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Discontinued Operations
 12 Months Ended
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)CBFOtherTotal
Revenue$275.3 $— $275.3 
Cost of goods sold230.3 — 230.3 
Operating expense, net(1)
49.2 5.4 54.6 
Operating income(4.2)(5.4)(9.6)
Non-operating (income) expense, net(1)
(1.3)— (1.3)
Loss from discontinued operations before income taxes(2.9)(5.4)(8.3)
Benefit from income taxes(1.4)(1.3)(2.7)
Loss from discontinued operations$(1.5)$(4.1)$(5.6)
(1)Includes items that are presented separately on the Condensed Consolidated Statements of Income.
2019
(in millions)CBFOtherTotal
Revenue$327.0 $— $327.0 
Cost of goods sold261.4 — 261.4 
Operating expense, net(1)
45.5 1.8 47.3 
Operating income20.1 (1.8)18.3 
Non-operating (income) expense, net(1)
(0.1)— (0.1)
Income (loss) from discontinued operations before income taxes20.2 (1.8)18.4 
Provision for (benefit from) income taxes4.3 (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)CBFCFSTotal
Revenue$373.8 $69.5 $443.3 
Cost of goods sold322.4 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, net58.3 60.0 
Inventories70.8 75.7 
Prepaid other current assets 10.4 7.3 
Total current assets144.6 151.7 
Property, plant, and equipment, net102.0 107.2 
Goodwill, net96.5 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 other20.4 14.0 
Total current liabilities53.5 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:
202020192018
(in millions)CBFCBFCBFCFSTotal
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.