Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Oct. 02, 2021 | Oct. 28, 2021 | |
Entity Information Line Items [Abstract] | ||
Entity File Number | 001-01043 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Period End Date | Oct. 2, 2021 | |
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 | 77,095,328 | |
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 | 2021 | |
Document Fiscal Period Focus | Q3 | |
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 | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Income Statement [Abstract] | ||||
Net Sales | $ 1,427.2 | $ 1,233.1 | $ 4,415.2 | $ 3,186.4 |
Cost of Sales | 1,016.8 | 856.2 | 3,126 | 2,309.7 |
Selling, General and Administrative Expense | 165.9 | 151.3 | 490.3 | 381.8 |
Research and Development Expense | 35.5 | 31.2 | 107.1 | 87.8 |
Restructuring, Exit and Impairment Charges | 0 | 1.8 | 0.7 | 4.3 |
Operating Earnings | 209 | 192.6 | 691.1 | 402.8 |
Equity Earnings | 0.3 | 0.6 | 1.5 | 3.5 |
Pension Settlement Charge | 0 | (0.2) | 0 | 1.1 |
Other Income (Expense), Net | (1.6) | (1.2) | (4.4) | (2.7) |
Earnings Before Interest and Income Taxes | 207.7 | 191.8 | 688.2 | 404.7 |
Interest Expense | (16.9) | (16.4) | (47.1) | (52) |
Interest Income | 0.8 | 0.3 | 1.9 | 0.9 |
Gain (Loss) on Extinguishment of Debt | (4.2) | 0 | (4.2) | 0 |
Business Combination, Acquisition Related Costs | (4) | 0 | (4) | 0 |
Earnings Before Income Taxes | 183.4 | 175.7 | 634.8 | 353.6 |
Income Tax Provision | 38.8 | 38.9 | 141.4 | 74.9 |
Net Earnings from Continuing Operations | 144.6 | 136.8 | 493.4 | 278.7 |
Discontinued operations: | ||||
Loss from Discontinued Operations, Net of Tax | (1.5) | 1.5 | (1.6) | 0.4 |
Loss on Disposal of Discontinued Operations, Net of Tax | 0 | (0.4) | 0 | (1.5) |
Net Loss From Discontinued Operations, Net of Tax | (1.5) | 1.1 | (1.6) | (1.1) |
Net Earnings (Loss) | $ 143.1 | $ 137.9 | $ 491.8 | $ 277.6 |
Basic | ||||
Earnings from Continuing Operations | $ 1.86 | $ 1.72 | $ 6.33 | $ 3.51 |
Loss from Discontinued Operations | (0.02) | 0.02 | (0.02) | (0.02) |
Net Earnings (Loss) | 1.84 | 1.74 | 6.31 | 3.49 |
Diluted | ||||
Earnings from Continuing Operations | 1.85 | 1.71 | 6.28 | 3.49 |
Loss from Discontinued Operations | (0.02) | 0.02 | (0.02) | (0.02) |
Net Earnings (Loss) | $ 1.83 | $ 1.73 | $ 6.26 | $ 3.47 |
Weighted Average Shares Used for Computation of [Abstract] | ||||
Basic Earnings (Loss) Per Common Share | 77.7 | 79.4 | 78 | 79.4 |
Diluted Earnings (Loss) per Common Share | 78.3 | 79.8 | 78.6 | 79.9 |
Comprehensive Income (loss) | $ 140.6 | $ 146.6 | $ 499.5 | $ 279.1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) shares in Thousands | Oct. 02, 2021 | Dec. 31, 2020 | Sep. 26, 2020 |
Current Assets | |||
Cash and Cash Equivalents, at Cost, Which Approximates Fair Value | $ 1,486,400,000 | $ 519,600,000 | $ 650,400,000 |
Restricted cash | 10,900,000 | 10,700,000 | 9,100,000 |
Short-Term Investments in Marketable Securities | 800,000 | 56,700,000 | 800,000 |
Total Cash and Short-Term Investments in Marketable Securities | 1,498,100,000 | 587,000,000 | 660,300,000 |
Accounts and Notes Receivable, less Allowances of $12.0, $8.5 and $8.1 | 451,100,000 | 337,600,000 | 398,800,000 |
Inventories | |||
Finished Goods | 520,200,000 | 446,800,000 | 347,600,000 |
Work-In-Process | 162,700,000 | 94,000,000 | 91,600,000 |
Raw Materials | 257,600,000 | 171,000,000 | 150,200,000 |
Net Inventories | 940,500,000 | 711,800,000 | 589,400,000 |
Prepaid Expenses and Other | 52,300,000 | 34,100,000 | 32,700,000 |
Current Assets | 2,942,000,000 | 1,670,500,000 | 1,681,200,000 |
Property | |||
Land | 18,900,000 | 17,700,000 | 17,600,000 |
Buildings and Improvements | 453,300,000 | 435,500,000 | 426,400,000 |
Equipment | 1,299,500,000 | 1,184,900,000 | 1,141,400,000 |
Total Land, Buildings and Improvements and Equipment | 1,771,700,000 | 1,638,100,000 | 1,585,400,000 |
Accumulated Depreciation | (982,600,000) | (929,800,000) | (912,900,000) |
Net Land, Buildings and Improvements and Equipment | 789,100,000 | 708,300,000 | 672,500,000 |
Unamortized Product Tooling Costs | 172,400,000 | 155,300,000 | 146,600,000 |
Net Property | 961,500,000 | 863,600,000 | 819,100,000 |
Other Assets | |||
Goodwill | 443,800,000 | 417,700,000 | 416,300,000 |
Other Intangibles, Net | 549,200,000 | 552,300,000 | 559,600,000 |
Operating Lease Assets | 83,100,000 | 83,000,000 | 82,000,000 |
Deferred Income Tax Asset | 132,700,000 | 136,600,000 | 93,700,000 |
Equity Investments | 41,300,000 | 32,500,000 | 25,500,000 |
Other Long-Term Assets | 27,000,000 | 14,400,000 | 13,400,000 |
Other Assets | 1,277,100,000 | 1,236,500,000 | 1,190,500,000 |
Total Assets | 5,180,600,000 | 3,770,600,000 | 3,690,800,000 |
Current Liabilities | |||
Short-Term Debt and Current Maturities of Long-Term Debt | 43,200,000 | 43,100,000 | 48,400,000 |
Accounts Payable | 589,800,000 | 457,600,000 | 392,900,000 |
