(Mark One) | ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 31-1168055 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common stock, $1 par value | CSL | New York Stock Exchange |
Yes | ☒ | No | ☐ |
Yes | ☒ | No | ☐ |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Yes | ☐ | No | ☐ |
Yes | ☐ | No | ☒ |
Page | |||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts) | (in millions, except per share amounts) | 2022 | 2021 | 2022 | 2021 | (in millions, except per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 1,846.9 | $ | 1,177.8 | $ | 3,343.2 | $ | 2,118.7 | Revenues | $ | 1,794.1 | $ | 1,315.6 | $ | 5,137.3 | $ | 3,434.3 | ||||||||||||||||||||||||||||||||||
Cost of goods sold | Cost of goods sold | 1,214.9 | 870.1 | 2,220.3 | 1,566.1 | Cost of goods sold | 1,201.8 | 944.0 | 3,422.1 | 2,510.1 | ||||||||||||||||||||||||||||||||||||||||||
Selling and administrative expenses | Selling and administrative expenses | 210.6 | 161.3 | 413.6 | 312.1 | Selling and administrative expenses | 209.0 | 192.6 | 622.6 | 504.7 | ||||||||||||||||||||||||||||||||||||||||||
Research and development expenses | Research and development expenses | 12.6 | 13.8 | 24.9 | 24.2 | Research and development expenses | 13.1 | 12.8 | 38.0 | 37.0 | ||||||||||||||||||||||||||||||||||||||||||
Other operating income, net | (1.8) | (1.2) | (3.5) | (2.2) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expense (income), net | Other operating expense (income), net | 22.0 | (0.3) | 18.5 | (2.5) | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income | Operating income | 410.6 | 133.8 | 687.9 | 218.5 | Operating income | 348.2 | 166.5 | 1,036.1 | 385.0 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | Interest expense, net | 22.4 | 19.2 | 45.0 | 38.4 | Interest expense, net | 22.6 | 19.8 | 67.6 | 58.2 | ||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | (0.6) | (0.4) | (0.8) | (0.9) | Interest income | (3.0) | (0.2) | (3.8) | (1.1) | ||||||||||||||||||||||||||||||||||||||||||
Other non-operating expense, net | Other non-operating expense, net | 2.5 | 1.1 | 2.6 | 4.7 | Other non-operating expense, net | 1.2 | 0.9 | 3.8 | 5.6 | ||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | Income from continuing operations before income taxes | 386.3 | 113.9 | 641.1 | 176.3 | Income from continuing operations before income taxes | 327.4 | 146.0 | 968.5 | 322.3 | ||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | 90.4 | 19.8 | 150.9 | 33.1 | Provision for income taxes | 72.2 | 33.0 | 223.1 | 66.1 | ||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | 295.9 | 94.1 | 490.2 | 143.2 | Income from continuing operations | 255.2 | 113.0 | 745.4 | 256.2 | ||||||||||||||||||||||||||||||||||||||||||
Discontinued operations: | Discontinued operations: | Discontinued operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 4.8 | 6.3 | 4.1 | 10.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Benefit from) provision for income taxes | (0.8) | 1.1 | (0.8) | 2.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations | 5.6 | 5.2 | 4.9 | 8.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income before income taxes | (Loss) income before income taxes | (0.2) | 2.2 | 3.9 | 13.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | Provision for (benefit from) income taxes | 0.3 | (26.9) | (0.5) | (24.4) | |||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income from discontinued operations | (Loss) income from discontinued operations | (0.5) | 29.1 | 4.4 | 37.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 301.5 | $ | 99.3 | $ | 495.1 | $ | 151.5 | Net income | $ | 254.7 | $ | 142.1 | $ | 749.8 | $ | 293.6 | ||||||||||||||||||||||||||||||||||
Basic earnings per share attributable to common shares: | Basic earnings per share attributable to common shares: | Basic earnings per share attributable to common shares: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | $ | 5.70 | $ | 1.79 | $ | 9.41 | $ | 2.71 | Income from continuing operations | $ | 4.91 | $ | 2.15 | $ | 14.32 | $ | 4.86 | ||||||||||||||||||||||||||||||||||
Income from discontinued operations | 0.11 | 0.10 | 0.09 | 0.16 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income from discontinued operations | (Loss) income from discontinued operations | (0.01) | 0.55 | 0.08 | 0.71 | |||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 5.81 | $ | 1.89 | $ | 9.50 | $ | 2.87 | Basic earnings per share | $ | 4.90 | $ | 2.70 | $ | 14.40 | $ | 5.57 | ||||||||||||||||||||||||||||||||||
Diluted earnings per share attributable to common shares: | Diluted earnings per share attributable to common shares: | Diluted earnings per share attributable to common shares: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | $ | 5.62 | $ | 1.77 | $ | 9.28 | $ | 2.68 | Income from continuing operations | $ | 4.84 | $ | 2.12 | $ | 14.12 | $ | 4.80 | ||||||||||||||||||||||||||||||||||
Income from discontinued operations | 0.11 | 0.10 | 0.09 | 0.16 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income from discontinued operations | (Loss) income from discontinued operations | (0.01) | 0.55 | 0.08 | 0.70 | |||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 5.73 | $ | 1.87 | $ | 9.37 | $ | 2.84 | Diluted earnings per share | $ | 4.83 | $ | 2.67 | $ | 14.20 | $ | 5.50 | ||||||||||||||||||||||||||||||||||
Average shares outstanding: | Average shares outstanding: | Average shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | 51.8 | 52.3 | 52.0 | 52.7 | Basic | 51.9 | 52.3 | 51.9 | 52.6 | ||||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | 52.5 | 53.0 | 52.7 | 53.3 | Diluted | 52.6 | 53.0 | 52.6 | 53.2 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 301.5 | $ | 99.3 | $ | 495.1 | $ | 151.5 | Net income | $ | 254.7 | $ | 142.1 | $ | 749.8 | $ | 293.6 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency (losses) gains | Foreign currency (losses) gains | (40.8) | 6.8 | (37.3) | (6.5) | Foreign currency (losses) gains | (46.5) | 0.6 | (83.8) | (5.9) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized net periodic benefit costs, net of tax | Amortization of unrecognized net periodic benefit costs, net of tax | 1.0 | 1.2 | 2.0 | 2.4 | Amortization of unrecognized net periodic benefit costs, net of tax | 1.0 | 1.2 | 3.0 | 3.6 | ||||||||||||||||||||||||||||||||||||||||||
Other, net of tax | Other, net of tax | (1.0) | 0.3 | (1.7) | (1.7) | Other, net of tax | (1.7) | (0.2) | (3.4) | (1.9) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | Other comprehensive (loss) income | (40.8) | 8.3 | (37.0) | (5.8) | Other comprehensive (loss) income | (47.2) | 1.6 | (84.2) | (4.2) | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | $ | 260.7 | $ | 107.6 | $ | 458.1 | $ | 145.7 | Comprehensive income | $ | 207.5 | $ | 143.7 | $ | 665.6 | $ | 289.4 |
(in millions, except par values) | (in millions, except par values) | June 30, 2022 | December 31, 2021 | (in millions, except par values) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||
Current assets: | Current assets: | Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 353.2 | $ | 324.4 | Cash and cash equivalents | $ | 625.4 | $ | 324.4 | ||||||||||||||||||
Receivables, net of allowance for credit losses of $5.7 million and $5.3 million, respectively | 1,179.0 | 814.6 | ||||||||||||||||||||||||||
Receivables, net of allowance for credit losses of $5.9 million and $5.3 million, respectively | Receivables, net of allowance for credit losses of $5.9 million and $5.3 million, respectively | 1,090.9 | 814.6 | |||||||||||||||||||||||||
Inventories, net | Inventories, net | 780.9 | 605.1 | Inventories, net | 804.1 | 605.1 | ||||||||||||||||||||||
Contract assets | Contract assets | 78.5 | 72.1 | Contract assets | 84.0 | 72.1 | ||||||||||||||||||||||
Prepaid expenses | Prepaid expenses | 32.2 | 49.9 | Prepaid expenses | 35.7 | 49.9 | ||||||||||||||||||||||
Other current assets | Other current assets | 108.8 | 284.8 | Other current assets | 130.8 | 284.8 | ||||||||||||||||||||||
Total current assets | Total current assets | 2,532.6 | 2,150.9 | Total current assets | 2,770.9 | 2,150.9 | ||||||||||||||||||||||
Property, plant, and equipment, net | Property, plant, and equipment, net | 785.1 | 759.9 | Property, plant, and equipment, net | 790.9 | 759.9 | ||||||||||||||||||||||
Goodwill, net | 2,201.6 | 2,199.0 | ||||||||||||||||||||||||||
Goodwill | Goodwill | 2,192.7 | 2,199.0 | |||||||||||||||||||||||||
Other intangible assets, net | Other intangible assets, net | 1,930.4 | 2,008.7 | Other intangible assets, net | 1,861.1 | 2,008.7 | ||||||||||||||||||||||
Other long-term assets | Other long-term assets | 128.0 | 128.3 | Other long-term assets | 116.4 | 128.3 | ||||||||||||||||||||||
Total assets | Total assets | $ | 7,577.7 | $ | 7,246.8 | Total assets | $ | 7,732.0 | $ | 7,246.8 | ||||||||||||||||||
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | ||||||||||||||||||||||||||
Current liabilities: | Current liabilities: | Current liabilities: | ||||||||||||||||||||||||||
Accounts payable | Accounts payable | $ | 549.6 | $ | 432.4 | Accounts payable | $ | 497.1 | $ | 432.4 | ||||||||||||||||||
Current portion of debt | Current portion of debt | 352.2 | 352.0 | Current portion of debt | 651.4 | 352.0 | ||||||||||||||||||||||
Accrued and other current liabilities | Accrued and other current liabilities | 320.0 | 351.2 | Accrued and other current liabilities | 361.4 | 351.2 | ||||||||||||||||||||||
Contract liabilities | Contract liabilities | 37.9 | 33.9 | Contract liabilities | 42.2 | 33.9 | ||||||||||||||||||||||
Total current liabilities | Total current liabilities | 1,259.7 | 1,169.5 | Total current liabilities | 1,552.1 | 1,169.5 | ||||||||||||||||||||||
Long-term liabilities: | Long-term liabilities: | Long-term liabilities: | ||||||||||||||||||||||||||
Long-term debt, less current portion | Long-term debt, less current portion | 2,577.7 | 2,575.4 | Long-term debt, less current portion | 2,280.3 | 2,575.4 | ||||||||||||||||||||||
Contract liabilities | Contract liabilities | 255.8 | 250.0 | Contract liabilities | 263.0 | 250.0 | ||||||||||||||||||||||
Other long-term liabilities | Other long-term liabilities | 609.4 | 622.4 | Other long-term liabilities | 594.9 | 622.4 | ||||||||||||||||||||||
Total long-term liabilities | Total long-term liabilities | 3,442.9 | 3,447.8 | Total long-term liabilities | 3,138.2 | 3,447.8 | ||||||||||||||||||||||
Stockholders' equity: | Stockholders' equity: | Stockholders' equity: | ||||||||||||||||||||||||||
Preferred stock, $1 par value per share (5.0 shares authorized and unissued) | Preferred stock, $1 par value per share (5.0 shares authorized and unissued) | — | — | Preferred stock, $1 par value per share (5.0 shares authorized and unissued) | — | — | ||||||||||||||||||||||
Common stock, $1 par value per share (200.0 shares authorized; 51.5 and 52.0 shares outstanding, respectively) | 78.7 | 78.7 | ||||||||||||||||||||||||||
Common stock, $1 par value per share (200.0 shares authorized; 51.6 and 52.0 shares outstanding, respectively) | Common stock, $1 par value per share (200.0 shares authorized; 51.6 and 52.0 shares outstanding, respectively) | 78.7 | 78.7 | |||||||||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 490.9 | 481.5 | Additional paid-in capital | 502.6 | 481.5 | ||||||||||||||||||||||
Treasury shares, at cost (26.9 and 26.4 shares, respectively) | (2,228.4) | (2,063.2) | ||||||||||||||||||||||||||
Treasury shares, at cost (26.8 and 26.4 shares, respectively) | Treasury shares, at cost (26.8 and 26.4 shares, respectively) | (2,241.9) | (2,063.2) | |||||||||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss | (142.2) | (105.2) | Accumulated other comprehensive loss | (189.4) | (105.2) | ||||||||||||||||||||||
Retained earnings | Retained earnings | 4,676.1 | 4,237.7 | Retained earnings | 4,891.7 | 4,237.7 | ||||||||||||||||||||||
Total stockholders' equity | Total stockholders' equity | 2,875.1 | 2,629.5 | Total stockholders' equity | 3,041.7 | 2,629.5 | ||||||||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 7,577.7 | $ | 7,246.8 | Total liabilities and equity | $ | 7,732.0 | $ | 7,246.8 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
(in millions) | (in millions) | 2022 | 2021 | (in millions) | 2022 | 2021 | ||||||||||||||||||||||
Operating activities: | Operating activities: | Operating activities: | ||||||||||||||||||||||||||
Net income | Net income | $ | 495.1 | $ | 151.5 | Net income | $ | 749.8 | $ | 293.6 | ||||||||||||||||||
Reconciliation of net income to net cash provided by operating activities: | Reconciliation of net income to net cash provided by operating activities: | Reconciliation of net income to net cash provided by operating activities: | ||||||||||||||||||||||||||
Depreciation | Depreciation | 48.0 | 46.3 | Depreciation | 72.7 | 67.9 | ||||||||||||||||||||||
Amortization | Amortization | 79.2 | 60.8 | Amortization | 117.5 | 96.8 | ||||||||||||||||||||||
Lease expense | Lease expense | 14.2 | 13.5 | Lease expense | 21.0 | 20.3 | ||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 15.8 | 8.7 | Stock-based compensation | 21.4 | 14.0 | ||||||||||||||||||||||
