Audit Information |
12 Months Ended |
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Dec. 31, 2023 | |
| Audit Information [Abstract] | |
| Auditor Name | DELOITTE & TOUCHE LLP |
| Auditor Location | Tempe, Arizona |
| Auditor Firm ID | 34 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Statement of Financial Position [Abstract] | ||
| Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
| Preferred stock, authorized shares (in shares) | 5,000,000.0 | 5,000,000.0 |
| Preferred stock, unissued shares (in shares) | 5,000,000.0 | 5,000,000.0 |
| Common stock, par value (in dollars per share) | $ 1 | $ 1 |
| Common stock, authorized (in shares) | 200,000,000.0 | 200,000,000.0 |
| Common stock, outstanding (in shares) | 47,700,000 | 50,900,000 |
| Treasury (in shares) | 30,900,000 | 27,500,000 |
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
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Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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| Statement of Stockholders' Equity [Abstract] | |||
| Cash dividends (in dollars per share) | $ 3.20 | $ 2.58 | $ 2.13 |
Summary of Accounting Policies |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Accounting Policies | Summary of Accounting Policies Nature of Business Carlisle Companies Incorporated, its wholly owned subsidiaries and their subsidiaries, referred to herein as the “Company” or “Carlisle,” is a manufacturer and supplier of innovative building envelope products and solutions for more energy-efficient buildings. Through its building products businesses, Carlisle Construction Materials ("CCM") and Carlisle Weatherproofing Technologies ("CWT"), and family of leading brands, delivers innovative, labor-reducing and environmentally responsible products and solutions to customers through the Carlisle Experience. Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany transactions and accounts have been eliminated. The Company has reclassified certain prior periods' amounts to conform with the current period presentation on the Consolidated Statements of Cash Flows to reclassify loss (gain) on sale of discontinued operations from other operating activities, net to a separately disclosed line item. The Company reclassified certain prior periods' amounts to conform with the current presentation of geographic area information for long-lived assets in Note 2—Segment Information to aggregate the United Kingdom long-lived assets into Europe, and aggregate the Asia long-lived assets into other. The Company reclassified certain prior periods' amounts to conform with the current presentation of the revenues by end market in Note 6—Revenue Recognition to reflect the nature of revenues in information regularly reviewed by the Company. The Company reclassified certain prior periods' amounts to conform with the current presentation of the deferred tax assets (liabilities), net information in Note 8—Income Taxes to aggregate the inventory reserves and allowance for credit losses into other, net. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Foreign Currency Matters The functional currency of the Company’s subsidiaries outside the United States of America ("United States" or "U.S.") is the currency of the primary economic environment in which the subsidiary operates. Assets and liabilities of these operations are translated to the U.S. Dollar at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the year. Translation adjustments arising from the use of differing exchange rates from period to period are included as a component of stockholders’ equity in accumulated other comprehensive income (loss). Gains and losses from foreign currency transactions and from the remeasurement of monetary assets and liabilities and associated income statement activity of foreign subsidiaries where the functional currency is the U.S. Dollar and the records are maintained in the local currency are included in other non-operating (income) expense, net. Discontinued Operations The results of operations for the Company's Carlisle Brake & Friction ("CBF"), Carlisle Fluid Technologies ("CFT") and Carlisle Interconnect Technologies ("CIT") businesses have been reclassified as discontinued operations for all periods presented in the Consolidated Statements of Income. Assets and liabilities subject to the sale of CFT and the pending sale of CIT have been reclassified as held for sale for all periods presented in the Consolidated Balance Sheets. Refer to Note 4 for additional information. Revenue Recognition Revenue is recognized when obligations under the terms of a contract with a customer are satisfied; generally, this occurs with the transfer of control of the Company’s products or services. Revenue is measured as the amount of total consideration expected to be received in exchange for transferring goods or providing services. Total expected consideration, in certain cases, is estimated at each reporting period, including interim periods, and is subject to change with variability dependent on future events, such as customer behavior related to future purchase volumes, returns, early payment discounts and other customer allowances. Estimates for rights of return, discounts and rebates to customers and other adjustments for variable consideration are provided for at the time of sale as a deduction to revenue, based on an analysis of historical experience and actual sales data. Changes in these estimates are reflected as an adjustment to revenue in the period identified. Sales, value added and other taxes collected concurrently with revenue-producing activities are excluded from revenue. 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. The term of these warranties ranges from to 40 years. The weighted-average life of the contracts as of December 31, 2023, is approximately 20 years. Refer to Note 6 for further information on revenue recognition. Costs to Obtain a Contract Costs of obtaining or fulfilling a contract are recognized as expense as incurred, as the amortization period of these costs would be one year or less. These costs generally include sales commissions and are included in selling, general and administrative expenses. Shipping and Handling Costs Costs incurred to physically transfer product to customer locations are recorded as a component of cost of goods sold. Charges passed on to customers are recorded into revenues. Other Non-operating (Income) Expense, net Other non-operating (income) expense, net primarily includes foreign currency exchange (gains) losses, indemnification (gains) losses associated with acquired businesses, (gains) losses from Rabbi Trust investments and (gains) losses on sales of a business. Stock-Based Compensation The Company accounts for stock-based compensation under the fair-value method. Accordingly, equity-classified stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as compensation cost over the requisite service period. The requisite service period generally matches the stated vesting period of the award but may be shorter if, under the award’s terms, the award fully vests upon the employee's retirement or termination from the Company. The Company recognizes compensation cost for awards that have graded vesting features under the graded vesting method, which considers each separately vesting tranche as though they were, in substance, multiple awards. Additionally, the Company accounts for liability-classified stock-based compensation cost under the fair value method, with the fair value of the award remeasured as of the date of the financial position. The Company recognizes compensation cost over the requisite service period based on the remeasured fair value of the award. The requisite service period generally matches the stated vesting period of the award but may be shorter if, under the award’s terms, the award fully vests upon the employee's retirement or termination from the Company. The Company also accounts for forfeitures of stock-based awards as they occur. Refer to Note 7 for additional information regarding stock-based compensation. Income Taxes Income taxes are recorded in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes, which includes an estimate of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. Deferred tax assets and liabilities reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Cash Equivalents Highly liquid investments with a maturity of three months or less when acquired are considered cash equivalents. Receivables and Allowance for Credit Losses Receivables are stated at amortized cost net of allowance for credit losses. The Company performs ongoing evaluations of its customers’ current creditworthiness, as determined by the review of their credit information to determine if events have occurred subsequent to the recognition of revenue and the related receivable that provides evidence that such receivable will be realized in an amount less than that recognized at the time of sale. Estimates of credit losses are based on historical losses, current economic conditions, geographic considerations, and in some cases, evaluating specific customer accounts for risk of loss. Changes in the Company's allowance for credit losses by segment follows:
Inventories Inventories are valued at lower of cost and net realizable value with cost determined primarily on an average cost basis. Cost of inventories includes direct as well as certain indirect costs associated with the acquisition and production process. These costs include raw materials, direct and indirect labor, and manufacturing overhead. Manufacturing overhead includes materials, depreciation and amortization related to property, plant and equipment, and other intangible assets used directly and indirectly in the acquisition and production of inventory, and costs related to the Company’s distribution network such as inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other such costs associated with preparing the Company’s products for sale. Refer to Note 9 for further information regarding inventories. Property, Plant and Equipment Property, plant and equipment are stated at cost including interest costs associated with qualifying capital additions. Costs allocated to property, plant and equipment of acquired companies are based on estimated fair value at the date of acquisition. Depreciation is principally computed on a straight-line basis over the estimated useful lives of the assets. Asset lives are generally 20 to 40 years for buildings, to 15 years for machinery and equipment and to 20 years for leasehold improvements. Leasehold improvements are amortized based on the shorter of the underlying lease term or the asset’s estimated useful life. Refer to Note 10 for further information regarding property, plant and equipment. Valuation of Long-Lived Assets Long-lived assets or asset groups, including amortizable intangible assets, are tested for impairment whenever events or circumstances indicate that the carrying amount of the asset or asset group may not be recoverable. The Company groups its long-lived assets classified as held and used at the lowest level for which identifiable cash flows are largely independent of the cash flows from other assets and liabilities for purposes of testing for impairment. The Company’s asset groupings vary based on the related business in which the long-lived assets are employed and the interrelationship between those long-lived assets in producing net cash flows; for example, multiple manufacturing facilities may work in concert with one another or may work on a stand-alone basis to produce net cash flows. The Company utilizes its long-lived assets in multiple industries and economic environments and its asset groupings reflect these various factors. The Company monitors the operating and cash flow results of its long-lived assets or asset groups classified as held and used to identify whether events and circumstances indicate the remaining useful lives of those assets should be adjusted or if the carrying value of those assets or asset groups may not be recoverable. Undiscounted estimated future cash flows are compared with the carrying value of the long-lived asset or asset group in the event indicators of impairment are identified. If the undiscounted estimated future cash flows are less than the carrying amount, the Company determines the fair value of the asset or asset group and records an impairment charge in current earnings to the extent carrying value exceeds fair value. Fair values may be determined based on estimated discounted cash flows by prices for like or similar assets in similar markets or a combination of both. Long-lived assets or asset groups that are part of a disposal group that meets the criteria to be classified as held for sale are not assessed for impairment, but rather a loss is recorded against the disposal group if fair value, less cost to sell, of the disposal group is less than its carrying value. Goodwill and Other Intangible Assets Intangible assets are recognized and recorded at their acquisition date fair values. Intangible assets that are subject to amortization are amortized on a straight-line basis over their useful lives. Definite-lived intangible assets consist primarily of acquired customer relationships, patents and technology, certain trade names and non-compete agreements. The Company determines the useful life of its definite-lived intangible assets based on multiple factors including the size and make-up of the acquired customer base, the expected dissipation of those customers over time, the Company’s own experience in the particular industry, the impact of known trends such as technological obsolescence, product demand or other factors and the period over which expected cash flows are used to measure the fair value of the intangible asset at acquisition. The Company periodically re-assesses the useful lives of its definite-lived intangible assets when events or circumstances indicate that useful lives have significantly changed from the previous estimate. Intangible assets with indefinite useful lives are not amortized but are tested annually, or more often if impairment indicators are present, for impairment via a one-step process by comparing the fair value of the intangible asset with its carrying value. If the intangible asset’s carrying value exceeds its fair value, an impairment charge is recorded in current earnings for the excess. The Company estimates the fair value of its indefinite-lived intangible assets based on the income approach utilizing the discounted cash flow method. The Company's annual testing date for indefinite-lived intangible assets is November 1. The Company periodically re-assesses indefinite-lived intangible assets as to whether their useful lives can be determined and, if so, begins amortizing any applicable intangible asset. Goodwill is not amortized but is tested annually, or more often if impairment indicators are present, for impairment at a reporting unit level. The Company's annual testing date for goodwill is November 1. The Company determined it had four reporting units within its two reportable segments. As noted earlier, the CFT and CIT businesses and their corresponding reporting units have been reclassified as held for sale for all periods presented. Refer to Note 11 for additional information regarding goodwill and other intangible assets. Extended Product Warranty Reserves The Company offers extended warranty contracts on sales of certain products; the most significant being those offered on its installed roofing and weatherproofing systems. Current costs of services performed under these contracts are expensed as incurred and included in cost of goods sold. The Company would record a reserve within accrued expenses if the total expected costs of providing services at a product line level exceed unamortized deferred revenues. Total expected costs of providing extended product warranty services are actuarially determined using standard quantitative measures based on historical claims experience and management judgment. Refer to Note 6 and Note 12 for additional information regarding deferred revenue and extended product warranties. Pension The Company maintains defined benefit pension plans primarily for certain domestic employees. The annual net periodic benefit cost and projected benefit obligations related to these plans are determined on an actuarial basis annually on December 31, unless a remeasurement event occurs in an interim period. This determination requires assumptions to be made concerning general economic conditions (particularly interest rates), expected return on plan assets, increases to compensation levels and mortality rate trends. Changes in the assumptions to reflect actual experience can result in a change in the net periodic benefit cost and projected benefit obligations. The defined benefit pension plans’ assets are measured at fair value annually on December 31, unless a remeasurement event occurs in an interim period. The Company uses the market related valuation method to determine the value of plan assets for purposes of determining the expected return on plan assets component of net periodic benefit cost. The market related valuation method recognizes the change of the fair value of the plan assets over five years. If actual experience differs from these long-term assumptions, the difference is recorded as an actuarial gain (loss) and amortized into earnings over a period of time based on the average future service period, which may cause the expense related to providing these benefits to increase or decrease. Refer to Note 14 for additional information regarding these plans and the associated plan assets. Leases The Company determines if an arrangement is a lease at inception by evaluating if the asset is explicitly or implicitly identified or distinct, if the Company will receive substantially all of the economic benefit or if the lessor has an economic benefit and the ability to substitute the asset. Operating leases are included in other long-term assets, accrued and other current liabilities, and other long-term liabilities. Right-of-use assets ("ROU assets") represent the Company's right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of fixed and known lease payments over the lease term. Variable payments are not included in the ROU asset or lease liability and can vary from period to period based on the use of an asset during the period or the Company's proportionate share of common costs. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and lease expense for these leases is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease components and non-lease components. The Company has elected to apply the practical expedient to account for these components as a single lease component, for all classes of underlying assets. Refer to Note 16 for additional information regarding leases. Contingencies and Insurance Recoveries The Company is exposed to losses related to various potential claims related to its employee obligations and other matters in the normal course of business, including commercial, employee, environmental or other regulatory litigation. The Company records a liability related to such potential claims, both those reported to the Company and incurred but not yet reported, when probable and reasonably estimable. The Company's policy is to expense legal defense costs related to such matters as incurred. The Company maintains occurrence-based insurance contracts related to certain contingent losses primarily workers’ compensation, medical and dental, general liability, property, and product liability claims up to applicable retention limits as part of its risk management strategy. The Company records a recovery under these insurance contracts when such recovery is deemed probable. Insurance proceeds in excess of realized losses are gain contingencies and not recorded until realized. Refer to Note 16 for additional information regarding contingencies and insurance recoveries. Derivative Instruments and Hedge Accounting From time to time, the Company may enter into derivative financial instruments to hedge various risks to cash flows or the fair value of recognized assets and liabilities, including those arising from fluctuations in foreign currencies, interest rates and commodities. The Company recognizes these instruments at the time they are entered into and measures them at fair value. For instruments that are designated and qualify as cash flow hedges under GAAP, the changes in fair value period-to-period, less any excluded components, are classified in accumulated other comprehensive income, until the underlying transaction being hedged impacts earnings. The excluded components are recorded in current period income (loss). For those instruments that are designated and qualify as fair value hedges under GAAP, the changes in fair value period-to-period of both the derivative instrument and underlying hedged item are recognized currently in earnings. For those instruments not designated or do not qualify as hedges under GAAP, the changes in fair value period-to-period are classified immediately in current period income, within other non-operating (income) expense, net. Refer to Note 17 for a description of the Company's current derivative instrument and hedging activities. New Accounting Standards Issued But Not Yet Adopted In November 2023, the 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 beginning January 1, 2024 and requires the use of a retrospective approach to all prior periods presented. The Company plans to adopt the standard on January 1, 2024 and is evaluating the impact on the Consolidated Financial Statements, but does not anticipate that it will have a material impact. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which improves 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. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for the Company 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 impact on the Consolidated Financial Statements.
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| 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, 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. Summary financial information by reportable segment follows:
(1)Corporate operating loss includes other unallocated costs, primarily general corporate expenses. The Company does not report total assets by segment as this is not a metric used to allocate resources or evaluate segment performance. Geographic Area Information Long-lived assets, excluding deferred tax assets and intangible assets, by region follows:
A summary of revenues based on the country to which the product was delivered and reconciliation of disaggregated revenue by segment follows:
Customer Information Revenues from Beacon Roofing Supply, Inc. accounted for approximately 16.4%, 13.2% and 15.3% of the Company’s consolidated revenues during the years ended December 31, 2023, 2022 and 2021, respectively. Additionally, revenues from ABC Supply Co. accounted for approximately 15.3%, 13.2% and 15.6% of the Company's consolidated revenues during the years ended December 31, 2023, 2022 and 2021, respectively. Sales to both of these customers originate in the CCM and CWT segments. No other customers accounted for 10.0% or more of the Company’s total revenues for the years ended December 31, 2023, 2022 and 2021.
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Acquisitions |
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| Business Combination and Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions | Acquisitions 2023 Acquisition Polar Industries On November 8, 2023, the Company acquired select assets of Polar Industries, Inc., Fox Transport, Inc. and LRH, LLC (collectively “Polar”), for consideration of $36.1 million, subject to post-closing adjustments, which are expected to be finalized in the first quarter of 2024. Polar is a manufacturer of expanded polystyrene and graphite polystyrene for residential and commercial application. For the period from November 8, 2023 to December 31, 2023, the related product lines contributed revenues of $2.4 million and operating income of $0.1 million. The results of operations of Polar are reported within the CWT segment. Consideration of $20.6 million has been preliminarily allocated to goodwill, all of which is deductible for tax purposes. All of the goodwill was assigned to the CWT reporting unit. Consideration of $2.6 million has been allocated 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. 2022 Acquisition MBTechnology On February 1, 2022, the Company acquired 100% of the equity of MBTechnology (“MBTech”), for consideration of $26.3 million, including $1.6 million of cash acquired and post-closing adjustments, which were finalized in the second quarter of 2022. MBTech is a manufacturer of energy-efficient roofing and underlayment systems for residential and commercial applications. For the period from February 1, 2022 to December 31, 2022, the related product lines contributed revenues of $12.0 million, and operating income of $0.2 million. The results of operations of MBTech are reported within the CWT segment. Consideration of $12.5 million has been allocated to goodwill, none of which is deductible for tax purposes. All of the goodwill was preliminarily assigned to the CCM reporting unit, which was divided into four reporting units in 2022 with goodwill allocated to the new reporting units based on their relative fair values. Consideration of $7.9 million has been allocated to customer relationships, with a useful life of nine years, $3.4 million to property, plant and equipment, $2.8 million to inventory, $0.8 million to accounts receivable and $0.5 million to accounts payable. 2021 Acquisitions ASP Henry Holdings, Inc On September 1, 2021, the Company acquired ASP Henry Holdings, Inc. (“Henry”), a leading provider of building envelope systems, for consideration of $1,605.6 million, including $34.3 million of cash acquired and post-closing adjustments, which were finalized in the fourth quarter of 2021. The Company funded the acquisition with borrowings from its Fourth Amended and Restated Credit Agreement and cash on hand. The Company subsequently repaid the borrowings with proceeds from its public offering of $300.0 million in aggregate principal amount of its 0.55% senior notes due in September 2023 and $550.0 million in aggregate principal amount of its 2.20% senior notes due in March 2032 (refer to Note 13). Henry contributed revenues of $177.3 million and operating income of $6.3 million for the period from September 1, 2021, to December 31, 2021. Operating income for the period from September 1, 2021, to December 31, 2021, includes $2.2 million of incremental cost of goods sold related to measuring inventory at fair value, and $16.3 million and $1.4 million of amortization expense of customer relationships and acquired technology, respectively. The Henry amounts included in the pro forma financial information below are based on Henry’s historical results and therefore may not be indicative of the actual results if Henry had been owned by the Company on January 1, 2020. The pro forma adjustments represent management’s best estimates based on information available at the time the pro forma information was prepared and may differ from the adjustments that may have been required had the Company owned Henry on January 1, 2020. Accordingly, pro forma information should not be relied upon as being indicative of the historical results that would have been realized had the acquisition occurred as of January 1, 2020 or the results that may be achieved in the future. The unaudited combined pro forma financial information presented below includes revenues and income from continuing operations, net of tax, of the Company as if the business combination had occurred on January 1, 2020, based on the purchases price allocation presented below:
The pro forma financial information reflects adjustments to Henry's historical financial information to apply the Company's accounting policies and to reflect the additional depreciation and amortization related to the fair value adjustments of the acquired net assets of $36.7 million for the year ended December 31, 2021, together with the associated tax effect. The pro forma financial information also reflects cost of goods sold related to the fair valuation of inventory described above, and $22.2 million of acquisition-related costs primarily related to professional fees, as if they occurred in 2020. The following table summarizes the consideration transferred to acquire Henry and the allocation of the purchase price among the assets acquired and liabilities assumed. The acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations, which requires that consideration be allocated to the acquired assets and assumed liabilities based upon their acquisition date fair values with the remainder allocated to goodwill.
