Discontinued Operations

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On 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. 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 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 (loss)	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)

Loss from discontinued operations in 2022 primarily reflects losses related to legal matters from previously disposed businesses, partially offset by a gain on the sale of real estate associated with the 2021 sale of the CBF segment.

A summary of cash flows from discontinued operations included in the Consolidated Statements of Cash Flows follows:

(in millions)	2022		2021		2020
Net cash (used in) provided by operating activities	$	(8.2)	$	8.1	$	38.0
Net cash provided by (used in) investing activities	132.0		241.0		(9.6)
Net cash used in financing activities(1)	(123.8)		(254.2)		(32.0)
Change in cash and cash equivalents from discontinued operations	—		(5.1)		(3.6)
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	$	—	$	—	$	5.1

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