Deferred taxes | Deferred taxes | 0.4 | 0.7 | Deferred taxes | (0.8) | (2.0) | ||||||||||||||||||||||
Other operating activities, net | Other operating activities, net | 3.0 | 9.5 | Other operating activities, net | 37.5 | 16.9 | ||||||||||||||||||||||
Changes in assets and liabilities, excluding effects of acquisitions: | Changes in assets and liabilities, excluding effects of acquisitions: | Changes in assets and liabilities, excluding effects of acquisitions: | ||||||||||||||||||||||||||
Receivables | Receivables | (372.2) | (190.7) | Receivables | (291.3) | (268.7) | ||||||||||||||||||||||
Inventories | Inventories | (184.4) | (40.6) | Inventories | (223.4) | (72.4) | ||||||||||||||||||||||
Contract assets | Contract assets | (6.5) | 13.7 | Contract assets | (12.3) | 11.7 | ||||||||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | 33.4 | 16.3 | Prepaid expenses and other assets | 32.0 | (9.3) | ||||||||||||||||||||||
Accounts payable | Accounts payable | 121.2 | 118.3 | Accounts payable | 71.1 | 134.9 | ||||||||||||||||||||||
Accrued and other current liabilities | Accrued and other current liabilities | (7.3) | (20.9) | Accrued and other current liabilities | 7.9 | (4.4) | ||||||||||||||||||||||
Contract liabilities | Contract liabilities | 10.4 | 6.8 | Contract liabilities | 22.5 | 11.3 | ||||||||||||||||||||||
Other long-term liabilities | Other long-term liabilities | (26.8) | (22.4) | Other long-term liabilities | (37.0) | (26.7) | ||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 223.5 | 171.5 | Net cash provided by operating activities | 588.6 | 283.9 | ||||||||||||||||||||||
Investing activities: | Investing activities: | Investing activities: | ||||||||||||||||||||||||||
Proceeds from sale of discontinued operation, net of cash disposed | Proceeds from sale of discontinued operation, net of cash disposed | 132.0 | — | Proceeds from sale of discontinued operation, net of cash disposed | 132.0 | 247.7 | ||||||||||||||||||||||
Capital expenditures | Capital expenditures | (82.7) | (55.1) | Capital expenditures | (130.5) | (88.9) | ||||||||||||||||||||||
Acquisitions, net of cash acquired | Acquisitions, net of cash acquired | (24.7) | — | Acquisitions, net of cash acquired | (24.7) | (1,573.9) | ||||||||||||||||||||||
Investment in securities | Investment in securities | 10.3 | (10.2) | Investment in securities | 10.3 | (10.2) | ||||||||||||||||||||||
Other investing activities, net | Other investing activities, net | 2.0 | 1.8 | Other investing activities, net | 2.2 | 2.1 | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | 36.9 | (63.5) | ||||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (10.7) | (1,423.2) | |||||||||||||||||||||||||
Financing activities: | Financing activities: | Financing activities: | ||||||||||||||||||||||||||
Proceeds from notes | Proceeds from notes | — | 842.6 | |||||||||||||||||||||||||
Borrowings from revolving credit facility | Borrowings from revolving credit facility | — | 650.0 | |||||||||||||||||||||||||
Repayments of revolving credit facility | Repayments of revolving credit facility | — | (650.0) | |||||||||||||||||||||||||
Financing costs | Financing costs | — | (1.7) | |||||||||||||||||||||||||
Repurchases of common stock | Repurchases of common stock | (175.0) | (265.6) | Repurchases of common stock | (201.1) | (290.6) | ||||||||||||||||||||||
Dividends paid | Dividends paid | (56.7) | (56.0) | Dividends paid | (95.6) | (84.2) | ||||||||||||||||||||||
Proceeds from exercise of stock options | Proceeds from exercise of stock options | 16.0 | 45.6 | Proceeds from exercise of stock options | 39.3 | 77.4 | ||||||||||||||||||||||
Withholding tax paid related to stock-based compensation | Withholding tax paid related to stock-based compensation | (12.5) | (7.7) | Withholding tax paid related to stock-based compensation | (13.3) | (8.4) | ||||||||||||||||||||||
Other financing activities, net | Other financing activities, net | (1.7) | (0.8) | Other financing activities, net | (2.5) | (1.2) | ||||||||||||||||||||||
Net cash used in financing activities | (229.9) | (284.5) | ||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | Net cash (used in) provided by financing activities | (273.2) | 533.9 | |||||||||||||||||||||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents | Effect of foreign currency exchange rate changes on cash and cash equivalents | (1.7) | (0.3) | Effect of foreign currency exchange rate changes on cash and cash equivalents | (3.7) | (1.2) | ||||||||||||||||||||||
Change in cash and cash equivalents | Change in cash and cash equivalents | 28.8 | (176.8) | Change in cash and cash equivalents | 301.0 | (606.6) | ||||||||||||||||||||||
Less: change in cash and cash equivalents of discontinued operations | Less: change in cash and cash equivalents of discontinued operations | — | 7.0 | Less: change in cash and cash equivalents of discontinued operations | — | (5.1) | ||||||||||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | 324.4 | 897.1 | Cash and cash equivalents at beginning of period | 324.4 | 897.1 | ||||||||||||||||||||||
Cash and cash equivalents at end of period | Cash and cash equivalents at end of period | $ | 353.2 | $ | 713.3 | Cash and cash equivalents at end of period | $ | 625.4 | $ | 295.6 |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Shares in Treasury | Total Stockholders' Equity | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Shares in Treasury | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts) | (in millions, except per share amounts) | Shares | Amount | Shares | Cost | (in millions, except per share amounts) | Shares | Amount | Shares | Cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 52.1 | $ | 78.7 | $ | 443.4 | $ | (111.1) | $ | 3,952.4 | 26.3 | $ | (1,951.6) | $ | 2,411.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | Balance as of June 30, 2021 | 51.9 | $ | 78.7 | $ | 460.1 | $ | (102.8) | $ | 4,024.2 | 26.5 | $ | (2,042.3) | $ | 2,417.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 99.3 | — | — | 99.3 | Net income | — | — | — | — | 142.1 | — | — | 142.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | Other comprehensive income, net of tax | — | — | — | 8.3 | — | — | — | 8.3 | Other comprehensive income, net of tax | — | — | — | 1.6 | — | — | — | 1.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends - $0.525 per share | — | — | — | — | (27.5) | — | — | (27.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends - $0.54 per share | Dividends - $0.54 per share | — | — | — | — | (28.4) | — | — | (28.4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | Repurchases of common stock | (0.6) | — | — | — | — | 0.6 | (115.6) | (115.6) | Repurchases of common stock | (0.1) | — | — | — | — | 0.1 | (25.0) | (25.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances and deferrals, net for stock based compensation(1) | Issuances and deferrals, net for stock based compensation(1) | 0.4 | — | 16.7 | — | — | (0.4) | 24.9 | 41.6 | Issuances and deferrals, net for stock based compensation(1) | 0.3 | — | 13.7 | — | — | (0.3) | 22.9 | 36.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 51.9 | $ | 78.7 | $ | 460.1 | $ | (102.8) | $ | 4,024.2 | 26.5 | $ | (2,042.3) | $ | 2,417.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | Balance as of September 30, 2021 | 52.1 | $ | 78.7 | $ | 473.8 | $ | (101.2) | $ | 4,137.9 | 26.3 | $ | (2,044.4) | $ | 2,544.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | 51.6 | $ | 78.7 | $ | 483.5 | $ | (101.4) | $ | 4,402.6 | 26.8 | $ | (2,184.8) | $ | 2,678.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | Balance as of June 30, 2022 | 51.5 | $ | 78.7 | $ | 490.9 | $ | (142.2) | $ | 4,676.1 | 26.9 | $ | (2,228.4) | $ | 2,875.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 301.5 | — | — | 301.5 | Net income | — | — | — | — | 254.7 | — | — | 254.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | (40.8) | — | — | — | (40.8) | Other comprehensive loss, net of tax | — | — | — | (47.2) | — | — | — | (47.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends - $0.54 per share | — | — | — | — | (28.0) | — | — | (28.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends - $0.75 per share | Dividends - $0.75 per share | — | — | — | — | (39.1) | — | — | (39.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | Repurchases of common stock | (0.2) | — | — | — | — | 0.2 | (50.0) | (50.0) | Repurchases of common stock | (0.1) | — | — | — | — | 0.1 | (30.2) | (30.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances and deferrals, net for stock based compensation(1) | Issuances and deferrals, net for stock based compensation(1) | 0.1 | — | 7.4 | — | — | (0.1) | 6.4 | 13.8 | Issuances and deferrals, net for stock based compensation(1) | 0.2 | — | 11.7 | — | — | (0.2) | 16.7 | 28.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 51.5 | $ | 78.7 | $ | 490.9 | $ | (142.2) | $ | 4,676.1 | 26.9 | $ | (2,228.4) | $ | 2,875.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | 51.6 | $ | 78.7 | $ | 502.6 | $ | (189.4) | $ | 4,891.7 | 26.8 | $ | (2,241.9) | $ | 3,041.7 |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Shares in Treasury | Total Stockholders' Equity | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Shares in Treasury | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts) | (in millions, except per share amounts) | Shares | Amount | Shares | Cost | (in millions, except per share amounts) | Shares | Amount | Shares | Cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | Balance as of December 31, 2020 | 52.9 | $ | 78.7 | $ | 441.7 | $ | (97.0) | $ | 3,928.7 | 25.5 | $ | (1,814.4) | $ | 2,537.7 | Balance as of December 31, 2020 | 52.9 | $ | 78.7 | $ | 441.7 | $ | (97.0) | $ | 3,928.7 | 25.5 | $ | (1,814.4) | $ | 2,537.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 151.5 | — | — | 151.5 | Net income | — | — | — | — | 293.6 | — | — | 293.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | (5.8) | — | — | — | (5.8) | Other comprehensive loss, net of tax | — | — | — | (4.2) | — | — | — | (4.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends - $1.05 per share | — | — | — | — | (56.0) | — | — | (56.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends - $1.59 per share | Dividends - $1.59 per share | — | — | — | — | (84.4) | — | — | (84.4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | Repurchases of common stock | (1.6) | — | — | — | — | 1.6 | (265.6) | (265.6) | Repurchases of common stock | (1.7) | — | — | — | — | 1.7 | (290.6) | (290.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances and deferrals, net for stock-based compensation(1) | Issuances and deferrals, net for stock-based compensation(1) | 0.6 | — | 18.4 | — | — | (0.6) | 37.7 | 56.1 | Issuances and deferrals, net for stock-based compensation(1) | 0.9 | — | 32.1 | — | — | (0.9) | 60.6 | 92.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 51.9 | $ | 78.7 | $ | 460.1 | $ | (102.8) | $ | 4,024.2 | 26.5 | $ | (2,042.3) | $ | 2,417.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | Balance as of September 30, 2021 | 52.1 | $ | 78.7 | $ | 473.8 | $ | (101.2) | $ | 4,137.9 | 26.3 | $ | (2,044.4) | $ | 2,544.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | Balance as of December 31, 2021 | 52.0 | $ | 78.7 | $ | 481.5 | $ | (105.2) | $ | 4,237.7 | 26.4 | $ | (2,063.2) | $ | 2,629.5 | Balance as of December 31, 2021 | 52.0 | $ | 78.7 | $ | 481.5 | $ | (105.2) | $ | 4,237.7 | 26.4 | $ | (2,063.2) | $ | 2,629.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | — | 495.1 | — | — | 495.1 | Net income | — | — | — | — | 749.8 | — | — | 749.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | (37.0) | — | — | — | (37.0) | Other comprehensive loss, net of tax | — | — | — | (84.2) | — | — | — | (84.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends - $1.08 per share | — | — | — | — | (56.7) | — | — | (56.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends - $1.83 per share | Dividends - $1.83 per share | — | — | — | — | (95.8) | — | — | (95.8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | Repurchases of common stock | (0.7) | — | — | — | — | 0.7 | (175.0) | (175.0) | Repurchases of common stock | (0.8) | — | — | — | — | 0.8 | (205.2) | (205.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances and deferrals, net for stock-based compensation(1) | Issuances and deferrals, net for stock-based compensation(1) | 0.2 | — | 9.4 | — | — | (0.2) | 9.8 | 19.2 | Issuances and deferrals, net for stock-based compensation(1) | 0.4 | — | 21.1 | — | — | (0.4) | 26.5 | 47.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 51.5 | $ | 78.7 | $ | 490.9 | $ | (142.2) | $ | 4,676.1 | 26.9 | $ | (2,228.4) | $ | 2,875.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | Balance as of September 30, 2022 | 51.6 | $ | 78.7 | $ | 502.6 | $ | (189.4) | $ | 4,891.7 | 26.8 | $ | (2,241.9) | $ | 3,041.7 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Revenues | Operating Income (Loss) | Revenues | Operating Income (Loss) | (in millions) | Revenues | Operating Income (Loss) | Revenues | Operating Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||