Accrued Expenses | 623,300,000 | 578,500,000 | 508,300,000 |
Current Liabilities | 1,256,300,000 | 1,079,200,000 | 949,600,000 |
Long-Term Liabilities | |||
Debt | 1,787,700,000 | 908,300,000 | 1,013,200,000 |
Operating Lease Liabilities | 67,600,000 | 69,800,000 | 69,300,000 |
Postretirement Benefits | 70,800,000 | 74,700,000 | 71,900,000 |
Other | 148,500,000 | 128,600,000 | 128,600,000 |
Long-Term Liabilities | 2,074,600,000 | 1,181,400,000 | 1,283,000,000 |
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 | 388,300,000 | 383,800,000 | 377,000,000 |
Retained Earnings | 2,644,500,000 | 2,225,700,000 | 2,151,700,000 |
Treasury Stock, at Cost: 23,424,000, 22,969,000 and 15,475,000 Shares | (1,225,000,000) | (1,133,700,000) | (1,095,500,000) |
Accumulated Other Comprehensive Loss | (35,000,000) | (42,700,000) | (51,900,000) |
Shareholders' Equity | 1,849,700,000 | 1,510,000,000 | 1,458,200,000 |
Total Liabilities and Shareholders' Equity | $ 5,180,600,000 | $ 3,770,600,000 | $ 3,690,800,000 |
Common Stock, Shares Authorized (in Shares) | 200,000 | 200,000 | 200,000 |
Common Stock, Par Value (in Dollars per Share) | $ 0.75 | $ 0.75 | $ 0.75 |
Common Stock, Shares Issued (in Shares) | 102,538 | 102,538 | 102,538 |
Accounts and Notes Receivable, Allowances | $ 10,300,000 | $ 10,700,000 | $ 11,100,000 |
Common Stock, Shares Outstanding (in Shares) | 77,134 | 77,875 | 78,421 |
Treasury Stock, Shares (in Shares) | 25,404 | 24,663 | 24,117 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Oct. 02, 2021 | Dec. 31, 2020 | Sep. 26, 2020 |
Current Assets | |||
Accounts and Notes Receivable, Allowances | $ 10.3 | $ 10.7 | $ 11.1 |
Shareholders' equity | |||
Common Stock, Shares Authorized (in Shares) | 200,000 | 200,000 | 200,000 |
Common Stock, Par Value (in Dollars per Share) | $ 0.75 | $ 0.75 | $ 0.75 |
Common Stock, Shares Issued (in Shares) | 102,538 | 102,538 | 102,538 |
Common Stock, Shares Outstanding (in Shares) | 77,134 | 77,875 | 78,421 |
Treasury Stock, Shares (in Shares) | 25,404 | 24,663 | 24,117 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Oct. 02, 2021 | Sep. 26, 2020 | |
Cash Flows from Operating Activities | ||
Net Earnings (Loss) | $ 491,800,000 | $ 277,600,000 |
Less: Net loss from Discontinued Operations, Net of Tax | (1,600,000) | (1,100,000) |
Net Earnings from Continuing Operations, net of tax | 493,400,000 | 278,700,000 |
Stock Compensation Expense | 22,700,000 | 19,600,000 |
Depreciation and Amortization | 127,900,000 | 110,500,000 |
Deferred Income Taxes | (5,300,000) | 26,500,000 |
Changes in Certain Current Assets and Current Liabilities | (223,400,000) | 166,000,000 |
Long-Term Extended Warranty Contracts and Other Deferred Revenue | 12,000,000 | 10,900,000 |
Income Taxes | 29,000,000 | 8,800,000 |
Other, net | 18,800,000 | 16,400,000 |
Net Cash used by Operating Activities of Continuing Operations | 475,100,000 | 637,400,000 |
Net Cash Provided by (Used for) Operating Activities of Discontinued Operations | (10,500,000) | 3,500,000 |
Net Cash used for Operating Activities | 464,600,000 | 640,900,000 |
Proceeds from Sale, Maturity and Collection of Investments [Abstract] | ||
Capital Expenditures | (180,200,000) | (120,600,000) |
Proceeds from Sale and Maturity of Marketable Securities | 55,900,000 | 0 |
Investments | (9,100,000) | 2,500,000 |
Payments to Acquire Businesses and Interest in Affiliates | (50,300,000) | 0 |
Proceeds from the Sale of Property, Plant and Equipment | 5,600,000 | 2,000,000 |
Net Cash Used for Investing Activities of Continuing Operations | (178,100,000) | (116,100,000) |
Net Cash Used for Investing Activities of Discontinued Operations | 0 | (7,500,000) |
Net Cash Used for Investing Activities | (178,100,000) | (123,600,000) |
Cash Flows from Financing Activities | ||
Proceeds From Issuances of Short-Term Debt | 0 | 610,000,000 |
Payments of Short-Term Debt | 0 | (610,000,000) |
Net Proceeds from Issuances of Long-Term Debt | 994,400,000 | 0 |
Payments of Long-Term Debt Including Current Maturities | (113,600,000) | (48,400,000) |
Payment for Debt Extinguishment or Debt Prepayment Cost | 4,200,000 | 0 |
Common Stock Repurchases | (98,700,000) | (79,100,000) |
Cash Dividends Paid | (73,000,000) | (57,200,000) |
Proceeds from Share-Based Compensation Activity | 500,000 | 1,100,000 |
Tax Withholding Associated with Shares Issued for Share-Based Compensation | (13,200,000) | (7,300,000) |
Other, net | (7,800,000) | 0 |
Net Cash Provided by Financing Activities | 684,400,000 | (190,900,000) |
Effect of Exchange Rate Changes | (3,900,000) | 1,200,000 |
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash | 967,000,000 | 327,600,000 |
Cash and Cash Equivalents and Restricted Cash at Beginning of Period | 530,300,000 | 331,900,000 |
Cash and Cash Equivalents and Restricted Cash at End of Period | 1,497,300,000 | 659,500,000 |
Less: Restricted Cash | 10,900,000 | 9,100,000 |
