Discontinued Operations

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On August 2, 2021, the Company completed the sale of the equity interests and assets comprising 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. On February 23, 2022, the Company received $125 million in cash for the full amount of the contingent consideration. 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 for the three months ended March 31, follows:

(in millions)	2021
Revenues	$	88.1
Cost of goods sold	71.3
Other operating expenses, net	12.0
Operating income	4.8
Other non-operating expense, net	0.3
Income from discontinued operations before income taxes	4.5
Provision for income taxes	1.4
Income from discontinued operations	$	3.1

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)	2022		2021
Net cash (used in) provided by operating activities	$	(0.7)	$	3.5
Net cash provided by (used in) investing activities	125.0		(2.5)
Net cash (used in) provided by financing activities(1)	(124.3)		0.1
Change in cash and cash equivalents from discontinued operations	$	—	$	1.1

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