The goodwill recognized in the acquisition of Henry is attributable to its significant supply chain efficiencies, other administrative opportunities and the strategic value of the business to Carlisle, in addition to opportunities for product line expansions. The Company acquired $81.9 million of gross contractual accounts receivable, of which $2.9 million was not expected to be collected at the date of acquisition. Goodwill of $50.9 million is tax deductible in the United States. All of the goodwill was preliminarily assigned to the CCM reporting unit, which was divided into four reporting units in 2022 with goodwill allocated to the new reporting units based on their relative fair values. The fair value and weighted average useful lives of the acquired intangible assets are as follows:
The Company has also recorded, as part of the purchase price allocation, deferred tax liabilities primarily related to intangible assets of approximately $263.1 million.
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Discontinued Operations |
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations | Discontinued Operations On October 2, 2023, the Company completed the sale of CFT for proceeds of $520 million, subject to certain adjustments which are expected to be finalized in the first quarter of 2024. On September 7, 2023, the Company announced that it commenced a process to sell CIT. 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. On August 2, 2021, the Company completed the sale of the equity interests and assets comprising its former Carlisle Brake & Friction ("CBF") segment for gross cash proceeds of (i) $250 million at closing, subject to certain adjustments, and (ii) the right to receive up to an additional $125 million based on CBF's achievement of certain performance targets. On February 23, 2022, the Company received $125 million in cash for the full amount of the contingent consideration. A summary of the results from discontinued operations included in the Consolidated Statements of Income and Comprehensive Income follows:
(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.
A summary of the carrying amounts of major assets and liabilities classified as held for sale in the Consolidated Balance Sheets follows:
(1)The assets and liabilities of the disposal group classified as held for sale are classified as current on the December 31, 2023 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 Consolidated Statements of Cash Flows follows:
(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 |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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:
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.
(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 |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition | Revenue Recognition Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer in exchange for payment and is the unit of account. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The majority of the Company’s contracts have a single performance obligation to transfer individual goods or services. For contracts with multiple performance obligations, the contract's transaction price is allocated to each performance obligation using the Company’s best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is observable prices. The Company’s performance obligations are satisfied, and control is transferred, either at a point in time or over time as work progresses. For the majority of the Company’s products, control is transferred, and revenue is recognized when the product is shipped from the manufacturing facility or delivered to the customer, depending on shipping terms. Revenue is recognized over time primarily for separately priced extended service warranties in the CCM and CWT segments. Revenues for separately priced extended service warranties are recognized over the life of the contract. A summary of the timing of revenue recognition and reconciliation of disaggregated revenue by reportable segment follows:
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 December 31, 2023 follows:
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 follows:
Revenues by End-Market A summary of revenues disaggregated by major end-market industries and reconciliation of disaggregated revenue by segment follows:
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Stock-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | Stock-Based Compensation Incentive Compensation Program The Company maintains an Incentive Compensation Program, as amended and restated effective January 1, 2022 (the “Program”), under which the Company may award stock options and other equity-based incentives to the Company’s directors, officers, employees or consultants. The Program was originally approved by the Company’s stockholders in 1988. The Company’s stockholders subsequently approved increases in the number of shares available for issuance under the Program in 2009, 2012, 2015 and 2022. As of December 31, 2023, 1.4 million shares remained available for issuance under the Program, and 0.6 million of those shares were available for grant as restricted shares, performance shares or other “full value” awards. During the year ended December 31, 2023, the Company awarded 179 thousand stock options, 50 thousand restricted stock awards and 35 thousand performance share awards as part of the Program with an aggregate grant-date fair value of approximately $38.7 million to be recognized over the requisite service period for each award. Stock-based compensation cost by award type follows:
In 2022, Carlisle's Board of Directors (the "Board") authorized a broad-based grant of stock options to U.S. employees. This grant contributed $6.7 million and $2.9 million to stock-based compensation costs for the years ended December 31, 2023 and 2022, respectively. $0.5 million and $0.7 million of compensation costs were capitalized to inventory as of December 31, 2023 and 2022, respectively. Inventory is recognized in costs of goods sold when that related inventory is sold. In 2018, the Board authorized a broad-based grant of stock options to U.S. employees and stock appreciation rights to employees outside of the U.S. This grant contributed $4.6 million to stock-based compensation costs for the year ended December 31, 2021. Stock Option Awards Stock options awarded under the Program generally vest on a straight-line basis over a three-year period on the anniversary date of the grant. All stock options have a maximum contractual term of 10 years. Shares issued to cover stock options issued under the Program may be issued from shares held in treasury, from new issuances of shares or a combination of the two. Unrecognized compensation cost from continuing operations related to stock options of $17.5 million as of December 31, 2023, is to be recognized over a weighted-average period of 1.7 years. The Company utilizes the Black-Scholes-Merton (“BSM”) option pricing model to determine the fair value of its stock options. The BSM relies on certain assumptions to estimate an option’s fair value. The weighted average assumptions used in the determination of fair value for stock options follows:
The expected term of a stock option is based on the assumption that all outstanding stock options will be exercised at the midpoint of the valuation date (if vested) or the vesting dates (if unvested) and the stock options’ expiration date. The expected volatility is based on historical volatility, as well as implied volatility of the Company’s call options. The risk-free interest rate is based on rates of U.S. Treasury issues with a remaining life equal to the expected term of the stock option. The expected dividend yield is based on the latest quarterly dividend payment per share, annualized, divided by the average three-month stock price as of the date of grant. A summary of stock options outstanding and activity follows:
Additional information related to stock option activity during the years ended December 31 follows:
Restricted Stock Awards Restricted stock awarded under the Program is generally released to the recipient after a period of approximately three years. Unrecognized compensation cost from continuing operations related to restricted stock of $8.6 million as of December 31, 2023, is to be recognized over a weighted-average period of 1.7 years. A summary of restricted stock outstanding and activity follows:
Additional information related to restricted stock award activity during the years ended December 31 follows:
Performance Share Awards Performance shares are granted for a three-year performance period, after which the actual number of performance shares earned by an employee is determined by the Company's attainment of a management objective which is based on the Company’s relative total stockholder return versus the S&P Midcap 400 Index® over a three-year time period. Unrecognized compensation cost from continuing operations related to performance share awards of $10.2 million as of December 31, 2023, is to be recognized over a weighted-average period of 1.8 years. For purposes of determining diluted earnings per share, the performance share awards are considered contingently issuable shares and are included in diluted earnings per share based upon the number of shares that would have been awarded had the conditions at the end of the reporting period continued until the end of the performance period. Refer to Note 5 for further information regarding earnings per share computations. The Company utilizes the Monte-Carlo simulation approach based on a three-year measurement period to determine the fair value of performance shares. Such approach entails the use of assumptions regarding the future performance of the Company’s stock and those of the S&P Midcap 400 Index®. Those assumptions include expected volatility, risk-free interest rates, correlation coefficients and dividend reinvestment. Dividends accrue on the performance shares during the performance period and are to be paid in cash based upon the number of awards ultimately earned. A summary of performance shares outstanding and activity follows:
Additional information related to performance share activity during the years ended December 31 follows:
Stock Appreciation Rights Stock appreciation rights issued under the 2018 one-time grant discussed above, vested and were settled in cash on May 2, 2021, for $22.2 million. Deferred Compensation - Equity Certain employees are eligible to participate in the Company’s Non-qualified Deferred Compensation Plan (the “Deferred Compensation Plan”). Participants have elected to defer an aggregate of 63 thousand and 72 thousand shares of Company common stock as of December 31, 2023 and 2022, respectively. Company stock held for future issuance of vested awards is classified as additional paid in capital in the Consolidated Balance Sheets and is recorded at vest date fair value. Such deferred shares are included in basic earnings per share.
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes Sources of Pre-Tax Income and Related Tax Provision by Region Geographic sources of income before income taxes consists of the following:
The provision for income taxes from continuing operations consists of the following:
Rate Reconciliation A reconciliation of the tax provision from continuing operations computed at the U.S. federal statutory rate to the actual tax provision follows:
Cash payments for income taxes, net of refunds, were $247.7 million, $295.8 million and $132.8 million, in 2023, 2022 and 2021, respectively. Deferred Tax Assets (Liabilities), net
Deferred tax assets and liabilities are classified as long-term. Foreign deferred tax assets and liabilities are grouped separately from U.S. domestic assets and liabilities and are analyzed on a jurisdictional basis. Deferred tax assets and liabilities included in the Consolidated Balance Sheet follows:
Valuation Allowances As of December 31, 2023, the Company had foreign tax credit carryforwards for U.S. federal tax purposes of $5.2 million, which begin to expire in 2025. The Company believes it is likely the credits will expire unused and therefore has established a full valuation allowance. As of December 31, 2023, the Company also had a deferred tax asset for state tax attributes of approximately $13.7 million, which begin to expire in 2025, comprised of net operating loss ("NOL"), credits, and capital loss carryforwards. The Company believes that it is likely that the capital losses and certain of the state NOLs will expire unused and therefore has established a valuation allowance of approximately $9.2 million against the deferred tax assets associated with these attributes. The Company also has deferred tax assets related to carryforwards in foreign jurisdictions of approximately $10.6 million, comprised of NOL and interest expense carryforwards, which begin to expire in 2025. The Company believes that it is likely that certain foreign NOL carryforwards will expire unused and therefore has established a valuation allowance of approximately $0.7 million. Undistributed Foreign Earnings The Company has determined that an amount attributable to certain foreign cash balances and other certain assets is not permanently reinvested for withholding tax purposes, which results in an accrual of $5.8 million. It is not practicable to calculate deferred tax balances on other basis differences. Unrecognized Tax Benefits Unrecognized tax benefits reflect the difference between the tax benefits of positions taken or expected to be taken on income tax returns and the tax benefits that meet the criteria for current recognition in the financial statements. The Company periodically assesses its unrecognized tax benefits. A summary of the movement in gross unrecognized tax benefits (before estimated interest and penalties) follows:
If the unrecognized tax benefits as of December 31, 2023, were to be recognized, approximately $6.7 million would impact the Company’s effective tax rate. The amount impacting the Company’s effective rate is calculated by adding accrued interest and penalties to the gross unrecognized tax benefit excluding positions related to discontinued operations and subtracting the tax benefit associated with state taxes and interest. The Company classifies and reports interest and penalties associated with unrecognized tax benefits as a component of the income tax provision on the Consolidated Statements of Income and as a long-term liability on the Consolidated Balance Sheets. The total amount of such interest and penalties accrued, but excluded from the table above, at the years ending December 31, 2023, 2022 and 2021 were $1.2 million, $2.3 million and $2.4 million, respectively. The Company is subject to U.S. federal income tax as well as income tax in multiple state and foreign jurisdictions. The Company participates in the IRS compliance assurance program and is currently up to date. Generally, state income tax returns are subject to examination for a period of three years to five years after filing. Substantially all material state tax matters have been concluded for tax years through 2017. Various state income tax returns for subsequent years are in the process of examination. At this stage the outcome is uncertain; however, the Company believes that contingencies have been adequately provided for. Statutes of limitation vary among the foreign jurisdictions in which the Company operates. Substantially all foreign tax matters have been concluded for tax years through 2012. The Company believes that foreign tax contingencies associated with income tax examinations underway or open tax years have been provided for adequately. Based on the outcome of certain examinations or as a result of the expiration of statutes of limitations for certain jurisdictions, the Company believes that within the next 12 months it is reasonably possible that previously unrecognized tax benefits could decrease by approximately $0.5 million to $1.5 million. These previously unrecognized tax benefits relate to a variety of tax issues including tax matters relating to prior acquisitions and various state matters. Tax Legislation The Organization for Economic Co-operation and Development (“OECD”) has introduced a framework to implement a global minimum corporate tax of 15%, referred to as Pillar Two. Many aspects of Pillar Two will be effective beginning in calendar year 2024 and other aspects will be effective beginning in calendar year 2025. While it is uncertain whether the U.S. will adopt Pillar Two, certain countries in which the Company operates have adopted legislation and other countries are in the process of introducing legislation to implement Pillar Two. While we do not expect Pillar Two to have a material impact on our effective tax rate, our analysis is ongoing as the OECD releases additional guidance and countries implement additional legislation. The Inflation Reduction Act (“IRA”) was signed into law on August 16, 2022. Among other provisions, the IRA includes a 15% corporate minimum tax applied to large corporations, knows as the “CAMT”. The CAMT does not impact the Consolidated Financial Statements for 2023. The Company will continue to evaluate the impact of CAMT on future years.
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Inventories, net |
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories, net | Inventories, net
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Property, Plant and Equipment, net |
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| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment, net | Property, Plant and Equipment, net
Capitalized interest totaled $3.0 million, $2.8 million and $1.5 million for 2023, 2022 and 2021, respectively.
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Goodwill and Other Intangible Assets, net |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Other Intangible Assets, net | Goodwill and Other Intangible Assets, net Goodwill The changes in the carrying amount of goodwill, net by reportable segment follows:
(1)Refer to Note 3 for further information on goodwill resulting from recent acquisitions. (2)In 2022, the CCM reporting unit, which aligned with the CCM reportable segment, was divided into four reporting units. The goodwill previously assigned to the CCM reporting unit was allocated to the new reporting units based on their relative fair values. CCM Commercial Roofing, CCM Architectural Metals and CCM Europe reporting units are within the CCM reportable segment. The CWT reporting unit aligns with the CWT reportable segment. Other Intangible Assets, net
The remaining weighted-average amortization period of intangible assets subject to amortization as of December 31, 2023, follows (in years):
Intangible assets subject to amortization as of December 31, 2023, will be amortized as follows:
The net carrying values of the Company’s other intangible assets, net by reportable segment follows:
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Accrued and Other Current Liabilities |
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| Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued and Other Current Liabilities | Accrued and Other Current Liabilities
Standard Product Warranties The Company offers various standard warranty programs on its products, primarily for certain installed roofing systems and weatherproofing systems. The Company’s liability for such warranty programs is included in accrued expenses. The change in the Company’s standard product warranty liabilities follows:
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Long-term Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-term Debt | Long-term Debt
(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, debt instruments are classified as Level 2 in the fair value hierarchy. 2.20% Notes Due 2032 On September 28, 2021, the Company completed a public offering of $550.0 million in aggregate principal amount of unsecured senior notes with a stated interest rate of 2.20% due March 1, 2032 (the “2032 Notes”). The 2032 Notes were issued at a discount of $4.8 million, resulting in proceeds to the Company of $545.2 million. The Company incurred costs to issue the 2032 Notes of approximately $1.1 million, inclusive of credit rating agencies’ and attorneys’ fees and other costs. The discount and issuance costs are reflected within long-term debt on the Consolidated Balance Sheets and are amortized to interest expense using the effective interest method over the life of the 2032 Notes. Interest is payable each March 1 and September 1. 2.75% Notes Due 2030 On February 28, 2020, the Company completed a public offering of $750.0 million of unsecured senior notes with a stated interest rate of 2.75% due March 1, 2030 (the “2030 Notes”). The 2030 Notes were issued at a discount of $9.3 million, resulting in proceeds to the Company of $740.7 million. The Company incurred costs, primarily underwriting fees, to issue the 2030 Notes of approximately $6.5 million. Additionally in the first quarter of 2020, the Company entered into interest rate derivative instruments to hedge variability in future interest payments on the 2030 Notes of the 10-year US Treasury Rate ("treasury locks"), which were designated as hedges, and settled resulting in a loss of $16.4 million. The discount and issuance costs of $15.8 million are reflected net within long-term debt on the Consolidated Balance Sheets and the loss on treasury locks of $16.4 million is reflected in accumulated other comprehensive loss on the Consolidated Balance Sheets. These costs are amortized to interest expense over the life of the 2030 Notes using the effective interest method. Interest is paid each March 1 and September 1. 3.75% Notes Due 2027 On November 16, 2017, the Company completed a public offering of $600.0 million of notes with a stated interest rate of 3.75% due December 1, 2027 (the “2027 Notes”). The 2027 Notes were issued at a discount of $2.4 million, resulting in proceeds to the Company of $597.6 million. The Company incurred costs to issue the 2027 Notes of approximately $7.7 million, inclusive of underwriters’, credit rating agencies’ and attorneys’ fees and other costs. The discount and issuance costs are amortized to interest expense over the life of the 2027 Notes. Interest is paid each June 1 and December 1. 3.5% Notes Due 2024 On November 16, 2017, the Company completed a public offering of $400.0 million of notes with a stated interest rate of 3.5% due December 1, 2024 (the “2024 Notes”). The 2024 Notes were issued at a discount of $0.4 million, resulting in proceeds to the Company of $399.6 million. The Company incurred costs to issue the 2024 Notes of approximately $4.5 million, inclusive of underwriters’, credit rating agencies’ and attorneys’ fees and other costs. The discount and issuance costs are amortized to interest expense over the life of the 2024 Notes. Interest is paid each June 1 and December 1. 0.55% Notes Due 2023 On September 28, 2021, the Company completed a public offering of $300.0 million in aggregate principal amount of unsecured senior notes with a stated interest rate of 0.55% due September 1, 2023 (the “2023 Notes”) and callable beginning on September 1, 2022. The 2023 Notes were issued at a discount of $2.6 million, resulting in proceeds to the Company of $297.4 million. The Company incurred costs to issue the 2023 Notes of approximately $0.6 million, inclusive of credit rating agencies’ and attorneys’ fees and other costs. Both the discount and issuance costs were amortized to interest expense over the life of the 2023 Notes. Interest was paid each March 1 and September 1. On September 1, 2023, the Company redeemed in full the 2023 Notes at the redemption price of $300.8 million, consisting of the principal amount of $300.0 million and $0.8 million of interest. Notes Terms and Redemption Features The 2032, 2030, 2027, and 2024 Notes (collectively, the “Notes”) are presented net of the related discount and debt issuance costs in long-term debt. The Notes may be redeemed at the Company's option, in whole or in part, plus accrued and unpaid interest, at any time prior to the dates stated below, at a price equal to the greater of (i) 100.0% of the principal amounts; or (ii) the sum of the present values of the remaining scheduled payments of principal and interest discounted to the redemption date on a semi-annual basis at the Treasury Rate plus a spread (noted below). The Notes may also be redeemed at any time after the dates noted below, in whole or in part, at the Company's option at 100.0% of the principal amount, plus accrued and unpaid interest.
