Subsequent Event

9 Months Ended

Sep. 30, 2013

Subsequent Event

Subsequent Event

Note 20 — Subsequent Event

Agreement to Sell Carlisle Transportation Products

In October 2013, the Company entered into a definitive agreement to sell its Transportation Products business for total cash consideration of $375 million, subject to working capital and other customary adjustments. The Transportation Products disposal group consists primarily of the assets and associated liabilities of the Transportation Products segment, with certain assets and liabilities excluded in accordance with the sale agreement.  The Company expects that the sale, which is subject to customary closing conditions including regulatory clearances, is expected to close in the first quarter of 2014.

At September 30, 2013, the Transportation Products business did not meet the criteria to be considered held-for-sale. Beginning in the fourth quarter of 2013, in connection with the definitive agreement, the assets and associated liabilities of the Transportation Products disposal group will be considered held-for-sale and the related results of operations will be presented as discontinued operations in the Company’s consolidated financial statements.  All prior period results of operations will be retrospectively adjusted as discontinued operations.

Major classes of assets and associated liabilities of the Transportation Products disposal group subject to this sale are as follows:

	September 30,
(in millions)	2013
Cash and cash equivalents	$	0.5
Receivables, net of allowance	84.0
Inventories	181.5
Property, plant and equipment	162.2
Other assets	7.4
Total assets	$	435.6
Current liabilities	84.6
Other liabilities	1.5
Total liabilities	$	86.1