Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 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 March 31,
	2021		2020
Revenues	$	88.1	$	71.0
Cost of goods sold	71.3		62.0
Operating expense, net(1)	12.0		13.5
Operating income (loss)	4.8		(4.5)
Non-operating expense (income), net(1)	0.3		(0.4)
Income (loss) from discontinued operations before income taxes	4.5		(4.1)
Provision for (benefit from) income taxes	1.4		(1.1)
Income (loss) from discontinued operations	$	3.1	$	(3.0)

(1)Includes items that are presented separately on the Condensed Consolidated Statements of Income.

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

(in millions)	March 31, 2021		December 31, 2020
ASSETS
Cash and cash equivalents	$	6.2	$	5.1
Receivables, net	70.4		58.3
Inventories	69.2		70.8
Prepaid other current assets	9.4		10.4
Total current assets	$	155.2	$	144.6
Property, plant, and equipment, net	$	99.9	$	102.0
Goodwill, net	96.5		96.5
Other intangible assets, net	72.4		73.9
Other long-term assets	6.2		2.6
Total long-term assets	$	275.0	$	275.0
LIABILITIES
Accounts payable	$	39.0	$	33.1
Accrued liabilities and other	21.6		20.4
Total current liabilities	$	60.6	$	53.5
Other long-term liabilities	$	25.2	$	21.9
Total long-term liabilities	$	25.2	$	21.9

A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, follows:

(in millions)	2021		2020
Net cash provided by operating activities	$	3.5	$	4.1
Net cash used in investing activities	(2.5)		(1.6)
Net cash provided by (used in) financing activities(1)	0.1		(1.3)
Change in cash and cash equivalents from discontinued operations	$	1.1	$	1.2

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