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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) 
OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2018 
 
Commission file number 1-9278
csl-20180930_g1.jpg 
www.carlisle.com 
CARLISLE COMPANIES INCORPORATED
(Exact name of registrant as specified in its charter) 
Delaware
31-1168055
(State of incorporation)
(I.R.S. Employer Identification No.)
(480) 781-5000
(Telephone Number)
16430 North Scottsdale Road, Suite 400, Scottsdale, Arizona 85254
(Address of principal executive office, including zip code)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 

Yes  ☒  No  ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 

 Yes  ☒  No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☐
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Yes ☐ No ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ☐  No  ☒

On October 18, 2018, there were 59,544,520 shares of the registrant's common stock outstanding, par value $1.00 per share.




Carlisle Companies Incorporated
Table of Contents
Page

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PART I
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 share and per share amounts) 2018201720182017
Revenues $1,181.4 $1,002.4 $3,402.2 $2,760.3 
Cost of goods sold 867.1 717.8 2,506.3 1,963.1 
Selling and administrative expenses 164.8 137.9 473.3 389.8 
Research and development expenses 12.3 12.4 40.4 37.5 
Other operating (income) expense, net (2.8)(0.5)(12.2)(0.7)
Operating income 140.0 134.8 394.4 370.6 
Interest expense, net 13.0 7.8 41.7 21.4 
Other non-operating (income) expense, net 5.1 3.4 6.3 1.6 
Income from continuing operations before income taxes 121.9 123.6 346.4 347.6 
Provision for income taxes 25.0 44.5 76.9 115.9 
Income from continuing operations 96.9 79.1 269.5 231.7 
Discontinued operations: 
Income before income taxes 2.6 11.4 300.3 29.7 
(Benefit) provision for income taxes (0.2)4.2 46.8 11.0 
Income from discontinued operations 2.8 7.2 253.5 18.7 
Net income $99.7 $86.3 $523.0 $250.4 
Basic earnings per share attributable to common shares: 
Income from continuing operations $1.61 $1.27 $4.40 $3.62 
Income from discontinued operations 0.05 0.11 4.15 0.29 
Basic earnings per share $1.66 $1.38 $8.55 $3.91 
Diluted earnings per share attributable to common shares: 
Income from continuing operations $1.59 $1.26 $4.37 $3.60 
Income from discontinued operations 0.05 0.11 4.12 0.29 
Diluted earnings per share $1.64 $1.37 $8.49 $3.89 
Average shares outstanding (in thousands): 
Basic 59,826 62,432 60,712 63,503 
Diluted 60,329 62,797 61,176 63,916 
Dividends declared and paid per share $0.40 $0.37 $1.14 $1.07 
Comprehensive income: 
Net income $99.7 $86.3 $523.0 $250.4 
Other comprehensive income (loss): 
Foreign currency (losses) gains (8.4)13.4 (21.6)44.6 
Amortization of unrecognized net periodic benefit costs, net of tax
0.6 0.4 2.6 1.2 
Other, net of tax  (0.2)0.5 (0.9)
Other comprehensive income (loss) (7.8)13.6 (18.5)44.9 
Comprehensive income $91.9 $99.9 $504.5 $295.3 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
3


