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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
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FOR THE QUARTERLY PERIOD ENDED June 30, 2020
Commission file number 1-9278
www.carlisle.com
CARLISLE COMPANIES INCORPORATED
(Exact name of registrant as specified in its
charter)
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Delaware
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31-1168055
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(State of incorporation)
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(I.R.S. Employer Identification No.)
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(480) 781-5000
(Telephone)
16430 North Scottsdale Road, Suite 400, Scottsdale, Arizona
85254
(Address of principal executive office, including zip
code)
Securities registered pursuant to Section 12(b) of the
Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Common stock |
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CSL |
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New York Stock Exchange |
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Preferred stock purchase rights |
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n/a |
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New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject
to such filing requirements for the past 90
days.
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§ 232.405 of
this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit such
files).
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company, or an emerging growth company. See the
definitions of "large accelerated filer," "accelerated filer,"
"smaller reporting company," and "emerging growth company" in
Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act.
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).
On July 16, 2020, there were 54,579,811 shares of the
registrant's common stock outstanding, par value $1.00 per
share.
Carlisle Companies Incorporated
Table of Contents
PART I
Item 1. Financial Statements
Carlisle Companies Incorporated
Condensed Consolidated Statements of Income and Comprehensive
Income (Unaudited)
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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(in millions, except per share amounts) |
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2020 |
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2019 |
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2020 |
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2019 |
|
Revenues |
|
$ |
1,024.2 |
|
|
$ |
1,314.8 |
|
|
$ |
2,054.4 |
|
|
$ |
2,386.7 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
743.0 |
|
|
920.6 |
|
|
1,494.8 |
|
|
1,703.9 |
|
|
Selling and administrative expenses |
|
153.1 |
|
|
172.3 |
|
|
315.0 |
|
|
336.5 |
|
|
Research and development expenses |
|
14.1 |
|
|
15.4 |
|
|
28.5 |
|
|
29.8 |
|
|
|
|
|
|
|
|
|
|
|
Other operating expense (income), net |
|
0.6 |
|
|
(0.7) |
|
|
— |
|
|
(5.4) |
|
|
Operating income |
|
113.4 |
|
|
207.2 |
|
|
216.1 |
|
|
321.9 |
|
|
Interest expense, net |
|
19.8 |
|
|
16.6 |
|
|
38.7 |
|
|
32.9 |
|
|
Loss on extinguishment of debt |
|
— |
|
|
— |
|
|
8.8 |
|
|
— |
|
|
Interest income |
|
(2.7) |
|
|
(1.9) |
|
|
(3.4) |
|
|
(4.5) |
|
|
Other non-operating income, net |
|
(0.7) |
|
|
(0.6) |
|
|
(1.2) |
|
|
(1.0) |
|
|
Income from continuing operations before income taxes |
|
97.0 |
|
|
193.1 |
|
|
173.2 |
|
|
294.5 |
|
|
Provision for income taxes |
|
21.6 |
|
|
40.1 |
|
|
36.0 |
|
|
64.1 |
|
|
Income from continuing operations |
|
75.4 |
|
|
153.0 |
|
|
137.2 |
|
|
230.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for (benefit from) income taxes |
|
— |
|
|
0.1 |
|
|
— |
|
|
(1.9) |
|
|
(Loss) income from discontinued operations |
|
— |
|
|
(0.1) |
|
|
— |
|
|
1.9 |
|
|
Net income |
|
$ |
75.4 |
|
|
$ |
152.9 |
|
|
$ |
137.2 |
|
|
$ |
232.3 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to common shares: |
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
1.37 |
|
|
$ |
2.68 |
|
|
$ |
2.47 |
|
|
$ |
4.01 |
|
|
Income from discontinued operations |
|
— |
|
|
— |
|
|
— |
|
|
0.03 |
|
|
Basic earnings per share |
|
$ |
1.37 |
|
|
$ |
2.68 |
|
|
$ |
2.47 |
|
|
$ |
4.04 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to common
shares: |
