Delaware | 31-1168055 | |
(State of incorporation) | (I.R.S. Employer Identification No.) |
(480) 781-5000 | ||
(Telephone Number) | ||
16430 North Scottsdale Road, Suite 400, Scottsdale, Arizona 85254 | ||
(Address of principal executive office, including zip code) |
Large accelerated filer ☒ | Accelerated filer ☐ |
Non-accelerated filer ☐ | Smaller reporting company ☐ |
Emerging growth company ☐ |
Page Number | ||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions except share and per share amounts) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net sales | $ | $ | $ | $ | ||||||||||||
Cost of goods sold | ||||||||||||||||
Selling and administrative expenses | ||||||||||||||||
Research and development expenses | ||||||||||||||||
Impairment charges | ||||||||||||||||
Other expense (income), net | ( | ) | ( | ) | ||||||||||||
Earnings before interest and income taxes | ||||||||||||||||
Interest expense, net | ||||||||||||||||
Earnings before income taxes from continuing operations | ||||||||||||||||
Income tax expense | ||||||||||||||||
Income (loss) from continuing operations | ( | ) | ||||||||||||||
Discontinued operations: | ||||||||||||||||
(Loss) income before income taxes | ( | ) | ( | ) | ( | ) | ||||||||||
Income tax (benefit) expense | ( | ) | ( | ) | ||||||||||||
(Loss) income from discontinued operations | ( | ) | ( | ) | ( | ) | ||||||||||
Net income (loss) | $ | $ | ( | ) | $ | $ | ||||||||||
Basic earnings per share attributable to common shares: | ||||||||||||||||
Income (loss) from continuing operations | $ | $ | ( | ) | $ | $ | ||||||||||
Income from discontinued operations | ||||||||||||||||
Basic earnings (loss) per share | $ | $ | ( | ) | $ | $ | ||||||||||
Diluted earnings per share attributable to common shares: | ||||||||||||||||
Income (loss) from continuing operations | $ | $ | ( | ) | $ | $ | ||||||||||
(Loss) income from discontinued operations | ||||||||||||||||
Diluted earnings (loss) per share | $ | $ | ( | ) | $ | $ | ||||||||||
Average shares outstanding (in thousands): | ||||||||||||||||
Basic | ||||||||||||||||
Diluted | ||||||||||||||||
Dividends declared and paid | $ | $ | $ | $ | ||||||||||||
Dividends declared and paid per share | $ | $ | $ | $ | ||||||||||||
Comprehensive income: | ||||||||||||||||
Net income (loss) | $ | $ | ( | ) | $ | $ | ||||||||||
Other comprehensive income (loss) | ||||||||||||||||
Foreign currency translation | ( | ) | ( | ) | ||||||||||||
Accrued post-retirement benefit liability, net of tax | ||||||||||||||||
Other, net of tax | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | ||||||||||||
Comprehensive income (loss) | $ | $ | ( | ) | $ | $ |
(in millions except share and per share amounts) | September 30, 2017 | December 31, 2016 | ||||||
Assets | (Unaudited) | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Receivables, net of allowance of $5.1 million and $4.0 million, respectively | ||||||||
Inventories | ||||||||
Prepaid expenses | ||||||||
Other current assets | ||||||||
Total current assets | ||||||||
Property, plant, and equipment, net | ||||||||
Other assets: | ||||||||
Goodwill, net | ||||||||
Other intangible assets, net | ||||||||
Other long-term assets | ||||||||
Total other assets | ||||||||
TOTAL ASSETS | $ | $ | ||||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | $ | ||||||
Accrued expenses | ||||||||
Deferred revenue | ||||||||
Total current liabilities | ||||||||
Long-term liabilities: | ||||||||
Long-term debt | ||||||||
Deferred revenue | ||||||||
Other long-term liabilities | ||||||||
Total long-term liabilities | ||||||||
Commitments and contingencies (See Note 11) | ||||||||
Shareholders' equity: | ||||||||
Preferred stock, $1 par value per share (authorized and unissued 5,000,000 shares) | ||||||||
Common stock, $1 par value per share (authorized 200,000,000 shares; issued 78,661,248 shares; outstanding 61,763,078 and 64,257,182 shares, respectively) | ||||||||
Additional paid-in capital | ||||||||
Deferred compensation equity | ||||||||
Treasury shares, at cost (16,714,585 and 14,178,801 shares, respectively) | ( | ) | ( | ) | ||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Retained earnings | ||||||||
Total shareholders' equity | ||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | $ |
Nine Months Ended September 30, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Operating activities | ||||||||
Net income | $ | $ | ||||||
Reconciliation of net income to net cash provided by operating activities: | ||||||||
Depreciation | ||||||||
Amortization | ||||||||
Impairment charges | ||||||||
Stock-based compensation, net of tax benefit | ( | ) | ||||||
Other operating activities, net | ( | ) | ||||||
Changes in assets and liabilities, excluding effects of acquisitions: | ||||||||
Receivables | ( | ) | ( | ) | ||||
Inventories | ( | ) | ( | ) | ||||
Prepaid expenses and other assets | ||||||||
Accounts payable | ||||||||
Accrued expenses | ||||||||
Deferred revenues | ||||||||
Other long-term liabilities | ( | ) | ( | ) | ||||
Net cash provided by operating activities | ||||||||
Investing activities | ||||||||
Acquisitions, net of cash acquired | ( | ) | ( | ) | ||||
Capital expenditures | ( | ) | ( | ) | ||||
Other investing activities, net | ||||||||
Net cash used in investing activities | ( | ) | ( | ) | ||||
Financing activities | ||||||||
Repayments of borrowings | ( | ) | ||||||
Proceeds from revolving credit facility | ||||||||
Repayments of revolving credit facility | ( | ) | ||||||
Repurchases of common stock | ( | ) | ( | ) | ||||
Dividends paid | ( | ) | ( | ) | ||||
Withholding tax paid related to stock-based compensation | ( | ) | ( | ) | ||||
Proceeds from exercise of stock options | ||||||||
Net cash used in financing activities | ( | ) | ( | ) | ||||
Effect of foreign currency exchange rate changes on cash and cash equivalents | ||||||||
Change in cash and cash equivalents | ( | ) | ( | ) | ||||
Cash and cash equivalents | ||||||||
Beginning of period | ||||||||
End of period | $ | $ |
Common Stock | Additional Paid-In Capital | Deferred Compensation Equity | Accumulated Other Comprehensive Income (loss) | Retained Earnings | Shares in Treasury | Total Shareholders' Equity | |||||||||||||||||||||||||||
Shares | Amount | Shares | Cost | ||||||||||||||||||||||||||||||
Balance at December 31, 2015 | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | ( | ) | — | — | — | ( | ) | ||||||||||||||||||||||
Cash dividends - $0.95 per share | — | — | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||||
Repurchases of common stock | ( | ) | — | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||||||||
Issuances and deferrals, net for stock based compensation (1) | — | — | — | ( | ) | ||||||||||||||||||||||||||||
Balance at September 30, 2016 | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||||||||||||||||
Balance at December 31, 2016 | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Cash dividends - $1.07 per share | — | — | — | — | — | ( | ) | — | — | ( | ) | ||||||||||||||||||||||
Repurchases of common stock | ( | ) | — | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||||||||
Issuances and deferrals, net for stock based compensation (1) | — | — | — | ( | ) | ( | ) | ||||||||||||||||||||||||||
Balance at September 30, 2017 | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ |
• | On a prospective basis, all income tax effects of awards are recognized in the statement of operations as tax expense or benefit at the time that the awards vest or are settled, which resulted in a $ |
• | On a prospective basis, all income tax effects of awards are recognized in the statement of cash flows as only operating activities. |
• | The cash paid to a tax authority when shares are withheld to satisfy the tax withholding obligation are classified as financing activities on the statement of cash flows on a retrospective basis. The adoption had no impact on our cash flows presentation as we have historically presented these amounts as financing activities. |
• | Companies are required to elect the method of accounting for forfeitures of share-based payments, either by recognizing such forfeitures as they occur or estimating the number of awards expected to be forfeited and adjusting such estimate when it is deemed likely to change. The Company elected to account for forfeitures as they occur and the adoption did not have a material impact on stock-based compensation expense. |
Three Months Ended September 30, | 2017 | 2016 | ||||||||||||||||
(in millions) | Net Sales | EBIT | Net Sales | EBIT | ||||||||||||||
Carlisle Construction Materials | $ | $ | $ | $ | ||||||||||||||
Carlisle Interconnect Technologies | ||||||||||||||||||
Carlisle FoodService Products | ||||||||||||||||||
Carlisle Fluid Technologies | ||||||||||||||||||
Carlisle Brake & Friction | ( | ) | (1 | ) | ||||||||||||||
Corporate | — | ( | ) | — | ( | ) | ||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||
Nine Months Ended September 30, | 2017 | 2016 | ||||||||||||||||
(in millions) | Net Sales | EBIT | Net Sales | EBIT | ||||||||||||||
Carlisle Construction Materials | $ | $ | $ | $ | ||||||||||||||
Carlisle Interconnect Technologies | ||||||||||||||||||
Carlisle FoodService Products | ||||||||||||||||||
Carlisle Fluid Technologies | ||||||||||||||||||
Carlisle Brake & Friction | ( | ) | (1 | ) | ||||||||||||||
Corporate | — | ( | ) | — | ( | ) | ||||||||||||
Total | $ | $ | $ | $ |
Preliminary Allocation | Measurement Period Adjustments | Revised Preliminary Allocation | ||||||||||
(in millions) | As of 1/9/2017 | As of 9/30/2017 | ||||||||||
Total consideration transferred | $ | $ | ||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||||||||
Cash and cash equivalents | $ | $ | — | |||||||||
Receivables | ||||||||||||
Inventories | ||||||||||||
Prepaid expenses and other current assets | ||||||||||||
Property, plant, and equipment | — | |||||||||||
Definite-lived intangible assets | ( | ) | ||||||||||
Indefinite-lived intangible assets | — | |||||||||||
Other long-term assets | ||||||||||||
Accounts payable | ( | ) | — | ( | ) | |||||||
Income tax payable | ( | ) | — | ( | ) | |||||||
Accrued expenses | ( | ) | ( | ) | ( | ) | ||||||
Other long-term liabilities | ( | ) | ( | ) | ||||||||
Deferred income taxes | ( | ) | ( | ) | ( | ) | ||||||
Total identifiable net assets | ( | ) | ||||||||||
Goodwill | $ | $ | $ |
Preliminary Allocation | Measurement Period Adjustments | Final Allocation | ||||||||||
(in millions) | As of 10/3/2016 | As of 9/30/2017 | ||||||||||
Total consideration transferred | $ | $ | — | $ | ||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||||||||
Cash and cash equivalents | $ | $ | — | $ | ||||||||
Receivables | ( | ) | ||||||||||
Inventories | ( | ) | ||||||||||
Prepaid expenses and other current assets | — | |||||||||||
Property, plant, and equipment | ( | ) | ||||||||||
Definite-lived intangible assets | — | |||||||||||
Accounts payable | ( | ) | ( | ) | ||||||||
Accrued expenses | ( | ) | ( | ) | ||||||||
Total identifiable net assets | ( | ) | ||||||||||
Goodwill | $ | $ | $ |
Preliminary Allocation | Measurement Period Adjustments | Final Allocation | ||||||||||
(in millions) | As of 6/10/2016 | As of 6/30/2017 | ||||||||||
Total consideration transferred | $ | $ | ( | ) | $ | |||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||||||||
Cash and cash equivalents | $ | $ | — | $ | ||||||||
Receivables | — | |||||||||||
Inventories | — | |||||||||||
Prepaid expenses and other current assets | ( | ) | ||||||||||
Property, plant, and equipment | ( | ) | ||||||||||
Definite-lived intangible assets | ( | ) | ||||||||||
Indefinite-lived intangible assets | ( | ) | ||||||||||
Other long-term assets | — | |||||||||||
Accounts payable | ( | ) | — | ( | ) | |||||||
Accrued expenses | ( | ) | ( | ) | ( | ) | ||||||
Total identifiable net assets | ( | ) | ||||||||||
Goodwill | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Total pre-tax stock-based compensation | $ | $ | $ | $ |
Nine Months Ended September 30, 2017 | |||
Stock options | |||
Restricted stock | |||
Performance shares | |||
Restricted stock units |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||
Pre-tax stock-based compensation | $ | $ |
2017 | 2016 | |||||||
Expected dividend yield | % | % | ||||||
Expected life in years | ||||||||
Expected volatility | % | % | ||||||
Risk-free interest rate | % | % | ||||||
Weighted-average fair value per share | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in millions except share and per share amounts) | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Income (loss) from continuing operations | $ | $ | ( | ) | $ | $ | |||||||||||
Less: dividends declared - common stock outstanding, restricted shares and restricted share units | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Undistributed earnings | ( | ) | |||||||||||||||
Percent allocated to common shareholders (1) | % | % | % | % | |||||||||||||
( | ) | ||||||||||||||||
Add: dividends declared - common stock | |||||||||||||||||
Income (loss) from continuing operations attributable to common shares | $ | $ | ( | ) | $ | $ | |||||||||||
Shares (in thousands): | |||||||||||||||||
Weighted-average common shares outstanding | |||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Performance awards | (2 | ) | |||||||||||||||
Stock options | (2 | ) | |||||||||||||||
Adjusted weighted-average common shares outstanding and assumed conversion | |||||||||||||||||
Per share income from continuing operations attributable to common shares: | |||||||||||||||||
Basic | $ | $ | ( | ) | $ | $ | |||||||||||
Diluted | $ | $ | ( | ) | $ | $ | |||||||||||
(1) Basic weighted-average common shares outstanding | |||||||||||||||||
Basic weighted-average common shares outstanding, unvested restricted shares expected to vest and restricted share units | |||||||||||||||||
Percent allocated to common shareholders | % | % | % | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions except share amounts presented in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
(Loss) income from discontinued operations attributable to common shareholders for basic and diluted earnings per share | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||
Net income (loss) attributable to common shareholders for basic and diluted earnings per share | $ | $ | ( | ) | $ | $ | ||||||||||
Anti-dilutive stock options excluded from EPS calculation (1) | ||||||||||||||||
(1) Represents stock options excluded from the calculation of diluted earnings per share, as such, options’ assumed proceeds upon exercise would result in the repurchase of more shares than the underlying award. |
(in millions) | September 30, 2017 | December 31, 2016 | ||||||
Finished goods | $ | $ | ||||||
Work-in-process | ||||||||
Raw materials | ||||||||
Reserves | ( | ) | ( | ) | ||||
Inventories | $ | $ |
(in millions) | September 30, 2017 | December 31, 2016 | ||||||
Land and land improvements | $ | $ | ||||||
Buildings and leasehold improvements | ||||||||
Machinery and equipment | ||||||||
Furniture, fixtures, and other | ||||||||
Projects in progress | ||||||||
Property, plant, and equipment, gross | ||||||||
Accumulated depreciation | ( | ) | ( | ) | ||||
Property, plant, and equipment, net | $ | $ |
Construction Materials | Interconnect Technologies | FoodService Products | Fluid Technologies | Brake and Friction | Total | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Balance at January 1, 2017 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Goodwill acquired during year (1) | ||||||||||||||||||||||||
Measurement period adjustments (1) | ||||||||||||||||||||||||
Currency translation and other | ||||||||||||||||||||||||
Balance at September 30, 2017 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
(1) See Note 4 for further information on goodwill resulting from recent acquisitions. |
(in millions) | Acquired Cost | Accumulated Amortization | Net Book Value | |||||||||
Assets subject to amortization: | ||||||||||||
Customer relationships | $ | $ | ( | ) | $ | |||||||
Intellectual property | ( | ) | ||||||||||
Non-compete agreements and other | ( | ) | ||||||||||
Assets not subject to amortization: | ||||||||||||
Trade names | — | |||||||||||
Other intangible assets, net | $ | $ | ( | ) | $ |
(in millions) | Acquired Cost | Accumulated Amortization | Net Book Value | |||||||||
Assets subject to amortization: | ||||||||||||
Customer relationships | $ | $ | ( | ) | $ | |||||||
Intellectual property | ( | ) | ||||||||||
Non-compete agreements and other | ( | ) | ||||||||||
Assets not subject to amortization: | ||||||||||||
Trade names | — | |||||||||||
Other intangible assets, net | $ | $ | ( | ) | $ |
(in millions) | September 30, 2017 | December 31, 2016 | ||||||
Carlisle Construction Materials | $ | $ | ||||||
Carlisle Interconnect Technologies | ||||||||
Carlisle FoodService Products | ||||||||
Carlisle Fluid Technologies | ||||||||
Carlisle Brake & Friction | ||||||||
Total | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Rent expense | $ | $ | $ | $ |
(in millions) | September 30, 2017 | December 31, 2016 | ||||||
Accrued expenses - compensation and benefits | $ | $ | ||||||
Other long-term liabilities | ||||||||