Carlisle Companies Incorporated
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except share and per share amounts)
September 30, 2018December 31, 2017
ASSETS 
Current assets: 
Cash and cash equivalents $780.5 $378.3 
Receivables, net of allowance of $5.9 million and $6.5 million, respectively 850.5 625.7 
Inventories, net 489.1 448.8 
Prepaid expenses 24.4 21.7 
Other current assets 56.9 73.6 
Discontinued operations  96.5 
Total current assets 2,201.4 1,644.6 
Property, plant, and equipment, net 763.0 731.1 
Goodwill, net 1,443.3 1,452.1 
Other intangible assets, net 993.5 1,065.0 
Other long-term assets 31.2 34.9 
Discontinued operations  372.1 
Total assets $5,432.4 $5,299.8 
LIABILITIES AND EQUITY 
Current liabilities: 
Accounts payable $362.7 $332.1 
Accrued expenses 280.3 257.8 
Deferred revenue 29.7 27.8 
Discontinued operations  40.9 
Total current liabilities 672.7 658.6 
Long-term liabilities: 
Long-term debt 1,587.4 1,586.2 
Deferred revenue 197.6 188.0 
Other long-term liabilities 269.0 288.7 
Discontinued operations  50.0 
Total long-term liabilities 2,054.0 2,112.9 
Shareholders' equity: 
Preferred stock, $1 par value per share (5,000,000 shares authorized and unissued)   
Common stock, $1 par value per share (200,000,000 shares; 59,583,235 and 61,839,734 shares outstanding, respectively)
78.7 78.7 
Additional paid-in capital 377.8 353.7 
Deferred compensation equity 8.3 10.4 
Treasury shares, at cost (18,893,688 and 16,613,193 shares, respectively) (935.5)(649.6)
Accumulated other comprehensive loss (110.7)(85.7)
Retained earnings 3,287.1 2,820.8 
Total shareholders' equity 2,705.7 2,528.3 
Total liabilities and equity $5,432.4 $5,299.8 
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)
20182017
Operating activities: 
Net income
$523.0 $250.4 
Reconciliation of net income to net cash provided by operating activities:
Depreciation
64.6 61.5 
Amortization
78.6 59.2 
Stock-based compensation, net of tax benefit
17.8 11.9 
Deferred taxes (9.0)(3.1)
(Gain) loss on sale of assets (6.4)0.3 
Gain on sale of discontinued operation, net of tax (251.0) 
Other operating activities, net
0.4 6.3 
Changes in assets and liabilities, excluding effects of acquisitions:
Receivables
(207.2)(155.3)
Inventories
(61.9)(45.9)
Prepaid expenses and other assets
(0.9)1.4 
Accounts payable
12.6 61.3 
Accrued expenses
(66.2)39.9 
Deferred revenues
11.8 15.4 
Other long-term liabilities
(3.6)(3.7)
Net cash provided by operating activities
102.6 299.6 
Investing activities: 
Proceeds from sale of discontinued operation 758.0  
Capital expenditures (96.1)(105.8)
Acquisitions, net of cash acquired
(19.5)(280.0)
Other investing activities, net
11.4 0.2 
Net cash provided by (used in) investing activities
653.8 (385.6)
Financing activities: 
Proceeds from revolving credit facility
 491.0 
Repayments of revolving credit facility
 (306.0)
Repurchases of common stock
(295.4)(266.4)
Dividends paid
(69.7)(69.0)
Withholding tax paid related to stock-based compensation
(9.7)(8.2)
Proceeds from exercise of stock options
22.3 4.1 
Net cash used in financing activities
(352.5)(154.5)
Effect of foreign currency exchange rate changes on cash and cash equivalents
(0.4)2.8 
Change in cash and cash equivalents 403.5 (237.7)
Less: change in cash and cash equivalents of discontinued operations (1.3)(1.6)
Cash and cash equivalents at beginning of period 378.3 385.0 
Cash and cash equivalents at end of period $780.5 $145.7 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
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Carlisle Companies Incorporated
Condensed Consolidated Statement of Shareholders’ Equity (Unaudited)
Common Stock
Additional Paid-In Capital
Deferred Compensation Equity
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Shares in Treasury
Total Shareholders' Equity
(in millions, except per share amounts)
Shares
Amount
Shares
Cost
Balance as of December 31, 201664.3 $78.7 $335.3 $10.3 $(122.2)$2,547.4 14.2 $(382.6)$2,466.9 
Net income — — — — — 250.4 — — 250.4 
Other comprehensive income, net of tax
— — — — 44.9 — — — 44.9 
Cash dividends - $1.07 per share — — — — — (69.0)— — (69.0)
Repurchases of common stock (2.7)— — — — — 2.7 (268.5)(268.5)
Issuances and deferrals, net for stock based compensation1
0.2 — 11.5 1.6 — — (0.2)(1.5)11.6 
Balance as of September 30, 201761.8 $78.7 $346.8 $11.9 $(77.3)$2,728.8 16.7 $(652.6)$2,436.3 
Balance as of December 31, 201761.8 $78.7 $353.7 $10.4 $(85.7)$2,820.8 16.6 $(649.6)$2,528.3 
Adoption of accounting standards2
— — — — (6.5)13.0 — — 6.5 
Net income — — — — — 523.0 — — 523.0 
Other comprehensive loss, net of tax — — — — (18.5)— — — (18.5)
Cash dividends - $1.14 per share — — — — — (69.7)— — (69.7)
Repurchases of common stock (2.7)— — — — — 2.7 (299.9)(299.9)
Issuances and deferrals, net for stock based compensation1
0.5 — 24.1 (2.1)— — (0.5)14.0 36.0 
Balance as of September 30, 201859.6 $78.7 $377.8 $8.3 $(110.7)$3,287.1 18.8 $(935.5)$2,705.7 
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.
2. Refer to Note 2 for further information regarding new accounting standards adopted.
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
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Carlisle Companies Incorporated
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 1—Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared by Carlisle Companies Incorporated (the "Company" or "Carlisle"). The accompanying unaudited Condensed Consolidated Financial Statements do not include all disclosures as required by accounting principles generally accepted in the United States of America ("United States" or "U.S."), and should be read in conjunction with the Company’s audited Consolidated Financial Statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2017.
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, except as disclosed in Note 2 for new accounting standards adopted, necessary to present fairly the financial position, results of operations and cash flows for the periods presented. During the fourth quarter of 2017, the Company revised (i) the Condensed Consolidated Statements of Income to include a subtotal of operating income, with other non-operating (income) expense, net reflected as a separate line item below interest expense, net and (ii) its segment measure of profit and loss to operating income (previously earnings before interest and taxes). The Company has reclassified certain prior period amounts to conform to the current period presentation of operating income, including other operating (income) expense, net, operating income and other non-operating (income) expense, net in the Condensed Consolidated Statements of Income and operating income in Note 3. These changes were made to better reflect the Company's results of operations and to be consistent with the change in the measure of operating performance evaluated by the Chief Operating Decision Maker, the Company's Chief Executive Officer.
Discontinued Operations
The results of operations for the Company's Carlisle FoodService Products ("CFS") segment have been classified as discontinued operations for all periods presented in the Condensed Consolidated Statements of Income. Assets and liabilities subject to the completed sale of CFS have been classified as discontinued operations for all periods presented in the Condensed Consolidated Balance Sheets. Refer to Note 5 for additional information.
Note 2—New Accounting Pronouncements 
New Accounting Standards Adopted
In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 outlines a single, comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance issued by the FASB, including industry specific guidance. ASU 2014-09 provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts with customers to provide goods and services.
On January 1, 2018, the Company adopted ASU 2014-09 and all the related amendments ("ASC 606") to all uncompleted contracts using the modified retrospective method. The Company recognized the cumulative effect of initially applying ASC 606 as an adjustment to the opening balance of retained earnings totaling $6.5 million. The comparative information has not been adjusted and continues to be reported under the accounting standards in effect for those periods. The Company expects the impact of the adoption of ASC 606 to be immaterial to its reported revenue on an ongoing basis.
A majority of the Company's revenues continue to be recognized when products are shipped from its manufacturing facilities or delivered to the customer, depending on shipping terms. For certain highly customized product contracts in the Carlisle Interconnect Technologies segment, revenue was previously recognized as billed, at the point products were shipped and title and associated risk and rewards of ownership passed to the customer. In
7


