10-Q 1 csl-20230930.htm 10-Q csl-20230930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q
 
(Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED September 30, 2023
or
 
☐TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM _____ TO _____.
Commission file number 1-9278
Image1.jpg
www.carlisle.com
CARLISLE COMPANIES INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware
31-1168055
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
16430 North Scottsdale Road, Suite 400, Scottsdale, Arizona 85254
(Address of principal executive offices, including zip code)
(480) 781-5000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $1 par valueCSLNew 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 October 20, 2023, there were 48,683,404 shares of the registrant's common stock, par value $1.00 per share, outstanding.


Carlisle Companies Incorporated
Table of Contents
Page

2

PART I—Financial Information
Item 1. Financial Statements
Carlisle Companies Incorporated
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions, except per share amounts)2023202220232022
Revenues$1,259.8 $1,497.0 $3,459.4 $4,299.5 
Cost of goods sold793.7 982.5 2,244.9 2,789.0 
Selling and administrative expenses161.7 162.2 467.6 481.4 
Research and development expenses7.2 5.0 20.7 14.2 
Other operating (income) expense, net(2.7)23.3 (3.0)19.6 
Operating income299.9 324.0 729.2 995.3 
Interest expense, net19.4 22.6 57.0 67.6 
Interest income(3.6)(2.9)(12.5)(3.6)
Other non-operating expense (income), net0.6 1.9 (1.2)5.2 
Income from continuing operations before income taxes283.5 302.4 685.9 926.1 
Provision for income taxes66.6 69.1 158.7 221.1 
Income from continuing operations216.9 233.3 527.2 705.0 
Discontinued operations:
Income before income taxes43.2 24.7 20.2 46.2 
(Benefit from) provision for income taxes(5.5)3.3 (14.5)1.4 
Income from discontinued operations48.7 21.4 34.7 44.8 
Net income$265.6 $254.7 $561.9 $749.8 
Basic earnings per share attributable to common shares:
Income from continuing operations$4.37 $4.49 $10.43 $13.55 
Income from discontinued operations0.98 0.41 0.69 0.85 
Basic earnings per share$5.35 $4.90 $11.12 $14.40 
Diluted earnings per share attributable to common shares:
Income from continuing operations$4.32 $4.42 $10.32 $13.35 
Income from discontinued operations0.97 0.41 0.68 0.85 
Diluted earnings per share$5.29 $4.83 $11.00 $14.20 
Average shares outstanding:
Basic49.5 51.9 50.4 51.9 
Diluted50.1 52.6 51.0 52.6 
Comprehensive income:
Net income$265.6 $254.7 $561.9 $749.8 
Other comprehensive income (loss):
Foreign currency losses(15.8)(46.5)(1.7)(83.8)
Amortization of unrecognized net periodic benefit costs, net of tax
0.2 1.0 0.8 3.0 
Other, net of tax0.1 (1.7)(0.3)(3.4)
Other comprehensive loss(15.5)(47.2)(1.2)(84.2)
Comprehensive income$250.1 $207.5 $560.7 $665.6 

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
3

Carlisle Companies Incorporated
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except par values)September 30,
2023		December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents$108.0 $364.8 
Receivables, net of allowance for credit losses of $5.0 million and $5.1 million, respectively
768.1 615.3 
Inventories, net394.8 518.0 
Prepaid expenses23.9 22.4 
Other current assets102.8 124.7 
Assets held for sale2,259.4 599.8 
Total current assets3,657.0 2,245.0 
Property, plant, and equipment, net627.2 602.0 
Goodwill1,177.8 1,177.6 
Other intangible assets, net1,262.7 1,327.5 
Other long-term assets91.3 97.9 
Assets held for sale— 1,772.0 
Total assets$6,816.0 $7,222.0 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$328.4 $273.5 
Current portion of debt2.3 301.7 
Accrued and other current liabilities254.0 290.3 
Contract liabilities25.7 24.4 
Liabilities held for sale265.2 188.5 
Total current liabilities875.6 1,078.4 
Long-term liabilities:
Long-term debt, less current portion2,283.2 2,281.1 
Contract liabilities289.1 270.4 
Other long-term liabilities444.3 473.6 
Liabilities held for sale— 94.1 
Total long-term liabilities3,016.6 3,119.2 
Stockholders' 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; 48.8 and 50.9 shares outstanding, respectively)
78.7 78.7 
Additional paid-in capital544.4 512.6 
Treasury shares, at cost (29.6 and 27.5 shares, respectively)
(3,009.8)(2,436.2)
Accumulated other comprehensive loss(159.0)(157.8)
Retained earnings5,469.5 5,027.1 
Total stockholders' equity2,923.8 3,024.4 
Total liabilities and equity$6,816.0 $7,222.0 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
4