Total workers' compensation liability | $ | $ |
(in millions) | September 30, 2017 | December 31, 2016 | ||||||
Letters of credit and bank guarantees outstanding | $ | $ |
(in millions) | Fair Value (1) | |||||||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | |||||||||||||
3.75% notes due 2022 | $ | $ | $ | $ | ||||||||||||
5.125% notes due 2020 | ||||||||||||||||
Revolving credit facility | ||||||||||||||||
Unamortized discount, debt issuance costs, and other | ( | ) | ( | ) | ||||||||||||
Total long term-debt | $ | $ | ||||||||||||||
(1) The fair value is estimated based on current yield rates plus the Company’s estimated credit spread available for financings with similar terms and maturities. Based on these inputs, the debt instruments are classified as Level 2 in the fair value hierarchy. |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||
Interest cost | ||||||||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Amortization of unrecognized loss | ||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Employer contributions | $ | $ | $ | $ |
(in millions) | September 30, 2017 | December 31, 2016 | ||||
Common shares held |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Extended product warranty contracts amortization | $ | $ | $ | $ |
(in millions) | September 30, 2017 | December 31, 2016 | ||||||
Extended product warranty contracts - current | $ | $ | ||||||
Customer prepayments - current | ||||||||
Extended product warranty contracts - long-term | ||||||||
Deferred revenue | $ | $ |
(in millions) | September 30, 2017 | December 31, 2016 | ||||||
Compensation and benefits | $ | $ | ||||||
Standard product warranties | ||||||||
Customer incentives | ||||||||
Income and other accrued taxes | ||||||||
Other accrued expenses | ||||||||
Accrued expenses | $ | $ |
(in millions) | 2017 | 2016 | ||||||
Balance at January 1 | $ | $ | ||||||
Current year provision | ||||||||
Current year claims | ( | ) | ( | ) | ||||
Currency translation | ||||||||
Balance at September 30 | $ | $ |
(in millions) | September 30, 2017 | December 31, 2016 | ||||||
Deferred taxes and other tax liabilities | $ | $ | ||||||
Pension and other post-retirement obligations | ||||||||
Deferred compensation | ||||||||
Long-term workers' compensation | ||||||||
Other | ||||||||
Other long-term liabilities | $ | $ |
(in millions) | Accrued post-retirement benefit liability (1) | Foreign currency translation | Other, net | Total | ||||||||||||
Balance at June 30, 2017 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ||||||||||||||||
Income tax expense | ( | ) | ( | ) | ||||||||||||
Other comprehensive income (loss) | ( | ) | ||||||||||||||
Balance at September 30, 2017 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||
Balance at June 30, 2016 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||
Other comprehensive loss before reclassifications | ( | ) | ( | ) | ( | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | ||||||||||||||||
Net income tax expense | ( | ) | ( | ) | ||||||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | ||||||||||
Balance at September 30, 2016 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
Balance at January 1, 2017 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||
Other comprehensive income (loss) before reclassifications | ( | ) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ) | ||||||||||||||
Income tax expense | ( | ) | ( | ) | ||||||||||||
Other comprehensive income (loss) | ( | ) | ||||||||||||||
Balance at September 30, 2017 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||
Balance at January 1, 2016 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||
Other comprehensive loss before reclassifications | ( | ) | ( | ) | ( | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ) | ||||||||||||||
Income tax (expense) benefit | ( | ) | ( | ) | ||||||||||||
Other comprehensive income (loss) | ( | ) | ( | ) | ( | ) | ||||||||||
Balance at September 30, 2016 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
(1) Current period amounts for the accrued post-retirement benefit liability are related to the amortization of unrecognized actuarial gains and losses, which is included in net periodic benefit cost for pension and other post-retirement welfare plans. See Note 13 for further information. |
• | Non-cash accelerated depreciation of long-lived assets at the Oklahoma facility, which is primarily property, plant and equipment that will not be transferred to Ohio (between $ |
• | Costs to relocate and install equipment (between $ |
• | Employee retention and termination benefits (approximately $ |
• | Other associated costs related to the closure of the facility and internal administration of the project (between $ |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Employee severance and benefit arrangements | $ | $ | $ | $ | ||||||||||||
Relocation costs | ||||||||||||||||
Other restructuring costs | ||||||||||||||||
Total exit and disposal costs | $ | $ | $ | $ |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Carlisle Interconnect Technologies | $ | $ | $ | $ | ||||||||||||
Carlisle Fluid Technologies | ||||||||||||||||
Carlisle Brake & Friction | ||||||||||||||||
Corporate | ||||||||||||||||
Total exit and disposal costs | $ | $ | $ | $ |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Cost of goods sold | $ | $ | $ | $ | ||||||||||||
Selling and administrative expenses | ||||||||||||||||
Research and development expenses | ||||||||||||||||
Other income, net | ||||||||||||||||
Total exit and disposal costs | $ | $ | $ | $ |
(in millions) | Carlisle Interconnect Technologies | Carlisle Fluid Technologies | Carlisle Brake & Friction | Corporate | Total | |||||||||||||||
Balance at January 1, 2017 | $ | $ | $ | $ | $ | |||||||||||||||
Charges | ||||||||||||||||||||
Cash payments | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
Other adjustments and non-cash settlements | ( | ) | ( | ) | ( | ) | ||||||||||||||
Balance at September 30, 2017 | $ | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in millions, except per share amounts) | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Net sales | $ | 1,089.1 | $ | 991.0 | $ | 3,018.1 | $ | 2,781.9 | |||||||||
Impairment charges | $ | — | $ | 141.5 | $ | — | $ | 141.5 | |||||||||
Income (loss) from continuing operations | $ | 86.4 | $ | (9.5 | ) | $ | 250.2 | $ | 174.3 | ||||||||
Diluted EPS from continuing operations | $ | 1.37 | $ | (0.15 | ) | $ | 3.89 | $ | 2.66 | ||||||||
EBIT | $ | 142.9 | $ | 36.4 | $ | 398.4 | $ | 325.9 | |||||||||
EBIT Margin | 13.1 | % | 3.7 | % | 13.2 | % | 11.7 | % | |||||||||
Special items:(1) | |||||||||||||||||
Impact to EBIT | $ | 20.1 | $ | 2.7 | $ | 39.8 | $ | 9.9 | |||||||||
Impact to income (loss) from continuing operations | $ | 15.7 | $ | 1.7 | $ | 29.0 | $ | 6.4 | |||||||||
Impact on diluted EPS | $ | 0.25 | $ | 0.03 | $ | 0.45 | $ | 0.10 |
(in millions) | Three Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||
2017 | 2016 | Change | ||||||||||||||||||||
Net sales | $ | 1,089.1 | $ | 991.0 | 9.9 | % | 5.3 | % | 4.4 | % | 0.2 | % |
(in millions) | Nine Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||
2017 | 2016 | Change | ||||||||||||||||||||
Net sales | $ | 3,018.1 | $ | 2,781.9 | 8.5 | % | 4.8 | % | 4.0 | % | (0.3 | )% |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
Gross profit | $ | 311.5 | $ | 323.6 | (3.7 | )% | $ | 873.2 | $ | 890.2 | (1.9 | )% | ||||||||||
Gross margin | 28.6 | % | 32.7 | % | 28.9 | % | 32.0 | % |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
Selling and administrative expenses | $ | 152.2 | $ | 135.6 | 12.2 | % | $ | 433.5 | $ | 391.2 | 10.8 | % | ||||||||||
As a percentage of net sales | 14.0 | % | 13.7 | % | 14.4 | % | 14.1 | % |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
Research and development expenses | $ | 13.5 | $ | 12.3 | 9.8 | % | $ | 40.2 | $ | 35.6 | 12.9 | % | ||||||||||
As a percentage of net sales | 1.2 | % | 1.2 | % | 1.3 | % | 1.3 | % |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
Other expense (income), net | $ | 2.9 | $ | (2.2 | ) | 231.8 | % | $ | 1.1 | $ | (4.0 | ) | 127.5 | % |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
EBIT | $ | 142.9 | $ | 36.4 | 292.6 | % | $ | 398.4 | $ | 325.9 | 22.2 | % | ||||||||||
EBIT Margin | 13.1 | % | 3.7 | % | 13.2 | % | 11.7 | % |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
Interest expense | $ | 7.8 | $ | 7.9 | $ | 21.7 | $ | 25.2 | ||||||||||||||
Interest income | (0.1 | ) | (0.4 | ) | (0.3 | ) | (1.1 | ) | ||||||||||||||
Interest expense, net | $ | 7.7 | $ | 7.5 | 2.7 | % | $ | 21.4 | $ | 24.1 | (11.2 | )% |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||
Income tax expense | $ | 48.8 | $ | 38.4 | 27.1 | % | $ | 126.8 | $ | 127.5 | (0.5 | )% | ||||||||||
Effective tax rate | 36.1 | % | 132.9 | % | 33.6 | % | 42.2 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions, except per share amounts) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Income (loss) from continuing operations | $ | 86.4 | $ | (9.5 | ) | $ | 250.2 | $ | 174.3 | |||||||
EPS from continuing operations | ||||||||||||||||
Basic | $ | 1.38 | $ | (0.15 | ) | $ | 3.91 | $ | 2.69 | |||||||
Diluted | 1.37 | (0.15 | ) | 3.89 | 2.66 | |||||||||||
Net income (loss) | $ | 86.3 | $ | (9.8 | ) | $ | 250.4 | $ | 173.9 | |||||||
EPS | ||||||||||||||||
Basic | $ | 1.38 | $ | (0.15 | ) | $ | 3.91 | $ | 2.69 | |||||||
Diluted | 1.37 | (0.15 | ) | 3.89 | 2.66 |
(in millions) | Three Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||
2017 | 2016 | Change % | ||||||||||||||||||||
Net sales | $ | 640.2 | $ | 578.2 | 10.7 | % | 2.9 | % | 7.4 | % | 0.4 | % | ||||||||||
EBIT | $ | 124.2 | $ | 132.0 | (5.9 | )% | ||||||||||||||||
EBIT Margin | 19.4 | % | 22.8 | % | ||||||||||||||||||
Special items(1) | $ | 2.8 | $ | — |
(in millions) | Nine Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||
2017 | 2016 | Change % | ||||||||||||||||||||
Net sales | $ | 1,717.5 | $ | 1,564.4 | 9.8 | % | 1.5 | % | 8.4 | % | — | % | ||||||||||
EBIT | $ | 333.9 | $ | 337.4 | (1.0 | )% | ||||||||||||||||
EBIT Margin | 19.4 | % | 21.6 | % | ||||||||||||||||||
Special items(1) | $ | 3.7 | $ | — |
(in millions) | Three Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||
2017 | 2016 | Change % | ||||||||||||||||||||
Net sales | $ | 210.8 | $ | 218.2 | (3.4 | )% | 5.8 | % | (9.2 | )% | — | % | ||||||||||
EBIT | $ | 25.7 | $ | 42.2 | (39.1 | )% | ||||||||||||||||
EBIT Margin | 12.2 | % | 19.3 | % | ||||||||||||||||||
Special items(1) | $ | 4.2 | $ | 2.4 |
(in millions) | Nine Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||
2017 | 2016 | Change % | ||||||||||||||||||||
Net sales | $ | 606.8 | $ | 624.3 | (2.8 | )% | 7.0 | % | (9.6 | )% | (0.2 | )% | ||||||||||
EBIT | $ | 68.1 | $ | 118.4 | (42.5 | )% | ||||||||||||||||
EBIT Margin | 11.2 | % | 19.0 | % | ||||||||||||||||||
Special items(1) | $ | 14.1 | $ | 4.5 |
(in millions) | Three Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||
2017 | 2016 | Change % | ||||||||||||||||||||
Net sales | $ | 86.7 | $ | 63.0 | 37.6 | % | 36.4 | % | 1.2 | % | — | % | ||||||||||
EBIT | $ | 11.6 | $ | 9.0 | 28.9 | % | ||||||||||||||||
EBIT Margin | 13.4 | % | 14.3 | % |
(in millions) | Nine Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||
2017 | 2016 | Change % | ||||||||||||||||||||
Net sales | $ | 257.8 | $ | 186.9 | 37.9 | % | 34.7 | % | 3.2 | % | — | % | ||||||||||
EBIT | $ | 29.5 | $ | 24.3 | 21.4 | % | ||||||||||||||||
EBIT Margin | 11.4 | % | 13.0 | % | ||||||||||||||||||
Special items(1) | $ | 4.1 | $ | — |
(in millions) | Three Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||
2017 | 2016 | Change % | ||||||||||||||||||||
Net sales | $ | 70.9 | $ | 69.0 | 2.8 | % | — | % | 3.8 | % | (1.0 | )% | ||||||||||
EBIT | $ | 0.1 | $ | 9.5 | (98.9 | )% | ||||||||||||||||
EBIT Margin | 0.1 | % | 13.8 | % | ||||||||||||||||||
Special items(1) | $ | 8.1 | $ | 0.1 |
(in millions) | Nine Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||
2017 | 2016 | Change % | ||||||||||||||||||||
Net sales | $ | 202.4 | $ | 198.4 | 2.0 | % | 0.7 | % | 4.2 | % | (2.7 | )% | ||||||||||
EBIT | $ | 12.5 | $ | 23.7 | (47.3 | )% | ||||||||||||||||
EBIT Margin | 6.2 | % | 11.9 | % | ||||||||||||||||||
Special items(1) | $ | 9.1 | $ | 3.3 |
(in millions) | Three Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||
2017 | 2016 | Change % | ||||||||||||||||||||
Net sales | $ | 80.5 | $ | 62.6 | 28.6 | % | — | % | 27.7 | % | 0.9 | % | ||||||||||
EBIT | $ | 1.2 | $ | (141.3 | ) | 100.8 | % | |||||||||||||||
EBIT Margin | 1.5 | % | (225.7 | )% | ||||||||||||||||||
Impairment charges | $ | — | $ | 141.5 | ||||||||||||||||||
Special items(1) | $ | 1.0 | $ | — |
(in millions) | Nine Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||
2017 | 2016 | Change % | ||||||||||||||||||||
Net sales | $ | 233.6 | $ | 207.9 | 12.4 | % | — | % | 13.2 | % | (0.8 | )% | ||||||||||
EBIT | $ | 3.8 | $ | (132.8 | ) | 102.9 | % | |||||||||||||||
EBIT Margin | 1.6 | % | (63.9 | )% | ||||||||||||||||||
Impairment charges | $ | — | $ | 141.5 | ||||||||||||||||||
Special items(1) | $ | 3.0 | $ | — |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
2017 | 2016 | Change % | 2017 | 2016 | Change % | |||||||||||||||||
Corporate expenses | $ | 19.9 | $ | 15.0 | 32.7 | % | $ | 49.4 | $ | 45.1 | 9.5 | % | ||||||||||
As a percentage of net sales | 1.8 | % | 1.5 | % | 1.6 | % | 1.6 | % | ||||||||||||||
Special items(1) | $ | 4.0 | $ | 0.2 | $ | 5.8 | $ | 2.1 |
(in millions) | September 30, 2017 | December 31, 2016 | ||||||
Europe | $ | 60.0 | $ | 52.8 | ||||
China | 25.5 | 22.5 | ||||||
Asia Pacific region (excluding China) | 14.7 | 19.1 | ||||||
Other international regions | 15.2 | 13.5 | ||||||
Non-U.S. subsidiaries cash and cash equivalents | 115.4 | 107.9 | ||||||
U.S. subsidiaries cash and cash equivalents | 32.2 | 277.4 | ||||||
Cash and cash equivalents | $ | 147.6 | $ | 385.3 |
Nine Months Ended September 30, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Net cash provided by operating activities | $ | 299.6 | $ | 355.1 | ||||
Net cash used in investing activities | (385.6 | ) | (179.6 | ) | ||||
Net cash used in financing activities | (154.5 | ) | (231.7 | ) | ||||
Effect of foreign currency exchange rate changes on cash | 2.8 | 0.9 | ||||||
Change in cash and cash equivalents | $ | (237.7 | ) | $ | (55.3 | ) |
• | Industry weighted-average cost of capital (“WACC”): We utilize a WACC relative to each reporting unit’s industry as the discount rate for estimated future cash flows. The WACC is intended to represent a rate of return that would be expected by a market place participant. |
• | Revenue growth rates: We utilize a revenue growth rate based on historical growth patterns, industry analysis and management’s experience, which vary based on the reporting unit being evaluated. |
• | EBIT margins: We utilize historical and expected EBIT margins, which vary based on the projections of each reporting unit being evaluated. |
(in millions, except per share amounts) | Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | ||||||||||||||||||||||
Impact to EBIT | Impact to Income from Continuing Operations | Impact to Diluted EPS | Impact to EBIT | Impact to Income from Continuing Operations | Impact to Diluted EPS | |||||||||||||||||||
Exit and disposal costs | $ | 11.6 | $ | 7.9 | $ | 0.12 | $ | 1.4 | $ | 0.8 | $ | 0.01 | ||||||||||||
Other facility rationalization costs | 2.1 | 1.5 | 0.03 | 1.3 | 1.0 | 0.02 | ||||||||||||||||||
Acquisition related costs: | ||||||||||||||||||||||||
Inventory step-up amortization | 1.8 | 1.1 | 0.02 | 1.0 | 0.6 | 0.01 | ||||||||||||||||||
Other acquisition costs | 1.0 | 0.6 | 0.01 | 0.1 | — | — | ||||||||||||||||||
Indemnification (gains) losses | 3.6 | 4.6 | 0.07 | — | — | — | ||||||||||||||||||
(Gains) losses from divestitures | — | — | — | (1.1 | ) | (0.7 | ) | (0.01 | ) | |||||||||||||||
Total special items | $ | 20.1 | $ | 15.7 | $ | 0.25 | $ | 2.7 | $ | 1.7 | $ | 0.03 | ||||||||||||
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
(in millions, except per share amounts) | Impact to EBIT | Impact to Income from Continuing Operations | Impact to Diluted EPS | Impact to EBIT | Impact to Income from Continuing Operations | Impact to Diluted EPS | ||||||||||||||||||
Exit and disposal costs | $ | 19.8 | $ | 13.5 | $ | 0.21 | $ | 5.5 | $ | 3.5 | $ | 0.06 | ||||||||||||
Other facility rationalization costs | 7.2 | 5.2 | 0.08 | 2.5 | 1.8 | 0.03 | ||||||||||||||||||
Acquisition related costs: | ||||||||||||||||||||||||
Inventory step-up amortization | 6.1 | 3.8 | 0.06 | 1.2 | 0.7 | 0.01 | ||||||||||||||||||
Other acquisition costs | 3.1 | 1.9 | 0.03 | 1.5 | 1.0 | 0.01 | ||||||||||||||||||
Indemnification (gains) losses | 3.6 | 4.6 | 0.07 | — | — | — | ||||||||||||||||||
(Gains) losses from divestitures | — | — | — | (0.8 | ) | (0.6 | ) | (0.01 | ) | |||||||||||||||
Total special items | $ | 39.8 | $ | 29.0 | $ | 0.45 | $ | 9.9 | $ | 6.4 | $ | 0.10 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) | |||||||||
July 2017 | 133,328 | $ | 97.49 | 120,000 | 3,233,575 | ||||||||
August 2017 | 929,024 | $ | 95.02 | 929,024 | 2,304,551 | ||||||||
September 2017 | 188,749 | $ | 98.11 | 188,400 | 2,116,151 | ||||||||
