Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jul. 02, 2022 | Aug. 01, 2022 | |
Entity Information Line Items [Abstract] | ||
Entity File Number | 001-01043 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Period End Date | Jul. 02, 2022 | |
Entity Registrant Name | Brunswick Corporation | |
Entity Address, Address Line One | 26125 N. Riverwoods Blvd., Suite 500 | |
Entity Address, City or Town | Mettawa | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60045-3420 | |
City Area Code | 847 | |
Local Phone Number | 735-4700 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 74,369,399 | |
Entity Incorporation, State or Country Code | DE | |
Entity Central Index Key | 0000014930 | |
Entity Tax Identification Number | 36-0848180 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
NEW YORK STOCK EXCHANGE, INC. [Member] | Common Stock [Member] | ||
Entity Information [Line Items] | ||
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common stock, par value $0.75 per share | |
Trading Symbol | BC | |
NEW YORK STOCK EXCHANGE, INC. [Member] | 6.500% Senior Notes due 2048 [Member] | ||
Entity Information [Line Items] | ||
Security Exchange Name | NYSE | |
Title of 12(b) Security | 6.500% Senior Notes due 2048 | |
Trading Symbol | BC-A | |
NEW YORK STOCK EXCHANGE, INC. [Member] | 6.625% Senior Notes due 2049 [Member] | ||
Entity Information [Line Items] | ||
Security Exchange Name | NYSE | |
Title of 12(b) Security | 6.625% Senior Notes due 2049 | |
Trading Symbol | BC-B | |
NEW YORK STOCK EXCHANGE, INC. [Member] | 6.375% Senior Notes due 2049 [Member] | ||
Entity Information [Line Items] | ||
Security Exchange Name | NYSE | |
Title of 12(b) Security | 6.375% Senior Notes due 2049 | |
Trading Symbol | BC-C | |
CHICAGO STOCK EXCHANGE, INC [Member] | Common Stock [Member] | ||
Entity Information [Line Items] | ||
Security Exchange Name | CHX | |
Title of 12(b) Security | Common stock, par value $0.75 per share | |
Trading Symbol | BC |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | |
Income Statement [Abstract] | ||||
Net Sales | $ 1,835.6 | $ 1,554.8 | $ 3,531.3 | $ 2,988 |
Cost of Sales | 1,299.2 | 1,093.3 | 2,511.3 | 2,109.2 |
Selling, General and Administrative Expense | 207.2 | 173.6 | 399.9 | 324.4 |
Research and Development Expense | 50.2 | 37.5 | 101.6 | 71.6 |
Restructuring, Exit and Impairment Charges | 0 | 0.2 | 0 | 0.7 |
Operating Earnings | 279 | 250.2 | 518.5 | 482.1 |
Equity Earnings | 0.7 | 0.4 | 1.5 | 1.2 |
Other Income (Expense), Net | 0.3 | (1.5) | (1.2) | (2.8) |
Earnings Before Interest and Income Taxes | 280 | 249.1 | 518.8 | 480.5 |
Interest Expense | (25.9) | (15.4) | (44.3) | (30.2) |
Interest Income | 0.5 | 0.9 | 0.6 | 1.1 |
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | 0 | (0.1) | 0 |
Earnings Before Income Taxes | 254.6 | 234.6 | 475 | 451.4 |
Income Tax Provision | 55.8 | 55.2 | 102.2 | 102.6 |
Net Earnings from Continuing Operations | 198.8 | 179.4 | 372.8 | 348.8 |
Discontinued operations: | ||||
Net Loss From Discontinued Operations, Net of Tax | (1.5) | 0 | (1.3) | (0.1) |
Net Earnings (Loss) | $ 197.3 | $ 179.4 | $ 371.5 | $ 348.7 |
Basic | ||||
Earnings from Continuing Operations | $ 2.63 | $ 2.30 | $ 4.89 | $ 4.47 |
Loss from Discontinued Operations | (0.02) | 0 | (0.02) | 0 |
Net Earnings (Loss) | 2.61 | 2.30 | 4.87 | 4.47 |
Diluted | ||||
Earnings from Continuing Operations | 2.61 | 2.29 | 4.86 | 4.44 |
Loss from Discontinued Operations | (0.02) | 0 | (0.02) | 0 |
Net Earnings (Loss) | $ 2.59 | $ 2.29 | $ 4.84 | $ 4.44 |
Weighted Average Shares Used for Computation of [Abstract] | ||||
Basic Earnings (Loss) Per Common Share | 75.7 | 78 | 76.3 | 78 |
Diluted Earnings (Loss) per Common Share | 76.1 | 78.5 | 76.7 | 78.6 |
Comprehensive Income (loss) | $ 185 | $ 184 | $ 369.1 | $ 358.9 |
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 0.335 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jul. 02, 2022 | Dec. 31, 2021 | Jul. 03, 2021 |
Current Assets | |||
Cash and Cash Equivalents, at Cost, Which Approximates Fair Value | $ 566,700,000 | $ 354,500,000 | $ 590,200,000 |
Restricted cash | 11,900,000 | 12,200,000 | 9,700,000 |
Short-Term Investments in Marketable Securities | 37,000,000 | 800,000 | 800,000 |
Total Cash and Short-Term Investments in Marketable Securities | 615,600,000 | 367,500,000 | 600,700,000 |
Accounts and Notes Receivable, less Allowances of $12.0, $8.5 and $8.1 | 611,000,000 | 485,300,000 | 503,300,000 |
Inventories | |||
Finished Goods | 746,000,000 | 685,500,000 | 468,600,000 |
Work-In-Process | 201,400,000 | 176,800,000 | 147,600,000 |
Raw Materials | 425,000,000 | 345,700,000 | 218,900,000 |
Net Inventories | 1,372,400,000 | 1,208,000,000 | 835,100,000 |
Prepaid Expenses and Other | 86,400,000 | 63,800,000 | 48,900,000 |
Current Assets | 2,685,400,000 | 2,124,600,000 | 1,988,000,000 |
Property | |||
Land | 37,100,000 | 34,700,000 | 17,600,000 |
Buildings and Improvements | 520,000,000 | 479,300,000 | 446,800,000 |
Equipment | 1,420,800,000 | 1,332,400,000 | 1,244,400,000 |
Total Land, Buildings and Improvements and Equipment | 1,977,900,000 | 1,846,400,000 | 1,708,800,000 |
Accumulated Depreciation | (1,016,100,000) | (989,600,000) | (964,500,000) |
Net Land, Buildings and Improvements and Equipment | 961,800,000 | 856,800,000 | 744,300,000 |
Unamortized Product Tooling Costs | 202,600,000 | 190,100,000 | 167,700,000 |
Net Property | 1,164,400,000 | 1,046,900,000 | 912,000,000 |
Other Assets | |||
Goodwill | 966,700,000 | 888,400,000 | 434,300,000 |
Other Intangibles, Net | 1,038,200,000 | 1,052,100,000 | 536,300,000 |
Operating Lease Assets | 103,000,000 | 92,800,000 | 85,900,000 |
Deferred Income Tax Asset | 128,600,000 | 146,000,000 | 117,200,000 |
Equity Investments | 48,000,000 | 43,800,000 | 41,400,000 |
Other Long-Term Assets | 32,200,000 | 30,400,000 | 23,400,000 |
Other Assets | 2,316,700,000 | 2,253,500,000 | 1,238,500,000 |
Total Assets | 6,166,500,000 | 5,425,000,000 | 4,138,500,000 |
Current Liabilities | |||
Short-Term Debt and Current Maturities of Long-Term Debt | 3,000,000 | 37,400,000 | 43,500,000 |
Accounts Payable | 644,000,000 | 693,500,000 | 588,200,000 |
Accrued Expenses | 700,700,000 | 711,300,000 | 619,600,000 |
Current Liabilities | 1,347,700,000 | 1,442,200,000 | 1,251,300,000 |
Long-Term Liabilities | |||
Debt | 2,499,000,000 | 1,779,000,000 | 832,000,000 |
Operating Lease Liabilities | 86,100,000 | 75,500,000 | 69,500,000 |
Postretirement Benefits | 64,000,000 | 66,500,000 | 71,900,000 |
Other | 165,100,000 | 147,600,000 | 144,300,000 |
Long-Term Liabilities | 2,814,200,000 | 2,068,600,000 | 1,117,700,000 |
Shareholders' equity | |||
Common Stock; Authorized: 200,000,000 Shares, $0.75 Par Value; Issued: 102,538,000 Shares; Outstanding: 79,114,000, 79,569,000 and 87,063,000 Shares | 76,900,000 | 76,900,000 | 76,900,000 |
Additional Paid-In Capital | 380,800,000 | 394,500,000 | 380,100,000 |
Retained Earnings | 3,036,200,000 | 2,720,100,000 | 2,527,200,000 |
Treasury Stock, at Cost: 23,424,000, 22,969,000 and 15,475,000 Shares | (1,455,400,000) | (1,245,800,000) | (1,182,200,000) |
Accumulated Other Comprehensive Loss | (33,900,000) | (31,500,000) | (32,500,000) |
Shareholders' Equity | 2,004,600,000 | 1,914,200,000 | 1,769,500,000 |
Total Liabilities and Shareholders' Equity | $ 6,166,500,000 | $ 5,425,000,000 | $ 4,138,500,000 |
Common Stock, Shares Authorized (in Shares) | 200,000,000 | 200,000,000 | 200,000,000 |
Common Stock, Par Value (in Dollars per Share) | $ 0.75 | $ 0.75 | $ 0.75 |
Common Stock, Shares Issued (in Shares) | 102,538,000 | 102,538,000 | 102,538,000 |
Accounts and Notes Receivable, Allowances | $ 9,300,000 | $ 9,700,000 | $ 10,300,000 |
Common Stock, Shares Outstanding (in Shares) | 74,472,000 | 76,933,000 | 77,554,000 |
Treasury Stock, Shares (in Shares) | 28,066,000 | 25,605,000 | 24,984,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jul. 02, 2022 | Dec. 31, 2021 | Jul. 03, 2021 |
Current Assets | |||
Accounts and Notes Receivable, Allowances | $ 9.3 | $ 9.7 | $ 10.3 |
Shareholders' equity | |||
Common Stock, Shares Authorized (in Shares) | 200,000,000 | 200,000,000 | 200,000,000 |
Common Stock, Par Value (in Dollars per Share) | $ 0.75 | $ 0.75 | $ 0.75 |
Common Stock, Shares Issued (in Shares) | 102,538,000 | 102,538,000 | 102,538,000 |
Common Stock, Shares Outstanding (in Shares) | 74,472,000 | 76,933,000 | 77,554,000 |
Treasury Stock, Shares (in Shares) | 28,066,000 | 25,605,000 | 24,984,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jul. 02, 2022 | Jul. 03, 2021 | |
Cash Flows from Operating Activities | ||
Net Earnings (Loss) | $ 371.5 | $ 348.7 |
Less: Net loss from Discontinued Operations, Net of Tax | (1.3) | (0.1) |
Net Earnings from Continuing Operations, net of tax | 372.8 | 348.8 |
Stock Compensation Expense | 12 | 14.8 |
Depreciation and Amortization | 106.1 | 84.6 |
Pension Expense, Net of (Funding) | (0.3) | (1.3) |
Deferred Income Taxes | 10.8 | 12.3 |
Changes in Certain Current Assets and Current Liabilities | (338.6) | (136.5) |
Long-Term Extended Warranty Contracts and Other Deferred Revenue | 8.8 | 9 |
Income Taxes | (5.9) | 10 |
Other, net | (17.8) | 8 |
Net Cash used by Operating Activities of Continuing Operations | 149.4 | 350.5 |
Net Cash Provided by (Used for) Operating Activities of Discontinued Operations | (2.5) | (9.1) |
Net Cash used for Operating Activities | 146.9 | 341.4 |
Payments for (Proceeds from) Investments [Abstract] | ||
Investments | (4) | (9.1) |
Proceeds from Sale, Maturity and Collection of Investments [Abstract] | ||
Proceeds from Sale and Maturity of Marketable Securities | 0 | 55.9 |
Capital Expenditures | (196.5) | (110.3) |
Payments to Acquire Marketable Securities | (36.2) | 0 |
Payments to Acquire Businesses and Interest in Affiliates | (95.7) | (16.7) |
Proceeds from the Sale of Property, Plant and Equipment | 3 | 4.6 |
Net Cash Used for Investing Activities | (312.7) | (75.6) |
Cash Flows from Financing Activities | ||
Proceeds From Issuances of Short-Term Debt | 125.9 | 0 |
Payments of Short-Term Debt | (125) | 0 |
Net Proceeds from Issuances of Long-Term Debt | 741.8 | 1.9 |
Payments of Long-Term Debt Including Current Maturities | (58) | (78.5) |
Common Stock Repurchases | (220) | (55.9) |
Cash Dividends Paid | (55.4) | (47.2) |
Proceeds from Share-Based Compensation Activity | 0 | 0.5 |
Tax Withholding Associated with Shares Issued for Share-Based Compensation | (16.4) | (12.8) |
Other, net | (4) | (3.7) |
Net Cash Provided by Financing Activities | 388.9 | (195.7) |
Effect of Exchange Rate Changes | (11.2) | (0.5) |
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash | 211.9 | 69.6 |
Cash and Cash Equivalents and Restricted Cash at Beginning of Period | 366.7 | 530.3 |
Cash and Cash Equivalents and Restricted Cash at End of Period | 578.6 | 599.9 |
Less: Restricted Cash | 11.9 | 9.7 |
Cash and Cash Equivalents at End of Period | 566.7 | 590.2 |
Payments for (Proceeds from) Other Investing Activities | (16.7) | 0 |
Asset Impairment Charges | $ 1.5 | $ 0.8 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance, at Beginning of the Period at Dec. 31, 2020 | $ 1,510 | $ 76.9 | $ 383.8 | $ 2,225.7 | $ (1,133.7) | $ (42.7) |
Net Earnings (Loss) | 169.3 | 0 | 0 | 169.3 | 0 | 0 |
Other Comprehensive Income | 5.6 | 0 | 0 | 0 | 0 | 5.6 |
Dividends | 21 | 0 | 0 | 21 | 0 | 0 |
Compensation Plans and Other | (5.4) | 0 | (12.6) | 0 | 7.2 | 0 |
Common Stock Repurchases | (15.9) | 0 | 0 | 0 | (15.9) | 0 |
Balance, at End of Period at Apr. 03, 2021 | $ 1,642.6 | 76.9 | 371.2 | 2,374 | (1,142.4) | (37.1) |
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 0.27 | |||||
Balance, at Beginning of the Period at Dec. 31, 2020 | $ 1,510 | 76.9 | 383.8 | 2,225.7 | (1,133.7) | (42.7) |
Net Earnings (Loss) | 348.7 | |||||
Other Comprehensive Income | 10.2 | |||||
Balance, at End of Period at Jul. 03, 2021 | 1,769.5 | 76.9 | 380.1 | 2,527.2 | (1,182.2) | (32.5) |
Balance, at Beginning of the Period at Apr. 03, 2021 | 1,642.6 | 76.9 | 371.2 | 2,374 | (1,142.4) | (37.1) |
Net Earnings (Loss) | 179.4 | 0 | 0 | 179.4 | 0 | 0 |
Other Comprehensive Income | 4.6 | 0 | 0 | 0 | 0 | 4.6 |
Dividends | 26.2 | 0 | 0 | 26.2 | 0 | 0 |
Compensation Plans and Other | 9.1 | 0 | 8.9 | 0 | 0.2 | 0 |
Common Stock Repurchases | (40) | 0 | 0 | 0 | (40) | 0 |
Balance, at End of Period at Jul. 03, 2021 | $ 1,769.5 | 76.9 | 380.1 | 2,527.2 | (1,182.2) | (32.5) |
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 0.335 | |||||
Balance, at Beginning of the Period at Dec. 31, 2021 | $ 1,914.2 | 76.9 | 394.5 | 2,720.1 | (1,245.8) | (31.5) |
Net Earnings (Loss) | 174.2 | 0 | 0 | 174.2 | 0 | 0 |
Other Comprehensive Income | 9.9 | 0 | 0 | 0 | 0 | 9.9 |
Dividends | 28 | 0 | 0 | 28 | 0 | 0 |
Compensation Plans and Other | (10.6) | 0 | (20) | 0 | 9.4 | 0 |
Common Stock Repurchases | (79.8) | 0 | 0 | 0 | (79.8) | 0 |
Balance, at End of Period at Apr. 02, 2022 | $ 1,979.9 | 76.9 | 374.5 | 2,866.3 | (1,316.2) | (21.6) |
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 0.365 | |||||
Balance, at Beginning of the Period at Dec. 31, 2021 | $ 1,914.2 | 76.9 | 394.5 | 2,720.1 | (1,245.8) | (31.5) |
Net Earnings (Loss) | 371.5 | |||||
Other Comprehensive Income | (2.4) | |||||
Balance, at End of Period at Jul. 02, 2022 | 2,004.6 | 76.9 | 380.8 | 3,036.2 | (1,455.4) | (33.9) |
Balance, at Beginning of the Period at Apr. 02, 2022 | 1,979.9 | 76.9 | 374.5 | 2,866.3 | (1,316.2) | (21.6) |
Net Earnings (Loss) | 197.3 | 0 | 0 | 197.3 | 0 | 0 |
Other Comprehensive Income | (12.3) | 0 | 0 | 0 | 0 | (12.3) |
Dividends | 27.4 | 0 | 0 | 27.4 | 0 | 0 |
Compensation Plans and Other | 7.3 | 0 | 6.3 | 0 | 1 | 0 |
Common Stock Repurchases | (140.2) | 0 | 0 | 0 | (140.2) | 0 |
