|
|
|
|
|
|
|
• | On a prospective basis, all income tax effects of awards are recognized in the statement of operations as tax expense or benefit at the time that the awards vest or are settled, which resulted in a $2.6 million discrete income tax benefit for the first three months of 2017. |
• | On a prospective basis, all income tax effects of awards are recognized in the statement of cash flows as only operating activities as compared to both operating and financing activities. |
• | The cash paid to a tax authority when shares are withheld to satisfy the tax withholding obligation are classified as financing activities on the statement of cash flows on a retrospective basis. The adoption had no impact on our cash flows presentation as we have historically presented these amounts as financing activities. |
• | Companies are required to elect the method of accounting for forfeitures of share-based payments, either by recognizing such forfeitures as they occur or estimating the number of awards expected to be forfeited and adjusting such estimate when it is deemed likely to change. The Company elected to account for forfeitures as they occur and the adoption did not have a material impact on stock-based compensation expense. |
|
Three Months Ended March 31, | 2017 | 2016 | ||||||||||||||
(in millions) | Net Sales | EBIT | Net Sales | EBIT | ||||||||||||
Carlisle Construction Materials | $ | 446.1 | $ | 80.7 | $ | 403.7 | $ | 72.3 | ||||||||
Carlisle Interconnect Technologies | 194.2 | 22.3 | 196.7 | 36.6 | ||||||||||||
Carlisle FoodService Products | 83.3 | 5.8 | 60.4 | 7.1 | ||||||||||||
Carlisle Fluid Technologies | 60.5 | 4.9 | 61.2 | 6.9 | ||||||||||||
Carlisle Brake & Friction | 73.2 | 1.2 | 72.0 | 3.7 | ||||||||||||
Corporate | — | (18.2 | ) | — | (16.0 | ) | ||||||||||
Total | $ | 857.3 | $ | 96.7 | $ | 794.0 | $ | 110.6 |
|
Preliminary Allocation | ||||
(in millions) | As of 1/9/2017 | |||
Total consideration transferred | $ | 217.2 | ||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Cash and cash equivalents | $ | 3.5 | ||
Receivables | 9.1 | |||
Inventories | 13.1 | |||
Prepaid expenses and other current assets | 2.3 | |||
Property, plant, and equipment | 4.2 | |||
Definite-lived intangible assets | 135.1 | |||
Indefinite-lived intangible assets | 23.6 | |||
Other long-term assets | 3.2 | |||
Accounts payable | (7.0 | ) | ||
Income tax payable | (0.5 | ) | ||
Accrued expenses | (4.3 | ) | ||
Other long-term liabilities | (4.8 | ) | ||
Deferred income taxes | (47.2 | ) | ||
Total identifiable net assets | 130.3 | |||
Goodwill | $ | 86.9 |
Preliminary Allocation | Measurement Period Adjustments | Revised Preliminary Allocation | ||||||||
(in millions) | As of 10/3/2016 | As of 3/31/2017 | ||||||||
Total consideration transferred | $ | 82.7 | — | 82.7 | ||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||||||
Cash and cash equivalents | $ | 0.3 | — | 0.3 | ||||||
Receivables | 5.9 | (0.1 | ) | 5.8 | ||||||
Inventories | 3.1 | (0.2 | ) | 2.9 | ||||||
Prepaid expenses and other current assets | 0.1 | — | 0.1 | |||||||
Property, plant, and equipment | 3.3 | — | 3.3 | |||||||
Definite-lived intangible assets | 29.0 | — | 29.0 | |||||||
Accounts payable | (1.3 | ) | 0.2 | (1.1 | ) | |||||
