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 | |
Three Months Ended March 31, | ||||||||
(in millions except share and per share amounts) | 2018 | 2017 | ||||||
Revenues | $ | $ | ||||||
Cost of goods sold | ||||||||
Selling and administrative expenses | ||||||||
Research and development expenses | ||||||||
Other operating (income) expense, net | ( | ) | ( | ) | ||||
Operating income | ||||||||
Interest expense, net | ||||||||
Other non-operating (income) expense, net | ( | ) | ||||||
Income from continuing operations before income taxes | ||||||||
Provision for income taxes | ||||||||
Income from continuing operations | ||||||||
Discontinued operations: | ||||||||
Income before income taxes | ||||||||
Provision for income taxes | ||||||||
Income from discontinued operations | ||||||||
Net income | $ | $ | ||||||
Basic earnings per share attributable to common shares: | ||||||||
Income from continuing operations | $ | $ | ||||||
Income from discontinued operations | ||||||||
Basic earnings per share | $ | $ | ||||||
Diluted earnings per share attributable to common shares: | ||||||||
Income from continuing operations | $ | $ | ||||||
Income from discontinued operations | ||||||||
Diluted earnings per share | $ | $ | ||||||
Average shares outstanding (in thousands): | ||||||||
Basic | ||||||||
Diluted | ||||||||
Dividends declared and paid per share | $ | $ | ||||||
Comprehensive income: | ||||||||
Net income | $ | $ | ||||||
Other comprehensive income (loss) | ||||||||
Foreign currency translation | ||||||||
Accrued post-retirement benefit liability, net of tax | ||||||||
Other, net of tax | ( | ) | ||||||
Other comprehensive income | ||||||||
Comprehensive income | $ | $ |
(in millions except share and per share amounts) | March 31, 2018 | December 31, 2017 | ||||||
ASSETS | (Unaudited) | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Receivables, net of allowance of $6.0 million and $6.5 million, respectively | ||||||||
Inventories | ||||||||
Prepaid expenses | ||||||||
Other current assets | ||||||||
Discontinued operations | ||||||||
Total current assets | ||||||||
Property, plant, and equipment, net | ||||||||
Goodwill, net | ||||||||
Other intangible assets, net | ||||||||
Other long-term assets | ||||||||
Discontinued operations | ||||||||
Total assets | $ | $ | ||||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | $ | ||||||
Accrued expenses | ||||||||
Deferred revenue | ||||||||
Discontinued operations | ||||||||
Total current liabilities | ||||||||
Long-term liabilities: | ||||||||
Long-term debt | ||||||||
Deferred revenue | ||||||||
Other long-term liabilities | ||||||||
Discontinued operations | ||||||||
Total long-term liabilities | ||||||||
Shareholders' equity: | ||||||||
Preferred stock, $1 par value per share (5,000,000 shares authorized and unissued) | ||||||||
Common stock, $1 par value per share (200,000,000 shares; 60,759,416 and 61,839,734 shares outstanding, respectively) | ||||||||
Additional paid-in capital | ||||||||
Deferred compensation equity | ||||||||
Treasury shares, at cost (17,713,502 and 16,613,193 shares, respectively) | ( | ) | ( | ) | ||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Retained earnings | ||||||||
Total shareholders' equity | ||||||||
Total liabilities and equity | $ | $ |
Three Months Ended March 31, | ||||||||
(in millions) | 2018 | 2017 | ||||||
Operating activities: | ||||||||
Net income | $ | $ | ||||||
Reconciliation of net income to net cash provided by operating activities: | ||||||||
Depreciation | ||||||||
Amortization | ||||||||
Stock-based compensation, net of tax benefit | ||||||||
Deferred taxes | ( | ) | ( | ) | ||||
Gain on sale of discontinued operation, net of tax | ( | ) | ||||||
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: | ||||||||
Proceeds from sale of discontinued operation | ||||||||
Capital expenditures | ( | ) | ( | ) | ||||
Acquisitions, net of cash acquired | ( | ) | ( | ) | ||||
Other investing activities, net | ||||||||
Net cash provided by (used in) investing activities | ( | ) | ||||||
Financing activities: | ||||||||
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 | ( | ) | ||||||
Less: Change in cash and cash equivalents of discontinued operations | ( | ) | ( | ) | ||||
Cash and cash equivalents at beginning of period | ||||||||
Cash and cash equivalents at 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 | ||||||||||||||||||||||||||||
(in millions, except per share amounts) | Shares | Amount | Shares | Cost | ||||||||||||||||||||||||||||||
Balance as of December 31, 2016 | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Cash dividends - $0.35 per share | — | — | — | — | — | ( | ) | — | — | ( | ) | |||||||||||||||||||||||
Issuances and deferrals, net for stock based compensation (1) | — | — | — | ( | ) | ( | ) | |||||||||||||||||||||||||||
Balance as of March 31, 2017 | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||||||||
Balance as of December 31, 2017 | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||||||||
Adoption of accounting standards (2) | — | — | — | — | ( | ) | — | — | ||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Cash dividends - $0.37 per share | — | — | — | — | — | ( | ) | — | — | ( | ) | |||||||||||||||||||||||
Repurchases of common stock | ( | ) | — | — | — | — | — | ( | ) | ( | ) | |||||||||||||||||||||||
Issuances and deferrals, net for stock based compensation (1) | — | — | — | ( | ) | |||||||||||||||||||||||||||||
Balance as of March 31, 2018 | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ |
(1) |
(2) |
Three Months Ended March 31, 2018 | ||||||||||||
(in millions) | As Reported | Balances Without Adoption of ASC 606 | Effect of Change Higher/(Lower) | |||||||||
Condensed Consolidated Statement of Income | ||||||||||||
Revenues | $ | $ | $ | |||||||||
Cost of goods sold | ||||||||||||
Operating income | ||||||||||||
Provision for income taxes | ||||||||||||
Income from continuing operations | ||||||||||||
Net income |
March 31, 2018 | ||||||||||||
(in millions) | As Reported | Balances Without Adoption of ASC 606 | Effect of Change Higher/(Lower) | |||||||||
Condensed Consolidated Balance Sheet | ||||||||||||
Receivables | $ | $ | $ | |||||||||
Inventories | ( | ) | ||||||||||
Other current assets | ||||||||||||
Accrued expenses | ||||||||||||
Other long-term liabilities | ||||||||||||
Retained earnings |
Three Months Ended March 31, | ||||||||||||||||
2018 | 2017 | |||||||||||||||
(in millions) | Revenues | Operating Income | Revenues | Operating Income | ||||||||||||
Carlisle Construction Materials | $ | $ | $ | $ | ||||||||||||
Carlisle Interconnect Technologies | ||||||||||||||||
Carlisle Fluid Technologies | ||||||||||||||||
Carlisle Brake & Friction | ||||||||||||||||
Segment total | ||||||||||||||||
Corporate and unallocated (1) | — | ( | ) | — | ( | ) | ||||||||||
Total | $ | $ | $ | $ |
(1) |
Unaudited Pro Forma | ||||
Three Months Ended March 31, 2017 | ||||
(in millions) | ||||
Revenues | $ | |||
Income from continuing operations |
Preliminary Allocation | Measurement Period Adjustments | Revised Preliminary Allocation | ||||||||||
(in millions) | As of 11/1/2017 | As of 3/31/2018 | ||||||||||
Total cash consideration transferred | $ | $ | $ | |||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||||||||
Cash and cash equivalents | $ | $ | $ | |||||||||
Receivables, net | ||||||||||||
Inventories | ( | ) | ||||||||||
Prepaid expenses and other current assets | ||||||||||||
Property, plant and equipment | ||||||||||||
Definite-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 | $ | $ | $ |
(in millions) | Three Months Ended March 31, | |||||||
2018 | 2017 | |||||||
Revenues | $ | $ | ||||||
Cost of goods sold | ||||||||
Other operating expenses, net | ||||||||
Operating income | ||||||||
Other non-operating (income) expense, net | ||||||||
Income from discontinued operations before income taxes | ||||||||
Gain on sale of discontinued operations | ||||||||
Provision for income taxes | ||||||||
Income from discontinued operations | $ | $ |
(in millions) | December 31, 2017 | |||
ASSETS | ||||
Cash and cash equivalents | $ | |||
Receivables, net | ||||
Inventories | ||||
Prepaid other current assets | ||||
Total current assets | $ | |||
Property, plant, and equipment, net | $ | |||
Goodwill, net | ||||
Other intangible assets, net | ||||
Other long-term assets | ||||
Total long-term assets | $ | |||
LIABILITIES | ||||
Accounts payable | $ | |||
Accrued expenses | ||||
Total current liabilities | $ | |||
