We strive to be the market leadera leading manufacturer of highly engineered products in the various markets we serve. UnderIntroduced in early 2018, Vision 2025 set the tone for a returns-focused capital deployment strategy intended to create sustained value for all of our keystakeholders, with an intermediate-term goal of achieving $15 of earnings per share by 2025. With the successful implementation of our strategy, Carlisle achieved this level of earnings three years early.

Key pillars include:of this strategic plan, which remain well-ingrained today throughout the Company to guide our value-creating strategy going forward, include (1) dedication to driving above market organic revenue growth through continued investment in innovation, and maintaining best-in-class production, service, and delivery capabilities, (2) utilizing the Carlisle Operating System (“COS”) consistently to drive efficiencies and operating leverage, building scale with synergistic acquisitions, continuing to invest in and develop exceptional talent, accommodate continued organic growth through capital expenditures, and return capital to shareholders through share repurchases and dividends.

We utilize COS to drive improving operational performance. COS is a continuous improvement process that defines the way we do business.business and is deeply embedded in our culture throughout Carlisle’s operations. Waste is eliminated and efficiencies are improved enterprise wide, allowing usenterprise-wide, driving both improvements to increase overallour sustainability efforts by reducing our carbon footprint, and increasing profitability. Improvements are not limited toThese efforts expand beyond production areas, as COS is also driving improvements indrives new product innovation, engineering, supply chain management, warranty and product rationalization. COS has created

With accelerating demand for energy-efficient solutions for sustainable buildings of the future, we will continue to seek ways to improve our manufacturing processes to lower carbon emissions through COS. Importantly, we will continue to emphasize the development of products that help reduce carbon emissions with energy-efficient systems and solutions on building rooftops and throughout the building envelope as a culturenatural offset to the current built environment, which is estimated to contribute as much as 30% of continuous improvement across all aspectsannual greenhouse gas ("GHG") emissions.

We intend to continue to seek synergistic acquisitions that will enhance our ability to service our customers with a broader set of energy-efficient solutions, while also seeking to divest businesses that no longer fit well into the strategic direction of Carlisle. Refer to Notes 3 and 4 for further discussion of acquisitions made during the past three years and our businessdiscontinued operations.

The CCM segment has evolved from a supplier of the first single-ply ethylene propylene diene monomer (“EPDM”) roofing membranes in the early 1960s to today, where we deliver innovative, easy-to-install and energy-efficient solutions through the Carlisle Experience for customers who are creating the sustainable building of the future. CCM manufacturesis a complete rangediversified manufacturer and supplier of building envelopepremium roofing products and related technologies primarily for the commercial industrial and residential buildings, includingconstruction market. CCM offers high-performance, single-ply roofing rigid foam insulations, spray polyurethane foam technologies, architectural metal, heating, ventilation and air conditioning ("HVAC") hardware and sealants, below-grade waterproofing, and air and vapor barrier systems focused on the weatherproofing and thermal performance of the building envelope. CCM is a leading North American and European building products manufacturer offering a complete set of solutions and systems to aid in the design of efficient building envelope construction projects, backed by industry-leading warranties and a focus on green principles.

EPDM, TPO and PVC membrane and polyisocyanurate ("polyiso") insulation are sold together in warranted systems or separately in non-warranted systems to the new construction, re-roofing and maintenance, general construction and industrial markets. These products are primarily sold under the Carlisle SynTec, Versico, Weatherbond and Hunter Panels brands in the United States of America (“U.S.” or “United States”) and throughout the world, and EPDM membranemembranes under the Resitrix and Hertalan brands primarily in Europe. The segment sells its expanded polystyrene for a variety of end markets, predominantly roofing and waterproofing through its Insulfoam brand.

CCM operates manufacturing facilities located throughout the United States, its primary market, and in Canada, Germany, the Netherlands, United Kingdom ("U.K.") and Romania. The majority of CCM’s products are sold through a network of authorized sales representatives and distributors in the United States.North America and Europe.

