Carlisle Companies Incorporated
10-K on 02/10/2020   Download
SEC Document
SEC Filing
0000790051Dec 31, 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2019
 csl-20191231_g1.jpg
www.carlisle.com
 
Commission File Number 1-9278
CARLISLE COMPANIES INCORPORATED
(Exact name of registrant as specified in its charter)
Delaware31-1168055
(State of incorporation)(I.R.S. Employer I.D. No)
16430 North Scottsdale Road, Suite 400, Scottsdale, Arizona 85254
(Address of principal executive office, including zip code) 
(480) 781-5000
(Telephone)
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
Preferred Stock Purchase Rights, $1 par valuen/aNew York Stock Exchange
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐  No ☒
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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒
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 ☒
The aggregate market value of the shares of common stock of the registrant held by non-affiliates was approximately $7.8 billion based upon the closing price of the common stock on the New York Stock Exchange on June 30, 2019.
As of February 3, 2020, 55,914,732 shares of common stock of the registrant were outstanding.
 
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the definitive Proxy Statement for the Annual Meeting of Shareholders to be held on May 6, 2020 are incorporated by reference in Part III.




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Table of Contents

PART I
Item 1.  Business.
Overview
Carlisle Companies Incorporated (“Carlisle”, the “Company”, “we”, “us” or “our”) is a diversified, global manufacturer of highly engineered products. Our Company website is www.carlisle.com, through which we make available, free of charge, our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and all amendments to those reports, as soon as reasonably practicable after these reports are electronically filed with or furnished to the Securities and Exchange Commission (“SEC”). All references to "Notes" refer to our Notes to Consolidated Financial Statements in this Annual Report on Form 10-K. 
Business Strategy
We strive to be the market leader of highly engineered products in the various markets we serve. Under Vision 2025, our key pillars include: dedication to driving above market growth, utilizing the Carlisle Operating System (“COS”) consistently to drive efficiencies and operating leverage, building scale with synergistic acquisitions, continuing to invest in and develop exceptional talent, and deploying capital into capital expenditures, share repurchases and dividends.
We utilize COS, an operating structure and strategy deployment system based on lean enterprise and six sigma principles, to drive improving operational performance. COS is a continuous improvement process that defines the way we do business. Waste is eliminated and efficiencies are improved enterprise wide, allowing us to increase overall profitability. Improvements are not limited to production areas, as COS is also driving improvements in new product innovation, engineering, supply chain management, warranty and product rationalization. COS has created a culture of continuous improvement across all aspects of our business operations.
See Description of Business by Segment below for a more detailed discussion of our Vision 2025 strategy. 
As noted above, a significant part of our strategy is to build scale with synergistic acquisitions. Synergies considered in making an acquisition include consolidation opportunities, technology, customer dispersion, operating capabilities and earnings growth potential. We acquired eight businesses during 2019, which add to our existing Carlisle Construction Materials (“CCM”), Carlisle Interconnect Technologies (“CIT”) and Carlisle Fluid Technologies ("CFT") segments.
We also pursue the sale of a business when it is determined it no longer fits within the Company’s long-term goals or strategy. Accordingly, on March 20, 2018, we completed the sale of our Carlisle FoodService Products ("CFS") segment to The Jordan Company for $758.0 million (refer to Note 4).
For more details regarding acquisitions of the Company’s businesses during the past three years, refer to Note 3.
Description of Business by Segment
Carlisle Construction Materials (“CCM”)
Products, Markets and Locations
The CCM segment is a market leader in designing, manufacturing and selling ethylene propylene diene monomer rubber (“EPDM”), thermoplastic polyolefin (“TPO”) and polyvinyl chloride (“PVC”) membrane and metal roofing systems. CCM also manufactures and distributes energy-efficient rigid foam insulation panels for all roofing applications. Roofing materials and insulation are sold together in warranted systems or separately in non-warranted systems to the new construction, re-roofing and maintenance, general construction and industrial markets. The roofing materials, including insulation, are primarily sold under the SynTec, Versico and Hunter Panels product lines in the United States of America (“U.S.” or “United States”) and throughout the world, and the Resitrix and Hertalan product lines in Europe. In addition, CCM produces metal panel roofing primarily for residential and commercial markets and offers a broad range of polyurethane products and solutions across a broad diversity of markets and applications. The segment manufactures and sells liquid and spray-applied waterproofing membranes, vapor and air barriers and HVAC duct sealants and hardware for the commercial and residential construction markets through its coatings and waterproofing operation. The segment manufactures block molded expanded polystyrene for a variety of end markets, predominantly roofing and waterproofing through its Insulfoam product line. CCM operates manufacturing facilities located throughout the United States, its primary market, and in Germany,
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the Netherlands, United Kingdom ("U.K.") and Romania. The majority of CCM’s products are sold through a network of authorized sales representatives and distributors in the United States.
Key Raw Materials
Key raw materials for this segment include methylene diphenyl diisocyanate (“MDI”), polyol, EPDM polymer, TPO polymer, carbon black and coated steel. These raw materials generally have at least two vendor sources to better assure adequate supply. The vendor typically has multiple processing facilities for key raw materials that are single sourced.
Seasonality and Working Capital
Revenues and earnings for CCM have historically been higher in the second and third quarters due to increased construction activity during those periods from favorable weather conditions.
The working capital practices for this segment include:
Standard accounts receivable payment terms of 45 days to 90 days.
Standard accounts payable payment terms of 30 days to 60 days.
Inventories are maintained in sufficient quantities to meet forecasted demand. 
Customer Concentration and Competition
CCM serves a large and diverse customer base; however, in 2019 two of CCM's largest customers represented 16.4% and 15.6% of this segment’s revenues and 11.0% and 10.5% of the Company’s consolidated revenues. The loss of either of these customers could have a material adverse effect on this segment’s revenues and operating income and the Company's consolidated revenues and operating income. Backlog orders are not a significant factor of CCM’s business and were $106.2 million and $90.1 million as of December 31, 2019 and 2018, respectively. All orders are reasonably expected to be filled in 2020.
This segment faces competition from numerous competitors that produce roofing, insulation and waterproofing products for commercial and residential applications. The level of competition within this market varies by product line and region. As one of four major manufacturers in the single-ply industry, CCM competes through innovative products, long-term warranties and customer service. CCM offers separately-priced extended warranty contracts on certain of its products ranging from five to 40 years, the most significant being those offered on its installed single-ply roofing systems primarily in the United States, subject to certain exclusions, that covers leaks in the roofing system attributable to a problem with the particular product or the installation of the product. The building owner must have the roofing system installed by an independent authorized roofing contractor trained by CCM to install its roofing systems in order to qualify for the warranty.
Vision 2025 Strategy
Our strategy under Vision 2025 for the CCM segment is to:
Maintain its above average margin profile;
Capture significant after market opportunities as buildings in the U.S. approach “re-roofing” vintage;
Further expand our presence in niche high-growth and high-margin opportunities of the building envelope via liquid applied roofing and spray foam polyurethanes;
Expand internationally, especially into Europe where there is a market to displace traditional asphalt roofing with EPDM roofing; and
Expand our presence in the metal roofing market.
Key growth initiatives:
Capture market share based on labor and energy efficiency;
Leverage the Carlisle Experience, which delivers the right product, at the right place, at the right time, to create the preferred choice through operational excellence;
Continued development of proprietary, differentiated products;
Utilize training to drive a culture of continuous learning that creates brand loyalty; and
Focus mergers and acquisitions on synergistic building envelope opportunities.