Carlisle Companies Incorporated
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended
September 30,
(in millions)
20232022
Operating activities:
Net income
$561.9 $749.8 
Reconciliation of net income to net cash provided by operating activities:
Depreciation
66.9 72.7 
Amortization
102.4 117.5 
Lease expense22.0 21.0 
Stock-based compensation
36.4 21.4 
Deferred taxes(35.5)(0.8)
Other operating activities, net
27.0 37.5 
Changes in assets and liabilities, excluding effects of acquisitions:
Receivables
(145.3)(291.3)
Inventories
117.0 (223.4)
Contract assets13.2 (12.3)
Prepaid expenses and other assets
48.8 32.0 
Accounts payable
49.4 71.1 
Accrued and other current liabilities(39.6)7.9 
Contract liabilities
14.0 22.5 
Other long-term liabilities
(26.2)(37.0)
Net cash provided by operating activities
812.4 588.6 
Investing activities:
Capital expenditures(106.3)(130.5)
Proceeds from sale of discontinued operation, net of cash disposed— 132.0 
Acquisitions, net of cash acquired
— (24.7)
Investment in securities0.9 10.3 
Other investing activities, net
18.7 2.2 
Net cash used in investing activities
(86.7)(10.7)
Financing activities:
Repayment of notes(300.0)— 
Borrowings from revolving credit facility
84.0 — 
Repayments of revolving credit facility
(84.0)— 
Repurchases of common stock
(580.0)(201.1)
Dividends paid
(119.3)(95.6)
Proceeds from exercise of stock options
17.7 39.3 
Withholding tax paid related to stock-based compensation
(10.4)(13.3)
Other financing activities, net(2.5)(2.5)
Net cash used in financing activities
(994.5)(273.2)
Effect of foreign currency exchange rate changes on cash and cash equivalents
— (3.7)
Change in cash and cash equivalents(268.8)301.0 
Less: change in cash and cash equivalents of discontinued operations(12.0)7.3 
Cash and cash equivalents at beginning of period364.8 299.1 
Cash and cash equivalents at end of period$108.0 $592.8 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
5

Carlisle Companies Incorporated
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Shares in Treasury
Total Stockholders' Equity
(in millions, except per share amounts)
Shares
Amount
Shares
Cost
Balance as of June 30, 202251.5 $78.7 $490.9 $(142.2)$4,676.1 26.9 $(2,228.4)$2,875.1 
Net income— — — — 254.7 — — 254.7 
Other comprehensive income, net of tax— — — (47.2)— — — (47.2)
Dividends - $0.75 per share
— — — — (39.1)— — (39.1)
Repurchases of common stock(0.1)— — — — 0.1 (30.2)(30.2)
Issuances and deferrals, net for stock based compensation(1)
0.2 — 11.7 — — (0.2)16.7 28.4 
Balance as of September 30, 2022
51.6 $78.7 $502.6 $(189.4)$4,891.7 26.8 $(2,241.9)$3,041.7 
Balance as of June 30, 202350.0 $78.7 $531.6 $(143.5)$5,246.1 28.4 $(2,680.9)$3,032.0 
Net income— — — — 265.6 — — 265.6 
Other comprehensive loss, net of tax— — — (15.5)— — — (15.5)
Dividends - $0.85 per share
— — — — (42.2)— — (42.2)
Repurchases of common stock(1.2)— — — — 1.2 (333.2)(333.2)
Issuances and deferrals, net for stock based compensation(1)
— — 12.8 — — — 4.3 17.1 
Balance as of September 30, 2023
48.8 $78.7 $544.4 $(159.0)$5,469.5 29.6 $(3,009.8)$2,923.8 
(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 Statements of Stockholders’ Equity (Unaudited)

