Discontinued Operations

9 Months Ended

Sep. 30, 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 follows:

(in millions)	Three Months Ended September 30,		Nine Months Ended September 30,
	2021		2021
Revenues	$	32.8	$	219.7
Cost of goods sold	23.9		171.3
Other operating expenses, net	4.5		28.3
Operating income	4.4		20.1
Other non-operating expense, net	—		0.2
Income from discontinued operations before income taxes and loss on sale	4.4		19.9
Loss on sale of discontinued operations	(2.2)		(6.9)
Income from discontinued operations before income taxes	2.2		13.0
Benefit from income taxes	(26.9)		(24.4)
Income from discontinued operations	$	29.1	$	37.4

Income from discontinued operations in the first nine months of 2022 primarily reflects a gain on the sale of real estate associated with the 2021 sale of the equity interests and assets comprising the CBF segment.

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)	2022		2021
Net cash (used in) provided by operating activities	$	(2.6)	$	8.5
Net cash provided by investing activities	132.0		241.0
Net cash used in financing activities(1)	(129.4)		(254.6)
Change in cash and cash equivalents from discontinued operations	$	—	$	(5.1)

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