Upon a change-in-control triggering event, the Company will be required to offer to repurchase the Notes at 101.0% of the principal amount, plus accrued and unpaid interest. The Notes are subject to the restrictive covenants and limitations contained in the Company's indenture dated January 15, 1997, as amended. The Notes are general unsecured obligations of the Company and rank equally with the Company's existing and future unsecured and unsubordinated indebtedness. The Notes are subordinate to any existing or future debt or other liabilities of the Company's subsidiaries. Revolving Credit Facility On February 5, 2020, the Company entered into the Company's Fourth Amended and Restated Credit Agreement administered by JPMorgan Chase Bank, N.A. to, among other things, extend the maturity date of the Facility (as defined below) from February 21, 2022, to February 5, 2025. On September 14, 2021, the Company entered into a first amendment to the Fourth Amended and Restated Credit Agreement to, among other things, revise the referenced benchmark interest rates to provide for a successor interest rate to LIBOR due to the cessation of certain LIBOR rates as of December 31, 2021. On June 15, 2023, the Company entered into a second amendment to the Company's Fourth Amended and Restated Credit Agreement (as amended, the "Facility") to implement, effective as of July 1, 2023, a replacement of the benchmark interest rates following the cessation of certain LIBOR rates. The benchmark rate for loans denominated in (i) U.S. dollars is Term SOFR, (ii) Canadian dollars is CDOR, (iii) sterling is SONIA, (iv) euros is EURIBOR and (v) yen is TIBOR. The Facility provides for borrowings of up to $1.0 billion and has a feature that allows the Company to increase availability, at its option, by an aggregate amount of up to $500.0 million through increased commitments from existing lenders or the addition of new lenders. Under the Facility the Company may also enter into commitments in the form of standby, commercial, or direct pay letters of credit for an amount not to exceed $50.0 million. The Facility provides for variable interest pricing based on the credit rating of the unsecured senior unsecured bank debt or other unsecured senior debt. The Facility is also subject to fees based on applicable rates as defined in the agreement and the aggregate commitment, regardless of usage. The Facility requires the Company to meet various restrictive covenants and limitations including certain leverage ratios, interest coverage ratios and limits on outstanding debt balances held by certain subsidiaries. As of December 31, 2023, the Company had no borrowings and $1.0 billion available under the Facility. During 2023, borrowings and repayments under the Facility totaled $84.0 million, with a weighted average interest rate of 6.61%. During 2022, there were no borrowings or repayments under the Facility. Covenants and Limitations Under the Company’s debt and credit facilities, the Company is required to meet various restrictive covenants and limitations, including limitations on certain leverage ratios, interest coverage and limits on outstanding debt balances held by certain subsidiaries. The Company was in compliance with all covenants and limitations as of December 31, 2023 and 2022. Letters of Credit and Guarantees During the normal course of business, the Company enters into commitments in the form of letters of credit and bank guarantees to provide its own financial and performance assurance to third parties. The Company has not issued any guarantees on behalf of any third parties. As of December 31, 2023, and 2022, the Company had $17.6 million and $15.8 million, in letters of credit and bank guarantees outstanding, respectively. The Company has multiple arrangements to obtain letters of credit, which include an agreement with an unspecified availability and separate agreements for up to $110.0 million in letters of credit, of which $92.4 million was available as of December 31, 2023. Interest Payments Cash payments for interest were $71.9 million, $82.9 million and $71.9 million in 2023, 2022 and 2021, respectively.
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Employee Benefit Plans |
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| Employee Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans | Employee Benefit Plans Defined Benefit Plans The Company maintains defined benefit retirement plans, primarily for certain domestic employees, as presented below. All plans are frozen to new entrants, with the exception of the executive supplemental plan. Benefits are based primarily on years of service and earnings of the employee. The significant assumptions used in the measurement of the projected benefit obligation and net periodic benefit cost primarily include the discount rate, rate of compensation increase and expected long-term return on plan assets. Weighted-average assumptions for the projected benefit obligation follows:
Weighted-average assumptions for net periodic benefit cost follows:
The weighted-average cash balance interest crediting rate for the Company's cash balance defined benefit plans was 4.0% for the years ended December 31, 2023, 2022 and 2021. The Company considers several factors in determining the long-term rate of return for plan assets. Asset-class return expectations are set using a combination of empirical and forward-looking analyses. Capital market assumptions for the composition of the Company’s asset portfolio are intended to capture the behavior of asset classes observed over several market cycles. The Company also looks to historical returns for reasonableness and appropriateness. A reconciliation of the change in the projected benefit obligation, plan assets and the funded status follows:
The Company’s projected benefit obligation includes approximately $20.0 million and $19.0 million related to the Company’s executive supplemental and director defined benefit pension plans as of December 31, 2023 and 2022, respectively. The Company’s accumulated benefit obligation includes approximately $18.7 million and $17.7 million related to the Company’s executive supplemental and director defined benefit pension plans as of December 31, 2023 and 2022, respectively. The executive supplemental and director defined benefit plans have no plan assets and the Company is not required to pre-fund the obligations.
The amounts included in accumulated other comprehensive income (loss) that have not been recognized in net periodic pension cost follows:
The components of net periodic benefit cost follows:
The Company employs a liability driven investment approach whereby plan assets are invested primarily in fixed income investments to match the changes in the projected benefit obligation of funded plans related to changes in interest rates. Risk tolerance is established through careful consideration of projected benefit obligations, plan funded status and the Company’s other obligations and strategic investments. The established target allocation is 88.0% fixed income securities and 12.0% equity securities. Fixed income investments are diversified across U.S. treasury, long and intermediate duration and high yield bonds. Equity investments are diversified across large capitalization U.S. and international stocks. Investment risk is measured and monitored on an ongoing basis through investment portfolio reviews, annual projected benefit liability measurements and asset/liability studies. The fair value measurement of the plans’ assets by asset category follows:
(1)This category is comprised of investments in mutual funds that invest in equity securities such as large publicly traded companies listed in the S&P 500 Index; small to medium sized companies with market capitalization in the range of the Russell 2500 Index; and foreign issuers in emerging markets. (2)This category is comprised of investments in mutual funds that invest in U.S. corporate fixed income securities, including asset-backed securities; high yield fixed income securities primarily rated BB, B, CCC, CC, C and D; and US dollar denominated debt securities of government, government related and corporate issuers in emerging market countries. The Company made contributions of $5.1 million and $3.5 million during 2023 and 2022, respectively. Contributions of $1.5 million in both 2023 and 2022 pertain to the Company’s executive supplemental and director defined benefit pension plans. This contribution covers current participant benefits as these plans have no plan assets. No minimum contributions to the pension plans were required in 2023 and 2022, however, discretionary contributions of $3.6 million were made in 2023. During 2024, the Company expects to pay approximately $1.5 million in participant benefits under the executive supplemental and director plans. A summary of estimated future benefits to be paid for the Company’s defined benefit pension plans as of December 31, 2023, follows:
Defined Contribution Plans 401K Plan The Company maintains defined contribution savings plans covering a significant portion of its eligible employees. Participant contributions are matched by the Company up to a 4.0% maximum of eligible compensation, subject to compensation and contribution limits as defined by the Internal Revenue Service. Employer contributions for the savings plan were $19.9 million, $20.3 million, and $16.9 million in 2023, 2022 and 2021, respectively. Matching contributions are invested in funds as directed by participants. Eligible participants may also elect to invest up to 50.0% of the Company’s matching contribution in Company common stock. Common shares held by the contribution savings plan follows:
Deferred Compensation - Cash The Company’s Deferred Compensation Plan allows certain eligible participants to defer a portion of their cash compensation and provides a matching contribution to the deferred compensation plan of up to 4.0% of eligible compensation. Eligible participants may elect to receive in-service distributions of deferred compensation or may defer receipt of distributions until retirement via lump sum or annual payment installments over a maximum period of 10 years. Participants allocate their deferred compensation amongst various investment options with earnings accruing to the participant. The Company has established a Rabbi Trust to provide for a degree of financial security to cover its obligations under the 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 Consolidated Balance Sheets. As of December 31, 2023, and 2022, the Company had $4.4 million and $4.0 million of cash, respectively, and $11.5 million and $8.1 million of short-term investments, respectively. The short-term investments are measured at fair value using quoted market prices in active markets (i.e., Level 1 measurements) with changes in fair value recorded in net income and the associated cash flows presented as operating cash flows. Workers’ Compensation Claims and Related Losses The Company maintains occurrence-based insurance coverage with certain insurance carriers in accordance with its risk management practices that provides for reimbursement of workers’ compensation claims in excess of $0.5 million. The Company records a recovery receivable from the insurance carriers when such recovery is deemed probable based on the nature of the claim and history of recoveries. The liability related to workers’ compensation claims, both those reported to the Company and those incurred but not yet reported, is estimated based on actuarial estimates, loss development factors and the Company’s historical loss experience. A summary of the receivable and liability related to workers' compensation claims follows:
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Other Long-Term Liabilities |
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| Liabilities, Other than Long-Term Debt, Noncurrent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Long-Term Liabilities | Other Long-Term Liabilities
(1)Refer to Note 8 for additional deferred tax discussion. (2)Refer to Note 16 for additional operating lease liabilities discussion. (3)Refer to Note 14 for additional pension, deferred compensation and workers' compensation discussion.
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Leases Lease Costs, Assets and Liabilities The Company has operating leases primarily for manufacturing facilities, warehouses, offices and certain equipment. These leases have remaining lease terms of to nine years, some of which include one or more options to renew, with renewal terms that can extend the leases to or 10 years or more. The components of lease cost follow:
A summary of lease assets and liabilities follows:
(1)Included in other long-term assets. (2)Included in accrued and other current liabilities. (3)Included in other long-term liabilities. Maturity of lease liabilities as of December 31, 2023, follow:
Lease Term and Discount Rate
Supplemental Cash Flow Information
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 December 31, 2023, 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 Note 1 for the Company’s accounting policy related to litigation defense costs. The Company currently maintains insurance 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 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. Henry has also 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 roofing products produced and sold by Henry and certain of its subsidiaries. Henry is subject to liabilities for indemnity and defense costs associated with these lawsuits. As of December 31, 2023, the Company believes such liabilities are not material to the Company’s financial position, results of operations or operating cash flows. Henry currently maintains insurance coverage and is the beneficiary of other arrangements which provide coverage with respect to certain 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. Such insurance coverage contains various exclusions, limits of coverage and self-insured retentions and may be subject to insurance coverage disputes. 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.
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Financial Instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Instruments | Financial Instruments Foreign Currency Forward Contracts The Company uses foreign currency forward contracts to hedge a portion of its foreign currency exchange rate exposure to forecasted foreign currency denominated cash flows. These instruments are not held for speculative or trading purposes. A summary of the Company's designated and non-designated cash flow hedges follows:
(1)The fair value of foreign currency forward contracts is included in other current assets. The fair value was estimated using observable market inputs such as forward and spot prices of the underlying exchange rate pair. Based on these inputs, derivative assets and liabilities are classified as Level 2 in the fair value hierarchy. Designated Hedges For instruments that are designated and qualify as a cash flow hedge, the Company had foreign currency forward contracts with maturities less than one year. The changes in the fair value of the contracts are recorded in accumulated other comprehensive income (loss) and recognized in the same line item as the impact of the hedged item, revenues or cost of sales, when the underlying forecasted transaction impacts earnings. Gains and losses on the contracts representing hedge components excluded from the assessment of 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 designed as a cash flow hedge, the Company had foreign exchange contracts with maturities less than one year. The unrealized gains and losses resulting from these contracts were immaterial and are recognized in other non-operating expense, net and partially offset corresponding foreign exchange gains and losses on these balances. Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) by component follows:
(1)The accrued post-retirement benefit liability reclassification pertains to the amortization of unrecognized actuarial gains and losses and prior service credits which is included in net periodic benefit cost. Refer to Note 14 for additional pension discussion. 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 both December 31, 2023, and 2022 the Company had $19.8 million of investment grade bonds. 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, until realized, and the associated cash flows presented as investing cash flows. The Company includes the investments within other current assets in its Consolidated Balance Sheets. 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 its short-term nature and generally negligible credit losses (refer to Note 13 for the fair value of long-term debt).
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Quarterly Financial Data (Unaudited) |
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| Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited)
(1)The sum of quarterly earnings per share amounts may not equal the year due to differences in weighted-average share calculation.
(1)The sum of quarterly earnings per share amounts may not equal the year due to differences in weighted-average share calculation.
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Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events On January 30, 2024, the Company announced the signing of a definitive agreement to sell CIT to Amphenol Corporation in a transaction valued at $2.025 billion, subject to certain adjustments. The transaction is subject to customary closing conditions, including regulatory clearances, and is expected to close by the end of the second quarter of 2024.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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| Pay vs Performance Disclosure | |||||||||||
| Net income | $ 205.5 | $ 265.6 | $ 194.6 | $ 101.7 | $ 174.2 | $ 254.7 | $ 301.5 | $ 193.6 | $ 767.4 | $ 924.0 | $ 421.7 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2023 | |
| 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 |
Summary of Accounting Policies (Policies) |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany transactions and accounts have been eliminated. The Company has reclassified certain prior periods' amounts to conform with the current period presentation on the Consolidated Statements of Cash Flows to reclassify loss (gain) on sale of discontinued operations from other operating activities, net to a separately disclosed line item. The Company reclassified certain prior periods' amounts to conform with the current presentation of geographic area information for long-lived assets in Note 2—Segment Information to aggregate the United Kingdom long-lived assets into Europe, and aggregate the Asia long-lived assets into other. The Company reclassified certain prior periods' amounts to conform with the current presentation of the revenues by end market in Note 6—Revenue Recognition to reflect the nature of revenues in information regularly reviewed by the Company. The Company reclassified certain prior periods' amounts to conform with the current presentation of the deferred tax assets (liabilities), net information in Note 8—Income Taxes to aggregate the inventory reserves and allowance for credit losses into other, net.
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| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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| Foreign Currency Matters | Foreign Currency Matters The functional currency of the Company’s subsidiaries outside the United States of America ("United States" or "U.S.") is the currency of the primary economic environment in which the subsidiary operates. Assets and liabilities of these operations are translated to the U.S. Dollar at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the year. Translation adjustments arising from the use of differing exchange rates from period to period are included as a component of stockholders’ equity in accumulated other comprehensive income (loss). Gains and losses from foreign currency transactions and from the remeasurement of monetary assets and liabilities and associated income statement activity of foreign subsidiaries where the functional currency is the U.S. Dollar and the records are maintained in the local currency are included in other non-operating (income) expense, net.
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| Discontinued Operations | Discontinued Operations The results of operations for the Company's Carlisle Brake & Friction ("CBF"), Carlisle Fluid Technologies ("CFT") and Carlisle Interconnect Technologies ("CIT") businesses have been reclassified as discontinued operations for all periods presented in the Consolidated Statements of Income. Assets and liabilities subject to the sale of CFT and the pending sale of CIT have been reclassified as held for sale for all periods presented in the Consolidated Balance Sheets.
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| Revenue Recognition | Revenue Recognition Revenue is recognized when obligations under the terms of a contract with a customer are satisfied; generally, this occurs with the transfer of control of the Company’s products or services. Revenue is measured as the amount of total consideration expected to be received in exchange for transferring goods or providing services. Total expected consideration, in certain cases, is estimated at each reporting period, including interim periods, and is subject to change with variability dependent on future events, such as customer behavior related to future purchase volumes, returns, early payment discounts and other customer allowances. Estimates for rights of return, discounts and rebates to customers and other adjustments for variable consideration are provided for at the time of sale as a deduction to revenue, based on an analysis of historical experience and actual sales data. Changes in these estimates are reflected as an adjustment to revenue in the period identified. Sales, value added and other taxes collected concurrently with revenue-producing activities are excluded from revenue. 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. The term of these warranties ranges from to 40 years. The weighted-average life of the contracts as of December 31, 2023, is approximately 20 years. Refer to Note 6 for further information on revenue recognition. Costs to Obtain a Contract Costs of obtaining or fulfilling a contract are recognized as expense as incurred, as the amortization period of these costs would be one year or less. These costs generally include sales commissions and are included in selling, general and administrative expenses. Shipping and Handling Costs Costs incurred to physically transfer product to customer locations are recorded as a component of cost of goods sold. Charges passed on to customers are recorded into revenues.
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| Other Non-operating (Income) Expense, Net | Other Non-operating (Income) Expense, net Other non-operating (income) expense, net primarily includes foreign currency exchange (gains) losses, indemnification (gains) losses associated with acquired businesses, (gains) losses from Rabbi Trust investments and (gains) losses on sales of a business.
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| Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation under the fair-value method. Accordingly, equity-classified stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as compensation cost over the requisite service period. The requisite service period generally matches the stated vesting period of the award but may be shorter if, under the award’s terms, the award fully vests upon the employee's retirement or termination from the Company. The Company recognizes compensation cost for awards that have graded vesting features under the graded vesting method, which considers each separately vesting tranche as though they were, in substance, multiple awards. Additionally, the Company accounts for liability-classified stock-based compensation cost under the fair value method, with the fair value of the award remeasured as of the date of the financial position. The Company recognizes compensation cost over the requisite service period based on the remeasured fair value of the award. The requisite service period generally matches the stated vesting period of the award but may be shorter if, under the award’s terms, the award fully vests upon the employee's retirement or termination from the Company. The Company also accounts for forfeitures of stock-based awards as they occur.
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| Income Taxes | Income Taxes Income taxes are recorded in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes, which includes an estimate of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. Deferred tax assets and liabilities reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.
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| Cash Equivalents | Cash Equivalents Highly liquid investments with a maturity of three months or less when acquired are considered cash equivalents.
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| Receivables and Allowance for Credit Losses | Receivables and Allowance for Credit Losses Receivables are stated at amortized cost net of allowance for credit losses. The Company performs ongoing evaluations of its customers’ current creditworthiness, as determined by the review of their credit information to determine if events have occurred subsequent to the recognition of revenue and the related receivable that provides evidence that such receivable will be realized in an amount less than that recognized at the time of sale. Estimates of credit losses are based on historical losses, current economic conditions, geographic considerations, and in some cases, evaluating specific customer accounts for risk of loss.
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| Inventories | Inventories Inventories are valued at lower of cost and net realizable value with cost determined primarily on an average cost basis. Cost of inventories includes direct as well as certain indirect costs associated with the acquisition and production process. These costs include raw materials, direct and indirect labor, and manufacturing overhead. Manufacturing overhead includes materials, depreciation and amortization related to property, plant and equipment, and other intangible assets used directly and indirectly in the acquisition and production of inventory, and costs related to the Company’s distribution network such as inbound freight charges, purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs and other such costs associated with preparing the Company’s products for sale.
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| Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost including interest costs associated with qualifying capital additions. Costs allocated to property, plant and equipment of acquired companies are based on estimated fair value at the date of acquisition. Depreciation is principally computed on a straight-line basis over the estimated useful lives of the assets. Asset lives are generally 20 to 40 years for buildings, to 15 years for machinery and equipment and to 20 years for leasehold improvements. Leasehold improvements are amortized based on the shorter of the underlying lease term or the asset’s estimated useful life.
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| Valuation of Long-Lived Assets | Valuation of Long-Lived Assets Long-lived assets or asset groups, including amortizable intangible assets, are tested for impairment whenever events or circumstances indicate that the carrying amount of the asset or asset group may not be recoverable. The Company groups its long-lived assets classified as held and used at the lowest level for which identifiable cash flows are largely independent of the cash flows from other assets and liabilities for purposes of testing for impairment. The Company’s asset groupings vary based on the related business in which the long-lived assets are employed and the interrelationship between those long-lived assets in producing net cash flows; for example, multiple manufacturing facilities may work in concert with one another or may work on a stand-alone basis to produce net cash flows. The Company utilizes its long-lived assets in multiple industries and economic environments and its asset groupings reflect these various factors. The Company monitors the operating and cash flow results of its long-lived assets or asset groups classified as held and used to identify whether events and circumstances indicate the remaining useful lives of those assets should be adjusted or if the carrying value of those assets or asset groups may not be recoverable. Undiscounted estimated future cash flows are compared with the carrying value of the long-lived asset or asset group in the event indicators of impairment are identified. If the undiscounted estimated future cash flows are less than the carrying amount, the Company determines the fair value of the asset or asset group and records an impairment charge in current earnings to the extent carrying value exceeds fair value. Fair values may be determined based on estimated discounted cash flows by prices for like or similar assets in similar markets or a combination of both. Long-lived assets or asset groups that are part of a disposal group that meets the criteria to be classified as held for sale are not assessed for impairment, but rather a loss is recorded against the disposal group if fair value, less cost to sell, of the disposal group is less than its carrying value.
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| Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Intangible assets are recognized and recorded at their acquisition date fair values. Intangible assets that are subject to amortization are amortized on a straight-line basis over their useful lives. Definite-lived intangible assets consist primarily of acquired customer relationships, patents and technology, certain trade names and non-compete agreements. The Company determines the useful life of its definite-lived intangible assets based on multiple factors including the size and make-up of the acquired customer base, the expected dissipation of those customers over time, the Company’s own experience in the particular industry, the impact of known trends such as technological obsolescence, product demand or other factors and the period over which expected cash flows are used to measure the fair value of the intangible asset at acquisition. The Company periodically re-assesses the useful lives of its definite-lived intangible assets when events or circumstances indicate that useful lives have significantly changed from the previous estimate. Intangible assets with indefinite useful lives are not amortized but are tested annually, or more often if impairment indicators are present, for impairment via a one-step process by comparing the fair value of the intangible asset with its carrying value. If the intangible asset’s carrying value exceeds its fair value, an impairment charge is recorded in current earnings for the excess. The Company estimates the fair value of its indefinite-lived intangible assets based on the income approach utilizing the discounted cash flow method. The Company's annual testing date for indefinite-lived intangible assets is November 1. The Company periodically re-assesses indefinite-lived intangible assets as to whether their useful lives can be determined and, if so, begins amortizing any applicable intangible asset. Goodwill is not amortized but is tested annually, or more often if impairment indicators are present, for impairment at a reporting unit level. The Company's annual testing date for goodwill is November 1. The Company determined it had four reporting units within its two reportable segments. As noted earlier, the CFT and CIT businesses and their corresponding reporting units have been reclassified as held for sale for all periods presented.