Accrued expenses | (0.8 | ) | 0.1 | (0.7 | ) | |||||
Total identifiable net assets | 39.6 | — | 39.6 | |||||||
Goodwill | $ | 43.1 | — | 43.1 |
Preliminary Allocation | Measurement Period Adjustments | Final Allocation | ||||||||||
(in millions) | As of 6/10/2016 | As of 3/31/2017 | ||||||||||
Total consideration transferred | $ | 97.3 | $ | (0.7 | ) | $ | 96.6 | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||||||||
Cash and cash equivalents | $ | 1.5 | $ | — | $ | 1.5 | ||||||
Receivables | 6.3 | — | 6.3 | |||||||||
Inventories | 8.6 | — | 8.6 | |||||||||
Prepaid expenses and other current assets | 0.4 | (0.1 | ) | 0.3 | ||||||||
Property, plant, and equipment | 30.0 | (14.0 | ) | 16.0 | ||||||||
Definite-lived intangible assets | 31.5 | (5.0 | ) | 26.5 | ||||||||
Indefinite-lived intangible assets | 2.0 | (2.0 | ) | — | ||||||||
Other long-term assets | 1.0 | — | 1.0 | |||||||||
Accounts payable | (1.7 | ) | — | (1.7 | ) | |||||||
Accrued expenses | (2.4 | ) | (0.1 | ) | (2.5 | ) | ||||||
Total identifiable net assets | 77.2 | (21.2 | ) | 56.0 | ||||||||
Goodwill | $ | 20.1 | $ | 20.5 | $ | 40.6 |
|
Three Months Ended March 31, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Total pre-tax stock-based compensation | $ | 6.0 | $ | 3.5 |
Three Months Ended March 31, 2017 | |||
Stock options | 363,455 | ||
Restricted stock | 65,347 | ||
Performance shares | 46,995 | ||
Restricted stock units | 12,952 |
Three Months Ended March 31, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Pre-tax stock-based compensation | $ | 1.9 | $ | 1.6 |
2017 | 2016 | |||||||
Expected dividend yield | 1.3 | % | 1.4 | % | ||||
Expected life in years | 5.58 | 5.61 | ||||||
Expected volatility | 25.6 | % | 27.5 | % | ||||
Risk-free interest rate | 1.9 | % | 1.4 | % | ||||
Weighted-average fair value per share | $ | 24.57 | $ | 19.30 |
|
|
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Finished goods | $ | 255.2 | $ | 218.6 | ||||
Work-in-process | 56.6 | 51.3 | ||||||
Raw materials | 152.0 | 143.4 | ||||||
Reserves | (35.8 | ) | (36.3 | ) | ||||
Inventories | $ | 428.0 | $ | 377.0 |
|
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Land and land improvements | $ | 96.9 | $ | 94.7 | ||||
Buildings and leasehold improvements | 314.5 | 308.0 | ||||||
Machinery and equipment | 735.0 | 717.9 | ||||||
Furniture, fixtures, and other | 73.3 | 66.8 | ||||||
Projects in progress | 73.2 | 57.5 | ||||||
Property, plant, and equipment, gross | 1,292.9 | 1,244.9 | ||||||
Accumulated depreciation | (632.0 | ) | (612.7 | ) | ||||
Property, plant, and equipment, net | $ | 660.9 | $ | 632.2 |
|
Construction Materials | Interconnect Technologies | FoodService Products | Fluid Technologies | Brake and Friction | Total | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Balance at January 1, 2017 | $ | 117.5 | $ | 639.1 | $ | 60.3 | $ | 167.9 | $ | 96.4 | $ | 1,081.2 | ||||||||||||
Goodwill acquired during year (1) | 5.5 | — | 86.9 | — | — | 92.4 | ||||||||||||||||||
Currency translation and other | 1.5 | 0.9 | — | 0.9 | — | 3.3 | ||||||||||||||||||
Balance at March 31, 2017 | $ | 124.5 | $ | 640.0 | $ | 147.2 | $ | 168.8 | $ | 96.4 | $ | 1,176.9 |