Balance, at End of Period at Jul. 02, 2022 | $ 2,004.6 | $ 76.9 | $ 380.8 | $ 3,036.2 | $ (1,455.4) | $ (33.9) |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jul. 02, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Interim Financial Statements. Brunswick's ("Brunswick" or "the Company") unaudited interim condensed consolidated financial statements have been prepared pursuant to Securities and Exchange Commission ("SEC") rules and regulations. Therefore, certain information and disclosures normally included in financial statements and related notes prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted. These financial statements should be read in conjunction with, and have been prepared in conformity with, the accounting principles reflected in the consolidated financial statements and related notes included in Brunswick's 2021 Annual Report on Form 10-K for the year ended December 31, 2021 ("the 2021 Form 10-K"). These results include, in management's opinion, all normal and recurring adjustments necessary to present fairly Brunswick's financial position, results of operations and cash flows. Due to the seasonality of Brunswick's businesses, the interim results are not necessarily indicative of the results that may be expected for the remainder of the year. The Company maintains its financial records on the basis of a fiscal year ending on December 31, with the fiscal quarters spanning approximately thirteen weeks. The first quarter ends on the Saturday closest to the end of the first thirteen-week period. The second and third quarters are thirteen weeks in duration and the fourth quarter is the remainder of the year. The second quarter of fiscal year 2022 ended on July 2, 2022 and the second quarter of fiscal year 2021 ended on July 3, 2021. R ecently Adopted Accounting Standards Revenue Contracts Acquired in Business Combinations : In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08, Accounting for Contract Assets and Contract Liabilities From Contracts With Customers , which amended the guidance in Accounting Standards Codification ("ASC") 805 to require that the acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606. The Company early adopted the guidance in ASU 2021-08 on July 2, 2022. The adoption of this standard did not have a material impact on the consolidated financial statements. Recently Issued Accounting Standards Fair Value Hedge Accounting : In March 2022, the FASB issued ASU 2022-01, Fair Value Hedging — Portfolio Layer Method , which clarifies the guidance in ASC 815 on fair value hedge accounting of interest-rate risk for portfolios of financial assets. ASU 2022-01 amends the guidance that established the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible. The amendment is effective for financial statements for interim and annual periods beginning after December 15, 2022. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 6 Months Ended |
Jul. 02, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Recognition The following table presents the Company's revenue in categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors: Three Months Ended July 2, 2022 July 3, 2021 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Geographic Markets United States $ 483.6 $ 444.3 $ 423.1 $ 1,351.0 $ 404.4 $ 391.7 $ 314.1 $ 1,110.2 Europe 118.4 99.6 56.0 274.0 119.7 69.9 52.5 242.1 Asia-Pacific 59.5 52.2 7.5 119.2 66.6 39.9 7.3 113.8 Canada 24.5 39.1 70.4 134.0 24.1 34.2 66.8 125.1 Rest-of-World 48.2 16.3 11.4 75.9 34.7 13.2 8.4 56.3 Segment Eliminations (102.3) (16.0) (0.2) (118.5) (85.6) (7.1) — (92.7) Total $ 631.9 $ 635.5 $ 568.2 $ 1,835.6 $ 563.9 $ 541.8 $ 449.1 $ 1,554.8 Six Months Ended July 2, 2022 July 3, 2021 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Geographic Markets United States $ 936.3 $ 851.8 $ 791.5 $ 2,579.6 $ 825.7 $ 704.0 $ 626.7 $ 2,156.4 Europe 231.8 207.6 101.6 541.0 228.7 133.4 94.1 456.2 Asia-Pacific 122.8 105.1 16.6 244.5 132.3 82.4 14.0 228.7 Canada 57.7 69.6 132.6 259.9 49.3 59.6 115.2 224.1 Rest-of-World 91.5 35.2 18.9 145.6 71.3 29.1 18.6 119.0 Segment Eliminations (211.5) (27.6) (0.2) (239.3) (180.5) (15.9) — (196.4) Total $ 1,228.6 $ 1,241.7 $ 1,061.0 $ 3,531.3 $ 1,126.8 $ 992.6 $ 868.6 $ 2,988.0 Three Months Ended July 2, 2022 July 3, 2021 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Major Product Lines Outboard Engines $ 565.8 $ — $ — $ 565.8 $ 494.2 $ — $ — $ 494.2 Controls, Rigging, and Propellers 106.4 — — 106.4 96.1 — — 96.1 Sterndrive Engines 62.0 — — 62.0 59.2 — — 59.2 Distribution Parts and Accessories — 231.4 — 231.4 — 255.2 — 255.2 Engine Parts and Accessories — 146.7 — 146.7 — 155.4 — 155.4 Advanced Systems Group — 159.2 — 159.2 — 138.3 — 138.3 Navico — 114.2 — 114.2 — — — — Aluminum Freshwater Boats — — 237.4 237.4 — — 190.1 190.1 Recreational Fiberglass Boats — — 187.4 187.4 — — 154.2 154.2 Saltwater Fishing Boats — — 110.3 110.3 — — 93.0 93.0 Business Acceleration — — 35.8 35.8 — — 15.3 15.3 Boat Eliminations/Other — — (2.5) (2.5) — — (3.5) (3.5) Segment Eliminations (102.3) (16.0) (0.2) (118.5) (85.6) (7.1) — (92.7) Total $ 631.9 $ 635.5 $ 568.2 $ 1,835.6 $ 563.9 $ 541.8 $ 449.1 $ 1,554.8 Six Months Ended July 2, 2022 July 3, 2021 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Major Product Lines Outboard Engines $ 1,111.9 $ — $ — $ 1,111.9 $ 998.7 $ — $ — $ 998.7 Controls, Rigging, and Propellers 204.9 — — 204.9 191.0 — — 191.0 Sterndrive Engines 123.3 — — 123.3 117.6 — — 117.6 Distribution Parts and Accessories — 434.9 — 434.9 — 455.8 — 455.8 Engine Parts and Accessories — 272.3 — 272.3 — 279.6 — 279.6 Advanced Systems Group — 311.1 — 311.1 — 273.1 — 273.1 Navico — 251.0 — 251.0 — — — — Aluminum Freshwater Boats — — 458.0 458.0 — — 367.9 367.9 Recreational Fiberglass Boats — — 351.8 351.8 — — 289.6 289.6 Saltwater Fishing Boats — — 199.5 199.5 — — 189.8 189.8 Business Acceleration — — 55.4 55.4 — — 28.0 28.0 Boat Eliminations/Other — — (3.5) (3.5) — — (6.7) (6.7) Segment Eliminations (211.5) (27.6) (0.2) (239.3) (180.5) (15.9) — (196.4) Total $ 1,228.6 $ 1,241.7 $ 1,061.0 $ 3,531.3 $ 1,126.8 $ 992.6 $ 868.6 $ 2,988.0 As of December 31, 2021, $142.1 million of contract liabilities associated with extended warranties and customer deposits were reported in Accrued expenses and Other Long-term liabilities, of which $10.5 million and $24.8 million were recognized as revenue during the three and six months ended July 2, 2022, respectively. As of July 2, 2022, total contract liabilities were $181.2 million . The total amount of the transaction price allocated to unsatisfied performance obligations as of July 2, 2022 was $168.9 million for contracts greater than one year, which primarily relates to extended warranties. The Company expects to recognize $29.2 million of this amount in the second half of 2022, $50.2 million in 2023, and $89.5 million thereafter. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jul. 02, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments The Company operates globally with manufacturing and sales facilities around the world. Due to the Company’s global operations, the Company engages in activities involving both financial and market risks. The Company utilizes normal operating and financing activities, along with derivative financial instruments, to minimize these risks. See Note 14 in the Notes to Consolidated Financial Statements in the 2021 Form 10-K for further details regarding the Company's financial instruments and hedging policies. Cross-Currency Swaps. The Company enters into cross-currency swaps to hedge Euro currency exposures of the net investment in certain foreign subsidiaries. As of July 2, 2022, December 31, 2021 and July 3, 2021, the notional value of cross-currency swap contracts outstanding were $250.0 million, $200.0 million and $200.0 million, respectively. The cross-currency swaps were designated as net i nvestment hedges, with the amount of gain or loss associated with the change in fair value of these instruments deferred in Accumulated other comprehensive loss and recognized upon termination of the respective investment. In the first quarter of 2022, the Company settled $200.0 million of cross-currency swap contracts resulting in a deferred gain of $16.7 million within Accumulated other comprehensive loss. Commodity Price. The Company uses commodity swaps to hedge anticipated purchases of aluminum. As of July 2, 2022, December 31, 2021 and July 3, 2021, the notional value of commodity swap contracts outstanding wa s $22.6 million, $25.3 million and $11.2 million, respectively, and the contracts mature through 2023. The amount of gain or loss associated with the change in fair value of these instruments is deferred in Accumulated other comprehensive loss and recognized in Cost of sales in the same period or periods during which the hedged transaction affects earnings. As of July 2, 2022, the Company estimates that, during the next 12 months, it will reclassify approximately $2.2 million in net losses (based on current prices) from Accumulated other comprehensive loss to Cost of sales. Foreign Currency Derivatives. Forward exchange contracts outstanding at July 2, 2022, December 31, 2021 and July 3, 2021 had notional contract values of $650.0 million, $519.8 million and $481.1 million, respectively. The forward contracts outstanding at July 2, 2022 mature through 2023 and mainly relate to the Euro, Australian dollar, Canadian dollar, and Japanese yen. As of July 2, 2022, the Company estimates that during the next 12 months, it will reclassify approximately $23.4 million of net gains (based on current rates) from Accumulated other comprehensive loss to Cost of sales. Interest Rate Derivatives. During the first quarter of 2021, the Company entered into forward-starting interest-rate swaps to hedge the interest-rate risk associated with anticipated debt issuances. On August 4, 2021, the Company settled these interest-rate swaps, resulting in a net deferred loss of $1.6 million . As a result, there were no forward-starting interest-rate swaps outstanding as o f July 2, 2022 and December 31, 2021. As of July 3, 2021, the outstanding forward-starting interest-rate swaps had a total notional contract value of $150.0 million . During the first quarter of 2022, the Company entered into and settled a series of treasury-lock swaps to hedge the interest-rate risk associated with debt issuances, resulting in a net deferred gain of $5.1 million. As a result, there were no treasury-lock swaps outstanding as of July 2, 2022, December 31, 2021 or July 3, 2021. The Company had net deferred gains (losses) associated with the forward-starting interest-rate swaps and treasury-lock swaps discussed above of $3.0 million, $(2.4) million, and $1.7 million as of July 2, 2022, December 31, 2021, and July 3, 2021, respectively. These instruments were designated as cash flow hedges with gains and losses included in Accumulated other comprehensive loss. As of July 2, 2022, the Company estimates that during the next 12 months, it will reclassify approximately $0.4 million of net losses from Accumulated other comprehensive loss to Interest expense. As of July 2, 2022, December 31, 2021 and July 3, 2021, the fair values of the Company’s derivative instruments were: (in millions) Fair Value Asset Derivatives July 2, 2022 December 31, 2021 July 3, 2021 Derivatives Designated as Cash Flow Hedges Foreign exchange contracts $ 24.3 $ 8.8 $ 3.4 Commodity contracts — 1.9 3.3 Interest rate contracts — — 2.8 Total $ 24.3 $ 10.7 $ 9.5 Derivatives Designated as Net Investment Hedges Cross-currency swaps $ 14.2 $ 14.3 $ 5.9 Other Hedging Activity Foreign exchange contracts $ 2.0 $ 0.1 $ 0.2 Liability Derivatives Derivatives Designated as Cash Flow Hedges Foreign exchange contracts $ 1.9 $ 2.6 $ 5.4 Commodity contracts 2.4 — — Total $ 4.3 $ 2.6 $ 5.4 Other Hedging Activity Foreign exchange contracts $ 0.1 $ 0.3 $ 0.3 As of July 2, 2022, December 31, 2021 and July 3, 2021, asset d erivatives are included within Prepaid expenses and other and Other long-term assets, and liability derivatives are included within Accrued expenses and Other long-term liabilities in the Condensed Consolidated Balance S heets. The effect of derivative instruments on the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended July 2, 2022 and July 3, 2021 is as shown in the tables below. The amount of gain (loss) o n derivatives recognized in Accumulated other comprehensive loss was as follows: (in millions) Three Months Ended Six Months Ended Derivatives Designated as Cash Flow Hedging Instruments July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Interest rate contracts $ — $ (7.0) $ 5.3 $ 2.8 Foreign exchange contracts 25.3 (2.2) 27.9 0.4 Commodity contracts (5.7) 2.2 (0.7) 4.3 Total $ 19.6 $ (7.0) $ 32.5 $ 7.5 Derivatives Designated as Net Investment Hedging Instruments Cross-currency swaps $ 15.2 $ 5.9 $ 16.6 $ 5.9 The amount of gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows: (in millions) Three Months Ended Six Months Ended Derivatives Designated as Cash Flow Hedging Instruments Location of Gain (Loss) July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Interest rate contracts Interest expense $ (0.1) $ (0.2) $ (0.1) $ (0.3) Foreign exchange contracts Cost of sales 5.3 (4.0) 8.0 (7.1) Commodity contracts Cost of sales 2.3 1.2 3.9 1.5 Total $ 7.5 $ (3.0) $ 11.8 $ (5.9) Derivatives Designated as Fair Value Hedging Instruments Interest rate contracts Interest expense $ 0.1 $ 0.1 $ 0.3 $ 0.3 Other Hedging Activity Foreign exchange contracts Cost of sales $ 5.4 $ (2.8) $ 1.8 $ (1.0) Foreign exchange contracts Other expense, net 0.2 (0.2) 0.2 (2.4) Total $ 5.6 $ (3.0) $ 2.0 $ (3.4) Fair Value of Other Financial Instruments. The carrying values of the Company's short-term financial instruments, including cash and cash equivalents and accounts and notes receivable, approximate their fair values because of the short maturity of these instruments. At July 2, 2022, December 31, 2021 and July 3, 2021, the fair value of the Company’s long-term debt, including short-term debt and current maturities, was approximately $2,272.0 million , $1,914.7 million and $1,001.4 million, respectively, and was determined using Level 1 and Level 2 inputs described in Note 7 to the Notes to Consolidated Financial Statements in the 2021 Form 10-K. The carrying value of long-term debt, including short-term debt and current maturities, was $2,534.9 million , $1,843.1 million and $895.6 million as of July 2, 2022, December 31, 2021 and July 3, 2021, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jul. 02, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis: (in millions) Fair Value Category Fair Value Level July 2, 2022 December 31, 2021 July 3, 2021 Cash equivalents 1 $ 39.2 $ 0.4 $ 0.2 Short-term investments in marketable securities 1 37.0 0.8 0.8 Restricted cash 1 11.9 12.2 9.7 Derivatives assets 2 40.5 25.1 15.6 Derivative liabilities 2 4.4 2.9 5.7 Deferred compensation 1 1.4 1.4 1.4 Deferred compensation 2 14.2 17.7 16.8 Liabilities measured at net asset value 10.4 10.2 9.3 In addition to the items shown in the table above, refer to Note 17 in the Notes to Consolidated Financial Statements in the 2021 Form 10-K for further information regarding the fair value measurements associated with the Company's postretirement benefit plans. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 02, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Product Warranties The following activity related to product warranty liabilities was recorded in Accrued expenses during the six months ended July 2, 2022 and July 3, 2021: (in millions) July 2, 2022 July 3, 2021 Balance at beginning of period $ 129.3 $ 115.9 Payments - Recurring (29.2) (31.1) Provisions/additions for contracts issued/sold 41.1 37.8 Aggregate changes for preexisting warranties (0.2) (1.8) Foreign currency translation (1.3) (0.2) Other (0.9) (2.9) Balance at end of period $ 138.8 $ 117.7 Extended Product Warranties The following activity related to deferred revenue for extended product warranty contracts was recorded in Accrued expenses and Other long-term liabilities during the six months ended July 2, 2022 and July 3, 2021: (in millions) July 2, 2022 July 3, 2021 Balance at beginning of period $ 99.5 $ 87.4 Extended warranty contracts sold 20.1 18.7 Revenue recognized on existing extended warranty contracts (11.0) (9.7) Foreign currency translation — 0.3 Other (0.3) (0.3) Balance at end of period $ 108.3 $ 96.4 |
