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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 March 31, 2022
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
csl-20220331_g1.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:
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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. 
YesNo ☐
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).
YesNo
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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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.
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On April 22, 2022, there were 51,698,461 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
March 31,
(in millions, except per share amounts)20222021
Revenues$1,496.3 $940.9 
Cost of goods sold1,005.4 696.0 
Selling and administrative expenses203.0 150.8 
Research and development expenses12.3 10.4 
Other operating income, net(1.7)(1.0)
Operating income277.3 84.7 
Interest expense, net22.6 19.2 
Interest income(0.2)(0.5)
Other non-operating expense, net0.1 3.6 
Income from continuing operations before income taxes254.8 62.4 
Provision for income taxes60.5 13.3 
Income from continuing operations194.3 49.1 
Discontinued operations:
(Loss) income before income taxes(0.7)4.5 
Provision for income taxes 1.4 
(Loss) income from discontinued operations(0.7)3.1 
Net income$193.6 $52.2 
Basic earnings per share attributable to common shares:
Income from continuing operations$3.72 $0.92 
(Loss) income from discontinued operations(0.01)0.06 
Basic earnings per share$3.71 $0.98 
Diluted earnings per share attributable to common shares:
Income from continuing operations$3.67 $0.91 
(Loss) income from discontinued operations(0.01)0.06 
Diluted earnings per share$3.66 $0.97 
Average shares outstanding:
Basic52.1 53.0 
Diluted52.9 53.6 
Comprehensive income:
Net income$193.6 $52.2 
Other comprehensive income (loss):
Foreign currency gains (losses)3.5 (13.3)
Amortization of unrecognized net periodic benefit costs, net of tax
1.0 1.2 
Other, net of tax(0.7)(2.0)
Other comprehensive income (loss)3.8 (14.1)
Comprehensive income$197.4 $38.1 

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


Carlisle Companies Incorporated
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except par values)March 31,
2022
December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents$291.7 $324.4 
Receivables, net of allowance for credit losses of $6.2 million and $5.3 million, respectively
1,002.6 814.6 
Inventories, net728.9 605.1 
Contract assets73.6 72.1 
Prepaid expenses41.8 49.9 
Other current assets90.2 284.8 
Total current assets2,228.8 2,150.9 
Property, plant, and equipment, net769.1 759.9 
Goodwill, net2,215.0 2,199.0 
Other intangible assets, net1,980.9 2,008.7 
Other long-term assets129.2 128.3 
Total assets$7,323.0 $7,246.8 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$520.9 $432.4 
Current portion of debt352.1 352.0 
Accrued and other current liabilities278.4 351.2 
Contract liabilities37.2 33.9 
Total current liabilities1,188.6 1,169.5 
Long-term liabilities:
Long-term debt, less current portion2,576.7 2,575.4 
Contract liabilities251.9 250.0 
Other long-term liabilities627.2 622.4 
Total long-term liabilities3,455.8 3,447.8 
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; 51.6 and 52.0 shares outstanding, respectively)
78.7 78.7 
Additional paid-in capital483.5 481.5 
Treasury shares, at cost (26.8 and 26.4 shares, respectively)
(2,184.8)(2,063.2)
Accumulated other comprehensive loss(101.4)(105.2)
Retained earnings4,402.6 4,237.7 
Total stockholders' equity2,678.6 2,629.5 
Total liabilities and equity$7,323.0 $7,246.8 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
4


