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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 MARCH 31, 2019 
 
Commission file number 1-9278
csl-20190331_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 April 18, 2019, there were 57,060,669 shares of the registrant's common stock outstanding, par value $1.00 per share.



Carlisle Companies Incorporated
Table of Contents
Page

2

PART I
Item 1. Financial Statements 
Carlisle Companies Incorporated
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)

Three Months Ended
March 31,
(in millions, except per share amounts)20192018
Revenues$1,071.9 $984.7 
Cost of goods sold783.3 735.3 
Selling and administrative expenses164.2 148.6 
Research and development expenses14.4 13.9 
Other operating (income) expense, net(4.7)(7.8)
Operating income114.7 94.7 
Interest expense, net13.7 14.5 
Other non-operating (income) expense, net(0.4)1.9 
Income from continuing operations before income taxes101.4 78.3 
Provision for income taxes24.0 20.4 
Income from continuing operations77.4 57.9 
Discontinued operations:
Income before income taxes 299.0 
(Benefit) provision for income taxes(2.0)47.3 
Income from discontinued operations2.0 251.7 
Net income$79.4 $309.6 
Basic earnings per share attributable to common shares:
Income from continuing operations$1.34 $0.93 
Income from discontinued operations0.03 4.05 
Basic earnings per share$1.37 $4.98 
Diluted earnings per share attributable to common shares:
Income from continuing operations$1.33 $0.92 
Income from discontinued operations0.03 4.02 
Diluted earnings per share$1.36 $4.94 
Average shares outstanding (in thousands):
Basic57,547 61,684 
Diluted57,870 62,164 
Comprehensive income:
Net income$79.4 $309.6 
Other comprehensive income:
Foreign currency gains3.9 22.2 
Amortization of unrecognized net periodic benefit costs, net of tax
0.7 0.9 
Other, net of tax1.6 0.2 
Other comprehensive income6.2 23.3 
Comprehensive income$85.6 $332.9 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
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Carlisle Companies Incorporated
Condensed Consolidated Balance Sheets (Unaudited)
(in millions, except share and per share amounts)
March 31,
2019
December 31,
2018
ASSETS
Current assets:
Cash and cash equivalents$516.6 $803.6 
Receivables, net of allowance of $5.6 million and $5.1 million, respectively773.0 698.3 
Inventories, net514.7 457.5 
Prepaid expenses19.3 22.0 
Other current assets53.7 75.3 
Total current assets1,877.3 2,056.7 
Property, plant, and equipment, net772.4 760.1 
Goodwill, net1,504.8 1,441.8 
Other intangible assets, net1,049.5 967.7 
Other long-term assets97.7 22.9 
Total assets$5,301.7 $5,249.2 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$356.2 $312.1 
Accrued liabilities and other250.8 258.0 
Deferred revenue26.2 25.5 
Total current liabilities633.2 595.6 
Long-term liabilities:
Long-term debt1,588.5 1,587.8 
Deferred revenue204.0 201.9 
Other long-term liabilities351.3 266.5 
Total long-term liabilities2,143.8 2,056.2 
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; 56,802,175 and 57,957,912 shares outstanding, respectively)
78.7 78.7 
Additional paid-in capital390.1 383.8 
Deferred compensation equity7.8 8.0 
Treasury shares, at cost (21,677,133 and 20,534,652 shares, respectively)(1,243.5)(1,102.4)
Accumulated other comprehensive loss(115.9)(122.1)
Retained earnings3,407.5 3,351.4 
Total shareholders' equity2,524.7 2,597.4 
Total liabilities and equity$5,301.7 $5,249.2 
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
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Carlisle Companies Incorporated
Condensed Consolidated Statements of Cash Flows (Unaudited)