Goodwill and Intangibles
Goodwill and Intangibles | 6 Months Ended |
Jul. 02, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles [Text Block] | Goodwill and Other Intangibles Changes in the Company's goodwill during the six months ended July 2, 2022 and July 3, 2021, by segment, are summarized below: (in millions) Propulsion Parts & Accessories Boat Total December 31, 2021 $ 14.7 $ 814.9 $ 58.8 $ 888.4 Acquisitions — — 79.5 79.5 Adjustments (0.8) (0.5) 0.1 (1.2) July 2, 2022 $ 13.9 $ 814.4 $ 138.4 $ 966.7 December 31, 2020 $ 15.3 $ 372.5 $ 29.9 $ 417.7 Acquisitions — — 16.8 16.8 Adjustments (0.2) — — (0.2) July 3, 2021 $ 15.1 $ 372.5 $ 46.7 $ 434.3 Adjustments in both periods include the effect of foreign currency translation on goodwill denominated in currencies other than the U.S. dollar. In addition, adjustments during the six months ended July 2, 2022 also include $1.9 million of purchase accounting adjustments from 2021 acquisitions. There was no accumulated impairment loss on Goodwill as of July 2, 2022, December 31, 2021 or July 3, 2021. The Company's intangible assets, included within Other intangibles, net on the Condensed Consolidated Balance Sheets as of July 2, 2022, December 31, 2021 and July 3, 2021, are summarized by intangible asset type below: July 2, 2022 December 31, 2021 July 3, 2021 (in millions) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Intangible assets: Customer relationships $ 897.4 $ (362.4) $ 889.4 $ (340.9) $ 687.6 $ (322.3) Trade names 305.4 — 306.1 — 166.3 — Developed technology 160.0 (8.0) 160.0 (2.7) — — Other 74.3 (28.5) 62.0 (21.8) 18.5 (13.8) Total $ 1,437.1 $ (398.9) $ 1,417.5 $ (365.4) $ 872.4 $ (336.1) Other intangible assets primarily consist of software, patents and franchise agreements. Gross amounts and related accumulated amortization amounts include adjustments related to the impact of foreign currency translation. Aggregate amortization expense for intangibles was $15.4 million and $31.3 million for three and six months ended July 2, 2022, respectively. Aggregate amortization expense for intangibles was $8.0 million and $16.0 million for three and six months ended July 3, 2021, respectively. |
Segment Data
Segment Data | 6 Months Ended |
Jul. 02, 2022 | |
Segment Reporting [Abstract] | |
Segment Data | Segment Data Reportable Segments The Company's segments are defined by management's reporting structure and operating activities. The Company's reportable segments are the following: Propulsion . The Propulsion segment manufactures and markets a full range of outboard, sterndrive, and inboard engines, as well as propulsion-related controls, rigging, and propellers. These products are principally sold directly to boat builders, including Brunswick's Boat segment, and through marine retail dealers worldwide. The Propulsion segment primarily markets under the Mercury, Mercury MerCruiser, Mariner, Mercury Racing, and Mercury Diesel brands. The segment's engine manufacturing plants are located mainly in the United States and China, along with a joint venture in Japan, with sales mainly to markets in the Americas, Europe, and Asia-Pacific. Parts & Accessories. The Parts & Accessories ("P&A") segment consists of the Engine Parts and Accessories and the Advanced Systems Group operating segments, which are aggregated and presented as a single reportable segment. The P&A segment also includes Navico, which was acquired in October 2021. The P&A segment manufactures, markets, and supplies parts and accessories for both marine and non-marine markets. These products are designed for and sold mostly to aftermarket retailers, distributors, and distribution businesses, as well as original equipment manufacturers (including Brunswick brands). Branded parts and accessories include consumables, such as engine oils and lubricants, and are sold under the Mercury, Mercury Precision Parts, Quicksilver, and Seachoice brands. The P&A segment includes distribution businesses such as Land 'N' Sea, Kellogg Marine Supply, Lankhorst Taselaar, BLA, and Payne's Marine Group, which distribute third-party and Company products. These businesses are leading distributors of marine parts and accessories throughout North America, Europe, and Asia-Pacific. The P&A segment also includes businesses operating under the Ancor, Attwood, BEP, Blue Sea Systems, CZone, Del City, Garelick, Lenco Marine, Marinco, Mastervolt, MotorGuide, ParkPower, ProMariner, RELiON, Whale, and ASG Connect brand names. Products include marine electronics and control systems, instruments, trolling motors, fuel systems, and electrical systems, as well as specialty vehicle, mobile, and transportation aftermarket products. The P&A segment also includes Navico, a global leader in marine electronics and sensors, including multi-function displays, fish finders, autopilots, sonar, radar, and cartography operating under the B&G, C-MAP, Lowrance, and Simrad brand names. The P&A segment's manufacturing and distribution facilities are primarily located in North America, Europe, Australia, and New Zealand. Boat. The Boat segment designs, manufactures, and markets the following boat brands and products: Sea Ray sport boats and cruisers; Bayliner sport cruisers, runabouts, and Heyday wake boats; Boston Whaler fiberglass offshore boats; Lund fiberglass fishing boats; Crestliner, Cypress Cay, Harris, Lowe, Lund and Princecraft aluminum fishing, utility, pontoon boats, and deck boats; and Thunder Jet heavy-gauge aluminum boats. The Boat segment procures substantially all of its outboard engines, gasoline sterndrive engines, and gasoline inboard engines from Brunswick's Propulsion segment. The Boat segment also includes Brunswick boat brands based in Europe and Asia-Pacific, which include Quicksilver, Uttern, and Rayglass (including Protector and Legend). The Boat segment's products are manufactured mainly in the United States, Europe, and Mexico and sold through a global network of dealer and distributor locations, primarily in North America and Europe. The Boat segment includes Business Acceleration which, through innovative service models, shared access solutions, including the Freedom Boat Club business acquired in 2019, dealer services and emerging technology, aims to provide exceptional experiences to attract a wide range of customers to the marine industry and shape the future of boating. The Company evaluates performance based on segment operating earnings. Segment operating earnings do not include the expenses of corporate administration, impairments or gains on the sale of equity investments, earnings from unconsolidated affiliates, other expenses and income of a non-operating nature, transaction financing charges, interest expense, and income or provisions or benefits for income taxes. Corporate/Other results include items such as corporate staff and administrative costs, investments in technology solutions, business development and other growth-related expenses, including IT enhancements. Corporate/Other total assets consist of mainly cash, cash equivalents and investments in short-term marketable securities, restricted cash, income tax balances and investments in unconsolidated affiliates. Segment eliminations adjust for sales between the Company's reportable segments and primarily relate to the sale of engines and parts and accessories to various boat brands, which are consummated at established arm's length transfer prices as the intersegment pricing for these engines and parts and accessories are based upon and consistent with selling prices to third-party customers. Information about the operations of Brunswick's reportable segments is set forth below: Net Sales Operating Earnings (Loss) Three Months Ended Six Months Ended Three Months Ended Six Months Ended (in millions) July 2, July 3, July 2, July 3, July 2, July 3, July 2, July 3, Propulsion $ 734.2 $ 649.5 $ 1,440.1 $ 1,307.3 $ 142.0 $ 122.1 $ 267.3 $ 246.6 Parts & Accessories 651.5 548.9 1,269.3 1,008.5 108.2 114.4 199.8 206.3 Boat 568.4 449.1 1,061.2 868.6 58.9 44.2 104.2 85.0 Corporate/Other — — — — (30.1) (30.5) (52.8) (55.8) Segment Eliminations (118.5) (92.7) (239.3) (196.4) — — — — Total $ 1,835.6 $ 1,554.8 $ 3,531.3 $ 2,988.0 $ 279.0 $ 250.2 $ 518.5 $ 482.1 Total Assets (in millions) July 2, December 31, July 3, Propulsion $ 1,400.0 $ 1,225.2 $ 1,095.1 Parts & Accessories 3,055.3 2,939.4 1,640.7 Boat 816.4 609.9 564.0 Corporate/Other 894.8 650.5 838.7 Total $ 6,166.5 $ 5,425.0 $ 4,138.5 |
Comprehensive Income
Comprehensive Income | 6 Months Ended |
Jul. 02, 2022 | |
Comprehensive Income [Abstract] | |
Comprehensive Income | Comprehensive Income Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets includes foreign currency cumulative translation adjustments; prior service costs and credits and net actuarial gains and losses for defined benefit plans; and unrealized derivative gains and losses, all net of tax. Changes in the components of Accumulated other comprehensive loss, all net of tax, for the three and six months ended July 2, 2022 and July 3, 2021 are as follows: Three Months Ended Six Months Ended (in millions) July 2, July 3, July 2, July 3, Net earnings $ 197.3 $ 179.4 $ 371.5 $ 348.7 Other comprehensive (loss) income: Foreign currency cumulative translation adjustment (32.6) 3.2 (30.5) (4.3) Net change in unamortized prior service credits — — — (0.2) Net change in unamortized actuarial gains 0.3 0.1 0.5 0.3 Net change in unrealized derivative gains 20.0 1.3 27.6 14.4 Total other comprehensive income (12.3) 4.6 (2.4) 10.2 Comprehensive income $ 185.0 $ 184.0 $ 369.1 $ 358.9 The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended July 2, 2022: (in millions) Foreign currency translation Prior service credits Net actuarial losses Unrealized investment gains Net derivative gains Total Beginning balance $ (32.4) $ (3.7) $ (3.2) $ 0.2 $ 17.5 $ (21.6) Other comprehensive (loss) income before reclassifications (A) (32.6) — — — 25.6 (7.0) Amounts reclassified from Accumulated other comprehensive loss (income) (B) — — 0.3 — (5.6) (5.3) Net other comprehensive income (32.6) — 0.3 — 20.0 (12.3) Ending balance $ (65.0) $ (3.7) $ (2.9) $ 0.2 $ 37.5 $ (33.9) (A) The tax effects for the three months ended July 2, 2022 were $1.5 million for foreign currency translation and $(9.2) million for derivatives. (B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the three months ended July 2, 2022. The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the six months ended July 2, 2022: (in millions) Foreign currency translation Prior service credits Net actuarial losses Unrealized investment gains Net derivative gains Total Beginning balance $ (34.5) $ (3.7) $ (3.4) $ 0.2 $ 9.9 $ (31.5) Other comprehensive (loss) income before reclassifications (A) (30.5) — — — 36.4 5.9 Amounts reclassified from Accumulated other comprehensive loss (income) (B) — — 0.5 — (8.8) (8.3) Net other comprehensive (loss) income (30.5) — 0.5 — 27.6 (2.4) Ending balance $ (65.0) $ (3.7) $ (2.9) $ 0.2 $ 37.5 $ (33.9) (A) The tax effects for the six months ended July 2, 2022 were $3.1 million for foreign currency translation and $(12.7) million for derivatives. (B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the six months ended July 2, 2022. The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended July 3, 2021: (in millions) Foreign currency translation Prior service credits Net actuarial losses Net derivative losses Total Beginning balance $ (22.6) $ (3.7) $ (8.7) $ (2.1) $ (37.1) Other comprehensive income (loss) before reclassifications (A) 3.2 — — (0.9) 2.3 Amounts reclassified from Accumulated other comprehensive loss (B) — — 0.1 2.2 2.3 Net other comprehensive income 3.2 — 0.1 1.3 4.6 Ending balance $ (19.4) $ (3.7) $ (8.6) $ (0.8) $ (32.5) (A) The tax effects for the three months ended July 3, 2021 were $(0.9) million for foreign currency translation and $0.2 million for derivatives. (B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the three months ended July 3, 2021. The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the six months ended July 3, 2021: (in millions) Foreign currency translation Prior service credits Net actuarial losses Net derivative losses Total Beginning balance $ (15.1) $ (3.5) $ (8.9) $ (15.2) $ (42.7) Other comprehensive (loss) income before reclassifications (A) (4.3) — — 10.1 5.8 Amounts reclassified from Accumulated other comprehensive loss (income) (B) — (0.2) 0.3 4.3 4.4 Net other comprehensive (loss) income (4.3) (0.2) 0.3 14.4 10.2 Ending balance $ (19.4) $ (3.7) $ (8.6) $ (0.8) $ (32.5) (A) The tax effects for the six months ended July 3, 2021 were $0.0 