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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, 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-20220930_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:
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. 
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.
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.
YesNo ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YesNo
On October 21, 2022, there were 51,715,965 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)2022202120222021
Revenues$1,794.1 $1,315.6 $5,137.3 $3,434.3 
Cost of goods sold1,201.8 944.0 3,422.1 2,510.1 
Selling and administrative expenses209.0 192.6 622.6 504.7 
Research and development expenses13.1 12.8 38.0 37.0 
Other operating expense (income), net22.0 (0.3)18.5 (2.5)
Operating income348.2 166.5 1,036.1 385.0 
Interest expense, net22.6 19.8 67.6 58.2 
Interest income(3.0)(0.2)(3.8)(1.1)
Other non-operating expense, net1.2 0.9 3.8 5.6 
Income from continuing operations before income taxes327.4 146.0 968.5 322.3 
Provision for income taxes72.2 33.0 223.1 66.1 
Income from continuing operations255.2 113.0 745.4 256.2 
Discontinued operations:
(Loss) income before income taxes(0.2)2.2 3.9 13.0 
Provision for (benefit from) income taxes0.3 (26.9)(0.5)(24.4)
(Loss) income from discontinued operations(0.5)29.1 4.4 37.4 
Net income$254.7 $142.1 $749.8 $293.6 
Basic earnings per share attributable to common shares:
Income from continuing operations$4.91 $2.15 $14.32 $4.86 
(Loss) income from discontinued operations(0.01)0.55 0.08 0.71 
Basic earnings per share$4.90 $2.70 $14.40 $5.57 
Diluted earnings per share attributable to common shares:
Income from continuing operations$4.84 $2.12 $14.12 $4.80 
(Loss) income from discontinued operations(0.01)0.55 0.08 0.70 
Diluted earnings per share$4.83 $2.67 $14.20 $5.50 
Average shares outstanding:
Basic51.9 52.3 51.9 52.6 
Diluted52.6 53.0 52.6 53.2 
Comprehensive income:
Net income$254.7 $142.1 $749.8 $293.6 
Other comprehensive income (loss):
Foreign currency (losses) gains(46.5)0.6 (83.8)(5.9)
Amortization of unrecognized net periodic benefit costs, net of tax
1.0 1.2 3.0 3.6 
Other, net of tax(1.7)(0.2)(3.4)(1.9)
Other comprehensive (loss) income(47.2)1.6 (84.2)(4.2)
Comprehensive income$207.5 $143.7 $665.6 $289.4 

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,
2022
December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents$625.4 $324.4 
Receivables, net of allowance for credit losses of $5.9 million and $5.3 million, respectively
1,090.9 814.6 
Inventories, net804.1 605.1 
Contract assets84.0 72.1 
Prepaid expenses35.7 49.9 
Other current assets130.8 284.8 
Total current assets2,770.9 2,150.9 
Property, plant, and equipment, net790.9 759.9 
Goodwill2,192.7 2,199.0 
Other intangible assets, net1,861.1 2,008.7 
Other long-term assets116.4 128.3 
Total assets$7,732.0 $7,246.8 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$497.1 $432.4 
Current portion of debt651.4 352.0 
Accrued and other current liabilities361.4 351.2 
Contract liabilities42.2 33.9 
Total current liabilities1,552.1 1,169.5 
Long-term liabilities:
Long-term debt, less current portion2,280.3 2,575.4 
Contract liabilities263.0 250.0 
Other long-term liabilities594.9 622.4 
Total long-term liabilities3,138.2 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 capital502.6 481.5 
Treasury shares, at cost (26.8 and 26.4 shares, respectively)
(2,241.9)(2,063.2)
Accumulated other comprehensive loss(189.4)(105.2)
Retained earnings4,891.7 4,237.7 
Total stockholders' equity3,041.7 2,629.5 
