Discontinued Operations

3 Months Ended

Mar. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued OperationsOn March 20, 2018, the Company completed the sale of Carlisle FoodService Products ("CFS") to the Jordan Company of New York, NY, for gross proceeds of $758.0 million, including a working capital adjustment, which was finalized in the third quarter of 2018. The sale of CFS is consistent with the Company's vision of operating a portfolio of businesses with highly engineered manufacturing products in strong growth markets.

A summary of the results from discontinued operations included in the Condensed Consolidated Statements of Income for the three months ended March 31, follows:


(in millions)	2018
Revenues	$	69.5

Cost of goods sold	49.5
Other operating expenses, net	14.8
Operating income	5.2
Other non-operating (income) expense, net	—
Income from discontinued operations before income taxes	5.2
Gain on sale of discontinued operations	293.8
Provision for income taxes	47.3
Income from discontinued operations	$	251.7

Income from discontinued operations of $2.0 million in the three months ended March 31, 2019, relates entirely to the settlement of prior income tax positions in the current year.

A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2018 follows:



(in millions)	2018
Net cash provided by operating activities	$	0.6
Net cash used in investing activities	(8.1)
Net cash provided by financing activities¹	8.8
Change in cash and cash equivalents from discontinued operations	$	1.3

^1.Represents borrowings from the Carlisle cash pool to fund capital expenditures and acquisitions.