Carlisle Companies (CSL) 10-Q 28 Apr 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		50,967,646
Entity Central Index Key	0000790051
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
Revenues	$ 1,178.8	$ 1,496.3
Cost of goods sold	832.1	1,005.4
Selling and administrative expenses	188.6	203
Research and development expenses	15.5	12.3
Other operating expense (income), net	1.6	(1.7)
Operating income	141	277.3
Interest expense, net	18.8	22.6
Interest income	(4.6)	(0.2)
Other non-operating (income) expense, net	(1.2)	0.1
Income from continuing operations before income taxes	128	254.8
Provision for income taxes	28.4	60.5
Income from continuing operations	99.6	194.3
Discontinued operations:
Income (loss) before income taxes	0.6	(0.7)
Benefit from income taxes	(1.5)	0
Income (loss) from discontinued operations	2.1	(0.7)
Net income	$ 101.7	$ 193.6
Basic earnings per share attributable to common shares:
Income from continuing operations (in dollars per share)	$ 1.95	$ 3.72
(Loss) income from discontinued operations (in dollars per share)	0.04	(0.01)
Basic earnings per share (in dollars per share)	1.99	3.71
Diluted earnings per share attributable to common shares:
Income from continuing operations (in dollars per share)	1.92	3.67
(Loss) income from discontinued operations (in dollars per share)	0.04	(0.01)
Diluted earnings per share (in dollars per share)	$ 1.96	$ 3.66
Average shares outstanding:
Basic (in shares)	51.1	52.1
Diluted (in shares)	51.7	52.9
Comprehensive income:
Net income	$ 101.7	$ 193.6
Other comprehensive income (loss):
Foreign currency gains	13	3.5
Amortization of unrecognized net periodic benefit costs, net of tax	0.3	1
Other, net of tax	1.9	(0.7)
Other comprehensive income	15.2	3.8
Comprehensive income	$ 116.9	$ 197.4

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 423.9	$ 400
Receivables, net of allowance for credit losses of $6.5 million and $6.3 million, respectively	730.3	829.1
Inventories, net	781.5	748.8
Contract assets	87.3	90.7
Prepaid expenses	28.6	35.6
Other current assets	100.7	140.8
Total current assets	2,152.3	2,245
Property, plant, and equipment, net	840.4	822.7
Goodwill	2,203.6	2,200.7
Other intangible assets, net	1,802.2	1,837.3
Other long-term assets	116.9	116.3
Total assets	7,115.4	7,222
Current liabilities:
Accounts payable	367	370.5
Current portion of debt	302	301.8
Accrued and other current liabilities	223	365.8
Contract liabilities	38	40.3
Total current liabilities	930	1,078.4
Long-term liabilities:
Long-term debt, less current portion	2,281.9	2,281.5
Contract liabilities	275.9	270.4
Other long-term liabilities	569.3	567.3
Total long-term liabilities	3,127.1	3,119.2
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; 50.8 and 50.9 shares outstanding, respectively)	78.7	78.7
Additional paid-in capital	516	512.6
Treasury shares, at cost (27.6 and 27.5 shares, respectively)	(2,483.6)	(2,436.2)
Accumulated other comprehensive loss	(142.6)	(157.8)
Retained earnings	5,089.8	5,027.1
Total stockholders' equity	3,058.3	3,024.4
Total liabilities and equity	$ 7,115.4	$ 7,222

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Receivables allowance	$ 6.5	$ 6.3
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)	50,800,000	50,900,000
Treasury, shares (in shares)	27,600,000	27,500,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net income	$ 101.7	$ 193.6
Reconciliation of net income to net cash provided by operating activities:
Depreciation	23.3	24
Amortization	37.2	40.7
Lease expense	6.9	7.1
Stock-based compensation	11.4	9.6
Deferred taxes	1.5	1.2
Other operating activities, net	2.3	3.3
Changes in assets and liabilities, excluding effects of acquisitions:
Receivables	100.2	(189.2)
Inventories	(28.9)	(122)
Contract assets	3.5	(1.5)
Prepaid expenses and other assets	20.2	17.4
Accounts payable	(0.3)	88.5
Accrued and other current liabilities	(126.1)	(23.1)
Contract liabilities	3.2	5.2
Other long-term liabilities	(6.5)	(10.5)
Net cash provided by operating activities	149.6	44.3
Investing activities:
Capital expenditures	(40.2)	(31.1)
Proceeds from sale of discontinued operation, net of cash disposed	0	125
Acquisitions, net of cash acquired	0	(24.7)
Investment in securities	0.5	10.3
Other investing activities, net	8	1.7
Net cash (used in) provided by investing activities	(31.7)	81.2
Financing activities:
Repurchases of common stock	(50)	(125)
Dividends paid	(38.9)	(28.7)
Proceeds from exercise of stock options	4.8	7.7
Withholding tax paid related to stock-based compensation	(9.9)	(12)
Other financing activities, net	(0.8)	(0.8)
Net cash used in financing activities	(94.8)	(158.8)
Effect of foreign currency exchange rate changes on cash and cash equivalents	0.8	0.6
Change in cash and cash equivalents	23.9	(32.7)
Cash and cash equivalents at beginning of period	400	324.4
Cash and cash equivalents at end of period	$ 423.9	$ 291.7

