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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Summary Activity of Discontinued Operations | A summary of the results from discontinued operations included in the Consolidated Statements of Income and Comprehensive Income follows:
|  | 2024
(in millions) |  | CIT |  | CFT |  | Other |  | Total
Revenues |  | $ | 328.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 328.6 |
Cost of goods sold |  | 237.5 |  |  | — |  |  | — |  |  | 237.5 |
Other operating expenses, net |  | 34.4 |  |  | — |  |  | — |  |  | 34.4 |
Operating income |  | 56.7 |  |  | — |  |  | — |  |  | 56.7 |
Other non-operating expense, net |  | 0.5 |  |  | 24.9 |  |  | 5.4 |  |  | 30.8 |
Income (loss) from discontinued operations before income taxes and loss on sale |  | 56.2 |  |  | (24.9) |  |  | (5.4) |  |  | 25.9 |
(Gain) loss on sale of discontinued operations |  | (457.3) |  |  | 2.9 |  |  | — |  |  | (454.4) |
Income (loss) from discontinued operations before income taxes |  | 513.5 |  |  | (27.8) |  |  | (5.4) |  |  | 480.3 |
Provision for (benefit from) income taxes |  | 49.0 |  |  | (9.5) |  |  | (5.9) |  |  | 33.6 |
Income (loss) from discontinued operations |  | $ | 464.5 |  |  | $ | (18.3) |  |  | $ | 0.5 |  |  | $ | 446.7 |
|  | 2023
(in millions) |  | CIT |  | CFT |  | Other |  | Total
Revenues |  | $ | 886.1 |  |  | $ | 227.1 |  |  | $ | — |  |  | $ | 1,113.2 |
Cost of goods sold |  | 666.9 |  |  | 129.2 |  |  | — |  |  | 796.1 |
Impairment |  | — |  |  | 24.8 |  |  | — |  |  | 24.8 |
Other operating expenses, net |  | 119.7 |  |  | 55.8 |  |  | — |  |  | 175.5 |
Operating income |  | 99.5 |  |  | 17.3 |  |  | — |  |  | 116.8 |
Other non-operating (income) expense, net |  | (0.5) |  |  | — |  |  | 1.8 |  |  | 1.3 |
Income (loss) from discontinued operations before income taxes and loss on sale |  | 100.0 |  |  | 17.3 |  |  | (1.8) |  |  | 115.5 |
Pre-close transaction expenses(1) |  | 11.3 |  |  | — |  |  | — |  |  | 11.3 |
Loss on sale of discontinued operations |  | — |  |  | 82.5 |  |  | — |  |  | 82.5 |
Income (loss) from discontinued operations before income taxes |  | 88.7 |  |  | (65.2) |  |  | (1.8) |  |  | 21.7 |
Provision for (benefit from) income taxes |  | 1.3 |  |  | (26.2) |  |  | (1.9) |  |  | (26.8) |
Income (loss) from discontinued operations |  | $ | 87.4 |  |  | $ | (39.0) |  | 0 | $ | 0.1 |  |  | $ | 48.5 |
(1)Includes legal fees and stock-based compensation expenses directly related to the sale incurred prior to the close of the transaction. Upon close of the transaction, these expenses are incorporated into the (gain)/loss on sale of discontinued operations.
