The Sherwin-Williams Company (SHW) 10-Q27 Oct 202020 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page	9 Months Ended
Cover Page	Sep. 30, 2020shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-04851
Entity Registrant Name	THE SHERWIN-WILLIAMS COMPANY
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-0526850
Entity Address, Address Line One	101 West Prospect Avenue
Entity Address, City or Town	Cleveland,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44115-1075
City Area Code	216
Local Phone Number	566-2000
Title of 12(b) Security	Common Stock, par value of $1.00 per share
Trading Symbol	SHW
Security Exchange Name	NYSE
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	90,824,506
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000089800

STATEMENTS OF CONSOLIDATED INCO

STATEMENTS OF CONSOLIDATED INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Net sales	$ 5,122.2	$ 4,867.7	$ 13,872.9	$ 13,786.4
Cost of goods sold	2,666.9	2,642.1	7,319	7,644.3
Gross profit	$ 2,455.3	$ 2,225.6	$ 6,553.9	$ 6,142.1
Percent to net sales	47.90%	45.70%	47.20%	44.60%
Selling, general and administrative expenses	$ 1,406.8	$ 1,345.2	$ 4,005.7	$ 3,920.5
Percent to net sales	27.50%	27.60%	28.90%	28.40%
Other general expense - net	$ 10.5	$ 12	$ 13.1	$ 18.7
Amortization	78.7	77.5	234.2	234.4
Interest expense	83.3	85.3	257.6	265.5
Interest and net investment income	(1.4)	(0.6)	(2.6)	(1.6)
California litigation expense	0	(34.7)	0	(34.7)
Other expense - net	1.8	31.1	30.6	54.9
Income before income taxes	875.6	709.8	2,015.3	1,684.4
Income taxes	169.8	133.3	391.9	391.7
Net income	$ 705.8	$ 576.5	$ 1,623.4	$ 1,292.7
Net income per common share:
Basic (in dollars per share)	$ 7.80	$ 6.28	$ 17.90	$ 14.07
Diluted (in dollars per share)	$ 7.66	$ 6.16	$ 17.60	$ 13.82
Weighted average shares outstanding:
Basic (in shares)	90,537,314	91,823,573	90,694,317	91,850,565
Diluted (in shares)	92,110,229	93,604,260	92,257,788	93,510,104

STATEMENTS OF CONSOLIDATED COMP

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income		$ 705.8	$ 576.5	$ 1,623.4	$ 1,292.7
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	[1]	75.2	(131.9)	(109.1)	(120.6)
Pension and other postretirement benefit adjustments:
Amounts reclassified from other comprehensive income (loss)	[2]	0.6	(0.4)	1.9	(1.1)
Total pension and other postretirement benefit adjustments		0.6	(0.4)	1.9	(1.1)
Unrealized net gains on cash flow hedges:
Amounts reclassified from other comprehensive income (loss)	[3]	(0.9)	(4)	(5.6)	(7.2)
Total unrealized net gains on cash flow hedges		(0.9)	(4)	(5.6)	(7.2)
Other comprehensive income (loss)		74.9	(136.3)	(112.8)	(128.9)
Comprehensive income		$ 780.7	$ 440.2	$ 1,510.6	$ 1,163.8

[1]	The three months ended September 30, 2020 includes unrealized losses of $(26.3) million, net of taxes of $8.7 million, related to net investment hedges. The three months ended September 30, 2019 includes unrealized gains of $13.9 million, net of taxes of $(4.6) million, related to net investment hedges. The nine months ended September 30, 2020 includes unrealized losses of $(26.4) million, net of taxes of $8.7 million, related to net investment hedges. The nine months ended September 30, 2019 includes unrealized gains of $8.9 million, net of taxes of $(2.9) million, related to net investment hedges. See Note 12 for additional information.
[2]	Net of taxes of $(0.2) million and $0.2 million in the three months ended September 30, 2020 and 2019, respectively. Net of taxes of $(0.5) million and $0.5 million in the nine months ended September 30, 2020 and 2019, respectively.
[3]	Net of taxes of $0.4 million and $1.7 million in the three months ended September 30, 2020 and 2019, respectively. Net of taxes of $1.8 million and $2.6 million in the nine months ended September 30, 2020 and 2019, respectively.

STATEMENTS OF CONSOLIDATED CO_2

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Foreign currency translation adjustments	[1]	$ 75.2	$ (131.9)	$ (109.1)	$ (120.6)
Pension and other postretirement benefit adjustments, amounts reclassified from other comprehensive income, tax		(0.2)	0.2	(0.5)	0.5
Unrealized net gains on cash flow hedges, amounts reclassified from other comprehensive income, tax		0.4	1.7	1.8	2.6
Net investment hedge
Foreign currency translation adjustments		(26.3)	13.9	(26.4)	8.9
Foreign currency translation adjustments, tax		$ 8.7	$ (4.6)	$ 8.7	$ (2.9)

[1]	The three months ended September 30, 2020 includes unrealized losses of $(26.3) million, net of taxes of $8.7 million, related to net investment hedges. The three months ended September 30, 2019 includes unrealized gains of $13.9 million, net of taxes of $(4.6) million, related to net investment hedges. The nine months ended September 30, 2020 includes unrealized losses of $(26.4) million, net of taxes of $8.7 million, related to net investment hedges. The nine months ended September 30, 2019 includes unrealized gains of $8.9 million, net of taxes of $(2.9) million, related to net investment hedges. See Note 12 for additional information.

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Current assets:
Cash and cash equivalents	$ 619.9	$ 161.8	$ 189.6
Accounts receivable, net	2,454.5	2,088.9	2,479
Inventories	1,672.8	1,889.6	1,825
Other current assets	428.4	491.4	414.1
Total current assets	5,175.6	4,631.7	4,907.7
Property, plant and equipment, net	1,780	1,835.2	1,798.3
Goodwill	7,005.6	7,004.8	6,958.7
Intangible assets	4,498.7	4,734.5	4,889.3
Operating lease right-of-use assets	1,738.6	1,685.6	1,659
Other assets	611.2	604.4	651.3
Total assets	20,809.7	20,496.2	20,864.3
Current liabilities:
Short-term borrowings	0.2	204.7	435.7
Accounts payable	2,056.2	1,876.3	2,028.4
Compensation and taxes withheld	654.5	552.7	538.9
Accrued taxes	165.2	85.7	95
Current portion of long-term debt	24.1	429.8	429.6
California litigation accrual	12	12	12
Current portion of operating lease liabilities	379.5	371.6	364.4
Other accruals	1,066.6	989.1	961.8
Total current liabilities	4,358.3	4,521.9	4,865.8
Long-term debt	8,266.9	8,050.7	8,043
Postretirement benefits other than pensions	262.3	263	261
Deferred income taxes	956.7	969.9	1,096.9
Long-term operating lease liabilities	1,421.3	1,370.7	1,352.2
Other long-term liabilities	1,336.9	1,196.7	1,222.5
Shareholders’ equity:
Common stock	120.4	119.4	119.2
Other capital	3,373.3	3,153	3,079.3
Retained earnings	8,619.5	7,366.9	7,224.3
Treasury stock, at cost	(7,113.6)	(5,836.5)	(5,632.8)
Accumulated other comprehensive loss	(792.3)	(679.5)	(767.1)
Total shareholders' equity	4,207.3	4,123.3	4,022.9
Total liabilities and shareholders’ equity	$ 20,809.7	$ 20,496.2	$ 20,864.3

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1	$ 1
Common stock, shares outstanding (in shares)	90.8	92.1	92.3

CONDENSED STATEMENTS OF CONSOLI

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
OPERATING ACTIVITIES
Net income	$ 1,623.4	$ 1,292.7
Adjustments to reconcile net income to net operating cash:
Depreciation	200	195
Non-cash lease expense	276.1	275.7
Amortization of intangible assets	234.2	234.4
Loss on extinguishment of debt	21.3	14.8
Amortization of credit facility and debt issuance costs	5.5	7.3
Stock-based compensation expense	72.9	70.9
Provisions for environmental-related matters	20.8	17.9
Defined benefit pension plans net cost	5.8	40.4
Deferred income taxes	2.1	(43.4)
Other	(4)	(16.9)
Change in working capital accounts - net	312.2	(259.6)
Change in operating lease liabilities	(270.6)	(272.3)
Costs incurred for environmental-related matters	(24.2)	(20)
Other	88.3	124.5
Net operating cash	2,563.8	1,661.4
INVESTING ACTIVITIES
Capital expenditures	(193.8)	(224.8)
Acquisitions of businesses, net of cash acquired		(72.6)
Proceeds from sale of assets	38.8	6.9
(Increase) decrease in other investments	(21.6)	2
Net investing cash	(176.6)	(288.5)
FINANCING ACTIVITIES
Net (decrease) increase in short-term borrowings	(204.5)
Net (decrease) increase in short-term borrowings		109
Proceeds from long-term debt	999	1,332.8
Payments of long-term debt	(1,204.7)	(1,875.7)
Payments for credit facility and debt issuance costs	(10)	(13)
Payments of cash dividends	(367.8)	(314.9)
Proceeds from stock options exercised	135.7	111.2
Treasury stock purchased	(1,294.7)	(577.8)
Proceeds from treasury stock issued	57.4
Other	(26.6)	(113.3)
Net financing cash	(1,916.2)	(1,341.7)
Effect of exchange rate changes on cash	(12.9)	2.9
Net increase in cash and cash equivalents	458.1	34.1
Cash and cash equivalents at beginning of year	161.8	155.5
Cash and cash equivalents at end of period	619.9	189.6
Income taxes paid	300.9	310.1
Interest paid	$ 243	$ 246.8

STATEMENTS OF CONSOLIDATED_SHAR

STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Cumulative effect, period of adoption, adjustment	Common Stock	Other Capital	Retained Earnings	Retained EarningsCumulative effect, period of adoption, adjustment	Treasury Stock	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive LossCumulative effect, period of adoption, adjustment
Beginning balance at Dec. 31, 2018	$ 3,730.7		$ 118.4	$ 2,896.4	$ 6,246.5		$ (4,900.7)	$ (629.9)	$ (8.3)
Beginning balance (ASU 2016-02) at Dec. 31, 2018		$ (8.4)				$ (8.4)
Beginning balance (ASU 2018-02) at Dec. 31, 2018						8.3			(8.3)
Shareholders' Equity [Roll Forward]
Net income	245.2				245.2
Other comprehensive income (loss)	6							6
Treasury stock purchased	(305.1)						(305.1)
Treasury stock transferred to qualified replacement plan	(131.8)						(131.8)
Stock-based compensation activity	26.6		0.3	47.6			(21.3)
Other adjustments	1.7			1.6	0.1
Cash dividends	(104.8)				(104.8)
Ending balance at Mar. 31, 2019	3,460.1		118.7	2,945.6	6,386.9		(5,358.9)	(632.2)
Beginning balance at Dec. 31, 2018	3,730.7		118.4	2,896.4	6,246.5		(4,900.7)	(629.9)	(8.3)
Beginning balance (ASU 2016-02) at Dec. 31, 2018		(8.4)				(8.4)
Beginning balance (ASU 2018-02) at Dec. 31, 2018						8.3			$ (8.3)
Shareholders' Equity [Roll Forward]
Net income	1,292.7
Other comprehensive income (loss)	(128.9)
Ending balance at Sep. 30, 2019	4,022.9		119.2	3,079.3	7,224.3		(5,632.8)	(767.1)
Beginning balance at Mar. 31, 2019	3,460.1		118.7	2,945.6	6,386.9		(5,358.9)	(632.2)
Shareholders' Equity [Roll Forward]
Net income	471				471
Other comprehensive income (loss)	1.4							1.4
Treasury stock purchased	(145.4)						(145.4)
Stock-based compensation activity	65.2		0.2	65
Other adjustments	0.2			0.1	0.1
Cash dividends	(105)				(105)
Ending balance at Jun. 30, 2019	3,747.5		118.9	3,010.7	6,753		(5,504.3)	(630.8)
Shareholders' Equity [Roll Forward]
Net income	576.5				576.5
Other comprehensive income (loss)	(136.3)							(136.3)
Treasury stock purchased	(127.3)						(127.3)
Stock-based compensation activity	67.6		0.3	68.4	0.1		(1.2)
Other adjustments				0.2	(0.2)
Cash dividends	(105.1)				(105.1)
Ending balance at Sep. 30, 2019	4,022.9		119.2	3,079.3	7,224.3		(5,632.8)	(767.1)
Beginning balance at Dec. 31, 2019	4,123.3	(3)	119.4	3,153	7,366.9	(3)	(5,836.5)	(679.5)
Shareholders' Equity [Roll Forward]
Net income	321.7				321.7
Other comprehensive income (loss)	(221.6)							(221.6)
Treasury stock purchased	(890.3)						(890.3)
Treasury stock issued	57.4			13.5			43.9
Stock-based compensation activity	24.2		0.3	48.7			(24.8)
Other adjustments	0.3			0.3
Cash dividends	(122.9)				(122.9)
Ending balance at Mar. 31, 2020	3,289.1		119.7	3,215.5	7,562.7		(6,707.7)	(901.1)
Beginning balance at Dec. 31, 2019	4,123.3	$ (3)	119.4	3,153	7,366.9	$ (3)	(5,836.5)	(679.5)
Shareholders' Equity [Roll Forward]
Net income	1,623.4
Other comprehensive income (loss)	(112.8)
Ending balance at Sep. 30, 2020	4,207.3		120.4	3,373.3	8,619.5		(7,113.6)	(792.3)
Beginning balance at Mar. 31, 2020	3,289.1		119.7	3,215.5	7,562.7		(6,707.7)	(901.1)
Shareholders' Equity [Roll Forward]
Net income	595.9				595.9
Other comprehensive income (loss)	33.9							33.9
Stock-based compensation activity	73.3		0.3	73.3			(0.3)
Other adjustments	0.4			0.3	0.1
Cash dividends	(122.7)				(122.7)
Ending balance at Jun. 30, 2020	3,869.9		120	3,289.1	8,036		(6,708)	(867.2)
Shareholders' Equity [Roll Forward]
Net income	705.8				705.8
Other comprehensive income (loss)	74.9							74.9
Treasury stock purchased	(404.4)						(404.4)
Stock-based compensation activity	83.7		0.4	84.5			(1.2)
Other adjustments	(0.4)			(0.3)	(0.1)
Cash dividends	(122.2)				(122.2)
Ending balance at Sep. 30, 2020	$ 4,207.3		$ 120.4	$ 3,373.3	$ 8,619.5		$ (7,113.6)	$ (792.3)

