Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2018

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:

(in millions)	Three Months Ended June 30,					Six Months Ended June 30,
	2018			2017		2018		2017
Revenues	$	—		$	87.4	$	69.5	$	170.6
Cost of goods sold	—			60.0		49.5		121.7
Other operating expenses, net	1.0			15.3		15.8		30.5
Operating (loss) income	(1.0		)	12.1		4.2		18.4
Other non-operating (income) expense, net	—			—		—		0.1
(Loss) income from discontinued operations before income taxes	(1.0		)	12.1		4.2		18.3
(Loss) gain on sale of discontinued operations	(0.3		)	—		293.5		—
(Benefit) provision for income taxes	(0.3		)	4.5		47.0		6.8
(Loss) income from discontinued operations	$	(1.0	)	$	7.6	$	250.7	$	11.5

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:

(in millions)	December 31, 2017
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
Other intangible assets, net	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

A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows follows:

(in millions)	Six Months Ended June 30,
	2018			2017
Net cash (used in) provided by operating activities	$	(1.5	)	$	24.9
Net cash used in investing activities	(8.1		)	(217.6		)
Net cash provided by financing activities (1)	10.9			196.4
Change in cash and cash equivalents from discontinued operations	$	1.3		$	3.7

⁽¹⁾ 

Represents borrowings from the Carlisle cash pool to fund capital expenditures and acquisitions.