Discontinued Operations

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On March 20, 2018, the Company completed the sale of CFS to The Jordan Company of New York, NY 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 businesses with highly engineered manufacturing products in strong growth markets.

A summary of the results from discontinued operations included in the Consolidated Statements of Income follows:

(in millions)	2019		2018		2017
Revenue	$	—	$	69.5	$	337.9
Cost of goods sold	—		49.5		238.5
Other operating expense, net	—		16.7		59.7
Operating income	—		3.3		39.7
Other non-operating expense, net	1.8		—		0.1
Income from discontinued operations before income taxes	(1.8)		3.3		39.6
Gain on sale of discontinued operations	—		296.8		—
Provision for income taxes	(0.9)		47.6		14.7
Income from discontinued operations	$	(0.9)	$	252.5	$	24.9

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

(in millions)	2018		2017
Net cash (used in) provided by operating activities	$	(2.0)	$	62.2
Net cash used in investing activities	(8.1)		(222.6)
Net cash provided by financing activities (1)	11.4		161.4
Change in cash and cash equivalents from discontinued operations	$	1.3	$	1.0

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