Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 21, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-9278 | |
Entity Registrant Name | CARLISLE COMPANIES INCORPORATED | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 31-1168055 | |
Entity Address, Address Line One | 16430 North Scottsdale Road | |
Entity Address, Address Line Two | Suite 400 | |
Entity Address, City or Town | Scottsdale | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85254 | |
City Area Code | (480) | |
Local Phone Number | 781-5000 | |
Title of 12(b) Security | Common stock, $1 par value | |
Trading Symbol | CSL | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 51,724,287 | |
Entity Central Index Key | 0000790051 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income | ||||
Revenues | $ 1,846.9 | $ 1,177.8 | $ 3,343.2 | $ 2,118.7 |
Cost of goods sold | 1,214.9 | 870.1 | 2,220.3 | 1,566.1 |
Selling and administrative expenses | 210.6 | 161.3 | 413.6 | 312.1 |
Research and development expenses | 12.6 | 13.8 | 24.9 | 24.2 |
Other operating income, net | (1.8) | (1.2) | (3.5) | (2.2) |
Operating income | 410.6 | 133.8 | 687.9 | 218.5 |
Interest expense, net | 22.4 | 19.2 | 45 | 38.4 |
Interest income | (0.6) | (0.4) | (0.8) | (0.9) |
Other non-operating expense, net | 2.5 | 1.1 | 2.6 | 4.7 |
Income from continuing operations before income taxes | 386.3 | 113.9 | 641.1 | 176.3 |
Provision for income taxes | 90.4 | 19.8 | 150.9 | 33.1 |
Income from continuing operations | 295.9 | 94.1 | 490.2 | 143.2 |
Discontinued operations: | ||||
Income before income taxes | 4.8 | 6.3 | 4.1 | 10.8 |
(Benefit from) provision for income taxes | (0.8) | 1.1 | (0.8) | 2.5 |
Income from discontinued operations | 5.6 | 5.2 | 4.9 | 8.3 |
Net income | $ 301.5 | $ 99.3 | $ 495.1 | $ 151.5 |
Basic earnings per share attributable to common shares: | ||||
Income from continuing operations (in dollars per share) | $ 5.70 | $ 1.79 | $ 9.41 | $ 2.71 |
Income from discontinued operations (in dollars per share) | 0.11 | 0.10 | 0.09 | 0.16 |
Basic earnings per share (in dollars per share) | 5.81 | 1.89 | 9.50 | 2.87 |
Diluted earnings per share attributable to common shares: | ||||
Income from continuing operations (in dollars per share) | 5.62 | 1.77 | 9.28 | 2.68 |
Income from discontinued operations (in dollars per share) | 0.11 | 0.10 | 0.09 | 0.16 |
Diluted earnings per share (in dollars per share) | $ 5.73 | $ 1.87 | $ 9.37 | $ 2.84 |
Average shares outstanding: | ||||
Basic (in shares) | 51.8 | 52.3 | 52 | 52.7 |
Diluted (in shares) | 52.5 | 53 | 52.7 | 53.3 |
Comprehensive income: | ||||
Net income | $ 301.5 | $ 99.3 | $ 495.1 | $ 151.5 |
Other comprehensive income (loss): | ||||
Foreign currency (losses) gains | (40.8) | 6.8 | (37.3) | (6.5) |
Amortization of unrecognized net periodic benefit costs, net of tax | 1 | 1.2 | 2 | 2.4 |
Other, net of tax | (1) | 0.3 | (1.7) | (1.7) |
Other comprehensive (loss) income | (40.8) | 8.3 | (37) | (5.8) |
Comprehensive income | $ 260.7 | $ 107.6 | $ 458.1 | $ 145.7 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 353.2 | $ 324.4 |
Receivables, net of allowance for credit losses of $5.7 million and $5.3 million, respectively | 1,179 | 814.6 |
Inventories, net | 780.9 | 605.1 |
Contract assets | 78.5 | 72.1 |
Prepaid expenses | 32.2 | 49.9 |
Other current assets | 108.8 | 284.8 |
Total current assets | 2,532.6 | 2,150.9 |
Property, plant, and equipment, net | 785.1 | 759.9 |
Goodwill, net | 2,201.6 | 2,199 |
Other intangible assets, net | 1,930.4 | 2,008.7 |
Other long-term assets | 128 | 128.3 |
Total assets | 7,577.7 | 7,246.8 |
Current liabilities: | ||
Accounts payable | 549.6 | 432.4 |
Current portion of debt | 352.2 | 352 |
Accrued and other current liabilities | 320 | 351.2 |
Contract liabilities | 37.9 | 33.9 |
Total current liabilities | 1,259.7 | 1,169.5 |
Long-term liabilities: | ||
Long-term debt, less current portion | 2,577.7 | 2,575.4 |
Contract liabilities | 255.8 | 250 |
Other long-term liabilities | 609.4 | 622.4 |
Total long-term liabilities | 3,442.9 | 3,447.8 |
Stockholders' equity: | ||
Preferred stock, $1 par value per share (5.0 shares authorized and unissued) | 0 | 0 |
Common stock, $1 par value per share (200.0 shares authorized; 51.5 and 52.0 shares outstanding, respectively) | 78.7 | 78.7 |
Additional paid-in capital | 490.9 | 481.5 |
Treasury shares, at cost (26.9 and 26.4 shares, respectively) | (2,228.4) | (2,063.2) |
Accumulated other comprehensive loss | (142.2) | (105.2) |
Retained earnings | 4,676.1 | 4,237.7 |
Total stockholders' equity | 2,875.1 | 2,629.5 |
Total liabilities and equity | $ 7,577.7 | $ 7,246.8 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Receivables allowance | $ 5.7 | $ 5.3 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized shares (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, unissued shares (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized shares (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares outstanding (in shares) | 51,500,000 | 52,000,000 |
Treasury, shares (in shares) | 26,900,000 | 26,400,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities: | ||
Net income | $ 495.1 | $ 151.5 |
Reconciliation of net income to net cash provided by operating activities: | ||
Depreciation | 48 | 46.3 |
Amortization | 79.2 | 60.8 |
Lease expense | 14.2 | 13.5 |
Stock-based compensation | 15.8 | 8.7 |
Deferred taxes | 0.4 | 0.7 |
Other operating activities, net | 3 | 9.5 |
Changes in assets and liabilities, excluding effects of acquisitions: | ||
Receivables | (372.2) | (190.7) |
Inventories | (184.4) | (40.6) |
Contract assets | (6.5) | 13.7 |
Prepaid expenses and other assets | 33.4 | 16.3 |
Accounts payable | 121.2 | 118.3 |
Accrued and other current liabilities | (7.3) | (20.9) |
Contract liabilities | 10.4 | 6.8 |
Other long-term liabilities | (26.8) | (22.4) |
Net cash provided by operating activities | 223.5 | 171.5 |
Investing activities: | ||
Proceeds from sale of discontinued operation, net of cash disposed | 132 | 0 |
Capital expenditures | (82.7) | (55.1) |
Acquisitions, net of cash acquired | (24.7) | 0 |
Investment in securities | 10.3 | |
Investment in securities | (10.2) | |
Other investing activities, net | 2 | 1.8 |
Net cash provided by (used in) investing activities | 36.9 | (63.5) |
Financing activities: | ||
Repurchases of common stock | (175) | (265.6) |
Dividends paid | (56.7) | (56) |
Proceeds from exercise of stock options | 16 | 45.6 |
Withholding tax paid related to stock-based compensation | (12.5) | (7.7) |
Other financing activities, net | (1.7) | (0.8) |
Net cash used in financing activities | (229.9) | (284.5) |
Effect of foreign currency exchange rate changes on cash and cash equivalents | (1.7) | (0.3) |
Change in cash and cash equivalents | 28.8 | (176.8) |
Less: change in cash and cash equivalents of discontinued operations | 0 | 7 |
Cash and cash equivalents at beginning of period | 324.4 | 897.1 |
Cash and cash equivalents at end of period | $ 353.2 | $ 713.3 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Shares in Treasury | |
Balance at beginning (in shares) at Dec. 31, 2020 | 52.9 | ||||||
Balance at the beginning of the period at Dec. 31, 2020 | $ 2,537.7 | $ 78.7 | $ 441.7 | $ (97) | $ 3,928.7 | $ (1,814.4) | |
Balance at beginning (in shares) at Dec. 31, 2020 | (25.5) | ||||||
Increase (Decrease) in Shareholders' Equity | |||||||
Net income | 151.5 | 151.5 | |||||
Other comprehensive income (loss), net of tax | (5.8) | (5.8) | |||||
Dividends | (56) | (56) | |||||
Repurchases of common stock (in shares) | 1.6 | 1.6 | |||||
Repurchases of common stock | (265.6) | $ (265.6) | |||||
Issuances and deferrals, net for stock-based compensation (in shares) | [1] | (0.6) | (0.6) | ||||
Issuances and deferrals. net for stock-based compensation | [1] | 56.1 | 18.4 | $ 37.7 | |||
Balance at ending (in shares) at Jun. 30, 2021 | 51.9 | ||||||
Balance at the end of the period at Jun. 30, 2021 | 2,417.9 | $ 78.7 | 460.1 | (102.8) | 4,024.2 | $ (2,042.3) | |
Balance at ending (in shares) at Jun. 30, 2021 | (26.5) | ||||||
Balance at beginning (in shares) at Mar. 31, 2021 | 52.1 | ||||||
Balance at the beginning of the period at Mar. 31, 2021 | 2,411.8 | $ 78.7 | 443.4 | (111.1) | 3,952.4 | $ (1,951.6) | |
Balance at beginning (in shares) at Mar. 31, 2021 | (26.3) | ||||||
Increase (Decrease) in Shareholders' Equity | |||||||
Net income | 99.3 | 99.3 | |||||
Other comprehensive income (loss), net of tax | 8.3 | 8.3 | |||||
Dividends | (27.5) | (27.5) | |||||
Repurchases of common stock (in shares) | 0.6 | 0.6 | |||||
Repurchases of common stock | (115.6) | $ (115.6) | |||||
Issuances and deferrals, net for stock-based compensation (in shares) | [1] | (0.4) | (0.4) | ||||
Issuances and deferrals. net for stock-based compensation | [1] | 41.6 | 16.7 | $ 24.9 | |||
Balance at ending (in shares) at Jun. 30, 2021 | 51.9 | ||||||
Balance at the end of the period at Jun. 30, 2021 | $ 2,417.9 | $ 78.7 | 460.1 | (102.8) | 4,024.2 | $ (2,042.3) | |
Balance at ending (in shares) at Jun. 30, 2021 | (26.5) | ||||||
Balance at beginning (in shares) at Dec. 31, 2021 | 52 | 52 | |||||
Balance at the beginning of the period at Dec. 31, 2021 | $ 2,629.5 | $ 78.7 | 481.5 | (105.2) | 4,237.7 | $ (2,063.2) | |
Balance at beginning (in shares) at Dec. 31, 2021 | (26.4) | 26.4 | |||||
Increase (Decrease) in Shareholders' Equity | |||||||
Net income | $ 495.1 | 495.1 | |||||
Other comprehensive income (loss), net of tax | (37) | (37) | |||||
Dividends | (56.7) | (56.7) | |||||
Repurchases of common stock (in shares) | 0.7 | 0.7 | |||||
Repurchases of common stock | (175) | $ (175) | |||||
Issuances and deferrals, net for stock-based compensation (in shares) | [1] | (0.2) | (0.2) | ||||
Issuances and deferrals. net for stock-based compensation | [1] | $ 19.2 | 9.4 | $ 9.8 | |||
Balance at ending (in shares) at Jun. 30, 2022 | 51.5 | 51.5 | |||||
Balance at the end of the period at Jun. 30, 2022 | $ 2,875.1 | $ 78.7 | 490.9 | (142.2) | 4,676.1 | $ (2,228.4) | |
Balance at ending (in shares) at Jun. 30, 2022 | (26.9) | (26.9) | |||||
Balance at beginning (in shares) at Mar. 31, 2022 | 51.6 | ||||||
Balance at the beginning of the period at Mar. 31, 2022 | $ 2,678.6 | $ 78.7 | 483.5 | (101.4) | 4,402.6 | $ (2,184.8) | |
Balance at beginning (in shares) at Mar. 31, 2022 | 26.8 | ||||||
Increase (Decrease) in Shareholders' Equity | |||||||
Net income | 301.5 | 301.5 | |||||
Other comprehensive income (loss), net of tax | (40.8) | (40.8) | |||||
Dividends | (28) | (28) | |||||
Repurchases of common stock (in shares) | 0.2 | 0.2 | |||||
Repurchases of common stock | (50) | $ (50) | |||||
Issuances and deferrals, net for stock-based compensation (in shares) | [1] | (0.1) | (0.1) | ||||
Issuances and deferrals. net for stock-based compensation | [1] | $ 13.8 | 7.4 | $ 6.4 | |||
Balance at ending (in shares) at Jun. 30, 2022 | 51.5 | 51.5 | |||||
Balance at the end of the period at Jun. 30, 2022 | $ 2,875.1 | $ 78.7 | $ 490.9 | $ (142.2) | $ 4,676.1 | $ (2,228.4) | |
Balance at ending (in shares) at Jun. 30, 2022 | (26.9) | (26.9) | |||||
