Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 18, 2019 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Entity File Number | 1-9278 | |
Entity Registrant Name | CARLISLE COMPANIES INCORPORATED | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 31-1168055 | |
City Area Code | (480) | |
Local Phone Number | 781-5000 | |
Entity Address, Address Line One | 16430 North Scottsdale Road | |
Entity Address, Address Line Two | Suite 400 | |
Entity Address, City or Town | Scottsdale | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85254 | |
Entity Central Index Key | 0000790051 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 56,606,220 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Transition Report | false | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common stock | |
Trading Symbol | CSL | |
Security Exchange Name | NYSE | |
Preferred Stock Purchase Rights | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Preferred stock purchase rights | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income | ||||
Revenues | $ 1,314.8 | $ 1,236.1 | $ 2,386.7 | $ 2,220.8 |
Cost of goods sold | 920.6 | 903.9 | 1,703.9 | 1,639.2 |
Selling and administrative expenses | 172.3 | 159.9 | 336.5 | 308.5 |
Research and development expenses | 15.4 | 14.2 | 29.8 | 28.1 |
Other operating (income) expense, net | (0.7) | (1.6) | (5.4) | (9.4) |
Operating income | 207.2 | 159.7 | 321.9 | 254.4 |
Interest expense, net | 14.7 | 14.2 | 28.4 | 28.7 |
Other non-operating (income) expense, net | (0.6) | (0.7) | (1) | 1.2 |
Income from continuing operations before income taxes | 193.1 | 146.2 | 294.5 | 224.5 |
Provision for income taxes | 40.1 | 31.5 | 64.1 | 51.9 |
Income from continuing operations | 153 | 114.7 | 230.4 | 172.6 |
Discontinued operations: | ||||
(Loss) income before income taxes | 0 | (1.3) | 0 | 297.7 |
(Benefit) provision for income taxes | 0.1 | (0.3) | (1.9) | 47 |
(Loss) income from discontinued operations | (0.1) | (1) | 1.9 | 250.7 |
Net income | $ 152.9 | $ 113.7 | $ 232.3 | $ 423.3 |
Basic earnings per share attributable to common shares: | ||||
Income from continuing operations (in dollars per share) | $ 2.68 | $ 1.88 | $ 4.01 | $ 2.80 |
Income from discontinued operations (in dollars per share) | 0 | (0.02) | 0.03 | 4.07 |
Basic earnings per share (in dollars per share) | 2.68 | 1.86 | 4.04 | 6.87 |
Diluted earnings per share attributable to common shares: | ||||
Income from continuing operations (in dollars per share) | 2.65 | 1.87 | 3.98 | 2.78 |
Income from discontinued operations (in dollars per share) | 0 | (0.02) | 0.03 | 4.04 |
Diluted earnings per share (in dollars per share) | $ 2.65 | $ 1.85 | $ 4.01 | $ 6.82 |
Average shares outstanding (in thousands): | ||||
Basic (in shares) | 56,960,000 | 60,641,000 | 57,246,000 | 61,159,000 |
Diluted (in shares) | 57,566,000 | 61,059,000 | 57,730,000 | 61,593,000 |
Comprehensive Income | ||||
Net income | $ 152.9 | $ 113.7 | $ 232.3 | $ 423.3 |
Other comprehensive income: | ||||
Foreign currency gains | (3.6) | (35.4) | 0.3 | (13.2) |
Amortization of unrecognized net periodic benefit costs, net of tax | 0.6 | 1.1 | 1.3 | 2 |
Other, net of tax | (1.6) | 0.3 | 0 | 0.5 |
Other comprehensive income | (4.6) | (34) | 1.6 | (10.7) |
Comprehensive income | $ 148.3 | $ 79.7 | $ 233.9 | $ 412.6 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 422 | $ 803.6 |
Receivables, net of allowance of $5.7 million and $5.1 million, respectively | 915.6 | 698.3 |
Inventories, net | 505.6 | 457.5 |
Prepaid expenses | 19 | 22 |
Other current assets | 60 | 75.3 |
Total current assets | 1,922.2 | 2,056.7 |
Property, plant, and equipment, net | 778.6 | 760.1 |
Goodwill, net | 1,530.9 | 1,441.8 |
Other intangible assets, net | 1,058.6 | 967.7 |
Other long-term assets | 106.4 | 22.9 |
Total assets | 5,396.7 | 5,249.2 |
Current liabilities: | ||
Accounts payable | 374.4 | 312.1 |
Accrued liabilities and other | 248.8 | 258 |
Deferred revenue | 26.7 | 25.5 |
Total current liabilities | 649.9 | 595.6 |
Long-term liabilities: | ||
Long-term debt | 1,589.4 | 1,587.8 |
Deferred revenue | 208.9 | 201.9 |
Other long-term liabilities | 365.3 | 266.5 |
Total long-term liabilities | 2,163.6 | 2,056.2 |
Shareholders' equity: | ||
Preferred stock, $1 par value per share (5,000,000 shares authorized and unissued) | 0 | 0 |
Common stock, $1 par value per share (200,000,000 shares; 56,420,192 and 57,957,912 shares outstanding, respectively) | 78.7 | 78.7 |
Additional paid-in capital | 397.3 | 383.8 |
Deferred compensation equity | 3 | 8 |
Treasury shares, at cost (22,056,282 and 20,534,652 shares, respectively) | (1,312.8) | (1,102.4) |
Accumulated other comprehensive loss | (120.5) | (122.1) |
Retained earnings | 3,537.5 | 3,351.4 |
Total shareholders' equity | 2,583.2 | 2,597.4 |
Total liabilities and equity | $ 5,396.7 | $ 5,249.2 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Receivables allowance | $ 5.7 | $ 5.1 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized shares | 5,000,000 | 5,000,000 |
Preferred stock, unissued shares | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized shares | 200,000,000 | 200,000,000 |
Common stock, shares outstanding | 56,420,192 | 57,957,912 |
Treasury, shares | 22,056,282 | 20,534,652 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities: | ||
Net income | $ 232.3 | $ 423.3 |
Reconciliation of net income to net cash provided by operating activities: | ||
Depreciation | 43.8 | 43.8 |
Amortization | 56.2 | 53.5 |
Lease Expense | 13.2 | 0 |
Stock-based compensation, net of tax benefit | 11.3 | 13.4 |
Deferred taxes | (1.9) | (8.9) |
Gain on sale of discontinued operation, net of tax | 0 | (247.6) |
Other operating activities, net | 7.9 | (9.4) |
Changes in assets and liabilities, excluding effects of acquisitions: | ||
Receivables | (198) | (194.9) |
Inventories | (6.4) | (60.2) |
Prepaid expenses and other assets | 26.9 | 3.2 |
Accounts payable | 71 | 66.3 |
Accrued liabilities and other | (47.3) | (91.1) |
Deferred revenues | 7.2 | 8.7 |
Other long-term liabilities | (19.1) | (2.9) |
Net cash provided by operating activities | 197.1 | (2.8) |
Investing activities: | ||
Acquisitions, net of cash acquired | (272) | (19.3) |
Capital expenditures | (41) | (66.9) |
Proceeds from sale of discontinued operation | 0 | 754.6 |
Other investing activities, net | 1.1 | 5.7 |
Net cash provided by (used in) investing activities | (311.9) | 674.1 |
Financing activities: | ||
Repurchases of common stock | (232.1) | (235.7) |
Dividends paid | (46.2) | (45.6) |
Proceeds from exercise of stock options | 20.5 | 5 |
Withholding tax paid related to stock-based compensation | (9.3) | (9.6) |
Other financing activities, net | (0.1) | 0 |
Net cash used in financing activities | (267.2) | (285.9) |
Effect of foreign currency exchange rate changes on cash and cash equivalents | 0.4 | 0 |
Change in cash and cash equivalents | (381.6) | 385.4 |
Less: change in cash and cash equivalents of discontinued operations | 0 | 1.3 |
Cash and cash equivalents at beginning of period | 803.6 | 378.3 |
Cash and cash equivalents at end of period | $ 422 | $ 762.4 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Deferred Compensation Equity | Accumulated Other Comprehensive Income (loss) | Retained Earnings | Shares in Treasury | |
Increase (Decrease) in Shareholders' Equity | ||||||||
Adoption of accounting standards | Adjustments for New Accounting Pronouncement | $ 6.5 | $ (6.5) | $ 13 | |||||
Balance at the beginning of the period at Dec. 31, 2017 | 2,528.3 | $ 78.7 | $ 353.7 | $ 10.4 | (85.7) | 2,820.8 | $ (649.6) | |
Balance (in shares) at Dec. 31, 2017 | 61,800,000 | 16,600,000 | ||||||
Increase (Decrease) in Shareholders' Equity | ||||||||
Net income | 423.3 | 423.3 | ||||||
Other comprehensive income (loss), net of tax | (10.7) | (10.7) | ||||||
Cash dividends | (45.6) | (45.6) | ||||||
Repurchases of common stock | (240.6) | $ (240.6) | ||||||
Repurchases of common stock (in shares) | (2,200,000) | 2,200,000 | ||||||
Issuances and deferrals. net for stock based compensation (1) | [1] | 11.1 | 12.1 | (2.6) | $ 1.6 | |||
Issuances and deferrals, net for stock based compensation (in shares) | [1] | 200,000 | (200,000) | |||||
Balance at the end of the period at Jun. 30, 2018 | 2,672.3 | $ 78.7 | 365.8 | 7.8 | (102.9) | 3,211.5 | $ (888.6) | |
Balance (in shares) at Jun. 30, 2018 | 59,800,000 | 18,600,000 | ||||||
Balance at the beginning of the period at Mar. 31, 2018 | 2,720.8 | $ 78.7 | 357.6 | 11.1 | (68.9) | 3,120.3 | $ (778) | |
Balance (in shares) at Mar. 31, 2018 | 60,700,000 | 17,700,000 | ||||||
Increase (Decrease) in Shareholders' Equity | ||||||||
Net income | 113.7 | 113.7 | ||||||
Other comprehensive income (loss), net of tax | (34) | (34) | ||||||
Cash dividends | (22.5) | (22.5) | ||||||
Repurchases of common stock | (111.3) | $ (111.3) | ||||||
Repurchases of common stock (in shares) | (1,000,000) | 1,000,000 | ||||||
Issuances and deferrals. net for stock based compensation (1) | 5.6 | 8.2 | (3.3) | $ 0.7 | ||||
Issuances and deferrals, net for stock based compensation (in shares) | 100,000 | (100,000) | ||||||
Balance at the end of the period at Jun. 30, 2018 | 2,672.3 | $ 78.7 | 365.8 | 7.8 | (102.9) | 3,211.5 | $ (888.6) | |
Balance (in shares) at Jun. 30, 2018 | 59,800,000 | 18,600,000 | ||||||
Balance at the beginning of the period at Dec. 31, 2018 | $ 2,597.4 | $ 78.7 | 383.8 | $ 8 | (122.1) | 3,351.4 | $ (1,102.4) | |
Balance (in shares) at Dec. 31, 2018 | 57,957,912 | 57,900,000 | 20,500,000 | |||||
Increase (Decrease) in Shareholders' Equity | ||||||||
Net income | $ 232.3 | 232.3 | ||||||
Other comprehensive income (loss), net of tax | 1.6 | 1.6 | ||||||
Cash dividends | (46.2) | (46.2) | ||||||
Repurchases of common stock | (224.9) | $ (224.9) | ||||||
Repurchases of common stock (in shares) | (1,900,000) | 1,900,000 | ||||||
Issuances and deferrals. net for stock based compensation (1) | [1] | 23 | 13.5 | $ 14.5 | ||||
Issuances and deferrals, net for stock based compensation (in shares) | [1] | 400,000 | (5,000,000) | (400,000) | ||||
Balance at the end of the period at Jun. 30, 2019 | $ 2,583.2 | $ 78.7 | 397.3 | $ 3 | (120.5) | 3,537.5 | $ (1,312.8) | |
Balance (in shares) at Jun. 30, 2019 | 56,420,192 | 56,400,000 | 22,000,000 | |||||
Balance at the beginning of the period at Mar. 31, 2019 | $ 2,524.7 | $ 78.7 | 390.1 | 7.8 | (115.9) | 3,407.5 | $ (1,243.5) | |
Balance (in shares) at Mar. 31, 2019 | 56,800,000 | 21,600,000 | ||||||
Increase (Decrease) in Shareholders' Equity | ||||||||
Net income | 152.9 | 152.9 | ||||||
Other comprehensive income (loss), net of tax | (4.6) | (4.6) | ||||||
Cash dividends | (22.9) | (22.9) | ||||||
Repurchases of common stock | (75) | $ (75) | ||||||
Repurchases of common stock (in shares) | (600,000) | 600,000 | ||||||
Issuances and deferrals. net for stock based compensation (1) | 8.1 | 7.2 | (4.8) | $ 5.7 | ||||
Issuances and deferrals, net for stock based compensation (in shares) | 200,000 | (200,000) | ||||||
Balance at the end of the period at Jun. 30, 2019 | $ 2,583.2 | $ 78.7 | $ 397.3 | $ 3 | $ (120.5) | $ 3,537.5 | $ (1,312.8) | |
Balance (in shares) at Jun. 30, 2019 | 56,420,192 | 56,400,000 | 22,000,000 | |||||
[1] | Issuances and deferrals, net for stock based compensation reflects share activity related to option exercises, restricted and performance shares vested and net issuances and deferrals associated with deferred compensation equity. |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends (in dollars per share) | $ 0.40 | $ 0.37 | $ 0.80 | $ 0.74 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared by Carlisle Companies Incorporated (the "Company" or "Carlisle"). The accompanying unaudited Condensed Consolidated Financial Statements do not include all disclosures as required by accounting principles generally accepted in the United States of America ("United States" or "U.S."), and should be read in conjunction with the Company’s audited Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2018. The accompanying unaudited Condensed Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the U.S. and, of necessity, include some amounts that are based upon management estimates and judgments. The accompanying unaudited Condensed Consolidated Financial Statements include assets, liabilities, revenues and expenses of all majority-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. In the Company's opinion, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting solely of adjustments of a normal, recurring nature, except as disclosed in Note 2 for new accounting standards adopted, necessary to present fairly the financial position, results of operations and cash flows for the periods presented. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements New Accounting Standards Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02") which requires lessees to recognize a lease liability for the obligation to make lease payments, measured at the present value on a discounted basis, and a right-of-use ("ROU") asset for the right to use the underlying asset for the duration of the lease term, measured as the lease liability amount adjusted for lease prepayments, lease incentives received, and initial direct costs. The Company adopted ASU 2016-02 and all related amendments ("ASC 842") on January 1, 2019, using the alternative modified retrospective method, also known as the transition relief method, permitted under ASC 842, which did not require restatement of prior periods. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification. The standard did not materially impact consolidated net income or cash flows. Following is a summary of the effects of adopting ASC 842 on the Condensed Consolidated Balance Sheet: June 30, 2019 (in millions) As Reported Balances Without Adoption of ASC 842 Effect of Change Higher/(Lower) Other current assets $ 60.0 $ 60.5 $ (0.5) Other long-term assets 106.4 36.8 69.6 Accrued liabilities and other 248.8 227.4 21.4 Other long-term liabilities 365.3 317.6 47.7 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company has organized its operations into four segments, based on the products it sells, as follows: Carlisle Construction Materials ("CCM") —the principal products of this segment are rubber (EPDM), thermoplastic polyolefin (TPO) and polyvinyl chloride (PVC) roofing membranes used predominantly on non-residential low-sloped roofs, related roofing accessories, including flashings, fasteners, sealing tapes and coatings and waterproofing products. In addition, CCM offers a broad range of specialty polyurethane products and solutions across a broad diversity of markets and applications, and metal panel roofing primarily for residential and commercial markets. CCM also manufactures and distributes energy-efficient rigid foam insulation panels for substantially all roofing applications. The markets served primarily include new construction, re-roofing and maintenance of low-sloped roofs, water containment, HVAC sealants and coatings and waterproofing. Carlisle Interconnect Technologies ("CIT") —the principal products of this segment are high-performance wire, cable, connectors, contacts and cable assemblies for the transfer of power and data primarily for the aerospace, medical, defense electronics, test and measurement equipment and select industrial markets. Carlisle Fluid Technologies ("CFT") —the principal products of this segment are industrial liquid and powder finishing equipment, integrated system solutions for spraying, pumping, mixing, metering and curing of a variety of coatings used in the general industrial, transportation, auto refinishing, protective coating, wood and specialty markets, and sealants and adhesives. Carlisle Brake & Friction ("CBF") —the principal products of this segment include high-performance brakes and friction material and clutch and transmission friction material for the construction, agriculture, mining, on-highway, aerospace and motor sports markets. A summary of segment information follows: Three Months Ended June 30, 2019 2018 (in millions) Revenues Operating Income (Loss) Revenues Operating Income (Loss) Carlisle Construction Materials $ 915.0 $ 182.5 $ 828.6 $ 141.4 Carlisle Interconnect Technologies 245.4 35.9 237.7 27.5 Carlisle Fluid Technologies 67.3 3.3 73.3 7.8 Carlisle Brake & Friction 87.1 8.3 96.5 2.9 Segment Total 1,314.8 230.0 1,236.1 179.6 Corporate and unallocated 1 — (22.8) — (19.9) Total $ 1,314.8 $ 207.2 $ 1,236.1 $ 159.7 Six Months Ended June 30, 2019 2018 (in millions) Revenues Operating Income (Loss) Revenues Operating Income (Loss) Carlisle Construction Materials $ 1,586.1 $ 275.4 $ 1,427.2 $ 217.2 Carlisle Interconnect Technologies 491.8 66.5 462.0 54.7 Carlisle Fluid Technologies 130.4 9.7 136.8 13.5 Carlisle Brake & Friction 178.4 14.8 194.8 7.4 Segment total 2,386.7 366.4 2,220.8 292.8 Corporate and unallocated 1 — (44.5) — (38.4) Total $ 2,386.7 $ 321.9 $ 2,220.8 $ 254.4 1. Corporate operating loss includes other unallocated costs, primarily general corporate expenses. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Petersen Aluminum Corporation On January 11, 2019, the Company acquired 100% of the equity of Petersen Aluminum Corporation ("Petersen"), for consideration of $207.2 million, including $5.2 million of cash acquired, and post-closing adjustments, which were finalized in the first quarter of 2019. Petersen is a manufacturer and distributor of market leading architectural metal roof panels, steel and aluminum flat sheets and coils, wall panels, perimeter roof edge systems and related accessories for commercial, residential, institutional, industrial and agricultural markets. In the three months ended June 30, 2019, and the period from January 11, 2019 to June 30, 2019, Petersen contributed revenues of $48.3 million and $83.8 million, respectively, and operating income of $3.7 million and $3.6 million, respectively, to the Company's consolidated results. The results of operations of the acquired business are reported as part of the CCM segment. The following table summarizes the consideration transferred to acquire Petersen and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed. The acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations , which requires that consideration be allocated to the acquired assets and assumed liabilities based upon their acquisition date fair values with the remainder allocated to goodwill. The fair values are preliminary and subject to change pending receipt of the final valuation studies. Preliminary Allocation Measurement Period Adjustments Preliminary Allocation (in millions) As of 1/11/2019 6/30/2019 Total cash consideration transferred $ 207.2 $ — $ 207.2 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and cash equivalents 5.2 — 5.2 Receivables, net 11.5 — 11.5 Inventories, net 39.5 (0.3) 39.2 Prepaid expenses and other current assets 2.1 — 2.1 Property, plant and equipment 17.8 — 17.8 Definite-lived intangible assets 109.3 0.8 110.1 Other long-term assets 9.5 — 9.5 Accounts payable (5.9) — (5.9) Income tax payable 1.7 — 1.7 Accrued liabilities and other (8.7) — (8.7) Other long-term liabilities (12.4) — (12.4) Deferred income taxes (25.4) (0.2) (25.6) Total identifiable net assets 144.2 0.3 144.5 Goodwill $ 63.0 $ (0.3) $ 62.7 The preliminary goodwill recognized in the acquisition of Petersen reflects market participant synergies attributable to significant raw material purchase synergies with CCM, other administrative synergies and the assembled workforce to Carlisle, in addition to opportunities for product line expansions. The Company acquired $11.6 million of gross contractual accounts receivable, of which $0.1 million was not expected to be collected at the date of acquisition. All of the goodwill has been preliminarily assigned to the CCM reporting unit, which aligns with the CCM reportable segment, and none of the goodwill is deductible for tax purposes. The $110.1 million preliminary value allocated to definite-lived intangible assets consists of $79.7 million of customer relationships with a useful life of 11 years, $27.9 million of trade names with a useful life of 17 years and various acquired technologies of $2.5 million with a useful life of 10 years. In accordance with the purchase agreement, Carlisle is indemnified for up to $5.2 million, and recorded an indemnification asset of $5.2 million in other long-term assets relating to the indemnification for pre-acquisition income tax liabilities. The Company has also recorded, as part of the purchase price allocation, deferred tax liabilities related to intangible assets of approximately $25.6 million. MicroConnex Corporation On April 1, 2019, the Company acquired 100% of the equity of MicroConnex Corporation ("MicroConnex") for cash consideration of approximately $46.8 million. MicroConnex is a manufacturer of highly engineered microminiature flex circuits and sensors for the medical and test and measurement markets. MicroConnex contributed revenues of $3.0 million and an operating loss of $0.6 million for the period from April 1, 2019 to June 30, 2019. The results of operations of the acquired business are reported within the CIT segment. Consideration has been preliminarily allocated to goodwill of $15.8 million, $27.4 million to definite-lived intangible assets, $0.9 million to inventory, $3.4 million to accounts receivable, $0.6 million to accounts payable and $7.0 million to deferred income and other taxes payable. Definite-lived intangible assets consist of customer relationships with an estimated useful life of 12 years, trade names with a useful life of 17 years and acquired technologies with a useful life of 5 years. Of the $15.8 million of goodwill, none is deductible for tax purposes. All of the goodwill has been preliminarily assigned to the CIT reporting unit, which aligns with the reportable segment. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued OperationsOn March 20, 2018, the Company completed the sale of Carlisle FoodService Products ("CFS") to the Jordan Company of New York, NY, for gross proceeds of $758.0 million, including a working capital adjustment, which was finalized in the third quarter of 2018. The sale of CFS is consistent with the Company's vision of operating a portfolio of businesses with highly engineered manufacturing products in strong growth markets. A summary of the results from discontinued operations included in the Condensed Consolidated Statements of Income follows: (in millions) Three Months Ended Six Months Ended Revenues $ — $ 69.5 Cost of goods sold — 49.5 Other operating expenses, net 1.0 15.8 Operating (loss) income (1.0) 4.2 Other non-operating (income) expense, net — — (Loss) income from discontinued operations before income taxes (1.0) 4.2 (Loss) gain on sale of discontinued operations (0.3) 293.5 (Benefit) provision for income taxes (0.3) 47.0 (Loss) income from discontinued operations $ (1.0) $ 250.7 Income from discontinued operations of $1.9 million in the six months ended June 30, 2019, relates entirely to the settlement of prior income tax positions in the current year. A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, follows: (in millions) 2018 Net cash used in operating activities $ (1.5) Net cash used in investing activities (8.1) Net cash provided by financing activities 1 10.9 Change in cash and cash equivalents from discontinued operations $ 1.3 1. Represents borrowings from the Carlisle cash pool to fund capital expenditures and acquisitions. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The Company’s restricted shares contain non-forfeitable rights to dividends and are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The computation below of earnings per share excludes the income attributable to the unvested restricted shares in the numerator and excludes the dilutive impact of those underlying shares in the denominator. The computation below of earnings per share includes the income attributable to the vested and deferred restricted shares and restricted stock units in the numerator and includes the dilutive impact of those underlying shares in the the denominator. Stock options are included in the calculation of diluted earnings per share utilizing the treasury stock method and performance share awards are included in the calculation of diluted earnings per share considering those are contingently issuable. Neither is considered to be a participating security as they do not contain non-forfeitable dividend rights. Income from continuing operations and share data used in the basic and diluted earnings per share computations using the two-class method follows: Three Months Ended Six Months Ended (in millions, except share and per share amounts) 2019 2018 2019 2018 Income from continuing operations $ 153.0 $ 114.7 $ 230.4 $ 172.6 Less: dividends declared (22.9) (22.5) (46.2) (45.6) Undistributed earnings 130.1 92.2 184.2 127.0 Percent allocated to common shareholders 1 99.7 % 99.3 % 99.7 % 99.4 % 129.7 91.6 183.6 126.2 Add: dividends declared on common stock, restricted share units and vested and deferred restricted and performance shares 22.9 22.4 46.1 45.2 Income from continuing operations attributable to common shares $ 152.6 $ 114.0 $ 229.7 $ 171.4 Shares (in thousands): Basic weighted-average shares outstanding 56,960 60,641 57,246 61,159 Effect of dilutive securities: Performance awards 192 103 172 103 Stock options 414 315 312 331 Diluted weighted-average shares outstanding 57,566 61,059 57,730 61,593 Per share income from continuing operations attributable to common shares: Basic $ 2.68 $ 1.88 $ 4.01 $ 2.80 Diluted $ 2.65 $ 1.87 $ 3.98 $ 2.78 1. Basic weighted-average common shares outstanding (in thousands) 56,960 60,641 57,246 61,159 Basic weighted-average shares outstanding and unvested restricted shares expected to vest (in thousands) 57,145 61,038 57,431 61,556 Percent allocated to common shareholders 99.7 % 99.3 % 99.7 % 99.4 % To calculate earnings per share for income from discontinued operations and for net income, the denominator for both basic and diluted earnings per share is the same as used in the above table. Three Months Ended Six Months Ended (in millions, except share amounts presented in thousands) 2019 2018 2019 2018 (Loss) income from discontinued operations attributable to common shareholders for basic and diluted earnings per share $ (0.1) $ (0.9) $ 1.9 $ 249.1 Net income attributable to common shareholders for basic and diluted earnings per share 152.5 113.0 231.6 420.4 Anti-dilutive stock options excluded from EPS calculation 1 2 711 358 644 1. Represents stock options excluded from the calculation of diluted earnings per share, as such options’ assumed proceeds upon exercise would result in the repurchase of more shares than the underlying award. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company receives payment at the inception of the contract for separately priced extended service warranties, and revenue is deferred and recognized on a straight-line basis over the life of the contracts. Remaining performance obligations for extended service warranties represent the transaction price for the remaining stand-ready obligation to perform warranty services. A summary of estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2019, follows: (in millions) Remainder of 2019 2020 2021 2022 2023 2024 Thereafter Extended service warranties $ 10.7 $ 20.6 $ 19.6 $ 18.4 $ 17.2 $ 16.1 $ 126.7 The Company has applied the practical expedient to not disclose information about remaining performance obligations that have original expected durations of one year or less. Contract Balances Contract liabilities relate to payments received in advance of performance under a contract, and primarily include extended service warranties in the CCM segment and systems contracts in the CFT segment. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract. A summary of the change in contract liabilities for the six months ended June 30, follows: (in millions) 2019 2018 Balance as of January 1 $ 227.4 $ 215.8 Revenue recognized (30.2) (31.2) Revenue deferred 35.3 39.6 Acquired liabilities 2.7 0.2 Balance as of June 30 $ 235.2 $ 224.4 Contract assets relate to the Company's right to payment for performance completed to date under a contract, and primarily include highly customized product contracts within the CIT segment. Accounts receivable are recorded when the right to payment becomes unconditional. A summary of the change in contract assets for the six months ended June 30, follows: (in millions) 2019 2018 Balance as of January 1 $ 44.7 $ — Adoption of ASC 606 — 22.8 Revenue recognized and unbilled 116.3 69.5 Revenue billed (102.9) (49.5) Balance as of June 30 $ 58.1 $ 42.8 Revenues by End-Market A summary of revenues disaggregated by major end-market industries and reconciliation of disaggregated revenue by segment follows: Three Months Ended June 30, 2019 (in millions) CCM CIT CFT CBF Total General construction $ 860.5 $ — $ — $ — $ 860.5 Aerospace — 164.6 — 5.7 170.3 Heavy equipment 28.2 — — 69.5 97.7 Transportation — — 36.4 8.4 44.8 Medical — 37.6 — — 37.6 General industrial and other 26.3 43.2 30.9 3.5 103.9 Total revenues $ 915.0 $ 245.4 $ 67.3 $ 87.1 $ 1,314.8 Three Months Ended June 30, 2018 (in millions) CCM CIT CFT CBF Total General construction $ 768.1 $ — $ — $ — $ 768.1 Aerospace — 150.8 — 3.5 154.3 Heavy equipment 31.6 — — 79.3 110.9 Transportation — — 39.9 11.5 51.4 Medical — 34.6 — — 34.6 General industrial and other 28.9 52.3 33.4 2.2 116.8 Total revenues $ 828.6 $ 237.7 $ 73.3 $ 96.5 $ 1,236.1 Six Months Ended June 30, 2019 (in millions) CCM CIT CFT CBF Total General construction $ 1,482.1 $ — $ — $ — $ 1,482.1 Aerospace — 338.4 — 10.3 348.7 Heavy equipment 55.4 — — 144.7 200.1 Transportation — — 68.7 17.6 86.3 Medical — 68.6 — — 68.6 General industrial and other 48.6 84.8 61.7 5.8 200.9 Total revenues $ 1,586.1 $ 491.8 $ 130.4 $ 178.4 $ 2,386.7 Six Months Ended June 30, 2018 (in millions) CCM CIT CFT CBF Total General construction $ 1,314.4 $ — $ — $ — $ 1,314.4 Aerospace — 305.6 — 9.8 315.4 Heavy equipment 57.8 — — 158.5 216.3 Transportation — — 73.1 21.3 94.4 Medical — 69.3 — — 69.3 General industrial and other 55.0 87.1 63.7 5.2 211.0 Total revenues $ 1,427.2 $ 462.0 $ 136.8 $ 194.8 $ 2,220.8 Revenues by Geographic Area A summary of revenues based on the country to which the product was delivered and reconciliation of disaggregated revenue by segment follows: Three Months Ended June 30, 2019 (in millions) CCM CIT CFT CBF Total United States $ 824.6 $ 171.4 $ 31.7 $ 34.1 $ 1,061.8 International: Europe 55.2 17.9 12.4 27.0 112.5 Asia 5.6 33.8 21.3 18.3 79.0 Canada 25.0 1.3 1.0 1.3 28.6 Mexico 0.8 13.3 0.2 2.7 17.0 Middle East and Africa 2.0 6.2 0.4 0.2 8.8 Other 1.8 1.5 0.3 3.5 7.1 Total international 90.4 74.0 35.6 53.0 253.0 Total revenues $ 915.0 $ 245.4 $ 67.3 $ 87.1 $ 1,314.8 Three Months Ended June 30, 2018 (in millions) CCM CIT CFT CBF Total United States $ 733.6 $ 164.7 $ 30.7 $ 38.7 $ 967.7 International: Europe 52.4 23.0 15.0 28.9 119.3 Asia 3.6 25.6 24.6 20.6 74.4 Canada 29.5 1.4 1.7 0.7 33.3 Mexico 1.4 12.4 0.5 3.9 18.2 Middle East and Africa 5.8 6.7 0.8 0.3 13.6 Other 2.3 3.9 — 3.4 9.6 Total international 95.0 73.0 42.6 57.8 268.4 Total revenues $ 828.6 $ 237.7 $ 73.3 $ 96.5 $ 1,236.1 Six Months Ended June 30, 2019 (in millions) CCM CIT CFT CBF Total United States $ 1,415.8 $ 353.5 $ 59.7 $ 66.6 $ 1,895.6 International: Europe 107.3 36.3 25.5 57.5 226.6 Asia 9.7 57.6 40.3 38.7 146.3 Canada 42.5 2.4 2.6 1.8 49.3 Mexico 1.2 25.7 0.7 6.0 33.6 Middle East and Africa 5.4 13.5 1.0 0.6 20.5 Other 4.2 2.8 0.6 7.2 14.8 Total international 170.3 138.3 70.7 111.8 491.1 Total revenues $ 1,586.1 $ 491.8 $ 130.4 $ 178.4 $ 2,386.7 Six Months Ended June 30, 2018 (in millions) CCM CIT CFT CBF Total United States $ 1,262.6 $ 320.3 $ 56.3 $ 80.2 $ 1,719.4 International: Europe 91.8 45.3 28.3 59.2 224.6 Asia 8.8 48.5 44.4 39.5 141.2 Canada 47.9 2.5 3.3 1.4 55.1 Mexico 2.3 24.4 2.6 7.5 36.8 Middle East and Africa 8.9 14.3 1.4 0.5 25.1 Other 4.9 6.7 0.5 6.5 18.6 Total international 164.6 141.7 80.5 114.6 501.4 Total revenues $ 1,427.2 $ 462.0 $ 136.8 $ 194.8 $ 2,220.8 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation Expense | Stock-Based Compensation Stock-based compensation cost by award type follows: (in millions) Three Months Ended Six Months Ended 2019 2018 2019 2018 Stock option awards $ 2.5 $ 2.3 $ 5.6 $ 4.3 Restricted stock awards 2.1 2.3 4.1 4.2 Performance share awards 1.5 2.5 3.1 4.2 Restricted stock units — 0.1 1.3 1.5 Stock appreciation rights 2.1 — 2.9 — Total stock-based compensation cost $ 8.2 $ 7.2 $ 17.0 $ 14.2 In 2018, the Board authorized a grant of stock options to U.S. employees and stock appreciation rights to employees outside of the U.S. This grant contributed $2.7 million and $4.5 million to stock-based compensation cost for the three and six months ended June 30, 2019, respectively. As of June 30, 2019, compensation cost of $1.7 million was capitalized as inventory and will be recognized in costs of goods sold when that related inventory is sold. |
Exit and Disposal Activities
Exit and Disposal Activities | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Exit and Disposal Activities | Exit and Disposal Activities The Company has undertaken operational restructuring and other cost reduction actions to streamline processes and manage costs throughout various departments. These actions resulted in exit, disposal and employee termination benefit costs, primarily resulting from planned reductions in workforce, facility consolidations and relocations, and lease termination costs. The primary actions are discussed below by operating segment. CIT During 2019, the Company announced plans to relocate its manufacturing operations in El Segundo, California, and Riverside, California, to existing manufacturing operations in North America. During the three and six months ended June 30, 2019, exit and disposal costs totaled $0.9 million and $4.4 million, respectively, primarily for employee termination benefit costs. The project is estimated to take 12 to 18 months to complete. Cumulative exit and disposal costs are expected to approximate $7.4 million, with approximately $2.5 million costs remaining to be incurred, primarily in 2019. CFT During the first quarter of 2019, the Company initiated plans to reduce costs and streamline processes by eliminating certain positions within selling, general and administrative and manufacturing functions. The costs to complete this project totaled $2.1 million and were recognized primarily in the first quarter of 2019. CBF The Company is substantially complete with its project to exit its manufacturing operations in Tulsa, Oklahoma, and relocate the majority of those operations to its existing manufacturing facility in Medina, Ohio. During the three and six months ended June 30, 2019, exit and disposal costs totaled $0.5 million and $1.2 million, respectively, primarily reflecting facility closure costs and employee termination benefits. Total associated exit and disposal costs are expected to approximate $20.9 million, with cumulative exit and disposal costs of $19.9 million recognized as of June 30, 2019. Remaining costs of approximately $1.0 million are expected to be incurred throughout the remainder of 2019. Consolidated Summary The Company's exit and disposal costs by activity follows: (in millions) Three Months Ended Six Months Ended 2019 2018 2019 2018 Employee severance and benefit arrangements $ 0.4 $ 1.0 $ 6.1 $ 1.7 Lease termination cost 0.4 — 0.9 — Relocation costs — 0.2 0.1 0.4 Accelerated depreciation — 0.3 — 1.1 Other restructuring costs 0.7 3.1 1.2 4.5 Total exit and disposal costs $ 1.5 $ 4.6 $ 8.3 $ 7.7 The Company's exit and disposal costs by segment follows: (in millions) Three Months Ended Six Months Ended 2019 2018 2019 2018 Carlisle Interconnect Technologies $ 0.9 $ 0.8 $ 4.8 $ 1.9 Carlisle Fluid Technologies 0.1 0.5 2.1 0.5 Carlisle Brake & Friction 0.5 3.3 1.2 5.3 Carlisle Construction Materials — — 0.2 — Total exit and disposal costs $ 1.5 $ 4.6 $ 8.3 $ 7.7 The Company's exit and disposal costs by financial statement line item follows: (in millions) Three Months Ended Six Months Ended 2019 2018 2019 2018 Cost of goods sold $ 0.9 $ 3.7 $ 4.5 $ 6.0 Selling and administrative expenses 0.6 0.7 3.5 1.3 Other operating expense, net — 0.2 0.2 0.4 Research and development expenses — — 0.1 — Total exit and disposal costs $ 1.5 $ 4.6 $ 8.3 $ 7.7 The Company's change in exit and disposal activities liability follows: (in millions) Total Balance as of December 31, 2018 $ 1.2 Charges 8.3 Cash payments (4.4) Balance as of June 30, 2019 $ 5.1 The liability of $5.1 million primarily relates to employee severance and benefit arrangements and is included in accrued liabilities and other. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective income tax rate on continuing operations for the six months ended June 30, 2019, was 21.8%. The year-to-date provision for income taxes included taxes on earnings at an anticipated rate of 23.7% and a year-to-date net discrete tax benefit of $5.0 million. The year-to-date net discrete tax benefit relates primarily to a reduced tax liability on prior year tax filings finalized in the current quarter of $2.7 million, excess tax benefits related to employee stock compensation of $1.5 million, and a reduction of unrecognized income tax benefits of $1.2 million. The effective income tax rate on continuing operations for the six months ended June 30, 2018, was 23.1%. The year-to-date provision for income taxes includes taxes on earnings at an anticipated rate of approximately 24.7% and a year-to-date net discrete tax benefit of $3.5 million. |
Inventories, net
Inventories, net | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Inventories, net (in millions) June 30, December 31, Raw materials $ 211.7 $ 195.1 Work-in-process 72.2 59.5 Finished goods 257.3 236.5 Reserves (35.6) (33.6) Inventories, net $ 505.6 $ 457.5 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, net | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, net | Goodwill and Other Intangible Assets, net The changes in the carrying amount of goodwill, net by segment follows: (in millions) CCM CIT CFT CBF 1 Total Balance as of December 31, 2018 $ 532.8 $ 643.1 $ 169.5 $ 96.4 $ 1,441.8 Goodwill acquired during year 2 63.0 15.8 11.3 3 — 90.1 Measurement period adjustments 0.3 (1.3) — — (1.0) Currency translation and other (0.1) — 0.1 — — Balance as of June 30, 2019 $ 596.0 $ 657.6 $ 180.9 $ 96.4 $ 1,530.9 1. CBF goodwill, net is presented net of accumulated impairment losses of $130.0 million recorded in 2016. No other segments have incurred impairment losses. 2. Refer to Note 4 for further information on goodwill resulting from recent acquisitions. 3. During the first six months of 2019, the Company acquired two businesses for an aggregate purchase price of $24.7 million. A summary of the Company's other intangible assets, net follows: June 30, 2019 December 31, 2018 (in millions) Acquired Cost Accumulated Amortization Net Book Value Acquired Cost Accumulated Amortization Net Book Value Assets subject to amortization: Customer relationships $ 944.2 $ (321.8) $ 622.4 $ 843.8 $ (287.7) $ 556.1 Technology and intellectual property 285.8 (146.1) 139.7 268.8 (129.3) 139.5 Trade names and other 73.9 (20.4) 53.5 45.4 (16.4) 29.0 Assets not subject to amortization: Trade names 243.0 — 243.0 243.1 — 243.1 Other intangible assets, net $ 1,546.9 $ (488.3) $ 1,058.6 $ 1,401.1 $ (433.4) $ 967.7 The net book values of other intangible assets, net by reportable segment follows: (in millions) June 30, December 31, Carlisle Construction Materials $ 370.1 $ 285.3 Carlisle Interconnect Technologies 322.3 313.4 Carlisle Fluid Technologies 281.3 280.9 Carlisle Brake & Friction 83.4 86.6 Corporate 1.5 1.5 Total $ 1,058.6 $ 967.7 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases The Company determines if an arrangement is a lease at inception by evaluating if the asset is explicitly or implicitly identified or distinct, if the Company will receive substantially all of the economic benefit or if the lessor has an economic benefit and the ability to substitute the asset. Operating leases are included in other long-term assets, accrued liabilities and other, and other long-term liabilities. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of fixed and known lease payments over the lease term. Variable payments are not included in the ROU asset or lease liability and can vary from period to period based on the use of an asset during the period or the Company's proportionate share of common costs. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and lease expense for these leases is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease components and non-lease components. The Company has elected to apply the practical expedient to account for these components as a single lease component, for all classes of underlying assets. Lease Costs, Assets and Liabilities The Company has operating leases primarily for manufacturing facilities, warehouses, offices and certain equipment. These leases have remaining lease terms of one one (in millions) Three Months Ended Six Months Ended Operating lease cost $ 6.8 $ 13.2 Variable lease cost 1.8 3.3 Short-term lease cost 0.8 1.5 Total lease cost $ 9.4 $ 18.0 A summary of lease assets and liabilities follows: (in millions) June 30, Assets: Operating lease right-of-use assets 1 $ 79.0 Liabilities: Operating lease liabilities - current 2 21.6 Operating lease liabilities - long-term 3 63.3 Total lease liabilities $ 84.9 1. Included in other long-term assets. 2. Included in accrued liabilities and other. 3. Included in other long-term liabilities. Maturity of lease liabilities as of June 30, 2019, follow: (in millions) Remainder of 2019 2020 2021 2022 2023 2024 Thereafter Total Lease payments $ 13.5 $ 20.2 $ 15.0 $ 11.1 $ 8.6 $ 6.4 $ 22.9 $ 97.7 Less: imputed interest (12.8) Total lease liabilities $ 84.9 As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting standard, future minimum lease payments for non-cancelable operating leases in future years would have been as follows: (in millions) 2019 2020 2021 2022 2023 Thereafter Future minimum lease payments $ 16.7 $ 10.8 $ 6.8 $ 4.9 $ 4.2 $ 5.1 Lease Term and Discount Rate June 30, Operating leases: Weighted-average remaining lease term (in years) 6.6 Weighted-average discount rate 3.9 % Supplemental Cash Flow Information Cash paid for amounts included in the measurement of operating lease liabilities totaled $13.4 million for the six months ended June 30, 2019. Operating lease right-of-use assets obtained in exchange for new operating lease liabilities totaled $87.4 million for the six months ended June 30, 2019, of which $69.1 million related to the adoption of ASC 842. |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt (in millions) Fair Value 1 June 30, December 31, June 30, December 31, 3.75% Notes due 2027 $ 600.0 $ 600.0 $ 609.5 $ 579.4 3.5% Notes due 2024 400.0 400.0 407.4 386.4 3.75% Notes due 2022 350.0 350.0 358.7 345.5 5.125% Notes due 2020 250.0 250.0 256.9 255.0 Unamortized discount, debt issuance costs, and other (7.8) (12.2) Total long term-debt 1,592.2 1,587.8 Less: current portion of long-term debt 2.8 — Total long term-debt, net of current portion $ 1,589.4 $ 1,587.8 1. The fair value is estimated based on current yield rates plus the Company’s estimated credit spread available for financings with similar terms and maturities. Based on these inputs, the debt instruments are classified as Level 2 in the fair value hierarchy. Revolving Credit Facility During the six months ended June 30, 2019, there were no borrowings or repayments under the Facility. As of June 30, 2019 and December 31, 2018, the Facility had no outstanding balance and $1.0 billion available for use. Covenants and Limitations Under the Company’s debt and credit facilities, the Company is required to meet various restrictive covenants and limitations, including limitations on certain leverage ratios, interest coverage, and limits on outstanding debt balances held by certain subsidiaries. The Company was in compliance with all covenants and limitations as of June 30, 2019 and December 31, 2018. Letters of Credit and Guarantees During the normal course of business, the Company enters into commitments in the form of letters of credit and bank guarantees to provide financial and performance assurance to third parties. As of June 30, 2019 and December 31, 2018, the Company had $26.1 million and $26.0 million in letters of credit and bank guarantees outstanding, respectively. The Company has multiple arrangements to obtain letters of credit, which include an agreement with unspecified availability and separate agreements for up to $80.0 million in letters of credit, of which $54.0 million was available for use as of June 30, 2019. |
Defined Benefit Plan
Defined Benefit Plan | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plan | Defined Benefit Plan The Company recognizes net periodic benefit cost based on the actuarial analysis performed at the previous year end, adjusted if certain significant events occur during the year. The components of net periodic benefit cost follows: Three Months Ended Six Months Ended (in millions) 2019 2018 2019 2018 Service cost $ 0.7 $ 0.8 $ 1.4 $ 1.6 Interest cost 1.5 1.4 3.0 2.8 Expected return on plan assets (2.4) (2.6) (4.8) (5.2) Amortization of unrecognized loss 1 0.8 1.2 1.7 2.3 Net periodic benefit cost $ 0.6 $ 0.8 $ 1.3 $ 1.5 1. Includes amortization of unrecognized actuarial (gain) loss and prior service credits and excludes provision for income tax of $(0.2) million and $(0.4) million for the three and six months ended June 30, 2019, respectively, and $(0.3) million for the six months ended June 30, 2018. The components of net periodic benefit cost, other than the service cost component, are included in other non-operating (income) expense, net. |
Standard Product Warranties
Standard Product Warranties | 6 Months Ended |
Jun. 30, 2019 | |
Standard Product Warranty Disclosure [Abstract] | |
Standard Product Warranties | Standard Product Warranties The Company offers various standard warranty programs on its products, primarily for certain installed roofing systems, high-performance cables and assemblies, fluid technologies and braking products. The Company’s liability for such warranty programs is included in accrued expenses. The change in standard product warranty liabilities for the six months ended June 30, follows: (in millions) 2019 2018 Balance as of January 1 $ 31.9 $ 30.4 Current year provision 9.8 9.1 Current year claims (10.4) (7.8) Currency translation — (0.2) Balance as of June 30 $ 31.3 $ 31.5 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments Foreign Currency Forward Contracts The Company uses foreign currency forward contracts to hedge a portion of its foreign currency exchange rate exposure to forecasted foreign currency denominated cash flows. These instruments are not held for speculative or trading purposes. A summary of the Company's designated and non-designated cash flow hedges follows: June 30, 2019 December 31, 2018 (in millions) Fair Value 1 Notional Value Fair Value 1 Notional Value Designated hedges $ — $ 49.2 $ 0.2 $ 95.0 Non-designated hedges 0.4 50.0 0.1 49.9 1. The fair value of foreign currency forward contracts is included in other current assets. The fair value was estimated using observable market inputs such as forward and spot prices of the underlying exchange rate pair. Based on these inputs, derivative assets and liabilities are classified as Level 2 in the fair value hierarchy. For instruments that are designated and qualify as cash flow hedges, the Company had foreign currency forward contracts with maturities less than one year. The changes in the fair value of the contracts are recorded in accumulated other comprehensive income (loss) and recognized in the same line item as the impact of the hedged item, revenues or cost of sales, when the underlying forecasted transaction impacts earnings. Gains and losses on the contracts representing hedge components excluded from the assessment of hedged effectiveness are recognized in the same line item as the hedged item, revenues or cost of sales, currently. The change in accumulated other comprehensive income (loss) related to cash flow hedges for the three and six months ended June 30, follows: (in millions) 2019 2018 Balance as of April 1 $ (1.6) $ (3.8) Other comprehensive loss before reclassifications (1.6) — Amounts reclassified from accumulated other comprehensive loss — 0.3 Other comprehensive (loss) income (1.6) 0.3 Balance as of June 30 $ (3.2) $ (3.5) (in millions) 2019 2018 Balance as of January 1 $ (3.2) $ (4.0) Other comprehensive income before reclassifications 0.3 0.3 Amounts reclassified from accumulated other comprehensive loss (0.3) 0.2 Other comprehensive income — 0.5 Balance as of June 30 $ (3.2) $ (3.5) For instruments that are not designated as a cash flow hedge, the Company had foreign exchange contracts with maturities less than one year. The unrealized gains and losses resulting from these contracts were immaterial and are recognized in other non-operating (income) expense, net and partially offset corresponding foreign exchange gains and losses on these balances. Deferred Compensation Rabbi Trust The Company has established a Rabbi Trust to provide for a degree of financial security to cover its obligations associated with its deferred compensation plan. Contributions to the Rabbi Trust by the Company are made at the discretion of management and generally are made in cash and invested in money-market funds. The Company consolidates the Rabbi Trust and therefore includes the investments in its Condensed Consolidated Balance Sheets. As of June 30, 2019 and December 31, 2018, the Company had $5.9 million and $10.7 million of cash, respectively, and $5.4 million and $4.3 million of short-term investments, respectively. The short-term investments are measured at fair value using quoted market prices in active markets (i.e., Level 1 measurements) with changes in fair value recorded in net income and the associated cash flows presented as operating cash flows. Other Financial Instruments Other financial instruments include cash and cash equivalents, accounts receivable, net, accounts payable, accrued liabilities and other, and long-term debt. The carrying value for cash and cash equivalents, accounts receivable, net, accounts payable and accrued liabilities and other approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 14 for the fair value of long-term debt). |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation Over the years, the Company has been named as a defendant, along with numerous other defendants, in lawsuits in various state courts in which plaintiffs have alleged injury due to exposure to asbestos-containing brakes, which Carlisle manufactured in limited amounts between the late-1940s and the mid-1980s. In addition to compensatory awards, these lawsuits may also seek punitive damages. Generally, the Company has obtained dismissals or settlements of its asbestos-related lawsuits with no material effect on its financial condition, results of operations, or cash flows. The Company maintains insurance coverage that applies to the Company’s defense costs and payments of settlements or judgments in connection with asbestos-related lawsuits. At this time, the amount of reasonably possible asbestos claims, if any, is not material to the Company's financial position, results of operations, or operating cash flows, although these matters could result in the Company being subject to monetary damages, costs or expenses, and charges against earnings in particular periods. The Company may occasionally be involved in various other legal actions arising in the normal course of business. In the opinion of management, the ultimate outcome of such actions, either individually or in the aggregate, are not expected to have a material adverse effect on the consolidated financial position or annual operating cash flows of the Company. Environmental Matters The Company is subject to increasingly stringent environmental laws and regulations, including those relating to air emissions, wastewater discharges, chemical and hazardous waste management, and disposal. Some of these environmental laws hold owners or operators of land or businesses liable for their own and for previous owners’ or operators’ releases of hazardous or toxic substances or wastes. Other environmental laws and regulations require the obtainment of, and compliance with, environmental permits. To date, costs of complying with environmental, health, and safety requirements have not been material, and the Company did not have any significant accruals related to potential future costs of environmental remediation as of June 30, 2019, nor are any asset retirement obligations recorded as of that date. However, the nature of the Company’s operations and its long history of industrial activities at certain of its current or former facilities, as well as those acquired, could potentially result in material environmental liabilities or asset retirement obligations. |
New Accounting Pronouncements (
New Accounting Pronouncements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements [Abstract] | |
Summary of the Effects of Adopting ASC 842 | June 30, 2019 (in millions) As Reported Balances Without Adoption of ASC 842 Effect of Change Higher/(Lower) Other current assets $ 60.0 $ 60.5 $ (0.5) Other long-term assets 106.4 36.8 69.6 Accrued liabilities and other 248.8 227.4 21.4 Other long-term liabilities 365.3 317.6 47.7 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of net sales and earnings before interest and taxes ("EBIT") | A summary of segment information follows: Three Months Ended June 30, 2019 2018 (in millions) Revenues Operating Income (Loss) Revenues Operating Income (Loss) Carlisle Construction Materials $ 915.0 $ 182.5 $ 828.6 $ 141.4 Carlisle Interconnect Technologies 245.4 35.9 237.7 27.5 Carlisle Fluid Technologies 67.3 3.3 73.3 7.8 Carlisle Brake & Friction 87.1 8.3 96.5 2.9 Segment Total 1,314.8 230.0 1,236.1 179.6 Corporate and unallocated 1 — (22.8) — (19.9) Total $ 1,314.8 $ 207.2 $ 1,236.1 $ 159.7 Six Months Ended June 30, 2019 2018 (in millions) Revenues Operating Income (Loss) Revenues Operating Income (Loss) Carlisle Construction Materials $ 1,586.1 $ 275.4 $ 1,427.2 $ 217.2 Carlisle Interconnect Technologies 491.8 66.5 462.0 54.7 Carlisle Fluid Technologies 130.4 9.7 136.8 13.5 Carlisle Brake & Friction 178.4 14.8 194.8 7.4 Segment total 2,386.7 366.4 2,220.8 292.8 Corporate and unallocated 1 — (44.5) — (38.4) Total $ 2,386.7 $ 321.9 $ 2,220.8 $ 254.4 1. Corporate operating loss includes other unallocated costs, primarily general corporate expenses. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Petersen Aluminum Corporation | |