accordance with ASC 606, the Company now recognizes revenue over time, for those highly customized products, using the input method as products are manufactured.
A summary of the effects of adopting ASC 606 on the Condensed Consolidated Financial Statements follows:
Three Months Ended September 30, 2018 
(in millions)
As Reported
Balances Without Adoption of
ASC 606
Effect of Change Higher/(Lower)
Condensed Consolidated Statement of Income 
Revenues $1,181.4 $1,175.1 $6.3 
Cost of goods sold 867.1 862.3 4.8 
Operating income 140.0 138.5 1.5 
Provision for income taxes 25.0 24.7 0.3 
Income from continuing operations 96.9 95.7 1.2 
Net income 99.7 98.5 1.2 

Nine Months Ended September 30, 2018 
(in millions)
As Reported
Balances Without Adoption of
ASC 606
Effect of Change Higher/(Lower)
Condensed Consolidated Statement of Income 
Revenues $3,402.2 $3,375.9 $26.3 
Cost of goods sold 2,506.3 2,487.6 18.7 
Operating income 394.4 386.8 7.6 
Provision for income taxes 76.9 75.1 1.8 
Income from continuing operations 269.5 263.7 5.8 
Net income 523.0 517.2 5.8 

September 30, 2018
(in millions)
As Reported
Balances Without Adoption of
ASC 606
Effect of Change Higher/(Lower)
Condensed Consolidated Balance Sheet 
Receivables $850.5 $802.0 $48.5 
Inventories, net 489.1 522.5 (33.4)
Other current assets 56.9 56.0 0.9 
Accrued expenses 280.3 278.5 1.8 
Other long-term liabilities 269.0 267.0 2.0 
Retained earnings 3,287.1 3,280.6 6.5 
In March 2017, the FASB issued ASU 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ("ASU 2017-07"), which requires employers to include only the service cost component of net periodic pension cost and net periodic postretirement benefit cost in operating income, if such measure is presented. The other components of net benefit cost, including amortization of prior service cost/credit, and settlement and curtailment effects, are to be included in non-operating income. ASU 2017-07 also stipulates that only the service cost component of net benefit cost is eligible for capitalization into inventory or other tangible assets.
On January 1, 2018, the Company adopted ASU 2017-07 using a retrospective approach for the presentation in the Condensed Consolidated Statement of Income to include only the service cost component of net periodic pension costs and net periodic postretirement benefit cost in operating income. The Company elected to use, as a practical expedient, the amounts disclosed in its defined benefit plan note for the prior comparative period as the estimation basis for applying the retrospective presentation requirements. As a result of adopting ASU 2017-07, net periodic benefit income for the non-service cost components of $(0.6) million and $(1.8) million was reclassified from other operating (income) expense, net to other non-operating (income) expense, net for the three and nine months ended September 30, 2017.
8


In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02") which allows entities to reclassify from accumulated other comprehensive income to retained earnings for stranded tax effects related to the change in federal tax rate for all items accounted for in other comprehensive income. Entities can also elect to reclassify other stranded tax effects that relate to the Tax Cuts and Jobs Act, but do not directly relate to the change in the federal tax rate, including state taxes and changing from a worldwide tax system to a territorial system. Tax effects that are stranded in other comprehensive income for other reasons may not be reclassified.
Effective January 1, 2018, the Company early adopted ASU 2018-02 using a modified retrospective approach for the presentation in the Condensed Consolidated Balance Sheets to reclassify $6.5 million related to the change in federal tax rate from accumulated other comprehensive loss to retained earnings.
New Accounting Standards Issued But Not Yet Adopted 
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02") which requires lessees to recognize a lease liability for the obligation to make lease payments, measured at the present value on a discounted basis, and a right-of-use ("ROU") asset for the right to use the underlying asset for the duration of the lease term, measured as the lease liability amount adjusted for lease prepayments, lease incentives received, and initial direct costs. The lease liability and ROU asset are recognized in the balance sheet at the commencement of the lease. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern. Classification will be based on criteria that are largely similar to those applied in current lease accounting.
In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which amended the new leasing standard to give entities another option for transition. This transition option allows entities to not apply the new standard in the comparative periods they present in their financial statements in the year of adoption. ASU 2016-02, and its amendments, are effective for the Company beginning January 1, 2019, and requires the use of a modified retrospective approach for leases that exist at, or are entered into after the beginning of the year of adoption under the new transition guidance. Early application of the ASU is permitted; however, the Company plans to adopt on January 1, 2019 and expects to elect this new transition method. The Company continues its evaluation of adopting the standard, and currently expects the standard to have an impact of approximately $50.0 million to $60.0 million on its assets and liabilities for the addition of ROU assets and lease liabilities. The Company does not expect the standard to have a material impact on its results of operations or liquidity.
Note 3 —Segment Information 
The Company has organized its operations into four primary segments, based on the products it sells, each of which represent a reportable segment as follows:
Carlisle Construction Materials ("CCM")—the principal products of this segment are rubber (EPDM), thermoplastic polyolefin (TPO) and polyvinyl chloride (PVC) roofing membranes used predominantly on non-residential low-sloped roofs, related roofing accessories, including flashings, fasteners, sealing tapes and coatings and waterproofing products. CCM also manufactures and distributes energy-efficient rigid foam insulation panels for substantially all roofing applications. The markets served primarily include new construction, re-roofing and maintenance of low-sloped roofs, water containment, HVAC sealants and coatings and waterproofing. In addition, CCM offers a broad range of specialty polyurethane products and solutions across a broad diversity of markets and applications. 
Carlisle Interconnect Technologies ("CIT")—the principal products of this segment are high-performance wire, cable, connectors, contacts and cable assemblies for the transfer of power and data primarily for the aerospace, medical, defense electronics, test and measurement equipment and select industrial markets.
Carlisle Fluid Technologies ("CFT")—the principal products of this segment are industrial liquid and powder finishing equipment and integrated system solutions for spraying, pumping, mixing, metering and curing of a variety of coatings used in the general industrial, transportation, auto refinishing, protective coating, wood and specialty markets. 
9