[1]Issuances and deferrals, net for stock-based compensation reflects share activity related to option exercises, restricted and performance shares vested, and net issuances and deferrals associated with deferred compensation equity. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends (in dollars per share) | $ 0.54 | $ 0.525 | $ 1.08 | $ 1.05 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared by Carlisle Companies Incorporated (the "Company" or "Carlisle"). The accompanying unaudited Condensed Consolidated Financial Statements do not include all disclosures as required by accounting principles generally accepted in the United States of America ("United States" or "U.S."), and should be read in conjunction with the Company’s audited Consolidated Financial Statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (the "2021 Annual Report on Form 10-K"). The accompanying unaudited Condensed Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the U.S. and, of necessity, include some amounts that are based upon management estimates and judgments. The accompanying unaudited Condensed Consolidated Financial Statements include assets, liabilities, revenues and expenses of all majority-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. In the Company's opinion, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting solely of adjustments of a normal, recurring nature, necessary to present fairly the financial position, results of operations and cash flows for the periods presented. On February 10, 2022, the Company announced that it had realigned its construction materials businesses into two segments organized around its products and applications for the sustainable building envelope. The two segments are Carlisle Construction Materials and Carlisle Weatherproofing Technologies. No changes have been made to either of the Company’s other two segments – Carlisle Interconnect Technologies or Carlisle Fluid Technologies. The Company has reclassified certain prior periods' amounts to conform with the current presentation by reportable segment in Note 2—Segment Information, Note 6—Revenue Recognition and Note 8—Exit and Disposal Activities as a result of the Company's change in management structure. Additionally, the Company has reclassified certain prior periods' amounts to conform with the current period presentation of the revenues by geographic area tables in Note 6—Revenue Recognition to present Middle East revenues combined with Asia, as opposed to the previous presentation combined with Africa. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company reports its results of operations through the following four segments, each of which represents a reportable segment as follows: Carlisle Construction Materials ("CCM") —this segment produces a complete line of premium single-ply roofing products and warranted roof systems and accessories for the commercial building industry, including EPDM, TPO and PVC membrane, polyiso insulation, and engineered metal roofing and wall panel systems for commercial and residential buildings. Carlisle Weatherproofing Technologies ("CWT") —this segment produces building envelope solutions that effectively drive energy efficiency and sustainability in commercial and residential applications. Products include high-performance waterproofing and moisture protection products, protective roofing underlayments, fully integrated liquid and sheet applied air/vapor barriers, sealants/primers and flashing systems, roof coatings and mastics, spray polyurethane foam and coating systems for a wide variety of thermal protection applications and other premium polyurethane products, block-molded expanded polystyrene insulation, engineered products for HVAC applications, and premium rubber products for a variety of industrial and surfacing applications. Carlisle Interconnect Technologies ("CIT") —this segment produces high-performance wire and cable, including optical fiber, for the commercial aerospace, military and defense electronics, medical device, industrial, and test and measurement markets. CIT's product portfolio also includes sensors, connectors, contacts, cable assemblies, complex harnesses, racks, trays, and installation kits, in addition to engineering and certification services. CIT also provides medical device products and solutions for several medical technology applications. Carlisle Fluid Technologies ("CFT") —this segment produces highly engineered liquid, powder, sealants and adhesives finishing equipment and integrated system solutions for spraying, pumping, mixing, metering and curing of a variety of coatings used in the automotive manufacture, general industrial, protective coating, wood, specialty and automotive refinishing markets. A summary of segment information follows: Three Months Ended June 30, 2022 2021 (in millions) Revenues Operating Income (Loss) Revenues Operating Income (Loss) Carlisle Construction Materials $ 1,113.4 $ 358.9 $ 722.8 $ 155.0 Carlisle Weatherproofing Technologies 448.9 59.0 214.5 22.4 Carlisle Interconnect Technologies 212.6 7.9 168.9 (12.9) Carlisle Fluid Technologies 72.0 7.0 71.6 6.6 Segment total 1,846.9 432.8 1,177.8 171.1 Corporate, unallocated and eliminations (1) — (22.2) — (37.3) Total $ 1,846.9 $ 410.6 $ 1,177.8 $ 133.8 Six Months Ended June 30, 2022 2021 (in millions) Revenues Operating Income (Loss) Revenues Operating Income (Loss) Carlisle Construction Materials $ 1,994.5 $ 620.0 $ 1,279.2 $ 265.7 Carlisle Weatherproofing Technologies 808.0 96.5 377.4 33.0 Carlisle Interconnect Technologies 397.6 5.4 324.7 (23.6) Carlisle Fluid Technologies 143.1 11.8 137.4 10.9 Segment total 3,343.2 733.7 2,118.7 286.0 Corporate and unallocated (1) — (45.8) — (67.5) Total $ 3,343.2 $ 687.9 $ 2,118.7 $ 218.5 (1) Corporate operating loss includes other unallocated costs, primarily general corporate expenses. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions MBTechnology On February 1, 2022, the Company acquired 100% of the equity of MBTechnology (“MBTech”), for consideration of $26.3 million, including $1.6 million of cash acquired and post-closing adjustments, which were finalized in the second quarter of 2022. MBTech is a manufacturer of energy-efficient roofing and underlayment systems for residential and commercial applications. In the three months ended June 30, 2022, and for the period from February 1, 2022 to June 30, 2022, the related product lines contributed revenues of $4.1 million and $6.1 million, respectively. The related product lines contributed operating income of $0.1 million for the period from February 1, 2022 to June 30, 2022. The results of operations of MBTech are reported within the CWT segment. Consideration of $12.5 million has been allocated to goodwill, none of which is deductible for tax purposes. All of the goodwill was preliminarily assigned to the CCM reporting unit. Consideration of $7.9 million has been allocated to customer relationships, with a useful life of nine years, $3.4 million to plant, property and equipment, $2.8 million to inventory, $0.8 million to accounts receivable and $0.5 million to accounts payable. ASP Henry Holdings, Inc. On September 1, 2021, the Company acquired ASP Henry Holdings, Inc. (“Henry”), a provider of building envelope systems for consideration of $1,605.6 million, including $34.3 million of cash acquired and post-closing adjustments, which were finalized in the fourth quarter of 2021. The Company funded the acquisition with borrowings from its Revolving Credit Facility (the "Facility") and cash on hand. The Company subsequently repaid the borrowings from the Facility with proceeds from its September 2021 public offering of $300.0 million in aggregate principal amount of its 0.55% senior notes due in September 2023 and $550.0 million in aggregate principal amount of its 2.20% senior notes due in March 2032 (refer to Note 12). The Henry amounts included in the pro forma financial information below are based on Henry’s historical results and therefore may not be indicative of the actual results if Henry had been owned by the Company on January 1, 2020. The pro forma adjustments represent management’s best estimates based on information available at the time the pro forma information was prepared and may differ from the adjustments that may have been required had the Company owned Henry on January 1, 2020. Accordingly, pro forma information should not be relied upon as being indicative of the historical results that would have been realized had the acquisition occurred as of January 1, 2020 or the results that may be achieved in the future. The unaudited combined pro forma financial information presented below includes revenues and income from continuing operations, net of tax, of the Company as if the business combination had occurred on January 1, 2020, based on the purchases price allocation presented below: Unaudited Pro Forma (in millions) Three Months Ended Six Months Ended Revenues $ 1,324.3 $ 2,378.9 Income from continuing operations 100.5 150.0 The pro forma financial information reflects adjustments to Henry's historical financial information to apply the Company's accounting policies and to reflect the additional depreciation and amortization related to the preliminary fair value adjustments of the acquired net assets of $14.4 million in the three months ended June 30, 2021 and $28.8 million in the six months ended June 30, 2021, together with the associated tax effects. The following table summarizes the consideration transferred to acquire Henry and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed. The acquisition has been accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification 805, Business Combinations, which requires that consideration be allocated to the acquired assets and assumed liabilities 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 9/1/2021 As of 6/30/2022 Total cash consideration transferred $ 1,608.2 $ (2.6) $ 1,605.6 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and cash equivalents 34.3 — 34.3 Receivables, net 79.0 — 79.0 Inventories 59.4 (7.9) 51.5 Prepaid expenses and other current assets 10.5 0.2 10.7 Property, plant and equipment 53.6 8.2 61.8 Intangible assets 735.1 445.9 1,181.0 Other long-term assets 3.6 8.3 11.9 Accounts payable (77.9) 2.2 (75.7) Accrued and other current liabilities (28.7) (0.4) (29.1) Short-term debt (1.0) — (1.0) Contract liabilities (2.6) — (2.6) Other long-term debt (0.8) — (0.8) Other long-term liabilities (5.9) (9.8) (15.7) Deferred income taxes (153.4) (107.8) (261.2) Total identifiable net assets 705.2 338.9 1,044.1 Goodwill $ 903.0 $ (341.5) $ 561.5 The goodwill recognized in the acquisition of Henry is attributable to its significant supply chain efficiencies, other administrative opportunities and the strategic value of the business to Carlisle, in addition to opportunities for product line expansions. The Company acquired $81.9 million of gross contractual accounts receivable, of which $2.9 million was not expected to be collected at the date of acquisition. Goodwill of $50.9 million is tax deductible in the United States. All of the goodwill was preliminarily assigned to the CCM reporting unit. The preliminary fair value and weighted average useful lives of the acquired intangible assets are as follows: (in millions) Fair Value Weighted Average Useful Life (in years) Customer relationships $ 914.0 18 Technologies 46.5 11 Software 0.1 4 Indefinite-lived trade name 220.4 N/A Total $ 1,181.0 |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On August 2, 2021, the Company completed the sale of the equity interests and assets comprising the Carlisle Brake & Friction ("CBF") segment for gross proceeds of (i) $250 million at closing, subject to certain adjustments, and (ii) the right to receive up to an additional $125 million based on CBF's achievement of certain performance targets. On February 23, 2022, the Company received $125 million in cash for the full amount of the contingent consideration. The sale of CBF is consistent with the Company's optimization strategy, as laid out in Vision 2025. A summary of the results from discontinued operations included in the Condensed Consolidated Statements of Income and Comprehensive Income follows: (in millions) Three Months Ended Six Months Ended 2021 2021 Revenues $ 98.8 $ 186.9 Cost of goods sold 76.1 147.4 Other operating expenses, net 11.8 23.8 Operating income 10.9 15.7 Other non-operating (income) expense, net (0.1) 0.2 Income from discontinued operations before income taxes and loss on sale 11.0 15.5 Pre-close transaction expenses (1) 4.7 4.7 Income from discontinued operations before income taxes 6.3 10.8 Provision for income taxes 1.1 2.5 Income from discontinued operations $ 5.2 $ 8.3 (1) Includes legal fees and stock-compensation expense directly related to the sale incurred prior to the closing of the transaction. Income from discontinued operations in the second quarter and the first six months of 2022 primarily reflects a gain on the sale of real estate associated with the 2021 sale of the equity interests and assets comprising the CBF segment. A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, follows: (in millions) 2022 2021 Net cash (used in) provided by operating