Ecolab (ECL) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2021shares
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
Entity File Number	1-9328
Entity Registrant Name	ECOLAB INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0231510
Entity Address, Address Line One	1 Ecolab Place
Entity Address, City or Town	St. Paul
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55102
City Area Code	800
Local Phone Number	232-6522
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	285,937,396
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000031462
Amendment Flag	false
Common Stock
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	ECL
Security Exchange Name	NYSE
2.625% Euro Notes due 2025
Title of 12(b) Security	2.625% Euro Notes due 2025
Trading Symbol	ECL 25
Security Exchange Name	NYSE
1.000% Euro Notes due 2024
Title of 12(b) Security	1.000% Euro Notes due 2024
Trading Symbol	ECL 24
Security Exchange Name	NYSE

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net sales	$ 2,885	$ 3,020.6
Cost of sales (including special charges (a))	1,712	1,720.2
Selling, general and administrative expenses	862.9	908.3
Special (gains) and charges	12.8	15.9
Operating income	297.3	376.2
Other (income) expense	(17)	(15.4)
Interest expense, net	51.7	48.3
Income before income taxes	262.6	343.3
Provision for income taxes	66.1	47
Net income from continuing operations including noncontrolling interest	196.5	296.3
Net income from continuing operations attributable to noncontrolling interest	2.9	4.3
Net income from continuing operations attributable to Ecolab	193.6	292
Net income (loss) from discontinued operations, net of tax (Note 4) (b)		(8.6)
Net income attributable to Ecolab	$ 193.6	$ 283.4
Basic EPS
Continuing operations	$ 0.68	$ 1.01
Discontinued operations		(0.03)
Earnings attributable to Ecolab	0.68	0.98
Diluted EPS
Continuing operations	0.67	1
Discontinued operations		(0.03)
Earnings attributable to Ecolab	$ 0.67	$ 0.97
Weighted-average common shares outstanding
Basic (in shares)	286	288.8
Diluted (in shares)	288.8	292.6
Product and sold equipment
Net sales	$ 2,293.4	$ 2,424
Cost of sales (including special charges (a))	1,362.9	1,364.7
Service and lease equipment
Net sales	591.6	596.6
Cost of sales (including special charges (a))	$ 349.1	$ 355.5

CONSOLIDATED STATEMENT OF INC_2

CONSOLIDATED STATEMENT OF INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Special charges	$ 12.8	$ 15.9
Net income from discontinued operations attributable to noncontrolling interest		2.5
Cost of sales
Special charges	19.6	9.1
Product and sold equipment | Cost of sales
Special charges	$ 19.6	$ 9.1

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net income attributable to Ecolab	$ 193.6	$ 283.4
Net income from continuing operations attributable to noncontrolling interest	2.9	4.3
Net income from discontinued operations attributable to noncontrolling interest		2.5
Net income attributable to Ecolab, including noncontrolling interest	196.5	290.2
Foreign currency translation adjustments
Foreign currency translation	84.9	(38.2)
Loss on net investment hedges	(12.2)	(1.1)
Total foreign currency translation adjustments	72.7	(39.3)
Derivatives and hedging instruments	0.6	2.9
Pension and postretirement benefits
Amortization of net actuarial loss and prior service costs included in net periodic pension and postretirement costs	5.9	12.9
Total pension and postretirement benefits	5.9	12.9
Subtotal	79.2	(23.5)
Total comprehensive income, including noncontrolling interest	275.7	266.7
Comprehensive income attributable to noncontrolling interest	2.2	7.3
Comprehensive income attributable to Ecolab	$ 273.5	$ 259.4

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 1,189.5	$ 1,260.2
Accounts receivable, net	2,272	2,273.8
Inventories	1,347	1,285.2
Other current assets	341.5	298.2
Total current assets	5,150	5,117.4
Property, plant and equipment, net	3,078.7	3,124.9
Goodwill	6,119.5	6,006.9
Other intangible assets, net	2,966.8	2,977
Operating lease assets	412.5	423.8
Other assets	480.6	476
Total assets	18,208.1	18,126
Current liabilities
Short-term debt	24.3	17.3
Accounts payable	1,128.2	1,160.6
Compensation and benefits	457.6	469.3
Income taxes	52.4	96.1
Other current liabilities	1,189.7	1,188.9
Total current liabilities	2,852.2	2,932.2
Long-term debt	6,685.8	6,669.3
Postretirement health care and pension benefits	1,207.8	1,226.2
Deferred income taxes	526.8	483.9
Operating lease liabilities	291.2	300.5
Other liabilities	324.2	312.4
Total liabilities	11,888	11,924.5
Commitments and contingencies (Note 17)
Equity (a)
Common stock	363	362.6
Additional paid-in capital	6,285.7	6,235
Retained earnings	8,299.3	8,243
Accumulated other comprehensive loss	(1,914.5)	(1,994.4)
Treasury stock	(6,741.2)	(6,679.7)
Total Ecolab shareholders' equity	6,292.3	6,166.5
Noncontrolling interest	27.8	35
Total equity	6,320.1	6,201.5
Total liabilities and equity	$ 18,208.1	$ 18,126

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEET
Common stock, shares authorized	800	800
Common stock, par value per share (in dollars per share)	$ 1	$ 1
Common stock, shares outstanding	285.9	285.7

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES
Net income including noncontrolling interest	$ 196.5	$ 290.2
Less: Net loss from discontinued operations including noncontrolling interest		(6.1)
Net income from continuing operations including noncontrolling interest	196.5	296.3
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	150.7	146.4
Amortization	64.5	52.3
Deferred income taxes	42.9	(1.7)
Share-based compensation expense	31.3	27.4
Pension and postretirement plan contributions	(21.6)	(20.6)
Pension and postretirement plan expense	1.9	8.3
Restructuring charges, net of cash paid	(4.8)	(11.1)
Other, net	4.4	3.6
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	23.6	(37.9)
Inventories	(45.9)	(38)
Other assets	(35.3)	(33.3)
Accounts payable	(44.6)	(35.3)
Other liabilities	(68.3)	(48.1)
Cash provided by operating activities - continuing operations	295.3	308.3
Cash provided by operating activities - discontinued operations		63.5
Cash provided by operating activities	295.3	371.8
INVESTING ACTIVITIES
Capital expenditures	(102.1)	(147.7)
Property and other assets sold	0.1	0.8
Acquisitions and investments in affiliates, net of cash acquired	(88)	(1.5)
Other, net	(2.4)	(4.9)
Cash used for investing activities - continuing operations	(192.4)	(153.3)
Cash used for investing activities - discontinued operations		(12.4)
Cash used for investing activities	(192.4)	(165.7)
FINANCING ACTIVITIES
Net issuances of commercial paper and notes payable	5.8	957.6
Long-term debt borrowings		763.7
Long-term debt repayments		(299.7)
Reacquired shares	(61.8)	(95)
Dividends paid	(146.7)	(145.5)
Exercise of employee stock options	20.1	83.4
Other, net	(0.5)
Cash (used for) provided by financing activities - continuing operations	(183.1)	1,264.5
Cash provided by financing activities - discontinued operations		1.3
Cash (used for) provided by financing activities	(183.1)	1,265.8
Effect of exchange rate changes on cash, cash equivalents and restricted cash	9.5	3.6
(Decrease) increase in cash, cash equivalents and restricted cash	(70.7)	1,475.5
Cash, cash equivalents and restricted cash, beginning of period - continuing operations	1,260.2	118.8
Cash, cash equivalents and restricted cash, beginning of period - discontinued operations		67.6
Cash, cash equivalents and restricted cash, beginning of period	1,260.2	186.4
Cash, cash equivalents and restricted cash, end of period - continuing operations	1,189.5	1,552.2
Cash, cash equivalents and restricted cash, end of period - discontinued operations		109.7
Cash, cash equivalents and restricted cash, end of period	$ 1,189.5	$ 1,661.9

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) shares in Millions, $ in Millions	Ecolab Shareholders EquityCumulative Effect, Period of Adoption, Adjustment	Ecolab Shareholders Equity	Common Stock	Additional Paid-in Capital	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained Earnings	OCI (Loss)	Treasury Stock	Non-Controlling Interest	Cumulative Effect, Period of Adoption, Adjustment	Total
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 income		283.4				283.4			6.8		290.2
Other comprehensive income (loss) activity		(24)					(24)		0.5		(23.5)
Cash dividends declared		(135.9)				(135.9)			(10)		(145.9)
Changes in noncontrolling interest									0.7		0.7
Stock options and awards		112.6	1.2	111				0.4			112.6
Reacquired shares		(95)						(95)			(95)
Balance at Mar. 31, 2020		8,822.1	360.8	6,018.1		10,136.9	(2,113.7)	(5,580)	38.5		8,860.6
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, 2020		6,166.5	362.6	6,235		8,243	(1,994.4)	(6,679.7)	35		$ 6,201.5
Balance (in shares) at Dec. 31, 2020											285.7
Increase (Decrease) in Stockholders' Equity
Retained earnings											$ 8,243
Net income		193.6				193.6			2.9		196.5
Other comprehensive income (loss) activity		79.9					79.9		(0.7)		79.2
Cash dividends declared		(137.3)				(137.3)			(9.4)		(146.7)
Stock options and awards		51.4	0.4	50.7				0.3			51.4
Reacquired shares		(61.8)						(61.8)			(61.8)
Balance at Mar. 31, 2021		$ 6,292.3	$ 363	$ 6,285.7		$ 8,299.3	$ (1,914.5)	$ (6,741.2)	$ 27.8		$ 6,320.1
Balance (in shares) at Mar. 31, 2021											285.9
Increase (Decrease) in Stockholders' Equity
Retained earnings											$ 8,299.3

CONSOLIDATED STATEMENT OF EQU_2

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENT OF EQUITY
Dividends declared per common share (in dollars per share)	$ 0.48	$ 0.47

