CARLISLE COMPANIES INC, 10-Q filed on 4/26/2024
Quarterly Report
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Cover - shares
 3 Months Ended
Mar. 31, 2024
Apr. 19, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 1-9278  
Entity Registrant Name CARLISLE COMPANIES INCORPORATED  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 31-1168055  
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  
City Area Code (480)  
Local Phone Number 781-5000  
Title of 12(b) Security Common stock, $1 par value  
Trading Symbol CSL  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   47,601,842
Entity Central Index Key 0000790051  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
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Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Revenues $ 1,096.5 $ 892.6
Cost of goods sold 697.6 621.4
Selling and administrative expenses 166.8 142.2
Research and development expenses 9.2 6.8
Other operating (income) expense, net (2.3) 1.5
Operating income 225.2 120.7
Interest expense, net 18.6 18.8
Interest income (7.9) (4.5)
Other non-operating income, net (0.3) (1.0)
Income from continuing operations before income taxes 214.8 107.4
Provision for income taxes 43.9 23.8
Income from continuing operations 170.9 83.6
Discontinued operations:    
Income before income taxes 21.9 21.2
Provision for income taxes 0.5 3.1
Income (loss) from discontinued operations 21.4 18.1
Net income $ 192.3 $ 101.7
Basic earnings per share attributable to common shares:    
Income from continuing operations (in dollars per share) $ 3.57 $ 1.63
Income from discontinued operations (in dollars per share) 0.45 0.36
Basic earnings per share (in dollars per share) 4.02 1.99
Diluted earnings per share attributable to common shares:    
Income from continuing operations (in dollars per share) 3.52 1.61
Income from discontinued operations (in dollars per share) 0.45 0.35
Diluted earnings per share (in dollars per share) $ 3.97 $ 1.96
Average shares outstanding:    
Basic (in shares) 47.8 51.1
Diluted (in shares) 48.4 51.7
Comprehensive income:    
Net income $ 192.3 $ 101.7
Other comprehensive (loss) income:    
Foreign currency (losses) gains (9.7) 13.0
Amortization of unrecognized net periodic benefit costs, net of tax 0.5 0.3
Other, net of tax 1.0 1.9
Other comprehensive (loss) income (8.2) 15.2
Comprehensive income $ 184.1 $ 116.9
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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 552.6 $ 576.7
Receivables, net of allowance for credit losses of $4.8 million and $3.9 million, respectively 700.8 615.3
Inventories 399.8 361.7
Prepaid expenses 19.1 21.2
Other current assets 67.5 107.6
Assets held for sale 1,723.6 1,725.6
Total current assets 3,463.4 3,408.1
Property, plant, and equipment, net 653.7 655.2
Goodwill 1,199.3 1,202.5
Other intangible assets, net 1,226.8 1,252.9
Other long-term assets 102.7 101.3
Total assets 6,645.9 6,620.0
Current liabilities:    
Accounts payable 322.9 245.5
Current portion of debt 402.8 402.7
Accrued and other current liabilities 218.7 292.9
Contract liabilities 26.8 26.4
Liabilities held for sale 203.5 218.8
Total current liabilities 1,174.7 1,186.3
Long-term liabilities:    
Long-term debt, less current portion 1,886.9 1,886.7
Contract liabilities 302.5 297.6
Other long-term liabilities 422.5 420.4
Total long-term liabilities 2,611.9 2,604.7
Stockholders' equity:    
Preferred stock, $1 par value per share (5.0 shares authorized and unissued) 0.0 0.0
Common stock, $1 par value per share (200.0 shares authorized; 47.6 and 47.7 shares outstanding, respectively) 78.7 78.7
Additional paid-in capital 562.8 553.8
Treasury shares, at cost (31.0 and 30.9 shares, respectively) (3,447.7) (3,326.4)
Accumulated other comprehensive loss (119.3) (111.1)
Retained earnings 5,784.8 5,634.0
Total stockholders' equity 2,859.3 2,829.0
Total liabilities and equity $ 6,645.9 $ 6,620.0
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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Receivables allowance $ 4.8 $ 3.9
Preferred stock, par value (in dollars per share) $ 1 $ 1
Preferred stock, authorized shares (in shares) 5,000,000 5,000,000
Preferred stock, unissued shares (in shares) 5,000,000 5,000,000
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, authorized shares (in shares) 200,000,000 200,000,000
Common stock, shares outstanding (in shares) 47,600,000 47,700,000
Treasury, shares (in shares) 31,000,000 30,900,000
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net income $ 192.3 $ 101.7
Reconciliation of net income to net cash provided by operating activities:    
Depreciation 16.6 23.3
Amortization 22.3 37.2
Lease expense 5.6 6.9
Stock-based compensation 12.0 11.4
Deferred taxes (0.1) 1.5
Other operating activities, net 3.7 2.3
Changes in assets and liabilities, excluding effects of acquisitions:    
Receivables (87.2) 100.2
Inventories (52.8) (28.9)
Contract assets 9.2 3.5
Prepaid expenses and other assets 2.1 20.2
Accounts payable 78.4 (0.3)
Accrued and other current liabilities (40.7) (126.1)
Contract liabilities 4.5 3.2
Other long-term liabilities (2.4) (6.5)
Net cash provided by operating activities 163.5 149.6
Investing activities:    
Capital expenditures (32.5) (40.2)
Investment in securities 0.2 0.5
Other investing activities, net 0.3 8.0
Net cash used in investing activities (32.0) (31.7)
Financing activities:    
Repurchases of common stock (150.0) (50.0)
Dividends paid (41.5) (38.9)
Proceeds from exercise of stock options 42.5 4.8
Withholding tax paid related to stock-based compensation (16.2) (9.9)
Other financing activities, net (0.9) (0.8)
Net cash used in financing activities (166.1) (94.8)
Effect of foreign currency exchange rate changes on cash and cash equivalents (0.7) 0.8
Change in cash and cash equivalents (35.3) 23.9
Less: change in cash and cash equivalents of discontinued operations (11.2) 2.5
Cash and cash equivalents at beginning of period 576.7 364.7
Cash and cash equivalents at end of period $ 552.6 $ 386.1
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Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Shares in Treasury
Balance at beginning (in shares) at Dec. 31, 2022   50.9        
Balance at the beginning of the period at Dec. 31, 2022 $ 3,024.4 $ 78.7 $ 512.6 $ (157.8) $ 5,027.1 $ (2,436.2)
Balance at beginning (in shares) at Dec. 31, 2022           27.5
Increase (Decrease) in Shareholders' Equity            
Net income 101.7       101.7  
Other comprehensive (loss) income, net of tax 15.2     15.2    
Dividends (39.0)       (39.0)  
Repurchases of common stock (in shares)   (0.2)       (0.2)
Repurchases of common stock (50.2)         $ (50.2)
Issuances and deferrals, net for stock-based compensation (in shares) [1]   (0.1)       (0.1)
Issuances and deferrals. net for stock-based compensation [1] 6.2   3.4     $ 2.8
Balance at ending (in shares) at Mar. 31, 2023   50.8        
Balance at the end of the period at Mar. 31, 2023 $ 3,058.3 $ 78.7 516.0 (142.6) 5,089.8 $ (2,483.6)
Balance at ending (in shares) at Mar. 31, 2023           27.6
Balance at beginning (in shares) at Dec. 31, 2023 47.7 47.7        
Balance at the beginning of the period at Dec. 31, 2023 $ 2,829.0 $ 78.7 553.8 (111.1) 5,634.0 $ (3,326.4)
Balance at beginning (in shares) at Dec. 31, 2023 30.9         30.9
Increase (Decrease) in Shareholders' Equity            
Net income $ 192.3       192.3  
Other comprehensive (loss) income, net of tax (8.2)     (8.2)    
Dividends (41.5)       (41.5)  
Repurchases of common stock (in shares)   (0.5)       (0.5)
Repurchases of common stock (150.5)         $ (150.5)
Issuances and deferrals, net for stock-based compensation (in shares) [1]   (0.4)       (0.4)
Issuances and deferrals. net for stock-based compensation [1] $ 38.2   9.0     $ 29.2
Balance at ending (in shares) at Mar. 31, 2024 47.6 47.6        
Balance at the end of the period at Mar. 31, 2024 $ 2,859.3 $ 78.7 $ 562.8 $ (119.3) $ 5,784.8 $ (3,447.7)
Balance at ending (in shares) at Mar. 31, 2024 31.0         31.0
[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.