STATEMENTS OF CONSOLIDATED_SH_2

STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 1.34	$ 1.34	$ 1.34	$ 1.13	$ 1.13	$ 1.13	$ 1.34	$ 1.13

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (US GAAP) for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. There have been no significant changes in significant accounting policies since December 31, 2019 , except as described in Note 2. In April 2020, the Financial Accounting Standards Board (FASB) provided guidance on accounting for lease concessions due to the economic effects of the COVID-19 pandemic. In accordance with the guidance, the Company has elected not to evaluate whether certain lessor-provided concessions related to the COVID-19 pandemic were contemplated in the original contract and has elected to treat all COVID-19 related concessions as lease modifications in accordance with ASC 842. Accounting estimates were revised as necessary during the first nine months of 2020 based on new information and changes in facts and circumstances. Certain amounts in the 2019 condensed consolidated financial statements have been reclassified to conform to the 2020 presentation. The Company primarily uses the last-in, first-out (LIFO) method of valuing inventory. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs are subject to the final year-end LIFO inventory valuation. In addition, interim inventory levels include management’s estimates of annual inventory losses due to shrinkage and other factors. For further information on inventory valuations and other matters, refer to the consolidated financial statements and footnotes thereto included in the Company’s Form 10-K for the year ended December 31, 2019 . The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The results of operations for the three and nine months ended September 30, 2020 are not indicative of the results to be expected for the full year as business is seasonal in nature with the majority of Net sales for the Reportable Segments traditionally occurring during the second and third quarters. However, periods of economic downturn can alter the Company's seasonal patterns.

RECENTLY ISSUED ACCOUNTING PRON

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract]
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTSEffective January 1, 2020, the Company adopted Accounting Standards Update (ASU) 2016-13, “Measurement of Credit Losses on Financial Instruments” (ASC 326). This ASU replaces the incurred loss impairment methodology in current US GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In addition, new disclosures are required. The Company adopted ASU 2016-13 using the modified retrospective transition method. The adoption of ASU 2016-13 did not result in a material cumulative-effect adjustment to the opening balance of retained earnings at January 1, 2020 and did not have a material impact on the Company's results of operations, financial condition or liquidity. See Note 3 for additional information.

REVENUE

REVENUE	9 Months Ended
REVENUE	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE The Company manufactures and sells paint, stains, supplies, equipment and floor covering through company-operated stores, branded and private label products through retailers, and a broad range of industrial coatings directly to global manufacturing customers through company-operated branches. A large portion of the Company’s revenue is recognized at a point in time and made to customers who are not engaged in a long-term supply agreement or any form of contract with the Company. These sales are paid for at the time of sale in cash, credit card or on account with the vast majority of customers having terms between 30 and 60 days, not to exceed one year. Many customers who purchase on account take advantage of early payment discounts offered by paying within 30 days of being invoiced. The Company estimates variable consideration for these sales on the basis of both historical information and current trends to estimate the expected amount of discounts to which customers are likely to be entitled. The remaining revenue is governed by long-term supply agreements and related purchase orders (“contracts”) that specify shipping terms and aspects of the transaction price including rebates, discounts and other sales incentives, such as advertising support. Contracts are at standalone pricing. The performance obligation in these contracts is determined by each of the individual purchase orders and the respective stated quantities, with revenue being recognized at a point in time when obligations under the terms of the agreement are satisfied. This generally occurs with the transfer of control of our products to the customer. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Refer to Note 17 for the Company's disaggregation of Net sales by reportable segment. As the reportable segments are aligned by similar economic factors, trends and customers, this disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Company has made payments or credits for rebates or incentives at the beginning of a long-term contract where future revenue is expected and before satisfaction of performance obligations. Under these circumstances, the Company recognizes a contract asset and amortizes these prepayments over the expected benefit life of the long-term contract typically on a straight-line basis. The majority of variable consideration in the Company’s contracts include a form of volume rebate, discounts, and other incentives, where the customer receives a retrospective percentage rebate based on the amount of their purchases. In these situations, the rebates are accrued as a fixed percentage of sales and recorded as a reduction of net sales until paid to the customer per the terms of the contract. Forms of variable consideration such as tiered rebates, whereby a customer receives a retrospective price decrease dependent on the volume of their purchases, are calculated using a forecasted percentage to determine the most likely amount to accrue. Management creates a baseline calculation using historical sales and then utilizing forecast information, estimates the anticipated sales volume each quarter to calculate the expected reduction to sales. The remainder of the transaction price is fixed as agreed upon with the customer, limiting estimation of revenues including constraints. The Company’s Accounts receivable and current and long-term contract assets and liabilities are summarized in the following table. Accounts Receivable, Less Allowance Contract Contract Contract Liabilities (Current) Contract Liabilities (Long-Term) Balance at December 31, 2019 $ 2,088.9 $ 50.5 $ 178.2 $ 242.8 $ 10.4 Balance at September 30, 2020 2,454.5 49.0 177.8 243.9 10.7 The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing difference between the Company’s performance and the customer’s payment. Provisions for estimated returns are established and the expected costs continue to be recognized as contra-revenue per ASC 606 when the products are sold. The Company only offers an assurance type warranty on products sold, and there is no material service to the customer beyond fixing defects that existed at the time of sale and no warranties are sold separately. Warranty liabilities are excluded from the table above. Amounts recognized during the quarter from deferred revenue were not material. The Company records a right of return liability within each of its operations to accrue for expected customer returns. Historical actual returns are used to estimate future returns as a percentage of current sales. Obligations for returns and refunds were not material individually or in the aggregate. Allowance for Credit Losses The Company's primary allowance for credit losses is the allowance for doubtful accounts. The allowance for doubtful accounts reduces the Accounts receivable balance to the net amount expected to be collected (estimated net realizable value). The Company reviews the collectibility of the Accounts receivable balance each reporting period and estimates the allowance based on historical bad debt experience, aging of accounts receivable, current creditworthiness of customers, current economic factors, as well as reasonable and supportable forward-looking information. Accounts receivable balances are written-off against the allowance if a final determination of uncollectibility is made. All provisions for allowances for doubtful accounts are included in Selling, general and administrative expenses. During the first nine months of 2020, the Company recognized approximately $21 million of incremental bad debt expense related to the expected impact from the COVID-19 pandemic. See Note 2 for additional information. The following table summarizes the movement in the Company's allowance for doubtful accounts: Balance at December 31, 2019 $ 36.5 Adjustment upon adoption of ASU 2016-13 3.0 Bad debt expense 63.6 Uncollectible accounts written off, net of recoveries (26.0) Balance at September 30, 2020 $ 77.1

INVENTORIES

INVENTORIES	9 Months Ended
INVENTORIES	Sep. 30, 2020
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Included in Inventories were the following: September 30, December 31, September 30, 2020 2019 2019 Finished goods $ 1,342.4 $ 1,509.6 $ 1,474.9 Work in process and raw materials 330.4 380.0 350.1 Inventories $ 1,672.8 $ 1,889.6 $ 1,825.0

GOODWILL, INTANGIBLE AND LONG-L

GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS	9 Months Ended
GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS	GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS Included in Property, plant and equipment, net were the following: September 30, December 31, September 30, 2020 2019 2019 Land $ 276.2 $ 242.1 $ 239.4 Buildings 1,061.4 1,044.2 1,006.7 Machinery and equipment 2,971.5 2,952.1 2,837.5 Construction in progress 109.6 144.0 179.5 Property, plant and equipment, gross 4,418.7 4,382.4 4,263.1 Less allowances for depreciation 2,638.7 2,547.2 2,464.8 Property, plant and equipment, net $ 1,780.0 $ 1,835.2 $ 1,798.3 In accordance with the Goodwill and Other Intangibles Topic of the ASC, goodwill and indefinite-lived intangible assets are tested for impairment annually during the fourth quarter, and interim impairment tests are performed whenever an event occurs or circumstances change that indicate an impairment has more likely than not occurred. As of September 30, 2020, the Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and its potential impact on each of the reporting units and intangible assets. During this review, management considered the Company's current market capitalization, forecasts for reporting units, as well as the results of the annual 2019 impairment tests performed during the fourth quarter of 2019. The Company determined it was not more likely than not that the goodwill and intangible assets were impaired, and thus, a triggering event had not occurred which would require an interim impairment test to be performed.

DEBT

DEBT	9 Months Ended
DEBT	Sep. 30, 2020
Debt Disclosure [Abstract]
DEBT	DEBT In March 2020, the Company issued $500.0 million of 2.30% Senior Notes due May 2030 and $500.0 million of 3.30% Senior Notes due May 2050 (collectively the “New Notes”) in a public offering. The net proceeds from the issuance of the New Notes were used to repurchase a portion of the 2.75% Senior Notes due 2022 and redeem the 2.25% Senior Notes due May 2020. The repurchase of the 2.75% Senior Notes due 2022 during the first quarter of 2020 resulted in a loss of $21.3 million recorded in Other expense - net. On September 14, 2020, the Company amended its five-year credit agreement entered into on May 6, 2016. The primary purpose of the amendment was to extend the maturity of $75.0 million of the commitments available for borrowing and obtaining the issuance, renewal, extension and increase of a revolving letter of credit from June 20, 2021 to June 20, 2025. In August 2019, the Company repurchased $1.010 billion of its 2.25% Senior Notes due May 2020 and $490.0 million of its 2.75% Senior Notes due June 2022. These repurchases resulted in a loss of $14.8 million recorded in Other expense - net. In August 2019, the Company issued $800.0 million of 2.95% Senior Notes due 2029 and $550.0 million of 3.80% Senior Notes due 2049 in a public offering. The net proceeds from the issuance of the Senior Notes were used for general corporate purposes. In June 2019, the Company repurchased $60.9 million of its 2.25% Senior Notes due May 2020. This repurchase resulted in an insignificant gain. For further details on the Company’s debt, see Note 7 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