Carlisle Companies Incorporated
Condensed Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended
March 31,
(in millions)
20222021
Operating activities:
Net income
$193.6 $52.2 
Reconciliation of net income to net cash provided by operating activities:
Depreciation
24.0 23.7 
Amortization
40.7 30.6 
Lease expense7.1 6.8 
Stock-based compensation
9.6 14.9 
Deferred taxes1.2 (1.1)
Other operating activities, net
3.3 4.2 
Changes in assets and liabilities, excluding effects of acquisitions:
Receivables
(189.2)(72.9)
Inventories
(122.0)(30.8)
Contract assets(1.5)8.2 
Prepaid expenses and other assets
17.4 20.6 
Accounts payable
88.5 45.6 
Accrued and other current liabilities(23.1)(24.7)
Contract liabilities
5.2 2.9 
Other long-term liabilities
(10.5)(12.6)
Net cash provided by operating activities
44.3 67.6 
Investing activities:
Proceeds from sale of discontinued operation, net of cash disposed125.0  
Acquisitions, net of cash acquired
(24.7) 
Capital expenditures(31.1)(20.0)
Investment in securities10.3 (10.2)
Other investing activities, net
1.7 1.8 
Net cash provided by (used in) investing activities
81.2 (28.4)
Financing activities:
Repurchases of common stock
(125.0)(150.0)
Dividends paid
(28.7)(28.4)
Proceeds from exercise of stock options
7.7 13.5 
Withholding tax paid related to stock-based compensation
(12.0)(7.6)
Other financing activities, net(0.8)(0.3)
Net cash used in financing activities
(158.8)(172.8)
Effect of foreign currency exchange rate changes on cash and cash equivalents
0.6 (1.4)
Change in cash and cash equivalents(32.7)(135.0)
Less: change in cash and cash equivalents of discontinued operations 1.1 
Cash and cash equivalents at beginning of period324.4 897.1 
Cash and cash equivalents at end of period$291.7 $761.0 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
5


Carlisle Companies Incorporated
Condensed Consolidated Statement 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, 202052.9 $78.7 $441.7 $(97.0)$3,928.7 25.5 $(1,814.4)$2,537.7 
Net income— — — — 52.2 — — 52.2 
Other comprehensive loss, net of tax
— — — (14.1)— — — (14.1)
Dividends - $0.525 per share
— — — — (28.5)— — (28.5)
Repurchases of common stock(1.0)— — — — 1.0 (150.0)(150.0)
Issuances and deferrals, net for stock-based compensation(1)
0.2 — 1.7 — — (0.2)12.8 14.5 
Balance as of March 31, 202152.1 $78.7 $443.4 $(111.1)$3,952.4 26.3 $(1,951.6)$2,411.8 
Balance as of December 31, 202152.0 $78.7 $481.5 $(105.2)$4,237.7 26.4 $(2,063.2)$2,629.5 
Net income— — — — 193.6 — — 193.6 
Other comprehensive income, net of tax— — — 3.8 — — — 3.8 
Dividends - $0.54 per share
— — — — (28.7)— — (28.7)
Repurchases of common stock(0.5)— — — — 0.5 (125.0)(125.0)
Issuances and deferrals, net for stock-based compensation(1)
0.1 — 2.0 — — (0.1)3.4 5.4 
Balance as of March 31, 202251.6 $78.7 $483.5 $(101.4)$4,402.6 26.8 $(2,184.8)$2,678.6 
(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
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, 2021 (the "2021 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.
On February 10, 2022, the Company announced that it had realigned its construction materials businesses into two segments organized around its products and applications for the sustainable building envelope. The two segments are Carlisle Construction Materials and Carlisle Weatherproofing Technologies. No changes have been made to either of the Company’s other two segments – Carlisle Interconnect Technologies or Carlisle Fluid Technologies. The Company has reclassified certain prior periods' amounts to conform with the current presentation by reportable segment in Note 2—Segment Information, Note 6—Revenue Recognition and Note 8—Exit and Disposal Activities as a result of the Company's change in management structure. Additionally, the Company has reclassified certain prior periods' amounts to conform with the current period presentation of the revenues by geographic area tables in Note 6—Revenue Recognition to present Middle East revenues combined with Asia, as opposed to the previous presentation combined with Africa.
Note 2—Segment Information
The Company reports its results of operations through the following four 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 polyiso insulation and engineered metal roofing and wall panel systems.
Carlisle Weatherproofing Technologies ("CWT")—this segment produces building envelope solutions that effectively drive energy efficiency and sustainability in commercial and residential applications. Products include high-performance waterproofing and moisture protection products, protective roofing underlayments, fully integrated liquid and sheet applied air/vapor barriers, sealants/primers and flashing systems, roof coatings and mastics, spray polyurethane foam and coating systems for a wide variety of thermal protection applications and other premium polyurethane products, block-molded expanded polystyrene insulation, engineered products for HVAC applications, and premium rubber products for a variety of industrial and surfacing applications.
Carlisle Interconnect Technologies ("CIT")—this segment produces high-performance wire and cable, including optical fiber, for the commercial aerospace, military and defense electronics, medical device, industrial, and test and measurement markets. CIT's product portfolio also includes sensors, connectors, contacts, cable assemblies, complex harnesses, racks, trays, and installation kits, in addition to engineering and certification services. CIT also provides medical device products and solutions for several medical technology applications.
Carlisle Fluid Technologies ("CFT")—this segment produces highly engineered liquid, powder, sealants and adhesives finishing equipment and integrated system solutions for spraying, pumping, mixing, metering and curing of a variety of coatings used in the automotive manufacture, general industrial, protective coating, wood, specialty and automotive refinishing markets.
7