|  | 2022
(in millions) |  | CIT |  | CFT |  | CBF |  | Total
Revenues |  | $ | 845.4 |  |  | $ | 297.1 |  |  | $ | — |  |  | $ | 1,142.5 |
Cost of goods sold |  | 669.3 |  |  | 181.8 |  |  | — |  |  | 851.1 |
Other operating expenses, net |  | 141.0 |  |  | 79.5 |  |  | — |  |  | 220.5 |
Operating income |  | 35.1 |  |  | 35.8 |  |  | — |  |  | 70.9 |
Other non-operating (income) expense, net |  | (1.1) |  |  | — |  |  | 12.4 |  |  | 11.3 |
Income (loss) from discontinued operations before income taxes and gain on sale |  | 36.2 |  |  | 35.8 |  |  | (12.4) |  |  | 59.6 |
Gain on sale of discontinued operations |  | — |  |  | — |  |  | (7.0) |  |  | (7.0) |
Income (loss) from discontinued operations before income taxes |  | 36.2 |  |  | 35.8 |  |  | (5.4) |  |  | 66.6 |
Provision for (benefit from) income taxes |  | 2.0 |  |  | 2.8 |  |  | (4.2) |  |  | 0.6 |
Income (loss) from discontinued operations |  | $ | 34.2 |  |  | $ | 33.0 |  |  | $ | (1.2) |  |  | $ | 66.0 |
A summary of the carrying amounts of major assets and liabilities of CIT classified as held for sale in the Consolidated Balance Sheets follows:
(in millions) |  |  |  | December 31, 2023
ASSETS |  |  |  |
Cash and cash equivalents |  |  |  | $ | 28.8 |
Receivables, net |  |  |  | 145.5 |
Inventories, net |  |  |  | 149.5 |
Contract assets |  |  |  | 75.9 |
Prepaid and other current assets |  |  |  | 23.7 |
Property, plant, and equipment, net |  |  |  | 183.4 |
Goodwill |  |  |  | 838.0 |
Other intangible assets, net |  |  |  | 259.3 |
Other long-term assets |  |  |  | 21.5 |
Total assets of the disposal group classified as held for sale |  |  |  | $ | 1,725.6 |
LIABILITIES |  |  |  |
Accounts payable |  |  |  | $ | 84.3 |
Contract liabilities |  |  |  | 1.4 |
Accrued liabilities and other |  |  |  | 52.4 |
Other long-term liabilities |  |  |  | 80.7 |
Total liabilities of the disposal group classified as held for sale |  |  |  | $ | 218.8 |
A summary of cash flows from discontinued operations included in the Consolidated Statements of Cash Flows follows:
|  | 2024
(in millions) |  | CIT |  | CFT |  | Other |  | Total
Net cash provided by (used in) operating activities |  | $ | 8.9 |  |  | $ | (18.3) |  |  | $ | 0.5 |  |  | $ | (8.9) |
Net cash provided by investing activities |  | 1,986.3 |  |  | — |  |  | — |  |  | 1,986.3 |
Net cash (used in) provided by financing activities(1) |  | (2,024.0) |  |  | 18.3 |  |  | (0.5) |  |  | (2,006.2) |
Change in cash and cash equivalents from discontinued operations |  | (28.8) |  |  | — |  |  | — |  |  | (28.8) |
Cash and cash equivalents from discontinued operations at beginning of period |  | 28.8 |  |  | — |  |  | — |  |  | 28.8 |
Cash and cash equivalents from discontinued operations at end of period |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | 2023
(in millions) |  | CIT |  | CFT |  | Other |  | Total
Net cash provided by operating activities |  | $ | 113.3 |  |  | $ | 50.7 |  |  | $ | 0.1 |  |  | $ | 164.1 |
Net cash (used in) provided by investing activities |  | (28.8) |  |  | 509.0 |  |  | — |  |  | 480.2 |
Net cash used in financing activities(1) |  | (79.6) |  |  | (571.0) |  |  | (0.1) |  |  | (650.7) |
Change in cash and cash equivalents from discontinued operations |  | 4.9 |  |  | (11.3) |  |  | — |  |  | (6.4) |
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 |  | $ | 28.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 28.8 |
|  | 2022
(in millions) |  | CIT |  | CFT |  | CBF |  | Total
Net cash provided by (used in) operating activities |  | $ | 42.9 |  |  | $ | 25.8 |  |  | $ | (8.2) |  |  | $ | 60.5 |
Net cash (used in) provided by investing activities |  | (18.3) |  |  | (4.5) |  |  | 132.0 |  |  | 109.2 |
Net cash used in financing activities(1) |  | (15.3) |  |  | (20.7) |  |  | (123.8) |  |  | (159.8) |
Change in cash and cash equivalents from discontinued operations |  | 9.3 |  |  | 0.6 |  |  | — |  |  | 9.9 |
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 |  | $ | 23.9 |  |  | $ | 11.3 |  |  | $ | — |  |  | $ | 35.2 |
(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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