Total | 1,251,101 | 1,237,424 |
Exhibit Number | Filed with this Form 10-Q | Incorporated by Reference | ||||||||
Exhibit Title | Form | File No. | Date Filed | |||||||
Securities Purchase Agreement, dated September 29, 2017, between Accella Performance Materials LLC, Accella Holdings LLC and Carlisle Construction Materials, LLC. | 8-K | 001-9278 | 10/2/2017 | |||||||
Letter Agreement, dated January 5, 2017, between Robert Roche and the Company. | 8-K | 001-9278 | 2/15/2017 | |||||||
Form of Executive Severance Agreement. | 8-K | 001-9278 | 4/12/2017 | |||||||
Second Amendment to Third Amended and Restated Credit Agreement, dated as of February 21, 2017, by and among Carlisle Companies Incorporated, Carlisle Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders party thereto. | 8-K | 001-9278 | 2/24/2017 | |||||||
Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a). | X | |||||||||
Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a). | X | |||||||||
Section 1350 Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | X | |||||||||
101.INS | XBRL Instance Document | X | ||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | X | ||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | X | ||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | X | ||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | X |
Carlisle Companies Incorporated | ||
October 25, 2017 | ||
By: /s/ Robert M. Roche | ||
Name: Robert M. Roche | ||
Title: Vice President and Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Carlisle Companies Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
October 25, 2017 | /s/ D. Christian Koch |
Name: D. Christian Koch | |
Title: President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Carlisle Companies Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
October 25, 2017 | /s/ Robert M. Roche |
Name: Robert M. Roche | |
Title: Vice President and Chief Financial Officer |
Dated: | October 25, 2017 | By: | /s/ D. Christian Koch |
Name: D. Christian Koch | |||
Title: President and Chief Executive Officer | |||
Dated: | October 25, 2017 | By: | /s/ Robert M. Roche |
Name: Robert M. Roche | |||
Title: Vice President and Chief Financial Officer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Oct. 19, 2017 |
|
Document and Entity Information | ||
Entity Registrant Name | CARLISLE COMPANIES INCORPORATED | |
Entity Central Index Key | 0000790051 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 61,963,646 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Receivables allowance | $ 5.1 | $ 4.0 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized shares | 5,000,000 | 5,000,000 |
Preferred stock, unissued shares | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized shares | 200,000,000 | 200,000,000 |
Common stock, shares issued | 78,661,248 | 78,661,248 |
Common stock, shares outstanding | 61,763,078 | 64,257,182 |
Treasury, shares | 16,714,585 | 14,178,801 |
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends (in dollars per share) | $ 0.37 | $ 0.35 | $ 1.07 | $ 0.95 |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared by Carlisle Companies Incorporated (the "Company", "we", "our", "us" or "Carlisle"). The accompanying unaudited Condensed Consolidated Financial Statements do not include all disclosures as required by accounting principles generally accepted in the United States of America ("U.S."), and should be read in conjunction with the Company’s audited Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2016. The accompanying unaudited Condensed Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the U.S. and, of necessity, include some amounts that are based upon management estimates and judgments. The accompanying unaudited Condensed Consolidated Financial Statements include assets, liabilities, net sales, and expenses of all majority-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. |
New Accounting Pronouncements |
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New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||||||||||||||
New Accounting Pronouncements | New Accounting Pronouncements New Accounting Standards Adopted Effective January 1, 2017, the Company adopted Accounting Standards Update ("ASU") 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The ASU simplifies several aspects of the accounting for stock compensation, including:
In January 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment, which simplifies how an entity is required to test goodwill for impairment by eliminating step 2 of the goodwill impairment test, which measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount. Instead, entities should measure an impairment charge for the excess of carrying amount over the fair value of the respective reporting unit. The Company early adopted this ASU effective January 1, 2017 and anticipates the elimination of step 2 will reduce the complexity and cost of the subsequent measurement of goodwill. New Accounting Standards Issued But Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 outlines a single, comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance issued by the FASB, including industry specific guidance. ASU 2014-09 provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts with customers to provide goods and services. The standard allows for either full retrospective or modified retrospective adoption. The company will adopt the standard, using the modified retrospective approach, for interim and annual periods beginning on January 1, 2018. ASU 2014-09 also requires entities to disclose both quantitative and qualitative information to enable users of the financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. To date, the Company's assessment has included (1) utilizing questionnaires to assist with identifying its revenue streams, (2) performing sample contract analysis, and (3) assessing the identified differences in recognition and measurement that may result from adopting this ASU. The Company has made preliminary conclusions regarding separately-priced extended warranty contracts and variable consideration, and continues its analysis with respect to (1) contracts with multi-year prospective volume rebates and, (2) whether certain contracts’ revenues will be recognized over time or at a point in time, but does not anticipate significant changes in its current revenue recognition pattern. Based on the evaluation to date, the Company does not anticipate the adoption of this standard will have a material impact on reported current net sales; however, given the Company's acquisition strategy within diverse business segments, including the pending acquisition of Accella Holdings LLC, there may be additional revenue streams acquired prior to the adoption date. Further, the Company anticipates providing incremental disaggregated revenue disclosures, including net sales by end market in its Condensed Consolidated Financial Statements, beginning in the first quarter of 2018. The Company continues to evaluate the impact of a cumulative catch-up adjustment, if any, and does not expect it to be significant to the Consolidated Balance Sheet. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842)(“ASU 2016-02”) which requires lessees to recognize a lease liability for the obligation to make lease payments, measured at the present value on a discounted basis, and a right-of-use (“ROU”) asset for the right to use the underlying asset for the duration of the lease term, measured at the lease liability amount adjusted for lease prepayments, lease incentives received, and initial direct costs. The lease liability and ROU asset are recognized in the balance sheet at the commencement of the lease. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern. Classification will be based on criteria that are largely similar to those applied in current lease accounting. ASU 2016-02 is effective for the Company beginning January 1, 2019 and requires the use of a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period presented in the financial statements. Early application of the ASU is permitted; however, the Company plans to adopt on January 1, 2019. The Company has not yet determined the impact of adopting the standard on the Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires employers to include only the service cost component of net periodic pension cost and net periodic postretirement benefit cost in operating income, if such measure is presented. The other components of net benefit cost, including amortization of prior service cost/credit, and settlement and curtailment effects, are to be included in non-operating income. The ASU also stipulates that only the service cost component of net benefit cost is eligible for capitalization into inventory or other tangible assets. The effective date for adoption of this guidance is January 1, 2018, with early adoption permitted. The Company is currently evaluating the effect that this standard will have on the Consolidated Financial Statements, however does not believe this update will have a significant impact. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which expand an entity's ability to hedge nonfinancial risk and financial risk components, and reduce complexity in fair value hedges of interest rate risk. This ASU eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in fair value of a hedging instrument to be presented in the same income statement line item as the hedged item. The guidance also ceases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. This ASU is effective January 1, 2019 and requires the use of a modified retrospective approach for cash flow and net investment hedges that exist as of the date of adoption. Early adoption of the ASU is permitted. The Company is currently evaluating the effect that this standard will have on the Consolidated Financial Statements, however does not believe this update will have a significant impact on its earnings, cash flows or financial position.
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Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company’s operating segments are: Carlisle Construction Materials (“CCM” or “Construction Materials”)—the principal products of this segment are insulation materials, rubber ("EPDM"), thermoplastic polyolefin ("TPO"), and polyvinyl chloride ("PVC") roofing membranes used predominantly on non-residential low-sloped roofs, related roofing accessories, including flashings, fasteners, sealing tapes, and coatings and waterproofing products. CCM also manufactures and distributes energy-efficient rigid foam insulation panels for substantially all roofing applications. The markets served include new construction, re-roofing and maintenance of low-sloped roofs, water containment, HVAC sealants, and coatings and waterproofing. Carlisle Interconnect Technologies (“CIT” or “Interconnect Technologies”)—the principal products of this segment are high-performance wire, cable, connectors, contacts, and cable assemblies for the transfer of power and data primarily for the aerospace, medical, defense electronics, test and measurement equipment, and select industrial markets. Carlisle FoodService Products (“CFS” or “FoodService Products”)—the principal products of this segment include commercial and institutional foodservice permanentware, table coverings, cookware, catering equipment, fiberglass and composite material trays and dishes, industrial brooms, brushes, mops, and rotary brushes for commercial and non-commercial foodservice operators and sanitary maintenance professionals. Carlisle Fluid Technologies (“CFT” or “Fluid Technologies”)—the principal products of this segment are industrial liquid and powder finishing equipment and integrated system solutions for spraying, pumping, mixing, metering, and curing of a variety of coatings used in the transportation, general industrial, protective coating, wood, specialty and auto refinishing markets. Carlisle Brake & Friction (“CBF” or “Brake & Friction”)—the principal products of this segment include high-performance brakes and friction material and clutch and transmission friction material for construction, agriculture, mining, aerospace, and motor sports markets. Segment information is summarized as follows:
(1) Includes impairment charges of $141.5 million in the three and nine months ended September 30, 2016. Refer to Note 10 for further discussion. |
Acquisitions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions Pending Acquisition Accella On September 29, 2017, the Company entered into a definitive purchase agreement to acquire Accella Holdings LLC, the parent company to Accella Performance Materials Inc. (collectively "Accella"), a specialty polyurethane platform, from Accella Performance Materials LLC, a subsidiary of Arsenal Capital Partners, for $670 million in cash and subject to a cash, working capital and indebtedness settlement. Accella offers a wide range of polyurethane products and solutions across a broad diversity of markets and applications. The transaction is expected to close during the fourth quarter of 2017, pending regulatory approvals. Upon completion of the transaction, the results of operations of the acquired business will be reported as part of the Construction Materials segment. 2017 Acquisitions Proforma results of operations for the 2017 acquisitions have not been presented because the effect of these acquisitions was not material to the Company's financial condition or results of operations for any of the periods presented. Drexel Metals On July 3, 2017, the Company acquired 100% of the equity of Drexel Metals, Inc., ("Drexel Metals") for cash consideration of $55.8 million. Drexel Metals is a leading provider of architectural standing seam metal roofing systems for commercial, institutional and residential applications. The preliminary purchase price allocation is in its early stages and all items are pending valuation. In the third quarter and first nine months of 2017, Drexel Metals contributed net sales of $12.8 million and EBIT of $(0.9) million to the Company's consolidated results. The results of operations of the acquired business are reported within the Construction Materials segment. Consideration has been allocated to goodwill of $26.9 million, $19.0 million to definite-lived intangible assets, $10.4 million to indefinite-lived intangible assets, $8.8 million to inventory, $5.3 million to accounts receivable, $5.8 million to accounts payable and $10.8 million to deferred income and other taxes payable. Definite-lived intangible assets consist of customer relationships with an estimated useful life of nine years. Of the $26.9 million of goodwill, none is deductible for tax purposes. All of the goodwill was assigned to the CCM reporting unit, which aligns with the reportable segment. Arbo On January 31, 2017, the Company acquired 100% of the equity of Arbo Holdings Limited (“Arbo”) for estimated consideration of GBP 9.1 million or $11.5 million, including the estimated fair value of contingent consideration of GBP 2.0 million or $2.5 million and a working capital settlement, which was finalized in the second quarter of 2017. Arbo is a provider of sealants, coatings, and membrane systems used for waterproofing and sealing buildings and other structures. In the third quarter of 2017, Arbo contributed net sales of $4.1 million and EBIT of $0.2 million to the Company's consolidated results; for the first nine months of 2017, Arbo contributed net sales of $10.3 million and EBIT of $0.3 million. The results of operations of the acquired business are reported within the Construction Materials segment. Consideration has been allocated to goodwill of $4.7 million, $2.2 million to definite-lived intangible assets, $2.1 million to inventory, $1.6 million to indefinite-lived intangibles, $1.5 million to accounts receivable, $1.4 million to accounts payable, and $1.4 million to deferred income and other taxes payable. Definite-lived intangible assets consist of customer relationships with an estimated useful life of 15 years. Of the $4.7 million of goodwill, $1.3 million is deductible for tax purposes. All of the goodwill was assigned to the CCM reporting unit, which aligns with the reportable segment. San Jamar On January 9, 2017, the Company acquired 100% of the equity of SJ Holdings, Inc. (“San Jamar”) for consideration of $217.2 million. San Jamar is a provider of universal dispensing systems and food safety products for foodservice and hygiene applications. San Jamar complements the operating performance at FoodService Products by adding new products, opportunities to expand the Company's presence in complementary sales channels, and a history of profitable growth. In the third quarter of 2017, San Jamar contributed net sales of $22.9 million and EBIT of $2.8 million to the Company's consolidated results; for the first nine months of 2017, San Jamar contributed net sales of $64.9 million and EBIT of $3.5 million. The results of operations of the acquired business are reported within the FoodService Products segment. The following table summarizes the consideration transferred to acquire San Jamar and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed.