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| Extended Product Warranty Reserves | Extended Product Warranty Reserves The Company offers extended warranty contracts on sales of certain products; the most significant being those offered on its installed roofing and weatherproofing systems. Current costs of services performed under these contracts are expensed as incurred and included in cost of goods sold. The Company would record a reserve within accrued expenses if the total expected costs of providing services at a product line level exceed unamortized deferred revenues. Total expected costs of providing extended product warranty services are actuarially determined using standard quantitative measures based on historical claims experience and management judgment.
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| Pension | Pension The Company maintains defined benefit pension plans primarily for certain domestic employees. The annual net periodic benefit cost and projected benefit obligations related to these plans are determined on an actuarial basis annually on December 31, unless a remeasurement event occurs in an interim period. This determination requires assumptions to be made concerning general economic conditions (particularly interest rates), expected return on plan assets, increases to compensation levels and mortality rate trends. Changes in the assumptions to reflect actual experience can result in a change in the net periodic benefit cost and projected benefit obligations. The defined benefit pension plans’ assets are measured at fair value annually on December 31, unless a remeasurement event occurs in an interim period. The Company uses the market related valuation method to determine the value of plan assets for purposes of determining the expected return on plan assets component of net periodic benefit cost. The market related valuation method recognizes the change of the fair value of the plan assets over five years. If actual experience differs from these long-term assumptions, the difference is recorded as an actuarial gain (loss) and amortized into earnings over a period of time based on the average future service period, which may cause the expense related to providing these benefits to increase or decrease.
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| Leases | Leases The Company determines if an arrangement is a lease at inception by evaluating if the asset is explicitly or implicitly identified or distinct, if the Company will receive substantially all of the economic benefit or if the lessor has an economic benefit and the ability to substitute the asset. Operating leases are included in other long-term assets, accrued and other current liabilities, and other long-term liabilities. Right-of-use assets ("ROU assets") represent the Company's right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of fixed and known lease payments over the lease term. Variable payments are not included in the ROU asset or lease liability and can vary from period to period based on the use of an asset during the period or the Company's proportionate share of common costs. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and lease expense for these leases is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease components and non-lease components. The Company has elected to apply the practical expedient to account for these components as a single lease component, for all classes of underlying assets.
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| Contingencies and Insurance Recoveries | Contingencies and Insurance Recoveries The Company is exposed to losses related to various potential claims related to its employee obligations and other matters in the normal course of business, including commercial, employee, environmental or other regulatory litigation. The Company records a liability related to such potential claims, both those reported to the Company and incurred but not yet reported, when probable and reasonably estimable. The Company's policy is to expense legal defense costs related to such matters as incurred. The Company maintains occurrence-based insurance contracts related to certain contingent losses primarily workers’ compensation, medical and dental, general liability, property, and product liability claims up to applicable retention limits as part of its risk management strategy. The Company records a recovery under these insurance contracts when such recovery is deemed probable. Insurance proceeds in excess of realized losses are gain contingencies and not recorded until realized.
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| Derivative Instruments and Hedge Accounting | Derivative Instruments and Hedge Accounting From time to time, the Company may enter into derivative financial instruments to hedge various risks to cash flows or the fair value of recognized assets and liabilities, including those arising from fluctuations in foreign currencies, interest rates and commodities. The Company recognizes these instruments at the time they are entered into and measures them at fair value. For instruments that are designated and qualify as cash flow hedges under GAAP, the changes in fair value period-to-period, less any excluded components, are classified in accumulated other comprehensive income, until the underlying transaction being hedged impacts earnings. The excluded components are recorded in current period income (loss). For those instruments that are designated and qualify as fair value hedges under GAAP, the changes in fair value period-to-period of both the derivative instrument and underlying hedged item are recognized currently in earnings. For those instruments not designated or do not qualify as hedges under GAAP, the changes in fair value period-to-period are classified immediately in current period income, within other non-operating (income) expense, net.
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| New Accounting Standards Issued But Not Yet Adopted | New Accounting Standards Issued But Not Yet Adopted In November 2023, the 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 beginning January 1, 2024 and requires the use of a retrospective approach to all prior periods presented. The Company plans to adopt the standard on January 1, 2024 and is evaluating the impact on the Consolidated Financial Statements, but does not anticipate that it will have a material impact. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which improves 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. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for the Company 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 impact on the Consolidated Financial Statements.
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Summary of Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule for Company's Allowance for Doubtful Accounts | Changes in the Company's allowance for credit losses by segment follows:
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Segment Information (Tables) |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Financial Information for Operations by Reportable Business Segment | Summary financial information by reportable segment follows:
(1)Corporate operating loss includes other unallocated costs, primarily general corporate expenses. The Company does not report total assets by segment as this is not a metric used to allocate resources or evaluate segment performance.
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| Summary of Long-Lived Assets, Excluding Deferred Tax Assets and Intangible Assets, by Region | Long-lived assets, excluding deferred tax assets and intangible assets, by region follows:
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| Summary of Disaggregation of Revenue | A summary of revenues based on the country to which the product was delivered and reconciliation of disaggregated revenue by segment follows:
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Acquisitions (Tables) - ASP Henry Holdings, Inc. |
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| Acquisitions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Unaudited Combined Pro Forma Information | The unaudited combined pro forma financial information presented below includes revenues and income from continuing operations, net of tax, of the Company as if the business combination had occurred on January 1, 2020, based on the purchases price allocation presented below:
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| Summary of Consideration Transferred and the Allocation of the Consideration to Acquired Assets and Assumed Liabilities | The following table summarizes the consideration transferred to acquire Henry and the allocation of the purchase price among the assets acquired and liabilities assumed. The acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations, which requires that consideration be allocated to the acquired assets and assumed liabilities based upon their acquisition date fair values with the remainder allocated to goodwill.
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| Summary of Acquired Definite-lived Intangible Assets | The fair value and weighted average useful lives of the acquired intangible assets are as follows:
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Discontinued Operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary Activity of Discontinued Operations | A summary of the results from discontinued operations included in the Consolidated Statements of Income and Comprehensive Income follows:
(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.
A summary of the carrying amounts of major assets and liabilities classified as held for sale in the Consolidated Balance Sheets follows:
(1)The assets and liabilities of the disposal group classified as held for sale are classified as current on the December 31, 2023 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 Consolidated Statements of Cash Flows follows:
(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 (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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:
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| 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.
(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 (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Disaggregation of Revenue | A summary of revenues based on the country to which the product was delivered and reconciliation of disaggregated revenue by segment follows:
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| Summary of Remaining Performance Obligations | 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 December 31, 2023 follows:
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| Summary of 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 follows:
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| Revenues by End Market | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Disaggregation of Revenue | A summary of revenues disaggregated by major end-market industries and reconciliation of disaggregated revenue by segment follows:
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| Products Transferred at a Point in Time or Over Time | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Disaggregation of Revenue | A summary of the timing of revenue recognition and reconciliation of disaggregated revenue by reportable segment follows:
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Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Compensation Expense | Stock-based compensation cost by award type follows:
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| Schedule of Weighted-Average Assumptions for Equity Awards | The weighted average assumptions used in the determination of fair value for stock options follows:
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| Schedule of Stock Option Activity Under the Company's Stock Option Awards | A summary of stock options outstanding and activity follows:
Additional information related to stock option activity during the years ended December 31 follows:
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| Schedule of Activity Related to Restricted Stock | A summary of restricted stock outstanding and activity follows:
Additional information related to restricted stock award activity during the years ended December 31 follows:
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| Schedule of Activity Related to Performance Shares | A summary of performance shares outstanding and activity follows:
Additional information related to performance share activity during the years ended December 31 follows:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income Before Tax From U.S. and Non-U.S. Operations | Geographic sources of income before income taxes consists of the following:
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| Schedule of Provision for Income Taxes From Continuing Operations | The provision for income taxes from continuing operations consists of the following:
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| Schedule of Reconciliation of Taxes from Continuing Operations Computed at the Statutory Rate to the Tax Provision | A reconciliation of the tax provision from continuing operations computed at the U.S. federal statutory rate to the actual tax provision follows:
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| Schedule of Deferred Tax Assets (Liabilities) |
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| Schedule of Deferred Tax Assets and (Liabilities) Included in the Balance Sheet | Deferred tax assets and liabilities included in the Consolidated Balance Sheet follows:
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| Schedule of Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits (Before Estimated Interest and Penalties) | A summary of the movement in gross unrecognized tax benefits (before estimated interest and penalties) follows:
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Inventories (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Components of Inventories |
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Property, Plant and Equipment, net (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Components of Property, Plant, and Equipment, Net |
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Goodwill and Other Intangible Assets, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill, net by reportable segment follows:
(1)Refer to Note 3 for further information on goodwill resulting from recent acquisitions. (2)In 2022, the CCM reporting unit, which aligned with the CCM reportable segment, was divided into four reporting units. The goodwill previously assigned to the CCM reporting unit was allocated to the new reporting units based on their relative fair values. CCM Commercial Roofing, CCM Architectural Metals and CCM Europe reporting units are within the CCM reportable segment. The CWT reporting unit aligns with the CWT reportable segment.
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| Summary of Other Intangible Assets, Net | Other Intangible Assets, net
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| Schedule of Intangible Assets Subject to Amortization | The remaining weighted-average amortization period of intangible assets subject to amortization as of December 31, 2023, follows (in years):
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| Schedule of Estimated Future Amortization Expense | Intangible assets subject to amortization as of December 31, 2023, will be amortized as follows:
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| Summary of the Net Book Values of Other Intangible Assets, Net by Reportable Segment | The net carrying values of the Company’s other intangible assets, net by reportable segment follows:
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Accrued and Other Current Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Components of Accrued Expenses |
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| Summary of Change in Standard Product Warranty Liabilities | The change in the Company’s standard product warranty liabilities follows:
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Long-term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Long-term Debt |
(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, debt instruments are classified as Level 2 in the fair value hierarchy.
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| Summary of Debt Instrument Redemption | The Notes may also be redeemed at any time after the dates noted below, in whole or in part, at the Company's option at 100.0% of the principal amount, plus accrued and unpaid interest.
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Employee Benefit Plans (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Weighted-Average Assumptions for Benefit Obligations | Weighted-average assumptions for the projected benefit obligation follows:
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| Summary of Weighted-Average Assumptions for Net Periodic Benefit Cost | Weighted-average assumptions for net periodic benefit cost follows:
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| Summary of Reconciliation of the Change in the Projected Benefit Obligation, Plan Assets and the Funded | A reconciliation of the change in the projected benefit obligation, plan assets and the funded status follows:
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| Summary of Net Asset (Liability) |
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| Summary of Amounts Included in Accumulated Other Comprehensive Loss | The amounts included in accumulated other comprehensive income (loss) that have not been recognized in net periodic pension cost follows:
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| Summary of Components of Net Periodic Benefit Cost | The components of net periodic benefit cost follows:
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| Summary of Fair Value of the Plans Assets by Asset Category | The fair value measurement of the plans’ assets by asset category follows:
(1)This category is comprised of investments in mutual funds that invest in equity securities such as large publicly traded companies listed in the S&P 500 Index; small to medium sized companies with market capitalization in the range of the Russell 2500 Index; and foreign issuers in emerging markets. (2)This category is comprised of investments in mutual funds that invest in U.S. corporate fixed income securities, including asset-backed securities; high yield fixed income securities primarily rated BB, B, CCC, CC, C and D; and US dollar denominated debt securities of government, government related and corporate issuers in emerging market countries.
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| Summary of Estimated Future Benefits to Be Paid for the Company's Defined Benefit Pension Plans and Post-Retirement Medical Plan | A summary of estimated future benefits to be paid for the Company’s defined benefit pension plans as of December 31, 2023, follows:
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| Summary of Breakdown of Shares Held by ESOP | Common shares held by the contribution savings plan follows:
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| Summary of Receivable and Liability Related to Workers' Compensation Claims | A summary of the receivable and liability related to workers' compensation claims follows:
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Other Long-Term Liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities, Other than Long-Term Debt, Noncurrent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Components of Other Long-term Liabilities |
(1)Refer to Note 8 for additional deferred tax discussion. (2)Refer to Note 16 for additional operating lease liabilities discussion. (3)Refer to Note 14 for additional pension, deferred compensation and workers' compensation discussion.
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Commitments and Contingencies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Components of Lease Cost | The components of lease cost follow:
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| Summary of Lease Assets and Lease Liabilities | A summary of lease assets and liabilities follows:
(1)Included in other long-term assets. (2)Included in accrued and other current liabilities. (3)Included in other long-term liabilities.
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| Summary of Maturity of Lease Liabilities | Maturity of lease liabilities as of December 31, 2023, follow:
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| Summary of Lease Term and Discount Rate | Lease Term and Discount Rate
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| Summary of Supplemental Cash Flow Information | Supplemental Cash Flow Information
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Financial Instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Designated and Non-designated Cash Flow Hedges | A summary of the Company's designated and non-designated cash flow hedges follows:
(1)The fair value of foreign currency forward contracts is included in other current assets. The fair value was estimated using observable market inputs such as forward and spot prices of the underlying exchange rate pair. Based on these inputs, derivative assets and liabilities are classified as Level 2 in the fair value hierarchy.
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| Summary of Change in Accumulated Other Comprehensive Income Related to Cash Flow Hedges | The changes in accumulated other comprehensive income (loss) by component follows:
(1)The accrued post-retirement benefit liability reclassification pertains to the amortization of unrecognized actuarial gains and losses and prior service credits which is included in net periodic benefit cost. Refer to Note 14 for additional pension discussion.
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Quarterly Financial Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Quarterly Financial Information |
(1)The sum of quarterly earnings per share amounts may not equal the year due to differences in weighted-average share calculation.
(1)The sum of quarterly earnings per share amounts may not equal the year due to differences in weighted-average share calculation.
