Discontinued Operations

9 Months Ended

Sep. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued OperationsOn August 2, 2021, the Company completed the sale of CBF to 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. Accordingly, the Company has booked a receivable of $125 million in other current assets on the Condensed Consolidated Balance Sheets. 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenues	$	32.8	$	69.7	$	219.7	$	199.5
Cost of goods sold	23.9		57.2		171.3		167.0
Other operating expenses, net	4.5		11.5		28.3		37.1
Operating income (loss)	4.4		1.0		20.1		(4.6)
Other non-operating expense, net	—		0.5		0.2		0.1
Income (loss) from discontinued operations before income taxes and loss on sale	4.4		0.5		19.9		(4.7)
Loss on sale of discontinued operations	(2.2)		—		(6.9)		—
Income (loss) from discontinued operations before income taxes	2.2		0.5		13.0		(4.7)
(Benefit from) provision for income taxes	(26.9)		0.9		(24.4)		(0.7)
Income (loss) from discontinued operations	$	29.1	$	(0.4)	$	37.4	$	(4.0)

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)	December 31, 2020
ASSETS
Cash and cash equivalents	$	5.1
Receivables, net	58.3
Inventories	70.8
Prepaid other current assets	10.4
Total current assets	$	144.6
Property, plant, and equipment, net	$	102.0
Goodwill, net	96.5
Other intangible assets, net	73.9
Other long-term assets	2.6
Total long-term assets	$	275.0
LIABILITIES
Accounts payable	$	33.1
Accrued liabilities and other	20.4
Total current liabilities	$	53.5
Other long-term liabilities	$	21.9
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 nine months ended September 30, follows:

(in millions)	2021		2020
Net cash provided by operating activities	$	8.5	$	24.0
Net cash provided by (used in) investing activities	241.0		(7.5)
Net cash used in financing activities(1)	(254.6)		(17.6)
Change in cash and cash equivalents from discontinued operations	(5.1)		(1.1)
Cash and cash equivalents from discontinued operations at beginning of period	5.1		8.7
Cash and cash equivalents from discontinued operations at end of period	$	—	$	7.6

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