Acquisitions | |
Summary of consideration transferred and the allocation of the consideration to acquired assets and assumed liabilities | The following table summarizes the consideration transferred to acquire Petersen and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed. The acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations , which requires that consideration be allocated to the acquired assets and assumed liabilities based upon their acquisition date fair values with the remainder allocated to goodwill. The fair values are preliminary and subject to change pending receipt of the final valuation studies. Preliminary Allocation Measurement Period Adjustments Preliminary Allocation (in millions) As of 1/11/2019 6/30/2019 Total cash consideration transferred $ 207.2 $ — $ 207.2 Recognized amounts of identifiable assets acquired and liabilities assumed: Cash and cash equivalents 5.2 — 5.2 Receivables, net 11.5 — 11.5 Inventories, net 39.5 (0.3) 39.2 Prepaid expenses and other current assets 2.1 — 2.1 Property, plant and equipment 17.8 — 17.8 Definite-lived intangible assets 109.3 0.8 110.1 Other long-term assets 9.5 — 9.5 Accounts payable (5.9) — (5.9) Income tax payable 1.7 — 1.7 Accrued liabilities and other (8.7) — (8.7) Other long-term liabilities (12.4) — (12.4) Deferred income taxes (25.4) (0.2) (25.6) Total identifiable net assets 144.2 0.3 144.5 Goodwill $ 63.0 $ (0.3) $ 62.7 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Activity of Discontinued Operations | A summary of the results from discontinued operations included in the Condensed Consolidated Statements of Income follows: (in millions) Three Months Ended Six Months Ended Revenues $ — $ 69.5 Cost of goods sold — 49.5 Other operating expenses, net 1.0 15.8 Operating (loss) income (1.0) 4.2 Other non-operating (income) expense, net — — (Loss) income from discontinued operations before income taxes (1.0) 4.2 (Loss) gain on sale of discontinued operations (0.3) 293.5 (Benefit) provision for income taxes (0.3) 47.0 (Loss) income from discontinued operations $ (1.0) $ 250.7 Income from discontinued operations of $1.9 million in the six months ended June 30, 2019, relates entirely to the settlement of prior income tax positions in the current year. A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, follows: (in millions) 2018 Net cash used in operating activities $ (1.5) Net cash used in investing activities (8.1) Net cash provided by financing activities 1 10.9 Change in cash and cash equivalents from discontinued operations $ 1.3 1. Represents borrowings from the Carlisle cash pool to fund capital expenditures and acquisitions. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Component of income from continuing operations and share data used in basic and diluted earnings per share | Income from continuing operations and share data used in the basic and diluted earnings per share computations using the two-class method follows: Three Months Ended Six Months Ended (in millions, except share and per share amounts) 2019 2018 2019 2018 Income from continuing operations $ 153.0 $ 114.7 $ 230.4 $ 172.6 Less: dividends declared (22.9) (22.5) (46.2) (45.6) Undistributed earnings 130.1 92.2 184.2 127.0 Percent allocated to common shareholders 1 99.7 % 99.3 % 99.7 % 99.4 % 129.7 91.6 183.6 126.2 Add: dividends declared on common stock, restricted share units and vested and deferred restricted and performance shares 22.9 22.4 46.1 45.2 Income from continuing operations attributable to common shares $ 152.6 $ 114.0 $ 229.7 $ 171.4 Shares (in thousands): Basic weighted-average shares outstanding 56,960 60,641 57,246 61,159 Effect of dilutive securities: Performance awards 192 103 172 103 Stock options 414 315 312 331 Diluted weighted-average shares outstanding 57,566 61,059 57,730 61,593 Per share income from continuing operations attributable to common shares: Basic $ 2.68 $ 1.88 $ 4.01 $ 2.80 Diluted $ 2.65 $ 1.87 $ 3.98 $ 2.78 1. Basic weighted-average common shares outstanding (in thousands) 56,960 60,641 57,246 61,159 Basic weighted-average shares outstanding and unvested restricted shares expected to vest (in thousands) 57,145 61,038 57,431 61,556 Percent allocated to common shareholders 99.7 % 99.3 % 99.7 % 99.4 % |
Component of income (loss) from discontinued operations and share data used in basic and diluted earnings per share | Three Months Ended Six Months Ended (in millions, except share amounts presented in thousands) 2019 2018 2019 2018 (Loss) income from discontinued operations attributable to common shareholders for basic and diluted earnings per share $ (0.1) $ (0.9) $ 1.9 $ 249.1 Net income attributable to common shareholders for basic and diluted earnings per share 152.5 113.0 231.6 420.4 Anti-dilutive stock options excluded from EPS calculation 1 2 711 358 644 1. Represents stock options excluded from the calculation of diluted earnings per share, as such options’ assumed proceeds upon exercise would result in the repurchase of more shares than the underlying award. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Summary of the Timing of Revenue Recognition | A summary of estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2019, follows: (in millions) Remainder of 2019 2020 2021 2022 2023 2024 Thereafter Extended service warranties $ 10.7 $ 20.6 $ 19.6 $ 18.4 $ 17.2 $ 16.1 $ 126.7 |
Change in Contract Liabilities | A summary of the change in contract liabilities for the six months ended June 30, follows: (in millions) 2019 2018 Balance as of January 1 $ 227.4 $ 215.8 Revenue recognized (30.2) (31.2) Revenue deferred 35.3 39.6 Acquired liabilities 2.7 0.2 Balance as of June 30 $ 235.2 $ 224.4 |
Schedule of Change in Contract Assets | A summary of the change in contract assets for the six months ended June 30, follows: (in millions) 2019 2018 Balance as of January 1 $ 44.7 $ — Adoption of ASC 606 — 22.8 Revenue recognized and unbilled 116.3 69.5 Revenue billed (102.9) (49.5) Balance as of June 30 $ 58.1 $ 42.8 |
Reconciliation of Disaggregated Revenue | A summary of revenues disaggregated by major end-market industries and reconciliation of disaggregated revenue by segment follows: Three Months Ended June 30, 2019 (in millions) CCM CIT CFT CBF Total General construction $ 860.5 $ — $ — $ — $ 860.5 Aerospace — 164.6 — 5.7 170.3 Heavy equipment 28.2 — — 69.5 97.7 Transportation — — 36.4 8.4 44.8 Medical — 37.6 — — 37.6 General industrial and other 26.3 43.2 30.9 3.5 103.9 Total revenues $ 915.0 $ 245.4 $ 67.3 $ 87.1 $ 1,314.8 Three Months Ended June 30, 2018 (in millions) CCM CIT CFT CBF Total General construction $ 768.1 $ — $ — $ — $ 768.1 Aerospace — 150.8 — 3.5 154.3 Heavy equipment 31.6 — — 79.3 110.9 Transportation — — 39.9 11.5 51.4 Medical — 34.6 — — 34.6 General industrial and other 28.9 52.3 33.4 2.2 116.8 Total revenues $ 828.6 $ 237.7 $ 73.3 $ 96.5 $ 1,236.1 Six Months Ended June 30, 2019 (in millions) CCM CIT CFT CBF Total General construction $ 1,482.1 $ — $ — $ — $ 1,482.1 Aerospace — 338.4 — 10.3 348.7 Heavy equipment 55.4 — — 144.7 200.1 Transportation — — 68.7 17.6 86.3 Medical — 68.6 — — 68.6 General industrial and other 48.6 84.8 61.7 5.8 200.9 Total revenues $ 1,586.1 $ 491.8 $ 130.4 $ 178.4 $ 2,386.7 Six Months Ended June 30, 2018 (in millions) CCM CIT CFT CBF Total General construction $ 1,314.4 $ — $ — $ — $ 1,314.4 Aerospace — 305.6 — 9.8 315.4 Heavy equipment 57.8 — — 158.5 216.3 Transportation — — 73.1 21.3 94.4 Medical — 69.3 — — 69.3 General industrial and other 55.0 87.1 63.7 5.2 211.0 Total revenues $ 1,427.2 $ 462.0 $ 136.8 $ 194.8 $ 2,220.8 Revenues by Geographic Area A summary of revenues based on the country to which the product was delivered and reconciliation of disaggregated revenue by segment follows: Three Months Ended June 30, 2019 (in millions) CCM CIT CFT CBF Total United States $ 824.6 $ 171.4 $ 31.7 $ 34.1 $ 1,061.8 International: Europe 55.2 17.9 12.4 27.0 112.5 Asia 5.6 33.8 21.3 18.3 79.0 Canada 25.0 1.3 1.0 1.3 28.6 Mexico 0.8 13.3 0.2 2.7 17.0 Middle East and Africa 2.0 6.2 0.4 0.2 8.8 Other 1.8 1.5 0.3 3.5 7.1 Total international 90.4 74.0 35.6 53.0 253.0 Total revenues $ 915.0 $ 245.4 $ 67.3 $ 87.1 $ 1,314.8 Three Months Ended June 30, 2018 (in millions) CCM CIT CFT CBF Total United States $ 733.6 $ 164.7 $ 30.7 $ 38.7 $ 967.7 International: Europe 52.4 23.0 15.0 28.9 119.3 Asia 3.6 25.6 24.6 20.6 74.4 Canada 29.5 1.4 1.7 0.7 33.3 Mexico 1.4 12.4 0.5 3.9 18.2 Middle East and Africa 5.8 6.7 0.8 0.3 13.6 Other 2.3 3.9 — 3.4 9.6 Total international 95.0 73.0 42.6 57.8 268.4 Total revenues $ 828.6 $ 237.7 $ 73.3 $ 96.5 $ 1,236.1 Six Months Ended June 30, 2019 (in millions) CCM CIT CFT CBF Total United States $ 1,415.8 $ 353.5 $ 59.7 $ 66.6 $ 1,895.6 International: Europe 107.3 36.3 25.5 57.5 226.6 Asia 9.7 57.6 40.3 38.7 146.3 Canada 42.5 2.4 2.6 1.8 49.3 Mexico 1.2 25.7 0.7 6.0 33.6 Middle East and Africa 5.4 13.5 1.0 0.6 20.5 Other 4.2 2.8 0.6 7.2 14.8 Total international 170.3 138.3 70.7 111.8 491.1 Total revenues $ 1,586.1 $ 491.8 $ 130.4 $ 178.4 $ 2,386.7 Six Months Ended June 30, 2018 (in millions) CCM CIT CFT CBF Total United States $ 1,262.6 $ 320.3 $ 56.3 $ 80.2 $ 1,719.4 International: Europe 91.8 45.3 28.3 59.2 224.6 Asia 8.8 48.5 44.4 39.5 141.2 Canada 47.9 2.5 3.3 1.4 55.1 Mexico 2.3 24.4 2.6 7.5 36.8 Middle East and Africa 8.9 14.3 1.4 0.5 25.1 Other 4.9 6.7 0.5 6.5 18.6 Total international 164.6 141.7 80.5 114.6 501.4 Total revenues $ 1,427.2 $ 462.0 $ 136.8 $ 194.8 $ 2,220.8 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Compensation Expense | Stock-based compensation cost by award type follows: (in millions) Three Months Ended Six Months Ended 2019 2018 2019 2018 Stock option awards $ 2.5 $ 2.3 $ 5.6 $ 4.3 Restricted stock awards 2.1 2.3 4.1 4.2 Performance share awards 1.5 2.5 3.1 4.2 Restricted stock units — 0.1 1.3 1.5 Stock appreciation rights 2.1 — 2.9 — Total stock-based compensation cost $ 8.2 $ 7.2 $ 17.0 $ 14.2 |
Exit and Disposal Activities (T
Exit and Disposal Activities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Summary of Exit and Disposal Activities | The Company's exit and disposal costs by activity follows: (in millions) Three Months Ended Six Months Ended 2019 2018 2019 2018 Employee severance and benefit arrangements $ 0.4 $ 1.0 $ 6.1 $ 1.7 Lease termination cost 0.4 — 0.9 — Relocation costs — 0.2 0.1 0.4 Accelerated depreciation — 0.3 — 1.1 Other restructuring costs 0.7 3.1 1.2 4.5 Total exit and disposal costs $ 1.5 $ 4.6 $ 8.3 $ 7.7 The Company's exit and disposal costs by segment follows: (in millions) Three Months Ended Six Months Ended 2019 2018 2019 2018 Carlisle Interconnect Technologies $ 0.9 $ 0.8 $ 4.8 $ 1.9 Carlisle Fluid Technologies 0.1 0.5 2.1 0.5 Carlisle Brake & Friction 0.5 3.3 1.2 5.3 Carlisle Construction Materials — — 0.2 — Total exit and disposal costs $ 1.5 $ 4.6 $ 8.3 $ 7.7 The Company's exit and disposal costs by financial statement line item follows: (in millions) Three Months Ended Six Months Ended 2019 2018 2019 2018 Cost of goods sold $ 0.9 $ 3.7 $ 4.5 $ 6.0 Selling and administrative expenses 0.6 0.7 3.5 1.3 Other operating expense, net — 0.2 0.2 0.4 Research and development expenses — — 0.1 — Total exit and disposal costs $ 1.5 $ 4.6 $ 8.3 $ 7.7 The Company's change in exit and disposal activities liability follows: (in millions) Total Balance as of December 31, 2018 $ 1.2 Charges 8.3 Cash payments (4.4) Balance as of June 30, 2019 $ 5.1 |
Inventories, net (Tables)
Inventories, net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | (in millions) June 30, December 31, Raw materials $ 211.7 $ 195.1 Work-in-process 72.2 59.5 Finished goods 257.3 236.5 Reserves (35.6) (33.6) Inventories, net $ 505.6 $ 457.5 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets, net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of changes in the carrying amount of goodwill | The changes in the carrying amount of goodwill, net by segment follows: (in millions) CCM CIT CFT CBF 1 Total Balance as of December 31, 2018 $ 532.8 $ 643.1 $ 169.5 $ 96.4 $ 1,441.8 Goodwill acquired during year 2 63.0 15.8 11.3 3 — 90.1 Measurement period adjustments 0.3 (1.3) — — (1.0) Currency translation and other (0.1) — 0.1 — — Balance as of June 30, 2019 $ 596.0 $ 657.6 $ 180.9 $ 96.4 $ 1,530.9 1. CBF goodwill, net is presented net of accumulated impairment losses of $130.0 million recorded in 2016. No other segments have incurred impairment losses. 2. Refer to Note 4 for further information on goodwill resulting from recent acquisitions. 3. During the first six months of 2019, the Company acquired two businesses for an aggregate purchase price of $24.7 million. |
Summary of other intangible assets, net | A summary of the Company's other intangible assets, net follows: June 30, 2019 December 31, 2018 (in millions) Acquired Cost Accumulated Amortization Net Book Value Acquired Cost Accumulated Amortization Net Book Value Assets subject to amortization: Customer relationships $ 944.2 $ (321.8) $ 622.4 $ 843.8 $ (287.7) $ 556.1 Technology and intellectual property 285.8 (146.1) 139.7 268.8 (129.3) 139.5 Trade names and other 73.9 (20.4) 53.5 45.4 (16.4) 29.0 Assets not subject to amortization: Trade names 243.0 — 243.0 243.1 — 243.1 Other intangible assets, net $ 1,546.9 $ (488.3) $ 1,058.6 $ 1,401.1 $ (433.4) $ 967.7 |