(in millions) | Acquired Cost | Accumulated Amortization | Net Book Value | |||||||||
Assets subject to amortization: | ||||||||||||
Customer relationships | $ | 807.0 | $ | (215.1 | ) | $ | 591.9 | |||||
Intellectual property | 238.0 | (78.5 | ) | 159.5 | ||||||||
Other | 16.4 | (11.9 | ) | 4.5 | ||||||||
Assets not subject to amortization: | ||||||||||||
Trade names | 263.0 | — | 263.0 | |||||||||
Other intangible assets, net | $ | 1,324.4 | $ | (305.5 | ) | $ | 1,018.9 |
(in millions) | Acquired Cost | Accumulated Amortization | Net Book Value | |||||||||
Assets subject to amortization: | ||||||||||||
Customer relationships | $ | 704.3 | $ | (201.6 | ) | $ | 502.7 | |||||
Intellectual property | 200.7 | (72.4 | ) | 128.3 | ||||||||
Other | 15.4 | (11.7 | ) | 3.7 | ||||||||
Assets not subject to amortization: | ||||||||||||
Trade names | 237.5 | — | 237.5 | |||||||||
Other intangible assets, net | $ | 1,157.9 | $ | (285.7 | ) | $ | 872.2 |
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Carlisle Construction Materials | $ | 59.1 | $ | 55.2 | ||||
Carlisle Interconnect Technologies | 370.6 | 379.1 | ||||||
Carlisle FoodService Products | 180.3 | 24.9 | ||||||
Carlisle Fluid Technologies | 311.2 | 313.7 | ||||||
Carlisle Brake & Friction | 97.7 | 99.3 | ||||||
Total | $ | 1,018.9 | $ | 872.2 |
|
(in millions) | Three Months Ended March 31, | |||||||
2017 | 2016 | |||||||
Rent expense | $ | 7.3 | $ | 6.7 |
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Compensation and benefits - accrued expenses | $ | 5.7 | $ | 5.8 | ||||
Other long-term liabilities | 12.2 | 12.3 | ||||||
Total workers' compensation liability | $ | 17.9 | $ | 18.1 |
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Letters of credit and bank guarantees outstanding | $ | 29.0 | $ | 28.7 |
|
(in millions) | March 31, 2017 | December 31, 2016 | Fair Value (1) | |||||||||||||
March 31, 2017 | December 31, 2016 | |||||||||||||||
3.75% notes due 2022 | $ | 350.0 | $ | 350.0 | $ | 353.1 | $ | 347.2 | ||||||||
5.125% notes due 2020 | 250.0 | 250.0 | 267.4 | 263.1 | ||||||||||||
Unamortized discount, debt issuance costs, and other | (3.5 | ) | (3.6 | ) | ||||||||||||
Total long term-debt | $ | 596.5 | $ | 596.4 |
|
(in millions) | Three Months Ended March 31, | |||||||
2017 | 2016 | |||||||
Service cost | $ | 0.7 | $ | 0.8 | ||||
Interest cost | 1.3 | 1.3 | ||||||
Expected return on plan assets | (2.5 | ) | (2.5 | ) | ||||
Amortization of unrecognized loss | 0.6 | 0.6 | ||||||
Net periodic benefit cost | $ | 0.1 | $ | 0.2 |
(in millions) | Three Months Ended March 31, | |||||||
2017 | 2016 | |||||||
Employer contributions | $ | 4.7 | $ | 4.1 |
(in millions) | March 31, 2017 | December 31, 2016 | ||||
Common shares held | 1.2 | 1.2 |
|
(in millions) | Three Months Ended March 31, | |||||||
2017 | 2016 | |||||||
Extended product warranty contracts amortization | $ | 4.9 | $ | 4.7 |
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Extended product warranty contracts - current | $ | 18.9 | $ | 18.8 | ||||
Customer prepayments - current | 9.7 | 4.4 | ||||||
Extended product warranty contracts - long-term | 174.5 | 172.0 | ||||||
Deferred revenue | $ | 203.1 | $ | 195.2 |
|
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Compensation and benefits | $ | 70.4 | $ | 97.9 | ||||
