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Discontinued Operations | 6 Months Ended
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Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations On May 25, 2021, the Company signed a definitive agreement to sell CBF to certain direct and indirect wholly-owned subsidiaries of BRWS Parent LLC, a portfolio company of One Rock Capital Partners (“CentroMotion”), for gross proceeds of (i) $250 million cash at closing, subject to certain adjustments, and (ii) the right to receive up to an additional $125 million based on CBF's achievement of certain performance targets. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2021. The sale of CBF is consistent with the Company's optimization strategy, as laid out in Vision 2025. A summary of the results from discontinued operations included in the Condensed Consolidated Statements of Income and Comprehensive Income follows:
(in millions) |  | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Revenues |  | $ | 98.8 |  |  | $ | 58.8 |  |  | $ | 186.9 |  |  | $ | 129.8 |
Cost of goods sold |  | 76.1 |  |  | 47.8 |  |  | 147.4 |  |  | 109.8 |
Other operating expenses, net |  | 11.8 |  |  | 12.1 |  |  | 23.8 |  |  | 25.6 |
Operating income (loss) |  | 10.9 |  |  | (1.1) |  |  | 15.7 |  |  | (5.6) |
Other non-operating (income) expense, net |  | (0.1) |  |  | — |  |  | 0.2 |  |  | (0.4) |
Income (loss) from discontinued operations before income taxes |  | 11.0 |  |  | (1.1) |  |  | 15.5 |  |  | (5.2) |
Pre-close transaction expenses(1) |  | (4.7) |  |  | — |  |  | (4.7) |  |  | — |
Provision for (benefit from) income taxes |  | 1.1 |  |  | (0.5) |  |  | 2.5 |  |  | (1.6) |
Income (loss) from discontinued operations |  | $ | 5.2 |  |  | $ | (0.6) |  |  | $ | 8.3 |  |  | $ | (3.6) |
(1)Includes legal fees and stock-compensation expense directly related to the sale incurred prior to the close of the transaction. A summary of the carrying amounts of major assets and liabilities, which were classified as held for sale in the Condensed Consolidated Balance Sheets follows:
(in millions) |  | June 30, 2021 |  | December 31, 2020
ASSETS |  |  |  |
Cash and cash equivalents |  | $ | 12.0 |  |  | $ | 5.1 |
Receivables, net |  | 79.7 |  |  | 58.3 |
Inventories |  | 72.3 |  |  | 70.8 |
Prepaid other current assets |  | 10.4 |  |  | 10.4 |
Current assets |  | 174.4 |  |  | 144.6 |
Long-term assets reclassified to current assets |  | 275.5 |  |  | — |
Total current assets |  | 449.9 |  |  | 144.6 |
Property, plant, and equipment, net |  | 101.2 |  |  | 102.0 |
Goodwill, net |  | 96.5 |  |  | 96.5 |
Other intangible assets, net |  | 71.3 |  |  | 73.9 |
Other long-term assets |  | 6.5 |  |  | 2.6 |
Long-term assets |  | 275.5 |  |  | 275.0 |
Long-term assets reclassified to current assets |  | (275.5) |  |  | — |
Total long-term assets |  | $ | — |  |  | $ | 275.0 |
LIABILITIES |  |  |  |
Accounts payable |  | $ | 44.8 |  |  | $ | 33.1 |
Accrued liabilities and other |  | 22.7 |  |  | 20.4 |
Current liabilities |  | 67.5 |  |  | 53.5 |
Long-term liabilities reclassified to current liabilities |  | 25.3 |  |  | — |
Total current liabilities |  | 92.8 |  |  | 53.5 |
Other long-term liabilities |  | 25.3 |  |  | 21.9 |
Long-term liabilities |  | 25.3 |  |  | 21.9 |
Long-term liabilities reclassified to current liabilities |  | (25.3) |  |  | — |
Total long-term liabilities |  | $ | — |  |  | $ | 21.9 |
A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, follows:
(in millions) |  | 2021 |  | 2020
Net cash provided by operating activities |  | $ | 10.8 |  |  | $ | 15.4 |
Net cash used in investing activities |  | (5.6) |  |  | (5.0) |
Net cash provided by (used in) financing activities(1) |  | 1.8 |  |  | (9.5) |
Change in cash and cash equivalents from discontinued operations |  | $ | 7.0 |  |  | $ | 0.9 |
(1)Represents borrowings or (repayments) from the Carlisle cash pool to fund working capital and capital expenditures

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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