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Discontinued Operations (Tables)
 12 Months Ended
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)CITCFTOtherTotal
Revenues$328.6 $— $— $328.6 
Cost of goods sold237.5 — — 237.5 
Other operating expenses, net34.4 — — 34.4 
Operating income56.7 — — 56.7 
Other non-operating expense, net0.5 24.9 5.4 30.8 
Income (loss) from discontinued operations before income taxes and loss on sale56.2 (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 taxes513.5 (27.8)(5.4)480.3 
Provision for (benefit from) income taxes49.0 (9.5)(5.9)33.6 
Income (loss) from discontinued operations$464.5 $(18.3)$0.5 $446.7 
2023
(in millions)CITCFTOtherTotal
Revenues$886.1 $227.1 $— $1,113.2 
Cost of goods sold666.9 129.2 — 796.1 
Impairment— 24.8 — 24.8 
Other operating expenses, net119.7 55.8 — 175.5 
Operating income99.5 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 sale100.0 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 taxes88.7 (65.2)(1.8)21.7 
Provision for (benefit from) income taxes1.3 (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)CITCFTCBFTotal
Revenues$845.4 $297.1 $— $1,142.5 
Cost of goods sold669.3 181.8 — 851.1 
Other operating expenses, net141.0 79.5 — 220.5 
Operating income35.1 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 sale36.2 35.8 (12.4)59.6 
Gain on sale of discontinued operations— — (7.0)(7.0)
Income (loss) from discontinued operations before income taxes36.2 35.8 (5.4)66.6 
Provision for (benefit from) income taxes2.0 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, net145.5 
Inventories, net149.5 
Contract assets75.9 
Prepaid and other current assets 23.7 
Property, plant, and equipment, net183.4 
Goodwill838.0 
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 liabilities1.4 
Accrued liabilities and other52.4 
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)CITCFTOtherTotal
Net cash provided by (used in) operating activities$8.9 $(18.3)$0.5 $(8.9)
Net cash provided by investing activities1,986.3 — — 1,986.3 
Net cash (used in) provided by financing activities(1)
(2,024.0)18.3 (0.5)(2,006.2)
Change in cash and cash equivalents from discontinued operations(28.8)— — (28.8)
Cash and cash equivalents from discontinued operations at beginning of period28.8 — — 28.8 
Cash and cash equivalents from discontinued operations at end of period$— $— $— $— 
2023
(in millions)CITCFTOtherTotal
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 operations4.9 (11.3)— (6.4)
Cash and cash equivalents from discontinued operations at beginning of period23.9 11.3 — 35.2 
Cash and cash equivalents from discontinued operations at end of period$28.8 $— $— $28.8 
2022
(in millions)CITCFTCBFTotal
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 operations9.3 0.6 — 9.9 
Cash and cash equivalents from discontinued operations at beginning of period14.6 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.