Key raw materials for this segment include methylene diphenyl diisocyanate (“MDI”), polyol, EPDM polymer, TPO polymer, carbon black and coated steel. These raw materials generally have at least two vendor sources to better assure adequate supply.sources. The vendor typically has multiple processing facilities for key raw materials that are single sourced.

Revenues and earnings for CCM have historically been higher in the second and third quarters due to increased construction activity during those periods from favorable weather conditions.

CCM serves a large and diverse customer base; however, in 20202022 CCM's two largest customers represented 32.1% of this segment’s revenues and 22.6%21.9% of the Company’s consolidated revenues. The loss of either of these customers could have a material adverse effect on this segment’s revenues and operating income and the Company's consolidated revenues and operating income. Both of these customers' business is covered under a number of independent local agreements.

This segment faces competition from numerousseveral competitors that produce roofing insulation and waterproofing productssystems predominantly for commercial and residentialbuilding applications. The level of competition within this market varies by product line and region. As one of four major manufacturers in the single-ply industry, CCM competes through innovative products, long-term warranties and customer service. CCM offers separately priced extended warranty contracts on certain of its products ranging from five to 40 years, the most significant being those offered on its installed single-ply roofing systems primarily in the United States, subject to certain exclusions, that covers leaks in the roofing system attributable to a problem with the particular product or the installation of the product. The building owner must have the roofing system installed by an independent authorized roofing contractor trained by CCM to install its roofing systems in order to qualify for the warranty.

Our strategy under Vision 2025 for the CCM segment is to:

The CIT segment designs and manufactures 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. Offering both turnkey and custom solutions, CIT is also known as a single-source global provider for innovative medical device solutions and electromechanical technology. Leveraging our global presence, CIT continues to deliver a growing line of advanced solutions for emerging applications worldwide.

The aerospace and defense electronics products are primarily sold under the Carlisle, Thermax and Tri-Star brand names, with the medical products primarily sold under the Carlisle, LHi Technology and Providien brand names. This segment primarily operates manufacturing facilities in the United States, China and Mexico, with the United States, Europe and China being the primary target regions for sales. Sales are made by direct sales personnel and independent sales representatives. 

Key raw materials for this segment include gold, copper conductors that are plated with tin, nickel or silver, polyimide tapes, polytetrafluoroethylene (“PTFE”) tapes, PTFE fine powder resin, thermoplastic resins, stainless steel, beryllium copper rod, machined metals, plastic parts, and various marking and identification materials. These raw materials are typically sourced worldwide and generally have at least two supplier sources, to better assure adequate supply, except when prohibited by customer contracts, which represented less than 10% of purchases in 2020.2022.

Backlog orders were $279.6$525.8 million and $306.8$404.2 million as of December 31, 20202022 and 2019,2021, respectively. Of the $279.6$525.8 million in backlog orders as of December 31, 2020, $27.92022, $41.7 million is not reasonably expected to be filled in 2021.2023.

The CIT segment faces competition from numerous competitors within each of the markets it serves. While product specifications, certifications and life cycles vary by market, the CIT segment primarily positions itself to gain design specification for customer platforms or products with long life cycles and high barriers to entry, such as in the aerospace and medical markets. These markets generally have high standards for product certification as deemed by the Federal Aviation Administration (“FAA”) and European Union Aviation Safety Agency ("EASA"), and Food and Drug Administration (“FDA”), respectively. The CIT segment competes primarily on the basis of its product performance and its ability to meet its customers’ highly specificspecified design, engineering and delivery needs on a timely basis. The market demand and resulting build rates of new aircraft and capital expenditures by medical facilities has a large and direct influence on the demand for CIT's products.

Our strategy under Vision 2025 for the CIT segment is to focus on highly regulated industries that have the characteristics of high-performance, mission-critical products designed to operate in harsh environments with significant barriers to entry and attractive margins. The primary industries currently include commercial aerospace, defense, industrial and medical devices.

