0000790051false--12-312021Q2TRUEFALSE61111100007900512021-01-012021-06-300000790051us-gaap:CommonStockMember2021-01-012021-06-300000790051csl:PreferredStockPurchaseRightsMember2021-01-012021-06-30xbrli:shares00007900512021-07-21iso4217:USD00007900512021-04-012021-06-3000007900512020-04-012020-06-3000007900512020-01-012020-06-30iso4217:USDxbrli:shares00007900512021-06-3000007900512020-12-3100007900512019-12-3100007900512020-06-300000790051us-gaap:CommonStockMember2020-03-310000790051us-gaap:AdditionalPaidInCapitalMember2020-03-310000790051us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000790051us-gaap:RetainedEarningsMember2020-03-310000790051us-gaap:TreasuryStockMember2020-03-3100007900512020-03-310000790051us-gaap:RetainedEarningsMember2020-04-012020-06-300000790051us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300000790051us-gaap:CommonStockMember2020-04-012020-06-300000790051us-gaap:TreasuryStockMember2020-04-012020-06-300000790051us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300000790051us-gaap:CommonStockMember2020-06-300000790051us-gaap:AdditionalPaidInCapitalMember2020-06-300000790051us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000790051us-gaap:RetainedEarningsMember2020-06-300000790051us-gaap:TreasuryStockMember2020-06-300000790051us-gaap:CommonStockMember2021-03-310000790051us-gaap:AdditionalPaidInCapitalMember2021-03-310000790051us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000790051us-gaap:RetainedEarningsMember2021-03-310000790051us-gaap:TreasuryStockMember2021-03-3100007900512021-03-310000790051us-gaap:RetainedEarningsMember2021-04-012021-06-300000790051us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000790051us-gaap:CommonStockMember2021-04-012021-06-300000790051us-gaap:TreasuryStockMember2021-04-012021-06-300000790051us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300000790051us-gaap:CommonStockMember2021-06-300000790051us-gaap:AdditionalPaidInCapitalMember2021-06-300000790051us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000790051us-gaap:RetainedEarningsMember2021-06-300000790051us-gaap:TreasuryStockMember2021-06-300000790051us-gaap:CommonStockMember2019-12-310000790051us-gaap:AdditionalPaidInCapitalMember2019-12-310000790051us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000790051us-gaap:RetainedEarningsMember2019-12-310000790051us-gaap:TreasuryStockMember2019-12-310000790051us-gaap:RetainedEarningsMember2020-01-012020-06-300000790051us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300000790051us-gaap:CommonStockMember2020-01-012020-06-300000790051us-gaap:TreasuryStockMember2020-01-012020-06-300000790051us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-300000790051us-gaap:CommonStockMember2020-12-310000790051us-gaap:AdditionalPaidInCapitalMember2020-12-310000790051us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000790051us-gaap:RetainedEarningsMember2020-12-310000790051us-gaap:TreasuryStockMember2020-12-310000790051us-gaap:RetainedEarningsMember2021-01-012021-06-300000790051us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300000790051us-gaap:CommonStockMember2021-01-012021-06-300000790051us-gaap:TreasuryStockMember2021-01-012021-06-300000790051us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-30csl:business0000790051csl:ConstructionMaterialsMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300000790051csl:ConstructionMaterialsMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300000790051csl:InterconnectTechnologiesMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300000790051csl:InterconnectTechnologiesMemberus-gaap:OperatingSegmentsMember2020-04-012020-06-300000790051us-gaap:OperatingSegmentsMembercsl:FluidTechnologyMember2021-04-012021-06-300000790051us-gaap:OperatingSegmentsMembercsl:FluidTechnologyMember2020-04-012020-06-300000790051us-gaap:OperatingSegmentsMember2021-04-012021-06-300000790051us-gaap:OperatingSegmentsMember2020-04-012020-06-300000790051us-gaap:CorporateNonSegmentMember2021-04-012021-06-300000790051us-gaap:CorporateNonSegmentMember2020-04-012020-06-300000790051csl:ConstructionMaterialsMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300000790051csl:ConstructionMaterialsMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300000790051csl:InterconnectTechnologiesMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300000790051csl:InterconnectTechnologiesMemberus-gaap:OperatingSegmentsMember2020-01-012020-06-300000790051us-gaap:OperatingSegmentsMembercsl:FluidTechnologyMember2021-01-012021-06-300000790051us-gaap:OperatingSegmentsMembercsl:FluidTechnologyMember2020-01-012020-06-300000790051us-gaap:OperatingSegmentsMember2021-01-012021-06-300000790051us-gaap:OperatingSegmentsMember2020-01-012020-06-300000790051us-gaap:CorporateNonSegmentMember2021-01-012021-06-300000790051us-gaap:CorporateNonSegmentMember2020-01-012020-06-30xbrli:pure0000790051csl:MotionTechAutomationLLCMember2020-07-220000790051csl:MotionTechAutomationLLCMember2020-07-222020-07-220000790051csl:InterconnectTechnologiesMembercsl:MotionTechAutomationLLCMember2020-07-222020-07-220000790051csl:InterconnectTechnologiesMembercsl:MotionTechAutomationLLCMember2020-07-220000790051csl:InterconnectTechnologiesMembercsl:MotionTechAutomationLLCMember2021-01-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:MotionTechAutomationLLCMember2021-04-012021-06-300000790051csl:MotionTechAutomationLLCMember2021-01-012021-06-300000790051us-gaap:TechnologyBasedIntangibleAssetsMembercsl:MotionTechAutomationLLCMember2020-07-222020-07-220000790051csl:MotionTechAutomationLLCMemberus-gaap:CustomerRelationshipsMember2020-07-222020-07-220000790051csl:MotionTechAutomationLLCMemberus-gaap:TradeNamesMember2020-07-222020-07-220000790051csl:MotionTechAutomationLLCMembercsl:ConstructionMaterialsMember2020-07-220000790051csl:MotionTechAutomationLLCMembercsl:FluidTechnologyMember2020-07-220000790051csl:CarlisleBrakeFrictionMember2021-05-252021-05-250000790051csl:CarlisleBrakeFrictionMember2021-05-250000790051csl:CarlisleBrakeFrictionMember2021-04-012021-06-300000790051csl:CarlisleBrakeFrictionMember2020-04-012020-06-300000790051csl:CarlisleBrakeFrictionMember2021-01-012021-06-300