CONSOLIDATED FINANCIAL INFORMAT

CONSOLIDATED FINANCIAL INFORMATION	3 Months Ended
	Mar. 31, 2021
CONSOLIDATED FINANCIAL INFORMATION
CONSOLIDATED FINANCIAL INFORMATION	1. CONSOLIDATED FINANCIAL INFORMATION ​ The unaudited consolidated financial information for the first quarter ended March 31, 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 (“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 it 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 second 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 reflects discontinued operations as discussed further in Note 4 but does not include all disclosures required by accounting principles generally accepted in the United States. 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 first quarter ended March 31, 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 May 6, 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 CHARGES	3 Months Ended
	Mar. 31, 2021
SPECIAL (GAINS) AND CHARGES
SPECIAL (GAINS) AND CHARGES	2. SPECIAL (GAINS) AND CHARGES ​ Special (gains) and charges reported on the Consolidated Statement of Income include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter Ended ​ ​ March 31 (millions) 2021 ​ 2020 Cost of sales ​ ​ ​ ​ ​ ​ ​ Restructuring activities ​ ​ 18.2 ​ ​ ​ 3.0 Acquisition and integration activities ​ ​ - ​ ​ ​ 0.4 COVID-19 activities, net ​ ​ 1.1 ​ ​ ​ - Other ​ ​ 0.3 ​ ​ ​ 5.7 Cost of sales subtotal ​ ​ 19.6 ​ ​ ​ 9.1 ​ ​ ​ ​ ​ ​ ​ ​ Special (gains) and charges ​ ​ ​ ​ ​ ​ ​ Restructuring activities ​ ​ 3.6 ​ ​ ​ 4.2 Acquisition and integration activities ​ ​ 1.2 ​ ​ ​ 5.4 Disposal and impairment activities ​ ​ - ​ ​ ​ 1.2 COVID-19 activities, net ​ ​ 6.4 ​ ​ ​ - Other ​ ​ 1.6 ​ ​ ​ 5.1 Special (gains) and charges subtotal ​ ​ 12.8 ​ ​ ​ 15.9 ​ ​ ​ ​ ​ ​ ​ ​ Operating income subtotal ​ ​ 32.4 ​ ​ ​ 25.0 ​ ​ ​ ​ ​ ​ ​ ​ Total special (gains) and charges ​ ​ $32.4 ​ ​ ​ $25.0 ​ 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 Statement of Income. Restructuring liabilities have been classified as a component of other current and other noncurrent liabilities on the Consolidated Balance Sheet. ​ 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. The Company expects total program savings of approximately $50 million by the end of 2024. Actual costs may vary from these estimates depending on actions taken. ​ During the first quarter of 2021, the Company recorded restructuring charges of $5.9 million ( $4.5 million after tax) primarily related to costs to support the transition to the new sales and service structure, and the disposal of equipment. The Company has recorded $41.1 million ( $30.9 million after tax) of cumulative restructuring charges under the Institutional Plan. The liability related to the Institutional Plan was $15.0 million as of March 31, 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) ​ Non-cash net charges ​ - ​ ​ ​ - ​ ​ ​ - ​ ​ ​ - ​ Effect of foreign currency translation ​ - ​ ​ ​ - ​ ​ ​ - ​ ​ ​ - ​ Restructuring liability, December 31, 2020 ​ 24.7 ​ ​ ​ - ​ ​ ​ - ​ ​ ​ 24.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense (income) and accrual (0.3) ​ ​ ​ 4.0 ​ ​ ​ 2.2 ​ ​ 5.9 ​ Net cash payments (9.3) ​ ​ ​ - ​ ​ ​ (2.2) ​ ​ (11.5) ​ Non-cash net charges - ​ ​ ​ (4.0) ​ ​ ​ - ​ ​ (4.0) ​ Effect of foreign currency translation (0.1) ​ ​ ​ - ​ ​ ​ - ​ ​ (0.1) ​ Restructuring liability, March 31, 2021 ​ ​ $15.0 ​ ​ ​ $- ​ ​ ​ $- ​ ​ ​ $15.0 ​ ​ 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 $1.7 million ( $1.4 million after tax) in the first quarter of 2021, primarily related to severance. The liability related to the Plan was $58.7 million as of the end of the first quarter of 2021. The Company has recorded $240.9 million ( $185.2 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. Cash payments during 2021 related to the Plan were $15.0 million. ​ 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 ​ ​ 1.5 ​ ​ ​ - ​ ​ ​ 0.2 ​ ​ ​ 1.7 ​ Net cash payments ​ (14.8) ​ ​ ​ - ​ ​ ​ (0.2) ​ ​ ​ (15.0) ​ Non-cash charges ​ - ​ ​ ​ - ​ ​ ​ (0.1) ​ ​ ​ (0.1) ​ Effect of foreign currency translation ​ 0.3 ​ ​ ​ - ​ ​ ​ - ​ ​ ​ 0.3 ​ Restructuring liability, March 31, 2021 ​ ​ $53.8 ​ ​ ​ $- ​ ​ ​ $4.9 ​ ​ ​ $58.7 ​ ​ Other Restructuring Activities ​ During the first quarter of 2021, the Company incurred restructuring charges of $14.2 million ( $10.8 million after tax), related to other immaterial restructuring activity. The charges are primarily related to severance. During the first quarters 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 $17.1 million and $5.9 million as of March 31, 2021 and December 31, 2020, respectively. The increase in liability was driven primarily by severance accruals. 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 $0.1 million. ​ Acquisition and integration related costs ​ Acquisition and integration costs reported in special (gains) and charges on the Consolidated Statement of Income include $1.2 million ( $1.1 million after tax) and $5.4 million ( $3.6 million after tax) in the first quarter of 2021 and 2020, respectively. Charges are related to the Copal Invest NV, including its primary operating entity CID Lines (collectively, “CID Lines”) and consist of integration costs, advisory and legal fees. Acquisition and integration costs reported in product and equipment cost of sales of $0.4 million ( $0.3 million after tax) on the Consolidated Statement of Income in the first quarter of 2020 related to the recognition of fair value step-up in the CID Lines inventory, severance and the closure of a facility. ​ 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 Statement of Income include $1.2 million ( $0.9 million after tax) in the first quarter of 2020, related to transaction fees associated with the sale of Holchem Group Limited (“Holchem”). ​ Other ​ During the first quarter of 2021, the Company recorded charges of $5.9 million to protect the wages for certain employees directly impacted by the COVID-19 pandemic. The Company also recorded charges of $3.5 million related to COVID-19 testing and related expenses. In addition, the Company received subsidies and government assistance, which was recorded as a special (gain) of ($1.9) million during the first quarter of 2021. 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 Statement of Income. After tax net charges (gains) related to the COVID-19 pandemic were $4.9 million during the first quarter of 2021. ​ During the first quarter of 2020, the Company recorded special charges of $5.7 million ( $3.8 million after tax), in product and equipment cost of sales on the Consolidated Statement of Income related to a Healthcare product recall in Europe. Other special charges recorded in the first quarter of 2021 in product and equipment cost of sales were $0.3 million ( $0.2 million after tax). ​ Other special charges of $1.6 million ( $1.3 million after tax) recorded in the first quarter of 2021 relate to certain legal charges and tax consulting fees associated with the ChampionX separation. ​ Other special charges of $6.1 million ( $4.6 million after tax) recorded in the first quarter of 2020 relate primarily to certain legal charges and are recorded in special (gains) and charges on the Consolidated Statement of Income.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	3 Months Ended
	Mar. 31, 2021
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS	3. 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 Sheet 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 quarter of 2021 were not significant to the Company’s consolidated financial statements; therefore, pro forma financial information is not presented. No acquisitions occurred during the first quarter of 2020. ​ During the first quarter of 2021, the Company acquired VanBaerle Hygiene AG, an institutional business which sells cleaning products and related services to restaurants, long-term care facilities, hotels and laundries. This acquired business 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 in the Consolidated Balance Sheet as of March 31, 2021. ​ Also, during the first quarter of 2021, the Company acquired TechTex, a healthcare business which sells wet and dry wipes and other nonwovens products to the Life Sciences and Healthcare industries. This acquired business became part of the Global Healthcare and Life Sciences reporting segment. The purchase price included an immaterial holdback that is recorded within other liabilities in the Consolidated Balance Sheet as of March 31, 2021. ​ 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 adjustments. ​ The components of the cash paid for acquisitions during the first quarter of 2021 and 2020 are shown in the following table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter Ended ​ ​ March 31 (millions) 2021 ​ 2020 Net tangible assets (liabilities) acquired and equity method investments ​ ​ ($0.9) ​ ​ ​ $- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identifiable intangible assets ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ 31.1 ​ ​ ​ - ​ Trademarks ​ 3.6 ​ ​ ​ - ​ Other technology ​ ​ 1.5 ​ ​ ​ - ​ Total intangible assets ​ 36.2 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ 57.5 ​ ​ ​ - ​ Total aggregate purchase price ​ 92.8 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition-related liabilities and contingent consideration (a) ​ (6.2) ​ ​ ​ - ​ Net cash paid for acquisitions, including acquisition-related ​ ​ ​ ​ ​ ​ ​ ​ liabilities and contingent consideration ​ ​ $86.6 ​ ​ ​ $- ​ ​ (a) Subsequent to the acquisitions, $1.4 in contingent consideration was remitted to the seller during the first quarter of 2021 and is included in investing activities in the Consolidated Statement of Cash Flows. ​ During the first quarter of 2021, the Company recorded purchase accounting adjustments associated with its 2020 acquisition of CID Lines. As a result of these purchase accounting adjustments, the acquisition related liabilities and goodwill recognized from this acquisition decreased by $0.9 million. ​ The weighted average useful life of identifiable intangible assets acquired during the first quarter of 2021 was 13 years . ​ Dispositions ​ There were no business dispositions during the first quarter of 2021 or 2020.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Mar. 31, 2021
DISCONTINUED OPERATIONS.
DISCONTINUED OPERATIONS	4. 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 it is a strategic shift in business that has a major effect on the Company’s operations and financial results. Therefore, the results of discontinued operations for the first quarter ended March 31, 2020 include the historical results of ChampionX prior to separation. ​ Summarized results of the Company’s discontinued operations are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ Product and equipment sales ​ ​ $- ​ ​ ​ $506.0 Service and lease sales ​ ​ - ​ ​ ​ 54.8 Net sales ​ ​ - ​ ​ ​ 560.8 Product and equipment cost of sales ​ ​ - ​ ​ ​ 351.2 Service and lease cost of sales ​ ​ - ​ ​ ​ 45.4 Cost of sales (including special charges) ​ ​ - ​ ​ ​ 396.6 Selling, general and administrative expenses ​ ​ - ​ ​ ​ 106.7 Special (gains) and charges ​ ​ - ​ ​ ​ 36.5 Operating income ​ ​ - ​ ​ ​ 21.0 Other (income) expense ​ ​ - ​ ​ ​ 0.1 Interest expense (income), net ​ ​ - ​ ​ ​ (0.1) Income before income taxes ​ ​ - ​ ​ ​ 21.0 Provision for income taxes ​ ​ - ​ ​ ​ 27.1 Net loss including noncontrolling interest ​ ​ - ​ ​ ​ (6.1) Net income attributable to noncontrolling interest ​ ​ - ​ ​ ​ 2.5 Net loss from discontinued operations, net of tax ​ ​ $- ​ ​ ​ ($8.6) ​ Special (gains) and charges of $36.5 million in the first quarter of 2020, 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 $19.5 million 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 first quarter of 2021 was $33.0 million and as of March 31, 2021 an outstanding accounts receivable balance of $25.1 million.

BALANCE SHEET INFORMATION

BALANCE SHEET INFORMATION	3 Months Ended
	Mar. 31, 2021
BALANCE SHEET INFORMATION
BALANCE SHEET INFORMATION	5. BALANCE SHEET INFORMATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ December 31 (millions) 2021 ​ 2020 Accounts receivable, net ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ ​ $2,358.3 ​ ​ ​ $2,358.1 ​ Allowance for doubtful accounts ​ ​ (86.3) ​ ​ ​ (84.3) ​ Total ​ ​ $2,272.0 ​ ​ ​ $2,273.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventories ​ ​ ​ ​ ​ ​ ​ ​ Finished goods ​ ​ $845.8 ​ ​ ​ $789.6 ​ Raw materials and parts ​ ​ 530.0 ​ ​ ​ 511.2 ​ Inventories at FIFO cost ​ ​ 1,375.8 ​ ​ ​ 1,300.8 ​ FIFO cost to LIFO cost difference ​ ​ (28.8) ​ ​ ​ (15.6) ​ Total ​ ​ $1,347.0 ​ ​ ​ $1,285.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other current assets ​ ​ ​ ​ ​ ​ ​ ​ Prepaid assets ​ ​ $131.9 ​ ​ ​ $99.1 ​ Taxes receivable ​ ​ 179.0 ​ ​ ​ 168.6 ​ Derivative assets ​ ​ 6.2 ​ ​ ​ 3.2 ​ Other ​ ​ 24.4 ​ ​ ​ 27.3 ​ Total ​ ​ $341.5 ​ ​ ​ $298.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net ​ ​ ​ ​ ​ ​ ​ ​ Land ​ ​ $161.2 ​ ​ ​ $159.7 ​ Buildings and leasehold improvements ​ ​ 1,070.7 ​ ​ ​ 1,060.0 ​ Machinery and equipment ​ ​ 1,850.9 ​ ​ ​ 1,830.1 ​ Merchandising and customer equipment ​ ​ 2,695.7 ​ ​ ​ 2,691.0 ​ Capitalized software ​ ​ 828.6 ​ ​ ​ 820.8 ​ Construction in progress ​ ​ 222.5 ​ ​ ​ 219.8 ​ ​ ​ ​ 6,829.6 ​ ​ ​ 6,781.4 ​ Accumulated depreciation ​ ​ (3,750.9) ​ ​ ​ (3,656.5) ​ Total ​ ​ $3,078.7 ​ ​ ​ $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 ​ ​ 2,574.3 ​ ​ ​ 2,530.9 ​ Trademarks ​ ​ 352.8 ​ ​ ​ 348.0 ​ Patents ​ ​ 496.1 ​ ​ ​ 492.5 ​ Other technology ​ ​ 238.9 ​ ​ ​ 240.1 ​ ​ ​ ​ 3,662.1 ​ ​ ​ 3,611.5 ​ Accumulated amortization ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ ​ (1,363.7) ​ ​ ​ (1,319.1) ​ Trademarks ​ ​ (163.0) ​ ​ ​ (155.0) ​ Patents ​ ​ (251.3) ​ ​ ​ (244.6) ​ Other technology ​ ​ (147.3) ​ ​ ​ (145.8) ​ ​ ​ ​ (1,925.3) ​ ​ ​ (1,864.5) ​ Net intangible assets subject to amortization ​ ​ 1,736.8 ​ ​ ​ 1,747.0 ​ Total ​ ​ $2,966.8 ​ ​ ​ $2,977.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes ​ ​ $155.7 ​ ​ ​ $163.2 ​ Pension ​ ​ 39.8 ​ ​ ​ 33.0 ​ Other ​ ​ 285.1 ​ ​ ​ 279.8 ​ Total ​ ​ $480.6 ​ ​ ​ $476.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ December 31 (millions) 2021 ​ 2020 Other current liabilities ​ ​ ​ ​ ​ ​ ​ ​ Discounts and rebates ​ ​ $317.9 ​ ​ ​ $304.1 ​ Dividends payable ​ ​ 137.3 ​ ​ ​ 137.2 ​ Interest payable ​ ​ 55.6 ​ ​ ​ 51.7 ​ Taxes payable, other than income ​ ​ 132.8 ​ ​ ​ 151.8 ​ Derivative liabilities ​ ​ 31.8 ​ ​ ​ 25.8 ​ Restructuring ​ ​ 86.4 ​ ​ ​ 98.1 ​ Contract liability ​ ​ 89.6 ​ ​ ​ 80.4 ​ Operating lease liabilities ​ ​ 122.7 ​ ​ ​ 125.6 ​ Other ​ ​ 215.6 ​ ​ ​ 214.2 ​ Total ​ ​ $1,189.7 ​ ​ ​ $1,188.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on derivative financial instruments, net of tax ​ ​ ($20.5) ​ ​ ​ ($21.1) ​ Unrecognized pension and postretirement benefit expense, net of tax ​ ​ (929.3) ​ ​ ​ (935.2) ​ Cumulative translation, net of tax ​ ​ (964.7) ​ ​ ​ (1,038.1) ​ Total ​ ​ ($1,914.5) ​ ​ ​ ($1,994.4) ​ ​

DEBT AND INTEREST

DEBT AND INTEREST	3 Months Ended
	Mar. 31, 2021
DEBT AND INTEREST
DEBT AND INTEREST	6. DEBT AND INTEREST ​ Short-term Debt ​ The following table provides the components of the Company’s short-term debt obligations as of March 31, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ December 31 (millions) 2021 ​ 2020 Short-term debt ​ ​ ​ ​ ​ ​ ​ Notes payable ​ $21.3 ​ ​ ​ $15.5 ​ Long-term debt, current maturities ​ 3.0 ​ ​ ​ 1.8 ​ Total ​ $24.3 ​ ​ ​ $17.3 ​ ​ Lines of Credit ​ As of March 31, 2021, the Company has a $2.0 billion multi-year credit facility which was scheduled to expire in November 2022. In April 2021, the Company entered into an amended and restated revolving credit facility which extended the maturity from November 2022 to 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 March 31, 2021 or December 31, 2020. ​ As of March 31, 2021, the Company had a $500 million 364-day revolving credit agreement which expired in April 2021. The credit agreement had been established with a diverse syndicate of banks and was used for general corporate purposes. There were no borrowings under the Company’s 364-day credit facility as of March 31, 2021. ​ 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 March 31, 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 March 31, 2021 and December 31, 2020, the Company had $21.3 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 March 31, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ March 31 ​ December 31 (millions) ​ by Year ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public notes (2021 principal amount) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Five year 2017 senior notes ( $500 million) ​ 2022 ​ ​ $498.9 ​ ​ ​ $498.6 ​ Seven year 2016 senior notes ( $400 million) ​ 2023 ​ ​ 399.1 ​ ​ ​ 399.0 ​ Seven year 2016 senior notes ( €575 million) ​ 2024 ​ ​ 690.3 ​ ​ ​ 682.0 ​ Ten year 2015 senior notes ( €575 million) ​ 2025 ​ ​ 691.1 ​ ​ ​ 682.9 ​ Ten year 2016 senior notes ( $750 million) ​ 2026 ​ ​ 745.5 ​ ​ ​ 745.3 ​ Ten year 2017 senior notes ( $500 million) ​ 2027 ​ ​ 494.0 ​ ​ ​ 496.0 ​ Ten year 2020 senior notes ( $750 million) ​ 2030 ​ ​ 764.8 ​ ​ ​ 765.2 ​ Ten year 2020 senior notes ( $600 million) ​ 2031 ​ ​ 594.6 ​ ​ ​ 594.4 ​ Thirty year 2011 senior notes ( $458 million) ​ 2041 ​ ​ 452.2 ​ ​ ​ 452.2 ​ Thirty year 2016 senior notes ( $250 million) ​ 2046 ​ ​ 246.4 ​ ​ ​ 246.4 ​ Thirty year 2017 senior notes ( $700 million) ​ 2047 ​ ​ 612.3 ​ ​ ​ 611.9 ​ Thirty year 2020 senior notes ( $500 million) ​ 2050 ​ ​ 490.1 ​ ​ ​ 490.1 ​ Finance lease obligations and other ​ ​ ​ ​ 9.5 ​ ​ ​ 7.1 ​ Total debt ​ ​ ​ ​ 6,688.8 ​ ​ ​ 6,671.1 ​ Long-term debt, current maturities ​ ​ ​ ​ (3.0) ​ ​ ​ (1.8) ​ Total long-term debt ​ ​ ​ ​ $6,685.8 ​ ​ ​ $6,669.3 ​ ​ Public Notes ​ In March 2020, the Company issued $750 million aggregate principal ten year fixed rate notes with a coupon rate of 4.80% , and an effective interest rate of 4.58% . The proceeds were used to repay a portion of the Company’s outstanding commercial paper and for general corporate purposes. ​ The Company’s public 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 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 are senior unsecured and unsubordinated obligations of the Company and rank equally with all other senior and unsubordinated indebtedness of the Company. ​ Covenants ​ The Company is in compliance with its debt covenants as of March 31, 2021. ​ Net Interest Expense ​ Interest expense and interest income recognized during the first quarter of 2021 and 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ (millions) ​ 2021 ​ 2020 ​ Interest expense ​ ​ $53.8 ​ ​ ​ $52.5 ​ Interest income ​ (2.1) ​ ​ ​ (4.2) Interest expense, net ​ ​ $51.7 ​ ​ ​ $48.3 ​ ​ ​ 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. ​

