ 31.6 ​ ​ ​ - ​ ​ ​ 31.6 ​ ​ ​ - ​ Interest rate swap agreements ​ ​ 3.9 ​ ​ ​ ​ ​ ​ ​ 3.9 ​ ​ ​ ​ ​ Cross-currency swap derivative contract ​ ​ 2.0 ​ ​ ​ - ​ ​ ​ 2.0 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 (millions) ​ Carrying ​ Fair Value Measurements ​ Amount Level 1 ​ Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $15.5 ​ ​ $- ​ ​ $15.5 ​ ​ $- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ 69.9 ​ ​ - ​ ​ 69.9 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The carrying value of foreign currency forward contracts is at fair value, which is determined based on foreign currency exchange rates as of the balance sheet date and is 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 contract is 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 contract is at fair value, which is 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 is 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 within Note 9. ​ 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, restricted cash, 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 and the estimated fair value of long-term debt, including current maturities, held by the Company were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Amount Value Amount Value Long-term debt, including current maturities ​ ​ $5,934.5 ​ ​ ​ $6,623.3 ​ ​ ​ $6,671.1 ​ ​ $7,704.4 ​

DERIVATIVES AND HEDGING TRANSAC

DERIVATIVES AND HEDGING TRANSACTIONS9 Months Ended
Sep. 30, 2021
DERIVATIVES AND HEDGING TRANSACTIONS
DERIVATIVES AND HEDGING TRANSACTIONS9. DERIVATIVES AND HEDGING TRANSACTIONS ​ The Company uses foreign currency forward contracts, cross-currency swap derivative contracts, interest rate swap 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 ​ ​ ​ September 30 ​ December 31 ​ September 30 ​ December 31 ​ (millions) ​ 2021 ​ 2020 2021 ​ 2020 Derivatives designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ $17.1 ​ ​ ​ $8.1 ​ ​ $24.1 ​ ​ ​ $54.3 ​ Interest rate swap agreements ​ ​ ​ 2.4 ​ ​ ​ - ​ ​ 3.9 ​ ​ ​ - ​ Cross-currency swap derivative contract ​ ​ ​ - ​ ​ ​ - ​ ​ 2.0 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ 27.9 ​ ​ ​ 7.4 ​ ​ 7.5 ​ ​ ​ 15.6 ​ Gross value of derivatives ​ ​ ​ 47.4 ​ ​ ​ 15.5 ​ ​ 37.5 ​ ​ ​ 69.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts offset in the Consolidated Balance Sheets ​ ​ ​ (18.6) ​ ​ ​ (12.3) ​ ​ (18.6) ​ ​ ​ (12.3) ​ Net value of derivatives ​ ​ ​ $28.8 ​ ​ ​ $3.2 ​ ​ $18.9 ​ ​ ​ $57.6 ​ ​ The following table summarizes the notional values of the Company’s outstanding derivatives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional Values ​ ​ ​ September 30 ​ ​ December 31 (millions) ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ $ 3,819 ​ ​ ​ $ 3,702 ​ Interest rate swap agreements ​ ​ 750 ​ ​ ​ - ​ Cross-currency swap derivative contract ​ ​ 354 ​ ​ ​ - ​ ​ ​ 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, 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 (“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 three years . 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 swaps 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 offset against the underlying debt instrument. These fair value hedges are highly effective. ​ In March 2021, the Company entered into an interest rate swap agreement that converted $250 million of its 3.25% debt from a fixed interest rate to a floating interest rate. The interest rate swap is designated as a fair value hedge. ​ In July 2021, the Company entered into an interest rate swap agreement that converted the remaining $250 million of its 3.25% debt from a fixed interest rate to a floating interest rate. The interest rate swap is designated as a fair value hedge. ​ In September 2021, the Company entered into an interest rate swap agreement that converted $250 million of its 4.80% debt from a fixed interest rate to a floating interest rate. The interest rate swap is designated as a fair value hedge ​ 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 ​ ​ Third Quarter Ended ​ Third Quarter Ended Line item in which the hedged item is included ​ September 30 ​ September 30 (millions) 2021 ​ 2020 2021 ​ 2020 Long-term debt ​ ​ $745.9 ​ ​ ​ $- ​ ​ $5.2 ​ ​ ​ $- ​ Net Investment Hedges ​ The Company designates its outstanding €1,150 million ( $1,353 million at the end of the third quarter of 2021) 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. ​ In July 2021, the Company entered into a cross-currency swap derivative contract with a notional amount of €300 million maturing in 2030. The cross-currency swap derivative contract is designated as a 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 contract exchanges fixed-rate payments in one currency for fixed-rate payments in another currency. As of September 30, 2021, the Company had a €300 million ( $354 million) cross-currency swap derivative contract outstanding as a hedge of the Company’s net investment in foreign operations. The changes in the spot rate of these instruments are recorded in accumulated other comprehensive income (loss) in stockholders’ equity, partially offsetting the foreign currency translation adjustment of the Company’s related net investment that is also recorded in accumulated other comprehensive income (loss). Any ineffective portions of net investment hedges are reclassified from accumulated other comprehensive income (loss) 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 contract, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 (millions) 2021 ​ 2020 ​ 2021 ​ 2020 Revaluation gain (loss), net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Euronotes ​ ​ $36.7 ​ ​ ​ ($83.4) ​ ​ ​ $10.3 ​ ​ ​ ($87.4) ​ Cross-currency swap derivative contract ​ ​ (1.5) ​ ​ ​ - ​ ​ ​ (1.5) ​ ​ ​ - ​ Total revaluation gain (loss), net of tax ​ ​ $35.2 ​ ​ ​ ($83.4) ​ ​ ​ $8.8 ​ ​ ​ ($87.4) ​ ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ ​ ​ September 30 ​ ​ ​ 2021 ​ 2020 ​ (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 ​ ​ ($4.6) ​ $42.1 ​ $- ​ ​ ​ $3.1 ​ ($101.5) ​ $- ​ Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value ​ ​ - ​ - ​ 5.1 ​ ​ ​ - ​ - ​ (4.9) ​ Interest rate swap agreements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from AOCI to income ​ ​ - ​ - ​ (0.6) ​ ​ ​ - ​ - ​ (0.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) on derivatives not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in income (a) ​ ​ - ​ 22.8 ​ - ​ ​ ​ - ​ (30.2) ​ 11.3 ​ Total gain (loss) of all derivative instruments ​ ​ ($4.6) ​ $64.9 ​ $4.5 ​ ​ ​ $3.1 ​ ($131.7) ​ $6.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ September 30 ​ ​ ​ 2021 ​ 2020 ​ (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 ​ ​ ($9.2) ​ $4.7 ​ $- ​ ​ ​ $9.1 ​ ($108.8) ​ $- ​ Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value ​ ​ - ​ - ​ 16.4 ​ ​ ​ - ​ - ​ 8.6 ​ Interest rate swap agreements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from AOCI to income ​ ​ - ​ - ​ (1.8) ​ ​ ​ - ​ - ​ (0.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) on derivatives not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in income (a) ​ ​ - ​ 28.6 ​ - ​ ​ ​ - ​ (12.3) ​ 11.3 ​ Total gain (loss) of all derivative instruments ​ ​ ($9.2) ​ $33.3 ​ $14.6 ​ ​ ​ $9.1 ​ ($121.1) ​ $19.2 ​ ​ (a) Gain (loss) on derivatives not designated as hedging instruments recognized in income recorded in SG&A includes discontinued operations of ( $2.5 ) in the first nine months of 2020. ​ Subsequent Event ​ In October 2021, the Company entered into an interest rate swap agreement that converted $250 million of its 2.70% debt from a fixed interest rate to a floating interest rate. The interest rate swap is designated as a fair value hedge. ​

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION9 Months Ended
Sep. 30, 2021
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION10. 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. ​ The following tables provide other comprehensive income information related to the Company’s derivatives and hedging instruments and pension and postretirement benefits. Refer to Note 9 for additional information related to the Company’s derivatives and hedging transactions. Refer to Note 14 for additional information related to the Company’s pension and postretirement benefits activity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions) 2021 ​ 2020 2021 ​ 2020 ​ Derivative and Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on derivative & hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in AOCI ​ ​ $61.2 ​ ​ ​ ($126.2) ​ ​ $30.3 ​ ​ ​ ($108.3) ​ Loss (gain) reclassified from AOCI into income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COS ​ ​ 4.6 ​ ​ ​ (3.1) ​ ​ 9.2 ​ ​ ​ (9.1) ​ SG&A ​ (42.1) ​ ​ ​ 101.5 ​ (4.7) ​ ​ ​ 108.8 ​ Interest (income) expense, net ​ ​ (4.5) ​ ​ ​ 5.1 ​ ​ (14.6) ​ ​ ​ (7.9) ​ ​ ​ (42.0) ​ ​ ​ 103.5 ​ (10.1) ​ ​ ​ 91.8 ​ Other activity ​ 0.5 ​ ​ ​ (0.2) ​ (0.2) ​ ​ ​ (0.2) ​ Tax impact ​ (4.4) ​ ​ ​ 3.8 ​ (3.3) ​ ​ ​ 2.6 ​ Net of tax ​ ​ $15.3 ​ ​ ​ ($19.1) ​ ​ $16.7 ​ ​ ​ ($14.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and Postretirement Benefits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in AOCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period net actuarial gain ​ ​ $- ​ ​ ​ $- ​ ​ $145.0 ​ ​ ​ $- ​ Amount reclassified from AOCI into income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Settlement charge ​ ​ 7.0 ​ ​ ​ - ​ ​ 26.6 ​ ​ ​ - ​ Amortization of net actuarial loss and prior period service credits, net ​ ​ 16.3 ​ ​ ​ 15.0 ​ ​ 59.8 ​ ​ ​ 44.3 ​ ​ ​ 23.3 ​ ​ ​ 15.0 ​ ​ 231.4 ​ ​ ​ 44.3 ​ Other activity ​ ​ 15.6 ​ ​ ​ (29.8) ​ ​ (2.8) ​ ​ ​ (21.5) ​ Tax impact ​ (5.5) ​ ​ ​ (3.7) ​ (55.9) ​ ​ ​ (10.8) ​ Net of tax ​ ​ $33.4 ​ ​ ​ ($18.5) ​ ​ $172.7 ​ ​ ​ $12.0 ​ ​ The following table summarizes the derivative and pension and postretirement benefit amounts reclassified from AOCI into income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ September 30 ​ September 30 ​ 2021 ​ 2020 2021 ​ 2020 (millions) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative (gain) loss reclassified from AOCI into income, net of tax ​ ​ ($31.9) ​ ​ ​ $78.2 ​ ​ ($7.7) ​ ​ ​ $69.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and postretirement benefits amortization of net actuarial losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and prior service credits and settlement charges reclassified from AOCI into income, net of tax ​ ​ 33.4 ​ ​ ​ (18.5) ​ ​ 62.8 ​ ​ ​ 12.0 ​

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY9 Months Ended
Sep. 30, 2021
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY11. SHAREHOLDERS’ EQUITY ​ Share Repurchase Authorization ​ In February 2015, the Company’s Board of Directors authorized the repurchase of up to 20,000,000 shares of its common stock, including shares to be repurchased under Rule 10b5–1. As of September 30, 2021, 5,978,499 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 nine months of 2021, the Company reacquired 367,141 shares of its common stock, of which 261,447 related to share repurchases through open market and 105,694 related to shares withheld for taxes on the exercise of stock options and the vesting of stock awards and units. ​ During all of 2020, the Company reacquired 761,245 shares of its common stock, of which 565,064 related to share repurchases through open market or private purchases and 196,181 related to shares withheld for taxes on the exercise of stock options and the vesting of stock awards and units. ​ Separation of ChampionX ​ On June 3, 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. ​ ​

EARNINGS ATTRIBUTABLE TO ECOLAB

EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")9 Months Ended
Sep. 30, 2021
EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")
EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")12. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ September 30 ​ September 30 (millions, except per share) 2021 2020 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations attributable to Ecolab ​ ​ $324.5 ​ ​ ​ $246.2 ​ ​ ​ $828.9 ​ ​ ​ $667.1 Net loss from discontinued operations ​ ​ - ​ ​ ​ - ​ ​ ​ - ​ ​ ​ (2,172.5) Net income (loss) attributable to Ecolab ​ ​ $324.5 ​ ​ ​ $246.2 ​ ​ ​ $828.9 ​ ​ ​ ($1,505.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 286.4 ​ ​ ​ 285.4 ​ ​ 286.1 ​ ​ ​ 287.5 Effect of dilutive stock options and units ​ 2.8 ​ ​ ​ 3.0 ​ ​ 2.9 ​ ​ ​ 3.3 Diluted ​ 289.2 ​ ​ ​ 288.4 ​ ​ ​ 289.0 ​ ​ ​ 290.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) attributable to Ecolab per common share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 1.13 ​ ​ ​ $ 0.86 ​ ​ ​ $ 2.90 ​ ​ ​ $ 2.32 Discontinued operations ​ ​ $ - ​ ​ ​ $ - ​ ​ ​ $ - ​ ​ ​ ($ 7.56) Earnings (loss) attributable to Ecolab ​ ​ $ 1.13 ​ ​ ​ $ 0.86 ​ ​ ​ $ 2.90 ​ ​ ​ ($ 5.24) Diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 1.12 ​ ​ ​ $ 0.85 ​ ​ ​ $ 2.87 ​ ​ ​ $ 2.29 Discontinued operations ​ ​ $ - ​ ​ ​ $ - ​ ​ ​ $ - ​ ​ ​ ($ 7.47) Earnings (loss) attributable to Ecolab ​ ​ $ 1.12 ​ ​ ​ $ 0.85 ​ ​ ​ $ 2.87 ​ ​ ​ ($ 5.18) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Anti-dilutive securities excluded from the computation of diluted EPS ​ 1.0 ​ ​ ​ 1.0 ​ ​ 1.0 ​ ​ ​ 1.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts do not necessarily sum due to rounding. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

INCOME TAXES

INCOME TAXES9 Months Ended
Sep. 30, 2021
INCOME TAXES
INCOME TAXES13. INCOME TAXES ​ The Company’s tax rate was 18.3% and 14.5% for the third quarter of 2021 and 2020, respectively, and 21.2% and 13.2% for the first nine months of 2021 and 2020, respectively. The change in the Company’s tax rate for the third quarter and first nine months of 2021 compared to the third quarter and first nine months of 2020 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 benefits related to discrete tax items of $6.3 million in the third quarter and $17.5 million in the first nine months of 2021. This included a tax benefit of $4.0 million in the third quarter and a net tax expense of $5.5 million in the first nine months of 2021 related to prior year returns, and a deferred tax benefit of $0.4 million and deferred tax expense of $23.8 million associated with transferring certain intangible property between affiliates in the third quarter and first nine months of 2021, respectively. Share-based compensation excess tax benefit was $9.9 million and $20.7 million in the third quarter and first nine months of 2021, respectively. The amount of this tax benefit is subject to variation in stock price and award exercises. The remaining discrete tax expense of $8.0 million and $8.9 million during the third quarter and first nine months of 2021, respectively, was primarily due to changes in tax law, reserves for uncertain tax positions, audit settlements, and other changes in estimates. ​ The Company recognized net tax benefits related to discrete tax items of $12.4 million and $56.8 million in the third quarter and first nine months of 2020, respectively. Share-based compensation excess tax benefit contributed $3.4 million and $49.0 million in the third quarter and first nine months of 2020, respectively. Additionally, the Company recognized a net tax benefit of $6.9 million and $2.4 million primarily related to the release of a valuation allowance, the filing of prior year foreign tax returns and other income tax adjustments in the third quarter and first nine months of 2020, respectively. The remaining discrete net tax benefit of $2.1 million and $5.4 million was due to the net release of reserves for uncertain tax positions during the third quarter and first nine months of 2020, respectively. ​ ​