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, 2021			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
Increase (Decrease) in Shareholders' Equity
Net income		193.6				193.6
Other comprehensive income (loss), net of tax		3.8			3.8
Dividends		(28.7)				(28.7)
Repurchases of common stock (in shares)			(0.5)				(0.5)
Repurchases of common stock		(125)					$ (125)
Issuances and deferrals, net for stock-based compensation (in shares)	[1]		(0.1)				(0.1)
Issuances and deferrals. net for stock-based compensation	[1]	5.4		2			$ 3.4
Balance at ending (in shares) at Mar. 31, 2022			51.6
Balance at the end of the period at Mar. 31, 2022		$ 2,678.6	$ 78.7	483.5	(101.4)	4,402.6	$ (2,184.8)
Balance at ending (in shares) at Mar. 31, 2022							26.8
Balance at beginning (in shares) at Dec. 31, 2022		50.9	50.9
Balance at the beginning of the period at Dec. 31, 2022		$ 3,024.4	$ 78.7	512.6	(157.8)	5,027.1	$ (2,436.2)
Balance at beginning (in shares) at Dec. 31, 2022		27.5					27.5
Increase (Decrease) in Shareholders' Equity
Net income		$ 101.7				101.7
Other comprehensive income (loss), net of tax		15.2			15.2
Dividends		(39)				(39)
Repurchases of common stock (in shares)			(0.2)				(0.2)
Repurchases of common stock		(50.2)					$ (50.2)
Issuances and deferrals, net for stock-based compensation (in shares)	[1]		(0.1)				(0.1)
Issuances and deferrals. net for stock-based compensation	[1]	$ 6.2		3.4			$ 2.8
Balance at ending (in shares) at Mar. 31, 2023		50.8	50.8
Balance at the end of the period at Mar. 31, 2023		$ 3,058.3	$ 78.7	$ 516	$ (142.6)	$ 5,089.8	$ (2,483.6)
Balance at ending (in shares) at Mar. 31, 2023		27.6					27.6
[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
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.75	$ 0.54

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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, 2022 (the "2022 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
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 ethylene propylene diene monomer ("EPDM"), thermoplastic polyolefin ("TPO") and polyvinyl chloride ("PVC") membrane, polyisocyanurate ("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, and engineered products for HVAC 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 March 31, 2023 2022 (in millions) Revenues Operating Income (Loss) Revenues Operating Income (Loss) Carlisle Construction Materials $ 576.0 $ 122.4 $ 881.1 $ 261.1 Carlisle Weatherproofing Technologies 316.6 24.1 359.1 37.5 Carlisle Interconnect Technologies 213.5 10.9 185.0 (2.5) Carlisle Fluid Technologies 72.7 10.7 71.1 4.8 Segment total 1,178.8 168.1 1,496.3 300.9 Corporate and unallocated (1) — (27.1) — (23.6) Total $ 1,178.8 $ 141.0 $ 1,496.3 $ 277.3 (1) Corporate operating loss includes other unallocated costs, primarily general corporate expenses.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2023
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. For the period from February 1, 2022 to March 31, 2022, the related product lines contributed revenues of $2.0 million and operating income of $0.1 million. 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, which was divided into four reporting units in 2022 with goodwill allocated to the new reporting units based on their relative fair values. 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.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2023
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 its former 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 cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 follows: (in millions) 2022 Net cash used in operating activities $ (0.7) Net cash provided by investing activities 125.0 Net cash used in financing activities (1) (124.3) Change in cash and cash equivalents from discontinued operations $ —

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
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 (in millions, except per share amounts and percentages) 2023 2022 Income from continuing operations $ 99.6 $ 194.3 Less: dividends declared 39.0 28.7 Undistributed earnings 60.6 165.6 Percent allocated to common stockholders (1) 99.8 % 99.7 % Undistributed earnings allocated to common stockholders 60.5 165.1 Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares 38.9 28.7 Income from continuing operations attributable to common stockholders $ 99.4 $ 193.8 Shares: Basic weighted-average shares outstanding 51.1 52.1 Effect of dilutive securities: Performance awards 0.2 0.2 Stock options 0.4 0.6 Diluted weighted-average shares outstanding 51.7 52.9 Per share income from continuing operations attributable to common shares: Basic $ 1.95 $ 3.72 Diluted $ 1.92 $ 3.67 (1) Basic weighted-average shares outstanding 51.1 52.1 Basic weighted-average shares outstanding and unvested restricted shares expected to vest 51.2 52.3 Percent allocated to common stockholders 99.8 % 99.7 % To calculate earnings per share for income (loss) 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 (in millions) 2023 2022 Income (loss) from discontinued operations attributable to common stockholders for basic and diluted earnings per share $ 2.1 $ (0.7) Net income attributable to common stockholders for basic and diluted earnings per share 101.5 193.1 Anti-dilutive stock options excluded from earnings per share calculation (1) 0.7 0.1 (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	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue RecognitionThe 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 March 31, 2023, follows: (in millions) Remainder of 2023 2024 2025 2026 2027 2028 Thereafter Extended service warranties $ 19.2 $ 24.6 $ 23.7 $ 22.7 $ 21.6 $ 20.6 $ 168.2 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 three months ended March 31, follows: (in millions) 2023 2022 Balance as of January 1 $ 310.7 $ 283.9 Revenue recognized (17.0) (20.0) Revenue deferred 20.2 25.2 Balance as of March 31 $ 313.9 $ 289.1 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 three months ended March 31, follows: (in millions) 2023 2022 Balance as of January 1 $ 90.7 $ 72.1 Balance as of March 31 87.3 73.6 Change in contract assets $ (3.4) $ 1.5 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 March 31, 2023 (in millions) CCM CWT CIT CFT Total General construction $ 576.0 $ 272.4 $ — $ — $ 848.4 Aerospace — — 111.1 — 111.1 Medical — — 65.8 — 65.8 Transportation — — — 36.3 36.3 Heavy equipment — 26.1 — — 26.1 General industrial and other — 18.1 36.6 36.4 91.1 Total revenues $ 576.0 $ 316.6 $ 213.5 $ 72.7 $ 1,178.8 Three Months Ended March 31, 2022 (in millions) CCM CWT CIT CFT Total General construction $ 881.1 $ 298.3 $ — $ — $ 1,179.4 Aerospace — — 83.3 — 83.3 Medical — — 64.6 — 64.6 Transportation — — — 38.4 38.4 Heavy equipment — 30.8 — — 30.8 General industrial and other — 30.0 37.1 32.7 99.8 Total revenues $ 881.1 $ 359.1 $ 185.0 $ 71.1 $ 1,496.3 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 March 31, 2023 (in millions) CCM CWT CIT CFT Total United States $ 495.8 $ 282.3 $ 157.7 $ 36.7 $ 972.5 International: Europe 55.2 5.2 20.2 11.0 91.6 North America (excluding U.S.) 17.9 24.3 12.1 3.8 58.1 Asia and Middle East 3.8 2.4 17.6 19.9 43.7 Africa 0.5 0.8 3.4 0.2 4.9 Other 2.8 1.6 2.5 1.1 8.0 Total international 80.2 34.3 55.8 36.0 206.3 Total revenues $ 576.0 $ 316.6 $ 213.5 $ 72.7 $ 1,178.8 Three Months Ended March 31, 2022 (in millions) CCM CWT CIT CFT Total United States $ 787.5 $ 318.5 $ 129.9 $ 33.4 $ 1,269.3 International: Europe 59.9 5.4 18.2 12.9 96.4 North America (excluding U.S.) 27.6 28.2 10.8 4.5 71.1 Asia and Middle East 2.7 2.9 19.3 19.3 44.2 Africa 0.7 2.2 2.7 0.2 5.8 Other 2.7 1.9 4.1 0.8 9.5 Total international 93.6 40.6 55.1 37.7 227.0 Total revenues $ 881.1 $ 359.1 $ 185.0 $ 71.1 $ 1,496.3