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Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]    
Cash dividends (in dollars per share) $ 0.85 $ 0.75
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Basis of Presentation
 3 Months Ended
Mar. 31, 2024
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 Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Annual Report on Form 10-K").
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, necessary to present fairly the financial position, results of operations and cash flows for the periods presented.
The Company reclassified certain prior period amounts to conform with the current period presentation of revenues by end market in Note 7—Revenue Recognition to reflect the nature of revenues in information regularly reviewed by the Company.
Discontinued Operations
The results of operations for the Company's Carlisle Fluid Technologies ("CFT") and Carlisle Interconnect Technologies ("CIT") segments have been reclassified as discontinued operations for all periods presented in the Condensed Consolidated Statements of Income. Assets and liabilities subject to the sale of CIT have been reclassified as held for sale for all periods presented in the Condensed Consolidated Balance Sheets. Refer to Note 5—Discontinued Operations for additional information.
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New Accounting Pronouncements
 3 Months Ended
Mar. 31, 2024
New Accounting Pronouncements [Abstract]  
New Accounting Pronouncements New Accounting Pronouncements
New Accounting Standards Issued Recently Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for the Company's fiscal year beginning January 1, 2024 and requires the use of a retrospective approach to all prior periods presented. The Company adopted the standard on January 1, 2024, and plans to adopt the standard for interim periods beginning January 1, 2025, with early adoption permitted. The Company is evaluating the potential impact of its adoption of ASU 2023-07 on the Company's audited Consolidated Financial Statements but does not anticipate that such an adoption will have a material impact.
New Accounting Standards Issued But Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. ASU 2023-09 also includes certain other amendments intended to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for the Company's fiscal year beginning January 1, 2025 and allows the use of a prospective or retrospective approach. The Company plans to adopt the standard on January 1, 2025 and has not yet determined the potential impact of its adoption of ASU 2023-09 on the Company's audited Consolidated Financial Statements.
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Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company reports its results of operations through the following two segments, each of which represents a reportable segment as follows:
Carlisle Construction Materials ("CCM")—this segment produces a complete line of premium single-ply roofing products and warranted roof systems and accessories for the commercial building industry, including ethylene propylene diene monomer ("EPDM"), thermoplastic polyolefin ("TPO") and polyvinyl chloride ("PVC") membrane, polyisocyanurate ("polyiso") insulation, and engineered metal roofing and wall panel systems for commercial and residential buildings.
Carlisle Weatherproofing Technologies ("CWT")—this segment produces building envelope solutions that effectively drive energy efficiency and sustainability in commercial and residential applications. Products include high-performance waterproofing and moisture protection products, protective roofing underlayments, fully integrated liquid and sheet applied air/vapor barriers, sealants/primers and flashing systems, roof coatings and mastics, spray polyurethane foam and coating systems for a wide variety of thermal protection applications and other premium polyurethane products, block-molded expanded polystyrene insulation, engineered products for HVAC applications, and premium products for a variety of industrial and surfacing applications.
A summary of segment information follows:
Three Months Ended March 31,
20242023
(in millions)
Revenues
Operating Income (Loss)
Revenues
Operating Income (Loss)
Carlisle Construction Materials$783.6 $211.2 $576.0 $122.4 
Carlisle Weatherproofing Technologies312.9 42.2 316.6 24.1 
Segment total1,096.5 253.4 892.6 146.5 
Corporate and unallocated(1)
— (28.2)— (25.8)
Total
$1,096.5 $225.2 $892.6 $120.7 
(1)Corporate operating loss includes other unallocated costs, primarily general corporate expenses.
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Acquisitions
 3 Months Ended
Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions
Pending Acquisition
MTL Holdings
On March 18, 2024, the Company entered into a definitive agreement to acquire 100% of the equity of MTL Holdings LLC ("MTL") for cash consideration of $410.0 million, subject to certain customary purchase adjustments. MTL is a leading provider of prefabricated perimeter edge metal systems and non-architectural metal wall systems for commercial, institutional and industrial buildings. The transaction is subject to customary closing conditions, including regulatory clearances, and is expected to close by the end of the second quarter of 2024.
2023 Acquisition
Polar Industries
On November 8, 2023, the Company completed the acquisition of select assets of Polar Industries, Inc., Fox Transport, Inc. and LRH, LLC (collectively “Polar”) for cash consideration of $36.1 million, subject to certain customary purchase price adjustments, which were finalized in the first quarter of 2024. Polar is a manufacturer of expanded polystyrene and graphite polystyrene for residential and commercial applications.
The Company has preliminarily allocated consideration of $20.6 million to goodwill, all of which is deductible for tax purposes. The Company assigned all of the goodwill to the CWT reporting unit. The Company allocated consideration of $2.6 million to customer relationships, with a useful life of nine years, $9.7 million to property, plant and equipment, $1.8 million to inventory, $1.8 million to accounts receivable, $0.2 million to accounts payable and $0.2 million to accrued and other current liabilities.
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Discontinued Operations
 3 Months Ended
Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
On January 30, 2024, the Company entered into a definitive agreement to sell CIT to Amphenol Corporation for cash consideration of $2.025 billion, subject to certain customary purchase price adjustments. The transaction is subject to customary closing conditions, including regulatory clearances, and is expected to close by the end of the second quarter of 2024.
On October 2, 2023, the Company completed the sale of CFT for cash proceeds of $520 million, subject to certain customary purchase price adjustments.
The sales of CFT and CIT are consistent with the Company's pivot to a pure play building products company, employing a capital allocation approach to its highest returning businesses.
A summary of the results from discontinued operations included in the Condensed Consolidated Statements of Income and Comprehensive Income follows:
Three Months Ended March 31, 2024
CITCFTOtherTotal
Revenues$213.4 $— $— $213.4 
Cost of goods sold153.8 — — 153.8 
Other operating expenses, net22.5 — — 22.5 
Operating income37.1 — — 37.1 
Other non-operating (income) expense, net(0.2)6.4 1.2 7.4 
Income (loss) from discontinued operations before income taxes and loss on sale37.3 (6.4)(1.2)29.7 
Loss on sale of discontinued operations— 0.2 — 0.2 
Pre-close transaction expenses(1)
7.6 — — 7.6 
Income (loss) from discontinued operations before income taxes29.7 (6.6)(1.2)21.9 
Provision for (benefit from) income taxes3.4 (2.3)(0.6)0.5 
  Income (loss) from discontinued operations$26.3 $(4.3)$(0.6)$21.4 
(1)Includes legal fees and stock-based compensation expenses directly related to the sale incurred prior to the close of the transaction. Upon close of the transaction, these expenses are incorporated into the (gain)/loss on sale of discontinued operations.
Three Months Ended March 31, 2023
CITCFTOtherTotal
Revenues$213.5 $72.7 $— $286.2 
Cost of goods sold168.3 42.5 — 210.8 
Other operating expenses, net35.3 19.8 — 55.1 
Operating income9.9 10.4 — 20.3 
Other non-operating income, net(0.4)— (0.5)(0.9)
Income from discontinued operations before income taxes10.3 10.4 0.5 21.2 
Provision for (benefit from) income taxes2.1 2.5 (1.5)3.1 
  Income from discontinued operations$8.2 $7.9 $2.0 $18.1 
Expense reflected in CFT and Other in the first quarter of 2024 are primarily related to legal matters related to the sold businesses.
A summary of the carrying amounts of major assets and liabilities of CIT, which were classified as held for sale in the Condensed Consolidated Balance Sheets, follows:
(in millions)March 31,
2024		December 31,
2023
ASSETS
Cash and cash equivalents$17.6 $28.8 
Receivables, net145.1 145.5 
Inventories160.9 149.5 
Contract assets66.6 75.9 
Prepaid other current assets 21.2 23.7 
Property, plant, and equipment, net193.2 183.4 
Goodwill838.3 838.0 
Other intangible assets, net 259.4 259.3 
Other long-term assets 21.3 21.5 
Total assets of the disposal group classified as held for sale(1)
$1,723.6 $1,725.6 
LIABILITIES
Accounts payable $78.7 $84.3 
Contract liabilities0.7 1.4 
Accrued liabilities and other43.3 52.4 
Other long-term liabilities 80.8 80.7 
Total liabilities of the disposal group classified as held for sale(1)
$203.5 $218.8 
(1) The assets and liabilities of the disposal group classified as held for sale are classified as current on the March 31, 2024 Condensed Consolidated Balance Sheet as it is probable that the sale will occur and proceeds will be collected within one year.