activities $ (2.1) $ 10.8 Net cash provided by (used in) investing activities 132.0 (5.6) Net cash (used in) provided by financing activities (1) (129.9) 1.8 Change in cash and cash equivalents from discontinued operations $ — $ 7.0 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per ShareThe Company’s restricted shares contain non-forfeitable rights to dividends and are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The computation below of earnings per share excludes income attributable to the unvested restricted shares from the numerator and excludes the dilutive impact of those underlying shares from the denominator. The computation below of earnings per share includes the income attributable to the vested and deferred restricted shares and restricted stock units in the numerator and includes the dilutive impact of those underlying shares in the denominator. Stock options are included in the calculation of diluted earnings per share utilizing the treasury stock method and performance share awards are included in the calculation of diluted earnings per share considering those are contingently issuable. Neither is considered to be a participating security as they do not contain non-forfeitable dividend rights. Income from continuing operations and share data used in the basic and diluted earnings per share computations using the two-class method follows: Three Months Ended Six Months Ended (in millions, except per share amounts) 2022 2021 2022 2021 Income from continuing operations $ 295.9 $ 94.1 $ 490.2 $ 143.2 Less: dividends declared (28.0) (27.5) (56.7) (56.0) Undistributed earnings 267.9 66.6 433.5 87.2 Percent allocated to common stockholders (1) 99.7 % 99.7 % 99.7 % 99.7 % Undistributed earnings allocated to common stockholders 267.2 66.4 432.4 86.9 Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares 27.9 27.5 56.6 55.9 Income from continuing operations attributable to common stockholders $ 295.1 $ 93.9 $ 489.0 $ 142.8 Shares: Basic weighted-average shares outstanding 51.8 52.3 52.0 52.7 Effect of dilutive securities: Performance awards 0.2 0.2 0.2 0.1 Stock options 0.5 0.5 0.5 0.5 Diluted weighted-average shares outstanding 52.5 53.0 52.7 53.3 Per share income from continuing operations attributable to common shares: Basic $ 5.70 $ 1.79 $ 9.41 $ 2.71 Diluted $ 5.62 $ 1.77 $ 9.28 $ 2.68 (1) Basic weighted-average shares outstanding 51.8 52.3 52.0 52.7 Basic weighted-average shares outstanding and unvested restricted shares expected to vest 51.9 52.5 52.1 52.8 Percent allocated to common stockholders 99.7 % 99.7 % 99.7 % 99.7 % To calculate earnings per share for income from discontinued operations and for net income, the denominator for both basic and diluted earnings per share is the same as used in the above table. Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Income from discontinued operations attributable to common stockholders for basic and diluted earnings per share $ 5.6 $ 5.2 $ 4.9 $ 8.3 Net income attributable to common stockholders for basic and diluted earnings per share 300.8 99.2 493.9 151.1 Anti-dilutive stock options excluded from earnings per share calculation (1) 0.2 — 0.2 0.3 (1) Represents stock options excluded from the calculation of diluted earnings per share, as such options’ assumed proceeds upon exercise would result in the repurchase of more shares than the underlying award. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company receives payment at the inception of the contract for separately priced extended service warranties, and revenue is deferred and recognized on a straight-line basis over the life of the contracts. Remaining performance obligations for extended service warranties represent the transaction price for the remaining stand-ready obligation to perform warranty services. A summary of estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2022, follows: (in millions) Remainder of 2022 2023 2024 2025 2026 2027 Thereafter Extended service warranties $ 12.3 $ 23.5 $ 22.5 $ 21.5 $ 20.6 $ 19.5 $ 159.4 The Company has applied the practical expedient to not disclose information about remaining performance obligations that have original expected durations of one year or less. Contract Balances Contract liabilities relate to payments received in advance of performance under a contract, primarily related to extended service warranties in the CCM and CWT segments, systems contracts in the CFT segment and highly customized product contracts in the CIT segment. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract. A summary of the change in contract liabilities for the six months ended June 30, follows: (in millions) 2022 2021 Balance as of January 1 $ 283.9 $ 268.3 Revenue recognized (38.1) (32.0) Revenue deferred 47.9 38.7 Balance as of June 30 $ 293.7 $ 275.0 Contract assets relate to the Company's right to payment for performance completed to date under a contract, primarily related to highly customized product contracts within the CIT and CFT segments. Accounts receivable are recorded when the right to payment becomes unconditional, which generally occurs over twelve months or less. A summary of the change in contract assets for the six months ended June 30, follows: (in millions) 2022 2021 Balance as of January 1 $ 72.1 $ 84.5 Balance as of June 30 78.5 71.5 Change in contract assets $ 6.4 $ (13.0) Revenues by End-Market A summary of revenues disaggregated by major end-market industries and reconciliation of disaggregated revenue by segment follows: Three Months Ended June 30, 2022 (in millions) CCM CWT CIT CFT Total General construction $ 1,113.4 $ 368.9 $ — $ — $ 1,482.3 Aerospace — — 94.6 — 94.6 Medical — — 78.1 — 78.1 Transportation — — — 39.6 39.6 Heavy equipment — 27.3 — — 27.3 General industrial and other — 52.7 39.9 32.4 125.0 Total revenues $ 1,113.4 $ 448.9 $ 212.6 $ 72.0 $ 1,846.9 Three Months Ended June 30, 2021 (in millions) CCM CWT CIT CFT Total General construction $ 722.8 $ 159.1 $ — $ — $ 881.9 Aerospace — — 74.0 — 74.0 Medical — — 59.1 — 59.1 Transportation — — — 35.9 35.9 Heavy equipment — 22.9 — — 22.9 General industrial and other — 32.5 35.8 35.7 104.0 Total revenues $ 722.8 $ 214.5 $ 168.9 $ 71.6 $ 1,177.8 Six Months Ended June 30, 2022 (in millions) CCM CWT CIT CFT Total General construction $ 1,994.5 $ 667.2 $ — $ — $ 2,661.7 Aerospace — — 177.9 — 177.9 Medical — — 142.7 — 142.7 Transportation — — — 78.0 78.0 Heavy equipment — 58.1 — — 58.1 General industrial and other — 82.7 77.0 65.1 224.8 Total revenues $ 1,994.5 $ 808.0 $ 397.6 $ 143.1 $ 3,343.2 Six Months Ended June 30, 2021 (in millions) CCM CWT CIT CFT Total General construction $ 1,279.2 $ 276.8 $ — $ — $ 1,556.0 Aerospace — — 139.9 — 139.9 Medical — — 114.3 — 114.3 Transportation — — — 69.7 69.7 Heavy equipment — 43.2 — — 43.2 General industrial and other — 57.4 70.5 67.7 195.6 Total revenues $ 1,279.2 $ 377.4 $ 324.7 $ 137.4 $ 2,118.7 Revenues by Geographic Area A summary of revenues based on the country to which the product was delivered and reconciliation of disaggregated revenue by segment follows: Three Months Ended June 30, 2022 (in millions) CCM CWT CIT CFT Total United States $ 1,009.4 $ 403.8 $ 150.2 $ 36.1 $ 1,599.5 International: Europe 62.8 5.1 17.5 11.7 97.1 North America (excluding U.S.) 32.6 35.9 8.8 3.3 80.6 Asia and Middle East 5.0 1.9 27.2 19.5 53.6 Africa 0.5 0.5 3.2 0.2 4.4 Other 3.1 1.7 5.7 1.2 11.7 Total international 104.0 45.1 62.4 35.9 247.4 Total revenues $ 1,113.4 $ 448.9 $ 212.6 $ 72.0 $ 1,846.9 Three Months Ended June 30, 2021 (in millions) CCM CWT CIT CFT Total United States $ 633.8 $ 197.7 $ 126.8 $ 31.4 $ 989.7 International: Europe 61.9 2.2 16.3 13.6 94.0 North America (excluding U.S.) 22.5 8.7 2.5 2.8 36.5 Asia and Middle East 4.4 5.0 20.4 22.3 52.1 Africa 0.1 0.9 0.9 0.2 2.1 Other 0.1 — 2.0 1.3 3.4 Total international 89.0 16.8 42.1 40.2 188.1 Total revenues $ 722.8 $ 214.5 $ 168.9 $ 71.6 $ 1,177.8 Six Months Ended June 30, 2022 (in millions) CCM CWT CIT CFT Total United States $ 1,796.9 $ 722.3 $ 280.1 $ 69.5 $ 2,868.8 International: Europe 122.7 10.5 35.7 24.6 193.5 North America (excluding U.S.) 60.2 64.1 19.6 7.8 151.7 Asia and Middle East 7.7 4.8 46.5 38.8 97.8 Africa 1.2 2.7 5.9 0.4 10.2 Other 5.8 3.6 9.8 2.0 21.2 Total international 197.6 85.7 117.5 73.6 474.4 Total revenues $ 1,994.5 $ 808.0 $ 397.6 $ 143.1 $ 3,343.2 Six Months Ended June 30, 2021 (in millions) CCM CWT CIT CFT Total United States $ 1,113.1 $ 344.7 $ 238.3 $ 62.0 $ 1,758.1 International: Europe 116.2 8.5 30.7 26.1 181.5 North America (excluding U.S.) 37.9 16.9 7.0 5.3 67.1 Asia and Middle East 9.1 6.4 42.3 41.7 99.5 Africa 1.3 0.9 2.2 0.4 4.8 Other 1.6 — 4.2 1.9 7.7 Total international 166.1 32.7 86.4 75.4 360.6 Total revenues $ 1,279.2 $ 377.4 $ 324.7 $ 137.4 $ 2,118.7 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation cost by award type follows: (in millions) Three Months Ended Six Months Ended 2022 2021 2022 2021 Stock option awards $ 2.3 $ 2.3 $ 5.4 $ 5.9 Restricted stock awards 1.7 1.7 5.0 3.9 Performance share awards 2.2 1.8 5.4 4.3 Stock appreciation rights — 5.9 — 9.0 Total stock-based compensation cost incurred 6.2 11.7 15.8 23.1 Capitalized cost during the period — (5.9) — (9.3) Amortization of capitalized cost during the period — 8.8 — 14.3 Total stock-based compensation expense $ 6.2 $ 14.6 $ 15.8 $ 28.1 |
Exit and Disposal and Other Res
Exit and Disposal and Other Restructuring Activities | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Exit and Disposal and Other Restructuring Activities | Exit and Disposal and Other Restructuring Activities The Company has undertaken operational restructuring and other cost reduction actions to streamline processes and manage costs throughout various departments. These actions resulted in exit, disposal and employee termination benefit costs, primarily resulting from planned reductions in workforce, facility consolidation and relocation, and lease termination costs. The primary actions are discussed below by operating segment. CIT During the third quarter of 2021, the Company initiated plans to exit its manufacturing operations in Carlsbad, California, and relocate the majority of those operations to its existing facilities in North America. The project is estimated to take a remaining six In the fourth quarter of 2021, the Company completed its project to relocate its manufacturing operations in Kent, Washington, as a result of market declines resulting from the COVID-19 pandemic for cumulative exit and disposal costs of $14.2 million. During the three and six months ended June 30, 2021, exit and disposal costs totaled $4.5 million and $5.1 million, respectively, primarily for employee termination benefit costs. Consolidated Summary The Company's exit and disposal costs by activity follows: (in millions) Three Months Ended Six Months Ended 2022 2021 2022 2021 Accelerated depreciation and impairments $ 0.7 $ 2.1 $ 1.3 $ 2.1 Employee severance and benefit arrangements 0.2 3.2 1.3 5.1 Facility cleanup costs 0.1 — 0.2 (1.0) Lease termination costs — — 0.1 — Relocation costs — 0.2 — 0.3 Other restructuring costs 0.1 1.1 0.4 1.5 Total exit and disposal costs $ 1.1 $ 6.6 $ 3.3 $ 8.0 The Company's exit and disposal costs by segment follows: (in millions) Three Months Ended Six Months Ended 2022 2021 2022 2021 Carlisle Interconnect Technologies $ 1.1 $ 6.6 $ 3.0 $ 7.9 Carlisle Weatherproofing Technologies — — 0.3 — Carlisle Fluid Technologies — — — 0.1 Total exit and disposal costs $ 1.1 $ 6.6 $ 3.3 $ 8.0 The Company's exit and disposal costs by financial statement line item follows: (in millions) Three Months Ended Six Months Ended 2022 2021 2022 2021 Cost of goods sold $ 1.0 $ 3.6 $ 2.9 $ 4.4 Selling and administrative expenses 0.1 2.8 0.4 3.4 Research and development expenses — 0.2 — 0.2 Total exit and disposal costs $ 1.1 $ 6.6 $ 3.3 $ 8.0 The Company's change in exit and disposal activities liability follows: (in millions) Total Balance as of December 31, 2021 $ 6.5 Charges 3.3 Settlements (8.3) Balance as of June 30, 2022 $ 1.5 The liability of $1.5 million primarily relates to employee severance and benefit arrangements and is included in accrued and other current liabilities. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective income tax rate on continuing operations for the six months ended June 30, 2022, was 23.5%. The year-to-date provision for income taxes included taxes on earnings at an anticipated rate of 23.8% and a tax impact of $1.7 million related to discrete activity. The effective income tax rate on continuing operations for the six months ended June 30, 2021, was 18.8%. |
