Discontinued Operations

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

On May 21, 2024, the Company completed the sale of CIT for cash proceeds of $2.025 billion, subject to certain customary purchase price adjustments, which were finalized in the third quarter of 2024.

On October 2, 2023, the Company completed the sale of CFT for proceeds of $520 million, subject to certain customary purchase price adjustments, which were finalized in the fourth quarter of 2024.

For the year ended December 31, 2025, income from discontinued operations before income taxes was $0.3 million, with a provision for income taxes of $2.1 million.

A summary of the results from discontinued operations included in the Consolidated Statements of Income and Comprehensive Income for 2024 and 2023 follows:


	2024
(in millions)	CIT		CFT		Other		Total
Revenues	$	328.6	$	—	$	—	$	328.6

Cost of goods sold	237.5		—		—		237.5

Other operating expenses, net	34.4		—		—		34.4
Operating income	56.7		—		—		56.7
Other non-operating (income) expense, net	0.5		24.9		5.4		30.8
Income (loss) from discontinued operations before income taxes and loss on sale	56.2		(24.9)		(5.4)		25.9

Loss (gain) on sale of discontinued operations	(457.3)		2.9		—		(454.4)
Income (loss) from discontinued operations before income taxes	513.5		(27.8)		(5.4)		480.3
Provision for (benefit from) income taxes	49.0		(9.5)		(5.9)		33.6
Income (loss) from discontinued operations	$	464.5	$	(18.3)	$	0.5	$	446.7


	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 gain 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.

For the year ended December 31, 2025, cash used in operating activities from discontinued operations was $1.8 million.

A summary of cash flows from discontinued operations included in the Consolidated Statements of Cash Flows for 2024 and 2023 follows:


	2024
(in millions)	CIT		CFT		Other		Total
Net cash provided by (used in) operating activities	$	8.9	$	(18.3)	$	0.5	$	(8.9)
Net cash provided by (used in) investing activities	1,986.3		—		—		1,986.3
Net cash provided by (used in) financing activities(1)	(2,024.0)		18.3		(0.5)		(2,006.2)
Change in cash and cash equivalents from discontinued operations	(28.8)		—		—		(28.8)
Cash and cash equivalents from discontinued operations at beginning of period	28.8		—		—		28.8
Cash and cash equivalents from discontinued operations at end of period	$	—	$	—	$	—	$	—


	2023
(in millions)	CIT		CFT		Other		Total
Net cash provided by (used in) operating activities	$	113.3	$	50.7	$	0.1	$	164.1
Net cash provided by (used in) investing activities	(28.8)		509.0		—		480.2
Net cash provided by (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

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