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Acquisitions | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Acquisitions | Acquisitions 2024 Acquisitions PFB Holdco. On December 18, 2024, the Company completed the acquisition of 100% of the equity interests of PFB Holdco, Inc. ("PFB") for cash consideration of $268.9 million, including $6.4 million of cash acquired, subject to certain customary purchase price adjustments. PFB is a leading vertically integrated provider of expanded polystyrene insulation products across Canada and the Midwestern United States. For the period from December 18, 2024 to December 31, 2024, PFB contributed revenues of $1.3 million and operating loss of $1.0 million. The results of operations of the acquired business are reported as part of the CWT segment. The acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations. The following table summarizes the consideration transferred to acquire PFB and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed based upon their acquisition date fair values with the remainder allocated to goodwill. The fair values are preliminary and subject to change pending receipt of the final valuation for all acquired assets and liabilities.
|  | Preliminary Allocation |  |  |  |
(in millions) |  | As of 12/18/2024 |  |  |
Total cash consideration transferred |  | $ | 268.9 |  |  |  |  |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |  |  |
Cash and cash equivalents |  | 6.4 |  |  |  |  |
Receivables, net |  | 9.6 |  |  |  |  |
Inventories |  | 14.5 |  |  |  |  |
Prepaid expenses and other current assets |  | 6.6 |  |  |  |  |
Property, plant and equipment |  | 31.7 |  |  |  |  |
Definite-lived intangible assets |  | 112.8 |  |  |  |  |
Other long-term assets |  | 46.1 |  |  |  |  |
Accounts payable |  | (4.6) |  |  |  |  |
Accrued and other current liabilities |  | (27.8) |  |  |  |  |
Deferred income taxes |  | (27.9) |  |  |  |  |
Other long-term liabilities |  | (43.5) |  |  |  |  |
Total identifiable net assets |  | 123.9 |  |  |  |  |
Goodwill |  | $ | 145.0 |  |  |  |  |
The Company acquired $9.8 million of gross contractual accounts receivable, of which $0.2 million was not expected to be collected at the date of acquisition. The goodwill recognized in the acquisition of PFB reflects market participant synergies attributable to significant raw material purchase synergies with CWT, other administrative synergies, the value of the assembled workforce to Carlisle and opportunities for product line expansions. All of the goodwill has been preliminarily assigned to the CWT reporting unit. None of the goodwill is deductible for tax purposes. The preliminary fair values and weighted average useful lives of the acquired definite-lived intangible assets are as follows:
(in millions) |  | Fair Value |  | Weighted Average Useful Life (in years)
Customer relationships |  | $ | 74.9 |  |  | 11
Trade names |  | 15.0 |  |  | 15
Technologies |  | 22.9 |  |  | 10
Total |  | $ | 112.8 |  |  |
The Company has also preliminarily recorded, as part of the purchase price allocation, deferred tax liabilities primarily related to intangible assets of approximately $27.9 million. MTL Holdings On May 1, 2024, the Company completed the acquisition of 100% of the equity interests of MTL Holdings LLC ("MTL") for cash consideration of $424.6 million, including $10.3 million of cash acquired, subject to post-closing adjustments which were finalized in the third quarter of 2024. MTL is a leading provider of prefabricated perimeter edge metal systems and non-insulated architectural metal wall systems for commercial, institutional and industrial buildings. For the period from May 1, 2024 to December 31, 2024, MTL contributed revenues of $86.9 million and operating income of $8.5 million. The results of operations of the acquired business are reported as part of the CCM segment. The acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations. The following table summarizes the consideration transferred to acquire MTL and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed based upon their acquisition date fair values with the remainder allocated to goodwill. The fair values are preliminary and subject to change pending receipt of the final valuation for all acquired assets and liabilities.