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	7. 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 a 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. Based on the current and expected performance of the Company’s reporting units, interim goodwill impairment assessments were not performed during the first quarter of 2021. 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 quarter ended March 31, 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) ​ ​ - ​ ​ 10.8 ​ ​ 46.7 ​ ​ - ​ ​ 57.5 ​ ​ Prior year business combinations (b) ​ ​ (0.9) ​ ​ - ​ ​ - ​ ​ - ​ ​ (0.9) ​ ​ Effect of foreign currency translation ​ ​ 38.0 ​ ​ 3.4 ​ ​ 12.7 ​ ​ 1.9 ​ ​ 56.0 ​ ​ March 31, 2021 ​ ​ $4,325.0 ​ ​ $578.3 ​ ​ $969.2 ​ ​ $247.0 ​ ​ $6,119.5 ​ ​ ​ (a) Represents goodwill associated with current year acquisitions. The Company does not expect any of the goodwill related to businesses acquired to be tax deductible. (b) Represents purchase accounting adjustments associated with the CID Lines acquisition. ​ Other Intangible Assets ​ The Nalco trade name is the Company’s only indefinite-lived intangible asset, which is tested for impairment on an annual basis during the second quarter. Based on the ongoing performance of the Company’s reporting units associated with the Nalco trade name, an interim indefinite-lived intangible asset impairment assessment was not performed during the first quarter of 2021. There has been no impairment of the Nalco trade name indefinite-lived 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 first quarter of 2021 and 2020 was $64.5 million and $52.3 million, respectively. Amortization expense related to intangible assets for the remaining nine-month period of 2021 is expected to be approximately $162 million. ​ ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	8. 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 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 (millions) ​ Carrying ​ Fair Value Measurements ​ Amount Level 1 ​ Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts $18.5 ​ ​ ​ $- ​ ​ $18.5 ​ ​ $- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ 82.8 ​ ​ ​ - ​ ​ ​ 82.8 ​ ​ ​ - ​ Interest rate swap 2.2 ​ ​ ​ - ​ ​ 2.2 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 contracts is at fair value, which is determined based on current forward interest rates 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Amount Value Amount Value Long-term debt, including current maturities ​ ​ $6,688.8 ​ ​ ​ $7,254.8 ​ ​ ​ $6,671.1 ​ ​ $7,704.4 ​

DERIVATIVES AND HEDGING TRANSAC

DERIVATIVES AND HEDGING TRANSACTIONS	3 Months Ended
	Mar. 31, 2021
DERIVATIVES AND HEDGING TRANSACTIONS
DERIVATIVES AND HEDGING TRANSACTIONS	9. DERIVATIVES AND HEDGING TRANSACTIONS ​ The Company uses foreign currency forward contracts, interest rate swap agreements 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 on the balance sheet 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 Sheet. ​ The following table summarizes the gross fair value and the net value of the Company’s outstanding derivatives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Assets Derivative Liabilities ​ ​ ​ March 31 ​ December 31 ​ March 31 ​ December 31 ​ (millions) ​ 2021 ​ 2020 2021 ​ 2020 Derivatives designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ $6.1 ​ ​ ​ $8.1 ​ ​ $60.7 ​ ​ ​ $54.3 ​ Interest rate swap agreement ​ ​ ​ - ​ ​ ​ - ​ ​ 2.2 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ 12.4 ​ ​ ​ 7.4 ​ ​ 22.1 ​ ​ ​ 15.6 ​ Gross value of derivatives ​ ​ ​ 18.5 ​ ​ ​ 15.5 ​ ​ 85.0 ​ ​ ​ 69.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts offset in the Consolidated Balance Sheet ​ ​ ​ (12.3) ​ ​ ​ (12.3) ​ ​ (12.3) ​ ​ ​ (12.3) ​ Net value of derivatives ​ ​ ​ $6.2 ​ ​ ​ $3.2 ​ ​ $72.7 ​ ​ ​ $57.6 ​ ​ The following table summarizes the notional values of the Company’s outstanding derivatives. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional Values ​ ​ ​ March 31 ​ ​ December 31 (millions) ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ $ 3,941 ​ ​ ​ $ 3,702 ​ Interest rate swap agreement ​ ​ 250 ​ ​ ​ - ​ ​ ​ 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 in the Consolidated Statement 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 in the Consolidated Statement 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 in the Consolidated Statement of Income as the underlying exposure being hedged. The difference between fair value changes of the excluded component and the amount amortized in the Consolidated Statement 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 its $250 million 3.25% 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 on the Consolidated 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 ​ ​ First Quarter Ended ​ First Quarter Ended Line item in which the hedged item is included ​ March 31 ​ March 31 (millions) 2021 ​ 2020 2021 ​ 2020 Long-term debt ​ ​ $247.0 ​ ​ ​ $- ​ ​ ($2.2) ​ ​ ​ $- ​ ​ Net Investment Hedges ​ The Company designates its outstanding $1,381 million (€1,150 million at the end of the first quarter of 2021) senior notes (“Euronotes”) and related accrued interest as hedges of existing foreign currency exposures related to investments the Company has in certain Euro denominated functional currency subsidiaries. The revaluation gains and losses on the Euronotes and Euro commercial paper, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 (millions) ​ 2021 ​ 2020 Revaluation (losses) gains, net of tax ​ ​ ($12.2) ​ ​ ​ ($1.1) ​ ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ ​ ​ 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 ​ ​ ($1.0) ​ ($17.2) ​ $- ​ ​ ​ $2.2 ​ ($1.1) ​ $- ​ Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value ​ ​ - ​ - ​ 5.6 ​ ​ ​ - ​ - ​ 5.4 ​ 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) ​ ​ - ​ 1.3 ​ - ​ ​ ​ - ​ 17.2 ​ 1.2 ​ Total gain (loss) of all derivative instruments ​ ​ ($1.0) ​ ($15.9) ​ $5.0 ​ ​ ​ $2.2 ​ $16.1 ​ $6.4 ​ ​ (a) Gain (loss) on derivatives not designated as hedging instruments recognized in income recorded in SG&A includes discontinued operations of $(0.3) in the first quarter of 2020.

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION	3 Months Ended
	Mar. 31, 2021
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION
OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION	10. 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ (millions) 2021 ​ 2020 ​ Derivative and Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ Unrealized (losses) gains on derivative & hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in AOCI ​ ​ ($12.2) ​ ​ ​ $9.8 ​ (Gains) losses reclassified from AOCI into income ​ ​ ​ ​ ​ ​ ​ ​ COS ​ ​ 1.0 ​ ​ ​ (2.2) ​ SG&A ​ 17.2 ​ ​ ​ 1.1 ​ Interest (income) expense, net ​ ​ (5.0) ​ ​ ​ (5.2) ​ ​ ​ 13.2 ​ ​ ​ (6.3) ​ Other activity ​ (0.3) ​ ​ ​ - ​ Tax impact ​ (0.1) ​ ​ ​ (0.6) ​ Net of tax ​ ​ $0.6 ​ ​ ​ $2.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and Postretirement Benefits ​ ​ ​ ​ ​ ​ ​ ​ Amount reclassified from AOCI into income ​ ​ ​ ​ ​ ​ ​ ​ Amortization of net actuarial loss and prior service costs and benefits ​ ​ 21.8 ​ ​ ​ 14.8 ​ ​ ​ ​ 21.8 ​ ​ ​ 14.8 ​ Other activity ​ ​ (10.6) ​ ​ ​ 1.7 ​ Tax impact ​ (5.3) ​ ​ ​ (3.6) ​ Net of tax ​ ​ $5.9 ​ ​ ​ $12.9 ​ ​ The following table summarizes the derivative and pension and postretirement benefit amounts reclassified from AOCI into income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter Ended ​ ​ March 31 ​ 2021 ​ 2020 (millions) ​ ​ ​ ​ ​ ​ ​ Derivative (gains) losses reclassified from AOCI into income, net of tax ​ ​ $10.0 ​ ​ ​ ($4.8) ​ ​ ​ ​ ​ ​ ​ ​ Pension and postretirement benefits net actuarial losses ​ ​ ​ ​ ​ ​ ​ and prior services costs reclassified from AOCI into income, net of tax ​ ​ 5.9 ​ ​ ​ 12.9 ​

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2021
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	11. SHAREHOLDERS’ EQUITY ​ Share Repurchase Authorization ​ In February 2015, the Company’s Board of Directors authorized the repurchase of up to 20 million shares of its common stock, including shares to be repurchased under Rule 10b5–1. As of March 31, 2021, 6,049,323 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 first quarter of 2021, the Company reacquired 292,586 shares of its common stock, of which 190,623 related to share repurchases through open market and 101,963 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 122.2 million shares of ChampionX common stock. ​ ​

EARNINGS ATTRIBUTABLE TO ECOLAB

EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")	3 Months Ended
	Mar. 31, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter Ended ​ ​ March 31 (millions, except per share) 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations attributable to Ecolab ​ ​ $193.6 ​ ​ ​ $292.0 Net (loss) income from discontinued operations ​ ​ - ​ ​ ​ (8.6) Net (loss) income attributable to Ecolab ​ ​ $193.6 ​ ​ ​ $283.4 ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ ​ ​ ​ ​ ​ ​ Basic ​ 286.0 ​ ​ ​ 288.8 Effect of dilutive stock options and units ​ 2.8 ​ ​ ​ 3.8 Diluted ​ ​ 288.8 ​ ​ ​ 292.6 ​ ​ ​ ​ ​ ​ ​ Earnings (loss) attributable to Ecolab per common share ​ ​ ​ ​ ​ ​ ​ Basic EPS ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 0.68 ​ ​ ​ $ 1.01 Discontinued operations ​ ​ - ​ ​ ​ (0.03) Earnings (loss) attributable to Ecolab ​ ​ $ 0.68 ​ ​ ​ $ 0.98 Diluted EPS ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 0.67 ​ ​ ​ $ 1.00 Discontinued operations ​ ​ - ​ ​ ​ (0.03) Earnings (loss) attributable to Ecolab ​ ​ $ 0.67 ​ ​ ​ $ 0.97 ​ ​ ​ ​ ​ ​ ​ ​ Anti-dilutive securities excluded from the computation of diluted EPS ​ 1.1 ​ ​ ​ 1.1 ​ ​ ​ ​ ​ ​ ​ ​ Amounts do not necessarily sum due to rounding. ​ ​ ​ ​ ​ ​ ​ ​

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2021
INCOME TAXES
INCOME TAXES	13. INCOME TAXES ​ The Company’s tax rate was 25.2% and 13.7% for the first quarter of 2021 and 2020, respectively. The change in the Company’s tax rate for the first quarter of 2021 compared to the first quarter of 2020 was driven primarily by the impact of discrete tax items. Further information related to special (gains) and charges is included in Note 2. ​ The Company recognized net tax expense related to discrete tax items of $16.1 million in the first quarter of 2021. This included a non-recurring, non-cash deferred tax charge of $25.1 million associated with transferring certain intangible property between affiliates. The first quarter share-based compensation excess tax benefit was $6.6 million. The amount of this tax benefit is subject to variation in stock price and award exercises. The remaining discrete benefit of $2.4 million was due to other foreign and U.S. changes in estimates during the quarter. ​ The Company recognized net discrete tax benefits of $21.9 million in the first quarter of 2020. This included share-based compensation excess tax benefits of $22.3 million. Additionally, the Company recognized a discrete $3.5 million benefit due to reductions to tax reserves and discrete expense of $3.9 million related to foreign and U.S. changes in estimates. ​ ​

PENSION AND POSTRETIREMENT PLAN

PENSION AND POSTRETIREMENT PLANS	3 Months Ended
	Mar. 31, 2021
PENSION AND POSTRETIREMENT PLANS
RETIREMENT PLANS	14. 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 qualified defined benefit pension plan to harmonize benefits across all plan participants, resulting in a reduction of service cost expense in 2021. ​ The components of net periodic pension and postretirement health care benefit costs for the first quarter ended March 31 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ International ​ U.S. Postretirement ​ ​ Pension ​ Pension ​ Health Care (millions) 2021 ​ 2020 2021 ​ 2020 2021 ​ 2020 Service cost (a) ​ ​ $10.8 ​ ​ ​ $17.1 ​ ​ $7.9 ​ ​ ​ $7.7 ​ ​ $0.2 ​ ​ ​ $0.3 Interest cost on benefit obligation ​ 12.5 ​ ​ ​ 17.5 ​ ​ 4.3 ​ ​ ​ 5.4 ​ ​ 0.7 ​ ​ ​ 1.1 Expected return on plan assets ​ (38.6) ​ ​ ​ (38.2) ​ ​ (17.6) ​ ​ ​ (15.7) ​ ​ (0.1) ​ ​ ​ (0.1) Recognition of net actuarial loss (gain) ​ ​ 16.2 ​ ​ ​ 13.0 ​ ​ 7.2 ​ ​ ​ 6.4 ​ ​ 0.2 ​ ​ ​ - Amortization of prior service benefit ​ ​ (1.7) ​ ​ ​ (1.8) ​ ​ (0.1) ​ ​ ​ - ​ ​ - ​ ​ ​ (2.8) Total expense (benefit) ​ ​ ($0.8) ​ ​ ​ $7.6 ​ ​ $1.7 ​ ​ ​ $3.8 ​ ​ $1.0 ​ ​ ​ ($1.5) ​ (a) Service cost includes discontinued operations of $1.6 in the first quarter of 2020. ​ Service cost is included as employee compensation cost within either cost of sales or selling, general and administrative expenses in the Consolidated Statement of Income based on employee roles, while non-service components are included in other (income) expense in the Consolidated Statement of Income. ​ As of March 31, 2021, the Company is in compliance with all funding requirements of each of its defined benefit plans. ​ During the first quarter of 2021, the Company made contributions of $3 million to its U.S. non-contributory non-qualified defined benefit plans and estimates it will contribute an additional $11 million to such plans during the remainder of 2021. ​ During the first quarter of 2021, the Company made contributions of $16 million to its international pension benefit plans and estimates it will contribute an additional $31 million to such plans during the remainder of 2021. ​ During the first quarter of 2021, the Company made contributions of $3 million to its U.S. postretirement health care benefit plans and estimates it will contribute an additional $8 million to such plans during the remainder of 2021.