A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows follows:
Three Months Ended March 31, 2024
(in millions)CITCFTOtherTotal
Net cash provided by (used in) operating activities$12.4 $(4.3)$(0.6)$7.5 
Net cash used in investing activities(8.3)— — (8.3)
Net cash (used in) provided by financing activities(1)
(15.3)4.3 0.6 (10.4)
Change in cash and cash equivalents from discontinued operations(11.2)— — (11.2)
Cash and cash equivalents from discontinued operations at beginning of period28.8 — — 28.8 
Cash and cash equivalents from discontinued operations at end of period$17.6 $— $— $17.6 
Three Months Ended March 31, 2023
(in millions)CITCFTOtherTotal
Net cash provided by operating activities$14.2 $10.3 $2.0 $26.5 
Net cash used in investing activities(6.6)(0.3)— (6.9)
Net cash used in financing activities(1)
(8.1)(7.0)(2.0)(17.1)
Change in cash and cash equivalents from discontinued operations(0.5)3.0 — 2.5 
Cash and cash equivalents from discontinued operations at beginning of period23.9 11.3 — 35.2 
Cash and cash equivalents from discontinued operations at end of period$23.4 $14.3 $— $37.7 
(1)Represents (repayments) or borrowings from the Carlisle cash pool to fund working capital and capital expenditures and return of capital upon sale.
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Earnings Per Share
 3 Months Ended
Mar. 31, 2024
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 income attributable to the unvested restricted shares from the numerator and excludes the dilutive impact of those underlying shares from 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 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
March 31,
(in millions, except per share amounts and percentages)20242023
Income from continuing operations$170.9 $83.6 
Less: dividends declared
41.5 39.0 
Undistributed earnings129.4 44.6 
Percent allocated to common stockholders (1)
99.8 %99.8 %
Undistributed earnings allocated to common stockholders129.1 44.5 
Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares
41.4 38.9 
Income from continuing operations attributable to common stockholders$170.5 $83.4 
Shares:
Basic weighted-average shares outstanding47.8 51.1 
Effect of dilutive securities:
Performance awards0.2 0.2 
Stock options0.4 0.4 
Diluted weighted-average shares outstanding
48.4 51.7 
Per share income from continuing operations attributable to common shares:
Basic$3.57 $1.63 
Diluted$3.52 $1.61 
(1)
Basic weighted-average shares outstanding
47.8 51.1 
Basic weighted-average shares outstanding and unvested restricted shares expected to vest
47.9 51.2 
Percent allocated to common stockholders99.8 %99.8 %
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
March 31,
(in millions)20242023
Income from discontinued operations attributable to common stockholders for basic and diluted earnings per share$21.4 $18.1 
Net income attributable to common stockholders for basic and diluted earnings per share191.9 101.5 
Anti-dilutive stock options excluded from earnings per share calculation(1)
0.1 0.7 
(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.
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Revenue Recognition
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024, follows:
(in millions)
Remainder of 202420252026202720282029Thereafter
Extended service warranties$20.6 $26.6 $25.6 $24.5 $23.5 $22.5 $186.0 
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, primarily related to extended service warranties in the CCM and CWT segments. 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 three months ended March 31, follows:
(in millions)
20242023
Balance as of January 1$324.0 $294.8 
Revenue recognized(6.9)(6.5)
Revenue deferred12.2 12.3 
Balance as of March 31
$329.3 $300.6 
Revenues by End-Market
A summary of revenues disaggregated by major end-market industries and reconciliation of disaggregated revenues by segment follows:
Three Months Ended March 31, 2024
(in millions)CCMCWTTotal
General construction:
Non-residential$718.8 $134.8 $853.6 
Residential64.8 145.0 209.8 
Total construction783.6 279.8 1,063.4 
Heavy equipment— 28.2 28.2 
General industrial and other— 4.9 4.9 
Total revenues$783.6 $312.9 $1,096.5 
Three Months Ended March 31, 2023
(in millions)CCMCWTTotal
General construction:
Non-residential$523.4 $127.1 $650.5 
Residential52.6 160.5 213.1 
Total construction576.0 287.6 863.6 
Heavy equipment
— 26.1 26.1 
General industrial and other
— 2.9 2.9 
Total revenues
$576.0 $316.6 $892.6 
Revenues by Geographic Area
A summary of revenues based on the country to which the product was delivered and reconciliation of disaggregated revenues by segment follows:
Three Months Ended March 31, 2024
(in millions)CCMCWTTotal
United States$703.8 $278.7 $982.5 
International:
Europe56.0 5.3 61.3 
North America (excluding U.S.)17.9 24.8 42.7 
Asia and Middle East4.0 2.0 6.0 
Africa— 0.6 0.6 
Other1.9 1.5 3.4 
Total international79.8 34.2 114.0 
Total revenues$783.6 $312.9 $1,096.5 
Three Months Ended March 31, 2023
(in millions)CCMCWTTotal
United States$495.8 $282.3 $778.1 
International:
Europe55.2 5.2 60.4 
North America (excluding U.S.)17.9 24.3 42.2 
Asia and Middle East3.8 2.4 6.2 
Africa0.5 0.8 1.3 
Other2.8 1.6 4.4 
Total international80.2 34.3 114.5 
Total revenues$576.0 $316.6 $892.6 
v3.24.1.u1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock-based compensation cost by award type follows:
(in millions)Three Months Ended
March 31,
20242023
Stock option awards$3.8 $3.8 
Performance share awards2.4 2.2 
Restricted stock awards3.5 3.0 
Total stock-based compensation cost incurred9.7 9.0 
Capitalized cost during the period(0.9)(1.2)
Amortization of capitalized cost during the period1.0 1.3 
Total stock-based compensation expense
$9.8 $9.1 
v3.24.1.u1
Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The effective income tax rate on continuing operations for the three months ended March 31, 2024, was 20.4%. The year-to-date provision for income taxes included taxes on earnings at an anticipated rate of 23.7% and a tax benefit of $7.1 million of discrete activity primarily related to excess tax benefits from employee stock compensation.
The effective income tax rate on continuing operations for the three months ended March 31, 2023, was 22.2%.
v3.24.1.u1
Inventories
 3 Months Ended
Mar. 31, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
(in millions)March 31,
2024		December 31,
2023
Raw materials$128.4 $120.9 
Work-in-process28.4 26.2 
Finished goods251.6 222.5 
Reserves(8.6)(7.9)
Inventories$399.8 $361.7 
v3.24.1.u1
Accrued and Other Current Liabilities
 3 Months Ended
Mar. 31, 2024
Payables and Accruals [Abstract]  
Accrued and Other Current Liabilities Accrued and Other Current Liabilities
(in millions)March 31,
2024		December 31,
2023
Compensation and benefits$56.2 $77.2 
Customer incentives52.5 112.7 
Standard product warranties25.9 24.9 
Income and other accrued taxes20.4 19.9 
Other accrued liabilities63.7 58.2 
Accrued and other current liabilities$218.7 $292.9 
Standard Product Warranties
The Company offers various standard warranty programs on its products, primarily for certain installed roofing systems. The Company’s liability for such warranty programs is included in accrued and other current liabilities. The change in standard product warranty liabilities for the three months ended March 31, follows:
(in millions)
20242023
Balance as of January 1$24.9 $25.2 
Provision5.3 3.3 
Claims(4.2)(3.3)
Foreign exchange(0.1)0.1 
Balance at March 31,$25.9 $25.3 
v3.24.1.u1
Long-term Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
(in millions)
Fair Value(1)
March 31,
2024		December 31,
2023		March 31,
2024		December 31,
2023
2.20% Notes due 2032
$550.0 $550.0 $441.0 $445.9 
2.75% Notes due 2030
750.0 750.0 660.6 666.2 
3.75% Notes due 2027
600.0 600.0 572.8 575.2 
3.50% Notes due 2024
400.0 400.0 394.1 392.5 
Unamortized discount, debt issuance costs and other(10.3)(10.6)
Total long term-debt2,289.7 2,289.4 
Less: current portion of debt402.8 402.7 
Long term-debt, less current portion$1,886.9 $1,886.7 
(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
As of March 31, 2024, the Company had a Fourth Amended and Restated Credit Agreement administered by JPMorgan Chase Bank, N.A. that provided for a $1.0 billion unsecured revolving line of credit.
During the three months ended March 31, 2024, there were no borrowings or repayments under the Company's Fourth Amended and Restated Credit Agreement. As of March 31, 2024 and December 31, 2023, the Company had no outstanding balance and $1.0 billion available for use under the Company's Fourth Amended and Restated Credit Agreement.