Standard product warranties | 30.3 | 29.5 | ||||||
Customer incentives | 28.2 | 58.1 | ||||||
Income and other accrued taxes | 19.6 | 14.2 | ||||||
Other accrued expenses | 39.9 | 47.0 | ||||||
Accrued expenses | $ | 188.4 | $ | 246.7 |
(in millions) | 2017 | 2016 | ||||||
Balance at January 1 | $ | 29.5 | $ | 28.9 | ||||
Current year provision | 4.4 | 6.1 | ||||||
Acquired warranty obligation | 0.1 | — | ||||||
Current year claims | (3.8 | ) | (4.4 | ) | ||||
Currency translation | 0.1 | — | ||||||
Balance at March 31 | $ | 30.3 | $ | 30.6 |
|
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Deferred taxes and other tax liabilities | $ | 196.2 | $ | 144.1 | ||||
Pension and other post-retirement obligations | 27.2 | 27.1 | ||||||
Deferred compensation | 23.2 | 21.2 | ||||||
Long-term workers' compensation | 12.2 | 12.3 | ||||||
Other | 14.4 | 12.3 | ||||||
Other long-term liabilities | $ | 273.2 | $ | 217.0 |
|
(in millions) | Accrued post-retirement benefit liability (1) | Foreign currency translation | Other | Total | ||||||||||||
Balance at January 1, 2017 | $ | (26.4 | ) | $ | (96.7 | ) | $ | 0.9 | $ | (122.2 | ) | |||||
Other comprehensive income before reclassifications | — | 11.4 | 0.1 | 11.5 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0.6 | — | (0.2 | ) | 0.4 | |||||||||||
Income tax expense | (0.2 | ) | — | — | (0.2 | ) | ||||||||||
Other comprehensive income (loss) | 0.4 | 11.4 | (0.1 | ) | 11.7 | |||||||||||
Balance at March 31, 2017 | $ | (26.0 | ) | $ | (85.3 | ) | $ | 0.8 | $ | (110.5 | ) | |||||
Balance at January 1, 2016 | $ | (27.4 | ) | $ | (60.0 | ) | $ | 0.3 | $ | (87.1 | ) | |||||
Other comprehensive income before reclassifications | — | 10.2 | — | 10.2 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0.6 | — | (0.3 | ) | 0.3 | |||||||||||
Income tax (expense) benefit | (0.2 | ) | — | 0.1 | (0.1 | ) | ||||||||||
Other comprehensive income (loss) | 0.4 | 10.2 | (0.2 | ) | 10.4 | |||||||||||
Balance at March 31, 2016 | $ | (27.0 | ) | $ | (49.8 | ) | $ | 0.1 | $ | (76.7 | ) |
|
|
• | Non-cash accelerated depreciation of long-lived assets at the Oklahoma facility, which is primarily property, plant and equipment that will not be transferred to Ohio (between $4.5 million to $6.0 million expected to be recognized ratably through the first quarter of 2019), |
• | Costs to relocate and install equipment (between $5.5 million to $7.0 million, expected to be incurred primarily in the second half of 2018), |
• | Employee retention and termination benefits (approximately $2.5 million, expected to be incurred ratably through the second half of 2018), |
• | Other associated costs related to the closure of the facility and internal administration of the project (approximately $3.0 million, expected to be incurred primarily in the second half of 2018). |
(in millions) | Three Months Ended March 31, | |||||||
2017 | 2016 | |||||||
Employee severance and benefit arrangements | $ | 2.4 | $ | 1.4 | ||||
Relocation costs | 0.3 | — | ||||||
Other restructuring costs | 0.5 | — | ||||||
Total exit and disposal costs | $ | 3.2 | $ | 1.4 |
(in millions) | Three Months Ended March 31, | |||||||
2017 | 2016 | |||||||
