Discontinued Operations

9 Months Ended

Sep. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Discontinued OperationsAs previously announced, the Company completed the sale of CFS to the Jordan Company of New York, NY, on March 20, 2018, for gross proceeds of $758.0 million, including a working capital adjustment, which was finalized in the third quarter of 2018. 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:


(in millions)	Three Months Ended September 30,									Nine Months Ended September 30,
			2018			2017			2018			2017
Revenues	$	—		$	86.4		$	69.5		$	257.0

Cost of goods sold	—			59.5			49.5			181.2
Other operating expenses, net	0.7			15.4			16.5			45.9
Operating (loss) income	(0.7)			11.5			3.5			29.9
Other non-operating (income) expense, net	—			0.1			—			0.2
(Loss) income from discontinued operations before income taxes	(0.7)			11.4			3.5			29.7
Gain on sale of discontinued operations	3.3			—			296.8			—
(Benefit) provision for income taxes	(0.2)			4.2			46.8			11.0
Income from discontinued operations	$	2.8		$	7.2		$	253.5		$	18.7

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, net	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)	Nine Months Ended September 30,
			2018			2017
Net cash (used in) provided by operating activities	$	(2.0)		$	46.7
Net cash used in investing activities	(8.1)			(221.2)
Net cash provided by financing activities¹	11.4			176.1
Change in cash and cash equivalents from discontinued operations	$	1.3		$	1.6

^1.Represents borrowings from the Carlisle cash pool to fund capital expenditures and acquisitions.