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Carlisle Interconnect Technologies (“CIT”)
Products, Markets and Locations
The CIT segment is a market leader in engineering, manufacturing and selling high-performance wire, cable, connectors, contacts and cable assemblies, and satellite communication equipment for the transfer of power and data, and other manufacturing solutions primarily for the aerospace, medical, defense electronics, test and measurement equipment, and select industrial markets. This segment primarily operates manufacturing facilities in the United States, China and Mexico, with the United States, Europe and China being the primary target regions for sales. Sales are made by direct sales personnel and independent sales representatives. 
Key Raw Materials
Key raw materials for this segment include gold, copper conductors that are plated with tin, nickel, or silver, polyimide tapes, polytetrafluoroethylene (“PTFE”) tapes, PTFE fine powder resin, thermoplastic resins, stainless steel, beryllium copper rod, machined metals, plastic parts, and various marking and identification materials. These raw materials are typically sourced worldwide and generally have at least two supplier sources to better assure adequate supply, except when prohibited by customer contracts, which represented less than 10% of purchases in 2019.
Seasonality and Working Capital
The working capital practices for this segment include:
Standard accounts receivable payment terms of 30 days to 90 days.
Standard accounts payable payment terms of 30 days to 60 days.
Inventories are maintained in sufficient quantities to meet forecasted demand. The majority of CIT’s sales are from made-to-order products, resulting in inventories purchased on demand. 
Customer Concentration and Competition
CIT serves a large and diverse customer base; however, in 2019 one customer represented 11.6% of this segment’s revenues but did not represent greater than 10% of the Company’s consolidated revenues. The loss of this customer could have a material adverse effect on this segment’s revenues and operating income. Backlog orders were $306.8 million and $319.2 million as of December 31, 2019 and 2018, respectively. Of the $306.8 million in backlog orders as of December 31, 2019, $7.6 million is not reasonably expected to be filled in 2020. 
The CIT segment faces competition from numerous competitors within each of the markets it serves. While product specifications, certifications and life cycles vary by market, the CIT segment primarily positions itself to gain design specification for customer platforms or products with long life cycles and high barriers to entry, such as in the aerospace and medical markets that generally have high standards for product certification as deemed by the Federal Aviation Administration (“FAA”) and European Union Aviation Safety Aviation ("EASA"), and Food and Drug Administration (“FDA”), respectively. The CIT segment competes primarily on the basis of its product performance and its ability to meet its customers’ highly specific design, engineering and delivery needs on a timely basis.
Vision 2025 Strategy
Our strategy under Vision 2025 for the CIT segment is to focus on highly regulated industries that have the characteristics of high performance, mission critical products designed to operate in harsh environments with significant barriers to entry and attractive margins. The primary industries currently include commercial aerospace and medical devices.
In commercial aerospace the CIT segment is focused on:
Increasing content per aircraft across a wide range of products;
Being present on all key aircraft platforms; and
Further expanding content per aircraft into passenger cabins, flight deck, and aircraft control systems.