Carlisle Interconnect Technologies | $ | 2.3 | $ | — | ||||
Carlisle Fluid Technologies | 0.5 | 1.1 | ||||||
Carlisle Brake & Friction | 0.3 | — | ||||||
Corporate | 0.1 | 0.3 | ||||||
Total exit and disposal costs | $ | 3.2 | $ | 1.4 |
(in millions) | Three Months Ended March 31, | |||||||
2017 | 2016 | |||||||
Cost of goods sold | $ | 1.5 | $ | — | ||||
Selling and administrative expenses | 1.3 | 1.4 | ||||||
Research and development expenses | 0.1 | — | ||||||
Other income, net | 0.3 | — | ||||||
Total exit and disposal costs | $ | 3.2 | $ | 1.4 |
(in millions) | Carlisle Interconnect Technologies | Carlisle Fluid Technologies | Carlisle Brake & Friction | Corporate | Total | |||||||||||||||
Balance at January 1, 2017 | $ | 7.6 | $ | 0.7 | $ | — | $ | 0.7 | $ | 9.0 | ||||||||||
Charges | 2.3 | 0.5 | 0.3 | 0.1 | 3.2 | |||||||||||||||
Cash payments | (0.8 | ) | (0.7 | ) | (0.3 | ) | (0.3 | ) | (2.1 | ) | ||||||||||
Balance at March 31, 2017 | $ | 9.1 | $ | 0.5 | $ | — | $ | 0.5 | $ | 10.1 |
|
Three Months Ended March 31, | 2017 | 2016 | ||||||||||||||
(in millions) | Net Sales | EBIT | Net Sales | EBIT | ||||||||||||
Carlisle Construction Materials | $ | 446.1 | $ | 80.7 | $ | 403.7 | $ | 72.3 | ||||||||
Carlisle Interconnect Technologies | 194.2 | 22.3 | 196.7 | 36.6 | ||||||||||||
Carlisle FoodService Products | 83.3 | 5.8 | 60.4 | 7.1 | ||||||||||||
Carlisle Fluid Technologies | 60.5 | 4.9 | 61.2 | 6.9 | ||||||||||||
Carlisle Brake & Friction | 73.2 | 1.2 | 72.0 | 3.7 | ||||||||||||
Corporate | — | (18.2 | ) | — | (16.0 | ) | ||||||||||
Total | $ | 857.3 | $ | 96.7 | $ | 794.0 | $ | 110.6 |
|
Preliminary Allocation | ||||
(in millions) | As of 1/9/2017 | |||
Total consideration transferred | $ | 217.2 | ||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||
Cash and cash equivalents | $ | 3.5 | ||
Receivables | 9.1 | |||
Inventories | 13.1 | |||
Prepaid expenses and other current assets | 2.3 | |||
Property, plant, and equipment | 4.2 | |||
Definite-lived intangible assets | 135.1 | |||
Indefinite-lived intangible assets | 23.6 | |||
Other long-term assets | 3.2 | |||
Accounts payable | (7.0 | ) | ||
Income tax payable | (0.5 | ) | ||
Accrued expenses | (4.3 | ) | ||
Other long-term liabilities | (4.8 | ) | ||
Deferred income taxes | (47.2 | ) | ||
Total identifiable net assets | 130.3 | |||
Goodwill | $ | 86.9 |
Preliminary Allocation | Measurement Period Adjustments | Revised Preliminary Allocation | ||||||||
(in millions) | As of 10/3/2016 | As of 3/31/2017 | ||||||||
Total consideration transferred | $ | 82.7 | — | 82.7 | ||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||||||
Cash and cash equivalents | $ | 0.3 | — | 0.3 | ||||||
Receivables | 5.9 | (0.1 | ) | 5.8 | ||||||
Inventories | 3.1 | (0.2 | ) | 2.9 | ||||||
Prepaid expenses and other current assets | 0.1 | — | 0.1 | |||||||
Property, plant, and equipment | 3.3 | — | 3.3 | |||||||
Definite-lived intangible assets | 29.0 | — | 29.0 | |||||||
Accounts payable | (1.3 | ) | 0.2 | (1.1 | ) | |||||
Accrued expenses | (0.8 | ) | 0.1 | (0.7 | ) | |||||
Total identifiable net assets | 39.6 | — | 39.6 | |||||||
Goodwill | $ | 43.1 | — | 43.1 |
Preliminary Allocation | Measurement Period Adjustments | Final Allocation | ||||||||||