|
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Summary of Accounting Policies - Basis of Presentation, Extended Product Warranty Contracts and Pension (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Retirement Plans | |
| Defined benefit plan, market related valuation method, period for change in fair value of plan assets | 5 years |
| Minimum | |
| Retirement Plans | |
| Extended product warranty contracts, estimated life | 5 years |
| Maximum | |
| Retirement Plans | |
| Extended product warranty contracts, estimated life | 40 years |
| Weighted Average | |
| Retirement Plans | |
| Extended product warranty contracts, estimated life | 20 years |
Summary of Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Activity in allowance for doubtful accounts | ||
| Balance at the beginning of the period | $ 5.0 | $ 3.1 |
| Current period provision | (0.3) | 2.4 |
| Amounts written off | (0.8) | (0.5) |
| Balance at the end of the period | 3.9 | 5.0 |
| Operating Segments | CCM | ||
| Activity in allowance for doubtful accounts | ||
| Balance at the beginning of the period | 2.4 | 2.1 |
| Current period provision | 0.1 | 0.7 |
| Amounts written off | (0.2) | (0.4) |
| Balance at the end of the period | 2.3 | 2.4 |
| Operating Segments | CWT | ||
| Activity in allowance for doubtful accounts | ||
| Balance at the beginning of the period | 2.6 | 1.0 |
| Current period provision | (0.4) | 1.7 |
| Amounts written off | (0.6) | (0.1) |
| Balance at the end of the period | $ 1.6 | $ 2.6 |
Summary of Accounting Policies - Machinery and Equipment (Details) |
Dec. 31, 2023 |
|---|---|
| Buildings | Minimum | |
| Property, Plant, and Equipment | |
| Property, plant and equipment, useful life | 20 years |
| Buildings | Maximum | |
| Property, Plant, and Equipment | |
| Property, plant and equipment, useful life | 40 years |
| Machinery and equipment | Minimum | |
| Property, Plant, and Equipment | |
| Property, plant and equipment, useful life | 5 years |
| Machinery and equipment | Maximum | |
| Property, Plant, and Equipment | |
| Property, plant and equipment, useful life | 15 years |
| Leasehold improvements | Minimum | |
| Property, Plant, and Equipment | |
| Property, plant and equipment, useful life | 2 years |
| Leasehold improvements | Maximum | |
| Property, Plant, and Equipment | |
| Property, plant and equipment, useful life | 20 years |
Summary of Accounting Policies Summary of Accounting Policies - Goodwill and Other Intangible Assets (Details) |
12 Months Ended | ||
|---|---|---|---|
|
Nov. 01, 2023
reportingUnit
|
Dec. 31, 2023
segment
reportingUnit
|
Dec. 31, 2022
reportingUnit
|
|
| Net Sales, EBIT, Assets continuing operations by reportable segment | |||
| Number of reporting units | 4 | 4 | |
| Number of reportable segments | segment | 2 | ||
| CCM | |||
| Net Sales, EBIT, Assets continuing operations by reportable segment | |||
| Number of reporting units | 4 | ||
Segment Information- Financial Information for Operations (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2023
USD ($)
segment
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
| Net Sales, EBIT, Assets continuing operations by reportable segment | |||||||||||
| Number of reportable segments | segment | 2 | ||||||||||
| Revenues | $ 1,127.5 | $ 1,259.8 | $ 1,307.0 | $ 892.6 | $ 1,149.9 | $ 1,497.0 | $ 1,562.3 | $ 1,240.2 | $ 4,586.9 | $ 5,449.4 | $ 3,836.7 |
| Operating income | $ 253.6 | $ 299.9 | $ 308.6 | $ 120.7 | $ 209.5 | $ 324.0 | $ 396.1 | $ 275.2 | 982.8 | 1,204.8 | 573.4 |
| Depreciation and Amortization | 151.1 | 158.6 | 119.7 | ||||||||
| Capital Expenditures | $ 110.8 | $ 158.8 | $ 105.5 | ||||||||
| Customer | Net sales | Beacon Roofing Supply, Inc | |||||||||||
| Net Sales, EBIT, Assets continuing operations by reportable segment | |||||||||||
| Concentration risk (as a percent) | 16.40% | 13.20% | 15.30% | ||||||||
| Customer | Net sales | ABC Supply Co. | |||||||||||
| Net Sales, EBIT, Assets continuing operations by reportable segment | |||||||||||
| Concentration risk (as a percent) | 15.30% | 13.20% | 15.60% | ||||||||
| Operating Segments | |||||||||||
| Net Sales, EBIT, Assets continuing operations by reportable segment | |||||||||||
| Revenues | $ 4,586.9 | $ 5,449.4 | $ 3,836.7 | ||||||||
| Operating income | 1,101.8 | 1,303.6 | 684.3 | ||||||||
| Depreciation and Amortization | 145.1 | 152.7 | 114.0 | ||||||||
| Capital Expenditures | 110.5 | 156.7 | 103.1 | ||||||||
| Corporate and unallocated | |||||||||||
| Net Sales, EBIT, Assets continuing operations by reportable segment | |||||||||||
| Revenues | 0.0 | 0.0 | 0.0 | ||||||||
| Operating income | (119.0) | (98.8) | (110.9) | ||||||||
| Depreciation and Amortization | 6.0 | 5.9 | 5.7 | ||||||||
| Capital Expenditures | 0.3 | 2.1 | 2.4 | ||||||||
| CCM | |||||||||||
| Net Sales, EBIT, Assets continuing operations by reportable segment | |||||||||||
| Revenues | 3,253.4 | 3,885.2 | 2,846.2 | ||||||||
| CCM | Operating Segments | |||||||||||
| Net Sales, EBIT, Assets continuing operations by reportable segment | |||||||||||
| Revenues | 3,253.4 | 3,885.2 | 2,846.2 | ||||||||
| Operating income | 913.9 | 1,175.0 | 619.9 | ||||||||
| Depreciation and Amortization | 57.0 | 55.6 | 52.7 | ||||||||
| Capital Expenditures | 84.5 | 135.1 | 83.8 | ||||||||
| CWT | |||||||||||
| Net Sales, EBIT, Assets continuing operations by reportable segment | |||||||||||
| Revenues | 1,333.5 | 1,564.2 | 990.5 | ||||||||
| CWT | Operating Segments | |||||||||||
| Net Sales, EBIT, Assets continuing operations by reportable segment | |||||||||||
| Revenues | 1,333.5 | 1,564.2 | 990.5 | ||||||||
| Operating income | 187.9 | 128.6 | 64.4 | ||||||||
| Depreciation and Amortization | 88.1 | 97.1 | 61.3 | ||||||||
| Capital Expenditures | $ 26.0 | $ 21.6 | $ 19.3 | ||||||||
Segment Information - Net Sales and Long-lived Assets (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Segment Information | |||||||||||
| Long-lived assets | $ 755.7 | $ 698.4 | $ 755.7 | $ 698.4 | |||||||
| Revenues | 1,127.5 | $ 1,259.8 | $ 1,307.0 | $ 892.6 | 1,149.9 | $ 1,497.0 | $ 1,562.3 | $ 1,240.2 | 4,586.9 | 5,449.4 | $ 3,836.7 |
| CCM | |||||||||||
| Segment Information | |||||||||||
| Revenues | 3,253.4 | 3,885.2 | 2,846.2 | ||||||||
| CWT | |||||||||||
| Segment Information | |||||||||||
| Revenues | 1,333.5 | 1,564.2 | 990.5 | ||||||||
| United States | |||||||||||
| Segment Information | |||||||||||
| Long-lived assets | 654.8 | 603.1 | 654.8 | 603.1 | |||||||
| Revenues | 4,130.1 | 4,924.0 | 3,413.3 | ||||||||
| United States | CCM | |||||||||||
| Segment Information | |||||||||||
| Revenues | 2,949.3 | 3,526.2 | 2,525.2 | ||||||||
| United States | CWT | |||||||||||
| Segment Information | |||||||||||
| Revenues | 1,180.8 | 1,397.8 | 888.1 | ||||||||
| Total international | |||||||||||
| Segment Information | |||||||||||
| Revenues | 456.8 | 525.4 | 423.4 | ||||||||
| Total international | CCM | |||||||||||
| Segment Information | |||||||||||
| Revenues | 304.1 | 359.0 | 321.0 | ||||||||
| Total international | CWT | |||||||||||
| Segment Information | |||||||||||
| Revenues | 152.7 | 166.4 | 102.4 | ||||||||
| Europe | |||||||||||
| Segment Information | |||||||||||
| Long-lived assets | 79.6 | 75.2 | 79.6 | 75.2 | |||||||
| Revenues | 211.8 | 252.6 | 243.9 | ||||||||
| Europe | CCM | |||||||||||
| Segment Information | |||||||||||
| Revenues | 192.7 | 233.8 | 225.5 | ||||||||
| Europe | CWT | |||||||||||
| Segment Information | |||||||||||
| Revenues | 19.1 | 18.8 | 18.4 | ||||||||
| North America (excluding U.S.) | |||||||||||
| Segment Information | |||||||||||
| Revenues | 198.0 | 225.8 | 136.5 | ||||||||
| North America (excluding U.S.) | CCM | |||||||||||
| Segment Information | |||||||||||
| Revenues | 85.4 | 98.0 | 72.3 | ||||||||
| North America (excluding U.S.) | CWT | |||||||||||
| Segment Information | |||||||||||
| Revenues | 112.6 | 127.8 | 64.2 | ||||||||
| Asia and Middle East | |||||||||||
| Segment Information | |||||||||||
| Revenues | 26.2 | 24.1 | 25.5 | ||||||||
| Asia and Middle East | CCM | |||||||||||
| Segment Information | |||||||||||
| Revenues | 17.4 | 15.1 | 15.9 | ||||||||
| Asia and Middle East | CWT | |||||||||||
| Segment Information | |||||||||||
| Revenues | 8.8 | 9.0 | 9.6 | ||||||||
| Africa | |||||||||||
| Segment Information | |||||||||||
| Revenues | 7.1 | 5.9 | 7.1 | ||||||||
| Africa | CCM | |||||||||||
| Segment Information | |||||||||||
| Revenues | 1.6 | 1.6 | 1.7 | ||||||||
| Africa | CWT | |||||||||||
| Segment Information | |||||||||||
| Revenues | 5.5 | 4.3 | 5.4 | ||||||||
| Other | |||||||||||
| Segment Information | |||||||||||
| Long-lived assets | $ 21.3 | $ 20.1 | 21.3 | 20.1 | |||||||
| Revenues | 13.7 | 17.0 | 10.4 | ||||||||
| Other | CCM | |||||||||||
| Segment Information | |||||||||||
| Revenues | 7.0 | 10.5 | 5.6 | ||||||||
| Other | CWT | |||||||||||
| Segment Information | |||||||||||
| Revenues | $ 6.7 | $ 6.5 | $ 4.8 | ||||||||
Acquisitions (Details) |
1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Nov. 08, 2023
USD ($)
|
Nov. 01, 2023
reportingUnit
|
Aug. 31, 2022
USD ($)
|
Feb. 01, 2022
USD ($)
|
Sep. 28, 2021
USD ($)
|
Sep. 01, 2021
USD ($)
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2022
USD ($)
reportingUnit
|
Dec. 31, 2023
USD ($)
reportingUnit
|
Dec. 31, 2022
USD ($)
reportingUnit
|
Dec. 31, 2021
USD ($)
|
|
| Acquisitions | |||||||||||||||||||||
| Revenues | $ 1,127,500,000 | $ 1,259,800,000 | $ 1,307,000,000 | $ 892,600,000 | $ 1,149,900,000 | $ 1,497,000,000 | $ 1,562,300,000 | $ 1,240,200,000 | $ 4,586,900,000 | $ 5,449,400,000 | $ 3,836,700,000 | ||||||||||
| Operating income | 253,600,000 | $ 299,900,000 | $ 308,600,000 | $ 120,700,000 | 209,500,000 | $ 324,000,000.0 | $ 396,100,000 | $ 275,200,000 | 982,800,000 | 1,204,800,000 | 573,400,000 | ||||||||||
| Goodwill | $ 1,202,500,000 | $ 1,202,500,000 | 1,177,600,000 | $ 1,172,600,000 | $ 1,177,600,000 | $ 1,202,500,000 | 1,177,600,000 | 1,172,600,000 | |||||||||||||
| Other intangible assets | $ 1,181,000,000 | ||||||||||||||||||||
| Useful life of finite lived intangible assets | 13 years 9 months 18 days | ||||||||||||||||||||
| Accrued and other current liabilities | $ 200,000 | ||||||||||||||||||||
| Number of reporting units | reportingUnit | 4 | 4 | |||||||||||||||||||
| Proceeds from notes | $ 0 | 0 | 842,600,000 | ||||||||||||||||||
| Cost of goods sold | 2,952,700,000 | 3,583,400,000 | 2,741,200,000 | ||||||||||||||||||
| Amortization | $ 120,400,000 | 154,600,000 | 134,100,000 | ||||||||||||||||||
| 0.55% Notes due 2023 | |||||||||||||||||||||
| Acquisitions | |||||||||||||||||||||
| Interest rate (as a percent) | 0.55% | 0.55% | 0.55% | 0.55% | |||||||||||||||||
| 2.20% Notes due 2032 | |||||||||||||||||||||
| Acquisitions | |||||||||||||||||||||
| Proceeds from notes | $ 550,000,000 | ||||||||||||||||||||
| Interest rate (as a percent) | 2.20% | 2.20% | 2.20% | 2.20% | |||||||||||||||||
| Customer relationships | |||||||||||||||||||||
| Acquisitions | |||||||||||||||||||||
| Useful life of finite lived intangible assets | 14 years 3 months 18 days | ||||||||||||||||||||
| CCM | |||||||||||||||||||||
| Acquisitions | |||||||||||||||||||||
| Revenues | $ 3,253,400,000 | 3,885,200,000 | 2,846,200,000 | ||||||||||||||||||
| Goodwill | $ 934,700,000 | $ 934,700,000 | $ 932,800,000 | 1,172,600,000 | 932,800,000 | 934,700,000 | $ 932,800,000 | 1,172,600,000 | |||||||||||||
| Number of reporting units | reportingUnit | 4 | ||||||||||||||||||||
| Polar Industries | |||||||||||||||||||||
| Acquisitions | |||||||||||||||||||||
| Consideration transferred | 36,100,000 | ||||||||||||||||||||
| Revenues | 2,400,000 | ||||||||||||||||||||
| Operating income | $ 100,000 | ||||||||||||||||||||
| Goodwill | 20,600,000 | ||||||||||||||||||||
| Property, plant and equipment | 9,700,000 | ||||||||||||||||||||
| Inventories | 1,800,000 | ||||||||||||||||||||
| Receivables, net | 1,800,000 | ||||||||||||||||||||
| Accounts payable | 200,000 | ||||||||||||||||||||
| Polar Industries | Customer relationships | |||||||||||||||||||||
| Acquisitions | |||||||||||||||||||||
| Other intangible assets | $ 2,600,000 | ||||||||||||||||||||
| Useful life of finite lived intangible assets | 9 years | ||||||||||||||||||||
| MB Technology | |||||||||||||||||||||
| Acquisitions | |||||||||||||||||||||
| Consideration transferred | $ 26,300,000 | ||||||||||||||||||||
| Revenues | 12,000,000 | ||||||||||||||||||||
| Operating income | $ 200,000 | ||||||||||||||||||||
| Goodwill | 12,500,000 | ||||||||||||||||||||
| Property, plant and equipment | 3,400,000 | ||||||||||||||||||||
| Inventories | 2,800,000 | ||||||||||||||||||||
| Receivables, net | 800,000 | ||||||||||||||||||||
| Accounts payable | $ 500,000 | ||||||||||||||||||||
| Percentage of ownership interest acquired | 100.00% | ||||||||||||||||||||
| Cash and cash equivalents | $ 1,600,000 | ||||||||||||||||||||
| Goodwill deductible for tax purpose | 0 | ||||||||||||||||||||
| MB Technology | Customer relationships | |||||||||||||||||||||
| Acquisitions | |||||||||||||||||||||
| Other intangible assets | $ 7,900,000 | ||||||||||||||||||||
| Useful life of finite lived intangible assets | 9 years | ||||||||||||||||||||
| ASP Henry Holdings, Inc. | |||||||||||||||||||||
| Acquisitions | |||||||||||||||||||||
| Consideration transferred | $ 1,605,600,000 | 1,608,200,000 | |||||||||||||||||||
| Goodwill | 565,000,000.0 | 903,000,000.0 | |||||||||||||||||||
| Other intangible assets | 1,181,000,000 | 735,100,000 | |||||||||||||||||||
| Property, plant and equipment | 61,800,000 | 53,600,000 | |||||||||||||||||||
| Inventories | 50,000,000.0 | 59,400,000 | |||||||||||||||||||
| Receivables, net | 79,000,000.0 | 79,000,000.0 | |||||||||||||||||||
| Accounts payable | 75,600,000 | 77,900,000 | |||||||||||||||||||
| Accrued and other current liabilities | 29,100,000 | 28,700,000 | |||||||||||||||||||
| Cash and cash equivalents | 34,300,000 | 34,300,000 | |||||||||||||||||||
| Goodwill deductible for tax purpose | 50,900,000 | ||||||||||||||||||||
| Contribution to net sales since acquisition | 177,300,000 | ||||||||||||||||||||
| Contribution to operating income since acquisition | 6,300,000 | ||||||||||||||||||||
| Cost of goods sold | 2,200,000 | ||||||||||||||||||||
| Depreciation and amortization | $ 36,700,000 | ||||||||||||||||||||
| Acquisition-related costs | $ 22,200,000 | ||||||||||||||||||||
| Business combination gross receivables | 81,900,000 | ||||||||||||||||||||
| Receivables not expected to be collected | 2,900,000 | ||||||||||||||||||||
| Deferred tax liabilities | $ 263,100,000 | 153,400,000 | |||||||||||||||||||
| ASP Henry Holdings, Inc. | 0.55% Notes due 2023 | |||||||||||||||||||||
| Acquisitions | |||||||||||||||||||||
| Proceeds from notes | $ 300,000,000 | ||||||||||||||||||||
| ASP Henry Holdings, Inc. | 2.20% Notes due 2032 | |||||||||||||||||||||
| Acquisitions | |||||||||||||||||||||
| Proceeds from notes | $ 550,000,000 | ||||||||||||||||||||
| ASP Henry Holdings, Inc. | Customer relationships | |||||||||||||||||||||
| Acquisitions | |||||||||||||||||||||
| Other intangible assets | $ 914,000,000.0 | ||||||||||||||||||||
| Useful life of finite lived intangible assets | 18 years | ||||||||||||||||||||
| Amortization | 16,300,000 | ||||||||||||||||||||
| ASP Henry Holdings, Inc. | Technologies | |||||||||||||||||||||
| Acquisitions | |||||||||||||||||||||
| Other intangible assets | $ 46,500,000 | ||||||||||||||||||||
| Useful life of finite lived intangible assets | 11 years | ||||||||||||||||||||
| Amortization | $ 1,400,000 | ||||||||||||||||||||
| ASP Henry Holdings, Inc. | Software | |||||||||||||||||||||
| Acquisitions | |||||||||||||||||||||
| Other intangible assets | $ 100,000 | ||||||||||||||||||||
| Useful life of finite lived intangible assets | 4 years | ||||||||||||||||||||
| CCM | |||||||||||||||||||||
| Acquisitions | |||||||||||||||||||||
| Number of reporting units | reportingUnit | 4 | ||||||||||||||||||||
Acquisitions - Pro Forma Information (Details) - ASP Henry Holdings, Inc. $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2021
USD ($)
| |
| Acquisitions | |
| Revenues | $ 4,197.0 |
| Income from continuing operations, net of tax | $ 407.5 |
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Aug. 31, 2022 |
Sep. 01, 2021 |
Dec. 31, 2022 |
Aug. 31, 2022 |
Dec. 31, 2023 |
Nov. 08, 2023 |
Dec. 31, 2021 |
|
| Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||
| Other intangible assets | $ 1,181.0 | ||||||
| Accrued and other current liabilities | $ (0.2) | ||||||
| Goodwill | $ 1,177.6 | $ 1,202.5 | $ 1,172.6 | ||||
| Measurement period adjustments, goodwill | $ 1.3 | ||||||
| ASP Henry Holdings, Inc. | |||||||
| Acquisitions | |||||||
| Consideration transferred | $ 1,605.6 | 1,608.2 | |||||
| Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||
| Cash and cash equivalents | 34.3 | 34.3 | $ 34.3 | ||||
| Receivables, net | 79.0 | 79.0 | 79.0 | ||||
| Inventories | 50.0 | 59.4 | 50.0 | ||||
| Prepaid expenses and other current assets | 10.5 | 10.5 | 10.5 | ||||
| Property, plant and equipment | 61.8 | 53.6 | 61.8 | ||||
| Other intangible assets | 1,181.0 | 735.1 | 1,181.0 | ||||
| Other long-term assets | 11.9 | 3.6 | 11.9 | ||||
| Accounts payable | (75.6) | (77.9) | (75.6) | ||||
| Accrued and other current liabilities | (29.1) | (28.7) | (29.1) | ||||
| Short-term debt | (1.0) | (1.0) | (1.0) | ||||
| Contract liabilities | (2.6) | (2.6) | (2.6) | ||||
| Other long-term debt | (0.8) | (0.8) | (0.8) | ||||
| Other long-term liabilities | (15.7) | (5.9) | (15.7) | ||||
| Deferred income taxes | (263.1) | (153.4) | (263.1) | ||||
| Total identifiable net assets | 1,040.6 | 705.2 | 1,040.6 | ||||
| Goodwill | $ 565.0 | $ 903.0 | 565.0 | ||||
| ASP Henry Holdings, Inc. | Adjustment | |||||||
| Acquisitions | |||||||
| Measurement period adjustments, total consideration transferred | (2.6) | ||||||
| Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||
| Measurement period adjustments, cash and cash equivalents | 0.0 | ||||||
| Measurement period adjustments, receivables, net | 0.0 | ||||||
| Measurement period adjustments, inventories, net | (9.4) | ||||||
| Measurement period adjustments, prepaid expenses and other current assets | 0.0 | ||||||
| Measurement period adjustments, property, plant and equipment | 8.2 | ||||||
| Measurement period adjustments, intangibles, net | 445.9 | ||||||
| Measurement period adjustments, other long-term assets | 8.3 | ||||||
| Measurement period adjustments, accounts payable | 2.3 | ||||||
| Measurement period adjustments, accrued and other current liabilities | (0.4) | ||||||
| Measurement period adjustments, short-term debt | 0.0 | ||||||
| Measurement period adjustments, contract liabilities | 0.0 | ||||||
| Measurement period adjustments, other long-term debt | 0.0 | ||||||
| Measurement period adjustments, other long-term liabilities | (9.8) | ||||||
| Measurement period adjustments, deferred income taxes | (109.7) | ||||||
| Measurement period adjustments, total identifiable net assets | 335.4 | ||||||
| Measurement period adjustments, goodwill | $ (338.0) | ||||||
Acquisitions - Definite-lived Intangible Assets (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Feb. 01, 2022 |
Sep. 01, 2021 |
Dec. 31, 2023 |
Aug. 31, 2022 |
Sep. 28, 2021 |
|