million for foreign currency translation and $(3.4) million for derivatives. (B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the six months ended July 3, 2021. The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the three and six months ended July 2, 2022 and July 3, 2021: Three Months Ended Six Months Ended Details about Accumulated other comprehensive income (loss) components (in millions) July 2, July 3, July 2, July 3, Affected line item in the statement where net income is presented Amortization of defined benefit items: Prior service credits $ — $ — $ — $ 0.2 Other income (expense), net Net actuarial losses (0.3) (0.2) (0.5) (0.4) Other income (expense), net (0.3) (0.2) (0.5) (0.2) Earnings before income taxes — 0.1 — 0.1 Income tax provision $ (0.3) $ (0.1) $ (0.5) $ (0.1) Net earnings from continuing operations Amount of (loss) gain reclassified into earnings on derivative contracts: Interest rate contracts $ (0.1) $ (0.2) $ (0.1) $ (0.3) Interest expense Foreign exchange contracts 5.3 (4.0) 8.0 (7.1) Cost of sales Commodity contracts 2.3 1.2 3.9 1.5 Cost of sales 7.5 (3.0) 11.8 (5.9) Earnings before income taxes (1.9) 0.8 (3.0) 1.6 Income tax provision $ 5.6 $ (2.2) $ 8.8 $ (4.3) Net earnings from continuing operations |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 02, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recognized an income tax provision for the three and six months ended July 2, 2022 of $55.8 million and $102.2 million, respectively. The income tax provision of $55.8 million included a net benefit of $0.7 million primarily associated with tax refunds. The income tax provision of $102.2 million included a net benefit of $3.3 million primarily associated with the net excess tax benefits related to share-based compensation, valuation-allowance adjustments and tax refunds. The Company recognized an income tax provision for the three and six months ended July 3, 2021 of $55.2 million and $102.6 million, respectively, which included a net charge of $6.2 million and $3.2 million, respectively. The net charge of $6.2 million was primarily associated with the restructuring of certain branch operations. The net charge of $3.2 million included the aforementioned branch restructuring charges offset by net excess tax benefits related to share-based compensation and valuation allowance adjustments. The excess tax be nefit related to share-based compensation for th e three and six months ended July 2, 2022 was $0.1 million and $2.9 million, respectively. The excess tax benefit related to share-based compensation was $0.1 million and $1.6 million f or the three and six months ended July 3, 2021, respectively. The effective tax rate, which is calculated as the income tax provision as a percentage of earnings before income taxes, for the three and six months ended July 2, 2022 was 21.9 percent and 21.5 percent, respectively. The effective tax rate for the three and six months ended July 3, 2021 was 23.5 percent and 22.7 percent, respectively. No deferred income taxes have been provided as of July 2, 2022, December 31, 2021 or July 3, 2021 on the applicable undistributed earnings of the non-U.S. subsidiaries where the indefinite reinvestment assertion has been applied. If at some future date these earnings cease to be indefinitely reinvested and are repatriated, the Company may be subject to additional U.S. income taxes and foreign withholding taxes on such amounts. The Company continues to provide deferred taxes, as required, on the undistributed net earnings of foreign subsidiaries and unconsolidated affiliates that are not deemed to be indefinitely reinvested in operations outside the United States. As of July 2, 2022, December 31, 2021 and July 3, 2021, the Company h ad $10.3 million, $10.1 million and $4.6 million of gross unrecognized tax benefits, including interest, respectively. The Company believes it is reasonably possible that the total amount of gross unrecognized tax benefits as of July 2, 2022 could decrease by approximately $0.1 million in the next 12 mo nths due to settlements with taxing authorities or lapses in the applicable statute of limitations. Due to the various jurisdictions in which the Company files tax returns and the uncertainty regarding the timing of the settlement of tax audits, it is possible that there could be significant changes in the amount of unrecognized tax benefits in 2022, but the amount cannot be estimated at this time. The Company is regularly audited by federal, state and foreign tax authorities. The Internal Revenue Service ("IRS") has completed its field examination and has issued its Revenue Agents Report through the 2014 tax year and all open issues have been resolved. The Company is currently open to tax examinations by the IRS for the 2018 through 2020 tax years. Primarily as a result of filing amended returns, which were generated by the closing of federal income tax audits, the Company is still open to state and local tax audits in major tax jurisdictions dating back to the 2014 taxable year. The Company is no longer subject to income tax examinations by any major foreign tax jurisdiction for years prior to 2013. |
Debt
Debt | 6 Months Ended |
Jul. 02, 2022 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt The following table provides the changes in the Company's long-term debt for the six months ended July 2, 2022: (in millions) Short-term debt and current maturities of long-term debt Long-term debt Total Balance as of December 31, 2021 $ 37.4 $ 1,779.0 $ 1,816.4 Proceeds from issuances of debt 0.9 741.8 742.7 Repayments of long-term debt (36.2) (21.8) (58.0) Other 0.9 — 0.9 Balance as of July 2, 2022 $ 3.0 $ 2,499.0 $ 2,502.0 As of July 2, 2022, Brunswick was in compliance with the financial covenants associated with its debt. 2032 and 2052 Notes In March 2022, the Company issued aggregate principal amount of $450.0 million of 4.400% Senior Notes due 2032 (the "2032 Notes") and $300.0 million of 5.100% Senior Notes due 2052 (the "2052 Notes" and, together with the 2032 Notes, the "Notes") in a public offering, which resulted in aggregate net proceeds to the Company of $741.8 million. The Company intends to use the net proceeds from the sale of the Notes for general corporate purposes. The 2032 Notes bear interest at a rate of 4.400% per year and the 2052 Notes bear interest at a rate of 5.100% per year. Interest on the 2032 Notes is payable semiannually in arrears on March 15 and September 15 of each year, and the first interest payment date will be September 15, 2022. Interest on the 2052 Notes is payable semiannually in arrears on April 1 and October 1 of each year, and the first interest payment date will be October 1, 2022. The 2032 Notes will mature on September 15, 2032, and the 2052 Notes will mature on April 1, 2052. The Company may redeem the Notes of each series, in whole or in part, at any time and from time to time prior to maturity. If the Company elects to redeem the Notes at any time prior to (i) with respect to the 2032 Notes, June 15, 2032 (the date that is three months prior to the maturity of the 2032 Notes) or (ii) with respect to the 2052 Notes, October 1, 2051 (the date that is six months prior to the maturity of the 2052 Notes), it will pay a “make-whole” redemption price set forth in the Fifth Supplemental Indenture dated as of March 29, 2022 ("Fifth Supplemental Indenture"). On or after June 15, 2032, in the case of the 2032 Notes, or October 1, 2051, in the case of the 2052 Notes, the Company may, at its option, redeem the Notes of each series, in whole or in part at any time and from time to time, at a redemption price equal to 100% of the principal amount thereof. In addition to the redemption price, the Company will pay accrued and unpaid interest, if any, to, but not including, the redemption date. If the Company experiences a change-of-control triggering event with respect to a series of Notes, as defined in the Fifth Supplemental Indenture, each holder of such series of Notes may require the Company to repurchase some or all of its Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to, but not including, the repurchase date. Term Loan During the first six months of 2022, the Company made the remaining principal repayments totaling $56.3 million of its 2023 floating-rate term loan. The term loan was redeemed at 100 percent of the principal amount plus accrued interest, in accordance with the redemption provisions of the term loan. The Company recognized a loss on early extinguishment of debt of $0.1 million related to the term loan redemption. Credit Facility The Company maintains a Revolving Credit Agreement ("Credit Facility"). In March 2022, the Company amended its Credit Facility with certain wholly-owned subsidiaries of the Company as subsidiary borrowers and lenders as parties, and JPMorgan Chase Bank, N.A., as administrative agent. This amends and restates the Credit Facility, dated as of March 21, 2011, as amended and restated on July 16, 2021. The amended Credit Facility increases the revolving commitments to $750.0 million, with the capacity to add up to $100.0 million of additional revolving commitments, and amends the Credit Facility in certain respects, including, among other things: • Extending the maturity date to March 31, 2027, with up to two one-year extensions available. • Transitioning the reference rate for loans denominated in U.S. dollars from the London interbank offered rate ("LIBOR") to the term Secured Overnight Financing Rate ("SOFR"), with a credit spread adjustment of 10 basis points to be added to the reference rate for borrowings of U.S. dollar loans for each interest period. During the first six months of 2022 , gross borrowings under the Credit Facility totaled $125.0 million. As of July 2, 2022 there were no borrowings outstanding, and available borrowing capacity totaled $747.2 million, net of $2.8 million of letters of credit outstanding, under the Credit Facility. The maximum amount utilized under the Credit Facility during the six months ended July 2, 2022, including letters of credit outstanding under the Credit Facility, was $127.8 million. There were no borrowings unde r the Credit Facility during the six months ended July 3, 2021. Refer to Note 16 in the Notes to Consolidated Financial Statements in the 2021 Form 10-K for details regarding Brunswick's Credit Facility. Commercial Paper In December 2019, the Company entered into an unsecured commercial paper program ("CP Program") pursuant to which the Company may issue short-term, unsecured commercial paper notes ("CP Notes"). During the second quarter of 2022, the Company increased the size of its CP Program to allow the issuance of CP Notes in an aggregate principal amount not to exceed $500.0 million outstanding at any time. The CP Program previously allowed the Company to issue CP Notes in an aggregate principal amount not to exceed $300.0 million outstanding at any time. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of CP Notes outstanding under the CP Program at any time not exceeding the lower of $500.0 million or the available borrowing amount under the Credit Facility. Refer to Note 16 in the Notes to Consolidated Financial Statements in the 2021 Form 10-K for details regarding Brunswick's CP Program . During the first six months of 2022, borrowings under the CP Program totaled |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 02, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Interim Financial Statements. Brunswick's ("Brunswick" or "the Company") unaudited interim condensed consolidated financial statements have been prepared pursuant to Securities and Exchange Commission ("SEC") rules and regulations. Therefore, certain information and disclosures normally included in financial statements and related notes prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted. |
Fiscal Period Policy | The Company maintains its financial records on the basis of a fiscal year ending on December 31, with the fiscal quarters spanning approximately thirteen weeks. The first quarter ends on the Saturday closest to the end of the first thirteen-week period. The second and third quarters are thirteen weeks in duration and the fourth quarter is the remainder of the year. The second quarter of fiscal year 2022 ended on July 2, 2022 and the second quarter of fiscal year 2021 ended on July 3, 2021. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents the Company's revenue in categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors: Three Months Ended July 2, 2022 July 3, 2021 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Geographic Markets United States $ 483.6 $ 444.3 $ 423.1 $ 1,351.0 $ 404.4 $ 391.7 $ 314.1 $ 1,110.2 Europe 118.4 99.6 56.0 274.0 119.7 69.9 52.5 242.1 Asia-Pacific 59.5 52.2 7.5 119.2 66.6 39.9 7.3 113.8 Canada 24.5 39.1 70.4 134.0 24.1 34.2 66.8 125.1 Rest-of-World 48.2 16.3 11.4 75.9 34.7 13.2 8.4 56.3 Segment Eliminations (102.3) (16.0) (0.2) (118.5) (85.6) (7.1) — (92.7) Total $ 631.9 $ 635.5 $ 568.2 $ 1,835.6 $ 563.9 $ 541.8 $ 449.1 $ 1,554.8 Six Months Ended July 2, 2022 July 3, 2021 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Geographic Markets United States $ 936.3 $ 851.8 $ 791.5 $ 2,579.6 $ 825.7 $ 704.0 $ 626.7 $ 2,156.4 Europe 231.8 207.6 101.6 541.0 228.7 133.4 94.1 456.2 Asia-Pacific 122.8 105.1 16.6 244.5 132.3 82.4 14.0 228.7 Canada 57.7 69.6 132.6 259.9 49.3 59.6 115.2 224.1 Rest-of-World 91.5 35.2 18.9 145.6 71.3 29.1 18.6 119.0 Segment Eliminations (211.5) (27.6) (0.2) (239.3) (180.5) (15.9) — (196.4) Total $ 1,228.6 $ 1,241.7 $ 1,061.0 $ 3,531.3 $ 1,126.8 $ 992.6 $ 868.6 $ 2,988.0 Three Months Ended July 2, 2022 July 3, 2021 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Major Product Lines Outboard Engines $ 565.8 $ — $ — $ 565.8 $ 494.2 $ — $ — $ 494.2 Controls, Rigging, and Propellers 106.4 — — 106.4 96.1 — — 96.1 Sterndrive Engines 62.0 — — 62.0 59.2 — — 59.2 Distribution Parts and Accessories — 231.4 — 231.4 — 255.2 — 255.2 Engine Parts and Accessories — 146.7 — 146.7 — 155.4 — 155.4 Advanced Systems Group — 159.2 — 159.2 — 138.3 — 138.3 Navico — 114.2 — 114.2 — — — — Aluminum Freshwater Boats — — 237.4 237.4 — — 190.1 190.1 Recreational Fiberglass Boats — — 187.4 187.4 — — 154.2 154.2 Saltwater Fishing Boats — — 110.3 110.3 — — 93.0 93.0 Business Acceleration — — 35.8 35.8 — — 15.3 15.3 Boat Eliminations/Other — — (2.5) (2.5) — — (3.5) (3.5) Segment Eliminations (102.3) (16.0) (0.2) (118.5) (85.6) (7.1) — (92.7) Total $ 631.9 $ 635.5 $ 568.2 $ 1,835.6 $ 563.9 $ 541.8 $ 449.1 $ 1,554.8 Six Months Ended July 2, 2022 July 3, 2021 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Major Product Lines Outboard Engines $ 1,111.9 $ — $ — $ 1,111.9 $ 998.7 $ — $ — $ 998.7 Controls, Rigging, and Propellers 204.9 — — 204.9 191.0 — — 191.0 Sterndrive Engines 123.3 — — 123.3 117.6 — — 117.6 Distribution Parts and Accessories — 434.9 — 434.9 — 455.8 — 455.8 Engine Parts and Accessories — 272.3 — 272.3 — 279.6 — 279.6 Advanced Systems Group — 311.1 — 311.1 — 273.1 — 273.1 Navico — 251.0 — 251.0 — — — — Aluminum Freshwater Boats — — 458.0 458.0 — — 367.9 367.9 Recreational Fiberglass Boats — — 351.8 351.8 — — 289.6 289.6 Saltwater Fishing Boats — — 199.5 199.5 — — 189.8 189.8 Business Acceleration — — 55.4 55.4 — — 28.0 28.0 Boat Eliminations/Other — — (3.5) (3.5) — — (6.7) (6.7) Segment Eliminations (211.5) (27.6) (0.2) (239.3) (180.5) (15.9) — (196.4) Total $ 1,228.6 $ 1,241.7 $ 1,061.0 $ 3,531.3 $ 1,126.8 $ 992.6 $ 868.6 $ 2,988.0 |