Carlisle Construction Materials | Carlisle Construction Materials | $ | 1,113.4 | $ | 358.9 | $ | 722.8 | $ | 155.0 | Carlisle Construction Materials | $ | 1,090.3 | $ | 341.7 | $ | 783.9 | $ | 181.1 | ||||||||||||||||||||||||||||||||||
Carlisle Weatherproofing Technologies | Carlisle Weatherproofing Technologies | 448.9 | 59.0 | 214.5 | 22.4 | Carlisle Weatherproofing Technologies | 406.7 | 9.6 | 281.9 | 6.0 | ||||||||||||||||||||||||||||||||||||||||||
Carlisle Interconnect Technologies | Carlisle Interconnect Technologies | 212.6 | 7.9 | 168.9 | (12.9) | Carlisle Interconnect Technologies | 223.7 | 12.9 | 178.7 | (0.5) | ||||||||||||||||||||||||||||||||||||||||||
Carlisle Fluid Technologies | Carlisle Fluid Technologies | 72.0 | 7.0 | 71.6 | 6.6 | Carlisle Fluid Technologies | 73.4 | 11.7 | 71.1 | 4.7 | ||||||||||||||||||||||||||||||||||||||||||
Segment total | Segment total | 1,846.9 | 432.8 | 1,177.8 | 171.1 | Segment total | 1,794.1 | 375.9 | 1,315.6 | 191.3 | ||||||||||||||||||||||||||||||||||||||||||
Corporate, unallocated and eliminations(1) | — | (22.2) | — | (37.3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate and unallocated(1) | Corporate and unallocated(1) | — | (27.7) | — | (24.8) | |||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,846.9 | $ | 410.6 | $ | 1,177.8 | $ | 133.8 | Total | $ | 1,794.1 | $ | 348.2 | $ | 1,315.6 | $ | 166.5 | ||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Revenues | Operating Income (Loss) | Revenues | Operating Income (Loss) | (in millions) | Revenues | Operating Income (Loss) | Revenues | Operating Income (Loss) | ||||||||||||||||||||||||||||||||||||||||||
Carlisle Construction Materials | Carlisle Construction Materials | $ | 1,994.5 | $ | 620.0 | $ | 1,279.2 | $ | 265.7 | Carlisle Construction Materials | $ | 3,084.8 | $ | 961.7 | $ | 2,063.1 | $ | 446.8 | ||||||||||||||||||||||||||||||||||
Carlisle Weatherproofing Technologies | Carlisle Weatherproofing Technologies | 808.0 | 96.5 | 377.4 | 33.0 | Carlisle Weatherproofing Technologies | 1,214.7 | 106.1 | 659.3 | 39.0 | ||||||||||||||||||||||||||||||||||||||||||
Carlisle Interconnect Technologies | Carlisle Interconnect Technologies | 397.6 | 5.4 | 324.7 | (23.6) | Carlisle Interconnect Technologies | 621.3 | 18.3 | 503.4 | (24.1) | ||||||||||||||||||||||||||||||||||||||||||
Carlisle Fluid Technologies | Carlisle Fluid Technologies | 143.1 | 11.8 | 137.4 | 10.9 | Carlisle Fluid Technologies | 216.5 | 23.5 | 208.5 | 15.6 | ||||||||||||||||||||||||||||||||||||||||||
Segment total | Segment total | 3,343.2 | 733.7 | 2,118.7 | 286.0 | Segment total | 5,137.3 | 1,109.6 | 3,434.3 | 477.3 | ||||||||||||||||||||||||||||||||||||||||||
Corporate and unallocated(1) | Corporate and unallocated(1) | — | (45.8) | — | (67.5) | Corporate and unallocated(1) | — | (73.5) | — | (92.3) | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3,343.2 | $ | 687.9 | $ | 2,118.7 | $ | 218.5 | Total | $ | 5,137.3 | $ | 1,036.1 | $ | 3,434.3 | $ | 385.0 |
Unaudited Pro Forma | Unaudited Pro Forma | |||||||||||||||||||||||||||
(in millions) | (in millions) | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | (in millions) | Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||
Revenues | Revenues | $ | 1,324.3 | $ | 2,378.9 | Revenues | $ | 1,415.7 | $ | 3,794.6 | ||||||||||||||||||
Income from continuing operations | Income from continuing operations | 100.5 | 150.0 | Income from continuing operations | 129.1 | 279.1 |
Preliminary Allocation | Measurement Period Adjustments | Preliminary Allocation | Preliminary Allocation | Measurement Period Adjustments | Final Allocation | |||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | As of 9/1/2021 | As of 6/30/2022 | (in millions) | As of 9/1/2021 | As of 8/31/2022 | ||||||||||||||||||||||||||||||||||
Total cash consideration transferred | Total cash consideration transferred | $ | 1,608.2 | $ | (2.6) | $ | 1,605.6 | Total cash consideration transferred | $ | 1,608.2 | $ | (2.6) | $ | 1,605.6 | ||||||||||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | Recognized amounts of identifiable assets acquired and liabilities assumed: | Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 34.3 | — | 34.3 | Cash and cash equivalents | 34.3 | — | 34.3 | ||||||||||||||||||||||||||||||||
Receivables, net | Receivables, net | 79.0 | — | 79.0 | Receivables, net | 79.0 | — | 79.0 | ||||||||||||||||||||||||||||||||
Inventories | Inventories | 59.4 | (7.9) | 51.5 | Inventories | 59.4 | (9.4) | 50.0 | ||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | Prepaid expenses and other current assets | 10.5 | 0.2 | 10.7 | Prepaid expenses and other current assets | 10.5 | — | 10.5 | ||||||||||||||||||||||||||||||||
Property, plant and equipment | Property, plant and equipment | 53.6 | 8.2 | 61.8 | Property, plant and equipment | 53.6 | 8.2 | 61.8 | ||||||||||||||||||||||||||||||||
Intangible assets | Intangible assets | 735.1 | 445.9 | 1,181.0 | Intangible assets | 735.1 | 445.9 | 1,181.0 | ||||||||||||||||||||||||||||||||
Other long-term assets | Other long-term assets | 3.6 | 8.3 | 11.9 | Other long-term assets | 3.6 | 8.3 | 11.9 | ||||||||||||||||||||||||||||||||
Accounts payable | Accounts payable | (77.9) | 2.2 | (75.7) | Accounts payable | (77.9) | 2.3 | (75.6) | ||||||||||||||||||||||||||||||||
Accrued and other current liabilities | Accrued and other current liabilities | (28.7) | (0.4) | (29.1) | Accrued and other current liabilities | (28.7) | (0.4) | (29.1) | ||||||||||||||||||||||||||||||||
Short-term debt | Short-term debt | (1.0) | — | (1.0) | Short-term debt | (1.0) | — | (1.0) | ||||||||||||||||||||||||||||||||
Contract liabilities | Contract liabilities | (2.6) | — | (2.6) | Contract liabilities | (2.6) | — | (2.6) | ||||||||||||||||||||||||||||||||
Other long-term debt | Other long-term debt | (0.8) | — | (0.8) | Other long-term debt | (0.8) | — | (0.8) | ||||||||||||||||||||||||||||||||
Other long-term liabilities | Other long-term liabilities | (5.9) | (9.8) | (15.7) | Other long-term liabilities | (5.9) | (9.8) | (15.7) | ||||||||||||||||||||||||||||||||
Deferred income taxes | Deferred income taxes | (153.4) | (107.8) | (261.2) | Deferred income taxes | (153.4) | (109.7) | (263.1) | ||||||||||||||||||||||||||||||||
Total identifiable net assets | Total identifiable net assets | 705.2 | 338.9 | 1,044.1 | Total identifiable net assets | 705.2 | 335.4 | 1,040.6 | ||||||||||||||||||||||||||||||||
Goodwill | Goodwill | $ | 903.0 | $ | (341.5) | $ | 561.5 | Goodwill | $ | 903.0 | $ | (338.0) | $ | 565.0 |
(in millions) | Fair Value | Weighted Average Useful Life (in years) | ||||||||||||
Customer relationships | $ | 914.0 | 18 | |||||||||||
Technologies | 46.5 | 11 | ||||||||||||
Software | 0.1 | 4 | ||||||||||||
Indefinite-lived trade name | 220.4 | N/A | ||||||||||||
Total | $ | 1,181.0 |
(in millions) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||
2021 | 2021 | |||||||||||||||||||||||||
Revenues | $ | 98.8 | $ | 186.9 | ||||||||||||||||||||||
Cost of goods sold | 76.1 | 147.4 | ||||||||||||||||||||||||
Other operating expenses, net | 11.8 | 23.8 | ||||||||||||||||||||||||
Operating income | 10.9 | 15.7 | ||||||||||||||||||||||||
Other non-operating (income) expense, net | (0.1) | 0.2 | ||||||||||||||||||||||||
Income from discontinued operations before income taxes and loss on sale | 11.0 | 15.5 | ||||||||||||||||||||||||
Pre-close transaction expenses(1) | 4.7 | 4.7 | ||||||||||||||||||||||||
Income from discontinued operations before income taxes | 6.3 | 10.8 | ||||||||||||||||||||||||
Provision for income taxes | 1.1 | 2.5 | ||||||||||||||||||||||||
Income from discontinued operations | $ | 5.2 | $ | 8.3 |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2021 | 2021 | |||||||||||||||||||||||||
Revenues | $ | 32.8 | $ | 219.7 | ||||||||||||||||||||||
Cost of goods sold | 23.9 | 171.3 | ||||||||||||||||||||||||
Other operating expenses, net | 4.5 | 28.3 | ||||||||||||||||||||||||
Operating income | 4.4 | 20.1 | ||||||||||||||||||||||||
Other non-operating expense, net | — | 0.2 | ||||||||||||||||||||||||
Income from discontinued operations before income taxes and loss on sale | 4.4 | 19.9 | ||||||||||||||||||||||||
Loss on sale of discontinued operations | (2.2) | (6.9) | ||||||||||||||||||||||||
Income from discontinued operations before income taxes | 2.2 | 13.0 | ||||||||||||||||||||||||
Benefit from income taxes | (26.9) | (24.4) | ||||||||||||||||||||||||
Income from discontinued operations | $ | 29.1 | $ | 37.4 |
(in millions) | (in millions) | 2022 | 2021 | (in millions) | 2022 | 2021 | ||||||||||||||||||||||
Net cash (used in) provided by operating activities | Net cash (used in) provided by operating activities | $ | (2.1) | $ | 10.8 | Net cash (used in) provided by operating activities | $ | (2.6) | $ | 8.5 | ||||||||||||||||||
Net cash provided by (used in) investing activities | 132.0 | (5.6) | ||||||||||||||||||||||||||
Net cash (used in) provided by financing activities(1) | (129.9) | 1.8 | ||||||||||||||||||||||||||
Net cash provided by investing activities | Net cash provided by investing activities | 132.0 | 241.0 | |||||||||||||||||||||||||
Net cash used in financing activities(1) | Net cash used in financing activities(1) | (129.4) | (254.6) | |||||||||||||||||||||||||
Change in cash and cash equivalents from discontinued operations | Change in cash and cash equivalents from discontinued operations | $ | — | $ | 7.0 | Change in cash and cash equivalents from discontinued operations | $ | — | $ | (5.1) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts) | (in millions, except per share amounts) | 2022 | 2021 | 2022 | 2021 | (in millions, except per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | $ | 295.9 | $ | 94.1 | $ | 490.2 | $ | 143.2 | Income from continuing operations | $ | 255.2 | $ | 113.0 | $ | 745.4 | $ | 256.2 | ||||||||||||||||||||||||||||||||||||||||
Less: dividends declared | Less: dividends declared | (28.0) | (27.5) | (56.7) | (56.0) | Less: dividends declared | 39.1 | 28.4 | 95.8 | 84.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Undistributed earnings | Undistributed earnings | 267.9 | 66.6 | 433.5 | 87.2 | Undistributed earnings | 216.1 | 84.6 | 649.6 | 171.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Percent allocated to common stockholders (1) | Percent allocated to common stockholders (1) | 99.7 | % | 99.7 | % | 99.7 | % | 99.7 | % | Percent allocated to common stockholders (1) | 99.8 | % | 99.7 | % | 99.8 | % | 99.7 | % | ||||||||||||||||||||||||||||||||||||||||
Undistributed earnings allocated to common stockholders | Undistributed earnings allocated to common stockholders | 267.2 | 66.4 | 432.4 | 86.9 | Undistributed earnings allocated to common stockholders | 215.6 | 84.3 | 648.0 | 171.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares | Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares | 27.9 | 27.5 | 56.6 | 55.9 | Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares | 39.0 | 28.2 | 95.6 | 84.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations attributable to common stockholders | Income from continuing operations attributable to common stockholders | $ | 295.1 | $ | 93.9 | $ | 489.0 | $ | 142.8 | Income from continuing operations attributable to common stockholders | $ | 254.6 | $ | 112.5 | $ | 743.6 | $ | 255.4 | ||||||||||||||||||||||||||||||||||||||||
Shares: | Shares: | Shares: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic weighted-average shares outstanding | Basic weighted-average shares outstanding | 51.8 | 52.3 | 52.0 | 52.7 | Basic weighted-average shares outstanding | 51.9 | 52.3 | 51.9 | 52.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities: | Effect of dilutive securities: | Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance awards | Performance awards | 0.2 | 0.2 | 0.2 | 0.1 | Performance awards | 0.2 | 0.2 | 0.2 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock options | Stock options | 0.5 | 0.5 | 0.5 | 0.5 | Stock options | 0.5 | 0.5 | 0.5 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Diluted weighted-average shares outstanding | Diluted weighted-average shares outstanding | 52.5 | 53.0 | 52.7 | 53.3 | Diluted weighted-average shares outstanding | 52.6 | 53.0 | 52.6 | 53.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Per share income from continuing operations attributable to common shares: | Per share income from continuing operations attributable to common shares: | Per share income from continuing operations attributable to common shares: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 5.70 | $ | 1.79 | $ | 9.41 | $ | 2.71 | Basic | $ | 4.91 | $ | 2.15 | $ | 14.32 | $ | 4.86 | ||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | $ | 5.62 | $ | 1.77 | $ | 9.28 | $ | 2.68 | Diluted | $ | 4.84 | $ | 2.12 | $ | 14.12 | $ | 4.80 | ||||||||||||||||||||||||||||||||||||||||
(1) | (1) | Basic weighted-average shares outstanding | 51.8 | 52.3 | 52.0 | 52.7 | (1) | Basic weighted-average shares outstanding | 51.9 | 52.3 | 51.9 | 52.6 | ||||||||||||||||||||||||||||||||||||||||||||||