Cash and Cash Equivalents at End of Period | $ 1,486,400,000 | $ 650,400,000 |
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, 2019 | $ 1,300.9 | $ 76.9 | $ 369.2 | $ 1,931.3 | $ (1,023.1) | $ (53.4) |
Net Earnings (Loss) | 69 | 0 | 0 | 69 | 0 | 0 |
Other Comprehensive Income | (7.9) | 0 | 0 | 0 | 0 | (7.9) |
Dividends | 19.2 | 0 | 0 | 19.2 | 0 | 0 |
Compensation Plans and Other | (5) | 0 | (10.4) | 0 | 5.4 | 0 |
Common Stock Repurchases | (34.1) | 0 | 0 | 0 | (34.1) | 0 |
Balance, at End of Period at Mar. 28, 2020 | $ 1,303.7 | 76.9 | 358.8 | 1,981.1 | (1,051.8) | (61.3) |
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 0.24 | |||||
Balance, at Beginning of the Period at Dec. 31, 2019 | $ 1,300.9 | 76.9 | 369.2 | 1,931.3 | (1,023.1) | (53.4) |
Net Earnings (Loss) | 277.6 | |||||
Other Comprehensive Income | 1.5 | |||||
Balance, at End of Period at Sep. 26, 2020 | 1,458.2 | 76.9 | 377 | 2,151.7 | (1,095.5) | (51.9) |
Balance, at Beginning of the Period at Mar. 28, 2020 | 1,303.7 | 76.9 | 358.8 | 1,981.1 | (1,051.8) | (61.3) |
Net Earnings (Loss) | 70.7 | 0 | 0 | 70.7 | 0 | 0 |
Other Comprehensive Income | 0.7 | 0 | 0 | 0 | 0 | 0.7 |
Dividends | 19 | 0 | 0 | 19 | 0 | 0 |
Compensation Plans and Other | 8.3 | 0 | 7.7 | 0 | 0.6 | 0 |
Balance, at End of Period at Jun. 27, 2020 | $ 1,364.4 | 76.9 | 366.5 | 2,032.8 | (1,051.2) | (60.6) |
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 0.24 | |||||
Net Earnings (Loss) | $ 137.9 | 0 | 0 | 137.9 | 0 | 0 |
Other Comprehensive Income | 8.7 | 0 | 0 | 0 | 0 | 8.7 |
Dividends | 19 | 0 | 0 | 19 | 0 | 0 |
Compensation Plans and Other | 11.2 | 0 | 10.5 | 0 | 0.7 | 0 |
Common Stock Repurchases | (45) | 0 | 0 | 0 | (45) | 0 |
Balance, at End of Period at Sep. 26, 2020 | $ 1,458.2 | 76.9 | 377 | 2,151.7 | (1,095.5) | (51.9) |
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 0.24 | |||||
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) | 491.8 | |||||
Other Comprehensive Income | 7.7 | |||||
Balance, at End of Period at Oct. 02, 2021 | 1,849.7 | 76.9 | 388.3 | 2,644.5 | (1,225) | (35) |
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 | |||||
Net Earnings (Loss) | $ 143.1 | 0 | 0 | 143.1 | 0 | 0 |
Other Comprehensive Income | (2.5) | 0 | 0 | 0 | 0 | (2.5) |
Dividends | 25.8 | 0 | 0 | 25.8 | 0 | 0 |
Compensation Plans and Other | 8.2 | 0 | 8.2 | 0 | 0 | 0 |
Common Stock Repurchases | (42.8) | 0 | 0 | 0 | (42.8) | 0 |
Balance, at End of Period at Oct. 02, 2021 | $ 1,849.7 | $ 76.9 | $ 388.3 | $ 2,644.5 | $ (1,225) | $ (35) |
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 0.335 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||||
Oct. 02, 2021 | Jul. 03, 2021 | Apr. 03, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 0.335 | $ 0.335 | $ 0.27 | $ 0.24 | $ 0.24 | $ 0.24 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Oct. 02, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Interim Financial Statements. Brunswick's 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 2020 Annual Report on Form 10-K for the year ended December 31, 2020 (the 2020 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 third quarter of fiscal year 2021 ended on October 2, 2021 and the third quarter of fiscal year 2020 ended on September 26, 2020. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 9 Months Ended |
Oct. 02, 2021 | |
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 October 2, 2021 September 26, 2020 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Geographic Markets United States $ 433.9 $ 351.8 $ 306.9 $ 1,092.6 $ 355.2 $ 336.7 $ 264.3 $ 956.2 Europe 78.1 57.9 33.7 169.7 56.0 51.2 25.5 132.7 Asia-Pacific 51.8 35.5 6.6 93.9 67.9 31.4 7.4 106.7 Canada 26.2 35.3 49.0 110.5 19.7 30.2 22.9 72.8 Rest-of-World 36.9 13.5 5.3 55.7 27.7 10.4 8.0 46.1 Segment Eliminations (86.8) (8.4) — (95.2) (73.4) (8.0) — (81.4) Total $ 540.1 $ 485.6 $ 401.5 $ 1,427.2 $ 453.1 $ 451.9 $ 328.1 $ 1,233.1 Nine Months Ended October 2, 2021 September 26, 2020 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Geographic Markets United States $ 1,259.6 $ 1,055.8 $ 933.6 $ 3,249.0 $ 871.0 $ 841.4 $ 663.0 $ 2,375.4 Europe 306.8 191.3 127.8 625.9 195.4 135.9 95.9 427.2 Asia-Pacific 184.1 117.9 20.6 322.6 183.7 80.7 16.2 280.6 Canada 75.5 94.9 164.2 334.6 47.2 63.4 78.4 189.0 Rest-of-World 108.2 42.6 23.9 174.7 73.2 26.6 16.0 115.8 Segment Eliminations (267.3) (24.3) — (291.6) (182.3) (19.3) — (201.6) Total $ 1,666.9 $ 1,478.2 $ 1,270.1 $ 4,415.2 $ 1,188.2 $ 1,128.7 $ 869.5 $ 3,186.4 Three Months Ended October 2, 2021 September 26, 2020 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Major Product Lines Outboard Engines $ 486.3 $ — $ — $ 486.3 $ 410.3 $ — $ — $ 410.3 Controls, Rigging, and Propellers 87.8 — — 87.8 76.9 — — 76.9 Sterndrive Engines 52.8 — — 52.8 39.3 — — 39.3 Distribution Parts and Accessories — 215.7 — 215.7 — 205.0 — 205.0 Advanced Systems Group — 128.8 — 128.8 — 113.1 — 113.1 Engine Parts and Accessories — 