The valuation of property, plant, and equipment, intangible assets, and income tax obligations is preliminary. The valuation is expected to be completed in the fourth quarter of 2017, pending receipt of the final definitive valuation report. The goodwill recognized in the acquisition of San Jamar is attributable to its experienced workforce, expected operational improvements through implementation of the Carlisle Operating System (“COS”), opportunities for product line expansions in addition to supply chain efficiencies and other administrative opportunities, and the significant strategic value of the business to Carlisle. Of the $89.5 million of goodwill, $5.0 million is deductible for tax purposes. All of the goodwill was assigned to the CFS reporting unit, which aligns with the reportable segment. The $134.9 million value allocated to definite-lived intangible assets consists of $97.8 million of customer relationships with an estimated useful life of 13 years, various acquired technologies of $36.4 million with useful lives ranging from seven to 10 years, and a non-compete agreement of $0.7 million with an estimated useful life of two years. Indefinite-lived intangible assets consist of acquired trade names. As a result of the acquisition, the Company recognized approximately $4.5 million of pre-acquisition tax liabilities, with a corresponding indemnification asset of $3.6 million, as the seller has indemnified Carlisle for certain of these liabilities. The indemnification asset will be subsequently measured and recognized on the same basis as the corresponding liability. The related seller indemnification asset will expire in stages through the third quarter of 2021, unless claims are made against the seller prior to that date. 2016 Acquisitions Proforma results of operations for the 2016 acquisitions have not been presented because the effect of these acquisitions was not material to the Company's financial condition or results of operations for any of the periods presented. Star Aviation On October 3, 2016, the Company acquired 100% of the equity of Star Aviation, Inc. (“Star Aviation”), for consideration of $82.7 million. Star Aviation is a provider of design and engineering services, testing and certification work, and manufactured products for in-flight connectivity applications on commercial, business, and military aircraft. In the third quarter of 2017, Star Aviation contributed net sales of $11.8 million and EBIT of $3.3 million to the Company's consolidated results; for the first nine months of 2017, Star Aviation contributed net sales of $27.8 million and EBIT of $4.4 million. The results of operations of the acquired business are reported within the Interconnect Technologies segment. The following table summarizes the consideration transferred to acquire Star Aviation and the final allocation of the purchase price among the assets acquired and liabilities assumed.
The valuation of property, plant, and equipment and intangible assets is final as of September 30, 2017. The goodwill recognized in the acquisition of Star Aviation is attributable to its experienced workforce, expected operational improvements through implementation of COS, opportunities for product line expansions in addition to supply chain efficiencies and other administrative opportunities, and the significant strategic value of the business to Carlisle. Goodwill of $43.4 million is deductible for tax purposes in the U.S. All of the goodwill was assigned to the CIT reporting unit, which aligns with the reportable segment. The $29.0 million value allocated to definite-lived intangible assets consists of $23.9 million of customer relationships with estimated useful lives ranging from five to 10 years, various acquired technologies of $4.7 million with an estimated useful life of six years, and a non-compete agreement of $0.4 million with a useful life of five years. Micro-Coax On June 10, 2016, the Company acquired 100% of the equity of Micro-Coax, Inc., and Kroll Technologies, LLC, (collectively “Micro-Coax”) for total consideration of $96.6 million. The Company finalized the working capital settlement in the fourth quarter of 2016. The acquired business is a provider of high-performance, high frequency coaxial wire and cable and cable assemblies to the defense, satellite, test and measurement, and other industrial markets. In the third quarter of 2017, Micro-Coax contributed net sales of $9.6 million and EBIT of $1.9 million to the Company's consolidated results; for the first nine months of 2017, Micro-Coax contributed net sales of $25.3 million and EBIT of $(0.6) million. The results of operations of the acquired business are reported within the Interconnect Technologies segment. The following table summarizes the consideration transferred to acquire Micro-Coax and the final allocation of the purchase price among the assets acquired and liabilities assumed.
The valuation of property, plant, and equipment and intangible assets was final as of June 30, 2017. The goodwill recognized in the acquisition of Micro-Coax is attributable to its experienced workforce, expected operational improvements through implementation of COS, opportunities for product line expansions in addition to supply chain efficiencies and other administrative opportunities, and the significant strategic value of the business to Carlisle. Goodwill of $40.6 million is deductible for tax purposes in the U.S. All of the goodwill was assigned to the CIT reporting unit, which aligns with the reportable segment. The $26.5 million value allocated to definite-lived intangible assets consists of $14.5 million of customer relationships with a useful life of 12 years, various acquired technologies of $10.6 million with a useful life of approximately seven years, an amortizable trade name of $0.9 million with a useful life of 10 years, and a non-compete agreement of $0.5 million with a useful life of three years. MS Oberflächentechnik AG On February 19, 2016, the Company acquired 100% of the equity of MS Oberflächentechnik AG (“MS Powder”), a Swiss-based developer and manufacturer of powder coating systems and related components, for total consideration of CHF 12.3 million, or $12.4 million, including the estimated fair value of contingent consideration of CHF 4.3 million, or $4.3 million. In the third quarter of 2017, MS Powder contributed net sales of $2.8 million and EBIT of $(0.3) million to the Company's consolidated results; for the first nine months of 2017, MS Powder contributed net sales of $6.9 million and EBIT of $(1.7) million.The results of operations of MS Powder are reported within the Fluid Technologies segment. Consideration has been allocated to definite-lived intangible assets of $9.7 million, $4.1 million to indefinite-lived intangible assets, and $2.2 million to deferred tax liabilities, with $2.9 million allocated to goodwill. Definite-lived intangible assets consist of $8.3 million of technology with a useful life of seven years and customer relationships of $1.4 million with a useful life of ten years. None of the goodwill is deductible for tax purposes. All of the goodwill was assigned to the CFT reporting unit, which aligns with the reportable segment. Prior Acquisition Matters LHi Technology |
Stock-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation Incentive Compensation The Company maintains an Incentive Compensation Program (the “Program”) for executives, certain other employees of the Company and its operating segments and subsidiaries, and the Company’s non-employee directors. Members of the Board of Directors that receive stock-based compensation are treated as employees for accounting purposes. Shareholders approved the Program on May 6, 2015. The Program allows for awards to eligible employees of stock options, restricted stock, stock appreciation rights, performance shares and units, or other awards based on Company common stock. At September 30, 2017, 3,468,501 shares were available for grant under this plan, of which 1,295,095 shares were available for the issuance of stock awards. Stock-based compensation cost is recognized over the requisite service period, which generally equals the stated vesting period, unless the stated vesting period exceeds the date upon which an employee reaches retirement eligibility. Stock-based compensation expense is primarily included in selling and administrative expenses in the Condensed Consolidated Statements of Earnings and is as follows:
Grants The Company awarded the following stock-based compensation grants:
For the awards granted during the nine months ended September 30, 2017, approximately $24.1 million will be expensed over the requisite service period for each award, which generally is consistent with the vesting period. Stock Option Awards Options issued under the Program generally have a three year graded vesting (i.e. one-third of total award vests on each anniversary of the grant date). All options have a maximum term life of 10 years. Shares issued to cover options under the Program may be issued from shares held in treasury, from new issuances of shares, or a combination of the two. Stock-based compensation expense related to stock options were as follows:
The Company utilizes the Black-Scholes-Merton (“BSM”) option pricing model to determine the fair value of its stock option awards. The BSM model relies on certain assumptions to estimate an option’s fair value. The weighted-average assumptions used in the determination of fair value for stock option awards in 2017 and 2016 were as follows:
The expected life of options is based on the assumption that all outstanding options will be exercised at the midpoint of the valuation (if vested) or the vesting (if unvested) dates and the options’ expiration dates, utilizing historical data. The expected volatility is based on historical volatility as well as implied volatility of the Company’s options. The risk-free interest rate is based on rates of U.S. Treasury issues with a remaining life equal to the expected life of the option. The expected dividend yield is based on the most recent annual dividend payment per share, divided by the stock price at the date of grant. Restricted Stock Awards Restricted stock awarded under the Program is generally released to the recipient after a period of approximately three years. The grant date fair value of the 2017 restricted stock awards is based on the closing market price of the stock on the date of grant. Performance Share Awards Performance shares vest based on the employee rendering approximately three years of service to the Company and the attainment of a market condition over the performance period, which is based on the Company’s relative total shareholder return versus the S&P Midcap 400 Index® over a pre-determined time period as determined by the Compensation Committee of the Board of Directors. The grant date fair value of the 2017 performance shares was estimated using a Monte-Carlo simulation approach based on a three-year measurement period. Such approach entails the use of assumptions regarding the future performance of the Company’s stock and those of the S&P Midcap 400 Index®. Those assumptions include expected volatility, risk-free interest rates, correlation coefficients, and dividend reinvestment. Dividends accrue on the performance shares during the performance period and are to be paid in cash based upon the number of awards ultimately earned. The Company expenses the compensation cost associated with the performance awards on a straight-line basis over the vesting period of approximately three years. For the purpose of determining diluted earnings per share, performance share awards are considered contingently issuable shares and are included in diluted earnings per share based upon the number of shares that would have been awarded had the conditions at the end of the reporting period continued until the end of the performance period. See Note 7 for further information regarding earnings per share computations. Restricted Stock Units The restricted stock units awarded to eligible members of the Board of Directors are fully vested and will be paid in shares of Company common stock on the earlier of the date after the Director ceases to serve as a member of the Board or upon a change in control of the Company. The grant date fair value of the 2017 restricted stock units was based on the closing market price of the stock on the date of grant. Deferred Compensation - Equity |
Income Taxes |
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Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective income tax rate on continuing operations for the nine months ended September 30, 2017 was 33.6%. The year-to-date provision for income taxes includes taxes on earnings at an anticipated rate of approximately 33.5%, and a year-to-date discrete tax expense of $0.3 million, primarily relating to $4.2 million of expenses from net foreign exchange gains offset by $3.7 million related to the benefit from the adoption of ASU 2016-09. Under this guidance all excess tax benefits (“windfalls”) and deficiencies (“shortfalls”) related to employee stock compensation will be recognized within income tax expense. Under prior guidance, windfalls were recognized in additional paid-in capital and shortfalls were only recognized as tax expense to the extent they exceeded the pool of windfall tax benefits. The Company adopted ASU 2016-09 effective January 1, 2017. The adoption was on a prospective basis and therefore had no impact on prior periods. See Note 2 for further information related to the change in accounting for tax benefits associated with stock-based compensation. The effective income tax rate on continuing operations for the nine months ended September 30, 2016 was 42.5% and included a year-to-date net discrete tax benefit of $0.8 million. The effective income tax rate of 42.5% included the impact of the $141.5 million pre-tax impairment charges, for which the Company recognized a tax benefit of approximately $8.9 million. The income tax provision for the third quarter of 2016 also included incremental tax expense resulting from the first six months of 2016, having reflected a forecasted annual effective rate of 33.0%.