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation cost by award type follows: (in millions) Three Months Ended 2023 2022 Stock option awards $ 5.5 $ 3.1 Restricted stock awards 3.2 3.3 Performance share awards 2.4 3.2 Total stock-based compensation cost incurred 11.1 9.6 Capitalized cost during the period (1.7) — Amortization of capitalized cost during the period 2.0 — Total stock-based compensation expense $ 11.4 $ 9.6

Exit and Disposal and Other Res

Exit and Disposal and Other Restructuring Activities	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Exit and Disposal and Other Restructuring Activities	Exit and Disposal and Other Restructuring ActivitiesThe 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 first quarter of 2023, the Company initiated plans to exit its manufacturing operations in Lugano, Switzerland, and relocate the majority of those operations to its existing facilities in North America. The project is estimated to take fifteen The Company has substantially completed its plan to exit its manufacturing operations in Carlsbad, California, and relocate the majority of those operations to its existing facilities in North America for cumulative exit and disposal costs of $5.6 million. During the three months ended March 31, 2023, project costs totaled $1.1 million, primarily for relocation expenses and employee termination benefit costs. Consolidated Summary The Company's exit and disposal costs by activity follows: (in millions) Three Months Ended 2023 2022 Employee severance and benefit arrangements $ 1.9 $ 1.1 Accelerated depreciation and impairments 1.4 0.6 Relocation costs 0.3 — Facility cleanup costs — 0.1 Lease termination costs — 0.1 Other restructuring costs 0.7 0.3 Total exit and disposal costs $ 4.3 $ 2.2 The Company's exit and disposal costs by segment follows: (in millions) Three Months Ended 2023 2022 Carlisle Weatherproofing Technologies $ 2.2 $ 0.3 Carlisle Interconnect Technologies 1.8 1.9 Carlisle Fluid Technologies 0.2 — Carlisle Construction Materials 0.1 — Total exit and disposal costs $ 4.3 $ 2.2 The Company's exit and disposal costs by financial statement line item follows: (in millions) Three Months Ended 2023 2022 Cost of goods sold $ 4.1 $ 1.9 Selling and administrative expenses 0.2 0.3 Total exit and disposal costs $ 4.3 $ 2.2 The Company's change in exit and disposal activities liability follows: (in millions) 2023 2022 Balance as of January 1, $ 1.6 $ 6.5 Charges 4.3 2.2 Settlements (5.0) (6.5) Balance as of March 31, $ 0.9 $ 2.2 The liability of $0.9 million as of March 31, 2023, primarily relates to employee severance and benefit arrangements and is included in accrued and other current liabilities.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rate on continuing operations for the three months ended March 31, 2023, was 22.2%. The year-to-date provision for income taxes included taxes on earnings at an anticipated rate of 23.4% and a tax impact of $1.5 million of discrete activity primarily related to excess tax benefits from employee stock compensation. The effective income tax rate on continuing operations for the three months ended March 31, 2022, was 23.7%.

Inventories, net

Inventories, net	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories, net	Inventories, net (in millions) March 31, December 31, Raw materials $ 265.5 $ 315.0 Work-in-process 84.0 94.1 Finished goods 466.1 375.7 Reserves (34.1) (36.0) Inventories, net $ 781.5 $ 748.8

Accrued and Other Current Liabi

Accrued and Other Current Liabilities	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued and Other Current Liabilities	Accrued and Other Current Liabilities (in millions) March 31, December 31, Compensation and benefits $ 71.9 $ 123.0 Customer incentives 40.6 131.2 Standard product warranties 25.9 25.7 Income and other accrued taxes 15.2 13.5 Other accrued liabilities 69.4 72.4 Accrued and other current liabilities $ 223.0 $ 365.8 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 three months ended March 31, follows: (in millions) 2023 2022 Balance as of January 1 $ 25.7 $ 26.8 Provision 3.4 3.0 Claims (3.3) (2.6) Foreign exchange 0.1 (0.1) Balance as of March 31 $ 25.9 $ 27.1