Common Stock
Additional
Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Shares in Treasury
Total Stockholders' Equity
(in millions, except per share amounts)
Shares
Amount
Shares
Cost
Balance as of December 31, 2021
52.0 $78.7 $481.5 $(105.2)$4,237.7 26.4 $(2,063.2)$2,629.5 
Net income— — — — 749.8 — — 749.8 
Other comprehensive loss, net of tax
— — — (84.2)— — — (84.2)
Dividends - $1.83 per share
— — — — (95.8)— — (95.8)
Repurchases of common stock(0.8)— — — — 0.8 (205.2)(205.2)
Issuances and deferrals, net for stock-based compensation(1)
0.4 — 21.1 — — (0.4)26.5 47.6 
Balance as of September 30, 2022
51.6 $78.7 $502.6 $(189.4)$4,891.7 26.8 $(2,241.9)$3,041.7 
Balance as of December 31, 2022
50.9 $78.7 $512.6 $(157.8)$5,027.1 27.5 $(2,436.2)$3,024.4 
Net income— — — — 561.9 — — 561.9 
Other comprehensive loss, net of tax— — — (1.2)— — — (1.2)
Dividends - $2.35 per share
— — — — (119.5)— — (119.5)
Repurchases of common stock(2.3)— — — — 2.3 (585.3)(585.3)
Issuances and deferrals, net for stock-based compensation(1)
0.2 — 31.8 — — (0.2)11.7 43.5 
Balance as of September 30, 2023
48.8 $78.7 $544.4 $(159.0)$5,469.5 29.6 $(3,009.8)$2,923.8 
(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 Company's Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Annual Report on Form 10-K").
The accompanying unaudited Condensed Consolidated Financial Statements are prepared in conformity with accounting principles generally accepted in the U.S. and, of necessity, include some amounts that are based upon management estimates and judgments. The accompanying unaudited Condensed Consolidated Financial Statements include assets, liabilities, revenues and expenses of all majority-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation.
In the Company's opinion, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting solely of adjustments of a normal, recurring nature, necessary to present fairly the financial position, results of operations and cash flows for the periods presented.
The Company has reclassified certain prior period amounts to conform with the current period presentation of the revenues by end market in Note 6—Revenue Recognition to disaggregate the general construction end market into non-residential and residential end markets.
Discontinued Operations
The results of operations for the Company's Carlisle Fluid Technologies ("CFT") and Carlisle Interconnect Technologies ("CIT") segments have been reclassified as discontinued operations for all periods presented in the Condensed Consolidated Statements of Income. Assets and liabilities subject to the sale of CFT and CIT have been reclassified as held for sale for all periods presented in the Condensed Consolidated Balance Sheets. Refer to Note 4 for additional information.
Note 2—Segment Information
The Company reports its results of operations through the following two segments, each of which represents a reportable segment as follows:
Carlisle Construction Materials ("CCM")—this segment produces a complete line of premium single-ply roofing products and warranted roof systems and accessories for the commercial building industry, including ethylene propylene diene monomer ("EPDM"), thermoplastic polyolefin ("TPO") and polyvinyl chloride ("PVC") membrane, polyisocyanurate ("polyiso") insulation, and engineered metal roofing and wall panel systems for commercial and residential buildings.
Carlisle Weatherproofing Technologies ("CWT")—this segment produces building envelope solutions that effectively drive energy efficiency and sustainability in commercial and residential applications. Products include high-performance waterproofing and moisture protection products, protective roofing underlayments, fully integrated liquid and sheet applied air/vapor barriers, sealants/primers and flashing systems, roof coatings and mastics, spray polyurethane foam and coating systems for a wide variety of thermal protection applications and other premium polyurethane products, block-molded expanded polystyrene insulation, and engineered products for HVAC applications.
8