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In medical devices the CIT segment is focused on:
Capitalizing on growing spend on medical equipment and technology, driven by an aging population in key regions, and increasing preference for minimally invasive procedures by patients, hospitals and insurance providers; and
Growth in the attractive electrosurgical segment by leveraging current technology and customer relationships and making targeted acquisitions to grow in the high-potential cardiovascular monitoring devices market.
Key growth initiatives:
Increase content per aircraft across all product groups;
Build and convert medical original equipment manufacturers ("OEM") project pipeline;
Establish new OEM relationships and drive new product development in test and measurement;
Increase market share on defense electronics and space programs;
Ensure organization alignment is market focused to drive accelerated organic growth; and
Focus merger and acquisition efforts on commercial aerospace, medical technologies and test and measurement end markets.
Carlisle Fluid Technologies (“CFT”)
Products, Markets and Locations
The CFT segment designs, manufactures and sells highly engineered liquid, powder, sealants and adhesives finishing equipment and system components primarily in the automotive, automotive refinishing, aerospace, agriculture, construction, marine and rail industries. The segment operates manufacturing facilities primarily in the United States, the United Kingdom, Switzerland and Sweden, and assembly and distribution facilities in China, Japan and South Korea, with approximately 55% of its revenues outside the United States. The CFT segment manufactures and sells products that are sold under the brand names of Binks®, DeVilbiss®, Ransburg®, BGK® and MS Powder®. The majority of sales into CFT's industries are made through a worldwide network of distributors, integrators and some direct to end-user sales. These business relationships are managed primarily through direct sales personnel worldwide.
Key Raw Materials
Key raw materials for this segment include carbon and various grades of stainless steel, brass, aluminum, copper, machined metals, carbide, machined plastic parts and PTFE. These raw materials are typically sourced worldwide and have at least two vendor sources to better assure adequate supply.
Seasonality and Working Capital
Approximately 17% of CFT’s annual revenues are for the development, and in some cases assembly, of large fluid handling or other application systems projects. Timing of these system sales can result in revenues that are higher in certain quarters versus other quarters within the same calendar year, particularly the fourth quarter.
The working capital practices for this segment include:
Standard accounts receivable payment terms of 30 days to 90 days.
Standard accounts payable payment terms of 30 days to 60 days.
Inventories are maintained in sufficient quantities to meet forecasted demand.
Customer Concentration and Competition
CFT serves a large and diverse customer base and in 2019 no single customer accounted for 10% or more of this segment’s revenues. The loss of any single customer would not have a material adverse effect on the segment’s revenues and operating income. Backlog orders are not considered a significant factor of CFT’s business and were $26.0 million and $23.4 million as of December 31, 2019 and 2018, respectively. All orders are reasonably expected to be filled in 2020.
The CFT segment competes against both regional and international manufacturers. Major competitive factors include innovative designs, the ability to provide customers with lower cost of ownership, dependable performance and high quality at a competitive price. CFT’s products' ability to spray, mix or deliver a wide range of coatings, applied uniformly in exact increments, is critical to the overall appearance of the applied coatings and functionality.
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The segment’s installed base of global customers is supported by a worldwide distribution network with the ability to deliver critical spare parts and other services. Brands that are well recognized and respected internationally, combined with a diverse base of customers, applications and industries served, positions the CFT segment to continue designing patented, innovative equipment and solutions for customers across the globe.
Vision 2025 Strategy
Our strategy under Vision 2025 for the CFT segment is to focus on key end markets of automotive and automotive refinish, transportation and general industrial.
In the automotive and automotive refinish markets CFT is focused on:
Growing sales of core spray guns in automotive OEM and automotive refinishing markets by capitalizing on strong brand recognition and solid customer advocacy among key automotive OEMs; and
Further expanding in mixing, metering, and dispensing viscous liquids or powder coating equipment through our energy efficient pumps, leveraging those pumps to support core spray gun sales and expand in adjacent markets.
In the transportation and general industrial markets CFT is focused on:
Leveraging the CFT brand and distribution in Asia;
Scaling the powder business outside of Europe;
Expanding pump sales in the attractive reciprocating pumps market;
Entering the market for fast-set applications such as polyurethane; and
Continuing to expand into sealants and adhesives.
Key growth initiatives:
Expand global distribution network by developing partners in growing regions and markets;
Expand product portfolio by quickly launching new products in adjacent markets;
Fill gaps in existing product portfolio;
Increase market share by driving deep customer relationships and operational excellence; and
Focus merger and acquisition efforts on targets that precisely deliver fluid management solutions.
Carlisle Brake & Friction (“CBF”)
Products, Markets and Locations
The CBF segment designs, manufactures and sells high-performance braking products and systems and clutch transmission friction products for off-highway, on-highway, aircraft and other industrial applications. CBF also includes the performance racing group which designs, manufactures and sells high-performance motorsport braking products. The CBF segment manufactures and sells products which are sold under several brand names, such as Hawk®, Wellman® and Velvetouch®. CBF’s products are sold by direct sales personnel to OEMs, mass merchandisers, and various wholesale and industrial distributors around the world, including North America, Europe, Asia and South America. Key markets served include construction, agriculture, mining, aircraft, on-highway and performance racing. Primary manufacturing facilities are located in the United States, Italy, China and the United Kingdom. 
Key Raw Materials
The brake manufacturing operations require the use of various metal products such as castings, pistons, springs and bearings. With respect to friction products, key raw materials used are fiberglass, phenolic resin, metallic chips, copper and iron powders, steel, custom-fabricated cellulose sheet and various other organic materials. These raw materials are sourced worldwide to better assure adequate supply. Key raw materials generally have at least two vendor sources. 
Seasonality and Working Capital
The working capital practices for this segment include:
Standard accounts receivable payment terms of 30 days to 90 days.
Standard accounts payable payment terms of 30 days to 90 days.
Inventories are maintained in sufficient quantities to meet forecasted demand. 
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Customer Concentration and Competition
CBF serves a large and diverse customer base; however, in 2019 one customer represented 17.3% of this segment’s revenues but did not represent greater than 10% of the Company’s consolidated revenues. The loss of this customer could have a material adverse effect on this segment’s revenues and operating income. Backlog orders were $155.3 million and $190.8 million as of December 31, 2019 and 2018, respectively. All orders are reasonably expected to be filled in 2020. 
This segment strives to be a market leader by competing globally against regional and international manufacturers. Few competitors participate in all served markets. A majority of competitors participate in only a few of CBF’s served markets on a regional or global basis. Markets served are competitive and the major competitive factors include product performance, quality, product availability and price. The relative importance of these competitive factors varies by market segment and channel.
Vision 2025 Strategy
Our strategy under Vision 2025 for the CBF segment is to be the top brand in off-highway commercial transportation as the only supplier able to offer a complete “pedal to the wheel” solution and continue to participate in the mining and machinery equipment markets where demand remains supportive.
Key growth initiatives:
Product innovation by leveraging substantial research and development capabilities;
Increase differentiated technology via expansion of carbon technology;
Provide innovative, highly engineered vehicle solutions;
Increase presence through capitalizing on global acceleration of growth in served regions; and
Operational excellence through facility rationalization, COS and automation.
Intellectual Property
We own or hold the right to use a variety of patents, trademarks, licenses, inventions, trade secrets and other intellectual property rights. We have adopted a variety of measures and programs to ensure the continued validity and enforceability of our various intellectual property rights.
Research and Development
Research and development activities include the development of new product lines, the modification of existing product lines to comply with regulatory changes and the research of cost efficiencies through raw material substitution and process improvements. Our research and development expenses were $60.9 million, $55.1 million and $51.3 million, representing 1.3%, 1.2% and 1.4% of revenues in 2019, 2018 and 2017, respectively.
Environmental Matters
Refer to “Item 1A. Risk Factors” and Note 17 for information regarding environmental matters.
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Labor Matters
As of December 31, 2019, we employed approximately 13,000 people, excluding approximately 2,000 contractors. Employees represented by unions, local work councils or collective bargaining agreements as of December 31, 2019, are listed below, with the number of employees represented and the expiration date of the applicable agreements:
LocationNumber of AgreementsNumber of Employees RepresentedExpiration Date
CIT - China 3,263  December 2022
CIT - Mexico 1,014  N/A
CBF - Italy 281  December 2019
December 2020
December 2023
(1)
CCM - Germany 153  May 2020
CCM - Netherlands 122  September 2021
CBF - United Kingdom 98  N/A
CIT - Switzerland 94  N/A
CCM - United States 56  June 2020
CFT - Germany 20  N/A
(1)The agreement between CBF and its employees that expired in December 2019 is currently in negotiation for renewal.
Item 1A.  Risk Factors.
The Company’s business, financial condition, results of operations and cash flows can be affected by a number of factors including but not limited to those set forth below, those set forth in our “Forward Looking Statements” disclosure in Item 7 and those set forth elsewhere in this Annual Report on Form 10-K, any one of which could cause the Company’s actual results to vary materially from recent results or from anticipated future results. 
The Company’s earnings growth strategy is partially dependent on the acquisition and successful integration of other businesses.
The Company has a history of acquiring businesses as part of its earnings growth strategy. Typically, the Company considers acquiring companies that can be integrated within an existing business. Acquisitions of this type involve numerous risks, which may include a failure to realize expected revenue growth and operating and cost synergies from integration initiatives, increasing dependency on the markets served by the combined businesses or increased debt to finance the acquisitions.
The Company also considers the acquisition of businesses that may operate independent of existing businesses that involve similar risks with respect to a failure to realize expected revenue growth or operating and cost reductions within the acquired business; and could increase the possibility of diverting corporate management’s attention from its existing operations.
The successful realization of revenue growth, cost reductions and synergies with our existing businesses, and within acquired stand-alone businesses, and increases in profitability overall, is dependent upon successful integration initiatives. If these integration initiatives do not occur, there may be a negative effect on the Company’s business, financial condition, results of operations and cash flows.
See “Part II—Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” for recent acquisition information.
Several of the market segments that the Company serves are cyclical and sensitive to domestic and global economic conditions.
Several of the market segments in which the Company sells its products are, to varying degrees, cyclical and may experience periodic downturns in demand. For example, the CBF segment is susceptible to downturns in the construction, agriculture and mining industries. The CIT segment is susceptible to downturns in the commercial aerospace industry, the CCM segment is susceptible to downturns in the commercial construction industry and the CFT segment is susceptible to downturns in the automotive industry.
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Uncertainty regarding global economic conditions may have an adverse effect on the businesses, results of operations and financial condition of the Company and its customers, distributors and suppliers. Among the economic factors which may affect performance are: manufacturing activity, commercial and residential construction, difficulties entering new markets and general economic conditions such as inflation, deflation, interest rates and credit availability. These effects may, among other things, negatively impact the level of purchases, capital expenditures and creditworthiness of the Company’s customers, distributors and suppliers, and therefore, the Company’s results of operations, margins and orders. The Company cannot predict if, when or how much worldwide economic conditions will fluctuate. These conditions are highly unpredictable and beyond the Company's control. If these conditions deteriorate, however, the Company’s business, financial condition, results of operations and cash flows could be adversely affected.
The Company is subject to risks arising from international economic, political, legal and business factors.
The Company operates in global markets. Approximately 20% of the Company’s revenues in 2019 were generated outside the United States. In addition, to compete globally, all of the Company’s segments have manufacturing facilities outside the United States. In 2019, approximately 24% of cost of goods sold is derived from facilities outside of the United States.
The Company’s reliance on international revenues and international manufacturing bases exposes its business, financial condition, operating results and cash flows to a number of risks, including price and currency controls; government embargoes or foreign trade restrictions, including import and export tariffs; extraterritorial effects of U.S. laws such as the Foreign Corrupt Practices Act; expropriation of assets; war, civil uprisings, acts of terror and riots; political instability; nationalization of private enterprises; hyperinflationary conditions; the necessity of obtaining governmental approval for new and continuing products and operations, currency conversion or repatriation of assets; legal systems of decrees, laws, taxes, regulations, interpretations and court decisions that are not always fully developed and that may be retroactively or arbitrarily applied; cost and availability of international labor, materials and shipping channels; and customer loyalty to local companies.
Additionally, there is uncertainty caused by the U.K.'s recent exit from the European Union commonly referred to as "Brexit." While the specific terms and impact of Brexit are not yet known, Brexit could adversely impact the U.K. and/or the European Union, and therefore the Company’s business, financial condition, results of operations and cash flows could be adversely affected.