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt (in millions) Fair Value (1) March 31, December 31, March 31, December 31, 2.20% Notes due 2032 $ 550.0 $ 550.0 $ 424.1 $ 417.5 2.75% Notes due 2030 750.0 750.0 634.6 622.3 3.75% Notes due 2027 600.0 600.0 571.2 557.4 3.50% Notes due 2024 400.0 400.0 391.1 386.9 0.55% Notes due 2023 300.0 300.0 293.7 290.7 Unamortized discount, debt issuance costs and other (16.1) (16.7) Total long term-debt 2,583.9 2,583.3 Less: current portion of debt 302.0 301.8 Long term-debt, less current portion $ 2,281.9 $ 2,281.5 (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 three months ended March 31, 2023, there were no borrowings or repayments under the Company's Fourth Amended and Restated Credit Agreement (the "Facility"). As of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022. 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 March 31, 2023 and December 31, 2022, the Company had $15.9 million and $15.8 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 $94.1 million was available for use as of March 31, 2023.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2023
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 (in millions) 2023 2022 Service cost $ 0.5 $ 0.6 Interest cost 1.6 0.8 Expected return on plan assets (2.0) (2.4) Amortization of unrecognized loss (1) 0.3 1.3 Settlement expense — 0.4 Net periodic benefit cost $ 0.4 $ 0.7 (1) Includes amortization of unrecognized actuarial loss and prior service credits and excludes provision for income tax of $(0.1) million and $(0.3) million for the three months ended March 31, 2023 and 2022, 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	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 December 31, 2022 (in millions) Fair Value (1) Notional Value Fair Value (1) Notional Value Designated hedges $ 1.5 $ 118.9 $ 0.7 $ 87.9 Non-designated hedges (0.5) 124.6 (0.3) 124.3 (1) The fair value of foreign currency forward contracts is included in other current assets (accrued and other current liabilities). 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 months ended March 31, 2023 and 2022. 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 months ended March 31, 2023 and 2022, 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 March 31, 2023 and December 31, 2022, the Company had $5.0 million and $4.0 million of cash, respectively, and $10.5 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 March 31, 2023 and December 31, 2022, the Company had $19.5 million and $19.8 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	3 Months Ended
	Mar. 31, 2023
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 and roofing products produced and sold by Henry Company LLC, which the Company acquired on September 1, 2021. 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 March 31, 2023, 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 2022 Annual Report on Form 10-K for the Company's accounting policy related to litigation defense costs. The Company currently maintains insurance coverage and is the beneficiary of other arrangements that provide coverage for 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 and other arrangements contain various coverage exclusions, limits of coverage, cost-sharing obligations 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. 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)	3 Months Ended
	Mar. 31, 2023
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, 2022 (the "2022 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.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Summary of Net Sales and Earnings Before Interest and Taxes ("EBIT")	A summary of segment information follows: Three Months Ended March 31, 2023 2022 (in millions) Revenues Operating Income (Loss) Revenues Operating Income (Loss) Carlisle Construction Materials $ 576.0 $ 122.4 $ 881.1 $ 261.1 Carlisle Weatherproofing Technologies 316.6 24.1 359.1 37.5 Carlisle Interconnect Technologies 213.5 10.9 185.0 (2.5) Carlisle Fluid Technologies 72.7 10.7 71.1 4.8 Segment total 1,178.8 168.1 1,496.3 300.9 Corporate and unallocated (1) — (27.1) — (23.6) Total $ 1,178.8 $ 141.0 $ 1,496.3 $ 277.3 (1) Corporate operating loss includes other unallocated costs, primarily general corporate expenses.

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Activity of Discontinued Operations	A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 follows: (in millions) 2022 Net cash used in operating activities $ (0.7) Net cash provided by investing activities 125.0 Net cash used in financing activities (1) (124.3) Change in cash and cash equivalents from discontinued operations $ — (1) Represents repayments to the Carlisle cash pool for return of capital upon sale.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 (in millions, except per share amounts and percentages) 2023 2022 Income from continuing operations $ 99.6 $ 194.3 Less: dividends declared 39.0 28.7 Undistributed earnings 60.6 165.6 Percent allocated to common stockholders (1) 99.8 % 99.7 % Undistributed earnings allocated to common stockholders 60.5 165.1 Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares 38.9 28.7 Income from continuing operations attributable to common stockholders $ 99.4 $ 193.8 Shares: Basic weighted-average shares outstanding 51.1 52.1 Effect of dilutive securities: Performance awards 0.2 0.2 Stock options 0.4 0.6 Diluted weighted-average shares outstanding 51.7 52.9 Per share income from continuing operations attributable to common shares: Basic $ 1.95 $ 3.72 Diluted $ 1.92 $ 3.67 (1) Basic weighted-average shares outstanding 51.1 52.1 Basic weighted-average shares outstanding and unvested restricted shares expected to vest 51.2 52.3 Percent allocated to common stockholders 99.8 % 99.7 %
Schedule of antidilutive securities excluded from computation of earnings per share	To calculate earnings per share for income (loss) 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 (in millions) 2023 2022 Income (loss) from discontinued operations attributable to common stockholders for basic and diluted earnings per share $ 2.1 $ (0.7) Net income attributable to common stockholders for basic and diluted earnings per share 101.5 193.1 Anti-dilutive stock options excluded from earnings per share calculation (1) 0.7 0.1 (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)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, follows: (in millions) Remainder of 2023 2024 2025 2026 2027 2028 Thereafter Extended service warranties $ 19.2 $ 24.6 $ 23.7 $ 22.7 $ 21.6 $ 20.6 $ 168.2
Change in Contract Liabilities	A summary of the change in contract liabilities for the three months ended March 31, follows: (in millions) 2023 2022 Balance as of January 1 $ 310.7 $ 283.9 Revenue recognized (17.0) (20.0) Revenue deferred 20.2 25.2 Balance as of March 31 $ 313.9 $ 289.1
Schedule of Change in Contract Assets	A summary of the change in contract assets for the three months ended March 31, follows: (in millions) 2023 2022 Balance as of January 1 $ 90.7 $ 72.1 Balance as of March 31 87.3 73.6 Change in contract assets $ (3.4) $ 1.5
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 March 31, 2023 (in millions) CCM CWT CIT CFT Total General construction $ 576.0 $ 272.4 $ — $ — $ 848.4 Aerospace — — 111.1 — 111.1 Medical — — 65.8 — 65.8 Transportation — — — 36.3 36.3 Heavy equipment — 26.1 — — 26.1 General industrial and other — 18.1 36.6 36.4 91.1 Total revenues $ 576.0 $ 316.6 $ 213.5 $ 72.7 $ 1,178.8 Three Months Ended March 31, 2022 (in millions) CCM CWT CIT CFT Total General construction $ 881.1 $ 298.3 $ — $ — $ 1,179.4 Aerospace — — 83.3 — 83.3 Medical — — 64.6 — 64.6 Transportation — — — 38.4 38.4 Heavy equipment — 30.8 — — 30.8 General industrial and other — 30.0 37.1 32.7 99.8 Total revenues $ 881.1 $ 359.1 $ 185.0 $ 71.1 $ 1,496.3 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 March 31, 2023 (in millions) CCM CWT CIT CFT Total United States $ 495.8 $ 282.3 $ 157.7 $ 36.7 $ 972.5 International: Europe 55.2 5.2 20.2 11.0 91.6 North America (excluding U.S.) 17.9 24.3 12.1 3.8 58.1 Asia and Middle East 3.8 2.4 17.6 19.9 43.7 Africa 0.5 0.8 3.4 0.2 4.9 Other 2.8 1.6 2.5 1.1 8.0 Total international 80.2 34.3 55.8 36.0 206.3 Total revenues $ 576.0 $ 316.6 $ 213.5 $ 72.7 $ 1,178.8 Three Months Ended March 31, 2022 (in millions) CCM CWT CIT CFT Total United States $ 787.5 $ 318.5 $ 129.9 $ 33.4 $ 1,269.3 International: Europe 59.9 5.4 18.2 12.9 96.4 North America (excluding U.S.) 27.6 28.2 10.8 4.5 71.1 Asia and Middle East 2.7 2.9 19.3 19.3 44.2 Africa 0.7 2.2 2.7 0.2 5.8 Other 2.7 1.9 4.1 0.8 9.5 Total international 93.6 40.6 55.1 37.7 227.0 Total revenues $ 881.1 $ 359.1 $ 185.0 $ 71.1 $ 1,496.3

