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Discontinued Operations | 9 Months Ended
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Sep. 30, 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 follows:
(in millions) |  |  |  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30,
|  |  | 2021 |  |  |  | 2021
Revenues |  |  |  | $ | 32.8 |  |  |  |  | $ | 219.7 |
Cost of goods sold |  |  |  | 23.9 |  |  |  |  | 171.3 |
Other operating expenses, net |  |  |  | 4.5 |  |  |  |  | 28.3 |
Operating income |  |  |  | 4.4 |  |  |  |  | 20.1 |
Other non-operating expense, net |  |  |  | — |  |  |  |  | 0.2 |
Income from discontinued operations before income taxes and loss on sale |  |  |  | 4.4 |  |  |  |  | 19.9 |
Loss on sale of discontinued operations |  |  |  | (2.2) |  |  |  |  | (6.9) |
Income from discontinued operations before income taxes |  |  |  | 2.2 |  |  |  |  | 13.0 |
Benefit from income taxes |  |  |  | (26.9) |  |  |  |  | (24.4) |
Income from discontinued operations |  |  |  | $ | 29.1 |  |  |  |  | $ | 37.4 |
Income from discontinued operations in the first nine months of 2022 primarily reflects a gain on the sale of real estate associated with the 2021 sale of the equity interests and assets comprising the CBF segment. A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, follows:
(in millions) |  | 2022 |  | 2021
Net cash (used in) provided by operating activities |  | $ | (2.6) |  |  | $ | 8.5 |
Net cash provided by investing activities |  | 132.0 |  |  | 241.0 |
Net cash used in financing activities(1) |  | (129.4) |  |  | (254.6) |
Change in cash and cash equivalents from discontinued operations |  | $ | — |  |  | $ | (5.1) |
(1)Represents borrowings from (repayments to) 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 https://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 https://asc.fasb.org/subtopic&trid=2122178 + Details
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