The Company and certain of its customers’ operations are subject to regulatory risks.
Certain products manufactured by our businesses and certain of our customers operating in the aerospace and medical markets are subject to extensive regulation by the FAA and EASA, and FDA, respectively. It can be costly and time-consuming for the Company and our customers to obtain and maintain regulatory approvals and certifications to operate in these markets. Delays in FAA or EASA approvals or certifications of the products of our aerospace customers may impact the requirements for our interconnect components. Product approvals subject to regulations might not be granted for new medical devices on a timely basis, if at all. Proposed new regulations or changes to regulations could result in the need to incur significant additional costs to comply. Continued government scrutiny, including reviews of the FDA medical device pre-market authorization and post-market surveillance processes, may impact the requirements for our medical device components. Failure of the Company or any of its customers operating in these markets to effectively respond to changes to applicable laws and regulations or comply with existing and future laws and regulations may have a negative effect on the Company’s business, financial condition, results of operations and cash flows.
We are also subject to increasingly stringent environmental laws and regulations, including those relating to air emissions, wastewater discharges, chemical and hazardous waste management, and disposal. Some of these environmental laws hold owners or operators of land or businesses liable for their own and for previous owners’ or operators’ releases of hazardous or toxic substances or wastes. Other environmental laws and regulations require the obtainment of, and compliance with, environmental permits. To date, costs of complying with environmental, health, and safety requirements have not been material, and the Company did not have any significant accruals related to potential future costs of environmental remediation as of December 31, 2019 and 2018, nor are any material asset retirement obligations recorded as of that date. However, the nature of the Company’s operations and its long history of industrial activities at certain of its current or former facilities, as well as those acquired, could potentially result in material environmental liabilities or asset retirement obligations. 
While we must comply with existing and pending climate change legislation, regulation, international treaties or accords, current laws and regulations do not have a material impact on its business, capital expenditures or
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financial position. Future events, including those relating to climate change or greenhouse gas regulation, could require the Company to incur expenses related to the modification or curtailment of operations, installation of pollution control equipment, or investigation and cleanup of contaminated sites.
The Company has significant concentrations in the domestic commercial construction market.
For the year ended December 31, 2019, approximately 67% of the Company’s revenues and approximately 88% of its operating income were generated by the CCM segment. Construction spending is affected by economic conditions, changes in interest rates, demographic and population shifts and changes in construction spending by federal, state and local governments. A decline in the commercial construction market could adversely affect the Company’s business, financial condition, results of operations and cash flows. Additionally, adverse weather conditions such as heavy or sustained rainfall, cold weather and snow can limit construction activity and reduce demand for roofing materials. Weather conditions can also be a positive factor, as demand for roofing materials may rise after harsh weather conditions due to the need for replacement materials. 
The CCM segment competes through pricing, among other factors. Increased competition in this segment has placed, and could continue to place, negative pressure on operating results in future periods. 
The loss of, or a significant decline in business with, one or more of the Company’s key customers could adversely affect the Company’s business, financial condition, results of operations and cash flows.
The Company operates in several niche markets in which a large portion of the segment’s revenues are attributable to a few large customers. See “Item 1. Business—Overview—Description of Businesses by Segment” for a discussion of customer concentrations by segment. A significant reduction in purchases by one or more of these customers could have an adverse effect on the business, financial condition, results of operations or cash flows of one or more of the Company’s segments.
Some of the Company’s key customers enjoy significant purchasing power that may be used to exert pricing pressure on the Company. Additionally, as many of the Company’s businesses are part of a long supply chain to the ultimate consumer, the Company’s business, financial condition, results of operations or cash flows could be adversely affected if one or more key customers elects to in-source or find alternative suppliers for the production of a product or products that the Company currently provides. 
Raw material costs are a significant component of the Company’s cost structure and are subject to volatility.
The Company utilizes petroleum-based products, steel and other commodities in its manufacturing processes. Raw materials, including inbound freight, accounted for approximately 62% of the Company’s cost of goods sold in 2019. Significant increases in the price of these materials may not be recovered through selling price increases and could adversely affect the Company’s business, financial condition, results of operations and cash flows. The Company also relies on global sources of raw materials, which could be adversely impacted by unfavorable shipping or trade arrangements, including import and export tariffs and global economic conditions. Refer to “Part II—Item 7A. Quantitative and Qualitative Disclosures About Market Risk” for additional information regarding commodity price risk.
Dispositions, failure to successfully complete dispositions or restructuring activities could negatively affect the Company.
From time to time, the Company, as part of its commitment to concentrate on its core business, may dispose of all or a portion of certain businesses. Such dispositions involve a number of risks and present financial, managerial and operational challenges, including diversion of management's attention from the Company’s core businesses, increased expense associated with the dispositions, potential disputes with the customers or suppliers of the disposed businesses, potential disputes with the acquirers of the disposed businesses and a potential dilutive effect on the Company’s earnings per share. If dispositions are not completed in a timely manner, there may be a negative effect on the Company’s cash flows and/or the Company’s ability to execute its strategy. 
Additionally, from time to time, the Company may undertake consolidation and other restructuring projects in an effort to reduce costs and streamline its operations. Such restructuring activities may divert management's attention from the Company’s core businesses, increase expenses on a short-term basis and lead to potential disputes with the employees, customers or suppliers of the affected businesses. If restructuring activities are not completed in a
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timely manner or if anticipated cost savings, synergies and efficiencies are not realized, there may be a negative effect on the Company’s business, financial condition, results of operations and cash flows.
Refer to Notes 4 and 8 for a discussion of disposition and restructuring matters.
Currency fluctuation could have a material impact on the Company’s reported results of business operations.
The Company’s global revenues and other activities are translated into U.S. Dollars ("USD") for reporting purposes. The strengthening or weakening of the USD could result in unfavorable translation effects as the results of transactions in foreign countries are translated into USD. In addition, sales and purchases in currencies other than our subsidiaries functional currencies (primarily the USD, Euro, Chinese Renminbi and British Pound) expose the Company to fluctuations in foreign currencies relative to those functional currencies. Increased strength of the functional currency will decrease the Company’s reported revenues or margins in respect of sales conducted in foreign currencies to the extent the Company is unable or determines not to increase local currency prices. Likewise, decreased strength of the functional currency could have a material adverse effect on the cost of materials and products. Many of the Company’s sales that are exported by its USD functional subsidiaries to foreign countries are denominated in USD, reducing currency exposure. However, increased strength of the USD may decrease the competitiveness of our U.S. subsidiaries’ products that are sold in USD within foreign locations. 
The Company has entered into foreign currency forward contracts to mitigate the exposure of certain of our results of operations and cash flows to such fluctuations. See “Part II—Item 7A. Quantitative and Qualitative Disclosures About Market Risk” for a discussion on foreign currency exchange risk.
Security breaches or significant disruptions of our information technology systems or violations of data privacy laws could adversely affect our business.
We rely on information technology systems, some of which are managed by third-parties, to process, transmit and store electronic information, and to manage or support critical business processes. Security breaches of these systems could result in the unauthorized or inappropriate access to confidential information or personal data entrusted to us by our business partners. While we have experienced, and expect to continue to experience, security breaches to our information technology systems, none of them to date has had a material impact on the Company. Additionally, these systems may be disrupted as a result of attacks by computer hackers or viruses, human error or wrongdoing, operational failures or other catastrophic events. The Company leverages its internal information technology infrastructures, and those of its business partners, to enable, sustain and protect its global business interests, however, any of the aforementioned breaches or disruptions could result in legal claims, liability or penalties under privacy laws or damage to operations or to the Company's reputation, which could adversely affect our business.
We are subject to data privacy and security laws, regulations and customer-imposed controls as a result of having access to and processing confidential, personal and/or sensitive data in the course of business. If we are unable to maintain reliable information technology systems and appropriate controls with respect to privacy and security requirements, we may suffer regulatory consequences that could be costly or otherwise adversely affect our business.
Item 1B.  Unresolved Staff Comments.
None.
Item 2.  Properties. 
The number, location and size of the Company’s principal properties as of December 31, 2019, by segment follows: 
 Number of Facilities
Square Footage
(in millions)
North AmericaEuropeAsiaOtherTotalOwnedLeased
Carlisle Construction Materials44  11  —  —  55  5.2  1.4  
Carlisle Interconnect Technologies21    —  28  0.6  1.3  
Carlisle Fluid Technologies    13  0.4  0.1  
Carlisle Brake and Friction   —  11  1.0  0.2  
Totals74  18  14   107  7.2  3.0  
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The Company considers its principal properties, as well as the related machinery and equipment, to be generally well maintained, and suitable and adequate for its intended purposes.
Item 3.  Legal Proceedings. 
None.
Item 4.  Mine Safety Disclosures. 
Not applicable. 
PART II
Item 5.  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Performance Graph
The table below shows how a $100 investment in Carlisle has grown over the five-year period ending December 31, 2019, as compared to a $100 investment in the S&P MidCap 400® Index, S&P 500® Index and the peer group. The peer group includes Crane Co., Danaher Corp., Dover Corp., Emerson Electric Co., General Electric Co., Harsco Corp., Illinois Tool Works Inc., Ingersoll-Rand plc, ITT Inc., Parker Hannifin Corp., Pentair plc, Roper Technologies, Inc., SPX Corp., Teleflex Inc., Textron Inc., and United Technologies Corp.
CarlisleS&P MidCap 400S&P 500Peer Group
2014$100.00$100.00$100.00$100.00
201598.50100.2297.2986.43
2016122.95109.28114.46102.64
2017125.24130.29131.19128.62
2018107.82119.86112.90108.10
2019179.34156.92142.04152.31
The graph below shows a five-year comparison of cumulative returns for a $100 investment in the Company as compared to the S&P MidCap 400® Index, S&P 500® Index and the peer group.
csl-20191231_g2.jpg
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Market Information
The Company’s common stock is traded on the New York Stock Exchange under the ticker symbol "CSL." As of December 31, 2019, there were 1,180 shareholders of record. The number of beneficial holders is substantially greater than the number of record holders because a significant portion of our common stock is held of record in broker “street names.”
Issuer Purchases of Equity Securities
The Company’s purchases of its common stock during the three months ended December 31, 2019 follows:
(in thousands, except per share amounts)(a)
Total Number
of Shares
Purchased
(b)
Average Price
Paid Per Share
(c)
Total Number
of Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs
(d)
Maximum Number
(or Approximate
Dollar Value) of
Shares that May
Yet Be Purchased
Under the Plans or
Programs (1)
October $139.27  —  5,844  
November514  $159.02  514  5,330  
December431  $158.16  431  4,899  
Total948   945   
(1)Represents the remaining total number of shares that can be repurchased under the Company’s stock repurchase program. On February 5, 2019, the Board approved a 5 million share increase in the Company's stock repurchase program. 
The Company may also reacquire shares outside of the repurchase program from time to time in connection with the forfeiture of shares in satisfaction of tax withholding obligations from the vesting of share-based compensation. There were approximately 3 thousand shares reacquired in transactions outside the repurchase program during the three months ended December 31, 2019.
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Item 6.  Selected Financial Data.
Selected Consolidated Financial Data
(in millions except for per share data)20192018201720162015
Summary of Operations     
Revenues$4,811.6  $4,479.5  $3,750.8  $3,425.2  $3,300.6  
Gross margin$1,371.7  $1,174.7  $1,048.3  $1,086.4  $941.3  
Selling and administrative expenses$667.1  $625.4  $532.9  $495.4  $426.5  
Research and development expenses$60.9  $55.1  $51.3  $45.4  $39.9  
Operating income$654.2  $509.0  $464.0  $404.2  $477.5  
Income from continuing operations$473.7  $358.6  $340.6  $231.1  $302.6  
(Loss) income from discontinued operations
(0.9) 252.5  24.9  19.0  17.1  
Net income$472.8  $611.1  $365.5  $250.1  $319.7  
Basic earnings per share:
Income from continuing operations$8.30  $5.92  $5.36  $3.57  $4.63  
(Loss) income from discontinued operations
(0.02) 4.17  0.39  0.29  0.26  
$8.28  $10.09  $5.75  $3.86  $4.89  
Diluted earnings per share:
Income from continuing operations$8.21  $5.88  $5.32  $3.53  $4.56  
(Loss) income from discontinued operations
(0.02) 4.14  0.39  0.29  0.26  
$8.19  $10.02  $5.71  $3.82  $4.82  
Financial Position               
Total assets$5,496.0  $5,249.2  $5,299.8  $3,965.8  $3,950.9  
Total debt, including current portion$1,591.6  $1,587.8  $1,586.2  $596.4  $595.6  
Other Data               
Dividends paid$102.9  $93.5  $92.1  $84.5  $72.3  
Dividends paid per share$1.80  $1.54  $1.44  $1.30  $1.10  
The selected consolidated financial data shown above is derived from our audited consolidated financial statements. Refer to Note 3 for information regarding recent acquisitions and its impact to financial results.