PENSION AND POSTRETIREMENT PLAN

PENSION AND POSTRETIREMENT PLANS9 Months Ended
Sep. 30, 2021
PENSION AND POSTRETIREMENT PLANS
RETIREMENT PLANS14. 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 U.S. non-contributory non-qualified defined benefit plans, which provide benefits in excess of limits permitted under its U.S. pension plans. Various international subsidiaries also have defined benefit pension plans. The Company provides postretirement health care benefits to certain U.S. employees and retirees. Effective January 1, 2021, the Company modified its U.S. qualified defined benefit pension plan to harmonize benefits across all plan participants, resulting in a reduction of service cost in 2021. ​ The components of net periodic pension and postretirement health care benefit expense for the third quarter ended September 30 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ International ​ U.S. Postretirement ​ ​ Pension ​ Pension ​ Health Care (millions) 2021 ​ 2020 2021 ​ 2020 2021 ​ 2020 Service cost ​ ​ $11.2 ​ ​ ​ $16.5 ​ ​ $7.9 ​ ​ ​ $7.9 ​ ​ $0.2 ​ ​ ​ $0.3 Interest cost on benefit obligation ​ 13.3 ​ ​ ​ 17.7 ​ ​ 4.4 ​ ​ ​ 5.5 ​ ​ 0.7 ​ ​ ​ 0.8 Expected return on plan assets ​ (38.0) ​ ​ ​ (38.2) ​ ​ (16.6) ​ ​ ​ (15.7) ​ ​ (0.1) ​ ​ ​ (0.1) Recognition of net actuarial loss (gain) ​ ​ 12.1 ​ ​ ​ 13.0 ​ ​ 5.8 ​ ​ ​ 6.6 ​ ​ 0.2 ​ ​ ​ (0.1) Amortization of prior service benefit ​ ​ (1.7) ​ ​ ​ (1.6) ​ ​ (0.1) ​ ​ ​ (0.1) ​ ​ - ​ ​ ​ (2.9) Curtailments and settlements (b) ​ ​ 7.0 ​ ​ ​ - ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ - Total expense (benefit) ​ ​ $3.9 ​ ​ ​ $7.4 ​ ​ $1.4 ​ ​ ​ $4.2 ​ ​ $1.0 ​ ​ ​ ($2.0) ​ The components of net periodic pension and postretirement health care benefit expense for the nine months ended September 30 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ International ​ U.S. Postretirement ​ ​ Pension ​ Pension ​ Health Care (millions) 2021 ​ 2020 2021 ​ 2020 2021 ​ 2020 Service cost (a) ​ ​ $32.8 ​ ​ ​ $51.9 ​ ​ $24.0 ​ ​ ​ $23.2 ​ ​ $0.6 ​ ​ ​ $0.9 Interest cost on benefit obligation ​ ​ 38.3 ​ ​ ​ 52.7 ​ ​ 13.1 ​ ​ ​ 16.1 ​ ​ 2.1 ​ ​ ​ 2.9 Expected return on plan assets ​ ​ (115.2) ​ ​ ​ (114.6) ​ ​ (51.9) ​ ​ ​ (46.7) ​ ​ (0.3) ​ ​ ​ (0.3) Recognition of net actuarial (gain) loss ​ ​ 44.5 ​ ​ ​ 39.0 ​ ​ 20.3 ​ ​ ​ 19.2 ​ ​ 0.6 ​ ​ ​ - Amortization of prior service benefit ​ ​ (5.1) ​ ​ ​ (5.4) ​ ​ (0.5) ​ ​ ​ (0.1) ​ ​ - ​ ​ ​ (8.4) Curtailments and settlements (b) ​ ​ 26.6 ​ ​ ​ - ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ - Total expense (benefit) ​ ​ $21.9 ​ ​ ​ $23.6 ​ ​ $5.0 ​ ​ ​ $11.7 ​ ​ $3.0 ​ ​ ​ ($4.9) ​ (a) Service cost includes discontinued operations of $2.5 in the first six months of 2020. (b) Settlement expense was recognized as special charges in the third quarter and first nine months of 2021. ​ Service cost is included as employee compensation cost within either cost of sales or selling, general and administrative expenses on the Consolidated Statements of Income based on employee roles, while all other components of net periodic pension and postretirement health care benefit expense are included in other (income) expense on the Consolidated Statements of Income. ​ As of September 30, 2021, the Company is in compliance with all funding requirements of each of its defined benefit plans. ​ During the first nine months of 2021, the Company made contributions of $10 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 2021. ​ During the first nine months of 2021, the Company made contributions of $33 million to its international pension plans and estimates it will contribute an additional $10 million to such plans during the remainder of 2021. ​ During the first nine months of 2021, the Company made contributions of $8 million to its U.S. postretirement health care plans and estimates it will contribute an additional $3 million to such plans during the remainder of 2021.

REVENUES

REVENUES9 Months Ended
Sep. 30, 2021
REVENUES
REVENUES15. REVENUES ​ Revenue Recognition ​ Product and Sold Equipment ​ Product revenue is generated from sales of cleaning, sanitizing, water 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. ​ 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. In the second quarter ended June 30, 2020, the Company provided a one-time lease billing suspension of approximately $38 million to certain restaurant customers within the Institutional Segment, in recognition of the impact of the COVID-19 pandemic. There was no substantial change to the consideration expected to be received under the lease arrangement. ​ The Company’s operating lease revenue was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended Nine Months Ended ​ ​ ​ September 30 September 30 ​ (millions) ​ 2021 ​ 2020 2021 ​ 2020 ​ Operating lease revenue* ​ ​ $103.3 ​ ​ ​ ​ $84.9 ​ ​ ​ $306.4 ​ ​ ​ ​ $258.2 ​ ​ ​ ​ *Includes immaterial variable lease revenue ​ 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 16. ​ Net sales at public exchange rates by reportable segment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended Nine Months Ended ​ ​ September 30 September 30 (millions) 2021 ​ 2020 2021 ​ 2020 Global Industrial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ $1,386.0 ​ ​ ​ $1,264.3 ​ ​ $3,941.0 ​ ​ ​ $3,725.8 Service and lease equipment ​ 217.1 ​ ​ ​ 205.0 ​ ​ 637.6 ​ ​ ​ 600.9 Global Institutional & Specialty ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 889.9 ​ ​ ​ 758.7 ​ ​ 2,397.7 ​ ​ ​ 2,248.7 ​ Service and lease equipment ​ ​ 180.7 ​ ​ ​ 139.7 ​ ​ 506.3 ​ ​ ​ 429.9 ​ Global Healthcare & Life Sciences ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 259.4 ​ ​ ​ 292.3 ​ ​ 795.4 ​ ​ ​ 788.1 ​ Service and lease equipment ​ ​ 27.5 ​ ​ ​ 30.0 ​ ​ 86.0 ​ ​ ​ 78.3 ​ Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 82.7 ​ ​ ​ 64.5 ​ ​ 224.0 ​ ​ ​ 196.0 ​ Service and lease equipment ​ ​ 241.5 ​ ​ ​ 217.2 ​ ​ 676.4 ​ ​ ​ 598.0 ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 35.8 ​ ​ ​ 46.6 ​ ​ 103.5 ​ ​ ​ 58.9 ​ Service and lease equipment ​ ​ 0.2 ​ ​ ​ 0.3 ​ ​ 0.6 ​ ​ ​ 0.3 ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total product and sold equipment ​ ​ $2,653.8 ​ ​ ​ $2,426.4 ​ ​ $7,461.6 ​ ​ ​ $7,017.5 ​ Total service and lease equipment ​ ​ $667.0 ​ ​ ​ $592.2 ​ ​ $1,906.9 ​ ​ ​ $1,707.4 ​ ​ Net sales at public exchange rates by geographic region for the third quarter ended September 30 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Global Institutional ​ Global Healthcare ​ ​ ​ ​ ​ ​ Industrial ​ & Specialty ​ & Life Sciences ​ Other ​ Corporate ​ 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ ​ $716.8 ​ ​ ​ $683.5 ​ ​ $776.4 ​ ​ ​ $654.1 ​ ​ $112.6 ​ ​ ​ $113.2 ​ ​ $201.3 ​ ​ ​ $175.7 ​ ​ $25.7 ​ ​ ​ $34.8 Europe ​ 353.3 ​ ​ ​ 325.0 ​ ​ 166.3 ​ ​ ​ 127.1 ​ ​ 154.1 ​ ​ ​ 170.7 ​ ​ 70.6 ​ ​ ​ 59.3 ​ ​ 0.8 ​ ​ ​ 2.4 Asia Pacific ​ 199.8 ​ ​ ​ 180.4 ​ ​ 48.4 ​ ​ ​ 47.6 ​ ​ 14.8 ​ ​ ​ 27.8 ​ ​ 17.1 ​ ​ ​ 14.3 ​ ​ 1.5 ​ ​ ​ 1.4 Latin America ​ 141.0 ​ ​ ​ 117.5 ​ ​ 34.9 ​ ​ ​ 32.4 ​ ​ - ​ ​ ​ 3.5 ​ ​ 13.0 ​ ​ ​ 13.4 ​ ​ 6.7 ​ ​ ​ 6.6 Greater China ​ ​ 102.9 ​ ​ ​ 85.1 ​ ​ 32.6 ​ ​ ​ 26.7 ​ ​ 1.8 ​ ​ ​ 1.7 ​ ​ 19.5 ​ ​ ​ 16.7 ​ ​ 0.7 ​ ​ ​ 0.4 India, Middle East and Africa ​ ​ 89.3 ​ ​ ​ 77.8 ​ ​ 12.0 ​ ​ ​ 10.5 ​ ​ 3.6 ​ ​ ​ 5.4 ​ ​ 2.7 ​ ​ ​ 2.3 ​ ​ 0.6 ​ ​ ​ 1.3 Total ​ ​ $1,603.1 ​ ​ ​ $1,469.3 ​ ​ $1,070.6 ​ ​ ​ $898.4 ​ ​ $286.9 ​ ​ ​ $322.3 ​ ​ $324.2 ​ ​ ​ $281.7 ​ ​ $36.0 ​ ​ ​ $46.9 ​ Net sales at public exchange rates by geographic region for the nine months ended September 30 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Global Institutional ​ Global Healthcare ​ ​ ​ ​ ​ ​ Industrial ​ & Specialty ​ & Life Sciences ​ Other ​ Corporate (millions) 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ ​ $2,046.0 ​ ​ ​ $2,033.1 ​ ​ $2,133.6 ​ ​ ​ $1,926.4 ​ ​ $320.0 ​ ​ ​ $325.6 ​ ​ $549.8 ​ ​ ​ $496.6 ​ ​ $73.4 ​ ​ ​ $47.1 Europe ​ 1,008.5 ​ ​ ​ 914.8 ​ ​ 394.5 ​ ​ ​ 375.7 ​ ​ 500.8 ​ ​ ​ 462.2 ​ ​ 191.3 ​ ​ ​ 164.2 ​ ​ 2.6 ​ ​ ​ 2.4 Asia Pacific ​ 586.8 ​ ​ ​ 548.8 ​ ​ 150.0 ​ ​ ​ 156.1 ​ ​ 40.3 ​ ​ ​ 51.7 ​ ​ 54.9 ​ ​ ​ 45.0 ​ ​ 4.2 ​ ​ ​ 1.4 Latin America ​ 400.5 ​ ​ ​ 362.5 ​ ​ 97.3 ​ ​ ​ 103.0 ​ ​ 1.1 ​ ​ ​ 6.3 ​ ​ 37.7 ​ ​ ​ 35.7 ​ ​ 19.4 ​ ​ ​ 6.6 Greater China ​ ​ 292.7 ​ ​ ​ 237.5 ​ ​ 98.7 ​ ​ ​ 82.8 ​ ​ 4.5 ​ ​ ​ 5.0 ​ ​ 57.7 ​ ​ ​ 45.0 ​ ​ 1.9 ​ ​ ​ 0.4 India, Middle East and Africa ​ ​ 244.1 ​ ​ ​ 230.0 ​ ​ 29.9 ​ ​ ​ 34.6 ​ ​ 14.7 ​ ​ ​ 15.6 ​ ​ 9.0 ​ ​ ​ 7.5 ​ ​ 2.6 ​ ​ ​ 1.3 Total ​ ​ $4,578.6 ​ ​ ​ $4,326.7 ​ ​ $2,904.0 ​ ​ ​ $2,678.6 ​ ​ $881.4 ​ ​ ​ $866.4 ​ ​ $900.4 ​ ​ ​ $794.0 ​ ​ $104.1 ​ ​ ​ $59.2 ​ Net sales by geographic region were determined based on origin of sale. Revenues in the United States made up 52% and 52% of total during the nine months ended September 30, 2021 and 2020, respectively. ​ Accounts Receivable and Allowance for Doubtful Accounts ​ Accounts receivable are carried at the invoiced amounts, less an allowance for doubtful accounts, and generally do not bear interest. The Company estimates the allowance for doubtful accounts for expected credit losses by analyzing accounts receivable balances by age and applying historical write-off and collection trend rates. The Company’s estimates separately consider specific circumstances and credit conditions of customer receivables, and whether it is probable balances will be collected. Account balances are written off against the allowance when it is determined the receivable will not be recovered. The Company’s allowance for doubtful accounts balance also includes an allowance for the expected return of products shipped and credits related to pricing or quantities shipped of $20.4 million and $15.3 million as of September 30, 2021 and 2020, respectively. Returns and credit activity is recorded directly as a reduction to revenue. ​ The following table summarizes the activity in the allowance for doubtful accounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ September 30 ​ (millions) ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ $84.3 ​ ​ ​ $55.5 ​ Adoption of new standard ​ ​ - ​ ​ ​ 4.3 ​ Bad debt expense ​ 12.4 ​ ​ 54.6 ​ Write-offs ​ (23.7) ​ ​ (25.0) ​ Other (a) ​ 3.4 ​ ​ (1.2) ​ Ending balance (b) ​ ​ $76.4 ​ ​ ​ $88.2 ​ ​ (a) Other amounts are primarily the effects of changes in currency translations and the impact of allowance for returns and credits. (b) The allowance for doubtful accounts balances in 2021 and 2020 reflect increased reserves, primarily due to the Institutional customer base as a result of the COVID-19 pandemic. ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ September 30 (millions) 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ Contract liability as of beginning of the year ​ $80.4 ​ ​ ​ $76.7 ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognized in the period from: ​ ​ ​ ​ ​ ​ Amounts included in the contract liability at the beginning of the year ​ (80.4) ​ ​ ​ (76.7) ​ ​ ​ ​ ​ ​ ​ ​ Increases due to billings excluding amounts recognized as revenue during the period ended ​ ​ 86.7 ​ ​ ​ 84.0 Business combinations ​ ​ - ​ ​ ​ 0.6 ​ ​ ​ ​ ​ ​ ​ ​ Contract liability as of end of period ​ ​ $86.7 ​ ​ ​ $84.6 ​