|  | Preliminary Allocation |  | Measurement Period Adjustments |  | Preliminary Allocation
(in millions) |  | As of 5/1/2024 |  |  | As of 12/31/2024
Total cash consideration transferred |  | $ | 423.1 |  |  | $ | 1.5 |  |  | $ | 424.6 |
Recognized amounts of identifiable assets acquired and liabilities assumed: |  |  |  |  |  |
Cash and cash equivalents |  | 10.3 |  |  | — |  |  | 10.3 |
Receivables, net |  | 14.0 |  |  | — |  |  | 14.0 |
Inventories |  | 17.2 |  |  | — |  |  | 17.2 |
Prepaid expenses and other current assets |  | 0.9 |  |  | — |  |  | 0.9 |
Property, plant and equipment |  | 10.7 |  |  | (0.3) |  |  | 10.4 |
Definite-lived intangible assets |  | 248.3 |  |  | — |  |  | 248.3 |
Other long-term assets |  | 8.1 |  |  | — |  |  | 8.1 |
Accounts payable |  | (5.9) |  |  | — |  |  | (5.9) |
Accrued and other current liabilities |  | (6.1) |  |  | — |  |  | (6.1) |
Deferred income taxes |  | (6.9) |  |  | — |  |  | (6.9) |
Other long-term liabilities |  | (6.7) |  |  | — |  |  | (6.7) |
Total identifiable net assets |  | 283.9 |  |  | (0.3) |  |  | 283.6 |
Goodwill |  | $ | 139.2 |  |  | $ | 1.8 |  |  | $ | 141.0 |
The Company acquired $14.1 million of gross contractual accounts receivable, of which $0.1 million was not expected to be collected at the date of acquisition. The goodwill recognized in the acquisition of MTL reflects market participant synergies attributable to significant raw material purchase synergies with CCM, other administrative synergies, the value of the assembled workforce to Carlisle and opportunities for product line expansions. All of the goodwill has been preliminarily assigned to the Carlisle Architectural Metals reporting unit, which is part of the CCM reportable segment. Goodwill totaled $141.0 million, of which $134.3 million is deductible for tax purposes. The preliminary fair values and weighted average useful lives of the acquired definite-lived intangible assets are as follows:
(in millions) |  | Fair Value |  | Weighted Average Useful Life (in years)
Customer relationships |  | $ | 183.1 |  |  | 13
Trade names |  | 44.6 |  |  | 19
Technologies |  | 18.1 |  |  | 11
Software |  | 2.5 |  |  | 5
Total |  | $ | 248.3 |  |  |
The Company has also preliminarily recorded, as part of the purchase price allocation, deferred tax liabilities primarily related to intangible assets of approximately $6.9 million. 2023 Acquisition Polar Industries On November 8, 2023, the Company acquired select assets of Polar Industries, Inc., Fox Transport, Inc. and LRH, LLC (collectively “Polar”), for consideration of $36.1 million including post-closing adjustments, which were finalized in the first quarter of 2024. Polar is a manufacturer of expanded polystyrene and graphite polystyrene for residential and commercial application. For the period from November 8, 2023 to December 31, 2023, the related product lines contributed revenues of $2.4 million and operating income of $0.1 million. The results of operations of Polar are reported within the CWT segment. Consideration of $20.9 million has been allocated to goodwill, all of which is deductible for tax purposes. All of the goodwill was assigned to the CWT reporting unit. Consideration of $2.6 million has been allocated to customer relationships, with a useful life of nine years, $9.4 million to property, plant and equipment, $1.8 million to inventory, $1.8 million to accounts receivable, $0.2 million to accounts payable and $0.2 million to accrued and other current liabilities. 2022 Acquisition MBTechnology On February 1, 2022, the Company acquired 100% of the equity of MBTechnology (“MBTech”), for consideration of $26.3 million, including $1.6 million of cash acquired and post-closing adjustments, which were finalized in the second quarter of 2022. MBTech is a manufacturer of energy-efficient roofing and underlayment systems for residential and commercial applications. For the period from February 1, 2022 to December 31, 2022, the related product lines contributed revenues of $12.0 million, and operating income of $0.2 million. The results of operations of MBTech are reported within the CWT segment. Consideration of $12.5 million has been allocated to goodwill, none of which is deductible for tax purposes. All of the goodwill was assigned to the CCM reporting unit, which was divided into four reporting units in 2022 with goodwill allocated to the new reporting units based on their relative fair values. Consideration of $7.9 million has been allocated to customer relationships, with a useful life of nine years, $3.4 million to property, plant and equipment, $2.8 million to inventory, $0.8 million to accounts receivable, and $0.5 million to accounts payable.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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