149.5 — 149.5 — 141.8 — 141.8 Aluminum Freshwater Boats — — 167.5 167.5 — — 124.5 124.5 Recreational Fiberglass Boats — — 135.9 135.9 — — 111.0 111.0 Saltwater Fishing Boats — — 86.4 86.4 — — 82.6 82.6 Business Acceleration — — 15.6 15.6 — — 11.2 11.2 Boat Eliminations/Other — — (3.9) (3.9) — — (1.2) (1.2) Segment Eliminations (86.8) (8.4) — (95.2) (73.4) (8.0) — (81.4) Total $ 540.1 $ 485.6 $ 401.5 $ 1,427.2 $ 453.1 $ 451.9 $ 328.1 $ 1,233.1 Nine Months Ended October 2, 2021 September 26, 2020 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Major Product Lines Outboard Engines $ 1,485.0 $ — $ — $ 1,485.0 $ 1,078.4 $ — $ — $ 1,078.4 Controls, Rigging, and Propellers 278.8 — — 278.8 187.6 — — 187.6 Sterndrive Engines 170.4 — — 170.4 104.5 — — 104.5 Distribution Parts and Accessories — 671.5 — 671.5 — 517.0 — 517.0 Advanced Systems Group — 401.9 — 401.9 — 303.0 — 303.0 Engine Parts and Accessories — 429.1 — 429.1 — 328.0 — 328.0 Aluminum Freshwater Boats — — 535.4 535.4 — — 339.2 339.2 Recreational Fiberglass Boats — — 425.5 425.5 — — 302.4 302.4 Saltwater Fishing Boats — — 276.2 276.2 — — 201.4 201.4 Business Acceleration — — 43.6 43.6 — — 29.5 29.5 Boat Eliminations/Other — — (10.6) (10.6) — — (3.0) (3.0) Segment Eliminations (267.3) (24.3) — (291.6) (182.3) (19.3) — (201.6) Total $ 1,666.9 $ 1,478.2 $ 1,270.1 $ 4,415.2 $ 1,188.2 $ 1,128.7 $ 869.5 $ 3,186.4 As of December 31, 2020, $113.0 million of contract liabilities associated with extended warranties and customer deposits were reported in Accrued expenses and Other Long-term liabilities, of which $6.9 million and $28.0 million were recognized as revenue during the three and nine months ended October 2, 2021, respectively. As of October 2, 2021, total contract liabilities were $138.8 million. The total amount of the transaction price allocated to unsatisfied performance obligations as of October 2, 2021 was $130.6 million for contracts greater than one year, which primarily relates to extended warranties. The Company expects to recognize $12.9 million of this amount in the fourth quarter of 2021, $33.8 million in 2022, and $83.9 million thereafter. |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 9 Months Ended |
Oct. 02, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations On June 27, 2019, the Company completed the sale of its Fitness business to KPS Capital Partners, LP. As a result, this business, which was previously reported in the Company's Fitness segment, is being reported as discontinued operations in the Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Cash Flows for all periods presented. Refer to Note 3 in the 2020 Form 10-K for further information. In connection with the sale of its Fitness business, the Company retained assets of $26.4 million primarily related to VAT receivables, and retained liabilities of $45.1 million primarily related to VAT payables, product warranty liabilities and certain employee benefits. As of October 2, 2021, retained assets and liabilitie s were $4.1 million and $2.1 million, respecti vely. As of September 26, 2020, retained assets and liabilities were $9.6 million and $22.8 million, respectively . |
Acquisitions (Notes)
Acquisitions (Notes) | 3 Months Ended |
Oct. 02, 2021 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisitions 2021 Acquisitions On September 1, 2021, the Company acquired substantially all the 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 our existing portfolio of advanced battery and power management brands. On September 17, 2021, the Company acquired substantially all the assets of SemahTronix, 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 our integrated systems offerings by providing our ASG Connect organization and our global customers with access to high-quality, large, complex electrical wire harnessing systems that further enable our 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 the first nine months of 2021. Acquiring such assets enables Brunswick to accelerate growth by increasing its investments in these markets. These acquisitions are included as part of the Company's Boat segment. The Company paid net cash consideration of $50.3 million for these acquisitions. The opening balance sheets, which are preliminary and subject to change within the measurement period as the Company finalizes the purchase price allocation and fair value estimates, include $26.9 million of goodwill and $21.2 million of identifiable intangible assets, including customer relationships and trade names of $14.3 million and $6.9 million , respectively. The amount assigned to customer relationships will be amortized over the estimated useful life of 10 years. Transaction costs associated with these acquisitions of $0.5 million and $1.5 million were expensed as incurred within Selling, general and administrative expense during the three and nine months ended October 2, 2021, respectively. The acquisitions are not material to our 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. |