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Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Carlisle Companies Incorporated (“Carlisle”, the “Company”, “we”, “us” or “our”) is a diversified manufacturer of highly engineered products. Carlisle is committed to generating superior shareholder returns by combining a unique management style of decentralization, entrepreneurial spirit, active mergers and acquisitions, and a balanced and disciplined approach to capital deployment, all with a culture of continuous improvement as embodied in the Carlisle Operating System ("COS"). Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is designed to provide a reader of our financial statements with a narrative from the perspective of Company management. All references to “Notes” refer to our Notes to Consolidated Financial Statements in this Annual Report on Form 10-K. For more information regarding our consolidated results, segment results, and liquidity and capital resources for the year ended December 31, 2018 as compared to the year ended December 31, 2017, refer to "Part II—Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2018 Annual Report on Form 10-K, which information is incorporated herein by reference.
Executive Overview
We focus on achieving profitable growth in our segments both organically, through new product development, product line extensions and entering new markets, as well as through acquisitions of businesses that complement our existing technologies, products and market channels. Resources are allocated among the operating segments based on senior management’s assessment of its ability to obtain leadership positions and competitive advantages in the markets it serves. We focus on obtaining profitable growth through the following strategic factors:
Driving above-market organic growth;
Utilizing COS consistently to drive efficiencies and operating leverage;
Building scale with synergistic acquisitions;
Continuing to invest in and develop exceptional talent; and
Deploying capital into capital expenditures, share repurchases and dividends.
Driven by strong underlying demand in North American non-residential roofing markets, Carlisle delivered record full year sales, operating income and diluted EPS results. We accomplished these results despite continued negative impact in the global economy highlighted by, amongst various factors, U.S./China trade negotiations, Brexit uncertainty, global industrial production declines and significant commercial aerospace production delays at a key customer.
We continue to gain traction on the key pillars of Vision 2025, under which we target $8 billion in revenues, 20% operating margin, and 15% return on invested capital ("ROIC"), all driving to $15 of earnings per share.