Our strategy under Vision 2025 for the CIT segment is to:

Key growth initiatives:initiatives include:

The CFT segment designs, manufactures and sells highly engineered liquid, powder, sealants and adhesives finishingand high pressure foam equipment and integrated system solutions for spraying, pumping, mixing, metering and curing a variety of coatings used primarily in the automotive manufacture, general industrial, transportation, wood, protective coating, wood,insulation, specialty and automotive refinish markets. This segment also incorporates custom designed and commercially available electric and electronic components in a number of its metering and control products. The CFT segment manufactures and sells products that are sold under the brand names of Binks®, DeVilbiss®, Ransburg®, BGK® and MS Powder®. The segment operates manufacturing facilities primarily in the United States, the U.K., and Switzerland, and Sweden, and assembly and distribution facilities in China, Japan and South Korea, with approximately 55%54% of its revenues outside the United States. The majority of sales into CFT's industries are made through a worldwide network of distributors, integrators and some direct to end-user sales. These business relationships are managed primarily through direct sales personnel worldwide.

Key raw materials for this segment include carbon steel and various grades of stainless steel, brass, aluminum, copper, machined metals, carbide, machined plastic parts and PTFE. These raw materials, machined parts and assemblies are typically sourced worldwide and have at least two vendor sources to better assure adequate supply.sources.

Approximately 18%16% of CFT’s annual revenues are for the development, and in some cases assembly, of large fluid handling or other application systems projects. Timing of these system sales can result in revenues that are higher in certain quarters versus other quarters within the same calendar year, particularly the fourth quarter.

The CFT segment competes against both regional and international manufacturers. Major competitive factors include innovative designs, the ability to provide customers with lower cost of ownership, dependable performance and high quality at a competitive price. CFT’s products' ability to spray, mix or deliver a wide range of coatings, applied uniformly in exact increments, is critical to the functionality and overall appearance of the applied coatings and functionality.coatings. The segment’s installed base of global customers is supported by a worldwide distribution network with the ability to deliver critical spare parts and other services. Brands that are well recognized and respected internationally, combined with a diverse base of customers, applications and industries served, positions the CFT segment to continue designing patented, innovative equipment and solutions for customers across the globe. Industrial and automotive capital expenditure levels have a direct influence on the demand for CFT products.

Our strategy under Vision 2025 for the CFT segment is to focusto:

Key growth initiatives:initiatives include:

We own or hold the right to use a variety of patents, trademarks, licenses, inventions, trade secrets and other intellectual property rights. We have adopted a variety of measures and programs to ensuremaintain the continued validity and enforceability of our various intellectual property rights.

Research and development activities include the development of new product lines, the modification of existing product lines to comply with regulatory changes, and the research of cost efficiencies through raw material substitution and process improvements. Our research and development expenses were $54.8$50.8 million, $60.9$49.9 million and $55.1$45.4 million, representing 1.3%0.8%, 1.3%1.0% and 1.2%1.1% of revenues in 2020, 20192022, 2021 and 2018,2020, respectively.

We are subject to various government regulations, including environmental regulations. To date, our costs of complying with these regulations have not had a material effect on our capital expenditures, earnings or competitive position or that of any business segment. We do not expect to incur any material capital expenditures for environmental control facilities for the current fiscal year or any other subsequent period.

As of December 31, 2020,2022, we employed approximately 12,00012,100 people, excluding approximately 1,000400 contractors.

Talent acquisitionWe believe that talent attraction and retention are critical drivers to delivering the goals of Vision 2025. Aour ability to achieve our strategy and that a trained, diverse and inspired workforce is integral to delivering value to our stakeholders. We begin with a recruiting process that reaches a wide array of potential employees and includes the engagement of specialized, diverse recruiting firms such as The Standard Diversity Network, Jobs4Women.net, Asian American Jobsite, African American Jobsite and many others.