A summary of segment information follows:
Three Months Ended September 30,
20232022
(in millions)
Revenues
Operating Income (Loss)
Revenues
Operating Income (Loss)
Carlisle Construction Materials$914.0 $272.5 $1,090.3 $341.7 
Carlisle Weatherproofing Technologies345.8 58.8 406.7 9.6 
Segment total1,259.8 331.3 1,497.0 351.3 
Corporate and unallocated(1)
— (31.4)— (27.3)
Total$1,259.8 $299.9 $1,497.0 $324.0 
Nine Months Ended September 30,
20232022
(in millions)
Revenues
Operating Income (Loss)
Revenues
Operating Income (Loss)
Carlisle Construction Materials$2,437.5 $675.6 $3,084.8 $961.7 
Carlisle Weatherproofing Technologies1,021.9 142.4 1,214.7 106.1 
Segment total3,459.4 818.0 4,299.5 1,067.8 
Corporate and unallocated(1)
— (88.8)— (72.5)
Total
$3,459.4 $729.2 $4,299.5 $995.3 
(1)Corporate operating loss includes other unallocated costs, primarily general corporate expenses.
Note 3—Acquisitions
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.
In the three months ended September 30, 2022 and for the period from February 1, 2022 to September 30, 2022, the related product lines contributed revenues of $3.4 million and $9.5 million, respectively, and operating income of $0.6 million and $0.7 million, respectively. 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 plant, property and equipment, $2.8 million to inventory, $0.8 million to accounts receivable and $0.5 million to accounts payable.
Note 4—Discontinued Operations
On June 14, 2023, the Company signed a definitive agreement to sell CFT to an affiliate of Lone Star Funds for proceeds of $520 million at closing, subject to certain adjustments. On September 7, 2023, the Company announced that it commenced a process to sell CIT. The sale of CFT and CIT is consistent with the Company's pivot to a pure-play building products company employing a capital allocation approach to its highest returning businesses.
9

A summary of the results from discontinued operations included in the Condensed Consolidated Statements of Income and Comprehensive Income follows:
Three Months Ended September 30, 2023
CITCFTOtherTotal
Revenues$218.2 $76.4 $— $294.6 
Cost of goods sold162.7 42.4 — 205.1 
Other operating expenses, net30.2 17.2 — 47.4 
Operating income25.3 16.8 — 42.1 
Other non-operating (income) expense, net(0.2)(0.7)0.7 (0.2)
Income (loss) from discontinued operations before income taxes and loss from classification to held for sale25.5 17.5 (0.7)42.3 
Loss (gain) from classification to held for sale(1)
2.7 (3.6)— (0.9)
Income (loss) from discontinued operations before income taxes22.8 21.1 (0.7)43.2 
(Benefit from) provision for income taxes(11.2)5.4 0.3 (5.5)
Income (loss) from discontinued operations$34.0 $15.7 $(1.0)$48.7 
Three Months Ended September 30, 2022
CITCFTOtherTotal
Revenues$223.7 $73.4 $— $297.1 
Cost of goods sold175.5 43.8 — 219.3 
Other operating expenses, net35.6 18.0 — 53.6 
Operating income12.6 11.6 — 24.2 
Other non-operating (income) expense, net(0.3)(0.3)0.1 (0.5)
Income (loss) from discontinued operations before income taxes12.9 11.9 (0.1)24.7 
Provision for (benefit from) income taxes0.5 2.4 0.4 3.3 
Income (loss) from discontinued operations$12.4 $9.5 $(0.5)$21.4 
(1)Includes the valuation allowance to reduce the carrying amount of the disposal group to its fair value less costs to sell and other transaction expenses incurred.
Nine Months Ended September 30, 2023
CITCFTOtherTotal
Revenues$650.6 $227.1 $— $877.7 
Cost of goods sold496.9 129.5 — 626.4 
Impairment(2)
— 24.8 — 24.8 
Other operating expenses, net99.6 55.5 — 155.1 
Operating income54.1 17.3 — 71.4 
Other non-operating expense (income), net0.2 (0.2)1.3 1.3 
Income (loss) from discontinued operations before income taxes and loss from classification to held for sale53.9 17.5 (1.3)70.1 
Loss from classification to held for sale(1)
2.7 47.2 — 49.9 
Income (loss) from discontinued operations before income taxes51.2 (29.7)(1.3)20.2 
Benefit from income taxes(5.8)(7.0)(1.7)(14.5)
  Income (loss) from discontinued operations$57.0 $(22.7)$0.4 $34.7 
10