As we embark on year three of Vision 2025, we will build on the achievements of our first two years and continue to drive towards our objectives to achieve 5% organic growth with leverage, utilize COS to deliver efficiencies and annual cost savings of 1 to 2% of revenues, deploying $3 billion to build scale with synergistic acquisitions, continuing to invest in exceptional talent and allocating over $3 billion into capital expenditures, share repurchases and dividends.

Full year 2019 highlights include:

Delivered 2.8% organic revenue growth despite significant headwinds and leveraged this growth to expand operating margins 220 basis points
Drove organic revenue growth of 5% since the launch of Vision 2025, in line with our long-term target
Maintained strong price discipline, leading to positive price realization across all segments
Achieved gross savings and benefits from COS within our targeted range of 1 to 2% of revenues
Deployed over $600 million of capital into 8 strategic acquisitions
Leveraged our strong cash flow and balance sheet by deploying over $485 million into share repurchases and dividends paid

In addition to our strong financial performance, we are pleased about the continued momentum our team has generated around environmental, social and governance ("ESG") issues. In 2019, we established an ESG steering committee, developed an ESG reporting process, elevated the position of Director of Sustainability to report directly to the Chief Executive Officer and established a plan to publish our first ESG report in 2020. Additionally, we made
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progress in diversifying our Board of Directors and have made commitments to ensuring a $15 per hour minimum wage in our U.S. operations, gender pay equity, and a gender-balanced management team.

We are pleased with our significant accomplishments and strong performance in a challenging 2019. Supported by COS, our teams focused on and executed numerous continuous improvement projects to help overcome these challenges. Finally, we recognize that Carlisle's achievements are the culmination of efforts by our employees, customers, channel partners and suppliers, and we appreciate their contribution to our record results in 2019.