Inventories, net
Inventories, net | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Inventories, net (in millions) June 30, December 31, Raw materials $ 373.0 $ 288.0 Work-in-process 95.5 76.2 Finished goods 344.9 271.0 Reserves (32.5) (30.1) Inventories, net $ 780.9 $ 605.1 |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued and Other Current Liabilities | Accrued and Other Current Liabilities (in millions) June 30, December 31, Compensation and benefits $ 113.2 $ 136.2 Customer incentives 96.2 97.9 Standard product warranties 25.0 26.8 Income and other accrued taxes 18.6 19.4 Other accrued liabilities 67.0 70.9 Accrued and other current liabilities $ 320.0 $ 351.2 Standard Product Warranties The Company offers various standard warranty programs on its products, primarily for certain installed roofing systems, high-performance cables and assemblies and fluid technologies. The Company’s liability for such warranty programs is included in accrued and other current liabilities. The change in standard product warranty liabilities for the six months ended June 30, follows: (in millions) 2022 2021 Balance as of January 1 $ 26.8 $ 30.0 Provision 4.7 0.1 Claims (6.0) (2.3) Foreign exchange (0.5) (0.2) Balance as of June 30 $ 25.0 $ 27.6 |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt (in millions) Fair Value (1) June 30, December 31, June 30, December 31, 2.20% Notes due 2032 $ 550.0 $ 550.0 $ 429.4 $ 529.7 2.75% Notes due 2030 750.0 750.0 633.3 764.6 3.75% Notes due 2027 600.0 600.0 577.9 645.8 3.50% Notes due 2024 400.0 400.0 396.0 419.8 0.55% Notes due 2023 300.0 300.0 289.9 297.5 3.75% Notes due 2022 350.0 350.0 350.5 356.2 Unamortized discount, debt issuance costs and other (20.1) (22.6) Total long term-debt 2,929.9 2,927.4 Less: current portion of debt 352.2 352.0 Long term-debt, less current portion $ 2,577.7 $ 2,575.4 (1) The fair value is estimated based on current yield rates plus the Company’s estimated credit spread available for financings with similar terms and maturities. Based on these inputs, the debt instruments are classified as Level 2 in the fair value hierarchy. Revolving Credit Facility During the six months ended June 30, 2022, there were no borrowings or repayments under the Facility. As of June 30, 2022 and December 31, 2021, the Facility had no outstanding balance and $1.0 billion available for use. Covenants and Limitations Under the Company’s debt and credit facilities, the Company is required to meet various covenants and limitations, including limitations on certain leverage ratios, interest coverage and limits on outstanding debt balances held by certain subsidiaries. The Company was in compliance with all financial covenants and limitations as of June 30, 2022 and December 31, 2021. Letters of Credit and Guarantee During the normal course of business, the Company enters into commitments in the form of letters of credit and bank guarantees to provide its own financial and performance assurance to third parties. The Company has not issued any guarantees on behalf of any third parties. As of June 30, 2022 and December 31, 2021, the Company had $18.1 million and $18.9 million in letters of credit and bank guarantees outstanding, respectively. The Company has multiple arrangements to obtain letters of credit, which include an agreement with unspecified availability and separate agreements for up to $110.0 million in letters of credit, of which $91.9 million was available for use as of June 30, 2022. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Defined Benefit Plans The Company recognizes net periodic benefit cost based on the actuarial analysis performed at the previous year end, adjusted if certain significant events occur during the year. The components of net periodic benefit cost follows: Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Service cost $ 0.6 $ 0.7 $ 1.2 $ 1.4 Interest cost 0.8 0.7 1.6 1.4 Expected return on plan assets (2.4) (2.5) (4.8) (4.9) Amortization of unrecognized loss (1) 1.2 1.6 2.5 3.2 Settlement expense 0.5 0.5 0.9 0.9 Net periodic benefit cost $ 0.7 $ 1.0 $ 1.4 $ 2.0 (1) Includes amortization of unrecognized actuarial (gain) loss and prior service credits and excludes provision for income tax of $(0.3) million and $(0.6) million for the three and six months ended June 30, 2022, respectively, and $(0.4) million and $(0.8) million for the three and six months ended June 30, 2021, respectively. The components of net periodic benefit cost, other than the service cost component, are included in other non-operating expense, net. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments Foreign Currency Forward Contracts The Company uses foreign currency forward contracts to hedge a portion of its foreign currency exchange rate exposure to forecasted foreign currency denominated cash flows. These instruments are not held for speculative or trading purposes. A summary of the Company's designated and non-designated hedges follows: June 30, 2022 December 31, 2021 (in millions) Fair Value (1) Notional Value Fair Value (1) Notional Value Designated hedges $ 0.7 $ 121.7 $ 2.7 $ 127.6 Non-designated hedges (0.1) 114.5 0.2 82.5 (1) The fair value of foreign currency forward contracts is included in other current assets. The fair value was estimated using observable market inputs such as forward and spot prices of the underlying exchange rate pair. Based on these inputs, derivative assets and liabilities are classified as Level 2 in the fair value hierarchy. Designated Hedges For instruments that are designated and qualify as cash flow hedges, the Company had foreign currency forward contracts with maturities less than one year. The changes in the fair value of the contracts are recorded in accumulated other comprehensive income (loss) and recognized in the same line item as the impact of the hedged item, revenues or cost of sales, when the underlying forecasted transaction impacts earnings. The change in accumulated other comprehensive loss related to foreign currency cash flow hedges was immaterial for the three and six months ended June 30, 2022 and 2021. Gains and losses on the contracts representing hedge components excluded from the assessment of hedge effectiveness are recognized in the same line item as the hedged item, revenues or cost of sales, currently. Non-Designated Hedges For instruments that are not designated as a cash flow hedge, the Company had foreign exchange contracts with maturities less than one year. The unrealized gains and losses resulting from these contracts were immaterial for the three and six months ended June 30, 2022 and 2021, and are recognized in other non-operating expense, net and partially offset corresponding foreign exchange gains and losses on these balances. Rabbi Trust The Company has established a Rabbi Trust to provide for a degree of financial security to cover its obligations under its deferred compensation plan. Contributions to the Rabbi Trust by the Company are made at the discretion of management and generally are made in cash and invested in money-market funds. The Company consolidates the Rabbi Trust and therefore includes the investments in its Condensed Consolidated Balance Sheets. As of June 30, 2022 and December 31, 2021, the Company had $5.0 million and $5.7 million of cash, respectively, and $7.4 million and $8.1 million of short-term investments, respectively. The short-term investments are classified as trading securities and are measured at fair value using quoted market prices in active markets (i.e., Level 1 measurements) with changes in fair value recorded in net income and the associated cash flows presented as operating cash flows. Investment Securities In accordance with its investment policy, the Company invests its excess cash from time-to-time in investment grade bonds and other securities to achieve higher yields. As of June 30, 2022 and December 31, 2021, the Company had $19.7 million and $30.3 million of investment grade bonds, respectively. The investment grade bonds are classified as available-for-sale and measured at fair value using quoted market prices in active markets (i.e., Level 1 measurements) with changes in fair value recorded in accumulated comprehensive income (loss), until realized, and the associated cash flows presented as investing cash flows. Other Financial Instruments Other financial instruments include cash and cash equivalents, accounts receivable, net, accounts payable, accrued expenses and long-term debt. The carrying value for cash and cash equivalents, accounts receivable, net, accounts payable and accrued expenses approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 12 for the fair value of long-term debt). |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation Over the years, the Company has been named as a defendant, along with numerous other defendants, in lawsuits in various courts in which plaintiffs have alleged injury due to exposure to asbestos-containing friction products produced and sold predominantly by the Company’s discontinued Motion Control business between the late-1940s and the mid-1980s. The Company has been subject to liabilities for indemnity and defense costs associated with these lawsuits. The Company has recorded a liability for estimated indemnity costs associated with pending and future asbestos claims. As of June 30, 2022, the Company believes that its accrual for these costs is not material to the Company's financial position, results of operations, or operating cash flows. The Company recognizes expenses for defense costs associated with asbestos claims during the periods in which they are incurred. Refer to the 2021 Annual Report on Form 10-K for the Company's accounting policy related to litigation defense costs. The Company currently maintains insurance coverage with respect to asbestos-related claims and associated defense costs. The Company records the insurance coverage as a long-term receivable in an amount it reasonably estimates is probable of recovery for pending and future asbestos-related indemnity claims. Since the Company’s insurance policies contain various coverage exclusions, limits of coverage and self-insured retentions and may be subject to insurance coverage disputes, the Company may recognize expenses for indemnity and defense costs in particular periods if and when it becomes probable that such costs will not be covered by insurance. Henry has also been named as a defendant, along with numerous other defendants, in lawsuits in various courts in which plaintiffs have alleged injury due to exposure to asbestos-containing roofing products produced and sold by Henry and certain of its subsidiaries. Henry is subject to liabilities for indemnity and defense costs associated with these lawsuits. As of June 30, 2022, the Company believes such liabilities are not material to the Company’s financial position, results of operations, or operating cash flows. Henry currently maintains insurance coverage and is the beneficiary of other arrangements which provide coverage with respect to certain asbestos-related claims and associated defense costs. Such insurance policies contain various coverage exclusions, limits of coverage and self-insured retentions and may be subject to insurance coverage disputes. The Company is also involved in various other legal actions and proceedings arising in the ordinary course of business. In the opinion of management, the ultimate outcomes of such actions and proceedings, either individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position, results of operations, or operating cash flows. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared by Carlisle Companies Incorporated (the "Company" or "Carlisle"). The accompanying unaudited Condensed Consolidated Financial Statements do not include all disclosures as required by accounting principles generally accepted in the United States of America ("United States" or "U.S."), and should be read in conjunction with the Company’s audited Consolidated Financial Statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (the "2021 Annual Report on Form 10-K"). The accompanying unaudited Condensed Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the U.S. and, of necessity, include some amounts that are based upon management estimates and judgments. The accompanying unaudited Condensed Consolidated Financial Statements include assets, liabilities, revenues and expenses of all majority-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. In the Company's opinion, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting solely of adjustments of a normal, recurring nature, necessary to present fairly the financial position, results of operations and cash flows for the periods presented. On February 10, 2022, the Company announced that it had realigned its construction materials businesses into two segments organized around its products and applications for the sustainable building envelope. The two segments are Carlisle Construction Materials and Carlisle Weatherproofing Technologies. No changes have been made to either of the Company’s other two segments – Carlisle Interconnect Technologies or Carlisle Fluid Technologies. The Company has reclassified certain prior periods' amounts to conform with the current presentation by reportable segment in Note 2—Segment Information, Note 6—Revenue Recognition and Note 8—Exit and Disposal Activities as a result of the Company's change in management structure. Additionally, the Company has reclassified certain prior periods' amounts to conform with the current period presentation of the revenues by geographic area tables in Note 6—Revenue Recognition to present Middle East revenues combined with Asia, as opposed to the previous presentation combined with Africa. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Summary of Net Sales and Earnings Before Interest and Taxes ("EBIT") | A summary of segment information follows: Three Months Ended June 30, 2022 2021 (in millions) Revenues Operating Income (Loss) Revenues Operating Income (Loss) Carlisle Construction Materials $ 1,113.4 $ 358.9 $ 722.8 $ 155.0 Carlisle Weatherproofing Technologies 448.9 59.0 214.5 22.4 Carlisle Interconnect Technologies 212.6 7.9 168.9 (12.9) Carlisle Fluid Technologies 72.0 7.0 71.6 6.6 Segment total 1,846.9 432.8 1,177.8 171.1 Corporate, unallocated and eliminations (1) — (22.2) — (37.3) Total $ 1,846.9 $ 410.6 $ 1,177.8 $ 133.8 Six Months Ended June 30, 2022 2021 (in millions) Revenues Operating Income (Loss) Revenues Operating Income (Loss) Carlisle Construction Materials $ 1,994.5 $ 620.0 $ 1,279.2 $ 265.7 Carlisle Weatherproofing Technologies 808.0 96.5 377.4 33.0 Carlisle Interconnect Technologies 397.6 5.4 324.7 (23.6) Carlisle Fluid Technologies 143.1 11.8 137.4 10.9 Segment total 3,343.2 733.7 2,118.7 286.0 Corporate and unallocated (1) — (45.8) — (67.5) Total $ 3,343.2 $ 687.9 $ 2,118.7 $ 218.5 (1) Corporate operating loss includes other unallocated costs, primarily general corporate expenses. |
Acquisitions (Tables)
Acquisitions (Tables) - ASP Henry Holdings, Inc. | 6 Months Ended |
Jun. 30, 2022 | |
Acquisitions | |
Unaudited Combined Pro Forma Information | The unaudited combined pro forma financial information presented below includes revenues and income from continuing operations, net of tax, of the Company as if the business combination had occurred on January 1, 2020, based on the purchases price allocation presented below: Unaudited Pro Forma (in millions) Three Months Ended Six Months Ended Revenues $ 1,324.3 $ 2,378.9 Income from continuing operations 100.5 150.0 |
Summary of Consideration Transferred and the Allocation of the Consideration to Acquired Assets and Assumed Liabilities | The following table summarizes the consideration transferred to acquire Henry and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed. The acquisition has been accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification 805, Business Combinations, which requires that consideration be allocated to the acquired assets and assumed liabilities 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 9/1/2021 As of 6/30/2022 Total cash consideration transferred $ 1,608.2 $ (2.6) $ 1,605.6 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and cash equivalents 34.3 — 34.3 Receivables, net 79.0 — 79.0 Inventories 59.4 (7.9) 51.5 Prepaid expenses and other current assets 10.5 0.2 10.7 Property, plant and equipment 53.6 8.2 61.8 Intangible assets 735.1 445.9 1,181.0 Other long-term assets 3.6 8.3 11.9 Accounts payable (77.9) 2.2 (75.7) Accrued and other current liabilities (28.7) (0.4) (29.1) Short-term debt (1.0) — (1.0) Contract liabilities (2.6) — (2.6) Other long-term debt (0.8) — (0.8) Other long-term liabilities (5.9) (9.8) (15.7) Deferred income taxes (153.4) (107.8) (261.2) Total identifiable net assets 705.2 338.9 1,044.1 Goodwill $ 903.0 $ (341.5) $ 561.5 |
Acquired Definite-lived Intangible Assets | The preliminary fair value and weighted average useful lives of the acquired intangible assets are as follows: (in millions) Fair Value Weighted Average Useful Life (in years) Customer relationships $ 914.0 18 Technologies 46.5 11 Software 0.1 4 Indefinite-lived trade name 220.4 N/A Total $ 1,181.0 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Activity of Discontinued Operations | A summary of the results from discontinued operations included in the Condensed Consolidated Statements of Income and Comprehensive Income follows: (in millions) Three Months Ended Six Months Ended 2021 2021 Revenues $ 98.8 $ 186.9 Cost of goods sold 76.1 147.4 Other operating expenses, net 11.8 23.8 Operating income 10.9 15.7 Other non-operating (income) expense, net (0.1) 0.2 Income from discontinued operations before income taxes and loss on sale 11.0 15.5 Pre-close transaction expenses (1) 4.7 4.7 Income from discontinued operations before income taxes 6.3 10.8 Provision for income taxes 1.1 2.5 Income from discontinued operations $ 5.2 $ 8.3 (1) Includes legal fees and stock-compensation expense directly related to the sale incurred prior to the closing of the transaction. Income from discontinued operations in the second quarter and the first six months of 2022 primarily reflects a gain on the sale of real estate associated with the 2021 sale of the equity interests and assets comprising the CBF segment. A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, follows: (in millions) 2022 2021 Net cash (used in) provided by operating activities $ (2.1) $ 10.8 Net cash provided by (used in) investing activities 132.0 (5.6) Net cash (used in) provided by financing activities (1) (129.9) 1.8 Change in cash and cash equivalents from discontinued operations $ — $ 7.0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings per share | Income from continuing operations and share data used in the basic and diluted earnings per share computations using the two-class method follows: Three Months Ended Six Months Ended (in millions, except per share amounts) 2022 2021 2022 2021 Income from continuing operations $ 295.9 $ 94.1 $ 490.2 $ 143.2 Less: dividends declared (28.0) (27.5) (56.7) (56.0) Undistributed earnings 267.9 66.6 433.5 87.2 Percent allocated to common stockholders (1) 99.7 % 99.7 % 99.7 % 99.7 % Undistributed earnings allocated to common stockholders 267.2 66.4 432.4 86.9 Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares 27.9 27.5 56.6 55.9 Income from continuing operations attributable to common stockholders $ 295.1 $ 93.9 $ 489.0 $ 142.8 Shares: Basic weighted-average shares outstanding 51.8 52.3 52.0 52.7 Effect of dilutive securities: Performance awards 0.2 0.2 0.2 0.1 Stock options 0.5 0.5 0.5 0.5 Diluted weighted-average shares outstanding 52.5 53.0 52.7 53.3 Per share income from continuing operations attributable to common shares: Basic $ 5.70 $ 1.79 $ 9.41 $ 2.71 Diluted $ 5.62 $ 1.77 $ 9.28 $ 2.68 (1) Basic weighted-average shares outstanding 51.8 52.3 52.0 52.7 Basic weighted-average shares outstanding and unvested restricted shares expected to vest 51.9 52.5 52.1 52.8 Percent allocated to common stockholders 99.7 % 99.7 % 99.7 % 99.7 % |
Schedule of antidilutive securities excluded from computation of earnings per share | To calculate earnings per share for income from discontinued operations and for net income, the denominator for both basic and diluted earnings per share is the same as used in the above table. Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Income from discontinued operations attributable to common stockholders for basic and diluted earnings per share $ 5.6 $ 5.2 $ 4.9 $ 8.3 Net income attributable to common stockholders for basic and diluted earnings per share 300.8 99.2 493.9 151.1 Anti-dilutive stock options excluded from earnings per share calculation (1) 0.2 — 0.2 0.3 (1) Represents stock options excluded from the calculation of diluted earnings per share, as such options’ assumed proceeds upon exercise would result in the repurchase of more shares than the underlying award. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of the Timing of Revenue Recognition | A summary of estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2022, follows: (in millions) Remainder of 2022 2023 2024 2025 2026 2027 Thereafter Extended service warranties $ 12.3 $ 23.5 $ 22.5 $ 21.5 $ 20.6 $ 19.5 $ 159.4 |
Change in Contract Liabilities | A summary of the change in contract liabilities for the six months ended June 30, follows: (in millions) 2022 2021 Balance as of January 1 $ 283.9 $ 268.3 Revenue recognized (38.1) (32.0) Revenue deferred 47.9 38.7 Balance as of June 30 $ 293.7 $ 275.0 |
Schedule of Change in Contract Assets | A summary of the change in contract assets for the six months ended June 30, follows: (in millions) 2022 2021 Balance as of January 1 $ 72.1 $ 84.5 Balance as of June 30 78.5 71.5 Change in contract assets $ 6.4 $ (13.0) |
Reconciliation of Disaggregated Revenue | A summary of revenues disaggregated by major end-market industries and reconciliation of disaggregated revenue by segment follows: Three Months Ended June 30, 2022 (in millions) CCM CWT CIT CFT Total General construction $ 1,113.4 $ 368.9 $ — $ — $ 1,482.3 Aerospace — — 94.6 — 94.6 Medical — — 78.1 — 78.1 Transportation — — — 39.6 39.6 Heavy equipment — 27.3 — — 27.3 General industrial and other — 52.7 39.9 32.4 125.0 Total revenues $ 1,113.4 $ 448.9 $ 212.6 $ 72.0 $ 1,846.9 Three Months Ended June 30, 2021 (in millions) CCM CWT CIT CFT Total General construction $ 722.8 $ 159.1 $ — $ — $ 881.9 Aerospace — — 74.0 — 74.0 Medical — — 59.1 — 59.1 Transportation — — — 35.9 35.9 Heavy equipment — 22.9 — — 22.9 General industrial and other — 32.5 35.8 35.7 104.0 Total revenues $ 722.8 $ 214.5 $ 168.9 $ 71.6 $ 1,177.8 Six Months Ended June 30, 2022 (in millions) CCM CWT CIT CFT Total General construction $ 1,994.5 $ 667.2 $ — $ — $ 2,661.7 Aerospace — — 177.9 — 177.9 Medical — — 142.7 — 142.7 Transportation — — — 78.0 78.0 Heavy equipment — 58.1 — — 58.1 General industrial and other — 82.7 77.0 65.1 224.8 Total revenues $ 1,994.5 $ 808.0 $ 397.6 $ 143.1 $ 3,343.2 Six Months Ended June 30, 2021 (in millions) CCM CWT CIT CFT Total General construction $ 1,279.2 $ 276.8 $ — $ — $ 1,556.0 Aerospace — — 139.9 — 139.9 Medical — — 114.3 — 114.3 Transportation — — — 69.7 69.7 Heavy equipment — 43.2 — — 43.2 General industrial and other — 57.4 70.5 67.7 195.6 Total revenues $ 1,279.2 $ 377.4 $ 324.7 $ 137.4 $ 2,118.7 Revenues by Geographic Area A summary of revenues based on the country to which the product was delivered and reconciliation of disaggregated revenue by segment follows: Three Months Ended June 30, 2022 (in millions) CCM CWT CIT CFT Total United States $ 1,009.4 $ 403.8 $ 150.2 $ 36.1 $ 1,599.5 International: Europe 62.8 5.1 17.5 11.7 97.1 North America (excluding U.S.) 32.6 35.9 8.8 3.3 80.6 Asia and Middle East 5.0 1.9 27.2 19.5 53.6 Africa 0.5 0.5 3.2 0.2 4.4 