OPERATING SEGMENTS

OPERATING SEGMENTS9 Months Ended
Sep. 30, 2021
OPERATING SEGMENTS
OPERATING SEGMENTS16. OPERATING SEGMENTS ​ The Company’s organizational structure consists of global business unit and global regional leadership teams. The Company’s 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 ​ 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 the impact on previously reported values related to fixed currency exchange rates established by management at the beginning of 2021 and have been updated from the 2020 rates reflected in the Company’s Form 10-K. 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 table below. The “Other” column shown in the table reflects immaterial changes between segments, primarily cost allocations. ​ The impact of the preceding changes on previously reported full year 2020 reportable segment net sales and operating income is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 Reported ​ ​ ​ ​ ​ ​ ​ Fixed ​ ​ ​ 2020 Reported ​ ​ Valued at 2020 ​ ​ Currency ​ Valued at 2021 (millions) ​ Management Rates Other ​ Rate Change ​ Management Rates Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $5,959.9 ​ ​ ​ ($3.7) ​ ​ ​ ​ $92.0 ​ ​ ​ ​ $6,048.2 Global Institutional & Specialty ​ ​ 3,577.2 ​ ​ ​ 9.3 ​ ​ ​ ​ 42.5 ​ ​ ​ ​ 3,629.0 Global Healthcare & Life Sciences ​ ​ 1,189.1 ​ ​ ​ 3.7 ​ ​ ​ ​ 48.3 ​ ​ ​ ​ 1,241.1 Other ​ ​ 1,093.3 ​ ​ ​ (9.3) ​ ​ ​ ​ 19.4 ​ ​ ​ ​ 1,103.4 Corporate ​ ​ 102.4 ​ ​ ​ - ​ ​ ​ ​ (1.8) ​ ​ ​ ​ 100.6 Subtotal at fixed currency rates ​ ​ 11,921.9 ​ ​ ​ - ​ ​ ​ ​ 200.4 ​ ​ ​ ​ 12,122.3 Effect of foreign currency translation ​ ​ (131.7) ​ ​ ​ - ​ ​ ​ ​ (200.4) ​ ​ ​ ​ (332.1) Consolidated reported GAAP net sales ​ ​ $11,790.2 ​ ​ ​ $- ​ ​ ​ ​ $- ​ ​ ​ ​ $11,790.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $1,106.0 ​ ​ ​ ($0.2) ​ ​ ​ ​ $17.3 ​ ​ ​ ​ $1,123.1 Global Institutional & Specialty ​ ​ 321.9 ​ ​ ​ (0.3) ​ ​ ​ ​ 2.4 ​ ​ ​ ​ 324.0 Global Healthcare & Life Sciences ​ ​ 207.6 ​ ​ ​ 0.7 ​ ​ ​ ​ 10.0 ​ ​ ​ ​ 218.3 Other ​ ​ 131.5 ​ ​ ​ (0.2) ​ ​ ​ ​ 1.5 ​ ​ ​ ​ 132.8 Corporate ​ ​ (347.5) ​ ​ ​ - ​ ​ ​ ​ (2.2) ​ ​ ​ ​ (349.7) Subtotal at fixed currency rates ​ ​ 1,419.5 ​ ​ ​ - ​ ​ ​ ​ 29.0 ​ ​ ​ ​ 1,448.5 Effect of foreign currency translation ​ ​ (23.8) ​ ​ ​ - ​ ​ ​ ​ (29.0) ​ ​ ​ ​ (52.8) Consolidated reported GAAP operating income ​ ​ $1,395.7 ​ ​ ​ $- ​ ​ ​ ​ $- ​ ​ ​ ​ $1,395.7 ​ Reportable Segment Information ​ Financial information for the Company’s reportable segments, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions) 2021 ​ ​ 2020 ​ 2021 ​ ​ 2020 ​ Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ $1,620.4 ​ ​ ​ $1,512.9 ​ ​ $4,609.7 ​ ​ ​ $4,476.4 ​ Global Institutional & Specialty ​ ​ 1,076.6 ​ ​ ​ 914.4 ​ ​ 2,914.0 ​ ​ ​ 2,734.6 ​ Global Healthcare & Life Sciences ​ ​ 290.2 ​ ​ ​ 335.1 ​ ​ 887.4 ​ ​ ​ 913.3 ​ Other ​ ​ 326.3 ​ ​ ​ 288.7 ​ ​ 904.2 ​ ​ ​ 817.4 ​ Corporate ​ ​ 35.9 ​ ​ ​ 47.2 ​ ​ 104.1 ​ ​ ​ 59.5 ​ Subtotal at fixed currency rates ​ ​ 3,349.4 ​ ​ ​ 3,098.3 ​ ​ 9,419.4 ​ ​ ​ 9,001.2 ​ Effect of foreign currency translation ​ ​ (28.6) ​ ​ ​ (79.7) ​ ​ (50.9) ​ ​ ​ (276.3) ​ Consolidated reported GAAP net sales ​ $3,320.8 ​ ​ $3,018.6 ​ ​ $9,368.5 ​ ​ ​ $8,724.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ $268.3 ​ ​ ​ $302.3 ​ ​ $750.8 ​ ​ ​ $799.7 ​ Global Institutional & Specialty ​ ​ 196.5 ​ ​ ​ 83.7 ​ ​ 398.2 ​ ​ ​ 229.4 ​ Global Healthcare & Life Sciences ​ ​ 37.3 ​ ​ ​ 69.0 ​ ​ 131.2 ​ ​ ​ 162.0 ​ Other ​ ​ 59.2 ​ ​ ​ 45.8 ​ ​ 143.4 ​ ​ ​ 88.4 ​ Corporate ​ ​ (90.0) ​ ​ ​ (74.2) ​ ​ (204.4) ​ ​ ​ (257.4) ​ Subtotal at fixed currency rates ​ ​ 471.3 ​ ​ ​ 426.6 ​ ​ 1,219.2 ​ ​ ​ 1,022.1 ​ Effect of foreign currency translation ​ ​ (5.5) ​ ​ ​ (15.2) ​ ​ (8.3) ​ ​ ​ (42.5) ​ Consolidated reported GAAP operating income ​ $465.8 ​ ​ $411.4 ​ ​ $1,210.9 ​ ​ ​ $979.6 ​ ​ 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 4. Corporate also includes intangible asset amortization specifically from the Nalco merger 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 CONTINGENCIES9 Months Ended
Sep. 30, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES17. 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. ​ Environmental Matters ​ The Company is currently participating in environmental assessments and remediation at approximately 30 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 PRONOUNCEMENTS9 Months Ended
Sep. 30, 2021
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS​ ​ 18. NEW ACCOUNTING PRONOUNCEMENTS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Standards that are not yet adopted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Required ​ ​ ​ Date of ​ ​ ​ Date of ​ Effect on the ​ Standard Issuance ​ Description Adoption Financial Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​ March 2020 ​ LIBOR, a widely used reference rate for pricing financial products is scheduled to be discontinued on December 31, 2021. This standard provides optional expedients and exceptions if certain criteria are met when accounting for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ​ Application of guidance is optional until the options and expedients expire on December 31, 2022. ​ The Company has not elected any expedients and adoption of this standard is not expected to have a material impact on the Company's financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Standards that were adopted: ​ ​ ​ ​ ​ ​ ​ ​ ​ Date of ​ Date of Effect on the Standard Issuance ​ Description Adoption Financial Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ​ December 2019 ​ Simplifies the accounting for income taxes by removing certain exceptions to the general principles related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and recognition of deferred tax liabilities for outside basis differences. The new standard also simplifies the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the basis of goodwill. ​ January 1, 2021 ​ Adoption of this standard did not have a material 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)9 Months Ended
Sep. 30, 2021
Restructuring Activities
Special (gains) and charges​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ September 30 ​ September 30 (millions) 2021 ​ 2020 2021 ​ 2020 Cost of sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restructuring activities ​ ​ $2.2 ​ ​ ​ $1.0 ​ ​ $24.1 ​ ​ $6.6 Acquisition and integration activities ​ ​ - ​ ​ ​ 1.5 ​ ​ - ​ ​ ​ 4.1 COVID-19 activities, net ​ ​ 50.7 ​ ​ ​ 1.8 ​ ​ 51.8 ​ ​ ​ 8.7 Other ​ ​ - ​ ​ ​ 5.2 ​ ​ 0.3 ​ ​ ​ 26.2 Cost of sales subtotal ​ ​ 52.9 ​ ​ ​ 9.5 ​ ​ 76.2 ​ ​ 45.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Special (gains) and charges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restructuring activities ​ ​ 0.4 ​ ​ ​ 26.9 ​ ​ 6.5 ​ ​ 31.4 Acquisition and integration activities ​ ​ 0.8 ​ ​ ​ 2.7 ​ ​ 3.3 ​ ​ ​ 5.5 Disposal and impairment activities ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 45.9 COVID-19 activities, net ​ ​ 1.5 ​ ​ ​ (3.0) ​ ​ 16.2 ​ ​ 7.2 Other ​ ​ 3.6 ​ ​ ​ 8.4 ​ ​ 10.7 ​ ​ 30.3 Special (gains) and charges subtotal ​ ​ 6.3 ​ ​ ​ 35.0 ​ ​ 36.7 ​ ​ 120.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income subtotal ​ ​ 59.2 ​ ​ ​ 44.5 ​ ​ 112.9 ​ ​ ​ 165.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense, net ​ ​ 32.3 ​ ​ ​ 83.1 ​ ​ 32.3 ​ ​ ​ 83.8 Other (income) expense ​ ​ 7.0 ​ ​ ​ - ​ ​ 26.6 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total special (gains) and charges ​ ​ $98.5 ​ ​ ​ $127.6 ​ ​ $171.8 ​ ​ ​ $249.7
Institutional Advancement Program
Restructuring Activities
Restructuring activity​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ ​ ​ ​ ​ ​ (millions) Costs Disposals Other Total 2020 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense and accrual ​ ​ $25.6 ​ ​ ​ $- ​ ​ ​ $9.6 ​ ​ ​ $35.2 ​ Net cash payments ​ (0.9) ​ ​ ​ - ​ ​ ​ (9.6) ​ ​ ​ (10.5) ​ Restructuring liability, December 31, 2020 ​ 24.7 ​ ​ ​ - ​ ​ ​ - ​ ​ ​ 24.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense (income) and accrual 2.2 ​ ​ ​ 6.0 ​ ​ ​ 1.3 ​ ​ 9.5 ​ Net cash payments (18.9) ​ ​ ​ - ​ ​ ​ (2.7) ​ ​ (21.6) ​ Non-cash net charges - ​ ​ ​ (6.0) ​ ​ ​ 1.4 ​ ​ (4.6) ​ Restructuring liability, September 30, 2021 ​ ​ $8.0 ​ ​ ​ $- ​ ​ ​ $- ​ ​ ​ $8.0 ​
Accelerate 2020 Restructuring Plan
Restructuring Activities
Restructuring activity​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee ​ ​ ​ ​ ​ ​ ​ Termination ​ Asset ​ ​ ​ ​ ​ ​ (millions) Costs Disposals Other Total 2018-2020 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense ​ ​ $212.0 ​ ​ ​ $8.0 ​ ​ ​ $19.2 ​ ​ ​ $239.2 ​ Net cash payments ​ (144.3) ​ ​ ​ 1.2 ​ ​ ​ (12.2) ​ ​ (155.3) ​ Non-cash charges ​ - ​ ​ ​ (9.2) ​ ​ ​ (2.0) ​ ​ (11.2) ​ Effect of foreign currency translation ​ (0.9) ​ ​ ​ - ​ ​ ​ - ​ ​ (0.9) ​ Restructuring liability, December 31, 2020 ​ ​ 66.8 ​ ​ ​ - ​ ​ ​ 5.0 ​ ​ ​ 71.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense ​ ​ 2.4 ​ ​ ​ 0.3 ​ ​ ​ 0.2 ​ ​ ​ 2.9 ​ Net cash payments ​ (31.6) ​ ​ ​ - ​ ​ ​ (2.1) ​ ​ ​ (33.7) ​ Non-cash charges ​ - ​ ​ ​ (0.3) ​ ​ ​ (0.1) ​ ​ ​ (0.4) ​ Restructuring liability, September 30, 2021 ​ ​ $37.6 ​ ​ ​ $- ​ ​ ​ $3.0 ​ ​ ​ $40.6 ​

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)9 Months Ended
Sep. 30, 2021
CID Lines
Business acquisitions
Schedule of assets acquired and liabilities assumed​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ May 11, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tangible assets ​ ​ $54.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identifiable intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ ​ 147.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trademarks ​ 58.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquired technologies and product registrations ​ ​ 47.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets acquired ​ 307.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ ​ 274.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities ​ 97.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net consideration transferred to sellers ​ ​ $485.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Acquisitions
Business acquisitions
Schedule of assets acquired and liabilities assumed​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ September 30 ​ September 30 (millions) 2021 ​ 2020 2021 ​ 2020 Net tangible assets (liabilities) acquired and equity method investments ​ ​ $14.8 ​ ​ ​ $- ​ ​ ​ $12.4 ​ ​ ​ $- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identifiable intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ 41.0 ​ ​ ​ - ​ ​ 72.1 ​ ​ ​ - ​ Trademarks ​ 1.1 ​ ​ ​ - ​ ​ 4.7 ​ ​ ​ - ​ Non-compete agreements ​ 3.0 ​ ​ ​ ​ ​ ​ 3.0 ​ ​ ​ ​ ​ Other technology ​ ​ - ​ ​ ​ - ​ ​ ​ 1.5 ​ ​ ​ - ​ Total intangible assets ​ 45.1 ​ ​ ​ - ​ ​ 81.3 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ 60.2 ​ ​ ​ - ​ ​ 119.2 ​ ​ ​ - ​ Total aggregate purchase price ​ 120.1 ​ ​ ​ - ​ ​ 212.9 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition-related liabilities and contingent consideration (a) ​ - ​ ​ ​ - ​ ​ (4.4) ​ ​ ​ - ​ Net cash paid for acquisitions, including acquisition-related ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ liabilities and contingent consideration ​ ​ $120.1 ​ ​ ​ $- ​ ​ ​ $208.5 ​ ​ ​ $- ​ ​ (a) Subsequent to the acquisitions, $1.4 in contingent consideration was remitted to the seller during the first nine months of 2021 and is included in investing activities on the Consolidated Statements of Cash Flows. ​

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)9 Months Ended
Sep. 30, 2021
DISCONTINUED OPERATIONS.
Schedule Of Assets And Liabilities Transferred As A Part Of Separation​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ ​ ​ ​ Assets: ​ ​ ​ Cash and cash equivalent ​ $60.6 ​ Current assets ​ 810.5 ​ Non-current assets ​ 3,222.3 ​ ​ ​ ​ 4,093.4 ​ Liabilities: ​ ​ ​ ​ Current liabilities ​ ​ 313.0 ​ Non-current liabilities ​ ​ 293.7 ​ ​ ​ ​ 606.7 ​ ​ ​ ​ ​ ​ Net assets distributed to ChampionX ​ ​ ($3,486.7) ​ Fair value of shares exchanged ​ ​ 1,051.4 ​ Cash received from ChampionX ​ ​ 527.4 ​ Consideration received less net assets ​ ​ (1,907.9) ​ ​ ​ ​ ​ ​ ChampionX cumulative translation adjustment ("CTA") write-off ​ ​ (229.9) ​ Loss on separation ​ ​ ($2,137.8) ​ ​ ​ ​ ​ ​
Summary of discontinued operations​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ September 30 ​ September 30 (millions) ​ 2021 2020 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and equipment sales ​ ​ $- ​ ​ ​ $- ​ ​ $- ​ ​ ​ $858.9 Service and lease sales ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 99.6 Net sales ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 958.5 Product and equipment cost of sales ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 621.7 Service and lease cost of sales ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 80.4 Cost of sales (including special charges) ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 702.1 Selling, general and administrative expenses ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 180.5 Special (gains) and charges ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 2,221.7 Operating income ​ ​ - ​ ​ ​ - ​ - ​ ​ ​ (2,145.8) Other (income) expense ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 0.3 Interest expense (income), net ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 0.2 Income before income taxes ​ ​ - ​ ​ ​ - ​ - ​ ​ ​ (2,146.3) Provision for income taxes ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 24.0 Net loss including noncontrolling interest ​ ​ - ​ ​ ​ - ​ - ​ ​ ​ (2,170.3) Net income attributable to noncontrolling interest ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ 2.2 Net loss from discontinued operations, net of tax ​ ​ $- ​ ​ ​ $- ​ ​ $- ​ ​ ​ ($2,172.5)

BALANCE SHEETS INFORMATION (Tab

BALANCE SHEETS INFORMATION (Tables)9 Months Ended
Sep. 30, 2021
BALANCE SHEETS INFORMATION
Balance Sheet Information​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ December 31 (millions) 2021 ​ 2020 Accounts receivable, net ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ ​ $2,460.5 ​ ​ ​ $2,358.1 ​ Allowance for doubtful accounts ​ ​ (76.4) ​ ​ ​ (84.3) ​ Total ​ ​ $2,384.1 ​ ​ ​ $2,273.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventories ​ ​ ​ ​ ​ ​ ​ ​ Finished goods ​ ​ $886.5 ​ ​ ​ $789.6 ​ Raw materials and parts ​ ​ 550.2 ​ ​ ​ 511.2 ​ Inventories at FIFO cost ​ ​ 1,436.7 ​ ​ ​ 1,300.8 ​ FIFO cost to LIFO cost difference ​ ​ (58.5) ​ ​ ​ (15.6) ​ Total ​ ​ $1,378.2 ​ ​ ​ $1,285.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other current assets ​ ​ ​ ​ ​ ​ ​ ​ Prepaid assets ​ ​ $122.8 ​ ​ ​ $99.1 ​ Taxes receivable ​ ​ 158.0 ​ ​ ​ 168.6 ​ Derivative assets ​ ​ 25.6 ​ ​ ​ 3.2 ​ Other ​ ​ 20.2 ​ ​ ​ 27.3 ​ Total ​ ​ $326.6 ​ ​ ​ $298.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net ​ ​ ​ ​ ​ ​ ​ ​ Land ​ ​ $153.2 ​ ​ ​ $159.7 ​ Buildings and leasehold improvements ​ ​ 1,083.7 ​ ​ ​ 1,060.0 ​ Machinery and equipment ​ ​ 1,828.6 ​ ​ ​ 1,830.1 ​ Merchandising and customer equipment ​ ​ 2,714.6 ​ ​ ​ 2,691.0 ​ Capitalized software ​ ​ 863.7 ​ ​ ​ 820.8 ​ Construction in progress ​ ​ 279.7 ​ ​ ​ 219.8 ​ ​ ​ ​ 6,923.5 ​ ​ ​ 6,781.4 ​ Accumulated depreciation ​ ​ (3,853.9) ​ ​ ​ (3,656.5) ​ Total ​ ​ $3,069.6 ​ ​ ​ $3,124.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ 2,593.2 ​ ​ ​ 2,530.9 ​ Trademarks ​ ​ 348.0 ​ ​ ​ 348.0 ​ Patents ​ ​ 499.5 ​ ​ ​ 492.5 ​ Other technology ​ ​ 242.4 ​ ​ ​ 240.1 ​ ​ ​ ​ 3,683.1 ​ ​ ​ 3,611.5 ​ Accumulated amortization ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ ​ (1,432.6) ​ ​ ​ (1,319.1) ​ Trademarks ​ ​ (169.7) ​ ​ ​ (155.0) ​ Patents ​ ​ (266.9) ​ ​ ​ (244.6) ​ Other technology ​ ​ (154.2) ​ ​ ​ (145.8) ​ ​ ​ ​ (2,023.4) ​ ​ ​ (1,864.5) ​ Net intangible assets subject to amortization ​ ​ 1,659.7 ​ ​ ​ 1,747.0 ​ Total ​ ​ $2,889.7 ​ ​ ​ $2,977.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes ​ ​ $150.8 ​ ​ ​ $163.2 ​ Pension ​ ​ 46.9 ​ ​ ​ 33.0 ​ Derivative asset ​ ​ 3.2 ​ ​ ​ - ​ Other ​ ​ 276.2 ​ ​ ​ 279.8 ​ Total ​ ​ $477.1 ​ ​ ​ $476.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ December 31 (millions) 2021 ​ 2020 Other current liabilities ​ ​ ​ ​ ​ ​ ​ ​ Discounts and rebates ​ ​ $341.0 ​ ​ ​ $304.1 ​ Dividends payable ​ ​ 137.5 ​ ​ ​ 137.2 ​ Interest payable ​ ​ 44.0 ​ ​ ​ 51.7 ​ Taxes payable, other than income ​ ​ 131.7 ​ ​ ​ 151.8 ​ Derivative liabilities ​ ​ 1.0 ​ ​ ​ 25.8 ​ Restructuring ​ ​ 48.9 ​ ​ ​ 98.1 ​ Contract liability ​ ​ 86.7 ​ ​ ​ 80.4 ​ Operating lease liabilities ​ ​ 115.7 ​ ​ ​ 125.6 ​ Other ​ ​ 211.3 ​ ​ ​ 214.2 ​ Total ​ ​ $1,117.8 ​ ​ ​ $1,188.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ Unrealized loss on derivative financial instruments, net of tax ​ ​ ($4.4) ​ ​ ​ ($21.1) ​ Unrecognized pension and postretirement benefit expense, net of tax ​ ​ (762.5) ​ ​ ​ (935.2) ​ Cumulative translation, net of tax ​ ​ (966.6) ​ ​ ​ (1,038.1) ​ Total ​ ​ ($1,733.5) ​ ​ ​ ($1,994.4) ​

DEBT AND INTEREST (Tables)

