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Discontinued Operations | 12 Months Ended
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Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations On May 25, 2021, the Company announced the signing of a definitive agreement to sell CBF to certain direct and indirect wholly-owned subsidiaries of BRWS Parent LLC ("CentroMotion"), a portfolio company of One Rock Capital Partners, 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. On August 2, 2021, the Company completed the sale of CBF to CentroMotion. The sale of CBF is consistent with the Company's optimization strategy, as laid out in Vision 2025. Additionally, on March 20, 2018, the Company completed the sale of 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. A summary of the results from discontinued operations included in the Consolidated Statements of Income follows:
|  | 2020
(in millions) |  | CBF |  | Other |  | Total
Revenue |  | $ | 275.3 |  |  | $ | — |  |  | $ | 275.3 |
Cost of goods sold |  | 230.3 |  |  | — |  |  | 230.3 |
Operating expense, net(1) |  | 49.2 |  |  | 5.4 |  |  | 54.6 |
Operating income |  | (4.2) |  |  | (5.4) |  |  | (9.6) |
Non-operating (income) expense, net(1) |  | (1.3) |  |  | — |  |  | (1.3) |
Loss from discontinued operations before income taxes |  | (2.9) |  |  | (5.4) |  |  | (8.3) |
Benefit from income taxes |  | (1.4) |  |  | (1.3) |  |  | (2.7) |
Loss from discontinued operations |  | $ | (1.5) |  |  | $ | (4.1) |  |  | $ | (5.6) |
(1)Includes items that are presented separately on the Condensed Consolidated Statements of Income.
|  | 2019
(in millions) |  | CBF |  | Other |  | Total
Revenue |  | $ | 327.0 |  |  | $ | — |  |  | $ | 327.0 |
Cost of goods sold |  | 261.4 |  |  | — |  |  | 261.4 |
Operating expense, net(1) |  | 45.5 |  |  | 1.8 |  |  | 47.3 |
Operating income |  | 20.1 |  |  | (1.8) |  |  | 18.3 |
Non-operating (income) expense, net(1) |  | (0.1) |  |  | — |  |  | (0.1) |
Income (loss) from discontinued operations before income taxes |  | 20.2 |  |  | (1.8) |  |  | 18.4 |
Provision for (benefit from) income taxes |  | 4.3 |  |  | (0.9) |  |  | 3.4 |
Income (loss) from discontinued operations |  | $ | 15.9 |  |  | $ | (0.9) |  |  | $ | 15.0 |
(1)Includes items that are presented separately on the Condensed Consolidated Statements of Income.
|  | 2018
(in millions) |  | CBF |  | CFS |  | Total
Revenue |  | $ | 373.8 |  |  | $ | 69.5 |  |  | $ | 443.3 |
Cost of goods sold |  | 322.4 |  |  | 49.5 |  |  | 371.9 |
Operating expense, net(1) |  | 52.4 |  |  | 16.7 |  |  | 69.1 |
Operating (loss) income |  | (1.0) |  |  | 3.3 |  |  | 2.3 |
Non-operating (income) expense, net(1) |  | — |  |  | — |  |  | — |
(Loss) income from discontinued operations before income taxes |  | (1.0) |  |  | 3.3 |  |  | 2.3 |
Gain on sale of discontinued operations |  | — |  |  | 296.8 |  |  | 296.8 |
(Benefit from) provision for income taxes |  | (1.3) |  |  | 47.6 |  |  | 46.3 |
Income from discontinued operations |  | $ | 0.3 |  |  | $ | 252.5 |  |  | $ | 252.8 |
(1)Includes items that are presented separately on the Condensed Consolidated Statements of Income. 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) |  | December 31, 2020 |  | December 31, 2019
ASSETS |  |  |  |
Cash and cash equivalents |  | $ | 5.1 |  |  | $ | 8.7 |
Receivables, net |  | 58.3 |  |  | 60.0 |
Inventories |  | 70.8 |  |  | 75.7 |
Prepaid other current assets |  | 10.4 |  |  | 7.3 |
Total current assets |  | 144.6 |  |  | 151.7 |
Property, plant, and equipment, net |  | 102.0 |  |  | 107.2 |
Goodwill, net |  | 96.5 |  |  | 96.5 |
Other intangible assets, net |  | 73.9 |  |  | 80.2 |
Other long-term assets |  | 2.6 |  |  | 3.4 |
Total long-term assets |  | $ | 275.0 |  |  | $ | 287.3 |
LIABILITIES |  |  |  |
Accounts payable |  | $ | 33.1 |  |  | $ | 30.6 |
Accrued liabilities and other |  | 20.4 |  |  | 14.0 |
Total current liabilities |  | 53.5 |  |  | 44.6 |
Other long-term liabilities |  | 21.9 |  |  | 24.8 |
Total long-term liabilities |  | $ | 21.9 |  |  | $ | 24.8 |
A summary of cash flows from discontinued operations included in the Consolidated Statements of Cash Flows follows:
|  | 2020 |  | 2019 |  | 2018
(in millions) |  | CBF |  | CBF |  | CBF |  | CFS |  | Total
Net cash provided by (used in) operating activities |  | $ | 38.0 |  |  | $ | 16.9 |  |  | $ | 12.3 |  |  | $ | (2.0) |  |  | $ | 10.3 |
Net cash used in investing activities |  | (9.6) |  |  | (18.3) |  |  | (22.3) |  |  | (8.1) |  |  | (30.4) |
Net cash (used in) provided by financing activities(1) |  | (32.0) |  |  | 2.7 |  |  | 12.2 |  |  | 11.4 |  |  | 23.6 |
Change in cash and cash equivalents from discontinued operations |  | $ | (3.6) |  |  | $ | 1.3 |  |  | $ | 2.2 |  |  | $ | 1.3 |  |  | $ | 3.5 |
(1)Represents (repayments) borrowings from the Carlisle cash pool, dividends and returns of capital.

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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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