Three Months Ended
March 31,
(in millions)
20192018
Operating activities:
Net income
$79.4 $309.6 
Reconciliation of net income to net cash provided by operating activities:
Depreciation
21.3 22.7 
Amortization
27.8 28.3 
Stock-based compensation, net of tax benefit
6.8 6.8 
Deferred taxes(0.5)(2.3)
Gain on sale of discontinued operation, net of tax (247.9)
Other operating activities, net
8.1 (3.1)
Changes in assets and liabilities, excluding effects of acquisitions:
Receivables
(63.1)(26.8)
Inventories
(18.6)(55.8)
Prepaid expenses and other assets
26.0 11.5 
Accounts payable
53.4 27.2 
Accrued liabilities and other(31.0)(40.6)
Deferred revenues
2.8 3.3 
Other long-term liabilities
(2.6)0.3 
Net cash provided by operating activities
109.8 33.2 
Investing activities:
Acquisitions, net of cash acquired
(202.0)(0.7)
Capital expenditures(23.3)(42.5)
Proceeds from sale of discontinued operation 754.6 
Other investing activities, net
0.9 3.6 
Net cash (used in) provided by investing activities
(224.4)715.0 
Financing activities:
Repurchases of common stock
(157.1)(122.0)
Dividends paid
(23.3)(23.1)
Proceeds from exercise of stock options
10.6 1.7 
Withholding tax paid related to stock-based compensation
(3.3)(4.6)
Net cash used in financing activities
(173.1)(148.0)
Effect of foreign currency exchange rate changes on cash and cash equivalents
0.7 1.9 
Change in cash and cash equivalents(287.0)602.1 
Less: change in cash and cash equivalents of discontinued operations 1.3 
Cash and cash equivalents at beginning of period803.6 378.3 
Cash and cash equivalents at end of period$516.6 $979.1 
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, 201761.8 $78.7 $353.7 $10.4 $(85.7)$2,820.8 16.6 $(649.6)$2,528.3 
Adoption of accounting standards
— — — — (6.5)13.0 — — 6.5 
Net income— — — — — 309.6 — — 309.6 
Other comprehensive income, net of tax
— — — — 23.3 — — — 23.3 
Cash dividends - $0.37 per share— — — — — (23.1)— — (23.1)
Repurchases of common stock(1.2)— — — — — 1.2 (129.3)(129.3)
Issuances and deferrals, net for stock based compensation1
0.1 — 3.9 0.7 — — (0.1)0.9 5.5 
Balance as of March 31, 201860.7 $78.7 $357.6 $11.1 $(68.9)$3,120.3 17.7 $(778.0)$2,720.8 
Balance as of December 31, 201857.9 $78.7 $383.8 $8.0 $(122.1)$3,351.4 20.5 $(1,102.4)$2,597.4 
Net income— — — — — 79.4 — — 79.4 
Other comprehensive income, net of tax— — — — 6.2 — — — 6.2 
Cash dividends - $0.40 per share— — — — — (23.3)— — (23.3)
Repurchases of common stock(1.3)— — — — — 1.3 (149.9)(149.9)
Issuances and deferrals, net for stock based compensation1
0.2 — 6.3 (0.2)— — (0.2)8.8 14.9 
Balance as of March 31, 201956.8 $78.7 $390.1 $7.8 $(115.9)$3,407.5 21.6 $(1,243.5)$2,524.7 
1.Issuances and deferrals, net for stock based compensation reflects share activity related to option exercises, restricted and performance shares vested and net issuances and deferrals associated with deferred compensation equity.
See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)
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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, 2018.
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.
Note 2—New Accounting Pronouncements 
New Accounting Standards 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 Company adopted ASU 2016-02 and all related amendments ("ASC 842") on January 1, 2019, using the alternative modified retrospective method, also known as the transition relief method, permitted under ASC 842, which did not require restatement of prior periods. In addition, the Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification. The Company also elected the hindsight practical expedient to determine the lease term for existing leases. The standard did not materially impact consolidated net income or cash flows.
Following is a summary of the effects of adopting ASC 842 on the Consolidated Balance Sheet:
March 31, 2019
(in millions)
As Reported
Balances Without Adoption of
ASC 842
Effect of Change Higher/(Lower)
Condensed Consolidated Balance Sheet
Other current assets$53.7 $54.2 $(0.5)
Other long-term assets97.7 28.1 69.6 
Accrued liabilities and other250.8 229.4 21.4 
Other long-term liabilities351.3 303.6 47.7 