Basic weighted-average shares outstanding and unvested restricted shares expected to vest | 51.9 | 52.5 | 52.1 | 52.8 | Basic weighted-average shares outstanding and unvested restricted shares expected to vest | 52.0 | 52.4 | 52.0 | 52.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Percent allocated to common stockholders | 99.7 | % | 99.7 | % | 99.7 | % | 99.7 | % | Percent allocated to common stockholders | 99.8 | % | 99.7 | % | 99.8 | % | 99.7 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2022 | 2021 | 2022 | 2021 | (in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations attributable to common stockholders for basic and diluted earnings per share | $ | 5.6 | $ | 5.2 | $ | 4.9 | $ | 8.3 | ||||||||||||||||||||||||||||||||||||||||||||
(Loss) income from discontinued operations attributable to common stockholders for basic and diluted earnings per share | (Loss) income from discontinued operations attributable to common stockholders for basic and diluted earnings per share | $ | (0.5) | $ | 29.0 | $ | 4.4 | $ | 37.3 | |||||||||||||||||||||||||||||||||||||||||||
Net income attributable to common stockholders for basic and diluted earnings per share | Net income attributable to common stockholders for basic and diluted earnings per share | 300.8 | 99.2 | 493.9 | 151.1 | Net income attributable to common stockholders for basic and diluted earnings per share | 254.1 | 141.5 | 748.0 | 292.7 | ||||||||||||||||||||||||||||||||||||||||||
Anti-dilutive stock options excluded from earnings per share calculation(1) | Anti-dilutive stock options excluded from earnings per share calculation(1) | 0.2 | — | 0.2 | 0.3 | Anti-dilutive stock options excluded from earnings per share calculation(1) | — | — | 0.1 | 0.2 |
(in millions) | (in millions) | Remainder of 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | (in millions) | Remainder of 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Extended service warranties | Extended service warranties | $ | 12.3 | $ | 23.5 | $ | 22.5 | $ | 21.5 | $ | 20.6 | $ | 19.5 | $ | 159.4 | Extended service warranties | $ | 6.2 | $ | 24.3 | $ | 23.2 | $ | 22.3 | $ | 21.3 | $ | 20.2 | $ | 169.3 |
(in millions) | (in millions) | 2022 | 2021 | (in millions) | 2022 | 2021 | ||||||||||||||||||||||
Balance as of January 1 | Balance as of January 1 | $ | 283.9 | $ | 268.3 | Balance as of January 1 | $ | 283.9 | $ | 268.3 | ||||||||||||||||||
Revenue recognized | Revenue recognized | (38.1) | (32.0) | Revenue recognized | (55.2) | (48.7) | ||||||||||||||||||||||
Revenue deferred | Revenue deferred | 47.9 | 38.7 | Revenue deferred | 76.5 | 59.9 | ||||||||||||||||||||||
Balance as of June 30 | $ | 293.7 | $ | 275.0 | ||||||||||||||||||||||||
Acquired liabilities | Acquired liabilities | — | 2.6 | |||||||||||||||||||||||||
Balance as of September 30 | Balance as of September 30 | $ | 305.2 | $ | 282.1 |
(in millions) | (in millions) | 2022 | 2021 | (in millions) | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Balance as of January 1 | Balance as of January 1 | $ | 72.1 | $ | 84.5 | Balance as of January 1 | $ | 72.1 | $ | 84.5 | ||||||||||||||||||||||||||||||
Balance as of June 30 | 78.5 | 71.5 | ||||||||||||||||||||||||||||||||||||||
Balance as of September 30 | Balance as of September 30 | 84.0 | 73.5 | |||||||||||||||||||||||||||||||||||||
Change in contract assets | Change in contract assets | $ | 6.4 | $ | (13.0) | Change in contract assets | $ | 11.9 | $ | (11.0) |
Three Months Ended June 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | CCM | CWT | CIT | CFT | Total | (in millions) | CCM | CWT | CIT | CFT | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
General construction | General construction | $ | 1,113.4 | $ | 368.9 | $ | — | $ | — | $ | 1,482.3 | General construction | $ | 1,090.3 | $ | 353.0 | $ | — | $ | — | $ | 1,443.3 | ||||||||||||||||||||||||||||||||||||||||||
Aerospace | Aerospace | — | — | 94.6 | — | 94.6 | Aerospace | — | — | 104.5 | — | 104.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Medical | Medical | — | — | 78.1 | — | 78.1 | Medical | — | — | 81.3 | — | 81.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | Transportation | — | — | — | 39.6 | 39.6 | Transportation | — | — | — | 40.5 | 40.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Heavy equipment | Heavy equipment | — | 27.3 | — | — | 27.3 | Heavy equipment | — | 26.3 | — | — | 26.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
General industrial and other | General industrial and other | — | 52.7 | 39.9 | 32.4 | 125.0 | General industrial and other | — | 27.4 | 37.9 | 32.9 | 98.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 1,113.4 | $ | 448.9 | $ | 212.6 | $ | 72.0 | $ | 1,846.9 | Total revenues | $ | 1,090.3 | $ | 406.7 | $ | 223.7 | $ | 73.4 | $ | 1,794.1 | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | CCM | CWT | CIT | CFT | Total | (in millions) | CCM | CWT | CIT | CFT | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
General construction | General construction | $ | 722.8 | $ | 159.1 | $ | — | $ | — | $ | 881.9 | General construction | $ | 783.9 | $ | 217.2 | $ | — | $ | — | $ | 1,001.1 | ||||||||||||||||||||||||||||||||||||||||||
Aerospace | Aerospace | — | — | 74.0 | — | 74.0 | Aerospace | — | — | 78.0 | — | 78.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Medical | Medical | — | — | 59.1 | — | 59.1 | Medical | — | — | 66.6 | — | 66.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | Transportation | — | — | — | 35.9 | 35.9 | Transportation | — | — | — | 37.9 | 37.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Heavy equipment | Heavy equipment | — | 22.9 | — | — | 22.9 | Heavy equipment | — | 29.8 | — | — | 29.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
General industrial and other | General industrial and other | — | 32.5 | 35.8 | 35.7 | 104.0 | General industrial and other | — | 34.9 | 34.1 | 33.2 | 102.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 722.8 | $ | 214.5 | $ | 168.9 | $ | 71.6 | $ | 1,177.8 | Total revenues | $ | 783.9 | $ | 281.9 | $ | 178.7 | $ | 71.1 | $ | 1,315.6 |
Six Months Ended June 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | CCM | CWT | CIT | CFT | Total | (in millions) | CCM | CWT | CIT | CFT | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
General construction | General construction | $ | 1,994.5 | $ | 667.2 | $ | — | $ | — | $ | 2,661.7 | General construction | $ | 3,084.8 | $ | 1,020.2 | $ | — | $ | — | $ | 4,105.0 | ||||||||||||||||||||||||||||||||||||||||||
Aerospace | Aerospace | — | — | 177.9 | — | 177.9 | Aerospace | — | — | 282.4 | — | 282.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Medical | Medical | — | — | 142.7 | — | 142.7 | Medical | — | — | 224.0 | — | 224.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | Transportation | — | — | — | 78.0 | 78.0 | Transportation | — | — | — | 118.5 | 118.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Heavy equipment | Heavy equipment | — | 58.1 | — | — | 58.1 | Heavy equipment | — | 84.4 | — | — | 84.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
General industrial and other | General industrial and other | — | 82.7 | 77.0 | 65.1 | 224.8 | General industrial and other | — | 110.1 | 114.9 | 98.0 | 323.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 1,994.5 | $ | 808.0 | $ | 397.6 | $ | 143.1 | $ | 3,343.2 | Total revenues | $ | 3,084.8 | $ | 1,214.7 | $ | 621.3 | $ | 216.5 | $ | 5,137.3 | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | CCM | CWT | CIT | CFT | Total | (in millions) | CCM | CWT | CIT | CFT | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
General construction | General construction | $ | 1,279.2 | $ | 276.8 | $ | — | $ | — | $ | 1,556.0 | General construction | $ | 2,063.1 | $ | 494.0 | $ | — | $ | — | $ | 2,557.1 | ||||||||||||||||||||||||||||||||||||||||||
Aerospace | Aerospace | — | — | 139.9 | — | 139.9 | Aerospace | — | — | 217.9 | — | 217.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Medical | Medical | — | — | 114.3 | — | 114.3 | Medical | — | — | 180.9 | — | 180.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | Transportation | — | — | — | 69.7 | 69.7 | Transportation | — | — | — | 107.6 | 107.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Heavy equipment | Heavy equipment | — | 43.2 | — | — | 43.2 | Heavy equipment | — | 73.0 | — | — | 73.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
General industrial and other | General industrial and other | — | 57.4 | 70.5 | 67.7 | 195.6 | General industrial and other | — | 92.3 | 104.6 | 100.9 | 297.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 1,279.2 | $ | 377.4 | $ | 324.7 | $ | 137.4 | $ | 2,118.7 | Total revenues | $ | 2,063.1 | $ | 659.3 | $ | 503.4 | $ | 208.5 | $ | 3,434.3 |
Three Months Ended June 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | CCM | CWT | CIT | CFT | Total | (in millions) | CCM | CWT | CIT | CFT | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | United States | $ | 1,009.4 | $ | 403.8 | $ | 150.2 | $ | 36.1 | $ | 1,599.5 | United States | $ | 1,005.4 | $ | 362.2 | $ | 157.9 | $ | 34.3 | $ | 1,559.8 | ||||||||||||||||||||||||||||||||||||||||||
International: | International: | International: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe | Europe | 62.8 | 5.1 | 17.5 | 11.7 | 97.1 | Europe | 64.2 | 4.4 | 17.5 | 10.9 | 97.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
North America (excluding U.S.) | North America (excluding U.S.) | 32.6 | 35.9 | 8.8 | 3.3 | 80.6 | North America (excluding U.S.) | 14.9 | 34.6 | 11.4 | 3.5 | 64.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia and Middle East | Asia and Middle East | 5.0 | 1.9 | 27.2 | 19.5 | 53.6 | Asia and Middle East | 3.3 | 3.2 | 24.9 | 23.2 | 54.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Africa | Africa | 0.5 | 0.5 | 3.2 | 0.2 | 4.4 | Africa | 0.2 | 0.9 | 2.7 | 0.2 | 4.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 3.1 | 1.7 | 5.7 | 1.2 | 11.7 | Other | 2.3 | 1.4 | 9.3 | 1.3 | 14.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total international | Total international | 104.0 | 45.1 | 62.4 | 35.9 | 247.4 | Total international | 84.9 | 44.5 | 65.8 | 39.1 | 234.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 1,113.4 | $ | 448.9 | $ | 212.6 | $ | 72.0 | $ | 1,846.9 | Total revenues | $ | 1,090.3 | $ | 406.7 | $ | 223.7 | $ | 73.4 | $ | 1,794.1 | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | CCM | CWT | CIT | CFT | Total | (in millions) | CCM | CWT | CIT | CFT | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | United States | $ | 633.8 | $ | 197.7 | $ | 126.8 | $ | 31.4 | $ | 989.7 | United States | $ | 701.3 | $ | 254.0 | $ | 134.7 | $ | 31.2 | $ | 1,121.2 | ||||||||||||||||||||||||||||||||||||||||||
International: | International: | International: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe | Europe | 61.9 | 2.2 | 16.3 | 13.6 | 94.0 | Europe | 57.5 | 6.7 | 15.8 | 14.3 | 94.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
North America (excluding U.S.) | North America (excluding U.S.) | 22.5 | 8.7 | 2.5 | 2.8 | 36.5 | North America (excluding U.S.) | 19.7 | 18.5 | 3.5 | 2.8 | 44.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia and Middle East | Asia and Middle East | 4.4 | 5.0 | 20.4 | 22.3 | 52.1 | Asia and Middle East | 4.0 | 1.0 | 19.0 | 22.5 | 46.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Africa | Africa | 0.1 | 0.9 | 0.9 | 0.2 | 2.1 | Africa | 0.1 | 1.4 | 1.0 | 0.1 | 2.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 0.1 | — | 2.0 | 1.3 | 3.4 | Other | 1.3 | 0.3 | 4.7 | 0.2 | 6.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total international | Total international | 89.0 | 16.8 | 42.1 | 40.2 | 188.1 | Total international | 82.6 | 27.9 | 44.0 | 39.9 | 194.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 722.8 | $ | 214.5 | $ | 168.9 | $ | 71.6 | $ | 1,177.8 | Total revenues | $ | 783.9 | $ | 281.9 | $ | 178.7 | $ | 71.1 | $ | 1,315.6 |
Six Months Ended June 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | CCM | CWT | CIT | CFT | Total | (in millions) | CCM | CWT | CIT | CFT | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | United States | $ | 1,796.9 | $ | 722.3 | $ | 280.1 | $ | 69.5 | $ | 2,868.8 | United States | $ | 2,802.3 | $ | 1,084.5 | $ | 438.0 | $ | 103.8 | $ | 4,428.6 | ||||||||||||||||||||||||||||||||||||||||||
International: | International: | International: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe | Europe | 122.7 | 10.5 | 35.7 | 24.6 | 193.5 | Europe | 186.9 | 14.9 | 53.2 | 35.5 | 290.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