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
1.36 |
|
|
$ |
2.65 |
|
|
$ |
2.45 |
|
|
$ |
3.98 |
|
|
Income from discontinued operations |
|
— |
|
|
— |
|
|
— |
|
|
0.03 |
|
|
Diluted earnings per share |
|
$ |
1.36 |
|
|
$ |
2.65 |
|
|
$ |
2.45 |
|
|
$ |
4.01 |
|
|
|
|
|
|
|
|
|
|
|
|
Average shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
54.8 |
|
|
57.0 |
|
|
55.3 |
|
|
57.2 |
|
|
Diluted |
|
55.2 |
|
|
57.6 |
|
|
55.8 |
|
|
57.7 |
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
75.4 |
|
|
$ |
152.9 |
|
|
$ |
137.2 |
|
|
$ |
232.3 |
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Foreign currency gains (losses) |
|
7.8 |
|
|
(3.6) |
|
|
(20.5) |
|
|
0.3 |
|
|
Amortization of unrecognized net periodic benefit costs, net of
tax
|
|
1.0 |
|
|
0.6 |
|
|
2.0 |
|
|
1.3 |
|
|
Other, net of tax |
|
0.7 |
|
|
(1.6) |
|
|
(17.5) |
|
|
— |
|
|
Other comprehensive income (loss) |
|
9.5 |
|
|
(4.6) |
|
|
(36.0) |
|
|
1.6 |
|
|
Comprehensive income |
|
$ |
84.9 |
|
|
$ |
148.3 |
|
|
$ |
101.2 |
|
|
$ |
233.9 |
|
See accompanying Notes to Condensed Consolidated Financial
Statements (Unaudited)
Carlisle Companies Incorporated
Condensed Consolidated Balance Sheets (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except per share amounts) |
|
June 30,
2020 |
|
December 31,
2019 |
|
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
737.7 |
|
|
$ |
351.2 |
|
|
Receivables, net of allowance for credit losses of $7.6 million and
$6.6 million, respectively
|
|
692.5 |
|
|
682.5 |
|
|
Inventories, net |
|
547.8 |
|
|
510.6 |
|
|
Contract assets |
|
101.9 |
|
|
100.5 |
|
|
Prepaid expenses |
|
25.2 |
|
|
30.5 |
|
|
Other current assets |
|
47.8 |
|
|
76.7 |
|
|
Total current assets |
|
2,152.9 |
|
|
1,752.0 |
|
|
|
|
|
|
|
|
Property, plant, and equipment, net |
|
764.3 |
|
|
783.5 |
|
|
Goodwill, net |
|
1,708.3 |
|
|
1,716.3 |
|
|
Other intangible assets, net |
|
1,083.9 |
|
|
1,140.6 |
|
|
Other long-term assets |
|
98.9 |
|
|
103.6 |
|
|
Total assets |
|
$ |
5,808.3 |
|
|
$ |
5,496.0 |
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
321.3 |
|
|
$ |
327.3 |
|
|
Accrued and other current liabilities |
|
259.9 |
|
|
294.5 |
|
|
Contract liabilities |
|
31.9 |
|
|
27.0 |
|
|
Current portion of debt |
|
0.8 |
|
|
250.2 |
|
|
|
|
|
|
|
Total current liabilities |
|
613.9 |
|
|
899.0 |
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
Long-term debt, less current portion |
|
2,077.2 |
|
|
1,341.4 |
|
|
Contract liabilities |
|
226.9 |
|
|
220.4 |
|
|
Other long-term liabilities |
|
374.1 |
|
|
392.4 |
|
|
Total long-term liabilities |
|
2,678.2 |
|
|
1,954.2 |
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Preferred stock, $1 par value per share (5.0 shares authorized and
unissued)
|
|
— |
|
|
— |
|
|
Common stock, $1 par value per share (200.0 shares authorized; 54.4
and 55.7 shares outstanding, respectively)
|
|
78.7 |
|
|
78.7 |
|
|
Additional paid-in capital |
|
424.5 |
|
|
413.7 |
|
|
Deferred compensation equity |
|
3.3 |
|
|
2.9 |
|
|
Treasury shares, at cost (24.0 and 22.7 shares,
respectively)
|
|
(1,632.7) |
|
|
(1,449.7) |
|
|
Accumulated other comprehensive loss |
|
(160.1) |
|
|
(124.1) |
|
|
Retained earnings |
|
3,802.5 |
|
|
3,721.3 |
|
|
Total shareholders' equity |
|
2,516.2 |
|
|
2,642.8 |
|
|
Total liabilities and equity |
|
$ |
5,808.3 |
|
|
$ |
5,496.0 |
|
See accompanying Notes to Condensed Consolidated Financial
Statements (Unaudited)
Carlisle Companies Incorporated
Condensed Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30, |
|
|
|
(in millions)
|
|
2020 |
|
2019 |
|
Operating activities: |
|
|
|
|
|
Net income
|
|
$ |
137.2 |
|
|
$ |
232.3 |
|
|
Reconciliation of net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation
|
|
49.1 |
|
|
43.8 |
|
|
Amortization
|
|
63.7 |
|
|
56.2 |
|
|
Lease expense |
|
14.1 |
|
|
13.2 |
|
|
|
|
|
|
|
Stock-based compensation
|
|
14.9 |
|
|
11.3 |
|
|
Loss on extinguishment of debt |
|
8.8 |
|
|
— |
|
|
Deferred taxes |
|
(1.1) |
|
|
(1.9) |
|
|
|
|
|
|
|
|
|
|
|
|
Other operating activities, net
|
|
11.5 |
|
|
7.9 |
|
|
Changes in assets and liabilities, excluding effects of
acquisitions:
|
|
|
|
|
|
Receivables
|
|
(11.8) |
|
|
(184.6) |
|
|
Inventories
|
|
(48.4) |
|
|
(6.4) |
|
|
Contract assets |
|
(1.4) |
|
|
(13.4) |
|
|
Prepaid expenses and other assets
|
|
29.4 |
|
|
26.9 |
|
|
