Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Summary Activity of Discontinued Operations

A summary of the results from discontinued operations included in the Consolidated Statements of Income and Comprehensive Income follows:

	2023
(in millions)	CIT		CFT		Other		Total
Revenues	$	886.1	$	227.1	$	—	$	1,113.2
Cost of goods sold	666.9		129.2		—		796.1
Impairment	—		24.8				24.8
Other operating expenses, net	119.7		55.8		—		175.5
Operating income	99.5		17.3		—		116.8
Other non-operating (income) expense, net	(0.5)		—		1.8		1.3
Income (loss) from discontinued operations before income taxes and loss on sale	100.0		17.3		(1.8)		115.5
Pre-close transaction expenses(1)	11.3		—		—		11.3
Loss on sale of discontinued operations	—		82.5		—		82.5
Income (loss) from discontinued operations before income taxes	88.7		(65.2)		(1.8)		21.7
Provision for (benefit from) income taxes	1.3		(26.2)		(1.9)		(26.8)
Income (loss) from discontinued operations	$	87.4	$	(39.0)	$	0.1	$	48.5

(1)Includes legal fees and stock-based compensation expenses directly related to the sale incurred prior to the close of the transaction. Upon close of the transaction, these expenses are incorporated into the (gain)/loss on sale of discontinued operations.

	2022
(in millions)	CIT		CFT			CBF		Total
Revenues	$	845.4	$	297.1		$	—	$	1,142.5
Cost of goods sold	669.3		181.8			—		851.1
Other operating expenses, net	141.0		79.5			—		220.5
Operating income	35.1		35.8			—		70.9
Other non-operating (income) expense, net	(1.1)		—			12.4		11.3
Income (loss) from discontinued operations before income taxes and gain on sale	36.2		35.8			(12.4)		59.6
Gain on sale of discontinued operations	—		—			(7.0)		(7.0)
Income (loss) from discontinued operations before income taxes	36.2		35.8			(5.4)		66.6
Provision for (benefit from) income taxes	2.0		2.8			(4.2)		0.6
Income (loss) from discontinued operations	$	34.2	$	33.0	0	$	(1.2)	$	66.0

	2021
(in millions)	CIT		CFT		CBF		Other		Total
Revenues	$	687.8	$	285.8	$	219.7	$	—	$	1,193.3
Cost of goods sold	576.8		177.4		171.3		—		925.5
Other operating expenses, net	138.4		87.0		30.1		0.2		255.7
Operating (loss) income	(27.4)		21.4		18.3		(0.2)		12.1
Other non-operating (income) expense, net	(0.3)		1.7		0.2		—		1.6
(Loss) income from discontinued operations before income taxes and loss on sale	(27.1)		19.7		18.1		(0.2)		10.5
Loss on sale of discontinued operations	—		—		8.0		—		8.0
(Loss) income from discontinued operations before income taxes	(27.1)		19.7		10.1		(0.2)		2.5
(Benefit from) provision for income taxes	(12.6)		3.8		(24.8)		—		(33.6)
(Loss) income from discontinued operations	$	(14.5)	$	15.9	$	34.9	$	(0.2)	$	36.1

A summary of the carrying amounts of major assets and liabilities classified as held for sale in the Consolidated Balance Sheets follows:

(in millions)	December 31, 2023		December 31, 2022
ASSETS
Cash and cash equivalents	$	28.8	$	35.2
Receivables, net	145.5		213.8
Inventories, net	149.5		230.8
Contract assets	75.9		90.7
Prepaid and other current assets	23.7		29.3
Total current assets			599.8
Property, plant, and equipment, net	183.4		220.7
Goodwill	838.0		1,023.1
Other intangible assets, net	259.3		509.8
Other long-term assets	21.5		18.4
Total long-term assets			1,772.0
Total assets of the disposal group classified as held for sale(1)	$	1,725.6	$	2,371.8
LIABILITIES
Accounts payable	$	84.3	$	97.0
Contract liabilities	1.4		15.8
Accrued liabilities and other	52.4		75.7
Total current liabilities			188.5
Other long-term liabilities	80.7		94.1
Total long-term liabilities			94.1
Total liabilities of the disposal group classified as held for sale(1)	$	218.8	$	282.6

(1)The assets and liabilities of the disposal group classified as held for sale are classified as current on the December 31, 2023 Consolidated Balance Sheet as it is probable that the sale will occur and proceeds will be collected within one year.

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

	2023
(in millions)	CIT		CFT		Other		Total
Net cash provided by operating activities	$	113.3	$	50.7	$	0.1	$	164.1
Net cash (used in) provided by investing activities	(28.8)		509.0				480.2
Net cash used in financing activities(1)	(79.6)		(571.0)		(0.1)		(650.7)
Change in cash and cash equivalents from discontinued operations	4.9		(11.3)		—		(6.4)
Cash and cash equivalents from discontinued operations at beginning of period	23.9		11.3		—		35.2
Cash and cash equivalents from discontinued operations at end of period	$	28.8	$	—	$	—	$	28.8

	2022
(in millions)	CIT		CFT		CBF		Total
Net cash provided by (used in) operating activities	$	42.9	$	25.8	$	(8.2)	$	60.5
Net cash (used in) provided by investing activities	(18.3)		(4.5)		132.0		109.2
Net cash used in financing activities(1)	(15.3)		(20.7)		(123.8)		(159.8)
Change in cash and cash equivalents from discontinued operations	9.3		0.6		—		9.9
Cash and cash equivalents from discontinued operations at beginning of period	14.6		10.7		—		25.3
Cash and cash equivalents from discontinued operations at end of period	$	23.9	$	11.3	$	—	$	35.2

	2021
(in millions)	CIT		CFT		CBF		Total
Net cash provided by operating activities	$	55.6	$	25.9	$	8.1	$	89.6
Net cash (used in) provided by investing activities	(15.4)		(5.3)		241.0		220.3
Net cash used in financing activities(1)	(58.0)		(23.7)		(254.2)		(335.9)
Change in cash and cash equivalents from discontinued operations	(17.8)		(3.1)		(5.1)		(26.0)
Cash and cash equivalents from discontinued operations at beginning of period	32.4		13.8		5.1		51.3
Cash and cash equivalents from discontinued operations at end of period	$	14.6	$	10.7	$	—	$	25.3

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