PENSION, HEALTH CARE AND POSTRE

PENSION, HEALTH CARE AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
PENSION, HEALTH CARE AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS	PENSION, HEALTH CARE AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS The following table summarizes the components of the Company’s net periodic benefit cost for domestic defined benefit pension plans, foreign defined benefit pension plans and postretirement benefits other than pensions: Domestic Defined Foreign Defined Postretirement 2020 2019 2020 2019 2020 2019 Three Months Ended September 30: Net periodic benefit cost: Service cost $ 1.2 $ 0.7 $ 1.7 $ 1.5 $ 0.3 $ 0.4 Interest cost 0.8 1.2 1.9 2.5 2.0 2.8 Expected return on assets (1.6) (1.3) (2.6) (2.8) Recognition of: Unrecognized prior service cost (credit) 0.3 0.4 (0.3) (1.3) Unrecognized actuarial loss 0.3 0.2 0.5 0.1 Net periodic benefit cost $ 0.7 $ 1.0 $ 1.3 $ 1.4 $ 2.5 $ 2.0 Nine Months Ended September 30: Net periodic benefit cost: Service cost $ 3.4 $ 2.6 $ 5.2 $ 4.5 $ 1.1 $ 1.1 Interest cost 2.4 3.6 5.6 7.2 5.7 8.4 Expected return on assets (4.7) (4.0) (7.8) (7.7) Recognition of: Unrecognized prior service cost (credit) 1.0 1.1 (0.8) (3.8) Unrecognized actuarial loss 0.7 0.7 1.5 0.4 Ongoing pension cost 2.1 3.3 3.7 4.7 7.5 6.1 Settlement expense 32.4 Net periodic benefit cost $ 2.1 $ 35.7 $ 3.7 $ 4.7 $ 7.5 $ 6.1 Service cost is recorded in Cost of goods sold and Selling, general and administrative expenses. All other components are recorded in Other expense - net. During the first quarter of 2019, the Company purchased annuity contracts to settle the remaining liabilities of the domestic defined benefit pension plan that was terminated in 2018. The annuity contract purchase resulted in a settlement charge of $32.4 million in the first quarter of 2019. For further details on the Company’s health care, pension and other benefits, see Note 8 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES	9 Months Ended
OTHER LONG-TERM LIABILITIES	Sep. 30, 2020
Environmental Remediation Obligations [Abstract]
OTHER LONG-TERM LIABILITIES	OTHER LONG-TERM LIABILITIES The operations of the Company, like those of other companies in its industry, are subject to various domestic and foreign environmental laws and regulations. These laws and regulations not only govern current operations and products, but also impose potential liability on the Company for past operations. Management expects environmental laws and regulations to impose increasingly stringent requirements upon the Company and the industry in the future. Management believes that the Company conducts its operations in compliance with applicable environmental laws and regulations and has implemented various programs designed to protect the environment and promote continued compliance. The Company is involved with environmental investigation and remediation activities at some of its currently and formerly owned sites (including sites which were previously owned and/or operated by businesses acquired by the Company). In addition, the Company, together with other parties, has been designated a potentially responsible party under federal and state environmental protection laws for the investigation and remediation of environmental contamination and hazardous waste at a number of third-party sites, primarily Superfund sites. In general, these laws provide that potentially responsible parties may be held jointly and severally liable for investigation and remediation costs regardless of fault. The Company may be similarly designated with respect to additional third-party sites in the future. The Company initially provides for estimated costs of environmental-related activities relating to its past operations and third-party sites for which commitments or clean-up plans have been developed and when such costs can be reasonably estimated based on industry standards and professional judgment. These estimated costs, which are mostly undiscounted, are determined based on currently available facts regarding each site. If the reasonably estimable costs can only be identified as a range and no specific amount within that range can be determined more likely than any other amount within the range, the minimum of the range is provided. The Company continuously assesses its potential liability for investigation and remediation-related activities and adjusts its environmental-related accruals as information becomes available upon which more accurate costs can be reasonably estimated and as additional accounting guidelines are issued. At September 30, 2020 and 2019, the Company had accruals reported on the balance sheet as Other long-term liabilities of $310.5 million and $321.8 million , respectively. Estimated costs of current investigation and remediation activities of $57.6 million and $51.0 million are included in Other accruals at September 30, 2020 and 2019 , respectively. Actual costs incurred may vary from the accrued estimates due to the inherent uncertainties involved including, among others, the number and financial condition of parties involved with respect to any given site, the volumetric contribution which may be attributed to the Company relative to that attributed to other parties, the nature and magnitude of the wastes involved, the various technologies that can be used for remediation and the determination of acceptable remediation with respect to a particular site. If the Company's future loss contingency is ultimately determined to be at the unaccrued maximum of the estimated range of possible outcomes for every site for which costs can be reasonably estimated, the Company's accrual for environmental-related activities would be $115.9 million higher than the minimum accruals at September 30, 2020. Additionally, costs for environmental-related activities may not be reasonably estimable at early stages of investigation and therefore would not be included in the unaccrued maximum amount. Four of the Company’s currently and formerly owned manufacturing sites (“Major Sites”) account for the majority of the accrual for environmental-related activities and the unaccrued maximum of the estimated range of possible outcomes at September 30, 2020 . At September 30, 2020 , $316.7 million, or 86.0% of the total accrual, related directly to the Major Sites. In the aggregate unaccrued maximum of $115.9 million at September 30, 2020 , $91.9 million, or 79.3%, related to the Major Sites. The significant cost components of this liability continue to be related to remedy implementation, regulatory agency interaction, project management and other costs. While different for each specific environmental situation, these components generally each account for approximately 85%, 10%, and 5%, respectively, of the accrued amount and those percentages are subject to change over time. While environmental investigations and remedial actions are in different stages at these sites, additional investigations, remedial actions and monitoring will likely be required at each site. The largest and most complex of the Major Sites is the Gibbsboro, New Jersey site (“Gibbsboro”) which comprises the substantial majority of the environmental-related accrual. Gibbsboro, a former manufacturing plant, and related areas, which ceased operations in 1978, has had various areas included on the National Priorities List since 1999. This location has soil, waterbodies, and groundwater contamination related to the historic operations of the facility. Gibbsboro has been divided by the Environmental Protection Agency (“EPA”) into six operable units (“OUs”) based on location and characteristics, whose investigation and remediation efforts are likely to occur over an extended period of time. Each of the OUs are in various phases of investigation and remediation with the EPA that provide enough information to reasonably estimate cost ranges and record environmental-related accruals. The most significant assumptions underlying the reliability and precision of remediation cost estimates for the Gibbsboro site are the type and extent of future remedies to be selected by the EPA and the costs of implementing those remedies. The remaining three Major Sites comprising the majority of the accrual include (1) a multi-party Superfund site that has received a record of decision from the federal EPA and is currently in the remedial design phase for one operable unit and for which a remedial investigation/feasibility study has been submitted for another operable unit, (2) a closed paint manufacturing facility that is in the operation and maintenance phase of remediation under both federal and state EPA programs, and (3) a formerly-owned site containing warehouse and office space that is in the remedial investigation phase under a state EPA program. Each of these three Major Sites are in phases of investigation and remediation that provide sufficient information to reasonably estimate cost ranges and record environmental-related accruals. Excluding the Major Sites discussed above, no sites are individually material to the total accrual balance. There are multiple, future events yet to occur, including further remedy selection and design, remedy implementation and execution, and securing applicable governmental agency approvals, all of which have the potential to contribute to the uncertainty surrounding these future events. As these events occur and to the extent that the cost estimates of the environmental remediation change, the existing reserve will be adjusted. Management cannot presently estimate the ultimate potential loss contingencies related to these sites or other less significant sites until such time as a substantial portion of the investigation at the sites is completed and remedial action plans are developed. Unasserted claims could have a material effect on the Company's loss contingency as more information becomes available over time. At September 30, 2020 , the Company did not have material loss contingency accruals related to unasserted claims. Management does not expect that a material portion of unrecognized loss contingencies will be recoverable through insurance, indemnification agreements or other sources. In the event any future loss contingency significantly exceeds the current amount accrued, the recording of the ultimate liability may result in a material impact on net income for the annual or interim period during which the additional costs are accrued. Moreover, management does not believe that any potential liability ultimately attributed to the Company for its environmental-related matters will have a material adverse effect on the Company’s financial condition, liquidity, or cash flow due to the extended length of time during which environmental investigation and remediation takes place. An estimate of the potential impact on the Company’s operations cannot be made due to the aforementioned uncertainties. Management expects these contingent environmental-related liabilities to be resolved over an extended period of time. Management is unable to provide a more specific time frame due to the indeterminate amount of time to conduct investigation activities at any site, the indeterminate amount of time to obtain environmental agency approval, as necessary, with respect to investigation and remediation activities, and the indeterminate amount of time necessary to conduct remediation activities. The Asset Retirement and Environmental Obligations Topic of the ASC requires a liability to be recognized for the fair value of a conditional asset retirement obligation if a settlement date and fair value can be reasonably estimated. The Company recognizes a liability for any conditional asset retirement obligation when sufficient information is available to reasonably estimate a settlement date to determine the fair value of such a liability. The Company has identified certain conditional asset retirement obligations at various current and closed manufacturing, distribution and store facilities. These obligations relate primarily to asbestos abatement, hazardous waste Resource Conservation and Recovery Act (RCRA) closures, well abandonment, transformers and used oil disposals and underground storage tank closures. Using investigative, remediation and disposal methods that are currently available to the Company, the estimated costs of these obligations were accrued and are not significant. The recording of additional liabilities for future conditional asset retirement obligations may result in a material impact on net income for the annual or interim period during which the costs are accrued. Management does not believe that any potential liability ultimately attributed to the Company for its conditional asset retirement obligations will have a material adverse effect on the Company’s financial condition, liquidity, or cash flow due to the extended period of time over which sufficient information may become available regarding the closure or modification of any one or group of the Company’s facilities. An estimate of the potential impact on the Company’s operations cannot be made due to the aforementioned uncertainties.

