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Discontinued Operations (Tables)
 9 Months Ended
Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Summary Activity of Discontinued Operations
A summary of the results from discontinued operations included in the Condensed Consolidated Statements of Income follows:
Three Months Ended September 30, 2024
CITCFTOtherTotal
Revenues$— $— $— $— 
Cost of goods sold— — — — 
Other operating expenses, net— — — — 
Operating loss— — — — 
Other non-operating expense, net0.6 4.2 1.9 6.7 
Loss from discontinued operations before income taxes and (gain) loss on sale(0.6)(4.2)(1.9)(6.7)
(Gain) loss on sale of discontinued operations(2.6)0.3 — (2.3)
Income (loss) from discontinued operations before income taxes2.0 (4.5)(1.9)(4.4)
Benefit from income taxes(0.6)(1.1)(0.4)(2.1)
  Income (loss) from discontinued operations$2.6 $(3.4)$(1.5)$(2.3)
Three Months Ended September 30, 2023
CITCFTOtherTotal
Revenues$218.2 $76.4 $— $294.6 
Cost of goods sold162.7 42.4 — 205.1 
Other operating expenses, net30.2 17.2 — 47.4 
Operating income25.3 16.8 — 42.1 
Other non-operating (income) expense, net(0.2)(0.7)0.7 (0.2)
Income (loss) from discontinued operations before income taxes and loss from classification to held for sale25.5 17.5 (0.7)42.3 
Loss (gain) on sale of discontinued operations(1)
2.7 (3.6)— (0.9)
Income (loss) from discontinued operations before income taxes22.8 21.1 (0.7)43.2 
(Benefit from) provision for income taxes(11.2)5.4 0.3 (5.5)
  Income (loss) from discontinued operations$34.0 $15.7 $(1.0)$48.7 
(1)Includes expenses related to legal fees and stock-based compensation that were related to the sales of CFT and CIT, which are incorporated into the (gain)/loss on sale of discontinued operations upon the close of the sale, but incurred prior to the close of the transaction.
Nine Months Ended September 30, 2024
CITCFTOtherTotal
Revenues$328.6 $— $— $328.6 
Cost of goods sold237.5 — — 237.5 
Other operating expenses, net34.4 — — 34.4 
Operating income56.7 — — 56.7 
Other non-operating expense, net0.5 11.8 3.4 15.7 
Income (loss) from discontinued operations before income taxes and loss on sale56.2 (11.8)(3.4)41.0 
(Gain) loss on sale of discontinued operations(457.3)0.6 — (456.7)
Income (loss) from discontinued operations before income taxes513.5 (12.4)(3.4)497.7 
Provision for (benefit from) income taxes56.4 (3.8)(1.2)51.4 
  Income (loss) from discontinued operations$457.1 $(8.6)$(2.2)$446.3 
Nine Months Ended September 30, 2023
CITCFTOtherTotal
Revenues$650.6 $227.1 $— $877.7 
Cost of goods sold496.9 129.5 — 626.4 
Impairment(1)
— 24.8 — 24.8 
Other operating expenses, net99.6 55.5 — 155.1 
Operating income54.1 17.3 — 71.4 
Other non-operating expense (income), net0.2 (0.2)1.3 1.3 
Income (loss) from discontinued operations before income taxes and loss from classification to held for sale53.9 17.5 (1.3)70.1 
Loss on sale of discontinued operations(2)
2.7 47.2 — 49.9 
Income (loss) from discontinued operations before income taxes51.2 (29.7)(1.3)20.2 
Benefit from income taxes(5.8)(7.0)(1.7)(14.5)
  Income (loss) from discontinued operations$57.0 $(22.7)$0.4 $34.7 
(1)In the second quarter of 2023, as a result of the anticipated sale of the CFT reporting unit, the Company evaluated the reporting unit for impairment and determined that it was more likely than not that the carrying value of the reporting unit exceeded its fair value. Accordingly, an impairment analysis was performed that resulted in a goodwill impairment charge of $24.8 million.
(2)Includes expenses related to legal fees, stock-based compensation, and loss on valuation allowance that were related to the sales of CFT and CIT, which are incorporated into the (gain)/loss on sale of discontinued operations upon the close of the sale, but incurred prior to the close of the transaction.
A summary of the carrying amounts of major assets and liabilities of CIT, which were classified as held for sale in the Condensed Consolidated Balance Sheets, follows:
(in millions)December 31,
2023
ASSETS
Cash and cash equivalents$28.8 
Receivables, net145.5 
Inventories149.5 
Contract assets75.9 
Prepaid other current assets 23.7 
Property, plant, and equipment, net183.4 
Goodwill838.0 
Other intangible assets, net 259.3 
Other long-term assets 21.5 
Total assets of the disposal group classified as held for sale$1,725.6 
LIABILITIES
Accounts payable $84.3 
Contract liabilities1.4 
Accrued liabilities and other52.4 
Other long-term liabilities 80.7 
Total liabilities of the disposal group classified as held for sale$218.8 
A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows follows:
Nine Months Ended September 30, 2024
(in millions)CITCFTOtherTotal
Net cash provided by (used in) operating activities$9.0 $(8.6)$(2.2)$(1.8)
Net cash provided by investing activities1,986.3 — — 1,986.3 
Net cash (used in) provided by financing activities(1)
(2,024.1)8.6 2.2 (2,013.3)
Change in cash and cash equivalents from discontinued operations(28.8)— — (28.8)
Cash and cash equivalents from discontinued operations at beginning of period28.8 — — 28.8 
Cash and cash equivalents from discontinued operations at end of period$— $— $— $— 
Nine Months Ended September 30, 2023
(in millions)CITCFTOtherTotal
Net cash provided by operating activities$99.4 $50.7 $0.4 $150.5 
Net cash used in investing activities(17.4)(1.6)— (19.0)
Net cash used in financing activities(1)
(87.1)(56.0)(0.4)(143.5)
Change in cash and cash equivalents from discontinued operations(5.1)(6.9)— (12.0)
Cash and cash equivalents from discontinued operations at beginning of period23.9 11.3 — 35.2 
Cash and cash equivalents from discontinued operations at end of period$18.8 $4.4 $— $23.2 
(1)Represents (repayments) or borrowings from the Carlisle cash pool to fund working capital and capital expenditures and return of capital upon sale