North America (excluding U.S.) | North America (excluding U.S.) | 60.2 | 64.1 | 19.6 | 7.8 | 151.7 | North America (excluding U.S.) | 75.1 | 98.7 | 31.0 | 11.3 | 216.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia and Middle East | Asia and Middle East | 7.7 | 4.8 | 46.5 | 38.8 | 97.8 | Asia and Middle East | 11.0 | 8.0 | 71.4 | 62.0 | 152.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Africa | Africa | 1.2 | 2.7 | 5.9 | 0.4 | 10.2 | Africa | 1.4 | 3.6 | 8.6 | 0.6 | 14.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 5.8 | 3.6 | 9.8 | 2.0 | 21.2 | Other | 8.1 | 5.0 | 19.1 | 3.3 | 35.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total international | Total international | 197.6 | 85.7 | 117.5 | 73.6 | 474.4 | Total international | 282.5 | 130.2 | 183.3 | 112.7 | 708.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 1,994.5 | $ | 808.0 | $ | 397.6 | $ | 143.1 | $ | 3,343.2 | Total revenues | $ | 3,084.8 | $ | 1,214.7 | $ | 621.3 | $ | 216.5 | $ | 5,137.3 | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | CCM | CWT | CIT | CFT | Total | (in millions) | CCM | CWT | CIT | CFT | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | United States | $ | 1,113.1 | $ | 344.7 | $ | 238.3 | $ | 62.0 | $ | 1,758.1 | United States | $ | 1,814.4 | $ | 598.7 | $ | 373.0 | $ | 93.2 | $ | 2,879.3 | ||||||||||||||||||||||||||||||||||||||||||
International: | International: | International: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe | Europe | 116.2 | 8.5 | 30.7 | 26.1 | 181.5 | Europe | 173.7 | 15.2 | 46.5 | 40.4 | 275.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
North America (excluding U.S.) | North America (excluding U.S.) | 37.9 | 16.9 | 7.0 | 5.3 | 67.1 | North America (excluding U.S.) | 57.6 | 35.4 | 10.5 | 8.1 | 111.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia and Middle East | Asia and Middle East | 9.1 | 6.4 | 42.3 | 41.7 | 99.5 | Asia and Middle East | 13.1 | 7.4 | 61.3 | 64.2 | 146.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Africa | Africa | 1.3 | 0.9 | 2.2 | 0.4 | 4.8 | Africa | 1.4 | 2.3 | 3.2 | 0.5 | 7.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 1.6 | — | 4.2 | 1.9 | 7.7 | Other | 2.9 | 0.3 | 8.9 | 2.1 | 14.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total international | Total international | 166.1 | 32.7 | 86.4 | 75.4 | 360.6 | Total international | 248.7 | 60.6 | 130.4 | 115.3 | 555.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 1,279.2 | $ | 377.4 | $ | 324.7 | $ | 137.4 | $ | 2,118.7 | Total revenues | $ | 2,063.1 | $ | 659.3 | $ | 503.4 | $ | 208.5 | $ | 3,434.3 |
(in millions) | (in millions) | Three Months Ended June 30, | Six Months Ended June 30, | (in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Stock option awards | Stock option awards | $ | 2.3 | $ | 2.3 | $ | 5.4 | $ | 5.9 | Stock option awards | $ | 2.3 | $ | 1.9 | $ | 7.7 | $ | 7.8 | ||||||||||||||||||||||||||||||||||
Restricted stock awards | Restricted stock awards | 1.7 | 1.7 | 5.0 | 3.9 | Restricted stock awards | 1.3 | 1.7 | 6.3 | 5.6 | ||||||||||||||||||||||||||||||||||||||||||
Performance share awards | Performance share awards | 2.2 | 1.8 | 5.4 | 4.3 | Performance share awards | 2.0 | 1.7 | 7.4 | 6.0 | ||||||||||||||||||||||||||||||||||||||||||
Stock appreciation rights | Stock appreciation rights | — | 5.9 | — | 9.0 | Stock appreciation rights | — | — | — | 9.0 | ||||||||||||||||||||||||||||||||||||||||||
Total stock-based compensation cost incurred | Total stock-based compensation cost incurred | 6.2 | 11.7 | 15.8 | 23.1 | Total stock-based compensation cost incurred | 5.6 | 5.3 | 21.4 | 28.4 | ||||||||||||||||||||||||||||||||||||||||||
Capitalized cost during the period | Capitalized cost during the period | — | (5.9) | — | (9.3) | Capitalized cost during the period | — | — | — | (9.3) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of capitalized cost during the period | Amortization of capitalized cost during the period | — | 8.8 | — | 14.3 | Amortization of capitalized cost during the period | — | — | — | 14.3 | ||||||||||||||||||||||||||||||||||||||||||
Total stock-based compensation expense | Total stock-based compensation expense | $ | 6.2 | $ | 14.6 | $ | 15.8 | $ | 28.1 | Total stock-based compensation expense | $ | 5.6 | $ | 5.3 | $ | 21.4 | $ | 33.4 |
(in millions) | (in millions) | Three Months Ended June 30, | Six Months Ended June 30, | (in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Accelerated depreciation and impairments | Accelerated depreciation and impairments | $ | 0.7 | $ | 2.1 | $ | 1.3 | $ | 2.1 | Accelerated depreciation and impairments | $ | 0.3 | $ | 0.8 | $ | 1.6 | $ | 2.9 | ||||||||||||||||||||||||||||||||||
Employee severance and benefit arrangements | Employee severance and benefit arrangements | 0.2 | 3.2 | 1.3 | 5.1 | Employee severance and benefit arrangements | 0.3 | 1.2 | 1.6 | 6.3 | ||||||||||||||||||||||||||||||||||||||||||
Facility cleanup costs | Facility cleanup costs | 0.1 | — | 0.2 | (1.0) | Facility cleanup costs | — | 0.5 | 0.2 | (0.5) | ||||||||||||||||||||||||||||||||||||||||||
Lease termination costs | Lease termination costs | — | — | 0.1 | — | Lease termination costs | — | — | 0.1 | — | ||||||||||||||||||||||||||||||||||||||||||
Relocation costs | Relocation costs | — | 0.2 | — | 0.3 | Relocation costs | 0.4 | 0.4 | 0.4 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||
Other restructuring costs | Other restructuring costs | 0.1 | 1.1 | 0.4 | 1.5 | Other restructuring costs | 0.5 | 0.7 | 0.9 | 2.2 | ||||||||||||||||||||||||||||||||||||||||||
Total exit and disposal costs | Total exit and disposal costs | $ | 1.1 | $ | 6.6 | $ | 3.3 | $ | 8.0 | Total exit and disposal costs | $ | 1.5 | $ | 3.6 | $ | 4.8 | $ | 11.6 |
(in millions) | (in millions) | Three Months Ended June 30, | Six Months Ended June 30, | (in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Carlisle Interconnect Technologies | Carlisle Interconnect Technologies | $ | 1.1 | $ | 6.6 | $ | 3.0 | $ | 7.9 | Carlisle Interconnect Technologies | $ | 1.5 | $ | 3.0 | $ | 4.5 | $ | 10.9 | ||||||||||||||||||||||||||||||||||
Carlisle Weatherproofing Technologies | Carlisle Weatherproofing Technologies | — | — | 0.3 | — | Carlisle Weatherproofing Technologies | — | — | 0.3 | — | ||||||||||||||||||||||||||||||||||||||||||
Carlisle Fluid Technologies | Carlisle Fluid Technologies | — | — | — | 0.1 | Carlisle Fluid Technologies | — | 0.5 | — | 0.6 | ||||||||||||||||||||||||||||||||||||||||||
Carlisle Construction Materials | Carlisle Construction Materials | — | 0.1 | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Total exit and disposal costs | Total exit and disposal costs | $ | 1.1 | $ | 6.6 | $ | 3.3 | $ | 8.0 | Total exit and disposal costs | $ | 1.5 | $ | 3.6 | $ | 4.8 | $ | 11.6 |
(in millions) | (in millions) | Three Months Ended June 30, | Six Months Ended June 30, | (in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | Cost of goods sold | $ | 1.0 | $ | 3.6 | $ | 2.9 | $ | 4.4 | Cost of goods sold | $ | 1.5 | $ | 2.7 | $ | 4.4 | $ | 7.1 | ||||||||||||||||||||||||||||||||||
Selling and administrative expenses | Selling and administrative expenses | 0.1 | 2.8 | 0.4 | 3.4 | Selling and administrative expenses | — | 0.9 | 0.4 | 4.3 | ||||||||||||||||||||||||||||||||||||||||||
Research and development expenses | Research and development expenses | — | 0.2 | — | 0.2 | Research and development expenses | — | — | — | 0.2 | ||||||||||||||||||||||||||||||||||||||||||
Total exit and disposal costs | Total exit and disposal costs | $ | 1.1 | $ | 6.6 | $ | 3.3 | $ | 8.0 | Total exit and disposal costs | $ | 1.5 | $ | 3.6 | $ | 4.8 | $ | 11.6 |
(in millions) | Total | |||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | 6.5 | ||||||||||||||||||||||||||||||
Charges | ||||||||||||||||||||||||||||||||
Settlements | ||||||||||||||||||||||||||||||||
Balance as of | $ |
(in millions) | (in millions) | June 30, 2022 | December 31, 2021 | (in millions) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Raw materials | Raw materials | $ | 373.0 | $ | 288.0 | Raw materials | $ | 372.8 | $ | 288.0 | ||||||||||||||||||
Work-in-process | Work-in-process | 95.5 | 76.2 | Work-in-process | 96.4 | 76.2 | ||||||||||||||||||||||
Finished goods | Finished goods | 344.9 | 271.0 | Finished goods | 371.6 | 271.0 | ||||||||||||||||||||||
Reserves | Reserves | (32.5) | (30.1) | Reserves | (36.7) | (30.1) | ||||||||||||||||||||||
Inventories, net | Inventories, net | $ | 780.9 | $ | 605.1 | Inventories, net | $ | 804.1 | $ | 605.1 |
(in millions) | (in millions) | June 30, 2022 | December 31, 2021 | (in millions) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Compensation and benefits | Compensation and benefits | $ | 113.2 | $ | 136.2 | Compensation and benefits | $ | 124.1 | $ | 136.2 | ||||||||||||||||||
Customer incentives | Customer incentives | 96.2 | 97.9 | Customer incentives | 115.9 | 97.9 | ||||||||||||||||||||||
Standard product warranties | Standard product warranties | 25.0 | 26.8 | Standard product warranties | 24.9 | 26.8 | ||||||||||||||||||||||
Income and other accrued taxes | Income and other accrued taxes | 18.6 | 19.4 | Income and other accrued taxes | 19.7 | 19.4 | ||||||||||||||||||||||
Other accrued liabilities | Other accrued liabilities | 67.0 | 70.9 | Other accrued liabilities | 76.8 | 70.9 | ||||||||||||||||||||||
Accrued and other current liabilities | Accrued and other current liabilities | $ | 320.0 | $ | 351.2 | Accrued and other current liabilities | $ | 361.4 | $ | 351.2 |
(in millions) | (in millions) | 2022 | 2021 | (in millions) | 2022 | 2021 | ||||||||||||||||||||||
Balance as of January 1 | Balance as of January 1 | $ | 26.8 | $ | 30.0 | Balance as of January 1 | $ | 26.8 | $ | 30.0 | ||||||||||||||||||
Provision | Provision | 4.7 | 0.1 | Provision | 7.5 | 8.6 | ||||||||||||||||||||||
Acquired warranty obligations | Acquired warranty obligations | — | 0.7 | |||||||||||||||||||||||||
Claims | Claims | (6.0) | (2.3) | Claims | (8.5) | (9.2) | ||||||||||||||||||||||
Foreign exchange | Foreign exchange | (0.5) | (0.2) | Foreign exchange | (0.9) | (0.4) | ||||||||||||||||||||||
Balance as of June 30 | $ | 25.0 | $ | 27.6 | ||||||||||||||||||||||||
Balance as of September 30 | Balance as of September 30 | $ | 24.9 | $ | 29.7 |
(in millions) | (in millions) | Fair Value(1) | (in millions) | Fair Value(1) | ||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
2.20% Notes due 2032 | 2.20% Notes due 2032 | $ | 550.0 | $ | 550.0 | $ | 429.4 | $ | 529.7 | 2.20% Notes due 2032 | $ | 550.0 | $ | 550.0 | $ | 409.5 | $ | 529.7 | ||||||||||||||||||||||||||||||||||
2.75% Notes due 2030 | 2.75% Notes due 2030 | 750.0 | 750.0 | 633.3 | 764.6 | 2.75% Notes due 2030 | 750.0 | 750.0 | 613.7 | 764.6 | ||||||||||||||||||||||||||||||||||||||||||
3.75% Notes due 2027 | 3.75% Notes due 2027 | 600.0 | 600.0 | 577.9 | 645.8 | 3.75% Notes due 2027 | 600.0 | 600.0 | 546.7 | 645.8 | ||||||||||||||||||||||||||||||||||||||||||
3.50% Notes due 2024 | 3.50% Notes due 2024 | 400.0 | 400.0 | 396.0 | 419.8 | 3.50% Notes due 2024 | 400.0 | 400.0 | 385.6 | 419.8 | ||||||||||||||||||||||||||||||||||||||||||
0.55% Notes due 2023 | 0.55% Notes due 2023 | 300.0 | 300.0 | 289.9 | 297.5 | 0.55% Notes due 2023 | 300.0 | 300.0 | 288.3 | 297.5 | ||||||||||||||||||||||||||||||||||||||||||
3.75% Notes due 2022 | 3.75% Notes due 2022 | 350.0 | 350.0 | 350.5 | 356.2 | 3.75% Notes due 2022 | 350.0 | 350.0 | 349.5 | 356.2 | ||||||||||||||||||||||||||||||||||||||||||
Unamortized discount, debt issuance costs and other | Unamortized discount, debt issuance costs and other | (20.1) | (22.6) | Unamortized discount, debt issuance costs and other | (18.3) | (22.6) | ||||||||||||||||||||||||||||||||||||||||||||||
Total long term-debt | Total long term-debt | 2,929.9 | 2,927.4 | Total long term-debt | 2,931.7 | 2,927.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Less: current portion of debt | Less: current portion of debt | 352.2 | 352.0 | Less: current portion of debt | 651.4 | 352.0 | ||||||||||||||||||||||||||||||||||||||||||||||
Long term-debt, less current portion | Long term-debt, less current portion | $ | 2,577.7 | $ | 2,575.4 | Long term-debt, less current portion | $ | 2,280.3 | $ | 2,575.4 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2022 | 2021 | 2022 | 2021 | (in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 0.6 | $ | 0.7 | $ | 1.2 | $ | 1.4 | Service cost | $ | 0.6 | $ | 0.8 | $ | 1.8 | $ | 2.2 | ||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 0.8 | 0.7 | 1.6 | 1.4 | Interest cost | 0.8 | 0.6 | 2.4 | 2.0 | ||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (2.4) | (2.5) | (4.8) | (4.9) | Expected return on plan assets | (2.3) | (2.4) | (7.1) | (7.3) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized loss(1) | Amortization of unrecognized loss(1) | 1.2 | 1.6 | 2.5 | 3.2 | Amortization of unrecognized loss(1) | 1.2 | 1.6 | 3.7 | 4.8 | ||||||||||||||||||||||||||||||||||||||||||
Settlement expense | Settlement expense | 0.5 | 0.5 | 0.9 | 0.9 | Settlement expense | 0.4 | 0.5 | 1.3 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | Net periodic benefit cost | $ | 0.7 | $ | 1.0 | $ | 1.4 | $ | 2.0 | Net periodic benefit cost | $ | 0.7 | $ | 1.1 | $ | 2.1 | $ | 3.1 |
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Fair Value(1) | Notional Value | Fair Value(1) | Notional Value | (in millions) | Fair Value(1) | Notional Value | Fair Value(1) | Notional Value | ||||||||||||||||||||||||||||||||||||||||||
Designated hedges | Designated hedges | $ | 0.7 | $ | 121.7 | $ | 2.7 | $ | 127.6 | Designated hedges | $ | (1.8) | $ | 119.2 | $ | 2.7 | $ | 127.6 | ||||||||||||||||||||||||||||||||||