Financial Instruments Financial
Financial Instruments Financial Instruments (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Instruments | As of July 2, 2022, December 31, 2021 and July 3, 2021, the fair values of the Company’s derivative instruments were: (in millions) Fair Value Asset Derivatives July 2, 2022 December 31, 2021 July 3, 2021 Derivatives Designated as Cash Flow Hedges Foreign exchange contracts $ 24.3 $ 8.8 $ 3.4 Commodity contracts — 1.9 3.3 Interest rate contracts — — 2.8 Total $ 24.3 $ 10.7 $ 9.5 Derivatives Designated as Net Investment Hedges Cross-currency swaps $ 14.2 $ 14.3 $ 5.9 Other Hedging Activity Foreign exchange contracts $ 2.0 $ 0.1 $ 0.2 Liability Derivatives Derivatives Designated as Cash Flow Hedges Foreign exchange contracts $ 1.9 $ 2.6 $ 5.4 Commodity contracts 2.4 — — Total $ 4.3 $ 2.6 $ 5.4 Other Hedging Activity Foreign exchange contracts $ 0.1 $ 0.3 $ 0.3 As of July 2, 2022, December 31, 2021 and July 3, 2021, asset d erivatives are included within Prepaid expenses and other and Other long-term assets, and liability derivatives are included within Accrued expenses and Other long-term liabilities in the Condensed Consolidated Balance S heets. |
Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Income | The effect of derivative instruments on the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended July 2, 2022 and July 3, 2021 is as shown in the tables below. The amount of gain (loss) o n derivatives recognized in Accumulated other comprehensive loss was as follows: (in millions) Three Months Ended Six Months Ended Derivatives Designated as Cash Flow Hedging Instruments July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Interest rate contracts $ — $ (7.0) $ 5.3 $ 2.8 Foreign exchange contracts 25.3 (2.2) 27.9 0.4 Commodity contracts (5.7) 2.2 (0.7) 4.3 Total $ 19.6 $ (7.0) $ 32.5 $ 7.5 Derivatives Designated as Net Investment Hedging Instruments Cross-currency swaps $ 15.2 $ 5.9 $ 16.6 $ 5.9 The amount of gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows: (in millions) Three Months Ended Six Months Ended Derivatives Designated as Cash Flow Hedging Instruments Location of Gain (Loss) July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Interest rate contracts Interest expense $ (0.1) $ (0.2) $ (0.1) $ (0.3) Foreign exchange contracts Cost of sales 5.3 (4.0) 8.0 (7.1) Commodity contracts Cost of sales 2.3 1.2 3.9 1.5 Total $ 7.5 $ (3.0) $ 11.8 $ (5.9) Derivatives Designated as Fair Value Hedging Instruments Interest rate contracts Interest expense $ 0.1 $ 0.1 $ 0.3 $ 0.3 Other Hedging Activity Foreign exchange contracts Cost of sales $ 5.4 $ (2.8) $ 1.8 $ (1.0) Foreign exchange contracts Other expense, net 0.2 (0.2) 0.2 (2.4) Total $ 5.6 $ (3.0) $ 2.0 $ (3.4) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis: (in millions) Fair Value Category Fair Value Level July 2, 2022 December 31, 2021 July 3, 2021 Cash equivalents 1 $ 39.2 $ 0.4 $ 0.2 Short-term investments in marketable securities 1 37.0 0.8 0.8 Restricted cash 1 11.9 12.2 9.7 Derivatives assets 2 40.5 25.1 15.6 Derivative liabilities 2 4.4 2.9 5.7 Deferred compensation 1 1.4 1.4 1.4 Deferred compensation 2 14.2 17.7 16.8 Liabilities measured at net asset value 10.4 10.2 9.3 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Product Warranty Liabilities | The following activity related to product warranty liabilities was recorded in Accrued expenses during the six months ended July 2, 2022 and July 3, 2021: (in millions) July 2, 2022 July 3, 2021 Balance at beginning of period $ 129.3 $ 115.9 Payments - Recurring (29.2) (31.1) Provisions/additions for contracts issued/sold 41.1 37.8 Aggregate changes for preexisting warranties (0.2) (1.8) Foreign currency translation (1.3) (0.2) Other (0.9) (2.9) Balance at end of period $ 138.8 $ 117.7 |
Extended Product Warranty Liabilities | The following activity related to deferred revenue for extended product warranty contracts was recorded in Accrued expenses and Other long-term liabilities during the six months ended July 2, 2022 and July 3, 2021: (in millions) July 2, 2022 July 3, 2021 Balance at beginning of period $ 99.5 $ 87.4 Extended warranty contracts sold 20.1 18.7 Revenue recognized on existing extended warranty contracts (11.0) (9.7) Foreign currency translation — 0.3 Other (0.3) (0.3) Balance at end of period $ 108.3 $ 96.4 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Changes in the Company's goodwill during the six months ended July 2, 2022 and July 3, 2021, by segment, are summarized below: (in millions) Propulsion Parts & Accessories Boat Total December 31, 2021 $ 14.7 $ 814.9 $ 58.8 $ 888.4 Acquisitions — — 79.5 79.5 Adjustments (0.8) (0.5) 0.1 (1.2) July 2, 2022 $ 13.9 $ 814.4 $ 138.4 $ 966.7 December 31, 2020 $ 15.3 $ 372.5 $ 29.9 $ 417.7 Acquisitions — — 16.8 16.8 Adjustments (0.2) — — (0.2) July 3, 2021 $ 15.1 $ 372.5 $ 46.7 $ 434.3 |
Schedule of Other Intangible Assets [Table Text Block] | The Company's intangible assets, included within Other intangibles, net on the Condensed Consolidated Balance Sheets as of July 2, 2022, December 31, 2021 and July 3, 2021, are summarized by intangible asset type below: July 2, 2022 December 31, 2021 July 3, 2021 (in millions) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Intangible assets: Customer relationships $ 897.4 $ (362.4) $ 889.4 $ (340.9) $ 687.6 $ (322.3) Trade names 305.4 — 306.1 — 166.3 — Developed technology 160.0 (8.0) 160.0 (2.7) — — Other 74.3 (28.5) 62.0 (21.8) 18.5 (13.8) Total $ 1,437.1 $ (398.9) $ 1,417.5 $ (365.4) $ 872.4 $ (336.1) Other intangible assets primarily consist of software, patents and franchise agreements. Gross amounts and related accumulated amortization amounts include adjustments related to the impact of foreign currency translation. Aggregate amortization expense for intangibles was $15.4 million and $31.3 million for three and six months ended July 2, 2022, respectively. Aggregate amortization expense for intangibles was $8.0 million and $16.0 million for three and six months ended July 3, 2021, respectively. |
Segment Data (Tables)
Segment Data (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
Segment Reporting [Abstract] | |
Operating Segments | Net Sales Operating Earnings (Loss) Three Months Ended Six Months Ended Three Months Ended Six Months Ended (in millions) July 2, July 3, July 2, July 3, July 2, July 3, July 2, July 3, Propulsion $ 734.2 $ 649.5 $ 1,440.1 $ 1,307.3 $ 142.0 $ 122.1 $ 267.3 $ 246.6 Parts & Accessories 651.5 548.9 1,269.3 1,008.5 108.2 114.4 199.8 206.3 Boat 568.4 449.1 1,061.2 868.6 58.9 44.2 104.2 85.0 Corporate/Other — — — — (30.1) (30.5) (52.8) (55.8) Segment Eliminations (118.5) (92.7) (239.3) (196.4) — — — — Total $ 1,835.6 $ 1,554.8 $ 3,531.3 $ 2,988.0 $ 279.0 $ 250.2 $ 518.5 $ 482.1 Total Assets (in millions) July 2, December 31, July 3, Propulsion $ 1,400.0 $ 1,225.2 $ 1,095.1 Parts & Accessories 3,055.3 2,939.4 1,640.7 Boat 816.4 609.9 564.0 Corporate/Other 894.8 650.5 838.7 Total $ 6,166.5 $ 5,425.0 $ 4,138.5 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
Comprehensive Income [Abstract] | |
Changes in the Components in Accumulated Other Comprehensive Income (Loss) | Changes in the components of Accumulated other comprehensive loss, all net of tax, for the three and six months ended July 2, 2022 and July 3, 2021 are as follows: Three Months Ended Six Months Ended (in millions) July 2, July 3, July 2, July 3, Net earnings $ 197.3 $ 179.4 $ 371.5 $ 348.7 Other comprehensive (loss) income: Foreign currency cumulative translation adjustment (32.6) 3.2 (30.5) (4.3) Net change in unamortized prior service credits — — — (0.2) Net change in unamortized actuarial gains 0.3 0.1 0.5 0.3 Net change in unrealized derivative gains 20.0 1.3 27.6 14.4 Total other comprehensive income (12.3) 4.6 (2.4) 10.2 Comprehensive income $ 185.0 $ 184.0 $ 369.1 $ 358.9 The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended July 2, 2022: (in millions) Foreign currency translation Prior service credits Net actuarial losses Unrealized investment gains Net derivative gains Total Beginning balance $ (32.4) $ (3.7) $ (3.2) $ 0.2 $ 17.5 $ (21.6) Other comprehensive (loss) income before reclassifications (A) (32.6) — — — 25.6 (7.0) Amounts reclassified from Accumulated other comprehensive loss (income) (B) — — 0.3 — (5.6) (5.3) Net other comprehensive income (32.6) — 0.3 — 20.0 (12.3) Ending balance $ (65.0) $ (3.7) $ (2.9) $ 0.2 $ 37.5 $ (33.9) (A) The tax effects for the three months ended July 2, 2022 were $1.5 million for foreign currency translation and $(9.2) million for derivatives. (B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the three months ended July 2, 2022. The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the six months ended July 2, 2022: (in millions) Foreign currency translation Prior service credits Net actuarial losses Unrealized investment gains Net derivative gains Total Beginning balance $ (34.5) $ (3.7) $ (3.4) $ 0.2 $ 9.9 $ (31.5) Other comprehensive (loss) income before reclassifications (A) (30.5) — — — 36.4 5.9 Amounts reclassified from Accumulated other comprehensive loss (income) (B) — — 0.5 — (8.8) (8.3) Net other comprehensive (loss) income (30.5) — 0.5 — 27.6 (2.4) Ending balance $ (65.0) $ (3.7) $ (2.9) $ 0.2 $ 37.5 $ (33.9) (A) The tax effects for the six months ended July 2, 2022 were $3.1 million for foreign currency translation and $(12.7) million for derivatives. (B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the six months ended July 2, 2022. |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the three and six months ended July 2, 2022 and July 3, 2021: Three Months Ended Six Months Ended Details about Accumulated other comprehensive income (loss) components (in millions) July 2, July 3, July 2, July 3, Affected line item in the statement where net income is presented Amortization of defined benefit items: Prior service credits $ — $ — $ — $ 0.2 Other income (expense), net Net actuarial losses (0.3) (0.2) (0.5) (0.4) Other income (expense), net (0.3) (0.2) (0.5) (0.2) Earnings before income taxes — 0.1 — 0.1 Income tax provision $ (0.3) $ (0.1) $ (0.5) $ (0.1) Net earnings from continuing operations Amount of (loss) gain reclassified into earnings on derivative contracts: Interest rate contracts $ (0.1) $ (0.2) $ (0.1) $ (0.3) Interest expense Foreign exchange contracts 5.3 (4.0) 8.0 (7.1) Cost of sales Commodity contracts 2.3 1.2 3.9 1.5 Cost of sales 7.5 (3.0) 11.8 (5.9) Earnings before income taxes (1.9) 0.8 (3.0) 1.6 Income tax provision $ 5.6 $ (2.2) $ 8.8 $ (4.3) Net earnings from continuing operations |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jul. 02, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | The following table provides the changes in the Company's long-term debt for the six months ended July 2, 2022: (in millions) Short-term debt and current maturities of long-term debt Long-term debt Total Balance as of December 31, 2021 $ 37.4 $ 1,779.0 $ 1,816.4 Proceeds from issuances of debt 0.9 741.8 742.7 Repayments of long-term debt (36.2) (21.8) (58.0) Other 0.9 — 0.9 Balance as of July 2, 2022 $ 3.0 $ 2,499.0 $ 2,502.0 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,835.6 | $ 1,554.8 | $ 3,531.3 | $ 2,988 |
Rest-of-World [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 75.9 | 56.3 | 145.6 | 119 |
Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 134 | 125.1 | 259.9 | 224.1 |
United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,351 | 1,110.2 | 2,579.6 | 2,156.4 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 274 | 242.1 | 541 | 456.2 |
Asia-Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 119.2 | 113.8 | 244.5 | 228.7 |
Boat Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (2.5) | (3.5) | (3.5) | (6.7) |
Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 635.5 | 541.8 | 1,241.7 | 992.6 |
Parts and Accessories [Member] | Rest-of-World [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 16.3 | 13.2 | 35.2 | 29.1 |
Parts and Accessories [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 39.1 | 34.2 | 69.6 | 59.6 |
Parts and Accessories [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 444.3 | 391.7 | 851.8 | 704 |
Parts and Accessories [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 99.6 | 69.9 | 207.6 | 133.4 |
Parts and Accessories [Member] | Asia-Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 52.2 | 39.9 | 105.1 | 82.4 |
Parts and Accessories [Member] | Boat Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 568.2 | 449.1 | 1,061 | 868.6 |
Boat [Member] | Rest-of-World [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 11.4 | 8.4 | 18.9 | 18.6 |
Boat [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 70.4 | 66.8 | 132.6 | 115.2 |
Boat [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 423.1 | 314.1 | 791.5 | 626.7 |
Boat [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 56 | 52.5 | 101.6 | 94.1 |
Boat [Member] | Asia-Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7.5 | 7.3 | 16.6 | 14 |
