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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED June 30, 2020
 
Commission file number 1-9278
CSL-20200630_G1.JPG  
www.carlisle.com 
CARLISLE COMPANIES INCORPORATED
(Exact name of registrant as specified in its charter) 
Delaware
31-1168055
(State of incorporation)
(I.R.S. Employer Identification No.)
(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:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock CSL New York Stock Exchange
Preferred stock purchase rights n/a 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. 
Yes No  ☐
 
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). 
Yes No
 
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.
Large accelerated filer Accelerated filer  ☐
Non-accelerated filer Smaller reporting company  ☐
Emerging growth company  ☐
 
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.
Yes No  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No

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
Page
3
3
4
5
7
8

2


PART I
Item 1. Financial Statements
Carlisle Companies Incorporated
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)

Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except per share amounts) 2020 2019 2020 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)
3


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)
4


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)
5


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)
6


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)
7


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.
8


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
9


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
10


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
11


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.
12


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   
13


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