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Discontinued Operations | 12 Months Ended
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Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations On May 21, 2024, the Company completed the sale of CIT for cash proceeds of $2.025 billion, subject to certain customary purchase price adjustments, which were finalized in the third quarter of 2024. On October 2, 2023, the Company completed the sale of CFT for proceeds of $520 million, subject to certain customary purchase price adjustments, which were finalized in the fourth quarter of 2024. The sales of CFT and CIT are consistent with the Company's pivot to a pure play building products company employing a capital allocation approach to its highest returning businesses. On August 2, 2021, the Company completed the sale of the equity interests and assets comprising its former Carlisle Brake & Friction ("CBF") segment for gross cash 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. 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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- 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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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