Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2021

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 and Comprehensive Income follows:

(in millions)	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Revenues	$	98.8	$	58.8	$	186.9	$	129.8
Cost of goods sold	76.1		47.8		147.4		109.8
Other operating expenses, net	11.8		12.1		23.8		25.6
Operating income (loss)	10.9		(1.1)		15.7		(5.6)
Other non-operating (income) expense, net	(0.1)		—		0.2		(0.4)
Income (loss) from discontinued operations before income taxes	11.0		(1.1)		15.5		(5.2)
Pre-close transaction expenses(1)	(4.7)		—		(4.7)		—
Provision for (benefit from) income taxes	1.1		(0.5)		2.5		(1.6)
Income (loss) from discontinued operations	$	5.2	$	(0.6)	$	8.3	$	(3.6)

(1)Includes legal fees and stock-compensation expense directly related to the sale incurred prior to the close of the transaction.

A summary of the carrying amounts of major assets and liabilities, which were classified as held for sale in the Condensed Consolidated Balance Sheets follows:

(in millions)	June 30, 2021		December 31, 2020
ASSETS
Cash and cash equivalents	$	12.0	$	5.1
Receivables, net	79.7		58.3
Inventories	72.3		70.8
Prepaid other current assets	10.4		10.4
Current assets	174.4		144.6
Long-term assets reclassified to current assets	275.5		—
Total current assets	449.9		144.6
Property, plant, and equipment, net	101.2		102.0
Goodwill, net	96.5		96.5
Other intangible assets, net	71.3		73.9
Other long-term assets	6.5		2.6
Long-term assets	275.5		275.0
Long-term assets reclassified to current assets	(275.5)		—
Total long-term assets	$	—	$	275.0
LIABILITIES
Accounts payable	$	44.8	$	33.1
Accrued liabilities and other	22.7		20.4
Current liabilities	67.5		53.5
Long-term liabilities reclassified to current liabilities	25.3		—
Total current liabilities	92.8		53.5
Other long-term liabilities	25.3		21.9
Long-term liabilities	25.3		21.9
Long-term liabilities reclassified to current liabilities	(25.3)		—
Total long-term liabilities	$	—	$	21.9

A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, follows:

(in millions)	2021		2020
Net cash provided by operating activities	$	10.8	$	15.4
Net cash used in investing activities	(5.6)		(5.0)
Net cash provided by (used in) financing activities(1)	1.8		(9.5)
Change in cash and cash equivalents from discontinued operations	$	7.0	$	0.9

(1)Represents borrowings or (repayments) from the Carlisle cash pool to fund working capital and capital expenditures