We also partner with universities in the U.S. and outside the U.S., recruiting for functional talent in management, sales, finance, information technology and other functions from the communities in which we work. In addition, we engage certain of these universities in collaborative research and development, and training efforts. Each business segment works with high schools and trade schools in their respective locations to educate young people about and attract them to manufacturing careers.

We offer several training programs for current employees intended to develop talent, including:

Carlisle has pledged to take action to cultivate a workplace where diverse perspectives and experiences are welcomed and respected. In May 2018, Carlisle joined the CEO Action for Diversity & Inclusion™, a growing coalition of more than 900nearly 2,000 CEOs of major corporations pledging to advance diversity and inclusion in the workplace. By signing on to this commitment,

Carlisle is pledging to take action to cultivate a workplace where diverse perspectives and experiences are welcomed and respected. CEO Action for Diversity & Inclusion™ is cultivating a new type of ecosystem centered around collaboration and sharing.

Carlisle’s commitment to diversity and inclusion in the workforce includes a policy of non-discriminatory treatment and respect of human rights for all current and prospective employees. Discrimination on the basis of an individual’s race, religion, creed, color, sex, sexual orientation, age, marital status, disability, national origin or veteran’s status is not permitted by Carlisle and is illegal in many jurisdictions. Carlisle respects the human rights of all employees and strives to treat them with dignity consistent with standards and practices recognized by the international community. Carlisle is committed to respecting all human rights, as articulated in the Universal Declaration of Human Rights, the International Covenant on Civil and Political Rights, the International Covenant on Economic, Social and Cultural Rights, and the International Labor Organization’s Declaration on Fundamental Principles and Rights at Work.

In addition to policies for fair treatment, Carlisle also works to address unconscious bias in the workplace. Unconscious bias training is a key component of Carlisle’s leadership development programs. This training helps inform leaders of biases and provides a forum for them to explore how Carlisle can strengthen our culture of inclusion by addressing and breaking down biases. This has contributed to an effort to gain equal diversity representation throughout Carlisle.

Over a year ago, we began a significant initiative to ensure women and men are compensated fairly at Carlisle. As of the end of 2020,2021, we achieved gender and race pay equity across theour U.S. for executives, senior officers and management. In 2021, we will expand this initiative across the Company.workforce. This means compensating employees the same when they perform the same job duties, while accounting for other factors, such as their experience level, job performance and tenure with the company. In 2020, we raisedCompany. Carlisle's minimum starting wage tois $15 per hour for our entire U.S. workforce.

The Company’s business, financial condition, results of operations and cash flows can be affected by a number of factors including but not limited to those material factors set forth below, those set forth in our “Forward Looking Statements” disclosure in Item 7 and those set forth elsewhere in this Annual Report on Form 10-K, any one of which could

cause the Company’s actual results to vary materially from recent results or from anticipated future results and make an investment in the Company speculative or risky.

The Company has a history of acquiring businesses as part of its earnings growth strategy. Typically, the Company considers acquiring companies that can be integrated within an existing business. Acquisitions of this type involve numerous risks, which may include a failure to realize expected revenue growth and operating and cost synergies from integration initiatives, increasing dependency on the markets served by the combined businesses or increased debt to finance the acquisitions.

The Company also considers the acquisition of businesses that may operate independent of existing businessesbusinesses. Acquisitions of this type involve risks similar to those encountered when acquiring companies that involve similar risks with respect tocan be integrated within an existing business, including a failure to realize expected revenue growth or operating and cost reductions within the acquired business, and could increase the possibility of diverting corporate management’s attention from its existing operations.

The successful realization of revenue growth, cost reductions and synergies with our existing businesses, and within acquired stand-alone businesses, and increases in profitability overall, are dependent upon successful integration initiatives. If these integration initiatives are not fully realized, there may be a negative effect on the Company’s business, financial condition, results of operations and cash flows.flows, including goodwill and/or intangible asset impairments, which may be material.

See Note 3 for recent acquisition information.