LITIGATION

LITIGATION	9 Months Ended
LITIGATION	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
LITIGATION	LITIGATION In the course of its business, the Company is subject to a variety of claims and lawsuits, including, but not limited to, litigation relating to product liability and warranty, personal injury, environmental, intellectual property, commercial, contractual and antitrust claims that are inherently subject to many uncertainties regarding the possibility of a loss to the Company. These uncertainties will ultimately be resolved when one or more future events occur or fail to occur confirming the incurrence of a liability or the reduction of a liability. In accordance with the Contingencies Topic of the ASC, the Company accrues for these contingencies by a charge to income when it is both probable that one or more future events will occur confirming the fact of a loss and the amount of the loss can be reasonably estimated. In the event that the Company’s loss contingency is ultimately determined to be significantly higher than currently accrued, the recording of the additional liability may result in a material impact on the Company’s results of operations, liquidity or financial condition for the annual or interim period during which such additional liability is accrued. In those cases where no accrual is recorded because it is not probable that a liability has been incurred and the amount of any such loss cannot be reasonably estimated, any potential liability ultimately determined to be attributable to the Company may result in a material impact on the Company’s results of operations, liquidity or financial condition for the annual or interim period during which such liability is accrued. In those cases where no accrual is recorded or exposure to loss exists in excess of the amount accrued, the Contingencies Topic of the ASC requires disclosure of the contingency when there is a reasonable possibility that a loss or additional loss may have been incurred. Lead pigment and lead-based paint litigation. The Company’s past operations included the manufacture and sale of lead pigments and lead-based paints. The Company, along with other companies, is and has been a defendant in a number of legal proceedings, including individual personal injury actions, purported class actions, and actions brought by various counties, cities, school districts and other government-related entities, arising from the manufacture and sale of lead pigments and lead-based paints. The plaintiffs’ claims have been based upon various legal theories, including negligence, strict liability, breach of warranty, negligent misrepresentations and omissions, fraudulent misrepresentations and omissions, concert of action, civil conspiracy, violations of unfair trade practice and consumer protection laws, enterprise liability, market share liability, public nuisance, unjust enrichment and other theories. The plaintiffs seek various damages and relief, including personal injury and property damage, costs relating to the detection and abatement of lead-based paint from buildings, costs associated with a public education campaign, medical monitoring costs and others. The Company has also been a defendant in legal proceedings arising from the manufacture and sale of non-lead-based paints that seek recovery based upon various legal theories, including the failure to adequately warn of potential exposure to lead during surface preparation when using non-lead-based paint on surfaces previously painted with lead-based paint. The Company believes that the litigation brought to date is without merit or subject to meritorious defenses and is vigorously defending such litigation. The Company expects that additional lead pigment and lead-based paint litigation may be filed against the Company in the future asserting similar or different legal theories and seeking similar or different types of damages and relief. The Company will continue to vigorously defend against any additional lead pigment and lead-based paint litigation that may be filed, including utilizing all avenues of appeal, if necessary. Notwithstanding the Company’s views on the merits, litigation is inherently subject to many uncertainties, and the Company ultimately may not prevail. Adverse court rulings or determinations of liability, among other factors, could affect the lead pigment and lead-based paint litigation against the Company and encourage an increase in the number and nature of future claims and proceedings. In addition, from time to time, various legislation and administrative regulations have been enacted, promulgated or proposed to impose obligations on present and former manufacturers of lead pigments and lead-based paints respecting asserted health concerns associated with such products or to overturn the effect of court decisions in which the Company and other manufacturers have been successful. Due to the uncertainties involved, management is unable to predict the outcome of the lead pigment and lead-based paint litigation, the number or nature of possible future claims and proceedings or the effect that any legislation and/or administrative regulations may have on the litigation or against the Company. In addition, management cannot reasonably determine the scope or amount of the potential costs and liabilities related to such litigation, or resulting from any such legislation and regulations. Except with respect to the litigation in California discussed below, the Company has not accrued any amounts for such litigation because the Company does not believe it is probable that a loss has occurred, and the Company believes it is not possible to estimate the range of potential losses as there is no substantive information upon which an estimate could be based. In addition, any potential liability that may result from any changes to legislation and regulations cannot reasonably be estimated. Due to the uncertainties associated with the amount of any such liability and/or the nature of any other remedy which may be imposed in such litigation, any potential liability determined to be attributable to the Company arising out of such litigation may have a material adverse effect on the Company’s results of operations, liquidity or financial condition. An estimate of the potential impact on the Company’s results of operations, liquidity or financial condition cannot be made due to the aforementioned uncertainties. Public Nuisance Claim Litigation . The Company and other companies are or were defendants in legal proceedings seeking recovery based on public nuisance liability theories, among other theories, brought by the State of Rhode Island; the City of St. Louis, Missouri; various cities and counties in the State of New Jersey; various cities in the State of Ohio and the State of Ohio; the City of Chicago, Illinois; the City of Milwaukee, Wisconsin; the County of Santa Clara, California, and other public entities in the State of California; and Lehigh and Montgomery Counties in Pennsylvania. Except for the Santa Clara County, California proceeding and the pending Pennsylvania proceedings, all of these legal proceedings have been concluded in favor of the Company and other defendants at various stages in the proceedings. Santa Clara County, California Proceeding. The Santa Clara County, California proceeding was initiated in March 2000 in the Superior Court of the State of California, County of Santa Clara. In an amended complaint filed in March 2011, the plaintiffs asserted a sole claim for public nuisance, alleging that the presence of lead pigments for use in paint and coatings in, on and around residences in the plaintiffs’ jurisdictions constitutes a public nuisance. The plaintiffs sought the abatement of the alleged public nuisance that exists within the plaintiffs’ jurisdictions. A bench trial commenced in July 2013, the court entered final judgment on January 27, 2014, finding in favor of the plaintiffs and against the Company and two other defendants (ConAgra Grocery Products Company and NL Industries, Inc.). The final judgment held the Company jointly and severally liable with the other two defendants to pay $1.150 billion into a fund to abate the public nuisance. The Company strongly disagrees with the judgment. The Company filed a notice of appeal to the Sixth District Court of Appeal for the State of California. On November 14, 2017, the Sixth District Court of Appeal entered its decision, which affirmed the trial court’s judgment of liability with respect to residences built before 1951 and reversed and vacated the trial court’s judgment with respect to residences built after 1950. The Sixth District Court of Appeal directed the trial court to: (i) recalculate the amount of the abatement fund to limit the fund to the amount necessary to cover the cost of inspecting and remediating pre-1951 residences; and (ii) hold an evidentiary hearing to appoint a suitable receiver. On December 22, 2017, the Company and the two other defendants submitted separate Petitions for Review to the California Supreme Court, which were subsequently denied. On July 16, 2018, the Company filed a Petition for Writ of Certiorari with the Supreme Court of the United States seeking discretionary review, which was subsequently denied. On April 17, 2018, the parties filed their briefs with the trial court regarding the recalculation of the amount of the abatement fund. The trial court subsequently ruled the amount of the abatement fund to be $409.1 million, which was later reduced to $401.1 million. The trial court also subsequently issued a tentative ruling on May 10, 2019, denying the plaintiffs’ motion for fees and costs. On July 17, 2019, the Company, ConAgra and NL Industries reached an agreement in principle with the plaintiffs to resolve the litigation. The agreement provides that, in full and final satisfaction of any and all claims of the plaintiffs, the Company and the other two defendants collectively shall pay a total of $305.0 million, with the Company and the other two defendants each paying approximately $101.7 million as follows: (i) an initial payment of $25.0 million within sixty days after the entry of a dismissal order and judgment; (ii) subsequent annual payments of $12.0 million one year after the initial payment and for a period of four years thereafter; and (iii) a final payment of approximately $16.7 million on the sixth anniversary of the initial payment. Should NL Industries fail to make any of its payments required under the agreement, the Company has agreed to backstop and pay on behalf of NL Industries a maximum amount of $15.0 million. On July 24, 2019, the trial court approved the agreement, discharged the receiver, and granted a judgment of dismissal with prejudice in favor of the Company and the other two defendants. The Company accrued $136.3 million for this litigation in the third quarter of 2018. During the third quarter of 2019, the Company reduced its accrual by $59.6 million as a result of the final court approved agreement to resolve the litigation and the initial payment of $25.0 million made to the plaintiffs on September 23, 2019. At September 30, 2020 and 2019, the Company had accruals reported on the balance sheet of $64.7 million and $76.7 million, respectively, with $12.0 million included in current liabilities and the remaining $52.7 million and $64.7 million, respectively, included in Other long-term liabilities. Pennsylvania Proceedings. Two proceedings in Pennsylvania were initiated in October 2018. The County of Montgomery, Pennsylvania filed a Complaint against the Company and several other former lead-based paint and lead pigment manufacturers in the Court of Common Pleas of Montgomery County, Pennsylvania. The County of Lehigh, Pennsylvania also filed a Complaint against the Company and several other former lead-based paint and lead pigment manufacturers in the Court of Common Pleas of Lehigh County, Pennsylvania. The Company removed both actions to the United States District Court for the Eastern District of Pennsylvania on November 28, 2018. The plaintiffs filed a motion for remand in each action on January 7, 2019, which the defendants opposed. The federal trial court remanded each action on June 5, 2019. The defendants asked the federal court to stay the order of remand pending appeal, which the federal court granted on June 27, 2019, and the defendants filed a notice of appeal with the United States Court of Appeals for the Third Circuit. On February 26, 2020, the Third Circuit affirmed the trial court's order to remand the cases to state court. Both cases were ordered to be remanded to state court on July 21, 2020. In both actions, the counties request declaratory relief establishing the existence of a public nuisance and the defendants' contribution to it, the abatement of an ongoing public nuisance arising from the presence of lead-based paint in housing throughout the applicable county, an injunction against future illicit conduct, and the costs of litigation and attorneys' fees. In October 2018, the Company filed a Complaint in the United States District Court for the Eastern District of Pennsylvania against the Pennsylvania Counties of Delaware, Erie and York seeking injunctive and declaratory relief to prevent the violation of the Company's rights under the First Amendment and Due Process Clause of the U.S. Constitution. The Company voluntarily dismissed defendant Erie County on November 9, 2018 and defendant York County on November 21, 2018. Defendant Delaware County filed a motion to dismiss the Complaint, which the federal trial court granted on October 4, 2019. The Company appealed the federal trial court’s dismissal on November 1, 2019 to the United States Court of Appeals for the Third Circuit. On July 31, 2020, the Third Circuit affirmed the federal trial court's dismissal of the Complaint. Litigation seeking damages from alleged personal injury. The Company and other companies are defendants in a number of legal proceedings seeking monetary damages and other relief from alleged personal injuries. These proceedings include claims by children allegedly injured from ingestion of lead pigment or lead-containing paint and claims for damages allegedly incurred by the children’s parents or guardians. These proceedings generally seek compensatory and punitive damages, and seek other relief including medical monitoring costs. These proceedings include purported claims by individuals, groups of individuals and class actions. The plaintiff in Thomas v. Lead Industries Association, et al., initiated an action in Wisconsin state court against the Company, other alleged former lead pigment manufacturers and the Lead Industries Association in September 1999. The claims against the Company and the other defendants included strict liability, negligence, negligent misrepresentation and omissions, fraudulent misrepresentation and omissions, concert of action, civil conspiracy and enterprise liability. Implicit within these claims is the theory of “risk contribution” liability (Wisconsin’s theory which is similar to market share liability, except that liability can be joint and several) due to the plaintiff’s inability to identify the manufacturer of any product that allegedly injured the plaintiff. The case ultimately proceeded to trial and, on November 5, 2007, the jury returned a defense verdict, finding that the plaintiff had ingested white lead carbonate, but was not brain damaged or injured as a result. The plaintiff appealed and, on December 16, 2010, the Wisconsin Court of Appeals affirmed the final judgment in favor of the Company and other defendants. Wisconsin is the only jurisdiction to date to apply a theory of liability with respect to alleged personal injury (i.e., risk contribution/market share liability) that does not require the plaintiff to identify the manufacturer of the product that allegedly injured the plaintiff in the lead pigment and lead-based paint litigation. Although the risk contribution liability theory was applied during the Thomas trial, the constitutionality of this theory as applied to the lead pigment cases has not been judicially determined by the Wisconsin state courts. However, in an unrelated action filed in the United States District Court for the Eastern District of Wisconsin, Gibson v. American Cyanamid, et al., on November 15, 2010, the District Court held that Wisconsin’s risk contribution theory as applied in that case violated the defendants’ right to substantive due process and is unconstitutionally retroactive. The District Court's decision in Gibson v. American Cyanamid, et al., was appealed by the plaintiff to the United States Court of Appeals for the Seventh Circuit. On July 24, 2014, the United States Court of Appeals for the Seventh Circuit reversed the judgment and remanded the case back to the District Court for further proceedings. On January 16, 2015, the defendants filed a petition for certiorari in the United States Supreme Court seeking that Court's review of the Seventh Circuit's decision, and on May 18, 2015, the United States Supreme Court denied the defendants' petition. The case is currently pending in the District Court. The United States District Court for the Eastern District of Wisconsin consolidated three cases (Ravon Owens v. American Cyanamid, et al., Cesar Sifuentes v. American Cyanamid, et al., and Glenn Burton, Jr. v. American Cyanamid, et al.) for purposes of trial. A trial commenced on May 6, 2019 and ended on May 31, 2019, with a jury verdict for the three plaintiffs in the amount of $2.0 million each for a total of $6.0 million against the Company and two other defendants (Armstrong Containers Inc. and E.I. du Pont de Nemours). The Company filed a motion for judgment in its favor based on public policy factors under Wisconsin law. On September 20, 2019, the trial court denied the motion and entered judgment in favor of the plaintiffs. On October 18, 2019, the Company filed post-trial motions for judgment as a matter of law and for a new trial. On February 27, 2020, the trial court denied the Company's post-trial motion for judgment as a matter of law. On April 10, 2020, the trial court granted the Company's post-trial motion for a new trial to the extent that the damages award to plaintiff Glenn Burton, Jr. shall be remitted to $800,000, and denied the motion in all other respects. The Company filed a notice of appeal with the United States Court of Appeals for the Seventh Circuit on May 8, 2020 and its opening brief on July 17, 2020. The plaintiffs filed their opposition brief on October 7, 2020. The Company is to file its reply brief on or before November 12, 2020. In Maniya Allen, et al. v. American Cyanamid, et al., also pending in the United States District Court for the Eastern District of Wisconsin, cases involving six of the 146 plaintiffs were selected for discovery. In Dijonae Trammell, et al. v. American Cyanamid, et al., also pending in the United States District Court for the Eastern District of Wisconsin, discovery for one of the three plaintiffs was consolidated with the six Allen cases referenced above. The parties selected four of the cases to proceed to expert discovery and to prepare for trial. The District Court previously issued an order scheduling trial in the four cases to commence on June 15, 2020, but the trial date was continued due to the COVID-19 pandemic, and no new trial date has been scheduled. Other lead-based paint and lead pigment litigation. In Mary Lewis v. Lead Industries Association, et al. pending in the Circuit Court of Cook County, Illinois, parents seek to recover the cost of their children’s blood lead testing against the Company and three other defendants that made (or whose alleged corporate predecessors made) white lead pigments. The Circuit Court has certified a statewide class and a Chicago subclass of parents or legal guardians of children who lived in high-risk zip codes identified by the Illinois Department of Health and who were screened for lead toxicity between August 1995 and February 2008. Excluded from the class are those parents or guardians who have incurred no expense, liability or obligation to pay for the cost of their children’s blood lead testing. In 2017, the Company and other defendants moved for summary judgment on the grounds that the three named plaintiffs have not paid and have no obligation or liability to pay for their children’s blood lead testing because Medicaid paid for the children of two plaintiffs and private insurance paid for the third plaintiff without any evidence of a co-pay or deductible. The Circuit Court granted the motion, but on September 7, 2018, the Appellate Court reversed with respect to the two plaintiffs for whom Medicaid paid for their children’s testing. Defendants filed a petition with the Supreme Court of Illinois for discretionary review. By order entered January 31, 2019, that court allowed defendants’ petition for leave to appeal. On May 21, 2020, the Supreme Court of Illinois reversed the Appellate Court's judgment, affirmed the Circuit Court's summary judgment dismissing the claims of the two plaintiffs for whom Medicaid paid for their children's testing, and remanded the case for further proceedings consistent with the Supreme Court's decision. On August 19, 2020, the defendants filed their renewed motion for class decertification and entry of final judgment with the Circuit Court. The plaintiffs filed their opposition brief on September 29, 2020. The defendants filed their reply brief on October 12, 2020. Insurance coverage litigation. The Company and its liability insurers, including certain underwriters at Lloyd’s of London, initiated legal proceedings against each other to determine, among other things, whether the costs and liabilities associated with the abatement of lead pigment are covered under certain insurance policies issued to the Company. The Company’s action, filed on March 3, 2006 in the Common Pleas Court, Cuyahoga County, Ohio, previously was stayed and inactive. On January 9, 2019, the Company filed an unopposed motion to lift the stay with the trial court, which was granted, allowing the case to proceed. On June 28, 2019, the Company and its liability insurers each filed separate motions for summary judgment seeking various forms of relief. Oral argument regarding those motions occurred on October 24, 2019 and those motions remain pending before the trial court. The liability insurers’ action, which was filed on February 23, 2006 in the Supreme Court of the State of New York, County of New York, has been dismissed. An ultimate loss in the insurance coverage litigation would mean that insurance proceeds could be unavailable under the policies at issue to mitigate any ultimate abatement related costs and liabilities. The Company has not recorded any assets related to these insurance policies or otherwise assumed that proceeds from these insurance policies would be received in estimating any contingent liability accrual. Therefore, an ultimate loss in the insurance coverage litigation without a determination of liability against the Company in the lead pigment or lead-based paint litigation will have no impact on the Company’s results of operation, liquidity or financial condition. As previously stated, however, except with respect to the litigation in California discussed above, the Company has not accrued any amounts for the lead pigment or lead-based paint litigation and any significant liability ultimately determined to be attributable to the Company relating to such litigation may result in a material impact on the Company’s results of operations, liquidity or financial condition for the annual or interim period during which such liability is accrued. Other litigation. On December 18, 2019, the New Jersey Department of Environmental Protection, the Commissioner of the New Jersey Department of Environmental Protection, and the Administrator of the New Jersey Spill Compensation Fund filed a lawsuit against the Company in the Superior Court of New Jersey Law Division in Camden County, New Jersey. The plaintiffs s eek to recover natural resource damages, punitive damages, and litigation fees and costs, as well as other costs, damages, declaratory relief, and penalties pursuant to New Jersey state statutes and common law theories in connection with the alleged discharge of hazardous substances and pollutants at the Company’s Gibbsboro, New Jersey site, a former manufacturing plant and related facilities. On February 21, 2020, the Company filed a motion to dismiss. On April 7, 2020, the plaintiffs filed a brief in opposition. The Company filed a reply brief on April 20, 2020. A hearing on the motion to dismiss is scheduled for January 29, 2021.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
SHAREHOLDERS' EQUITY	Sep. 30, 2020
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY Dividends paid on common stock during each of the first three quarters of 2020 and 2019 were $1.34 per share and $1.13 per share, respectively. During the nine months ended September 30, 2020, 796,531 stock options were exercised at a weighted average price per share of $170.86. In addition, 128,436 restricted stock units vested during this period. The treasury stock transferred from defined benefit pension plan during the three months ended March 31, 2019 relates to the termination of the Company's domestic defined benefit pension plan as described in Note 7. In February 2020, the Company received proceeds of $57.4 million in conjunction with the issuance of 100,000 treasury shares to fund Company contributions to the domestic defined contribution plan.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME)	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME)	Sep. 30, 2020
Statement of Other Comprehensive Income [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME)	ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The components of accumulated other comprehensive (loss) income (AOCI), including the reclassification adjustments for items that were reclassified from AOCI to net income, are shown below. Foreign Pension and Unrealized Total Balance at December 31, 2019 $ (657.4) $ (69.2) $ 47.1 $ (679.5) Amounts recognized in AOCI (109.1) (109.1) Amounts reclassified from AOCI 1.9 (5.6) (3.7) Balance at September 30, 2020 $ (766.5) $ (67.3) $ 41.5 $ (792.3) Foreign Pension and Unrealized Total Balance at December 31, 2018 $ (607.6) $ (67.1) $ 44.8 $ (629.9) Reclassifications from AOCI to Retained earnings for adoption of ASU 2018-02 (19.3) 11.0 (8.3) Amounts recognized in AOCI (120.6) (120.6) Amounts reclassified from AOCI (1.1) (7.2) (8.3) Balance at September 30, 2019 $ (728.2) $ (87.5) $ 48.6 $ (767.1)