Summary of the net book values of other intangible assets, net by reportable segment | The net book values of other intangible assets, net by reportable segment follows: (in millions) June 30, December 31, Carlisle Construction Materials $ 370.1 $ 285.3 Carlisle Interconnect Technologies 322.3 313.4 Carlisle Fluid Technologies 281.3 280.9 Carlisle Brake & Friction 83.4 86.6 Corporate 1.5 1.5 Total $ 1,058.6 $ 967.7 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lease Cost | The components of lease cost follow: (in millions) Three Months Ended Six Months Ended Operating lease cost $ 6.8 $ 13.2 Variable lease cost 1.8 3.3 Short-term lease cost 0.8 1.5 Total lease cost $ 9.4 $ 18.0 |
Summary of Lease Assets and Liabilities | A summary of lease assets and liabilities follows: (in millions) June 30, Assets: Operating lease right-of-use assets 1 $ 79.0 Liabilities: Operating lease liabilities - current 2 21.6 Operating lease liabilities - long-term 3 63.3 Total lease liabilities $ 84.9 1. Included in other long-term assets. 2. Included in accrued liabilities and other. 3. Included in other long-term liabilities. |
Maturity of Lease Liabilities | Maturity of lease liabilities as of June 30, 2019, follow: (in millions) Remainder of 2019 2020 2021 2022 2023 2024 Thereafter Total Lease payments $ 13.5 $ 20.2 $ 15.0 $ 11.1 $ 8.6 $ 6.4 $ 22.9 $ 97.7 Less: imputed interest (12.8) Total lease liabilities $ 84.9 As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting standard, future minimum lease payments for non-cancelable operating leases in future years would have been as follows: (in millions) 2019 2020 2021 2022 2023 Thereafter Future minimum lease payments $ 16.7 $ 10.8 $ 6.8 $ 4.9 $ 4.2 $ 5.1 |
Lease Term and Discount Rate | Lease Term and Discount Rate June 30, Operating leases: Weighted-average remaining lease term (in years) 6.6 Weighted-average discount rate 3.9 % |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | (in millions) Fair Value 1 June 30, December 31, June 30, December 31, 3.75% Notes due 2027 $ 600.0 $ 600.0 $ 609.5 $ 579.4 3.5% Notes due 2024 400.0 400.0 407.4 386.4 3.75% Notes due 2022 350.0 350.0 358.7 345.5 5.125% Notes due 2020 250.0 250.0 256.9 255.0 Unamortized discount, debt issuance costs, and other (7.8) (12.2) Total long term-debt 1,592.2 1,587.8 Less: current portion of long-term debt 2.8 — Total long term-debt, net of current portion $ 1,589.4 $ 1,587.8 1. The fair value is estimated based on current yield rates plus the Company’s estimated credit spread available for financings with similar terms and maturities. Based on these inputs, the debt instruments are classified as Level 2 in the fair value hierarchy. |
Defined Benefit Plan (Tables)
Defined Benefit Plan (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Components of net periodic benefit cost | The components of net periodic benefit cost follows: Three Months Ended Six Months Ended (in millions) 2019 2018 2019 2018 Service cost $ 0.7 $ 0.8 $ 1.4 $ 1.6 Interest cost 1.5 1.4 3.0 2.8 Expected return on plan assets (2.4) (2.6) (4.8) (5.2) Amortization of unrecognized loss 1 0.8 1.2 1.7 2.3 Net periodic benefit cost $ 0.6 $ 0.8 $ 1.3 $ 1.5 1. Includes amortization of unrecognized actuarial (gain) loss and prior service credits and excludes provision for income tax of $(0.2) million and $(0.4) million for the three and six months ended June 30, 2019, respectively, and $(0.3) million for the six months ended June 30, 2018. |
Standard Product Warranties (Ta
Standard Product Warranties (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Standard Product Warranty Disclosure [Abstract] | |
Change in Standard Product Warranty Liabilities | The change in standard product warranty liabilities for the six months ended June 30, follows: (in millions) 2019 2018 Balance as of January 1 $ 31.9 $ 30.4 Current year provision 9.8 9.1 Current year claims (10.4) (7.8) Currency translation — (0.2) Balance as of June 30 $ 31.3 $ 31.5 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Designated and Non-designated Cash Flow Hedges | A summary of the Company's designated and non-designated cash flow hedges follows: June 30, 2019 December 31, 2018 (in millions) Fair Value 1 Notional Value Fair Value 1 Notional Value Designated hedges $ — $ 49.2 $ 0.2 $ 95.0 Non-designated hedges 0.4 50.0 0.1 49.9 1. The fair value of foreign currency forward contracts is included in other current assets. The fair value was estimated using observable market inputs such as forward and spot prices of the underlying exchange rate pair. Based on these inputs, derivative assets and liabilities are classified as Level 2 in the fair value hierarchy. |
Change in Accumulated Other Comprehensive Income Related to Cash Flow Hedges | The change in accumulated other comprehensive income (loss) related to cash flow hedges for the three and six months ended June 30, follows: (in millions) 2019 2018 Balance as of April 1 $ (1.6) $ (3.8) Other comprehensive loss before reclassifications (1.6) — Amounts reclassified from accumulated other comprehensive loss — 0.3 Other comprehensive (loss) income (1.6) 0.3 Balance as of June 30 $ (3.2) $ (3.5) (in millions) 2019 2018 Balance as of January 1 $ (3.2) $ (4.0) Other comprehensive income before reclassifications 0.3 0.3 Amounts reclassified from accumulated other comprehensive loss (0.3) 0.2 Other comprehensive income — 0.5 Balance as of June 30 $ (3.2) $ (3.5) |
New Accounting Pronouncements -
New Accounting Pronouncements - Effects of Adopting ASU 2016-02 (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Condensed Consolidated Balance Sheet | ||
Other current assets | $ 60 | $ 75.3 |
Other long-term assets | 106.4 | 22.9 |
Accrued liabilities and other | 248.8 | 258 |
Other long-term liabilities | 365.3 | $ 266.5 |
Balances Without Adoption of ASC 842 | ||
Condensed Consolidated Balance Sheet | ||
Other current assets | 60.5 | |
Other long-term assets | 36.8 | |
Accrued liabilities and other | 227.4 | |
Other long-term liabilities | 317.6 | |
Effect of Change Higher (Lower) | ||
Condensed Consolidated Balance Sheet | ||
Other current assets | (0.5) | |
Other long-term assets | 69.6 | |
Accrued liabilities and other | 21.4 | |
Other long-term liabilities | $ 47.7 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)segment | Jun. 30, 2018USD ($) | |
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Number of reportable segments | segment | 4 | |||
Revenues | $ 1,314.8 | $ 1,236.1 | $ 2,386.7 | $ 2,220.8 |
Operating Income (Loss) | 207.2 | 159.7 | 321.9 | 254.4 |
Corporate and unallocated | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Revenues | 0 | 0 | 0 | 0 |
Operating Income (Loss) | (22.8) | (19.9) | (44.5) | (38.4) |
Carlisle Construction Materials | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Revenues | 915 | 828.6 | 1,586.1 | 1,427.2 |
Operating Income (Loss) | 182.5 | 141.4 | 275.4 | 217.2 |
Carlisle Interconnect Technologies | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Revenues | 245.4 | 237.7 | 491.8 | 462 |
Operating Income (Loss) | 35.9 | 27.5 | 66.5 | 54.7 |
Carlisle Fluid Technologies | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Revenues | 67.3 | 73.3 | 130.4 | 136.8 |
Operating Income (Loss) | 3.3 | 7.8 | 9.7 | 13.5 |
Carlisle Brake & Friction | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Revenues | 87.1 | 96.5 | 178.4 | 194.8 |
Operating Income (Loss) | 8.3 | 2.9 | 14.8 | 7.4 |
Segment total | ||||
Net Sales, EBIT, Assets continuing operations by reportable segment | ||||
Revenues | 1,314.8 | 1,236.1 | 2,386.7 | 2,220.8 |
Operating Income (Loss) | $ 230 | $ 179.6 | $ 366.4 | $ 292.8 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | Apr. 01, 2019 | Jan. 11, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Goodwill | $ 1,530.9 | $ 1,530.9 | $ 1,441.8 | ||
Other Long-term Assets | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Indemnification asset | $ 5.2 | ||||
Petersen Aluminum Corporation | |||||
Acquisitions | |||||
Percentage of ownership interest acquired | 100.00% | ||||
Total cash consideration transferred | $ 207.2 | 207.2 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Cash and cash equivalents | 5.2 | 5.2 | 5.2 | ||
Receivables, net | 11.5 | 11.5 | 11.5 | ||
Inventories, net | 39.5 | 39.2 | 39.2 | ||
Prepaid expenses and other current assets | 2.1 | 2.1 | 2.1 | ||
Property, plant and equipment | 17.8 | 17.8 | 17.8 | ||
Definite-lived intangible assets | 109.3 | 110.1 | 110.1 | ||
Other long-term assets | 9.5 | 9.5 | 9.5 | ||
Accounts payable | (5.9) | (5.9) | (5.9) | ||
Income tax payable | 1.7 | 1.7 | 1.7 | ||
Accrued liabilities and other | (8.7) | (8.7) | (8.7) | ||
Other long-term liabilities | (12.4) | (12.4) | (12.4) | ||
Deferred income taxes | (25.4) | (25.6) | (25.6) | ||
Total identifiable net assets | 144.2 | 144.5 | 144.5 | ||
Goodwill | 63 | 62.7 | 62.7 | ||
Gross contractual accounts receivable acquired | 11.6 | ||||
Receivables not expected to be collected | 0.1 | ||||
Goodwill deductible for tax purposes | 0 | ||||
Indemnification asset | 5.2 | ||||
Petersen Aluminum Corporation | Adjustment | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Inventories, net | (0.3) | (0.3) | |||
Definite-lived intangible assets | 0.8 | 0.8 | |||
Deferred income taxes | (0.2) | (0.2) | |||
Total identifiable net assets | 0.3 | 0.3 | |||
Goodwill | (0.3) | (0.3) | |||
Petersen Aluminum Corporation | Acquired Technology | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Finite-lived intangible assets acquired | $ 2.5 | ||||
Useful life of finite lived intangible assets | 10 years | ||||
Petersen Aluminum Corporation | Customer relationships | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Finite-lived intangible assets acquired | $ 79.7 | ||||
Useful life of finite lived intangible assets | 11 years | ||||
Petersen Aluminum Corporation | Trade names | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Finite-lived intangible assets acquired | $ 27.9 | ||||
Useful life of finite lived intangible assets | 17 years | ||||
MicroConnex Corporation | |||||
Acquisitions | |||||
Percentage of ownership interest acquired | 100.00% | ||||
Total cash consideration transferred | $ 46.8 | ||||
Carlisle Construction Materials | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Goodwill | 596 | 596 | 532.8 | ||
Carlisle Construction Materials | Petersen Aluminum Corporation | |||||
Acquisitions | |||||
Contribution to net sales since acquisition | 48.3 | 83.8 | |||
Contribution to operating income since acquisition | 3.7 | 3.6 | |||
Carlisle Construction Materials | MicroConnex Corporation | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Goodwill deductible for tax purposes | 0 | ||||
Carlisle Interconnect Technologies | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Goodwill | 657.6 | $ 657.6 | $ 643.1 | ||
Carlisle Interconnect Technologies | MicroConnex Corporation | |||||
Acquisitions | |||||
Contribution to net sales since acquisition | 3 | ||||
Contribution to operating income since acquisition | $ (0.6) | ||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Receivables, net | 3.4 | ||||
Inventories, net | 0.9 | ||||
Definite-lived intangible assets | 27.4 | ||||
Accounts payable | (0.6) | ||||
Deferred income taxes | (7) | ||||
Goodwill | 15.8 | ||||
Goodwill deductible for tax purposes | $ 0 | ||||
Carlisle Interconnect Technologies | MicroConnex Corporation | Acquired Technology | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Useful life of finite lived intangible assets | 5 years | ||||
Carlisle Interconnect Technologies | MicroConnex Corporation | Customer relationships | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Useful life of finite lived intangible assets | 12 years | ||||
Carlisle Interconnect Technologies | MicroConnex Corporation | Trade names | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Useful life of finite lived intangible assets | 17 years |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | Mar. 20, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of discontinued operation | $ 0 | $ 754.6 | |
Carlisle Food Service Products | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of discontinued operation | $ 758 |
Discontinued Operations - Resul
Discontinued Operations - Results from Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
(Benefit) provision for income taxes | $ 0.1 | $ (0.3) | $ (1.9) | $ 47 |
(Loss) income from discontinued operations | $ (0.1) | (1) | 1.9 | 250.7 |
Carlisle Food Service Products | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 0 | 69.5 | ||
Cost of goods sold | 0 | 49.5 | ||
Other operating expenses, net | 1 | 15.8 | ||
Operating (loss) income | (1) | 4.2 | ||
Other non-operating (income) expense, net | 0 | 0 | ||
(Loss) income from discontinued operations before income taxes | (1) | 4.2 | ||
(Loss) gain on sale of discontinued operations | (0.3) | 293.5 | ||
(Benefit) provision for income taxes | (0.3) | 47 | ||
(Loss) income from discontinued operations | $ (1) | $ 1.9 | $ 250.7 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Cash Flows from Discontinued Operations (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Change in cash and cash equivalents from discontinued operations | $ 0 | $ 1.3 |
Carlisle Food Service Products | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net cash used in operating activities | (1.5) | |