000790051csl:CarlisleBrakeFrictionMember2020-01-012020-06-300000790051csl:CarlisleBrakeFrictionMember2021-06-300000790051csl:CarlisleBrakeFrictionMember2020-12-3100007900512021-07-012021-06-3000007900512022-01-012021-06-3000007900512023-01-012021-06-3000007900512024-01-012021-06-3000007900512025-01-012021-06-3000007900512026-01-012021-06-3000007900512027-01-012021-06-300000790051csl:GeneralConstructionMembercsl:ConstructionMaterialsMember2021-04-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:GeneralConstructionMember2021-04-012021-06-300000790051csl:GeneralConstructionMembercsl:FluidTechnologyMember2021-04-012021-06-300000790051csl:GeneralConstructionMember2021-04-012021-06-300000790051csl:ConstructionMaterialsMembercsl:AerospaceManufacturingOperationsMember2021-04-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:AerospaceManufacturingOperationsMember2021-04-012021-06-300000790051csl:FluidTechnologyMembercsl:AerospaceManufacturingOperationsMember2021-04-012021-06-300000790051csl:AerospaceManufacturingOperationsMember2021-04-012021-06-300000790051csl:HeavyEquipmentMembercsl:ConstructionMaterialsMember2021-04-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:HeavyEquipmentMember2021-04-012021-06-300000790051csl:HeavyEquipmentMembercsl:FluidTechnologyMember2021-04-012021-06-300000790051csl:HeavyEquipmentMember2021-04-012021-06-300000790051csl:ConstructionMaterialsMembercsl:MedicalBusinessMember2021-04-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:MedicalBusinessMember2021-04-012021-06-300000790051csl:FluidTechnologyMembercsl:MedicalBusinessMember2021-04-012021-06-300000790051csl:MedicalBusinessMember2021-04-012021-06-300000790051csl:ConstructionMaterialsMembercsl:TransportationMember2021-04-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:TransportationMember2021-04-012021-06-300000790051csl:TransportationMembercsl:FluidTechnologyMember2021-04-012021-06-300000790051csl:TransportationMember2021-04-012021-06-300000790051csl:ConstructionMaterialsMembercsl:GeneralIndustrialandOtherMember2021-04-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:GeneralIndustrialandOtherMember2021-04-012021-06-300000790051csl:GeneralIndustrialandOtherMembercsl:FluidTechnologyMember2021-04-012021-06-300000790051csl:GeneralIndustrialandOtherMember2021-04-012021-06-300000790051csl:ConstructionMaterialsMember2021-04-012021-06-300000790051csl:InterconnectTechnologiesMember2021-04-012021-06-300000790051csl:FluidTechnologyMember2021-04-012021-06-300000790051csl:GeneralConstructionMembercsl:ConstructionMaterialsMember2020-04-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:GeneralConstructionMember2020-04-012020-06-300000790051csl:GeneralConstructionMembercsl:FluidTechnologyMember2020-04-012020-06-300000790051csl:GeneralConstructionMember2020-04-012020-06-300000790051csl:ConstructionMaterialsMembercsl:AerospaceManufacturingOperationsMember2020-04-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:AerospaceManufacturingOperationsMember2020-04-012020-06-300000790051csl:FluidTechnologyMembercsl:AerospaceManufacturingOperationsMember2020-04-012020-06-300000790051csl:AerospaceManufacturingOperationsMember2020-04-012020-06-300000790051csl:HeavyEquipmentMembercsl:ConstructionMaterialsMember2020-04-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:HeavyEquipmentMember2020-04-012020-06-300000790051csl:HeavyEquipmentMembercsl:FluidTechnologyMember2020-04-012020-06-300000790051csl:HeavyEquipmentMember2020-04-012020-06-300000790051csl:ConstructionMaterialsMembercsl:MedicalBusinessMember2020-04-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:MedicalBusinessMember2020-04-012020-06-300000790051csl:FluidTechnologyMembercsl:MedicalBusinessMember2020-04-012020-06-300000790051csl:MedicalBusinessMember2020-04-012020-06-300000790051csl:ConstructionMaterialsMembercsl:TransportationMember2020-04-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:TransportationMember2020-04-012020-06-300000790051csl:TransportationMembercsl:FluidTechnologyMember2020-04-012020-06-300000790051csl:TransportationMember2020-04-012020-06-300000790051csl:ConstructionMaterialsMembercsl:GeneralIndustrialandOtherMember2020-04-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:GeneralIndustrialandOtherMember2020-04-012020-06-300000790051csl:GeneralIndustrialandOtherMembercsl:FluidTechnologyMember2020-04-012020-06-300000790051csl:GeneralIndustrialandOtherMember2020-04-012020-06-300000790051csl:ConstructionMaterialsMember2020-04-012020-06-300000790051csl:InterconnectTechnologiesMember2020-04-012020-06-300000790051csl:FluidTechnologyMember2020-04-012020-06-300000790051csl:GeneralConstructionMembercsl:ConstructionMaterialsMember2021-01-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:GeneralConstructionMember2021-01-012021-06-300000790051csl:GeneralConstructionMembercsl:FluidTechnologyMember2021-01-012021-06-300000790051csl:GeneralConstructionMember2021-01-012021-06-300000790051csl:ConstructionMaterialsMembercsl:AerospaceManufacturingOperationsMember2021-01-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:AerospaceManufacturingOperationsMember2021-01-012021-06-300000790051csl:FluidTechnologyMembercsl:AerospaceManufacturingOperationsMember2021-01-012021-06-300000790051csl:AerospaceManufacturingOperationsMember2021-01-012021-06-300000790051csl:HeavyEquipmentMembercsl:ConstructionMaterialsMember2021-01-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:HeavyEquipmentMember2021-01-012021-06-300000790051csl:HeavyEquipmentMembercsl:FluidTechnologyMember2021-01-012021-06-300000790051csl:HeavyEquipmentMember2021-01-012021-06-300000790051csl:ConstructionMaterialsMembercsl:MedicalBusinessMember2021-01-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:MedicalBusinessMember2021-01-012021-06-300000790051csl:FluidTechnologyMembercsl:MedicalBusinessMember2021-01-012021-06-300000790051csl:MedicalBusinessMember2021-01-012021-06-300000790051csl:ConstructionMaterialsMembercsl:TransportationMember2021-01-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:TransportationMember2021-01-012021-06-300000790051csl:TransportationMembercsl:FluidTechnologyMember2021-01-012021-06-300000790051csl:TransportationMember2021-01-012021-06-300000790051csl:ConstructionMaterialsMembercsl:GeneralIndustrialandOtherMember2021-01-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:GeneralIndustrialandOtherMember2021-01-012021-06-300000790051csl:GeneralIndustrialandOtherMembercsl:FluidTechnologyMember2021-01-012021-06-300000790051csl:GeneralIndustrialandOtherMember2021-01-012021-06-300000790051csl:ConstructionMaterialsMember2021-01-012021-06-300000790051csl:InterconnectTechnologiesMember2021-01-012021-06-300000790051csl:FluidTechnologyMember2021-01-012021-06-300000790051csl:GeneralConstructionMembercsl:ConstructionMaterialsMember2020-01-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:GeneralConstructionMember2020-01-012020-06-300000790051csl:GeneralConstructionMembercsl:FluidTechnologyMember2020-01-012020-06-300000790051csl:GeneralConstructionMember2020-01-012020-06-300000790051csl:ConstructionMaterialsMembercsl:AerospaceManufacturingOperationsMember2020-01-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:AerospaceManufacturingOperationsMember2020-01-012020-06-300000790051csl:FluidTechnologyMembercsl:AerospaceManufacturingOperationsMember2020-01-012020-06-300000790051csl:AerospaceManufacturingOperationsMember2020-01-012020-06-300000790051csl:HeavyEquipmentMembercsl:ConstructionMaterialsMember2020-01-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:HeavyEquipmentMember2020-01-012020-06-300000790051csl:HeavyEquipmentMembercsl:FluidTechnologyMember2020-01-012020-06-300000790051csl:HeavyEquipmentMember2020-01-012020-06-300000790051csl:ConstructionMaterialsMembercsl:MedicalBusinessMember2020-01-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:MedicalBusinessMember2020-01-012020-06-300000790051csl:FluidTechnologyMembercsl:MedicalBusinessMember2020-01-012020-06-300000790051csl:MedicalBusinessMember2020-01-012020-06-300000790051csl:ConstructionMaterialsMembercsl:TransportationMember2020-01-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:TransportationMember2020-01-012020-06-300000790051csl:TransportationMembercsl:FluidTechnologyMember2020-01-012020-06-300000790051csl:TransportationMember2020-01-012020-06-300000790051csl:ConstructionMaterialsMembercsl:GeneralIndustrialandOtherMember2020-01-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:GeneralIndustrialandOtherMember2020-01-012020-06-300000790051csl:GeneralIndustrialandOtherMembercsl:FluidTechnologyMember2020-01-012020-06-300000790051csl:GeneralIndustrialandOtherMember2020-01-012020-06-300000790051csl:ConstructionMaterialsMember2020-01-012020-06-300000790051csl:InterconnectTechnologiesMember2020-01-012020-06-300000790051csl:FluidTechnologyMember2020-01-012020-06-300000790051country:UScsl:ConstructionMaterialsMember2021-04-012021-06-300000790051csl:InterconnectTechnologiesMembercountry:US2021-04-012021-06-300000790051country:UScsl:FluidTechnologyMember2021-04-012021-06-300000790051country:US2021-04-012021-06-300000790051csl:ConstructionMaterialsMembersrt:EuropeMember2021-04-012021-06-300000790051csl:InterconnectTechnologiesMembersrt:EuropeMember2021-04-012021-06-300000790051srt:EuropeMembercsl:FluidTechnologyMember2021-04-012021-06-300000790051srt:EuropeMember2021-04-012021-06-300000790051srt:AsiaMembercsl:ConstructionMaterialsMember2021-04-012021-06-300000790051csl:InterconnectTechnologiesMembersrt:AsiaMember2021-04-012021-06-300000790051srt:AsiaMembercsl:FluidTechnologyMember2021-04-012021-06-300000790051srt:AsiaMember2021-04-012021-06-300000790051csl:ConstructionMaterialsMembercsl:NorthAmericaExcludingTheUnitedStatesMember2021-04-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:NorthAmericaExcludingTheUnitedStatesMember2021-04-012021-06-300000790051csl:NorthAmericaExcludingTheUnitedStatesMembercsl:FluidTechnologyMember2021-04-012021-06-300000790051csl:NorthAmericaExcludingTheUnitedStatesMember2021-04-012021-06-300000790051csl:MiddleEastandAfricaMembercsl:ConstructionMaterialsMember2021-04-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:MiddleEastandAfricaMember2021-04-012021-06-300000790051csl:MiddleEastandAfricaMembercsl:FluidTechnologyMember2021-04-012021-06-300000790051csl:MiddleEastandAfricaMember2021-04-012021-06-300000790051csl:ConstructionMaterialsMembercsl:OtherInternationalMember2021-04-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:OtherInternationalMember2021-04-012021-06-300000790051csl:OtherInternationalMembercsl:FluidTechnologyMember2021-04-012021-06-300000790051csl:OtherInternationalMember2021-04-012021-06-300000790051csl:InternationalMembercsl:ConstructionMaterialsMember2021-04-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:InternationalMember2021-04-012021-06-300000790051csl:InternationalMembercsl:FluidTechnologyMember2021-04-012021-06-300000790051csl:InternationalMember2021-04-012021-06-300000790051country:UScsl:ConstructionMaterialsMember2020-04-012020-06-300000790051csl:InterconnectTechnologiesMembercountry:US2020-04-012020-06-300000790051country:UScsl:FluidTechnologyMember2020-04-012020-06-300000790051country:US2020-04-012020-06-300000790051csl:ConstructionMaterialsMembersrt:EuropeMember2020-04-012020-06-300000790051csl:InterconnectTechnologiesMembersrt:EuropeMember2020-04-012020-06-300000790051srt:EuropeMembercsl:FluidTechnologyMember2020-04-012020-06-300000790051srt:EuropeMember2020-04-012020-06-300000790051srt:AsiaMembercsl:ConstructionMaterialsMember2020-04-012020-06-300000790051csl:InterconnectTechnologiesMembersrt:AsiaMember2020-04-012020-06-300000790051srt:AsiaMembercsl:FluidTechnologyMember2020-04-012020-06-300000790051srt:AsiaMember2020-04-012020-06-300000790051csl:ConstructionMaterialsMembercsl:NorthAmericaExcludingTheUnitedStatesMember2020-04-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:NorthAmericaExcludingTheUnitedStatesMember2020-04-012020-06-300000790051csl:NorthAmericaExcludingTheUnitedStatesMembercsl:FluidTechnologyMember2020-04-012020-06-300000790051csl:NorthAmericaExcludingTheUnitedStatesMember2020-04-012020-06-300000790051csl:MiddleEastandAfricaMembercsl:ConstructionMaterialsMember2020-04-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:MiddleEastandAfricaMember2020-04-012020-06-300000790051csl:MiddleEastandAfricaMembercsl:FluidTechnologyMember2020-04-012020-06-300000790051csl:MiddleEastandAfricaMember2020-04-012020-06-300000790051csl:ConstructionMaterialsMembercsl:OtherInternationalMember2020-04-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:OtherInternationalMember2020-04-012020-06-300000790051csl:OtherInternationalMembercsl:FluidTechnologyMember2020-04-012020-06-300000790051csl:OtherInternationalMember2020-04-012020-06-300000790051csl:InternationalMembercsl:ConstructionMaterialsMember2020-04-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:InternationalMember2020-04-012020-06-300000790051csl:InternationalMembercsl:FluidTechnologyMember2020-04-012020-06-300000790051csl:InternationalMember2020-04-012020-06-300000790051country:UScsl:ConstructionMaterialsMember2021-01-012021-06-300000790051csl:InterconnectTechnologiesMembercountry:US2021-01-012021-06-300000790051country:UScsl:FluidTechnologyMember2021-01-012021-06-300000790051country:US2021-01-012021-06-300000790051csl:ConstructionMaterialsMembersrt:EuropeMember2021-01-012021-06-300000790051csl:InterconnectTechnologiesMembersrt:EuropeMember2021-01-012021-06-300000790051srt:EuropeMembercsl:FluidTechnologyMember2021-01-012021-06-300000790051srt:EuropeMember2021-01-012021-06-300000790051srt:AsiaMembercsl:ConstructionMaterialsMember2021-01-012021-06-300000790051csl:InterconnectTechnologiesMembersrt:AsiaMember2021-01-012021-06-300000790051srt:AsiaMembercsl:FluidTechnologyMember2021-01-012021-06-300000790051srt:AsiaMember2021-01-012021-06-300000790051csl:ConstructionMaterialsMembercsl:NorthAmericaExcludingTheUnitedStatesMember2021-01-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:NorthAmericaExcludingTheUnitedStatesMember2021-01-012021-06-300000790051csl:NorthAmericaExcludingTheUnitedStatesMembercsl:FluidTechnologyMember2021-01-012021-06-300000790051csl:NorthAmericaExcludingTheUnitedStatesMember2021-01-012021-06-300000790051csl:MiddleEastandAfricaMembercsl:ConstructionMaterialsMember2021-01-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:MiddleEastandAfricaMember2021-01-012021-06-300000790051csl:MiddleEastandAfricaMembercsl:FluidTechnologyMember2021-01-012021-06-300000790051csl:MiddleEastandAfricaMember2021-01-012021-06-300000790051csl:ConstructionMaterialsMembercsl:OtherInternationalMember2021-01-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:OtherInternationalMember2021-01-012021-06-300000790051csl:OtherInternationalMembercsl:FluidTechnologyMember2021-01-012021-06-300000790051csl:OtherInternationalMember2021-01-012021-06-300000790051csl:InternationalMembercsl:ConstructionMaterialsMember2021-01-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:InternationalMember2021-01-012021-06-300000790051csl:InternationalMembercsl:FluidTechnologyMember2021-01-012021-06-300000790051csl:InternationalMember2021-01-012021-06-300000790051country:UScsl:ConstructionMaterialsMember2020-01-012020-06-300000790051csl:InterconnectTechnologiesMembercountry:US2020-01-012020-06-300000790051country:UScsl:FluidTechnologyMember2020-01-012020-06-300000790051country:US2020-01-012020-06-300000790051csl:ConstructionMaterialsMembersrt:EuropeMember2020-01-012020-06-300000790051csl:InterconnectTechnologiesMembersrt:EuropeMember2020-01-012020-06-300000790051srt:EuropeMembercsl:FluidTechnologyMember2020-01-012020-06-300000790051srt:EuropeMember2020-01-012020-06-300000790051srt:AsiaMembercsl:ConstructionMaterialsMember2020-01-012020-06-300000790051csl:InterconnectTechnologiesMembersrt:AsiaMember2020-01-012020-06-300000790051srt:AsiaMembercsl:FluidTechnologyMember2020-01-012020-06-300000790051srt:AsiaMember2020-01-012020-06-300000790051csl:ConstructionMaterialsMembercsl:NorthAmericaExcludingTheUnitedStatesMember2020-01-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:NorthAmericaExcludingTheUnitedStatesMember2020-01-012020-06-300000790051csl:NorthAmericaExcludingTheUnitedStatesMembercsl:FluidTechnologyMember2020-01-012020-06-300000790051csl:NorthAmericaExcludingTheUnitedStatesMember2020-01-012020-06-300000790051csl:MiddleEastandAfricaMembercsl:ConstructionMaterialsMember2020-01-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:MiddleEastandAfricaMember2020-01-012020-06-300000790051csl:MiddleEastandAfricaMembercsl:FluidTechnologyMember2020-01-012020-06-300000790051csl:MiddleEastandAfricaMember2020-01-012020-06-300000790051csl:ConstructionMaterialsMembercsl:OtherInternationalMember2020-01-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:OtherInternationalMember2020-01-012020-06-300000790051csl:OtherInternationalMembercsl:FluidTechnologyMember2020-01-012020-06-300000790051csl:OtherInternationalMember2020-01-012020-06-300000790051csl:InternationalMembercsl:ConstructionMaterialsMember2020-01-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:InternationalMember2020-01-012020-06-300000790051csl:InternationalMembercsl:FluidTechnologyMember2020-01-012020-06-300000790051csl:InternationalMember2020-01-012020-06-300000790051us-gaap:EmployeeStockOptionMember2021-04-012021-06-300000790051us-gaap:EmployeeStockOptionMember2020-04-012020-06-300000790051us-gaap:EmployeeStockOptionMember2021-01-012021-06-300000790051us-gaap:EmployeeStockOptionMember2020-01-012020-06-300000790051csl:RestrictedStockAwardMember2021-04-012021-06-300000790051csl:RestrictedStockAwardMember2020-04-012020-06-300000790051csl:RestrictedStockAwardMember2021-01-012021-06-300000790051csl:RestrictedStockAwardMember2020-01-012020-06-300000790051csl:PerformanceShareAwardMember2021-04-012021-06-300000790051csl:PerformanceShareAwardMember2020-04-012020-06-300000790051csl:PerformanceShareAwardMember2021-01-012021-06-300000790051csl:PerformanceShareAwardMember2020-01-012020-06-300000790051us-gaap:RestrictedStockUnitsRSUMember2021-04-012021-06-300000790051us-gaap:RestrictedStockUnitsRSUMember2020-04-012020-06-300000790051us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-06-300000790051us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-300000790051us-gaap:StockAppreciationRightsSARSMember2021-04-012021-06-300000790051us-gaap:StockAppreciationRightsSARSMember2020-04-012020-06-300000790051us-gaap:StockAppreciationRightsSARSMember2021-01-012021-06-300000790051us-gaap