Accounts payable
|
|
(5.0) |
|
|
71.0 |
|
|
Accrued and other current liabilities |
|
(31.8) |
|
|
(47.3) |
|
|
Contract liabilities
|
|
11.5 |
|
|
7.2 |
|
|
Other long-term liabilities
|
|
(14.4) |
|
|
(19.1) |
|
|
Net cash provided by operating activities
|
|
226.3 |
|
|
197.1 |
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
|
(48.5) |
|
|
(41.0) |
|
|
Acquisitions, net of cash acquired
|
|
(2.4) |
|
|
(272.0) |
|
|
|
|
|
|
|
Other investing activities, net
|
|
0.9 |
|
|
1.1 |
|
|
Net cash used in investing activities
|
|
(50.0) |
|
|
(311.9) |
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
Proceeds from notes |
|
740.7 |
|
|
— |
|
|
Repayment of notes |
|
(258.5) |
|
|
— |
|
|
Borrowings from revolving credit facility
|
|
500.0 |
|
|
— |
|
|
Repayments of revolving credit facility
|
|
(500.0) |
|
|
— |
|
|
Financing costs |
|
(24.2) |
|
|
— |
|
|
Repurchases of common stock
|
|
(191.8) |
|
|
(232.1) |
|
|
Dividends paid
|
|
(56.0) |
|
|
(46.2) |
|
|
Proceeds from exercise of stock options
|
|
11.4 |
|
|
20.5 |
|
|
Withholding tax paid related to stock-based
compensation
|
|
(6.4) |
|
|
(9.3) |
|
|
Other financing activities, net |
|
(0.5) |
|
|
(0.1) |
|
|
Net cash provided by (used in) financing activities
|
|
214.7 |
|
|
(267.2) |
|
|
|
|
|
|
|
|
Effect of foreign currency exchange rate changes on cash and cash
equivalents
|
|
(4.5) |
|
|
0.4 |
|
|
Change in cash and cash equivalents |
|
386.5 |
|
|
(381.6) |
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
351.2 |
|
|
803.6 |
|
|
Cash and cash equivalents at end of period |
|
$ |
737.7 |
|
|
$ |
422.0 |
|
See accompanying Notes to Condensed Consolidated Financial
Statements (Unaudited)
Carlisle Companies Incorporated
Condensed Consolidated Statement of Shareholders’ Equity
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
|
Additional Paid-In Capital
|
|
Deferred Compensation Equity
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Retained Earnings
|
|
Shares in Treasury
|
|
|
|
Total Shareholders' Equity
|
|
(in millions, except per share amounts)
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|
|
|
Shares
|
|
Cost
|
|
|
|
Balance as of March 31, 2019 |
|
56.8 |
|
|
$ |
78.7 |
|
|
$ |
390.1 |
|
|
$ |
7.8 |
|
|
$ |
(115.9) |
|
|
$ |
3,407.5 |
|
|
21.6 |
|
|
$ |
(1,243.5) |
|
|
$ |
2,524.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
152.9 |
|
|
— |
|
|
— |
|
|
152.9 |
|
|
Other comprehensive loss, net of tax
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(4.6) |
|
|
— |
|
|
— |
|
|
— |
|
|
(4.6) |
|
|
Cash dividends - $0.40 per share
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(22.9) |
|
|
— |
|
|
— |
|
|
(22.9) |
|
|
Repurchases of common stock |
|
(0.6) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.6 |
|
|
(75.0) |
|
|
(75.0) |
|
|
Issuances and deferrals, net for stock based
compensation(1)
|
|
0.2 |
|
|
— |
|
|
7.2 |
|
|
(4.8) |
|
|
— |
|
|
— |
|
|
(0.2) |
|
|
5.7 |
|
|
8.1 |
|
|
Balance as of June 30, 2019 |
|
56.4 |
|
|
$ |
78.7 |
|
|
$ |
397.3 |
|
|
$ |
3.0 |
|
|
$ |
(120.5) |
|
|
$ |
3,537.5 |
|
|
22.0 |
|
|
$ |
(1,312.8) |
|
|
$ |
2,583.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2020 |
|
54.9 |
|
|
$ |
78.7 |
|
|
$ |
418.7 |
|
|
$ |
3.4 |
|
|
$ |
(169.6) |
|
|
$ |
3,754.8 |
|
|
23.5 |
|
|
$ |
(1,567.5) |
|
|
$ |
2,518.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
75.4 |
|
|
— |
|
|
— |
|
|
75.4 |
|
|
Other comprehensive income, net of tax
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
9.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
9.5 |
|
|
Cash dividends - $0.50 per share
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(27.7) |
|
|
— |
|
|
— |
|
|
(27.7) |
|
|
Repurchases of common stock |
|
(0.5) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.5 |
|
|
(66.5) |
|
|
(66.5) |
|
|
Issuances and deferrals, net for stock based
compensation(1)
|
|
— |
|
|
— |
|
|
5.8 |
|
|
(0.1) |
|
|
— |
|
|
— |
|
|
— |
|
|
1.3 |
|
|
7.0 |
|
|
Balance as of June 30, 2020 |
|
54.4 |
|
|
$ |
78.7 |
|
|
$ |
424.5 |
|
|
$ |
3.3 |
|
|
$ |
(160.1) |
|
|
$ |
3,802.5 |
|
|
24.0 |
|
|
$ |
(1,632.7) |
|
|
$ |
2,516.2 |
|
(1)Issuances
and deferrals, net for stock-based compensation reflects share
activity related to option exercises, restricted and performance
shares vested, and net issuances and deferrals associated with
deferred compensation equity.