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2021
REVENUES
REVENUES	15. 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. ​ The Company’s operating lease revenue was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter Ended ​ ​ ​ March 31 ​ (millions) ​ 2021 ​ 2020 ​ Operating lease revenue* ​ ​ $97.3 ​ ​ ​ ​ $108.0 ​ ​ ​ ​ *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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter Ended ​ ​ March 31 (millions) 2021 ​ 2020 Global Industrial ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ $1,227.5 ​ ​ ​ $1,231.1 ​ Service and lease equipment ​ 203.5 ​ ​ ​ 202.0 ​ Global Institutional & Specialty ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 702.7 ​ ​ ​ 891.7 ​ Service and lease equipment ​ ​ 154.7 ​ ​ ​ 178.4 ​ Global Healthcare & Life Sciences ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 263.1 ​ ​ ​ 223.0 ​ Service and lease equipment ​ ​ 29.6 ​ ​ ​ 21.7 ​ Other ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 67.1 ​ ​ ​ 78.2 ​ Service and lease equipment ​ ​ 203.6 ​ ​ ​ 194.5 ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 33.0 ​ ​ ​ - ​ Service and lease equipment ​ ​ 0.2 ​ ​ ​ - ​ Total ​ ​ ​ ​ ​ ​ ​ ​ Total product and sold equipment ​ ​ $2,293.4 ​ ​ ​ $2,424.0 ​ Total service and lease equipment ​ ​ $591.6 ​ ​ ​ $596.6 ​ ​ ​ Net sales at public exchange rates by geographic region for the first quarter ended March 31 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 ​ ​ $636.4 ​ ​ ​ $691.6 ​ ​ $622.7 ​ ​ ​ $779.6 ​ ​ $98.7 ​ ​ ​ $108.0 ​ ​ $160.8 ​ ​ ​ $168.4 ​ ​ $22.7 ​ ​ ​ $- Europe ​ 313.1 ​ ​ ​ 281.2 ​ ​ 107.3 ​ ​ ​ 142.5 ​ ​ 175.6 ​ ​ ​ 119.9 ​ ​ 57.8 ​ ​ ​ 59.7 ​ ​ 0.6 ​ ​ ​ - Asia Pacific ​ 189.4 ​ ​ ​ 183.7 ​ ​ 51.3 ​ ​ ​ 61.7 ​ ​ 10.7 ​ ​ ​ 10.5 ​ ​ 18.1 ​ ​ ​ 16.3 ​ ​ 1.4 ​ ​ ​ - Latin America ​ 125.2 ​ ​ ​ 129.1 ​ ​ 31.3 ​ ​ ​ 40.1 ​ ​ 0.5 ​ ​ ​ 1.0 ​ ​ 12.0 ​ ​ ​ 11.7 ​ ​ 6.5 ​ ​ ​ - Greater China ​ ​ 94.3 ​ ​ ​ 73.4 ​ ​ 36.2 ​ ​ ​ 33.7 ​ ​ 1.2 ​ ​ ​ 1.5 ​ ​ 18.9 ​ ​ ​ 13.5 ​ ​ 0.6 ​ ​ ​ - India, Middle East and Africa ​ ​ 72.6 ​ ​ ​ 74.1 ​ ​ 8.6 ​ ​ ​ 12.5 ​ ​ 6.0 ​ ​ ​ 3.8 ​ ​ 3.1 ​ ​ ​ 3.1 ​ ​ 1.4 ​ ​ ​ - Total ​ ​ $1,431.0 ​ ​ ​ $1,433.1 ​ ​ $857.4 ​ ​ ​ $1,070.1 ​ ​ $292.7 ​ ​ ​ $244.7 ​ ​ $270.7 ​ ​ ​ $272.7 ​ ​ $33.2 ​ ​ ​ $- ​ Net sales by geographic region were determined based on origin of sale. Revenues in the United States made up 51% and 55% of total during the first quarter ended March 31, 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 $17 million and $16 million as of March 31, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ (millions) ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ $84.3 ​ ​ ​ $55.5 ​ Adoption of new standard ​ ​ - ​ ​ ​ 4.3 ​ Bad debt expense ​ 5.4 ​ ​ 14.8 ​ Write-offs ​ (5.0) ​ ​ (5.3) ​ Other (a) ​ 1.6 ​ ​ (0.1) ​ Ending balance (b) ​ ​ $86.3 ​ ​ ​ $69.2 ​ ​ (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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ March 31 (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 ​ ​ 89.6 ​ ​ ​ 79.9 ​ ​ ​ ​ ​ ​ ​ ​ Contract liability as of end of period ​ ​ $89.6 ​ ​ ​ $79.9 ​

OPERATING SEGMENTS

OPERATING SEGMENTS	3 Months Ended
	Mar. 31, 2021
OPERATING SEGMENTS
OPERATING SEGMENTS	16. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter Ended ​ ​ ​ March 31 ​ (millions) 2021 ​ ​ 2020 ​ Net Sales ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ $1,433.9 ​ ​ ​ $1,465.0 ​ Global Institutional & Specialty ​ ​ 858.5 ​ ​ ​ 1,087.2 ​ Global Healthcare & Life Sciences ​ ​ 293.7 ​ ​ ​ 256.8 ​ Other ​ ​ 271.3 ​ ​ ​ 279.6 ​ Corporate ​ ​ 33.2 ​ ​ ​ - ​ Subtotal at fixed currency rates ​ ​ 2,890.6 ​ ​ ​ 3,088.6 ​ Effect of foreign currency translation ​ ​ (5.6) ​ ​ ​ (68.0) ​ Consolidated reported GAAP net sales ​ $2,885.0 ​ ​ $3,020.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ $219.2 ​ ​ ​ $209.6 ​ Global Institutional & Specialty ​ ​ 63.1 ​ ​ ​ 183.7 ​ Global Healthcare & Life Sciences ​ ​ 45.6 ​ ​ ​ 24.0 ​ Other ​ ​ 32.9 ​ ​ ​ 21.8 ​ Corporate ​ ​ (63.0) ​ ​ ​ (55.1) ​ Subtotal at fixed currency rates ​ ​ 297.8 ​ ​ ​ 384.0 ​ Effect of foreign currency translation ​ ​ (0.5) ​ ​ ​ (7.8) ​ Consolidated reported GAAP operating income ​ $297.3 ​ ​ $376.2 ​ ​ 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 CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	17. 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, commercial, patent infringement, 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 PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 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 to date and is currently evaluating any potential future impacts 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 significant impact on the Company's financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ No other new accounting pronouncement issued or effective has had or is expected to have a material impact on the Company’s consolidated financial statements.

SPECIAL (GAINS) AND CHARGES (Ta

SPECIAL (GAINS) AND CHARGES (Tables)	3 Months Ended
	Mar. 31, 2021
Restructuring Activities
Special (gains) and charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter Ended ​ ​ March 31 (millions) 2021 ​ 2020 Cost of sales ​ ​ ​ ​ ​ ​ ​ Restructuring activities ​ ​ 18.2 ​ ​ ​ 3.0 Acquisition and integration activities ​ ​ - ​ ​ ​ 0.4 COVID-19 activities, net ​ ​ 1.1 ​ ​ ​ - Other ​ ​ 0.3 ​ ​ ​ 5.7 Cost of sales subtotal ​ ​ 19.6 ​ ​ ​ 9.1 ​ ​ ​ ​ ​ ​ ​ ​ Special (gains) and charges ​ ​ ​ ​ ​ ​ ​ Restructuring activities ​ ​ 3.6 ​ ​ ​ 4.2 Acquisition and integration activities ​ ​ 1.2 ​ ​ ​ 5.4 Disposal and impairment activities ​ ​ - ​ ​ ​ 1.2 COVID-19 activities, net ​ ​ 6.4 ​ ​ ​ - Other ​ ​ 1.6 ​ ​ ​ 5.1 Special (gains) and charges subtotal ​ ​ 12.8 ​ ​ ​ 15.9 ​ ​ ​ ​ ​ ​ ​ ​ Operating income subtotal ​ ​ 32.4 ​ ​ ​ 25.0 ​ ​ ​ ​ ​ ​ ​ ​ Total special (gains) and charges ​ ​ $32.4 ​ ​ ​ $25.0
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) ​ Non-cash net charges ​ - ​ ​ ​ - ​ ​ ​ - ​ ​ ​ - ​ Effect of foreign currency translation ​ - ​ ​ ​ - ​ ​ ​ - ​ ​ ​ - ​ Restructuring liability, December 31, 2020 ​ 24.7 ​ ​ ​ - ​ ​ ​ - ​ ​ ​ 24.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Activity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recorded expense (income) and accrual (0.3) ​ ​ ​ 4.0 ​ ​ ​ 2.2 ​ ​ 5.9 ​ Net cash payments (9.3) ​ ​ ​ - ​ ​ ​ (2.2) ​ ​ (11.5) ​ Non-cash net charges - ​ ​ ​ (4.0) ​ ​ ​ - ​ ​ (4.0) ​ Effect of foreign currency translation (0.1) ​ ​ ​ - ​ ​ ​ - ​ ​ (0.1) ​ Restructuring liability, March 31, 2021 ​ ​ $15.0 ​ ​ ​ $- ​ ​ ​ $- ​ ​ ​ $15.0 ​
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 ​ ​ 1.5 ​ ​ ​ - ​ ​ ​ 0.2 ​ ​ ​ 1.7 ​ Net cash payments ​ (14.8) ​ ​ ​ - ​ ​ ​ (0.2) ​ ​ ​ (15.0) ​ Non-cash charges ​ - ​ ​ ​ - ​ ​ ​ (0.1) ​ ​ ​ (0.1) ​ Effect of foreign currency translation ​ 0.3 ​ ​ ​ - ​ ​ ​ - ​ ​ ​ 0.3 ​ Restructuring liability, March 31, 2021 ​ ​ $53.8 ​ ​ ​ $- ​ ​ ​ $4.9 ​ ​ ​ $58.7 ​

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	3 Months Ended
	Mar. 31, 2021
ACQUISITIONS AND DISPOSITIONS
Schedule of assets acquired and liabilities assumed	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter Ended ​ ​ March 31 (millions) 2021 ​ 2020 Net tangible assets (liabilities) acquired and equity method investments ​ ​ ($0.9) ​ ​ ​ $- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Identifiable intangible assets ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ 31.1 ​ ​ ​ - ​ Trademarks ​ 3.6 ​ ​ ​ - ​ Other technology ​ ​ 1.5 ​ ​ ​ - ​ Total intangible assets ​ 36.2 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ 57.5 ​ ​ ​ - ​ Total aggregate purchase price ​ 92.8 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition-related liabilities and contingent consideration (a) ​ (6.2) ​ ​ ​ - ​ Net cash paid for acquisitions, including acquisition-related ​ ​ ​ ​ ​ ​ ​ ​ liabilities and contingent consideration ​ ​ $86.6 ​ ​ ​ $- ​ ​ (a) Subsequent to the acquisitions, $1.4 in contingent consideration was remitted to the seller during the first quarter of 2021 and is included in investing activities in the Consolidated Statement of Cash Flows. ​

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Mar. 31, 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	​ ​ ​ ​ ​ ​ ​ ​ ​ (millions) ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ Product and equipment sales ​ ​ $- ​ ​ ​ $506.0 Service and lease sales ​ ​ - ​ ​ ​ 54.8 Net sales ​ ​ - ​ ​ ​ 560.8 Product and equipment cost of sales ​ ​ - ​ ​ ​ 351.2 Service and lease cost of sales ​ ​ - ​ ​ ​ 45.4 Cost of sales (including special charges) ​ ​ - ​ ​ ​ 396.6 Selling, general and administrative expenses ​ ​ - ​ ​ ​ 106.7 Special (gains) and charges ​ ​ - ​ ​ ​ 36.5 Operating income ​ ​ - ​ ​ ​ 21.0 Other (income) expense ​ ​ - ​ ​ ​ 0.1 Interest expense (income), net ​ ​ - ​ ​ ​ (0.1) Income before income taxes ​ ​ - ​ ​ ​ 21.0 Provision for income taxes ​ ​ - ​ ​ ​ 27.1 Net loss including noncontrolling interest ​ ​ - ​ ​ ​ (6.1) Net income attributable to noncontrolling interest ​ ​ - ​ ​ ​ 2.5 Net loss from discontinued operations, net of tax ​ ​ $- ​ ​ ​ ($8.6)

BALANCE SHEET INFORMATION (Tabl

BALANCE SHEET INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2021
BALANCE SHEET INFORMATION
Balance Sheet Information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ December 31 (millions) 2021 ​ 2020 Accounts receivable, net ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable ​ ​ $2,358.3 ​ ​ ​ $2,358.1 ​ Allowance for doubtful accounts ​ ​ (86.3) ​ ​ ​ (84.3) ​ Total ​ ​ $2,272.0 ​ ​ ​ $2,273.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventories ​ ​ ​ ​ ​ ​ ​ ​ Finished goods ​ ​ $845.8 ​ ​ ​ $789.6 ​ Raw materials and parts ​ ​ 530.0 ​ ​ ​ 511.2 ​ Inventories at FIFO cost ​ ​ 1,375.8 ​ ​ ​ 1,300.8 ​ FIFO cost to LIFO cost difference ​ ​ (28.8) ​ ​ ​ (15.6) ​ Total ​ ​ $1,347.0 ​ ​ ​ $1,285.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other current assets ​ ​ ​ ​ ​ ​ ​ ​ Prepaid assets ​ ​ $131.9 ​ ​ ​ $99.1 ​ Taxes receivable ​ ​ 179.0 ​ ​ ​ 168.6 ​ Derivative assets ​ ​ 6.2 ​ ​ ​ 3.2 ​ Other ​ ​ 24.4 ​ ​ ​ 27.3 ​ Total ​ ​ $341.5 ​ ​ ​ $298.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, plant and equipment, net ​ ​ ​ ​ ​ ​ ​ ​ Land ​ ​ $161.2 ​ ​ ​ $159.7 ​ Buildings and leasehold improvements ​ ​ 1,070.7 ​ ​ ​ 1,060.0 ​ Machinery and equipment ​ ​ 1,850.9 ​ ​ ​ 1,830.1 ​ Merchandising and customer equipment ​ ​ 2,695.7 ​ ​ ​ 2,691.0 ​ Capitalized software ​ ​ 828.6 ​ ​ ​ 820.8 ​ Construction in progress ​ ​ 222.5 ​ ​ ​ 219.8 ​ ​ ​ ​ 6,829.6 ​ ​ ​ 6,781.4 ​ Accumulated depreciation ​ ​ (3,750.9) ​ ​ ​ (3,656.5) ​ Total ​ ​ $3,078.7 ​ ​ ​ $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 ​ ​ 2,574.3 ​ ​ ​ 2,530.9 ​ Trademarks ​ ​ 352.8 ​ ​ ​ 348.0 ​ Patents ​ ​ 496.1 ​ ​ ​ 492.5 ​ Other technology ​ ​ 238.9 ​ ​ ​ 240.1 ​ ​ ​ ​ 3,662.1 ​ ​ ​ 3,611.5 ​ Accumulated amortization ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ ​ (1,363.7) ​ ​ ​ (1,319.1) ​ Trademarks ​ ​ (163.0) ​ ​ ​ (155.0) ​ Patents ​ ​ (251.3) ​ ​ ​ (244.6) ​ Other technology ​ ​ (147.3) ​ ​ ​ (145.8) ​ ​ ​ ​ (1,925.3) ​ ​ ​ (1,864.5) ​ Net intangible assets subject to amortization ​ ​ 1,736.8 ​ ​ ​ 1,747.0 ​ Total ​ ​ $2,966.8 ​ ​ ​ $2,977.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets ​ ​ ​ ​ ​ ​ ​ ​ Deferred income taxes ​ ​ $155.7 ​ ​ ​ $163.2 ​ Pension ​ ​ 39.8 ​ ​ ​ 33.0 ​ Other ​ ​ 285.1 ​ ​ ​ 279.8 ​ Total ​ ​ $480.6 ​ ​ ​ $476.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ December 31 (millions) 2021 ​ 2020 Other current liabilities ​ ​ ​ ​ ​ ​ ​ ​ Discounts and rebates ​ ​ $317.9 ​ ​ ​ $304.1 ​ Dividends payable ​ ​ 137.3 ​ ​ ​ 137.2 ​ Interest payable ​ ​ 55.6 ​ ​ ​ 51.7 ​ Taxes payable, other than income ​ ​ 132.8 ​ ​ ​ 151.8 ​ Derivative liabilities ​ ​ 31.8 ​ ​ ​ 25.8 ​ Restructuring ​ ​ 86.4 ​ ​ ​ 98.1 ​ Contract liability ​ ​ 89.6 ​ ​ ​ 80.4 ​ Operating lease liabilities ​ ​ 122.7 ​ ​ ​ 125.6 ​ Other ​ ​ 215.6 ​ ​ ​ 214.2 ​ Total ​ ​ $1,189.7 ​ ​ ​ $1,188.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on derivative financial instruments, net of tax ​ ​ ($20.5) ​ ​ ​ ($21.1) ​ Unrecognized pension and postretirement benefit expense, net of tax ​ ​ (929.3) ​ ​ ​ (935.2) ​ Cumulative translation, net of tax ​ ​ (964.7) ​ ​ ​ (1,038.1) ​ Total ​ ​ ($1,914.5) ​ ​ ​ ($1,994.4) ​