Other long-term liabilities | $ | |||
Total long-term liabilities | $ |
(in millions) | Three Months Ended March 31, | |||||||
2018 | 2017 | |||||||
Net cash provided by operating activities | $ | $ | ||||||
Net cash used in investing activities | ( | ) | ( | ) | ||||
Net cash provided by financing activities (1) | ||||||||
Change in cash and cash equivalents from discontinued operations | $ | $ |
(1) |
Three Months Ended March 31, | ||||||||
(in millions except share and per share amounts) | 2018 | 2017 | ||||||
Income from continuing operations | $ | $ | ||||||
Less: dividends declared on common stock outstanding, restricted shares and restricted share units | ( | ) | ( | ) | ||||
Undistributed earnings | ||||||||
Percent allocated to common shareholders (1) | % | % | ||||||
Add: dividends declared on common stock | ||||||||
Income from continuing operations attributable to common shares | $ | $ | ||||||
Shares (in thousands): | ||||||||
Weighted-average common shares outstanding | ||||||||
Effect of dilutive securities: | ||||||||
Performance awards | ||||||||
Stock options | ||||||||
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 March 31, | ||||||||
(in millions except share amounts presented in thousands) | 2018 | 2017 | ||||||
Income from discontinued operations attributable to common shareholders for basic and diluted earnings per share | $ | $ | ||||||
Net income attributable to common shareholders for basic and diluted earnings per share | ||||||||
Anti-dilutive stock options excluded from EPS calculation (1) |
(1) |
Three Months Ended March 31, 2018 | ||||||||||||||||||||
(in millions) | CCM | CIT | CFT | CBF | Total | |||||||||||||||
Products transferred at a point in time | $ | $ | $ | $ | $ | |||||||||||||||
Products and services transferred over time | ||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2017 | ||||||||||||||||||||
(in millions) | CCM | CIT | CFT | CBF | Total | |||||||||||||||
Products transferred at a point in time | $ | $ | $ | $ | $ | |||||||||||||||
Products and services transferred over time | ||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ |
(in millions) | Remainder of 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | |||||||||||||||||||||
Extended service warranties | $ | $ | $ | $ | $ | $ | $ |
(in millions) | 2018 | 2017 | ||||||
Balance as of January 1 | $ | $ | ||||||
Revenue recognized | ( | ) | ( | ) | ||||
Revenue deferred | ||||||||
Acquired liabilities | ||||||||
Balance as of March 31 | $ | $ |
(in millions) | 2018 | |||
Balance as of January 1 | $ | |||
Adoption of ASC 606 | ||||
Revenue recognized and unbilled | ||||
Revenue billed | ( | ) | ||
Balance as of March 31 | $ |
Three Months Ended March 31, 2018 | ||||||||||||||||||||
(in millions) | CCM | CIT | CFT | CBF | Total | |||||||||||||||
General construction | $ | $ | $ | $ | $ | |||||||||||||||
Aerospace | ||||||||||||||||||||
Heavy equipment | ||||||||||||||||||||
Transportation | ||||||||||||||||||||
Medical | ||||||||||||||||||||
General industrial and other | ||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2017 | ||||||||||||||||||||
(in millions) | CCM | CIT | CFT | CBF | Total | |||||||||||||||
General construction | $ | $ | $ | $ | $ | |||||||||||||||
Aerospace | ||||||||||||||||||||
Heavy equipment | ||||||||||||||||||||
Transportation | ||||||||||||||||||||
Medical | ||||||||||||||||||||
General industrial and other | ||||||||||||||||||||
Total revenues | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2018 | ||||||||||||||||||||
(in millions) | CCM | CIT | CFT | CBF | Total | |||||||||||||||
United States | $ | $ | $ | $ | $ | |||||||||||||||
International: | ||||||||||||||||||||
Europe | ||||||||||||||||||||
Asia | ||||||||||||||||||||
Canada | ||||||||||||||||||||
Mexico and Latin America | ||||||||||||||||||||
Middle East and Africa | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total international | $ | $ | $ | $ | $ | |||||||||||||||
Total revenues | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2017 | ||||||||||||||||||||
(in millions) | CCM | CIT | CFT | CBF | Total | |||||||||||||||
United States | $ | $ | $ | $ | $ | |||||||||||||||
International: | ||||||||||||||||||||
Europe | ||||||||||||||||||||
Asia | ||||||||||||||||||||
Canada | ||||||||||||||||||||
Mexico and Latin America | ||||||||||||||||||||
Middle East and Africa | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total international | $ | $ | $ | $ | $ | |||||||||||||||
Total revenues | $ | $ | $ | $ | $ |
• | 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 March 31, | |||||||
2018 | 2017 | |||||||
Accelerated depreciation | $ | $ | ||||||
Employee severance and benefit arrangements | ||||||||
Relocation costs | ||||||||
Other restructuring costs | ||||||||
Total exit and disposal costs | $ | $ |
(in millions) | Three Months Ended March 31, | |||||||
2018 | 2017 | |||||||
Carlisle Brake & Friction | $ | $ | ||||||
Carlisle Interconnect Technologies | ||||||||
Carlisle Fluid Technologies | ||||||||
Corporate | ||||||||
Total exit and disposal costs | $ | $ |
(in millions) | Three Months Ended March 31, | |||||||
2018 | 2017 | |||||||
Cost of goods sold | $ | $ | ||||||
Selling and administrative expenses | ||||||||
Other operating (income) expense, net | ||||||||
Research and development expenses | ||||||||
Total exit and disposal costs | $ | $ |
(in millions) | CIT | CFT | CBF | Total | ||||||||||||
Balance as of January 1, 2018 | $ | $ | $ | $ | ||||||||||||
Charges | ||||||||||||||||
Cash payments | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Other adjustments and non-cash settlements | ( | ) | ( | ) | ( | ) | ||||||||||
Balance as of March 31, 2018 | $ | $ | $ | $ |
(in millions) | March 31, 2018 | December 31, 2017 | ||||||
Raw Materials | $ | $ | ||||||
Work-in-process | ||||||||
Finished goods | ||||||||
Reserves | ( | ) | ( | ) | ||||
Inventories | $ | $ |
(in millions) | CCM | CIT | CFT | CBF (1) | Total | |||||||||||||||
Balance as of December 31, 2017 | $ | $ | $ | $ | $ | |||||||||||||||
Goodwill acquired during year (2) | ||||||||||||||||||||
Measurement period adjustments | ||||||||||||||||||||
Currency translation and other | ||||||||||||||||||||
Balance as of March 31, 2018 | $ | $ | $ | $ | $ |
(1) | CBF goodwill balance as of December 31, 2017, is presented net of accumulated impairment losses of $ |
(2) |
March 31, 2018 | December 31, 2017 | |||||||||||||||||||||||
(in millions) | Acquired Cost | Accumulated Amortization | Net Book Value | Acquired Cost | Accumulated Amortization | Net Book Value | ||||||||||||||||||
Assets subject to amortization: | ||||||||||||||||||||||||
Customer relationships | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||
Technology and intellectual property | ( | ) | ( | ) | ||||||||||||||||||||
Trade names and other | ( | ) | ( | ) | ||||||||||||||||||||
Assets not subject to amortization: | ||||||||||||||||||||||||
Trade names | — | — | ||||||||||||||||||||||
Other intangible assets, net | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ |
(in millions) | March 31, 2018 | December 31, 2017 | ||||||
Carlisle Construction Materials | $ | $ | ||||||
Carlisle Interconnect Technologies | ||||||||
Carlisle Fluid Technologies | ||||||||
Carlisle Brake & Friction | ||||||||
Total | $ | $ |
(in millions) | Fair Value (1) | |||||||||||||||
March 31, 2018 | December 31, 2017 | March 31, 2018 | December 31, 2017 | |||||||||||||
3.75% Notes due 2027 | $ | $ | $ | $ | ||||||||||||
3.5% Notes due 2024 | ||||||||||||||||
3.75% Notes due 2022 | ||||||||||||||||
5.125% Notes due 2020 | ||||||||||||||||
Unamortized discount, debt issuance costs, and other | ( | ) | ( | ) | ||||||||||||
Total long term-debt | $ | $ |
(1) |
(in millions) | 2018 | 2017 | ||||||
Service cost | $ | $ | ||||||
Interest cost | ||||||||
Expected return on plan assets | ( | ) | ( | ) | ||||
Amortization of unrecognized loss (1) | ||||||||
Net periodic benefit cost | $ | $ |
(1) |
(in millions) | 2018 | 2017 | ||||||
Balance as of January 1 | $ | $ | ||||||
Current year provision | ||||||||
Current year claims | ( | ) | ( | ) | ||||
Currency translation | ||||||||
Balance as of March 31 | $ | $ |
March 31, 2018 | December 31, 2017 | |||||||||||||||
(in millions) | Fair Value (1) | Notional Value | Fair Value (1) | Notional Value | ||||||||||||
Designated hedges | $ | $ | $ | ( | ) | $ | ||||||||||
Non-designated hedges |
(1) |
(in millions) | 2018 | 2017 | ||||||
Balance as of January 1 | $ | ( | ) | $ | ||||
Other comprehensive income before reclassifications | ||||||||