Boat [Member] | Boat Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (2.5) | (3.5) | (3.5) | (6.7) |
Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 631.9 | 563.9 | 1,228.6 | 1,126.8 |
Propulsion [Member] | Rest-of-World [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 48.2 | 34.7 | 91.5 | 71.3 |
Propulsion [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 24.5 | 24.1 | 57.7 | 49.3 |
Propulsion [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 483.6 | 404.4 | 936.3 | 825.7 |
Propulsion [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 118.4 | 119.7 | 231.8 | 228.7 |
Propulsion [Member] | Asia-Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 59.5 | 66.6 | 122.8 | 132.3 |
Propulsion [Member] | Boat Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Outboard Engines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 565.8 | 494.2 | 1,111.9 | 998.7 |
Outboard Engines [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Outboard Engines [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Outboard Engines [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 565.8 | 494.2 | 1,111.9 | 998.7 |
Controls, Rigging, and Propellers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 106.4 | 96.1 | 204.9 | 191 |
Controls, Rigging, and Propellers [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Controls, Rigging, and Propellers [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Controls, Rigging, and Propellers [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 106.4 | 96.1 | 204.9 | 191 |
Sterndrive Engine [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 62 | 59.2 | 123.3 | 117.6 |
Sterndrive Engine [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Sterndrive Engine [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Sterndrive Engine [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 62 | 59.2 | 123.3 | 117.6 |
Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 231.4 | 255.2 | 434.9 | 455.8 |
Distribution [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 231.4 | 255.2 | 434.9 | 455.8 |
Distribution [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Distribution [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Advanced Systems Group [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 159.2 | 138.3 | 311.1 | 273.1 |
Advanced Systems Group [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 159.2 | 138.3 | 311.1 | 273.1 |
Advanced Systems Group [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Advanced Systems Group [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 146.7 | 155.4 | 272.3 | 279.6 |
Engine Parts and Accessories [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 146.7 | 155.4 | 272.3 | 279.6 |
Engine Parts and Accessories [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Engine Parts and Accessories [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Aluminum Freshwater Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 237.4 | 190.1 | 458 | 367.9 |
Aluminum Freshwater Boats [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Aluminum Freshwater Boats [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 237.4 | 190.1 | 458 | 367.9 |
Aluminum Freshwater Boats [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Recreational Fiberglass Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 187.4 | 154.2 | 351.8 | 289.6 |
Recreational Fiberglass Boats [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Recreational Fiberglass Boats [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 187.4 | 154.2 | 351.8 | 289.6 |
Recreational Fiberglass Boats [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Saltwater Fishing Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 110.3 | 93 | 199.5 | 189.8 |
Saltwater Fishing Boats [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Saltwater Fishing Boats [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 110.3 | 93 | 199.5 | 189.8 |
Saltwater Fishing Boats [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Business Acceleration [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 35.8 | 15.3 | 55.4 | 28 |
Business Acceleration [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Business Acceleration [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 35.8 | 15.3 | 55.4 | 28 |
Business Acceleration [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Navico | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 114.2 | 0 | 251 | 0 |
Navico | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 114.2 | 0 | 251 | 0 |
Navico | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Navico | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Segment Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (118.5) | (92.7) | (239.3) | (196.4) |
Segment Eliminations [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (16) | (7.1) | (27.6) | (15.9) |
Segment Eliminations [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (0.2) | 0 | (0.2) | 0 |
Segment Eliminations [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (102.3) | $ (85.6) | $ (211.5) | $ (180.5) |
Revenue Recognition - Contracts
Revenue Recognition - Contracts with Customer (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jul. 02, 2022 | Jul. 02, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Contract with Customer, Liability | $ 181.2 | $ 181.2 | $ 142.1 |
Contract with Customer, Liability, Revenue Recognized | $ 10.5 | $ 24.8 |
Revenue Recognition - Performan
Revenue Recognition - Performance Obligations (Details) $ in Millions | Jul. 02, 2022 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 168.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 29.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 50.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 89.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Oct. 04, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | May 10, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Business Combinations [Abstract] | |||||||||
Business Combination Disclosure [Text Block] | Acquisitions 2022 Acquisitions During the second quarter of 2022, the Company acquired certain Freedom Boat Club franchise operations and territory rights as well as certain marine assets in the Southeast United States. These acquisitions enable opportunities across a wide spectrum, building upon the growth Brunswick has cultivated throughout the Company's shared access portfolio and new digital platforms. These acquisitions are included as part of the Company's Boat segment. The Company paid net cash consideration of $95.7 million for these acquisitions. The opening balance sheets, which are preliminary and subject to change in the measurement period as the Company finalizes the purchase price allocation and fair value estimates, include $79.5 million of goodwill and $9.1 million of customer relationships. The amount assigned to customer relationships will be amortized over the estimated useful life of 10 years. Transaction costs associated with these acquisitions of $1.2 million were expensed as incurred within Selling, general and administrative expense during the six months ended July 2, 2022. The acquisitions are not material to the Company's net sales, results of operations, or total assets during any period presented. Accordingly, the Company's consolidated results of operations do not differ materially from historical performance as a result of the acquisitions, and pro forma results are not presented. 2021 Acquisitions On October 4, 2021, the Company acquired all the issued and outstanding shares of Marine Innovations Group AS, known as "Navico", for $1.094 billion net cash consideration. The Company used a combination of the notes issued in the third quarter of 2021 and cash on hand to fund the acquisition. Navico was a privately held global company based in Egersund, Norway, and is a global leader in marine electronics and sensors, including multi-function displays, fish finders, autopilots, sonar, radar, and cartography. The acquisition of Navico accelerates the Company's ACES ("Autonomy, Connectivity, Electrification, and Shared access") strategy and strengthens the Company's ability to provide complete, innovative digital solutions to consumers and comprehensive, integrated system offerings to the Company's original equipment manufacturer customers. Navico is managed as part of the Company's Parts & Accessories segment. The Company used the acquisition method of accounting in accordance with ASC 805, Business Combinations , with Brunswick being the acquiring entity, and reflecting estimates and assumptions deemed appropriate by Company management. The purchase price allocation for certain deferred tax balances and contingency reserves is preliminary and subject to change within the allowed measurement period as the Company finalizes its fair value estimates. The following table is a summary of the assets acquired, liabilities assumed and net cash consideration paid, net of cash acquired, for the Navico acquisition: (in millions) Fair Value Useful Life Accounts and notes receivable $ 59.3 Inventory 161.7 Goodwill (A) (B) 437.0 Trade names 133.0 Indefinite Developed technology 160.0 15 years Customer relationships 185.0 15 years Property and equipment 46.1 Other assets 26.9 Total assets acquired 1,209.0 Accounts payable 66.0 Accrued expenses (B) 46.6 Other liabilities 24.0 Total liabilities assumed 136.6 Net cash consideration paid, net of cash acquired $ 1,072.4 (A) The goodwill recorded for the acquisition of Navico is partially deductible for tax purposes. (B) Includes $1.5 million of purchase accounting adjustments for the six months ended July 2, 2022 related to contingency reserves. Pro Forma Financial Information (Unaudited) The pro forma information has been prepared as if the Navico acquisition and the related debt financing had occurred on January 1, 2021. These pro forma results are based on estimates and assumptions which the Company believes to be reasonable. They are not the results that would have been realized had the acquisition actually occurred on January 1, 2021 and are not necessarily indicative of Brunswick's consolidated net earnings in future periods. The pro forma results include adjustments primarily related to the amortization of intangible assets and interest expense on the notes issued in the third quarter of 2021. Additionally, non-recurring pro forma adjustments include transaction costs of $0.8 million and $14.8 million and expenses related to inventory fair value adjustments of $9.0 million and $18.1 million for the three and six months ended July 3, 2021, respectively, recognized as part of the application of purchase accounting. (in millions) Three Months Ended Six Months Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Pro forma Net sales $ 1,835.6 $ 1,683.8 $ 3,531.3 $ 3,257.7 Pro forma Net earnings 197.9 180.8 379.4 353.9 The pro forma results reflect a statutory income tax rate of 21 percent for the three and six months ended July 2, 2022 and July 3, 2021. Other 2021 Acquisitions On September 1, 2021, the Company acquired substantially all the net assets of RELiON Battery, LLC ("RELiON"). RELiON is a global provider of lithium batteries and related products to multiple industry sectors. The acquisition of RELiON complements the Company's existing portfolio of advanced battery and power management brands. On September 17, 2021, the Company acquired substantially all the net assets of SemahTronix, LLC, a global supplier of high-complexity electrical wiring harnesses for advanced products in the marine, mobile, and defense industries. The acquisition of the SemahTronix assets enhances the Company's integrated systems offerings by providing the Company's ASG organization and the Company's global customers access to high-quality, large, complex electrical wire harnessing systems that further enable the Company's end-to-end systems solutions and capabilities. These acquisitions are included as part of the Parts & Accessories segment. On July 9, 2021, the Company acquired Fanautic Club, one of the largest European boat clubs with 23 locations in major coastal cities and tourist centers across Spain. The Company also acquired certain Freedom Boat Club franchise operations and territory rights in the United States during 2021. Acquiring such assets enables Brunswick to accelerate growth by increasing its investments in these markets. These acquisitions are included as part of the Boat segment. The Company paid net cash consideration of $66.2 million for these acquisitions. The opening balance sheets include $36.8 million of goodwill and $24.1 million of identifiable intangible assets, including customer relationships and trade names of $17.2 million and $6.9 million, respectively. The amount assigned to customer relationships will be amortized over the estimated useful life of 10 years. These acquisitions are not material to the Company's net sales, results of operations or total assets during any period presented. Accordingly, the Company's consolidated results of operations do not differ materially from historical performance as a result of the acquisitions, and pro forma results are not presented. | ||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Pro Forma Information | The pro forma information has been prepared as if the Navico acquisition and the related debt financing had occurred on January 1, 2021. These pro forma results are based on estimates and assumptions which the Company believes to be reasonable. They are not the results that would have been realized had the acquisition actually occurred on January 1, 2021 and are not necessarily indicative of Brunswick's consolidated net earnings in future periods. The pro forma results include adjustments primarily related to the amortization of intangible assets and interest expense on the notes issued in the third quarter of 2021. Additionally, non-recurring pro forma adjustments include transaction costs of $0.8 million and $14.8 million and expenses related to inventory fair value adjustments of $9.0 million and $18.1 million for the three and six months ended July 3, 2021, respectively, recognized as part of the application of purchase accounting. (in millions) Three Months Ended Six Months Ended July 2, 2022 July 3, 2021 July 2, 2022 July 3, 2021 Pro forma Net sales $ 1,835.6 $ 1,683.8 $ 3,531.3 $ 3,257.7 Pro forma Net earnings 197.9 180.8 379.4 353.9 | ||||||||