DEBT AND INTEREST (Tables)9 Months Ended
Sep. 30, 2021
DEBT AND INTEREST
Schedule of short-term debt obligations​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ December 31 (millions) 2021 ​ 2020 Short-term debt ​ ​ ​ ​ ​ ​ ​ Notes payable ​ $16.0 ​ ​ ​ $15.5 ​ Long-term debt, current maturities ​ 2.7 ​ ​ ​ 1.8 ​ Total ​ $18.7 ​ ​ ​ $17.3 ​
Schedule of long-term debt obligations including current maturities​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ September 30 ​ December 31 (millions) ​ by Year ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public and 144A notes (2021 principal amount) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Five year 2017 senior notes ( $500 million) ​ 2022 ​ ​ $- ​ ​ ​ $498.6 ​ Seven year 2016 senior notes ( $400 million) ​ 2023 ​ ​ - ​ ​ ​ 399.0 ​ Seven year 2016 senior notes ( €575 million) ​ 2024 ​ ​ 676.1 ​ ​ ​ 682.0 ​ Ten year 2015 senior notes ( €575 million) ​ 2025 ​ ​ 676.6 ​ ​ ​ 682.9 ​ Ten year 2016 senior notes ( $750 million) ​ 2026 ​ ​ 745.9 ​ ​ ​ 745.3 ​ Ten year 2017 senior notes ( $500 million) ​ 2027 ​ ​ 493.6 ​ ​ ​ 496.0 ​ Ten year 2020 senior notes ( $698 million) ​ 2030 ​ ​ 708.3 ​ ​ ​ 765.2 ​ Ten year 2020 senior notes ( $600 million) ​ 2031 ​ ​ 594.9 ​ ​ ​ 594.4 ​ Thirty year 2011 senior notes ( $389 million) ​ 2041 ​ ​ 384.2 ​ ​ ​ 452.2 ​ Thirty year 2016 senior notes ( $200 million) ​ 2046 ​ ​ 197.1 ​ ​ ​ 246.4 ​ Thirty year 2017 senior notes ( $484 million) ​ 2047 ​ ​ 424.0 ​ ​ ​ 611.9 ​ Thirty year 2020 senior notes ( $500 million) ​ 2050 ​ ​ 490.3 ​ ​ ​ 490.1 ​ Thirty-four year 2021 144A notes ( $685 million) ​ 2055 ​ ​ 534.9 ​ ​ ​ - ​ Finance lease obligations and other ​ ​ ​ ​ 8.6 ​ ​ ​ 7.1 ​ Total debt ​ ​ ​ ​ 5,934.5 ​ ​ ​ 6,671.1 ​ Long-term debt, current maturities ​ ​ ​ ​ (2.7) ​ ​ ​ (1.8) ​ Total long-term debt ​ ​ ​ ​ $5,931.8 ​ ​ ​ $6,669.3 ​
Schedule of interest expense and interest income​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions) 2021 ​ 2020 ​ 2021 ​ 2020 ​ Interest expense ​ ​ $78.3 ​ ​ ​ $139.0 ​ ​ $183.8 ​ ​ ​ $253.4 ​ Interest income ​ (1.9) ​ ​ ​ (4.2) ​ (10.1) ​ ​ ​ (11.6) Interest expense, net ​ ​ $76.4 ​ ​ ​ $134.8 ​ ​ $173.7 ​ ​ ​ $241.8 ​

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)9 Months Ended
Sep. 30, 2021
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, 2020 ​ ​ $4,287.9 ​ ​ $564.1 ​ ​ $909.8 ​ ​ $245.1 ​ ​ $6,006.9 ​ ​ Current year business combinations (a) ​ ​ - ​ ​ 11.0 ​ ​ 108.2 ​ ​ - ​ ​ 119.2 ​ ​ Prior year business combinations (b) ​ ​ (0.9) ​ ​ - ​ ​ - ​ ​ - ​ ​ (0.9) ​ ​ Effect of foreign currency translation ​ ​ 2.4 ​ ​ (0.4) ​ ​ (1.5) ​ ​ (0.1) ​ ​ 0.4 ​ ​ September 30, 2021 ​ ​ $4,289.4 ​ ​ $574.7 ​ ​ $1,016.5 ​ ​ $245.0 ​ ​ $6,125.6 ​ ​ ​ (a) Represents goodwill associated with current year acquisitions. (b) Represents purchase accounting adjustments associated with the CID Lines acquisition. ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)9 Months Ended
Sep. 30, 2021
FAIR VALUE MEASUREMENTS
Schedule of the carrying amount and estimated fair value of assets and liabilities measured on recurring basis​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 (millions) ​ Carrying ​ Fair Value Measurements ​ Amount Level 1 ​ Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts $45.0 ​ ​ ​ $- ​ ​ $45.0 ​ ​ $- ​ Interest rate swap agreements ​ ​ 2.4 ​ ​ ​ - ​ ​ ​ 2.4 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ 31.6 ​ ​ ​ - ​ ​ ​ 31.6 ​ ​ ​ - ​ Interest rate swap agreements ​ ​ 3.9 ​ ​ ​ ​ ​ ​ ​ 3.9 ​ ​ ​ ​ ​ Cross-currency swap derivative contract ​ ​ 2.0 ​ ​ ​ - ​ ​ ​ 2.0 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 (millions) ​ Carrying ​ Fair Value Measurements ​ Amount Level 1 ​ Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $15.5 ​ ​ $- ​ ​ $15.5 ​ ​ $- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ 69.9 ​ ​ - ​ ​ 69.9 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of carrying amount and estimated fair value of long-term debt​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Amount Value Amount Value Long-term debt, including current maturities ​ ​ $5,934.5 ​ ​ ​ $6,623.3 ​ ​ ​ $6,671.1 ​ ​ $7,704.4

DERIVATIVES AND HEDGING TRANS_2

DERIVATIVES AND HEDGING TRANSACTIONS (Tables)9 Months Ended
Sep. 30, 2021
DERIVATIVES AND HEDGING TRANSACTIONS
Gross fair value of the company's outstanding derivative assets and liabilities​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Assets Derivative Liabilities ​ ​ ​ September 30 ​ December 31 ​ September 30 ​ December 31 ​ (millions) ​ 2021 ​ 2020 2021 ​ 2020 Derivatives designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ $17.1 ​ ​ ​ $8.1 ​ ​ $24.1 ​ ​ ​ $54.3 ​ Interest rate swap agreements ​ ​ ​ 2.4 ​ ​ ​ - ​ ​ 3.9 ​ ​ ​ - ​ Cross-currency swap derivative contract ​ ​ ​ - ​ ​ ​ - ​ ​ 2.0 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ 27.9 ​ ​ ​ 7.4 ​ ​ 7.5 ​ ​ ​ 15.6 ​ Gross value of derivatives ​ ​ ​ 47.4 ​ ​ ​ 15.5 ​ ​ 37.5 ​ ​ ​ 69.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts offset in the Consolidated Balance Sheets ​ ​ ​ (18.6) ​ ​ ​ (12.3) ​ ​ (18.6) ​ ​ ​ (12.3) ​ Net value of derivatives ​ ​ ​ $28.8 ​ ​ ​ $3.2 ​ ​ $18.9 ​ ​ ​ $57.6 ​ ​
Summary of notional values of outstanding derivatives​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional Values ​ ​ ​ September 30 ​ ​ December 31 (millions) ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ $ 3,819 ​ ​ ​ $ 3,702 ​ Interest rate swap agreements ​ ​ 750 ​ ​ ​ - ​ Cross-currency swap derivative contract ​ ​ 354 ​ ​ ​ - ​ ​
Schedule of amounts on the 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 ​ ​ Third Quarter Ended ​ Third Quarter Ended Line item in which the hedged item is included ​ September 30 ​ September 30 (millions) 2021 ​ 2020 2021 ​ 2020 Long-term debt ​ ​ $745.9 ​ ​ ​ $- ​ ​ $5.2 ​ ​ ​ $-
Revaluation gains and losses on euro notes and forward contracts​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 (millions) 2021 ​ 2020 ​ 2021 ​ 2020 Revaluation gain (loss), net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Euronotes ​ ​ $36.7 ​ ​ ​ ($83.4) ​ ​ ​ $10.3 ​ ​ ​ ($87.4) ​ Cross-currency swap derivative contract ​ ​ (1.5) ​ ​ ​ - ​ ​ ​ (1.5) ​ ​ ​ - ​ Total revaluation gain (loss), net of tax ​ ​ $35.2 ​ ​ ​ ($83.4) ​ ​ ​ $8.8 ​ ​ ​ ($87.4) ​
Impact on AOCI and earnings from derivative contracts qualified as cash flow hedges​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ ​ ​ September 30 ​ ​ ​ 2021 ​ 2020 ​ (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 ​ ​ ($4.6) ​ $42.1 ​ $- ​ ​ ​ $3.1 ​ ($101.5) ​ $- ​ Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value ​ ​ - ​ - ​ 5.1 ​ ​ ​ - ​ - ​ (4.9) ​ Interest rate swap agreements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from AOCI to income ​ ​ - ​ - ​ (0.6) ​ ​ ​ - ​ - ​ (0.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) on derivatives not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in income (a) ​ ​ - ​ 22.8 ​ - ​ ​ ​ - ​ (30.2) ​ 11.3 ​ Total gain (loss) of all derivative instruments ​ ​ ($4.6) ​ $64.9 ​ $4.5 ​ ​ ​ $3.1 ​ ($131.7) ​ $6.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ September 30 ​ ​ ​ 2021 ​ 2020 ​ (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 ​ ​ ($9.2) ​ $4.7 ​ $- ​ ​ ​ $9.1 ​ ($108.8) ​ $- ​ Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value ​ ​ - ​ - ​ 16.4 ​ ​ ​ - ​ - ​ 8.6 ​ Interest rate swap agreements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from AOCI to income ​ ​ - ​ - ​ (1.8) ​ ​ ​ - ​ - ​ (0.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) on derivatives not designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in income (a) ​ ​ - ​ 28.6 ​ - ​ ​ ​ - ​ (12.3) ​ 11.3 ​ Total gain (loss) of all derivative instruments ​ ​ ($9.2) ​ $33.3 ​ $14.6 ​ ​ ​ $9.1 ​ ($121.1) ​ $19.2 ​ ​ (a) Gain (loss) on derivatives not designated as hedging instruments recognized in income recorded in SG&A includes discontinued operations of ( $2.5 ) in the first nine months of 2020. ​

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Tables)9 Months Ended
Sep. 30, 2021
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION
Schedule of other comprehensive income information related to the Company's derivatives and hedging instruments and pension and postretirement benefits​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions) 2021 ​ 2020 2021 ​ 2020 ​ Derivative and Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on derivative & hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in AOCI ​ ​ $61.2 ​ ​ ​ ($126.2) ​ ​ $30.3 ​ ​ ​ ($108.3) ​ Loss (gain) reclassified from AOCI into income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COS ​ ​ 4.6 ​ ​ ​ (3.1) ​ ​ 9.2 ​ ​ ​ (9.1) ​ SG&A ​ (42.1) ​ ​ ​ 101.5 ​ (4.7) ​ ​ ​ 108.8 ​ Interest (income) expense, net ​ ​ (4.5) ​ ​ ​ 5.1 ​ ​ (14.6) ​ ​ ​ (7.9) ​ ​ ​ (42.0) ​ ​ ​ 103.5 ​ (10.1) ​ ​ ​ 91.8 ​ Other activity ​ 0.5 ​ ​ ​ (0.2) ​ (0.2) ​ ​ ​ (0.2) ​ Tax impact ​ (4.4) ​ ​ ​ 3.8 ​ (3.3) ​ ​ ​ 2.6 ​ Net of tax ​ ​ $15.3 ​ ​ ​ ($19.1) ​ ​ $16.7 ​ ​ ​ ($14.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and Postretirement Benefits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in AOCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current period net actuarial gain ​ ​ $- ​ ​ ​ $- ​ ​ $145.0 ​ ​ ​ $- ​ Amount reclassified from AOCI into income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Settlement charge ​ ​ 7.0 ​ ​ ​ - ​ ​ 26.6 ​ ​ ​ - ​ Amortization of net actuarial loss and prior period service credits, net ​ ​ 16.3 ​ ​ ​ 15.0 ​ ​ 59.8 ​ ​ ​ 44.3 ​ ​ ​ 23.3 ​ ​ ​ 15.0 ​ ​ 231.4 ​ ​ ​ 44.3 ​ Other activity ​ ​ 15.6 ​ ​ ​ (29.8) ​ ​ (2.8) ​ ​ ​ (21.5) ​ Tax impact ​ (5.5) ​ ​ ​ (3.7) ​ (55.9) ​ ​ ​ (10.8) ​ Net of tax ​ ​ $33.4 ​ ​ ​ ($18.5) ​ ​ $172.7 ​ ​ ​ $12.0 ​
Summary of the net of tax derivative and pension and postretirement benefit amounts reclassified from AOCI into income​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ September 30 ​ September 30 ​ 2021 ​ 2020 2021 ​ 2020 (millions) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative (gain) loss reclassified from AOCI into income, net of tax ​ ​ ($31.9) ​ ​ ​ $78.2 ​ ​ ($7.7) ​ ​ ​ $69.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and postretirement benefits amortization of net actuarial losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and prior service credits and settlement charges reclassified from AOCI into income, net of tax ​ ​ 33.4 ​ ​ ​ (18.5) ​ ​ 62.8 ​ ​ ​ 12.0

EARNINGS ATTRIBUTABLE TO ECOL_2

EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS") (Tables)9 Months Ended
Sep. 30, 2021
EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")
Computations of the basic and diluted EPS​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ September 30 ​ September 30 (millions, except per share) 2021 2020 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations attributable to Ecolab ​ ​ $324.5 ​ ​ ​ $246.2 ​ ​ ​ $828.9 ​ ​ ​ $667.1 Net loss from discontinued operations ​ ​ - ​ ​ ​ - ​ ​ ​ - ​ ​ ​ (2,172.5) Net income (loss) attributable to Ecolab ​ ​ $324.5 ​ ​ ​ $246.2 ​ ​ ​ $828.9 ​ ​ ​ ($1,505.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 286.4 ​ ​ ​ 285.4 ​ ​ 286.1 ​ ​ ​ 287.5 Effect of dilutive stock options and units ​ 2.8 ​ ​ ​ 3.0 ​ ​ 2.9 ​ ​ ​ 3.3 Diluted ​ 289.2 ​ ​ ​ 288.4 ​ ​ ​ 289.0 ​ ​ ​ 290.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) attributable to Ecolab per common share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 1.13 ​ ​ ​ $ 0.86 ​ ​ ​ $ 2.90 ​ ​ ​ $ 2.32 Discontinued operations ​ ​ $ - ​ ​ ​ $ - ​ ​ ​ $ - ​ ​ ​ ($ 7.56) Earnings (loss) attributable to Ecolab ​ ​ $ 1.13 ​ ​ ​ $ 0.86 ​ ​ ​ $ 2.90 ​ ​ ​ ($ 5.24) Diluted EPS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 1.12 ​ ​ ​ $ 0.85 ​ ​ ​ $ 2.87 ​ ​ ​ $ 2.29 Discontinued operations ​ ​ $ - ​ ​ ​ $ - ​ ​ ​ $ - ​ ​ ​ ($ 7.47) Earnings (loss) attributable to Ecolab ​ ​ $ 1.12 ​ ​ ​ $ 0.85 ​ ​ ​ $ 2.87 ​ ​ ​ ($ 5.18) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Anti-dilutive securities excluded from the computation of diluted EPS ​ 1.0 ​ ​ ​ 1.0 ​ ​ 1.0 ​ ​ ​ 1.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts do not necessarily sum due to rounding. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

PENSION AND POSTRETIREMENT PL_2

PENSION AND POSTRETIREMENT PLANS (Tables)9 Months Ended
Sep. 30, 2021
PENSION AND POSTRETIREMENT PLANS
Net periodic pension and postretirement health care benefit costsThe components of net periodic pension and postretirement health care benefit expense for the third quarter ended September 30 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ International ​ U.S. Postretirement ​ ​ Pension ​ Pension ​ Health Care (millions) 2021 ​ 2020 2021 ​ 2020 2021 ​ 2020 Service cost ​ ​ $11.2 ​ ​ ​ $16.5 ​ ​ $7.9 ​ ​ ​ $7.9 ​ ​ $0.2 ​ ​ ​ $0.3 Interest cost on benefit obligation ​ 13.3 ​ ​ ​ 17.7 ​ ​ 4.4 ​ ​ ​ 5.5 ​ ​ 0.7 ​ ​ ​ 0.8 Expected return on plan assets ​ (38.0) ​ ​ ​ (38.2) ​ ​ (16.6) ​ ​ ​ (15.7) ​ ​ (0.1) ​ ​ ​ (0.1) Recognition of net actuarial loss (gain) ​ ​ 12.1 ​ ​ ​ 13.0 ​ ​ 5.8 ​ ​ ​ 6.6 ​ ​ 0.2 ​ ​ ​ (0.1) Amortization of prior service benefit ​ ​ (1.7) ​ ​ ​ (1.6) ​ ​ (0.1) ​ ​ ​ (0.1) ​ ​ - ​ ​ ​ (2.9) Curtailments and settlements (b) ​ ​ 7.0 ​ ​ ​ - ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ - Total expense (benefit) ​ ​ $3.9 ​ ​ ​ $7.4 ​ ​ $1.4 ​ ​ ​ $4.2 ​ ​ $1.0 ​ ​ ​ ($2.0) ​ The components of net periodic pension and postretirement health care benefit expense for the nine months ended September 30 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ International ​ U.S. Postretirement ​ ​ Pension ​ Pension ​ Health Care (millions) 2021 ​ 2020 2021 ​ 2020 2021 ​ 2020 Service cost (a) ​ ​ $32.8 ​ ​ ​ $51.9 ​ ​ $24.0 ​ ​ ​ $23.2 ​ ​ $0.6 ​ ​ ​ $0.9 Interest cost on benefit obligation ​ ​ 38.3 ​ ​ ​ 52.7 ​ ​ 13.1 ​ ​ ​ 16.1 ​ ​ 2.1 ​ ​ ​ 2.9 Expected return on plan assets ​ ​ (115.2) ​ ​ ​ (114.6) ​ ​ (51.9) ​ ​ ​ (46.7) ​ ​ (0.3) ​ ​ ​ (0.3) Recognition of net actuarial (gain) loss ​ ​ 44.5 ​ ​ ​ 39.0 ​ ​ 20.3 ​ ​ ​ 19.2 ​ ​ 0.6 ​ ​ ​ - Amortization of prior service benefit ​ ​ (5.1) ​ ​ ​ (5.4) ​ ​ (0.5) ​ ​ ​ (0.1) ​ ​ - ​ ​ ​ (8.4) Curtailments and settlements (b) ​ ​ 26.6 ​ ​ ​ - ​ ​ - ​ ​ ​ - ​ ​ - ​ ​ ​ - Total expense (benefit) ​ ​ $21.9 ​ ​ ​ $23.6 ​ ​ $5.0 ​ ​ ​ $11.7 ​ ​ $3.0 ​ ​ ​ ($4.9) ​ (a) Service cost includes discontinued operations of $2.5 in the first six months of 2020. (b) Settlement expense was recognized as special charges in the third quarter and first nine months of 2021. ​