(in millions) | As of 6/10/2016 | As of 3/31/2017 | ||||||||||
Total consideration transferred | $ | 97.3 | $ | (0.7 | ) | $ | 96.6 | |||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | ||||||||||||
Cash and cash equivalents | $ | 1.5 | $ | — | $ | 1.5 | ||||||
Receivables | 6.3 | — | 6.3 | |||||||||
Inventories | 8.6 | — | 8.6 | |||||||||
Prepaid expenses and other current assets | 0.4 | (0.1 | ) | 0.3 | ||||||||
Property, plant, and equipment | 30.0 | (14.0 | ) | 16.0 | ||||||||
Definite-lived intangible assets | 31.5 | (5.0 | ) | 26.5 | ||||||||
Indefinite-lived intangible assets | 2.0 | (2.0 | ) | — | ||||||||
Other long-term assets | 1.0 | — | 1.0 | |||||||||
Accounts payable | (1.7 | ) | — | (1.7 | ) | |||||||
Accrued expenses | (2.4 | ) | (0.1 | ) | (2.5 | ) | ||||||
Total identifiable net assets | 77.2 | (21.2 | ) | 56.0 | ||||||||
Goodwill | $ | 20.1 | $ | 20.5 | $ | 40.6 |
|
Three Months Ended March 31, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Total pre-tax stock-based compensation | $ | 6.0 | $ | 3.5 |
Three Months Ended March 31, 2017 | |||
Stock options | 363,455 | ||
Restricted stock | 65,347 | ||
Performance shares | 46,995 | ||
Restricted stock units | 12,952 |
2017 | 2016 | |||||||
Expected dividend yield | 1.3 | % | 1.4 | % | ||||
Expected life in years | 5.58 | 5.61 | ||||||
Expected volatility | 25.6 | % | 27.5 | % | ||||
Risk-free interest rate | 1.9 | % | 1.4 | % | ||||
Weighted-average fair value per share | $ | 24.57 | $ | 19.30 |
Three Months Ended March 31, | ||||||||
(in millions) | 2017 | 2016 | ||||||
Pre-tax stock-based compensation | $ | 1.9 | $ | 1.6 |
|
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Finished goods | $ | 255.2 | $ | 218.6 | ||||
Work-in-process | 56.6 | 51.3 | ||||||
Raw materials | 152.0 | 143.4 | ||||||
Reserves | (35.8 | ) | (36.3 | ) | ||||
Inventories | $ | 428.0 | $ | 377.0 |
|
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Land and land improvements | $ | 96.9 | $ | 94.7 | ||||
Buildings and leasehold improvements | 314.5 | 308.0 | ||||||
Machinery and equipment | 735.0 | 717.9 | ||||||
Furniture, fixtures, and other | 73.3 | 66.8 | ||||||
Projects in progress | 73.2 | 57.5 | ||||||
Property, plant, and equipment, gross | 1,292.9 | 1,244.9 | ||||||
Accumulated depreciation | (632.0 | ) | (612.7 | ) | ||||
Property, plant, and equipment, net | $ | 660.9 | $ | 632.2 |
|
Construction Materials | Interconnect Technologies | FoodService Products | Fluid Technologies | Brake and Friction | Total | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Balance at January 1, 2017 | $ | 117.5 | $ | 639.1 | $ | 60.3 | $ | 167.9 | $ | 96.4 | $ | 1,081.2 | ||||||||||||
Goodwill acquired during year (1) | 5.5 | — | 86.9 | — | — | 92.4 | ||||||||||||||||||
Currency translation and other | 1.5 | 0.9 | — | 0.9 | — | 3.3 | ||||||||||||||||||
Balance at March 31, 2017 | $ | 124.5 | $ | 640.0 | $ | 147.2 | $ | 168.8 | $ | 96.4 | $ | 1,176.9 |
(in millions) | Acquired Cost | Accumulated Amortization | Net Book Value | |||||||||
Assets subject to amortization: | ||||||||||||
Customer relationships | $ | 807.0 | $ | (215.1 | ) | $ | 591.9 | |||||
Intellectual property | 238.0 | (78.5 | ) | 159.5 | ||||||||
Other | 16.4 | (11.9 | ) | 4.5 | ||||||||