The Company operates in several niche markets in which a large portion of the segment’s revenues are attributable to a few large customers. See “Item 1. Business—Overview—Description of Businesses by Segment” for a discussion of customer concentrations by segment. A significant reduction in purchases by one or more of these customers could have an adverse effect on the business, financial condition, results of operations or cash flows of one or more of the Company’s segments.

From time to time, the Company, as part of its commitment to concentrate on its core business, may dispose of all or a portion of certain businesses. Such dispositions involve a number of risks and present financial, managerial and operational challenges, including diversion of management's attention from the Company’s core businesses, increased expense associated with the dispositions, potential disputes with the customers or suppliers of the disposed businesses, potential disputes with the acquirers of the disposed businesses and a potential dilutive effect on the Company’s earnings per share. If dispositions are not completed in a timely manner, there may be a negative effect on the Company’s cash flows and/or the Company’s ability to execute its strategy. 

Additionally, from time to time, the Company may undertake consolidation and other restructuring projects in an effort to reduce costs and streamline its operations. Such restructuring activities may divert management's attention from the Company’s core businesses, increase expenses on a short-term basis and lead to potential disputes with the employees, customers or suppliers of the affected businesses. If restructuring activities are not completed in a timely manner or if anticipated cost savings, synergies and efficiencies are not realized, there may be a negative effect on the Company’s business, financial condition, results of operations and cash flows.

Refer to Notes 4 and 8 for a discussion of disposition and restructuring matters.

Several of the market segments in which the Company sells its products are, to varying degrees, cyclical and may experience periodic downturns in demand. For example, the CBFCCM and CWT segments are susceptible to downturns in the commercial construction industry, particularly in the construction repair and replacement sectors, the CWT segment is susceptible to downturns in the residential construction agriculture and mining industries. Theindustry, the CIT segment is susceptible to downturns in the commercial aerospace industry, the CCM segment is susceptible to downturns in the commercial construction industry and the CFT segment is susceptible to downturns in the automotive industry.

Uncertainty regarding global economic conditions may have an adverse effect on the businesses, results of operations and financial condition of the Company and its customers, distributors and suppliers. Among the economic factors which may affect performance are: manufacturing activity, commercial and residential construction, passenger airline travel, difficulties entering new markets and general economic conditions such as inflation, deflation, interest rates and credit availability. These effects may, among other things, negatively impact the level of purchases, capital expenditures and creditworthiness of the Company’s customers, distributors and suppliers, and therefore, the Company’s results of operations, margins and orders. The Company cannot predict if, when or how much worldwide economic conditions will fluctuate. These conditions are highly unpredictable and beyond the Company's control. If these conditions deteriorate, however, the Company’s business, financial condition, results of operations and cash flows could be adversely affected.

The Company operates in global markets. Approximately 19%14% of the Company’s revenues in 20202022 were generated outside the United States. In addition, to compete globally, all of the Company’s segments have manufacturing facilities outside the United States. In 2020,2022, approximately 28%12% of cost of goods sold iswas derived from facilities outside of the United States.

The Company’s reliance on international revenues and international manufacturing bases exposes its business, financial condition, operating results and cash flows to a number of risks, including price and currency controls; government embargoes or foreign trade restrictions, including import and export tariffs; extraterritorial effects of U.S. laws such as the Foreign Corrupt Practices Act; expropriation of assets; war, civil uprisings, acts of terror and riots; political instability; nationalization of private enterprises; hyperinflationary conditions; the necessity of obtaining governmental approval for new and continuing products and operations, currency conversion or repatriation of

For the year ended December 31, 2020,2022, approximately 71%83% of the Company’s revenues and approximately 120%102% of its operating income were generated by the CCM segment.and CWT segments, principally from the construction market. Construction spending is affected by economic conditions, changes in interest rates, demographic and population shifts, new housing starts and changes in construction spending by federal, state and local governments. A decline in the commercial construction market, particularly in construction repair and replacement activities, could adversely affect the Company’s business, financial condition, results of operations and cash flows. Additionally, adverse weather conditions such as heavy or sustained rainfall, cold weather and snow can limit construction activity and reduce demand for roofing materials. Weather conditions can also be a positive factor, as demand for roofing materials may rise after harsh weather conditions due to the need for replacement materials. 