A summary of segment information follows:
Three Months Ended March 31,
20222021
(in millions)
Revenues
Operating Income (Loss)
Revenues
Operating Income (Loss)
Carlisle Construction Materials$881.1 $261.1 $556.4 $110.7 
Carlisle Weatherproofing Technologies359.1 37.5 162.9 10.6 
Carlisle Interconnect Technologies185.0 (2.5)155.8 (10.7)
Carlisle Fluid Technologies71.1 4.8 65.8 4.3 
Segment total1,496.3 300.9 940.9 114.9 
Corporate and unallocated(1)
 (23.6) (30.2)
Total
$1,496.3 $277.3 $940.9 $84.7 
(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, subject to working capital and other customary post-closing adjustments. MBTech is a manufacturer of energy-efficient roofing and underlayment systems for residential and commercial applications.
For the period from February 1, 2022 to March 31, 2022, the related product lines contributed revenues of $2.0 million and operating income of $0.1 million. The results of operations of MBTech are reported within the CWT segment.
Consideration of $12.5 million has been allocated to goodwill, none of which is deductible for tax purposes. All of the goodwill was preliminarily assigned to the CCM reporting unit. 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.
ASP Henry Holdings, Inc
On September 1, 2021, the Company acquired ASP Henry Holdings, Inc. (“Henry”), a provider of building envelope systems for consideration of $1,605.6 million, including $34.3 million of cash acquired and post-closing adjustments, which were finalized in the fourth quarter of 2021. The Company funded the acquisition with borrowings from its Revolving Credit Facility (the "Facility") and cash on hand. The Company subsequently repaid the borrowings from the Facility with proceeds from its September 2021 public offering of $300.0 million in aggregate principal amount of its 0.55% senior notes due in September 2023 and $550.0 million in aggregate principal amount of its 2.20% senior notes due in March 2032 (refer to Note 12).
The Henry amounts included in the pro forma financial information below are based on Henry’s historical results and therefore may not be indicative of the actual results if Henry had been owned by the Company on January 1, 2020. The pro forma adjustments represent management’s best estimates based on information available at the time the pro forma information was prepared and may differ from the adjustments that may have been required had the Company owned Henry on January 1, 2020. Accordingly, pro forma information should not be relied upon as being indicative of the historical results that would have been realized had the acquisition occurred as of January 1, 2020 or the results that may be achieved in the future.