DEBT AND INTEREST (Tables)

DEBT AND INTEREST (Tables)	3 Months Ended
	Mar. 31, 2021
DEBT AND INTEREST
Schedule of short-term debt obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ December 31 (millions) 2021 ​ 2020 Short-term debt ​ ​ ​ ​ ​ ​ ​ Notes payable ​ $21.3 ​ ​ ​ $15.5 ​ Long-term debt, current maturities ​ 3.0 ​ ​ ​ 1.8 ​ Total ​ $24.3 ​ ​ ​ $17.3 ​
Schedule of long-term debt obligations including current maturities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturity ​ March 31 ​ December 31 (millions) ​ by Year ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public notes (2021 principal amount) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Five year 2017 senior notes ( $500 million) ​ 2022 ​ ​ $498.9 ​ ​ ​ $498.6 ​ Seven year 2016 senior notes ( $400 million) ​ 2023 ​ ​ 399.1 ​ ​ ​ 399.0 ​ Seven year 2016 senior notes ( €575 million) ​ 2024 ​ ​ 690.3 ​ ​ ​ 682.0 ​ Ten year 2015 senior notes ( €575 million) ​ 2025 ​ ​ 691.1 ​ ​ ​ 682.9 ​ Ten year 2016 senior notes ( $750 million) ​ 2026 ​ ​ 745.5 ​ ​ ​ 745.3 ​ Ten year 2017 senior notes ( $500 million) ​ 2027 ​ ​ 494.0 ​ ​ ​ 496.0 ​ Ten year 2020 senior notes ( $750 million) ​ 2030 ​ ​ 764.8 ​ ​ ​ 765.2 ​ Ten year 2020 senior notes ( $600 million) ​ 2031 ​ ​ 594.6 ​ ​ ​ 594.4 ​ Thirty year 2011 senior notes ( $458 million) ​ 2041 ​ ​ 452.2 ​ ​ ​ 452.2 ​ Thirty year 2016 senior notes ( $250 million) ​ 2046 ​ ​ 246.4 ​ ​ ​ 246.4 ​ Thirty year 2017 senior notes ( $700 million) ​ 2047 ​ ​ 612.3 ​ ​ ​ 611.9 ​ Thirty year 2020 senior notes ( $500 million) ​ 2050 ​ ​ 490.1 ​ ​ ​ 490.1 ​ Finance lease obligations and other ​ ​ ​ ​ 9.5 ​ ​ ​ 7.1 ​ Total debt ​ ​ ​ ​ 6,688.8 ​ ​ ​ 6,671.1 ​ Long-term debt, current maturities ​ ​ ​ ​ (3.0) ​ ​ ​ (1.8) ​ Total long-term debt ​ ​ ​ ​ $6,685.8 ​ ​ ​ $6,669.3 ​
Schedule of interest expense and interest income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ (millions) ​ 2021 ​ 2020 ​ Interest expense ​ ​ $53.8 ​ ​ ​ $52.5 ​ Interest income ​ (2.1) ​ ​ ​ (4.2) Interest expense, net ​ ​ $51.7 ​ ​ ​ $48.3 ​

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 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) ​ ​ - ​ ​ 10.8 ​ ​ 46.7 ​ ​ - ​ ​ 57.5 ​ ​ Prior year business combinations (b) ​ ​ (0.9) ​ ​ - ​ ​ - ​ ​ - ​ ​ (0.9) ​ ​ Effect of foreign currency translation ​ ​ 38.0 ​ ​ 3.4 ​ ​ 12.7 ​ ​ 1.9 ​ ​ 56.0 ​ ​ March 31, 2021 ​ ​ $4,325.0 ​ ​ $578.3 ​ ​ $969.2 ​ ​ $247.0 ​ ​ $6,119.5 ​ ​ ​ (a) Represents goodwill associated with current year acquisitions. The Company does not expect any of the goodwill related to businesses acquired to be tax deductible. (b) Represents purchase accounting adjustments associated with the CID Lines acquisition. ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
FAIR VALUE MEASUREMENTS
Schedule of the carrying amount and estimated fair value of assets and liabilities measured on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 (millions) ​ Carrying ​ Fair Value Measurements ​ Amount Level 1 ​ Level 2 Level 3 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts $18.5 ​ ​ ​ $- ​ ​ $18.5 ​ ​ $- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ 82.8 ​ ​ ​ - ​ ​ ​ 82.8 ​ ​ ​ - ​ Interest rate swap 2.2 ​ ​ ​ - ​ ​ 2.2 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Amount Value Amount Value Long-term debt, including current maturities ​ ​ $6,688.8 ​ ​ ​ $7,254.8 ​ ​ ​ $6,671.1 ​ ​ $7,704.4

DERIVATIVES AND HEDGING TRANS_2

DERIVATIVES AND HEDGING TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2021
DERIVATIVES AND HEDGING TRANSACTIONS
Gross fair value of the company's outstanding derivative assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Assets Derivative Liabilities ​ ​ ​ March 31 ​ December 31 ​ March 31 ​ December 31 ​ (millions) ​ 2021 ​ 2020 2021 ​ 2020 Derivatives designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ $6.1 ​ ​ ​ $8.1 ​ ​ $60.7 ​ ​ ​ $54.3 ​ Interest rate swap agreement ​ ​ ​ - ​ ​ ​ - ​ ​ 2.2 ​ ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ ​ 12.4 ​ ​ ​ 7.4 ​ ​ 22.1 ​ ​ ​ 15.6 ​ Gross value of derivatives ​ ​ ​ 18.5 ​ ​ ​ 15.5 ​ ​ 85.0 ​ ​ ​ 69.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts offset in the Consolidated Balance Sheet ​ ​ ​ (12.3) ​ ​ ​ (12.3) ​ ​ (12.3) ​ ​ ​ (12.3) ​ Net value of derivatives ​ ​ ​ $6.2 ​ ​ ​ $3.2 ​ ​ $72.7 ​ ​ ​ $57.6 ​ ​
Summary of notional values of outstanding derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional Values ​ ​ ​ March 31 ​ ​ December 31 (millions) ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ ​ $ 3,941 ​ ​ ​ $ 3,702 ​ Interest rate swap agreement ​ ​ 250 ​ ​ ​ - ​ ​
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 ​ ​ First Quarter Ended ​ First Quarter Ended Line item in which the hedged item is included ​ March 31 ​ March 31 (millions) 2021 ​ 2020 2021 ​ 2020 Long-term debt ​ ​ $247.0 ​ ​ ​ $- ​ ​ ($2.2) ​ ​ ​ $-
Revaluation gains and losses on euro notes and forward contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 (millions) ​ 2021 ​ 2020 Revaluation (losses) gains, net of tax ​ ​ ($12.2) ​ ​ ​ ($1.1) ​
Impact on AOCI and earnings from derivative contracts qualified as cash flow hedges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ ​ ​ 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 ​ ​ ($1.0) ​ ($17.2) ​ $- ​ ​ ​ $2.2 ​ ($1.1) ​ $- ​ Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value ​ ​ - ​ - ​ 5.6 ​ ​ ​ - ​ - ​ 5.4 ​ 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) ​ ​ - ​ 1.3 ​ - ​ ​ ​ - ​ 17.2 ​ 1.2 ​ Total gain (loss) of all derivative instruments ​ ​ ($1.0) ​ ($15.9) ​ $5.0 ​ ​ ​ $2.2 ​ $16.1 ​ $6.4 ​ ​ (a) Gain (loss) on derivatives not designated as hedging instruments recognized in income recorded in SG&A includes discontinued operations of $(0.3) in the first quarter of 2020.

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Tables)	3 Months Ended
	Mar. 31, 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ (millions) 2021 ​ 2020 ​ Derivative and Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ Unrealized (losses) gains on derivative & hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in AOCI ​ ​ ($12.2) ​ ​ ​ $9.8 ​ (Gains) losses reclassified from AOCI into income ​ ​ ​ ​ ​ ​ ​ ​ COS ​ ​ 1.0 ​ ​ ​ (2.2) ​ SG&A ​ 17.2 ​ ​ ​ 1.1 ​ Interest (income) expense, net ​ ​ (5.0) ​ ​ ​ (5.2) ​ ​ ​ 13.2 ​ ​ ​ (6.3) ​ Other activity ​ (0.3) ​ ​ ​ - ​ Tax impact ​ (0.1) ​ ​ ​ (0.6) ​ Net of tax ​ ​ $0.6 ​ ​ ​ $2.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension and Postretirement Benefits ​ ​ ​ ​ ​ ​ ​ ​ Amount reclassified from AOCI into income ​ ​ ​ ​ ​ ​ ​ ​ Amortization of net actuarial loss and prior service costs and benefits ​ ​ 21.8 ​ ​ ​ 14.8 ​ ​ ​ ​ 21.8 ​ ​ ​ 14.8 ​ Other activity ​ ​ (10.6) ​ ​ ​ 1.7 ​ Tax impact ​ (5.3) ​ ​ ​ (3.6) ​ Net of tax ​ ​ $5.9 ​ ​ ​ $12.9 ​
Summary of the net of tax derivative and pension and postretirement benefit amounts reclassified from AOCI into income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter Ended ​ ​ March 31 ​ 2021 ​ 2020 (millions) ​ ​ ​ ​ ​ ​ ​ Derivative (gains) losses reclassified from AOCI into income, net of tax ​ ​ $10.0 ​ ​ ​ ($4.8) ​ ​ ​ ​ ​ ​ ​ ​ Pension and postretirement benefits net actuarial losses ​ ​ ​ ​ ​ ​ ​ and prior services costs reclassified from AOCI into income, net of tax ​ ​ 5.9 ​ ​ ​ 12.9

EARNINGS ATTRIBUTABLE TO ECOL_2

EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS") (Tables)	3 Months Ended
	Mar. 31, 2021
EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS")
Computations of the basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter Ended ​ ​ March 31 (millions, except per share) 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ Net income from continuing operations attributable to Ecolab ​ ​ $193.6 ​ ​ ​ $292.0 Net (loss) income from discontinued operations ​ ​ - ​ ​ ​ (8.6) Net (loss) income attributable to Ecolab ​ ​ $193.6 ​ ​ ​ $283.4 ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares outstanding ​ ​ ​ ​ ​ ​ ​ Basic ​ 286.0 ​ ​ ​ 288.8 Effect of dilutive stock options and units ​ 2.8 ​ ​ ​ 3.8 Diluted ​ ​ 288.8 ​ ​ ​ 292.6 ​ ​ ​ ​ ​ ​ ​ Earnings (loss) attributable to Ecolab per common share ​ ​ ​ ​ ​ ​ ​ Basic EPS ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 0.68 ​ ​ ​ $ 1.01 Discontinued operations ​ ​ - ​ ​ ​ (0.03) Earnings (loss) attributable to Ecolab ​ ​ $ 0.68 ​ ​ ​ $ 0.98 Diluted EPS ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ ​ $ 0.67 ​ ​ ​ $ 1.00 Discontinued operations ​ ​ - ​ ​ ​ (0.03) Earnings (loss) attributable to Ecolab ​ ​ $ 0.67 ​ ​ ​ $ 0.97 ​ ​ ​ ​ ​ ​ ​ ​ Anti-dilutive securities excluded from the computation of diluted EPS ​ 1.1 ​ ​ ​ 1.1 ​ ​ ​ ​ ​ ​ ​ ​ Amounts do not necessarily sum due to rounding. ​ ​ ​ ​ ​ ​ ​

PENSION AND POSTRETIREMENT PL_2

PENSION AND POSTRETIREMENT PLANS (Tables)	3 Months Ended
	Mar. 31, 2021
PENSION AND POSTRETIREMENT PLANS
Net periodic pension and postretirement health care benefit costs	The components of net periodic pension and postretirement health care benefit costs for the first quarter ended March 31 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ International ​ U.S. Postretirement ​ ​ Pension ​ Pension ​ Health Care (millions) 2021 ​ 2020 2021 ​ 2020 2021 ​ 2020 Service cost (a) ​ ​ $10.8 ​ ​ ​ $17.1 ​ ​ $7.9 ​ ​ ​ $7.7 ​ ​ $0.2 ​ ​ ​ $0.3 Interest cost on benefit obligation ​ 12.5 ​ ​ ​ 17.5 ​ ​ 4.3 ​ ​ ​ 5.4 ​ ​ 0.7 ​ ​ ​ 1.1 Expected return on plan assets ​ (38.6) ​ ​ ​ (38.2) ​ ​ (17.6) ​ ​ ​ (15.7) ​ ​ (0.1) ​ ​ ​ (0.1) Recognition of net actuarial loss (gain) ​ ​ 16.2 ​ ​ ​ 13.0 ​ ​ 7.2 ​ ​ ​ 6.4 ​ ​ 0.2 ​ ​ ​ - Amortization of prior service benefit ​ ​ (1.7) ​ ​ ​ (1.8) ​ ​ (0.1) ​ ​ ​ - ​ ​ - ​ ​ ​ (2.8) Total expense (benefit) ​ ​ ($0.8) ​ ​ ​ $7.6 ​ ​ $1.7 ​ ​ ​ $3.8 ​ ​ $1.0 ​ ​ ​ ($1.5) ​ (a) Service cost includes discontinued operations of $1.6 in the first quarter of 2020.