| Acquisitions | |||||
| Other intangible assets | $ 1,181.0 | ||||
| Useful life of finite lived intangible assets | 13 years 9 months 18 days | ||||
| 0.55% Notes due 2023 | |||||
| Acquisitions | |||||
| Interest rate (as a percent) | 0.55% | 0.55% | |||
| 2.20% Notes due 2032 | |||||
| Acquisitions | |||||
| Interest rate (as a percent) | 2.20% | 2.20% | |||
| Customer relationships | |||||
| Acquisitions | |||||
| Useful life of finite lived intangible assets | 14 years 3 months 18 days | ||||
| MB Technology | |||||
| Acquisitions | |||||
| Percentage of ownership interest acquired | 100.00% | ||||
| Cash and cash equivalents | $ 1.6 | ||||
| MB Technology | Customer relationships | |||||
| Acquisitions | |||||
| Other intangible assets | $ 7.9 | ||||
| Useful life of finite lived intangible assets | 9 years | ||||
| ASP Henry Holdings, Inc. | |||||
| Acquisitions | |||||
| Other intangible assets | 735.1 | $ 1,181.0 | |||
| Cash and cash equivalents | 34.3 | $ 34.3 | |||
| ASP Henry Holdings, Inc. | Indefinite-lived trade name | |||||
| Acquisitions | |||||
| Other intangible assets | 220.4 | ||||
| ASP Henry Holdings, Inc. | Customer relationships | |||||
| Acquisitions | |||||
| Other intangible assets | $ 914.0 | ||||
| Useful life of finite lived intangible assets | 18 years | ||||
| ASP Henry Holdings, Inc. | Technologies | |||||
| Acquisitions | |||||
| Other intangible assets | $ 46.5 | ||||
| Useful life of finite lived intangible assets | 11 years | ||||
| ASP Henry Holdings, Inc. | Software | |||||
| Acquisitions | |||||
| Other intangible assets | $ 0.1 | ||||
| Useful life of finite lived intangible assets | 4 years |
Discontinued Operations - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Oct. 02, 2023 |
Feb. 23, 2022 |
Aug. 02, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Cash received from sale of discontinued operation | $ 510.6 | $ 132.0 | $ 247.7 | |||
| CFT | Discontinued Operations, Disposed of by Sale | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Proceeds from cash | $ 520.0 | |||||
| CBF | Discontinued Operations, Disposed of by Sale | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Cash received from sale of discontinued operation | $ 125.0 | $ 250.0 | ||||
| Receivable contingent upon achievement of performance targets | $ 125.0 | |||||
Discontinued Operations - Results from Discontinued Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
| (Gain) loss on sale of discontinued operations | $ 82.5 | $ (7.0) | $ 8.0 | ||||||||
| Income before income taxes | 21.7 | 66.6 | 2.5 | ||||||||
| Provision for (benefit from) income taxes | (26.8) | 0.6 | (33.6) | ||||||||
| Income (loss) from discontinued operations | $ 13.8 | $ 48.7 | $ (32.1) | $ 18.1 | $ 21.2 | $ 21.4 | $ 20.8 | $ 2.6 | 48.5 | 66.0 | 36.1 |
| Discontinued Operations, Disposed of by Sale | |||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
| Revenues | 1,113.2 | 1,142.5 | 1,193.3 | ||||||||
| Cost of goods sold | 796.1 | 851.1 | 925.5 | ||||||||
| Impairment | 24.8 | ||||||||||
| Other operating expenses, net | 175.5 | 220.5 | 255.7 | ||||||||
| Operating income | 116.8 | 70.9 | 12.1 | ||||||||
| Other non-operating (income) expense, net | 1.3 | 11.3 | 1.6 | ||||||||
| Income (loss) from discontinued operations before income taxes and gain on sale | 115.5 | 59.6 | 10.5 | ||||||||
| Pre-close transaction expenses | 11.3 | ||||||||||
| (Gain) loss on sale of discontinued operations | 82.5 | (7.0) | 8.0 | ||||||||
| Income before income taxes | 21.7 | 66.6 | 2.5 | ||||||||
| Provision for (benefit from) income taxes | (26.8) | 0.6 | (33.6) | ||||||||
| Income (loss) from discontinued operations | 48.5 | 66.0 | 36.1 | ||||||||
| CIT | Discontinued Operations, Disposed of by Sale | |||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
| Revenues | 886.1 | 845.4 | 687.8 | ||||||||
| Cost of goods sold | 666.9 | 669.3 | 576.8 | ||||||||
| Impairment | 0.0 | ||||||||||
| Other operating expenses, net | 119.7 | 141.0 | 138.4 | ||||||||
| Operating income | 99.5 | 35.1 | (27.4) | ||||||||
| Other non-operating (income) expense, net | (0.5) | (1.1) | (0.3) | ||||||||
| Income (loss) from discontinued operations before income taxes and gain on sale | 100.0 | 36.2 | (27.1) | ||||||||
| Pre-close transaction expenses | 11.3 | ||||||||||
| (Gain) loss on sale of discontinued operations | 0.0 | 0.0 | 0.0 | ||||||||
| Income before income taxes | 88.7 | 36.2 | (27.1) | ||||||||
| Provision for (benefit from) income taxes | 1.3 | 2.0 | (12.6) | ||||||||
| Income (loss) from discontinued operations | 87.4 | 34.2 | (14.5) | ||||||||
| CFT | Discontinued Operations, Disposed of by Sale | |||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
| Revenues | 227.1 | 297.1 | 285.8 | ||||||||
| Cost of goods sold | 129.2 | 181.8 | 177.4 | ||||||||
| Impairment | 24.8 | ||||||||||
| Other operating expenses, net | 55.8 | 79.5 | 87.0 | ||||||||
| Operating income | 17.3 | 35.8 | 21.4 | ||||||||
| Other non-operating (income) expense, net | 0.0 | 0.0 | 1.7 | ||||||||
| Income (loss) from discontinued operations before income taxes and gain on sale | 17.3 | 35.8 | 19.7 | ||||||||
| Pre-close transaction expenses | 0.0 | ||||||||||
| (Gain) loss on sale of discontinued operations | 82.5 | 0.0 | 0.0 | ||||||||
| Income before income taxes | (65.2) | 35.8 | 19.7 | ||||||||
| Provision for (benefit from) income taxes | (26.2) | 2.8 | 3.8 | ||||||||
| Income (loss) from discontinued operations | (39.0) | 33.0 | 15.9 | ||||||||
| CBF | Discontinued Operations, Disposed of by Sale | |||||||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
| Revenues | 0.0 | 219.7 | |||||||||
| Cost of goods sold | 0.0 | 171.3 | |||||||||
| Other operating expenses, net | 0.0 | 30.1 | |||||||||
| Operating income | 0.0 | 18.3 | |||||||||
| Other non-operating (income) expense, net | 12.4 | 0.2 | |||||||||
| Income (loss) from discontinued operations before income taxes and gain on sale | (12.4) | 18.1 | |||||||||
| (Gain) loss on sale of discontinued operations | (7.0) | 8.0 | |||||||||
| Income before income taxes | (5.4) | 10.1 | |||||||||
| Provision for (benefit from) income taxes | (4.2) | (24.8) | |||||||||
| Income (loss) from discontinued operations | $ (1.2) | 34.9 | |||||||||
| 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 | |||||||||
| Impairment | |||||||||||
| Other operating expenses, net | 0.0 | 0.2 | |||||||||
| Operating income | 0.0 | (0.2) | |||||||||
| Other non-operating (income) expense, net | 1.8 | 0.0 | |||||||||
| Income (loss) from discontinued operations before income taxes and gain on sale | (1.8) | (0.2) | |||||||||
| Pre-close transaction expenses | 0.0 | ||||||||||
| (Gain) loss on sale of discontinued operations | 0.0 | 0.0 | |||||||||
| Income before income taxes | (1.8) | (0.2) | |||||||||
| Provision for (benefit from) income taxes | (1.9) | 0.0 | |||||||||
| Income (loss) from discontinued operations | $ 0.1 | $ (0.2) | |||||||||
Discontinued Operations - Summary of Balance Sheet (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| ASSETS | ||
| Total current assets | $ 1,725.6 | $ 599.8 |
| Total long-term assets | 0.0 | 1,772.0 |
| LIABILITIES | ||
| Total current liabilities | 218.8 | 188.5 |
| Total long-term liabilities | 0.0 | 94.1 |
| Discontinued Operations, Disposed of by Sale | Carlisle Interconnect Technologies, Carlisle Fluid Technologies and Other | ||
| ASSETS | ||
| Cash and cash equivalents | 28.8 | 35.2 |
| Receivables, net | 145.5 | 213.8 |
| Inventories, net | 149.5 | 230.8 |
| Contract assets | 75.9 | 90.7 |
| Prepaid and other current assets | 23.7 | 29.3 |
| Total current assets | 599.8 | |
| Property, plant, and equipment, net | 183.4 | 220.7 |
| Goodwill | 838.0 | 1,023.1 |
| Other intangible assets, net | 259.3 | 509.8 |
| Other long-term assets | 21.5 | 18.4 |
| Total long-term assets | 1,772.0 | |
| Total assets of the disposal group classified as held for sale | 1,725.6 | 2,371.8 |
| LIABILITIES | ||
| Accounts payable | 84.3 | 97.0 |
| Contract liabilities | 1.4 | 15.8 |
| Accrued liabilities and other | 52.4 | 75.7 |
| Total current liabilities | 188.5 | |
| Other long-term liabilities | 80.7 | 94.1 |
| Total long-term liabilities | 94.1 | |
| Total liabilities of the disposal group classified as held for sale | $ 218.8 | $ 282.6 |
Discontinued Operations - Summary of Cash Flows from Discontinued Operations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
| Less: change in cash and cash equivalents of discontinued operations | $ (6.4) | $ 9.9 | $ (26.0) |
| 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 operating activities | 164.1 | 60.5 | 89.6 |
| Net cash (used in) provided by investing activities | 480.2 | 109.2 | 220.3 |
| Net cash used in financing activities | (650.7) | (159.8) | (335.9) |
| Less: change in cash and cash equivalents of discontinued operations | (6.4) | 9.9 | (26.0) |
| Cash and cash equivalents from discontinued operations at beginning of period | 35.2 | 25.3 | 51.3 |
| Cash and cash equivalents from discontinued operations at end of period | 28.8 | 35.2 | 25.3 |
| 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 operating activities | 113.3 | 42.9 | 55.6 |
| Net cash (used in) provided by investing activities | (28.8) | (18.3) | (15.4) |
| Net cash used in financing activities | (79.6) | (15.3) | (58.0) |
| Less: change in cash and cash equivalents of discontinued operations | 4.9 | 9.3 | (17.8) |
| Cash and cash equivalents from discontinued operations at beginning of period | 23.9 | 14.6 | 32.4 |
| Cash and cash equivalents from discontinued operations at end of period | 28.8 | 23.9 | 14.6 |
| 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 operating activities | 50.7 | 25.8 | 25.9 |
| Net cash (used in) provided by investing activities | 509.0 | (4.5) | (5.3) |
| Net cash used in financing activities | (571.0) | (20.7) | (23.7) |
| Less: change in cash and cash equivalents of discontinued operations | (11.3) | 0.6 | (3.1) |
| Cash and cash equivalents from discontinued operations at beginning of period | 11.3 | 10.7 | 13.8 |
| Cash and cash equivalents from discontinued operations at end of period | 0.0 | 11.3 | 10.7 |
| 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 operating activities | 0.1 | (8.2) | 8.1 |
| Net cash (used in) provided by investing activities | 132.0 | 241.0 | |
| Net cash used in financing activities | (0.1) | (123.8) | (254.2) |
| Less: change in cash and cash equivalents of discontinued operations | 0.0 | 0.0 | (5.1) |
| Cash and cash equivalents from discontinued operations at beginning of period | 0.0 | 0.0 | 5.1 |
| Cash and cash equivalents from discontinued operations at end of period | $ 0.0 | $ 0.0 | |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Net Income (Loss) Attributable to Parent [Abstract] | |||||||||||
| Income from continuing operations | $ 191.7 | $ 216.9 | $ 226.7 | $ 83.6 | $ 153.0 | $ 233.3 | $ 280.7 | $ 191.0 | $ 718.9 | $ 858.0 | $ 385.6 |
| Less: dividends declared | 160.5 | 134.6 | 112.7 | ||||||||
| Undistributed earnings | $ 558.4 | $ 723.4 | $ 272.9 | ||||||||
| Percent allocated to common stockholders | 99.80% | 99.80% | 99.70% | ||||||||
| Undistributed earnings available to common shareholders | $ 557.1 | $ 721.8 | $ 272.1 | ||||||||
| Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares | 160.2 | 134.3 | 112.4 | ||||||||
| Income from continuing operations attributable to common stockholders | $ 717.3 | $ 856.1 | $ 384.5 | ||||||||
| Shares: | |||||||||||
| Basic weighted-average shares outstanding (in shares) | 49.9 | 51.8 | 52.5 | ||||||||
| Effect of dilutive securities: | |||||||||||
| Performance awards (in shares) | 0.1 | 0.2 | 0.2 | ||||||||
| Stock options (in shares) | 0.4 | 0.5 | 0.5 | ||||||||
| Diluted weighted-average shares outstanding (in shares) | 50.4 | 52.5 | 53.2 | ||||||||
| Per share income from continuing operations attributable to common shares: | |||||||||||
| Basic (in dollars per share) | $ 3.96 | $ 4.37 | $ 4.46 | $ 1.63 | $ 2.97 | $ 4.49 | $ 5.41 | $ 3.66 | $ 14.38 | $ 16.53 | $ 7.33 |
| Diluted (in dollars per share) | $ 3.91 | $ 4.32 | $ 4.42 | $ 1.61 | $ 2.93 | $ 4.42 | $ 5.33 | $ 3.61 | $ 14.22 | $ 16.30 | $ 7.23 |
| Basic weighted-average shares outstanding (in shares) | 49.9 | 51.8 | 52.5 | ||||||||
| Basic weighted-average shares outstanding and unvested restricted shares expected to vest (in shares) | 50.0 | 51.9 | 52.6 | ||||||||
| Percent allocated to common stockholders | 99.80% | 99.80% | 99.70% | ||||||||
| Anti-dilutive stock options excluded from EPS calculation | |||||||||||
| Income from discontinued operations attributable to common stockholders for basic earnings per share | $ 48.5 | $ 65.8 | $ 36.0 | ||||||||
| Income from discontinued operations attributable to common stockholders for dilutive earnings per share | 48.5 | 65.8 | 36.0 | ||||||||
| Net income attributable to common stockholders for basic earnings per share | 765.6 | 921.8 | 420.5 | ||||||||
| Net income attributable to common stockholders for diluted earnings per share | $ 765.6 | $ 921.8 | $ 420.5 | ||||||||
| Antidilutive stock options excluded from earnings per share calculation (in shares) | 0.6 | 0.2 | 0.1 | ||||||||
Revenue Recognition - Timing of Revenue Recognition and Reconciliation of Disaggregate Revenue (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Disaggregation of Revenue [Line Items] | |||
| Revenues | $ 4,586.9 | $ 5,449.4 | $ 3,836.7 |
| Products transferred at a point in time | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 4,560.0 | 5,423.8 | 3,812.1 |
| Services transferred over time | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 26.9 | 25.6 | 24.6 |
| Non-residential | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 3,529.9 | 4,197.5 | 2,991.6 |
| Residential | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 935.2 | 1,063.6 | 663.5 |
| Total construction | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 4,465.1 | 5,261.1 | 3,655.1 |
| Heavy equipment | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 104.3 | 105.9 | 100.1 |
| General industrial and other | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 17.5 | 82.4 | 81.5 |
| CCM | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 3,253.4 | 3,885.2 | 2,846.2 |
| CCM | Products transferred at a point in time | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 3,226.9 | 3,859.9 | 2,821.7 |
| CCM | Services transferred over time | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 26.5 | 25.3 | 24.5 |
| CCM | Non-residential | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 2,986.0 | 3,583.8 | 2,608.6 |
| CCM | Residential | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 267.4 | 301.4 | 237.6 |
| CCM | Total construction | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 3,253.4 | 3,885.2 | 2,846.2 |
| CCM | Heavy equipment | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 0.0 | 0.0 | 0.0 |
| CCM | General industrial and other | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 0.0 | 0.0 | 0.0 |
| CWT | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 1,333.5 | 1,564.2 | 990.5 |
| CWT | Products transferred at a point in time | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 1,333.1 | 1,563.9 | 990.4 |
| CWT | Services transferred over time | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 0.4 | 0.3 | 0.1 |
| CWT | Non-residential | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 543.9 | 613.7 | 383.0 |
| CWT | Residential | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 667.8 | 762.2 | 425.9 |
| CWT | Total construction | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 1,211.7 | 1,375.9 | 808.9 |
| CWT | Heavy equipment | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | 104.3 | 105.9 | 100.1 |
| CWT | General industrial and other | |||
| Disaggregation of Revenue [Line Items] | |||
| Revenues | $ 17.5 | $ 82.4 | $ 81.5 |
Revenue Recognition - Remaining Performance Obligation (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
|---|---|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Extended service warranties | $ 26.8 |
| Extended service warranties, period | 1 year |
| 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 | $ 25.9 |
| 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 | $ 24.9 |
| 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 | $ 23.9 |
| 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 | $ 22.8 |
| 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 | $ 199.7 |
| Extended service warranties, period |
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Change in Contract with Customer, Liability [RollForward] | |||
| Balance as of January 1 | $ 294.8 | $ 273.3 | $ 258.4 |
| Revenue recognized | (26.9) | (25.6) | (24.6) |
| Revenue deferred | 56.1 | 47.1 | 36.9 |
| Acquired liabilities | 0.0 | 0.0 | 2.6 |
| Balance as of December 31 | $ 324.0 | $ 294.8 | $ 273.3 |
Stock-Based Compensation - Stock Award Information and Fair Value Assumptions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Stock-based compensation | |||
| Unrecognized compensation cost related to stock options | $ 38.7 | ||
| Stock-based compensation expense | |||
| Total stock-based compensation cost | 31.5 | $ 25.7 | $ 24.8 |
| Capitalized cost during the period | (4.5) | (1.9) | (4.5) |
| Amortization of capitalized cost during the period | 4.7 | 1.2 | 6.7 |
| Total stock-based compensation expense | 31.7 | 25.0 | 27.0 |
| Income tax benefit | 11.4 | $ 11.5 | $ 19.1 |
| Unrecognized compensation cost related to awards other than options | $ 38.7 | ||
| Weighted average period of recognition of unrecognized compensation cost related to restricted stock awards | 1 year 8 months 12 days | ||
| Executive Incentive Program | |||
| Stock-based compensation | |||
| Shares available for grant under the plan (in shares) | 1,400 | ||
| Restricted shares, performance shares, or other full value awards | Executive Incentive Program | |||
| Stock-based compensation | |||
| Shares available for grant under the plan (in shares) | 600 | ||
| Stock options - annual equity grant | |||
| Stock-based compensation | |||
| Stock options granted (in shares) | 179 | ||
| Weighted-average assumptions used to estimate grant date fair value of stock options | |||
| Expected dividend yield (as a percent) | 1.20% | 0.90% | 1.40% |
| Expected life in years | 4 years 7 months 6 days | 4 years 8 months 12 days | 4 years 10 months 24 days |
| Expected volatility (as a percent) | 32.40% | 29.10% | 28.70% |
| Risk-free interest rate (as a percent) | 3.60% | 1.80% | 0.40% |
| Weighted average grant date fair value (in dollars per share) | $ 74.20 | $ 55.96 | $ 32.51 |
| Fair value of equity awards granted | $ 13.3 | $ 12.8 | $ 11.8 |
| Restricted stock awards | |||
| Stock-based compensation | |||
| Awards granted (in shares) | 50 | ||
| Unrecognized compensation cost related to stock options | $ 8.6 | ||
| Stock-based compensation expense | |||
| Total stock-based compensation cost | $ 8.3 | 7.2 | 6.7 |
| Vesting period | 3 years | ||
| Unrecognized compensation cost related to awards other than options | $ 8.6 | ||
| Weighted average period of recognition of unrecognized compensation cost related to restricted stock awards | 1 year 8 months 12 days | ||
| Performance share awards | |||
| Stock-based compensation | |||