Amounts reclassified from accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Other comprehensive income (loss) | ( | ) | ||||||
Balance as of March 31 | $ | ( | ) | $ |
Three Months Ended March 31, | ||||||||
(in millions, except per share amounts) | 2018 | 2017 | ||||||
Revenues | $ | 984.7 | $ | 774.0 | ||||
Operating income | $ | 94.7 | $ | 89.5 | ||||
Operating margin percentage | 9.6 | % | 11.6 | % | ||||
Income from continuing operations | $ | 57.9 | $ | 57.9 | ||||
Income from discontinued operations | $ | 251.7 | $ | 3.9 | ||||
Diluted earnings per share attributable to common shares: | ||||||||
Income from continuing operations | $ | 0.92 | $ | 0.88 | ||||
Income from discontinued operations | $ | 4.02 | $ | 0.06 | ||||
Items affecting comparability: (1) | ||||||||
Impact to operating income | $ | 4.4 | $ | 7.0 | ||||
Impact to income from continuing operations | $ | 3.4 | $ | 4.9 | ||||
Impact on diluted EPS from continuing operations | $ | 0.05 | $ | 0.08 |
(1) | Items affecting comparability primarily include acquisition related costs, exit and disposal costs, facility rationalization costs and gains from divestitures. Tax effect is based on the rate of the jurisdiction where the expense is deductible. Refer to Items Affecting Comparability in this MD&A for further discussion. |
(in millions) | Three Months Ended March 31, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||
2018 | 2017 | Change $ | Change % | |||||||||||||||||||||
Revenues | $ | 984.7 | $ | 774.0 | $ | 210.7 | 27.2 | % | 15.5 | % | 10.2 | % | 1.5 | % |
(in millions) | Three Months Ended March 31, | ||||||||||||||
2018 | 2017 | Change $ | Change % | ||||||||||||
Gross margin | $ | 249.4 | $ | 226.1 | $ | 23.3 | 10.3 | % | |||||||
Gross margin percentage | 25.3 | % | 29.2 | % | |||||||||||
Depreciation and amortization | $ | 26.2 | $ | 19.2 |
(in millions) | Three Months Ended March 31, | ||||||||||||||
2018 | 2017 | Change $ | Change % | ||||||||||||
Selling and administrative expenses | $ | 148.6 | $ | 124.9 | $ | 23.7 | 19.0 | % | |||||||
As a percentage of revenues | 15.1 | % | 16.1 | % | |||||||||||
Depreciation and amortization | $ | 19.3 | $ | 14.0 |
(in millions) | Three Months Ended March 31, | ||||||||||||||
2018 | 2017 | Change $ | Change % | ||||||||||||
Research and development expenses | $ | 13.9 | $ | 12.0 | $ | 1.9 | 15.8 | % | |||||||
As a percentage of revenues | 1.4 | % | 1.6 | % | |||||||||||
Depreciation and amortization | $ | 0.4 | $ | 0.3 |
(in millions) | Three Months Ended March 31, | |||||||||||||
2018 | 2017 | Change $ | Change % | |||||||||||
Other operating (income) expense, net | $ | (7.8 | ) | $ | (0.3 | ) | $ | (7.5 | ) | NM |
(in millions) | Three Months Ended March 31, | ||||||||||||||
2018 | 2017 | Change $ | Change % | ||||||||||||
Operating income | $ | 94.7 | $ | 89.5 | $ | 5.2 | 5.8 | % | |||||||
Operating margin percentage | 9.6 | % | 11.6 | % |
(in millions) | Three Months Ended March 31, | ||||||||||||||
2018 | 2017 | Change $ | Change % | ||||||||||||
Interest expense | $ | 15.4 | $ | 6.8 | |||||||||||
Interest income | (0.9 | ) | (0.2 | ) | |||||||||||
Interest expense, net | $ | 14.5 | $ | 6.6 | $ | 7.9 | 119.7 | % |
(in millions) | Three Months Ended March 31, | |||||||||||||
2018 | 2017 | Change $ | Change % | |||||||||||
Other non-operating (income) expense, net | $ | 1.9 | $ | (1.4 | ) | $ | 3.3 | NM |
(in millions) | Three Months Ended March 31, | ||||||||||||||
2018 | 2017 | Change $ | Change % | ||||||||||||
Provision for income taxes | $ | 20.4 | $ | 26.4 | $ | (6.0 | ) | (22.7 | )% | ||||||
Effective tax rate | 26.1 | % | 31.3 | % |
(in millions) | Three Months Ended March 31, | |||||||||||||
2018 | 2017 | Change $ | Change % | |||||||||||
Income from discontinued operations before taxes | $ | 299.0 | $ | 6.2 | ||||||||||
Provision for income taxes | 47.3 | 2.3 | ||||||||||||
Income from discontinued operations | $ | 251.7 | $ | 3.9 | $ | 247.8 | NM |
(in millions) | Three Months Ended March 31, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||
2018 | 2017 | Change $ | Change % | |||||||||||||||||||||
Revenues | $ | 598.6 | $ | 446.1 | $ | 152.5 | 34.2 | % | 26.9 | % | 6.3 | % | 1.0 | % | ||||||||||
Operating income | $ | 75.8 | $ | 80.7 | $ | (4.9 | ) | (6.1 | )% | |||||||||||||||
Operating margin percentage | 12.7 | % | 18.1 | % | ||||||||||||||||||||
Depreciation and amortization | $ | 19.1 | $ | 8.7 | ||||||||||||||||||||
Items affecting comparability (1) | $ | (1.8 | ) | $ | 0.6 |
(1) | Items affecting comparability include gains from divestitures of $(1.8) million in first quarter of 2018, and acquisition related costs of $0.6 million in first quarter of 2017, refer to Items Affecting Comparability. |
(in millions) | Three Months Ended March 31, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||
2018 | 2017 | Change $ | Change % | |||||||||||||||||||||
Revenues | $ | 224.3 | $ | 194.2 | $ | 30.1 | 15.5 | % | — | % | 15.3 | % | 0.2 | % | ||||||||||
Operating income | $ | 27.2 | $ | 21.5 | $ | 5.7 | 26.5 | % | ||||||||||||||||
Operating margin percentage | 12.1 | % | 11.1 | % | ||||||||||||||||||||
Depreciation and amortization | $ | 14.6 | $ | 13.4 | ||||||||||||||||||||
Items affecting comparability (1) | $ | 2.6 | $ | 4.3 |
(1) | Items affecting comparability include exit and disposal and facility rationalization costs ($2.6 million in first quarter of 2018 and $4.3 million in first quarter of 2017), refer to Items Affecting Comparability. |
(in millions) | Three Months Ended March 31, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||
2018 | 2017 | Change $ | Change % | |||||||||||||||||||||
Revenues | $ | 63.5 | $ | 60.5 | $ | 3.0 | 5.0 | % | — | % | (0.1 | )% | 5.1 | % | ||||||||||
Operating income | $ | 5.7 | $ | 4.9 | $ | 0.8 | 16.3 | % | ||||||||||||||||
Operating margin percentage | 9.0 | % | 8.1 | % | ||||||||||||||||||||
Depreciation and amortization | $ | 5.4 | $ | 5.4 | ||||||||||||||||||||
Items affecting comparability (1) | $ | 0.5 | $ | 0.5 |
(1) | Items affecting comparability include exit and disposal and facility rationalization costs ($0.7 million in first quarter of 2018 and $0.5 million in first quarter of 2017) and gains from divestitures ($(0.2) million in first quarter of 2018), refer to Items Affecting Comparability. |
(in millions) | Three Months Ended March 31, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||
2018 | 2017 | Change $ | Change % | |||||||||||||||||||||
Revenues | $ | 98.3 | $ | 73.2 | $ | 25.1 | 34.3 | % | — | % | 28.5 | % | 5.8 | % | ||||||||||
Operating income | $ | 4.5 | $ | 1.2 | $ | 3.3 | 275.0 | % | ||||||||||||||||
Operating margin percentage | 4.6 | % | 1.6 | % | ||||||||||||||||||||
Depreciation and amortization | $ | 6.1 | $ | 5.3 | ||||||||||||||||||||
Items affecting comparability (1) | $ | 2.0 | $ | 0.3 |
(1) | Items affecting comparability and include exit and disposal and facility rationalization costs ($2.0 million in the first quarter of 2018 and $0.3 million in first quarter of 2017), refer to Items Affecting Comparability. |
(in millions) | March 31, 2018 | December 31, 2017 | ||||||
Europe | $ | 33.2 | $ | 38.1 | ||||
China | 28.7 | 17.6 | ||||||
Asia Pacific region (excluding China) | 10.9 | 21.0 | ||||||
Other international regions | 22.8 | 21.7 | ||||||
Non-U.S. subsidiaries cash and cash equivalents | 95.6 | 98.4 | ||||||
U.S. subsidiaries cash and cash equivalents | 883.5 | 279.9 | ||||||
Cash and cash equivalents | $ | 979.1 | $ | 378.3 |
Three Months Ended March 31, | ||||||||
(in millions) | 2018 | 2017 | ||||||
Net cash provided by operating activities | $ | 33.2 | $ | 31.9 | ||||
Net cash provided by (used in) investing activities | 715.0 | (256.2 | ) | |||||
Net cash used in financing activities | (148.0 | ) | (28.1 | ) | ||||
Effect of foreign currency exchange rate changes on cash | 1.9 | 1.1 | ||||||
Change in cash and cash equivalents | $ | 602.1 | $ | (251.3 | ) |
(in millions, except per share amounts) | Three Months Ended March 31, 2018 | Three Months Ended March 31, 2017 | ||||||||||||||||||||||
Impact to Operating Income | Impact to Income from Continuing Operations | Impact to Diluted EPS from Continuing Operations | Impact to Operating Income | Impact to Income from Continuing Operations | Impact to Diluted EPS from Continuing Operations | |||||||||||||||||||
Exit and disposal costs | 3.1 | 2.4 | 0.04 | 3.2 | 2.2 | 0.03 | ||||||||||||||||||
Other facility rationalization costs | 2.2 | 1.7 | 0.02 | 2.0 | 1.5 | 0.03 | ||||||||||||||||||
