Discontinued Operations

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued OperationsOn August 2, 2021, the Company completed the sale of the Carlisle Brake & Friction ("CBF") segment for gross proceeds of (i) $250 million 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 recorded a receivable of $125 million in other current assets on the Consolidated Balance Sheets, which the Company expects to collect in the first half of 2022. 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 Consolidated Statements of Income and Comprehensive Income follows:

	2021
(in millions)	CBF		Other		Total
Revenue	$	219.7	$	—	$	219.7
Cost of goods sold	171.3		—		171.3
Other operating expenses, net	30.1		0.2		30.3
Operating income	18.3		(0.2)		18.1
Other non-operating expense, net	0.2		—		0.2
Income (loss) from discontinued operations before income taxes and loss on sale	18.1		(0.2)		17.9
Loss on sale of discontinued operations	8.0		—		8.0
Income (loss) from discontinued operations before income taxes	10.1		(0.2)		9.9
Benefit from income taxes	(24.8)		—		(24.8)
Income (loss) from discontinued operations	$	34.9	$	(0.2)	$	34.7

	2020
(in millions)	CBF		Other		Total
Revenue	$	275.3	$	—	$	275.3
Cost of goods sold	230.3		—		230.3
Other operating expenses, net	49.2		5.4		54.6
Operating loss	(4.2)		(5.4)		(9.6)
Other non-operating income, net	(1.3)		—		(1.3)
Loss from discontinued operations before income taxes	(2.9)		(5.4)		(8.3)
Benefit from income taxes	(1.4)		(1.3)		(2.7)
Loss from discontinued operations	$	(1.5)	$	(4.1)	$	(5.6)

	2019
(in millions)	CBF		Other		Total
Revenue	$	327.0	$	—	$	327.0
Cost of goods sold	261.4		—		261.4
Other operating expenses, net	45.5		1.8		47.3
Operating income (loss)	20.1		(1.8)		18.3
Other non-operating income, net	(0.1)		—		(0.1)
Income (loss) from discontinued operations before income taxes	20.2		(1.8)		18.4
Provision for (benefit from) income taxes	4.3		(0.9)		3.4
Income (loss) from discontinued operations	$	15.9	$	(0.9)	$	15.0

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

(in millions)	2021		2020		2019
Net cash provided by operating activities	$	8.1	$	38.0	$	16.9
Net cash provided by (used in) investing activities	241.0		(9.6)		(18.3)
Net cash (used in) provided by financing activities(1)	(254.2)		(32.0)		2.7
Change in cash and cash equivalents from discontinued operations	(5.1)		(3.6)		1.3
Cash and cash equivalents from discontinued operations at beginning of period	5.1		8.7		7.4
Cash and cash equivalents from discontinued operations at end of period	$	—	$	5.1	$	8.7

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