Net cash used in investing activities | (8.1) | |
Net cash provided by financing activities (1) | 10.9 | |
Change in cash and cash equivalents from discontinued operations | $ 1.3 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator: | ||||
Income from continuing operations | $ 153 | $ 114.7 | $ 230.4 | $ 172.6 |
Less: dividends declared | (22.9) | (22.5) | (46.2) | (45.6) |
Undistributed earnings | $ 130.1 | $ 92.2 | $ 184.2 | $ 127 |
Percent allocated to common shareholders | 99.70% | 99.30% | 99.70% | 99.40% |
Undistributed earnings available to common shareholders | $ 129.7 | $ 91.6 | $ 183.6 | $ 126.2 |
Add: dividends declared on common stock, restricted share units and vested and deferred restricted and performance shares | 22.9 | 22.4 | 46.1 | 45.2 |
Income from continuing operations attributable to common shares | $ 152.6 | $ 114 | $ 229.7 | $ 171.4 |
Denominator (in thousands): | ||||
Denominator for basic EPS: weighted-average common shares outstanding | 56,960,000 | 60,641,000 | 57,246,000 | 61,159,000 |
Effect of dilutive securities: | ||||
Performance awards (in shares) | 192,000 | 103,000 | 172,000 | 103,000 |
Stock options (in shares) | 414,000 | 315,000 | 312,000 | 331,000 |
Denominator for diluted EPS: weighted-average shares outstanding | 57,566,000 | 61,059,000 | 57,730,000 | 61,593,000 |
Per share income from continuing operations attributable to common shares: | ||||
Basic (in dollars per share) | $ 2.68 | $ 1.88 | $ 4.01 | $ 2.80 |
Diluted (in dollars per share) | $ 2.65 | $ 1.87 | $ 3.98 | $ 2.78 |
Basic weighted-average common shares outstanding | 56,960,000 | 60,641,000 | 57,246,000 | 61,159,000 |
Basic weighted-average shares outstanding and unvested restricted shares expected to vest | 57,145,000 | 61,038,000 | 57,431,000 | 61,556,000 |
Percent allocated to common shareholders | 99.70% | 99.30% | 99.70% | 99.40% |
Income (loss) from discontinued operations and net income | ||||
(Loss) income from discontinued operations attributable to common shareholders for basic and diluted earnings per share | $ (0.1) | $ (0.9) | $ 1.9 | $ 249.1 |
Net income attributable to common shareholders for basic and diluted earnings per share | $ 152.5 | $ 113 | $ 231.6 | $ 420.4 |
Antidilutive stock options excluded from EPS calculation (in shares) | 2,000 | 711,000 | 358,000 | 644,000 |
Revenue Recognition - Remaining
Revenue Recognition - Remaining Performance Obligation (Details) - Extended service warranties $ in Millions | Jun. 30, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total revenues | $ 10.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total revenues | 20.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total revenues | 19.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total revenues | 18.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total revenues | 17.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total revenues | 16.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total revenues | $ 126.7 |
Revenue Recognition - Timing of
Revenue Recognition - Timing of Revenue Recognition and Reconciliation of Disaggregate Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 1,314.8 | $ 1,236.1 | $ 2,386.7 | $ 2,220.8 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,061.8 | 967.7 | 1,895.6 | 1,719.4 |
Total international | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 253 | 268.4 | 491.1 | 501.4 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 112.5 | 119.3 | 226.6 | 224.6 |
Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 79 | 74.4 | 146.3 | 141.2 |
Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 28.6 | 33.3 | 49.3 | 55.1 |
Mexico | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 17 | 18.2 | 33.6 | 36.8 |
Middle East and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 8.8 | 13.6 | 20.5 | 25.1 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 7.1 | 9.6 | 14.8 | 18.6 |
General Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 860.5 | 768.1 | 1,482.1 | 1,314.4 |
Aerospace | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 170.3 | 154.3 | 348.7 | 315.4 |
Heavy Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 97.7 | 110.9 | 200.1 | 216.3 |
Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 44.8 | 51.4 | 86.3 | 94.4 |
Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 37.6 | 34.6 | 68.6 | 69.3 |
General Industrial and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 103.9 | 116.8 | 200.9 | 211 |
Carlisle Construction Materials | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 915 | 828.6 | 1,586.1 | 1,427.2 |
Carlisle Construction Materials | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 824.6 | 733.6 | 1,415.8 | 1,262.6 |
Carlisle Construction Materials | Total international | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 90.4 | 95 | 170.3 | 164.6 |
Carlisle Construction Materials | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 55.2 | 52.4 | 107.3 | 91.8 |
Carlisle Construction Materials | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5.6 | 3.6 | 9.7 | 8.8 |
Carlisle Construction Materials | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 25 | 29.5 | 42.5 | 47.9 |
Carlisle Construction Materials | Mexico | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0.8 | 1.4 | 1.2 | 2.3 |
Carlisle Construction Materials | Middle East and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2 | 5.8 | 5.4 | 8.9 |
Carlisle Construction Materials | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1.8 | 2.3 | 4.2 | 4.9 |
Carlisle Construction Materials | General Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 860.5 | 768.1 | 1,482.1 | 1,314.4 |
Carlisle Construction Materials | Aerospace | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Construction Materials | Heavy Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 28.2 | 31.6 | 55.4 | 57.8 |
Carlisle Construction Materials | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Construction Materials | Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Construction Materials | General Industrial and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 26.3 | 28.9 | 48.6 | 55 |
Carlisle Interconnect Technologies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 245.4 | 237.7 | 491.8 | 462 |
Carlisle Interconnect Technologies | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 171.4 | 164.7 | 353.5 | 320.3 |
Carlisle Interconnect Technologies | Total international | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 74 | 73 | 138.3 | 141.7 |
Carlisle Interconnect Technologies | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 17.9 | 23 | 36.3 | 45.3 |
Carlisle Interconnect Technologies | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 33.8 | 25.6 | 57.6 | 48.5 |
Carlisle Interconnect Technologies | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1.3 | 1.4 | 2.4 | 2.5 |
Carlisle Interconnect Technologies | Mexico | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 13.3 | 12.4 | 25.7 | 24.4 |
Carlisle Interconnect Technologies | Middle East and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6.2 | 6.7 | 13.5 | 14.3 |
Carlisle Interconnect Technologies | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1.5 | 3.9 | 2.8 | 6.7 |
Carlisle Interconnect Technologies | General Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Interconnect Technologies | Aerospace | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 164.6 | 150.8 | 338.4 | 305.6 |
Carlisle Interconnect Technologies | Heavy Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Interconnect Technologies | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Interconnect Technologies | Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 37.6 | 34.6 | 68.6 | 69.3 |
Carlisle Interconnect Technologies | General Industrial and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 43.2 | 52.3 | 84.8 | 87.1 |
Carlisle Fluid Technologies | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 67.3 | 73.3 | 130.4 | 136.8 |
Carlisle Fluid Technologies | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 31.7 | 30.7 | 59.7 | 56.3 |
Carlisle Fluid Technologies | Total international | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 35.6 | 42.6 | 70.7 | 80.5 |
Carlisle Fluid Technologies | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 12.4 | 15 | 25.5 | 28.3 |
Carlisle Fluid Technologies | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 21.3 | 24.6 | 40.3 | 44.4 |
Carlisle Fluid Technologies | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1 | 1.7 | 2.6 | 3.3 |
Carlisle Fluid Technologies | Mexico | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0.2 | 0.5 | 0.7 | 2.6 |
Carlisle Fluid Technologies | Middle East and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0.4 | 0.8 | 1 | 1.4 |
Carlisle Fluid Technologies | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0.3 | 0 | 0.6 | 0.5 |
Carlisle Fluid Technologies | General Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Fluid Technologies | Aerospace | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Fluid Technologies | Heavy Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Fluid Technologies | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 36.4 | 39.9 | 68.7 | 73.1 |
Carlisle Fluid Technologies | Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Fluid Technologies | General Industrial and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 30.9 | 33.4 | 61.7 | 63.7 |
Carlisle Brake & Friction | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 87.1 | 96.5 | 178.4 | 194.8 |
Carlisle Brake & Friction | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 34.1 | 38.7 | 66.6 | 80.2 |
Carlisle Brake & Friction | Total international | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 53 | 57.8 | 111.8 | 114.6 |
Carlisle Brake & Friction | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 27 | 28.9 | 57.5 | 59.2 |
Carlisle Brake & Friction | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 18.3 | 20.6 | 38.7 | 39.5 |
Carlisle Brake & Friction | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1.3 | 0.7 | 1.8 | 1.4 |
Carlisle Brake & Friction | Mexico | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2.7 | 3.9 | 6 | 7.5 |
Carlisle Brake & Friction | Middle East and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0.2 | 0.3 | 0.6 | 0.5 |
Carlisle Brake & Friction | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3.5 | 3.4 | 7.2 | 6.5 |
Carlisle Brake & Friction | General Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Brake & Friction | Aerospace | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5.7 | 3.5 | 10.3 | 9.8 |
Carlisle Brake & Friction | Heavy Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 69.5 | 79.3 | 144.7 | 158.5 |
Carlisle Brake & Friction | Transportation | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 8.4 | 11.5 | 17.6 | 21.3 |
Carlisle Brake & Friction | Medical | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 0 | 0 | 0 | 0 |
Carlisle Brake & Friction | General Industrial and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 3.5 | $ 2.2 | $ 5.8 | $ 5.2 |
Revenue Recognition - Change in
Revenue Recognition - Change in Contract Liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Balance, beginning | $ 227.4 | $ 215.8 |
Revenue recognized | (30.2) | (31.2) |
Revenue deferred | 35.3 | 39.6 |
Acquired liabilities | 2.7 | 0.2 |
Balance, ending | $ 235.2 | $ 224.4 |
Revenue Recognition - Change _2
Revenue Recognition - Change in Contract Assets (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Balance, beginning | $ 44.7 | $ 0 |
Adoption of ASC 606 | 0 | 22.8 |
Revenue recognized and unbilled | 116.3 | 69.5 |
Revenue billed | (102.9) | (49.5) |
Balance, ending | $ 58.1 | $ 42.8 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax compensation expense | $ 8.2 | $ 7.2 | $ 17 | $ 14.2 |
Stock compensation cost capitalized as inventory | 1.7 | |||
Stock option awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax compensation expense | 2.5 | 2.3 | 5.6 | 4.3 |
Restricted stock awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax compensation expense | 2.1 | 2.3 | 4.1 | 4.2 |
Performance share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax compensation expense | 1.5 | 2.5 | 3.1 | 4.2 |
Restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax compensation expense | 0 | 0.1 | 1.3 | 1.5 |
Stock Appreciation Rights | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax compensation expense | 2.1 | $ 0 | 2.9 | $ 0 |
Non-U.S. Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pre-tax compensation expense | $ 2.7 | $ 4.5 |
Exit and Disposal Activities (D
Exit and Disposal Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Exit and disposal costs | $ 1.5 | $ 4.6 | $ 8.3 | $ 7.7 |
Carlisle Interconnect Technologies | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Exit and disposal costs | 0.9 | 0.8 | 4.8 | 1.9 |
Carlisle Interconnect Technologies | Employee Termination Benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Exit and disposal costs | 0.9 | 4.4 | ||
Exit and disposal costs, expected to be incurred | 7.4 | 7.4 | ||
Exit and disposal costs, remaining amount | 2.5 | 2.5 | ||
Carlisle Fluid Technologies | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Exit and disposal costs | 0.1 | 0.5 | 2.1 | 0.5 |
Carlisle Brake & Friction | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Exit and disposal costs | 0.5 | $ 3.3 | 1.2 | $ 5.3 |
Exit and disposal costs, aggregate expense recognized | 19.9 | 19.9 | ||