:StockAppreciationRightsSARSMember2020-01-012020-06-300000790051us-gaap:EmployeeSeveranceMembercsl:InterconnectTechnologiesMembersrt:MinimumMemberstpr:WA2021-04-012021-06-300000790051us-gaap:EmployeeSeveranceMembercsl:InterconnectTechnologiesMemberstpr:WAsrt:MaximumMember2021-04-012021-06-300000790051us-gaap:EmployeeSeveranceMembercsl:InterconnectTechnologiesMemberstpr:WA2021-04-012021-06-300000790051us-gaap:EmployeeSeveranceMembercsl:InterconnectTechnologiesMemberstpr:WA2021-01-012021-06-300000790051us-gaap:EmployeeSeveranceMembercsl:InterconnectTechnologiesMemberstpr:WA2021-06-300000790051us-gaap:EmployeeSeveranceMembercsl:InterconnectTechnologiesMemberstpr:AL2020-04-012020-06-300000790051csl:InterconnectTechnologiesMemberus-gaap:FacilityClosingMemberstpr:CA2020-04-012020-06-300000790051csl:InterconnectTechnologiesMemberus-gaap:FacilityClosingMemberstpr:CA2020-01-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:ImpactFromCOVID19Member2021-04-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:ImpactFromCOVID19Member2021-01-012021-06-300000790051csl:InterconnectTechnologiesMembercsl:ImpactFromCOVID19Member2020-04-012020-06-300000790051csl:InterconnectTechnologiesMembercsl:ImpactFromCOVID19Member2020-01-012020-06-300000790051csl:ImpactFromCOVID19Membercsl:FluidTechnologyMember2020-01-012020-06-300000790051csl:ImpactFromCOVID19Membercsl:FluidTechnologyMember2020-04-012020-06-300000790051csl:ConstructionMaterialsMembercsl:ImpactFromCOVID19Member2020-04-012020-06-300000790051csl:ConstructionMaterialsMembercsl:ImpactFromCOVID19Member2020-01-012020-06-300000790051us-gaap:CostOfSalesMember2021-04-012021-06-300000790051us-gaap:CostOfSalesMember2020-04-012020-06-300000790051us-gaap:CostOfSalesMember2021-01-012021-06-300000790051us-gaap:CostOfSalesMember2020-01-012020-06-300000790051us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-04-012021-06-300000790051us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-04-012020-06-300000790051us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-06-300000790051us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-06-300000790051us-gaap:ResearchAndDevelopmentExpenseMember2021-04-012021-06-300000790051us-gaap:ResearchAndDevelopmentExpenseMember2020-04-012020-06-300000790051us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-06-300000790051us-gaap:ResearchAndDevelopmentExpenseMember2020-01-012020-06-300000790051us-gaap:OtherExpenseMember2021-04-012021-06-300000790051us-gaap:OtherExpenseMember2020-04-012020-06-300000790051us-gaap:OtherExpenseMember2021-01-012021-06-300000790051us-gaap:OtherExpenseMember2020-01-012020-06-300000790051csl:ConstructionMaterialsMember2020-12-310000790051csl:InterconnectTechnologiesMember2020-12-310000790051csl:FluidTechnologyMember2020-12-310000790051csl:ConstructionMaterialsMember2021-06-300000790051csl:InterconnectTechnologiesMember2021-06-300000790051csl:FluidTechnologyMember2021-06-300000790051us-gaap:CustomerRelationshipsMember2021-06-300000790051us-gaap:CustomerRelationshipsMember2020-12-310000790051csl:PatentsAndIntellectualPropertyMember2021-06-300000790051csl:PatentsAndIntellectualPropertyMember2020-12-310000790051csl:TradeNamesAndOtherMember2021-06-300000790051csl:TradeNamesAndOtherMember2020-12-310000790051us-gaap:TradeNamesMember2021-06-300000790051us-gaap:TradeNamesMember2020-12-310000790051us-gaap:CorporateNonSegmentMember2021-06-300000790051us-gaap:CorporateNonSegmentMember2020-12-310000790051csl:A275SeniorNotesDue2030Member2020-12-310000790051csl:A275SeniorNotesDue2030Member2021-06-300000790051csl:A275SeniorNotesDue2030Memberus-gaap:FairValueInputsLevel2Member2021-06-300000790051csl:A275SeniorNotesDue2030Memberus-gaap:FairValueInputsLevel2Member2020-12-310000790051csl:SeniorNotesPayable3.75PercentDue2027Member2021-06-300000790051csl:SeniorNotesPayable3.75PercentDue2027Member2020-12-310000790051csl:SeniorNotesPayable3.75PercentDue2027Memberus-gaap:FairValueInputsLevel2Member2021-06-300000790051csl:SeniorNotesPayable3.75PercentDue2027Memberus-gaap:FairValueInputsLevel2Member2020-12-310000790051csl:SeniorNotesPayable3.5PercentDue2024Member2021-06-300000790051csl:SeniorNotesPayable3.5PercentDue2024Member2020-12-310000790051us-gaap:FairValueInputsLevel2Membercsl:SeniorNotesPayable3.5PercentDue2024Member2021-06-300000790051us-gaap:FairValueInputsLevel2Membercsl:SeniorNotesPayable3.5PercentDue2024Member2020-12-310000790051csl:SeniorNotesPayable3.75PercentDue2022Member2020-12-310000790051csl:SeniorNotesPayable3.75PercentDue2022Member2021-06-300000790051csl:SeniorNotesPayable3.75PercentDue2022Memberus-gaap:FairValueInputsLevel2Member2021-06-300000790051csl:SeniorNotesPayable3.75PercentDue2022Memberus-gaap:FairValueInputsLevel2Member2020-12-310000790051us-gaap:RevolvingCreditFacilityMember2020-12-310000790051us-gaap:RevolvingCreditFacilityMember2021-06-300000790051us-gaap:LetterOfCreditMembercsl:CreditAgreementMember2021-06-300000790051us-gaap:PensionPlansDefinedBenefitMember2021-04-012021-06-300000790051us-gaap:PensionPlansDefinedBenefitMember2020-04-012020-06-300000790051us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-06-300000790051us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-06-300000790051us-gaap:PensionPlansDefinedBenefitMember2019-10-012019-12-310000790051us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-06-300000790051us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-12-310000790051us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2021-06-300000790051us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2020-12-310000790051us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMembersrt:MaximumMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-06-300000790051us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMembersrt:MaximumMember2021-01-012021-06-300000790051us-gaap:CashAndCashEquivalentsMember2021-06-300000790051us-gaap:CashAndCashEquivalentsMember2020-12-310000790051us-gaap:ShortTermInvestmentsMember2021-06-300000790051us-gaap:ShortTermInvestmentsMember2020-12-310000790051csl:ASPHenryHoldingsIncMemberus-gaap:SubsequentEventMember2021-07-192021-07-19
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED June 30, 2021
 