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
7

and waterproofing products. CCM also manufactures and distributes energy-efficient rigid foam insulation panels for substantially all roofing applications, and metal panel roofing primarily for residential and commercial markets. 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. 
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 March 31,
20192018
(in millions)
Revenues
Operating Income (Loss)
Revenues
Operating Income (Loss)
Carlisle Construction Materials
$671.1 $92.9 $598.6 $75.8 
Carlisle Interconnect Technologies
246.4 30.6 224.3 27.2 
Carlisle Fluid Technologies
63.1 6.4 63.5 5.7 
Carlisle Brake & Friction
91.3 6.5 98.3 4.5 
Segment total
1,071.9 136.4 984.7 113.2 
Corporate and unallocated1
 (21.7) (18.5)
Total
$1,071.9 $114.7 $984.7 $94.7 
1.Corporate operating loss includes other unallocated costs, primarily general corporate expenses.
Note 4—Acquisitions 
Petersen Aluminum Corporation 
On January 11, 2019, the Company acquired 100% of the equity of Petersen Aluminum Corporation ("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 is a manufacturer and distributor of market leading 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.
Petersen contributed revenues of $35.5 million and an operating loss of less than $0.1 million for the period from January 11, 2019, to March 31, 2019. The results of operations of the acquired business are reported as part of the CCM segment.
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The following table summarizes the consideration transferred to acquire Petersen 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 receipt of the final valuation studies for all acquired intangible assets.
Preliminary Allocation
(in millions)
As of 1/11/2019
Total cash consideration transferred
$207.2 
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents5.2 
Receivables, net11.5 
Inventories, net39.5 
Prepaid expenses and other current assets2.1 
Property, plant and equipment17.8 
Definite-lived intangible assets109.3 
Other long-term assets9.5 
Accounts payable(5.9)
Income tax payable1.7 
Accrued liabilities and other(8.7)
Other long-term liabilities(12.4)
Deferred income taxes(25.4)
Total identifiable net assets144.2 
Goodwill$63.0 
The preliminary goodwill recognized in the acquisition of Petersen reflects market participant synergies attributable to significant raw material purchase synergies with CCM, other administrative synergies and the assembled workforce to Carlisle, in addition to opportunities for product line expansions. The Company acquired $11.6 million of gross contractual accounts receivable, of which $0.1 million was not expected to be collected at the date of acquisition. All of the goodwill has been preliminarily assigned to the CCM reporting unit which aligns with the CCM reportable segment, and none of the goodwill is deductible for tax purposes. The $109.3 million preliminary value allocated to definite-lived intangible assets consists of $76.3 million of customer relationships with a useful life of 12 years, $29.9 million of trade names with a useful life of 10 years and various acquired technologies of $3.1 million with a useful life of 14 years. In accordance with the purchase agreement, Carlisle is indemnified for up to $5.2 million, and recorded an indemnification asset of $5.2 million in other long-term assets relating to the indemnification for pre-acquisition income tax liabilities. The Company has also recorded, as part of the purchase price allocation, deferred tax liabilities related to intangible assets of approximately $25.4 million.
Note 5—Discontinued Operations
On March 20, 2018, the Company completed the sale of Carlisle FoodService Products ("CFS") to the Jordan Company of New York, NY, for gross proceeds of $758.0 million, including a working capital adjustment, which was finalized in the third quarter of 2018. The sale of CFS is consistent with the Company's vision of operating a portfolio of businesses with highly engineered manufacturing products in strong growth markets.
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A summary of the results from discontinued operations included in the Condensed Consolidated Statements of Income for the three months ended March 31, follows:
(in millions)2018
Revenues$69.5 
Cost of goods sold49.5 
Other operating expenses, net14.8 
Operating income
5.2 
Other non-operating (income) expense, net 
Income from discontinued operations before income taxes
5.2 
Gain on sale of discontinued operations293.8 
Provision for income taxes47.3 
Income from discontinued operations
$251.7 
Income from discontinued operations of $2.0 million in the three months ended March 31, 2019, relates entirely to the settlement of prior income tax positions in the current year.
A summary of cash flows from discontinued operations included in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2018 follows:
(in millions)
2018
Net cash provided by operating activities$0.6 
Net cash used in investing activities
(8.1)
Net cash provided by financing activities1
8.8 
Change in cash and cash equivalents from discontinued operations
$1.3 
1.Represents borrowings from the Carlisle cash pool to fund capital expenditures and acquisitions.
Note 6—Earnings Per Share 
The Company’s restricted shares contain non-forfeitable rights to dividends and are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The computation below of earnings per share excludes the income attributable to the unvested restricted shares in the numerator and excludes the dilutive impact of those underlying shares in the denominator.
