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v3.23.3

Discontinued Operations (Tables) | 9 Months Ended
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Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Summary Activity of Discontinued Operations | A summary of the results from discontinued operations included in the Condensed Consolidated Statements of Income and Comprehensive Income follows:
|  | Three Months Ended September 30, 2023
|  | CIT |  | CFT |  | Other |  | Total
Revenues |  | $ | 218.2 |  |  | $ | 76.4 |  |  | $ | — |  |  | $ | 294.6 |
Cost of goods sold |  | 162.7 |  |  | 42.4 |  |  | — |  |  | 205.1 |
Other operating expenses, net |  | 30.2 |  |  | 17.2 |  |  | — |  |  | 47.4 |
Operating income |  | 25.3 |  |  | 16.8 |  |  | — |  |  | 42.1 |
Other non-operating (income) expense, net |  | (0.2) |  |  | (0.7) |  |  | 0.7 |  |  | (0.2) |
Income (loss) from discontinued operations before income taxes and loss from classification to held for sale |  | 25.5 |  |  | 17.5 |  |  | (0.7) |  |  | 42.3 |
Loss (gain) from classification to held for sale(1) |  | 2.7 |  |  | (3.6) |  |  | — |  |  | (0.9) |
Income (loss) from discontinued operations before income taxes |  | 22.8 |  |  | 21.1 |  |  | (0.7) |  |  | 43.2 |
(Benefit from) provision for income taxes |  | (11.2) |  |  | 5.4 |  |  | 0.3 |  |  | (5.5) |
Income (loss) from discontinued operations |  | $ | 34.0 |  |  | $ | 15.7 |  |  | $ | (1.0) |  |  | $ | 48.7 |
|  | Three Months Ended September 30, 2022
|  | CIT |  | CFT |  | Other |  | Total
Revenues |  | $ | 223.7 |  |  | $ | 73.4 |  |  | $ | — |  |  | $ | 297.1 |
Cost of goods sold |  | 175.5 |  |  | 43.8 |  |  | — |  |  | 219.3 |
Other operating expenses, net |  | 35.6 |  |  | 18.0 |  |  | — |  |  | 53.6 |
Operating income |  | 12.6 |  |  | 11.6 |  |  | — |  |  | 24.2 |
Other non-operating (income) expense, net |  | (0.3) |  |  | (0.3) |  |  | 0.1 |  |  | (0.5) |
Income (loss) from discontinued operations before income taxes |  | 12.9 |  |  | 11.9 |  |  | (0.1) |  |  | 24.7 |
Provision for (benefit from) income taxes |  | 0.5 |  |  | 2.4 |  |  | 0.4 |  |  | 3.3 |
Income (loss) from discontinued operations |  | $ | 12.4 |  |  | $ | 9.5 |  |  | $ | (0.5) |  |  | $ | 21.4 |
(1)Includes the valuation allowance to reduce the carrying amount of the disposal group to its fair value less costs to sell and other transaction expenses incurred.
|  | Nine Months Ended September 30, 2023
|  | CIT |  | CFT |  | Other |  | Total
Revenues |  | $ | 650.6 |  |  | $ | 227.1 |  |  | $ | — |  |  | $ | 877.7 |
Cost of goods sold |  | 496.9 |  |  | 129.5 |  |  | — |  |  | 626.4 |
Impairment(2) |  | — |  |  | 24.8 |  |  | — |  |  | 24.8 |
Other operating expenses, net |  | 99.6 |  |  | 55.5 |  |  | — |  |  | 155.1 |
Operating income |  | 54.1 |  |  | 17.3 |  |  | — |  |  | 71.4 |
Other non-operating expense (income), net |  | 0.2 |  |  | (0.2) |  |  | 1.3 |  |  | 1.3 |
Income (loss) from discontinued operations before income taxes and loss from classification to held for sale |  | 53.9 |  |  | 17.5 |  |  | (1.3) |  |  | 70.1 |
Loss from classification to held for sale(1) |  | 2.7 |  |  | 47.2 |  |  | — |  |  | 49.9 |
Income (loss) from discontinued operations before income taxes |  | 51.2 |  |  | (29.7) |  |  | (1.3) |  |  | 20.2 |
Benefit from income taxes |  | (5.8) |  |  | (7.0) |  |  | (1.7) |  |  | (14.5) |
Income (loss) from discontinued operations |  | $ | 57.0 |  |  | $ | (22.7) |  |  | $ | 0.4 |  |  | $ | 34.7 |
|  | Nine Months Ended September 30, 2022
|  | CIT |  | CFT |  | Other |  | Total
Revenues |  | $ | 621.3 |  |  | $ | 216.5 |  |  | $ | — |  |  | $ | 837.8 |
Cost of goods sold |  | 499.2 |  |  | 133.9 |  |  | — |  |  | 633.1 |
Other operating expenses, net |  | 104.4 |  |  | 59.4 |  |  | — |  |  | 163.8 |
Operating income |  | 17.7 |  |  | 23.2 |  |  | — |  |  | 40.9 |
Other non-operating income, net |  | (1.1) |  |  | (0.1) |  |  | (4.1) |  |  | (5.3) |
Income from discontinued operations before income taxes |  | 18.8 |  |  | 23.3 |  |  | 4.1 |  |  | 46.2 |
(Benefit from) provision for income taxes |  | (3.1) |  |  | 4.9 |  |  | (0.4) |  |  | 1.4 |