Business Combination, Consideration Transferred | $ 66.2 | ||||||||
Goodwill | $ 966.7 | $ 434.3 | $ 966.7 | $ 434.3 | $ 888.4 | $ 417.7 | |||
Customer Relationships | $ 24.1 | $ 24.1 | |||||||
Effective Tax Rate From Continuing Operations | 21.90% | 23.50% | 21.50% | 22.70% | |||||
Goodwill, Purchase Accounting Adjustments | $ 1.9 | ||||||||
Goodwill, Translation and Purchase Accounting Adjustments | $ 1.5 | ||||||||
Amortization Expense for Intangibles | 15.4 | $ 8 | 31.3 | $ 16 | |||||
Interest Expense | 25.9 | 15.4 | 44.3 | 30.2 | |||||
Freedom Boat Club Franchises | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Transferred | 95.7 | ||||||||
Goodwill | $ 79.5 | ||||||||
Freedom Boat Club Franchises | Selling, General and Administrative Expenses [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Transaction Costs | 1.2 | 1.2 | |||||||
Navico | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Transferred | $ 1,094 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 59.3 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 161.7 | ||||||||
Goodwill | [1],[2] | 437 | |||||||
Trade Names | 133 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 46.1 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 26.9 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 1,209 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 66 | ||||||||
Accrued Expenses | [2] | 46.6 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 24 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 136.6 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 1,072.4 | ||||||||
Business Acquisition, Pro Forma Revenue | 1,835.6 | 1,683.8 | 3,531.3 | 3,257.7 | |||||
Business Acquisition, Pro Forma Net Income (Loss) | 197.9 | 180.8 | $ 379.4 | $ 353.9 | |||||
Effective Tax Rate From Continuing Operations | 21% | 21% | |||||||
Business Combination, Acquisition Related Costs | 0.8 | $ 14.8 | |||||||
Business Combination, Separately Recognized Transactions, Fair Value Adjustment for Inventory | $ 9 | $ 18.1 | |||||||
Goodwill | |||||||||
Business Acquisition [Line Items] | |||||||||
Customer Relationships | 36.8 | $ 36.8 | |||||||
Technology-Based Intangible Assets | Navico | |||||||||
Business Acquisition [Line Items] | |||||||||
Customer Relationships | 160 | ||||||||
Useful Life | 15 years | ||||||||
Customer Relationships [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Customer Relationships | 17.2 | $ 17.2 | |||||||
Customer Relationships [Member] | Freedom Boat Club Franchises | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Transferred | 9.1 | ||||||||
Useful Life | 10 years | ||||||||
Customer Relationships [Member] | Navico | |||||||||
Business Acquisition [Line Items] | |||||||||
Customer Relationships | $ 185 | ||||||||
Useful Life | 15 years | ||||||||
Trade Names [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Customer Relationships | $ 6.9 | $ 6.9 | |||||||
[1](A) The goodwill recorded for the acquisition of Navico is partially deductible for tax purposes.[2](B) Includes $1.5 million of purchase accounting adjustments for the six months ended July 2, 2022 related to contingency reserves. |
Restructuring, Exit and Integra
Restructuring, Exit and Integration Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Total Restructuring, Exit and Impairment Charges | $ 0 | $ 0.2 | $ 0 | $ 0.7 |
Financial Instruments Financi_2
Financial Instruments Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 02, 2022 | Jul. 02, 2022 | Jul. 03, 2021 | Dec. 31, 2021 | Jun. 27, 2020 | |
Commodity Contract [Member] | |||||
Derivative [Line Items] | |||||
Notional Values | $ 22.6 | $ 11.2 | $ 25.3 | ||
Cash Flow Hedge Gain (Loss) to be Reclassified Within Twelve Months | (2.2) | ||||
Foreign Exchange Forward [Member] | |||||
Derivative [Line Items] | |||||
Notional Values | 650 | 481.1 | 519.8 | ||
Foreign Exchange Option [Member] | |||||
Derivative [Line Items] | |||||
Notional Values | 0 | 0 | 0 | ||
Foreign Exchange Contracts [Member] | |||||
Derivative [Line Items] | |||||
Cash Flow Hedge Gain (Loss) to be Reclassified Within Twelve Months | 23.4 | ||||
Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Notional Values | 0 | 150 | 0 | $ 0 | |
Amount of Gain (Loss) Estimated to be Reclassified from Accumulated Other Comprehensive Loss to Cost of Sales or Interest Expense | $ 1.6 | ||||
Forward-Starting Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Notional Values | 0 | 0 | |||
Cash Flow Hedge Gain (Loss) to be Reclassified Within Twelve Months | (0.4) | ||||
Amount of Gain (Loss) Estimated to be Reclassified from Accumulated Other Comprehensive Loss to Cost of Sales or Interest Expense | (2.4) | 3 | 1.7 | ||
Cross Currency Interest Rate Contract | |||||
Derivative [Line Items] | |||||
Notional Values | 250 | 200 | 200 | ||
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | 16.7 | ||||
Treasury Lock | |||||
Derivative [Line Items] | |||||
Amount of Gain (Loss) Estimated to be Reclassified from Accumulated Other Comprehensive Loss to Cost of Sales or Interest Expense | $ 5.1 | ||||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 24.3 | 9.5 | 10.7 | ||
Derivative Liability, Fair Value, Gross Liability | 4.3 | 5.4 | 2.6 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | Commodity Contract [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 3.3 | 1.9 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Contracts [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 24.3 | 3.4 | 8.8 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 2.8 | 0 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Accrued Expenses [Member] | Commodity Contract [Member] | |||||
Derivative [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 2.4 | 0 | 0 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Accrued Expenses [Member] | Foreign Exchange Contracts [Member] | |||||
Derivative [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | $ 1.9 | $ 5.4 | $ 2.6 |
Financial Instruments, Fair Val
Financial Instruments, Fair Values of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | Dec. 31, 2021 | |
Other Hedging Activity [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | $ 5.6 | $ (3) | $ 2 | $ (3.4) | |
Cash Flow Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 19.6 | (7) | 32.5 | 7.5 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 7.5 | (3) | 11.8 | (5.9) | |
Derivative Asset, Fair Value, Gross Asset | 24.3 | 9.5 | 24.3 | 9.5 | $ 10.7 |
Derivative Liability, Fair Value, Gross Liability | 4.3 | 5.4 | 4.3 | 5.4 | 2.6 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | (7) | 5.3 | 2.8 | |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 25.3 | (2.2) | 27.9 | 0.4 | |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 24.3 | 3.4 | 24.3 | 3.4 | 8.8 |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Accrued Expenses [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 1.9 | 5.4 | 1.9 | 5.4 | 2.6 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (5.7) | 2.2 | (0.7) | 4.3 | |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 3.3 | 0 | 3.3 | 1.9 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Accrued Expenses [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 2.4 | 0 | 2.4 | 0 | 0 |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Prepaid Expenses and Other Current Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 2.8 | 0 | 2.8 | 0 |
Fair Value Hedging [Member] | Foreign Exchange Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | Other Hedging Activity [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 2 | 0.2 | 2 | 0.2 | 0.1 |
Fair Value Hedging [Member] | Foreign Exchange Contracts [Member] | Accrued Expenses [Member] | Other Hedging Activity [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0.1 | 0.3 | 0.1 | 0.3 | 0.3 |
Net Investment Hedging | Interest Rate Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 14.2 | 5.9 | 14.2 | 5.9 | $ 14.3 |
Cost of Sales [Member] | Foreign Exchange Contracts [Member] | Other Hedging Activity [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | 5.4 | (2.8) | 1.8 | (1) | |
Cost of Sales [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 5.3 | (4) | 8 | (7.1) | |
Cost of Sales [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 2.3 | $ 1.2 | $ 3.9 | $ 1.5 |
Financial Instruments, Condense
Financial Instruments, Condensed Consolidated Statements of Comprehensive Income, Effect of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | |
Other Hedging Activity [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 5.6 | $ (3) | $ 2 | $ (3.4) |
Foreign Exchange Contracts [Member] | Cost of Sales [Member] | Other Hedging Activity [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 5.4 | (2.8) | 1.8 | (1) |
Foreign Exchange Contracts [Member] | Other Income (Expense), Net | Other Hedging Activity [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0.2 | (0.2) | 0.2 | (2.4) |
Cash Flow Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 19.6 | (7) | 32.5 | 7.5 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 7.5 | (3) | 11.8 | (5.9) |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | (7) | 5.3 | 2.8 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.1) | (0.2) | (0.1) | (0.3) |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 25.3 | (2.2) | 27.9 | 0.4 |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Cost of Sales [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 5.3 | (4) | 8 | (7.1) |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (5.7) | 2.2 | (0.7) | 4.3 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Cost of Sales [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2.3 | 1.2 | 3.9 | 1.5 |
Cash Flow Hedging [Member] | Cross Currency Interest Rate Contract | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 15.2 | 5.9 | 16.6 | 5.9 |
Fair Value Hedging [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 0.1 | $ 0.1 | $ 0.3 | $ 0.3 |
Financial Instruments, Fair V_2
Financial Instruments, Fair Value of Other Financial Instruments (Details) - USD ($) $ in Millions | Jul. 02, 2022 | Dec. 31, 2021 | Jul. 03, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Fair Value of the Company's Long-Term Debt Including Current Maturities | $ 2,272 | $ 1,914.7 | $ 1,001.4 |
Long-Term Debt | $ 2,534.9 | $ 1,843.1 | $ 895.6 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions | Jul. 02, 2022 | Dec. 31, 2021 | Jul. 03, 2021 |
Liabilities: | |||
Fair Value Measurement [Domain] | $ 10.4 | $ 10.2 | $ 9.3 |
Level 1 [Member] | |||
Assets: | |||
Cash Equivalents | 39.2 | 0.4 | 0.2 |
Short-Term Investments in Marketable Securities | 37 | 0.8 | 0.8 |
Restricted Cash | 11.9 | 12.2 | 9.7 |
Liabilities: | |||
Deferred Compensation | 1.4 | 1.4 | 1.4 |
Level 2 [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 40.5 | 25.1 | 15.6 |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 4.4 | 2.9 | 5.7 |
Deferred Compensation | $ 14.2 | $ 17.7 | $ 16.8 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jul. 02, 2022 | Jul. 03, 2021 | |
Activity Related to Product Warranty Liabilities [Roll Forward] | ||
Balance at Beginning of Period | $ 129.3 | $ 115.9 |
Payments Made | (29.2) | (31.1) |
Provisions/Additions for Contracts Issued/Sold | 41.1 | 37.8 |
Aggregate Changes for Preexisting Warranties | (0.2) | (1.8) |
Foreign Currency Translation | (1.3) | (0.2) |
Other | (0.9) | (2.9) |
Balance at End of Period | 138.8 | 117.7 |
Activity Related to Extended Product Warranty Accrual [Roll Forward] | ||
Balance at Beginning of Period | 99.5 | 87.4 |
Extended Warranty Contracts Sold | 20.1 | 18.7 |
Revenue Recognized on Existing Extended Warranty Contracts | (11) | (9.7) |
Foreign Currency Translation | 0 | 0.3 |
Other | (0.3) | (0.3) |
Balance at End of Period | $ 108.3 | $ 96.4 |
Goodwill and Intangibles Goodwi
Goodwill and Intangibles Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||||||
Acquisitions | $ 79.5 | $ 16.8 | ||||
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 | $ 0 | 0 | 0 | $ 0 | |
Goodwill, Other Increase (Decrease) | (1.2) | (0.2) | ||||
Goodwill | 966.7 | 434.3 | 966.7 | 434.3 | 888.4 | $ 417.7 |
Amortization Expense for Intangibles | 15.4 | 8 | 31.3 | 16 | ||
Goodwill, Purchase Accounting Adjustments | 1.9 | |||||
Propulsion [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Acquisitions | 0 | 0 | ||||
Goodwill, Other Increase (Decrease) | (0.8) | (0.2) | ||||
Goodwill | 13.9 | 15.1 | 13.9 | 15.1 | 14.7 | 15.3 |
Parts and Accessories [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Acquisitions | 0 | 0 | ||||
Goodwill, Other Increase (Decrease) | (0.5) | 0 | ||||
Goodwill | 814.4 | 372.5 | 814.4 | 372.5 | 814.9 | 372.5 |
Boat [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Acquisitions | 79.5 | 16.8 | ||||
Goodwill, Other Increase (Decrease) | 0.1 | 0 | ||||
Goodwill | $ 138.4 | $ 46.7 | $ 138.4 | $ 46.7 | $ 58.8 | $ 29.9 |
Customer Relationships [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Finite-Lived Intangible Asset, Weighted Average Remaining Useful Life | 13 years 3 months 18 days | |||||
Other Intangible Assets [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Finite-Lived Intangible Asset, Weighted Average Remaining Useful Life | 11 years 8 months 12 days |
Goodwill and Intangibles Finite
Goodwill and Intangibles Finite-Lived Intangibles (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | $ 966.7 | $ 434.3 | $ 966.7 | $ 434.3 | $ 888.4 | $ 417.7 |
Acquisitions | 79.5 | 16.8 | ||||
Goodwill, Other Increase (Decrease) | (1.2) | (0.2) | ||||
Gross Amount | 1,437.1 | 872.4 | 1,437.1 | 872.4 | 1,417.5 | |
Accumulated Amortization | (398.9) | (336.1) | (398.9) | (336.1) | (365.4) | |
Amortization Expense for Intangibles | 15.4 | 8 | 31.3 | 16 | ||
Trade Names [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Amount | 305.4 | 166.3 | 305.4 | 166.3 | 306.1 | |
Accumulated Amortization | 0 | 0 | 0 | 0 | 0 | |
Customer Relationships [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Amount | 897.4 | 687.6 | 897.4 | 687.6 | 889.4 | |
Accumulated Amortization | (362.4) | (322.3) | (362.4) | (322.3) | (340.9) | |