Nine Months Ended September 30, 2022
CITCFTOtherTotal
Revenues$621.3 $216.5 $— $837.8 
Cost of goods sold499.2 133.9 — 633.1 
Other operating expenses, net104.4 59.4 — 163.8 
Operating income17.7 23.2 — 40.9 
Other non-operating income, net(1.1)(0.1)(4.1)(5.3)
Income from discontinued operations before income taxes18.8 23.3 4.1 46.2 
(Benefit from) provision for income taxes(3.1)4.9 (0.4)1.4 
  Income from discontinued operations$21.9 $18.4 $4.5 $44.8 
(1)Includes the valuation allowance to reduce the carrying amount of the disposal group to its fair value less costs to sell and other transaction expenses incurred.
(2)In the second quarter of 2023, as a result of the anticipated sale of the CFT reporting unit, the Company evaluated the reporting unit for impairment and determined that it was more likely than not that the carrying value of the reporting unit exceeded its fair value. Accordingly, an impairment analysis was performed that resulted in a goodwill impairment charge of $24.8 million.
A summary of the carrying amounts of major assets and liabilities of CIT and CFT, which were classified as held for sale in the Condensed Consolidated Balance Sheets, follows:
(in millions)September 30,
2023		December 31,
2022
ASSETS
Cash and cash equivalents$23.2 $35.2 
Receivables, net203.7 213.8 
Inventories238.7 230.8 
Prepaid other current assets 109.1 120.0 
Valuation allowance(1)
(41.3)— 
Total current assets599.8 
Property, plant, and equipment, net221.3 220.7 
Goodwill, net999.4 1,023.1 
Other intangible assets, net 473.9 509.8 
Other long-term assets 31.4 18.4 
Total long-term assets1,772.0 
Total assets of the disposal group classified as held for sale(2)
$2,259.4 $2,371.8 
LIABILITIES
Accounts payable $85.2 $97.0 
Accrued liabilities and other88.1 91.5 
Total current liabilities188.5 
Other long-term liabilities 91.9 94.1 
Total long-term liabilities94.1 
Total liabilities of the disposal group classified as held for sale(2)
$265.2 $282.6 
(1) The Company has recorded a contra asset to reflect the carrying amount of the CFT disposal group at its fair value less cost to sell.
(2) The assets and liabilities of the disposal group classified as held for sale are classified as current on the September 30, 2023 Condensed Consolidated Balance Sheet as it is probable that the sale will occur and proceeds will be collected within one year.
11

A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows follows:
Nine Months Ended September 30, 2023
(in millions)CITCFTOtherTotal
Net cash provided by operating activities$99.4 $50.7 $0.4 $150.5 
Net cash used in investing activities(17.4)(1.6)— (19.0)
Net cash used in financing activities(1)
(87.1)(56.0)(0.4)(143.5)
Change in cash and cash equivalents from discontinued operations(5.1)(6.9)— (12.0)
Cash and cash equivalents from discontinued operations at beginning of period23.9 11.3 — 35.2 
Cash and cash equivalents from discontinued operations at end of period$18.8 $4.4 $— $23.2 
Nine Months Ended September 30, 2022
(in millions)CITCFTOtherTotal
Net cash provided by (used in) operating activities$37.0 $11.6 $(2.6)$46.0 
Net cash (used in) provided by investing activities(13.7)(3.5)132.0 114.8 
Net cash used in financing activities(1)
(14.4)(9.7)(129.4)(153.5)
Change in cash and cash equivalents from discontinued operations8.9 (1.6)— 7.3 
Cash and cash equivalents from discontinued operations at beginning of period14.6 10.7 — 25.3 
Cash and cash equivalents from discontinued operations at end of period$23.5 $9.1 $— $32.6 
(1)Represents (repayments) or borrowings from the Carlisle cash pool to fund working capital and capital expenditures and return of capital upon sale.
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.
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.
12