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Compensation Expense	Stock-based compensation cost by award type follows: (in millions) Three Months Ended 2023 2022 Stock option awards $ 5.5 $ 3.1 Restricted stock awards 3.2 3.3 Performance share awards 2.4 3.2 Total stock-based compensation cost incurred 11.1 9.6 Capitalized cost during the period (1.7) — Amortization of capitalized cost during the period 2.0 — Total stock-based compensation expense $ 11.4 $ 9.6

Exit and Disposal and Other R_2

Exit and Disposal and Other Restructuring Activities (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Employee severance and benefit arrangements $ 1.9 $ 1.1 Accelerated depreciation and impairments 1.4 0.6 Relocation costs 0.3 — Facility cleanup costs — 0.1 Lease termination costs — 0.1 Other restructuring costs 0.7 0.3 Total exit and disposal costs $ 4.3 $ 2.2 The Company's exit and disposal costs by segment follows: (in millions) Three Months Ended 2023 2022 Carlisle Weatherproofing Technologies $ 2.2 $ 0.3 Carlisle Interconnect Technologies 1.8 1.9 Carlisle Fluid Technologies 0.2 — Carlisle Construction Materials 0.1 — Total exit and disposal costs $ 4.3 $ 2.2 The Company's exit and disposal costs by financial statement line item follows: (in millions) Three Months Ended 2023 2022 Cost of goods sold $ 4.1 $ 1.9 Selling and administrative expenses 0.2 0.3 Total exit and disposal costs $ 4.3 $ 2.2 The Company's change in exit and disposal activities liability follows: (in millions) 2023 2022 Balance as of January 1, $ 1.6 $ 6.5 Charges 4.3 2.2 Settlements (5.0) (6.5) Balance as of March 31, $ 0.9 $ 2.2

Inventories, net (Tables)

Inventories, net (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Components of Inventories	(in millions) March 31, December 31, Raw materials $ 265.5 $ 315.0 Work-in-process 84.0 94.1 Finished goods 466.1 375.7 Reserves (34.1) (36.0) Inventories, net $ 781.5 $ 748.8

Accrued and Other Current Lia_2

Accrued and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	(in millions) March 31, December 31, Compensation and benefits $ 71.9 $ 123.0 Customer incentives 40.6 131.2 Standard product warranties 25.9 25.7 Income and other accrued taxes 15.2 13.5 Other accrued liabilities 69.4 72.4 Accrued and other current liabilities $ 223.0 $ 365.8
Schedule of Change in Standard Product Warranty Liabilities	The change in standard product warranty liabilities for the three months ended March 31, follows: (in millions) 2023 2022 Balance as of January 1 $ 25.7 $ 26.8 Provision 3.4 3.0 Claims (3.3) (2.6) Foreign exchange 0.1 (0.1) Balance as of March 31 $ 25.9 $ 27.1

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	(in millions) Fair Value (1) March 31, December 31, March 31, December 31, 2.20% Notes due 2032 $ 550.0 $ 550.0 $ 424.1 $ 417.5 2.75% Notes due 2030 750.0 750.0 634.6 622.3 3.75% Notes due 2027 600.0 600.0 571.2 557.4 3.50% Notes due 2024 400.0 400.0 391.1 386.9 0.55% Notes due 2023 300.0 300.0 293.7 290.7 Unamortized discount, debt issuance costs and other (16.1) (16.7) Total long term-debt 2,583.9 2,583.3 Less: current portion of debt 302.0 301.8 Long term-debt, less current portion $ 2,281.9 $ 2,281.5 (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)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost follows: Three Months Ended (in millions) 2023 2022 Service cost $ 0.5 $ 0.6 Interest cost 1.6 0.8 Expected return on plan assets (2.0) (2.4) Amortization of unrecognized loss (1) 0.3 1.3 Settlement expense — 0.4 Net periodic benefit cost $ 0.4 $ 0.7

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 December 31, 2022 (in millions) Fair Value (1) Notional Value Fair Value (1) Notional Value Designated hedges $ 1.5 $ 118.9 $ 0.7 $ 87.9 Non-designated hedges (0.5) 124.6 (0.3) 124.3 (1) The fair value of foreign currency forward contracts is included in other current assets (accrued and other current liabilities). 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.