Restructuring, Exit and Integra
Restructuring, Exit and Integration Activities | 9 Months Ended |
Oct. 02, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Exit and Integration Activities [Text Block] | Restructuring, Exit and Impairment Activities The Company recorded restructuring, exit and impairment charges in the Condensed Consolidated Statements of Comprehensive Income in 2021 and 2020. The following table is a summary of those expenses for the three months ended October 2, 2021 and September 26, 2020: October 2, 2021 September 26, 2020 (in millions) Parts & Accessories Boat Corporate Total Parts & Accessories Boat Corporate Total Restructuring and exit activities: Employee termination and other benefits $ — $ — $ — $ — $ 0.5 $ 0.4 $ 0.1 $ 1.0 Asset-related — — — — — 0.4 — 0.4 Other — — — — — 0.4 — 0.4 Total restructuring, exit and impairment charges $ — $ — $ — $ — $ 0.5 $ 1.2 $ 0.1 $ 1.8 Total cash payments for restructuring, exit and impairment charges (A) $ 0.3 $ 0.6 $ — $ 0.9 $ 0.5 $ 1.3 $ 0.5 $ 2.3 Accrued charges at end of the period (B) $ 0.1 $ 0.1 $ — $ 0.2 $ 0.6 $ 2.0 $ 1.7 $ 4.3 (A) Cash payments for the three months ended October 2, 2021 and September 26, 2020 may include payments related to prior period charges. (B) Restructuring, exit and impairment charges accrued as of October 2, 2021 are expected to be paid primarily during 2021. The following table is a summary of those expenses for the nine months ended October 2, 2021 and September 26, 2020: October 2, 2021 September 26, 2020 (in millions) Parts & Accessories Boat Corporate Total Parts & Accessories Boat Corporate Total Restructuring and exit activities: Employee termination and other benefits $ 0.7 $ — $ — $ 0.7 $ 0.8 $ 0.6 $ 1.9 $ 3.3 Asset-related — — — — — 0.5 — 0.5 Other — — — — — 0.4 0.1 0.5 Total restructuring, exit and impairment charges $ 0.7 — $ — $ 0.7 $ 0.8 $ 1.5 $ 2.0 $ 4.3 Total cash payments for restructuring, exit and impairment charges (A) $ 0.9 $ 1.1 $ 1.7 $ 3.7 $ 1.5 $ 5.1 $ 1.8 $ 8.4 Accrued charges at end of the period (B) $ 0.1 $ 0.1 $ — $ 0.2 $ 0.6 $ 2.0 $ 1.7 $ 4.3 (A) Cash payments for the nine months ended October 2, 2021 and September 26, 2020 may include payments related to prior period charges. (B) Restructuring, exit and impairment charges accrued as of October 2, 2021 are expected to be paid primarily during 2021. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Oct. 02, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments The Company operates globally with manufacturing and sales facilities around the world, and therefore, is subject to 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 2020 Form 10-K for further details regarding the Company's financial instruments and hedging policies. Cross-Currency Swaps. During the second quarter of 2021, the Company entered into cross-currency swaps to hedge Euro currency exposures of the net investment in certain foreign subsidiaries. As of October 2, 2021, the notional value of cross-currency swap contracts outstanding was $200.0 million. The cross-currency swaps were designated as net investment hedges, with the amount of gain or loss associated with the change in fair value of these instruments included within Accumulated other comprehensive loss and recognized upon termination of the respective investment. Commodity Price. The Company uses commodity swaps to hedge anticipated purchases of aluminum. As of October 2, 2021, December 31, 2020 and September 26, 2020, the notional values of commodity swap contracts outstanding were $9.6 million, $10.0 million and $5.2 million, respectively, and the contracts mature through 2022. 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 October 2, 2021, the Company estimates that during the next 12 months it will reclassify approximately $3.5 million in net gains (based on current prices) from Accumulated other comprehensive loss to Cost of sales. Foreign Currency Derivatives. Forward exchange contracts outstanding as of October 2, 2021, December 31, 2020 and September 26, 2020 had notional contract valu es of $454.1 million, $395.9 million and $293.3 million, respectively. There were no option contracts outstanding as of either October 2, 2021 or December 31, 2020. Option contracts outstanding at September 26, 2020 had a notional contract value of $10.4 million. The forward contracts outstanding as of October 2, 2021 mature through 2022 and mainly relate to the Euro, Australian dollar, Canadian dollar, and Japanese yen. As of October 2, 2021, the Company estimates that during the next 12 months, it will reclassify approximately $4.3 million of net gains (based on current rates) from Accumulated other comprehensive loss to Cost of sales. Interest Rate Derivatives. In the second half of 2019, the Company settled fixed-to-floating interest rate swaps that it had previously