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	9 Months Ended
DERIVATIVES AND HEDGING	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING	DERIVATIVES AND HEDGINGIn February 2020, the Company settled its $400.0 million U.S. Dollar to Euro cross currency swap contract entered into in May 2019 to hedge the Company's net investment in its European operations. At the time of the settlement, an unrealized gain of $11.8 million, net of tax, was recognized in AOCI. For the three and nine months ended September 30, 2019, an unrealized gain of $13.9 million and $8.9 million, respectively, net of tax, was recognized in AOCI.In February 2020, the Company entered into two U.S. Dollar to Euro cross currency swap contracts to hedge the Company's net investment in its European operations. The contracts have a notional value of $500.0 million and $244.0 million, respectively, and mature on June 1, 2024 and November 15, 2021, respectively. During the term of the $500.0 million contract, the Company will pay fixed-rate interest in Euros and receive fixed-rate interest in U.S. Dollars, thereby effectively converting a portion of the Company's U.S. Dollar denominated fixed-rate debt to Euro denominated fixed-rate debt. During the term of the $244.0 million contract, the Company will pay floating-rate interest in Euros and receive floating-rate interest in U.S. Dollars. The fair value of the contracts are included in Other liabilities on the balance sheet. See Note 13. The changes in fair value are recognized in the foreign currency translation adjustments component of AOCI. For the three and nine months ended September 30, 2020, an unrealized loss of $26.4 million and $37.1 million, respectively, net of tax, was recognized in AOCI.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Fair Value Measurements and Disclosures Topic of the ASC applies to the Company’s financial and non-financial assets and liabilities. The guidance applies when other standards require or permit the fair value measurement of assets and liabilities. The Company did not have any fair value measurements for its non-financial assets and liabilities during the third quarter. There were no assets and liabilities measured at fair value on a nonrecurring basis. The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis, categorized using the fair value hierarchy: September 30, 2020 Total Quoted Prices Significant Other Significant Assets: Deferred compensation plan assets (1) $ 63.5 $ 30.7 $ 32.8 $ 63.5 $ 30.7 $ 32.8 $ — Liabilities: Deferred compensation plan liabilities (2) $ 81.8 $ 81.8 Net investment hedge liability (3) 49.2 $ 49.2 $ 131.0 $ 81.8 $ 49.2 $ — December 31, 2019 Total Quoted Prices Significant Other Significant Assets: Deferred compensation plan assets (1) $ 61.1 $ 29.9 $ 31.2 Net investment hedge asset (3) 1.5 1.5 $ 62.6 $ 29.9 $ 32.7 $ — Liabilities: Deferred compensation plan liabilities (2) $ 76.9 $ 76.9 $ 76.9 $ 76.9 $ — $ — (1) The deferred compensation plan assets consist of the investment funds maintained for the future payments under the Company’s executive deferred compensation plans, which are structured as rabbi trusts. The investments are marketable securities accounted for under the Debt and Equity Securities Topics of the ASC. The level 1 investments are valued using quoted market prices multiplied by the number of shares. The level 2 investments are valued based on vendor or broker models. The cost basis of the investment funds was $56.2 million and $54.8 million at September 30, 2020 and December 31, 2019, respectively. (2) The Company’s liabilities under its deferred compensation plans represent the fair value of the participant shadow accounts, and the value is based on quoted market prices in active markets for identical assets. (3) The net investment hedge liability and asset are the fair value of the cross currency swaps (see Note 12). The fair value is based on a valuation model that uses observable inputs, including interest rate curves and foreign currency rates. The table below summarizes the carrying amounts and fair values of the Company's debt. The Company's publicly traded debt and non-publicly traded debt are classified as level 1 and level 2, respectively, in the fair value hierarchy. September 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Publicly traded debt $ 8,265.3 $ 9,440.1 $ 8,203.2 $ 8,735.8 Non-publicly traded debt 25.7 25.5 277.3 270.7

OTHER

OTHER	9 Months Ended
OTHER	Sep. 30, 2020
Other Income and Expenses [Abstract]
OTHER	OTHER Other general expense - net Included in Other general expense - net were the following: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Provisions for environmental matters - net $ 10.1 $ 10.6 $ 20.8 $ 17.9 (Gain) loss on sale or disposition of assets 0.4 1.4 (7.7) 0.8 Other general expense - net $ 10.5 $ 12.0 $ 13.1 $ 18.7 Provisions for environmental matters - net represent site-specific increases or decreases to environmental-related accruals as information becomes available upon which more accurate costs can be reasonably estimated and as additional accounting guidelines are issued. Environmental-related accruals are not recorded net of insurance proceeds in accordance with the Offsetting Subtopic of the Balance Sheet Topic of the ASC. See Note 8 for further details on the Company’s environmental-related activities. The (gain) loss on sale or disposition of assets represents net realized (gains) losses associated with the sale or disposal of fixed assets previously used in the conduct of the primary business of the Company. Other expense - net Included in Other expense - net were the following: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Investment and royalty income $ (3.1) $ (2.2) $ (5.7) $ (7.8) Loss on extinguishment of debt (see Note 6) 14.8 21.3 14.8 Net expense from banking activities 2.6 2.6 7.8 8.0 Foreign currency transaction related (gains) losses (0.1) 16.4 10.3 12.5 Domestic pension plan settlement expense 32.4 Miscellaneous pension (income) expense 1.3 1.8 3.6 5.9 Other income (8.4) (6.0) (19.5) (21.5) Other expense 9.5 3.7 12.8 10.6 Other expense - net $ 1.8 $ 31.1 $ 30.6 $ 54.9 Foreign currency transaction related (gains) losses represent net realized (gains) losses on U.S. dollar-denominated liabilities of foreign subsidiaries and net realized (gains) losses from foreign currency option and forward contracts. There were no material foreign currency option and forward contracts outstanding at September 30, 2020 and 2019. Miscellaneous pension (income) expense consists of the non-service components of net pension costs (credits). See Note 7 for information on Miscellaneous pension (income) expense and the Domestic pension plan settlement expense. Other income and Other expense included items of revenue, gains, expenses and losses that were unrelated to the primary business purpose of the Company. There were no other items within the Other income or Other expense caption that were individually significant.

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe effective tax rate was 19.4% for the third quarter and first nine months of 2020, respectively, compared to 18.8% and 23.3% for the third quarter and first nine months of 2019, respectively. The decrease in the effective tax rate for the first nine months of 2020 compared to 2019 was primarily due to a $74.3 million tax provision recorded in the first nine months of 2019 related to the reversal of net tax benefits recognized in previous tax years from federal renewable energy tax credit funds. The effective tax rate was also favorably impacted by tax benefits related to employee share based payments during the third quarter and first nine months of 2020 and 2019. The other significant components of the Company's effective tax rate were consistent for the third quarter and first nine months of 2020 compared to the same periods in 2019. In response to the COVID-19 outbreak, global legislation concerning income taxes was passed in March 2020. The Company assessed the applicability of the stimulus elements within the global legislation, and it is not expected to have a material impact on the Company's consolidated financial statements. The primary benefit to the Company is the delay of payment of federal and state income taxes as well as federal payroll withholding taxes until subsequent periods. At December 31, 2019, the Company had $203.0 million in unrecognized tax benefits, the recognition of which would have an effect of $195.3 million on the effective tax rate. Included in the balance of unrecognized tax benefits at December 31, 2019 was $17.3 million related to tax positions for which it is reasonably possible that the total amounts could significantly change during the next twelve months. The Company classifies all income tax related interest and penalties as income tax expense. At December 31, 2019, the Company had accrued $26.2 million for the potential payment of income tax interest and penalties. There were no significant changes to any of the balances of unrecognized tax benefits at December 31, 2019 during the nine months ended September 30, 2020. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The IRS is currently auditing the Company's 2013, 2014, 2015 and 2016 income tax returns. As a result of these audits, certain adjustments have been proposed. The Company is evaluating the proposed adjustments and believes that it is adequately reserved for any potential exposure. At September 30, 2020, the federal statute of limitations had not expired for the 2013 through 2019 tax years. At September 30, 2020, the Company is subject to non-U.S. income tax examinations for the tax years of 2013 through 2019. In addition, the Company is subject to state and local income tax examinations for the tax years 1998 through 2019.

NET INCOME PER SHARE

NET INCOME PER SHARE	9 Months Ended
NET INCOME PER SHARE	Sep. 30, 2020
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NET INCOME PER SHARE Basic and diluted net income per share are calculated using the treasury stock method. (in millions, except share and per share data) Three Months Ended Nine Months Ended 2020 2019 2020 2019 Basic Net income $ 705.8 $ 576.5 $ 1,623.4 $ 1,292.7 Average shares outstanding 90,537,314 91,823,573 90,694,317 91,850,565 Basic net income per share $ 7.80 $ 6.28 $ 17.90 $ 14.07 Diluted Net income $ 705.8 $ 576.5 $ 1,623.4 $ 1,292.7 Average shares outstanding assuming dilution: Average shares outstanding 90,537,314 91,823,573 90,694,317 91,850,565 Stock options and other contingently issuable shares (1) 1,561,994 1,742,298 1,546,419 1,611,078 Non-vested restricted stock grants 10,921 38,389 17,052 48,461 Average shares outstanding assuming dilution 92,110,229 93,604,260 92,257,788 93,510,104 Diluted net income per share $ 7.66 $ 6.16 $ 17.60 $ 13.82 (1) There were no stock options and other contingently issuable shares excluded due to their anti-dilutive effect for the three months ended September 30, 2020 and September 30, 2019 . There were 63,753 and 9,853 stock options and other contingently issuable shares excluded due to their anti-dilutive effect for the nine months ended