REVENUES (Tables)

REVENUES (Tables)9 Months Ended
Sep. 30, 2021
REVENUES
Schedule of operating lease revenue​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended Nine Months Ended ​ ​ ​ September 30 September 30 ​ (millions) ​ 2021 ​ 2020 2021 ​ 2020 ​ Operating lease revenue* ​ ​ $103.3 ​ ​ ​ ​ $84.9 ​ ​ ​ $306.4 ​ ​ ​ ​ $258.2 ​ ​ ​
Schedule of principal activities, separated by reportable segments and geographic regionNet sales at public exchange rates by reportable segment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended Nine Months Ended ​ ​ September 30 September 30 (millions) 2021 ​ 2020 2021 ​ 2020 Global Industrial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ $1,386.0 ​ ​ ​ $1,264.3 ​ ​ $3,941.0 ​ ​ ​ $3,725.8 Service and lease equipment ​ 217.1 ​ ​ ​ 205.0 ​ ​ 637.6 ​ ​ ​ 600.9 Global Institutional & Specialty ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 889.9 ​ ​ ​ 758.7 ​ ​ 2,397.7 ​ ​ ​ 2,248.7 ​ Service and lease equipment ​ ​ 180.7 ​ ​ ​ 139.7 ​ ​ 506.3 ​ ​ ​ 429.9 ​ Global Healthcare & Life Sciences ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 259.4 ​ ​ ​ 292.3 ​ ​ 795.4 ​ ​ ​ 788.1 ​ Service and lease equipment ​ ​ 27.5 ​ ​ ​ 30.0 ​ ​ 86.0 ​ ​ ​ 78.3 ​ Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 82.7 ​ ​ ​ 64.5 ​ ​ 224.0 ​ ​ ​ 196.0 ​ Service and lease equipment ​ ​ 241.5 ​ ​ ​ 217.2 ​ ​ 676.4 ​ ​ ​ 598.0 ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 35.8 ​ ​ ​ 46.6 ​ ​ 103.5 ​ ​ ​ 58.9 ​ Service and lease equipment ​ ​ 0.2 ​ ​ ​ 0.3 ​ ​ 0.6 ​ ​ ​ 0.3 ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total product and sold equipment ​ ​ $2,653.8 ​ ​ ​ $2,426.4 ​ ​ $7,461.6 ​ ​ ​ $7,017.5 ​ Total service and lease equipment ​ ​ $667.0 ​ ​ ​ $592.2 ​ ​ $1,906.9 ​ ​ ​ $1,707.4 ​ ​ Net sales at public exchange rates by geographic region for the third quarter ended September 30 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Global Institutional ​ Global Healthcare ​ ​ ​ ​ ​ ​ Industrial ​ & Specialty ​ & Life Sciences ​ Other ​ Corporate ​ 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ ​ $716.8 ​ ​ ​ $683.5 ​ ​ $776.4 ​ ​ ​ $654.1 ​ ​ $112.6 ​ ​ ​ $113.2 ​ ​ $201.3 ​ ​ ​ $175.7 ​ ​ $25.7 ​ ​ ​ $34.8 Europe ​ 353.3 ​ ​ ​ 325.0 ​ ​ 166.3 ​ ​ ​ 127.1 ​ ​ 154.1 ​ ​ ​ 170.7 ​ ​ 70.6 ​ ​ ​ 59.3 ​ ​ 0.8 ​ ​ ​ 2.4 Asia Pacific ​ 199.8 ​ ​ ​ 180.4 ​ ​ 48.4 ​ ​ ​ 47.6 ​ ​ 14.8 ​ ​ ​ 27.8 ​ ​ 17.1 ​ ​ ​ 14.3 ​ ​ 1.5 ​ ​ ​ 1.4 Latin America ​ 141.0 ​ ​ ​ 117.5 ​ ​ 34.9 ​ ​ ​ 32.4 ​ ​ - ​ ​ ​ 3.5 ​ ​ 13.0 ​ ​ ​ 13.4 ​ ​ 6.7 ​ ​ ​ 6.6 Greater China ​ ​ 102.9 ​ ​ ​ 85.1 ​ ​ 32.6 ​ ​ ​ 26.7 ​ ​ 1.8 ​ ​ ​ 1.7 ​ ​ 19.5 ​ ​ ​ 16.7 ​ ​ 0.7 ​ ​ ​ 0.4 India, Middle East and Africa ​ ​ 89.3 ​ ​ ​ 77.8 ​ ​ 12.0 ​ ​ ​ 10.5 ​ ​ 3.6 ​ ​ ​ 5.4 ​ ​ 2.7 ​ ​ ​ 2.3 ​ ​ 0.6 ​ ​ ​ 1.3 Total ​ ​ $1,603.1 ​ ​ ​ $1,469.3 ​ ​ $1,070.6 ​ ​ ​ $898.4 ​ ​ $286.9 ​ ​ ​ $322.3 ​ ​ $324.2 ​ ​ ​ $281.7 ​ ​ $36.0 ​ ​ ​ $46.9 ​ Net sales at public exchange rates by geographic region for the nine months ended September 30 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global ​ Global Institutional ​ Global Healthcare ​ ​ ​ ​ ​ ​ Industrial ​ & Specialty ​ & Life Sciences ​ Other ​ Corporate (millions) 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ ​ $2,046.0 ​ ​ ​ $2,033.1 ​ ​ $2,133.6 ​ ​ ​ $1,926.4 ​ ​ $320.0 ​ ​ ​ $325.6 ​ ​ $549.8 ​ ​ ​ $496.6 ​ ​ $73.4 ​ ​ ​ $47.1 Europe ​ 1,008.5 ​ ​ ​ 914.8 ​ ​ 394.5 ​ ​ ​ 375.7 ​ ​ 500.8 ​ ​ ​ 462.2 ​ ​ 191.3 ​ ​ ​ 164.2 ​ ​ 2.6 ​ ​ ​ 2.4 Asia Pacific ​ 586.8 ​ ​ ​ 548.8 ​ ​ 150.0 ​ ​ ​ 156.1 ​ ​ 40.3 ​ ​ ​ 51.7 ​ ​ 54.9 ​ ​ ​ 45.0 ​ ​ 4.2 ​ ​ ​ 1.4 Latin America ​ 400.5 ​ ​ ​ 362.5 ​ ​ 97.3 ​ ​ ​ 103.0 ​ ​ 1.1 ​ ​ ​ 6.3 ​ ​ 37.7 ​ ​ ​ 35.7 ​ ​ 19.4 ​ ​ ​ 6.6 Greater China ​ ​ 292.7 ​ ​ ​ 237.5 ​ ​ 98.7 ​ ​ ​ 82.8 ​ ​ 4.5 ​ ​ ​ 5.0 ​ ​ 57.7 ​ ​ ​ 45.0 ​ ​ 1.9 ​ ​ ​ 0.4 India, Middle East and Africa ​ ​ 244.1 ​ ​ ​ 230.0 ​ ​ 29.9 ​ ​ ​ 34.6 ​ ​ 14.7 ​ ​ ​ 15.6 ​ ​ 9.0 ​ ​ ​ 7.5 ​ ​ 2.6 ​ ​ ​ 1.3 Total ​ ​ $4,578.6 ​ ​ ​ $4,326.7 ​ ​ $2,904.0 ​ ​ ​ $2,678.6 ​ ​ $881.4 ​ ​ ​ $866.4 ​ ​ $900.4 ​ ​ ​ $794.0 ​ ​ $104.1 ​ ​ ​ $59.2 ​ Net sales by geographic region were determined based on origin of sale. Revenues in the United States made up 52% and 52% of total during the nine months ended September 30, 2021 and 2020, respectively.
Summarized activity in the allowance for doubtful accounts​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ September 30 ​ (millions) ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ $84.3 ​ ​ ​ $55.5 ​ Adoption of new standard ​ ​ - ​ ​ ​ 4.3 ​ Bad debt expense ​ 12.4 ​ ​ 54.6 ​ Write-offs ​ (23.7) ​ ​ (25.0) ​ Other (a) ​ 3.4 ​ ​ (1.2) ​ Ending balance (b) ​ ​ $76.4 ​ ​ ​ $88.2 ​ ​ (a) Other amounts are primarily the effects of changes in currency translations and the impact of allowance for returns and credits. (b) The allowance for doubtful accounts balances in 2021 and 2020 reflect increased reserves, primarily due to the Institutional customer base as a result of the COVID-19 pandemic. ​
Schedule of contract liability​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30 ​ September 30 (millions) 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ Contract liability as of beginning of the year ​ $80.4 ​ ​ ​ $76.7 ​ ​ ​ ​ ​ ​ ​ ​ Revenue recognized in the period from: ​ ​ ​ ​ ​ ​ Amounts included in the contract liability at the beginning of the year ​ (80.4) ​ ​ ​ (76.7) ​ ​ ​ ​ ​ ​ ​ ​ Increases due to billings excluding amounts recognized as revenue during the period ended ​ ​ 86.7 ​ ​ ​ 84.0 Business combinations ​ ​ - ​ ​ ​ 0.6 ​ ​ ​ ​ ​ ​ ​ ​ Contract liability as of end of period ​ ​ $86.7 ​ ​ ​ $84.6

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)9 Months Ended
Sep. 30, 2021
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 2020 net sales and operating income​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 Reported ​ ​ ​ ​ ​ ​ ​ Fixed ​ ​ ​ 2020 Reported ​ ​ Valued at 2020 ​ ​ Currency ​ Valued at 2021 (millions) ​ Management Rates Other ​ Rate Change ​ Management Rates Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $5,959.9 ​ ​ ​ ($3.7) ​ ​ ​ ​ $92.0 ​ ​ ​ ​ $6,048.2 Global Institutional & Specialty ​ ​ 3,577.2 ​ ​ ​ 9.3 ​ ​ ​ ​ 42.5 ​ ​ ​ ​ 3,629.0 Global Healthcare & Life Sciences ​ ​ 1,189.1 ​ ​ ​ 3.7 ​ ​ ​ ​ 48.3 ​ ​ ​ ​ 1,241.1 Other ​ ​ 1,093.3 ​ ​ ​ (9.3) ​ ​ ​ ​ 19.4 ​ ​ ​ ​ 1,103.4 Corporate ​ ​ 102.4 ​ ​ ​ - ​ ​ ​ ​ (1.8) ​ ​ ​ ​ 100.6 Subtotal at fixed currency rates ​ ​ 11,921.9 ​ ​ ​ - ​ ​ ​ ​ 200.4 ​ ​ ​ ​ 12,122.3 Effect of foreign currency translation ​ ​ (131.7) ​ ​ ​ - ​ ​ ​ ​ (200.4) ​ ​ ​ ​ (332.1) Consolidated reported GAAP net sales ​ ​ $11,790.2 ​ ​ ​ $- ​ ​ ​ ​ $- ​ ​ ​ ​ $11,790.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ ​ $1,106.0 ​ ​ ​ ($0.2) ​ ​ ​ ​ $17.3 ​ ​ ​ ​ $1,123.1 Global Institutional & Specialty ​ ​ 321.9 ​ ​ ​ (0.3) ​ ​ ​ ​ 2.4 ​ ​ ​ ​ 324.0 Global Healthcare & Life Sciences ​ ​ 207.6 ​ ​ ​ 0.7 ​ ​ ​ ​ 10.0 ​ ​ ​ ​ 218.3 Other ​ ​ 131.5 ​ ​ ​ (0.2) ​ ​ ​ ​ 1.5 ​ ​ ​ ​ 132.8 Corporate ​ ​ (347.5) ​ ​ ​ - ​ ​ ​ ​ (2.2) ​ ​ ​ ​ (349.7) Subtotal at fixed currency rates ​ ​ 1,419.5 ​ ​ ​ - ​ ​ ​ ​ 29.0 ​ ​ ​ ​ 1,448.5 Effect of foreign currency translation ​ ​ (23.8) ​ ​ ​ - ​ ​ ​ ​ (29.0) ​ ​ ​ ​ (52.8) Consolidated reported GAAP operating income ​ ​ $1,395.7 ​ ​ ​ $- ​ ​ ​ ​ $- ​ ​ ​ ​ $1,395.7
Schedule of financial information for each of the entity's reportable segments​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Third Quarter Ended ​ Nine Months Ended ​ ​ ​ September 30 ​ September 30 ​ (millions) 2021 ​ ​ 2020 ​ 2021 ​ ​ 2020 ​ Net Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ $1,620.4 ​ ​ ​ $1,512.9 ​ ​ $4,609.7 ​ ​ ​ $4,476.4 ​ Global Institutional & Specialty ​ ​ 1,076.6 ​ ​ ​ 914.4 ​ ​ 2,914.0 ​ ​ ​ 2,734.6 ​ Global Healthcare & Life Sciences ​ ​ 290.2 ​ ​ ​ 335.1 ​ ​ 887.4 ​ ​ ​ 913.3 ​ Other ​ ​ 326.3 ​ ​ ​ 288.7 ​ ​ 904.2 ​ ​ ​ 817.4 ​ Corporate ​ ​ 35.9 ​ ​ ​ 47.2 ​ ​ 104.1 ​ ​ ​ 59.5 ​ Subtotal at fixed currency rates ​ ​ 3,349.4 ​ ​ ​ 3,098.3 ​ ​ 9,419.4 ​ ​ ​ 9,001.2 ​ Effect of foreign currency translation ​ ​ (28.6) ​ ​ ​ (79.7) ​ ​ (50.9) ​ ​ ​ (276.3) ​ Consolidated reported GAAP net sales ​ $3,320.8 ​ ​ $3,018.6 ​ ​ $9,368.5 ​ ​ ​ $8,724.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ $268.3 ​ ​ ​ $302.3 ​ ​ $750.8 ​ ​ ​ $799.7 ​ Global Institutional & Specialty ​ ​ 196.5 ​ ​ ​ 83.7 ​ ​ 398.2 ​ ​ ​ 229.4 ​ Global Healthcare & Life Sciences ​ ​ 37.3 ​ ​ ​ 69.0 ​ ​ 131.2 ​ ​ ​ 162.0 ​ Other ​ ​ 59.2 ​ ​ ​ 45.8 ​ ​ 143.4 ​ ​ ​ 88.4 ​ Corporate ​ ​ (90.0) ​ ​ ​ (74.2) ​ ​ (204.4) ​ ​ ​ (257.4) ​ Subtotal at fixed currency rates ​ ​ 471.3 ​ ​ ​ 426.6 ​ ​ 1,219.2 ​ ​ ​ 1,022.1 ​ Effect of foreign currency translation ​ ​ (5.5) ​ ​ ​ (15.2) ​ ​ (8.3) ​ ​ ​ (42.5) ​ Consolidated reported GAAP operating income ​ $465.8 ​ ​ $411.4 ​ ​ $1,210.9 ​ ​ ​ $979.6 ​

NEW ACCOUNTING PRONOUNCEMENTS (

NEW ACCOUNTING PRONOUNCEMENTS (Tables)9 Months Ended
Sep. 30, 2021
NEW ACCOUNTING PRONOUNCEMENTS
Schedule of new accounting pronouncements​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Standards that are not yet adopted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Required ​ ​ ​ Date of ​ ​ ​ Date of ​ Effect on the ​ Standard Issuance ​ Description Adoption Financial Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ​ March 2020 ​ LIBOR, a widely used reference rate for pricing financial products is scheduled to be discontinued on December 31, 2021. This standard provides optional expedients and exceptions if certain criteria are met when accounting for contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ​ Application of guidance is optional until the options and expedients expire on December 31, 2022. ​ The Company has not elected any expedients and adoption of this standard is not expected to have a material impact on the Company's financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Standards that were adopted: ​ ​ ​ ​ ​ ​ ​ ​ ​ Date of ​ Date of Effect on the Standard Issuance ​ Description Adoption Financial Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ​ December 2019 ​ Simplifies the accounting for income taxes by removing certain exceptions to the general principles related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and recognition of deferred tax liabilities for outside basis differences. The new standard also simplifies the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the basis of goodwill. ​ January 1, 2021 ​ Adoption of this standard did not have a material impact on the Company's financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​

CONSOLIDATED FINANCIAL INFORM_2

CONSOLIDATED FINANCIAL INFORMATION (Details) - 9 months ended Sep. 30, 2021segmentitem
CONSOLIDATED FINANCIAL INFORMATION
Number of Reportable Segments3 3