8


The unaudited combined pro forma financial information presented below includes revenues and income from continuing operations, net of tax, of the Company as if the business combination had occurred on January 1, 2020, based on the purchases price allocation presented below:
(in millions)Three Months Ended
March 31,
Revenues$1,054.6 
Income from continuing operations$49.5 
The pro forma financial information reflects adjustments to Henry's historical financial information to apply the Company's accounting policies and to reflect the additional depreciation and amortization related to the preliminary fair value adjustments of the acquired net assets of $13.8 million in the three months ended March 31, 2021 together with the associated tax effects.
The following table summarizes the consideration transferred to acquire Henry and the preliminary 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 Accounting Standards Codification 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 for all acquired assets and liabilities.
Preliminary AllocationMeasurement Period AdjustmentsPreliminary Allocation
(in millions)As of 9/1/2021As of 3/31/2022
Total cash consideration transferred $1,608.2$(2.6)$1,605.6 
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents34.3— 34.3 
Receivables, net79.0— 79.0 
Inventories59.4(7.9)51.5 
Prepaid expenses and other current assets10.50.5 11.0 
Property, plant and equipment53.68.2 61.8 
Definite-lived intangible assets735.1446.7 1,181.8 
Other long-term assets3.68.3 11.9 
Accounts payable(77.9)2.1 (75.8)
Accrued and other current liabilities(28.7)(0.4)(29.1)
Short-term debt(1.0)— (1.0)
Contract liabilities(2.6)— (2.6)
Other long-term debt(0.8)— (0.8)
Other long-term liabilities(5.9)(9.8)(15.7)
Deferred income taxes(153.4)(112.2)(265.6)
Total identifiable net assets705.2335.5 1,040.7 
Goodwill$903.0$(338.1)$564.9 
The goodwill recognized in the acquisition of Henry is attributable to its significant supply chain efficiencies, other administrative opportunities and the strategic value of the business to Carlisle, in addition to opportunities for product line expansions. The Company acquired $81.9 million of gross contractual accounts receivable, of which $2.9 million was not expected to be collected at the date of acquisition. Goodwill of $50.9 million is tax deductible in the United States. All of the goodwill was preliminarily assigned to the CCM reporting unit.
The preliminary fair value and weighted average useful lives of the acquired definite-lived intangible assets are as follows:
(in millions)Fair Value Weighted Average Useful Life (in years)
Customer relationships$915.9 18
Technologies46.5 11
Software0.1 4
Indefinite-lived trade name219.3 N/A
Total$1,181.8 
9


The Company has also recorded, as part of the purchase price allocation, deferred tax liabilities primarily related to intangible assets of approximately $265.6 million.
Note 4—Discontinued Operations
On August 2, 2021, the Company completed the sale of the equity interests and assets comprising the Carlisle Brake & Friction ("CBF") segment for gross 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. The sale of CBF is consistent with the Company's optimization strategy, as laid out in Vision 2025.
A summary of the results from discontinued operations included in the Condensed Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, follows:
(in millions)2021
Revenues$88.1 
Cost of goods sold71.3 
Other operating expenses, net12.0 
Operating income4.8 
Other non-operating expense, net0.3 
Income from discontinued operations before income taxes4.5 
Provision for income taxes1.4 
Income from discontinued operations$3.1 
A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, follows:
(in millions)20222021
Net cash (used in) provided by operating activities$(0.7)$3.5 
Net cash provided by (used in) investing activities125.0 (2.5)
Net cash (used in) provided by financing activities(1)
(124.3)0.1 
Change in cash and cash equivalents from discontinued operations$ $1.1 
(1)Represents (repayments) or borrowings from the Carlisle cash pool to fund working capital and capital expenditures and return of capital upon sale.
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.
10