Summary Financial Results
(in millions, except per share amounts)20192018
Revenues$4,811.6  $4,479.5  
Operating income$654.2  $509.0  
Operating margin percentage13.6 %11.4 %
Income from continuing operations$473.7  $358.6  
(Loss) income from discontinued operations
$(0.9) $252.5  
Diluted earnings per share attributable to common shares:
Income from continuing operations
$8.21  $5.88  
(Loss) income from discontinued operations
$(0.02) $4.14  
Items affecting comparability: (1)
Impact to operating income
$23.7  $32.6  
Impact to income from continuing operations
$4.3  $12.3  
Impact to diluted EPS from continuing operations
$0.08  $0.20  
(1)Items affecting comparability primarily include acquisition related costs, exit and disposal costs, facility rationalization costs, litigation settlement costs, gains from divestitures and non-comparable tax items. The tax effect is based on the rate of the jurisdiction where the expense is deductible. Refer to Items Affecting Comparability in this MD&A for further discussion.
Revenues increased primarily reflecting contributions from the acquisition of Petersen Aluminum Corporation ("Petersen") in the Carlisle Construction Materials (“CCM”) segment, higher volumes and continued price leadership, partially offset by unfavorable foreign currency exchange rates.
The increase in operating income primarily reflected the above revenue performance and benefits from raw material savings and contributions from COS, partially offset by wage inflation. Refer to Segment Results of Operations within this MD&A for further information related to segment operating income results.
Diluted earnings per share from continuing operations primarily benefited from the above operating income performance ($1.81 per share in 2019), reduced average shares outstanding ($0.44 per share in 2019) resulting from our share repurchase program, and a lower effective tax rate ($0.02 per share in 2019).
We generated $703.1 million in operating cash flows during 2019 and utilized cash on hand and cash provided by operations to fund acquisitions, fund capital projects and return capital to shareholders. 
Consolidated Results of Operations
Revenues
(in millions)20192018Change%Acquisition
Effect
Price / Volume
Effect
Exchange
Rate Effect
Revenues$4,811.6  $4,479.5  $332.1  7.4 %5.1 %2.8 %(0.5)%
The increase in revenues in 2019 primarily reflected a contribution of $176.2 million from the acquisition of Petersen in the CCM segment and $53.8 million from other acquisitions primarily in the CFT and Carlisle Interconnect Technologies ("CIT") segments, and higher volumes and price from favorable commercial construction demand at CCM. The increase in revenues was partially offset by lower volumes at CBF and CFT, and unfavorable foreign currency rates due to a stronger U.S. dollar.