SPECIAL (GAINS) AND CHARGES - C

SPECIAL (GAINS) AND CHARGES - Charges Reported on Statement of Income (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Special (gains) and charges
Other special gains and charges $ 3.6 $ 10.7
Other (income) expense6.3 $ 35 36.7 $ 120.3
Total special (gains) and charges98.5 127.6 171.8 249.7
Cost of sales
Special (gains) and charges
Restructuring activities2.2 1 24.1 6.6
Acquisition and integration activities1.5 4.1
Other special gains and charges5.2 0.3 26.2
Other (income) expense52.9 9.5 76.2 45.6
Cost of sales | C O V I D 19
Special (gains) and charges
COVID-1950.7 1.8 51.8 8.7
Special (gains) and charges
Special (gains) and charges
Restructuring activities0.4 26.9 6.5 31.4
Acquisition and integration activities0.8 2.7 3.3 5.5
Acquisition and integration costs, after tax0.8 (2.3)2.9 4.3
Disposal And Impairment charges45.9
Other special gains and charges3.6 8.4 10.7 30.3
Other (income) expense6.3 35 36.7 120.3
Special (gains) and charges | C O V I D 19
Special (gains) and charges
COVID-191.5 (3)16.2 7.2
Operating income subtotal
Special (gains) and charges
Other (income) expense59.2 44.5 112.9 165.9
Interest expense
Special (gains) and charges
Acquisition and integration activities0.7
Acquisition and integration costs, after tax0.6
Other (income) expense32.3 $ 83.1 32.3 $ 83.8
Other (income) expense
Special (gains) and charges
Other (income) expense $ 7 $ 26.6

SPECIAL (GAINS) AND CHARGES - R

SPECIAL (GAINS) AND CHARGES - Restructuring and Non-Restructuring Activity (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended9 Months Ended12 Months Ended36 Months Ended
Sep. 30, 2021Sep. 30, 2020Jun. 30, 2020Jun. 30, 2020Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020Dec. 31, 2020
Other restructuring information
Restructuring Costs $ (35.1) $ (9.4)
Other special gains and charges $ 3.6 10.7
Other special gains and charges, after-tax2.7 8.3
Special (gains) and charges6.3 $ 35 36.7 120.3
C O V I D 19
Non-restructuring Special (Gains) and Charges
Inventory-related reserves50 50
Expenses Incurred To Pay Employees Impacted By Pandemic2.6 4.1 12.6 30.6
Net charges (gains) related to the pandemic40.6 (0.9)51.9 12.3
Medical charges and testing fee3.1 11.5
Gain from government subsidy3.5
Special (gains) and charges
Other restructuring information
Restructuring charges incurred, pre-tax0.4 26.9 6.5 31.4
Business combination advisory and legal fees, pre tax0.8 2.7 3.3 5.5
Business combination advisory and legal fees, after tax0.8 (2.3)2.9 4.3
Other special gains and charges3.6 8.4 10.7 30.3
Special (gains) and charges6.3 35 36.7 120.3
Disposal And Impairment charges45.9
Disposal And Impairment charges, after tax45
Equity Method Investment, Other than Temporary Impairment $ 28.6
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal $ (17.3)
Non-restructuring Special (Gains) and Charges
Gain (loss) on sale of business, before tax(17.3)
Gain (loss) on sale of business, net of tax $ (16.3)
Litigation related charges, before tax8.4 30.3
Litigation related charges, after tax7.2 23.7
Cost of sales
Other restructuring information
Restructuring charges incurred, pre-tax2.2 1 24.1 6.6
Business combination advisory and legal fees, pre tax1.5 4.1
Other special gains and charges5.2 0.3 26.2
Special (gains) and charges52.9 9.5 76.2 45.6
Cost of sales | C O V I D 19
Non-restructuring Special (Gains) and Charges
Gain from government subsidy3.5 5.3 6.1 14.7
Interest expense
Other restructuring information
Business combination advisory and legal fees, pre tax0.7
Business combination advisory and legal fees, after tax0.6
Special (gains) and charges32.3 83.1 32.3 83.8
Non-restructuring Special (Gains) and Charges
Debt refinancing charges, pre-tax32.3 83.1
Debt refinancing charges, net of tax28.4 64
Other (income) expense
Other restructuring information
Special (gains) and charges7 26.6
Pension settlements and curtailments7 26.6
Pension settlements and curtailments, after tax5.3 20.2
Product and sold equipment
Other restructuring information
Business combination advisory and legal fees, pre tax1.5 4.1
Business combination advisory and legal fees, after tax1.3 3.2
Product and sold equipment | Cost of sales
Other restructuring information
Other special gains and charges5.2 0.3 26.2
Other special gains and charges, after-tax3.5 0.2 17.8
Special (gains) and charges52.9 $ 9.5 76.2 $ 45.6
Institutional Advancement Program
Restructuring
Recorded expense (income) and accrual9.5 $ 35.2
Net cash payments(21.6)(10.5)
Non-cash net charges(4.6)
Other restructuring information
Restructuring charge expected to be incurred, pre-tax80 80
Restructuring charge expected to be incurred, after tax60 60
Restructuring liability8 8 24.7 $ 24.7
Restructuring charges incurred to date, pre-tax44.7 44.7
Restructuring charges incurred to date, after-tax33.9 33.9
Restructuring charges incurred, pre-tax1.4 9.5
Restructuring charges incurred, after tax1.4 7.5
Institutional Advancement Program | Employee termination costs
Restructuring
Recorded expense (income) and accrual2.2 25.6
Net cash payments(18.9)(0.9)
Other restructuring information
Restructuring liability8 8 24.7 24.7
Institutional Advancement Program | Asset disposals
Restructuring
Recorded expense (income) and accrual6
Non-cash net charges(6)
Institutional Advancement Program | Other
Restructuring
Recorded expense (income) and accrual1.3 9.6
Net cash payments(2.7)(9.6)
Non-cash net charges1.4
Accelerate 2020 Restructuring Plan
Restructuring
Recorded expense2.9 239.2
Net cash payments(33.7)(155.3)
Non-cash charges(0.4)(11.2)
Effect of foreign currency translation(0.9)
Other restructuring information
Restructuring charge expected to be incurred, pre-tax255 255
Restructuring charge expected to be incurred, after tax195 195
Restructuring liability40.6 40.6 71.8 71.8
Accelerate 2020 Restructuring Plan | Special (gains) and charges
Other restructuring information
Restructuring liability40.6 40.6
Restructuring charges incurred to date, pre-tax242.1 242.1
Restructuring charges incurred to date, after-tax186.6 186.6
Restructuring charges incurred, pre-tax(1.5)2.9
Restructuring charges incurred, after tax(1.2)2.8
Accelerate 2020 Restructuring Plan | Employee termination costs
Restructuring
Recorded expense2.4 212
Net cash payments(31.6)(144.3)
Effect of foreign currency translation(0.9)
Other restructuring information
Restructuring liability37.6 37.6 66.8 66.8
Accelerate 2020 Restructuring Plan | Asset disposals
Restructuring
Recorded expense0.3 8
Net cash payments1.2
Non-cash charges(0.3)(9.2)
Accelerate 2020 Restructuring Plan | Other
Restructuring
Recorded expense0.2 19.2
Net cash payments(2.1)(12.2)
Non-cash charges(0.1)(2)
Other restructuring information
Restructuring liability3 3 5 5
Other Restructuring Plan
Other restructuring information
Restructuring charges incurred, pre-tax18.2
Restructuring charges incurred, after tax16.9
Restructuring net gain0.3
Restructuring net gain, net of tax0.5
Prior Year Plans
Other restructuring information
Restructuring liability $ 4.6 4.6 $ 5.9 $ 5.9
Cash payments $ 10.5

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Acquisition Summary (Details) - USD ($) $ in MillionsOct. 28, 2021May 11, 2020Sep. 30, 2021Sep. 30, 2021Sep. 30, 2020Dec. 31, 2019Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill $ 6,125.6 $ 6,125.6 $ 6,006.9
Accounts receivable $ 30.1
Weighted average useful lives of identifiable intangible assets acquired14 years
Prior year business combinations, net intangible assets adjustments $ 1.3
Prior year business combinations, goodwill adjustments $ (0.9)0.3
Contingent consideration payment1.4
2020 Acquisitions
Business Acquisition [Line Items]
Contingent consideration payment $ 3.5
CID Lines
Business Acquisition [Line Items]
Total consideration506.9
Annualized pre-acquisition sales $ 110
Tangible assets54.1
Total assets acquired307.9
Goodwill274.8
Total liabilities97.2
Net consideration transferred to sellers485.5
Property, plant and equipment7.7
Inventory16.3
Deferred tax liabilities64.8
Current liabilities32.4
Goodwill274.8
Prior year business combinations, net intangible assets adjustments(0.9)
CID Lines | Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets $ 147.5
Weighted average useful lives of identifiable intangible assets acquired14 years
CID Lines | Trademarks
Business Acquisition [Line Items]
Identifiable intangible assets $ 58.6
Weighted average useful lives of identifiable intangible assets acquired14 years
CID Lines | Acquired Technologies And Product Registrations
Business Acquisition [Line Items]
Identifiable intangible assets $ 47.7
Weighted average useful lives of identifiable intangible assets acquired16 years
Purolite | Subsequent event
Business Acquisition [Line Items]
Total aggregate purchase price $ 3.7
Acquisitions
Business Acquisition [Line Items]
Net tangible assets (liabilities) acquired and equity method investments14.8 12.4
Customer relationships41 72.1
Trademarks1.1 4.7
Non-compete agreements3 3
Other technology1.5
Total intangible assets45.1 81.3
Goodwill60.2 119.2
Total aggregate purchase price120.1 212.9
Acquisition related liabilities and contingent consideration(4.4)
Net cash paid for acquisitions, including acquisition-related liabilities and contingent consideration $ 120.1 $ 208.5

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Disposition (Details) $ in Millions3 Months Ended9 Months Ended
Jun. 30, 2020USD ($)Sep. 30, 2021item
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of business dispositions | item0
Holchem Group Limited [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total Consideration $ 106.6
Cash received from sale of business55.4
Disposal Group Including Discontinued Operation, Consideration, Notes Receivable51.2
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal After Tax(16.3)
Disposal Group, Including Discontinued Operation, Revenue $ 55

DISCONTINUED OPERATIONS - Summa

DISCONTINUED OPERATIONS - Summary of Assets and Liabilities Transferred (Details) - Discontinued Operations, Disposed of By Sale - ChampionX $ in MillionsJun. 03, 2020USD ($)shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares accepted | shares4,955,552
Number of shares exchanged | shares122,200,000
Share Conversion Rights | shares1
Discontinued Operation, Assets And Liabilities Transferred [Abstract]
Cash and cash equivalent $ 60.6
Current assets810.5
Non-current Assets3,222.3
Total assets4,093.4
Current liabilities313
Non-current liabilities293.7
Total liabilities606.7
Net assets distributed to ChampionX(3,486.7)
Fair value of shares exchanged1,051.4
Cash received from ChampionX527.4
Consideration received less net assets(1,907.9)
ChampionX cumulative translation adjustment ("CTA") write-off(229.9)
Loss on separation $ (2,137.8)

DISCONTINUED OPERATIONS - Sum_2

DISCONTINUED OPERATIONS - Summarized Results of Discontinued Operations (Details) $ in Millions9 Months Ended
Sep. 30, 2020USD ($)
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net (loss) income including noncontrolling interest $ (2,170.3)
Net income from discontinued operations attributable to noncontrolling interest2.2
Net (loss) income from discontinued operations, net of tax(2,172.5)
ChampionX | Discontinued Operations, Disposed of By Sale
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net sales958.5
Cost of sales (including special charges)702.1
Selling, general and administrative expenses180.5
Special (gains) and charges2,221.7
Operating income(2,145.8)
Other (income) expense0.3
Interest expense (income), net0.2
Income before income taxes(2,146.3)
Provision for income taxes24
Net (loss) income including noncontrolling interest(2,170.3)
Net income from discontinued operations attributable to noncontrolling interest2.2
Net (loss) income from discontinued operations, net of tax(2,172.5)
Special (gains) and charges, including non-controlling interest2,221.7
Tax expense, friction costs associated with separation activity22.7
ChampionX | Discontinued Operations, Disposed of By Sale | Product and sold equipment
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net sales858.9
Cost of sales (including special charges)621.7
ChampionX | Discontinued Operations, Disposed of By Sale | Service and lease equipment
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net sales99.6
Cost of sales (including special charges) $ 80.4

DISCONTINUED OPERATIONS - Sum_3

DISCONTINUED OPERATIONS - Summary of Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in MillionsJun. 03, 2020Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]
Accounts receivable, net $ 2,384.1 $ 2,384.1 $ 2,273.8
ChampionX | Discontinued Operations, Disposed of By Sale
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]
Term of post-separation agreement18 months
Period of time post-separation that the entity may transfer or receive certain products36 months
Post-separation sales35.8 $ 46.6 103.5 $ 58.9
Accounts receivable, net $ 18 $ 18

BALANCE SHEETS INFORMATION (Det

BALANCE SHEETS INFORMATION (Details) - USD ($) $ in MillionsSep. 30, 2021Dec. 31, 2020Sep. 30, 2020Dec. 31, 2019
Accounts receivable, net
Accounts receivable $ 2,460.5 $ 2,358.1
Allowance for doubtful accounts(76.4)(84.3) $ (88.2) $ (55.5)
Total2,384.1 2,273.8
Inventories
Finished goods886.5 789.6
Raw materials and parts550.2 511.2
Inventories at FIFO cost1,436.7 1,300.8
FIFO cost to LIFO cost difference(58.5)(15.6)
Total1,378.2 1,285.2
Other current assets
Prepaid assets122.8 99.1
Taxes receivable158 168.6
Derivative assets25.6 3.2
Other current assets20.2 27.3
Total326.6 298.2
Property, plant and equipment, net
Land153.2 159.7
Buildings and leasehold improvements1,083.7 1,060
Machinery and equipment1,828.6 1,830.1
Merchandising and customer equipment2,714.6 2,691
Capitalized software863.7 820.8
Construction in progress279.7 219.8
Property, plant and equipment, gross6,923.5 6,781.4
Accumulated depreciation(3,853.9)(3,656.5)
Total3,069.6 3,124.9
Intangible assets subject to amortization:
Other intangible assets, gross3,683.1 3,611.5
Accumulated amortization(2,023.4)(1,864.5)
Net intangible assets subject to amortization1,659.7 1,747
Total2,889.7 2,977
Other assets
Deferred income taxes150.8 163.2
Pension46.9 33
Derivative asset3.2
Other276.2 279.8
Total477.1 476
Other current liabilities
Discounts and rebates341 304.1
Dividends payable137.5 137.2
Interest payable44 51.7
Taxes payable, other than income131.7 151.8
Derivative liabilities1 25.8
Restructuring48.9 98.1
Contract liability86.7 80.4
Operating lease liabilities115.7 125.6
Other211.3 214.2
Total1,117.8 1,188.9
Accumulated other comprehensive loss
Unrealized loss on derivative financial instruments, net of tax(4.4)(21.1)
Unrecognized pension and postretirement benefit expense, net of tax(762.5)(935.2)
Cumulative translation, net of tax(966.6)(1,038.1)
Total(1,733.5)(1,994.4)
Customer relationships
Intangible assets subject to amortization:
Other intangible assets, gross2,593.2 2,530.9
Accumulated amortization(1,432.6)(1,319.1)
Trademarks
Intangible assets subject to amortization:
Other intangible assets, gross348 348
Accumulated amortization(169.7)(155)
Patents
Intangible assets subject to amortization:
Other intangible assets, gross499.5 492.5
Accumulated amortization(266.9)(244.6)
Other technology
Intangible assets subject to amortization:
Other intangible assets, gross242.4 240.1
Accumulated amortization(154.2)(145.8)
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 MillionsSep. 30, 2021Dec. 31, 2020
Components of the company's debt obligations
Long-term debt, current maturities $ 2.7 $ 1.8
Short-term debt including current maturities of long-term debt18.7 17.3
Commercial paper.
Components of the company's debt obligations
Maximum borrowing capacity, commercial paper2,000
U.S. commercial paper program
Components of the company's debt obligations
Maximum borrowing capacity, commercial paper2,000
Outstanding commercial paper0
European commercial paper
Components of the company's debt obligations
Maximum borrowing capacity, commercial paper2,000
Outstanding commercial paper0
Notes payable
Components of the company's debt obligations
Notes payable16 15.5
Credit Facility
Components of the company's debt obligations
Maximum borrowing capacity under the credit agreement2,000
Amount outstanding under the credit agreement $ 0 $ 0