Assets not subject to amortization: | ||||||||||||
Trade names | 263.0 | — | 263.0 | |||||||||
Other intangible assets, net | $ | 1,324.4 | $ | (305.5 | ) | $ | 1,018.9 |
(in millions) | Acquired Cost | Accumulated Amortization | Net Book Value | |||||||||
Assets subject to amortization: | ||||||||||||
Customer relationships | $ | 704.3 | $ | (201.6 | ) | $ | 502.7 | |||||
Intellectual property | 200.7 | (72.4 | ) | 128.3 | ||||||||
Other | 15.4 | (11.7 | ) | 3.7 | ||||||||
Assets not subject to amortization: | ||||||||||||
Trade names | 237.5 | — | 237.5 | |||||||||
Other intangible assets, net | $ | 1,157.9 | $ | (285.7 | ) | $ | 872.2 |
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Carlisle Construction Materials | $ | 59.1 | $ | 55.2 | ||||
Carlisle Interconnect Technologies | 370.6 | 379.1 | ||||||
Carlisle FoodService Products | 180.3 | 24.9 | ||||||
Carlisle Fluid Technologies | 311.2 | 313.7 | ||||||
Carlisle Brake & Friction | 97.7 | 99.3 | ||||||
Total | $ | 1,018.9 | $ | 872.2 |
|
(in millions) | Three Months Ended March 31, | |||||||
2017 | 2016 | |||||||
Rent expense | $ | 7.3 | $ | 6.7 |
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Compensation and benefits - accrued expenses | $ | 5.7 | $ | 5.8 | ||||
Other long-term liabilities | 12.2 | 12.3 | ||||||
Total workers' compensation liability | $ | 17.9 | $ | 18.1 |
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Letters of credit and bank guarantees outstanding | $ | 29.0 | $ | 28.7 |
|
(in millions) | March 31, 2017 | December 31, 2016 | Fair Value (1) | |||||||||||||
March 31, 2017 | December 31, 2016 | |||||||||||||||
3.75% notes due 2022 | $ | 350.0 | $ | 350.0 | $ | 353.1 | $ | 347.2 | ||||||||
5.125% notes due 2020 | 250.0 | 250.0 | 267.4 | 263.1 | ||||||||||||
Unamortized discount, debt issuance costs, and other | (3.5 | ) | (3.6 | ) | ||||||||||||
Total long term-debt | $ | 596.5 | $ | 596.4 |
|
(in millions) | Three Months Ended March 31, | |||||||
2017 | 2016 | |||||||
Employer contributions | $ | 4.7 | $ | 4.1 |
(in millions) | March 31, 2017 | December 31, 2016 | ||||
Common shares held | 1.2 | 1.2 |
(in millions) | Three Months Ended March 31, | |||||||
2017 | 2016 | |||||||
Service cost | $ | 0.7 | $ | 0.8 | ||||
Interest cost | 1.3 | 1.3 | ||||||
Expected return on plan assets | (2.5 | ) | (2.5 | ) | ||||
Amortization of unrecognized loss | 0.6 | 0.6 | ||||||
Net periodic benefit cost | $ | 0.1 | $ | 0.2 |
|
(in millions) | Three Months Ended March 31, | |||||||
2017 | 2016 | |||||||
Extended product warranty contracts amortization | $ | 4.9 | $ | 4.7 |
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Extended product warranty contracts - current | $ | 18.9 | $ | 18.8 | ||||
Customer prepayments - current | 9.7 | 4.4 | ||||||
Extended product warranty contracts - long-term | 174.5 | 172.0 | ||||||
Deferred revenue | $ | 203.1 | $ | 195.2 |
|
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Compensation and benefits | $ | 70.4 | $ | 97.9 | ||||
Standard product warranties | 30.3 | 29.5 | ||||||
Customer incentives | 28.2 | 58.1 | ||||||
Income and other accrued taxes | 19.6 | 14.2 | ||||||
Other accrued expenses | 39.9 | 47.0 | ||||||
Accrued expenses | $ | 188.4 | $ | 246.7 |