Exit and disposal costs, expected to be incurred | 20.9 | 20.9 | ||
Exit and disposal costs, remaining amount | $ 1 | $ 1 | ||
Minimum | Carlisle Interconnect Technologies | Employee Termination Benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Exit and disposal costs, estimated time to complete project | 12 months | |||
Maximum | Carlisle Interconnect Technologies | Employee Termination Benefits | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Exit and disposal costs, estimated time to complete project | 18 months |
Exit and Disposal Activities -
Exit and Disposal Activities - Components of Exit and Disposal Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Employee severance and benefit arrangements | $ 0.4 | $ 1 | $ 6.1 | $ 1.7 |
Lease termination cost | 0.4 | 0 | 0.9 | 0 |
Relocation costs | 0 | 0.2 | 0.1 | 0.4 |
Accelerated depreciation | 0 | 0.3 | 0 | 1.1 |
Other restructuring costs | 0.7 | 3.1 | 1.2 | 4.5 |
Total exit and disposal costs | 1.5 | 4.6 | 8.3 | 7.7 |
Cost of goods sold | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 0.9 | 3.7 | 4.5 | 6 |
Selling and administrative expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 0.6 | 0.7 | 3.5 | 1.3 |
Other operating (income) expense, net | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 0 | 0.2 | 0.2 | 0.4 |
Research and development expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 0 | 0 | 0.1 | 0 |
Carlisle Interconnect Technologies | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 0.9 | 0.8 | 4.8 | 1.9 |
Carlisle Fluid Technologies | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 0.1 | 0.5 | 2.1 | 0.5 |
Carlisle Brake & Friction | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | 0.5 | 3.3 | 1.2 | 5.3 |
Carlisle Construction Materials | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total exit and disposal costs | $ 0 | $ 0 | $ 0.2 | $ 0 |
Exit and Disposal Activities _2
Exit and Disposal Activities - Exit and Disposal Activity Liability (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Restructuring Reserve [Roll Forward] | ||||
Balance, beginning | $ 1.2 | |||
Charges | $ 1.5 | $ 4.6 | 8.3 | $ 7.7 |
Cash payments | (4.4) | |||
Balance, ending | 5.1 | 5.1 | ||
Carlisle Interconnect Technologies | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 0.9 | 0.8 | 4.8 | 1.9 |
Carlisle Fluid Technologies | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 0.1 | 0.5 | 2.1 | 0.5 |
Carlisle Brake & Friction | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | 0.5 | 3.3 | 1.2 | 5.3 |
Carlisle Construction Materials | ||||
Restructuring Reserve [Roll Forward] | ||||
Charges | $ 0 | $ 0 | $ 0.2 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate on continuing operations (as a percent) | 21.80% | 23.10% |
Anticipated effective tax rate for beginning of year to date (as a percent) | 23.70% | 24.70% |
Discrete income tax expense (benefit) | $ 5 | $ 3.5 |
Reduced tax liability on prior tax filings | 2.7 | |
Excess tax benefits related to employee stock compensation | 1.5 | |
Decrease in unrecognized tax benefits | $ 1.2 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 211.7 | $ 195.1 |
Work-in-process | 72.2 | 59.5 |
Finished goods | 257.3 | 236.5 |
Reserves | (35.6) | (33.6) |
Inventories, net | $ 505.6 | $ 457.5 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, net - Changes in the Carrying Amount of Goodwill (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2019USD ($)business | Dec. 31, 2016USD ($) | |
Changes in the carrying amount of goodwill | ||
Goodwill, Balance at the beginning of the period | $ 1,441.8 | |
Goodwill acquired during the year | 90.1 | |
Measurement period adjustments | (1) | |
Currency translation and other | 0 | |
Goodwill, Balance at the end of the period | $ 1,530.9 | |
Number of Businesses Acquired | business | 2 | |
Total consideration | $ 24.7 | |
Carlisle Construction Materials | ||
Changes in the carrying amount of goodwill | ||
Goodwill, Balance at the beginning of the period | 532.8 | |
Goodwill acquired during the year | 63 | |
Measurement period adjustments | 0.3 | |
Currency translation and other | (0.1) | |
Goodwill, Balance at the end of the period | 596 | |
Carlisle Interconnect Technologies | ||
Changes in the carrying amount of goodwill | ||
Goodwill, Balance at the beginning of the period | 643.1 | |
Goodwill acquired during the year | 15.8 | |
Measurement period adjustments | (1.3) | |
Currency translation and other | 0 | |
Goodwill, Balance at the end of the period | 657.6 | |
Carlisle Fluid Technologies | ||
Changes in the carrying amount of goodwill | ||
Goodwill, Balance at the beginning of the period | 169.5 | |
Goodwill acquired during the year | 11.3 | |
Measurement period adjustments | 0 | |
Currency translation and other | 0.1 | |
Goodwill, Balance at the end of the period | 180.9 | |
Carlisle Brake & Friction | ||
Changes in the carrying amount of goodwill | ||
Goodwill, Balance at the beginning of the period | 96.4 | |
Goodwill acquired during the year | 0 | |
Measurement period adjustments | 0 | |
Currency translation and other | 0 | |
Goodwill, Balance at the end of the period | $ 96.4 | |
Goodwill, accumulated impairment loss | $ 130 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, net - Other Intangibles and Amortization (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Other intangible assets | ||
Accumulated Amortization | $ (488.3) | $ (433.4) |
Other intangible assets, net | ||
Other intangible assets, Acquired Cost | 1,546.9 | 1,401.1 |
Other intangible assets, net | 1,058.6 | 967.7 |
Trade names | ||
Assets not subject to amortization: | ||
Trade names | 243 | 243.1 |
Customer relationships | ||
Other intangible assets | ||
Acquired Cost | 944.2 | 843.8 |
Accumulated Amortization | (321.8) | (287.7) |
Net Book Value | 622.4 | 556.1 |
Technology and intellectual property | ||
Other intangible assets | ||
Acquired Cost | 285.8 | 268.8 |
Accumulated Amortization | (146.1) | (129.3) |
Net Book Value | 139.7 | 139.5 |
Trade Names and Other | ||
Other intangible assets | ||
Acquired Cost | 73.9 | 45.4 |
Accumulated Amortization | (20.4) | (16.4) |
Net Book Value | $ 53.5 | $ 29 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets, net - Net Carrying Value of Other Intangibles (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Net book value of other intangible assets by the reportable segment | ||
Other intangible assets, net | $ 1,058.6 | $ 967.7 |
Carlisle Construction Materials | ||
Net book value of other intangible assets by the reportable segment | ||
Other intangible assets, net | 370.1 | 285.3 |
Carlisle Interconnect Technologies | ||
Net book value of other intangible assets by the reportable segment | ||
Other intangible assets, net | 322.3 | 313.4 |
Carlisle Fluid Technologies | ||
Net book value of other intangible assets by the reportable segment | ||
Other intangible assets, net | 281.3 | 280.9 |
Carlisle Brake & Friction | ||
Net book value of other intangible assets by the reportable segment | ||
Other intangible assets, net | 83.4 | 86.6 |
Corporate | ||
Net book value of other intangible assets by the reportable segment | ||
Other intangible assets, net | $ 1.5 | $ 1.5 |
- Lease Contracts (Details)
- Lease Contracts (Details) | Jun. 30, 2019 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Lessee, Operating Lease, Renewal Term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 13 years |
Lessee, Operating Lease, Renewal Term | 20 years |
- Lease Cost (Details)
- Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 6.8 | $ 13.2 |
Variable lease cost | 1.8 | 3.3 |
Short-term lease cost | 0.8 | 1.5 |
Total lease cost | $ 9.4 | $ 18 |
- Summary of Lease Assets and L
- Summary of Lease Assets and Liabilities (Details) $ in Millions | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Operating lease right-of-use assets | $ 79 |
Operating lease liabilities - current | 21.6 |
Operating lease liabilities - long-term | 63.3 |
Total lease liabilities | $ 84.9 |
- Maturity of Lease Liabilities
- Maturity of Lease Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Remainder of 2019 | $ 13.5 | |
2020 | 20.2 | |
2021 | 15 | |
2022 | 11.1 | |
2023 | 8.6 | |
2024 | 6.4 | |
Thereafter | 22.9 | |
Total | 97.7 | |
Less: imputed interest | (12.8) | |
Total lease liabilities | $ 84.9 | |
Leases Under Previous Standard [Abstract] | ||
2019 | $ 16.7 | |
2020 | 10.8 | |
2021 | 6.8 | |
2022 | 4.9 | |
2023 | 4.2 | |
Thereafter | $ 5.1 |
- Lease Term and Discount Rate
- Lease Term and Discount Rate (Details) | Jun. 30, 2019 |
Leases [Abstract] | |
Weighted-average remaining lease term (in years) | 6 years 7 months 6 days |
Weighted-average discount rate (percent) | 3.90% |
- Supplemental Cash Flow Inform
- Supplemental Cash Flow Information (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Right-of-use asset obtained in exchange for operating lease liability | $ 87.4 |
Cash paid for amounts included in the measurement of operating lease liabilities | 13.4 |
Adoption of ASC 842 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Right-of-use asset obtained in exchange for operating lease liability | $ 69.1 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Borrowings | ||
Unamortized discount, debt issuance costs, and other | $ (7,800,000) | $ (12,200,000) |
Long-term debt | 1,592,200,000 | 1,587,800,000 |
Less: current portion of long-term debt | 2,800,000 | 0 |
Total long-term debt, net of current portion | 1,589,400,000 | 1,587,800,000 |
Letters of credit outstanding | 26,100,000 | 26,000,000 |
3.75% senior notes due 2027 | ||
Borrowings | ||
Long-term debt, carrying amount | $ 600,000,000 | $ 600,000,000 |
Interest rate (as a percent) | 3.75% | 3.75% |
3.75% senior notes due 2027 | Significant Observable Inputs (Level 2) | ||
Borrowings | ||
Fair value of notes | $ 609,500,000 | $ 579,400,000 |
3.5% senior notes due 2024 | ||
Borrowings | ||
Long-term debt, carrying amount | $ 400,000,000 | $ 400,000,000 |
Interest rate (as a percent) | 3.50% | 3.50% |
3.5% senior notes due 2024 | Significant Observable Inputs (Level 2) | ||
Borrowings | ||
Fair value of notes | $ 407,400,000 | $ 386,400,000 |
3.75% senior notes due 2022 | ||
Borrowings | ||
Long-term debt, carrying amount | $ 350,000,000 | $ 350,000,000 |
Interest rate (as a percent) | 3.75% | 3.75% |
3.75% senior notes due 2022 | Significant Observable Inputs (Level 2) | ||
Borrowings | ||
Fair value of notes | $ 358,700,000 | $ 345,500,000 |
5.125% senior notes due 2020 | ||
Borrowings | ||
Long-term debt, carrying amount | $ 250,000,000 | $ 250,000,000 |
Interest rate (as a percent) | 5.125% | 5.125% |
5.125% senior notes due 2020 | Significant Observable Inputs (Level 2) | ||
Borrowings | ||
Fair value of notes | $ 256,900,000 | $ 255,000,000 |
Revolving credit facility | ||
Borrowings | ||
Borrowings under the facility | 0 | |
Repayments of the facility | 0 | |
Revolving credit facility | 0 | 0 |
Availability under revolving line of credit | 1,000,000,000 | $ 1,000,000,000 |
Letter of credit | Credit Agreement | ||
Borrowings | ||
Maximum borrowing capacity | 80,000,000 | |
Availability under revolving line of credit | $ 54,000,000 |
Defined Benefit Plan - Defined
Defined Benefit Plan - Defined Benefit Plan (Details) - Defined Benefit Plans - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Components of net periodic benefit cost | ||||
Service cost | $ 0.7 | $ 0.8 | $ 1.4 | $ 1.6 |
Interest cost | 1.5 | 1.4 | 3 | 2.8 |
Expected return on plan assets | (2.4) | (2.6) | (4.8) | (5.2) |
Amortization of unrecognized loss | 0.8 | 1.2 | 1.7 | 2.3 |
Net periodic benefit cost | 0.6 | $ 0.8 | 1.3 | 1.5 |
Amortization of unrecognized loss, tax | $ (0.2) | $ (0.4) | $ (0.3) |
Standard Product Warranties (De
Standard Product Warranties (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Standard Product Warranty Accrual | ||
Beginning reserve | $ 31.9 | $ 30.4 |
Current year provision | 9.8 | 9.1 |
Current year claims | (10.4) | (7.8) |
Currency translation | 0 | (0.2) |
Ending reserve | $ 31.3 | $ 31.5 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Cash | ||
Derivative Financial Instruments | ||
Deferred compensation, Rabbi Trust | $ 5.9 | $ 10.7 |
Short-term Investments | ||
Derivative Financial Instruments | ||
Deferred compensation, Rabbi Trust | 5.4 | 4.3 |
Foreign Exchange Forward | Designated as Hedging Instrument | ||
Derivative Financial Instruments | ||
Fair value | 0 | 0.2 |
Notional amount | 49.2 | 95 |
Foreign Exchange Forward | Not Designated as Hedging Instrument | ||
Derivative Financial Instruments | ||
Fair value | 0.4 | 0.1 |
Notional amount | $ 50 | $ 49.9 |
Maximum | Foreign Exchange Forward | Not Designated as Hedging Instrument | ||
Derivative Financial Instruments | ||
Maturity term | 1 year | |
Maximum | Cash Flow Hedging | Foreign Exchange Forward | Designated as Hedging Instrument | ||
Derivative Financial Instruments | ||
Maturity term | 1 year |
Financial Instruments - Changes
Financial Instruments - Changes in AOCI Related to Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Change in AOCI [Roll Forward] | ||||
Balance, beginning | $ (122.1) | |||
Other comprehensive income | $ (4.6) | $ (34) | 1.6 | $ (10.7) |
Balance, ending | (120.5) | (120.5) | ||
Accumulated Foreign Currency Adjustment | ||||
Change in AOCI [Roll Forward] | ||||
Balance, beginning | (1.6) | (3.8) | (3.2) | (4) |
Other comprehensive income before reclassifications | (1.6) | 0 | 0.3 | 0.3 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0.3 | (0.3) | 0.2 |
Other comprehensive income | (1.6) | 0.3 | 0 | 0.5 |
Balance, ending | $ (3.2) | $ (3.5) | $ (3.2) | $ (3.5) |