REVENUES (Tables)

3 Months Ended

Mar. 31, 2022

REVENUES

Schedule of operating lease revenue

	First Quarter Ended
	March 31
(millions)	2022		2021
Operating lease revenue*		$112.1		$97.3

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)	2022		2021
Global Industrial
Product and sold equipment		$1,358.4		$1,227.5
Service and lease equipment		207.3		203.5
Global Institutional & Specialty
Product and sold equipment		824.6		702.7
Service and lease equipment		182.4		154.7
Global Healthcare & Life Sciences
Product and sold equipment		334.0		263.1
Service and lease equipment		28.8		29.6
Other
Product and sold equipment		72.4		67.1
Service and lease equipment		224.0		203.6
Corporate
Product and sold equipment		34.7		33.0
Service and lease equipment		0.1		0.2
Total
Total product and sold equipment		$2,624.1		$2,293.4
Total service and lease equipment		$642.6		$591.6

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
	2022		2021		2022		2021		2022		2021		2022		2021		2022		2021
North America		$716.6		$636.4		$732.0		$622.7		$145.0		$98.7		$181.7		$160.8		$29.4		$22.7
Europe		313.5		313.1		136.7		107.3		173.3		175.6		62.1		57.8		0.6		0.6
Asia Pacific		205.1		189.4		52.7		51.3		19.0		10.7		16.6		18.1		1.0		1.4
Latin America		136.4		125.2		36.8		31.3		5.6		0.5		13.0		12.0		3.5		6.5
Greater China		110.2		94.3		37.8		36.2		14.5		1.2		20.3		18.9		0.1		0.6
India, Middle East and Africa		83.9		72.6		11.0		8.6		5.4		6.0		2.7		3.1		0.2		1.4
Total		$1,565.7		$1,431.0		$1,007.0		$857.4		$362.8		$292.7		$296.4		$270.7		$34.8		$33.2

Summarized activity in the allowance for doubtful accounts

	First Quarter Ended
	March 31
(millions)	2022		2021
Beginning balance		$52.8		$68.4
Bad debt expense (a)		22.3		5.4
Write-offs		(4.0)		(5.0)
Other (b)		(1.6)		0.7
Ending balance (c)		$69.5		$69.5

(a) Bad debt expense in 2022 reflects expected credit losses related to our Russia and Ukraine businesses.

(b) Other amounts are primarily the effects of changes in currency translations.

(c) The allowance for expected credit losses balances in 2021 reflect increased reserves, primarily due to the Institutional customer base as a result of the COVID-19 pandemic.

Schedule of contract liability

	First Quarter Ended
	March 31
(millions)	2022		2021
Contract liability as of beginning of the year		$91.7		$80.4
Revenue recognized in the period from:
Amounts included in the contract liability at the beginning of the year		(91.7)		(80.4)
Increases due to billings excluding amounts recognized as revenue during the period ended		96.8		89.6
Contract liability as of end of period		$96.8		$89.6