Acquisitions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

Acquisitions

2025 Acquisitions

Bonded Logic

On June 30, 2025, the Company completed the acquisition of selected assets of Bonded Logic, Inc. and Phoenix Fibers, LLC (collectively, "Bonded Logic"), for cash consideration of $61.4 million, subject to customary post-closing purchase price adjustments that were finalized in the fourth quarter of 2025. Bonded Logic is a U.S. manufacturer of sustainable thermal and acoustical insulation products and is best known for its innovative natural fiber insulation products. The acquisition of Bonded Logic is consistent with Carlisle’s Vision 2030 strategy and its strategic pivot to a pure play building products company. The acquisition reinforces Carlisle’s emphasis on increased investment in innovation, synergistic M&A, delivering on its sustainability commitments, and bringing to market new building envelope products that deliver energy efficiency and contractor labor-savings.

For the period from June 30, 2025 to December 31, 2025, Bonded Logic contributed revenues of $13.5 million and operating loss of $4.0 million. The results of operations of the acquired business are reported as part of the CWT segment.

The acquisition has been accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification ("ASC") 805, Business Combinations. The following table summarizes the consideration transferred to acquire Bonded Logic and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed based upon their acquisition date fair values with the remainder allocated to goodwill. The fair values are preliminary and subject to change pending receipt of the final valuation for all acquired assets and liabilities.

	Preliminary Allocation		Measurement Period Adjustments		Preliminary Allocation
(in millions)	As of 6/30/2025				As of 12/31/2025
Total cash consideration transferred	$	60.7	$	0.7	$	61.4
Recognized amounts of identifiable assets acquired and liabilities assumed:
Receivables, net	3.2		—		3.2
Inventories	5.0		(0.4)		4.6
Other current assets	0.1		(0.1)		—
Property, plant and equipment	13.5		—		13.5
Definite-lived intangible assets	9.0		—		9.0
Other long-term assets	10.2		—		10.2
Accounts payable	(3.3)		—		(3.3)
Other current liabilities	(5.2)		2.4		(2.8)
Other long-term liabilities	(7.7)		—		(7.7)
Total identifiable net assets	24.8		1.9		26.7
Goodwill	$	35.9	$	(1.2)	$	34.7

The goodwill recognized in the acquisition of Bonded Logic reflects the value of the assembled workforce to Carlisle and opportunities for product line expansions. All of the goodwill is deductible for tax purposes and has been preliminarily assigned to the CWT reporting unit. 

All of the $9.0 million preliminarily allocated to other intangible assets relates to a technology asset with a useful life of 15 years.

ThermaFoam

On February 3, 2025, the Company completed the acquisition of selected assets of ThermaFoam Operating LLC, PowerFoam LLC, and ThermaFoam Real Estate LLC (collectively, "ThermaFoam"), for cash consideration of $53.7 million, subject to customary post-closing purchase price adjustments that were finalized in the fourth quarter of 2025. ThermaFoam provides expanded polystyrene insulation products into the commercial, residential, and infrastructure construction markets through both the ThermaFoam and PowerFoam brands. The purchase of ThermaFoam supports Carlisle’s Vision 2030 strategy and strategic pivot to a pure play building products company and leverages Carlisle’s vertically integrated expanded polystyrene capabilities while adding geographic coverage in Texas and the South Central United States.

For the period from February 3, 2025 to December 31, 2025, ThermaFoam contributed revenues of $15.1 million and operating income of $1.0 million. The results of operations of the acquired business are reported as part of the CWT segment.

The acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations. The following table summarizes the consideration transferred to acquire ThermaFoam and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed based upon their acquisition date fair values with the remainder allocated to goodwill. The fair values are preliminary and subject to change pending receipt of the final valuation for all acquired assets and liabilities.

	Preliminary Allocation		Measurement Period Adjustments		Preliminary Allocation
(in millions)	As of 2/3/2025				As of 12/31/2025
Total cash consideration transferred	$	52.9	$	0.8	$	53.7
Recognized amounts of identifiable assets acquired and liabilities assumed:
Receivables, net	2.7		0.2		2.9
Inventories	1.4		—		1.4
Other current assets	0.1		—		0.1
Property, plant and equipment	8.8		—		8.8
Definite-lived intangible assets	6.7		—		6.7
Accounts payable	(0.9)		0.1		(0.8)
Other current liabilities	(0.6)		0.3		(0.3)
Total identifiable net assets	18.2		0.6		18.8
Goodwill	$	34.7	$	0.2	$	34.9

The goodwill recognized in the acquisition of ThermaFoam reflects market participant synergies, the value of the assembled workforce to Carlisle, and market presence expansion. All of the goodwill has been preliminarily assigned to the CWT reporting unit. Goodwill totaled $34.9 million, of which $34.7 million is deductible for tax purposes. 

The preliminary fair values and weighted average useful lives of the acquired definite-lived intangible assets are as follows:

(in millions)	Fair Value		Weighted Average Useful Life (in years)
Customer relationships	$	6.5	9
Other intangibles	0.2		5
Total	$	6.7

2024 Acquisitions

PFB Holdco.

On December 18, 2024, the Company completed the acquisition of 100% of the equity interests of PFB Holdco, Inc. ("PFB") for cash consideration of $266.5 million, including $6.4 million of cash acquired, subject to certain customary purchase price adjustments. PFB is a leading vertically integrated provider of expanded polystyrene insulation products across Canada and the Midwestern United States.

For the period from December 18, 2024 to December 31, 2024, PFB contributed revenues of $1.3 million and operating loss of $1.0 million. The results of operations of the acquired business are reported as part of the CWT segment.

The acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations. The following table summarizes the consideration transferred to acquire PFB and the allocation of the purchase price among the assets acquired and liabilities assumed based upon their acquisition date fair values with the remainder allocated to goodwill.

	Preliminary Allocation		Measurement Period Adjustments		Final Allocation
(in millions)	As of 12/18/2024				As of 12/17/2025
Total cash consideration transferred	$	268.9	$	(2.4)	$	266.5
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	6.4		—		6.4
Receivables, net	9.6		—		9.6
Inventories	14.5		—		14.5
Prepaid expenses and other current assets	6.6		(2.8)		3.8
Property, plant and equipment	31.7		(0.3)		31.4
Definite-lived intangible assets	112.8		11.5		124.3
Other long-term assets	46.1		3.3		49.4
Accounts payable	(4.6)		0.7		(3.9)
Accrued and other current liabilities	(27.8)		16.1		(11.7)
Deferred income taxes	(27.9)		(2.2)		(30.1)
Other long-term liabilities	(43.5)		(7.4)		(50.9)
Total identifiable net assets	123.9		18.9		142.8
Goodwill	$	145.0	$	(21.3)	$	123.7

The Company acquired $9.8 million of gross contractual accounts receivable, of which $0.2 million was not expected to be collected at the date of acquisition.

The goodwill recognized in the acquisition of PFB reflects market participant synergies attributable to significant raw material purchase synergies with CWT, other administrative synergies, the value of the assembled workforce to Carlisle and opportunities for product line expansions. All of the goodwill has been assigned to the CWT reporting unit. None of the goodwill is deductible for tax purposes. 

The fair values and weighted average useful lives of the acquired definite-lived intangible assets are as follows:

(in millions)	Fair Value		Weighted Average Useful Life (in years)
Customer relationships	$	81.5	11
Trade names	15.0		15
Technologies	27.8		11
Total	$	124.3

The Company has also recorded, as part of the purchase price allocation, deferred tax liabilities primarily related to intangible assets of approximately $30.1 million.

MTL Holdings

On May 1, 2024, the Company completed the acquisition of 100% of the equity interests of MTL Holdings LLC ("MTL") for cash consideration of $424.6 million, including $10.3 million of cash acquired, subject to post-closing adjustments which were finalized in the third quarter of 2024. MTL is a leading provider of prefabricated perimeter edge metal systems and non-insulated architectural metal wall systems for commercial, institutional and industrial buildings.

For the period from May 1, 2024 to December 31, 2024, MTL contributed revenues of $86.9 million and operating income of $8.5 million. The results of operations of the acquired business are reported as part of the CCM segment.

The acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations. The following table summarizes the consideration transferred to acquire MTL and the allocation of the purchase price among the assets acquired and liabilities assumed based upon their acquisition date fair values with the remainder allocated to goodwill.

	Preliminary Allocation		Measurement Period Adjustments		Final Allocation
(in millions)	As of 5/1/2024				As of 4/30/2025
Total cash consideration transferred	$	423.1	$	1.5	$	424.6
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	10.3		—		10.3
Receivables, net	14.0		—		14.0
Inventories	17.2		(0.4)		16.8
Prepaid expenses and other current assets	0.9		—		0.9
Property, plant and equipment	10.7		(0.3)		10.4
Definite-lived intangible assets	248.3		—		248.3
Other long-term assets	8.1		0.3		8.4
Accounts payable	(5.9)		—		(5.9)
Accrued and other current liabilities	(6.1)		—		(6.1)
Deferred income taxes	(6.9)		0.4		(6.5)
Other long-term liabilities	(6.7)		(0.9)		(7.6)
Total identifiable net assets	283.9		(0.9)		283.0
Goodwill	$	139.2	$	2.4	$	141.6

The Company acquired $14.1 million of gross contractual accounts receivable, of which $0.1 million was not expected to be collected at the date of acquisition.

The goodwill recognized in the acquisition of MTL reflects market participant synergies attributable to significant raw material purchase synergies with CCM, other administrative synergies, the value of the assembled workforce to Carlisle and opportunities for product line expansions. All of the goodwill has been assigned to the Carlisle Architectural Metals reporting unit, which is part of the CCM reportable segment. Goodwill totaled $141.6 million, of which $132.8 million is deductible for tax purposes. 

The fair values and weighted average useful lives of the acquired definite-lived intangible assets are as follows:

(in millions)	Fair Value		Weighted Average Useful Life (in years)
Customer relationships	$	183.1	13
Trade names	44.6		19
Technologies	18.1		11
Software	2.5		5
Total	$	248.3

The Company has also recorded, as part of the purchase price allocation, deferred tax liabilities primarily related to intangible assets of approximately $6.5 million.

2023 Acquisition

Polar Industries

On November 8, 2023, the Company acquired selected assets of Polar Industries, Inc., Fox Transport, Inc. and LRH, LLC (collectively “Polar”), for consideration of $36.1 million including post-closing adjustments, which were finalized in the first quarter of 2024. Polar is a manufacturer of expanded polystyrene and graphite polystyrene for residential and commercial application.

For the period from November 8, 2023 to December 31, 2023, the related product lines contributed revenues of $2.4 million and operating income of $0.1 million. The results of operations of Polar are reported within the CWT segment.

Consideration of $20.9 million has been allocated to goodwill, all of which is deductible for tax purposes. All of the goodwill was assigned to the CWT reporting unit. Consideration of $2.6 million has been allocated to customer relationships, with a useful life of nine years, $9.4 million to property, plant and equipment, $1.8 million to inventory, $1.8 million to accounts receivable, $0.2 million to accounts payable and $0.2 million to accrued and other current liabilities.