See accompanying Notes to Condensed Consolidated Financial
Statements (Unaudited)
Carlisle Companies Incorporated
Condensed Consolidated Statement of Shareholders’ Equity
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
|
Additional Paid-In Capital
|
|
Deferred Compensation Equity
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Retained Earnings
|
|
Shares in Treasury
|
|
|
|
Total Shareholders' Equity
|
|
(in millions, except per share amounts)
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|
|
|
Shares
|
|
Cost
|
|
|
|
Balance as of December 31, 2018 |
|
57.9 |
|
|
$ |
78.7 |
|
|
$ |
383.8 |
|
|
$ |
8.0 |
|
|
$ |
(122.1) |
|
|
$ |
3,351.4 |
|
|
20.5 |
|
|
$ |
(1,102.4) |
|
|
$ |
2,597.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
232.3 |
|
|
— |
|
|
— |
|
|
232.3 |
|
|
Other comprehensive income, net of tax
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1.6 |
|
|
— |
|
|
— |
|
|
— |
|
|
1.6 |
|
|
Cash dividends - $0.80 per share
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(46.2) |
|
|
— |
|
|
— |
|
|
(46.2) |
|
|
Repurchases of common stock |
|
(1.9) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1.9 |
|
|
(224.9) |
|
|
(224.9) |
|
|
Issuances and deferrals, net for stock based
compensation(1)
|
|
0.4 |
|
|
— |
|
|
13.5 |
|
|
(5.0) |
|
|
— |
|
|
— |
|
|
(0.4) |
|
|
14.5 |
|
|
23.0 |
|
|
Balance as of June 30, 2019 |
|
56.4 |
|
|
$ |
78.7 |
|
|
$ |
397.3 |
|
|
$ |
3.0 |
|
|
$ |
(120.5) |
|
|
$ |
3,537.5 |
|
|
22.0 |
|
|
$ |
(1,312.8) |
|
|
$ |
2,583.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2019 |
|
55.7 |
|
|
$ |
78.7 |
|
|
$ |
413.7 |
|
|
$ |
2.9 |
|
|
$ |
(124.1) |
|
|
$ |
3,721.3 |
|
|
22.7 |
|
|
$ |
(1,449.7) |
|
|
$ |
2,642.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
137.2 |
|
|
— |
|
|
— |
|
|
137.2 |
|
|
Other comprehensive loss, net of tax
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(36.0) |
|
|
— |
|
|
— |
|
|
— |
|
|
(36.0) |
|
|
Cash dividends - $1.00 per share
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(56.0) |
|
|
— |
|
|
— |
|
|
(56.0) |
|
|
Repurchases of common stock |
|
(1.5) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1.5 |
|
|
(191.8) |
|
|
(191.8) |
|
|
Issuances and deferrals, net for stock based
compensation(1)
|
|
0.2 |
|
|
— |
|
|
10.8 |
|
|
0.4 |
|
|
— |
|
|
— |
|
|
(0.2) |
|
|
8.8 |
|
|
20.0 |
|
|
Balance as of June 30, 2020 |
|
54.4 |
|
|
$ |
78.7 |
|
|
$ |
424.5 |
|
|
$ |
3.3 |
|
|
$ |
(160.1) |
|
|
$ |
3,802.5 |
|
|
24.0 |
|
|
$ |
(1,632.7) |
|
|
$ |
2,516.2 |
|
(1)Issuances
and deferrals, net for stock-based compensation reflects share
activity related to option exercises, restricted and performance
shares vested, and net issuances and deferrals associated with
deferred compensation equity.
See accompanying Notes to Condensed Consolidated Financial
Statements (Unaudited)
Carlisle Companies Incorporated
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1—Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial
Statements have been prepared by Carlisle Companies Incorporated
(the "Company" or "Carlisle"). The accompanying unaudited Condensed
Consolidated Financial Statements do not include all disclosures as
required by accounting principles generally accepted in the United
States of America ("United States" or "U.S."), and should be read
in conjunction with the Company’s audited Consolidated Financial
Statements and notes thereto included in the Annual Report on Form
10-K for the year ended December 31, 2019.
The accompanying unaudited Condensed Consolidated Financial
Statements are prepared in conformity with accounting principles
generally accepted in the U.S. and, of necessity, include some
amounts that are based upon management estimates and judgments. The
accompanying unaudited Condensed Consolidated Financial Statements
include assets, liabilities, revenues and expenses of all
majority-owned subsidiaries. Intercompany transactions and
balances are eliminated in consolidation.
In the Company's opinion, the accompanying unaudited Condensed
Consolidated Financial Statements contain all adjustments,
consisting solely of adjustments of a normal, recurring nature,
necessary to present fairly the financial position, results of
operations and cash flows for the periods presented. During the
first quarter of 2020, the Company revised the Condensed
Consolidated Balance Sheets and Condensed Consolidated Statements
of Cash Flows to reclassify contract assets from receivables, net
to a separately disclosed line item. During the third quarter of
2019, the Company revised the Condensed Consolidated Statements of
Income to reclassify interest income from interest expense, net to
a separately disclosed line item. The Company has reclassified
certain prior period amounts to conform to the current period
presentation.
Note 2—New Accounting Pronouncements
New Accounting Standards Adopted
In June 2016, the Financial Accounting Standards Board ("FASB")
issued Accounting Standards Update 2016-13,
Measurement of Credit Losses on Financial Instruments (Topic
326)
("ASU 2016-13") which adds to accounting principles generally
accepted in the U.S. an impairment model (known as the current
expected credit losses model) that is based on expected losses
rather than incurred losses. Under ASU 2016-13, an entity
recognizes, as an allowance, its estimate of lifetime expected
credit losses, which the FASB believes will result in more timely
recognition of such losses.
The Company adopted ASU 2016-13 and all related amendments
effective January 1, 2020, using the modified retrospective method,
which allows for a cumulative-effect adjustment to the statement of
financial position as of the beginning of the first reporting
period in which the guidance is effective. Periods prior to the
adoption date that are presented for comparative purposes are not
adjusted. The adoption of this standard did not require an
implementation adjustment and did not materially impact the
Company's consolidated net income or cash flows.