DEBT AND INTEREST - Other Debt

DEBT AND INTEREST - Other Debt Information (Details) € in Millions, $ in Millions1 Months Ended3 Months Ended9 Months Ended
Sep. 30, 2021USD ($)Aug. 31, 2021USD ($)Sep. 30, 2021USD ($)Sep. 30, 2020USD ($)Sep. 30, 2021USD ($)Sep. 30, 2020USD ($)Sep. 30, 2021EUR (€)Dec. 31, 2020USD ($)
Debt instrument
CARRYING VALUE $ 5,934.5 $ 5,934.5 $ 5,934.5 $ 6,671.1
Long-term debt, current maturities(2.7)(2.7)(2.7)(1.8)
Long-term debt5,931.8 5,931.8 5,931.8 6,669.3
Payment for Debt Extinguishment or Debt Prepayment Cost25
Interest
Interest expense78.3 $ 139 183.8 $ 253.4
Interest income(1.9)(4.2)(10.1)(11.6)
Interest expense, net76.4 134.8 173.7 241.8
Debt extinguishment charges $ (29.4) $ (77.1)
Interest expense
Debt instrument
Debt refinancing charges, pre-tax32.3 83.1
Debt refinancing charges, net of tax28.4 $ 64
Public Notes
Debt instrument
Principal outstanding payable at time of prepayment of notes (as a percent)101.00%
Thirty year 2011 senior notes
Debt instrument
CARRYING VALUE384.2 384.2 $ 384.2 452.2
Aggregate principal amount389 389 $ 389
Debt instrument, term30 years
Five year 2017 senior notes
Debt instrument
CARRYING VALUE498.6
Aggregate principal amount500 $ 500 $ 500
Debt instrument, term5 years
Debt extinguishment amount $ 500
Debt Instrument, Interest Rate, Stated Percentage2.375%2.375%2.375%2.375%
Interest
Interest rate (as a percent)2.375%2.375%2.375%2.375%
Ten year 2017 senior notes
Debt instrument
CARRYING VALUE $ 493.6 $ 493.6 $ 493.6 496
Aggregate principal amount500 500 $ 500
Debt instrument, term10 years
Thirty year 2017 senior notes
Debt instrument
CARRYING VALUE424 424 $ 424 611.9
Aggregate principal amount484 484 $ 484
Debt instrument, term30 years
Thirty year 2020 senior notes
Debt instrument
CARRYING VALUE490.3 490.3 $ 490.3 490.1
Aggregate principal amount500 500 $ 500
Debt instrument, term30 years
Thirty-four year 2021 senior notes
Debt instrument
CARRYING VALUE534.9 534.9 $ 534.9
Aggregate principal amount $ 685 $ 685 $ 685
Debt instrument, term34 years
Debt Conversion, Original Debt, Amount $ 385
Debt exchanged385
Payment for Debt Extinguishment or Debt Prepayment Cost118
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net143
Value of notes tendered in an exchange offering387
Debt Instrument, Interest Rate, Stated Percentage2.75%2.75%2.75%2.75%
Debt, unamortized discounts and financing costs $ 143
Interest
Interest rate (as a percent)2.75%2.75%2.75%2.75%
Ten year 2020 senior notes
Debt instrument
CARRYING VALUE $ 708.3 $ 708.3 $ 708.3 765.2
Aggregate principal amount698 698 $ 698
Debt instrument, term10 years
Ten year 2020 senior notes, maturing in 2031
Debt instrument
CARRYING VALUE594.9 594.9 $ 594.9 594.4
Aggregate principal amount600 600 $ 600
Debt instrument, term10 years
Seven year 2016 senior notes
Debt instrument
CARRYING VALUE399
Aggregate principal amount400 $ 400 $ 400
Debt instrument, term7 years
Debt extinguishment amount $ 400
Debt Instrument, Interest Rate, Stated Percentage3.25%3.25%3.25%3.25%
Interest
Interest rate (as a percent)3.25%3.25%3.25%3.25%
Seven year 2016 senior euro notes
Debt instrument
CARRYING VALUE $ 676.1 $ 676.1 $ 676.1 682
Aggregate principal amount | € € 575
Debt instrument, term7 years
Ten year 2016 senior notes
Debt instrument
CARRYING VALUE745.9 745.9 $ 745.9 745.3
Aggregate principal amount750 750 $ 750
Debt instrument, term10 years
Thirty year 2016 senior notes
Debt instrument
CARRYING VALUE197.1 197.1 $ 197.1 246.4
Aggregate principal amount200 200 $ 200
Debt instrument, term30 years
Ten Year 2015 senior euro notes
Debt instrument
CARRYING VALUE676.6 676.6 $ 676.6 682.9
Aggregate principal amount | € € 575
Debt instrument, term10 years
Private Placement 34-Year 2021 Senior Notes
Debt instrument
Aggregate principal amount300 300 $ 300
Other
Debt instrument
CARRYING VALUE $ 8.6 $ 8.6 $ 8.6 $ 7.1

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021USD ($)Sep. 30, 2020USD ($)Sep. 30, 2021USD ($)segmentSep. 30, 2020USD ($)
Changes in the carrying amount of goodwill for each of the company's reportable segments
Number of reporting units | segment11
Impairment of goodwill $ 0 $ 0
Changes in the carrying amount of goodwill
Beginning goodwill6,006.9
Current year business combinations119.2
Prior year business combinations(0.9)0.3
Effect of foreign currency translation0.4
Ending goodwill $ 6,125.6 6,125.6
Future estimated amortization expense related to amortizable other identifiable intangible assets
Estimated expense for the remaining nine-month period53 53
Total amortization expense related to other intangible assets57.7 $ 58.9 174.4 $ 162.1
Previously Reported
Changes in the carrying amount of goodwill
Beginning goodwill6,006.9
Nalco | Trademarks
Changes in the carrying amount of goodwill
Impairment of indefinite life intangible asset0
Carrying value of asset subject to impairment testing1,200 1,200
Global Industrial
Changes in the carrying amount of goodwill
Prior year business combinations(0.9)
Effect of foreign currency translation2.4
Ending goodwill4,289.4 4,289.4
Global Industrial | Previously Reported
Changes in the carrying amount of goodwill
Beginning goodwill4,287.9
Global Institutional & Specialty
Changes in the carrying amount of goodwill
Current year business combinations11
Effect of foreign currency translation(0.4)
Ending goodwill574.7 574.7
Global Institutional & Specialty | Previously Reported
Changes in the carrying amount of goodwill
Beginning goodwill564.1
Global Healthcare and Life Sciences
Changes in the carrying amount of goodwill
Current year business combinations108.2
Effect of foreign currency translation(1.5)
Ending goodwill1,016.5 1,016.5
Global Healthcare and Life Sciences | Previously Reported
Changes in the carrying amount of goodwill
Beginning goodwill909.8
Other
Changes in the carrying amount of goodwill
Effect of foreign currency translation(0.1)
Ending goodwill $ 245 245
Other | Previously Reported
Changes in the carrying amount of goodwill
Beginning goodwill $ 245.1

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Recurring - USD ($) $ in MillionsSep. 30, 2021Dec. 31, 2020
Carrying Amount
Assets:
Foreign currency forward contracts $ 45 $ 15.5
Interest rate swap agreements2.4
Liabilities:
Foreign currency forward contracts69.9
Interest rate swap agreements3.9
Carrying Amount | Foreign currency forward contracts.
Liabilities:
Foreign currency forward contracts31.6
Carrying Amount | Cross Currency Interest Rate Contract
Liabilities:
Foreign currency forward contracts2
Level 2
Assets:
Foreign currency forward contracts45 15.5
Interest rate swap agreements2.4
Liabilities:
Foreign currency forward contracts $ 69.9
Interest rate swap agreements3.9
Level 2 | Foreign currency forward contracts.
Liabilities:
Foreign currency forward contracts31.6
Level 2 | Cross Currency Interest Rate Contract
Liabilities:
Foreign currency forward contracts $ 2

FAIR VALUE MEASUREMENTS - Long-

FAIR VALUE MEASUREMENTS - Long-term Debt (Details) - USD ($) $ in MillionsSep. 30, 2021Dec. 31, 2020
Carrying Amount
Carrying amount and fair value of financial instruments
Long-term debt, including current maturities $ 5,934.5 $ 6,671.1
Fair Value | Level 2
Carrying amount and fair value of financial instruments
Long-term debt, including current maturities $ 6,623.3 $ 7,704.4

DERIVATIVES AND HEDGING TRANS_3

DERIVATIVES AND HEDGING TRANSACTIONS - Derivative Positions Summary (Details) € in Millions, $ in MillionsSep. 30, 2021USD ($)Sep. 30, 2021EUR (€)Jul. 31, 2021EUR (€)Dec. 31, 2020USD ($)
Asset Derivatives
Gross value of derivatives $ 47.4 $ 15.5
Gross amounts offset in the Consolidated Balance Sheet(18.6)(12.3)
Net value of derivatives presented in the Consolidated Balance Sheet28.8 3.2
Liability Derivatives
Gross value of derivatives37.5 69.9
Gross amounts offset in the Consolidated Balance Sheet(18.6)(12.3)
Net value of derivatives presented in the Consolidated Balance Sheet18.9 57.6
Cash collateral received0
Cash collateral pledged0
Foreign currency forward contracts.
Liability Derivatives
Notional values3,819 3,702
Interest rate swap agreements
Liability Derivatives
Notional values750
Cross Currency Interest Rate Contract
Liability Derivatives
Notional values354
Cross Currency Interest Rate Contract | Net Investment Hedges
Liability Derivatives
Notional values354 € 300 € 300
Derivatives designated as hedging instruments | Foreign currency forward contracts.
Asset Derivatives
Gross value of derivatives17.1 8.1
Liability Derivatives
Gross value of derivatives24.1 54.3
Derivatives designated as hedging instruments | Interest rate swap agreements
Asset Derivatives
Gross value of derivatives2.4
Liability Derivatives
Gross value of derivatives3.9
Derivatives designated as hedging instruments | Cross Currency Interest Rate Contract
Liability Derivatives
Gross value of derivatives2
Derivatives not designated as hedging instruments | Foreign currency forward contracts.
Asset Derivatives
Gross value of derivatives27.9 7.4
Liability Derivatives
Gross value of derivatives $ 7.5 $ 15.6

DERIVATIVES AND HEDGING TRANS_4

DERIVATIVES AND HEDGING TRANSACTIONS - Information by Type of Derivative and Hedging Activities (Details) € in Millions, $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021USD ($)Sep. 30, 2020USD ($)Sep. 30, 2021USD ($)Sep. 30, 2020USD ($)Oct. 29, 2021USD ($)Sep. 30, 2021EUR (€)Jul. 31, 2021USD ($)Jul. 31, 2021EUR (€)Mar. 31, 2021USD ($)Dec. 31, 2020USD ($)
Fair Value Hedges
Cumulative amount of fair value hedging adjustment $ 5.2 $ 5.2
Derivative liability18.9 18.9 $ 57.6
Net Investment Hedges
Revaluation gain (loss), net of tax35.2 $ (83.4) $ 8.8 $ (87.4)
Derivative Summary
Maximum period for hedged transactions3 years
Cash collateral received $ 0 $ 0
Senior notes
Impact on AOCI and earnings from derivative contracts
Interest rate (as a percent)4.80%4.80%4.80%3.25%3.25%3.25%
Fair Value Hedges
Aggregate principal amount $ 250 $ 250 $ 250 $ 250
Interest rate (as a percent)4.80%4.80%4.80%3.25%3.25%3.25%
Thirty year 2016 senior notes
Fair Value Hedges
Aggregate principal amount $ 200 $ 200
Ten Year 2015 senior euro notes
Fair Value Hedges
Aggregate principal amount | € € 575
Cost of sales
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income(4.6)3.1 (9.2)9.1
Selling, general and administrative expenses
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income64.9 (131.7)33.3 (121.1)
Interest expense, net
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income6.2 14.6 19.2
Foreign currency forward contracts.
Net Investment Hedges
Notional values3,819 3,819 $ 3,702
Foreign currency forward contracts. | Interest expense, net
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income4.5
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)3.1
Foreign currency forward contracts. | Derivatives not designated as hedging instruments | Selling, general and administrative expenses
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income22.8 (30.2)28.6 (12.3)
Foreign currency forward contracts. | Derivatives not designated as hedging instruments | Interest expense, net
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income11.3 11.3
Interest rate swap agreements
Net Investment Hedges
Notional values750 750
Euro Notes
Net Investment Hedges
Revaluation gain (loss), net of tax36.7 (83.4)10.3 (87.4)
Cross Currency Interest Rate Contract
Net Investment Hedges
Notional values354 354
Revaluation gain (loss), net of tax(1.5)(1.5)
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)(4.6)(9.2)9.1
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)42.1 (101.5)4.7 (108.8)
Cash Flow Hedges | Foreign currency forward contracts. | Derivatives designated as hedging instruments | Interest expense, net
Impact on AOCI and earnings from derivative contracts
Gain (loss) reclassified from AOCI into income (effective portion)(1.8)(0.7)
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value5.1 (4.9)16.4 8.6
Gain (loss) recognized in income (ineffective portion)5.1 (4.9)16.4 8.6
Cash Flow Hedges | Interest rate swap agreements | Derivatives designated as hedging instruments | Interest expense, net
Impact on AOCI and earnings from derivative contracts
Gain (loss) reclassified from AOCI into income (effective portion)(0.6) $ (0.2)
Fair Value Hedges | Interest rate swap agreements
Fair Value Hedges
Derivative liability745.9 745.9
Net Investment Hedges | Senior euro notes
Net Investment Hedges
Notional values1,353 1,353 1,150
Net Investment Hedges | Cross Currency Interest Rate Contract
Net Investment Hedges
Notional values $ 354 $ 354 € 300 € 300
Discontinued Operations | Derivatives not designated as hedging instruments | Selling, general and administrative expenses
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivatives $ (2.5)
Subsequent event | Fair Value Hedges
Impact on AOCI and earnings from derivative contracts
Interest rate (as a percent)2.70%
Fair Value Hedges
Aggregate principal amount $ 250
Interest rate (as a percent)2.70%

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Reclassification adjustments
COS $ (2,016.7) $ (1,769.6) $ (5,572.7) $ (5,125.5)
SG&A(832)(802.6)(2,548.2)(2,499.5)
Interest (income) expense, net(76.4)(134.8)(173.7)(241.8)
Other activity0.5 (0.2)(0.2)(0.2)
Subtotal(23.3)44.9 259.1 145.1
Derivative (gain) loss reclassified from AOCI into income, net of tax(31.9)78.2 (7.7)69.4
Pension and postretirement benefits amortization of net actuarial losses33.4 (18.5)62.8 12
Derivative & Hedging Instruments
Reclassification adjustments
Amount recognized in AOCI61.2 (126.2)30.3 (108.3)
Tax impact(4.4)3.8 (3.3)2.6
Subtotal15.3 (19.1)16.7 (14.1)
Derivative & Hedging Instruments | Amount reclassified from AOCI
Reclassification adjustments
COS4.6 (3.1)9.2 (9.1)
SG&A(42.1)101.5 (4.7)108.8
Interest (income) expense, net(4.5)5.1 (14.6)(7.9)
Amount reclassified from AOCI into income(42)103.5 (10.1)91.8
Pension & Postretirement Benefits
Reclassification adjustments
Amount reclassified from AOCI into income23.3 15 231.4 44.3
Other activity15.6 (29.8)(2.8)(21.5)
Tax impact(5.5)(3.7)(55.9)(10.8)
Subtotal33.4 (18.5)172.7 12
Pension & Postretirement Benefits | Amount reclassified from AOCI
Reclassification adjustments
Amount reclassified from AOCI into income16.3 $ 15 59.8 $ 44.3
Actuarial gain (loss)
Reclassification adjustments
Amount recognized in AOCI145
Settlement charge | Amount reclassified from AOCI
Reclassification adjustments
Amount reclassified from AOCI into income $ 7 $ 26.6

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - sharesJun. 03, 2020Sep. 30, 2021Dec. 31, 2020Feb. 28, 2015
Discontinued Operations, Disposed of By Sale | ChampionX
Shareholder's Equity
Shares accepted4,955,552
Number of shares exchanged122,200,000
Common Stock
Shareholder's Equity
Common stock, shares authorized to be repurchased20,000,000
Reacquired shares (in shares)367,141 761,245
Remaining shares authorized to be repurchased5,978,499
Number of shares that have been repurchased through the exercise of stock options and vesting of stock awards105,694 196,181
Number of shares reacquired through the open market or private purchases261,447 565,064

EARNINGS ATTRIBUTABLE TO ECOL_3

EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS") (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Computations of the basic and diluted earnings attributable to Ecolab per share amounts
Net income from continuing operations attributable to Ecolab $ 324.5 $ 246.2 $ 828.9 $ 667.1
Net loss from discontinued operations, net of tax (Note 4) (d)(2,172.5)
Net income (loss) attributable to Ecolab $ 324.5 $ 246.2 $ 828.9 $ (1,505.4)
Weighted-average common shares outstanding
Basic (in shares)286.4 285.4 286.1 287.5
Effect of dilutive stock options and units (in shares)2.8 3 2.9 3.3
Diluted (in shares)289.2 288.4 289 290.8
Basic EPS
Continuing operations $ 1.13 $ 0.86 $ 2.90 $ 2.32
Discontinued operations(7.56)
Earnings attributable to Ecolab1.130.862.90(5.24)
Diluted EPS
Continuing operations1.120.852.872.29
Discontinued operations(7.47)
Earnings attributable to Ecolab $ 1.12 $ 0.85 $ 2.87 $ (5.18)
Anti-dilutive securities excluded from the computation of diluted EPS1 1 1 1

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
INCOME TAXES
Effective income tax rate (as a percent)18.30%14.50%21.20%13.20%
Excess tax benefits, share-based compensation $ 9.9 $ 3.4 $ 20.7 $ 49
Recognized discrete tax expense (benefit)6.3 (12.4)17.5 (56.8)
Recognized other discrete tax expense (benefit)8 8.9
Tax expense, transfer of intangible assets between affiliates(0.4)23.8
Net discrete expense (benefit), prior year returns $ 4 6.9 $ 5.5 2.4
Recognized discrete tax benefits, release of reserves for uncertain tax positions $ 2.1 $ (5.4)