(in millions) | 2017 | 2016 | ||||||
Balance at January 1 | $ | 29.5 | $ | 28.9 | ||||
Current year provision | 4.4 | 6.1 | ||||||
Acquired warranty obligation | 0.1 | — | ||||||
Current year claims | (3.8 | ) | (4.4 | ) | ||||
Currency translation | 0.1 | — | ||||||
Balance at March 31 | $ | 30.3 | $ | 30.6 |
|
(in millions) | March 31, 2017 | December 31, 2016 | ||||||
Deferred taxes and other tax liabilities | $ | 196.2 | $ | 144.1 | ||||
Pension and other post-retirement obligations | 27.2 | 27.1 | ||||||
Deferred compensation | 23.2 | 21.2 | ||||||
Long-term workers' compensation | 12.2 | 12.3 | ||||||
Other | 14.4 | 12.3 | ||||||
Other long-term liabilities | $ | 273.2 | $ | 217.0 |
|
(in millions) | Accrued post-retirement benefit liability (1) | Foreign currency translation | Other | Total | ||||||||||||
Balance at January 1, 2017 | $ | (26.4 | ) | $ | (96.7 | ) | $ | 0.9 | $ | (122.2 | ) | |||||
Other comprehensive income before reclassifications | — | 11.4 | 0.1 | 11.5 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0.6 | — | (0.2 | ) | 0.4 | |||||||||||
Income tax expense | (0.2 | ) | — | — | (0.2 | ) | ||||||||||
Other comprehensive income (loss) | 0.4 | 11.4 | (0.1 | ) | 11.7 | |||||||||||
Balance at March 31, 2017 | $ | (26.0 | ) | $ | (85.3 | ) | $ | 0.8 | $ | (110.5 | ) | |||||
Balance at January 1, 2016 | $ | (27.4 | ) | $ | (60.0 | ) | $ | 0.3 | $ | (87.1 | ) | |||||
Other comprehensive income before reclassifications | — | 10.2 | — | 10.2 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 0.6 | — | (0.3 | ) | 0.3 | |||||||||||
Income tax (expense) benefit | (0.2 | ) | — | 0.1 | (0.1 | ) | ||||||||||
Other comprehensive income (loss) | 0.4 | 10.2 | (0.2 | ) | 10.4 | |||||||||||
Balance at March 31, 2016 | $ | (27.0 | ) | $ | (49.8 | ) | $ | 0.1 | $ | (76.7 | ) |
|
(in millions) | Three Months Ended March 31, | |||||||
2017 | 2016 | |||||||
Employee severance and benefit arrangements | $ | 2.4 | $ | 1.4 | ||||
Relocation costs | 0.3 | — | ||||||
Other restructuring costs | 0.5 | — | ||||||
Total exit and disposal costs | $ | 3.2 | $ | 1.4 |
(in millions) | Three Months Ended March 31, | |||||||
2017 | 2016 | |||||||
Carlisle Interconnect Technologies | $ | 2.3 | $ | — | ||||
Carlisle Fluid Technologies | 0.5 | 1.1 | ||||||
Carlisle Brake & Friction | 0.3 | — | ||||||
Corporate | 0.1 | 0.3 | ||||||
Total exit and disposal costs | $ | 3.2 | $ | 1.4 |
(in millions) | Three Months Ended March 31, | |||||||
2017 | 2016 | |||||||
Cost of goods sold | $ | 1.5 | $ | — | ||||
Selling and administrative expenses | 1.3 | 1.4 | ||||||
Research and development expenses | 0.1 | — | ||||||
Other income, net | 0.3 | — | ||||||
Total exit and disposal costs | $ | 3.2 | $ | 1.4 |
(in millions) | Carlisle Interconnect Technologies | Carlisle Fluid Technologies | Carlisle Brake & Friction | Corporate | Total | |||||||||||||||
Balance at January 1, 2017 | $ | 7.6 | $ | 0.7 | $ | — | $ | 0.7 | $ | 9.0 | ||||||||||
Charges | 2.3 | 0.5 | 0.3 | 0.1 | 3.2 | |||||||||||||||
Cash payments | (0.8 | ) | (0.7 | ) | (0.3 | ) | (0.3 | ) | (2.1 | ) | ||||||||||
Balance at March 31, 2017 | $ | 9.1 | $ | 0.5 | $ | — | $ | 0.5 | $ | 10.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|