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Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The Company’s restricted shares and restricted stock units contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The computation below of earnings per share excludes the income attributable to the unvested restricted shares and restricted stock units from the numerator and excludes the dilutive impact of those underlying shares from the denominator. Stock options are included in the calculation of diluted earnings per share utilizing the treasury stock method, and performance share awards are included in the calculation of diluted earnings per share considering those that are contingently issuable. Neither is considered to be a participating security, as they do not contain non-forfeitable dividend rights. The following reflects income from continuing operations and share data used in the basic and diluted earnings per share computations using the two-class method:
(2) Performance awards and stock options representing approximately 252,000 and 326,000 shares, respectively, for the third quarter of 2016 were excluded from adjusted weighted-average common shares outstanding and assumed conversion for purposes of calculating diluted per share loss from continuing operations as they were anti-dilutive. To calculate earnings per share for income from discontinued operations and for net income, the denominator for both basic and diluted earnings per share is the same as used in the above table. Income from discontinued operations and net income used in the basic and diluted earnings per share computations were as follows:
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories The components of inventory are summarized as follows:
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Property, Plant and Equipment, net |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, net | Property, Plant, and Equipment, net The components of property, plant, and equipment, net are summarized as follows:
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Goodwill and Other Intangible Assets, net |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets, net | Goodwill and Other Intangible Assets, net The changes in the carrying amount of goodwill for the nine months ended September 30, were as follows:
The Company’s other intangible assets, net at September 30, 2017, were as follows:
The Company’s other intangible assets, net at December 31, 2016, were as follows:
The net book values of other intangible assets, net by reportable segment were as follows:
During the third quarter of 2016, the Company recognized impairment charges within its CBF segment related to the Wellman® trade name of $11.5 million and goodwill of $130.0 million, and as a result, the carrying value at September 30, 2016 of the Wellman® trade name is $35.4 million and goodwill is $96.5 million. In the third quarter of 2016, the Company concluded that its expectations of recovery in the near term in CBF’s related end markets had declined to the extent that it was more likely than not that the carrying value of the Wellman® trade name and CBF reporting unit were below their carrying values. Consistent with its accounting policies, prior to the adoption of ASU 2017-04, the Company performed the impairment tests for these assets through a one-step process for the Wellman® trade name and a two-step process for goodwill. Wellman® Trade name The Company based its estimate of fair value of the Wellman® trade name on the income approach utilizing the discounted future cash flow method. As part of estimating discounted future cash flows attributable to the Wellman® trade name, management estimated future revenues, royalty rates and discount rates. These represent the most significant assumptions used in the Company’s evaluation of the fair value of the Wellman® trade name (i.e., Level 3 measurements). As a result, management determined that the fair value of the Wellman® trade name was below its carrying value and recorded an impairment charge equal to the difference as noted above. Goodwill |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Leases The Company currently leases a portion of its manufacturing facilities, distribution centers and equipment, some of which include scheduled rent increases stated in the lease agreement. The Company currently has no leases that require rent to be paid based on contingent events. Rent expense, inclusive of rent based on scheduled rent increases and rent holidays recognized on a straight-line basis, was as follows:
Workers’ Compensation Claims and Related Losses Workers' compensation claims accruals were included in the Condensed Consolidated Balance Sheets as follows:
The liability related to workers’ compensation claims, both those reported to the Company and an estimate for those incurred but not yet reported, is based on actuarial estimates and loss development factors and the Company’s historical loss experience. The Company maintains occurrence-based insurance coverage with certain insurance carriers in accordance with its risk management practices that provides for reimbursement of workers’ compensation claims in excess of $0.5 million. The Company records a recovery receivable from the insurance carriers when such recovery is deemed probable based on the nature of the claim and history of recoveries. At September 30, 2017 and December 31, 2016, the Company did not have any recovery receivables recorded for workers’ compensation claims. Letters of Credit and Guarantees During the normal course of business, the Company enters into commitments in the form of letters of credit and bank guarantees to provide financial and performance assurance to third parties. In April 2017, we entered into an uncommitted letter of credit and reimbursement agreement under which we may enter into commitments in the form of documentary credits, performance letters of credit or standby letters of credit for amounts not to exceed $30.0 million. See Note 12 for information regarding additional letters of credit available under the Revolving Credit Facility. Letters of credit and bank guarantees outstanding under existing agreements were as follows:
Litigation Over the years, the Company has been named as a defendant, along with numerous other defendants, in lawsuits in various state courts in which plaintiffs have alleged injury due to exposure to asbestos-containing brakes, which Carlisle manufactured in limited amounts between the late-1940s and the mid-1980s. In addition to compensatory awards, these lawsuits may also seek punitive damages. Generally, the Company has obtained dismissals or settlements of its asbestos-related lawsuits with no material effect on its financial condition, results of operations, or cash flows. The Company maintains insurance coverage that applies to the Company’s defense costs and payments of settlements or judgments in connection with asbestos-related lawsuits. At this time, the amount of reasonably possible additional asbestos claims, if any, is not material to the Company’s financial position, results of operations, or operating cash flows, although these matters could result in the Company being subject to monetary damages, costs or expenses, and charges against earnings in particular periods. The Company may occasionally be involved in various other legal actions arising in the normal course of business. In the opinion of management, the ultimate outcome of such actions, either individually or in the aggregate, will not have a material adverse effect on the consolidated financial position, results of operations for a particular period, or annual operating cash flows of the Company. Environmental Matters The Company is subject to increasingly stringent environmental laws and regulations, including those relating to air emissions, wastewater discharges, chemical and hazardous waste management, and disposal. Some of these environmental laws hold owners or operators of land or businesses liable for their own and for previous owners’ or operators’ releases of hazardous or toxic substances or wastes. Other environmental laws and regulations require the obtainment of, and compliance with, environmental permits. To date, costs of complying with environmental, health, and safety requirements have not been material, and the Company did not have any significant accruals related to potential future costs of environmental remediation as of September 30, 2017, nor are any an asset retirement obligations recorded as of that date. However, the nature of the Company’s operations and its long history of industrial activities at certain of its current or former facilities, as well as those acquired, could potentially result in material environmental liabilities or asset retirement obligations. |
Long-term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | Long-term Debt Long-term debt is summarized as follows:
Revolving Credit Facility (the "Facility") On February 21, 2017, the Company entered into a second amendment (the "Amendment") to the Company's Third Amended and Restated Credit Agreement (the “Credit Agreement”) administered by JPMorgan Chase Bank, N.A. Among other things, the Amendment increased the lenders' aggregate revolving commitment from $600.0 million to $1.0 billion and extended the maturity date of the Facility from December 12, 2018 to February 21, 2022. During the first quarter of 2017, the Company incurred $1.4 million of debt issuance costs to finalize the amendment, which will be recognized ratably over the extended maturity date of the Facility. The Facility has a feature that allows the Company to increase availability, at its option, by an aggregate amount of up to $500.0 million through increased commitments from existing lenders or the addition of new lenders. Under the Facility, the Company may also enter into commitments in the form of standby, commercial, or direct pay letters of credit for an amount not to exceed $50.0 million. The Facility provides for variable interest pricing based on the credit rating of the senior unsecured bank debt or other unsecured senior debt. The Facility is also subject to fees based on applicable rates as defined in the agreement and the aggregate commitment, regardless of usage. During the nine months ended September 30, 2017, borrowings under the Facility totaled $491.0 million with a weighted average interest rate 2.65%. At September 30, 2017, the Facility had an outstanding balance of $185.0 million with an effective interest rate of 2.33% and $815.0 million of availability. During the year ended and as of December 31, 2016 there were no borrowings under the Facility. Covenants and Limitations |
Retirement Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Plans | Retirement Plans Defined Benefit Plans The Company recognizes net periodic benefit cost based on the actuarial analysis performed at the previous year end, adjusted if certain significant events occur during the year. The components of net periodic benefit cost were as follows:
Defined Contribution Plans The Company maintains defined contribution savings plans covering a significant portion of its eligible employees. Participant contributions are matched by the Company up to a 4.0% maximum of eligible compensation, subject to compensation and contribution limits as defined by the Internal Revenue Service. Employer contributions for the savings plans were as follows:
Matching contributions are invested in funds as directed by participants. Eligible participants may also elect to invest up to 50.0% of the Company's matching contribution in Company common stock. Common shares held by the defined contribution savings plan were as follows:
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Deferred Revenue and Extended Product Warranty |
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Deferred Revenue Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Revenue and Extended Product Warranty | Deferred Revenue and Extended Product Warranty Deferred revenue consists primarily of unearned revenue related to separately priced extended product warranty contracts on sales of certain products, the most significant being those offered on the installed roofing systems within the Construction Materials segment. Other deferred revenue relates to customer prepayments on sales within the Fluid Technologies segment. Deferred revenue related to our separately priced extended warranty contracts recognized in the Condensed Consolidated Statements of Earnings were as follows:
Deferred revenue included in the Condensed Consolidated Balance Sheets were as follows:
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Accrued Expenses |
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Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses | Accrued Expenses The components of accrued expenses were as follows:
Standard product warranties The Company offers various standard warranty programs on its products, primarily for certain installed roofing systems, high-performance cables and assemblies, fluid technologies, braking products, and foodservice equipment. The Company’s liability for such warranty programs is included in accrued expenses. The change in standard product warranty liabilities for the nine months ended September 30, were as follows:
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Other Long-Term Liabilities |
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Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-Term Liabilities | Other Long-Term Liabilities The components of other long-term liabilities were as follows:
Deferred Compensation The Company’s Deferred Compensation Plan allows certain eligible participants to defer a portion of their cash compensation and provides a matching contribution to the deferred compensation plan of up to 4.0% of eligible compensation. Eligible compensation may be deferred up to 10 years and distributed via lump sum or annual payment installments over an additional 10-year period. Participants allocate their deferred compensation amongst various investment options with earnings accruing to the participant. |
Accumulated Other Comprehensive Loss |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss by component for the three months and nine months ended September 30, were as follows:
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Foreign Currency Forward Contracts |
9 Months Ended |
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Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Foreign Currency Forward Contracts | Foreign Currency Forward Contracts The Company uses foreign currency forward contracts to hedge a portion of its foreign currency exchange rate exposure to forecasted foreign currency denominated cash flows. These instruments are not held for speculative or trading purposes. For instruments that are designated and qualify as cash flow hedges, the Company had foreign exchange contracts with maturities less than one year and an aggregate U.S. dollar equivalent notional value of $3.1 million and $17.6 million at September 30, 2017 and December 31, 2016, respectively. The gross fair value was insignificant at September 30, 2017 and December 31, 2016. The effective portion of changes in the fair value of the contracts is recorded in accumulated other comprehensive loss in the Condensed Consolidated Statements of Shareholders’ Equity and is recognized in net sales or cost of goods sold when the underlying forecasted transaction impacts earnings. For instruments that are not designated as a cash flow hedge, the Company had foreign exchange contracts with maturities less than one year and an aggregate U.S. dollar equivalent notional value of $36.2 million and $39.3 million at September 30, 2017 and December 31, 2016, respectively. The gross fair value was insignificant at September 30, 2017 and December 31, 2016. The unrealized gains and losses resulting from these contracts were immaterial and are recognized in other income, net and partially offset corresponding foreign exchange gains and losses on these balances. |
Exit and Disposal activities |
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Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exit and Disposal Activities | Exit and Disposal Activities The Company has undertaken operational restructuring and other cost reduction actions to streamline processes and manage costs throughout various departments within the Company. The Company implemented cost reduction plans, which resulted in exit, disposal, and employee termination benefit costs, primarily resulting from planned reductions in workforce, facility consolidations and relocations, and lease termination costs, as further discussed below by operating segment. Interconnect Technologies During 2017, the Company initiated plans to relocate certain of its aerospace manufacturing operations in Littleborough, United Kingdom to an existing manufacturing operation in Nogales, Mexico. During the third quarter and nine months ended September 30, 2017, exit and disposal expense totaled $0.3 million and $1.6 million, respectively. Cumulative exit and disposal costs recognized is $1.6 million through September 30, 2017, with total costs expected to approximate $2.2 million. The remaining costs are expected to be incurred principally through the fourth quarter of 2017. As previously announced, the Company is incurring costs related to relocate certain of our medical manufacturing operations in Shenzhen, China to a new manufacturing operation in Dongguan, China. During the third quarter and nine months ended September 30, 2017, employee termination benefit costs associated with this plan totaled $2.5 million and $5.1 million, respectively. Cumulative exit and disposal costs recognized is $12.7 million through September 30, 2017, with total costs expected to approximate $14.6 million. The remaining costs are expected to be incurred principally through the second half of 2018. Other associated costs are not expected to be significant. During the third quarter of 2017, the Company entered into a letter of undertaking with the Chinese government, whereby the Company designated $10.1 million in cash specifically for the payment of employee termination benefits associated with the Chinese medical business action discussed above. Cash payments began in August 2017 out of these designated funds, and will continue through the first half of 2018. The designated cash balance as of September 30, 2017, totaled $8.2 million. Fluid Technologies During 2017, the Company initiated plans to restructure its global footprint. These plans involve exiting manufacturing operations in Brazil and Mexico, exiting the systems sales business in Germany and relocating the manufacturing operations currently in Angola, Indiana to its existing Bournemouth, United Kingdom manufacturing operations. During both the third quarter and nine months ended September 30, 2017, exit and disposal expense totaled $7.5 million, primarily reflecting employee termination benefit costs and accelerated depreciation. Total costs are expected to approximate $11.5 million, with the remaining costs expected to be incurred principally through the fourth quarter of 2017. As previously announced, the Company is incurring costs related to the relocation of CFT's administrative functions and facilities within the U.S. During the third quarter and the nine months ended September 30, 2017, exit and disposal expense totaled less than $0.1 million and $1.0 million, respectively, primarily reflecting relocation and facility closure costs. Cumulative exit and disposal costs recognized is $5.1 million through September 30, 2017, with total expected costs to approximate $5.2 million. Brake & Friction On February 9, 2017, the Company announced that it would exit its manufacturing operations in Tulsa, Oklahoma and relocate the majority of those operations to its existing manufacturing facility in Medina, Ohio. This action is expected to take approximately 18 to 21 months to complete. Total associated exit and disposal costs are expected to be between $17.5 million to $21.0 million, including:
During the third quarter and the nine months ended September 30, 2017, exit and disposal expense totaled $1.0 million and $3.0 million, respectively, primarily related to employee termination benefits and accelerated depreciation. Consolidated Summary The Company's exit and disposal expense by activity is as follows:
The Company's exit and disposal activities expense by segment is as follows:
The Company's exit and disposal activities expense by financial statement line item is as follows:
The Company's change in exit and disposal activities liability is as follows:
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Segment Information (Tables) |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of net sales and earnings before interest and taxes ("EBIT") | Segment information is summarized as follows:
(1) Includes impairment charges of $141.5 million in the three and nine months ended September 30, 2016. Refer to Note 10 for further discussion. |
Acquisitions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Jamar | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of consideration transferred and the allocation of the consideration to acquired assets and assumed liabilities | The following table summarizes the consideration transferred to acquire San Jamar and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed.
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Star Aviation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of consideration transferred and the allocation of the consideration to acquired assets and assumed liabilities | The following table summarizes the consideration transferred to acquire Star Aviation and the final allocation of the purchase price among the assets acquired and liabilities assumed.
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Micro-Coax | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of consideration transferred and the allocation of the consideration to acquired assets and assumed liabilities | The following table summarizes the consideration transferred to acquire Micro-Coax and the final allocation of the purchase price among the assets acquired and liabilities assumed.