REPORTABLE SEGMENT INFORMATION

REPORTABLE SEGMENT INFORMATION	9 Months Ended
REPORTABLE SEGMENT INFORMATION	Sep. 30, 2020
Segment Reporting [Abstract]
REPORTABLE SEGMENT INFORMATION	REPORTABLE SEGMENT INFORMATION The Company reports its segment information in the same way that management internally organizes its business for assessing performance and making decisions regarding allocation of resources in accordance with the Segment Reporting Topic of the ASC. The Company has determined that it has three reportable operating segments: The Americas Group, Consumer Brands Group and Performance Coatings Group (individually, a Reportable Segment and collectively, the Reportable Segments). Three Months Ended September 30, 2020 The Americas Consumer Brands Performance Administrative Consolidated Net external sales $ 2,978.3 $ 838.1 $ 1,305.3 $ 0.5 $ 5,122.2 Intersegment transfers 1,024.3 28.7 (1,053.0) — Total net sales and intersegment transfers $ 2,978.3 $ 1,862.4 $ 1,334.0 $ (1,052.5) $ 5,122.2 Segment profit $ 747.4 $ 198.3 $ 155.3 $ 1,101.0 Interest expense $ (83.3) (83.3) Administrative expenses and other (142.1) (142.1) Income before income taxes $ 747.4 $ 198.3 $ 155.3 $ (225.4) $ 875.6 Three Months Ended September 30, 2019 The Americas Consumer Brands Performance Administrative Consolidated Net external sales $ 2,898.2 $ 678.4 $ 1,290.2 $ 0.9 $ 4,867.7 Intersegment transfers 995.2 29.5 (1,024.7) — Total net sales and intersegment transfers $ 2,898.2 $ 1,673.6 $ 1,319.7 $ (1,023.8) $ 4,867.7 Segment profit $ 663.6 $ 114.9 $ 137.5 $ 916.0 California litigation expense $ 34.7 34.7 Interest expense (85.3) (85.3) Administrative expenses and other (155.6) (155.6) Income before income taxes $ 663.6 $ 114.9 $ 137.5 $ (206.2) $ 709.8 Nine Months Ended September 30, 2020 The Americas Consumer Brands Performance Administrative Consolidated Net external sales $ 7,807.5 $ 2,440.6 $ 3,622.7 $ 2.1 $ 13,872.9 Intersegment transfers 2,770.0 105.0 (2,875.0) — Total net sales and intersegment transfers $ 7,807.5 $ 5,210.6 $ 3,727.7 $ (2,872.9) $ 13,872.9 Segment profit $ 1,735.4 $ 519.2 $ 366.4 $ 2,621.0 Interest expense $ (257.6) (257.6) Administrative expenses and other (348.1) (348.1) Income before income taxes $ 1,735.4 $ 519.2 $ 366.4 $ (605.7) $ 2,015.3 Nine Months Ended September 30, 2019 The Americas Consumer Brands Performance Administrative Consolidated Net external sales $ 7,809.1 $ 2,137.4 $ 3,838.0 $ 1.9 $ 13,786.4 Intersegment transfers 2,769.0 88.3 (2,857.3) — Total net sales and intersegment transfers $ 7,809.1 $ 4,906.4 $ 3,926.3 $ (2,855.4) $ 13,786.4 Segment profit $ 1,607.1 $ 343.5 $ 386.5 $ 2,337.1 California litigation expense $ 34.7 34.7 Interest expense (265.5) (265.5) Administrative expenses and other (421.9) (421.9) Income before income taxes $ 1,607.1 $ 343.5 $ 386.5 $ (652.7) $ 1,684.4 In the reportable segment financial information, Segment profit was total net sales and intersegment transfers less operating costs and expenses. Domestic intersegment transfers were accounted for at the approximate fully absorbed manufactured cost, based on normal capacity volumes, plus customary distribution costs. International intersegment transfers were accounted for at values comparable to normal unaffiliated customer sales. The Administrative segment includes the administrative expenses of the Company’s corporate headquarters site and the operations of a real estate management unit that is responsible for the ownership, management and leasing of non-retail properties held primarily for use by the Company, including the Company’s headquarters site, and disposal of idle facilities. Also included in the Administrative segment was interest expense, interest and investment income, certain expenses related to closed facilities and environmental-related matters, and other expenses that were not directly associated with the Reportable Segments. Sales of this segment represented external leasing revenue of excess headquarters space or leasing of facilities no longer used by the Company in its primary businesses. The Administrative segment did not include any significant foreign operations. Gains and losses from the sale of property were not a significant operating factor in determining the performance of the Administrative segment. Net external sales of all consolidated foreign subsidiaries were $967.6 million and $918.8 million for the third quarter of 2020 and 2019 , respectively. Net external sales of all consolidated foreign subsidiaries were $2.572 billion and $2.768 billion for the first nine months of 2020 and 2019 , respectively. Long-lived assets of these subsidiaries totaled $3.077 billion and $3.112 billion at September 30, 2020 and 2019, respectively. Domestic operations accounted for the remaining net external sales and long-lived assets. No single geographic area outside the United States was significant relative to consolidated net external sales, income before taxes or consolidated long-lived assets. Export sales and sales to any individual customer were each less than 10% of consolidated sales in 2020 and 2019. For further details on the Company's Reportable Segments, see Note 21 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.

NON-TRADED INVESTMENTS

NON-TRADED INVESTMENTS	9 Months Ended
NON-TRADED INVESTMENTS	Sep. 30, 2020
Non-Traded Investments [Abstract]
NON-TRADED INVESTMENTS	NON-TRADED INVESTMENTS The Company has invested in the U.S. affordable housing and historic renovation real estate markets and certain other investments that have been identified as variable interest entities. However, because the Company does not have the power to direct the day-to-day operations of the investments and the risk of loss is limited to the amount of contributed capital, the Company is not considered the primary beneficiary. In accordance with the Consolidation Topic of the ASC, the investments are not consolidated. The carrying amount of the investments, included in Other assets, was $199.8 million and $225.4 million at September 30, 2020 and 2019 , respectively. The liability for estimated future capital contributions to the investments was $155.2 million and $162.4 million at September 30, 2020 and 2019 , respectively.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (US GAAP) for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
Reclassifications	Accounting estimates were revised as necessary during the first nine months of 2020
Inventory	The Company primarily uses the last-in, first-out (LIFO) method of valuing inventory. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs are subject to the final year-end LIFO inventory valuation. In addition, interim inventory levels include management’s estimates of annual inventory losses due to shrinkage and other factors.
Recently Issued Accounting Pronouncements	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTSEffective January 1, 2020, the Company adopted Accounting Standards Update (ASU) 2016-13, “Measurement of Credit Losses on Financial Instruments” (ASC 326). This ASU replaces the incurred loss impairment methodology in current US GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In addition, new disclosures are required. The Company adopted ASU 2016-13 using the modified retrospective transition method. The adoption of ASU 2016-13 did not result in a material cumulative-effect adjustment to the opening balance of retained earnings at January 1, 2020 and did not have a material impact on the Company's results of operations, financial condition or liquidity. See Note 3 for additional information.

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
REVENUE (Tables)	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Accounts receivables and current and long-term contract assets and liabilities	The Company’s Accounts receivable and current and long-term contract assets and liabilities are summarized in the following table. Accounts Receivable, Less Allowance Contract Contract Contract Liabilities (Current) Contract Liabilities (Long-Term) Balance at December 31, 2019 $ 2,088.9 $ 50.5 $ 178.2 $ 242.8 $ 10.4 Balance at September 30, 2020 2,454.5 49.0 177.8 243.9 10.7
Schedule of allowance for doubtful accounts	The following table summarizes the movement in the Company's allowance for doubtful accounts: Balance at December 31, 2019 $ 36.5 Adjustment upon adoption of ASU 2016-13 3.0 Bad debt expense 63.6 Uncollectible accounts written off, net of recoveries (26.0) Balance at September 30, 2020 $ 77.1

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
INVENTORIES (Tables)	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Included in Inventories were the following: September 30, December 31, September 30, 2020 2019 2019 Finished goods $ 1,342.4 $ 1,509.6 $ 1,474.9 Work in process and raw materials 330.4 380.0 350.1 Inventories $ 1,672.8 $ 1,889.6 $ 1,825.0

GOODWILL, INTANGIBLE AND LONG_2

GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS (Tables)	9 Months Ended
GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS (Tables)	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment	Included in Property, plant and equipment, net were the following: September 30, December 31, September 30, 2020 2019 2019 Land $ 276.2 $ 242.1 $ 239.4 Buildings 1,061.4 1,044.2 1,006.7 Machinery and equipment 2,971.5 2,952.1 2,837.5 Construction in progress 109.6 144.0 179.5 Property, plant and equipment, gross 4,418.7 4,382.4 4,263.1 Less allowances for depreciation 2,638.7 2,547.2 2,464.8 Property, plant and equipment, net $ 1,780.0 $ 1,835.2 $ 1,798.3

PENSION, HEALTH CARE AND POST_2

PENSION, HEALTH CARE AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS (Tables)	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Components of net periodic benefit costs (credits) for domestic defined benefit pension plans, foreign defined benefit pension plans and post retirement benefits other than pensions	The following table summarizes the components of the Company’s net periodic benefit cost for domestic defined benefit pension plans, foreign defined benefit pension plans and postretirement benefits other than pensions: Domestic Defined Foreign Defined Postretirement 2020 2019 2020 2019 2020 2019 Three Months Ended September 30: Net periodic benefit cost: Service cost $ 1.2 $ 0.7 $ 1.7 $ 1.5 $ 0.3 $ 0.4 Interest cost 0.8 1.2 1.9 2.5 2.0 2.8 Expected return on assets (1.6) (1.3) (2.6) (2.8) Recognition of: Unrecognized prior service cost (credit) 0.3 0.4 (0.3) (1.3) Unrecognized actuarial loss 0.3 0.2 0.5 0.1 Net periodic benefit cost $ 0.7 $ 1.0 $ 1.3 $ 1.4 $ 2.5 $ 2.0 Nine Months Ended September 30: Net periodic benefit cost: Service cost $ 3.4 $ 2.6 $ 5.2 $ 4.5 $ 1.1 $ 1.1 Interest cost 2.4 3.6 5.6 7.2 5.7 8.4 Expected return on assets (4.7) (4.0) (7.8) (7.7) Recognition of: Unrecognized prior service cost (credit) 1.0 1.1 (0.8) (3.8) Unrecognized actuarial loss 0.7 0.7 1.5 0.4 Ongoing pension cost 2.1 3.3 3.7 4.7 7.5 6.1 Settlement expense 32.4 Net periodic benefit cost $ 2.1 $ 35.7 $ 3.7 $ 4.7 $ 7.5 $ 6.1

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME) (Tables)	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME) (Tables)	Sep. 30, 2020
Statement of Other Comprehensive Income [Abstract]
Components of accumulated other comprehensive loss (income)	The components of accumulated other comprehensive (loss) income (AOCI), including the reclassification adjustments for items that were reclassified from AOCI to net income, are shown below. Foreign Pension and Unrealized Total Balance at December 31, 2019 $ (657.4) $ (69.2) $ 47.1 $ (679.5) Amounts recognized in AOCI (109.1) (109.1) Amounts reclassified from AOCI 1.9 (5.6) (3.7) Balance at September 30, 2020 $ (766.5) $ (67.3) $ 41.5 $ (792.3) Foreign Pension and Unrealized Total Balance at December 31, 2018 $ (607.6) $ (67.1) $ 44.8 $ (629.9) Reclassifications from AOCI to Retained earnings for adoption of ASU 2018-02 (19.3) 11.0 (8.3) Amounts recognized in AOCI (120.6) (120.6) Amounts reclassified from AOCI (1.1) (7.2) (8.3) Balance at September 30, 2019 $ (728.2) $ (87.5) $ 48.6 $ (767.1)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Financial Assets And Liabilities Measured At Fair Value On a Recurring Basis	The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis, categorized using the fair value hierarchy: September 30, 2020 Total Quoted Prices Significant Other Significant Assets: Deferred compensation plan assets (1) $ 63.5 $ 30.7 $ 32.8 $ 63.5 $ 30.7 $ 32.8 $ — Liabilities: Deferred compensation plan liabilities (2) $ 81.8 $ 81.8 Net investment hedge liability (3) 49.2 $ 49.2 $ 131.0 $ 81.8 $ 49.2 $ — December 31, 2019 Total Quoted Prices Significant Other Significant Assets: Deferred compensation plan assets (1) $ 61.1 $ 29.9 $ 31.2 Net investment hedge asset (3) 1.5 1.5 $ 62.6 $ 29.9 $ 32.7 $ — Liabilities: Deferred compensation plan liabilities (2) $ 76.9 $ 76.9 $ 76.9 $ 76.9 $ — $ — (1) The deferred compensation plan assets consist of the investment funds maintained for the future payments under the Company’s executive deferred compensation plans, which are structured as rabbi trusts. The investments are marketable securities accounted for under the Debt and Equity Securities Topics of the ASC. The level 1 investments are valued using quoted market prices multiplied by the number of shares. The level 2 investments are valued based on vendor or broker models. The cost basis of the investment funds was $56.2 million and $54.8 million at September 30, 2020 and December 31, 2019, respectively. (2) The Company’s liabilities under its deferred compensation plans represent the fair value of the participant shadow accounts, and the value is based on quoted market prices in active markets for identical assets. (3) The net investment hedge liability and asset are the fair value of the cross currency swaps (see Note 12). The fair value is based on a valuation model that uses observable inputs, including interest rate curves and foreign currency rates.
Schedule of Debt	The table below summarizes the carrying amounts and fair values of the Company's debt. The Company's publicly traded debt and non-publicly traded debt are classified as level 1 and level 2, respectively, in the fair value hierarchy. September 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Publicly traded debt $ 8,265.3 $ 9,440.1 $ 8,203.2 $ 8,735.8 Non-publicly traded debt 25.7 25.5 277.3 270.7