Acquisition related costs: | ||||||||||||||||||||||||
Inventory step-up amortization | — | — | — | 0.5 | 0.4 | 0.01 | ||||||||||||||||||
Other acquisition costs | 1.1 | 0.8 | 0.01 | 1.3 | 0.8 | 0.01 | ||||||||||||||||||
(Gains) losses from divestitures | (2.0 | ) | (1.5 | ) | (0.02 | ) | — | — | — | |||||||||||||||
Total items affecting comparability | $ | 4.4 | $ | 3.4 | $ | 0.05 | $ | 7.0 | $ | 4.9 | $ | 0.08 |
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) | |||||||||
January 2018 | 285,126 | $ | 116.00 | 234,974 | 1,881,177 | ||||||||
February 2018 | 392,448 | 106.85 | 391,000 | 6,490,177 | |||||||||
March 2018 | 565,029 | 104.94 | 561,869 | 5,928,308 | |||||||||
Total | 1,242,603 | 1,187,843 |
(1) | Represents the number of shares that can be repurchased under the Company’s stock repurchase program. On February 6, 2018, the Board approved an increase in the Company's stock repurchase for up to 13.7 million shares. |
Exhibit Number | Filed with this Form 10-Q | Incorporated by Reference | ||||||||
Exhibit Title | Form | File No. | Date Filed | |||||||
2.1* | Stock Purchase Agreement, dated as of January 31, 2018, by and among Carlisle, LLC, Carlisle Foodservice Products, Incorporated, CFSP Acquisition Corp. and Carlisle Companies Incorporated. | 8-K | 001-9278 | 2/2/2018 | ||||||
Restated Certificate of Incorporation of the Company. | 10-Q | 001-9278 | 10/21/2015 | |||||||
Amended and Restated Bylaws of the Company. | 8-K | 001-9278 | 12/14/2015 | |||||||
4.1P | Form of Trust Indenture between the Company and Fleet National Bank. | S-3 | 333-16785 | 11/26/1996 | ||||||
First Supplemental Indenture, dated as of August 18, 2006, among the Company, U.S. Bank National Association (as successor to State Street Bank and Trust Company, as successor to Fleet National Bank) and The Bank of New York Mellon Trust Company, N.A. | 8-K | 001-9278 | 8/18/2006 | |||||||
Second Supplemental Indenture, dated as of December 9, 2010, among the Company, U.S. Bank National Association (as successor to State Street Bank and Trust Company, as successor to Fleet National Bank) and The Bank of New York Mellon Trust Company, N.A. | 8-K | 001-9278 | 12/10/2010 | |||||||
Third Supplemental Indenture, dated as of November 20, 2012, among the Company, U.S. Bank National Association (as successor to State Street Bank and Trust Company, as successor to Fleet National Bank) and The Bank of New York Mellon Trust Company, N.A. | 8-K | 001-9278 | 11/20/2012 | |||||||
Form of 3.500% Notes due 2024. | 8-K | 001-9278 | 11/16/2017 | |||||||
Form of 3.750% Notes due 2027. | 8-K | 001-9278 | 11/16/2017 | |||||||
Form of Trademark License Agreement between Carlisle Intangible Company, LLC and Carlisle FoodService Products, Incorporated. | 8-K | 001-9278 | 2/2/2018 | |||||||
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 | ||
April 27, 2018 | ||
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. |
April 27, 2018 | /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. |
April 27, 2018 | /s/ Robert M. Roche |
Name: Robert M. Roche | |
Title: Vice President and Chief Financial Officer |
Dated: | April 27, 2018 | By: | /s/ D. Christian Koch |
Name: D. Christian Koch | |||
Title: President and Chief Executive Officer | |||
Dated: | April 27, 2018 | By: | /s/ Robert M. Roche |
Name: Robert M. Roche | |||
Title: Vice President and Chief Financial Officer |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Apr. 19, 2018 |
|
Document and Entity Information | ||
Entity Registrant Name | CARLISLE COMPANIES INCORPORATED | |
Entity Central Index Key | 0000790051 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
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 | 60,946,851 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Receivables allowance | $ 6.0 | $ 6.5 |
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 outstanding | 60,759,416 | 61,839,734 |
Treasury, shares | 17,713,502 | 16,613,193 |
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Millions |
Total |
Common Stock |
Additional Paid-In Capital |
Deferred Compensation Equity |
Accumulated Other Comprehensive Income (loss). |
Retained Earnings |
Shares in Treasury |
|||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at the beginning of the period at Dec. 31, 2016 | $ 2,466.9 | $ 78.7 | $ 335.3 | $ 10.3 | $ (122.2) | $ 2,547.4 | $ (382.6) | |||||
Balance (in shares) at Dec. 31, 2016 | 64,300,000 | 14,200,000 | ||||||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||||
Net income | 61.8 | 61.8 | ||||||||||
Other comprehensive income (loss), net of tax | 11.7 | 11.7 | ||||||||||
Cash dividends - $0.37 and $0.35 for the three months ended March 31, 2018 and 2017, respectively | (22.7) | (22.7) | ||||||||||
Issuances for stock based compensation (1) | [1] | 0.5 | 3.2 | 1.6 | $ (4.3) | |||||||
Issuances for stock based compensation (in shares) | [1] | 100,000 | (100,000) | |||||||||
Balance at the end of the period at Mar. 31, 2017 | 2,518.2 | $ 78.7 | 338.5 | 11.9 | (110.5) | 2,586.5 | $ (386.9) | |||||
Balance (in shares) at Mar. 31, 2017 | 64,400,000 | 14,100,000 | ||||||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||||
Adoption of accounting standards | Adjustments for New Accounting Pronouncement | [2] | 6.5 | (6.5) | 13.0 | ||||||||
Balance at the beginning of the period at Dec. 31, 2017 | $ 2,528.3 | $ 78.7 | 353.7 | 10.4 | (85.7) | 2,820.8 | $ (649.6) | |||||
Balance (in shares) at Dec. 31, 2017 | 61,839,734 | 61,800,000 | 16,600,000 | |||||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||||
Net income | $ 309.6 | 309.6 | ||||||||||
Other comprehensive income (loss), net of tax | 23.3 | 23.3 | ||||||||||
Cash dividends - $0.37 and $0.35 for the three months ended March 31, 2018 and 2017, respectively | (23.1) | (23.1) | ||||||||||
Repurchases of common stock | (129.3) | $ (129.3) | ||||||||||
Repurchases of common stock (in shares) | (1,200,000) | 1,200,000 | ||||||||||
Issuances for stock based compensation (1) | [1] | 5.5 | 3.9 | 0.7 | $ 0.9 | |||||||
Issuances for stock based compensation (in shares) | [1] | 100,000 | (100,000) | |||||||||
Balance at the end of the period at Mar. 31, 2018 | $ 2,720.8 | $ 78.7 | $ 357.6 | $ 11.1 | $ (68.9) | $ 3,120.3 | $ (778.0) | |||||
Balance (in shares) at Mar. 31, 2018 | 60,759,416 | 60,700,000 | 17,700,000 | |||||||||
|
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends (in dollars per share) | $ 0.37 | $ 0.35 |
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2018 | |
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" 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 ("United States" or "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, 2017. 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, revenues and expenses of all majority-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. In the Company's opinion, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting solely of adjustments of a normal, recurring nature, except as disclosed in Note 2 for new accounting standards adopted, necessary to present fairly the financial position, results of operations and cash flows for the periods presented. During the fourth quarter of 2017, the Company revised (i) the Condensed Consolidated Statements of Income to include a subtotal of operating income, with other non-operating (income) expense, net reflected as a separate line item below interest expense, net and (ii) its segment measure of profit and loss to operating income (previously earnings before interest and taxes). The Company has reclassified certain prior period amounts to conform to the current period presentation of operating income, including other operating (income) expense, net, operating income and other non-operating (income) expense, net in the Condensed Consolidated Statements of Income and operating income in Note 3. These changes were made to better reflect the Company's results of operations and to be consistent with the change in the measure of operating performance evaluated by the Chief Operating Decision Maker, the Company's Chief Executive Officer. Discontinued Operations The results of operations for the Company's Carlisle FoodService Products ("CFS") segment have been classified as discontinued operations for all periods presented in the Condensed Consolidated Statements of Income. Assets and liabilities subject to the completed sale of CFS have been classified as discontinued operations for all periods presented in the Condensed Consolidated Balance Sheets. Refer to Note 5 for additional information.
