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<jats:title>Abstract</jats:title> <jats:p>We provide an analytic framework for interpreting observations of multiphase circumgalactic gas that is heavily informed by recent numerical simulations of thermal instability and precipitation in cool-core galaxy clusters. We start by considering the local conditions required for the formation of multiphase gas via two different modes: (1) uplift of ambient gas by galactic outflows, and (2) condensation in a stratified stationary medium in which thermal balance is explicitly maintained. Analytic exploration of these two modes provides insights into the relationships between the local ratio of the cooling and freefall timescales (i.e., <jats:inline-formula> <jats:tex-math> <?CDATA ${t}_{\mathrm{cool}}/{t}_{\mathrm{ff}}$?> </jats:tex-math> <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" overflow="scroll"> <mml:msub> <mml:mrow> <mml:mi>t</mml:mi> </mml:mrow> <mml:mrow> <mml:mi>cool</mml:mi> </mml:mrow> </mml:msub> <mml:mrow> <mml:mo stretchy="true">/</mml:mo> </mml:mrow> <mml:msub> <mml:mrow> <mml:mi>t</mml:mi> </mml:mrow> <mml:mrow> <mml:mi>ff</mml:mi> </mml:mrow> </mml:msub> </mml:math> <jats:inline-graphic xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="apjaa7d04ieqn1.gif" xlink:type="simple" /> </jats:inline-formula>), the large-scale gradient of specific entropy, and the development of precipitation and multiphase media in circumgalactic gas. We then use these analytic findings to interpret recent simulations of circumgalactic gas in which global thermal balance is maintained. We show that long-lasting configurations of gas with <jats:inline-formula> <jats:tex-math> <?CDATA $5\lesssim \min ({t}_{\mathrm{cool}}/{t}_{\mathrm{ff}})\lesssim 20$?> </jats:tex-math> <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" overflow="scroll"> <mml:mn>5</mml:mn> <mml:mo>≲</mml:mo> <mml:mi>min</mml:mi> <mml:mo stretchy="false">(</mml:mo> <mml:msub> <mml:mrow> <mml:mi>t</mml:mi> </mml:mrow> <mml:mrow> <mml:mi>cool</mml:mi> </mml:mrow> </mml:msub> <mml:mrow> <mml:mo stretchy="true">/</mml:mo> </mml:mrow> <mml:msub> <mml:mrow> <mml:mi>t</mml:mi> </mml:mrow> <mml:mrow> <mml:mi>ff</mml:mi> </mml:mrow> </mml:msub> <mml:mo stretchy="false">)</mml:mo> <mml:mo>≲</mml:mo> <mml:mn>20</mml:mn> </mml:math> <jats:inline-graphic xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="apjaa7d04ieqn2.gif" xlink:type="simple" /> </jats:inline-formula> and radial entropy profiles similar to observations of cool cores in galaxy clusters are a natural outcome of precipitation-regulated feedback. We conclude with some observational predictions that follow from these models. This work focuses primarily on precipitation and AGN feedback in galaxy-cluster cores, because that is where the observations of multiphase gas around galaxies are most complete. However, many of the physical principles that govern condensation in those environments apply to circumgalactic gas around galaxies of all masses.</jats:p>