|
Stock-Based Compensation (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compensation Expense | Stock-based compensation expense is primarily included in selling and administrative expenses in the Condensed Consolidated Statements of Earnings and is as follows:
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Schedule of Stock-based Payment Award Grants | The Company awarded the following stock-based compensation grants:
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Schedule of weighted-average assumptions for stock options | The weighted-average assumptions used in the determination of fair value for stock option awards in 2017 and 2016 were as follows:
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Stock options | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compensation Expense | Stock-based compensation expense related to stock options were as follows:
|
Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Component of income from continuing operations and share data used in basic and diluted earnings per share | The following reflects income from continuing operations and share data used in the basic and diluted earnings per share computations using the two-class method:
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Component of income (loss) from discontinued operations and share data used in basic and diluted earnings per share | Income from discontinued operations and net income used in the basic and diluted earnings per share computations were as follows:
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventories | The components of inventory are summarized as follows:
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Property, Plant and Equipment, net (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of property, plant, and equipment, net | The components of property, plant, and equipment, net are summarized as follows:
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Goodwill and Other Intangible Assets, net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of changes in the carrying amount of goodwill | The changes in the carrying amount of goodwill for the nine months ended September 30, were as follows:
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Summary of other intangible assets, net | The Company’s other intangible assets, net at September 30, 2017, were as follows:
The Company’s other intangible assets, net at December 31, 2016, were as follows:
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Summary of the net book values of other intangible assets, net by reportable segment | The net book values of other intangible assets, net by reportable segment were as follows:
|
Commitments and Contingencies (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Rent Expense | Rent expense, inclusive of rent based on scheduled rent increases and rent holidays recognized on a straight-line basis, was as follows:
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Schedule of Accrual for Workers' Compensation | Workers' compensation claims accruals were included in the Condensed Consolidated Balance Sheets as follows:
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Schedule of Letters of Credit and Bank Guarantees Outstanding | Letters of credit and bank guarantees outstanding under existing agreements were as follows:
|
Long-term Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Long-term debt is summarized as follows:
|
Retirement Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of net periodic benefit cost | The components of net periodic benefit cost were as follows:
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Schedule of defined contribution plan disclosures | Employer contributions for the savings plans were as follows:
Matching contributions are invested in funds as directed by participants. Eligible participants may also elect to invest up to 50.0% of the Company's matching contribution in Company common stock. Common shares held by the defined contribution savings plan were as follows:
|
Deferred Revenue (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Revenue Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of deferred revenue | Deferred revenue related to our separately priced extended warranty contracts recognized in the Condensed Consolidated Statements of Earnings were as follows:
Deferred revenue included in the Condensed Consolidated Balance Sheets were as follows:
|
Accrued Expenses (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of accrued expenses | The components of accrued expenses were as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of product warranty liability | The change in standard product warranty liabilities for the nine months ended September 30, were as follows:
|
Other Long-Term Liabilities (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of other long-term liabilities | The components of other long-term liabilities were as follows:
|
Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in Accumulated other comprehensive income (loss) by component | The changes in accumulated other comprehensive loss by component for the three months and nine months ended September 30, were as follows:
|
Exit and Disposal Activities (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Exit and Disposal Activities | The Company's exit and disposal expense by activity is as follows:
The Company's exit and disposal activities expense by segment is as follows:
The Company's exit and disposal activities expense by financial statement line item is as follows:
The Company's change in exit and disposal activities liability is as follows:
|
New Accounting Pronouncements (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2017 |
|
Accounting Standards Update 2016-09 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Discrete income tax benefit | $ (0.2) | $ (3.7) |
Segment Information (Details.) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Net sales | $ 1,089.1 | $ 991.0 | $ 3,018.1 | $ 2,781.9 |
EBIT | 142.9 | 36.4 | 398.4 | 325.9 |
Impairment charges | 0.0 | 141.5 | 0.0 | 141.5 |
Corporate | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
EBIT | (19.9) | (15.0) | (49.4) | (45.1) |
Carlisle Construction Materials | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Net sales | 640.2 | 578.2 | 1,717.5 | 1,564.4 |
EBIT | 124.2 | 132.0 | 333.9 | 337.4 |
Carlisle Interconnect Technologies | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Net sales | 210.8 | 218.2 | 606.8 | 624.3 |
EBIT | 25.7 | 42.2 | 68.1 | 118.4 |
Carlisle Food Service Products | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Net sales | 86.7 | 63.0 | 257.8 | 186.9 |
EBIT | 11.6 | 9.0 | 29.5 | 24.3 |
Carlisle Fluid Technologies | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Net sales | 70.9 | 69.0 | 202.4 | 198.4 |
EBIT | 0.1 | 9.5 | 12.5 | 23.7 |
Carlisle Brake & Friction | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Net sales | 80.5 | 62.6 | 233.6 | 207.9 |
EBIT | $ 1.2 | $ (141.3) | $ 3.8 | (132.8) |
Impairment charges | $ 141.5 |
Acquisitions (Details) £ in Millions, SFr in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | 10 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 03, 2017
USD ($)
|
Jan. 31, 2017
USD ($)
|
Jan. 31, 2017
GBP (£)
|
Jan. 09, 2017
USD ($)
|
Oct. 03, 2016
USD ($)
|
Jun. 10, 2016
USD ($)
|
Feb. 19, 2016
USD ($)
|
Feb. 19, 2016
CHF (SFr)
|
Dec. 31, 2017
USD ($)
|
Sep. 30, 2017
USD ($)
|
Jun. 30, 2017
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
|
Mar. 31, 2017
USD ($)
|
Jan. 31, 2017
GBP (£)
|
Dec. 31, 2016
USD ($)
|
Feb. 19, 2016
CHF (SFr)
|
Oct. 31, 2014
USD ($)
|
|
Acquisitions | |||||||||||||||||||
Aggregate cash purchase price, net of cash acquired | $ 280.0 | $ 103.1 | |||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Goodwill | $ 1,212.8 | $ 1,212.8 | 1,212.8 | $ 1,081.2 | |||||||||||||||
Accella Performance Materials | Forecast | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Definitive purchase agreement amount | $ 670.0 | ||||||||||||||||||
Drexel Metals, Inc. | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Percentage of ownership interest acquired | 100.00% | ||||||||||||||||||
Aggregate cash purchase price, net of cash acquired | $ 55.8 | ||||||||||||||||||
Contribution to net sales since acquisition | 12.8 | 12.8 | |||||||||||||||||
Contribution to EBIT since acquisition | (0.9) | (0.9) | |||||||||||||||||
Useful life of finite lived intangible assets | 9 years | ||||||||||||||||||
Goodwill deductible for tax purposes | $ 0.0 | ||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Receivables | 5.3 | ||||||||||||||||||
Inventories | 8.8 | ||||||||||||||||||
Definite-lived intangible assets | 19.0 | ||||||||||||||||||
Indefinite-lived intangible assets | 10.4 | ||||||||||||||||||
Accounts payable | (5.8) | ||||||||||||||||||
Deferred income tax liabilities | (10.8) | ||||||||||||||||||
Goodwill | $ 26.9 | ||||||||||||||||||
Arbo | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Percentage of ownership interest acquired | 100.00% | 100.00% | |||||||||||||||||
Aggregate cash purchase price, net of cash acquired | $ 11.5 | £ 9.1 | |||||||||||||||||
Contribution to net sales since acquisition | 4.1 | 10.3 | |||||||||||||||||
Contribution to EBIT since acquisition | 0.2 | 0.3 | |||||||||||||||||
Contingent consideration | 2.5 | £ 2.0 | |||||||||||||||||
Goodwill deductible for tax purposes | 1.3 | ||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Receivables | 1.5 | ||||||||||||||||||
Inventories | 2.1 | ||||||||||||||||||
Definite-lived intangible assets | 2.2 | ||||||||||||||||||
Indefinite-lived intangible assets | 1.6 | ||||||||||||||||||
Accounts payable | (1.4) | ||||||||||||||||||
Deferred income tax liabilities | (1.4) | ||||||||||||||||||
Goodwill | $ 4.7 | ||||||||||||||||||
Arbo | Customer relationships | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Useful life of finite lived intangible assets | 15 years | 15 years | |||||||||||||||||
San Jamar | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Percentage of ownership interest acquired | 100.00% | ||||||||||||||||||
Contribution to net sales since acquisition | 22.9 | 64.9 | |||||||||||||||||
Contribution to EBIT since acquisition | 2.8 | 3.5 | |||||||||||||||||
Total consideration transferred | 217.2 | ||||||||||||||||||
Goodwill deductible for tax purposes | 5.0 | 5.0 | 5.0 | ||||||||||||||||
Uncertain tax positions | $ 4.5 | ||||||||||||||||||
Indemnification asset | $ 3.6 | ||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Cash and cash equivalents | 3.5 | 3.5 | 3.5 | ||||||||||||||||
Receivables | 9.1 | 9.1 | 9.1 | ||||||||||||||||
Inventories | 13.5 | 13.5 | 13.5 | ||||||||||||||||
Prepaid expenses and other current assets | 2.5 | 2.5 | 2.5 | ||||||||||||||||
Property, plant and equipment | 4.2 | 4.2 | 4.2 | ||||||||||||||||
Definite-lived intangible assets | 134.9 | 134.9 | 134.9 | ||||||||||||||||
Indefinite-lived intangible assets | 23.6 | 23.6 | 23.6 | ||||||||||||||||
Other long-term assets | 3.2 | 3.2 | 3.2 | ||||||||||||||||
Accounts payable | (7.0) | (7.0) | (7.0) | ||||||||||||||||
Income tax payable | (0.5) | (0.5) | (0.5) | ||||||||||||||||
Accrued expenses | (5.2) | (5.2) | (5.2) | ||||||||||||||||
Other long-term liabilities | (4.5) | (4.5) | (4.5) | ||||||||||||||||
Deferred income tax liabilities | (49.6) | (49.6) | (49.6) | ||||||||||||||||
Total identifiable net assets | 127.7 | 127.7 | 127.7 | ||||||||||||||||
Goodwill | 89.5 | 89.5 | 89.5 | ||||||||||||||||
San Jamar | Customer relationships | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Useful life of finite lived intangible assets | 13 years | ||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Definite-lived intangible assets | 97.8 | 97.8 | 97.8 | ||||||||||||||||
San Jamar | Acquired Technology | |||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Definite-lived intangible assets | 36.4 | 36.4 | 36.4 | ||||||||||||||||
San Jamar | Acquired Technology | Minimum | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Useful life of finite lived intangible assets | 7 years | ||||||||||||||||||
San Jamar | Acquired Technology | Maximum | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Useful life of finite lived intangible assets | 10 years | ||||||||||||||||||
San Jamar | Non-compete agreement | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Useful life of finite lived intangible assets | 2 years | ||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Definite-lived intangible assets | 0.7 | 0.7 | 0.7 | ||||||||||||||||
San Jamar | Preliminary Allocation | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Total consideration transferred | $ 217.2 | ||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Cash and cash equivalents | 3.5 | ||||||||||||||||||
Receivables | 9.1 | ||||||||||||||||||
Inventories | 13.1 | ||||||||||||||||||
Prepaid expenses and other current assets | 2.3 | ||||||||||||||||||
Property, plant and equipment | 4.2 | ||||||||||||||||||
Definite-lived intangible assets | 135.1 | ||||||||||||||||||
Indefinite-lived intangible assets | 23.6 | ||||||||||||||||||
Other long-term assets | 3.2 | ||||||||||||||||||
Accounts payable | (7.0) | ||||||||||||||||||
Income tax payable | (0.5) | ||||||||||||||||||
Accrued expenses | (4.3) | ||||||||||||||||||
Other long-term liabilities | (4.8) | ||||||||||||||||||
Deferred income tax liabilities | (47.2) | ||||||||||||||||||
Total identifiable net assets | 130.3 | ||||||||||||||||||
Goodwill | $ 86.9 | ||||||||||||||||||
San Jamar | Adjustment | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Total consideration transferred | $ 0.0 | ||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Receivables | 0.0 | 0.0 | 0.0 | ||||||||||||||||
Inventories | 0.4 | 0.4 | 0.4 | ||||||||||||||||
Prepaid expenses and other current assets | 0.2 | 0.2 | 0.2 | ||||||||||||||||
Definite-lived intangible assets | (0.2) | (0.2) | (0.2) | ||||||||||||||||
Other long-term assets | 0.0 | 0.0 | 0.0 | ||||||||||||||||
Accrued expenses | (0.9) | (0.9) | (0.9) | ||||||||||||||||
Other long-term liabilities | 0.3 | 0.3 | 0.3 | ||||||||||||||||
Deferred income tax liabilities | (2.4) | (2.4) | (2.4) | ||||||||||||||||
Total identifiable net assets | (2.6) | (2.6) | (2.6) | ||||||||||||||||
Goodwill | 2.6 | 2.6 | 2.6 | ||||||||||||||||
Star Aviation | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Percentage of ownership interest acquired | 100.00% | ||||||||||||||||||
Contribution to net sales since acquisition | 11.8 | 27.8 | |||||||||||||||||
Contribution to EBIT since acquisition | 3.3 | 4.4 | |||||||||||||||||
Total consideration transferred | 82.7 | ||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Cash and cash equivalents | 0.3 | 0.3 | 0.3 | ||||||||||||||||
Receivables | 5.8 | 5.8 | 5.8 | ||||||||||||||||
Inventories | 2.9 | 2.9 | 2.9 | ||||||||||||||||
Prepaid expenses and other current assets | 0.1 | 0.1 | 0.1 | ||||||||||||||||
Property, plant and equipment | 3.0 | 3.0 | 3.0 | ||||||||||||||||
Definite-lived intangible assets | 29.0 | 29.0 | 29.0 | ||||||||||||||||
Accounts payable | (1.1) | (1.1) | (1.1) | ||||||||||||||||
Accrued expenses | (0.7) | (0.7) | (0.7) | ||||||||||||||||
Total identifiable net assets | 39.3 | 39.3 | 39.3 | ||||||||||||||||
Goodwill | 43.4 | 43.4 | 43.4 | ||||||||||||||||
Star Aviation | Customer relationships | |||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Definite-lived intangible assets | 23.9 | 23.9 | $ 23.9 | ||||||||||||||||
Star Aviation | Customer relationships | Minimum | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Useful life of finite lived intangible assets | 5 years | ||||||||||||||||||
Star Aviation | Customer relationships | Maximum | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Useful life of finite lived intangible assets | 10 years | ||||||||||||||||||
Star Aviation | Acquired Technology | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Useful life of finite lived intangible assets | 6 years | ||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Definite-lived intangible assets | 4.7 | 4.7 | $ 4.7 | ||||||||||||||||
Star Aviation | Non-compete agreement | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Useful life of finite lived intangible assets | 5 years | ||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Definite-lived intangible assets | 0.4 | 0.4 | $ 0.4 | ||||||||||||||||
Star Aviation | Preliminary Allocation | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Total consideration transferred | $ 82.7 | ||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Cash and cash equivalents | 0.3 | ||||||||||||||||||