OTHER (Tables)

OTHER (Tables)	9 Months Ended
OTHER (Tables)	Sep. 30, 2020
Other Income and Expenses [Abstract]
Other general expense - net	Included in Other general expense - net were the following: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Provisions for environmental matters - net $ 10.1 $ 10.6 $ 20.8 $ 17.9 (Gain) loss on sale or disposition of assets 0.4 1.4 (7.7) 0.8 Other general expense - net $ 10.5 $ 12.0 $ 13.1 $ 18.7
Other expense - net	Included in Other expense - net were the following: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Investment and royalty income $ (3.1) $ (2.2) $ (5.7) $ (7.8) Loss on extinguishment of debt (see Note 6) 14.8 21.3 14.8 Net expense from banking activities 2.6 2.6 7.8 8.0 Foreign currency transaction related (gains) losses (0.1) 16.4 10.3 12.5 Domestic pension plan settlement expense 32.4 Miscellaneous pension (income) expense 1.3 1.8 3.6 5.9 Other income (8.4) (6.0) (19.5) (21.5) Other expense 9.5 3.7 12.8 10.6 Other expense - net $ 1.8 $ 31.1 $ 30.6 $ 54.9

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	9 Months Ended
NET INCOME PER SHARE (Tables)	Sep. 30, 2020
Earnings Per Share [Abstract]
Basic and diluted earnings per share	Basic and diluted net income per share are calculated using the treasury stock method. (in millions, except share and per share data) Three Months Ended Nine Months Ended 2020 2019 2020 2019 Basic Net income $ 705.8 $ 576.5 $ 1,623.4 $ 1,292.7 Average shares outstanding 90,537,314 91,823,573 90,694,317 91,850,565 Basic net income per share $ 7.80 $ 6.28 $ 17.90 $ 14.07 Diluted Net income $ 705.8 $ 576.5 $ 1,623.4 $ 1,292.7 Average shares outstanding assuming dilution: Average shares outstanding 90,537,314 91,823,573 90,694,317 91,850,565 Stock options and other contingently issuable shares (1) 1,561,994 1,742,298 1,546,419 1,611,078 Non-vested restricted stock grants 10,921 38,389 17,052 48,461 Average shares outstanding assuming dilution 92,110,229 93,604,260 92,257,788 93,510,104 Diluted net income per share $ 7.66 $ 6.16 $ 17.60 $ 13.82 (1) There were no stock options and other contingently issuable shares excluded due to their anti-dilutive effect for the three months ended September 30, 2020 and September 30, 2019 . There were 63,753 and 9,853 stock options and other contingently issuable shares excluded due to their anti-dilutive effect for the nine months ended

REPORTABLE SEGMENT INFORMATION

REPORTABLE SEGMENT INFORMATION (Tables)	9 Months Ended
REPORTABLE SEGMENT INFORMATION (Tables)	Sep. 30, 2020
Segment Reporting [Abstract]
Reportable segment information	Three Months Ended September 30, 2020 The Americas Consumer Brands Performance Administrative Consolidated Net external sales $ 2,978.3 $ 838.1 $ 1,305.3 $ 0.5 $ 5,122.2 Intersegment transfers 1,024.3 28.7 (1,053.0) — Total net sales and intersegment transfers $ 2,978.3 $ 1,862.4 $ 1,334.0 $ (1,052.5) $ 5,122.2 Segment profit $ 747.4 $ 198.3 $ 155.3 $ 1,101.0 Interest expense $ (83.3) (83.3) Administrative expenses and other (142.1) (142.1) Income before income taxes $ 747.4 $ 198.3 $ 155.3 $ (225.4) $ 875.6 Three Months Ended September 30, 2019 The Americas Consumer Brands Performance Administrative Consolidated Net external sales $ 2,898.2 $ 678.4 $ 1,290.2 $ 0.9 $ 4,867.7 Intersegment transfers 995.2 29.5 (1,024.7) — Total net sales and intersegment transfers $ 2,898.2 $ 1,673.6 $ 1,319.7 $ (1,023.8) $ 4,867.7 Segment profit $ 663.6 $ 114.9 $ 137.5 $ 916.0 California litigation expense $ 34.7 34.7 Interest expense (85.3) (85.3) Administrative expenses and other (155.6) (155.6) Income before income taxes $ 663.6 $ 114.9 $ 137.5 $ (206.2) $ 709.8 Nine Months Ended September 30, 2020 The Americas Consumer Brands Performance Administrative Consolidated Net external sales $ 7,807.5 $ 2,440.6 $ 3,622.7 $ 2.1 $ 13,872.9 Intersegment transfers 2,770.0 105.0 (2,875.0) — Total net sales and intersegment transfers $ 7,807.5 $ 5,210.6 $ 3,727.7 $ (2,872.9) $ 13,872.9 Segment profit $ 1,735.4 $ 519.2 $ 366.4 $ 2,621.0 Interest expense $ (257.6) (257.6) Administrative expenses and other (348.1) (348.1) Income before income taxes $ 1,735.4 $ 519.2 $ 366.4 $ (605.7) $ 2,015.3 Nine Months Ended September 30, 2019 The Americas Consumer Brands Performance Administrative Consolidated Net external sales $ 7,809.1 $ 2,137.4 $ 3,838.0 $ 1.9 $ 13,786.4 Intersegment transfers 2,769.0 88.3 (2,857.3) — Total net sales and intersegment transfers $ 7,809.1 $ 4,906.4 $ 3,926.3 $ (2,855.4) $ 13,786.4 Segment profit $ 1,607.1 $ 343.5 $ 386.5 $ 2,337.1 California litigation expense $ 34.7 34.7 Interest expense (265.5) (265.5) Administrative expenses and other (421.9) (421.9) Income before income taxes $ 1,607.1 $ 343.5 $ 386.5 $ (652.7) $ 1,684.4

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
REVENUE (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Sep. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Accounts Receivable, Less Allowance		$ 2,479		$ 2,454.5	$ 2,088.9
Contract Assets (Current)				49	50.5
Contract Assets (Long-Term)				177.8	178.2
Contract Liabilities (Current)				243.9	242.8
Contract Liabilities (Long-Term)				10.7	10.4
Bad debt expense related to the expected impact from the COVID-19 pandemic	$ 21
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	36.5
Adjustment upon adoption of ASU 2016-13	77.1		$ 36.5	$ 77.1	36.5
Bad debt expense	63.6
Uncollectible accounts written off, net of recoveries	(26)
Ending balance	$ 77.1		$ 36.5
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201802Member	us-gaap:AccountingStandardsUpdate201613Member
Cumulative effect, period of adoption, adjustment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 3
Adjustment upon adoption of ASU 2016-13	$ 3		$ 3		$ 3
Ending balance			$ 3

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 1,342.4	$ 1,509.6	$ 1,474.9
Work in process and raw materials	330.4	380	350.1
Inventories	$ 1,672.8	$ 1,889.6	$ 1,825

GOODWILL, INTANGIBLE AND LONG_3

GOODWILL, INTANGIBLE AND LONG-LIVED ASSETS (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 4,418.7	$ 4,382.4	$ 4,263.1
Less allowances for depreciation	2,638.7	2,547.2	2,464.8
Property, plant and equipment, net	1,780	1,835.2	1,798.3
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	276.2	242.1	239.4
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,061.4	1,044.2	1,006.7
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,971.5	2,952.1	2,837.5
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 109.6	$ 144	$ 179.5

DEBT (Details)

DEBT (Details) - USD ($)	Sep. 14, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Aug. 31, 2019	Jun. 30, 2019
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 14,800,000	$ 21,300,000	$ 14,800,000
Senior notes \| 2.30% Senior notes due may 2030
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500,000,000
Interest rate		2.30%
Senior notes \| 3.30% Senior notes due may 2050
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500,000,000
Interest rate		3.30%
Senior notes \| 2.75% Senior notes due june 2022
Debt Instrument [Line Items]
Interest rate		2.75%				2.75%
Loss on extinguishment of debt		$ 21,300,000
Debt instrument, repurchase amount						$ 490,000,000
Senior notes \| 2.25% Senior notes due may 2020
Debt Instrument [Line Items]
Interest rate		2.25%				2.25%	2.25%
Debt instrument, repurchase amount						$ 1,010,000,000	$ 60,900,000
Senior notes \| Senior notes 2.95% due 2029
Debt Instrument [Line Items]
Debt instrument, face amount						$ 800,000,000
Interest rate						2.95%
Senior notes \| Senior notes 3.80%, due 2049
Debt Instrument [Line Items]
Debt instrument, face amount						$ 550,000,000
Interest rate						3.80%
Line of credit
Debt Instrument [Line Items]
Debt instrument, term	5 years
Line of credit facility, maximum borrowing capacity	$ 75,000,000

PENSION, HEALTH CARE AND POST_3

PENSION, HEALTH CARE AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Recognition of:
Settlement expense					$ (32.4)
Postretirement Benefits Other than Pensions
Net periodic benefit cost:
Service cost	$ 0.3	0.4		$ 1.1	1.1
Interest cost	2	2.8		5.7	8.4
Recognition of:
Unrecognized prior service cost (credit)	(0.3)	(1.3)		(0.8)	(3.8)
Unrecognized actuarial loss	0.5	0.1		1.5	0.4
Ongoing pension cost				7.5	6.1
Net periodic benefit cost	2.5	2		7.5	6.1
Domestic Benefit Plan \| Defined Benefit Pension Plans
Net periodic benefit cost:
Service cost	1.2	0.7		3.4	2.6
Interest cost	0.8	1.2		2.4	3.6
Expected return on assets	(1.6)	(1.3)		(4.7)	(4)
Recognition of:
Unrecognized prior service cost (credit)	0.3	0.4		1	1.1
Ongoing pension cost				2.1	3.3
Settlement expense			$ 32.4		32.4
Net periodic benefit cost	0.7	1		2.1	35.7
Foreign Defined Benefit Pension Plans \| Defined Benefit Pension Plans
Net periodic benefit cost:
Service cost	1.7	1.5		5.2	4.5
Interest cost	1.9	2.5		5.6	7.2
Expected return on assets	(2.6)	(2.8)		(7.8)	(7.7)
Recognition of:
Unrecognized actuarial loss	0.3	0.2		0.7	0.7
Ongoing pension cost				3.7	4.7
Net periodic benefit cost	$ 1.3	$ 1.4		$ 3.7	$ 4.7

OTHER LONG-TERM LIABILITIES (De

OTHER LONG-TERM LIABILITIES (Details) $ in Millions	9 Months Ended
OTHER LONG-TERM LIABILITIES (Details) $ in Millions	Sep. 30, 2020USD ($)ManufacturingSiteoperable_unit	Sep. 30, 2019USD ($)
Environmental Remediation Obligations [Abstract]
Accruals for extended environmental-related activities	$ 310.5	$ 321.8
Estimated costs of current investigation and remediation activities included in other accruals	57.6	$ 51
Amount by which unaccrued maximum of estimated range exceeds minimum	$ 115.9
Number of manufacturing sites accounting for the majority of the accrual for environmental-related activities \| ManufacturingSite	4
Accruals for environmental-related activities of sites	$ 316.7
Percentage of accrual for environmental-related activities related to sites	86.00%
Amount of unaccrued maximum related to sites	$ 91.9
Percentage of aggregate unaccrued maximum related to sites	79.30%
Gibbsboro, New Jersey
Loss Contingencies [Line Items]
Number of operable units \| operable_unit	6
Remedy Implementation
Loss Contingencies [Line Items]
Regulatory agency significant cost components liability	85.00%
Regulatory Agency Interaction
Loss Contingencies [Line Items]
Regulatory agency significant cost components liability	10.00%
Project Management and Other Costs
Loss Contingencies [Line Items]
Regulatory agency significant cost components liability	5.00%

LITIGATION (Details)

LITIGATION (Details) $ in Millions

Apr. 10, 2020USD ($)

Sep. 23, 2019USD ($)

Jul. 17, 2019USD ($)defendant

May 31, 2019USD ($)defendantplaintiff

Jan. 27, 2014USD ($)defendant

Oct. 31, 2018case

Sep. 30, 2019USD ($)

Sep. 30, 2020USD ($)plaintiffcasedefendant

Dec. 31, 2017plaintiff

Apr. 17, 2020USD ($)

Dec. 31, 2019USD ($)

Sep. 30, 2018USD ($)

Loss Contingencies [Line Items]

California litigation accrual

$ 12

Santa Clara County, California Proceeding

Loss Contingencies [Line Items]

Number of additional defendants | defendant

Amount payable jointly and severally for litigation

$ 1,150

Abatement amount ordered by court

401.1

$ 409.1

Amount awarded to plaintiffs

$ 305

Amount awarded per defendant

101.7

Initial payment amount

$ 25

Dismissal order and judgment period

60 days

Subsequent annual payments amount

$ 12

Term of subsequent annual payments

4 years

Final payment amount

$ 16.7

Maximum amount agreed to backstop and pay on behalf of other defendant

$ 15

Reduction of accrual

59.6

California litigation accrual

76.7

64.7

$ 136.3

Accrual included in current liabilities

Accrual included in long-term liabilities

$ 64.7

$ 52.7

Pennsylvania Proceedings

Loss Contingencies [Line Items]

Number of proceedings initiated | case

Ravon Owens v. American Cyanamid, et al., Cesar Sifuentes v. American Cyanamid, et al., and Glenn Burton, Jr. v. American Cyanamid, et al.