The CCM segment competesand CWT segments compete through pricing, among other factors. Competition in this segment may increase pricing pressure on the Company which may negatively affect operating results in future periods. 

The Company utilizes petroleum-based products, steelchemicals, resins and other commodities in its manufacturing processes. Raw materials, including inbound freight, accounted for approximately 61%79% of the Company’s cost of

goods sold in 2020.2022. Significant increases in the pricecosts of these materials may not be recovered through selling price increases and significant disruption to the Company's supply chains or significant shortages of materials could adversely affect the Company’s business, financial condition, results of operations and cash flows. The Company also relies on global sources of raw materials, which could be adversely impacted by unfavorable shipping or trade arrangements, including import and export tariffs and global economic conditions. Refer to “Part II—Item 7A. Quantitative and Qualitative Disclosures About Market Risk” for additional information regarding commodity price risk.

Certain products manufactured by our businesses and certain of our customers operating in the aerospace and medical markets are subject to extensive regulation by the FAA and EASA, and FDA, respectively. It can be costly and time-consuming for the Company and our customers to obtain and maintain regulatory approvals and certifications to operate in these markets. Delays in FAA or EASA approvals or certifications of the products of our aerospace customers may impact the requirements for our interconnect components. Product approvals subject to regulations might not be granted for new medical devices on a timely basis, if at all. Proposed new regulations or changes to regulations could result in the need to incur significant additional costs to comply. Continued government scrutiny, including reviews of the FDA medical device pre-market authorization and post-market surveillance processes, may impact the requirements for our medical device components. Failure of the Company or any of its customers operating in these markets to effectively respond to changes to applicable laws and regulations or comply with existing and future laws and regulations may have a negative effect on the Company’s business, financial condition, results of operations and cash flows.

We are also subject to increasingly stringent environmental laws and regulations, including those relating to air emissions, wastewater discharges, and chemical and hazardous waste management and disposal. Some of these environmental laws hold owners or operators of land or businesses liable for their own and for previous owners’ or operators’ releases of hazardous or toxic substances or wastes. Other environmental laws and regulations require the obtainment of, and compliance with, environmental permits. To date, costs of complying with environmental, health and safety requirements have not been material, and the Company did not have any significant accruals related to potential future costs of environmental remediation as of December 31, 20202022 and 2019,2021, nor are any material asset retirement obligations recorded as of that date. However, the nature of the Company’s operations and its long history of industrial activities at certain of its current or former facilities, as well as those acquired, could potentially result in material environmental liabilities or asset retirement obligations. 

Changes in environmental and climate change laws or regulations, including laws relating to GHG emissions, could lead to new or additional investment in the Company’s products or facilities and could increase environmental compliance expenditures. Changes in climate change concerns including GHG emissions, and the regulation international treaties or accords, current lawsof such concerns including climate-related disclosures, could subject the Company to additional costs and regulations do not have arestrictions, including increased energy and raw material costs and other compliance requirements which could negatively impact on the Company'sCompany’s reputation, business, capital expenditures, orresults of operations and financial position. Future events,

The Company’s businesses operate in market segments currently being impacted by the COVID-19 pandemic. Operating during a global pandemic exposes the Company to a number of risks, including diminished demand for our products and our customers’ products, suspensions in the operations of our manufacturing facilities, maintenance of appropriate labor levels, and our ability to ship products to our customers, interruptions in our supply chains and distribution systems, increases in operating costs related to pay and benefits for our employees, collection of trade receivables in accordance with their terms, and potential impairment of goodwill and long-lived assets; allassets, any of which, individually or in the aggregate, could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows.