The computation below of earnings per share includes the income attributable to the vested and deferred restricted shares and restricted stock units in the numerator and includes the dilutive impact of those underlying shares in the the denominator.
Stock options are included in the calculation of diluted earnings per share utilizing the treasury stock method and performance share awards are included in the calculation of diluted earnings per share considering those are contingently issuable. Neither is considered to be a participating security as they do not contain non-forfeitable dividend rights.
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Income from continuing operations and share data used in the basic and diluted earnings per share computations using the two-class method follows:
Three Months Ended
March 31,
(in millions, except share and per share amounts)
20192018
Income from continuing operations$77.4 $57.9 
Less: dividends declared
(23.3)(23.1)
Undistributed earnings54.1 34.8 
Percent allocated to common shareholders1
99.7 %99.3 %
53.9 34.5 
Add: dividends declared on common stock, restricted share units and vested and deferred restricted and performance shares
23.2 22.8 
Income from continuing operations attributable to common shares$77.1 $57.3 
Shares (in thousands):
Basic weighted-average shares outstanding57,547 61,684 
Effect of dilutive securities:
Performance awards73 131 
Stock options250 349 
Diluted weighted-average shares outstanding
57,870 62,164 
Per share income from continuing operations attributable to common shares:
Basic$1.34 $0.93 
Diluted$1.33 $0.92 
1. Basic weighted-average common shares outstanding (in thousands)
57,547 61,684 
Basic weighted-average shares outstanding and unvested restricted shares expected to vest (in thousands)
57,735 62,117 
Percent allocated to common shareholders
99.7 %99.3 %
To calculate earnings per share for income from discontinued operations and for net income, the denominator for both basic and diluted earnings per share is the same as used in the above table.
Three Months Ended
March 31,
(in millions, except share amounts presented in thousands)
20192018
Income from discontinued operations attributable to common shareholders for basic and diluted earnings per share
$2.0 $250.0 
Net income attributable to common shareholders for basic and diluted earnings per share
79.1 307.3 
Anti-dilutive stock options excluded from EPS calculation1
340 564 
1.Represents stock options excluded from the calculation of diluted earnings per share, as such options’ assumed proceeds upon exercise would result in the repurchase of more shares than the underlying award.
Note 7—Revenue Recognition
The Company receives payment at the inception of the contract for separately priced extended service warranties, and revenue is deferred and recognized on a straight-line basis over the life of the contracts. Remaining performance obligations for extended service warranties represent the transaction price for the remaining stand-ready obligation to perform warranty services. A summary of estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of March 31, 2019, follows:
(in millions)
Remainder of 201920202021202220232024Thereafter
Extended service warranties
$15.8 $20.1 $19.1 $17.9 $16.7 $15.6 $120.1 
The Company has applied the practical expedient to not disclose information about remaining performance obligations that have original expected durations of one year or less.
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Contract Balances
Contract liabilities relate to payments received in advance of performance under a contract, primarily related to extended service warranties in the CCM segment and systems contracts in the CFT segment. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract. A summary of the change in contract liabilities for the three months ended March 31, follows:
(in millions)
20192018
Balance as of January 1
$227.4 $215.8 
Revenue recognized(12.8)(14.9)
Revenue deferred15.6 18.2 
Acquired liabilities 0.1 
Balance as of Balance as of March 31$230.2 $219.2 
Contract assets relate to the Company's right to payment for performance completed to date under a contract, primarily related to highly customized product contracts within the CIT segment. Accounts receivable are recorded when the right to payment becomes unconditional. A summary of the change in contract assets for the three months ended March 31, follows:
(in millions)
20192018
Balance as of January 1
$44.7 $ 
Adoption of ASC 606 22.8 
Revenue recognized and unbilled58.1 33.8 
Revenue billed(44.7)(22.8)
Balance as of March 31$58.1 $33.8 
Revenues by End-Market
A summary of revenues disaggregated by major end-market industries and reconciliation of disaggregated revenue by segment follows:
Three Months Ended March 31, 2019
(in millions)
CCM
CIT
CFT
CBF
Total
General construction
$621.6 $ $ $ $621.6 
Aerospace
 173.8  4.6 178.4 
Heavy equipment
27.2   75.2 102.4 
Transportation
  32.3 9.2 41.5 
Medical
 31.0   31.0 
General industrial and other
22.3 41.6 30.8 2.3 97.0 
Total revenues$671.1 $246.4 $63.1 $91.3 $1,071.9 
Three Months Ended March 31, 2018
(in millions)
CCM
CIT
CFT
CBF
Total
General construction
$546.3 $ $ $ $546.3 
Aerospace
 154.8  6.3 161.1 
Heavy equipment
26.2   79.2 105.4 
Transportation
  33.2 9.8 43.0 
Medical
 34.7   34.7 
General industrial and other
26.1 34.8 30.3 3.0 94.2 
Total revenues
$598.6 $224.3 $63.5 $98.3 $984.7 
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Revenues by Geographic Area
A summary of revenues based on the country to which the product was delivered and reconciliation of disaggregated revenue by segment follows:
Three Months Ended March 31, 2019
(in millions)
CCM
CIT
CFT
CBF
Total
United States$591.2 $182.1 $28.0 $32.5 $833.8 
International:
Europe52.1