Income from continuing operations and share data used in the basic and diluted earnings per share computations using the two-class method follows:
Three Months Ended
March 31,
(in millions, except per share amounts)20222021
Income from continuing operations$194.3 $49.1 
Less: dividends declared
(28.7)(28.5)
Undistributed earnings165.6 20.6 
Percent allocated to common stockholders (1)
99.7 %99.7 %
165.1 20.5 
Add: dividends declared to common shares, restricted share units and vested and deferred restricted and performance shares
28.7 28.4 
Income from continuing operations attributable to common stockholders
$193.8 $48.9 
Shares:
Basic weighted-average shares outstanding52.1 53.0 
Effect of dilutive securities:
Performance awards0.2 0.1 
Stock options0.6 0.5 
Diluted weighted-average shares outstanding
52.9 53.6 
Per share income from continuing operations attributable to common shares:
Basic$3.72 $0.92 
Diluted$3.67 $0.91 
(1)
Basic weighted-average shares outstanding
52.1 53.0 
Basic weighted-average shares outstanding and unvested restricted shares expected to vest
52.3 53.2 
Percent allocated to common stockholders99.7 %99.7 %
To calculate earnings per share for (loss) income from discontinued operations and for net income, the denominator for both basic and diluted earnings per share is the same as used in the above table.
Three Months Ended
March 31,
(in millions)20222021
(Loss) income from discontinued operations attributable to common stockholders for basic and diluted earnings per share$(0.7)$3.1 
Net income attributable to common stockholders for basic and diluted earnings per share193.1 52.0 
Anti-dilutive stock options excluded from earnings per share calculation(1)
0.1 0.6 
(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 March 31, 2022, follows:
(in millions)
Remainder of 202220232024202520262027Thereafter
Extended service warranties$18.2 $23.0 $21.9 $21.0 $20.0 $19.0 $152.1 
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
11


extended service warranties in the CCM and CWT segments, systems contracts in the CFT segment and highly customized product contracts in 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 three months ended March 31, follows:
(in millions)
20222021
Balance as of January 1$283.9 $268.3 
Revenue recognized(20.0)(15.2)
Revenue deferred25.2 17.9 
Balance as of March 31$289.1 $271.0 
Contract assets relate to the Company's right to payment for performance completed to date under a contract, primarily related to highly customized product contracts within the CIT and CFT segments. Accounts receivable are recorded when the right to payment becomes unconditional, which generally occurs over twelve months or less. A summary of the change in contract assets for the three months ended March 31, follows:
(in millions)
20222021
Balance as of January 1$72.1 $84.5 
Balance as of March 3173.6 77.1 
Change in contract assets$1.5 $(7.4)
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 March 31, 2022
(in millions)CCMCWTCITCFTTotal
General construction$881.1 $298.3 $ $ $1,179.4 
Aerospace  83.3  83.3 
Medical  64.6  64.6 
Transportation   38.4 38.4 
Heavy equipment 30.8   30.8 
General industrial and other 30.0 37.1 32.7 99.8 
Total revenues$881.1 $359.1 $185.0 $71.1 $1,496.3 
Three Months Ended March 31, 2021
(in millions)CCMCWTCITCFTTotal
General construction
$556.4 $117.7 $ $ $674.1 
Aerospace
  65.9  65.9 
Medical   55.2  55.2 
Transportation
   33.8 33.8 
Heavy equipment
 20.3   20.3 
General industrial and other
 24.9 34.7 32.0 91.6 
Total revenues
$556.4 $162.9 $155.8 $65.8 $940.9 
12


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 March 31, 2022
(in millions)CCMCWTCITCFTTotal
United States$787.5 $318.5 $129.9 $33.4 $1,269.3 
International:
Europe59.9 5.4 18.2 12.9 96.4 
North America (excluding U.S.)27.6 28.2 10.8 4.5 71.1 
Asia and Middle East2.7 2.9 19.3 19.3 44.2 
Africa0.7 2.2 2.7 0.2 5.8 
Other2.7 1.9 4.1 0.8 9.5 
Total international93.6 40.6 55.1 37.7 227.0 
Total revenues$881.1 $359.1 $185.0 $71.1 $1,496.3 
Three Months Ended March 31, 2021
(in millions)CCMCWTCITCFTTotal
United States$479.3 $147.0 $111.5 $30.6 $768.4 
International:
Europe54.3 6.3 14.4 12.5 87.5 
North America (excluding U.S.)15.4 8.2 4.5 2.5 30.6 
Asia and Middle East4.7 1.4 21.9 19.4 47.4 
Africa1.2  1.3 0.2 2.7 
Other1.5  2.2 0.6 4.3 
Total international77.1 15.9 44.3 35.2 172.5 
Total revenues$556.4 $162.9 $155.8