Commission file number 1-9278
csl-20210630_g1.jpg
www.carlisle.com
CARLISLE COMPANIES INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware
31-1168055
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
16430 North Scottsdale Road, Suite 400, Scottsdale, Arizona 85254
(Address of principal executive offices, including zip code)
(480) 781-5000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockCSLNew York Stock Exchange
Preferred stock purchase rightsn/aNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
YesNo ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
YesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer ☐
Non-accelerated filer Smaller reporting company  
Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
YesNo ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YesNo
On July 21, 2021, there were 52,125,596 shares of the registrant's common stock, par value $1.00 per share, outstanding.



Carlisle Companies Incorporated
Table of Contents
Page

2


PART I
Item 1. Financial Statements
Carlisle Companies Incorporated
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except per share amounts)2021202020212020
Revenues$1,177.8 $965.4 $2,118.7 $1,924.6 
Cost of goods sold870.1 695.3 1,566.1 1,385.1 
Selling and administrative expenses161.3 144.6 312.1 295.5 
Research and development expenses13.8 11.7 24.2 23.6 
Other operating income, net(1.2)(0.7)(2.2)(1.3)
Operating income133.8 114.5 218.5 221.7 
Interest expense, net19.2 19.7 38.4 38.7 
Loss on extinguishment of debt   8.8 
Interest income(0.4)(2.6)(0.9)(3.3)
Other non-operating expense (income), net1.1 (0.7)4.7 (0.9)
Income from continuing operations before income taxes113.9 98.1 176.3 178.4 
Provision for income taxes19.8 22.1 33.1 37.6 
Income from continuing operations94.1 76.0 143.2 140.8 
Discontinued operations:
Income (loss) before income taxes6.3 (1.1)10.8 (5.2)
Provision for (benefit from) income taxes1.1 (0.5)2.5 (1.6)
Income (loss) from discontinued operations5.2 (0.6)8.3 (3.6)
Net income$99.3 $75.4 $151.5 $137.2 
Basic earnings per share attributable to common shares:
Income from continuing operations$1.79 $1.38 $2.71 $2.54 
Income (loss) from discontinued operations0.10 (0.01)0.16 (0.07)
Basic earnings per share$1.89 $1.37 $2.87 $2.47 
Diluted earnings per share attributable to common shares:
Income from continuing operations$1.77 $1.37 $2.68 $2.52 
Income (loss) from discontinued operations0.10 (0.01)0.16 (0.07)
Diluted earnings per share$1.87 $1.36 $2.84 $2.45 
Average shares outstanding:
Basic52.3 54.8 52.7 55.3 
Diluted53.0 55.2 53.3 55.8 
Comprehensive income:
Net income$99.3 $75.4 $151.5 $137.2 
Other comprehensive income (loss):
Foreign currency gains (losses)6.8 7.8 (6.5)(20.5)
Amortization of unrecognized net periodic benefit costs, net of tax
1.2 1.0 2.4 2.0 
Other, net of tax0.3 0.7 (1.7)(17.5)
Other comprehensive income (loss)8.3 9.5 (5.8)(36.0)
Comprehensive income$107.6 $84.9 $145.7 $101.2 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
3


Carlisle Companies Incorporated
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except par values)June 30,
2021
December 31,
2020
ASSETS
Current assets:
Cash and cash equivalents$713.3 $897.1 
Receivables, net of allowance for credit losses of $4.7 million and $5.0 million, respectively
722.4 554.4 
Inventories, net462.6 432.7 
Contract assets71.5 84.5 
Prepaid expenses23.4 35.8 
Other current assets69.4 60.2 
Assets held for sale449.9 144.6 
Total current assets2,512.5 2,209.3 
Property, plant, and equipment, net674.2 672.1 
Goodwill, net1,640.2 1,641.7 
Other intangible assets, net903.9 960.9 
Other long-term assets108.5 107.4 
Assets held for sale 275.0 
Total assets$5,839.3 $5,866.4 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$387.1 $284.5 
Accrued and other current liabilities246.1 274.6 
Contract liabilities34.5 32.5 
Current portion of debt1.2 1.1 
Liabilities held for sale92.8 53.5 
Total current liabilities761.7 646.2 
Long-term liabilities:
Long-term debt, less current portion2,080.4 2,080.2 
Contract liabilities240.5 235.8 
Other long-term liabilities338.8 344.6 
Liabilities held for sale 21.9 
Total long-term liabilities2,659.7 2,682.5 
Shareholders' equity:
Preferred stock, $1 par value per share (5.0 shares authorized and unissued)
  
Common stock, $1 par value per share (200.0 shares authorized; 51.9 and 52.9 shares outstanding, respectively)
78.7 78.7 
Additional paid-in capital460.1 441.7 
Treasury shares, at cost (26.5 and 25.5 shares, respectively)
(2,042.3)(1,814.4)
Accumulated other comprehensive loss(102.8)(97.0)
Retained earnings4,024.2 3,928.7 
Total shareholders' equity2,417.9 2,537.7 
Total liabilities and equity$5,839.3 $5,866.4 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
4