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Revenues by Geographic Area

(in millions)
20192018
United States$3,847.1  80 %$3,461.3  77 %
International:  
Europe428.3   443.5   
Asia288.3   306.5   
Canada104.7   112.1   
Mexico70.0   72.0   
Middle East and Africa39.4   46.8   
Other33.8   37.3   
Total International964.5  20 %1,018.2  23 %
Revenues$4,811.6   $4,479.5   
Total revenues to international customers decreased primarily reflecting lower sales to Asia and Europe from CIT, CFT and CBF compared with prior year. Partly offsetting lower international sales were increased sales to Europe and Asia from CCM.
Gross Margin
(in millions)20192018Change%
Gross margin$1,371.7  $1,174.7  $197.0  16.8 %
Gross margin percentage28.5 %26.2 % 
Depreciation and amortization$113.5  $96.4  
The increase in gross margin percentage (gross margin expressed as a percentage of revenues) in 2019 was driven by company-wide price realization, particularly in the CCM segment, savings from COS, favorable raw material dynamics and higher volumes. Partially offsetting these items were higher labor-related costs. Also included in cost of goods sold were exit and disposal costs totaling $7.1 million in 2019, primarily at CIT, attributable to our restructuring initiatives, compared with $15.5 million in 2018. Refer to Note 8 for further information on exit and disposal activities
Selling and Administrative Expenses
(in millions)20192018Change%
Selling and administrative expenses$667.1  $625.4  $41.7  6.7 %
As a percentage of revenues13.9 %14.0 % 
Depreciation and amortization$89.8  $87.5  
The increase in selling and administrative expenses in 2019 primarily reflected acquired selling, general and administrative costs and higher labor-related costs for equity and incentive compensation. Also included in selling and administrative expenses were exit and disposal costs totaling $5.6 million in 2019, primarily at CIT and CFT, attributable to our restructuring initiatives, compared with $1.9 million in 2018. Refer to Note 8 for further information on exit and disposal activities. The selling and administrative costs from acquired businesses also included non-cash amortization of acquired customer-related intangible assets. These increases were partially offset by continuing cost savings from the integration of acquired businesses.
Research and Development Expenses
(in millions)20192018Change%
Research and development expenses$60.9  $55.1  $5.8  10.5 %
As a percentage of revenues1.3 %1.2 % 
Depreciation and amortization$2.1  $1.6  
Research and development expenses increased in 2019, compared with 2018, and primarily reflected new product development at our CFT, CCM and CIT segments.
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Other Operating (Income) Expense, net
(in millions)20192018Change%
Other operating (income) expense, net$(10.5) $(14.8) $4.3  (29.1)%
Items affecting comparability (1)
$(7.2) $(4.1) 
(1)Items affecting comparability include a contingent consideration gain, net (gains) losses on sale of assets and litigation settlement costs, refer to Items Affecting Comparability.
Other operating (income) expense, net in 2019 primarily reflected a $5.0 million gain on contingent consideration at CFT, $2.3 million of rebates, and $1.9 million of gains on sales of assets. Other operating (income) expense, net in 2018 primarily reflected a $6.6 million of gains on sales of assets primarily at CFT, CCM and CIT, and net gains from legal settlements.
Operating Income
(in millions)20192018Change%
Operating income$654.2  $509.0  $145.2  28.5 %
Operating margin percentage13.6 %11.4 % 
Refer to Segment Results of Operations within this MD&A for further information related to segment operating income results.
Interest Expense, net
(in millions)20192018Change%
Interest expense, net$66.1  $64.7  $1.4  2.2 %
Interest expense, net of capitalized interest in 2019 and 2018 primarily reflected interest on our long-term debt. Refer to Note 14 for further information on our long-term debt.
Interest Income
(in millions)20192018Change%
Interest income$(7.9) $(11.2) $3.3  (29.5)%
Interest income decreased in 2019 primarily related to lower yields and a smaller average cash balance.
Other Non-operating Expense, net
(in millions)20192018Change%
Other non-operating expense, net$0.7  $9.6  $(8.9) NM  
Items affecting comparability (1)
$2.3  $7.7  
(1)Items affecting comparability include income tax related indemnification losses and (gains) losses on divestitures, refer to Items Affecting Comparability.
Other non-operating expense, net, in 2019 and 2018 primarily reflected the net impact of the resolution of certain tax uncertainties related to the Accella acquisition and release of the corresponding indemnification assets and foreign exchange (gains) losses.
Income Taxes
(in millions)20192018Change%
Provision for income taxes$121.6  $87.3  $34.3  39.3 %
Effective tax rate20.4 %19.6 %
The provision for income taxes on continuing operations for 2019 is higher than 2018 primarily reflecting higher pre-tax income in the U.S., and to a lesser extent in foreign jurisdictions. This equated to higher taxes of $35.5 million, with approximately $1.2 million of net lower taxes related to other permanent differences and the impact of prior year taxes in the current year, primarily related to:
Higher current year expected research & development tax credits of $2.2 million
Higher windfall tax benefits related to current year stock-based compensation of $1.2 million, and
Unfavorable reduction in adjustments to prior year taxes of $2.2 million.
Refer to Note 9 for further information related to income taxes.
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(Loss) Income from Discontinued Operations
(in millions)20192018Change%
(Loss) income from discontinued operations before taxes$(1.8) $300.1  
(Benefit from) provision for income taxes(0.9) 47.6  
(Loss) income from discontinued operations$(0.9) $252.5  $(253.4) NM  
The loss from discontinued operations in 2019 relates to an environmental remediation accrual associated with a former business disposed of in 2009, partially offset by the settlement of prior income tax positions in the current year related to the sale of CFS.
Income from discontinued operations in 2018 primarily reflects the pre-tax gain on sale of CFS totaling $296.8 million. Excluding the gain on sale, income from discontinued operations reflects activity from January 1, 2018 through March 20, 2018, the date that the sale of Carlisle FoodService Products ("CFS") was completed.
Refer to Note 4 for additional information related to discontinued operations.
Segment Results of Operations
Carlisle Construction Materials (“CCM”)
On January 11, 2019, we acquired 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. Petersen’s primary business is the manufacture and distribution of 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. Refer to Note 3 for further information on the acquisition.
(in millions)20192018Change%Acquisition
Effect
Price / Volume
Effect
Exchange
Rate Effect
Revenues$3,233.3  $2,880.3  $353.0  12.3 %6.4 %6.2 %(0.3)%
Operating income$576.0  $435.4  $140.6  32.3 %
Operating margin percentage17.8 %15.1 %
Depreciation and amortization$93.9  $77.9  
Items affecting comparability (1)
$2.2  $0.4  
(1)Items affecting comparability include acquisition related costs ($2.6 million in 2019 and $2.2 million in 2018), gain from divestitures ($(0.7) million in 2019 and $(1.8) million in 2018) and exit and disposal costs ($0.3 million in 2019), refer to Items Affecting Comparability.
CCM’s revenue growth in 2019 reflected contribution from acquisitions, primarily Petersen, and higher volumes driven by continued strength in U.S. commercial roofing demand and new product introductions.
CCM’s operating margin percentage growth in 2019 primarily reflected raw material savings, positive volume leverage, price realization and savings from COS.
Carlisle Interconnect Technologies (“CIT”)
In January 2019, we announced we would exit our manufacturing operations in El Segundo, California, and Riverside, California, and relocate the majority of those operations to our existing manufacturing facilities in North America. This project is expected to take 12 to 18 months to complete. Total project costs are expected to be approximately $17.9 million, with approximately $1.4 million remaining to be incurred. Refer to Note 8 for further information regarding exit and disposal activities.
On April 1, 2019, we acquired MicroConnex Corporation ("MicroConnex") for consideration of $46.2 million, including $0.8 million of cash acquired and post-closing adjustments. MicroConnex is a manufacturer of highly engineered microminiature flex circuits and sensors for the medical, and test and measurement markets.
On November 20, 2019, we acquired Providien, LLC ("Providien") for consideration of $332.1 million, including $3.4 million of cash acquired, subject to post-closing adjustments. Providien is a leading provider of comprehensive manufacturing solutions for global medical device original equipment manufacturers, including thermoforming, medical device contract manufacturing, precision machining and metals, and medical injection molding.
Refer to Note 3 for further information on acquisitions.
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(in millions)20192018Change%Acquisition
Effect
Price / Volume
Effect
Exchange
Rate Effect
Revenues$972.9  $933.8  $39.1  4.2 %2.4 %2.1 %(0.3)%
Operating income$131.6  $117.3  $14.3  12.2 %
Operating margin percentage13.5 %12.6 %
Depreciation and amortization$63.0  $58.3  
Items affecting comparability (1)
$16.7  $9.2  
(1)Items affecting comparability include exit and disposal and facility rationalization costs ($13.6 million in 2019 and $8.2 million in 2018), acquisition related costs ($3.1 million in 2019 and $0.1 million in 2018), litigation settlement costs ($2.5 million in 2018) and gains from divestitures ($(1.6) million in 2018), refer to Items Affecting Comparability.
CIT's revenue growth in 2019 primarily reflected contributions from the acquisition of Providien and MicroConnex, higher volumes and price realization.
CIT’s operating margin percentage increased in 2019, driven by savings from COS and price realization, partially offset by wage inflation. 
Carlisle Fluid Technologies (“CFT”)
(in millions)20192018Change%Acquisition
Effect
Price / Volume
Effect
Exchange
Rate Effect
Revenues$278.4  $291.6  $(13.2) (4.5)%8.2 %(11.3)%(1.4)%
Operating income$24.0  $37.1  $(13.1) (35.3)%
Operating margin percentage8.6 %12.7 %
Depreciation and amortization$24.1  $22.9  
Items affecting comparability (1)
$0.8  $(0.1) 
(1)Items affecting comparability include exit and disposal and facility rationalization costs ($2.7 million in 2019 and $3.1 million in 2018), acquisition related costs ($3.1 million in 2019), contingent consideration gains ($(5.0) million in 2019) and gains from divestitures ($(3.2) million in 2018), refer to Items Affecting Comparability.
CFT's revenue declined in 2019, reflecting volume declines, particularly in the industrial and automotive end markets, partially offset by a contribution from acquisitions and price realization.
CFT’s operating margin percentage performance in 2019 declined, reflecting lower volumes, and raw material and wage inflation, partially offset by savings from COS and price realization. 
Carlisle Brake & Friction (“CBF”)
(in millions)20192018Change%Acquisition
Effect
Price / Volume
Effect
Exchange
Rate Effect
Revenues$327.0  $373.8  $(46.8) (12.5)%