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Discontinued Operations | 3 Months Ended
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Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations On August 2, 2021, the Company completed the sale of the equity interests and assets comprising the Carlisle Brake & Friction ("CBF") segment for gross proceeds of (i) $250 million 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 February 23, 2022, the Company received $125 million in cash for the full amount of the contingent consideration. 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 for the three months ended March 31, follows:
(in millions) |  |  |  |  |  |  |  | 2021
Revenues |  |  |  |  |  |  |  | $ | 88.1 |
Cost of goods sold |  |  |  |  |  |  |  | 71.3 |
Other operating expenses, net |  |  |  |  |  |  |  | 12.0 |
Operating income |  |  |  |  |  |  |  | 4.8 |
Other non-operating expense, net |  |  |  |  |  |  |  | 0.3 |
Income from discontinued operations before income taxes |  |  |  |  |  |  |  | 4.5 |
Provision for income taxes |  |  |  |  |  |  |  | 1.4 |
Income from discontinued operations |  |  |  |  |  |  |  | $ | 3.1 |
A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, follows:
(in millions) |  | 2022 |  | 2021
Net cash (used in) provided by operating activities |  | $ | (0.7) |  |  | $ | 3.5 |
Net cash provided by (used in) investing activities |  | 125.0 |  |  | (2.5) |
Net cash (used in) provided by financing activities(1) |  | (124.3) |  |  | 0.1 |
Change in cash and cash equivalents from discontinued operations |  | $ | — |  |  | $ | 1.1 |
(1)Represents (repayments) or borrowings from the Carlisle cash pool to fund working capital and capital expenditures and return of capital upon sale

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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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