Changes in the Company's allowance for credit losses by segment
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
CCM |
|
CIT |
|
CFT |
|
CBF |
|
Corporate |
|
Total |
|
Balance as of January 1, 2020 |
|
$ |
2.2 |
|
|
$ |
1.6 |
|
|
$ |
1.1 |
|
|
$ |
1.2 |
|
|
$ |
0.5 |
|
|
$ |
6.6 |
|
|
Current period provision |
|
1.2 |
|
|
— |
|
|
0.1 |
|
|
0.3 |
|
|
— |
|
|
1.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts written off |
|
(0.4) |
|
|
(0.2) |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.6) |
|
|
Balance as of June 30, 2020 |
|
$ |
3.0 |
|
|
$ |
1.4 |
|
|
$ |
1.2 |
|
|
$ |
1.5 |
|
|
$ |
0.5 |
|
|
$ |
7.6 |
|
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.
Note 3—Segment Information
The Company has organized its operations into four segments, based
on the products it sells, as follows:
Carlisle Construction Materials ("CCM")—the
principal products of this segment are rubber (EPDM), thermoplastic
polyolefin (TPO) and polyvinyl chloride (PVC) roofing membranes
used predominantly on non-residential low-sloped roofs, related
roofing accessories, including flashings, fasteners, sealing tapes
and coatings and waterproofing products. In addition, CCM offers a
broad range of specialty polyurethane products and solutions across
a broad array of markets and applications, and metal panel roofing
primarily for residential and commercial markets. CCM also
manufactures and distributes energy-efficient rigid foam insulation
panels for substantially all roofing applications. The markets
served primarily include new construction, re-roofing and
maintenance of low-sloped roofs, water containment, HVAC sealants
and coatings and waterproofing.
Carlisle Interconnect Technologies ("CIT")—the
principal products of this segment are high-performance wire,
cable, connectors, contacts and cable assemblies for the transfer
of power and data primarily for the aerospace, defense electronics,
test and measurement equipment and select industrial markets, and
highly engineered products and services to the medical device
market.
Carlisle Fluid Technologies ("CFT")—the
principal products of this segment are industrial liquid and powder
finishing equipment and integrated system solutions for spraying,
pumping, mixing, metering and curing of a variety of coatings used
in the transportation, general industrial, protective coating,
wood, specialty and auto refinishing markets.
Carlisle Brake & Friction ("CBF")—the
principal products of this segment include high-performance brakes
and friction material and clutch and transmission friction material
for the construction, agriculture, mining, on-highway, aerospace
and motor sports markets.
A summary of segment information follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
(in millions)
|
|
Revenues
|
|
Operating Income (Loss)
|
|
Revenues
|
|
Operating Income (Loss)
|
|
Carlisle Construction Materials
|
|
$ |
734.9 |
|
|
$ |
137.6 |
|
|
$ |
915.0 |
|
|
$ |
182.5 |
|
|
Carlisle Interconnect Technologies
|
|
184.0 |
|
|
(1.5) |
|
|
245.4 |
|
|
35.9 |
|
|
Carlisle Fluid Technologies
|
|
46.5 |
|
|
(5.2) |
|
|
67.3 |
|
|
3.3 |
|
|
Carlisle Brake & Friction
|
|
58.8 |
|
|
(1.6) |
|
|
87.1 |
|
|
8.3 |
|
|
Segment total |
|
1,024.2 |
|
|
129.3 |
|
|
1,314.8 |
|
|
230.0 |
|
|
Corporate and unallocated(1)
|
|
— |
|
|
(15.9) |
|
|
— |
|
|
(22.8) |
|
|
Total |
|
$ |
1,024.2 |
|
|
$ |
113.4 |
|
|
$ |
1,314.8 |
|
|
$ |
207.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
(in millions)
|
|
Revenues
|
|
Operating Income (Loss)
|
|
Revenues
|
|
Operating Income (Loss)
|
|
Carlisle Construction Materials
|
|
$ |
1,411.3 |
|
|
$ |
245.3 |
|
|
$ |
1,586.1 |
|
|
$ |
275.4 |
|
|
Carlisle Interconnect Technologies
|
|
408.5 |
|
|
14.9 |
|
|
491.8 |
|
|
66.5 |
|
|
Carlisle Fluid Technologies
|
|
104.8 |
|
|
(2.4) |
|
|
130.4 |
|
|
9.7 |
|
|
Carlisle Brake & Friction
|
|
129.8 |
|
|
(5.4) |
|
|
178.4 |
|
|
14.8 |
|
|
Segment total |
|
2,054.4 |
|
|
252.4 |
|
|
2,386.7 |
|
|
366.4 |
|
|
Corporate and unallocated(1)
|
|
— |
|
|
(36.3) |
|
|
— |
|
|
(44.5) |
|
|
Total
|
|
$ |
2,054.4 |
|
|
$ |
216.1 |
|
|
$ |
2,386.7 |
|
|
$ |
321.9 |
|
(1)Corporate
operating loss includes other unallocated costs, primarily general
corporate expenses.
Note 4—Acquisitions
Providien, LLC
On November 20, 2019, the Company completed its acquisition of
Providien, LLC ("Providien"), for consideration of $331.3 million,
including $3.4 million of cash acquired and post-closing
adjustments, which were finalized in the first
quarter of 2020. The product lines acquired include thermoforming,
medical device contract manufacturing, precision machining and
metals, and medical injection molding for the global medical device
market.