Covenants and Limitations
Under the Company’s debt and credit facilities, the Company is required to meet various 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 financial covenants and limitations as of March 31, 2024 and December 31, 2023.
Letters of Credit and Guarantee
During the normal course of business, the Company enters into commitments in the form of letters of credit and bank guarantees to provide its own financial and performance assurance to third parties. The Company has not issued any guarantees on behalf of any third parties. As of March 31, 2024 and December 31, 2023, the Company had $17.6 million in letters of credit and bank guarantees outstanding. The Company has multiple arrangements to obtain letters of credit, which include an agreement with unspecified availability and separate agreements for up to $110.0 million in letters of credit, of which $92.4 million was available for use as of March 31, 2024.
v3.24.1.u1
Employee Benefit Plans
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Defined Benefit Plans
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
March 31,
(in millions)
20242023
Service cost$0.6 $0.5 
Interest cost1.5 1.6 
Expected return on plan assets(1.9)(2.0)
Amortization of unrecognized loss(1)
0.6 0.3 
Net periodic benefit cost$0.8 $0.4 
(1)Includes amortization of unrecognized actuarial (gain) loss and prior service credits and excludes provision for income tax of $(0.1) million and $(0.1) million for the three months ended March 31, 2024 and 2023, respectively.
The components of net periodic benefit cost, other than the service cost component, are included in other non-operating expense, net.
v3.24.1.u1
Financial Instruments
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments Financial Instruments
Foreign Currency Forward Contracts
The Company uses foreign currency forward contracts to hedge a portion of its foreign currency exchange rate exposure to forecasted foreign currency denominated cash flows. These instruments are not held for speculative or trading purposes.
A summary of the Company's designated and non-designated hedges follows:
March 31, 2024December 31, 2023
(in millions)
Fair Value(1)
Notional Value
Fair Value(1)
Notional Value
Designated hedges$(0.2)$56.0 $(0.9)$26.6 
Non-designated hedges0.1 50.8 (0.6)56.4 
(1)The fair value of foreign currency forward contracts is included in other current assets (accrued and other current liabilities). 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.
Designated Hedges
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. The change in accumulated other comprehensive loss related to foreign currency cash flow hedges was immaterial for the three months ended March 31, 2024 and 2023. Gains and losses on the contracts representing hedge components excluded from the assessment of hedge effectiveness are recognized in the same line item as the hedged item, revenues or cost of sales, currently.
Non-Designated Hedges
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 for the three months ended March 31, 2024 and 2023, and are recognized in other non-operating expense, net and partially offset corresponding foreign exchange gains and losses on these balances.
Rabbi Trust
The Company has established a Rabbi Trust to provide for a degree of financial security to cover its obligations under 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 March 31, 2024 and December 31, 2023, the Company had $4.7 million and $4.4 million of cash, respectively, and $13.2 million and $11.5 million of short-term investments, respectively. The short-term investments are classified as trading securities and 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.
Investment Securities
In accordance with its investment policy, the Company invests its excess cash from time-to-time in investment grade bonds and other securities to achieve higher yields. As of March 31, 2024 and December 31, 2023, the Company had $19.9 million and $19.8 million of investment grade bonds, respectively. The investment grade bonds are classified as available-for-sale and measured at fair value using quoted market prices in active markets (i.e., Level 1 measurements) with changes in fair value recorded in accumulated comprehensive income (loss), until realized, and the associated cash flows presented as investing cash flows.
Other Financial Instruments
Other financial instruments include cash and cash equivalents, accounts receivable, net, accounts payable, accrued expenses and long-term debt. The carrying value for cash and cash equivalents, accounts receivable, net, accounts payable and accrued expenses approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 12 for the fair value of long-term debt).
v3.24.1.u1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2024
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 courts in which plaintiffs have alleged injury due to exposure to asbestos-containing friction products produced and sold predominantly by the Company’s discontinued Motion Control business between the late-1940s and the mid-1980s and roofing products produced and sold by Henry Company LLC, which the Company acquired on September 1, 2021. The Company has been subject to liabilities for indemnity and defense costs associated with these lawsuits.
The Company has recorded a liability for estimated indemnity costs associated with pending and future asbestos claims. As of March 31, 2024, the Company believes that its accrual for these costs is not material to the Company's financial position, results of operations, or operating cash flows.
The Company recognizes expenses for defense costs associated with asbestos claims during the periods in which they are incurred. Refer to the 2023 Annual Report on Form 10-K for the Company's accounting policy related to litigation defense costs.
The Company currently maintains insurance coverage and is the beneficiary of other arrangements that provide coverage with respect to asbestos-related claims and associated defense costs. The Company records the insurance coverage as a receivable in an amount it reasonably estimates is probable of recovery for pending and future asbestos-related indemnity claims. Since the Company’s insurance coverage contains various exclusions, limits of coverage and self-insured retentions and may be subject to insurance coverage disputes, the Company may incur expenses for indemnity and defense costs and recognize income from insurance recoveries in different periods, as such recoveries are recorded only if and when it becomes probable that such costs will be covered by insurance.
The Company is also involved in various other legal actions and proceedings arising in the ordinary course of business. In the opinion of management, the ultimate outcomes of such actions and proceedings, either individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position, results of operations, or operating cash flows.
v3.24.1.u1
Subsequent Events
 3 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On April 3, 2024, the Company and Carlisle, LLC, as co-borrowers, entered into a Fifth Amended and Restated Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto. The Credit Agreement provides for a $1.0 billion unsecured revolving line of credit (the “Revolving Credit Facility”) with a maturity date of April 3, 2029 and amends and restates the Company's Fourth Amended and Restated Credit Agreement, as amended, which was scheduled to expire on February 5, 2025. Borrowings under the Revolving Credit Facility bear interest, at the Company's election, (i) at the Base Rate plus a margin ranging from 0.00% to 0.50% or (ii) at the applicable benchmark rate plus a margin ranging from 0.825% to 1.500%, in each case, based on the Company’s debt rating from time to time. The benchmark rate for loans denominated in (i) U.S. dollars is the Adjusted Term SOFR Rate, (ii) Canadian dollars is the Adjusted Term CORRA Rate, (iii) Sterling is Daily Simple SONIA, (iv) euros is the Adjusted EURIBOR Rate and (v) yen is Adjusted TIBOR Rate. The commitments are also subject to a facility fee on the daily aggregate amount of the revolving commitment (whether used or unused) ranging from 0.05% to 0.25% based on the Company’s debt rating from time to time. Funding of the loans under the Credit Agreement is subject to customary drawdown conditions. The Company is expected to incur approximately $1.9 million of financing costs in the second quarter of 2024 in connection with finalizing the Credit Agreement, which together with any existing unamortized costs, will be recognized ratably over the new extended maturity date of the Revolving Credit Facility.
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net Income (Loss) $ 192.3 $ 101.7
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.1.u1
Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2024
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 Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Annual Report on Form 10-K").
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, necessary to present fairly the financial position, results of operations and cash flows for the periods presented.
Discontinued Operations
Discontinued Operations
The results of operations for the Company's Carlisle Fluid Technologies ("CFT") and Carlisle Interconnect Technologies ("CIT") segments have been reclassified as discontinued operations for all periods presented in the Condensed Consolidated Statements of Income. Assets and liabilities subject to the sale of CIT have been reclassified as held for sale for all periods presented in the Condensed Consolidated Balance Sheets.
New Accounting Standards Issued Recently Adopted/ But Not Yet Adopted
New Accounting Standards Issued Recently Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for the Company's fiscal year beginning January 1, 2024 and requires the use of a retrospective approach to all prior periods presented. The Company adopted the standard on January 1, 2024, and plans to adopt the standard for interim periods beginning January 1, 2025, with early adoption permitted. The Company is evaluating the potential impact of its adoption of ASU 2023-07 on the Company's audited Consolidated Financial Statements but does not anticipate that such an adoption will have a material impact.