Total liabilities and equity$7,732.0 $7,246.8 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
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Carlisle Companies Incorporated
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended
September 30,
(in millions)
20222021
Operating activities:
Net income
$749.8 $293.6 
Reconciliation of net income to net cash provided by operating activities:
Depreciation
72.7 67.9 
Amortization
117.5 96.8 
Lease expense21.0 20.3 
Stock-based compensation
21.4 14.0 
Deferred taxes(0.8)(2.0)
Other operating activities, net
37.5 16.9 
Changes in assets and liabilities, excluding effects of acquisitions:
Receivables
(291.3)(268.7)
Inventories
(223.4)(72.4)
Contract assets(12.3)11.7 
Prepaid expenses and other assets
32.0 (9.3)
Accounts payable
71.1 134.9 
Accrued and other current liabilities7.9 (4.4)
Contract liabilities
22.5 11.3 
Other long-term liabilities
(37.0)(26.7)
Net cash provided by operating activities
588.6 283.9 
Investing activities:
Proceeds from sale of discontinued operation, net of cash disposed132.0 247.7 
Capital expenditures(130.5)(88.9)
Acquisitions, net of cash acquired
(24.7)(1,573.9)
Investment in securities10.3 (10.2)
Other investing activities, net
2.2 2.1 
Net cash used in investing activities
(10.7)(1,423.2)
Financing activities:
Proceeds from notes 842.6 
Borrowings from revolving credit facility
 650.0 
Repayments of revolving credit facility
 (650.0)
Financing costs (1.7)
Repurchases of common stock
(201.1)(290.6)
Dividends paid
(95.6)(84.2)
Proceeds from exercise of stock options
39.3 77.4 
Withholding tax paid related to stock-based compensation
(13.3)(8.4)
Other financing activities, net(2.5)(1.2)
Net cash (used in) provided by financing activities
(273.2)533.9 
Effect of foreign currency exchange rate changes on cash and cash equivalents
(3.7)(1.2)
Change in cash and cash equivalents301.0 (606.6)
Less: change in cash and cash equivalents of discontinued operations (5.1)
Cash and cash equivalents at beginning of period324.4 897.1 
Cash and cash equivalents at end of period$625.4 $295.6 
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, 202151.9 $78.7 $460.1 $(102.8)$4,024.2 26.5 $(2,042.3)$2,417.9 
Net income— — — — 142.1 — — 142.1 
Other comprehensive income, net of tax— — — 1.6 — — — 1.6 
Dividends - $0.54 per share
— — — — (28.4)— — (28.4)
Repurchases of common stock(0.1)— — — — 0.1 (25.0)(25.0)
Issuances and deferrals, net for stock based compensation(1)
0.3 — 13.7 — — (0.3)22.9 36.6 
Balance as of September 30, 202152.1 $78.7 $473.8 $(101.2)$4,137.9 26.3 $(2,044.4)$2,544.8 
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 loss, 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, 202251.6 $78.7 $502.6 $(189.4)$4,891.7 26.8 $(2,241.9)$3,041.7 
(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, 202052.9 $78.7 $441.7 $(97.0)$3,928.7 25.5 $(1,814.4)$2,537.7 
Net income— — — — 293.6 — — 293.6 
Other comprehensive loss, net of tax
— — — (4.2)— — — (4.2)
Dividends - $1.59 per share
— — — — (84.4)— — (84.4)
Repurchases of common stock(1.7)— — — — 1.7 (290.6)(290.6)
Issuances and deferrals, net for stock-based compensation(1)
0.9 — 32.1 — — (0.9)60.6 92.7 
Balance as of September 30, 202152.1 $78.7 $473.8 $(101.2)$4,137.9 26.3 $(2,044.4)$2,544.8 
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— — — — 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, 202251.6 $78.7 $502.6 $(189.4)$4,891.7 26.8 $(2,241.9)$3,041.7 
(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, 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 EPDM, TPO and PVC membrane, polyiso insulation, and engineered metal roofing and wall panel systems for commercial and residential buildings.