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2021
REVENUES
Schedule of operating lease revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter Ended ​ ​ ​ March 31 ​ (millions) ​ 2021 ​ 2020 ​ Operating lease revenue* ​ ​ $97.3 ​ ​ ​ ​ $108.0 ​ ​ ​
Schedule of principal activities, separated by reportable segments and geographic region	Net sales at public exchange rates by reportable segment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter Ended ​ ​ March 31 (millions) 2021 ​ 2020 Global Industrial ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ $1,227.5 ​ ​ ​ $1,231.1 ​ Service and lease equipment ​ 203.5 ​ ​ ​ 202.0 ​ Global Institutional & Specialty ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 702.7 ​ ​ ​ 891.7 ​ Service and lease equipment ​ ​ 154.7 ​ ​ ​ 178.4 ​ Global Healthcare & Life Sciences ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 263.1 ​ ​ ​ 223.0 ​ Service and lease equipment ​ ​ 29.6 ​ ​ ​ 21.7 ​ Other ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 67.1 ​ ​ ​ 78.2 ​ Service and lease equipment ​ ​ 203.6 ​ ​ ​ 194.5 ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ Product and sold equipment ​ ​ 33.0 ​ ​ ​ - ​ Service and lease equipment ​ ​ 0.2 ​ ​ ​ - ​ Total ​ ​ ​ ​ ​ ​ ​ ​ Total product and sold equipment ​ ​ $2,293.4 ​ ​ ​ $2,424.0 ​ Total service and lease equipment ​ ​ $591.6 ​ ​ ​ $596.6 ​ ​ ​ Net sales at public exchange rates by geographic region for the first quarter ended March 31 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 ​ ​ $636.4 ​ ​ ​ $691.6 ​ ​ $622.7 ​ ​ ​ $779.6 ​ ​ $98.7 ​ ​ ​ $108.0 ​ ​ $160.8 ​ ​ ​ $168.4 ​ ​ $22.7 ​ ​ ​ $- Europe ​ 313.1 ​ ​ ​ 281.2 ​ ​ 107.3 ​ ​ ​ 142.5 ​ ​ 175.6 ​ ​ ​ 119.9 ​ ​ 57.8 ​ ​ ​ 59.7 ​ ​ 0.6 ​ ​ ​ - Asia Pacific ​ 189.4 ​ ​ ​ 183.7 ​ ​ 51.3 ​ ​ ​ 61.7 ​ ​ 10.7 ​ ​ ​ 10.5 ​ ​ 18.1 ​ ​ ​ 16.3 ​ ​ 1.4 ​ ​ ​ - Latin America ​ 125.2 ​ ​ ​ 129.1 ​ ​ 31.3 ​ ​ ​ 40.1 ​ ​ 0.5 ​ ​ ​ 1.0 ​ ​ 12.0 ​ ​ ​ 11.7 ​ ​ 6.5 ​ ​ ​ - Greater China ​ ​ 94.3 ​ ​ ​ 73.4 ​ ​ 36.2 ​ ​ ​ 33.7 ​ ​ 1.2 ​ ​ ​ 1.5 ​ ​ 18.9 ​ ​ ​ 13.5 ​ ​ 0.6 ​ ​ ​ - India, Middle East and Africa ​ ​ 72.6 ​ ​ ​ 74.1 ​ ​ 8.6 ​ ​ ​ 12.5 ​ ​ 6.0 ​ ​ ​ 3.8 ​ ​ 3.1 ​ ​ ​ 3.1 ​ ​ 1.4 ​ ​ ​ - Total ​ ​ $1,431.0 ​ ​ ​ $1,433.1 ​ ​ $857.4 ​ ​ ​ $1,070.1 ​ ​ $292.7 ​ ​ ​ $244.7 ​ ​ $270.7 ​ ​ ​ $272.7 ​ ​ $33.2 ​ ​ ​ $- ​ Net sales by geographic region were determined based on origin of sale. Revenues in the United States made up 51% and 55% of total during the first quarter ended March 31, 2021 and 2020, respectively.
Summarized activity in the allowance for doubtful accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ (millions) ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ ​ $84.3 ​ ​ ​ $55.5 ​ Adoption of new standard ​ ​ - ​ ​ ​ 4.3 ​ Bad debt expense ​ 5.4 ​ ​ 14.8 ​ Write-offs ​ (5.0) ​ ​ (5.3) ​ Other (a) ​ 1.6 ​ ​ (0.1) ​ Ending balance (b) ​ ​ $86.3 ​ ​ ​ $69.2 ​ ​ (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31 ​ March 31 (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 ​ ​ 89.6 ​ ​ ​ 79.9 ​ ​ ​ ​ ​ ​ ​ ​ Contract liability as of end of period ​ ​ $89.6 ​ ​ ​ $79.9

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Quarter Ended ​ ​ ​ March 31 ​ (millions) 2021 ​ ​ 2020 ​ Net Sales ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ $1,433.9 ​ ​ ​ $1,465.0 ​ Global Institutional & Specialty ​ ​ 858.5 ​ ​ ​ 1,087.2 ​ Global Healthcare & Life Sciences ​ ​ 293.7 ​ ​ ​ 256.8 ​ Other ​ ​ 271.3 ​ ​ ​ 279.6 ​ Corporate ​ ​ 33.2 ​ ​ ​ - ​ Subtotal at fixed currency rates ​ ​ 2,890.6 ​ ​ ​ 3,088.6 ​ Effect of foreign currency translation ​ ​ (5.6) ​ ​ ​ (68.0) ​ Consolidated reported GAAP net sales ​ $2,885.0 ​ ​ $3,020.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ ​ ​ ​ ​ ​ ​ Global Industrial ​ $219.2 ​ ​ ​ $209.6 ​ Global Institutional & Specialty ​ ​ 63.1 ​ ​ ​ 183.7 ​ Global Healthcare & Life Sciences ​ ​ 45.6 ​ ​ ​ 24.0 ​ Other ​ ​ 32.9 ​ ​ ​ 21.8 ​ Corporate ​ ​ (63.0) ​ ​ ​ (55.1) ​ Subtotal at fixed currency rates ​ ​ 297.8 ​ ​ ​ 384.0 ​ Effect of foreign currency translation ​ ​ (0.5) ​ ​ ​ (7.8) ​ Consolidated reported GAAP operating income ​ $297.3 ​ ​ $376.2 ​

NEW ACCOUNTING PRONOUNCEMENTS (

NEW ACCOUNTING PRONOUNCEMENTS (Tables)	3 Months Ended
	Mar. 31, 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 to date and is currently evaluating any potential future impacts 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 significant impact on the Company's financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​

CONSOLIDATED FINANCIAL INFORM_2

CONSOLIDATED FINANCIAL INFORMATION (Details) - 3 months ended Mar. 31, 2021	segment	item
CONSOLIDATED FINANCIAL INFORMATION
Number of Reportable Segments	3	3

SPECIAL (GAINS) AND CHARGES - C

SPECIAL (GAINS) AND CHARGES - Charges Reported on Statement of Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Special (gains) and charges
Other special gains and charges	$ 1.6
Other (income) expense	12.8	$ 15.9
Total special (gains) and charges	32.4	25
Cost of sales
Special (gains) and charges
Restructuring activities	18.2	3
Acquisition and integration activities		0.4
Other special gains and charges	0.3	5.7
Other (income) expense	19.6	9.1
Cost of sales | C O V I D 19
Special (gains) and charges
COVID-19	1.1
Special (gains) and charges
Special (gains) and charges
Restructuring activities	3.6	4.2
Acquisition and integration activities	1.2	5.4
Acquisition and integration costs, after tax	1.1	3.6
Disposal And Impairment Activities		1.2
Other special gains and charges	1.6	5.1
Other (income) expense	12.8	15.9
Special (gains) and charges | C O V I D 19
Special (gains) and charges
COVID-19	6.4
Operating income subtotal
Special (gains) and charges
Other (income) expense	$ 32.4	$ 25

SPECIAL (GAINS) AND CHARGES - R

SPECIAL (GAINS) AND CHARGES - Restructuring and Non-Restructuring Activity (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended	36 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2020
Other restructuring information
Restructuring Costs	$ (4.8)	$ (11.1)
Other special gains and charges	1.6
Other special gains and charges, after-tax	1.3
Special (gains) and charges	12.8	15.9
C O V I D 19
Non-restructuring Special (Gains) and Charges
Expenses Incurred To Pay Employees Impacted By Pandemic	5.9
Net charges (gains) related to the pandemic	4.9
Medical charges and testing fee	3.5
Gain from government subsidy	(1.9)
Special (gains) and charges
Other restructuring information
Restructuring charges incurred, pre-tax	3.6	4.2
Business combination advisory and legal fees, pre tax	1.2	5.4
Business combination advisory and legal fees, after tax	1.1	3.6
Other special gains and charges	1.6	5.1
Special (gains) and charges	12.8	15.9
Disposal And Impairment Activities		1.2
Disposal And Impairment charges, after tax		0.9
Non-restructuring Special (Gains) and Charges
Litigation related charges, before tax		6.1
Litigation related charges, after tax		4.6
Cost of sales
Other restructuring information
Restructuring charges incurred, pre-tax	18.2	3
Business combination advisory and legal fees, pre tax		0.4
Other special gains and charges	0.3	5.7
Special (gains) and charges	19.6	9.1
Product and sold equipment
Other restructuring information
Business combination advisory and legal fees, pre tax		0.4
Business combination advisory and legal fees, after tax		0.3
Product and sold equipment | Cost of sales
Other restructuring information
Other special gains and charges	0.3	5.7
Other special gains and charges, after-tax	0.2	3.8
Special (gains) and charges	19.6	$ 9.1
Institutional Advancement Program
Restructuring
Recorded expense (income) and accrual	5.9		$ 35.2
Net cash payments	(11.5)		(10.5)
Non-cash net charges	(4)
Effect of foreign currency translation	(0.1)
Other restructuring information
Restructuring charge expected to be incurred, pre-tax	80
Restructuring charge expected to be incurred, after tax	60
Expected savings	50
Restructuring liability	15		24.7	$ 24.7
Restructuring charges incurred to date, pre-tax	41.1
Restructuring charges incurred to date, after-tax	30.9
Restructuring charges incurred, pre-tax	5.9
Restructuring charges incurred, after tax	4.5
Institutional Advancement Program | Employee termination costs
Restructuring
Recorded expense (income) and accrual	(0.3)		25.6
Net cash payments	(9.3)		(0.9)
Effect of foreign currency translation	(0.1)
Other restructuring information
Restructuring liability	15		24.7	24.7
Institutional Advancement Program | Asset disposals
Restructuring
Recorded expense (income) and accrual	4
Non-cash net charges	(4)
Institutional Advancement Program | Other
Restructuring
Recorded expense (income) and accrual	2.2		9.6
Net cash payments	(2.2)		(9.6)
Accelerate 2020 Restructuring Plan
Restructuring
Recorded expense	1.7			239.2
Net cash payments	(15)			(155.3)
Non-cash charges	(0.1)			(11.2)
Effect of foreign currency translation	0.3			(0.9)
Other restructuring information
Restructuring charge expected to be incurred, pre-tax	255
Restructuring charge expected to be incurred, after tax	195
Restructuring liability	58.7		71.8	71.8
Accelerate 2020 Restructuring Plan | Special (gains) and charges
Other restructuring information
Restructuring liability	58.7
Restructuring charges incurred to date, pre-tax	240.9
Restructuring charges incurred to date, after-tax	185.2
Restructuring charges incurred, pre-tax	1.7
Restructuring charges incurred, after tax	1.4
Cash payments	15
Accelerate 2020 Restructuring Plan | Employee termination costs
Restructuring
Recorded expense	1.5			212
Net cash payments	(14.8)			(144.3)
Effect of foreign currency translation	0.3			(0.9)
Other restructuring information
Restructuring liability	53.8		66.8	66.8
Accelerate 2020 Restructuring Plan | Asset disposals
Restructuring
Recorded expense				8
Net cash payments				1.2
Non-cash charges				(9.2)
Accelerate 2020 Restructuring Plan | Other
Restructuring
Recorded expense	0.2			19.2
Net cash payments	(0.2)			(12.2)
Non-cash charges	(0.1)			(2)
Other restructuring information
Restructuring liability	4.9		5	5
Other Restructuring Plan
Other restructuring information
Restructuring charges incurred, pre-tax	14.2
Restructuring charges incurred, after tax	10.8
Prior Year Plans
Other restructuring information
Restructuring liability	17.1		$ 5.9	$ 5.9
Cash payments	$ 0.1

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Acquisition Summary (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020item	Dec. 31, 2020USD ($)
Business Acquisition [Line Items]
Number of acquisitions | item		0
Goodwill	$ 6,119.5		$ 6,006.9
Weighted average useful lives of identifiable intangible assets acquired		13 years
Prior year business combinations, goodwill adjustments	(0.9)
Contingent consideration payment	1.4
CID Lines
Business Acquisition [Line Items]
Prior year business combinations, goodwill adjustments	(0.9)
Acquisitions
Business Acquisition [Line Items]
Net tangible assets (liabilities) acquired and equity method investments	(0.9)
Customer relationships	31.1
Trademarks	3.6
Other technology	1.5
Total intangible assets	36.2
Goodwill	57.5
Total aggregate purchase price	92.8
Acquisition related liabilities and contingent consideration	(6.2)
Net cash paid for acquisitions, including acquisition-related liabilities and contingent consideration	$ 86.6

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Disposition (Details) - item	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
ACQUISITIONS AND DISPOSITIONS
Number of business dispositions	0	0

DISCONTINUED OPERATIONS - Summa

DISCONTINUED OPERATIONS - Summary of Assets and Liabilities Transferred (Details) - Discontinued Operations, Disposed of By Sale - ChampionX $ in Millions	Jun. 03, 2020USD ($)shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares accepted | shares	4,955,552
Number of shares exchanged | shares	122,200,000
Share Conversion Rights | shares	1
Discontinued Operation, Assets And Liabilities Transferred [Abstract]
Cash and cash equivalent	$ 60.6
Current assets	810.5
Non-Current Assets	3,222.3
Total assets	4,093.4
Current liabilities	313
Non-current liabilities	293.7
Total liabilities	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)