Non-designated hedges | Non-designated hedges | (0.1) | 114.5 | 0.2 | 82.5 | Non-designated hedges | (0.1) | 97.0 | 0.2 | 82.5 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share amounts) | (in millions, except per share amounts) | 2022 | 2021 | 2022 | 2021 | (in millions, except per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 1,846.9 | $ | 1,177.8 | $ | 3,343.2 | $ | 2,118.7 | Revenues | $ | 1,794.1 | $ | 1,315.6 | $ | 5,137.3 | $ | 3,434.3 | ||||||||||||||||||||||||||||||||||
Operating income | Operating income | $ | 410.6 | $ | 133.8 | $ | 687.9 | $ | 218.5 | Operating income | $ | 348.2 | $ | 166.5 | $ | 1,036.1 | $ | 385.0 | ||||||||||||||||||||||||||||||||||
Operating margin | Operating margin | 22.2 | % | 11.4 | % | 20.6 | % | 10.3 | % | Operating margin | 19.4 | % | 12.7 | % | 20.2 | % | 11.2 | % | ||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | $ | 295.9 | $ | 94.1 | $ | 490.2 | $ | 143.2 | Income from continuing operations | $ | 255.2 | $ | 113.0 | $ | 745.4 | $ | 256.2 | ||||||||||||||||||||||||||||||||||
Income from discontinued operations | $ | 5.6 | $ | 5.2 | $ | 4.9 | $ | 8.3 | ||||||||||||||||||||||||||||||||||||||||||||
(Loss) income from discontinued operations | (Loss) income from discontinued operations | $ | (0.5) | $ | 29.1 | $ | 4.4 | $ | 37.4 | |||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share attributable to common shares: | Diluted earnings per share attributable to common shares: | Diluted earnings per share attributable to common shares: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | $ | 5.62 | $ | 1.77 | $ | 9.28 | $ | 2.68 | Income from continuing operations | $ | 4.84 | $ | 2.12 | $ | 14.12 | $ | 4.80 | ||||||||||||||||||||||||||||||||||
Income from discontinued operations | $ | 0.11 | $ | 0.10 | $ | 0.09 | $ | 0.16 | ||||||||||||||||||||||||||||||||||||||||||||
(Loss) income from discontinued operations | (Loss) income from discontinued operations | $ | (0.01) | $ | 0.55 | $ | 0.08 | $ | 0.70 | |||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | Adjusted EBITDA(1) | $ | 472.2 | $ | 191.7 | $ | 817.0 | $ | 329.5 | Adjusted EBITDA(1) | $ | 437.8 | $ | 250.3 | $ | 1,254.8 | $ | 579.8 | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin(1) | Adjusted EBITDA margin(1) | 25.6 | % | 16.3 | % | 24.4 | % | 15.6 | % | Adjusted EBITDA margin(1) | 24.4 | % | 19.0 | % | 24.4 | % | 16.9 | % |
(in millions) | 2022 | 2021 | Change | % | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | |||||||||||||||||||||||||||||||||||||
Three months ended June 30 | $ | 1,846.9 | $ | 1,177.8 | $ | 669.1 | 56.8 | % | 15.5 | % | 42.2 | % | (0.9) | % | ||||||||||||||||||||||||||||||
Six months ended June 30 | $ | 3,343.2 | $ | 2,118.7 | $ | 1,224.5 | 57.8 | % | 15.1 | % | 43.4 | % | (0.7) | % |
(in millions) | 2022 | 2021 | Change | % | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | |||||||||||||||||||||||||||||||||||||
Three months ended September 30 | $ | 1,794.1 | $ | 1,315.6 | $ | 478.5 | 36.4 | % | 9.2 | % | 28.3 | % | (1.1) | % | ||||||||||||||||||||||||||||||
Nine months ended September 30 | $ | 5,137.3 | $ | 3,434.3 | $ | 1,703.0 | 49.6 | % | 12.9 | % | 37.6 | % | (0.9) | % |
(in millions) | (in millions) | Three Months Ended June 30, | Six Months Ended June 30, | (in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross margin | Gross margin | $ | 632.0 | $ | 307.7 | $ | 324.3 | 105.4 | % | $ | 1,122.9 | $ | 552.6 | $ | 570.3 | 103.2 | % | Gross margin | $ | 592.3 | $ | 371.6 | $ | 220.7 | 59.4 | % | $ | 1,715.2 | $ | 924.2 | $ | 791.0 | 85.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross margin percentage | Gross margin percentage | 34.2 | % | 26.1 | % | 33.6 | % | 26.1 | % | Gross margin percentage | 33.0 | % | 28.2 | % | 33.4 | % | 26.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | $ | 25.4 | $ | 24.1 | $ | 52.4 | $ | 48.7 | Depreciation and amortization | $ | 26.1 | $ | 26.4 | $ | 78.5 | $ | 75.1 |
(in millions) | (in millions) | Three Months Ended June 30, | Six Months Ended June 30, | (in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling and administrative expenses | Selling and administrative expenses | $ | 210.6 | $ | 161.3 | $ | 49.3 | 30.6 | % | $ | 413.6 | $ | 312.1 | $ | 101.5 | 32.5 | % | Selling and administrative expenses | $ | 209.0 | $ | 192.6 | $ | 16.4 | 8.5 | % | $ | 622.6 | $ | 504.7 | $ | 117.9 | 23.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As a percentage of revenues | As a percentage of revenues | 11.4 | % | 13.7 | % | 12.4 | % | 14.7 | % | As a percentage of revenues | 11.6 | % | 14.6 | % | 12.1 | % | 14.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | $ | 36.3 | $ | 25.0 | $ | 73.6 | $ | 49.2 | Depreciation and amortization | $ | 36.4 | $ | 30.7 | $ | 110.0 | $ | 79.9 |
(in millions) | (in millions) | Three Months Ended June 30, | Six Months Ended June 30, | (in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development expenses | Research and development expenses | $ | 12.6 | $ | 13.8 | $ | (1.2) | (8.7) | % | $ | 24.9 | $ | 24.2 | $ | 0.7 | 2.9 | % | Research and development expenses | $ | 13.1 | $ | 12.8 | $ | 0.3 | 2.3 | % | $ | 38.0 | $ | 37.0 | $ | 1.0 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As a percentage of revenues | As a percentage of revenues | 0.7 | % | 1.2 | % | 0.7 | % | 1.1 | % | As a percentage of revenues | 0.7 | % | 1.0 | % | 0.7 | % | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | $ | 0.8 | $ | 0.4 | $ | 1.2 | $ | 0.9 | Depreciation and amortization | $ | 0.5 | $ | 0.5 | $ | 1.7 | $ | 1.4 |
(in millions) | (in millions) | Three Months Ended June 30, | Six Months Ended June 30, | (in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating income, net | $ | (1.8) | $ | (1.2) | $ | (0.6) | 50.0 | % | $ | (3.5) | $ | (2.2) | $ | (1.3) | 59.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expense (income), net | Other operating expense (income), net | $ | 22.0 | $ | (0.3) | $ | 22.3 | NM | $ | 18.5 | $ | (2.5) | $ | 21.0 | NM |
(in millions) | (in millions) | Three Months Ended June 30, | Six Months Ended June 30, | (in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | Operating income | $ | 410.6 | $ | 133.8 | $ | 276.8 | 206.9 | % | $ | 687.9 | $ | 218.5 | $ | 469.4 | 214.8 | % | Operating income | $ | 348.2 | $ | 166.5 | $ | 181.7 | 109.1 | % | $ | 1,036.1 | $ | 385.0 | $ | 651.1 | 169.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating margin percentage | Operating margin percentage | 22.2 | % | 11.4 | % | 20.6 | % | 10.3 | % | Operating margin percentage | 19.4 | % | 12.7 | % | 20.2 | % | 11.2 | % |
(in millions) | (in millions) | Three Months Ended June 30, | Six Months Ended June 30, | (in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | Interest expense, net | $ | 22.4 | $ | 19.2 | $ | 3.2 | 16.7 | % | $ | 45.0 | $ | 38.4 | $ | 6.6 | 17.2 | % | Interest expense, net | $ | 22.6 | $ | 19.8 | $ | 2.8 | 14.1 | % | $ | 67.6 | $ | 58.2 | $ | 9.4 | 16.2 | % |
(in millions) | (in millions) | Three Months Ended June 30, | Six Months Ended June 30, | (in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | $ | (0.6) | $ | (0.4) | $ | (0.2) | 50.0 | % | $ | (0.8) | $ | (0.9) | $ | 0.1 | (11.1) | % | Interest income | $ | (3.0) | $ | (0.2) | $ | (2.8) | NM | $ | (3.8) | $ | (1.1) | $ | (2.7) | NM |
(in millions) | (in millions) | Three Months Ended June 30, | Six Months Ended June 30, | (in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-operating expense, net | Other non-operating expense, net | $ | 2.5 | $ | 1.1 | $ | 1.4 | NM | $ | 2.6 | $ | 4.7 | $ | (2.1) | NM | Other non-operating expense, net | $ | 1.2 | $ | 0.9 | $ | 0.3 | NM | $ | 3.8 | $ | 5.6 | $ | (1.8) | NM |
(in millions) | (in millions) | Three Months Ended June 30, | Six Months Ended June 30, | (in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | $ | 90.4 | $ | 19.8 | $ | 70.6 | 356.6 | % | $ | 150.9 | $ | 33.1 | $ | 117.8 | 355.9 | % | Provision for income taxes | $ | 72.2 | $ | 33.0 | $ | 39.2 | 118.8 | % | $ | 223.1 | $ | 66.1 | $ | 157.0 | 237.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective tax rate | Effective tax rate | 23.4 | % | 17.4 | % | 23.5 | % | 18.8 | % | Effective tax rate | 22.1 | % | 22.6 | % | 23.0 | % | 20.5 | % |
(in millions) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | 2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations before income taxes | $ | 4.8 | $ | 6.3 | $ | (1.5) | NM | $ | 4.1 | $ | 10.8 | $ | (6.7) | NM | ||||||||||||||||||||||||||||||||||||
(Benefit from) provision for income taxes | (0.8) | 1.1 | (0.8) | 2.5 | ||||||||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations | $ | 5.6 | $ | 5.2 | $ | 4.9 | $ | 8.3 |
(in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | 2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | $ | (0.2) | $ | 2.2 | $ | (2.4) | NM | $ | 3.9 | $ | 13.0 | $ | (9.1) | NM | ||||||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 0.3 | (26.9) | (0.5) | (24.4) | ||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income from discontinued operations | $ | (0.5) | $ | 29.1 | $ | 4.4 | $ | 37.4 |
(in millions) | Three Months Ended June 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 1,113.4 | $ | 722.8 | $ | 390.6 | 54.0 | % | — | % | 54.9 | % | (0.9) | % | ||||||||||||||||||||||||||||||
Operating income | $ | 358.9 | $ | 155.0 | $ | 203.9 | 131.5 | % | ||||||||||||||||||||||||||||||||||||
Operating margin | 32.2 | % | 21.4 | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 371.3 | $ | 168.3 | $ | 203.0 | 120.6 | % | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin(1) | 33.3 | % | 23.3 | % |
(in millions) | Six Months Ended June 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 1,994.5 | $ | 1,279.2 | $ | 715.3 | 55.9 | % | — | % | 56.6 | % | (0.7) | % | ||||||||||||||||||||||||||||||
Operating income | $ | 620.0 | $ | 265.7 | $ | 354.3 | 133.3 | % | ||||||||||||||||||||||||||||||||||||
Operating margin | 31.1 | % | 20.8 | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 646.6 | $ | 292.2 | $ | 354.4 | 121.3 | % | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin(1) | 32.4 | % | 22.8 | % | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Three Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 1,090.3 | $ | 783.9 | $ | 306.4 | 39.1 | % | — | % | 40.1 | % | (1.0) | % | ||||||||||||||||||||||||||||||
Operating income | $ | 341.7 | $ | 181.1 | $ | 160.6 | 88.7 | % | ||||||||||||||||||||||||||||||||||||
Operating margin | 31.3 | % | 23.1 | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 354.1 | $ | 194.1 | $ | 160.0 | 82.4 | % | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin(1) | 32.5 | % | 24.8 | % |
(in millions) | Nine Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 3,084.8 | $ | 2,063.1 | $ | 1,021.7 | 49.5 | % | — | % | 50.3 | % | (0.8) | % | ||||||||||||||||||||||||||||||
Operating income | $ | 961.7 | $ | 446.8 | $ | 514.9 | 115.2 | % | ||||||||||||||||||||||||||||||||||||
Operating margin | 31.2 | % | 21.7 | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 1,000.7 | $ | 486.3 | $ | 514.4 | 105.8 | % | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin(1) | 32.4 | % | 23.6 | % | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Three Months Ended June 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 448.9 | $ | 214.5 | $ | 234.4 | 109.3 | % | 85.3 | % | 24.4 | % | (0.4) | % | ||||||||||||||||||||||||||||||
Operating income | $ | 59.0 | $ | 22.4 | $ | 36.6 | 163.4 | % | ||||||||||||||||||||||||||||||||||||
Operating margin | 13.1 | % | 10.4 | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 83.5 | $ | 32.9 | $ | 50.6 | 153.8 | % | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin(1) | 18.6 | % | 15.3 | % | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Six Months Ended June 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 808.0 | $ | 377.4 | $ | 430.6 | 114.1 | % | 85.0 | % | 29.4 | % | (0.3) | % | ||||||||||||||||||||||||||||||
Operating income | $ | 96.5 | $ | 33.0 | $ | 63.5 | 192.4 | % | ||||||||||||||||||||||||||||||||||||
Operating margin | 11.9 | % | 8.7 | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 146.6 | $ | 53.8 | $ | 92.8 | 172.5 | % | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin(1) | 18.1 | % | 14.3 | % | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Three Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 406.7 | $ | 281.9 | $ | 124.8 | 44.3 | % | 42.7 | % | 2.2 | % | (0.6) | % | ||||||||||||||||||||||||||||||
Operating income | $ | 9.6 | $ | 6.0 | $ | 3.6 | 60.0 | % | ||||||||||||||||||||||||||||||||||||
Operating margin | 2.4 | % | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 59.1 | $ | 46.4 | $ | 12.7 | 27.4 | % | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin(1) | 14.5 | % | 16.5 | % | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Nine Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 1,214.7 | $ | 659.3 | $ | 555.4 | 84.2 | % | 66.9 | % | 17.7 | % | (0.4) | % | ||||||||||||||||||||||||||||||
Operating income | $ | 106.1 | $ | 39.0 | $ | 67.1 | 172.1 | % | ||||||||||||||||||||||||||||||||||||