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Net Sales, EBIT, Assets continuing operations by reportable segment
Number of reportable segments | segment	4
Revenues	$ 1,178.8	$ 1,496.3
Operating Income (Loss)	141	277.3
Operating segments
Net Sales, EBIT, Assets continuing operations by reportable segment
Revenues	1,178.8	1,496.3
Operating Income (Loss)	168.1	300.9
Corporate and unallocated
Net Sales, EBIT, Assets continuing operations by reportable segment
Revenues	0	0
Operating Income (Loss)	(27.1)	(23.6)
Carlisle Construction Materials | Operating segments
Net Sales, EBIT, Assets continuing operations by reportable segment
Revenues	576	881.1
Operating Income (Loss)	122.4	261.1
Carlisle Weatherproofing Technologies | Operating segments
Net Sales, EBIT, Assets continuing operations by reportable segment
Revenues	316.6	359.1
Operating Income (Loss)	24.1	37.5
Carlisle Interconnect Technologies | Operating segments
Net Sales, EBIT, Assets continuing operations by reportable segment
Revenues	213.5	185
Operating Income (Loss)	10.9	(2.5)
Carlisle Fluid Technologies | Operating segments
Net Sales, EBIT, Assets continuing operations by reportable segment
Revenues	72.7	71.1
Operating Income (Loss)	$ 10.7	$ 4.8

Acquisitions (Details)

Acquisitions (Details)		2 Months Ended	3 Months Ended
	Feb. 01, 2022 USD ($) reportingUnit	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)
Acquisitions
Revenues			$ 1,178,800,000	$ 1,496,300,000
Operating income			141,000,000	$ 277,300,000
Goodwill			$ 2,203,600,000		$ 2,200,700,000
Number of reporting units | reportingUnit	4
MB Technology
Acquisitions
Percentage of ownership interest acquired	100%
Total consideration	$ 26,300,000
Cash acquired						$ 1,600,000
Revenues		$ 2,000,000
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

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Millions			3 Months Ended
	Feb. 23, 2022	Aug. 02, 2021	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash received from sale of discontinued operation			$ 0	$ 125
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 - Summa

Discontinued Operations - Summary of Cash Flows from Discontinued Operations (Details) - Carlisle Brake & Friction - Discontinued Operations, Disposed of by Sale $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash used in operating activities	$ (0.7)
Net cash provided by investing activities	125
Net cash used in financing activities	(124.3)
Change in cash and cash equivalents from discontinued operations	$ 0

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Income from continuing operations	$ 99.6	$ 194.3
Less: dividends declared	39	28.7
Undistributed earnings	$ 60.6	$ 165.6
Percent allocated to common stockholders	99.80%	99.70%
Undistributed earnings allocated to common stockholders	$ 60.5	$ 165.1
Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares	38.9	28.7
Income from continuing operations attributable to common stockholders	$ 99.4	$ 193.8
Shares:
Basic weighted-average shares outstanding (in shares)	51.1	52.1
Effect of dilutive securities:
Performance awards (in shares)	0.2	0.2
Stock options (in shares)	0.4	0.6
Diluted weighted-average shares outstanding (in shares)	51.7	52.9
Per share income from continuing operations attributable to common shares:
Basic (in dollars per share)	$ 1.95	$ 3.72
Diluted (in dollars per share)	$ 1.92	$ 3.67
Basic weighted-average shares outstanding (in shares)	51.1	52.1
Basic weighted-average shares outstanding and unvested restricted shares expected to vest (in shares)	51.2	52.3
Percent allocated to common stockholders	99.80%	99.70%
Anti-dilutive stock options excluded from EPS calculation
Income (loss) from discontinued operations attributable to common stockholders for basic and diluted earnings per share	$ 2.1	$ (0.7)
Net income attributable to common stockholders for basic and diluted earnings per share	$ 101.5	$ 193.1
Anti-dilutive stock options excluded from earnings per share calculation (in shares)	0.7	0.1

Revenue Recognition - Remaining

Revenue Recognition - Remaining Performance Obligation (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue from Contract with Customer [Abstract]
Extended service warranties	$ 19.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Extended service warranties, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue from Contract with Customer [Abstract]
Extended service warranties	$ 24.6
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]: 2025-01-01
Revenue from Contract with Customer [Abstract]
Extended service warranties	$ 23.7
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	$ 22.7
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	$ 21.6
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]: 2028-01-01
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]: 2029-01-01
Revenue from Contract with Customer [Abstract]
Extended service warranties	$ 168.2
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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Balance as of January 1	$ 310.7	$ 283.9
Revenue recognized	(17)	(20)
Revenue deferred	20.2	25.2
Balance as of March 31	$ 313.9	$ 289.1

Revenue Recognition - Change _2

Revenue Recognition - Change in Contract Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Balance as of January 1	$ 90.7	$ 72.1
Balance as of March 31	87.3	73.6
Change in contract assets	$ (3.4)	$ 1.5