DISCONTINUED OPERATIONS - Sum_2

DISCONTINUED OPERATIONS - Summarized Results of Discontinued Operations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net (loss) income including noncontrolling interest	$ 6.1
Net income from discontinued operations attributable to noncontrolling interest	2.5
Net (loss) income from discontinued operations, net of tax	(8.6)
ChampionX | Discontinued Operations, Disposed of By Sale
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net sales	560.8
Cost of sales (including special charges)	396.6
Selling, general and administrative expenses	106.7
Special (gains) and charges	36.5
Operating (loss) income	21
Other (income) expense	0.1
Interest expense (income), net	(0.1)
(Loss) income before income taxes	21
Provision for income taxes	27.1
Net (loss) income including noncontrolling interest	(6.1)
Net income from discontinued operations attributable to noncontrolling interest	2.5
Net (loss) income from discontinued operations, net of tax	(8.6)
Tax expense, friction costs associated with separation activity	19.5
ChampionX | Discontinued Operations, Disposed of By Sale | Product and sold equipment
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net sales	506
Cost of sales (including special charges)	351.2
ChampionX | Discontinued Operations, Disposed of By Sale | Service and lease equipment
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net sales	54.8
Cost of sales (including special charges)	$ 45.4

DISCONTINUED OPERATIONS - Sum_3

DISCONTINUED OPERATIONS - Summary of Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Millions	Jun. 03, 2020	Mar. 31, 2021	Dec. 31, 2020
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]
Accounts receivable, net		$ 2,272	$ 2,273.8
ChampionX | Discontinued Operations, Disposed of By Sale
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]
Term of post-separation agreement	18 months
Period of time post-separation that the entity may transfer or receive certain products	36 months
Post-separation sales		33
Accounts receivable, net		$ 25.1

BALANCE SHEET INFORMATION (Deta

BALANCE SHEET INFORMATION (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts receivable, net
Accounts receivable	$ 2,358.3	$ 2,358.1
Allowance for doubtful accounts	(86.3)	(84.3)	$ (69.2)	$ (55.5)
Total	2,272	2,273.8
Inventories
Finished goods	845.8	789.6
Raw materials and parts	530	511.2
Inventories at FIFO cost	1,375.8	1,300.8
FIFO cost to LIFO cost difference	(28.8)	(15.6)
Total	1,347	1,285.2
Other current assets
Prepaid assets	131.9	99.1
Taxes receivable	179	168.6
Derivative assets	6.2	3.2
Other current assets	24.4	27.3
Total	341.5	298.2
Property, plant and equipment, net
Land	161.2	159.7
Buildings and leasehold improvements	1,070.7	1,060
Machinery and equipment	1,850.9	1,830.1
Merchandising and customer equipment	2,695.7	2,691
Capitalized software	828.6	820.8
Construction in progress	222.5	219.8
Property, plant and equipment, gross	6,829.6	6,781.4
Accumulated depreciation	(3,750.9)	(3,656.5)
Total	3,078.7	3,124.9
Intangible assets subject to amortization:
Other intangible assets, gross	3,662.1	3,611.5
Accumulated amortization	(1,925.3)	(1,864.5)
Net intangible assets subject to amortization	1,736.8	1,747
Total	2,966.8	2,977
Other assets
Deferred income taxes	155.7	163.2
Pension	39.8	33
Other	285.1	279.8
Total	480.6	476
Other current liabilities
Discounts and rebates	317.9	304.1
Dividends payable	137.3	137.2
Interest payable	55.6	51.7
Taxes payable, other than income	132.8	151.8
Derivative liabilities	31.8	25.8
Restructuring	86.4	98.1
Contract liability	89.6	80.4
Operating lease liabilities	122.7	125.6
Other	215.6	214.2
Total	1,189.7	1,188.9
Accumulated other comprehensive loss
Unrealized gain (loss) on derivative financial instruments, net of tax	(20.5)	(21.1)
Unrecognized pension and postretirement benefit expense, net of tax	(929.3)	(935.2)
Cumulative translation, net of tax	(964.7)	(1,038.1)
Total	(1,914.5)	(1,994.4)
Customer relationships
Intangible assets subject to amortization:
Other intangible assets, gross	2,574.3	2,530.9
Accumulated amortization	(1,363.7)	(1,319.1)
Trademarks
Intangible assets subject to amortization:
Other intangible assets, gross	352.8	348
Accumulated amortization	(163)	(155)
Patents
Intangible assets subject to amortization:
Other intangible assets, gross	496.1	492.5
Accumulated amortization	(251.3)	(244.6)
Other technology
Intangible assets subject to amortization:
Other intangible assets, gross	238.9	240.1
Accumulated amortization	(147.3)	(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 Millions	Mar. 31, 2021	Dec. 31, 2020
Components of the company's debt obligations
Long-term debt, current maturities	$ 3	$ 1.8
Short-term debt including current maturities of long-term debt	24.3	17.3
Commercial paper.
Components of the company's debt obligations
Maximum borrowing capacity, commercial paper	2,000
U.S. commercial paper program
Components of the company's debt obligations
Maximum borrowing capacity, commercial paper	2,000
Outstanding commercial paper	0
European commercial paper
Components of the company's debt obligations
Maximum borrowing capacity, commercial paper	2,000
Outstanding commercial paper	0
Notes payable
Components of the company's debt obligations
Short-term debt	21.3	15.5
Credit Facility
Components of the company's debt obligations
Maximum borrowing capacity under the credit agreement	2,000
Amount outstanding under the credit agreement	$ 0	$ 0

DEBT AND INTEREST - Other Debt

DEBT AND INTEREST - Other Debt Information (Details) € in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021EUR (€)	Dec. 31, 2020USD ($)
Debt instrument
CARRYING VALUE		$ 6,688.8			$ 6,671.1
Long-term debt, current maturities		(3)			(1.8)
Long-term debt		6,685.8			6,669.3
Interest
Interest expense		53.8	$ 52.5
Interest income		(2.1)	(4.2)
Interest expense, net		$ 51.7	48.3
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 VALUE		$ 452.2			452.2
Aggregate principal amount		$ 458
Debt instrument, term		30 years
Five year 2017 senior notes
Debt instrument
CARRYING VALUE		$ 498.9			498.6
Aggregate principal amount		$ 500
Debt instrument, term		5 years
Ten year 2017 senior notes
Debt instrument
CARRYING VALUE		$ 494			496
Aggregate principal amount		$ 500
Debt instrument, term		10 years
Thirty year 2017 senior notes
Debt instrument
CARRYING VALUE		$ 612.3			611.9
Aggregate principal amount		$ 700
Debt instrument, term		30 years
Thirty year 2020 senior notes
Debt instrument
CARRYING VALUE		$ 490.1			490.1
Aggregate principal amount		$ 500
Debt instrument, term		30 years
Ten year 2020 senior notes
Debt instrument
CARRYING VALUE		$ 764.8			765.2
Aggregate principal amount	$ 750	$ 750	$ 750
Effective interest rate (as a percent)	4.58%		4.58%
Debt instrument, term	10 years	10 years
Interest rate (as a percent)	4.80%		4.80%
Ten year 2020 senior notes, maturing in 2031
Debt instrument
CARRYING VALUE		$ 594.6			594.4
Aggregate principal amount		$ 600
Debt instrument, term		10 years
Seven year 2016 senior notes
Debt instrument
CARRYING VALUE		$ 399.1			399
Aggregate principal amount		$ 400
Debt instrument, term		7 years
Seven year 2016 senior euro notes
Debt instrument
CARRYING VALUE		$ 690.3			682
Aggregate principal amount | €				€ 575
Debt instrument, term		7 years
Ten year 2016 senior notes
Debt instrument
CARRYING VALUE		$ 745.5			745.3
Aggregate principal amount		$ 750
Debt instrument, term		10 years
Thirty year 2016 senior notes
Debt instrument
CARRYING VALUE		$ 246.4			246.4
Aggregate principal amount		$ 250
Debt instrument, term		30 years
Ten Year 2015 senior euro notes
Debt instrument
CARRYING VALUE		$ 691.1			682.9
Aggregate principal amount | €				€ 575
Debt instrument, term		10 years
Other
Debt instrument
CARRYING VALUE		$ 9.5			$ 7.1
364-day Revolving Credit Agreement
Debt instrument
Maximum borrowing capacity under the credit agreement		500
Credit facility amount		$ 0

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes in the carrying amount of goodwill for each of the company's reportable segments
Impairment of goodwill	$ 0	$ 0
Changes in the carrying amount of goodwill
Beginning goodwill	6,006.9
Current year business combinations	57.5
Prior year business combinations	(0.9)
Effect of foreign currency translation	56
Ending goodwill	6,119.5
Future estimated amortization expense related to amortizable other identifiable intangible assets
Estimated expense for the remaining nine-month period	162
Total amortization expense related to other intangible assets	64.5	$ 52.3
Previously Reported
Changes in the carrying amount of goodwill
Beginning goodwill	6,006.9
Nalco | Trademarks
Changes in the carrying amount of goodwill
Impairment of indefinite life intangible asset	0
Global Industrial
Changes in the carrying amount of goodwill
Prior year business combinations	(0.9)
Effect of foreign currency translation	38
Ending goodwill	4,325
Global Industrial | Previously Reported
Changes in the carrying amount of goodwill
Beginning goodwill	4,287.9
Global Institutional & Specialty
Changes in the carrying amount of goodwill
Current year business combinations	10.8
Effect of foreign currency translation	3.4
Ending goodwill	578.3
Global Institutional & Specialty | Previously Reported
Changes in the carrying amount of goodwill
Beginning goodwill	564.1
Global Healthcare and Life Sciences
Changes in the carrying amount of goodwill
Current year business combinations	46.7
Effect of foreign currency translation	12.7
Ending goodwill	969.2
Global Healthcare and Life Sciences | Previously Reported
Changes in the carrying amount of goodwill
Beginning goodwill	909.8
Other
Changes in the carrying amount of goodwill
Effect of foreign currency translation	1.9
Ending goodwill	247
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 Millions	Mar. 31, 2021	Dec. 31, 2020
Carrying Amount
Assets:
Foreign currency forward contracts	$ 18.5	$ 15.5
Liabilities:
Foreign currency forward contracts	82.8	69.9
Interest rate swap contracts	2.2
Level 2
Assets:
Foreign currency forward contracts	18.5	15.5
Liabilities:
Foreign currency forward contracts	82.8	$ 69.9
Interest rate swap contracts	$ 2.2

FAIR VALUE MEASUREMENTS - Long-

FAIR VALUE MEASUREMENTS - Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Carrying Amount
Carrying amount and fair value of financial instruments
Long-term debt (including current maturities)	$ 6,688.8	$ 6,671.1
Fair Value | Level 2
Carrying amount and fair value of financial instruments
Long-term debt (including current maturities)	$ 7,254.8	$ 7,704.4

DERIVATIVES AND HEDGING TRANS_3

DERIVATIVES AND HEDGING TRANSACTIONS - Derivative Positions Summary (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Asset Derivatives
Gross value of derivatives	$ 18.5	$ 15.5
Gross amounts offset in the Consolidated Balance Sheet	(12.3)	(12.3)
Net value of derivatives presented in the Consolidated Balance Sheet	6.2	3.2
Liability Derivatives
Gross value of derivatives	85	69.9
Gross amounts offset in the Consolidated Balance Sheet	(12.3)	(12.3)
Net value of derivatives presented in the Consolidated Balance Sheet	72.7	57.6
Cash collateral received	0
Cash collateral pledged	0
Foreign currency forward contracts.
Liability Derivatives
Notional values	3,941	3,702
Interest rate swaps
Liability Derivatives
Notional values	250
Derivatives designated as hedging instruments | Foreign currency forward contracts.
Asset Derivatives
Gross value of derivatives	6.1	8.1
Liability Derivatives
Gross value of derivatives	60.7	54.3
Derivatives designated as hedging instruments | Interest rate swaps
Asset Derivatives
Gross value of derivatives	2.2
Derivatives not designated as hedging instruments | Foreign currency forward contracts.
Asset Derivatives
Gross value of derivatives	12.4	7.4
Liability Derivatives
Gross value of derivatives	$ 22.1	$ 15.6

DERIVATIVES AND HEDGING TRANS_4

DERIVATIVES AND HEDGING TRANSACTIONS - Information by Type of Derivative and Hedging Activities (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021EUR (€)	Dec. 31, 2020USD ($)	Mar. 31, 2020EUR (€)
Fair Value Hedges
Cumulative amount of fair value hedging adjustment	$ (2.2)
Derivative liability	72.7			$ 57.6
Net Investment Hedges
Revaluation (losses) gains, net of tax	$ (12.2)	$ (1.1)
Derivative Summary
Maximum period for hedged transactions	3 years
Cash collateral received	$ 0
Senior notes
Impact on AOCI and earnings from derivative contracts
Interest rate (as a percent)	3.25%		3.25%
Fair Value Hedges
Aggregate principal amount	$ 250
Interest rate (as a percent)	3.25%		3.25%
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	$ (1)	2.2
Selling, general and administrative expenses
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	(15.9)	16.1
Interest expense, net
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income		6.4
Foreign currency forward contracts.
Net Investment Hedges
Notional values	3,941			$ 3,702
Foreign currency forward contracts. | Interest expense, net
Impact on AOCI and earnings from derivative contracts
Gain (loss) on derivative recognized in income	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)		2.2
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 income	1.3	17.2
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 income		1.2
Interest rate swaps
Net Investment Hedges
Notional values	250
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)	(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)	(17.2)	(1.1)
Cash Flow Hedges | Foreign currency forward contracts. | Derivatives designated as hedging instruments | Interest expense, net
Impact on AOCI and earnings from derivative contracts
Amount excluded from the assessment of effectiveness recognized in earnings based on changes in fair value	5.6	5.4
Gain (loss) recognized in income (ineffective portion)	5.6	5.4
Cash Flow Hedges | Interest rate swaps | 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 swaps
Fair Value Hedges
Derivative liability	247
Net Investment Hedges
Net Investment Hedges
Revaluation (losses) gains, net of tax	$ (12.2)	(1.1)
Net Investment Hedges | Senior euro notes
Net Investment Hedges
Notional values		1,381			€ 1,150
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		$ (0.3)

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification adjustments
Cost of sales	$ (1,712)	$ (1,720.2)
SG&A	(862.9)	(908.3)
Interest expense, net (a)	(51.7)	(48.3)
Other activity	(0.3)
Subtotal	79.2	(23.5)
Derivative (gains) losses reclassified from AOCI into income, net of tax	10	(4.8)
Pension and postretirement net actuarial losses and prior service cost reclassified from AOCI into income, net of tax	5.9	12.9
Derivative & Hedging Instruments.
Reclassification adjustments
Amount recognized in AOCI	(12.2)	9.8
Tax impact	(0.1)	(0.6)
Subtotal	0.6	2.9
Derivative & Hedging Instruments. | Amount reclassified from AOCI
Reclassification adjustments
Cost of sales	1	(2.2)
SG&A	17.2	1.1
Interest expense, net (a)	(5)	(5.2)
(Gains) losses reclassified from AOCI into income	13.2	(6.3)
Pension & Postretirement Benefits.
Reclassification adjustments
(Gains) losses reclassified from AOCI into income	21.8	14.8
Other activity	(10.6)	1.7
Tax impact	(5.3)	(3.6)
Subtotal	5.9	12.9
Pension & Postretirement Benefits. | Amount reclassified from AOCI
Reclassification adjustments
(Gains) losses reclassified from AOCI into income	$ 21.8	$ 14.8