Operating margin | 8.7 | % | 5.9 | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 205.7 | $ | 100.2 | $ | 105.5 | 105.3 | % | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin(1) | 16.9 | % | 15.2 | % | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Three Months Ended June 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 212.6 | $ | 168.9 | $ | 43.7 | 25.9 | % | — | % | 26.1 | % | (0.2) | % | ||||||||||||||||||||||||||||||
Operating income (loss) | $ | 7.9 | $ | (12.9) | $ | 20.8 | NM | |||||||||||||||||||||||||||||||||||||
Operating margin | 3.7 | % | (7.6) | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 27.0 | $ | 13.5 | $ | 13.5 | 100.0 | % | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin(1) | 12.7 | % | 8.0 | % |
(in millions) | Six Months Ended June 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 397.6 | $ | 324.7 | $ | 72.9 | 22.5 | % | — | % | 22.5 | % | — | % | ||||||||||||||||||||||||||||||
Operating income (loss) | $ | 5.4 | $ | (23.6) | $ | 29.0 | NM | |||||||||||||||||||||||||||||||||||||
Operating margin | 1.4 | % | (7.3) | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 45.4 | $ | 24.5 | $ | 20.9 | 85.3 | % | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin(1) | 11.4 | % | 7.5 | % | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Three Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 223.7 | $ | 178.7 | $ | 45.0 | 25.2 | % | — | % | 25.5 | % | (0.3) | % | ||||||||||||||||||||||||||||||
Operating income (loss) | $ | 12.9 | $ | (0.5) | $ | 13.4 | NM | |||||||||||||||||||||||||||||||||||||
Operating margin | 5.8 | % | (0.3) | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 33.3 | $ | 23.2 | $ | 10.1 | 43.5 | % | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin(1) | 14.9 | % | 13.0 | % |
(in millions) | Nine Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 621.3 | $ | 503.4 | $ | 117.9 | 23.4 | % | — | % | 23.5 | % | (0.1) | % | ||||||||||||||||||||||||||||||
Operating income (loss) | $ | 18.3 | $ | (24.1) | $ | 42.4 | NM | |||||||||||||||||||||||||||||||||||||
Operating margin | 2.9 | % | (4.8) | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 78.7 | $ | 47.7 | $ | 31.0 | 65.0 | % | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin(1) | 12.7 | % | 9.5 | % | ||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | Three Months Ended June 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | (in millions) | Three Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | 2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 72.0 | $ | 71.6 | $ | 0.4 | 0.6 | % | — | % | 5.5 | % | (4.9) | % | Revenues | $ | 73.4 | $ | 71.1 | $ | 2.3 | 3.2 | % | — | % | 10.1 | % | (6.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | Operating income | $ | 7.0 | $ | 6.6 | $ | 0.4 | 6.1 | % | Operating income | $ | 11.7 | $ | 4.7 | $ | 7.0 | 148.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating margin | Operating margin | 9.7 | % | 9.2 | % | Operating margin | 15.9 | % | 6.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | Adjusted EBITDA(1) | $ | 12.2 | $ | 11.4 | $ | 0.8 | 7.0 | % | Adjusted EBITDA(1) | $ | 15.8 | $ | 10.9 | $ | 4.9 | 45.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin(1) | Adjusted EBITDA margin(1) | 16.9 | % | 15.9 | % | Adjusted EBITDA margin(1) | 21.5 | % | 15.3 | % |
(in millions) | (in millions) | Six Months Ended June 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | (in millions) | Nine Months Ended September 30, | Acquisition Effect | Price / Volume Effect | Exchange Rate Effect | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | % | 2022 | 2021 | Change | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 143.1 | $ | 137.4 | $ | 5.7 | 4.1 | % | — | % | 7.5 | % | (3.4) | % | Revenues | $ | 216.5 | $ | 208.5 | $ | 8.0 | 3.8 | % | — | % | 8.4 | % | (4.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | Operating income | $ | 11.8 | $ | 10.9 | $ | 0.9 | 8.3 | % | Operating income | $ | 23.5 | $ | 15.6 | $ | 7.9 | 50.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating margin | Operating margin | 8.2 | % | 7.9 | % | Operating margin | 10.9 | % | 7.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA(1) | Adjusted EBITDA(1) | $ | 22.7 | $ | 21.6 | $ | 1.1 | 5.1 | % | Adjusted EBITDA(1) | $ | 38.5 | $ | 32.5 | $ | 6.0 | 18.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin(1) | Adjusted EBITDA margin(1) | 15.9 | % | 15.7 | % | Adjusted EBITDA margin(1) | 17.8 | % | 15.6 | % |
(in millions) | (in millions) | June 30, 2022 | December 31, 2021 | (in millions) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Europe | Europe | $ | 65.1 | $ | 12.3 | Europe | $ | 79.2 | $ | 12.3 | ||||||||||||||||||
North America (excluding U.S.) | North America (excluding U.S.) | 36.3 | 40.8 | North America (excluding U.S.) | 40.9 | 40.8 | ||||||||||||||||||||||
China | China | 24.1 | 17.8 | China | 15.1 | 17.8 | ||||||||||||||||||||||
Asia Pacific (excluding China) | Asia Pacific (excluding China) | 35.5 | 12.9 | Asia Pacific (excluding China) | 17.5 | 12.9 | ||||||||||||||||||||||
International cash and cash equivalents | International cash and cash equivalents | 161.0 | 83.8 | International cash and cash equivalents | 152.7 | 83.8 | ||||||||||||||||||||||
U.S. cash and cash equivalents | U.S. cash and cash equivalents | 192.2 | 240.6 | U.S. cash and cash equivalents | 472.7 | 240.6 | ||||||||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | $ | 353.2 | $ | 324.4 | Total cash and cash equivalents | $ | 625.4 | $ | 324.4 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
(in millions) | (in millions) | 2022 | 2021 | (in millions) | 2022 | 2021 | ||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $ | 223.5 | $ | 171.5 | Net cash provided by operating activities | $ | 588.6 | $ | 283.9 | ||||||||||||||||||
Net cash provided by (used in) investing activities | 36.9 | (63.5) | ||||||||||||||||||||||||||
Net cash used in financing activities | (229.9) | (284.5) | ||||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (10.7) | (1,423.2) | |||||||||||||||||||||||||
Net cash (used in) provided by financing activities | Net cash (used in) provided by financing activities | (273.2) | 533.9 | |||||||||||||||||||||||||
Effect of foreign currency exchange rate changes on cash | Effect of foreign currency exchange rate changes on cash | (1.7) | (0.3) | Effect of foreign currency exchange rate changes on cash | (3.7) | (1.2) | ||||||||||||||||||||||
Change in cash and cash equivalents | Change in cash and cash equivalents | $ | 28.8 | $ | (176.8) | Change in cash and cash equivalents | $ | 301.0 | $ | (606.6) |
Valuation Technique | Key Assumptions | |||||||
Discounted future cash flows | •Estimated future revenues •Earnings before interest, taxes, depreciation and amortization ("EBITDA") margins •Discount rates | |||||||
Market multiple method | •Peer public company group •Financial performance of reporting units relative to peer public company group |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | 2022 | 2021 | 2022 | 2021 | (in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
Net income (GAAP) | Net income (GAAP) | $ | 301.5 | $ | 99.3 | $ | 495.1 | $ | 151.5 | Net income (GAAP) | $ | 254.7 | $ | 142.1 | $ | 749.8 | $ | 293.6 | ||||||||||||||||||||||||||||||||||
Less: income from discontinued operations (GAAP) | 5.6 | 5.2 | 4.9 | 8.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: (loss) income from discontinued operations (GAAP) | Less: (loss) income from discontinued operations (GAAP) | (0.5) | 29.1 | 4.4 | 37.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations (GAAP) | Income from continuing operations (GAAP) | 295.9 | 94.1 | 490.2 | 143.2 | Income from continuing operations (GAAP) | 255.2 | 113.0 | 745.4 | 256.2 | ||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | 90.4 | 19.8 | 150.9 | 33.1 | Provision for income taxes | 72.2 | 33.0 | 223.1 | 66.1 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | Interest expense, net | 22.4 | 19.2 | 45.0 | 38.4 | Interest expense, net | 22.6 | 19.8 | 67.6 | 58.2 | ||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | (0.6) | (0.4) | (0.8) | (0.9) | Interest income | (3.0) | (0.2) | (3.8) | (1.1) | ||||||||||||||||||||||||||||||||||||||||||
EBIT | EBIT | 408.1 | 132.7 | 685.3 | 213.8 | EBIT | 347.0 | 165.6 | 1,032.3 | 379.4 | ||||||||||||||||||||||||||||||||||||||||||
Exit and disposal, and facility rationalization costs | Exit and disposal, and facility rationalization costs | 0.7 | 7.5 | 2.8 | 10.6 | Exit and disposal, and facility rationalization costs | 1.4 | 3.4 | 4.2 | 14.0 | ||||||||||||||||||||||||||||||||||||||||||
Inventory step-up amortization and transaction costs | Inventory step-up amortization and transaction costs | 0.8 | 1.3 | 0.8 | 2.2 | Inventory step-up amortization and transaction costs | 2.4 | 22.2 | 3.2 | 24.4 | ||||||||||||||||||||||||||||||||||||||||||
Impairment charges | Impairment charges | — | — | 0.2 | — | Impairment charges | 25.1 | 1.8 | 25.3 | 1.8 | ||||||||||||||||||||||||||||||||||||||||||
Losses from acquisitions and disposals | Losses from acquisitions and disposals | 0.1 | 0.1 | 0.4 | 3.5 | Losses from acquisitions and disposals | 0.3 | — | 0.7 | 3.5 | ||||||||||||||||||||||||||||||||||||||||||
Losses from insurance | — | 0.5 | 0.3 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
(Gains) losses from insurance | (Gains) losses from insurance | (1.4) | (0.3) | (1.1) | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Losses from litigation | Losses from litigation | — | 0.1 | — | 0.1 | Losses from litigation | — | — | — | 0.1 | ||||||||||||||||||||||||||||||||||||||||||
Total non-comparable items | Total non-comparable items | 1.6 | 9.5 | 4.5 | 16.9 | Total non-comparable items | 27.8 | 27.1 | 32.3 | 44.0 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted EBIT | Adjusted EBIT | 409.7 | 142.2 | 689.8 | 230.7 | Adjusted EBIT | 374.8 | 192.7 | 1,064.6 | 423.4 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation | Depreciation | 24.0 | 20.3 | 48.0 | 40.6 | Depreciation | 24.7 | 21.6 | 72.7 | 62.2 | ||||||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | 38.5 | 29.2 | 79.2 | 58.2 | Amortization | 38.3 | 36.0 | 117.5 | 94.2 | ||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 472.2 | $ | 191.7 | $ | 817.0 | $ | 329.5 | Adjusted EBITDA | $ | 437.8 | $ | 250.3 | $ | 1,254.8 | $ | 579.8 | ||||||||||||||||||||||||||||||||||
Divided by: | Divided by: | Divided by: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 1,846.9 | $ | 1,177.8 | $ | 3,343.2 | $ | 2,118.7 | Total revenues | $ | 1,794.1 | $ | 1,315.6 | $ | 5,137.3 | $ | 3,434.3 | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | Adjusted EBITDA margin | 25.6 | % | 16.3 | % | 24.4 | % | 15.6 | % | Adjusted EBITDA margin | 24.4 | % | 19.0 | % | 24.4 | % | 16.9 | % |
Three Months Ended June 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | CCM | CWT | CIT | CFT | Corporate and unallocated | (in millions) | CCM | CWT | CIT | CFT | Corporate and unallocated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) (GAAP) | Operating income (loss) (GAAP) | $ | 358.9 | $ | 59.0 | $ | 7.9 | $ | 7.0 | $ | (22.2) | Operating income (loss) (GAAP) | $ | 341.7 | $ | 9.6 | $ | 12.9 | $ | 11.7 | $ | (27.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expense (income)(1) | Non-operating expense (income)(1) | 0.9 | 0.1 | (0.3) | — | 1.8 | Non-operating expense (income)(1) | 1.2 | 0.2 | (0.8) | (0.4) | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EBIT | EBIT | 358.0 | 58.9 | 8.2 | 7.0 | (24.0) | EBIT | 340.5 | 9.4 | 13.7 | 12.1 | (28.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exit and disposal, and facility rationalization costs | Exit and disposal, and facility rationalization costs | — | — | 0.7 | — | — | Exit and disposal, and facility rationalization costs | — | — | 1.4 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory step-up amortization and transaction costs | Inventory step-up amortization and transaction costs | — | 0.1 | — | — | 0.7 | Inventory step-up amortization and transaction costs | — | — | — | 0.1 | 2.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment charges | Impairment charges | — | 24.8 | — | — | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses (gains) from acquisitions and disposals | Losses (gains) from acquisitions and disposals | — | 0.2 | 0.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains from insurance | Gains from insurance | — | — | — | (1.4) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Gains) losses from acquisitions and disposals | (0.1) | — | 0.2 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Gains) losses from litigation | — | — | (0.1) | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-comparable items | Total non-comparable items | (0.1) | 0.1 | 0.8 | — | 0.8 | Total non-comparable items | — | 25.0 | 1.5 | (1.3) | 2.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBIT | Adjusted EBIT | 357.9 | 59.0 | 9.0 | 7.0 | (23.2) | Adjusted EBIT | 340.5 | 34.4 | 15.2 | 10.8 | (26.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | Depreciation | 9.3 | 6.4 | 6.1 | 1.4 | 0.8 | Depreciation | 9.8 | 6.4 | 6.1 | 1.4 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | 4.1 | 18.1 | 11.9 | 3.8 | 0.6 | Amortization | 3.8 | 18.3 | 12.0 | 3.6 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 371.3 | $ | 83.5 | $ | 27.0 | $ | 12.2 | $ | (21.8) | Adjusted EBITDA | $ | 354.1 | $ | 59.1 | $ | 33.3 | $ | 15.8 | $ | (24.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Divided by: | Divided by: | Divided by: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 1,113.4 | $ | 448.9 | $ | 212.6 | $ | 72.0 | $ | — | Total revenues | $ | 1,090.3 | $ | 406.7 | $ | 223.7 | $ | 73.4 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | Adjusted EBITDA margin | 33.3 | % | 18.6 | % | 12.7 | % | 16.9 | % | NM | Adjusted EBITDA margin | 32.5 | % | 14.5 | % | 14.9 | % | 21.5 | % | NM |
