Discontinued Operations

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On March 20, 2018, the Company completed the sale of 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 Consolidated Statements of Income follows:

(in millions)	2018		2017		2016
Revenue	$	69.5	$	337.9	$	249.0
Cost of goods sold	49.5		238.5		178.5
Other operating expense, net	16.7		59.7		40.4
Operating income	3.3		39.7		30.1
Other non-operating (income) expense, net	—		0.1		(0.1		)
Income from discontinued operations before income taxes	3.3		39.6		30.2
Gain on sale of discontinued operations	296.8		—		—
Provision for income taxes	47.6		14.7		11.2
Income from discontinued operations	$	252.5	$	24.9	$	19.0

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

(in millions)	December 31, 2017
ASSETS
Cash and cash equivalents	$	1.3
Receivables, net	32.0
Inventories, net	59.0
Prepaid and 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 Consolidated Statements of Cash Flows follows:

(in millions)	2018			2017			2016
Net cash (used in) provided by operating activities	$	(2.0	)	$	62.2		$	25.4
Net cash used in investing activities	(8.1		)	(222.6		)	(9.0		)
Net cash provided by (used in) financing activities (1)	11.4			161.4			(16.1		)
Change in cash and cash equivalents from discontinued operations	$	1.3		$	1.0		$	0.3

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