Other Intangible Assets [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Amount | 74.3 | 18.5 | 74.3 | 18.5 | 62 | |
Accumulated Amortization | (28.5) | (13.8) | (28.5) | (13.8) | (21.8) | |
Developed Technology Rights | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Amount | 160 | 0 | 160 | 0 | 160 | |
Accumulated Amortization | (8) | 0 | (8) | 0 | (2.7) | |
Propulsion [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | 13.9 | 15.1 | 13.9 | 15.1 | 14.7 | 15.3 |
Acquisitions | 0 | 0 | ||||
Goodwill, Other Increase (Decrease) | (0.8) | (0.2) | ||||
Parts and Accessories [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | 814.4 | 372.5 | 814.4 | 372.5 | 814.9 | 372.5 |
Acquisitions | 0 | 0 | ||||
Goodwill, Other Increase (Decrease) | (0.5) | 0 | ||||
Boat [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | $ 138.4 | $ 46.7 | 138.4 | 46.7 | $ 58.8 | $ 29.9 |
Acquisitions | 79.5 | 16.8 | ||||
Goodwill, Other Increase (Decrease) | $ 0.1 | $ 0 |
Segment Data (Details)
Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Net Sales | $ 1,835.6 | $ 1,554.8 | $ 3,531.3 | $ 2,988 | |
Operating Income (Loss) | 279 | 250.2 | 518.5 | 482.1 | |
Total Assets | 6,166.5 | 4,138.5 | 6,166.5 | 4,138.5 | $ 5,425 |
Segment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | (118.5) | (92.7) | (239.3) | (196.4) | |
Operating Income (Loss) | 0 | 0 | 0 | 0 | |
Propulsion [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 734.2 | 649.5 | 1,440.1 | 1,307.3 | |
Operating Income (Loss) | 142 | 122.1 | 267.3 | 246.6 | |
Total Assets | 1,400 | 1,095.1 | 1,400 | 1,095.1 | 1,225.2 |
Parts and Accessories [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 651.5 | 548.9 | 1,269.3 | 1,008.5 | |
Operating Income (Loss) | 108.2 | 114.4 | 199.8 | 206.3 | |
Total Assets | 3,055.3 | 1,640.7 | 3,055.3 | 1,640.7 | 2,939.4 |
Boat [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 568.4 | 449.1 | 1,061.2 | 868.6 | |
Operating Income (Loss) | 58.9 | 44.2 | 104.2 | 85 | |
Total Assets | 816.4 | 564 | 816.4 | 564 | 609.9 |
Corporate/Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 0 | 0 | 0 | 0 | |
Operating Income (Loss) | (30.1) | (30.5) | (52.8) | (55.8) | |
Total Assets | $ 894.8 | $ 838.7 | $ 894.8 | $ 838.7 | $ 650.5 |
Comprehensive Income (Details)
Comprehensive Income (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Jul. 02, 2022 | Apr. 02, 2022 | Jul. 03, 2021 | Apr. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | |||||
Comprehensive Income [Abstract] | ||||||||||
Net Earnings (Loss) | $ 197.3 | $ 174.2 | $ 179.4 | $ 169.3 | $ 371.5 | $ 348.7 | ||||
Foreign Currency Cumulative Translation Adjustment | (32.6) | 3.2 | (30.5) | (4.3) | ||||||
Net Change in Unamortized Prior Service Credits | 0 | 0 | 0 | (0.2) | ||||||
Net Change in Unamortized Actuarial Losses | 0.3 | 0.1 | 0.5 | 0.3 | ||||||
Net Change in Unrealized Derivative Losses | 20 | 1.3 | 27.6 | 14.4 | ||||||
Total Other Comprehensive Income (Loss) | (12.3) | 4.6 | (2.4) | 10.2 | ||||||
Comprehensive Income (loss) | 185 | 184 | 369.1 | 358.9 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Beginning Balance | (21.6) | (31.5) | (37.1) | (42.7) | (31.5) | (42.7) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | (7) | [1] | 2.3 | [2] | 5.9 | [3] | 5.8 | [4] | ||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (5.3) | [5] | 2.3 | [6] | (8.3) | [7] | 4.4 | [8] | ||
Net Other Comprehensive Income (Loss) | (12.3) | 9.9 | 4.6 | 5.6 | (2.4) | 10.2 | ||||
Accumulated Other Comprehensive Loss, Net of Tax, Ending Balance | (33.9) | $ (21.6) | (32.5) | $ (37.1) | (33.9) | (32.5) | ||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent [Abstract] | ||||||||||
Foreign Currency Translation Adjustments Arising During Period, Tax Effect | 1.5 | (0.9) | 3.1 | 0 | ||||||
Gains (Losses) on Derivatives Arising During Period, Tax Effect | (9.2) | $ 0.2 | (12.7) | (3.4) | ||||||
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 0.365 | $ 0.335 | $ 0.27 | |||||||
Foreign Currency Translation | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Beginning Balance | (32.4) | $ (34.5) | $ (22.6) | $ (15.1) | (34.5) | (15.1) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | (32.6) | [1] | 3.2 | [2] | (30.5) | [3] | (4.3) | [4] | ||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | [5] | 0 | [6] | 0 | [7] | 0 | [8] | ||
Net Other Comprehensive Income (Loss) | (32.6) | 3.2 | (30.5) | (4.3) | ||||||
Accumulated Other Comprehensive Loss, Net of Tax, Ending Balance | (65) | (32.4) | (19.4) | (22.6) | (65) | (19.4) | ||||
Prior Service Credits | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Beginning Balance | (3.7) | (3.7) | (3.7) | (3.5) | (3.7) | (3.5) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] | ||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | [5] | 0 | [6] | 0 | [7] | 0.2 | [8] | ||
Net Other Comprehensive Income (Loss) | 0 | 0 | 0 | (0.2) | ||||||
Accumulated Other Comprehensive Loss, Net of Tax, Ending Balance | (3.7) | (3.7) | (3.7) | (3.7) | (3.7) | (3.7) | ||||
Net Actuarial Losses | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Beginning Balance | (3.2) | (3.4) | (8.7) | (8.9) | (3.4) | (8.9) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] | ||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (0.3) | [5] | (0.1) | [6] | (0.5) | [7] | (0.3) | [8] | ||
Net Other Comprehensive Income (Loss) | 0.3 | 0.1 | 0.5 | 0.3 | ||||||
Accumulated Other Comprehensive Loss, Net of Tax, Ending Balance | (2.9) | (3.2) | (8.6) | (8.7) | (2.9) | (8.6) | ||||
Net Derivative Losses | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Beginning Balance | 17.5 | 9.9 | (2.1) | (15.2) | 9.9 | (15.2) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | 25.6 | [1] | (0.9) | [2] | 36.4 | [3] | 10.1 | [4] | ||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 5.6 | [5] | (2.2) | [6] | 8.8 | [7] | (4.3) | [8] | ||
Net Other Comprehensive Income (Loss) | 20 | 1.3 | 27.6 | 14.4 | ||||||
Accumulated Other Comprehensive Loss, Net of Tax, Ending Balance | 37.5 | 17.5 | $ (0.8) | $ (2.1) | 37.5 | $ (0.8) | ||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Beginning Balance | 0.2 | 0.2 | 0.2 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | 0 | [1] | 0 | [3] | ||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | [5] | 0 | [7] | ||||||
Net Other Comprehensive Income (Loss) | 0 | 0 | ||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Ending Balance | $ 0.2 | $ 0.2 | $ 0.2 | |||||||
[1] (A) The tax effects for the three months ended July 2, 2022 were $1.5 million for foreign currency translation and $(9.2) million for derivatives. (A) The tax effects for the six months ended July 2, 2022 were $3.1 million for foreign currency translation and $(12.7) million for derivatives. |
Comprehensive Income, Reclassif
Comprehensive Income, Reclassification out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||||
Jul. 02, 2022 | Apr. 02, 2022 | Jul. 03, 2021 | Apr. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (33.9) | $ (21.6) | $ (32.5) | $ (37.1) | $ (33.9) | $ (32.5) | $ (31.5) | $ (42.7) | ||||
Prior Service Credits | 0 | 0 | 0 | 0.2 | ||||||||
Net Actuarial Losses | (0.3) | (0.2) | (0.5) | (0.4) | ||||||||
Defined Benefit Items, Earnings Before Income Taxes | (0.3) | (0.2) | (0.5) | (0.2) | ||||||||
Defined Benefit Items, Income Tax Provision | 0 | 0.1 | 0 | 0.1 | ||||||||
Defined Benefit Items, Net Earnings From Continuing Operations | (0.3) | (0.1) | (0.5) | (0.1) | ||||||||
Derivatives, Earnings Before Income Taxes | 7.5 | (3) | 11.8 | (5.9) | ||||||||
Derivatives, Income Tax Provision | (1.9) | 0.8 | (3) | 1.6 | ||||||||
Derivatives, Net Earnings From Continuing Operations | 5.6 | (2.2) | 8.8 | (4.3) | ||||||||
Other Comprehensive Income (Loss) Before Reclassifications | (7) | [1] | 2.3 | [2] | 5.9 | [3] | 5.8 | [4] | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (5.3) | [5] | 2.3 | [6] | (8.3) | [7] | 4.4 | [8] | ||||
Other Comprehensive Income | (12.3) | 9.9 | 4.6 | 5.6 | (2.4) | 10.2 | ||||||
Interest Expense [Member] | Interest Rate Contract [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Derivatives, Earnings Before Income Taxes | (0.1) | (0.2) | (0.1) | (0.3) | ||||||||
Cost of Sales [Member] | Foreign Exchange Contracts [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Derivatives, Earnings Before Income Taxes | 5.3 | (4) | 8 | (7.1) | ||||||||
Cost of Sales [Member] | Commodity Contract [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Derivatives, Earnings Before Income Taxes | 2.3 | 1.2 | 3.9 | 1.5 | ||||||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (65) | (32.4) | (19.4) | (22.6) | (65) | (19.4) | (34.5) | (15.1) | ||||
Other Comprehensive Income (Loss) Before Reclassifications | (32.6) | [1] | 3.2 | [2] | (30.5) | [3] | (4.3) | [4] | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | [5] | 0 | [6] | 0 | [7] | 0 | [8] | ||||
Other Comprehensive Income | (32.6) | 3.2 | (30.5) | (4.3) | ||||||||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3.7) | (3.7) | (3.7) | (3.7) | (3.7) | (3.7) | (3.7) | (3.5) | ||||
Other Comprehensive Income (Loss) Before Reclassifications | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | [5] | 0 | [6] | 0 | [7] | 0.2 | [8] | ||||
Other Comprehensive Income | 0 | 0 | 0 | (0.2) | ||||||||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2.9) | (3.2) | (8.6) | (8.7) | (2.9) | (8.6) | (3.4) | (8.9) | ||||
Other Comprehensive Income (Loss) Before Reclassifications | 0 | [1] | 0 | [2] | 0 | [3] | 0 | [4] | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (0.3) | [5] | (0.1) | [6] | (0.5) | [7] | (0.3) | [8] | ||||
Other Comprehensive Income | 0.3 | 0.1 | 0.5 | 0.3 | ||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 37.5 | 17.5 | (0.8) | $ (2.1) | 37.5 | (0.8) | 9.9 | $ (15.2) | ||||
Other Comprehensive Income (Loss) Before Reclassifications | 25.6 | [1] | (0.9) | [2] | 36.4 | [3] | 10.1 | [4] | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 5.6 | [5] | (2.2) | [6] | 8.8 | [7] | (4.3) | [8] | ||||
Other Comprehensive Income | 20 | $ 1.3 | 27.6 | $ 14.4 | ||||||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | ||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0.2 | $ 0.2 | 0.2 | $ 0.2 | ||||||||
Other Comprehensive Income (Loss) Before Reclassifications | 0 | [1] | 0 | [3] | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | [5] | 0 | [7] | ||||||||
Other Comprehensive Income | $ 0 | $ 0 | ||||||||||
[1] (A) The tax effects for the three months ended July 2, 2022 were $1.5 million for foreign currency translation and $(9.2) million for derivatives. (A) The tax effects for the six months ended July 2, 2022 were $3.1 million for foreign currency translation and $(12.7) million for derivatives. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2022 | Jul. 03, 2021 | Jul. 02, 2022 | Jul. 03, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||
Income Tax Provision From Continuing Operations | $ 55.8 | $ 55.2 | $ 102.2 | $ 102.6 | |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | $ 0.7 | $ 6.2 | $ 3.3 | $ 3.2 | |
Effective Tax Rate From Continuing Operations | 21.90% | 23.50% | 21.50% | 22.70% | |
Gross Unrecognized Tax Benefits, Including Interest | $ 10.3 | $ 4.6 | $ 10.3 | $ 4.6 | $ 10.1 |
Possible Decrease in Unrecognized Tax Benefits in the Next 12 Months | 0.1 | 0.1 | |||
Excess Tax Benefits, Share Based Compensation | $ 0.1 | $ 0.1 | $ 2.9 | $ 1.6 |
Debt (Details)
Debt (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Mar. 22, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Jul. 02, 2022 | Dec. 31, 2021 | Jul. 03, 2021 | |
Debt Instrument [Line Items] | ||||||
Gain (Loss) on Extinguishment of Debt | $ 100,000 | |||||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 127,800,000 | |||||
Commercial Paper, Maximum Amount Utilized | 300,000,000 | |||||
Net Proceeds from Issuances of Long-Term Debt | 742,700,000 | |||||
Other Debt Activity | 900,000 | |||||
Long-term Debt, Current Maturities | 3,000,000 | 3,000,000 | $ 37,400,000 | |||
Debt | 2,499,000,000 | 2,499,000,000 | 1,779,000,000 | $ 832,000,000 | ||
Debt, Long-term and Short-term, Combined Amount | 2,502,000,000 | 2,502,000,000 | $ 1,816,400,000 | |||
Proceeds from Issuance of Long-term Debt, Excluding Current Maturities | 741,800,000 | |||||
Proceeds from Issuance of Long-term Debt, Current | 900,000 | |||||
Repayments of Long-term debt, Current | (36,200,000) | |||||
Repayments of Long-term Debt, Excluding Current Maturities | (21,800,000) | |||||
us-gaap_RepaymentsOfLongTermDebt | (58,000,000) | |||||
Other Debt Activity, Long Term | 0 | |||||
Other Debt Activity, Current and Long Term | 900,000 | |||||
Proceeds from Notes Payable | $ 741,800,000 | |||||
Proceeds from Issuance of Commercial Paper | 500,000,000 | |||||
commercial paper, maximum | $ 300,000,000 | 500,000,000 | ||||
Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | 125,000,000 | 125,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 750,000,000 | 750,000,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 747,200,000 | 747,200,000 | ||||
Letters of Credit Outstanding, Amount | $ 2,800,000 | 2,800,000 | ||||
Line of Credit Facility, Increase (Decrease), Net | $ 100,000,000 | |||||
4.400% Senior Notes due 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes | 450,000,000 | |||||
5.100% Senior Notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes | $ 300,000,000 | |||||
Unsecured Debt [Member] | Senior Notes Due 2049 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Maturity Date | Apr. 02, 2032 | |||||
Unsecured Debt [Member] | 5.100% Senior Notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Maturity Date | Apr. 02, 2052 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jul. 02, 2022 | Jul. 02, 2022 | Jul. 03, 2021 | |
Subsequent Event [Line Items] | |||
Business Combination, Consideration Transferred | $ 66.2 | ||
Freedom Boat Club Franchises | |||
Subsequent Event [Line Items] | |||
Business Combination, Consideration Transferred | $ 95.7 | ||
Freedom Boat Club Franchises | Selling, General and Administrative Expenses [Member] | |||
Subsequent Event [Line Items] | |||
Business Acquisition, Transaction Costs | $ 1.2 | $ 1.2 | |
Term Loan Due 2023 | |||
Subsequent Event [Line Items] | |||
Repayments of Other Debt | $ 56.3 |