Three Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | CCM | CWT | CIT | CFT | Corporate and unallocated | (in millions) | CCM | CWT | CIT | CFT | Corporate and unallocated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) (GAAP) | Operating income (loss) (GAAP) | $ | 155.0 | $ | 22.4 | $ | (12.9) | $ | 6.6 | $ | (37.3) | Operating income (loss) (GAAP) | $ | 181.1 | $ | 6.0 | $ | (0.5) | $ | 4.7 | $ | (24.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expense (income)(1) | Non-operating expense (income)(1) | — | 0.1 | — | 1.1 | (0.1) | Non-operating expense (income)(1) | 0.3 | 0.1 | (0.1) | (0.2) | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EBIT | EBIT | 155.0 | 22.3 | (12.9) | 5.5 | (37.2) | EBIT | 180.8 | 5.9 | (0.4) | 4.9 | (25.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exit and disposal, and facility rationalization costs | Exit and disposal, and facility rationalization costs | — | — | 7.7 | (0.2) | — | Exit and disposal, and facility rationalization costs | 0.1 | — | 2.8 | 0.5 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory step-up amortization and transaction costs | Inventory step-up amortization and transaction costs | — | — | — | — | 1.3 | Inventory step-up amortization and transaction costs | — | 22.3 | — | — | (0.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment charges | Impairment charges | — | — | 1.8 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Gains) losses from acquisitions and disposals | (Gains) losses from acquisitions and disposals | (0.1) | — | — | 0.2 | — | (Gains) losses from acquisitions and disposals | (0.1) | 0.1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses from insurance | 0.3 | 0.2 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses from litigation | — | — | — | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains from insurance | Gains from insurance | — | — | — | (0.3) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses (gains) from litigation | Losses (gains) from litigation | — | — | 0.1 | — | (0.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-comparable items | Total non-comparable items | 0.2 | 0.2 | 7.7 | — | 1.4 | Total non-comparable items | — | 22.4 | 4.7 | 0.2 | (0.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBIT | Adjusted EBIT | 155.2 | 22.5 | (5.2) | 5.5 | (35.8) | Adjusted EBIT | 180.8 | 28.3 | 4.3 | 5.1 | (25.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | Depreciation | 9.1 | 2.9 | 6.0 | 1.4 | 0.9 | Depreciation | 9.1 | 3.8 | 6.3 | 1.4 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | 4.0 | 7.5 | 12.7 | 4.5 | 0.5 | Amortization | 4.2 | 14.3 | 12.6 | 4.4 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 168.3 | $ | 32.9 | $ | 13.5 | $ | 11.4 | $ | (34.4) | Adjusted EBITDA | $ | 194.1 | $ | 46.4 | $ | 23.2 | $ | 10.9 | $ | (24.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Divided by: | Divided by: | Divided by: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 722.8 | $ | 214.5 | $ | 168.9 | $ | 71.6 | $ | — | Total revenues | $ | 783.9 | $ | 281.9 | $ | 178.7 | $ | 71.1 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | Adjusted EBITDA margin | 23.3 | % | 15.3 | % | 8.0 | % | 15.9 | % | NM | Adjusted EBITDA margin | 24.8 | % | 16.5 | % | 13.0 | % | 15.3 | % | NM |
Six Months Ended June 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | CCM | CWT | CIT | CFT | Corporate and unallocated | (in millions) | CCM | CWT | CIT | CFT | Corporate and unallocated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) (GAAP) | Operating income (loss) (GAAP) | $ | 620.0 | $ | 96.5 | $ | 5.4 | $ | 11.8 | $ | (45.8) | Operating income (loss) (GAAP) | $ | 961.7 | $ | 106.1 | $ | 18.3 | $ | 23.5 | $ | (73.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expense (income)(1) | Non-operating expense (income)(1) | 0.9 | 0.2 | (0.8) | 0.1 | 2.2 | Non-operating expense (income)(1) | 2.1 | 0.4 | (1.6) | (0.3) | 3.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EBIT | EBIT | 619.1 | 96.3 | 6.2 | 11.7 | (48.0) | EBIT | 959.6 | 105.7 | 19.9 | 23.8 | (76.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exit and disposal, and facility rationalization costs | Exit and disposal, and facility rationalization costs | — | 0.1 | 2.7 | — | — | Exit and disposal, and facility rationalization costs | — | 0.1 | 4.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory step-up amortization and transaction costs | Inventory step-up amortization and transaction costs | — | — | — | — | 0.8 | Inventory step-up amortization and transaction costs | — | — | — | 0.1 | 3.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment charges | Impairment charges | — | 0.2 | — | — | — | Impairment charges | — | 25.0 | — | — | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Gains) losses from acquisitions and disposals | (Gains) losses from acquisitions and disposals | (0.1) | — | 0.4 | 0.1 | — | (Gains) losses from acquisitions and disposals | (0.1) | 0.2 | 0.5 | 0.1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses from insurance | — | 0.3 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses (gains) from insurance | Losses (gains) from insurance | — | 0.3 | — | (1.4) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Gains) losses from litigation | (Gains) losses from litigation | — | — | (0.1) | — | 0.1 | (Gains) losses from litigation | — | — | (0.1) | — | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-comparable items | Total non-comparable items | (0.1) | 0.6 | 3.0 | 0.1 | 0.9 | Total non-comparable items | (0.1) | 25.6 | 4.5 | (1.2) | 3.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBIT | Adjusted EBIT | 619.0 | 96.9 | 9.2 | 11.8 | (47.1) | Adjusted EBIT | 959.5 | 131.3 | 24.4 | 22.6 | (73.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | Depreciation | 18.5 | 12.7 | 12.2 | 2.9 | 1.7 | Depreciation | 28.3 | 19.1 | 18.3 | 4.3 | 2.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | 9.1 | 37.0 | 24.0 | 8.0 | 1.1 | Amortization | 12.9 | 55.3 | 36.0 | 11.6 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 646.6 | $ | 146.6 | $ | 45.4 | $ | 22.7 | $ | (44.3) | Adjusted EBITDA | $ | 1,000.7 | $ | 205.7 | $ | 78.7 | $ | 38.5 | $ | (68.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Divided by: | Divided by: | Divided by: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 1,994.5 | $ | 808.0 | $ | 397.6 | $ | 143.1 | $ | — | Total revenues | $ | 3,084.8 | $ | 1,214.7 | $ | 621.3 | $ | 216.5 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | Adjusted EBITDA margin | 32.4 | % | 18.1 | % | 11.4 | % | 15.9 | % | NM | Adjusted EBITDA margin | 32.4 | % | 16.9 | % | 12.7 | % | 17.8 | % | NM |
Six Months Ended June 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | CCM | CWT | CIT | CFT | Corporate and unallocated | (in millions) | CCM | CWT | CIT | CFT | Corporate and unallocated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) (GAAP) | Operating income (loss) (GAAP) | $ | 265.7 | $ | 33.0 | $ | (23.6) | $ | 10.9 | $ | (67.5) | Operating income (loss) (GAAP) | $ | 446.8 | $ | 39.0 | $ | (24.1) | $ | 15.6 | $ | (92.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expense(1) | 2.3 | — | — | 1.5 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expense (income)(1) | Non-operating expense (income)(1) | 2.6 | 0.1 | (0.1) | 1.3 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EBIT | EBIT | 263.4 | 33.0 | (23.6) | 9.4 | (68.4) | EBIT | 444.2 | 38.9 | (24.0) | 14.3 | (94.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exit and disposal, and facility rationalization costs | Exit and disposal, and facility rationalization costs | — | — | 10.2 | 0.4 | — | Exit and disposal, and facility rationalization costs | 0.1 | — | 13.0 | 0.9 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory step-up amortization and transaction costs | Inventory step-up amortization and transaction costs | — | — | — | 0.1 | 2.1 | Inventory step-up amortization and transaction costs | — | 22.3 | — | 0.1 | 2.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment charges | Impairment charges | — | — | 1.8 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses from acquisitions and disposals | Losses from acquisitions and disposals | 2.2 | — | 0.3 | 0.2 | 0.8 | Losses from acquisitions and disposals | 2.1 | 0.1 | 0.3 | 0.2 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses from insurance | 0.3 | 0.2 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses (gains) from insurance | Losses (gains) from insurance | 0.3 | 0.2 | — | (0.3) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses from litigation | Losses from litigation | — | — | — | — | 0.1 | Losses from litigation | — | — | 0.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-comparable items | Total non-comparable items | 2.5 | 0.2 | 10.5 | 0.7 | 3.0 | Total non-comparable items | 2.5 | 22.6 | 15.2 | 0.9 | 2.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBIT | Adjusted EBIT | 265.9 | 33.2 | (13.1) | 10.1 | (65.4) | Adjusted EBIT | 446.7 | 61.5 | (8.8) | 15.2 | (91.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation | Depreciation | 18.3 | 5.6 | 12.3 | 2.6 | 1.8 | Depreciation | 27.4 | 9.4 | 18.6 | 4.0 | 2.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | 8.0 | 15.0 | 25.3 | 8.9 | 1.0 | Amortization | 12.2 | 29.3 | 37.9 | 13.3 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 292.2 | $ | 53.8 | $ | 24.5 | $ | 21.6 | $ | (62.6) | Adjusted EBITDA | $ | 486.3 | $ | 100.2 | $ | 47.7 | $ | 32.5 | $ | (86.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Divided by: | Divided by: | Divided by: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | Total revenues | $ | 1,279.2 | $ | 377.4 | $ | 324.7 | $ | 137.4 | $ | — | Total revenues | $ | 2,063.1 | $ | 659.3 | $ | 503.4 | $ | 208.5 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA margin | Adjusted EBITDA margin | 22.8 | % | 14.3 | % | 7.5 | % | 15.7 | % | NM | Adjusted EBITDA margin | 23.6 | % | 15.2 | % | 9.5 | % | 15.6 | % | NM |
2022 Revenue | Primary Drivers | |||||||||||||
Carlisle Construction Materials | • • •Increasing demand for energy-efficient building products | |||||||||||||
Carlisle Weatherproofing Technologies | •Henry acquisition • | |||||||||||||
Carlisle Interconnect Technologies | •Growing demand in commercial aerospace and medical •Backlog growing | |||||||||||||
Carlisle Fluid Technologies | •Focus on new product introductions and price discipline • | |||||||||||||
Total Carlisle | |
(in millions, except per share amounts) | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(2) | ||||||||||||||||||||||
April | 0.2 | $ | 245.64 | 0.2 | 4.3 | |||||||||||||||||||||
May | — | — | — | 4.3 | ||||||||||||||||||||||
June | — | — | — | 4.3 | ||||||||||||||||||||||
Total | 0.2 | 0.2 |
(in millions, except per share amounts) | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(2) | ||||||||||||||||||||||
July | — | $ | — | — | 4.3 | |||||||||||||||||||||
August | — | — | — | 4.3 | ||||||||||||||||||||||
September | 0.1 | 287.77 | 0.1 | 4.2 | ||||||||||||||||||||||
Total | 0.1 | 0.1 |
Exhibit Number | Filed with this Form 10-Q | Incorporated by Reference | ||||||||||||||||||||||||||||||
Exhibit Title | Form | Date Filed | ||||||||||||||||||||||||||||||
8-K | ||||||||||||||||||||||||||||||||
Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a). | X | |||||||||||||||||||||||||||||||
Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a). | X | |||||||||||||||||||||||||||||||
Section 1350 Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | X | |||||||||||||||||||||||||||||||
101.INS | Inline XBRL Instance. | X | ||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema. | X | ||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation. | X | ||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Labels. | X | ||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation. | X | ||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition. | X | ||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | X |
* | Management contract or compensation plan or arrangement in which directors or executive officers are eligible to participate. |
CARLISLE COMPANIES INCORPORATED | |||||||||||
Date: | By: | /s/ Kevin P. Zdimal | |||||||||
Kevin P. Zdimal | |||||||||||
Vice President and Chief Financial Officer |