Revenue Recognition - Timing of

Revenue Recognition - Timing of Revenue Recognition and Reconciliation of Disaggregate Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 1,178.8	$ 1,496.3
United States
Disaggregation of Revenue [Line Items]
Revenues	972.5	1,269.3
Total international
Disaggregation of Revenue [Line Items]
Revenues	206.3	227
Europe
Disaggregation of Revenue [Line Items]
Revenues	91.6	96.4
North America (excluding U.S.)
Disaggregation of Revenue [Line Items]
Revenues	58.1	71.1
Asia and Middle East
Disaggregation of Revenue [Line Items]
Revenues	43.7	44.2
Africa
Disaggregation of Revenue [Line Items]
Revenues	4.9	5.8
Other
Disaggregation of Revenue [Line Items]
Revenues	8	9.5
General construction
Disaggregation of Revenue [Line Items]
Revenues	848.4	1,179.4
Aerospace
Disaggregation of Revenue [Line Items]
Revenues	111.1	83.3
Medical
Disaggregation of Revenue [Line Items]
Revenues	65.8	64.6
Transportation
Disaggregation of Revenue [Line Items]
Revenues	36.3	38.4
Heavy equipment
Disaggregation of Revenue [Line Items]
Revenues	26.1	30.8
General industrial and other
Disaggregation of Revenue [Line Items]
Revenues	91.1	99.8
Carlisle Construction Materials
Disaggregation of Revenue [Line Items]
Revenues	576	881.1
Carlisle Construction Materials | United States
Disaggregation of Revenue [Line Items]
Revenues	495.8	787.5
Carlisle Construction Materials | Total international
Disaggregation of Revenue [Line Items]
Revenues	80.2	93.6
Carlisle Construction Materials | Europe
Disaggregation of Revenue [Line Items]
Revenues	55.2	59.9
Carlisle Construction Materials | North America (excluding U.S.)
Disaggregation of Revenue [Line Items]
Revenues	17.9	27.6
Carlisle Construction Materials | Asia and Middle East
Disaggregation of Revenue [Line Items]
Revenues	3.8	2.7
Carlisle Construction Materials | Africa
Disaggregation of Revenue [Line Items]
Revenues	0.5	0.7
Carlisle Construction Materials | Other
Disaggregation of Revenue [Line Items]
Revenues	2.8	2.7
Carlisle Construction Materials | General construction
Disaggregation of Revenue [Line Items]
Revenues	576	881.1
Carlisle Construction Materials | Aerospace
Disaggregation of Revenue [Line Items]
Revenues	0	0
Carlisle Construction Materials | Medical
Disaggregation of Revenue [Line Items]
Revenues	0	0
Carlisle Construction Materials | Transportation
Disaggregation of Revenue [Line Items]
Revenues	0	0
Carlisle Construction Materials | Heavy equipment
Disaggregation of Revenue [Line Items]
Revenues	0	0
Carlisle Construction Materials | General industrial and other
Disaggregation of Revenue [Line Items]
Revenues	0	0
Carlisle Weatherproofing Technologies
Disaggregation of Revenue [Line Items]
Revenues	316.6	359.1
Carlisle Weatherproofing Technologies | United States
Disaggregation of Revenue [Line Items]
Revenues	282.3	318.5
Carlisle Weatherproofing Technologies | Total international
Disaggregation of Revenue [Line Items]
Revenues	34.3	40.6
Carlisle Weatherproofing Technologies | Europe
Disaggregation of Revenue [Line Items]
Revenues	5.2	5.4
Carlisle Weatherproofing Technologies | North America (excluding U.S.)
Disaggregation of Revenue [Line Items]
Revenues	24.3	28.2
Carlisle Weatherproofing Technologies | Asia and Middle East
Disaggregation of Revenue [Line Items]
Revenues	2.4	2.9
Carlisle Weatherproofing Technologies | Africa
Disaggregation of Revenue [Line Items]
Revenues	0.8	2.2
Carlisle Weatherproofing Technologies | Other
Disaggregation of Revenue [Line Items]
Revenues	1.6	1.9
Carlisle Weatherproofing Technologies | General construction
Disaggregation of Revenue [Line Items]
Revenues	272.4	298.3
Carlisle Weatherproofing Technologies | Aerospace
Disaggregation of Revenue [Line Items]
Revenues	0	0
Carlisle Weatherproofing Technologies | Medical
Disaggregation of Revenue [Line Items]
Revenues	0	0
Carlisle Weatherproofing Technologies | Transportation
Disaggregation of Revenue [Line Items]
Revenues	0	0
Carlisle Weatherproofing Technologies | Heavy equipment
Disaggregation of Revenue [Line Items]
Revenues	26.1	30.8
Carlisle Weatherproofing Technologies | General industrial and other
Disaggregation of Revenue [Line Items]
Revenues	18.1	30
Carlisle Interconnect Technologies
Disaggregation of Revenue [Line Items]
Revenues	213.5	185
Carlisle Interconnect Technologies | United States
Disaggregation of Revenue [Line Items]
Revenues	157.7	129.9
Carlisle Interconnect Technologies | Total international
Disaggregation of Revenue [Line Items]
Revenues	55.8	55.1
Carlisle Interconnect Technologies | Europe
Disaggregation of Revenue [Line Items]
Revenues	20.2	18.2
Carlisle Interconnect Technologies | North America (excluding U.S.)
Disaggregation of Revenue [Line Items]
Revenues	12.1	10.8
Carlisle Interconnect Technologies | Asia and Middle East
Disaggregation of Revenue [Line Items]
Revenues	17.6	19.3
Carlisle Interconnect Technologies | Africa
Disaggregation of Revenue [Line Items]
Revenues	3.4	2.7
Carlisle Interconnect Technologies | Other
Disaggregation of Revenue [Line Items]
Revenues	2.5	4.1
Carlisle Interconnect Technologies | General construction
Disaggregation of Revenue [Line Items]
Revenues	0	0
Carlisle Interconnect Technologies | Aerospace
Disaggregation of Revenue [Line Items]
Revenues	111.1	83.3
Carlisle Interconnect Technologies | Medical
Disaggregation of Revenue [Line Items]
Revenues	65.8	64.6
Carlisle Interconnect Technologies | Transportation
Disaggregation of Revenue [Line Items]
Revenues	0	0
Carlisle Interconnect Technologies | Heavy equipment
Disaggregation of Revenue [Line Items]
Revenues	0	0
Carlisle Interconnect Technologies | General industrial and other
Disaggregation of Revenue [Line Items]
Revenues	36.6	37.1
Carlisle Fluid Technologies
Disaggregation of Revenue [Line Items]
Revenues	72.7	71.1
Carlisle Fluid Technologies | United States
Disaggregation of Revenue [Line Items]
Revenues	36.7	33.4
Carlisle Fluid Technologies | Total international
Disaggregation of Revenue [Line Items]
Revenues	36	37.7
Carlisle Fluid Technologies | Europe
Disaggregation of Revenue [Line Items]
Revenues	11	12.9
Carlisle Fluid Technologies | North America (excluding U.S.)
Disaggregation of Revenue [Line Items]
Revenues	3.8	4.5
Carlisle Fluid Technologies | Asia and Middle East
Disaggregation of Revenue [Line Items]
Revenues	19.9	19.3
Carlisle Fluid Technologies | Africa
Disaggregation of Revenue [Line Items]
Revenues	0.2	0.2
Carlisle Fluid Technologies | Other
Disaggregation of Revenue [Line Items]
Revenues	1.1	0.8
Carlisle Fluid Technologies | General construction
Disaggregation of Revenue [Line Items]
Revenues	0	0
Carlisle Fluid Technologies | Aerospace
Disaggregation of Revenue [Line Items]
Revenues	0	0
Carlisle Fluid Technologies | Medical
Disaggregation of Revenue [Line Items]
Revenues	0	0
Carlisle Fluid Technologies | Transportation
Disaggregation of Revenue [Line Items]
Revenues	36.3	38.4
Carlisle Fluid Technologies | Heavy equipment
Disaggregation of Revenue [Line Items]
Revenues	0	0
Carlisle Fluid Technologies | General industrial and other
Disaggregation of Revenue [Line Items]
Revenues	$ 36.4	$ 32.7