The following table summarizes the consideration transferred to
acquire the Providien product lines and related operating and
non-operating assets and liabilities and the preliminary allocation
of the purchase price among them. The acquisition has been
accounted for using the acquisition method of accounting in
accordance with Accounting Standards Codification ("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 fair
values are preliminary and subject to change pending receipt of the
final valuation studies.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preliminary
Allocation |
|
Measurement Period Adjustments |
|
Preliminary
Allocation
|
|
(in millions) |
|
As of 11/20/2019 |
|
|
|
As of
6/30/2020 |
|
Total cash consideration transferred |
|
$ |
332.1 |
|
|
$ |
(0.8) |
|
|
$ |
331.3 |
|
|
Recognized amounts of identifiable assets acquired and liabilities
assumed: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
3.4 |
|
|
— |
|
|
3.4 |
|
|
Receivables, net |
|
9.8 |
|
|
— |
|
|
9.8 |
|
|
Inventories, net |
|
2.7 |
|
|
— |
|
|
2.7 |
|
|
Contract assets |
|
29.1 |
|
|
— |
|
|
29.1 |
|
|
Prepaid expenses and other current assets |
|
2.3 |
|
|
— |
|
|
2.3 |
|
|
Property, plant and equipment |
|
12.9 |
|
|
— |
|
|
12.9 |
|
|
Definite-lived intangible assets |
|
135.4 |
|
|
(2.7) |
|
|
132.7 |
|
|
Other long-term assets |
|
7.1 |
|
|
(0.3) |
|
|
6.8 |
|
|
Accounts payable |
|
(6.0) |
|
|
— |
|
|
(6.0) |
|
|
Income tax payable |
|
(0.7) |
|
|
— |
|
|
(0.7) |
|
|
Accrued and other current liabilities |
|
(7.0) |
|
|
— |
|
|
(7.0) |
|
|
Other long-term liabilities |
|
(8.1) |
|
|
0.5 |
|
|
(7.6) |
|
|
Deferred income taxes |
|
(27.1) |
|
|
6.9 |
|
|
(20.2) |
|
|
Total identifiable net assets |
|
153.8 |
|
|
4.4 |
|
|
158.2 |
|
|
Goodwill |
|
$ |
178.3 |
|
|
$ |
(5.2) |
|
|
$ |
173.1 |
|
The preliminary goodwill recognized in the acquisition of Providien
reflects market participant synergies attributable to significant
raw material purchase synergies with CIT, other administrative
synergies, the value of the assembled workforce to Carlisle and
opportunities for product line expansions. The Company
acquired $9.8 million of gross contractual accounts receivable, of
which less than $0.1 million was not expected to be collected at
the date of acquisition. All of the goodwill has been preliminarily
assigned to the CIT reporting unit, which aligns with the CIT
reportable segment. Goodwill totaled $173.1 million, of which $66.5
million is preliminarily deductible for tax purposes. The
$132.7 million preliminary value allocated to definite-lived
intangible assets consists of $108.7 million of customer
relationships with a useful life between 13 to 37 years, various
acquired technologies of $19.5 million with a useful life of
six to 11 years and trade names of $4.4 million with a
useful life of
two to five years. The Company has also recorded, as part of
the purchase price allocation, deferred tax liabilities related to
intangible assets of approximately $20.2 million.
Petersen Aluminum Corporation
On January 11, 2019, the Company acquired 100% of the equity of
Petersen Aluminum Corporation ("Petersen"), for consideration of
$207.2 million, including $5.2 million of cash acquired and
post-closing adjustments, which were finalized in the first quarter
of 2019. The products acquired include architectural metal roof
panels, steel and aluminum flat sheets and coils, wall panels,
perimeter roof edge systems and related accessories for commercial,
residential, institutional, industrial and agricultural
markets.
In the three months ended June 30, 2019, and the period from
January 11, 2019 to June 30, 2019, the related product lines
contributed revenues of $48.3 million and $83.8 million,
respectively, and operating income of $3.7 million and
$3.6 million, respectively, to the Company's consolidated
results. The results of operations of the acquired business are
reported as part of the CCM segment.