Carlisle Brake & Friction ("CBF")—the principal products of this segment include high-performance brakes and friction material and clutch and transmission friction material for the construction, agriculture, mining, on-highway, aerospace and motor sports markets.
A summary of segment information follows:
Three Months Ended September 30, 
20182017
(in millions)
Revenues
Operating Income (Loss)
Revenues
Operating Income (Loss)
Carlisle Construction Materials
$776.8 $120.9 $640.2 $124.4 
Carlisle Interconnect Technologies
240.2 29.3 210.8 25.9 
Carlisle Fluid Technologies
72.4 11.6 70.9 0.1 
Carlisle Brake & Friction
92.0 (1.1)80.5 1.3 
Segment Total
1,181.4 160.7 1,002.4 151.7 
Corporate and unallocated1
— (20.7)— (16.9)
Total
$1,181.4 $140.0 $1,002.4 $134.8 
Nine Months Ended September 30, 
20182017
(in millions)
Revenues
Operating Income (Loss)
Revenues
Operating Income (Loss)
Carlisle Construction Materials
$2,204.0 $338.1 $1,717.5 $334.2 
Carlisle Interconnect Technologies
702.2 84.0 606.8 67.6 
Carlisle Fluid Technologies
209.2 25.1 202.4 12.4 
Carlisle Brake & Friction
286.8 6.3 233.6 3.8 
Segment total
3,402.2 453.5 2,760.3 418.0 
Corporate and unallocated1
— (59.1)— (47.4)
Total
$3,402.2 $394.4 $2,760.3 $370.6 
1. Corporate operating loss includes other unallocated costs, primarily general corporate expenses.
Note 4—Acquisitions 
Accella Holdings LLC 
On November 1, 2017, the Company acquired 100% of the equity of Accella Holdings LLC, the parent company to Accella Performance Materials Inc. (collectively "Accella"), a specialty polyurethane platform, from Accella Performance Materials LLC, a subsidiary of Arsenal Capital Partners, for total consideration of $671.4 million, including a cash, working capital and indebtedness settlement, which was finalized in the first quarter of 2018. Accella offers a wide range of polyurethane products and solutions across a broad diversity of markets and applications. The Company funded the acquisition with borrowings from the Revolving Credit Facility.
In the three and nine months ended September 30, 2018, Accella contributed revenues of $112.3 million and $340.7 million, respectively, and an operating loss of $1.3 million and $1.2 million, respectively, to the Company's consolidated results. The results of operations of the acquired business are reported as part of the CCM segment.
The Accella amounts included in the pro forma financial information below are based on Accella’s historical results and therefore may not be indicative of the actual results if owned by Carlisle. 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 actually have been required. 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 the date indicated or that may be achieved in the future.
10


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, 2016, based on the purchase price allocation presented below:
Unaudited Pro Forma as of
September 30, 2017
(in millions)
Three Months Ended
Nine Months Ended 
Revenues
$1,117.6 $3,070.6 
Income from continuing operations
72.0 212.9 
The pro forma financial information reflects adjustments to Accella's historical financial information to apply the Company's accounting policies and to reflect the additional depreciation and amortization related to the preliminary fair value adjustments of the acquired net assets of $1.7 million and $8.5 million for the three and nine months ended September 30, 2017, respectively, together with the associated tax effects. Also, the pro forma financial information reflects acquisition-related costs described above as if they occurred in 2016.
The following table summarizes the consideration transferred to acquire Accella and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed. The acquisition has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations, which requires that consideration be allocated to the acquired assets and assumed liabilities based upon their acquisition date fair values with the remainder allocated to goodwill. The fair values are preliminary and subject to change pending review of the final valuation for all acquired assets and liabilities.