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation cost incurred	$ 11.1	$ 9.6
Capitalized cost during the period	(1.7)	0
Amortization of capitalized cost during the period	2	0
Total stock-based compensation expense	11.4	9.6
Stock option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation cost incurred	5.5	3.1
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation cost incurred	3.2	3.3
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation cost incurred	$ 2.4	$ 3.2

Exit and Disposal and Other R_3

Exit and Disposal and Other Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	$ 4.3	$ 2.2
Exit and disposal activities liability		2.2	$ 1.6	$ 6.5
Employee Termination Benefit Costs
Restructuring Cost and Reserve [Line Items]
Exit and disposal activities liability	0.9
Carlisle Interconnect Technologies
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	1.8	$ 1.9
Carlisle Interconnect Technologies | Facility Closing | SWITZERLAND
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs, expected to be incurred	7
Exit and disposal costs, remaining amount	$ 6.5
Carlisle Interconnect Technologies | Facility Closing | SWITZERLAND | Minimum
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs, expected period to complete	15 months
Carlisle Interconnect Technologies | Facility Closing | SWITZERLAND | Maximum
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs, expected period to complete	18 months
Carlisle Interconnect Technologies | Facility Closing | CALIFORNIA
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	$ 1.1
Exit and disposal costs, expected to be incurred	5.6
Carlisle Interconnect Technologies | Employee Termination Benefit Costs | SWITZERLAND
Restructuring Cost and Reserve [Line Items]
Exit and disposal costs	$ 0.5

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
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Employee severance and benefit arrangements	$ 1.9	$ 1.1
Accelerated depreciation and impairments	1.4	0.6
Relocation costs	0.3	0
Facility cleanup costs	0	0.1
Lease termination costs	0	0.1
Other restructuring costs	0.7	0.3
Total exit and disposal costs	4.3	2.2
Cost of goods sold
Restructuring Cost and Reserve [Line Items]
Total exit and disposal costs	4.1	1.9
Selling and administrative expenses
Restructuring Cost and Reserve [Line Items]
Total exit and disposal costs	0.2	0.3
Carlisle Weatherproofing Technologies
Restructuring Cost and Reserve [Line Items]
Total exit and disposal costs	2.2	0.3
Carlisle Interconnect Technologies
Restructuring Cost and Reserve [Line Items]
Total exit and disposal costs	1.8	1.9
Carlisle Fluid Technologies
Restructuring Cost and Reserve [Line Items]
Total exit and disposal costs	0.2	0
Carlisle Construction Materials
Restructuring Cost and Reserve [Line Items]
Total exit and disposal costs	$ 0.1	$ 0

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
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Reserve [Roll Forward]
Balance, beginning	$ 1.6	$ 6.5
Charges	4.3	2.2
Settlements	$ (5)	(6.5)
Balance, ending		$ 2.2

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate on continuing operations (as a percent)	22.20%	23.70%
Anticipated effective tax rate for beginning of year to date (as a percent)	23.40%
Discrete income tax expense (benefit)	$ 1.5

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 265.5	$ 315
Work-in-process	84	94.1
Finished goods	466.1	375.7
Reserves	(34.1)	(36)
Inventories, net	$ 781.5	$ 748.8

Accrued and Other Current Lia_3

Accrued and Other Current Liabilities - Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accrued liabilities
Compensation and benefits	$ 71.9	$ 123
Customer incentives	40.6	131.2
Standard product warranties	25.9	25.7	$ 27.1	$ 26.8
Income and other accrued taxes	15.2	13.5
Other accrued liabilities	69.4	72.4
Accrued and other current liabilities	$ 223	$ 365.8

Accrued and Other Current Lia_4

Accrued and Other Current Liabilities - Change in Standard Product Warranty Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Change in aggregate product warranty liabilities
Beginning reserve	$ 25.7	$ 26.8
Provision	3.4	3
Claims	(3.3)	(2.6)
Foreign exchange	0.1	(0.1)
Ending reserve	$ 25.9	$ 27.1

Long-term Debt (Details)

Long-term Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Borrowings
Unamortized discount, debt issuance costs and other	$ (16,100,000)	$ (16,700,000)
Total long term-debt	2,583,900,000	2,583,300,000
Current portion of debt	302,000,000	301,800,000
Long term-debt, less current portion	2,281,900,000	2,281,500,000
Letters of credit outstanding	15,900,000	15,800,000
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% Notes due 2032 | Significant Observable Inputs (Level 2)
Borrowings
Fair value of notes	$ 424,100,000	417,500,000
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% Notes due 2030 | Significant Observable Inputs (Level 2)
Borrowings
Fair value of notes	$ 634,600,000	622,300,000
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% Notes due 2027 | Significant Observable Inputs (Level 2)
Borrowings
Fair value of notes	$ 571,200,000	557,400,000
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% Notes due 2024 | Significant Observable Inputs (Level 2)
Borrowings
Fair value of notes	$ 391,100,000	386,900,000
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% Notes due 2023 | Significant Observable Inputs (Level 2)
Borrowings
Fair value of notes	$ 293,700,000	$ 290,700,000
Revolving credit facility | Letter of credit
Borrowings
Availability under revolving line of credit	94,100,000
Maximum borrowing capacity	$ 110,000,000

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - Defined Benefit Plans - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Components of net periodic benefit cost
Service cost	$ 0.5	$ 0.6
Interest cost	1.6	0.8
Expected return on plan assets	(2)	(2.4)
Amortization of unrecognized loss	0.3	1.3
Settlement expense	0	0.4
Net periodic benefit cost	0.4	0.7
Amortization of unrecognized actuarial loss, provision for income tax	$ (0.1)	$ (0.3)

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Derivative Financial Instruments
Investment grade bonds	$ 19.5	$ 19.8
Cash
Derivative Financial Instruments
Deferred compensation, Rabbi Trust	5	4
Short-term Investments
Derivative Financial Instruments
Deferred compensation, Rabbi Trust	10.5	8.1
Foreign Exchange Forward | Designated hedges
Derivative Financial Instruments
Fair value	1.5	0.7
Notional Value	$ 118.9	87.9
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	$ (0.5)	(0.3)
Notional Value	$ 124.6	$ 124.3
Maturity term (less than)	1 year