Loss Contingencies [Line Items]

Number of additional defendants | defendant

Amount awarded to plaintiffs

$ 6

Number of cases consolidated | case

Number of plaintiffs | plaintiff

Amount awarded per plaintiff

$ 2

Damages sought

$ 0.8

Maniya Allen, et al. v. American Cyanamid, et al.

Loss Contingencies [Line Items]

Number of plaintiffs | plaintiff

146

Number of plaintiffs selected for discovery | plaintiff

Number of cases selected for discovery | case

Dijonae Trammell, et al. v. American Cyanamid, et al.

Loss Contingencies [Line Items]

Number of plaintiffs | plaintiff

Number of plaintiffs consolidated with another case | plaintiff

Mary Lewis v. Lead Industries Association, et al.

Loss Contingencies [Line Items]

Number of defendants | defendant

Number of plaintiffs whose claims were paid by Medicaid or private insurance | plaintiff

Number of plaintiffs whose claims were paid by Medicaid | plaintiff

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended						9 Months Ended
	Feb. 29, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Equity [Abstract]
Dividends paid on common stock per share (in dollars per share)		$ 1.34	$ 1.34	$ 1.34	$ 1.13	$ 1.13	$ 1.13	$ 1.34	$ 1.13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercised (in shares)								796,531
Stock options, weighted average price (in dollars per share)		$ 170.86						$ 170.86
Treasury stock issued	$ 57.4			$ 57.4
Treasury stock reissued (in shares)	100,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units vested (in shares)								128,436

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME) (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning balance	$ 4,123.3	$ 3,730.7	$ 3,730.7
Amounts recognized in AOCI	(109.1)	(120.6)
Amounts reclassified from AOCI	(3.7)	(8.3)
Ending balance	$ 4,207.3	$ 4,022.9	$ 4,123.3
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201802Member	us-gaap:AccountingStandardsUpdate201613Member
Cumulative effect, period of adoption, adjustment
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning balance	$ (3)
Ending balance			$ (3)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning balance	(657.4)	$ (607.6)	(607.6)
Amounts recognized in AOCI	(109.1)	(120.6)
Ending balance	(766.5)	(728.2)	(657.4)
Pension and Other Postretirement Benefits Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning balance	(69.2)	(67.1)	(67.1)
Amounts reclassified from AOCI	1.9	(1.1)
Ending balance	(67.3)	(87.5)	(69.2)
Pension and Other Postretirement Benefits Adjustments \| Cumulative effect, period of adoption, adjustment
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning balance		(19.3)	(19.3)
Unrealized Net Gains on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning balance	47.1	44.8	44.8
Amounts reclassified from AOCI	(5.6)	(7.2)
Ending balance	41.5	48.6	47.1
Unrealized Net Gains on Cash Flow Hedges \| Cumulative effect, period of adoption, adjustment
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning balance		11	11
Total
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning balance	(679.5)	(629.9)	(629.9)
Ending balance	$ (792.3)	(767.1)	(679.5)
Total \| Cumulative effect, period of adoption, adjustment
AOCI Including Portion Attributable to Noncontrolling Interest [Abstract]
Beginning balance		$ (8.3)	$ (8.3)

DERIVATIVES AND HEDGING (Detail

DERIVATIVES AND HEDGING (Details)		1 Months Ended	3 Months Ended		9 Months Ended
DERIVATIVES AND HEDGING (Details)		Feb. 29, 2020USD ($)contract	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Derivative [Line Items]
Gain on foreign currency translation adjustments recognized in AOCI	[1]		$ 75,200,000	$ (131,900,000)	$ (109,100,000)	$ (120,600,000)
Number of derivative instruments held \| contract		2
Unrealized loss on foreign currency adjustments			$ 26,400,000
Cross Currency Swap Contract
Derivative [Line Items]
Notional amount		$ 400,000,000
Gain on foreign currency translation adjustments recognized in AOCI		11,800,000		$ 13,900,000		$ 8,900,000
Unrealized loss on foreign currency adjustments					$ 37,100,000
Euro Cross Currency Swap 1
Derivative [Line Items]
Notional amount		500,000,000
Euro Cross Currency Swap 2
Derivative [Line Items]
Notional amount		$ 244,000,000

[1]	The three months ended September 30, 2020 includes unrealized losses of $(26.3) million, net of taxes of $8.7 million, related to net investment hedges. The three months ended September 30, 2019 includes unrealized gains of $13.9 million, net of taxes of $(4.6) million, related to net investment hedges. The nine months ended September 30, 2020 includes unrealized losses of $(26.4) million, net of taxes of $8.7 million, related to net investment hedges. The nine months ended September 30, 2019 includes unrealized gains of $8.9 million, net of taxes of $(2.9) million, related to net investment hedges. See Note 12 for additional information.

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Carrying Amount \| Publicly traded debt
Liabilities:
Long-term debt	$ 8,265.3	$ 8,203.2
Carrying Amount \| Non-publicly traded debt
Liabilities:
Long-term debt	25.7	277.3
Fair Value \| Publicly traded debt
Liabilities:
Long-term debt	9,440.1	8,735.8
Fair Value \| Non-publicly traded debt
Liabilities:
Long-term debt	25.5	270.7
Fair Value Measurements on a Recurring Basis \| Fair Value
Assets:
Deferred compensation plan assets	63.5	61.1
Net investment hedge asset		1.5
Total assets, fair value	63.5	62.6
Liabilities:
Deferred compensation plan liabilities	81.8	76.9
Net investment hedge liability	49.2
Total liabilities, fair value	131	76.9
Fair Value Measurements on a Recurring Basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Deferred compensation plan assets	30.7	29.9
Total assets, fair value	30.7	29.9
Liabilities:
Deferred compensation plan liabilities	81.8	76.9
Total liabilities, fair value	81.8	76.9
Fair Value Measurements on a Recurring Basis \| Significant Other Observable Inputs (Level 2)
Assets:
Deferred compensation plan assets	32.8	31.2
Net investment hedge asset		1.5
Total assets, fair value	32.8	32.7
Liabilities:
Net investment hedge liability	49.2
Total liabilities, fair value	49.2	0
Cost basis of investment funds	56.2	54.8
Fair Value Measurements on a Recurring Basis \| Significant Unobservable Inputs (Level 3)
Assets:
Total assets, fair value	0	0
Liabilities:
Total liabilities, fair value	$ 0	$ 0

OTHER - Other General Expense -

OTHER - Other General Expense - Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other Income and Expenses [Abstract]
Provisions for environmental matters - net	$ 10.1	$ 10.6	$ 20.8	$ 17.9
(Gain) loss on sale or disposition of assets	0.4	1.4	(7.7)	0.8
Other general expense - net	$ 10.5	$ 12	$ 13.1	$ 18.7

OTHER - Other Expense - Net (De

OTHER - Other Expense - Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other Income and Expenses [Abstract]
Investment and royalty income	$ (3.1)	$ (2.2)	$ (5.7)	$ (7.8)
Loss on extinguishment of debt		14.8	21.3	14.8
Net expense from banking activities	2.6	2.6	7.8	8
Foreign currency transaction related (gains) losses	(0.1)	16.4	10.3	12.5
Domestic pension plan settlement expense				32.4
Miscellaneous pension (income) expense	1.3	1.8	3.6	5.9
Other income	(8.4)	(6)	(19.5)	(21.5)
Other expense	9.5	3.7	12.8	10.6
Other expense - net	$ 1.8	$ 31.1	$ 30.6	$ 54.9

OTHER - Narrative (Details)

OTHER - Narrative (Details) - contract	Sep. 30, 2020	Sep. 30, 2019
Other Income and Expenses [Abstract]
Number of foreign currency option outstanding	0	0
Number of foreign forward contracts outstanding	0	0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Effective tax rate	19.40%	18.80%	19.40%	23.30%
Prior year tax benefit				$ (74.3)
Unrecognized tax benefits					$ 203
Unrecognized tax benefits adjusted					195.3
Amount of unrecognized tax benefits where significant change is reasonably possible					17.3
Accrued income tax interest and penalties					$ 26.2

NET INCOME PER SHARE (Details)

NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Basic
Net income	$ 705.8	$ 595.9	$ 321.7	$ 576.5	$ 471	$ 245.2	$ 1,623.4	$ 1,292.7
Average shares outstanding (in shares)	90,537,314			91,823,573			90,694,317	91,850,565
Basic net income per share (in dollars per share)	$ 7.80			$ 6.28			$ 17.90	$ 14.07
Diluted
Net income	$ 705.8	$ 595.9	$ 321.7	$ 576.5	$ 471	$ 245.2	$ 1,623.4	$ 1,292.7
Average shares outstanding assuming dilution:
Average shares outstanding (in shares)	90,537,314			91,823,573			90,694,317	91,850,565
Stock options and other contingently issuable shares (in shares)	1,561,994			1,742,298			1,546,419	1,611,078
Non-vested restricted stock grants (in shares)	10,921			38,389			17,052	48,461
Average shares outstanding assuming dilution (in shares)	92,110,229			93,604,260			92,257,788	93,510,104
Diluted net income per share (in dollars per share)	$ 7.66			$ 6.16			$ 17.60	$ 13.82
Stock options and other contingently issuable shares with anti-dilutive effects (in shares)	0			0			63,753	9,853

REPORTABLE SEGMENT INFORMATIO_2

REPORTABLE SEGMENT INFORMATION - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			3
Net sales	$ 5,122.2	$ 4,867.7	$ 13,872.9	$ 13,786.4
Consolidated Foreign Subsidiaries
Segment Reporting Information [Line Items]
Net sales	967.6	918.8	2,572	2,768
Long-lived assets	$ 3,077	$ 3,112	$ 3,077	$ 3,112

REPORTABLE SEGMENT INFORMATIO_3

REPORTABLE SEGMENT INFORMATION - Reportable Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Net sales	$ 5,122.2	$ 4,867.7	$ 13,872.9	$ 13,786.4
Segment profit	1,101	916	2,621	2,337.1
California litigation expense	0	34.7	0	34.7
Interest expense	(83.3)	(85.3)	(257.6)	(265.5)
Administrative expenses and other	(142.1)	(155.6)	(348.1)	(421.9)
Income before income taxes	875.6	709.8	2,015.3	1,684.4
Administrative
Segment Reporting Information [Line Items]
Net sales	0.5	0.9	2.1	1.9
California litigation expense		34.7		34.7
Administrative and Eliminations
Segment Reporting Information [Line Items]
Net sales	(1,052.5)	(1,023.8)	(2,872.9)	(2,855.4)
Interest expense	(83.3)	(85.3)	(257.6)	(265.5)
Administrative expenses and other	(142.1)	(155.6)	(348.1)	(421.9)
Income before income taxes	(225.4)	(206.2)	(605.7)	(652.7)
Intersegment transfers
Segment Reporting Information [Line Items]
Net sales	(1,053)	(1,024.7)	(2,875)	(2,857.3)
The Americas Group
Segment Reporting Information [Line Items]
Net sales	2,978.3	2,898.2	7,807.5	7,809.1
The Americas Group \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	2,978.3	2,898.2	7,807.5	7,809.1
Segment profit	747.4	663.6	1,735.4	1,607.1
Income before income taxes	747.4	663.6	1,735.4	1,607.1
Consumer Brands Group
Segment Reporting Information [Line Items]
Net sales	838.1	678.4	2,440.6	2,137.4
Consumer Brands Group \| Intersegment transfers
Segment Reporting Information [Line Items]
Net sales	1,024.3	995.2	2,770	2,769
Consumer Brands Group \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,862.4	1,673.6	5,210.6	4,906.4
Segment profit	198.3	114.9	519.2	343.5
Income before income taxes	198.3	114.9	519.2	343.5
Performance Coatings Group
Segment Reporting Information [Line Items]
Net sales	1,305.3	1,290.2	3,622.7	3,838
Performance Coatings Group \| Intersegment transfers
Segment Reporting Information [Line Items]
Net sales	28.7	29.5	105	88.3
Performance Coatings Group \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,334	1,319.7	3,727.7	3,926.3
Segment profit	155.3	137.5	366.4	386.5
Income before income taxes	$ 155.3	$ 137.5	$ 366.4	$ 386.5

NON-TRADED INVESTMENTS (Details

NON-TRADED INVESTMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Variable Interest Entity [Line Items]
Assets	$ 20,809.7	$ 20,496.2	$ 20,864.3
VIEs
Variable Interest Entity [Line Items]
Assets	199.8		225.4
Liabilities	$ 155.2		$ 162.4