We have experienced, and expect tocould continue to experience, diminished demand for our products as a result of COVID-19. The initial decline in domestic and international passenger airline travel caused by COVID-19 is negatively impactingand foreign government lockdowns continue to impact demand for our products sold to customers operating in the commercial aerospace industry. COVID-19 related delays in nonresidential replacement starts in certain regions are negatively impacting demand for our products sold to customers operating in the nonresidential construction materials industry. While these COVID-19 relatedCOVID-19-related impacts have not to date, in the aggregate, had a material adverse impact on the Company, we are unable to predict the extent or duration of these impacts as they will depend on future developments, which are highly uncertain and cannot be predicted at this time, such as the duration and frequency of the coronavirus outbreak, the timingoutbreaks and extent of increased passenger airline travel and nonresidential construction and construction repair and replacement activity, and the continued ability of our businessesgovernment responses to continue to operate within all applicable COVID-19 related government rules and regulations.such outbreaks.

We rely on information technology systems, some of which are managed by third-parties,third parties, to process, transmit and store electronic information, and to manage or support critical business processes. Security breaches of these systems could result in the unauthorized or inappropriate access to confidential information or personal data entrusted to us by our business partners. While we have experienced, and expect to continue to experience, securitycybersecurity breaches to our information technology systems, none of them to date has had a material impact on the Company. Additionally, these systems may be disrupted as a result of attacks by computer hackers or viruses, human error or wrongdoing, operational failures or other catastrophic events. The Company leverages its internal information technology infrastructures, and those of its business partners, to enable, sustain and protect its global business interests, however,interests. However, any of the aforementioned breaches or disruptions could result in legal claims, liability or penalties under privacy laws or damage to operations or to the Company's reputation, which could adversely affect our business.

We are subject to data privacy and security laws, regulations and customer-imposed controls as a result of having access to and processing confidential, personal and/or sensitive data in the ordinary course of business. If we are unable to maintain reliable information technology systems and appropriate controls with respect to privacy and security requirements, we may suffer regulatory consequences that could be costly or otherwise adversely affect our business.

None.

The number, location and size of the Company’s principal properties as of December 31, 2020,2022, by segment follows: 

The Company considers its principal properties, as well as the related machinery and equipment, to be generally well maintained, and suitable and adequate for its intended purposes.

The Company is a party to certain lawsuits in the ordinary course of business. Information about legal proceedings is included in Note 17.

Not applicable. 

The Company’s common stock is traded on the New York Stock Exchange under the ticker symbol "CSL." As of December 31, 2020,2022, there were 1,205 shareholders1,112 stockholders of record. The number of beneficial holders is substantially greater than the number of record holders because a significant portion of our common stock is held of record in broker “street names.”

The Company’s purchases of its common stock during the three months ended December 31, 20202022 follows:

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is designed to provide a reader of our financial statements with a narrative from the perspective of Company management. All references to “Notes” refer to our Notes to Consolidated Financial Statements in this Annual Report on Form 10-K. For more information regarding our consolidated results, segment results, with the exception of CCM and CWT as a result of the reportable segment change during 2022, and liquidity and capital resources for the year ended December 31, 20192021 as compared to the year ended December 31, 2018,2020, refer to "Part"Part II—Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations"Operations" in the Company's 20192021 Annual Report on Form 10-K which information is incorporated herein by reference.(the "2021 Annual Report on Form 10-K").

Revenues decreasedincreased in 20202022 primarily reflecting lowerpositive pricing across all segments, contributions from the acquisition of ASP Henry Holdings, Inc. (“Henry”) in the CWT segment and higher sales volumes in all of ourthe CCM, CIT and CFT segments, which have continued to be impacted by the global economic slowdown due to the coronavirus pandemic ("COVID-19"). Contributions from acquisitions, primarily Providien, LLC ("Providien"), partially offset the decrease in volume.by unfavorable foreign currency impacts.