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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 In May 2014, the Financial Accounting Standards Board ("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. On January 1, 2018, the Company adopted ASU 2014-09 and all the related amendments ("ASC 606") to all uncompleted contracts using the modified retrospective method. The Company recognized the cumulative effect of initially applying ASC 606 as an adjustment to the opening balance of retained earnings totaling $6.5 million. The comparative information has not been adjusted and continues to be reported under the accounting standards in effect for those periods. The Company expects the impact of the adoption of ASC 606 to be immaterial to its reported revenue on an ongoing basis. A majority of the Company's revenues continue to be recognized when products are shipped from its manufacturing facilities. For certain highly customized product contracts in the Carlisle Interconnect Technologies segment, revenue was previously recognized as billed at the point products were shipped and title and associated risk and rewards of ownership passed to the customer. In accordance with ASC 606, the Company now recognizes revenue over time, for those highly customized products, using the input method as products are manufactured. A summary of the effects of adopting ASC 606 on the Condensed Consolidated Financial Statements follows:
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 ("ASU 2017-07"), 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. ASU 2017-07 also stipulates that only the service cost component of net benefit cost is eligible for capitalization into inventory or other tangible assets. On January 1, 2018, the Company adopted ASU 2017-07 using a retrospective approach for the presentation in the Condensed Consolidated Statement of Income to include only the service cost component of net periodic pension costs and net periodic postretirement benefit cost in operating income. The Company elected to use, as a practical expedient, the amounts disclosed in its defined benefit plan note for the prior comparative period as the estimation basis for applying the retrospective presentation requirements. As a result of adopting ASU 2017-07, net periodic benefit income for the non-service cost components of $(0.6) million was reclassified from other operating (income) expense, net to other non-operating (income) expense, net for the three months ended March 31, 2017. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02") which allows entities to reclassify from accumulated other comprehensive income to retained earnings for stranded tax effects related to the change in federal tax rate for all items accounted for in other comprehensive income. Entities can also elect to reclassify other stranded tax effects that relate to the Tax Cuts and Jobs Act, but do not directly relate to the change in the federal tax rate, including state taxes and changing from a worldwide tax system to a territorial system. Tax effects that are stranded in other comprehensive income for other reasons may not be reclassified. Effective January 1, 2018, the Company early adopted ASU 2018-02 using a modified retrospective approach for the presentation in the Condensed Consolidated Balance Sheets to reclassify $6.5 million related to the change in federal tax rate from accumulated other comprehensive loss to retained earnings. New Accounting Standards Issued But Not Yet Adopted 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.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company has organized its operations into four primary segments, based on the products it sells, each of which represent a reportable segment as follows: Carlisle Construction Materials ("CCM")—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 primarily include new construction, re-roofing and maintenance of low-sloped roofs, water containment, HVAC sealants and coatings and waterproofing. In addition, CCM offers a broad range of specialty polyurethane products and solutions across a broad diversity of markets and applications. Carlisle Interconnect Technologies ("CIT")—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 Fluid Technologies ("CFT")—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 general industrial, transportation, auto refinishing, protective coating, wood and specialty markets. Carlisle Brake & Friction ("CBF")—the principal products of this segment include high-performance brakes and friction material and clutch and transmission friction material for the construction, agriculture, mining, on-highway, aerospace and motor sports markets. A summary of segment information follows:
(1) Corporate operating income includes other unallocated costs, primarily general corporate expenses.
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Acquisitions |
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Acquisitions | Acquisitions Accella Holdings LLC On November 1, 2017, the Company acquired 100% of the equity of 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 total consideration of $671.4 million, including a cash, working capital and indebtedness settlement, which was finalized in the first quarter of 2018. Accella offers a wide range of polyurethane products and solutions across a broad diversity of markets and applications. The Company funded the acquisition with borrowings from the Revolving Credit Facility. In the first quarter of 2018, Accella contributed revenues of $106.5 million and an operating loss of $1.6 million to the Company's consolidated results. The results of operations of the acquired business are reported as part of the CCM segment. The Accella amounts included in the pro forma financial information below are based on Accella’s historical results and therefore may not be indicative of the actual results if owned by Carlisle. The pro forma adjustments represent management’s best estimates based on information available at the time the pro forma information was prepared and may differ from the adjustments that may actually have been required. Accordingly, pro forma information should not be relied upon as being indicative of the historical results that would have been realized had the acquisition occurred as of the date indicated or that may be achieved in the future. The unaudited combined pro forma financial information presented below includes revenues and income from continuing operations, net of tax, of the Company as if the business combination had occurred on January 1, 2016, based on the purchase price allocation presented below:
The pro forma financial information reflects adjustments to Accella's historical financial information to apply the Company's accounting policies and to reflect the additional depreciation and amortization related to the preliminary fair value adjustments of the acquired net assets of $4.1 million in the first quarter of 2017, together with the associated tax effects. Also, the pro forma financial information reflects acquisition-related costs described above as if they occurred in 2016. The following table summarizes the consideration transferred to acquire Accella and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed. The acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations, which requires that consideration be allocated to the acquired assets and assumed liabilities based upon their acquisition date fair values with the remainder allocated to goodwill. The fair values are preliminary and subject to change pending receipt of the final valuation for all acquired assets and liabilities.
The goodwill recognized in the acquisition of Accella is attributable to its significant purchase synergies, other administrative synergies and the assembled workforce to Carlisle, in addition to opportunities for product line expansions. The Company acquired $68.5 million of gross contractual accounts receivable, of which $1.7 million was not expected to be collected at the date of acquisition. Goodwill of $38.5 million is tax deductible, primarily in the United States. All of the goodwill has been preliminarily assigned to the CCM reporting unit which aligns with the CCM reportable segment. The $240.0 million value allocated to definite-lived intangible assets consists of $146.0 million of customer relationships with useful lives ranging from 9 to 12 years, various acquired technologies of $66.0 million with useful lives ranging from 3 to 14 years and trade names of $28.0 million with useful lives ranging from 4 to 14 years. In accordance with the purchase agreement, Carlisle is indemnified for up to $25.0 million, and recorded an indemnification asset of $15.6 million in other long-term assets relating to the indemnification for a pre-acquisition income tax liability. The Company has also recorded, as part of the purchase price allocation, deferred tax liabilities related to intangible assets of approximately $83.5 million. Excluding Accella, 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. In the first quarter of 2018, Drexel Metals contributed revenues of $12.0 million and operating income of $0.5 million to the Company's consolidated results. The results of operations of the acquired business are reported within the CCM segment. Consideration has been preliminarily 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 first quarter of 2018, Arbo contributed revenues of $4.5 million and operating income of $0.2 million to the Company's consolidated results. The results of operations of the acquired business are reported within the CCM 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.