The following table summarizes the consideration transferred to
acquire Petersen 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preliminary
Allocation |
|
Measurement
Period
Adjustments |
|
Final
Allocation |
|
(in millions) |
|
As of 1/11/2019 |
|
|
|
As of 12/31/2019 |
|
Total cash consideration transferred |
|
$ |
207.2 |
|
|
$ |
— |
|
|
$ |
207.2 |
|
|
Recognized amounts of identifiable assets acquired and liabilities
assumed: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
5.2 |
|
|
— |
|
|
5.2 |
|
|
Receivables, net |
|
11.5 |
|
|
— |
|
|
11.5 |
|
|
Inventories, net |
|
39.5 |
|
|
(0.3) |
|
|
39.2 |
|
|
Prepaid expenses and other current assets |
|
2.1 |
|
|
— |
|
|
2.1 |
|
|
Property, plant and equipment |
|
17.8 |
|
|
— |
|
|
17.8 |
|
|
Definite-lived intangible assets |
|
109.3 |
|
|
0.8 |
|
|
110.1 |
|
|
Other long-term assets |
|
9.5 |
|
|
— |
|
|
9.5 |
|
|
Accounts payable |
|
(5.9) |
|
|
— |
|
|
(5.9) |
|
|
Income tax payable |
|
1.7 |
|
|
— |
|
|
1.7 |
|
|
Accrued and other current liabilities |
|
(8.7) |
|
|
— |
|
|
(8.7) |
|
|
Other long-term liabilities |
|
(12.4) |
|
|
(0.1) |
|
|
(12.5) |
|
|
Deferred income taxes |
|
(25.4) |
|
|
(0.2) |
|
|
(25.6) |
|
|
Total identifiable net assets |
|
144.2 |
|
|
0.2 |
|
|
144.4 |
|
|
Goodwill |
|
$ |
63.0 |
|
|
$ |
(0.2) |
|
|
$ |
62.8 |
|
The goodwill recognized in the acquisition of Petersen reflects
market participant synergies attributable to significant raw
material purchase synergies with CCM, other administrative
synergies and the assembled workforce to Carlisle, in addition to
opportunities for product line expansions. The Company
acquired $11.6 million of gross contractual accounts
receivable, of which $0.1 million was not expected to be
collected at the date of acquisition. All of the goodwill has been
assigned to the CCM reporting unit, which aligns with the CCM
reportable segment, and none of the goodwill is deductible for tax
purposes. The $110.1 million value allocated to
definite-lived intangible assets consists of $79.7 million of
customer relationships with a useful life of 11 years,
$27.9 million of trade names with a useful life of 17 years
and various acquired technologies of $2.5 million with a
useful life of 10 years. In accordance with the purchase agreement,
Carlisle is indemnified for up to $5.2 million, and recorded
an indemnification asset of $5.2 million in other long-term
assets relating to the indemnification for pre-acquisition income
tax liabilities. During the first six months of 2020 the Company
released $3.0 million of the indemnification asset acquisition
related to escrow expirations. The Company has also recorded, as
part of the purchase price allocation, deferred tax liabilities
related to intangible assets of approximately
$25.6 million.
MicroConnex Corporation
On April 1, 2019, the Company acquired 100% of the equity of
MicroConnex Corporation ("MicroConnex") for cash consideration of
approximately $46.2 million, including $0.8 million of
cash acquired and post-closing adjustments, which were finalized in
the third quarter of 2019. The acquired product lines include
highly engineered microminiature flex circuits and sensors for the
medical and test and measurement markets.
The product lines contributed revenues of $3.0 million and an
operating loss of $0.6 million for the period from April 1,
2019 to June 30, 2019. The results of operations of the acquired
business are reported within the CIT segment.
Consideration of $15.2 million has been allocated to goodwill,
$27.4 million to definite-lived intangible assets,
$0.9 million to inventory, $3.4 million to accounts
receivable, $0.6 million to accounts payable and
$7.0 million to deferred income taxes. Definite-lived
intangible assets consist of customer relationships with an useful
life of 12 years, trade names with a useful life of 17 years and
acquired technologies with a useful life of five years. None of the
$15.2 million allocated to goodwill is deductible for tax
purposes. All of the goodwill has been assigned to the CIT
reporting unit, which aligns with the reportable
segment.
Note 5—Earnings Per Share
The Company’s restricted shares contain non-forfeitable rights to
dividends and are considered participating securities for purposes
of computing earnings per share pursuant to the two-class method.
The computation below
of earnings per share excludes income attributable to the unvested
restricted shares from the numerator and excludes the dilutive
impact of those underlying shares from the
denominator.
The computation below of earnings per share includes the income
attributable to the vested and deferred restricted shares and
restricted stock units in the numerator and includes the dilutive
impact of those underlying shares in the denominator.
Stock options are included in the calculation of diluted earnings
per share utilizing the treasury stock method and performance share
awards are included in the calculation of diluted earnings per
share considering those are contingently issuable. Neither is
considered to be a participating security as they do not contain
non-forfeitable dividend rights.
Income from continuing operations and share data used in the basic
and diluted earnings per share computations using the two-class
method follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
|
Six Months Ended
June 30, |
|
|
|
(in millions, except per share amounts) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Income from continuing operations |
|
$ |
75.4 |
|
|
$ |
153.0 |
|
|
$ |
137.2 |
|
|
$ |
230.4 |
|
|
Less: dividends declared
|
|
(27.7) |
|
|
(22.9) |
|
|
(56.0) |
|
|
(46.2) |
|
|
Undistributed earnings |
|
47.7 |
|
|
130.1 |
|
|
81.2 |
|
|
184.2 |
|
|