New Accounting Standards Issued But Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. ASU 2023-09 also includes certain other amendments intended to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for the Company's fiscal year beginning January 1, 2025 and allows the use of a prospective or retrospective approach. The Company plans to adopt the standard on January 1, 2025 and has not yet determined the potential impact of its adoption of ASU 2023-09 on the Company's audited Consolidated Financial Statements.
v3.24.1.u1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Summary of Net Sales and Earnings Before Interest and Taxes ("EBIT")
A summary of segment information follows:
Three Months Ended March 31,
20242023
(in millions)
Revenues
Operating Income (Loss)
Revenues
Operating Income (Loss)
Carlisle Construction Materials$783.6 $211.2 $576.0 $122.4 
Carlisle Weatherproofing Technologies312.9 42.2 316.6 24.1 
Segment total1,096.5 253.4 892.6 146.5 
Corporate and unallocated(1)
— (28.2)— (25.8)
Total
$1,096.5 $225.2 $892.6 $120.7 
(1)Corporate operating loss includes other unallocated costs, primarily general corporate expenses.
v3.24.1.u1
Discontinued Operations (Tables)
 3 Months Ended
Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Summary Activity of Discontinued Operations
A summary of the results from discontinued operations included in the Condensed Consolidated Statements of Income and Comprehensive Income follows:
Three Months Ended March 31, 2024
CITCFTOtherTotal
Revenues$213.4 $— $— $213.4 
Cost of goods sold153.8 — — 153.8 
Other operating expenses, net22.5 — — 22.5 
Operating income37.1 — — 37.1 
Other non-operating (income) expense, net(0.2)6.4 1.2 7.4 
Income (loss) from discontinued operations before income taxes and loss on sale37.3 (6.4)(1.2)29.7 
Loss on sale of discontinued operations— 0.2 — 0.2 
Pre-close transaction expenses(1)
7.6 — — 7.6 
Income (loss) from discontinued operations before income taxes29.7 (6.6)(1.2)21.9 
Provision for (benefit from) income taxes3.4 (2.3)(0.6)0.5 
  Income (loss) from discontinued operations$26.3 $(4.3)$(0.6)$21.4 
(1)Includes legal fees and stock-based compensation expenses directly related to the sale incurred prior to the close of the transaction. Upon close of the transaction, these expenses are incorporated into the (gain)/loss on sale of discontinued operations.
Three Months Ended March 31, 2023
CITCFTOtherTotal
Revenues$213.5 $72.7 $— $286.2 
Cost of goods sold168.3 42.5 — 210.8 
Other operating expenses, net35.3 19.8 — 55.1 
Operating income9.9 10.4 — 20.3 
Other non-operating income, net(0.4)— (0.5)(0.9)
Income from discontinued operations before income taxes10.3 10.4 0.5 21.2 
Provision for (benefit from) income taxes2.1 2.5 (1.5)3.1 
  Income from discontinued operations$8.2 $7.9 $2.0 $18.1 
Expense reflected in CFT and Other in the first quarter of 2024 are primarily related to legal matters related to the sold businesses.
A summary of the carrying amounts of major assets and liabilities of CIT, which were classified as held for sale in the Condensed Consolidated Balance Sheets, follows:
(in millions)March 31,
2024		December 31,
2023
ASSETS
Cash and cash equivalents$17.6 $28.8 
Receivables, net145.1 145.5 
Inventories160.9 149.5 
Contract assets66.6 75.9 
Prepaid other current assets 21.2 23.7 
Property, plant, and equipment, net193.2 183.4 
Goodwill838.3 838.0 
Other intangible assets, net 259.4 259.3 
Other long-term assets 21.3 21.5 
Total assets of the disposal group classified as held for sale(1)
$1,723.6 $1,725.6 
LIABILITIES
Accounts payable $78.7 $84.3 
Contract liabilities0.7 1.4 
Accrued liabilities and other43.3 52.4 
Other long-term liabilities 80.8 80.7 
Total liabilities of the disposal group classified as held for sale(1)
$203.5 $218.8 
(1) The assets and liabilities of the disposal group classified as held for sale are classified as current on the March 31, 2024 Condensed Consolidated Balance Sheet as it is probable that the sale will occur and proceeds will be collected within one year.
A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows follows:
Three Months Ended March 31, 2024
(in millions)CITCFTOtherTotal
Net cash provided by (used in) operating activities$12.4 $(4.3)$(0.6)$7.5 
Net cash used in investing activities(8.3)— — (8.3)
Net cash (used in) provided by financing activities(1)
(15.3)4.3 0.6 (10.4)
Change in cash and cash equivalents from discontinued operations(11.2)— — (11.2)
Cash and cash equivalents from discontinued operations at beginning of period28.8 — — 28.8 
Cash and cash equivalents from discontinued operations at end of period$17.6 $— $— $17.6 
Three Months Ended March 31, 2023
(in millions)CITCFTOtherTotal
Net cash provided by operating activities$14.2 $10.3 $2.0 $26.5 
Net cash used in investing activities(6.6)(0.3)— (6.9)
Net cash used in financing activities(1)
(8.1)(7.0)(2.0)(17.1)
Change in cash and cash equivalents from discontinued operations(0.5)3.0 — 2.5 
Cash and cash equivalents from discontinued operations at beginning of period23.9 11.3 — 35.2 
Cash and cash equivalents from discontinued operations at end of period$23.4 $14.3 $— $37.7 
(1)Represents (repayments) or borrowings from the Carlisle cash pool to fund working capital and capital expenditures and return of capital upon sale.
v3.24.1.u1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Summary of 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
March 31,
(in millions, except per share amounts and percentages)20242023
Income from continuing operations$170.9 $83.6 
Less: dividends declared
41.5 39.0 
Undistributed earnings129.4 44.6 
Percent allocated to common stockholders (1)
99.8 %99.8 %
Undistributed earnings allocated to common stockholders129.1 44.5 
Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares
41.4 38.9 
Income from continuing operations attributable to common stockholders$170.5 $83.4 
Shares:
Basic weighted-average shares outstanding47.8 51.1 
Effect of dilutive securities:
Performance awards0.2 0.2 
Stock options0.4 0.4 
Diluted weighted-average shares outstanding
48.4 51.7 
Per share income from continuing operations attributable to common shares:
Basic$3.57 $1.63 
Diluted$3.52 $1.61 
(1)
Basic weighted-average shares outstanding
47.8 51.1 
Basic weighted-average shares outstanding and unvested restricted shares expected to vest
47.9 51.2 
Percent allocated to common stockholders99.8 %99.8 %
Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share
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
March 31,
(in millions)20242023
Income from discontinued operations attributable to common stockholders for basic and diluted earnings per share$21.4 $18.1 
Net income attributable to common stockholders for basic and diluted earnings per share191.9 101.5 
Anti-dilutive stock options excluded from earnings per share calculation(1)
0.1 0.7 
(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.