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Discontinued Operations |
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Discontinued Operations | Discontinued Operations As previously announced, the Company signed a definitive agreement to sell CFS to The Jordan Company of New York, NY. The sale was completed on March 20, 2018 for gross proceeds of $754.6 million, subject to a working capital adjustment. The sale of CFS is consistent with the Company's vision of operating a portfolio of businesses with highly engineered manufacturing products in strong growth markets. A summary of the results from discontinued operations included in the Condensed Consolidated Statements of Income follows:
A summary of the carrying amounts of CFS's major assets and liabilities, which were classified as discontinued operations in the Condensed Consolidated Balance Sheet follows:
A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows follows:
(1) Represents borrowings from the Carlisle cash pool to fund capital expenditures and acquisitions.
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Earnings Per Share |
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Earnings Per Share | Earnings Per Share The Company’s restricted shares and restricted stock units contain non-forfeitable rights to dividends and are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The computation below of earnings per share includes the income attributable to the vested and deferred restricted shares in the numerator and includes the dilutive impact of those underlying shares in the denominator. 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 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:
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 follows:
(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.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Revenue is recognized when obligations under the terms of a contract with a customer are satisfied; generally this occurs with the transfer of control of the Company’s products or services. Revenue is measured as the amount of total consideration expected to be received in exchange for transferring goods or providing services. Total expected consideration, in certain cases, is estimated at each reporting period, including interim periods, and is subject to change with variability dependent on future events, such as customer behavior related to future purchase volumes, returns, early payment discounts and other customer allowances. Estimates for rights of return, discounts and rebates to customers and other adjustments for variable consideration are provided for at the time of sale as a deduction to revenue, based on an analysis of historical experience and actual sales data. Changes in these estimates are reflected as an adjustment to revenue in the period identified. Sales, value added and other taxes collected concurrently with revenue-producing activities are excluded from revenue. The Company receives payment at the inception of the contract for separately priced extended service warranties, and revenue is deferred and recognized on a straight-line basis over the life of the contracts. The term of these warranties range from five to 40 years. The weighted average life of the contracts as of March 31, 2018, is approximately 19 years. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer in exchange for payment and is the unit of account. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The majority of the Company’s contracts have a single performance obligation to transfer individual goods or services. For contracts with multiple performance obligations, the contracts transaction price is allocated to each performance obligation using the Company’s best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is observable prices. The Company’s performance obligations are satisfied, and control is transferred, either at a point in time or over time as work progresses. For the majority of the Company’s products, control is transferred and revenue is recognized when the product is shipped from the manufacturing facility to the customer. Revenue is recognized over time primarily for separately priced extended service warranties in the CCM segment and certain highly customized product contracts in the CIT segment. Revenues for separately priced extended service warranties are recognized over the life of the contract. Revenues for highly customized product contracts are recognized based on the proportion of costs incurred to date, relative to total estimated costs to complete the contract and are generally incurred over twelve months or less. Highly customized product contract costs generally include labor, material and overhead. A summary of the timing of revenue recognition and reconciliation of disaggregated revenue by reportable segment follows:
Remaining performance obligations for extended service warranties represent the transaction price for the remaining stand-ready obligation to perform warranty services. A summary of estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of March 31, 2018, follows:
The Company has applied the practical expedient to not disclose information about remaining performance obligations that have original expected durations of one year or less. Additionally, the Company has applied the transition practical expedient to not disclose the amount of transaction price allocated to the remaining performance obligations and an expectation of when the Company expects to recognize associated revenues, for the three months ended March 31, 2018. Contract Balances Contract liabilities relate to payments received in advance of performance under a contract, primarily related to extended service warranties in the CCM segment and systems contracts in the CFT segment. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract. A summary of the change in contract liabilities for the three months ended March 31, follows:
Contract assets relate to the Company's right to payment for performance completed to date under a contract, primarily related to highly customized product contracts with in the CIT segment. Accounts receivable are recorded when the right to payment becomes unconditional. A summary of the change in contract assets for the three months ended March 31, follows:
Contract assets were immaterial as of March 31, 2017. Costs to Obtain a Contract The Company has applied the practical expedient to recognize costs of obtaining or fulfilling a contract as expense as incurred. These costs generally included sales commissions and are included in selling, general and administrative costs in the Condensed Consolidated Statement of Income. Revenues by End-Market A summary of revenues disaggregated by major end-market industries and reconciliation of disaggregated revenue by segment follows:
Revenues by Geographic Area A summary of revenues based on the country to which the product was delivered and reconciliation of disaggregated revenue by segment follows:
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Exit and Disposal activities |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exit and Disposal Activities | Exit and Disposal Activities Beginning in the fourth quarter of 2016, and through 2018, the Company has undertaken operational restructuring and other cost reduction actions to streamline processes and manage costs throughout various departments. These actions 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. CIT The Company continues to incur costs to relocate certain of its medical manufacturing operations in Shenzhen, China to a new manufacturing operation in Dongguan, China. During the three months ended March 31, 2018, employee termination benefit costs associated with this plan totaled $0.7 million. Cumulative exit and disposal costs recognized is $14.8 million through March 31, 2018, with total costs expected to approximate $15.7 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 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 out of these designated funds began in August 2017 and will continue through the first half of 2018. The designated cash balance as of March 31, 2018, totaled $2.9 million. CFT 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 in Angola, Indiana, to its existing Bournemouth, United Kingdom, manufacturing operations. During the three months ended March 31, 2018, exit and disposal expense totaled less than $0.1 million, primarily reflecting employee termination benefit costs and legal fees. This project was substantially complete as of March 31, 2018, with cumulative exit and disposal costs of $10.4 million. CBF During 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 $17.0 million to $20.5 million, including:
During the three months ended March 31, 2018, exit and disposal expense totaled $2.0 million, primarily related to accelerated depreciation and employee termination benefits. Consolidated Summary The Company's exit and disposal expense by activity follows:
The Company's exit and disposal activities expense by segment follows:
The Company's exit and disposal activities expense by financial statement line item follows:
The Company's change in exit and disposal activities liability follows:
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Income Taxes |
3 Months Ended |
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Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective income tax rate on continuing operations for the three months ended March 31, 2018, was 26.1%. The year-to-date provision for income taxes includes taxes on earnings at an anticipated rate of approximately 24.7%, and a year-to-date discrete tax expense of $1.1 million, primarily relating to expenses from net foreign exchange gains. The effective income tax rate on continuing operations for the three months ended March 31, 2017, was 31.3% and included a year-to-date net discrete tax benefit of $1.5 million. The change in the rate from March 31, 2017 to March 31, 2018 was primarily caused by the reduction to the statutory United States income tax rate from 35% to 21% as part of the Tax Cuts and Jobs Act (“Tax Act”) signed in December 2017. The changes included in the Tax Act are broad and complex. As such, on December 22, 2017, the Securities and Exchange Commission (“SEC”) issued SAB 118. SAB 118 expresses views of the SEC regarding ASC Topic 740, Income Taxes in the reporting period that includes the enactment date of the Tax Act. If a company does not have the necessary information available, prepared or analyzed for certain income tax effects of the Tax Act, SAB 118 allows a company to report provisional numbers and adjust those amounts during the measurement period not to extend beyond one year. The Company has recorded provisional amounts for all known and estimable impacts of the Tax Act that are effective for the year ended December 31, 2017. There are no adjustments to the provisional numbers included in the current quarter as calculations have not been finalized nor have there been any changes in the interpretation of the law or additional guidance regarding the law that would materially impact the Company’s provisional amount. The Company continues to review the anticipated impacts of the global intangible low taxed income (“GILTI”) and Foreign-Derived Intangible Income deduction (“FDII”) on the Company for 2018. The combined forecasted net impact of both GILTI and FDII are not anticipated to be material to the tax rate.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories The summarized components of inventory 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 As a result of the sale of CFS on March 20, 2018, the Company reclassified $149.7 million of goodwill and $169.4 million of other intangible assets, net allocated to the CFS segment as of December 31, 2017, to discontinued operations within long-term assets on the Condensed Consolidated Balance Sheets. The changes in the carrying amount of goodwill, net for the three months ended March 31, follows:
A summary of the Company's other intangible assets, net follows:
The net book values of other intangible assets, net by reportable segment follows:
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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 March 31, 2018, 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. While the Company must comply with existing and pending climate change legislation, regulation, international treaties or accords, current laws and regulations do not have a material impact on its business, capital expenditures or financial position. Future events, including those relating to climate change or greenhouse gas regulation, could require the Company to incur expenses related to the modification or curtailment of operations, installation of pollution control equipment, or investigation and cleanup of contaminated sites.