Other 3.1 1.7 5.7 1.2 11.7 Total international 104.0 45.1 62.4 35.9 247.4 Total revenues $ 1,113.4 $ 448.9 $ 212.6 $ 72.0 $ 1,846.9 Three Months Ended June 30, 2021 (in millions) CCM CWT CIT CFT Total United States $ 633.8 $ 197.7 $ 126.8 $ 31.4 $ 989.7 International: Europe 61.9 2.2 16.3 13.6 94.0 North America (excluding U.S.) 22.5 8.7 2.5 2.8 36.5 Asia and Middle East 4.4 5.0 20.4 22.3 52.1 Africa 0.1 0.9 0.9 0.2 2.1 Other 0.1 — 2.0 1.3 3.4 Total international 89.0 16.8 42.1 40.2 188.1 Total revenues $ 722.8 $ 214.5 $ 168.9 $ 71.6 $ 1,177.8 Six Months Ended June 30, 2022 (in millions) CCM CWT CIT CFT Total United States $ 1,796.9 $ 722.3 $ 280.1 $ 69.5 $ 2,868.8 International: Europe 122.7 10.5 35.7 24.6 193.5 North America (excluding U.S.) 60.2 64.1 19.6 7.8 151.7 Asia and Middle East 7.7 4.8 46.5 38.8 97.8 Africa 1.2 2.7 5.9 0.4 10.2 Other 5.8 3.6 9.8 2.0 21.2 Total international 197.6 85.7 117.5 73.6 474.4 Total revenues $ 1,994.5 $ 808.0 $ 397.6 $ 143.1 $ 3,343.2 Six Months Ended June 30, 2021 (in millions) CCM CWT CIT CFT Total United States $ 1,113.1 $ 344.7 $ 238.3 $ 62.0 $ 1,758.1 International: Europe 116.2 8.5 30.7 26.1 181.5 North America (excluding U.S.) 37.9 16.9 7.0 5.3 67.1 Asia and Middle East 9.1 6.4 42.3 41.7 99.5 Africa 1.3 0.9 2.2 0.4 4.8 Other 1.6 — 4.2 1.9 7.7 Total international 166.1 32.7 86.4 75.4 360.6 Total revenues $ 1,279.2 $ 377.4 $ 324.7 $ 137.4 $ 2,118.7 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Compensation Expense | Stock-based compensation cost by award type follows: (in millions) Three Months Ended Six Months Ended 2022 2021 2022 2021 Stock option awards $ 2.3 $ 2.3 $ 5.4 $ 5.9 Restricted stock awards 1.7 1.7 5.0 3.9 Performance share awards 2.2 1.8 5.4 4.3 Stock appreciation rights — 5.9 — 9.0 Total stock-based compensation cost incurred 6.2 11.7 15.8 23.1 Capitalized cost during the period — (5.9) — (9.3) Amortization of capitalized cost during the period — 8.8 — 14.3 Total stock-based compensation expense $ 6.2 $ 14.6 $ 15.8 $ 28.1 |
Exit and Disposal and Other R_2
Exit and Disposal and Other Restructuring Activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Summary of Exit and Disposal Activities | The Company's exit and disposal costs by activity follows: (in millions) Three Months Ended Six Months Ended 2022 2021 2022 2021 Accelerated depreciation and impairments $ 0.7 $ 2.1 $ 1.3 $ 2.1 Employee severance and benefit arrangements 0.2 3.2 1.3 5.1 Facility cleanup costs 0.1 — 0.2 (1.0) Lease termination costs — — 0.1 — Relocation costs — 0.2 — 0.3 Other restructuring costs 0.1 1.1 0.4 1.5 Total exit and disposal costs $ 1.1 $ 6.6 $ 3.3 $ 8.0 The Company's exit and disposal costs by segment follows: (in millions) Three Months Ended Six Months Ended 2022 2021 2022 2021 Carlisle Interconnect Technologies $ 1.1 $ 6.6 $ 3.0 $ 7.9 Carlisle Weatherproofing Technologies — — 0.3 — Carlisle Fluid Technologies — — — 0.1 Total exit and disposal costs $ 1.1 $ 6.6 $ 3.3 $ 8.0 The Company's exit and disposal costs by financial statement line item follows: (in millions) Three Months Ended Six Months Ended 2022 2021 2022 2021 Cost of goods sold $ 1.0 $ 3.6 $ 2.9 $ 4.4 Selling and administrative expenses 0.1 2.8 0.4 3.4 Research and development expenses — 0.2 — 0.2 Total exit and disposal costs $ 1.1 $ 6.6 $ 3.3 $ 8.0 The Company's change in exit and disposal activities liability follows: (in millions) Total Balance as of December 31, 2021 $ 6.5 Charges 3.3 Settlements (8.3) Balance as of June 30, 2022 $ 1.5 |
Inventories, net (Tables)
Inventories, net (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | (in millions) June 30, December 31, Raw materials $ 373.0 $ 288.0 Work-in-process 95.5 76.2 Finished goods 344.9 271.0 Reserves (32.5) (30.1) Inventories, net $ 780.9 $ 605.1 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | (in millions) June 30, December 31, Compensation and benefits $ 113.2 $ 136.2 Customer incentives 96.2 97.9 Standard product warranties 25.0 26.8 Income and other accrued taxes 18.6 19.4 Other accrued liabilities 67.0 70.9 Accrued and other current liabilities $ 320.0 $ 351.2 |
Schedule of Change in Standard Product Warranty Liabilities | The change in standard product warranty liabilities for the six months ended June 30, follows: (in millions) 2022 2021 Balance as of January 1 $ 26.8 $ 30.0 Provision 4.7 0.1 Claims (6.0) (2.3) Foreign exchange (0.5) (0.2) Balance as of June 30 $ 25.0 $ 27.6 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | (in millions) Fair Value (1) June 30, December 31, June 30, December 31, 2.20% Notes due 2032 $ 550.0 $ 550.0 $ 429.4 $ 529.7 2.75% Notes due 2030 750.0 750.0 633.3 764.6 3.75% Notes due 2027 600.0 600.0 577.9 645.8 3.50% Notes due 2024 400.0 400.0 396.0 419.8 0.55% Notes due 2023 300.0 300.0 289.9 297.5 3.75% Notes due 2022 350.0 350.0 350.5 356.2 Unamortized discount, debt issuance costs and other (20.1) (22.6) Total long term-debt 2,929.9 2,927.4 Less: current portion of debt 352.2 352.0 Long term-debt, less current portion $ 2,577.7 $ 2,575.4 (1) The fair value is estimated based on current yield rates plus the Company’s estimated credit spread available for financings with similar terms and maturities. Based on these inputs, the debt instruments are classified as Level 2 in the fair value hierarchy. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost follows: Three Months Ended Six Months Ended (in millions) 2022 2021 2022 2021 Service cost $ 0.6 $ 0.7 $ 1.2 $ 1.4 Interest cost 0.8 0.7 1.6 1.4 Expected return on plan assets (2.4) (2.5) (4.8) (4.9) Amortization of unrecognized loss (1) 1.2 1.6 2.5 3.2 Settlement expense 0.5 0.5 0.9 0.9 Net periodic benefit cost $ 0.7 $ 1.0 $ 1.4 $ 2.0 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Designated and Non-designated Cash Flow Hedges | A summary of the Company's designated and non-designated hedges follows: June 30, 2022 December 31, 2021 (in millions) Fair Value (1) Notional Value Fair Value (1) Notional Value Designated hedges $ 0.7 $ 121.7 $ 2.7 $ 127.6 Non-designated hedges (0.1) 114.5 0.2 82.5 (1) The fair value of foreign currency forward contracts is included in other current assets. The fair value was estimated using observable market inputs such as forward and spot prices of the underlying exchange rate pair. Based on these inputs, derivative assets and liabilities are classified as Level 2 in the fair value hierarchy. |
Basis of Presentation (Details)
Basis of Presentation (Details) | Feb. 10, 2022 segment |
Construction Materials Businesses | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of Operating Segments | 2 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) business | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Number of reportable segments | business | 4 | |||
Revenues | $ 1,846.9 | $ 1,177.8 | $ 3,343.2 | $ 2,118.7 |
Operating Income (Loss) | 410.6 | 133.8 | 687.9 | 218.5 |
Operating segments | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Revenues | 1,846.9 | 1,177.8 | 3,343.2 | 2,118.7 |
Operating Income (Loss) | 432.8 | 171.1 | 733.7 | 286 |
Corporate and unallocated | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Income (Loss) | (22.2) | (37.3) | (45.8) | (67.5) |
Carlisle Construction Materials | Operating segments | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Revenues | 1,113.4 | 722.8 | 1,994.5 | 1,279.2 |
Operating Income (Loss) | 358.9 | 155 | 620 | 265.7 |
Carlisle Weatherproofing Technologies | Operating segments | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Revenues | 448.9 | 214.5 | 808 | 377.4 |
Operating Income (Loss) | 59 | 22.4 | 96.5 | 33 |
Carlisle Interconnect Technologies | Operating segments | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Revenues | 212.6 | 168.9 | 397.6 | 324.7 |
Operating Income (Loss) | 7.9 | (12.9) | 5.4 | (23.6) |
Carlisle Fluid Technologies | Operating segments | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Revenues | 72 | 71.6 | 143.1 | 137.4 |
Operating Income (Loss) | $ 7 | $ 6.6 | $ 11.8 | $ 10.9 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 | Feb. 01, 2022 | Sep. 01, 2021 | Sep. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Acquisitions | ||||||||||
Revenues | $ 1,846,900,000 | $ 1,177,800,000 | $ 3,343,200,000 | $ 2,118,700,000 | ||||||
Operating income | 410,600,000 | $ 133,800,000 | 687,900,000 | $ 218,500,000 | ||||||
Goodwill | $ 2,201,600,000 | $ 2,201,600,000 | $ 2,201,600,000 | $ 2,201,600,000 | $ 2,199,000,000 | |||||
0.55% Notes due 2023 | ||||||||||
Acquisitions | ||||||||||
Interest rate (as a percent) | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | |||||
2.20% Notes due 2032 | ||||||||||
Acquisitions | ||||||||||
Interest rate (as a percent) | 2.20% | 2.20% | 2.20% | 2.20% | 2.20% | |||||
MB Technology | ||||||||||
Acquisitions | ||||||||||
Percentage of ownership interest acquired | 100% | |||||||||
Total consideration | $ 26,300,000 | |||||||||
Cash acquired | $ 1,600,000 | $ 1,600,000 | $ 1,600,000 | $ 1,600,000 | ||||||
Revenues | 4,100,000 | 6,100,000 | ||||||||
Operating income | 100,000 | |||||||||
Goodwill | 12,500,000 | |||||||||
Goodwill deductible for tax purposes | 0 | |||||||||
Finite-lived intangible assets acquired | 3,400,000 | |||||||||
Inventory | 2,800,000 | |||||||||
Accounts receivable | 800,000 | |||||||||
Accounts payable | 500,000 | |||||||||
MB Technology | Customer relationships | ||||||||||
Acquisitions | ||||||||||
Total consideration | $ 7,900,000 | |||||||||
Useful life of finite lived intangible assets | 9 years | |||||||||
ASP Henry Holdings, Inc. | ||||||||||
Acquisitions | ||||||||||
Cash acquired | 34,300,000 | $ 34,300,000 | 34,300,000 | 34,300,000 | 34,300,000 | |||||
Goodwill | 561,500,000 | 903,000,000 | 561,500,000 | 561,500,000 | 561,500,000 | |||||
Goodwill deductible for tax purposes | 50,900,000 | |||||||||
Inventory | 51,500,000 | 59,400,000 | 51,500,000 | 51,500,000 | 51,500,000 | |||||
Accounts receivable | 79,000,000 | 79,000,000 | 79,000,000 | 79,000,000 | 79,000,000 | |||||
Accounts payable | 75,700,000 | 77,900,000 | 75,700,000 | 75,700,000 | 75,700,000 | |||||
Consideration paid | 1,605,600,000 | 1,608,200,000 | ||||||||
Gross contractual accounts receivable acquired | 81,900,000 | |||||||||
Accounts receivable not expected to be collected | 2,900,000 | |||||||||
Deferred income taxes | $ (261,200,000) | $ (153,400,000) | $ (261,200,000) | $ (261,200,000) | $ (261,200,000) | |||||
ASP Henry Holdings, Inc. | Customer relationships | ||||||||||
Acquisitions | ||||||||||
Useful life of finite lived intangible assets | 18 years | |||||||||
ASP Henry Holdings, Inc. | 0.55% Notes due 2023 | ||||||||||
Acquisitions | ||||||||||
Proceeds from notes | $ 300,000,000 | |||||||||
Repayments of revolving credit facility | 300,000,000 | |||||||||
ASP Henry Holdings, Inc. | 2.20% Notes due 2032 | ||||||||||
Acquisitions | ||||||||||
Proceeds from notes | 550,000,000 | |||||||||
Repayments of revolving credit facility | $ 550,000,000 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - ASP Henry Holdings, Inc. - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Acquisitions | ||
Revenues | $ 1,324.3 | $ 2,378.9 |
Income from continuing operations | 100.5 | 150 |
Depreciation and amortization | $ 14.4 | $ 28.8 |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | 10 Months Ended | |||
Jun. 30, 2022 | Sep. 01, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | |
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Goodwill | $ 2,201.6 | $ 2,201.6 | $ 2,199 | |
ASP Henry Holdings, Inc. | ||||
Acquisitions | ||||
Consideration paid | 1,605.6 | $ 1,608.2 | ||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Cash and cash equivalents | 34.3 | 34.3 | 34.3 | |
Receivables, net | 79 | 79 | 79 | |
Inventories | 51.5 | 59.4 | 51.5 | |
Prepaid expenses and other current assets | 10.7 | 10.5 | 10.7 | |
Property, plant and equipment | 61.8 | 53.6 | 61.8 | |
Intangible assets | 1,181 | 735.1 | 1,181 | |
Other long-term assets | 11.9 | 3.6 | 11.9 | |
Accounts payable | (75.7) | (77.9) | (75.7) | |
Accrued and other current liabilities | (29.1) | (28.7) | (29.1) | |
Short-term debt | (1) | (1) | (1) | |
Contract liabilities | (2.6) | (2.6) | (2.6) | |