| Awards granted (in shares) | 35 | ||
| Unrecognized compensation cost related to stock options | $ 10.2 | ||
| Stock-based compensation expense | |||
| Total stock-based compensation cost | $ 8.8 | 8.3 | 6.9 |
| Vesting period | 3 years | ||
| Unrecognized compensation cost related to awards other than options | $ 10.2 | ||
| Weighted average period of recognition of unrecognized compensation cost related to restricted stock awards | 1 year 9 months 18 days | ||
| Q2 2022 Stock Option and Stock Appreciation Right Grant | |||
| Stock-based compensation expense | |||
| Total stock-based compensation cost | $ 6.7 | 2.9 | |
| Capitalized cost during the period | $ (0.5) | (0.7) | |
| Q2 2018 Stock option and stock appreciation right grant | |||
| Stock-based compensation expense | |||
| Total stock-based compensation cost | 4.6 | ||
| Stock option awards | |||
| Stock-based compensation | |||
| Stock options granted (in shares) | 179 | ||
| Unrecognized compensation cost related to stock options | $ 17.5 | ||
| Stock-based compensation expense | |||
| Total stock-based compensation cost | $ 14.4 | $ 10.2 | 7.0 |
| Vesting period | 3 years | ||
| Maximum term life | 10 years | ||
| Unrecognized compensation cost related to awards other than options | $ 17.5 | ||
| 2022 Broad-based Grant | |||
| Weighted-average assumptions used to estimate grant date fair value of stock options | |||
| Expected dividend yield (as a percent) | 1.00% | ||
| Expected life in years | 3 years 9 months 18 days | ||
| Expected volatility (as a percent) | 31.90% | ||
| Risk-free interest rate (as a percent) | 3.90% | ||
| Weighted average grant date fair value (in dollars per share) | $ 80.23 | ||
| Fair value of equity awards granted | $ 40.4 | ||
| Stock appreciation rights | |||
| Stock-based compensation expense | |||
| Total stock-based compensation cost | $ 0.0 | $ 0.0 | $ 4.2 |
Stock-Based Compensation - Vesting and Deferred Compensation Plan (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
May 02, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Performance share and restricted stock awards | ||||
| Unrecognized compensation cost related to stock options | $ 38.7 | |||
| Weighted average period of recognition of unrecognized compensation cost related to restricted stock awards | 1 year 8 months 12 days | |||
| Stock option awards | ||||
| Number of Shares | ||||
| Outstanding at the beginning of the period (in shares) | 1,586 | |||
| Stock options granted (in shares) | 179 | |||
| Options exercised (in shares) | (186) | |||
| Options forfeited (in shares) | (146) | |||
| Outstanding at the end of the period (in shares) | 1,433 | 1,586 | ||
| Vested and exercisable at the end of the period (in shares) | 711 | |||
| Intrinsic value of options exercised | $ 23.5 | $ 57.9 | $ 72.8 | |
| Weighted Average Price | ||||
| Outstanding at the beginning of the period (in dollars per share) | $ 193.17 | |||
| Options granted (in dollars per share) | 250.84 | |||
| Options exercised (in dollars per share) | 136.59 | |||
| Options forfeited (in dollars per share) | 271.09 | |||
| Outstanding at the end of the period (in dollars per share) | 199.79 | $ 193.17 | ||
| Vested and exercisable at the end of the period (in dollars per share) | $ 145.57 | |||
| Weighted average contractual term | 6 years 10 months 24 days | |||
| The weighted average contractual term of options exercisable | 5 years 4 months 24 days | |||
| Aggregate intrinsic value of options outstanding | $ 161.4 | |||
| Aggregate intrinsic value of options vested and exercisable | $ 118.7 | |||
| Performance share and restricted stock awards | ||||
| Vesting period of shares awarded under the Program | 3 years | |||
| Unrecognized compensation cost related to stock options | $ 17.5 | |||
| Restricted stock awards | ||||
| Performance share and restricted stock awards | ||||
| Vesting period of shares awarded under the Program | 3 years | |||
| Unrecognized compensation cost related to stock options | $ 8.6 | |||
| Weighted average period of recognition of unrecognized compensation cost related to restricted stock awards | 1 year 8 months 12 days | |||
| Intrinsic value of shares vested during year ended December 31 | $ 10.7 | $ 15.7 | $ 11.8 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
| Outstanding at beginning of period (shares) | 125 | |||
| Awards granted (in shares) | 50 | |||
| Awards vested (in shares) | (43) | |||
| Awards forfeited (in shares) | (6) | |||
| Outstanding at end of period (shares) | 126 | 125 | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
| Outstanding at beginning of period (in dollars per share) | $ 174.34 | |||
| Awards granted (in dollars per share) | 250.83 | $ 227.44 | $ 154.23 | |
| Awards vested (in dollars per share) | 166.69 | |||
| Awards forfeited (in dollars per share) | 198.51 | |||
| Outstanding at end of period (in dollars per share) | $ 205.96 | $ 174.34 | ||
| Weighted average contractual term | 10 months 24 days | |||
| Aggregate intrinsic value | $ 39.4 | |||
| Performance share awards | ||||
| Performance share and restricted stock awards | ||||
| Vesting period of shares awarded under the Program | 3 years | |||
| Unrecognized compensation cost related to stock options | $ 10.2 | |||
| Weighted average period of recognition of unrecognized compensation cost related to restricted stock awards | 1 year 9 months 18 days | |||
| Fair value of shares vested during year ended December 31 | $ 19.9 | $ 22.0 | $ 13.3 | |
| Measurement period | 3 years | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
| Outstanding at beginning of period (shares) | 128 | |||
| Awards granted (in shares) | 35 | |||
| Awards vested (in shares) | (79) | |||
| Awards converted (in shares) | 39 | |||
| Awards forfeited (in shares) | (5) | |||
| Outstanding at end of period (shares) | 118 | 128 | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
| Outstanding at beginning of period (in dollars per share) | $ 244.25 | |||
| Awards granted (in dollars per share) | 368.47 | $ 313.77 | $ 213.13 | |
| Awards vested (in dollars per share) | 222.47 | |||
| Awards converted (in dollars per share) | 222.47 | |||
| Awards forfeited (in dollars per share) | 310.83 | |||
| Outstanding at end of period (in dollars per share) | $ 285.97 | $ 244.25 | ||
| Weighted average contractual term | 9 months 18 days | |||
| Aggregate intrinsic value | $ 36.9 | |||
| Stock appreciation rights | ||||
| Performance share and restricted stock awards | ||||
| Stock appreciation rights settled for cash | $ 22.2 | |||
| Deferred Compensation Equity | ||||
| Number of Shares | ||||
| Number of common stock deferred (in shares) | 63 | 72 | ||
| Performance share and restricted stock awards | ||||
| Number of common stock deferred (in shares) | 63 | 72 | ||
Income Taxes - Pre-tax Income and Provision (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Continuing operations: | |||
| U.S. domestic | $ 924.1 | $ 1,099.5 | $ 465.2 |
| Foreign | 6.3 | 24.2 | 24.7 |
| Income from continuing operations before income taxes | 930.4 | 1,123.7 | 489.9 |
| Discontinued operations: | |||
| U.S. domestic | (121.9) | (9.3) | (165.1) |
| Foreign | 143.6 | 75.9 | 167.6 |
| Income before income taxes | 21.7 | 66.6 | 2.5 |
| Total income before income taxes | 952.1 | 1,190.3 | 492.4 |
| Current provision: | |||
| Federal and state | 235.2 | 280.1 | 99.8 |
| Foreign | 4.5 | 8.4 | 7.4 |
| Total current provision | 239.7 | 288.5 | 107.2 |
| Deferred (benefit) provision: | |||
| Federal and state | (20.2) | (19.1) | 0.4 |
| Foreign | (8.0) | (3.7) | (3.3) |
| Total deferred (benefit) provision | (28.2) | (22.8) | (2.9) |
| Total provision for income taxes | 211.5 | 265.7 | 104.3 |
| Reconciliation of taxes from continuing operations | |||
| Taxes at U.S. statutory rate | 195.4 | 236.0 | 102.9 |
| State and local taxes, net of federal income tax benefit | 31.4 | 39.5 | 16.1 |
| Equity compensation windfall | (3.3) | (4.6) | (10.8) |
| Change in unrecognized tax benefit | (2.3) | (1.9) | (7.5) |
| Other, net | (9.7) | (3.3) | 3.6 |
| Total provision for income taxes | $ 211.5 | $ 265.7 | $ 104.3 |
| Effective income tax rate on continuing operations (as a percent) | 22.70% | 23.60% | 21.30% |
| Income Taxes Paid, Net [Abstract] | |||
| Cash payments for income taxes, net of refunds | $ 247.7 | $ 295.8 | $ 132.8 |
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Deferred tax assets (liabilities) | ||
| Employee benefits | $ 33.6 | $ 25.2 |
| Deferred revenue | 32.8 | 27.6 |
| Capitalized research and development costs | 20.6 | 16.6 |
| U.S. state tax attributes | 13.7 | 13.2 |
| Lease liabilities | 13.3 | 13.7 |
| Non-U.S. tax attributes | 10.6 | 3.8 |
| Warranty reserves | 5.7 | 7.2 |
| U.S. federal tax attributes | 5.2 | 15.2 |
| Other, net | 14.9 | 15.4 |
| Gross deferred assets | 150.4 | 137.9 |
| Valuation allowances | (15.1) | (23.7) |
| Deferred tax assets after valuation allowances | 135.3 | 114.2 |
| Intangibles | (314.1) | (354.3) |
| Property, plant and equipment | (46.8) | (47.4) |
| Right of use assets | (12.2) | (12.3) |
| Undistributed foreign earnings | (5.8) | (5.7) |
| Gross deferred liabilities | (378.9) | (419.7) |
| Net deferred tax liabilities | (243.6) | (305.5) |
| Foreign tax credit carryforwards | 5.2 | |
| Deferred tax asset for state tax loss carry forwards | 13.7 | |
| Valuation allowance on state tax losses | (9.2) | |
| Non-U.S. tax attributes | 10.6 | $ 3.8 |
| Valuation allowance on foreign tax losses | $ (0.7) |
Income Taxes - Balance Sheet Location for Deferred Items and Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Deferred tax assets (liabilities) | |||
| Other long-term assets | $ 135.3 | $ 114.2 | |
| Other long-term liabilities | (378.9) | (419.7) | |
| Net deferred tax liabilities | (243.6) | (305.5) | |
| Undistributed foreign earnings | 5.8 | 5.7 | |
| Reconciliation of the beginning and ending amount of unrecognized tax benefits | |||
| Balance at the beginning of the period | 6.4 | 7.3 | $ 13.1 |
| Additions based on tax positions related to current year | 3.3 | 0.9 | 0.7 |
| Reductions due to statute of limitations | (2.7) | (1.8) | (6.5) |
| Adjustments for tax positions of prior years | 0.0 | 0.2 | 0.0 |
| Reductions due to settlements | (0.2) | (0.2) | 0.0 |
| Adjustments due to foreign exchange rates | 0.5 | 0.0 | |
| Adjustments due to foreign exchange rates | 0.0 | ||
| Balance at the end of the period | 7.3 | 6.4 | 7.3 |
| Uncertain tax position that would impact effective tax rate | 6.7 | ||
| Total amount of interest and penalties accrued | 1.2 | 2.3 | $ 2.4 |
| Minimum | |||
| Reconciliation of the beginning and ending amount of unrecognized tax benefits | |||
| Decrease in unrecognized tax benefits is reasonably possible | 0.5 | ||
| Maximum | |||
| Reconciliation of the beginning and ending amount of unrecognized tax benefits | |||
| Decrease in unrecognized tax benefits is reasonably possible | 1.5 | ||
| Other long-term assets | |||
| Deferred tax assets (liabilities) | |||
| Other long-term assets | 0.7 | 1.5 | |
| Other long-term liabilities | |||
| Deferred tax assets (liabilities) | |||
| Other long-term liabilities | $ (244.3) | $ (307.0) | |
Income Taxes - Tax Examinations (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Minimum | |
| Income Tax Examination [Line Items] | |
| Period of limitation for examination | 3 years |
| Maximum | |
| Income Tax Examination [Line Items] | |
| Period of limitation for examination | 5 years |
Inventories (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Raw materials | $ 120.9 | $ 217.7 |
| Work-in-process | 26.2 | 28.0 |
| Finished goods | 222.5 | 281.2 |
| Reserves | (7.9) | (8.9) |
| Inventories, net | $ 361.7 | $ 518.0 |
Property, Plant, and Equipment, net (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Property, Plant, and Equipment | |||
| Property, plant and equipment, gross | $ 1,303.8 | $ 1,192.8 | |
| Accumulated depreciation | (648.6) | (590.8) | |
| Property, plant and equipment, net | 655.2 | 602.0 | |
| Capitalized interest | 3.0 | 2.8 | $ 1.5 |
| Land | |||
| Property, Plant, and Equipment | |||
| Property, plant and equipment, gross | 49.8 | 49.0 | |
| Buildings and leasehold improvements | |||
| Property, Plant, and Equipment | |||
| Property, plant and equipment, gross | 464.6 | 369.0 | |
| Machinery and equipment | |||
| Property, Plant, and Equipment | |||
| Property, plant and equipment, gross | 684.6 | 615.9 | |
| Projects in progress | |||
| Property, Plant, and Equipment | |||
| Property, plant and equipment, gross | $ 104.8 | $ 158.9 | |
Goodwill and Other Intangible Assets, net - Changes in the Carrying Amount of Goodwill (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Nov. 01, 2023
reportingUnit
|
Dec. 31, 2023
USD ($)
reportingUnit
|
Dec. 31, 2022
USD ($)
reportingUnit
|
|
| Changes in the carrying amount of goodwill | |||
| Goodwill, Balance at the beginning of the period | $ 1,177.6 | $ 1,172.6 | |
| Goodwill acquired during the year | 20.6 | 12.5 | |
| Measurement period adjustments | 1.3 | ||
| Change in reportable segments | 0.0 | ||
| Currency translation and other | 4.3 | (8.8) | |
| Goodwill, Balance at the end of the period | $ 1,202.5 | 1,177.6 | |
| Number of reporting units | reportingUnit | 4 | 4 | |
| CCM | |||
| Changes in the carrying amount of goodwill | |||
| Goodwill, Balance at the beginning of the period | $ 932.8 | 1,172.6 | |
| Goodwill acquired during the year | 0.0 | 12.5 | |
| Measurement period adjustments | 1.3 | ||
| Change in reportable segments | (254.6) | ||
| Currency translation and other | 1.9 | 1.0 | |
| Goodwill, Balance at the end of the period | 934.7 | $ 932.8 | |
| Number of reporting units | reportingUnit | 4 | ||
| CWT | |||
| Changes in the carrying amount of goodwill | |||
| Goodwill, Balance at the beginning of the period | 244.8 | $ 0.0 | |
| Goodwill acquired during the year | 20.6 | 0.0 | |
| Measurement period adjustments | 0.0 | ||
| Change in reportable segments | 254.6 | ||
| Currency translation and other | 2.4 | (9.8) | |
| Goodwill, Balance at the end of the period | $ 267.8 | $ 244.8 | |
Goodwill and Other Intangible Assets, net - Other Intangibles and Amortization (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Other intangible assets, net | ||
| Other intangible assets, Acquired Cost | $ 1,698.9 | $ 1,686.3 |
| Accumulated Amortization | (446.0) | (358.8) |
| Other intangible assets, net | $ 1,252.9 | 1,327.5 |
| Subject of amortization [Abstract] | ||
| Useful life of finite lived intangible assets | 13 years 9 months 18 days | |
| Estimated amortization expense | ||
| 2024 | $ 91.4 | |
| 2025 | 90.7 | |
| 2026 | 81.9 | |
| 2027 | 76.2 | |
| 2028 | 74.9 | |
| Thereafter | 583.6 | |
| Indefinite-lived trade name | ||
| Assets not subject to amortization: | ||
| Acquired Cost | 254.2 | 253.1 |
| Accumulated Amortization | 0.0 | 0.0 |
| Net Book Value | 254.2 | 253.1 |
| Customer relationships | ||
| Other intangible assets | ||
| Acquired Cost | 1,209.8 | 1,202.6 |
| Accumulated Amortization | (298.9) | (222.0) |
| Net Book Value | $ 910.9 | 980.6 |
| Subject of amortization [Abstract] | ||
| Useful life of finite lived intangible assets | 14 years 3 months 18 days | |
| Technology and intellectual property | ||
| Other intangible assets | ||
| Acquired Cost | $ 146.7 | 145.5 |
| Accumulated Amortization | (97.6) | (94.8) |
| Net Book Value | $ 49.1 | 50.7 |
| Subject of amortization [Abstract] | ||
| Useful life of finite lived intangible assets | 8 years 4 months 24 days | |
| Trade names and other | ||
| Other intangible assets | ||
| Acquired Cost | $ 88.2 | 85.1 |
| Accumulated Amortization | (49.5) | (42.0) |
| Net Book Value | $ 38.7 | $ 43.1 |
| Subject of amortization [Abstract] | ||
| Useful life of finite lived intangible assets | 7 years 8 months 12 days |
Goodwill and Other Intangible Assets, net - Net Carrying Value of Other Intangibles (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Net book value of other intangible assets by the reportable segment | ||
| Other intangible assets, net | $ 1,252.9 | $ 1,327.5 |
| Carlisle Construction Materials | ||
| Net book value of other intangible assets by the reportable segment | ||
| Other intangible assets, net | 121.1 | 129.1 |
| Carlisle Weatherproofing Technologies | ||
| Net book value of other intangible assets by the reportable segment | ||
| Other intangible assets, net | 1,127.6 | 1,192.2 |
| Corporate | ||
| Net book value of other intangible assets by the reportable segment | ||
| Other intangible assets, net | $ 4.2 | $ 6.2 |
Accrued and Other Current Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Accrued liabilities | |||
| Customer incentives | $ 112.7 | $ 122.9 | |
| Compensation and benefits | 77.2 | 83.3 | |
| Standard product warranties | 24.9 | 25.2 | $ 26.0 |
| Income and other accrued taxes | 19.9 | 8.1 | |
| Other accrued liabilities | 58.2 | 50.8 | |
| Accrued and other current liabilities | $ 292.9 | $ 290.3 |
Accrued and Other Current Liabilities - Product Warranties (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Change in aggregate product warranty liabilities | ||
| Beginning reserve | $ 25.2 | $ 26.0 |
| Provision | 15.0 | 10.3 |
| Claims | (15.4) | (10.8) |
| Foreign exchange | 0.1 | (0.3) |
| Ending reserve | $ 24.9 | $ 25.2 |
Long-term Debt - Summary of Long Term Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Sep. 28, 2021 |
Feb. 28, 2020 |
Nov. 16, 2017 |
|---|---|---|---|---|---|
| Borrowings | |||||
| Unamortized discount, debt issuance costs and other | $ (10.6) | $ (17.2) | |||
| Total long term-debt | 2,289.4 | 2,582.8 | |||
| Less: current portion of debt | 402.7 | 301.7 | |||
| Long term-debt, less current portion | 1,886.7 | 2,281.1 | |||
| 2.20% Notes due 2032 | |||||
| Borrowings | |||||
| Long-term debt, carrying amount | $ 550.0 | 550.0 | |||
| Interest rate (as a percent) | 2.20% | 2.20% | |||
| 2.20% Notes due 2032 | Significant Observable Inputs (Level 2) | |||||
| Borrowings | |||||
| Fair value of notes | $ 445.9 | 417.5 | |||
| 2.75% Notes due 2030 | |||||
| Borrowings | |||||
| Long-term debt, carrying amount | $ 750.0 | 750.0 | |||
| Interest rate (as a percent) | 2.75% | 2.75% | |||
| 2.75% Notes due 2030 | Significant Observable Inputs (Level 2) | |||||
| Borrowings | |||||
| Fair value of notes | $ 666.2 | 622.3 | |||
| 3.75% Notes due 2027 | |||||
| Borrowings | |||||
| Long-term debt, carrying amount | $ 600.0 | 600.0 | |||
| Interest rate (as a percent) | 3.75% | 3.75% | |||
| 3.75% Notes due 2027 | Significant Observable Inputs (Level 2) | |||||
| Borrowings | |||||
| Fair value of notes | $ 575.2 | 557.4 | |||
| 3.50% Notes due 2024 | |||||
| Borrowings | |||||
| Long-term debt, carrying amount | $ 400.0 | 400.0 | |||
| Interest rate (as a percent) | 3.50% | 3.50% | |||
| 3.50% Notes due 2024 | Significant Observable Inputs (Level 2) | |||||
| Borrowings | |||||
| Fair value of notes | $ 392.5 | 386.9 | |||
| 0.55% Notes due 2023 | |||||
| Borrowings | |||||
| Long-term debt, carrying amount | $ 0.0 | 300.0 | |||
| Interest rate (as a percent) | 0.55% | 0.55% | |||
| 0.55% Notes due 2023 | Significant Observable Inputs (Level 2) | |||||
| Borrowings | |||||
| Fair value of notes | $ 0.0 | $ 290.7 |
Long-term Debt (Details) - USD ($) |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