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Long-term Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | Long-term Debt A summary of the Company's long-term debt follows:
Revolving Credit Facility (the "Facility") During the three months ended March 31, 2018, there were no borrowings under the Facility. As of March 31, 2018, and December 31, 2017, the Facility had no outstanding balance and $1.0 billion available for use. Covenants and Limitations Under the Company’s debt and credit facilities, the Company is required to meet various restrictive covenants and limitations, including limitations on certain leverage ratios, interest coverage, and limits on outstanding debt balances held by certain subsidiaries. The Company was in compliance with all covenants and limitations as of March 31, 2018 and December 31, 2017. 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. As of March 31, 2018, and December 31, 2017, the Company had $25.9 million and $26.3 million letters of credit and bank guarantees outstanding, respectively. The Company has multiple arrangements to obtain letters of credit, which include an agreement with an unspecified availability and separate agreements for up to $80.0 million in letters of credit, of which $55.9 million was available for use as of March 31, 2018.
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Defined Benefit Plan |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan | Defined Benefit Plan 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 for the three months ended March 31, follows:
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Standard Product Warranties |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Standard Product Warranty Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Standard Product Warranties | 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 and braking products. The Company’s liability for such warranty programs is included in accrued expenses in the Condensed Consolidated Balance Sheets. The change in standard product warranty liabilities for the three months ended March 31, follows:
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Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments 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. A summary of the Company's designated and non-designated cash flow hedges follows:
For instruments that are designated and qualify as cash flow hedges, the Company had foreign forward contracts with maturities less than one year. The changes in the fair value of the contracts are recorded in accumulated other comprehensive income (loss) on the Condensed Consolidated Statements of Shareholders' Equity and recognized in the same Condensed Consolidated Statements of Income line item as the impact of the hedged item, revenues or cost of goods sold, when the underlying forecasted transaction impacts earnings. Gains and losses on the contracts representing hedge components excluded from the assessment of hedged effectiveness are recognized in the same Condensed Consolidated Statements of Income line item as the hedged item, revenues or cost of goods sold, currently. The change in accumulated other comprehensive income (loss) related to cash flow hedges for the three months ended March 31, follows:
For instruments that are not designated as a cash flow hedge, the Company had foreign exchange contracts with maturities less than one year. The unrealized gains and losses resulting from these contracts were immaterial and are recognized in other non-operating (income) expense, net and partially offset corresponding foreign exchange gains and losses on these balances. Rabbi Trust The Company has established a Rabbi Trust to provide for a degree of financial security to cover its obligations associated with its deferred compensation plan. Contributions to the Rabbi Trust by the Company are made at the discretion of management and generally are made in cash and invested in money-market funds. The Company consolidates the Rabbi Trust and therefore includes the investments in its Condensed Consolidated Balance Sheets. As of March 31, 2018 and December 31, 2017, the Company had $14.1 million and $13.2 million of cash, respectively and $4.7 million and $4.0 million of short-term investments, respectively. The short-term investments are measured at fair value using quoted market prices in active markets (i.e., Level 1 measurements) with changes in fair value recorded in net income, and the associated cash flows presented as operating cash flows. Other Financial Instruments Other financial instruments include cash and cash equivalents, accounts receivable, net, accounts payable, accrued expenses and long-term debt. The carrying value for cash and cash equivalents, accounts receivable, net, accounts payable and accrued expenses approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 13 for the fair value of long-term debt).
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New Accounting Pronouncements New Accounting Pronouncements (Tables) |
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New Accounting Pronouncements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the Effects of Adopting ASC 606 | A summary of the effects of adopting ASC 606 on the Condensed Consolidated Financial Statements 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") | A summary of segment information follows:
(1) Corporate operating income includes other unallocated costs, primarily general corporate expenses.
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Acquisitions (Tables) - Accella Performance Materials |
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Acquisitions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited Combined Pro Forma Information | The unaudited combined pro forma financial information presented below includes revenues and income from continuing operations, net of tax, of the Company as if the business combination had occurred on January 1, 2016, based on the purchase price allocation presented below:
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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 Accella and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed. The acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations, which requires that consideration be allocated to the acquired assets and assumed liabilities based upon their acquisition date fair values with the remainder allocated to goodwill. The fair values are preliminary and subject to change pending receipt of the final valuation for all acquired assets and liabilities.
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Discontinued Operations (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity of Discontinued Operations | A summary of the results from discontinued operations included in the Condensed Consolidated Statements of Income follows:
A summary of the carrying amounts of CFS's major assets and liabilities, which were classified as discontinued operations in the Condensed Consolidated Balance Sheet follows:
A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows follows:
(1) Represents borrowings from the Carlisle cash pool to fund capital expenditures and acquisitions.
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Earnings Per Share (Tables) |
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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 follows:
(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.
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Revenue Recognition (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Disaggregated Revenue | A summary of the timing of revenue recognition and reconciliation of disaggregated revenue by reportable segment follows:
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Summary of the Timing of Revenue Recognition | A summary of estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of March 31, 2018, follows:
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Change in Contract Liabilities | A summary of the change in contract liabilities for the three months ended March 31, follows:
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Schedule of Change in Contract Assets | A summary of the change in contract assets for the three months ended March 31, follows:
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Exit and Disposal Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Exit and Disposal Activities | The Company's exit and disposal expense by activity follows:
The Company's exit and disposal activities expense by segment follows:
The Company's exit and disposal activities expense by financial statement line item follows:
The Company's change in exit and disposal activities liability follows:
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Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventories | The summarized components of inventory follows:
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Goodwill and Other Intangible Assets, net (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of changes in the carrying amount of goodwill | The changes in the carrying amount of goodwill, net for the three months ended March 31, follows:
(2) Refer to Note 4 for further information on goodwill resulting from recent acquisitions.
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Summary of other intangible assets, net | A summary of the Company's other intangible assets, net 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 follows:
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Long-term Debt (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | A summary of the Company's long-term debt follows:
(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.
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Defined Benefit Plan (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of net periodic benefit cost | The components of net periodic benefit cost for the three months ended March 31, follows:
(1) Includes amortization of unrecognized actuarial (gain) loss and prior service credits and excludes provision for income tax of $(0.3) million and $(0.2) million for the three months ended March 31, 2018 and 2017, respectively.
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Standard Product Warranties (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Standard Product Warranty Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Standard Product Warranty Liabilities | The change in standard product warranty liabilities for the three months ended March 31, follows:
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Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Designated and Non-designated Cash Flow Hedges | A summary of the Company's designated and non-designated cash flow hedges follows:
(1) The fair value of foreign currency forward contracts is included in other current assets. The fair value was estimated using observable market inputs such as forward and spot prices of the underlying exchange rate pair. Based on these inputs, derivative assets and liabilities are classified as Level 2 in the fair value hierarchy.