Other long-term debt | (0.8) | (0.8) | (0.8) | |
Other long-term liabilities | (15.7) | (5.9) | (15.7) | |
Deferred income taxes | (261.2) | (153.4) | (261.2) | |
Total identifiable net assets | 1,044.1 | 705.2 | 1,044.1 | |
Goodwill | $ 561.5 | $ 903 | 561.5 | |
ASP Henry Holdings, Inc. | Adjustment | ||||
Acquisitions | ||||
Consideration paid | (2.6) | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Measurement period adjustments, inventory | (7.9) | |||
Measurement period adjustments, prepaid expenses and other current assets | 0.2 | |||
Measurement period adjustments, property, plant and equipment | 8.2 | |||
Measurement period adjustments, definite-lived intangible assets | 445.9 | |||
Measurement period adjustments, other long-term assets | 8.3 | |||
Measurement period adjustments, accounts payable | 2.2 | |||
Measurement period adjustments, accrued and other current liabilities | (0.4) | |||
Measurement period adjustments, other long-term liabilities | (9.8) | |||
Measurement period adjustments, deferred income taxes | (107.8) | |||
Measurement period adjustments, total identifiable assets | 338.9 | |||
Measurement period adjustments, goodwill | $ (341.5) |
Acquisitions - Intangible Asset
Acquisitions - Intangible Assets (Details) - ASP Henry Holdings, Inc. $ in Millions | Sep. 01, 2021 USD ($) |
Acquisitions | |
Total | $ 1,181 |
Trade names | |
Acquisitions | |
Indefinite-lived trade name | 220.4 |
Customer relationships | |
Acquisitions | |
Finite-lived intangible assets | $ 914 |
Useful life of finite lived intangible assets | 18 years |
Technologies | |
Acquisitions | |
Finite-lived intangible assets | $ 46.5 |
Useful life of finite lived intangible assets | 11 years |
Software | |
Acquisitions | |
Finite-lived intangible assets | $ 0.1 |
Useful life of finite lived intangible assets | 4 years |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Feb. 23, 2022 | Aug. 02, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash received from sale of discontinued operation | $ 132 | $ 0 | ||
Carlisle Brake & Friction | Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash received from sale of discontinued operation | $ 125 | $ 250 | ||
Receivable contingent upon achievement of performance targets | $ 125 |
Discontinued Operations - Resul
Discontinued Operations - Results from Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations before income taxes | $ 4.8 | $ 6.3 | $ 4.1 | $ 10.8 |
Provision for income taxes | (0.8) | 1.1 | (0.8) | 2.5 |
Income from discontinued operations | $ 5.6 | 5.2 | $ 4.9 | 8.3 |
Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations before income taxes | 6.3 | |||
Carlisle Brake & Friction | Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 98.8 | 186.9 | ||
Cost of goods sold | 76.1 | 147.4 | ||
Other operating expenses, net | 11.8 | 23.8 | ||
Operating income | 10.9 | 15.7 | ||
Other non-operating (income) expense, net | (0.1) | 0.2 | ||
Income from discontinued operations before income taxes and loss on sale | 11 | 15.5 | ||
Pre-close transaction expenses | 4.7 | 4.7 | ||
Income from discontinued operations before income taxes | 10.8 | |||
Provision for income taxes | 1.1 | 2.5 | ||
Income from discontinued operations | $ 5.2 | $ 8.3 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Cash Flows from Discontinued Operations (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Change in cash and cash equivalents from discontinued operations | $ 0 | $ 7 |
Carlisle Brake & Friction | Discontinued Operations, Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net cash (used in) provided by operating activities | (2.1) | 10.8 |
Net cash provided by (used in) investing activities | 132 | (5.6) |
Net cash (used in) provided by financing activities | (129.9) | 1.8 |
Change in cash and cash equivalents from discontinued operations | $ 0 | $ 7 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: | ||||
Income from continuing operations | $ 295.9 | $ 94.1 | $ 490.2 | $ 143.2 |
Less: dividends declared | (28) | (27.5) | (56.7) | (56) |
Undistributed earnings | $ 267.9 | $ 66.6 | $ 433.5 | $ 87.2 |
Percent allocated to common stockholders | 99.70% | 99.70% | 99.70% | 99.70% |
Undistributed earnings allocated to common stockholders | $ 267.2 | $ 66.4 | $ 432.4 | $ 86.9 |
Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares | 27.9 | 27.5 | 56.6 | 55.9 |
Income from continuing operations attributable to common stockholders | $ 295.1 | $ 93.9 | $ 489 | $ 142.8 |
Denominator (in thousands): | ||||
Basic weighted-average shares outstanding (in shares) | 51.8 | 52.3 | 52 | 52.7 |
Effect of dilutive securities: | ||||
Performance awards (in shares) | 0.2 | 0.2 | 0.2 | 0.1 |
Stock options (in shares) | 0.5 | 0.5 | 0.5 | 0.5 |
Diluted weighted-average shares outstanding (in shares) | 52.5 | 53 | 52.7 | 53.3 |
Per share income from continuing operations attributable to common shares: | ||||
Basic (in dollars per share) | $ 5.70 | $ 1.79 | $ 9.41 | $ 2.71 |
Diluted (in dollars per share) | $ 5.62 | $ 1.77 | $ 9.28 | $ 2.68 |
Basic weighted-average shares outstanding (in shares) | 51.8 | 52.3 | 52 | 52.7 |
Basic weighted-average shares outstanding and unvested restricted shares expected to vest (in shares) | 51.9 | 52.5 | 52.1 | 52.8 |
Percent allocated to common stockholders | 99.70% | 99.70% | 99.70% | 99.70% |
Anti-dilutive stock options excluded from EPS calculation | ||||
Income from discontinued operations attributable to common stockholders for basic and diluted earnings per share | $ 5.6 | $ 5.2 | $ 4.9 | $ 8.3 |
Net income attributable to common stockholders for basic and diluted earnings per share | $ 300.8 | $ 99.2 | $ 493.9 | $ 151.1 |
Anti-dilutive stock options excluded from earnings per share calculation (in shares) | 0.2 | 0 | 0.2 | 0.3 |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligation (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue from Contract with Customer [Abstract] | |
Extended service warranties | $ 12.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Extended service warranties, period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Extended service warranties | $ 23.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Extended service warranties, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Extended service warranties | $ 22.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Extended service warranties, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Extended service warranties | $ 21.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Extended service warranties, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Extended service warranties | $ 20.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Extended service warranties, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Extended service warranties | $ 19.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Extended service warranties, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Extended service warranties | $ 159.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Extended service warranties, period |
Revenue Recognition - Change in
Revenue Recognition - Change in Contract Liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Balance as of January 1 | $ 283.9 | $ 268.3 |
Revenue recognized | (38.1) | (32) |
Revenue deferred | 47.9 | 38.7 |
Balance as of June 30 | $ 293.7 | $ 275 |
Revenue Recognition - Change _2
Revenue Recognition - Change in Contract Assets (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Balance as of January 1 | $ 72.1 | $ 84.5 |
Balance as of June 30 | 78.5 | 71.5 |
Change in contract assets | $ 6.4 | $ (13) |
Revenue Recognition - Timing of
Revenue Recognition - Timing of Revenue Recognition and Reconciliation of Disaggregate Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 1,846.9 | $ 1,177.8 | $ 3,343.2 | $ 2,118.7 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,599.5 | 989.7 | 2,868.8 | 1,758.1 |
Total international | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 247.4 | 188.1 | 474.4 | 360.6 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 97.1 | 94 | 193.5 | 181.5 |
North America (excluding U.S.) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 80.6 | 36.5 | 151.7 | 67.1 |
Asia and Middle East | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 53.6 | 52.1 | 97.8 | 99.5 |
Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4.4 | 2.1 | 10.2 | 4.8 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 11.7 | 3.4 | 21.2 | 7.7 |
General construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,482.3 | 881.9 | 2,661.7 | 1,556 |
Aerospace | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 94.6 | 74 | 177.9 | 139.9 |
Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 78.1 | 59.1 | 142.7 | 114.3 |
Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 39.6 | 35.9 | 78 | 69.7 |
Heavy equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 27.3 | 22.9 | 58.1 | 43.2 |
General industrial and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 125 | 104 | 224.8 | 195.6 |
Carlisle Construction Materials | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,113.4 | 722.8 | 1,994.5 | 1,279.2 |
Carlisle Construction Materials | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,009.4 | 633.8 | 1,796.9 | 1,113.1 |
Carlisle Construction Materials | Total international | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 104 | 89 | 197.6 | 166.1 |
Carlisle Construction Materials | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 62.8 | 61.9 | 122.7 | 116.2 |
Carlisle Construction Materials | North America (excluding U.S.) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 32.6 | 22.5 | 60.2 | 37.9 |
Carlisle Construction Materials | Asia and Middle East | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5 | 4.4 | 7.7 | 9.1 |
Carlisle Construction Materials | Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0.5 | 0.1 | 1.2 | 1.3 |
Carlisle Construction Materials | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3.1 | 0.1 | 5.8 | 1.6 |
Carlisle Construction Materials | General construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,113.4 | 722.8 | 1,994.5 | 1,279.2 |
Carlisle Construction Materials | Aerospace | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Construction Materials | Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Construction Materials | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Construction Materials | Heavy equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Construction Materials | General industrial and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Weatherproofing Technologies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 448.9 | 214.5 | 808 | 377.4 |
Carlisle Weatherproofing Technologies | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 403.8 | 197.7 | 722.3 | 344.7 |
Carlisle Weatherproofing Technologies | Total international | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 45.1 | 16.8 | 85.7 | 32.7 |
Carlisle Weatherproofing Technologies | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5.1 | 2.2 | 10.5 | 8.5 |
Carlisle Weatherproofing Technologies | North America (excluding U.S.) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 35.9 | 8.7 | 64.1 | 16.9 |
Carlisle Weatherproofing Technologies | Asia and Middle East | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1.9 | 5 | 4.8 | 6.4 |
Carlisle Weatherproofing Technologies | Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0.5 | 0.9 | 2.7 | 0.9 |
Carlisle Weatherproofing Technologies | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1.7 | 0 | 3.6 | 0 |
Carlisle Weatherproofing Technologies | General construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 368.9 | 159.1 | 667.2 | 276.8 |
Carlisle Weatherproofing Technologies | Aerospace | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Weatherproofing Technologies | Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Weatherproofing Technologies | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Weatherproofing Technologies | Heavy equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 27.3 | 22.9 | 58.1 | 43.2 |