v3.24.1.u1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Summary of Remaining Performance Obligation A summary of estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of March 31, 2024, follows:
(in millions)
Remainder of 202420252026202720282029Thereafter
Extended service warranties$20.6 $26.6 $25.6 $24.5 $23.5 $22.5 $186.0 
Summary of Change in Contract Liabilities A summary of the change in contract liabilities for the three months ended March 31, follows:
(in millions)
20242023
Balance as of January 1$324.0 $294.8 
Revenue recognized(6.9)(6.5)
Revenue deferred12.2 12.3 
Balance as of March 31
$329.3 $300.6 
Summary of Reconciliation of Disaggregated Revenue
A summary of revenues disaggregated by major end-market industries and reconciliation of disaggregated revenues by segment follows:
Three Months Ended March 31, 2024
(in millions)CCMCWTTotal
General construction:
Non-residential$718.8 $134.8 $853.6 
Residential64.8 145.0 209.8 
Total construction783.6 279.8 1,063.4 
Heavy equipment— 28.2 28.2 
General industrial and other— 4.9 4.9 
Total revenues$783.6 $312.9 $1,096.5 
Three Months Ended March 31, 2023
(in millions)CCMCWTTotal
General construction:
Non-residential$523.4 $127.1 $650.5 
Residential52.6 160.5 213.1 
Total construction576.0 287.6 863.6 
Heavy equipment
— 26.1 26.1 
General industrial and other
— 2.9 2.9 
Total revenues
$576.0 $316.6 $892.6 
Revenues by Geographic Area
A summary of revenues based on the country to which the product was delivered and reconciliation of disaggregated revenues by segment follows:
Three Months Ended March 31, 2024
(in millions)CCMCWTTotal
United States$703.8 $278.7 $982.5 
International:
Europe56.0 5.3 61.3 
North America (excluding U.S.)17.9 24.8 42.7 
Asia and Middle East4.0 2.0 6.0 
Africa— 0.6 0.6 
Other1.9 1.5 3.4 
Total international79.8 34.2 114.0 
Total revenues$783.6 $312.9 $1,096.5 
Three Months Ended March 31, 2023
(in millions)CCMCWTTotal
United States$495.8 $282.3 $778.1 
International:
Europe55.2 5.2 60.4 
North America (excluding U.S.)17.9 24.3 42.2 
Asia and Middle East3.8 2.4 6.2 
Africa0.5 0.8 1.3 
Other2.8 1.6 4.4 
Total international80.2 34.3 114.5 
Total revenues$576.0 $316.6 $892.6 
v3.24.1.u1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Compensation Expense
Stock-based compensation cost by award type follows:
(in millions)Three Months Ended
March 31,
20242023
Stock option awards$3.8 $3.8 
Performance share awards2.4 2.2 
Restricted stock awards3.5 3.0 
Total stock-based compensation cost incurred9.7 9.0 
Capitalized cost during the period(0.9)(1.2)
Amortization of capitalized cost during the period1.0 1.3 
Total stock-based compensation expense
$9.8 $9.1 
v3.24.1.u1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2024
Inventory Disclosure [Abstract]  
Summary of Inventories
(in millions)March 31,
2024		December 31,
2023
Raw materials$128.4 $120.9 
Work-in-process28.4 26.2 
Finished goods251.6 222.5 
Reserves(8.6)(7.9)
Inventories$399.8 $361.7 
v3.24.1.u1
Accrued and Other Current Liabilities (Tables)
 3 Months Ended
Mar. 31, 2024
Payables and Accruals [Abstract]  
Summary of Accrued Liabilities
(in millions)March 31,
2024		December 31,
2023
Compensation and benefits$56.2 $77.2 
Customer incentives52.5 112.7 
Standard product warranties25.9 24.9 
Income and other accrued taxes20.4 19.9 
Other accrued liabilities63.7 58.2 
Accrued and other current liabilities$218.7 $292.9 
Summary of Change in Standard Product Warranty Liabilities The change in standard product warranty liabilities for the three months ended March 31, follows:
(in millions)
20242023
Balance as of January 1$24.9 $25.2 
Provision5.3 3.3 
Claims(4.2)(3.3)
Foreign exchange(0.1)0.1 
Balance at March 31,$25.9 $25.3 
v3.24.1.u1
Long-term Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Summary of Long-term Debt
(in millions)
Fair Value(1)
March 31,
2024		December 31,
2023		March 31,
2024		December 31,
2023
2.20% Notes due 2032
$550.0 $550.0 $441.0 $445.9 
2.75% Notes due 2030
750.0 750.0 660.6 666.2 
3.75% Notes due 2027
600.0 600.0 572.8 575.2 
3.50% Notes due 2024
400.0 400.0 394.1 392.5 
Unamortized discount, debt issuance costs and other(10.3)(10.6)
Total long term-debt2,289.7 2,289.4 
Less: current portion of debt402.8 402.7 
Long term-debt, less current portion$1,886.9 $1,886.7 
(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.
v3.24.1.u1
Employee Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Summary of Components of Net Periodic Benefit Cost The components of net periodic benefit cost follows:
Three Months Ended
March 31,
(in millions)
20242023
Service cost$0.6 $0.5 
Interest cost1.5 1.6 
Expected return on plan assets(1.9)(2.0)
Amortization of unrecognized loss(1)
0.6 0.3 
Net periodic benefit cost$0.8 $0.4 
(1)Includes amortization of unrecognized actuarial (gain) loss and prior service credits and excludes provision for income tax of $(0.1) million and $(0.1) million for the three months ended March 31, 2024 and 2023, respectively.
v3.24.1.u1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Designated and Non-designated Cash Flow Hedges
A summary of the Company's designated and non-designated hedges follows:
March 31, 2024December 31, 2023
(in millions)
Fair Value(1)
Notional Value
Fair Value(1)
Notional Value
Designated hedges$(0.2)$56.0 $(0.9)$26.6 
Non-designated hedges0.1 50.8 (0.6)56.4 
(1)The fair value of foreign currency forward contracts is included in other current assets (accrued and other current liabilities). 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.
v3.24.1.u1
Segment Information - Summary of Net Sales and Earnings Before Interest and Taxes ("EBIT") (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
segment
Mar. 31, 2023
USD ($)
Net Sales, EBIT, Assets continuing operations by reportable segment    
Number of reportable segments | segment 2  
Revenues $ 1,096.5 $ 892.6
Operating Income (Loss) 225.2 120.7
Operating segments    
Net Sales, EBIT, Assets continuing operations by reportable segment    
Revenues 1,096.5 892.6
Operating Income (Loss) 253.4 146.5
Corporate and unallocated    
Net Sales, EBIT, Assets continuing operations by reportable segment    
Revenues 0.0 0.0
Operating Income (Loss) (28.2) (25.8)
Carlisle Construction Materials | Operating segments    
Net Sales, EBIT, Assets continuing operations by reportable segment    
Revenues 783.6 576.0
Operating Income (Loss) 211.2 122.4
Carlisle Weatherproofing Technologies | Operating segments    
Net Sales, EBIT, Assets continuing operations by reportable segment    
Revenues 312.9 316.6
Operating Income (Loss) $ 42.2 $ 24.1
v3.24.1.u1
Acquisitions (Details) - USD ($)
$ in Millions
Mar. 18, 2024
Nov. 08, 2023
Mar. 31, 2024
Dec. 31, 2023
Acquisitions        
Goodwill     $ 1,199.3 $ 1,202.5
MTL Holdings        
Acquisitions        
Percentage of ownership interest acquired 100.00%      
Cash consideration $ 410.0      
Polar Industries, Inc.,        
Acquisitions        
Cash consideration   $ 36.1    
Goodwill   20.6    
Assets acquired and liabilities assumed, property, plant, and equipment   9.7    
Inventory   1.8    
Accounts receivable   1.8    
Accounts payable   0.2    
Accrued and other current liabilities   0.2    
Polar Industries, Inc., | Customer relationships        
Acquisitions        
Assets acquired and liabilities assumed, finite lived intangibles   $ 2.6    
Useful life of finite lived intangible assets   9 years    
v3.24.1.u1
Discontinued Operations (Details) - Discontinued Operations, Disposed of by Sale - USD ($)
$ in Millions
Oct. 02, 2023
Jan. 30, 2024
CIT    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash consideration   $ 2,025
CFT    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Proceeds from cash $ 520  
v3.24.1.u1
Discontinued Operations - Summary of Results from Discontinued Operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Income (loss) from discontinued operations before income taxes $ 21.9 $ 21.2
Provision for (benefit from) income taxes 0.5 3.1
Income (loss) from discontinued operations 21.4 18.1
Discontinued Operations, Disposed of by Sale    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Revenues 213.4 286.2
Cost of goods sold 153.8 210.8
Other operating expenses, net 22.5 55.1
Operating income 37.1 20.3
Other non-operating (income) expense, net 7.4 (0.9)
Income (loss) from discontinued operations before income taxes and loss on sale 29.7  
Loss on sale of discontinued operations 0.2  
Pre-close transaction expenses 7.6  
Income (loss) from discontinued operations before income taxes 21.9 21.2
Provision for (benefit from) income taxes 0.5 3.1
Income (loss) from discontinued operations 21.4 18.1
CIT | Discontinued Operations, Disposed of by Sale    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Revenues 213.4 213.5
Cost of goods sold 153.8 168.3
Other operating expenses, net 22.5 35.3
Operating income 37.1 9.9
Other non-operating (income) expense, net (0.2) (0.4)
Income (loss) from discontinued operations before income taxes and loss on sale 37.3  
Loss on sale of discontinued operations 0.0  
Pre-close transaction expenses 7.6  
Income (loss) from discontinued operations before income taxes 29.7 10.3
Provision for (benefit from) income taxes 3.4 2.1
Income (loss) from discontinued operations 26.3 8.2
CFT | Discontinued Operations, Disposed of by Sale    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Revenues 0.0 72.7
Cost of goods sold 0.0 42.5
Other operating expenses, net 0.0 19.8
Operating income 0.0 10.4
Other non-operating (income) expense, net 6.4 0.0
Income (loss) from discontinued operations before income taxes and loss on sale (6.4)  
Loss on sale of discontinued operations 0.2  
Pre-close transaction expenses 0.0  
Income (loss) from discontinued operations before income taxes (6.6) 10.4
Provision for (benefit from) income taxes (2.3) 2.5