Percent allocated to common shareholders(1)
|
|
99.7 |
% |
|
99.7 |
% |
|
99.7 |
% |
|
99.7 |
% |
|
|
|
47.6 |
|
|
129.7 |
|
|
81.0 |
|
|
183.6 |
|
|
Add: dividends declared on common stock, restricted share units and
vested and deferred restricted and performance shares
|
|
27.7 |
|
|
22.9 |
|
|
55.9 |
|
|
46.1 |
|
|
Income from continuing operations attributable to common
shares
|
|
$ |
75.3 |
|
|
$ |
152.6 |
|
|
$ |
136.9 |
|
|
$ |
229.7 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares: |
|
|
|
|
|
|
|
|
|
Basic weighted-average shares outstanding |
|
54.8 |
|
|
57.0 |
|
|
55.3 |
|
|
57.2 |
|
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
|
Performance awards |
|
0.2 |
|
|
0.2 |
|
|
0.2 |
|
|
0.2 |
|
|
Stock options |
|
0.2 |
|
|
0.4 |
|
|
0.3 |
|
|
0.3 |
|
|
Diluted weighted-average shares outstanding
|
|
55.2 |
|
|
57.6 |
|
|
55.8 |
|
|
57.7 |
|
|
|
|
|
|
|
|
|
|
|
|
Per share income from continuing operations attributable to common
shares:
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.37 |
|
|
$ |
2.68 |
|
|
$ |
2.47 |
|
|
$ |
4.01 |
|
|
Diluted |
|
$ |
1.36 |
|
|
$ |
2.65 |
|
|
$ |
2.45 |
|
|
$ |
3.98 |
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Basic weighted-average common shares outstanding
|
|
54.8 |
|
|
57.0 |
|
|
55.3 |
|
|
57.2 |
|
|
Basic weighted-average shares outstanding and unvested restricted
shares expected to vest
|
|
55.0 |
|
|
57.1 |
|
|
55.5 |
|
|
57.4 |
|
|
Percent allocated to common shareholders |
|
99.7 |
% |
|
99.7 |
% |
|
99.7 |
% |
|
99.7 |
% |
To calculate earnings per share for income from discontinued
operations and for net income, the denominator for both basic and
diluted earnings per share is the same as used in the above
table.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
|
Six Months Ended
June 30, |
|
|
|
(in millions) |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Income from discontinued operations attributable to common
shareholders for basic and diluted earnings per share
|
|
$ |
— |
|
|
$ |
(0.1) |
|
|
$ |
— |
|
|
$ |
1.9 |
|
|
Net income attributable to common shareholders for basic and
diluted earnings per share
|
|
75.3 |
|
|
152.5 |
|
|
136.9 |
|
|
231.6 |
|
|
Anti-dilutive stock options excluded from EPS
calculation(1)
|
|
0.5 |
|
|
— |
|
|
0.3 |
|
|
0.4 |
|
(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.
Note 6—Revenue Recognition
The Company receives payment at the inception of the contract for
separately priced extended service warranties, and revenue is
deferred and recognized on a straight-line basis over the life of
the contracts. Remaining performance obligations for extended
service warranties represent the transaction price for the
remaining stand-ready obligation to perform warranty services. A
summary of estimated revenue expected to be recognized in the
future related to performance obligations that are unsatisfied or
partially unsatisfied as of June 30, 2020,
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
Remainder of 2020 |
|
2021 |
|
2022 |
|
2023 |
|
2024 |
|
2025 |
|
Thereafter |
|
Extended service warranties |
|
$ |
11.4 |
|
|
$ |
21.8 |
|
|
$ |
20.6 |
|
|
$ |
19.4 |
|
|
$ |
18.3 |
|
|
$ |
17.4 |
|
|
$ |
140.0 |
|
The Company has applied the practical expedient to not disclose
information about remaining performance obligations that have
original expected durations of one year or less.
Contract Balances
Contract liabilities relate to payments received in advance of
performance under a contract and primarily include extended service
warranties in the CCM segment, systems contracts in the CFT
segment, and highly customized product contracts within the CIT
segment. Contract liabilities are recognized as revenue as (or
when) the Company performs under the contract. A summary of the
change in contract liabilities for the six months ended June 30,
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
2020 |
|
2019 |
|
Balance as of January 1
|
|
$ |
247.4 |
|
|
$ |
227.4 |
|
|
Revenue recognized |
|
(28.8) |
|
|
(30.2) |
|
|
Revenue deferred |
|
40.2 |
|
|
35.3 |
|
|
Acquired liabilities |
|
— |
|
|
2.7 |
|
|
Balance as of June 30 |
|
$ |
258.8 |
|
|
$ |
235.2 |
|
Contract assets relate to the Company's right to payment for
performance completed to date under a contract and primarily
include highly customized product contracts within the CIT segment
and systems contracts in the CFT segment. Accounts receivable are
recorded when the right to payment becomes unconditional. A summary
of the change in contract assets for the six months ended June 30,
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
2020 |
|
2019 |
|
|
|
Balance as of January 1 |
|
$ |
100.5 |
|
|
$ |
44.7 |
|
|
|
|
Balance as of June 30 |
|
101.9 |
|
|
58.1 |
|
|
|
|
Change in contract assets |
|
$ |
1.4 |
|
|
$ |
13.4 |
|
|
|
Revenues by End-Market
A summary of revenues disaggregated by major end-market industries
and reconciliation of disaggregated revenue by segment
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2020 |
|
|
|
|
|
|
|
|
|
(in millions)
|
|
CCM
|
|
CIT
|
|
CFT
|
|
CBF
|
|
Total
|
|
General construction
|
|
$ |
699.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
699.2 |
|
|
Aerospace |
|
— |
|
|
80.8 |
|
|
— |
|
|
2.9 |
|
|
83.7 |
|
|
Heavy equipment
|
|
14.0 |
|
|
— |
|
|
— |
|
|
48.5 |
|
|
62.5 |
|
|
Transportation
|
|
— |
|
|
— |
|
|
23.2 |
|
|
5.2 |
|
|
28.4 |
|
|
Medical
|
|
— |
|
|
62.8 |
|
|
— |
|
|
— |
|
|
62.8 |
|
|
General industrial and other
|
|
21.7 |
|
|
40.4 |
|
|
23.3 |
|
|
2.2 |
|
|
87.6 |
|
|
Total revenues |
|
$ |
734.9 |
|
|
$ |
184.0 |
|
|
$ |
46.5 |
|
|
$ |
58.8 |
|
|
$ |
1,024.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2019 |
|
|
|
|
|
|
|
|
|
(in millions)
|
|
CCM
|
|
CIT
|