Carlisle Weatherproofing Technologies | General industrial and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 52.7 | 32.5 | 82.7 | 57.4 |
Carlisle Interconnect Technologies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 212.6 | 168.9 | 397.6 | 324.7 |
Carlisle Interconnect Technologies | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 150.2 | 126.8 | 280.1 | 238.3 |
Carlisle Interconnect Technologies | Total international | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 62.4 | 42.1 | 117.5 | 86.4 |
Carlisle Interconnect Technologies | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 17.5 | 16.3 | 35.7 | 30.7 |
Carlisle Interconnect Technologies | North America (excluding U.S.) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 8.8 | 2.5 | 19.6 | 7 |
Carlisle Interconnect Technologies | Asia and Middle East | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 27.2 | 20.4 | 46.5 | 42.3 |
Carlisle Interconnect Technologies | Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3.2 | 0.9 | 5.9 | 2.2 |
Carlisle Interconnect Technologies | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5.7 | 2 | 9.8 | 4.2 |
Carlisle Interconnect Technologies | General construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Interconnect Technologies | Aerospace | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 94.6 | 74 | 177.9 | 139.9 |
Carlisle Interconnect Technologies | Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 78.1 | 59.1 | 142.7 | 114.3 |
Carlisle Interconnect Technologies | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Interconnect Technologies | Heavy equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Interconnect Technologies | General industrial and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 39.9 | 35.8 | 77 | 70.5 |
Carlisle Fluid Technologies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 72 | 71.6 | 143.1 | 137.4 |
Carlisle Fluid Technologies | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 36.1 | 31.4 | 69.5 | 62 |
Carlisle Fluid Technologies | Total international | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 35.9 | 40.2 | 73.6 | 75.4 |
Carlisle Fluid Technologies | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 11.7 | 13.6 | 24.6 | 26.1 |
Carlisle Fluid Technologies | North America (excluding U.S.) | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3.3 | 2.8 | 7.8 | 5.3 |
Carlisle Fluid Technologies | Asia and Middle East | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 19.5 | 22.3 | 38.8 | 41.7 |
Carlisle Fluid Technologies | Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0.2 | 0.2 | 0.4 | 0.4 |
Carlisle Fluid Technologies | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1.2 | 1.3 | 2 | 1.9 |
Carlisle Fluid Technologies | General construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Fluid Technologies | Aerospace | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Fluid Technologies | Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Fluid Technologies | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 39.6 | 35.9 | 78 | 69.7 |
Carlisle Fluid Technologies | Heavy equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Fluid Technologies | General industrial and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 32.4 | $ 35.7 | $ 65.1 | $ 67.7 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation cost incurred | $ 6.2 | $ 11.7 | $ 15.8 | $ 23.1 |
Capitalized cost during the period | 0 | (5.9) | 0 | (9.3) |
Amortization of capitalized cost during the period | 0 | 8.8 | 0 | 14.3 |
Total stock-based compensation expense | 6.2 | 14.6 | 15.8 | 28.1 |
Stock option awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation cost incurred | 2.3 | 2.3 | 5.4 | 5.9 |
Restricted stock awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation cost incurred | 1.7 | 1.7 | 5 | 3.9 |
Performance share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation cost incurred | 2.2 | 1.8 | 5.4 | 4.3 |
Stock appreciation rights | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation cost incurred | $ 0 | $ 5.9 | $ 0 | $ 9 |
Exit and Disposal and Other R_3
Exit and Disposal and Other Restructuring Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Exit and disposal costs | $ 1.1 | $ 6.6 | $ 3.3 | $ 8 | ||
Employee Termination Benefit Costs | WASHINGTON | Impact from COVID-19 | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Exit and disposal costs | 4.5 | 5.1 | ||||
Exit and disposal costs, expected to be incurred | $ 14.2 | |||||
Carlisle Interconnect Technologies | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Exit and disposal costs | 1.1 | $ 6.6 | 3 | $ 7.9 | ||
Carlisle Interconnect Technologies | Facility Closing | CALIFORNIA | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Exit and disposal costs | 0.4 | 1.2 | ||||
Exit and disposal costs, expected to be incurred | 4.8 | 4.8 | ||||
Exit and disposal costs, remaining amount | $ 2 | $ 2 | ||||
Carlisle Interconnect Technologies | Facility Closing | Minimum | CALIFORNIA | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Exit and disposal costs, expected period to complete | 6 months | |||||
Carlisle Interconnect Technologies | Facility Closing | Maximum | CALIFORNIA | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Exit and disposal costs, expected period to complete | 9 months |
Exit and Disposal and Other R_4
Exit and Disposal and Other Restructuring Activities - Components of Exit and Disposal Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated depreciation and impairments | $ 0.7 | $ 2.1 | $ 1.3 | $ 2.1 |
Employee severance and benefit arrangements | 0.2 | 3.2 | 1.3 | 5.1 |
Facility cleanup costs | 0.1 | 0 | 0.2 | (1) |
Lease termination costs | 0 | 0 | 0.1 | 0 |
Relocation costs | 0 | 0.2 | 0 | 0.3 |
Other restructuring costs | 0.1 | 1.1 | 0.4 | 1.5 |
Total exit and disposal costs | 1.1 | 6.6 | 3.3 | 8 |
Cost of goods sold | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 1 | 3.6 | 2.9 | 4.4 |
Selling and administrative expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 0.1 | 2.8 | 0.4 | 3.4 |
Research and development expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 0 | 0.2 | 0 | 0.2 |
Carlisle Interconnect Technologies | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 1.1 | 6.6 | 3 | 7.9 |
Carlisle Weatherproofing Technologies | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 0 | 0 | 0.3 | 0 |
Carlisle Fluid Technologies | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | $ 0 | $ 0 | $ 0 | $ 0.1 |
Exit and Disposal and Other R_5
Exit and Disposal and Other Restructuring Activities - Exit and Disposal Activity Liability (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restructuring Reserve [Roll Forward] | ||||
Balance, beginning | $ 6.5 | |||
Charges | $ 1.1 | $ 6.6 | 3.3 | $ 8 |
Settlements | (8.3) | |||
Balance, ending | $ 1.5 | $ 1.5 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate on continuing operations (as a percent) | 23.50% | 18.80% |
Anticipated effective tax rate for beginning of year to date (as a percent) | 23.80% | |
Discrete income tax expense (benefit) | $ 1.7 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 373 | $ 288 |
Work-in-process | 95.5 | 76.2 |
Finished goods | 344.9 | 271 |
Reserves | (32.5) | (30.1) |
Inventories, net | $ 780.9 | $ 605.1 |
Accrued and Other Current Lia_3
Accrued and Other Current Liabilities - Accrued Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued liabilities | ||||
Compensation and benefits | $ 113.2 | $ 136.2 | ||
Customer incentives | 96.2 | 97.9 | ||
Standard product warranties | 25 | 26.8 | $ 27.6 | $ 30 |
Income and other accrued taxes | 18.6 | 19.4 | ||
Other accrued liabilities | 67 | 70.9 | ||
Accrued and other current liabilities | $ 320 | $ 351.2 |
Accrued and Other Current Lia_4
Accrued and Other Current Liabilities - Change in Standard Product Warranty Liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Change in aggregate product warranty liabilities | ||
Beginning reserve | $ 26.8 | $ 30 |
Provision | 4.7 | 0.1 |
Claims | (6) | (2.3) |
Foreign exchange | (0.5) | (0.2) |
Ending reserve | $ 25 | $ 27.6 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Borrowings | |||
Unamortized discount, debt issuance costs and other | $ (20,100,000) | $ (22,600,000) | |
Total long term-debt | 2,929,900,000 | 2,927,400,000 | |
Current portion of debt | 352,200,000 | 352,000,000 | |
Long term-debt, less current portion | 2,577,700,000 | 2,575,400,000 | |
Letters of credit outstanding | 18,100,000 | 18,900,000 | |
Revolving credit facility | |||
Borrowings | |||
Borrowings from revolving credit facility | 0 | ||
Repayments of revolving credit facility | 0 | ||
Revolving credit facility | 0 | 0 | |
Availability under revolving line of credit | 1,000,000,000 | 1,000,000,000 | |
2.20% Notes due 2032 | |||
Borrowings | |||
Long-term debt, carrying amount | $ 550,000,000 | 550,000,000 | |
Interest rate (as a percent) | 2.20% | 2.20% | |
2.20% Notes due 2032 | Significant Observable Inputs (Level 2) | |||
Borrowings | |||
Fair value of notes | $ 429,400,000 | 529,700,000 | |
2.75% Notes due 2030 | |||
Borrowings | |||
Long-term debt, carrying amount | $ 750,000,000 | $ 750,000,000 | |
Interest rate (as a percent) | 2.75% | 2.75% | |
2.75% Notes due 2030 | Significant Observable Inputs (Level 2) | |||
Borrowings | |||
Fair value of notes | $ 633,300,000 | $ 764,600,000 | |
3.75% Notes due 2027 | |||
Borrowings | |||
Long-term debt, carrying amount | $ 600,000,000 | $ 600,000,000 | |
Interest rate (as a percent) | 3.75% | 3.75% | |
3.75% Notes due 2027 | Significant Observable Inputs (Level 2) | |||
Borrowings | |||
Fair value of notes | $ 577,900,000 | $ 645,800,000 | |
3.50% Notes due 2024 | |||
Borrowings | |||
Long-term debt, carrying amount | $ 400,000,000 | $ 400,000,000 | |
Interest rate (as a percent) | 3.50% | 3.50% | |
3.50% Notes due 2024 | Significant Observable Inputs (Level 2) | |||
Borrowings | |||
Fair value of notes | $ 396,000,000 | $ 419,800,000 | |
0.55% Notes due 2023 | |||
Borrowings | |||
Long-term debt, carrying amount | $ 300,000,000 | $ 300,000,000 | |
Interest rate (as a percent) | 0.55% | 0.55% | |
0.55% Notes due 2023 | Significant Observable Inputs (Level 2) | |||
Borrowings | |||
Fair value of notes | $ 289,900,000 | $ 297,500,000 | |
3.75% Notes due 2022 | |||
Borrowings | |||
Long-term debt, carrying amount | $ 350,000,000 | $ 350,000,000 | |
Interest rate (as a percent) | 3.75% | 3.75% | |
3.75% Notes due 2022 | Significant Observable Inputs (Level 2) | |||
Borrowings | |||
Fair value of notes | $ 350,500,000 | $ 356,200,000 | |
Revolving credit facility | Letter of credit | |||
Borrowings | |||
Availability under revolving line of credit | 91,900,000 | ||
Maximum borrowing capacity | $ 110,000,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - Defined Benefit Plans - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Components of net periodic benefit cost | ||||
Service cost | $ 0.6 | $ 0.7 | $ 1.2 | $ 1.4 |
Interest cost | 0.8 | 0.7 | 1.6 | 1.4 |
Expected return on plan assets | (2.4) | (2.5) | (4.8) | (4.9) |
Amortization of unrecognized loss | 1.2 | 1.6 | 2.5 | 3.2 |
Settlement expense | 0.5 | 0.5 | 0.9 | 0.9 |
Net periodic benefit cost | 0.7 | 1 | 1.4 | 2 |
Amortization of unrecognized actuarial loss, provision for income tax | $ (0.3) | $ (0.4) | $ (0.6) | $ (0.8) |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Derivative Financial Instruments | ||
Investment grade bonds | $ 19.7 | $ 30.3 |
Cash | ||
Derivative Financial Instruments | ||
Deferred compensation, Rabbi Trust | 5 | 5.7 |
Short-term Investments | ||
Derivative Financial Instruments | ||
Deferred compensation, Rabbi Trust | 7.4 | 8.1 |
Foreign Exchange Forward | Designated hedges | ||
Derivative Financial Instruments | ||
Fair value | 0.7 | 2.7 |
Notional Value | $ 121.7 | 127.6 |
Foreign Exchange Forward | Designated hedges | Cash Flow Hedging | ||
Derivative Financial Instruments | ||
Maturity term (less than) | 1 year | |
Foreign Exchange Forward | Non-designated hedges | ||
Derivative Financial Instruments | ||
Fair value | $ (0.1) | 0.2 |
Notional Value | $ 114.5 | $ 82.5 |
Maturity term (less than) | 1 year |