Carlisle Companies Incorporated
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended
June 30,
(in millions)
20212020
Operating activities:
Net income
$151.5 $137.2 
Reconciliation of net income to net cash provided by operating activities:
Depreciation
46.3 49.1 
Amortization
60.8 63.7 
Lease expense13.5 14.1 
Stock-based compensation
8.7 14.9 
Loss on extinguishment of debt 8.8 
Deferred taxes0.7 (1.1)
Other operating activities, net
9.5 11.5 
Changes in assets and liabilities, excluding effects of acquisitions:
Receivables
(190.7)(11.8)
Inventories
(40.6)(48.4)
Contract assets13.7 (1.4)
Prepaid expenses and other assets
16.3 29.4 
Accounts payable
118.3 (5.0)
Accrued and other current liabilities(20.9)(31.8)
Contract liabilities
6.8 11.5 
Other long-term liabilities
(22.4)(14.4)
Net cash provided by operating activities
171.5 226.3 
Investing activities:
Capital expenditures(55.1)(48.5)
Investment in securities(10.2) 
Acquisitions, net of cash acquired
 (2.4)
Other investing activities, net
1.8 0.9 
Net cash used in investing activities
(63.5)(50.0)
Financing activities:
Proceeds from notes 740.7 
Repayment of notes (258.5)
Borrowings from revolving credit facility
 500.0 
Repayments of revolving credit facility
 (500.0)
Financing costs (24.2)
Repurchases of common stock
(265.6)(191.8)
Dividends paid
(56.0)(56.0)
Proceeds from exercise of stock options
45.6 11.4 
Withholding tax paid related to stock-based compensation
(7.7)(6.4)
Other financing activities, net(0.8)(0.5)
Net cash (used in) provided by financing activities
(284.5)214.7 
Effect of foreign currency exchange rate changes on cash and cash equivalents
(0.3)(4.5)
Change in cash and cash equivalents(176.8)386.5 
Less: change in cash and cash equivalents of discontinued operations7.0 0.9 
Cash and cash equivalents at beginning of period897.1 342.5 
Cash and cash equivalents at end of period$713.3 $728.1 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
5


Carlisle Companies Incorporated
Condensed Consolidated Statement of Shareholders’ Equity (Unaudited)
Common Stock
Additional Paid-In Capital
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 March 31, 202054.9 $78.7 $422.1 $(169.6)$3,754.8 23.5 $(1,567.5)$2,518.5 
Net income— — — — 75.4 — — 75.4 
Other comprehensive income, net of tax— — — 9.5 — — — 9.5 
Dividends - $0.50 per share
— — — — (27.7)— — (27.7)
Repurchases of common stock(0.5)— — — — 0.5 (66.5)(66.5)
Issuances and deferrals, net for stock based compensation(1)
— — 5.7 — —  1.3 7.0 
Balance as of June 30, 202054.4 $78.7 $427.8 $(160.1)$3,802.5 24.0 $(1,632.7)$2,516.2 
Balance as of March 31, 202152.1 $78.7 $443.4 $(111.1)$3,952.4 26.3 $(1,951.6)$2,411.8 
Net income— — — — 99.3 — — 99.3 
Other comprehensive income, net of tax
— — — 8.3 — — — 8.3 
Dividends - $0.525 per share
— — — — (27.5)— — (27.5)
Repurchases of common stock(0.6)— — — — 0.6 (115.6)(115.6)
Issuances and deferrals, net for stock based compensation(1)
0.4 — 16.7 — — (0.4)24.9 41.6 
Balance as of June 30, 202151.9 $78.7 $460.1 $(102.8)$4,024.2 26.5 $(2,042.3)$2,417.9 
(1)Issuances and deferrals, net for stock-based compensation reflects share activity related to option exercises, restricted and performance shares vested, and net issuances and deferrals associated with deferred compensation equity.
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
6


Carlisle Companies Incorporated
Condensed Consolidated Statement of Shareholders’ Equity (Unaudited)
Common Stock
Additional Paid-In Capital
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, 201955.7 $78.7 $416.6 $(124.1)$3,721.3 22.7 $(1,449.7)$2,642.8 
Net income— — — — 137.2 — — 137.2 
Other comprehensive loss, net of tax
— — — (36.0)— — — (36.0)
Dividends - $1.00 per share
— — — — (56.0)— — (56.0)
Repurchases of common stock(1.5)— — — — 1.5 (191.8)(191.8)
Issuances and deferrals, net for stock based compensation(1)
0.2 — 11.2 — — (0.2)8.8 20.0 
Balance as of June 30, 202054.4 $78.7 $427.8 $(160.1)$3,802.5 24.0 $(1,632.7)$2,516.2 
Balance as of December 31, 202052.9 $78.7 $441.7 $(97.0)$3,928.7 25.5 $(1,814.4)$2,537.7 
Net income— — — — 151.5 — — 151.5 
Other comprehensive loss, net of tax
— — — (5.8)— — — (5.8)
Dividends - $1.05 per share
— — — — (56.0)— — (56.0)
Repurchases of common stock(1.6)— — — — 1.6 (265.6)(265.6)
Issuances and deferrals, net for stock based compensation(1)
0.6 — 18.4 — — (0.6)37.7 56.1 
Balance as of June 30, 202151.9 $78.7 $460.1 $(102.8)$4,024.2 26.5 $(2,042.3)$2,417.9 
(1)Issuances and deferrals, net for stock-based compensation reflects share activity related to option exercises, restricted and performance shares vested, and net issuances and deferrals associated with deferred compensation equity.
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
7


Carlisle Companies Incorporated
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 1—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 Company's Annual Report on Form 10-K for the year ended December 31, 2020 (the "2020 Annual Report on Form 10-K").
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, necessary to present fairly the financial position, results of operations and cash flows for the periods presented.
Discontinued Operations
The results of operations for the Company's Carlisle Brake & Friction ("CBF") segment have been classified as discontinued operations for all periods presented in the Condensed Consolidated Statements of Income. Assets and liabilities subject to the sale agreement for CBF have been classified as held for sale for all periods presented in the Condensed Consolidated Balance Sheets. Refer to Note 4 for additional information.
Note 2—Segment Information
The Company reports its results of operations through the following three segments, each of which represents a reportable segment as follows:

Carlisle Construction Materials ("CCM")—this segment produces a complete range of building envelope products for commercial, industrial and residential buildings, including single-ply roofing, rigid foam insulations, spray polyurethane foam technologies, architectural metal, heating, ventilation and air conditioning ("HVAC") hardware and sealants, below-grade waterproofing, and air and vapor barrier systems focused on the weatherproofing and thermal performance of the building envelope.
Carlisle Interconnect Technologies ("CIT")—this segment produces high-performance wire and cable, including optical fiber, for the commercial aerospace, military and defense electronics, medical device, industrial, and test and measurement markets. CIT's product portfolio also includes sensors, connectors, contacts, cable assemblies, complex harnesses, racks, trays, and installation kits, in addition to engineering and certification services.
Carlisle Fluid Technologies ("CFT")—this segment produces highly engineered liquid, powder, sealants and adhesives finishing equipment and integrated system solutions for spraying, pumping, mixing, metering and curing of a variety of coatings used in the automotive manufacture, general industrial, protective coating, wood, specialty and automotive refinishing markets.
8


A summary of segment information follows:
Three Months Ended June 30,
20212020
(in millions)
Revenues
Operating Income (Loss)
Revenues
Operating Income (Loss)
Carlisle Construction Materials
$937.3 $177.4 $734.9 $137.6 
Carlisle Interconnect Technologies
168.9 (12.9)184.0 (1.5)
Carlisle Fluid Technologies
71.6 6.6 46.5 (5.2)
Segment total1,177.8 171.1 965.4 130.9 
Corporate and unallocated(1)
 (37.3) (16.4)
Total$1,177.8 $133.8 $965.4 $114.5 
Six Months Ended June 30,
20212020
(in millions)
Revenues
Operating Income (Loss)
Revenues
Operating Income (Loss)
Carlisle Construction Materials
$1,656.6 $298.7 $1,411.3 $245.3 
Carlisle Interconnect Technologies
324.7 (23.6)408.5 14.9 
Carlisle Fluid Technologies
137.4 10.9 104.8 (2.4)
Segment total2,118.7 286.0 1,924.6 257.8 
Corporate and unallocated(1)
 (67.5) (36.1)
Total
$2,118.7 $218.5 $1,924.6 $221.7 
(1)Corporate operating loss includes other unallocated costs, primarily general corporate expenses.
Note 3—Acquisitions
Motion Tech Automation, LLC
On July 22, 2020, the Company acquired 100% of the equity of Motion Tech Automation, LLC ("MTA") for consideration of $33.3 million, including $0.3 million of cash acquired and post-closing adjustments, which were finalized in the third quarter of 2020. The acquired products and services include sensors, manufacturing services, distribution services and engineering services to packaging and label, life sciences, semiconductor, fluid handling, and test and measurement customers.

Consideration of $16.4 million has been preliminarily allocated to goodwill, $4.3 million to definite-lived intangible assets, $4.9 million to inventory, $2.7 million to accounts receivable and $1.3 million to accounts payable. In accordance with the purchase agreement, Carlisle is indemnified for up to $1.6 million, and recorded an indemnification asset of $1.5 million in other long-term assets relating to the indemnification for pre-acquisition debt and tax withholding liabilities. During the second quarter of 2021, the pre-acquisition debt of $1.4 million was relieved along with the corresponding indemnification asset.

The preliminary fair value and weighted average useful lives of the acquired definite-lived intangible assets are as follows:
(in millions)Fair ValueWeighted Average Useful Life
(in years)
Technologies$2.3 9
Customer relationships1.0 9
Trade names1.0 5
Total$4.3 
All of the $16.4 million preliminary value allocated to goodwill is deductible for tax purposes. Goodwill of $11.0 million, $2.8 million and $2.6 million has been preliminarily assigned to the CCM, CIT and CFT reporting units, respectively, which aligns with the reportable segments.
9


Note 4—Discontinued Operations
On May 25, 2021, the Company signed a definitive agreement to sell CBF to certain direct and indirect wholly-owned subsidiaries of BRWS Parent LLC, a portfolio company of One Rock Capital Partners (“CentroMotion”), for gross proceeds of (i) $250 million cash at closing, subject to certain adjustments, and (ii) the right to receive up to an additional $125 million based on CBF's achievement of certain performance targets. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2021. The sale of CBF is consistent with the Company's optimization strategy, as laid out in Vision 2025.
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,
2021202020212020
Revenues$98.8 $58.8 $186.9 $129.8 
Cost of goods sold76.1 47.8 147.4 109.8 
Other operating expenses, net11.8 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 taxes11.0 (1.1)15.5 (5.2)
Pre-close transaction expenses(1)
(4.7) (4.7) 
Provision for (benefit from) income taxes1.1 (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.
10


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 $5.1 
Receivables, net79.7 58.3 
Inventories72.3 70.8 
Prepaid other current assets 10.4 10.4 
Current assets174.4 144.6 
Long-term assets reclassified to current assets275.5  
Total current assets449.9 144.6 
Property, plant, and equipment, net101.2 102.0 
Goodwill, net96.5 96.5 
Other intangible assets, net 71.3 73.9 
Other long-term assets 6.5 2.6 
Long-term assets 275.5 275.0 
Long-term assets reclassified to current assets(275.5) 
Total long-term assets$ $275.0 
LIABILITIES
Accounts payable $44.8 $33.1 
Accrued liabilities and other22.7 20.4 
Current liabilities 67.5 53.5 
Long-term liabilities reclassified to current liabilities25.3  
Total current liabilities92.8 53.5 
Other long-term liabilities 25.3 21.9 
Long-term liabilities 25.3 21.9 
Long-term liabilities reclassified to current liabilities(25.3) 
Total long-term liabilities$ $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)20212020
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.
Note 5—Earnings Per Share
The Company’s restricted shares 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 excludes income attributable to the unvested restricted shares from the numerator and excludes the dilutive impact of those underlying shares from the denominator.
The computation below of earnings per share includes the income attributable to the vested and deferred restricted shares and restricted stock units in the numerator and includes the dilutive impact of those underlying shares in the denominator.
11


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.
Net income and share data used in the basic and diluted earnings per share computations using the two-class method follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except per share amounts)2021202020212020
Income from continuing operations$94.1 $