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - $ / shares	Jun. 03, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Feb. 28, 2015
Shareholder's Equity
Common stock, par value per share (in dollars per share)		$ 1		$ 1
Common stock, shares authorized		800,000,000		800,000,000
Dividends declared per common share (in dollars per share)		$ 0.48	$ 0.47
Discontinued Operations, Disposed of By Sale | ChampionX
Shareholder's Equity
Shares accepted	4,955,552
Number of shares exchanged	122,200,000
Share Conversion Rights	1
Common Stock
Shareholder's Equity
Common stock, shares authorized to be repurchased					20,000,000
Reacquired shares (in shares)		292,586		761,245
Remaining shares authorized to be repurchased		6,049,323
Number of shares that have been repurchased through the exercise of stock options and vesting of stock awards		101,963		196,181
Number of shares reacquired through the open market or private purchases		190,623		565,064

EARNINGS ATTRIBUTABLE TO ECOL_3

EARNINGS ATTRIBUTABLE TO ECOLAB PER COMMON SHARE ("EPS") (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Computations of the basic and diluted earnings attributable to Ecolab per share amounts
Net income from continuing operations attributable to Ecolab	$ 193.6	$ 292
Net income (loss) from discontinued operations, net of tax (Note 4) (b)		(8.6)
Net income attributable to Ecolab	$ 193.6	$ 283.4
Weighted-average common shares outstanding
Basic (in shares)	286	288.8
Effect of dilutive stock options and units (in shares)	2.8	3.8
Diluted (in shares)	288.8	292.6
Basic EPS
Continuing operations	$ 0.68	$ 1.01
Discontinued operations		(0.03)
Earnings attributable to Ecolab	0.68	0.98
Diluted EPS
Continuing operations	0.67	1
Discontinued operations		(0.03)
Earnings attributable to Ecolab	$ 0.67	$ 0.97
Anti-dilutive securities excluded from the computation of EPS	1.1	1.1

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
INCOME TAXES
Effective income tax rate (as a percent)	25.20%	13.70%
Excess tax benefits, share-based compensation	$ 6.6	$ 22.3
Recognized discrete tax expense (benefit)	16.1	(21.9)
Tax expense, transfer of intangible assets between affiliates	25.1
Tax expense, change in foreign and domestic estimates	$ 2.4	(3.9)
Recognized discrete tax benefits, release of reserves for uncertain tax positions		$ (3.5)

PENSION AND POSTRETIREMENT PL_3

PENSION AND POSTRETIREMENT PLANS - Information Related to Pension and Postretirement Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Amounts recognized in Consolidated Balance Sheet:
Other assets	$ 39.8		$ 33
Postretirement health care and pension benefits	(1,207.8)		(1,226.2)
Amounts recognized in Accumulated Other Comprehensive Loss (Income):
Accumulated other comprehensive loss (income), net of tax	929.3		$ 935.2
Change in Accumulated Other Comprehensive Loss (Income):
Other comprehensive loss (income)	(5.9)	$ (12.9)
United States | Pension
Projected Benefit Obligation
Service cost	10.8	17.1
Interest cost	12.5	17.5
United States | Postretirement Health Care
Projected Benefit Obligation
Service cost	0.2	0.3
Interest cost	0.7	1.1
International | Pension
Projected Benefit Obligation
Service cost	7.9	7.7
Interest cost	$ 4.3	$ 5.4

PENSION AND POSTRETIREMENT PL_4

PENSION AND POSTRETIREMENT PLANS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Discontinued Operations, Disposed of By Sale | ChampionX
Net periodic benefit costs
Service cost		$ 1.6
United States | Pension
Net periodic benefit costs
Service cost	$ 10.8	17.1
Interest cost on benefit obligation	12.5	17.5
Expected return on plan assets	(38.6)	(38.2)
Recognition of net actuarial loss (gain)	16.2	13
Amortization of prior service benefit	(1.7)	(1.8)
Total expense (benefit)	(0.8)	7.6
United States | Pension | Non-qualified plan
Other Pension Plan Information
Contributions to plan	3
Contributions anticipated to be made during the remainder of 2021	11
United States | Postretirement Health Care
Net periodic benefit costs
Service cost	0.2	0.3
Interest cost on benefit obligation	0.7	1.1
Expected return on plan assets	(0.1)	(0.1)
Recognition of net actuarial loss (gain)	0.2
Amortization of prior service benefit		(2.8)
Total expense (benefit)	1	(1.5)
Other Pension Plan Information
Contributions to plan	3
Contributions anticipated to be made during the remainder of 2021	8
International | Pension
Net periodic benefit costs
Service cost	7.9	7.7
Interest cost on benefit obligation	4.3	5.4
Expected return on plan assets	(17.6)	(15.7)
Recognition of net actuarial loss (gain)	7.2	6.4
Amortization of prior service benefit	(0.1)
Total expense (benefit)	1.7	$ 3.8
Other Pension Plan Information
Contributions to plan	16
Contributions anticipated to be made during the remainder of 2021	$ 31

REVENUES - Operating Lease Reve

REVENUES - Operating Lease Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Lease, Lease Income
Operating lease revenue	$ 97.3	$ 108

REVENUES - Principal Activities

REVENUES - Principal Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of revenue
Net sales	$ 2,885	$ 3,020.6
United States
Disaggregation of revenue
Percentage of consolidated sales	51.00%	55.00%
Product and sold equipment
Disaggregation of revenue
Net sales	$ 2,293.4	$ 2,424
Service and lease equipment
Disaggregation of revenue
Net sales	591.6	596.6
Corporate
Disaggregation of revenue
Net sales	33.2
Corporate | North America
Disaggregation of revenue
Net sales	22.7
Corporate | Europe
Disaggregation of revenue
Net sales	0.6
Corporate | Asia Pacific
Disaggregation of revenue
Net sales	1.4
Corporate | Latin America
Disaggregation of revenue
Net sales	6.5
Corporate | Greater China
Disaggregation of revenue
Net sales	0.6
Corporate | Middle East and Africa ("MEA")
Disaggregation of revenue
Net sales	1.4
Corporate | Product and sold equipment
Disaggregation of revenue
Net sales	33
Corporate | Service and lease equipment
Disaggregation of revenue
Net sales	0.2
Global Industrial
Disaggregation of revenue
Net sales	1,431	1,433.1
Global Industrial | North America
Disaggregation of revenue
Net sales	636.4	691.6
Global Industrial | Europe
Disaggregation of revenue
Net sales	313.1	281.2
Global Industrial | Asia Pacific
Disaggregation of revenue
Net sales	189.4	183.7
Global Industrial | Latin America
Disaggregation of revenue
Net sales	125.2	129.1
Global Industrial | Greater China
Disaggregation of revenue
Net sales	94.3	73.4
Global Industrial | Middle East and Africa ("MEA")
Disaggregation of revenue
Net sales	72.6	74.1
Global Industrial | Product and sold equipment
Disaggregation of revenue
Net sales	1,227.5	1,231.1
Global Industrial | Service and lease equipment
Disaggregation of revenue
Net sales	203.5	202
Global Institutional & Specialty
Disaggregation of revenue
Net sales	857.4	1,070.1
Global Institutional & Specialty | North America
Disaggregation of revenue
Net sales	622.7	779.6
Global Institutional & Specialty | Europe
Disaggregation of revenue
Net sales	107.3	142.5
Global Institutional & Specialty | Asia Pacific
Disaggregation of revenue
Net sales	51.3	61.7
Global Institutional & Specialty | Latin America
Disaggregation of revenue
Net sales	31.3	40.1
Global Institutional & Specialty | Greater China
Disaggregation of revenue
Net sales	36.2	33.7
Global Institutional & Specialty | Middle East and Africa ("MEA")
Disaggregation of revenue
Net sales	8.6	12.5
Global Institutional & Specialty | Product and sold equipment
Disaggregation of revenue
Net sales	702.7	891.7
Global Institutional & Specialty | Service and lease equipment
Disaggregation of revenue
Net sales	154.7	178.4
Global Healthcare and Life Sciences
Disaggregation of revenue
Net sales	292.7	244.7
Global Healthcare and Life Sciences | North America
Disaggregation of revenue
Net sales	98.7	108
Global Healthcare and Life Sciences | Europe
Disaggregation of revenue
Net sales	175.6	119.9
Global Healthcare and Life Sciences | Asia Pacific
Disaggregation of revenue
Net sales	10.7	10.5
Global Healthcare and Life Sciences | Latin America
Disaggregation of revenue
Net sales	0.5	1
Global Healthcare and Life Sciences | Greater China
Disaggregation of revenue
Net sales	1.2	1.5
Global Healthcare and Life Sciences | Middle East and Africa ("MEA")
Disaggregation of revenue
Net sales	6	3.8
Global Healthcare and Life Sciences | Product and sold equipment
Disaggregation of revenue
Net sales	263.1	223
Global Healthcare and Life Sciences | Service and lease equipment
Disaggregation of revenue
Net sales	29.6	21.7
Other
Disaggregation of revenue
Net sales	270.7	272.7
Other | North America
Disaggregation of revenue
Net sales	160.8	168.4
Other | Europe
Disaggregation of revenue
Net sales	57.8	59.7
Other | Asia Pacific
Disaggregation of revenue
Net sales	18.1	16.3
Other | Latin America
Disaggregation of revenue
Net sales	12	11.7
Other | Greater China
Disaggregation of revenue
Net sales	18.9	13.5
Other | Middle East and Africa ("MEA")
Disaggregation of revenue
Net sales	3.1	3.1
Other | Product and sold equipment
Disaggregation of revenue
Net sales	67.1	78.2
Other | Service and lease equipment
Disaggregation of revenue
Net sales	$ 203.6	$ 194.5

REVENUES - Allowance for Doubtf

REVENUES - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounts Receivable and Allowance for Doubtful Accounts
Allowance for doubtful accounts, returns and credits	$ 17	$ 16
Activity in the allowance for doubtful accounts
Allowance for doubtful accounts, beginning balance	84.3	55.5
Bad debt expense	5.4	14.8
Write-offs	(5)	(5.3)
Other	1.6	(0.1)
Allowance for doubtful accounts, ending balance	$ 86.3	69.2
Accounting Standards Update 2016-13 | Adjustment.
Activity in the allowance for doubtful accounts
Allowance for doubtful accounts, beginning balance		$ 4.3

REVENUES - Contract Liability (

REVENUES - Contract Liability (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Change in contract liability
Contract liability as of beginning of period	$ 80.4	$ 76.7
Revenue recognized: Amounts included in the contract liability at the beginning of the period	(80.4)	(76.7)
Increases due to invoices issued, excluding amounts recognized as revenues during the period	89.6	79.9
Contract liability as of end of period	$ 89.6	$ 79.9

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details) $ in Millions	3 Months Ended				12 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2021segment	Mar. 31, 2021item	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Financial information of reportable segments
Number of reportable segments		3	3
Net sales	$ 2,885			$ 3,020.6
Operating Income (Loss)	297.3			376.2
Previously Reported | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales					$ 11,790.2
Operating Income (Loss)					1,395.7
Previously Reported | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales					11,790.2
Operating Income (Loss)					1,395.7
Global Industrial
Financial information of reportable segments
Net sales	1,431			1,433.1
Global Institutional & Specialty
Financial information of reportable segments
Net sales	857.4			1,070.1
Global Healthcare and Life Sciences
Financial information of reportable segments
Net sales	292.7			244.7
Other
Financial information of reportable segments
Net sales	270.7			272.7
Operating segment
Financial information of reportable segments
Net sales	2,890.6			3,088.6
Operating Income (Loss)	297.8			384
Operating segment | Previously Reported | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales					11,921.9
Operating Income (Loss)					1,419.5
Operating segment | Previously Reported | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales					12,122.3
Operating Income (Loss)					1,448.5
Operating segment | Adjustment | Fixed Currency Rate Change
Financial information of reportable segments
Net sales					200.4
Operating Income (Loss)					29
Operating segment | Global Industrial
Financial information of reportable segments
Net sales	1,433.9			1,465
Operating Income (Loss)	219.2			209.6
Operating segment | Global Industrial | Previously Reported | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales					5,959.9
Operating Income (Loss)					1,106
Operating segment | Global Industrial | Previously Reported | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales					6,048.2
Operating Income (Loss)					1,123.1
Operating segment | Global Industrial | Adjustment | Fixed Currency Rate Change
Financial information of reportable segments
Net sales					92
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 sales	858.5			1,087.2
Operating Income (Loss)	63.1			183.7
Operating segment | Global Institutional & Specialty | Previously Reported | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales					3,577.2
Operating Income (Loss)					321.9
Operating segment | Global Institutional & Specialty | Previously Reported | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales					3,629
Operating Income (Loss)					324
Operating segment | Global Institutional & Specialty | Adjustment | Fixed Currency Rate Change
Financial information of reportable segments
Net sales					42.5
Operating Income (Loss)					2.4
Operating segment | Global Institutional & Specialty | Adjustment | Other
Financial information of reportable segments
Net sales					9.3
Operating Income (Loss)					(0.3)
Operating segment | Global Healthcare and Life Sciences
Financial information of reportable segments
Net sales	293.7			256.8
Operating Income (Loss)	45.6			24
Operating segment | Global Healthcare and Life Sciences | Previously Reported | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales					1,189.1
Operating Income (Loss)					207.6
Operating segment | Global Healthcare and Life Sciences | Previously Reported | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales					1,241.1
Operating Income (Loss)					218.3
Operating segment | Global Healthcare and Life Sciences | Adjustment | Fixed Currency Rate Change
Financial information of reportable segments
Net sales					48.3
Operating Income (Loss)					10
Operating segment | Global Healthcare and Life Sciences | Adjustment | Other
Financial information of reportable segments
Net sales					3.7
Operating Income (Loss)					0.7
Operating segment | Other
Financial information of reportable segments
Net sales	271.3			279.6
Operating Income (Loss)	32.9			21.8
Operating segment | Other | Previously Reported | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales					1,093.3
Operating Income (Loss)					131.5
Operating segment | Other | Previously Reported | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales					1,103.4
Operating Income (Loss)					132.8
Operating segment | Other | Adjustment | Fixed Currency Rate Change
Financial information of reportable segments
Net sales					19.4
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	(5.6)			(68)
Operating Income (Loss)	(0.5)			(7.8)
Currency Impact | Previously Reported | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales					(131.7)
Operating Income (Loss)					(23.8)
Currency Impact | Previously 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 sales	33.2
Operating Income (Loss)	$ (63)			$ (55.1)
Corporate | Previously Reported | Valued at 2020 Management Rates
Financial information of reportable segments
Net sales					102.4
Operating Income (Loss)					(347.5)
Corporate | Previously Reported | Valued at 2021 Management Rates
Financial information of reportable segments
Net sales					100.6
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)	3 Months Ended
	Mar. 31, 2021item
Environmental matters
Number of locations for environmental assessments and remediation	30