Sep. 01, 2023 |
Sep. 28, 2021 |
Feb. 28, 2020 |
Nov. 16, 2017 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Feb. 05, 2020 |
|
| Borrowings | ||||||||
| Proceeds from notes | $ 0 | $ 0 | $ 842,600,000 | |||||
| Percentage of principal amount at which the entity may redeem some or all of the notes prior to specified date | 100.00% | |||||||
| Percentage of principal amount at which the entity may redeem some or all of the notes after specified date | 100.00% | |||||||
| Percentage of the principal amount at which the notes are redeemable, upon a change in control | 101.00% | |||||||
| Borrowings from revolving credit facility | $ 84,000,000.0 | 0 | 650,000,000.0 | |||||
| Repayments of revolving credit facility | 84,000,000.0 | 0 | 650,000,000.0 | |||||
| Letters of credit outstanding | 17,600,000 | 15,800,000 | ||||||
| Cash payments for interest | $ 71,900,000 | 82,900,000 | $ 71,900,000 | |||||
| 2.20% Notes due 2032 | ||||||||
| Borrowings | ||||||||
| Interest rate (as a percent) | 2.20% | 2.20% | ||||||
| Proceeds from notes | $ 550,000,000 | |||||||
| Unamortized discount | 4,800,000 | |||||||
| Proceeds from issuance of debt | 545,200,000 | |||||||
| Issuance costs including underwriter's, credit rating agencies' and attorneys' fees and other costs, which are included in other long-term assets | $ 1,100,000 | |||||||
| Long-term debt, carrying amount | $ 550,000,000.0 | 550,000,000.0 | ||||||
| Long-term debt redemption price, basis spread on variable discount rate (as a percent) | 20.00% | |||||||
| 2.75% Notes due 2030 | ||||||||
| Borrowings | ||||||||
| Interest rate (as a percent) | 2.75% | 2.75% | ||||||
| Unamortized discount | $ 9,300,000 | |||||||
| Proceeds from issuance of debt | 740,700,000 | |||||||
| Issuance costs including underwriter's, credit rating agencies' and attorneys' fees and other costs, which are included in other long-term assets | 6,500,000 | |||||||
| Notes issued in public offering | 750,000,000 | |||||||
| Accumulated loss on treasury locks | 16,400,000 | |||||||
| Debt discount and issuance costs | $ 15,800,000 | |||||||
| Long-term debt, carrying amount | $ 750,000,000.0 | 750,000,000.0 | ||||||
| Long-term debt redemption price, basis spread on variable discount rate (as a percent) | 20.00% | |||||||
| 3.75% Notes due 2027 | ||||||||
| Borrowings | ||||||||
| Interest rate (as a percent) | 3.75% | 3.75% | ||||||
| Unamortized discount | $ 2,400,000 | |||||||
| Proceeds from issuance of debt | 597,600,000 | |||||||
| Issuance costs including underwriter's, credit rating agencies' and attorneys' fees and other costs, which are included in other long-term assets | 7,700,000 | |||||||
| Notes issued in public offering | $ 600,000,000 | |||||||
| Long-term debt, carrying amount | $ 600,000,000.0 | 600,000,000.0 | ||||||
| Long-term debt redemption price, basis spread on variable discount rate (as a percent) | 25.00% | |||||||
| 3.50% Notes due 2024 | ||||||||
| Borrowings | ||||||||
| Interest rate (as a percent) | 3.50% | 3.50% | ||||||
| Unamortized discount | $ 400,000 | |||||||
| Proceeds from issuance of debt | 399,600,000 | |||||||
| Issuance costs including underwriter's, credit rating agencies' and attorneys' fees and other costs, which are included in other long-term assets | 4,500,000 | |||||||
| Notes issued in public offering | $ 400,000,000 | |||||||
| Long-term debt, carrying amount | $ 400,000,000.0 | 400,000,000.0 | ||||||
| Long-term debt redemption price, basis spread on variable discount rate (as a percent) | 20.00% | |||||||
| 0.55% Notes due 2023 | ||||||||
| Borrowings | ||||||||
| Interest rate (as a percent) | 0.55% | 0.55% | ||||||
| Long-term debt, carrying amount | $ 0 | 300,000,000.0 | ||||||
| 0.55% Notes due 2023 | ||||||||
| Borrowings | ||||||||
| Proceeds from notes | $ 300,000,000 | |||||||
| Unamortized discount | 2,600,000 | |||||||
| Proceeds from issuance of debt | 297,400,000 | |||||||
| Issuance costs including underwriter's, credit rating agencies' and attorneys' fees and other costs, which are included in other long-term assets | $ 600,000 | |||||||
| 3.75% Senior Notes | ||||||||
| Borrowings | ||||||||
| Long-term debt, carrying amount | $ 300,000,000 | |||||||
| Redemption price | 300,800,000 | |||||||
| Interest redemption | $ 800,000 | |||||||
| Revolving Credit Facility | ||||||||
| Borrowings | ||||||||
| Maximum borrowing capacity | $ 1,000,000,000 | |||||||
| Borrowings outstanding | 0 | |||||||
| Remaining borrowing capacity | 1,000,000,000 | |||||||
| Borrowings from revolving credit facility | 84,000,000 | 0 | ||||||
| Repayments of revolving credit facility | $ 84,000,000 | $ 0 | ||||||
| Weighted average interest rate, over time | 6.61% | |||||||
| Revolving Credit Facility | Fourth Amended and Restated Credit Agreement | ||||||||
| Borrowings | ||||||||
| Line of credit, additional borrowing capacity | 500,000,000 | |||||||
| Letter of Credit | Fourth Amended and Restated Credit Agreement | ||||||||
| Borrowings | ||||||||
| Maximum borrowing capacity | $ 50,000,000 | |||||||
| Letter of Credit | Revolving Credit Facility | ||||||||
| Borrowings | ||||||||
| Maximum borrowing capacity | $ 110,000,000 | |||||||
| Remaining borrowing capacity | $ 92,400,000 | |||||||
Employee Benefit Plans - Net Periodic Benefit Cost and General Information (Details) - USD ($) shares in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Components of net periodic benefit cost | |||
| Mandatory minimum employer contributions to pension plans | $ 0 | $ 0 | |
| Discretionary contributions | $ 3,600,000 | ||
| Defined Contribution Plans | |||
| Maximum company match (as a percent) | 4.00% | ||
| Employer contributions for the savings account | $ 19,900,000 | $ 20,300,000 | $ 16,900,000 |
| Maximum percentage of employee compensation match by employer to employee stock ownership plan | 50.00% | ||
| Common shares held (in shares) | 0.5 | 0.6 | 0.7 |
| Deferred Compensation - Cash | |||
| Deferred compensation plan, employer matching contribution (percent) | 4.00% | ||
| Deferred compensation arrangement, compensation distribution period | 10 years | ||
| Cash | |||
| Deferred Compensation - Cash | |||
| Deferred compensation, Rabbi Trust | $ 4,400,000 | $ 4,000,000 | |
| Short-term Investments | |||
| Deferred Compensation - Cash | |||
| Deferred compensation, Rabbi Trust | $ 11,500,000 | $ 8,100,000 | |
| Defined Benefit Plans | |||
| Weighted-average assumptions for benefit obligations | |||
| Discount rate (as a percent) | 4.80% | 5.00% | |
| Rate of compensation increase (as a percent) | 3.80% | 3.80% | |
| Weighted-average assumptions for net periodic benefit cost | |||
| Discount rate (as a percent) | 5.10% | 2.60% | 2.20% |
| Rate of compensation increase (as a percent) | 3.80% | 3.80% | 3.80% |
| Expected long-term return on plan assets (as a percent) | 6.00% | 6.60% | 6.60% |
| Weighted-average cash balance interest crediting rate (as a percent) | 4.00% | 4.00% | 4.00% |
| Components of net periodic benefit cost | |||
| Service cost | $ 2,100,000 | $ 2,300,000 | $ 3,000,000.0 |
| Interest cost | 6,300,000 | 3,300,000 | 2,800,000 |
| Expected return on plan assets | (8,200,000) | (9,500,000) | (9,700,000) |
| Amortization of unrecognized net loss | 1,300,000 | 5,000,000.0 | 6,200,000 |
| Amortization of unrecognized prior service credit | 100,000 | 0 | 100,000 |
| Settlement expense | 0 | 0 | 1,700,000 |
| Net periodic benefit cost | 1,600,000 | 1,100,000 | 4,100,000 |
| Company's contribution to pension plan | 5,100,000 | 3,500,000 | |
| Fair value of plan assets | 114,800,000 | 114,900,000 | $ 149,200,000 |
| Estimated future benefit payments | |||
| 2024 | 16,600,000 | ||
| 2025 | 13,600,000 | ||
| 2026 | 13,800,000 | ||
| 2027 | 13,300,000 | ||
| 2028 | 12,700,000 | ||
| 2029-2033 | 54,500,000 | ||
| Executive Supplemental and Director Defined Benefit Pension Plans | |||
| Components of net periodic benefit cost | |||
| Company's contribution to pension plan | 1,500,000 | 1,500,000 | |
| Fair value of plan assets | 0 | $ 0 | |
| Expected employer contributions in next fiscal year | $ 1,500,000 | ||
Employee Benefit Plans - Defined Benefit Plans (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Net asset (liability) | |||
| Other long-term liabilities | $ (19,500,000) | $ (21,300,000) | |
| Defined Benefit Plans | |||
| Projected benefit obligation | |||
| Beginning of year | 136,000,000.0 | 170,000,000.0 | |
| Service cost | 2,100,000 | 2,300,000 | $ 3,000,000.0 |
| Interest cost | 6,300,000 | 3,300,000 | 2,800,000 |
| Plan amendments | 0 | 200,000 | |
| Actuarial loss (gain) | 3,500,000 | (26,600,000) | |
| Benefits paid | (13,600,000) | (13,200,000) | |
| End of year | 134,300,000 | 136,000,000.0 | 170,000,000.0 |
| Fair value of plan assets | |||
| Beginning of year | 114,900,000 | 149,200,000 | |
| Actual gain (loss) on plan assets | 8,400,000 | (24,600,000) | |
| Company contributions | 5,100,000 | 3,500,000 | |
| Benefits paid | (13,600,000) | (13,200,000) | |
| End of year | 114,800,000 | 114,900,000 | $ 149,200,000 |
| (Unfunded) funded status end of year | (19,500,000) | (21,100,000) | |
| Accumulated benefit obligation at end of year | 133,100,000 | 134,800,000 | |
| Net asset (liability) | |||
| Other long-term assets | 400,000 | 0 | |
| Accrued and other current liabilities | (1,500,000) | (1,500,000) | |
| Other long-term liabilities | (18,400,000) | (19,600,000) | |
| Net pension liabilities | (19,500,000) | (21,100,000) | |
| Amounts included in accumulated other comprehensive loss | |||
| Unrecognized actuarial losses (gross) | 51,300,000 | 49,200,000 | |
| Unrecognized actuarial losses (net of tax) | 39,600,000 | 38,100,000 | |
| Unrecognized prior service costs (gross) | 500,000 | 600,000 | |
| Unrecognized prior service costs (net of tax) | 400,000 | 400,000 | |
| Executive Supplemental and Director Defined Benefit Pension Plans | |||
| Projected benefit obligation | |||
| Beginning of year | 19,000,000 | ||
| End of year | 20,000,000 | 19,000,000 | |
| Fair value of plan assets | |||
| Beginning of year | 0 | ||
| Company contributions | 1,500,000 | 1,500,000 | |
| End of year | 0 | 0 | |
| Accumulated benefit obligation at end of year | $ 18,700,000 | $ 17,700,000 | |
Employee Benefit Plans - Fair Value Measurements (Details) - Quoted Prices in Active Markets for Identical Assets (Level 1) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Defined Benefit Plans | ||
| Fair value of plan assets | $ 114.8 | $ 114.9 |
| Cash | ||
| Defined Benefit Plans | ||
| Fair value of plan assets | 0.5 | 0.6 |
| U.S. treasury bonds | ||
| Defined Benefit Plans | ||
| Fair value of plan assets | $ 21.8 | 30.1 |
| Equity mutual funds | ||
| Defined Benefit Plans | ||
| Target allocation percentage of investments | 12.00% | |
| Fair value of plan assets | $ 13.1 | 13.2 |
| Fixed income mutual funds | ||
| Defined Benefit Plans | ||
| Target allocation percentage of investments | 88.00% | |
| Fair value of plan assets | $ 79.4 | $ 71.0 |
Employee Benefit Plans - Workers' Compensation and Related Losses (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Employee Benefit Plans [Abstract] | ||
| Limits in excess of occurrence for reimbursement of workers' compensation | $ 0.5 | |
| Other current assets | 0.3 | $ 1.5 |
| Other long-term assets | 2.2 | 3.8 |
| Total recovery receivable | 2.5 | 5.3 |
| Accrued and other current liabilities | 1.1 | 0.8 |
| Other long-term liabilities | 13.4 | 13.6 |
| Total workers' compensation liability | $ 14.5 | $ 14.4 |
Other Long-Term Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Liabilities, Other than Long-Term Debt, Noncurrent [Abstract] | ||
| Deferred taxes and other tax liabilities | $ 253.0 | $ 316.3 |
| Operating lease liabilities | 34.8 | 40.4 |
| Deferred compensation | 27.2 | 21.1 |
| Pension and other post-retirement obligations | 19.5 | 21.3 |
| Long-term workers' compensation | 13.4 | 13.6 |
| Other | 72.5 | 60.9 |
| Other long-term liabilities | $ 420.4 | $ 473.6 |
Commitments and Contingencies - Leases (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
renewal_option
| |
| Lessee, Lease, Description [Line Items] | |
| Number of renewal options | 1 |
| Minimum | |
| Lessee, Lease, Description [Line Items] | |
| Remaining lease term | 1 year |
| Lease renewal term | 1 year |
| Maximum | |
| Lessee, Lease, Description [Line Items] | |
| Remaining lease term | 9 years |
| Lease renewal term | 10 years |
Commitment and Contingencies - Lease Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Commitments and Contingencies Disclosure [Abstract] | |||
| Operating lease cost | $ 21.2 | $ 19.6 | $ 17.6 |
| Variable lease cost | 5.5 | 4.4 | 3.0 |
| Short-term lease cost | 6.9 | 5.1 | 3.2 |
| Total lease cost | $ 33.6 | $ 29.1 | $ 23.8 |
Commitment and Contingencies - Lease Assets and Lease Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Commitments and Contingencies Disclosure [Abstract] | ||
| Operating lease right-of-use assets | $ 50.4 | $ 51.1 |
| Operating lease liabilities - current | 19.8 | 16.7 |
| Operating lease liabilities - long-term | 34.8 | 40.4 |
| Total lease liabilities | $ 54.6 | $ 57.1 |
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other long-term assets | Other long-term assets |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued and other current liabilities | Accrued and other current liabilities |
| Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities |
Commitment and Contingencies - Maturity of Lease Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
| 2024 | $ 21.8 | |
| 2025 | 16.4 | |
| 2026 | 11.3 | |
| 2027 | 6.2 | |
| 2028 | 2.4 | |
| Thereafter | 2.7 | |
| Total | 60.8 | |
| Less: imputed interest | (6.2) | |
| Total lease liabilities | $ 54.6 | $ 57.1 |
Commitment and Contingencies - Lease Term and Discount Rate (Details) |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Commitments and Contingencies Disclosure [Abstract] | ||
| Weighted-average remaining lease term (in years) | 3 years 6 months | 4 years 4 months 24 days |
| Weighted-average discount rate | 4.40% | 4.20% |
Commitment and Contingencies - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Supplemental Cash Flow Information [Abstract] | |||
| Cash paid for operating lease liabilities | $ 19.9 | $ 18.4 | $ 15.6 |
| Right-of-use assets obtained in exchange for operating lease liabilities | $ 19.2 | $ 18.7 | $ 26.3 |
Financial Instruments (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Derivative Financial Instruments | ||
| Investment grade bonds | $ 19.8 | $ 19.8 |
| Designated as Hedging Instrument | Foreign Exchange Forward Contracts | ||
| Derivative Financial Instruments | ||
| Fair value | (0.9) | 0.7 |
| Notional value | $ 26.6 | 17.5 |
| Designated as Hedging Instrument | Cash Flow Hedge | Foreign Exchange Forward Contracts | Maximum | ||
| Derivative Financial Instruments | ||
| Maturity term | 1 year | |
| Not Designated as Hedging Instrument | Foreign Exchange Forward Contracts | ||
| Derivative Financial Instruments | ||
| Fair value | $ (0.6) | (0.2) |
| Notional value | $ 56.4 | $ 49.1 |
| Not Designated as Hedging Instrument | Foreign Exchange Forward Contracts | Maximum | ||
| Derivative Financial Instruments | ||
| Maturity term | 1 year |
Financial Instruments - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Balance at the beginning of the period | $ 3,024.4 | $ 2,629.5 | $ 2,537.7 |
| Other comprehensive (loss) income before reclassifications | 44.7 | (56.3) | |
| Amounts reclassified from accumulated other comprehensive income (loss) | 2.0 | 3.7 | |
| Other comprehensive income (loss) | 46.7 | (52.6) | (8.2) |
| Balance at the end of the period | 2,829.0 | 3,024.4 | 2,629.5 |
| Accrued post-retirement benefit liability | |||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Balance at the beginning of the period | (38.2) | (36.4) | |
| Other comprehensive (loss) income before reclassifications | (2.9) | (7.3) | |
| Amounts reclassified from accumulated other comprehensive income (loss) | 1.6 | 5.5 | |
| Other comprehensive income (loss) | (1.3) | (1.8) | |
| Balance at the end of the period | (39.5) | (38.2) | (36.4) |
| Foreign currency translation | |||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Balance at the beginning of the period | (105.4) | (55.0) | |
| Other comprehensive (loss) income before reclassifications | 46.1 | (50.4) | |
| Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | 0.0 | |
| Other comprehensive income (loss) | 46.1 | (50.4) | |
| Balance at the end of the period | (59.3) | (105.4) | (55.0) |
| Derivative contracts and other | |||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Balance at the beginning of the period | (14.2) | (13.8) | |
| Other comprehensive (loss) income before reclassifications | 1.5 | 1.4 | |
| Amounts reclassified from accumulated other comprehensive income (loss) | 0.4 | (1.8) | |
| Other comprehensive income (loss) | 1.9 | (0.4) | |
| Balance at the end of the period | (12.3) | (14.2) | (13.8) |
| Accumulated Other Comprehensive Income (loss). | |||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Balance at the beginning of the period | (157.8) | (105.2) | (97.0) |
| Other comprehensive income (loss) | 46.7 | (52.6) | (8.2) |
| Balance at the end of the period | $ (111.1) | $ (157.8) | $ (105.2) |
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Quarterly Financial Information Disclosure [Abstract] | |||||||||||
| Revenues | $ 1,127.5 | $ 1,259.8 | $ 1,307.0 | $ 892.6 | $ 1,149.9 | $ 1,497.0 | $ 1,562.3 | $ 1,240.2 | $ 4,586.9 | $ 5,449.4 | $ 3,836.7 |
| Gross margin | 419.7 | 466.1 | 477.2 | 271.2 | 355.5 | 514.5 | 561.2 | 434.8 | 1,634.2 | 1,866.0 | |
| Operating income | 253.6 | 299.9 | 308.6 | 120.7 | 209.5 | 324.0 | 396.1 | 275.2 | 982.8 | 1,204.8 | 573.4 |
| Income from continuing operations | 191.7 | 216.9 | 226.7 | 83.6 | 153.0 | 233.3 | 280.7 | 191.0 | 718.9 | 858.0 | 385.6 |
| Income (loss) from discontinued operations | 13.8 | 48.7 | (32.1) | 18.1 | 21.2 | 21.4 | 20.8 | 2.6 | 48.5 | 66.0 | 36.1 |
| Net income | $ 205.5 | $ 265.6 | $ 194.6 | $ 101.7 | $ 174.2 | $ 254.7 | $ 301.5 | $ 193.6 | $ 767.4 | $ 924.0 | $ 421.7 |
| Basic earnings per share: | |||||||||||
| Income from continuing operations (in dollars per share) | $ 3.96 | $ 4.37 | $ 4.46 | $ 1.63 | $ 2.97 | $ 4.49 | $ 5.41 | $ 3.66 | $ 14.38 | $ 16.53 | $ 7.33 |
| Income (loss) from discontinued operations (in dollars per share) | 0.29 | 0.98 | (0.63) | 0.36 | 0.40 | 0.41 | 0.40 | 0.05 | 0.97 | 1.27 | 0.68 |
| Basic earnings per share (in dollars per share) | 4.25 | 5.35 | 3.83 | 1.99 | 3.37 | 4.90 | 5.81 | 3.71 | 15.35 | 17.80 | 8.01 |
| Diluted earnings per share: | |||||||||||
| Income from continuing operations (in dollars per share) | 3.91 | 4.32 | 4.42 | 1.61 | 2.93 | 4.42 | 5.33 | 3.61 | 14.22 | 16.30 | 7.23 |
| Income (loss) from discontinued operations (in dollars per share) | 0.29 | 0.97 | (0.63) | 0.35 | 0.40 | 0.41 | 0.40 | 0.05 | 0.96 | 1.26 | 0.68 |
| Diluted earnings per share (in dollars per share) | $ 4.20 | $ 5.29 | $ 3.79 | $ 1.96 | $ 3.33 | $ 4.83 | $ 5.73 | $ 3.66 | $ 15.18 | $ 17.56 | $ 7.91 |
Subsequent Events (Details) $ in Millions |
Jan. 30, 2024
USD ($)
|
|---|---|
| Subsequent Event | |
| Subsequent Event [Line Items] | |
| Sale consideration | $ 2,025 |