Discontinued Operations

9 Months Ended

Sep. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

On 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 follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2019		2018		2019		2018
Revenues	$	—	$	—	$	—	$	69.5

Cost of goods sold	—		—		—		49.5
Other operating expenses, net	1.8		0.7		1.8		16.5
Operating (loss) income	(1.8)		(0.7)		(1.8)		3.5
Other non-operating (income) expense, net	—		—		—		—
(Loss) income from discontinued operations before income taxes	(1.8)		(0.7)		(1.8)		3.5
Gain on sale of discontinued operations	—		3.3		—		296.8
(Benefit from) provision for income taxes	(0.4)		(0.2)		(2.3)		46.8
(Loss) income from discontinued operations	$	(1.4)	$	2.8	$	0.5	$	253.5

A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, follows:



(in millions)	2018
Net cash used in operating activities	$	(2.0)
Net cash used in investing activities	(8.1)
Net cash provided by financing activities⁽¹⁾	11.4
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.