Income from discontinued operations |  | $ | 21.9 |  |  | $ | 18.4 |  |  | $ | 4.5 |  |  | $ | 44.8 |
(1)Includes the valuation allowance to reduce the carrying amount of the disposal group to its fair value less costs to sell and other transaction expenses incurred. (2)In the second quarter of 2023, as a result of the anticipated sale of the CFT reporting unit, the Company evaluated the reporting unit for impairment and determined that it was more likely than not that the carrying value of the reporting unit exceeded its fair value. Accordingly, an impairment analysis was performed that resulted in a goodwill impairment charge of $24.8 million. A summary of the carrying amounts of major assets and liabilities of CIT and CFT, which were classified as held for sale in the Condensed Consolidated Balance Sheets, follows:
(in millions) |  | September 30, 2023 |  | December 31, 2022
ASSETS |  |  |  |
Cash and cash equivalents |  | $ | 23.2 |  |  | $ | 35.2 |
Receivables, net |  | 203.7 |  |  | 213.8 |
Inventories |  | 238.7 |  |  | 230.8 |
Prepaid other current assets |  | 109.1 |  |  | 120.0 |
Valuation allowance(1) |  | (41.3) |  |  | — |
Total current assets |  |  |  | 599.8 |
Property, plant, and equipment, net |  | 221.3 |  |  | 220.7 |
Goodwill, net |  | 999.4 |  |  | 1,023.1 |
Other intangible assets, net |  | 473.9 |  |  | 509.8 |
Other long-term assets |  | 31.4 |  |  | 18.4 |
Total long-term assets |  |  |  | 1,772.0 |
Total assets of the disposal group classified as held for sale(2) |  | $ | 2,259.4 |  |  | $ | 2,371.8 |
LIABILITIES |  |  |  |
Accounts payable |  | $ | 85.2 |  |  | $ | 97.0 |
Accrued liabilities and other |  | 88.1 |  |  | 91.5 |
Total current liabilities |  |  |  | 188.5 |
Other long-term liabilities |  | 91.9 |  |  | 94.1 |
Total long-term liabilities |  |  |  | 94.1 |
Total liabilities of the disposal group classified as held for sale(2) |  | $ | 265.2 |  |  | $ | 282.6 |
(1) The Company has recorded a contra asset to reflect the carrying amount of the CFT disposal group at its fair value less cost to sell. (2) The assets and liabilities of the disposal group classified as held for sale are classified as current on the September 30, 2023 Condensed Consolidated Balance Sheet as it is probable that the sale will occur and proceeds will be collected within one year. A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows follows:
|  | Nine Months Ended September 30, 2023
(in millions) |  | CIT |  | CFT |  | Other |  | Total
Net cash provided by operating activities |  | $ | 99.4 |  |  | $ | 50.7 |  |  | $ | 0.4 |  |  | $ | 150.5 |
Net cash used in investing activities |  | (17.4) |  |  | (1.6) |  |  | — |  |  | (19.0) |
Net cash used in financing activities(1) |  | (87.1) |  |  | (56.0) |  |  | (0.4) |  |  | (143.5) |
Change in cash and cash equivalents from discontinued operations |  | (5.1) |  |  | (6.9) |  |  | — |  |  | (12.0) |
Cash and cash equivalents from discontinued operations at beginning of period |  | 23.9 |  |  | 11.3 |  |  | — |  |  | 35.2 |
Cash and cash equivalents from discontinued operations at end of period |  | $ | 18.8 |  |  | $ | 4.4 |  |  | $ | — |  |  | $ | 23.2 |
|  | Nine Months Ended September 30, 2022
(in millions) |  | CIT |  | CFT |  | Other |  | Total
Net cash provided by (used in) operating activities |  | $ | 37.0 |  |  | $ | 11.6 |  |  | $ | (2.6) |  |  | $ | 46.0 |
Net cash (used in) provided by investing activities |  | (13.7) |  |  | (3.5) |  |  | 132.0 |  |  | 114.8 |
Net cash used in financing activities(1) |  | (14.4) |  |  | (9.7) |  |  | (129.4) |  |  | (153.5) |
Change in cash and cash equivalents from discontinued operations |  | 8.9 |  |  | (1.6) |  |  | — |  |  | 7.3 |
Cash and cash equivalents from discontinued operations at beginning of period |  | 14.6 |  |  | 10.7 |  |  | — |  |  | 25.3 |
Cash and cash equivalents from discontinued operations at end of period |  | $ | 23.5 |  |  | $ | 9.1 |  |  | $ | — |  |  | $ | 32.6 |
(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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