Income (loss) from discontinued operations (4.3) 7.9
Other | Discontinued Operations, Disposed of by Sale    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Revenues 0.0 0.0
Cost of goods sold 0.0 0.0
Other operating expenses, net 0.0 0.0
Operating income 0.0 0.0
Other non-operating (income) expense, net 1.2 (0.5)
Income (loss) from discontinued operations before income taxes and loss on sale (1.2)  
Loss on sale of discontinued operations 0.0  
Pre-close transaction expenses 0.0  
Income (loss) from discontinued operations before income taxes (1.2) 0.5
Provision for (benefit from) income taxes (0.6) (1.5)
Income (loss) from discontinued operations $ (0.6) $ 2.0
v3.24.1.u1
Discontinued Operations - Summary of Balance Sheet (Details) - Discontinued Operations, Disposed of by Sale - CIT - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 17.6 $ 28.8
Receivables, net 145.1 145.5
Inventories 160.9 149.5
Contract assets 66.6 75.9
Prepaid other current assets 21.2 23.7
Property, plant, and equipment, net 193.2 183.4
Goodwill 838.3 838.0
Other intangible assets, net 259.4 259.3
Other long-term assets 21.3 21.5
Total assets of the disposal group classified as held for sale 1,723.6 1,725.6
LIABILITIES    
Accounts payable 78.7 84.3
Contract liabilities 0.7 1.4
Accrued liabilities and other 43.3 52.4
Other long-term liabilities 80.8 80.7
Total liabilities of the disposal group classified as held for sale $ 203.5 $ 218.8
v3.24.1.u1
Discontinued Operations - Summary of Cash Flows from Discontinued Operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Change in cash and cash equivalents from discontinued operations $ (11.2) $ 2.5
Discontinued Operations, Disposed of by Sale    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Net cash provided by (used in) operating activities 7.5 26.5
Net cash used in investing activities (8.3) (6.9)
Net cash used in financing activities (10.4) (17.1)
Change in cash and cash equivalents from discontinued operations (11.2) 2.5
Cash and cash equivalents from discontinued operations at beginning of period 28.8 35.2
Cash and cash equivalents from discontinued operations at end of period 17.6 37.7
CIT | Discontinued Operations, Disposed of by Sale    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Net cash provided by (used in) operating activities 12.4 14.2
Net cash used in investing activities (8.3) (6.6)
Net cash used in financing activities (15.3) (8.1)
Change in cash and cash equivalents from discontinued operations (11.2) (0.5)
Cash and cash equivalents from discontinued operations at beginning of period 28.8 23.9
Cash and cash equivalents from discontinued operations at end of period 17.6 23.4
CFT | Discontinued Operations, Disposed of by Sale    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Net cash provided by (used in) operating activities (4.3) 10.3
Net cash used in investing activities 0.0 (0.3)
Net cash used in financing activities 4.3 (7.0)
Change in cash and cash equivalents from discontinued operations 0.0 3.0
Cash and cash equivalents from discontinued operations at beginning of period 0.0 11.3
Cash and cash equivalents from discontinued operations at end of period 0.0 14.3
Other | Discontinued Operations, Disposed of by Sale    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Net cash provided by (used in) operating activities (0.6) 2.0
Net cash used in investing activities 0.0 0.0
Net cash used in financing activities 0.6 (2.0)
Change in cash and cash equivalents from discontinued operations 0.0 0.0
Cash and cash equivalents from discontinued operations at beginning of period 0.0 0.0
Cash and cash equivalents from discontinued operations at end of period $ 0.0 $ 0.0
v3.24.1.u1
Earnings Per Share - Summary of Basic and Diluted Earnings Per Share and Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Numerator:    
Income from continuing operations $ 170.9 $ 83.6
Less: dividends declared 41.5 39.0
Undistributed earnings $ 129.4 $ 44.6
Percent allocated to common stockholders 99.80% 99.80%
Undistributed earnings allocated to common stockholders $ 129.1 $ 44.5
Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares 41.4 38.9
Income from continuing operations attributable to common stockholders $ 170.5 $ 83.4
Shares:    
Basic weighted-average shares outstanding (in shares) 47.8 51.1
Effect of dilutive securities:    
Performance awards (in shares) 0.2 0.2
Stock options (in shares) 0.4 0.4
Diluted weighted-average shares outstanding (in shares) 48.4 51.7
Per share income from continuing operations attributable to common shares:    
Basic (in dollars per share) $ 3.57 $ 1.63
Diluted (in dollars per share) $ 3.52 $ 1.61
Basic weighted-average shares outstanding (in shares) 47.8 51.1
Basic weighted-average shares outstanding and unvested restricted shares expected to vest (in shares) 47.9 51.2
Percent allocated to common stockholders 99.80% 99.80%
Anti-dilutive stock options excluded from EPS calculation    
Income from discontinued operations attributable to common stockholders for basic earnings per share $ 21.4 $ 18.1
Income from discontinued operations attributable to common stockholder for diluted earnings per share 21.4 18.1
Net income attributable to common stockholders for basic earnings per share 191.9 101.5
Net income attributable to common stockholders for diluted earnings per share $ 191.9 $ 101.5
Anti-dilutive stock options excluded from earnings per share calculation (in shares) 0.1 0.7
v3.24.1.u1
Revenue Recognition - Summary of Remaining Performance Obligation (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Extended service warranties $ 20.6
Extended service warranties, period 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Extended service warranties $ 26.6
Extended service warranties, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Extended service warranties $ 25.6
Extended service warranties, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Extended service warranties $ 24.5
Extended service warranties, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Extended service warranties $ 23.5
Extended service warranties, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Extended service warranties $ 22.5
Extended service warranties, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Extended service warranties $ 186.0
Extended service warranties, period
v3.24.1.u1
Revenue Recognition - Summary of Change in Contract Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Change in Contract with Customer, Liability [Roll Forward]    
Beginning balance $ 324.0 $ 294.8
Revenue recognized (6.9) (6.5)
Revenue deferred 12.2 12.3
Ending balance $ 329.3 $ 300.6
v3.24.1.u1
Revenue Recognition - Summary of Reconciliation of Disaggregated Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue [Line Items]    
Revenues $ 1,096.5 $ 892.6
United States    
Disaggregation of Revenue [Line Items]    
Revenues 982.5 778.1
Total international    
Disaggregation of Revenue [Line Items]    
Revenues 114.0 114.5
Europe    
Disaggregation of Revenue [Line Items]    
Revenues 61.3 60.4
North America (excluding U.S.)    
Disaggregation of Revenue [Line Items]    
Revenues 42.7 42.2
Asia and Middle East    
Disaggregation of Revenue [Line Items]    
Revenues 6.0 6.2
Africa    
Disaggregation of Revenue [Line Items]    
Revenues 0.6 1.3
Other    
Disaggregation of Revenue [Line Items]    
Revenues 3.4 4.4
Construction    
Disaggregation of Revenue [Line Items]    
Revenues 1,063.4 863.6
Non-residential    
Disaggregation of Revenue [Line Items]    
Revenues 853.6 650.5
Residential    
Disaggregation of Revenue [Line Items]    
Revenues 209.8 213.1
Heavy equipment    
Disaggregation of Revenue [Line Items]    
Revenues 28.2 26.1
General industrial and other    
Disaggregation of Revenue [Line Items]    
Revenues 4.9 2.9
Carlisle Construction Materials    
Disaggregation of Revenue [Line Items]    
Revenues 783.6 576.0
Carlisle Construction Materials | United States    
Disaggregation of Revenue [Line Items]    
Revenues 703.8 495.8
Carlisle Construction Materials | Total international    
Disaggregation of Revenue [Line Items]    
Revenues 79.8 80.2
Carlisle Construction Materials | Europe    
Disaggregation of Revenue [Line Items]    
Revenues 56.0 55.2
Carlisle Construction Materials | North America (excluding U.S.)    
Disaggregation of Revenue [Line Items]    
Revenues 17.9 17.9
Carlisle Construction Materials | Asia and Middle East    
Disaggregation of Revenue [Line Items]    
Revenues 4.0 3.8
Carlisle Construction Materials | Africa    
Disaggregation of Revenue [Line Items]    
Revenues 0.0 0.5
Carlisle Construction Materials | Other    
Disaggregation of Revenue [Line Items]    
Revenues 1.9 2.8
Carlisle Construction Materials | Construction    
Disaggregation of Revenue [Line Items]    
Revenues 783.6 576.0
Carlisle Construction Materials | Non-residential    
Disaggregation of Revenue [Line Items]    
Revenues 718.8 523.4
Carlisle Construction Materials | Residential    
Disaggregation of Revenue [Line Items]    
Revenues 64.8 52.6
Carlisle Construction Materials | Heavy equipment    
Disaggregation of Revenue [Line Items]    
Revenues 0.0 0.0
Carlisle Construction Materials | General industrial and other    
Disaggregation of Revenue [Line Items]    
Revenues 0.0 0.0
Carlisle Weatherproofing Technologies    
Disaggregation of Revenue [Line Items]    
Revenues 312.9 316.6
Carlisle Weatherproofing Technologies | United States    
Disaggregation of Revenue [Line Items]    
Revenues 278.7 282.3
Carlisle Weatherproofing Technologies | Total international    
Disaggregation of Revenue [Line Items]    
Revenues 34.2 34.3
Carlisle Weatherproofing Technologies | Europe    
Disaggregation of Revenue [Line Items]    
Revenues 5.3 5.2
Carlisle Weatherproofing Technologies | North America (excluding U.S.)    