Receivables | 5.9 | ||||||||||||||||||
Inventories | 3.1 | ||||||||||||||||||
Prepaid expenses and other current assets | 0.1 | ||||||||||||||||||
Property, plant and equipment | 3.3 | ||||||||||||||||||
Definite-lived intangible assets | 29.0 | ||||||||||||||||||
Accounts payable | (1.3) | ||||||||||||||||||
Accrued expenses | (0.8) | ||||||||||||||||||
Total identifiable net assets | 39.6 | ||||||||||||||||||
Goodwill | $ 43.1 | ||||||||||||||||||
Star Aviation | Adjustment | |||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Receivables | (0.1) | (0.1) | (0.1) | ||||||||||||||||
Inventories | (0.2) | (0.2) | (0.2) | ||||||||||||||||
Property, plant and equipment | (0.3) | (0.3) | (0.3) | ||||||||||||||||
Accounts payable | 0.2 | 0.2 | 0.2 | ||||||||||||||||
Accrued expenses | 0.1 | 0.1 | 0.1 | ||||||||||||||||
Total identifiable net assets | (0.3) | (0.3) | (0.3) | ||||||||||||||||
Goodwill | 0.3 | 0.3 | 0.3 | ||||||||||||||||
Micro-Coax | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Percentage of ownership interest acquired | 100.00% | ||||||||||||||||||
Contribution to net sales since acquisition | 9.6 | 25.3 | |||||||||||||||||
Contribution to EBIT since acquisition | 1.9 | (0.6) | |||||||||||||||||
Total consideration transferred | $ 96.6 | ||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Cash and cash equivalents | 1.5 | ||||||||||||||||||
Receivables | 6.3 | ||||||||||||||||||
Inventories | 8.6 | ||||||||||||||||||
Prepaid expenses and other current assets | 0.3 | ||||||||||||||||||
Property, plant and equipment | 16.0 | ||||||||||||||||||
Definite-lived intangible assets | 26.5 | ||||||||||||||||||
Indefinite-lived intangible assets | 0.0 | ||||||||||||||||||
Other long-term assets | 1.0 | ||||||||||||||||||
Accounts payable | (1.7) | ||||||||||||||||||
Accrued expenses | (2.5) | ||||||||||||||||||
Total identifiable net assets | 56.0 | ||||||||||||||||||
Goodwill | 40.6 | ||||||||||||||||||
Micro-Coax | Trade names | |||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Indefinite-lived intangible assets | 0.9 | ||||||||||||||||||
Micro-Coax | Customer relationships | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Useful life of finite lived intangible assets | 12 years | ||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Definite-lived intangible assets | 14.5 | ||||||||||||||||||
Micro-Coax | Acquired Technology | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Useful life of finite lived intangible assets | 7 years | ||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Definite-lived intangible assets | 10.6 | ||||||||||||||||||
Micro-Coax | Preliminary Allocation | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Total consideration transferred | $ 97.3 | ||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Cash and cash equivalents | 1.5 | ||||||||||||||||||
Receivables | 6.3 | ||||||||||||||||||
Inventories | 8.6 | ||||||||||||||||||
Prepaid expenses and other current assets | 0.4 | ||||||||||||||||||
Property, plant and equipment | 30.0 | ||||||||||||||||||
Definite-lived intangible assets | 31.5 | ||||||||||||||||||
Indefinite-lived intangible assets | 2.0 | ||||||||||||||||||
Other long-term assets | 1.0 | ||||||||||||||||||
Accounts payable | (1.7) | ||||||||||||||||||
Accrued expenses | (2.4) | ||||||||||||||||||
Total identifiable net assets | 77.2 | ||||||||||||||||||
Goodwill | $ 20.1 | ||||||||||||||||||
Micro-Coax | Preliminary Allocation | Trade names | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Useful life of finite lived intangible assets | 10 years | ||||||||||||||||||
Micro-Coax | Preliminary Allocation | Non-compete agreement | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Useful life of finite lived intangible assets | 3 years | ||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Definite-lived intangible assets | 0.5 | ||||||||||||||||||
Micro-Coax | Adjustment | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Total consideration transferred | $ (0.7) | ||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Prepaid expenses and other current assets | (0.1) | ||||||||||||||||||
Property, plant and equipment | (14.0) | ||||||||||||||||||
Definite-lived intangible assets | (5.0) | ||||||||||||||||||
Indefinite-lived intangible assets | (2.0) | ||||||||||||||||||
Accrued expenses | (0.1) | ||||||||||||||||||
Total identifiable net assets | (21.2) | ||||||||||||||||||
Goodwill | $ 20.5 | ||||||||||||||||||
MS | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Percentage of ownership interest acquired | 100.00% | 100.00% | |||||||||||||||||
Contribution to net sales since acquisition | 2.8 | 6.9 | |||||||||||||||||
Contribution to EBIT since acquisition | (0.3) | (1.7) | |||||||||||||||||
Total consideration transferred | $ 12.4 | SFr 12.3 | |||||||||||||||||
Contingent consideration | 4.3 | SFr 4.3 | |||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Definite-lived intangible assets | 9.7 | ||||||||||||||||||
Indefinite-lived intangible assets | 4.1 | ||||||||||||||||||
Deferred income tax liabilities | (2.2) | ||||||||||||||||||
Goodwill | $ 2.9 | ||||||||||||||||||
MS | Customer relationships | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Useful life of finite lived intangible assets | 10 years | 10 years | |||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Definite-lived intangible assets | $ 1.4 | ||||||||||||||||||
MS | Acquired Technology | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Useful life of finite lived intangible assets | 7 years | 7 years | |||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||
Definite-lived intangible assets | $ 8.3 | ||||||||||||||||||
LHi Technology | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Indemnification asset | 6.1 | 6.1 | 6.1 | $ 8.7 | |||||||||||||||
Net change in indemnification asset | (4.6) | ||||||||||||||||||
LHi Technology | Adjustment | |||||||||||||||||||
Acquisitions | |||||||||||||||||||
Contingent consideration | 1.5 | 1.5 | 1.5 | 2.6 | |||||||||||||||
Indemnification asset | $ (1.5) | $ (1.5) | $ (1.5) | $ (2.6) |
Stock-Based Compensation - Stock Award Information and Fair Value Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Stock-based compensation | ||||
Compensation to be recognized over requisite service period | $ 24.1 | |||
Stock-based compensation expense | ||||
Total pre-tax stock-based compensation | $ 5.2 | $ 4.1 | $ 15.9 | $ 12.7 |
Weighted-average assumptions used to estimate grant date fair value of stock options | ||||
Expected dividend yield (as a percent) | 1.30% | 1.40% | ||
Expected life in years | 5 years 6 months 29 days | 5 years 7 months 9 days | ||
Expected volatility (as a percent) | 25.60% | 27.50% | ||
Risk-free interest rate (as a percent) | 1.90% | 1.40% | ||
Weighted average fair value per share (in dollars per share) | $ 24.57 | $ 19.30 | ||
Executive Incentive Program | ||||
Stock-based compensation | ||||
Shares available for grant under the plan (in shares) | 3,468,501 | 3,468,501 | ||
Stock options | ||||
Stock-based compensation | ||||
Options granted (in shares) | 364,675 | |||
Maximum term life | 10 years | |||
Stock-based compensation expense | ||||
Total pre-tax stock-based compensation | $ 2.1 | $ 1.6 | $ 5.9 | $ 4.6 |
Stock options | Executive Incentive Program | ||||
Stock-based compensation | ||||
Shares available for grant under the plan (in shares) | 1,295,095 | 1,295,095 | ||
Restricted stock | ||||
Stock-based compensation | ||||
Awards granted (in shares) | 65,637 | |||
Performance shares | ||||
Stock-based compensation | ||||
Awards granted (in shares) | 47,285 | |||
Restricted Stock Units | ||||
Stock-based compensation | ||||
Awards granted (in shares) | 12,952 | |||
Portion of Stock Options Vesting on First Anniversary | Stock options | ||||
Stock-based compensation | ||||
Stock options vesting under graded vesting schedule (percent) | 33.33% | |||
Portion of Stock Options Vesting on Second Anniversary | Stock options | ||||
Stock-based compensation | ||||
Stock options vesting under graded vesting schedule (percent) | 33.33% | |||
Portion of stock Options Vesting on Third Anniversary | Stock options | ||||
Stock-based compensation | ||||
Stock options vesting under graded vesting schedule (percent) | 33.33% |
Stock-Based Compensation - Vesting and Deferred Compensation Plan (Details) - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Restricted stock awards | ||
Stock-based compensation | ||
Vesting period of shares awarded under the Program | 3 years | |
Performance shares | ||
Stock-based compensation | ||
Vesting period of shares awarded under the Program | 3 years | |
Deferred Compensation Equity | ||
Performance share awards | ||
Number of common shares deferred (in shares) | 278,096 | 294,574 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Effective income tax rate on continuing operations (as a percent) | 33.00% | 33.50% | 42.50% | ||
Anticipated effective tax rate for beginning of year to date (as a percent) | 33.60% | ||||
Discrete tax expense (benefit) related to state valuation allowance release | $ 0.3 | $ 0.8 | |||
Expenses from net foreign exchange gains | 4.2 | ||||
Impairment charges | $ 0.0 | $ 141.5 | 0.0 | 141.5 | |
Income tax benefit related to impairment charges | $ 8.9 | ||||
Accounting Standards Update 2016-09 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Discrete income tax benefit | $ 0.2 | $ 3.7 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Numerator: | ||||
Income from continuing operations | $ 86.4 | $ (9.5) | $ 250.2 | $ 174.3 |
Less: dividends declared - common stock outstanding, restricted shares and restricted share units | (23.2) | (22.8) | (69.0) | (61.8) |
Undistributed earnings | $ 63.2 | $ (32.3) | $ 181.2 | $ 112.5 |
Percent allocated to common shareholders | 99.30% | 99.30% | 99.40% | 99.30% |
Undistributed earnings available to common shareholders | $ 62.8 | $ (32.1) | $ 180.1 | $ 111.7 |
Add: dividends declared - common stock | 23.2 | 22.6 | 68.1 | 61.1 |
Income (loss) from continuing operations attributable to common shares | $ 86.0 | $ (9.5) | $ 248.2 | $ 172.8 |
Denominator (in thousands): | ||||
Denominator for basic EPS: weighted-average common shares outstanding | 62,432 | 64,353 | 63,503 | 64,206 |
Effect of dilutive securities: | ||||
Performance awards (in shares) | 82 | 0 | 82 | 252 |
Stock options (in shares) | 283 | 0 | 331 | 421 |
Denominator for diluted EPS: adjusted weighted-average common shares outstanding and assumed conversion | 62,797 | 64,353 | 63,916 | 64,879 |
Per share income from continuing operations attributable to common shares: | ||||
Basic (in dollars per share) | $ 1.38 | $ (0.15) | $ 3.91 | $ 2.69 |
Diluted (in dollars per share) | $ 1.37 | $ (0.15) | $ 3.89 | $ 2.66 |
Basic weighted-average common shares outstanding | 62,432 | 64,353 | 63,503 | 64,206 |
Basic weighted-average common shares outstanding, unvested restricted shares expected to vest and restricted share units | 62,846 | 64,809 | 63,918 | 64,662 |
Percent allocated to common shareholders | 99.30% | 99.30% | 99.40% | 99.30% |
Income (loss) from discontinued operations and net income | ||||
(Loss) income from discontinued operations attributable to common shareholders for basic and diluted earnings per share | $ (0.1) | $ (0.3) | $ 0.2 | $ (0.4) |
Net income attributable to common shareholders for basic and diluted earnings per share | $ 85.9 | $ (9.8) | $ 248.4 | $ 172.4 |
Antidilutive stock options excluded from EPS calculation (in shares) | 377 | 1 | 328 | 125 |
Performance shares | ||||
Income (loss) from discontinued operations and net income | ||||
Antidilutive stock options excluded from EPS calculation (in shares) | 252 | |||
Stock options | ||||
Income (loss) from discontinued operations and net income | ||||
Antidilutive stock options excluded from EPS calculation (in shares) | 326 |
Inventories (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 256.3 | $ 218.6 |
Work-in-process | 69.6 | 51.3 |
Raw materials | 163.8 | 143.4 |
Reserves | (34.9) | (36.3) |
Inventories | $ 454.8 | $ 377.0 |
Property, Plant, and Equipment, net (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Property, Plant, and Equipment | ||
Property, plant and equipment, gross | $ 1,372.1 | $ 1,244.9 |
Accumulated depreciation | (673.6) | (612.7) |
Property, plant, and equipment, net | 698.5 | 632.2 |
Land and land improvements | ||
Property, Plant, and Equipment | ||
Property, plant and equipment, gross | 98.8 | 94.7 |
Buildings and leasehold improvements | ||
Property, Plant, and Equipment | ||
Property, plant and equipment, gross | 329.8 | 308.0 |
Machinery and equipment | ||
Property, Plant, and Equipment | ||
Property, plant and equipment, gross | 775.4 | 717.9 |
Furniture, fixtures and other | ||
Property, Plant, and Equipment | ||
Property, plant and equipment, gross | 79.2 | 66.8 |
Projects in progress | ||
Property, Plant, and Equipment | ||
Property, plant and equipment, gross | $ 88.9 | $ 57.5 |
Goodwill and Other Intangible Assets, net - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Goodwill | |||
Carrying value of trade name | $ 1,018.6 | $ 872.2 | |
Changes in the carrying amount of goodwill | |||
Goodwill, Balance at the beginning of the period | 1,081.2 | ||
Goodwill acquired during the year | 118.5 | ||
Measurement period adjustments | 2.9 | ||
Currency translation and other | 10.2 | ||
Goodwill, Balance at the end of the period | 1,212.8 | ||
Carlisle Construction Materials | |||
Goodwill | |||
Carrying value of trade name | 90.7 | 55.2 | |
Changes in the carrying amount of goodwill | |||
Goodwill, Balance at the beginning of the period | 117.5 | ||
Goodwill acquired during the year | 31.6 | ||
Measurement period adjustments | 0.0 | ||
Currency translation and other | 5.9 | ||
Goodwill, Balance at the end of the period | 155.0 | ||
Carlisle Interconnect Technologies | |||
Goodwill | |||
Carrying value of trade name | 353.8 | 379.1 | |
Changes in the carrying amount of goodwill | |||
Goodwill, Balance at the beginning of the period | 639.1 | ||
Goodwill acquired during the year | 0.0 | ||
Measurement period adjustments | 0.3 | ||
Currency translation and other | 1.0 | ||
Goodwill, Balance at the end of the period | 640.4 | ||
Carlisle Food Service Products | |||
Goodwill | |||
Carrying value of trade name | 173.0 | 24.9 | |
Changes in the carrying amount of goodwill | |||
Goodwill, Balance at the beginning of the period | 60.3 | ||
Goodwill acquired during the year | 86.9 | ||
Measurement period adjustments | 2.6 | ||
Currency translation and other | 0.0 | ||
Goodwill, Balance at the end of the period | 149.8 | ||
Carlisle Fluid Technologies | |||
Goodwill | |||
Carrying value of trade name | 306.6 | 313.7 | |
Changes in the carrying amount of goodwill | |||
Goodwill, Balance at the beginning of the period | 167.9 | ||
Goodwill acquired during the year | 0.0 | ||
Measurement period adjustments | 0.0 | ||
Currency translation and other | 3.2 | ||
Goodwill, Balance at the end of the period | 171.1 | ||
Carlisle Brake & Friction | |||
Goodwill | |||
Impairment of goodwill | $ 130.0 | ||
Carrying value of trade name | 94.5 | $ 99.3 | |
Percentage of fair value below carrying amount (percent) | 25.00% | ||
Changes in the carrying amount of goodwill | |||
Goodwill, Balance at the beginning of the period | 96.4 | ||
Goodwill acquired during the year | 0.0 | ||
Measurement period adjustments | 0.0 | ||
Currency translation and other | 0.1 | ||
Goodwill, Balance at the end of the period | $ 96.5 | $ 96.5 | |
Wellman Trade Name | Carlisle Brake & Friction | |||
Goodwill | |||
Impairment of trade name | 11.5 | ||
Carrying value of trade name | $ 35.4 |
Goodwill and Other Intangible Assets, net - Other Intangibles and Amortization (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Other intangible assets, net | ||
Other intangible assets, Acquired Cost | $ 1,368.1 | $ 1,157.9 |
Other intangible assets, Accumulated Amortization | (349.5) | (285.7) |
Other intangible assets, net | 1,018.6 | 872.2 |
Trade names | ||
Assets not subject to amortization: | ||
Trade names | 275.4 | 237.5 |
Customer relationships | ||
Other intangible assets | ||
Acquired Cost | 833.6 | 704.3 |
Accumulated Amortization | (244.7) | (201.6) |
Net Book Value | 588.9 | 502.7 |
Intellectual property | ||
Other intangible assets | ||
Acquired Cost | 242.5 | 200.7 |
Accumulated Amortization | (92.4) | (72.4) |
Net Book Value | 150.1 | 128.3 |
Other | ||
Other intangible assets | ||
Acquired Cost | 16.6 | 15.4 |
Accumulated Amortization | (12.4) | (11.7) |
Net Book Value | $ 4.2 | $ 3.7 |