Carlisle Weatherproofing Technologies ("CWT")—this segment produces building envelope solutions that effectively drive energy efficiency and sustainability in commercial and residential applications. Products include high-performance waterproofing and moisture protection products, protective roofing underlayments, fully integrated liquid and sheet applied air/vapor barriers, sealants/primers and flashing systems, roof coatings and mastics, spray polyurethane foam and coating systems for a wide variety of thermal protection applications and other premium polyurethane products, block-molded expanded polystyrene insulation, engineered products for HVAC applications, and premium 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.
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A summary of segment information follows:
Three Months Ended September 30,
20222021
(in millions)
Revenues
Operating Income (Loss)
Revenues
Operating Income (Loss)
Carlisle Construction Materials$1,090.3 $341.7 $783.9 $181.1 
Carlisle Weatherproofing Technologies406.7 9.6 281.9 6.0 
Carlisle Interconnect Technologies223.7 12.9 178.7 (0.5)
Carlisle Fluid Technologies73.4 11.7 71.1 4.7 
Segment total1,794.1 375.9 1,315.6 191.3 
Corporate and unallocated(1)
 (27.7) (24.8)
Total$1,794.1 $348.2 $1,315.6 $166.5 
Nine Months Ended September 30,
20222021
(in millions)
Revenues
Operating Income (Loss)
Revenues
Operating Income (Loss)
Carlisle Construction Materials$3,084.8 $961.7 $2,063.1 $446.8 
Carlisle Weatherproofing Technologies1,214.7 106.1 659.3 39.0 
Carlisle Interconnect Technologies621.3 18.3 503.4 (24.1)
Carlisle Fluid Technologies216.5 23.5 208.5 15.6 
Segment total5,137.3 1,109.6 3,434.3 477.3 
Corporate and unallocated(1)
 (73.5) (92.3)
Total
$5,137.3 $1,036.1 $3,434.3 $385.0 
(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. 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
9


Company owned Henry on January 1, 2020. Accordingly, pro forma information should not be relied upon as being indicative of the historical results that would have been realized had the acquisition occurred as of January 1, 2020 or the results that may be achieved in the future.
The unaudited combined pro forma financial information presented below includes revenues and income from continuing operations, net of tax, of the Company as if the business combination had occurred on January 1, 2020, based on the purchases price allocation presented below:
Unaudited Pro Forma
(in millions)Three Months Ended
September 30, 2021
Nine Months Ended
September 30, 2021
Revenues$1,415.7 $3,794.6 
Income from continuing operations129.1 279.1 
The pro forma financial information reflects adjustments to Henry's historical financial information to apply the Company's accounting policies and to reflect the additional depreciation and amortization related to the fair value adjustments of the acquired net assets of $9.6 million in the three months ended September 30, 2021, and $38.4 million in the nine months ended September 30, 2021, together with the associated tax effects.
The following table summarizes the consideration transferred to acquire Henry and the allocation of the purchase price among the assets acquired and liabilities assumed. The acquisition has been accounted for using the acquisition method of accounting in accordance with 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.
Preliminary AllocationMeasurement Period AdjustmentsFinal Allocation
(in millions)As of 9/1/2021As of 8/31/2022
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(9.4)50.0 
Prepaid expenses and other current assets10.5 10.5 
Property, plant and equipment53.68.2 61.8 
Intangible assets735.1445.9 1,181.0 
Other long-term assets3.68.3 11.9 
Accounts payable(77.9)2.3 (75.6)
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)(109.7)(263.1)
Total identifiable net assets705.2335.4 1,040.6 
Goodwill$903.0$(338.0)$565.0 
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.
10


The fair value and weighted average useful lives of the acquired intangible assets are as follows:
(in millions)Fair Value Weighted Average Useful Life (in years)
Customer relationships$914.0 18
Technologies46.5 11
Software0.1 4
Indefinite-lived trade name