Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2018

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 March 31,
	2018		2017
Revenues	$	69.5	$	83.2
Cost of goods sold	49.5		61.7
Other operating expenses, net	14.8		15.2
Operating income	5.2		6.3
Other non-operating (income) expense, net	—		0.1
Income from discontinued operations before income taxes	5.2		6.2
Gain on sale of discontinued operations	293.8		—
Provision for income taxes	47.3		2.3
Income from discontinued operations	$	251.7	$	3.9

A summary of the carrying amounts of CFS's major assets and liabilities, which were classified as discontinued operations in the Condensed Consolidated Balance Sheet follows:

(in millions)	December 31, 2017
ASSETS
Cash and cash equivalents	$	1.3
Receivables, net	32.0
Inventories	59.0
Prepaid other current assets	4.2
Total current assets	$	96.5
Property, plant, and equipment, net	$	49.7
Goodwill, net	149.7
Other intangible assets, net	169.4
Other long-term assets	3.3
Total long-term assets	$	372.1
LIABILITIES
Accounts payable	$	20.4
Accrued expenses	20.5
Total current liabilities	$	40.9
Other long-term liabilities	$	50.0
Total long-term liabilities	$	50.0

A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows follows:

(in millions)	Three Months Ended March 31,
	2018			2017
Net cash provided by operating activities	$	0.6		$	10.3
Net cash used in investing activities	(8.1		)	(215.2		)
Net cash provided by financing activities (1)	8.8			209.5
Change in cash and cash equivalents from discontinued operations	$	1.3		$	4.6

⁽¹⁾ 

Represents borrowings from the Carlisle cash pool to fund capital expenditures and acquisitions.