Summary of Accounting Policies Nature of Business
Carlisle Companies Incorporated, its wholly owned subsidiaries and their subsidiaries, referred to herein as the “Company” or “Carlisle,” is a diversified, global manufacturer of highly-engineered products, including innovative building envelope products and energy-efficient solutions for customers creating sustainable buildings of the future sold through its Carlisle Construction Materials ("CCM") segment and family of leading brands, interconnect products sold in the aerospace, medical technologies and general industrial markets through its Carlisle Interconnect Technologies ("CIT") segment and finishing equipment and systems sold through Carlisle Fluid Technologies ("CFT") segment. The Company markets its products to original equipment manufacturers, distributors and directly to end-users.
Basis of Presentation
The consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany transactions and accounts have been eliminated. The Company has reclassified certain prior periods' amounts to conform with the current period presentation of the revenues by country tables in Note 2—Segment Information to present Middle East revenues combined with Asia, as opposed to the previous presentation combined with Africa, and to combine Canada and Mexico revenues into North America (excluding U.S.).
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Foreign Currency Matters
The functional currency of the Company’s subsidiaries outside the United States of America ("United States" or "U.S.") is the currency of the primary economic environment in which the subsidiary operates. Assets and liabilities of these operations are translated to the U.S. Dollar at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the year. Translation adjustments arising from the use of differing exchange rates from period to period are included as a component of stockholders’ equity in accumulated other comprehensive income (loss). Gains and losses from foreign currency transactions and from the remeasurement of monetary assets and liabilities and associated income statement activity of foreign subsidiaries where the functional currency is the U.S. Dollar and the records are maintained in the local currency are included in other non-operating expense, net.
Discontinued Operations
The results of operations for the Company's Carlisle Brake & Friction ("CBF") segment have been classified as discontinued operations for all periods presented in the Consolidated Statements of Income. Assets and liabilities subject to the sale agreement for CBF have been classified as discontinued operations for all periods presented in the Consolidated Balance Sheets. Refer to Note 4 for additional information.
Revenue Recognition
Revenue is recognized when obligations under the terms of a contract with a customer are satisfied; generally, this occurs with the transfer of control of the Company’s products or services. Revenue is measured as the amount of total consideration expected to be received in exchange for transferring goods or providing services. Total expected consideration, in certain cases, is estimated at each reporting period, including interim periods, and is subject to change with variability dependent on future events, such as customer behavior related to future purchase volumes, returns, early payment discounts and other customer al
Free historical financial statements for Carlisle Cos. Inc..
See how revenue, income, cash flow, and balance sheet financials have changed over 55 quarters since 2011. Compare with CSL stock chart to see long term trends.
Data imported from Carlisle Cos. Inc. SEC filings. Check original filings before making any investment decision.