Goodwill and Other Intangible Assets, net - Net Carrying Value of Other Intangibles (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Net book value of other intangible assets by the reportable segment | ||
Other intangible assets, net | $ 1,018.6 | $ 872.2 |
Carlisle Construction Materials | ||
Net book value of other intangible assets by the reportable segment | ||
Other intangible assets, net | 90.7 | 55.2 |
Carlisle Interconnect Technologies | ||
Net book value of other intangible assets by the reportable segment | ||
Other intangible assets, net | 353.8 | 379.1 |
Carlisle Food Service Products | ||
Net book value of other intangible assets by the reportable segment | ||
Other intangible assets, net | 173.0 | 24.9 |
Carlisle Fluid Technologies | ||
Net book value of other intangible assets by the reportable segment | ||
Other intangible assets, net | 306.6 | 313.7 |
Carlisle Brake & Friction | ||
Net book value of other intangible assets by the reportable segment | ||
Other intangible assets, net | $ 94.5 | $ 99.3 |
Commitments and Contingencies - Leases (Details) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2017
USD ($)
lease
|
Sep. 30, 2016
USD ($)
|
|
Commitments and Contingencies Disclosure [Abstract] | ||||
Number of leases that require rent to be paid based on contingent events | lease | 0 | |||
Rent expense | $ | $ 7.5 | $ 6.7 | $ 21.9 | $ 20.1 |
Commitments and Contingencies - Workers' Compensation (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Workers' Compensation Claims and Related Losses | ||
Accrued expenses - compensation and benefits | $ 4.9 | $ 5.8 |
Other long-term liabilities | 10.9 | 12.3 |
Total workers' compensation liability | 15.8 | 18.1 |
Limits in excess of occurrence for reimbursement of workers' compensation | 0.5 | |
Claim recovery receivables | $ 0.0 | $ 0.0 |
Commitments and Contingencies - Letters of Credit and Guarantees (Details) - USD ($) |
Sep. 30, 2017 |
Apr. 28, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Financial Guarantee | |||
Loss contingencies | |||
Letters of credit and bank guarantees outstanding | $ 25,800,000 | $ 28,700,000 | |
Uncommitted Letter of Credit and Reimbursement Agreement | Letter of Credit | |||
Loss contingencies | |||
Maximum borrowing capacity | $ 30,000,000.0 |
Commitments and Contingencies - Litigation and Environmental Matters (Details) |
Sep. 30, 2017
USD ($)
|
---|---|
Asbestos-related injury | |
Loss contingencies | |
Accounting effect of dismissals or settlements | $ 0 |
Long-term Debt (Details) - USD ($) |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Jun. 30, 2017 |
Feb. 21, 2017 |
Feb. 20, 2017 |
Dec. 31, 2016 |
|
Borrowings | ||||||
Unamortized discount, debt issuance costs, and other | $ (3,100,000) | $ (3,600,000) | ||||
Total long term-debt | 781,900,000 | $ 596,400,000 | ||||
Borrowings under the facility | $ 491,000,000.0 | $ 0 | ||||
3.75% senior notes due 2022 | ||||||
Borrowings | ||||||
Interest rate (as a percent) | 3.75% | 3.75% | ||||
Long-term debt, carrying amount | $ 350,000,000.0 | $ 350,000,000.0 | ||||
3.75% senior notes due 2022 | Significant Observable Inputs (Level 2) | ||||||
Borrowings | ||||||
Fair value of notes | $ 359,100,000 | $ 347,200,000 | ||||
5.125% senior notes due 2020 | ||||||
Borrowings | ||||||
Interest rate (as a percent) | 5.125% | 5.125% | ||||
Long-term debt, carrying amount | $ 250,000,000.0 | $ 250,000,000.0 | ||||
5.125% senior notes due 2020 | Significant Observable Inputs (Level 2) | ||||||
Borrowings | ||||||
Fair value of notes | 267,600,000 | 263,100,000 | ||||
Revolving credit facility | Credit Agreement | ||||||
Borrowings | ||||||
Revolving credit facility | 185,000,000.0 | 0 | ||||
Maximum borrowing capacity | $ 1,000,000,000.0 | $ 600,000,000.0 | ||||
Debt issuance costs | $ 1,400,000 | |||||
Additional borrowing capacity | 500,000,000.0 | |||||
Borrowings under the facility | $ 491,000,000.0 | |||||
Debt instrument, interest rate during period | 2.65% | |||||
Effective interest rate (percent) | 2.33% | |||||
Availability under revolving line of credit | $ 815,000,000.0 | |||||
Revolving credit facility | Credit Agreement | Significant Observable Inputs (Level 2) | ||||||
Borrowings | ||||||
Fair value of revolving credit facility | $ 185,000,000.0 | $ 0 | ||||
Letter of Credit | Credit Agreement | ||||||
Borrowings | ||||||
Maximum borrowing capacity | $ 50,000,000.0 |
Retirement Plans - Defined Benefit Plans (Details) - Defined Benefit Plans - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Components of net periodic benefit cost | ||||
Service cost | $ 0.7 | $ 0.8 | $ 2.0 | $ 2.5 |
Interest cost | 1.3 | 1.3 | 3.9 | 4.0 |
Expected return on plan assets | (2.5) | (2.5) | (7.6) | (7.6) |
Amortization of unrecognized loss | 0.6 | 0.6 | 1.9 | 1.8 |
Net periodic benefit cost | $ 0.1 | $ 0.2 | $ 0.2 | $ 0.7 |
Retirement Plans - Defined Contribution Plans (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Retirement Benefits [Abstract] | |||||
Maximum percentage of employee compensation match by employer to employee stock ownership plan (percent) | 4.00% | ||||
Employer contributions | $ 3.3 | $ 3.0 | $ 11.5 | $ 10.2 | |
Maximum percent of employer matching contribution in form of stock (percent) | 50.00% | ||||
Shares held in defined contribution plan (shares) | 1.2 | 1.2 | 1.2 |
Deferred Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Deferred Revenue Disclosure [Abstract] | |||||
Extended product warranty contracts amortization | $ 5.0 | $ 4.9 | $ 15.0 | $ 14.5 | |
Deferred revenue | |||||
Extended product warranty contracts - current | 19.2 | 19.2 | $ 18.8 | ||
Customer prepayments - current | 10.1 | 10.1 | 4.4 | ||
Extended product warranty contracts - long-term | 182.4 | 182.4 | 172.0 | ||
Deferred revenue | $ 211.7 | $ 211.7 | $ 195.2 |
Accrued Expenses (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Payables and Accruals [Abstract] | ||||
Compensation and benefits | $ 108.0 | $ 97.9 | ||
Standard product warranties | 31.2 | 29.5 | $ 25.7 | $ 28.9 |
Customer incentives | 57.2 | 58.1 | ||
Income and other accrued taxes | 38.0 | 14.2 | ||
Other accrued expenses | 43.0 | 47.0 | ||
Accrued expenses | $ 277.4 | $ 246.7 |
- Product Warranty (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Change in aggregate product warranty liabilities | ||
Beginning reserve | $ 29.5 | $ 28.9 |
Current year provision | 12.7 | 16.1 |
Current year claims | (11.8) | (19.3) |
Currency translation | 0.8 | 0.0 |
Ending reserve | $ 31.2 | $ 25.7 |
Other Long-Term Liabilities (Details) - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Liabilities, Other than Long-term Debt, Noncurrent [Abstract] | ||
Deferred taxes and other tax liabilities | $ 208.4 | $ 144.1 |
Pension and other post-retirement obligations | 26.8 | 27.1 |
Deferred compensation | 22.2 | 21.2 |
Long-term workers' compensation | 10.9 | 12.3 |
Other | 13.4 | 12.3 |
Other long-term liabilities | $ 281.7 | $ 217.0 |
Other Long-Term Liabilities - Deferred Compensation (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Deferred compensation plan, employer matching contribution (percent) | 4.00% | |
Deferred compensation plan, compensation deferral period | 10 years | |
Deferred compensation arrangement, compensation distribution period | 10 years | |
Cash and Cash Equivalents | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Deferred compensation, Rabbi Trust | $ 13.4 | $ 11.7 |
Short-term Investments | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Deferred compensation, Rabbi Trust | $ 3.6 | $ 2.6 |
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Accumulated balances for each classification of comprehensive income (loss) | ||||
Balance at the beginning of the period | $ 2,466.9 | $ 2,347.4 | ||
Other comprehensive income (loss) | $ 13.6 | $ (0.3) | 44.9 | (4.6) |
Balance at the end of the period | 2,436.3 | 2,446.9 | 2,436.3 | 2,446.9 |
Accrued post-retirement benefit liability | ||||
Accumulated balances for each classification of comprehensive income (loss) | ||||
Balance at the beginning of the period | (25.6) | (26.6) | (26.4) | (27.4) |
Other comprehensive income (loss) before reclassifications | 0.0 | 0.0 | 0.0 | 0.0 |
Amounts reclassified from accumulated other comprehensive loss | 0.6 | 0.6 | 1.9 | 1.8 |
Net income tax expense | (0.2) | (0.3) | (0.7) | (0.7) |
Other comprehensive income (loss) | 0.4 | 0.3 | 1.2 | 1.1 |
Balance at the end of the period | (25.2) | (26.3) | (25.2) | (26.3) |
Foreign currency translation | ||||
Accumulated balances for each classification of comprehensive income (loss) | ||||
Balance at the beginning of the period | (65.5) | (64.8) | (96.7) | (60.0) |
Other comprehensive income (loss) before reclassifications | 13.4 | (0.5) | 44.6 | (5.3) |
Amounts reclassified from accumulated other comprehensive loss | 0.0 | 0.0 | 0.0 | 0.0 |
Net income tax expense | 0.0 | 0.0 | 0.0 | 0.0 |
Other comprehensive income (loss) | 13.4 | (0.5) | 44.6 | (5.3) |
Balance at the end of the period | (52.1) | (65.3) | (52.1) | (65.3) |
Other, net | ||||
Accumulated balances for each classification of comprehensive income (loss) | ||||
Balance at the beginning of the period | 0.2 | 0.0 | 0.9 | 0.3 |
Other comprehensive income (loss) before reclassifications | (0.2) | (0.1) | (0.4) | (0.3) |
Amounts reclassified from accumulated other comprehensive loss | 0.0 | 0.0 | (0.5) | (0.2) |
Net income tax expense | 0.0 | 0.0 | 0.0 | 0.1 |
Other comprehensive income (loss) | (0.2) | (0.1) | (0.9) | (0.4) |
Balance at the end of the period | 0.0 | (0.1) | 0.0 | (0.1) |
Accumulated Other Comprehensive Income (loss). | ||||
Accumulated balances for each classification of comprehensive income (loss) | ||||
Balance at the beginning of the period | (90.9) | (91.4) | (122.2) | (87.1) |
Other comprehensive income (loss) before reclassifications | 13.2 | (0.6) | 44.2 | (5.6) |
Amounts reclassified from accumulated other comprehensive loss | 0.6 | 0.6 | 1.4 | 1.6 |
Net income tax expense | (0.2) | (0.3) | (0.7) | (0.6) |
Other comprehensive income (loss) | 13.6 | (0.3) | 44.9 | (4.6) |
Balance at the end of the period | $ (77.3) | $ (91.7) | $ (77.3) | $ (91.7) |
Foreign Currency Forward Contracts (Details) - Foreign Exchange Contract - USD ($) $ in Millions |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Designated as Hedging Instrument | ||
Derivative Financial Instruments | ||
Notional amount | $ 3.1 | $ 17.6 |
Not Designated as Hedging Instrument | ||
Derivative Financial Instruments | ||
Notional amount | $ 36.2 | $ 39.3 |
Exit and Disposal Activities (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Feb. 09, 2017 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs | $ 11.6 | $ 1.4 | $ 19.8 | $ 5.5 | |
Carlisle Interconnect Technologies | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs | 2.7 | 0.0 | 7.5 | 0.0 | |
Carlisle Fluid Technologies | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs | 7.5 | 0.6 | 8.5 | 3.6 | |
Carlisle Brake & Friction | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs | 1.0 | 0.0 | 3.0 | 0.0 | |
Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs | 0.4 | $ 0.8 | 0.8 | $ 1.9 | |
Aerospace Manufacturing Operations | Carlisle Interconnect Technologies | Employee Severance and Benefit Arrangement | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs | 0.3 | 1.6 | |||
Exit and disposal costs, aggregate expense recognized | 1.6 | 1.6 | |||
Exit and disposal costs, expected to be incurred | 2.2 | 2.2 | |||
Medical Business | Carlisle Interconnect Technologies | Employee Termination Benefits | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs | 2.5 | 5.1 | |||
Exit and disposal costs, aggregate expense recognized | 12.7 | 12.7 | |||
Exit and disposal costs, expected to be incurred | 14.6 | 14.6 | |||
Designated cash | 10.1 | 10.1 | |||
Funds designated for specific use during the quarter | 8.2 | ||||
Restructuring of Global Footprint | Carlisle Fluid Technologies | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs | 7.5 | 0.0 | |||
Exit and disposal costs, expected to be incurred | 11.5 | 11.5 | |||
Administrative Functions and Facilities | Carlisle Fluid Technologies | Employee Relocation | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs | 0.1 | 1.0 | |||
Exit and disposal costs, aggregate expense recognized | 5.1 | 5.1 | |||
Exit and disposal costs, expected to be incurred | 5.2 | 5.2 | |||
Manufacturing Operations | Carlisle Brake & Friction | Employee Retention and Termination Benefits | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs, expected to be incurred | 2.5 | 2.5 | |||
Minimum | Manufacturing Operations | Carlisle Brake & Friction | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs, expected to be incurred | 17.5 | 17.5 | |||
Restructuring plan period | 18 months | ||||
Minimum | Manufacturing Operations | Carlisle Brake & Friction | Non-cash Accelerated Depreciation | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs, expected to be incurred | 5.0 | 5.0 | |||
Minimum | Manufacturing Operations | Carlisle Brake & Friction | Relocate and Reinstall Equipment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs, expected to be incurred | 5.0 | 5.0 | |||
Minimum | Manufacturing Operations | Carlisle Brake & Friction | Other Miscellaneous Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs, expected to be incurred | 5.0 | 5.0 | |||
Maximum | Manufacturing Operations | Carlisle Brake & Friction | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs, expected to be incurred | 21.0 | 21.0 | |||
Restructuring plan period | 21 months | ||||
Maximum | Manufacturing Operations | Carlisle Brake & Friction | Non-cash Accelerated Depreciation | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs, expected to be incurred | 6.5 | 6.5 | |||
Maximum | Manufacturing Operations | Carlisle Brake & Friction | Relocate and Reinstall Equipment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs, expected to be incurred | 6.0 | 6.0 | |||
Maximum | Manufacturing Operations | Carlisle Brake & Friction | Other Miscellaneous Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Exit and disposal costs, expected to be incurred | $ 6.0 | $ 6.0 |
Exit and Disposal Activities - Components of Exit and Disposal Activities (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Employee severance and benefit arrangements | $ 9.9 | $ 0.3 | $ 15.3 | $ 2.7 |
Relocation costs | 0.2 | 1.0 | 1.1 | 2.4 |
Other restructuring costs | 1.5 | 0.1 | 3.4 | 0.4 |
Total exit and disposal costs | 11.6 | 1.4 | 19.8 | 5.5 |
Cost of goods sold | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 3.1 | 0.0 | 6.9 | 0.0 |
Selling and and Administrative Expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 8.5 | 1.3 | 12.8 | 5.2 |
Research and development expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 0.0 | 0.0 | 0.1 | 0.0 |
Other Expense | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 0.0 | 0.1 | 0.0 | 0.3 |
Carlisle Interconnect Technologies | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 2.7 | 0.0 | 7.5 | 0.0 |
Carlisle Fluid Technologies | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 7.5 | 0.6 | 8.5 | 3.6 |
Carlisle Brake & Friction | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 1.0 | 0.0 | 3.0 | 0.0 |
Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | $ 0.4 | $ 0.8 | $ 0.8 | $ 1.9 |
Exit and Disposal Activities - Exit and Disposal Activity Liability (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Restructuring Reserve [Roll Forward] | ||||
Balance, beginning | $ 9.0 | |||
Charges | $ 11.6 | $ 1.4 | 19.8 | $ 5.5 |
Cash payments | (9.3) | |||
Other adjustments and non-cash settlements | (1.4) | |||
Balance, ending | 18.1 | 18.1 | ||
Carlisle Interconnect Technologies | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance, beginning | 7.6 | |||
Charges | 2.7 | 0.0 | 7.5 | 0.0 |
Cash payments | (5.4) | |||
Other adjustments and non-cash settlements | 0.0 | |||
Balance, ending | 9.7 | 9.7 | ||
Carlisle Fluid Technologies | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance, beginning | 0.7 | |||
Charges | 7.5 | 0.6 | 8.5 | 3.6 |
Cash payments | (1.5) | |||
Other adjustments and non-cash settlements | (0.1) | |||
Balance, ending | 7.6 | 7.6 | ||
Carlisle Brake & Friction | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance, beginning | 0.0 | |||
Charges | 1.0 | 0.0 | 3.0 | 0.0 |
Cash payments | (1.0) | |||
Other adjustments and non-cash settlements | (1.3) | |||
Balance, ending | 0.7 | 0.7 | ||
Corporate | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance, beginning | 0.7 | |||
Charges | 0.4 | $ 0.8 | 0.8 | $ 1.9 |
Cash payments | (1.4) | |||
Other adjustments and non-cash settlements | 0.0 | |||
Balance, ending | $ 0.1 | $ 0.1 |
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