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
September 30,		Nine Months Ended
September 30,
(in millions, except per share amounts and percentages)2023202220232022
Income from continuing operations$216.9 $233.3 $527.2 $705.0 
Less: dividends declared
42.2 39.1 119.5 95.8 
Undistributed earnings174.7 194.2 407.7 609.2 
Percent allocated to common stockholders (1)
99.8 %99.8 %99.8 %99.8 %
Undistributed earnings allocated to common stockholders174.3 193.7 406.7 607.7 
Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares
42.1 39.0 119.3 95.6 
Income from continuing operations attributable to common stockholders
$216.4 $232.7 $526.0 $703.3 
Shares:
Basic weighted-average shares outstanding49.5 51.9 50.4 51.9 
Effect of dilutive securities:
Performance awards0.2 0.2 0.2 0.2 
Stock options0.4 0.5 0.4 0.5 
Diluted weighted-average shares outstanding
50.1 52.6 51.0 52.6 
Per share income from continuing operations attributable to common shares:
Basic$4.37 $4.49 $10.43 $13.55 
Diluted$4.32 $4.42 $10.32 $13.35 
(1)
Basic weighted-average shares outstanding
49.5 51.9 50.4 51.9 
Basic weighted-average shares outstanding and unvested restricted shares expected to vest
49.6 52.0 50.6 52.0 
Percent allocated to common stockholders99.8 %99.8 %99.8 %99.8 %
To calculate earnings per share for income (loss) 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
September 30,		Nine Months Ended
September 30,
(in millions)2023202220232022
Income from discontinued operations attributable to common stockholders for basic and diluted earnings per share$48.6 $21.3 $34.7 $44.7 
Net income attributable to common stockholders for basic and diluted earnings per share264.9 254.1 560.5 748.0 
Anti-dilutive stock options excluded from earnings per share calculation(1)
0.6 — 0.7 0.1 
(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
13

future related to performance obligations that are unsatisfied or partially unsatisfied as of September 30, 2023, follows:
(in millions)
Remainder of 202320242025202620272028Thereafter
Extended service warranties$6.6 $26.0 $25.1 $24.1 $23.1 $22.0 $187.9 
The Company has applied the practical expedient to not disclose information about remaining performance obligations that have original expected durations of one year or less.
Contract Balances
Contract liabilities relate to payments received in advance of performance under a contract, primarily related to extended service warranties in the CCM and CWT segments. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract. A summary of the change in contract liabilities for the nine months ended September 30, follows:
(in millions)
20232022
Balance as of January 1$294.8 $273.3 
Revenue recognized(20.1)(19.0)
Revenue deferred40.1 32.5 
Balance as of September 30
$314.8 $286.8 
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 September 30, 2023
(in millions)CCMCWTTotal
General construction:
Non-residential$839.8 $127.2 $967.0 
Residential74.2 173.4 247.6 
Total construction914.0 300.6 1,214.6 
Heavy equipment— 26.2 26.2 
General industrial and other— 19.0 19.0 
Total revenues$914.0 $345.8 $1,259.8 
Three Months Ended September 30, 2022
(in millions)CCMCWTTotal
General construction:
Non-residential$1,007.1 $154.7 $1,161.8 
Residential83.2 198.3 281.5 
Total construction1,090.3 353.0 1,443.3 
Heavy equipment— 26.3 26.3 
General industrial and other— 27.4 27.4 
Total revenues$1,090.3 $406.7 $1,497.0 
14

Nine Months Ended September 30, 2023
(in millions)CCMCWTTotal
General construction:
Non-residential$2,235.7 $394.1 $2,629.8 
Residential201.8 491.4 693.2 
Total construction2,437.5 885.5 3,323.0 
Heavy equipment— 80.8 80.8 
General industrial and other— 55.6 55.6 
Total revenues$2,437.5 $1,021.9 $3,459.4 
Nine Months Ended September 30, 2022
(in millions)CCMCWTTotal
General construction:
Non-residential$2,847.9 $429.7 $3,277.6 
Residential236.9 590.5 827.4 
Total construction3,084.8 1,020.2 4,105.0 
Heavy equipment
— 84.4 84.4 
General industrial and other
— 110.1 110.1 
Total revenues
$3,084.8 $1,214.7 $4,299.5 
Revenues by Geographic Area
A summary of revenues based on the country to which the product was delivered and reconciliation of disaggregated revenue by segment follows:
Three Months Ended September 30, 2023
(in millions)CCMCWTTotal
United States$830.0 $305.4 $1,135.4