executed to convert a portion of its long-term debt from fixed to floating rate debt, resulting in a net deferred gain of $2.5 million included within Debt. The Company will reclassify $0.7 million of net deferred gains from Debt to Interest expense during the next 12 mo nths. There were no outstanding fixed-to-floating interest rate swaps as o f October 2, 2021, December 31, 2020, or September 26, 2020. During 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 are no outstanding forward-starting interest rate swaps as of October 2, 2021, December 31, 2020, or September 26, 2020 . As of October 2, 2021, December 31, 2020, and September 26, 2020, the Company had $2.6 million, $1.4 million, and $1.5 million , respectively, of net deferred losses associated with previously settled forward-starting interest rate swaps. Forward-starting interest rate swaps are designated as cash flow hedges with gains and losses included within Accumulated other comprehensive loss. As of October 2, 2021, the Company estimates that during the next 12 months, it will reclassify approximately $0.9 million of net losses resulting from settled forward-starting interest rate swaps from Accumulated other comprehensive loss to Interest expense. As of October 2, 2021, December 31, 2020, and September 26, 2020, the fair values of the Company's derivative instruments were: (in millions) Fair Value Asset Derivatives Oct 2, 2021 Dec 31, 2020 Sep 26, 2020 Derivatives Designated as Cash Flow Hedges Foreign exchange contracts $ 7.3 $ 1.3 $ 2.1 Commodity contracts 2.8 0.9 0.0 Total $ 10.1 $ 2.2 $ 2.1 Derivatives Designated as Net Investment Hedges Cross-currency swaps $ 10.3 $ — $ — Other Hedging Activity Foreign exchange contracts $ 0.2 $ — $ 0.5 Liability Derivatives Derivatives Designated as Cash Flow Hedges Foreign exchange contracts $ 2.2 $ 11.3 $ 3.2 Commodity contracts — — 0.1 Total $ 2.2 $ 11.3 $ 3.3 Other Hedging Activity Foreign exchange contracts $ — $ 0.7 $ 0.4 As of October 2, 2021, December 31, 2020 and September 26, 2020, asset derivatives 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 Sheets. The effect of derivative instruments on the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended October 2, 2021 and September 26, 2020 is as shown in the tables below. The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive loss was as follows: (in millions) Three Months Ended Nine Months Ended Derivatives Designated as Cash Flow Hedging Instruments Oct 2, 2021 Sep 26, 2020 Oct 2, 2021 Sep 26, 2020 Interest rate contracts $ (4.4) $ — $ (1.6) $ — Foreign exchange contracts 8.1 (3.0) 8.5 3.6 Commodity contracts 1.3 — 5.6 (0.1) Total $ 5.0 $ (3.0) $ 12.5 $ 3.5 Derivatives Designated as Net Investment Hedging Instruments Cross-currency swaps $ 4.4 $ — $ 10.3 $ — The amount of gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows: (in millions) Three Months Ended Nine Months Ended Derivatives Designated as Cash Flow Hedging Instruments Location of Gain (Loss) Oct 2, 2021 Sep 26, 2020 Oct 2, 2021 Sep 26, 2020 Interest rate contracts Interest expense $ (0.2) $ (0.1) $ (0.5) $ (0.4) Foreign exchange contracts Cost of sales (1.7) 1.4 (8.8) 8.1 Commodity contracts Cost of sales 1.6 — 3.1 $ — Total $ (0.3) $ 1.3 $ (6.2) $ 7.7 Derivatives Designated as Fair Value Hedging Instruments Interest rate contracts Interest expense $ 0.2 $ 0.2 $ 0.5 $ 0.5 Other Hedging Activity Foreign exchange contracts Cost of sales $ 1.1 $ (0.5) $ 0.1 $ 2.9 Foreign exchange contracts Other expense, net (1.3) (0.1) (3.7) 1.1 Total $ (0.2) $ (0.6) $ (3.6) $ 4.0 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. As of October 2, 2021, December 31, 2020 and September 26, 2020, the fair value of the Company’s long-term debt, including short-term debt and current maturities, was approximately $1,941.1 million, $1,062.3 million and $1,192.4 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 2020 Form 10-K. The carrying value of short-term and long-term debt, including current maturities, wa s $1,848.1 million, $972.1 million and $1,082.9 million as of October 2, 2021, December 31, 2020 and September 26, 2020, respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 02, 2021 | |