The decrease inOperating income and operating income margin increased in 20202022 primarily reflected lowerreflecting positive pricing, higher volumes as well as lower production levels increasing per unit costs and wage inflation. The decrease in operating income wasfavorable product mix, partially offset by raw material savings, particularly in our CCM segment, lower incentive compensation and travel costs, and savings from COS.wage inflation across all segments.

Diluted earnings per share from continuing operations decreasedincreased primarily from the above operating income performance ($2.2710.03 per share) and higher interest expense ($0.14 per share), partially offset by reduced average shares outstanding ($0.260.21 per share) resulting from our share repurchase program.

Other operating expense, net in 2020 primarily2022 reflected $6.0intangible asset impairments of $18.6 million and fixed asset impairments of impairment charges$6.2 million at our CWT segment, partially offset by rebates of $4.2 million and $4.0 million of losses on sales of fixed assets, primarily at CBF, CCM and CIT. Partially offsetting the expense was $2.5 million of rebates, $1.7 million of rental income, $1.4 million of royalty income and $0.7 million gain from insurance recoveries.of $1.8 million.

Other operating income, net in 20192021 primarily reflected a $5.0 million gain on contingent consideration at CFT, $2.3$3.5 million of rebates, and $1.9$1.6 million of gains on salesroyalty income and $0.4 million from rental income, partially offset by $5.0 million of assets.impairment charges.

Other non-operating expense, net in 20202022 primarily reflected changes in foreign currencies against the release of a portion of the indemnification asset related to the Petersen Aluminum Corporation ("Petersen") acquisition resulting from escrow expirations,U.S. Dollar and net impact of the resolution of certain tax uncertainties related to the Accella Holdings, LLC ("Accella") acquisition and release of the corresponding indemnification assets,unrealized losses on Rabbi Trust investments, partially offset by foreign exchangeunrealized gains and a gain on sale of a business at CFT.pension assets.

Other non-operating expense, net in 20192021 primarily reflected the net impactrelease of the resolution of certain tax uncertaintiesremaining indemnification assets related to the acquisitions of Petersen Aluminum Corporation ("Petersen") and Accella acquisitionHoldings LLC ("Accella") resulting from escrow expirations, and release ofchanges in foreign currencies against the corresponding indemnification assets, and foreign exchange gains.U.S. Dollar.

The provision for income taxes on continuing operations for 20202022 is lowerhigher than 20192021 primarily reflecting lowerhigher pre-tax income in the U.S., and to a lesser extent in foreign jurisdictions. Thisjurisdictions which equated to lowerhigher taxes of $42.7 million, with approximately $1.8 million of net lower taxes related to other permanent differences and the impact of prior year taxes in the current year, primarily related to:

Refer to Note 9 for further information related to income taxes.

Loss from discontinued operations of $4.1 million in 2020 relates to workers' compensation2022 primarily reflects legal settlement accruals associated with a formerpreviously disposed business, disposedpartially offset by a gain on the sale of in 2005.real estate associated with the 2021 sale of the equity interests and assets comprising the Carlisle Brake & Friction ("CBF") segment.

The lossIncome from discontinued operations in 2021 primarily reflects operating results of $0.9 million in 2019 relatesCBF prior to an environmental remediation accrual associated withthe disposition and a former business disposed of in 2009, partiallypre-tax loss on sale, offset by the settlement of prioran income tax positions in the current year related tobenefit from the sale of Carlisle FoodService Products.the equity interests and assets comprising the CBF segment in August 2021.

Refer to Note 4 for additional information related to discontinued operations.

CIT'sCCM’s revenue increase in 2021 primarily reflected higher volumes from strength in U.S. commercial roofing and price realization across all markets.

CCM’s operating margin and adjusted EBITDA margin decline in 20202021 primarily reflected lower volumes, led by the commercial aerospace market as a result of continued delays in the 737 Max productionraw material, wage and lower build rates on narrow and wide body aircraft by OEMs, given steep declines in airline travel and customer plant shutdowns. The decline was partiallyfreight inflation, offset by acquired medical device product lines.