<SEC-DOCUMENT>0000790051-20-000110.txt : 20200619
<SEC-HEADER>0000790051-20-000110.hdr.sgml : 20200619
<ACCEPTANCE-DATETIME>20200521141637
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000790051-20-000110
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200521

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARLISLE COMPANIES INC
		CENTRAL INDEX KEY:			0000790051
		STANDARD INDUSTRIAL CLASSIFICATION:	FABRICATED RUBBER PRODUCTS, NEC [3060]
		IRS NUMBER:				311168055
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		16430 N. SCOTTSDALE RD.
		STREET 2:		SUITE 400
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85254
		BUSINESS PHONE:		480-781-5000

	MAIL ADDRESS:	
		STREET 1:		16430 N. SCOTTSDALE RD.
		STREET 2:		SUITE 400
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85254
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<title>Document</title></head><body><div id="ic1ac9a7640654dcd9003f8d0c471feaf_1"></div><div style="height:43pt;width:100%;"><div><font><br></font></div></div><div style="text-align:right;margin-bottom:10pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;">May 21, 2020</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;text-decoration: underline;">VIA EDGAR</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;">John Cash</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;">Accounting Branch Chief</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;">Office of Manufacturing</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;">U.S. Securities and Exchange Commission</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;">100 F Street, N.E., Mail Stop 4631</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;">Washington, D.C.  20549</font></div><div><font><br></font></div><div style="padding-left:43pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%;">Re&#58;       Carlisle Companies Incorporated</font></div><div style="padding-left:79pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%;">Form 10-K for the year ended December 31, 2019</font></div><div style="padding-left:79pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%;">Form 10-Q for Fiscal Quarter Ended March 31, 2020</font></div><div style="padding-left:79pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%;">File No. 1-09278</font></div><div style="padding-left:21pt;"><font><br></font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;">Dear Mr. Cash&#58;</font></div><div><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;">On behalf of Carlisle Companies Incorporated (the &#8220;Company&#8221;), we have the following response to the comment in your comment letter dated May 15, 2020 related to the Company&#8217;s Form 10-Q for the period ended March 31, 2020 filed by the Company on April 23, 2020 (Commission File No. 1-9278).</font></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;">For your convenience, we have included the comments of the staff of the Securities and Exchange Commission (the &#8220;Staff&#8221;) below in bold with the Company&#8217;s corresponding response following the bolded comment.  All terms not defined in our responses have the meanings ascribed to those terms in the related filings.</font></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%;text-decoration: underline;">Form 10-Q for the period ended March 31, 2020</font></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%;text-decoration: underline;">Notes to Condensed Consolidated Financial Statements (Unaudited)</font></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%;text-decoration: underline;">Goodwill and Other Intangible Assets, net, page 15</font></div><div style="text-align:justify;"><font><br></font></div><div style="text-indent:-18pt;padding-left:36pt;text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%;">1.</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%;padding-left:9.67pt;">We note your disclosure that, due to general market declines driven by the coronavirus global pandemic, you performed impairment testing on your goodwill and indefinite-lived intangible assets. In both cases, you determined that the fair values of these assets exceeded their carrying value.</font></div><div style="padding-left:36pt;text-align:justify;"><font><br></font></div><div style="padding-left:36pt;text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%;">In order to provide investors with information to better assess the probability of future goodwill impairment charges, please disclose, if accurate, that the estimated fair values of the intangible assets you quantitatively tested for impairment </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%;">substantially</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%;"> exceeded their carrying values. For any asset whose estimated fair value did not substantially exceed its carrying value, please disclose the percentage by which fair value exceeded carrying value at the date of the most recent test.</font></div><div style="text-align:justify;"><font><br></font></div><div style="padding-left:36pt;text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%;">Management Response&#58;</font></div><div style="padding-left:36pt;text-align:justify;"><font><br></font></div><div style="padding-left:36pt;text-align:justify;margin-bottom:10pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;">In future filings, beginning with the Company&#8217;s Form 10-Q for the period ending June 30, 2020, the Company will revise the following paragraphs within its disclosure of Critical Accounting Estimates &#8211; Subsequent Measurement of Goodwill and Subsequent Measurement of Indefinite-Lived Intangible Assets, included in Part I, Item 2. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations, in a manner similar to the following&#58;, </font></div><div style="position:relative;width:100%;height:43pt;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="height:43pt;width:100%;"><div><font><br></font></div></div><div style="padding-left:54pt;text-align:justify;margin-top:5pt;margin-bottom:5pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%;">Subsequent Measurement of Goodwill</font></div><div style="padding-left:54pt;margin-top:5pt;margin-bottom:5pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%;">In the first quarter of 2020, changes in facts and circumstances and general market declines from COVID-19 resulted in reduced expectations of future operating results. We considered these circumstances and the potential long-term impact on cash flows associated with our reporting units and determined that an indicator of possible impairment existed within our CFT and CBF reporting units. Accordingly, we tested our goodwill for impairment as of March 31, 2020. Those reporting units were tested for impairment using the quantitative approach described above, resulting in fair value that exceeded the carrying amount for each of the reporting units </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%;text-decoration: underline;">by approximately 10 percent</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%;">. The carrying amount of goodwill for the CFT and CBF reporting units was $185.6&#160;million and $96.4&#160;million, respectively.</font></div><div style="padding-left:54pt;margin-top:5pt;margin-bottom:5pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%;">Subsequent Measurement of Indefinite-Lived Intangible Assets</font></div><div style="padding-left:54pt;margin-top:5pt;margin-bottom:5pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%;">Based on the output of the analysis, we determined that the fair values of both the CFT and CBF indefinite-lived trade names </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%;text-decoration: underline;">substantially</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%;"> exceeded their carrying amounts. Accordingly, no impairment charges were required as of March 31, 2020. The carrying amount of indefinite-lived trade names for CFT and CBF were $129.1 million and $42.0 million, respectively.</font></div><div style="padding-left:36pt;text-align:justify;margin-bottom:9pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;">Additionally, we will update these proposed disclosures if another required impairment test is performed in the second quarter of 2020, or other future periods.</font></div><div style="text-align:justify;margin-bottom:9pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;">Please do not hesitate to call me at (480) 781-5056 with any questions regarding the foregoing.</font></div><div style="text-align:justify;margin-bottom:9pt;"><font><br></font></div><div style="text-align:justify;margin-bottom:9pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;">Sincerely,</font></div><div style="text-align:justify;margin-bottom:9pt;"><font><br></font></div><div style="text-align:justify;margin-bottom:9pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;text-decoration: underline;">&#47;s&#47; Robert M. Roche</font></div><div style="text-align:justify;margin-bottom:9pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;">Robert M. Roche</font></div><div style="text-align:justify;margin-bottom:9pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;">Vice President and Chief Financial Officer</font></div><div style="text-align:justify;"><font><br></font></div><div style="position:relative;width:100%;height:43pt;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div></body></html>
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</DOCUMENT>
</SEC-DOCUMENT>