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Change in Accumulated Other Comprehensive Income Related to Cash Flow Hedges | The change in accumulated other comprehensive income (loss) related to cash flow hedges for the three months ended March 31, follows:
|
New Accounting Pronouncements (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2018 |
Dec. 31, 2017 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ 3,120.3 | $ 2,820.8 | |
Accounting Standards Update 2014-09 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ 3,120.3 | ||
Retained Earnings | Accounting Standards Update 2018-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reclassifications due to adoption of accounting standard | $ 6.5 | ||
Other Nonoperating Income (Expense) | Accounting Standards Update 2017-07 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reclassifications due to adoption of accounting standard | $ (0.6) |
Discontinued Operations (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 20, 2018 |
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of discontinued operation | $ 754.6 | $ 0.0 | |
Carlisle Food Service Products | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of discontinued operation | $ 754.6 |
Discontinued Operations - Results from Discontinued Operations (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Provision for income taxes | $ 47.3 | $ 2.3 |
Income from discontinued operations | 251.7 | 3.9 |
Carlisle Food Service Products | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues | 69.5 | 83.2 |
Cost of goods sold | 49.5 | 61.7 |
Other operating expenses, net | 14.8 | 15.2 |
Operating income | 5.2 | 6.3 |
Other non-operating (income) expense, net | 0.0 | 0.1 |
Income from discontinued operations before income taxes | 5.2 | 6.2 |
Gain on disposal of discontinued operations | 293.8 | 0.0 |
Provision for income taxes | 47.3 | 2.3 |
Income from discontinued operations | $ 251.7 | $ 3.9 |
Discontinued Operations - Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Mar. 20, 2018 |
Dec. 31, 2017 |
---|---|---|---|
ASSETS | |||
Total current assets | $ 0.0 | $ 96.5 | |
Total long-term assets | 0.0 | 372.1 | |
LIABILITIES | |||
Total current liabilities | 0.0 | 40.9 | |
Total long-term liabilities | $ 0.0 | 50.0 | |
Carlisle Food Service Products | |||
ASSETS | |||
Cash and cash equivalents | 1.3 | ||
Receivables, net | 32.0 | ||
Inventories | 59.0 | ||
Prepaid other current assets | 4.2 | ||
Total current assets | 96.5 | ||
Property, plant, and equipment, net | 49.7 | ||
Goodwill, net | $ 149.7 | 149.7 | |
Other intangible assets, net | $ 169.4 | 169.4 | |
Other long-term assets | 3.3 | ||
Total long-term assets | 372.1 | ||
LIABILITIES | |||
Accounts payable | 20.4 | ||
Accrued expenses | 20.5 | ||
Total current liabilities | 40.9 | ||
Other long-term liabilities | 50.0 | ||
Total long-term liabilities | $ 50.0 |
Discontinued Operations - Summary of Cash Flows from Discontinued Operations (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Change in cash and cash equivalents in discontinued operations | $ (1.3) | $ (4.6) |
Carlisle Food Service Products | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net cash provided by operating activities | 0.6 | 10.3 |
Net cash used in investing activities | (8.1) | (215.2) |
Net cash provided by financing activities (1) | 8.8 | 209.5 |
Change in cash and cash equivalents in discontinued operations | $ 1.3 | $ 4.6 |
Revenue Recognition (Details) |
3 Months Ended |
---|---|
Mar. 31, 2018 | |
Minimum | |
Product Warranty Liability [Line Items] | |
Extended warranty estimated life | 5 years |
Maximum | |
Product Warranty Liability [Line Items] | |
Extended warranty estimated life | 40 years |
Weighted Average | |
Product Warranty Liability [Line Items] | |
Extended warranty estimated life | 19 years |
Revenue Recognition - Change in Contract Liabilities (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Revenue from Contract with Customer [Abstract] | ||
Balance as of January 1 | $ 215.8 | $ 195.2 |
Revenue recognized | (14.9) | (13.0) |
Revenue deferred | 18.2 | 20.9 |
Acquired liabilities | 0.1 | 0.0 |
Balance as of March 31 | $ 219.2 | $ 203.1 |
Revenue Recognition - Change in Contract Assets (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
| |
Revenue from Contract with Customer [Abstract] | |
Balance, beginning | $ 0.0 |
Adoption of ASC 606 | 22.8 |
Revenue recognized and unbilled | 33.8 |
Revenue billed | (22.8) |
Balance, ending | $ 33.8 |
Exit and Disposal Activities - Exit and Disposal Activity Liability (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | $ 13.1 | |
Charges | 3.1 | $ 3.2 |
Cash payments | (7.1) | |
Other adjustments and non-cash settlements | (1.0) | |
Balance, ending | 8.1 | |
Carlisle Interconnect Technologies | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 4.9 | |
Charges | 1.1 | 2.3 |
Cash payments | (2.5) | |
Other adjustments and non-cash settlements | (0.2) | |
Balance, ending | 3.3 | |
Carlisle Fluid Technologies | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 6.7 | |
Charges | 0.0 | 0.5 |
Cash payments | (3.6) | |
Other adjustments and non-cash settlements | 0.0 | |
Balance, ending | 3.1 | |
Carlisle Brake & Friction | ||
Restructuring Reserve [Roll Forward] | ||
Balance, beginning | 1.5 | |
Charges | 2.0 | 0.3 |
Cash payments | (1.0) | |
Other adjustments and non-cash settlements | (0.8) | |
Balance, ending | 1.7 | |
Corporate | ||
Restructuring Reserve [Roll Forward] | ||
Charges | $ 0.0 | $ 0.1 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Income Tax Disclosure [Abstract] | ||
Effective income tax rate on continuing operations (as a percent) | 26.10% | 31.30% |
Anticipated effective tax rate for beginning of year to date (as a percent) | 24.70% | |
Discrete income tax expense (benefit) | $ 1.1 | $ (1.5) |
Inventories (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 261.8 | $ 238.5 |
Work-in-process | 74.7 | 62.9 |
Raw materials | 187.3 | 177.7 |
Reserves | (33.7) | (30.3) |
Inventories | $ 490.1 | $ 448.8 |
Goodwill and Other Intangible Assets, net - Other Intangibles and Amortization (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Other intangible assets | ||
Accumulated Amortization | $ (362.0) | $ (336.0) |
Other intangible assets, net | ||
Other intangible assets, Acquired Cost | 1,406.8 | 1,401.0 |
Other intangible assets, net | 1,044.8 | 1,065.0 |
Trade names | ||
Assets not subject to amortization: | ||
Trade names | 244.9 | 244.1 |
Customer relationships | ||
Other intangible assets | ||
Acquired Cost | 847.7 | 844.8 |
Accumulated Amortization | (245.6) | (230.8) |
Net Book Value | 602.1 | 614.0 |
Intellectual property | ||
Other intangible assets | ||
Acquired Cost | 236.0 | 272.0 |
Accumulated Amortization | (101.7) | (95.6) |
Net Book Value | 134.3 | 176.4 |
Other | ||
Other intangible assets | ||
Acquired Cost | 78.2 | 40.1 |
Accumulated Amortization | (14.7) | (9.6) |
Net Book Value | $ 63.5 | $ 30.5 |
Goodwill and Other Intangible Assets, net - Net Carrying Value of Other Intangibles (Details) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Net book value of other intangible assets by the reportable segment | ||
Other intangible assets, net | $ 1,044.8 | $ 1,065.0 |
Carlisle Construction Materials | ||
Net book value of other intangible assets by the reportable segment | ||
Other intangible assets, net | 316.4 | 325.1 |
Carlisle Interconnect Technologies | ||
Net book value of other intangible assets by the reportable segment | ||
Other intangible assets, net | 336.2 | 344.5 |
Carlisle Fluid Technologies | ||
Net book value of other intangible assets by the reportable segment | ||
Other intangible assets, net | 300.9 | 302.5 |
Carlisle Brake & Friction | ||
Net book value of other intangible assets by the reportable segment | ||
Other intangible assets, net | $ 91.3 | $ 92.9 |
Commitments and Contingencies - Litigation and Environmental Matters (Details) |
Mar. 31, 2018
USD ($)
|
---|---|
Asbestos-related injury | |
Loss contingencies | |
Accounting effect of dismissals or settlements | $ 0 |
Defined Benefit Plan - Defined Benefit Plan (Details) - Defined Benefit Plans - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Components of net periodic benefit cost | ||
Service cost | $ 0.8 | $ 0.7 |
Interest cost | 1.4 | 1.3 |
Expected return on plan assets | (2.6) | (2.5) |
Amortization of unrecognized loss | 1.1 | 0.6 |
Net periodic benefit cost | 0.7 | 0.1 |
Amortization of unrecognized loss, tax | $ (0.3) | $ (0.2) |
Standard Product Warranties (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Standard Product Warranty Accrual | ||
Beginning reserve | $ 30.4 | $ 29.1 |
Current year provision | 4.4 | 4.3 |
Current year claims | (3.7) | (3.8) |
Currency translation | 0.2 | 0.1 |
Ending reserve | $ 31.3 | $ 29.7 |
Financial Instruments (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Cash | ||
Derivative Financial Instruments | ||
Deferred compensation, Rabbi Trust | $ 14.1 | $ 13.2 |
Short-term Investments | ||
Derivative Financial Instruments | ||
Deferred compensation, Rabbi Trust | 4.7 | 4.0 |
Foreign Exchange Forward | Designated as Hedging Instrument | ||
Derivative Financial Instruments | ||
Fair value | 0.1 | (0.2) |
Notional amount | 16.8 | 22.3 |
Foreign Exchange Forward | Not Designated as Hedging Instrument | ||
Derivative Financial Instruments | ||
Fair value | 0.9 | 0.2 |
Notional amount | $ 74.8 | $ 38.6 |
Maximum | Foreign Exchange Forward | Not Designated as Hedging Instrument | ||
Derivative Financial Instruments | ||
Maturity term | 1 year | |
Maximum | Cash Flow Hedging | Foreign Exchange Forward | Designated as Hedging Instrument | ||
Derivative Financial Instruments | ||
Maturity term | 1 year |
Financial Instruments - Changes in AOCI Related to Cash Flow Hedges (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Change in AOCI [Roll Forward] | ||
Balance, beginning | $ (85.7) | |
Other comprehensive income | 23.3 | $ 11.7 |
Balance, ending | (68.9) | |
Accumulated Foreign Currency Adjustment | ||
Change in AOCI [Roll Forward] | ||
Balance, beginning | (4.0) | 0.9 |
Other comprehensive income before reclassifications | 0.3 | 0.1 |
Amounts reclassified from accumulated other comprehensive loss | (0.1) | (0.2) |
Other comprehensive income | 0.2 | (0.1) |
Balance, ending | $ (3.8) | $ 0.8 |
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