PENSION AND POSTRETIREMENT PL_3

PENSION AND POSTRETIREMENT PLANS - Information Related to Pension and Postretirement Plans (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Jun. 30, 2020Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020
Amounts recognized in Consolidated Balance Sheet:
Other assets $ 46.9 $ 46.9 $ 33
Postretirement health care and pension benefits(996.6)(996.6) $ (1,226.2)
Change in Accumulated Other Comprehensive Loss (Income):
Other comprehensive loss (income)(33.4) $ 18.5 (172.7) $ (12)
Discontinued Operations
Projected Benefit Obligation
Service cost (a) $ 2.5
U.S. Pension | Pension
Projected Benefit Obligation
Service cost (a)11.2 16.5 32.8 51.9
Interest cost13.3 17.7 38.3 52.7
U.S. Pension | U.S. Postretirement Health Care
Projected Benefit Obligation
Service cost (a)0.2 0.3 0.6 0.9
Interest cost0.7 0.8 2.1 2.9
International Pension | Pension
Projected Benefit Obligation
Service cost (a)7.9 7.9 24 23.2
Interest cost $ 4.4 $ 5.5 $ 13.1 $ 16.1

PENSION AND POSTRETIREMENT PL_4

PENSION AND POSTRETIREMENT PLANS (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Jun. 30, 2020Sep. 30, 2021Sep. 30, 2020
U.S. Pension | Pension
Net periodic benefit costs
Service cost (a) $ 11.2 $ 16.5 $ 32.8 $ 51.9
Interest cost on benefit obligation13.3 17.7 38.3 52.7
Expected return on plan assets(38)(38.2)(115.2)(114.6)
Recognition of net actuarial (gain) loss12.1 13 44.5 39
Amortization of prior service benefit(1.7)(1.6)(5.1)(5.4)
Curtailments and settlements (b)7 26.6
Total expense (benefit)3.9 7.4 21.9 23.6
U.S. Pension | Pension | Non-qualified plan
Other Pension Plan Information
Contributions to plan10
Contributions anticipated to be made during the remainder of 20215 5
U.S. Pension | U.S. Postretirement Health Care
Net periodic benefit costs
Service cost (a)0.2 0.3 0.6 0.9
Interest cost on benefit obligation0.7 0.8 2.1 2.9
Expected return on plan assets(0.1)(0.1)(0.3)(0.3)
Recognition of net actuarial (gain) loss0.2 (0.1)0.6
Amortization of prior service benefit(2.9)(8.4)
Total expense (benefit)1 (2)3 (4.9)
Other Pension Plan Information
Contributions to plan8
Contributions anticipated to be made during the remainder of 20213 3
International Pension | Pension
Net periodic benefit costs
Service cost (a)7.9 7.9 24 23.2
Interest cost on benefit obligation4.4 5.5 13.1 16.1
Expected return on plan assets(16.6)(15.7)(51.9)(46.7)
Recognition of net actuarial (gain) loss5.8 6.6 20.3 19.2
Amortization of prior service benefit(0.1)(0.1)(0.5)(0.1)
Total expense (benefit)1.4 $ 4.2 5 $ 11.7
Other Pension Plan Information
Contributions to plan33
Contributions anticipated to be made during the remainder of 2021 $ 10 $ 10
Discontinued Operations
Net periodic benefit costs
Service cost (a) $ 2.5

REVENUES - Operating Lease Reve

REVENUES - Operating Lease Revenue (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Jun. 30, 2020Sep. 30, 2021Sep. 30, 2020
Operating Lease, Lease Income
Lease billing suspension $ 38
Operating lease revenue $ 103.3 $ 84.9 $ 306.4 $ 258.2

REVENUES - Principal Activities

REVENUES - Principal Activities (Details) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Disaggregation of revenue
Net sales $ 3,320.8 $ 3,018.6 $ 9,368.5 $ 8,724.9
U.S. Pension | Geographic concentration | Consolidated net sales
Disaggregation of revenue
Percentage of consolidated sales52.00%52.00%
Product and sold equipment
Disaggregation of revenue
Net sales2,653.8 2,426.4 $ 7,461.6 $ 7,017.5
Service and lease equipment
Disaggregation of revenue
Net sales667 592.2 1,906.9 1,707.4
Corporate
Disaggregation of revenue
Net sales36 46.9 104.1 59.2
Corporate | North America
Disaggregation of revenue
Net sales25.7 34.8 73.4 47.1
Corporate | Europe
Disaggregation of revenue
Net sales0.8 2.4 2.6 2.4
Corporate | Asia Pacific
Disaggregation of revenue
Net sales1.5 1.4 4.2 1.4
Corporate | Latin America
Disaggregation of revenue
Net sales6.7 6.6 19.4 6.6
Corporate | Greater China
Disaggregation of revenue
Net sales0.7 0.4 1.9 0.4
Corporate | India, Middle East and Africa
Disaggregation of revenue
Net sales0.6 1.3
Corporate | Middle East and Africa ("MEA")
Disaggregation of revenue
Net sales2.6 1.3
Corporate | Product and sold equipment
Disaggregation of revenue
Net sales35.8 46.6 103.5 58.9
Corporate | Service and lease equipment
Disaggregation of revenue
Net sales0.2 0.3 0.6 0.3
Global Industrial
Disaggregation of revenue
Net sales1,603.1 1,469.3 4,578.6 4,326.7
Global Industrial | North America
Disaggregation of revenue
Net sales716.8 683.5 2,046 2,033.1
Global Industrial | Europe
Disaggregation of revenue
Net sales353.3 325 1,008.5 914.8
Global Industrial | Asia Pacific
Disaggregation of revenue
Net sales199.8 180.4 586.8 548.8
Global Industrial | Latin America
Disaggregation of revenue
Net sales141 117.5 400.5 362.5
Global Industrial | Greater China
Disaggregation of revenue
Net sales102.9 85.1 292.7 237.5
Global Industrial | India, Middle East and Africa
Disaggregation of revenue
Net sales89.3 77.8
Global Industrial | Middle East and Africa ("MEA")
Disaggregation of revenue
Net sales244.1 230
Global Industrial | Product and sold equipment
Disaggregation of revenue
Net sales1,386 1,264.3 3,941 3,725.8
Global Industrial | Service and lease equipment
Disaggregation of revenue
Net sales217.1 205 637.6 600.9
Global Institutional & Specialty
Disaggregation of revenue
Net sales1,070.6 898.4 2,904 2,678.6
Global Institutional & Specialty | North America
Disaggregation of revenue
Net sales776.4 654.1 2,133.6 1,926.4
Global Institutional & Specialty | Europe
Disaggregation of revenue
Net sales166.3 127.1 394.5 375.7
Global Institutional & Specialty | Asia Pacific
Disaggregation of revenue
Net sales48.4 47.6 150 156.1
Global Institutional & Specialty | Latin America
Disaggregation of revenue
Net sales34.9 32.4 97.3 103
Global Institutional & Specialty | Greater China
Disaggregation of revenue
Net sales32.6 26.7 98.7 82.8
Global Institutional & Specialty | India, Middle East and Africa
Disaggregation of revenue
Net sales12 10.5
Global Institutional & Specialty | Middle East and Africa ("MEA")
Disaggregation of revenue
Net sales29.9 34.6
Global Institutional & Specialty | Product and sold equipment
Disaggregation of revenue
Net sales889.9 758.7 2,397.7 2,248.7
Global Institutional & Specialty | Service and lease equipment
Disaggregation of revenue
Net sales180.7 139.7 506.3 429.9
Global Healthcare and Life Sciences
Disaggregation of revenue
Net sales286.9 322.3 881.4 866.4
Global Healthcare and Life Sciences | North America
Disaggregation of revenue
Net sales112.6 113.2 320 325.6
Global Healthcare and Life Sciences | Europe
Disaggregation of revenue
Net sales154.1 170.7 500.8 462.2
Global Healthcare and Life Sciences | Asia Pacific
Disaggregation of revenue
Net sales14.8 27.8 40.3 51.7
Global Healthcare and Life Sciences | Latin America
Disaggregation of revenue
Net sales3.5 1.1 6.3
Global Healthcare and Life Sciences | Greater China
Disaggregation of revenue
Net sales1.8 1.7 4.5 5
Global Healthcare and Life Sciences | India, Middle East and Africa
Disaggregation of revenue
Net sales3.6 5.4
Global Healthcare and Life Sciences | Middle East and Africa ("MEA")
Disaggregation of revenue
Net sales14.7 15.6
Global Healthcare and Life Sciences | Product and sold equipment
Disaggregation of revenue
Net sales259.4 292.3 795.4 788.1
Global Healthcare and Life Sciences | Service and lease equipment
Disaggregation of revenue
Net sales27.5 30 86 78.3
Other
Disaggregation of revenue
Net sales324.2 281.7 900.4 794
Other | North America
Disaggregation of revenue
Net sales201.3 175.7 549.8 496.6
Other | Europe
Disaggregation of revenue
Net sales70.6 59.3 191.3 164.2
Other | Asia Pacific
Disaggregation of revenue
Net sales17.1 14.3 54.9 45
Other | Latin America
Disaggregation of revenue
Net sales13 13.4 37.7 35.7
Other | Greater China
Disaggregation of revenue
Net sales19.5 16.7 57.7 45
Other | India, Middle East and Africa
Disaggregation of revenue
Net sales2.7 2.3
Other | Middle East and Africa ("MEA")
Disaggregation of revenue
Net sales9 7.5
Other | Product and sold equipment
Disaggregation of revenue
Net sales82.7 64.5 224 196
Other | Service and lease equipment
Disaggregation of revenue
Net sales $ 241.5 $ 217.2 $ 676.4 $ 598

REVENUES - Allowance for Doubtf

REVENUES - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions9 Months Ended
Sep. 30, 2021Sep. 30, 2020
Accounts Receivable and Allowance for Doubtful Accounts
Allowance for doubtful accounts, returns and credits $ 20.4 $ 15.3
Activity in the allowance for doubtful accounts
Beginning balance84.3 55.5
Bad debt expense12.4 54.6
Write-offs(23.7)(25)
Other3.4 (1.2)
Ending balance (b) $ 76.4 88.2
Accounting Standards Update 2016-13 | Adjustment.
Activity in the allowance for doubtful accounts
Beginning balance $ 4.3

REVENUES - Contract Liability (

REVENUES - Contract Liability (Details) - USD ($) $ in Millions9 Months Ended
Sep. 30, 2021Sep. 30, 2020
Change in contract liability
Contract liability as of beginning of the year $ 80.4 $ 76.7
Revenue recognized in the period from: Amounts included in the contract liability at the beginning of the period(80.4)(76.7)
Increases due to billings excluding amounts recognized as revenue during the period ended86.7 84
Business combinations0.6
Contract liability as of end of period $ 86.7 $ 84.6

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details) $ in Millions3 Months Ended9 Months Ended12 Months Ended
Sep. 30, 2021USD ($)Sep. 30, 2020USD ($)Sep. 30, 2021USD ($)Sep. 30, 2021segmentSep. 30, 2021itemSep. 30, 2020USD ($)Dec. 31, 2020USD ($)
Financial information of reportable segments
Number of reportable segments3 3
Net sales $ 3,320.8 $ 3,018.6 $ 9,368.5 $ 8,724.9
Operating Income (Loss)465.8 411.4 1,210.9 979.6
Previously Reported | 2020 Reported Valued at 2020 Management Rates
Financial information of reportable segments
Net sales $ 11,790.2
Operating Income (Loss)1,395.7
Previously Reported | 2020 Reported Valued at 2021 Management Rates
Financial information of reportable segments
Net sales11,790.2
Operating Income (Loss)1,395.7
Global Industrial
Financial information of reportable segments
Net sales1,603.1 1,469.3 4,578.6 4,326.7
Global Institutional & Specialty
Financial information of reportable segments
Net sales1,070.6 898.4 2,904 2,678.6
Global Healthcare and Life Sciences
Financial information of reportable segments
Net sales286.9 322.3 881.4 866.4
Other
Financial information of reportable segments
Net sales324.2 281.7 900.4 794
Operating segment
Financial information of reportable segments
Net sales3,349.4 3,098.3 9,419.4 9,001.2
Operating Income (Loss)471.3 426.6 1,219.2 1,022.1
Operating segment | Previously Reported | 2020 Reported Valued at 2020 Management Rates
Financial information of reportable segments
Net sales11,921.9
Operating Income (Loss)1,419.5
Operating segment | Previously Reported | 2020 Reported Valued at 2021 Management Rates
Financial information of reportable segments
Net sales12,122.3
Operating Income (Loss)1,448.5
Operating segment | Adjustment | Fixed Currency Rate Change
Financial information of reportable segments
Net sales200.4
Operating Income (Loss)29
Operating segment | Global Industrial
Financial information of reportable segments
Net sales1,620.4 1,512.9 4,609.7 4,476.4
Operating Income (Loss)268.3 302.3 750.8 799.7
Operating segment | Global Industrial | Previously Reported | 2020 Reported Valued at 2020 Management Rates
Financial information of reportable segments
Net sales5,959.9
Operating Income (Loss)1,106
Operating segment | Global Industrial | Previously Reported | 2020 Reported Valued at 2021 Management Rates
Financial information of reportable segments
Net sales6,048.2
Operating Income (Loss)1,123.1
Operating segment | Global Industrial | Adjustment | Fixed Currency Rate Change
Financial information of reportable segments
Net sales92
Operating Income (Loss)17.3
Operating segment | Global Industrial | Adjustment | Other
Financial information of reportable segments
Net sales(3.7)
Operating Income (Loss)(0.2)
Operating segment | Global Institutional & Specialty
Financial information of reportable segments
Net sales1,076.6 914.4 2,914 2,734.6
Operating Income (Loss)196.5 83.7 398.2 229.4
Operating segment | Global Institutional & Specialty | Previously Reported | 2020 Reported Valued at 2020 Management Rates
Financial information of reportable segments
Net sales3,577.2
Operating Income (Loss)321.9
Operating segment | Global Institutional & Specialty | Previously Reported | 2020 Reported Valued at 2021 Management Rates
Financial information of reportable segments
Net sales3,629
Operating Income (Loss)324
Operating segment | Global Institutional & Specialty | Adjustment | Fixed Currency Rate Change
Financial information of reportable segments
Net sales42.5
Operating Income (Loss)2.4
Operating segment | Global Institutional & Specialty | Adjustment | Other
Financial information of reportable segments
Net sales9.3
Operating Income (Loss)(0.3)
Operating segment | Global Healthcare and Life Sciences
Financial information of reportable segments
Net sales290.2 335.1 887.4 913.3
Operating Income (Loss)37.3 69 131.2 162
Operating segment | Global Healthcare and Life Sciences | Previously Reported | 2020 Reported Valued at 2020 Management Rates
Financial information of reportable segments
Net sales1,189.1
Operating Income (Loss)207.6
Operating segment | Global Healthcare and Life Sciences | Previously Reported | 2020 Reported Valued at 2021 Management Rates
Financial information of reportable segments
Net sales1,241.1
Operating Income (Loss)218.3
Operating segment | Global Healthcare and Life Sciences | Adjustment | Fixed Currency Rate Change
Financial information of reportable segments
Net sales48.3
Operating Income (Loss)10
Operating segment | Global Healthcare and Life Sciences | Adjustment | Other
Financial information of reportable segments
Net sales3.7
Operating Income (Loss)0.7
Operating segment | Other
Financial information of reportable segments
Net sales326.3 288.7 904.2 817.4
Operating Income (Loss)59.2 45.8 143.4 88.4
Operating segment | Other | Previously Reported | 2020 Reported Valued at 2020 Management Rates
Financial information of reportable segments
Net sales1,093.3
Operating Income (Loss)131.5
Operating segment | Other | Previously Reported | 2020 Reported Valued at 2021 Management Rates
Financial information of reportable segments
Net sales1,103.4
Operating Income (Loss)132.8
Operating segment | Other | Adjustment | Fixed Currency Rate Change
Financial information of reportable segments
Net sales19.4
Operating Income (Loss)1.5
Operating segment | Other | Adjustment | Other
Financial information of reportable segments
Net sales(9.3)
Operating Income (Loss)(0.2)
Currency Impact
Financial information of reportable segments
Net sales(28.6)(79.7)(50.9)(276.3)
Operating Income (Loss)(5.5)(15.2)(8.3)(42.5)
Currency Impact | Previously Reported | 2020 Reported Valued at 2020 Management Rates
Financial information of reportable segments
Net sales(131.7)
Operating Income (Loss)(23.8)
Currency Impact | Previously Reported | 2020 Reported Valued at 2021 Management Rates
Financial information of reportable segments
Net sales(332.1)
Operating Income (Loss)(52.8)
Currency Impact | Adjustment | Fixed Currency Rate Change
Financial information of reportable segments
Net sales(200.4)
Operating Income (Loss)(29)
Corporate
Financial information of reportable segments
Net sales36 46.9 104.1 59.2
Operating Income (Loss)(90)(74.2)(204.4)(257.4)
Corporate | 2020 Reported Valued at 2020 Management Rates
Financial information of reportable segments
Net sales $ 35.9 $ 47.2 $ 104.1 $ 59.5
Corporate | Previously Reported | 2020 Reported Valued at 2020 Management Rates
Financial information of reportable segments
Net sales102.4
Operating Income (Loss)(347.5)
Corporate | Previously Reported | 2020 Reported Valued at 2021 Management Rates
Financial information of reportable segments
Net sales100.6
Operating Income (Loss)(349.7)
Corporate | Adjustment | Fixed Currency Rate Change
Financial information of reportable segments
Net sales(1.8)
Operating Income (Loss) $ (2.2)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)9 Months Ended
Sep. 30, 2021item
Environmental matters
Number of locations for environmental assessments and remediation30