Disaggregation of Revenue [Line Items]    
Revenues 24.8 24.3
Carlisle Weatherproofing Technologies | Asia and Middle East    
Disaggregation of Revenue [Line Items]    
Revenues 2.0 2.4
Carlisle Weatherproofing Technologies | Africa    
Disaggregation of Revenue [Line Items]    
Revenues 0.6 0.8
Carlisle Weatherproofing Technologies | Other    
Disaggregation of Revenue [Line Items]    
Revenues 1.5 1.6
Carlisle Weatherproofing Technologies | Construction    
Disaggregation of Revenue [Line Items]    
Revenues 279.8 287.6
Carlisle Weatherproofing Technologies | Non-residential    
Disaggregation of Revenue [Line Items]    
Revenues 134.8 127.1
Carlisle Weatherproofing Technologies | Residential    
Disaggregation of Revenue [Line Items]    
Revenues 145.0 160.5
Carlisle Weatherproofing Technologies | Heavy equipment    
Disaggregation of Revenue [Line Items]    
Revenues 28.2 26.1
Carlisle Weatherproofing Technologies | General industrial and other    
Disaggregation of Revenue [Line Items]    
Revenues $ 4.9 $ 2.9
v3.24.1.u1
Stock-Based Compensation - Summary of Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation cost incurred $ 9.7 $ 9.0
Capitalized cost during the period (0.9) (1.2)
Amortization of capitalized cost during the period 1.0 1.3
Total stock-based compensation expense 9.8 9.1
Stock option awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation cost incurred 3.8 3.8
Performance share awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation cost incurred 2.4 2.2
Restricted stock awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation cost incurred $ 3.5 $ 3.0
v3.24.1.u1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
Effective income tax rate on continuing operations (as a percent) 20.40% 22.20%
Anticipated effective tax rate for beginning of year to date (as a percent) 23.70%  
Discrete income tax expense (benefit) $ (7.1)  
v3.24.1.u1
Inventories - Summary of Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 128.4 $ 120.9
Work-in-process 28.4 26.2
Finished goods 251.6 222.5
Reserves (8.6) (7.9)
Inventories $ 399.8 $ 361.7
v3.24.1.u1
Accrued and Other Current Liabilities - Summary of Accrued Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Accrued liabilities        
Compensation and benefits $ 56.2 $ 77.2    
Customer incentives 52.5 112.7    
Standard product warranties 25.9 24.9 $ 25.3 $ 25.2
Income and other accrued taxes 20.4 19.9    
Other accrued liabilities 63.7 58.2    
Accrued and other current liabilities $ 218.7 $ 292.9    
v3.24.1.u1
Accrued and Other Current Liabilities - Summary of Change in Standard Product Warranty Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Change in aggregate product warranty liabilities    
Beginning reserve $ 24.9 $ 25.2
Provision 5.3 3.3
Claims (4.2) (3.3)
Foreign exchange (0.1) 0.1
Ending reserve $ 25.9 $ 25.3
v3.24.1.u1
Long-term Debt -Summary of Long Term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Borrowings    
Unamortized discount, debt issuance costs and other $ (10.3) $ (10.6)
Total long term-debt 2,289.7 2,289.4
Less: current portion of debt 402.8 402.7
Long term-debt, less current portion 1,886.9 1,886.7
2.20% Notes due 2032    
Borrowings    
Long-term debt, carrying amount $ 550.0 550.0
Interest rate (as a percent) 2.20%  
2.20% Notes due 2032 | Significant Observable Inputs (Level 2)    
Borrowings    
Fair value of notes $ 441.0 445.9
2.75% Notes due 2030    
Borrowings    
Long-term debt, carrying amount $ 750.0 750.0
Interest rate (as a percent) 2.75%  
2.75% Notes due 2030 | Significant Observable Inputs (Level 2)    
Borrowings    
Fair value of notes $ 660.6 666.2
3.75% Notes due 2027    
Borrowings    
Long-term debt, carrying amount $ 600.0 600.0
Interest rate (as a percent) 3.75%  
3.75% Notes due 2027 | Significant Observable Inputs (Level 2)    
Borrowings    
Fair value of notes $ 572.8 575.2
3.50% Notes due 2024    
Borrowings    
Long-term debt, carrying amount $ 400.0 400.0
Interest rate (as a percent) 3.50%  
3.50% Notes due 2024 | Significant Observable Inputs (Level 2)    
Borrowings    
Fair value of notes $ 394.1 $ 392.5
v3.24.1.u1
Long-term Debt (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Borrowings    
Letters of credit outstanding $ 17,600,000 $ 17,600,000
Revolving credit facility    
Borrowings    
Proceeds from unsecured lines of credit 1,000,000,000  
Borrowings from revolving credit facility 0  
Repayments of revolving credit facility 0  
Revolving credit facility 0 0
Availability under revolving line of credit 1,000,000,000 $ 1,000,000,000
Letter of credit | Revolving credit facility    
Borrowings    
Availability under revolving line of credit 92,400,000  
Maximum borrowing capacity $ 110,000,000  
v3.24.1.u1
Employee Benefit Plans - Summary of Components of Net Periodic Benefit Cost (Details) - Defined Benefit Plans - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Components of net periodic benefit cost    
Service cost $ 0.6 $ 0.5
Interest cost 1.5 1.6
Expected return on plan assets (1.9) (2.0)
Amortization of unrecognized loss 0.6 0.3
Net periodic benefit cost 0.8 0.4
Amortization of unrecognized actuarial gain, provision for income tax $ (0.1) $ (0.1)
v3.24.1.u1
Financial Instruments - Summary of Designated and Non-designated Cash Flow Hedges (Details) - Foreign Exchange Forward - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Designated hedges    
Derivative Financial Instruments    
Fair value $ (0.2) $ (0.9)
Notional Value 56.0 26.6
Non-designated hedges    
Derivative Financial Instruments    
Fair value 0.1 (0.6)
Notional Value $ 50.8 $ 56.4
v3.24.1.u1
Financial Instruments - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Investment grade bonds $ 19.9 $ 19.8
Cash    
Derivative [Line Items]    
Deferred compensation, Rabbi Trust 4.7 4.4
Short-term Investments    
Derivative [Line Items]    
Deferred compensation, Rabbi Trust $ 13.2 $ 11.5
Maximum | Foreign Exchange Forward | Non-designated hedges    
Derivative [Line Items]    
Maturity term (less than) 1 year  
Maximum | Foreign Exchange Forward | Cash Flow Hedging | Designated hedges    
Derivative [Line Items]    
Maturity term (less than) 1 year  
v3.24.1.u1
Subsequent Events (Details) - Revolving credit facility - Fourth Amended and Restated Credit Agreement - USD ($)
Apr. 03, 2024
Jun. 30, 2024
Forecast    
Subsequent Event [Line Items]    
Incurred financing costs   $ 1,900,000
Subsequent Event    
Subsequent Event [Line Items]    
Maximum borrowing capacity $ 1,000,000,000  
Subsequent Event | Minimum    
Subsequent Event [Line Items]    
Commitment fee percentage 0.05%  
Subsequent Event | Minimum | Base Rate    
Subsequent Event [Line Items]    
Basis spread on interest rate (percent) 0.00%  
Subsequent Event | Minimum | Benchmark Rate    
Subsequent Event [Line Items]    
Basis spread on interest rate (percent) 0.825%  
Subsequent Event | Maximum    
Subsequent Event [Line Items]    
Commitment fee percentage 0.25%  
Subsequent Event | Maximum | Base Rate    
Subsequent Event [Line Items]    
Basis spread on interest rate (percent) 0.50%  
Subsequent Event | Maximum | Benchmark Rate    
Subsequent Event [Line Items]    
Basis spread on interest rate (percent) 1.50%