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 October 2, 2021 December 31, 2020 September 26, 2020 Cash equivalents 1 $ 0.3 $ 19.3 $ 0.3 Short-term investments in marketable securities 1 0.8 56.7 0.8 Restricted cash 1 10.9 10.7 9.1 Derivative assets 2 20.6 2.2 2.6 Derivative liabilities 2 2.2 12.0 3.7 Deferred compensation 2 17.6 19.8 17.3 Liabilities measured at net asset value 10.0 10.7 10.1 In addition to the items shown in the table above, refer to Note 17 in the Notes to Consolidated Financial Statements in the 2020 Form 10-K for further information regarding the fair value measurements associated with the Company's postretirement benefit plans. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Oct. 02, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-Based Compensation | Share-Based Compensation Under the Brunswick Corporation 2014 Stock Incentive Plan, the Company may grant stock appreciation rights (SARs), non-vested stock units, and performance awards to executives, other employees and non-employee directors from treasury shares and from authorized, but unissued, shares of common stock initially available for grant, as well as from: (i) the forfeiture of past stock units and awards; (ii) shares not issued upon the net settlement of SARs; and (iii) shares delivered to or withheld by the Company to pay the withholding taxes related to stock units and awards. As of October 2, 2021, 4.7 million shares remained available for grant. Share grant amounts, fair values, and fair value assumptions reflect all outstanding stock units and awards for both continuing and discontinued operations. Non-Vested Stock Units The Company grants both stock-settled and cash-settled non-vested stock units to key employees as determined by management and the Human Resources and Compensation Committee of the Board of Directors. The Company granted nominal stock units during the three months ended October 2, 2021 and September 26, 2020, respectively. The Company granted 0.2 million and 0.3 million of stock units during the nine months ended October 2, 2021 and September 26, 2020, respectively. The Company recognizes the cost of non-vested stock units on a straight-line basis over the requisite vesting period. Additionally, cash-settled non-vested stock units are recorded as a liability on the balance sheet and adjusted to fair value each reporting period through stock compensation expense. The Company recorded compensation expense for non-vested stock units of $4.3 million and $11.6 million during the three and nine months ended October 2, 2021, respectively, and recorded compensation expense for non-vested stock units of $3.0 million and $9.4 million during the three and nine months ended September 26, 2020, respectively. As of October 2, 2021, there was $15.3 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. The Company expects this cost to be recognized over a weighted average period of 1.2 years. Performance Awards The Company granted a nominal number of performance shares for the three months ended October 2, 2021 and September 26, 2020. The Company granted 0.2 million and 0.1 million performance shares to certain senior executives for the nine months ended October 2, 2021 and September 26, 2020, respectively. Performance share awards are based on three performance measures: a cash flow return on investment (CFROI) measure, an operating margin (OM) measure and a total shareholder return (TSR) modifier. Performance shares are earned based on a three-year performance period commencing at the beginning of the calendar year of each grant. The performance shares earned are then subject to a TSR modifier based on the Company's stock returns measured against stock returns of a predefined comparator group over a three-year performance period. Additionally, in February 2021 and 2020, the Company granted 24,560 and 26,750 performance shares, respectively, to certain officers and certain senior managers based on the respective measures and performance periods described above but excluding the TSR modifier. The Company recorded compensation expense of $3.5 million and $11.0 million during the three and nine months ended October 2, 2021, respectively, and recorded compensation expense of $7.8 million and $10.2 million during the three and nine months ended September 26, 2020, respectively, based on projections of probable attainment of the performance measures and the projected TSR modifier used to determine the performance awards. The fair value of the senior executives' performance share award grants with a TSR modifier for grants in 2021 and 2020 was $91.44 and $64.72, respectively. The fair values were estimated using the Monte Carlo valuation model, and incorporated the following assumptions: 2021 2020 Risk-free interest rate 0.2 % 1.4 % Dividend yield 1.2 % 1.5 % Volatility factor 65.6 % 46.6 % Expected life of award 2.9 years 2.9 years The fair value of certain officers' and certain senior managers' performance awards granted based solely on the CFROI and OM performance factors was $87.48 and $61.91 in 2021 and 2020, respectively, which was equal to the stock price on the date of grant in 2021 and 2020, respectively, less the present value of expected dividend payments over the vesting period. As of October 2, 2021, the Company had $9.8 million of total unrecognized compensation cost related to performance awards. The Company expects this cost to be recognized over a weighted average period of 1.0 years. Director Awards The Company issues stock awards to non-employee directors in accordance with the terms and conditions determined by the Nominating and Corporate Governance Committee of the Board of Directors. A portion of each director's annual fee is paid in Brunswick common stock, the receipt of which may be deferred until a director retires from the Board of Directors. Each director may elect to have the remaining portion paid in cash, in Brunswick common stock distributed at the time of the award, or in deferred Brunswick common stock with a 20 percent premium. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 02, 2021 | |
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 nine months ended October 2, 2021 and September 26, 2020: (in millions) October 2, September 26, 2020 Balance at beginning of period $ 115.9 $ 117.6 Payments - recurring (48.2) (37.6) (Payments)/Provisions - Sport Yacht and Yachts and Fitness businesses (2.6) (4.4) Provisions/additions for contracts issued/sold 57.9 41.2 Aggregate changes for preexisting warranties (2.8) (2.0) Foreign currency translation (0.7) (0.1) Acquisitions 1.3 — Other (1.7) (1.8) Balance at end of period $ 119.1 $ 112.9 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 nine months ended October 2, 2021 and September 26, 2020: (in millions) October 2, September 26, Balance at beginning of period $ 87.4 $ 75.3 Extended warranty contracts sold 27.1 23.7 Revenue recognized on existing extended warranty contracts (14.9) (12.5) Foreign currency translation 0.1 (0.1) Other (0.2) (0.2) Balance at end of period $ 99.5 $ 86.2 |
Goodwill and Intangibles
Goodwill and Intangibles | 9 Months Ended |
Oct. 02, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles [Text Block] | Goodwill and Other Intangibles Changes in the Company's goodwill during the nine months ended October 2, 2021 and September 26, 2020, by segment, are summarized below: (in millions) Propulsion Parts and Accessories Boat Total December 31, 2020 $ 15.3 $ 372.5 $ 29.9 $ 417.7 Acquisitions — 7.1 19.8 26.9 Adjustments (0.4) (0.2) (0.2) (0.8) October 2, 2021 $ 14.9 $ 379.4 $ 49.5 $ 443.8 December 31, 2019 $ 14.5 $ 371.9 $ 28.6 $ 415.0 Adjustments — — 1.3 1.3 September 26, 2020 $ 14.5 $ 371.9 $ 29.9 $ 416.3 See Note 5 – Acquisitions for further details on the Company's acquisitions. Adjustments in both periods include the effect of foreign currency translation on goodwill denominated in currencies other than the U.S. dollar. Adjustments in the Boat segment for the nine months ended September 26, 2020 also relate to finalizing purchase accounting related to the Freedom Boat Club acquisition, primarily related to deferred taxes. There was no accumulated impairment loss on Goodwill as of October 2, 2021, December 31, 2020 or September 26, 2020. The Company's intangible assets, included within Other intangibles, net on the Condensed Consolidated Balance Sheets as of October 2, 2021, December 31, 2020 and September 26, 2020, are summarized by intangible asset type below: October 2, 2021 December 31, 2020 September 26, 2020 (in millions) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Intangible assets: Customer relationships $ 701.7 $ (329.9) $ 687.7 $ (306.4) $ 687.0 $ (298.2) Trade names 173.0 — 166.2 — 165.8 — Other 18.5 (14.1) 18.5 (13.7) 18.4 (13.4) Total $ 893.2 $ (344.0) $ 872.4 $ (320.1) $ 871.2 $ (311.6) Other intangible assets primarily consist of 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 $8.3 million and $24.3 million for three and nine months ended October 2, 2021, respectively. Aggregate amortization expense for intangibles was $8.0 million and $24.0 million for the three and nine months ended September 26, 2020, respectively. The Company's intangible assets, included within Other intangibles, net on the Condensed Consolidated Balance Sheets as of October 2, 2021, December 31, 2020 and September 26, 2020, are summarized by segment below: October 2, 2021 December 31, 2020 September 26, 2020 (in millions) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Propulsion $ 1.0 $ (0.5) $ 1.0 $ (0.5) $ 1.0 $ (0.5) Parts and Accessories 637.3 (134.8) 618.8 (112.4) 617.6 (104.5) Boat 254.9 (208.7) 252.6 (207.2) 252.6 (206.6) Total $ 893.2 $ (344.0) $ 872.4 $ (320.1) $ 871.2 $ (311.6) |
Segment Data
Segment Data | 9 Months Ended |
Oct. 02, 2021 | |
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 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, Progressive Industries, 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'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, Mexico, and Canada and sold through a global network of dealer and distributor locations, primarily in North America and Europe. The Boat segment also 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 income and expense, and 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 Nine Months Ended Three Months Ended Nine Months Ended (in millions) Oct 2, Sep 26, Oct 2, Sep 26, Oct 2, Sep 26, Oct 2, Sep 26, Propulsion $ 626.9 $ 526.5 $ 1,934.2 $ 1,370.5 $ 112.5 $ 94.1 $ 359.1 $ 203.1 Parts and Accessories 494.0 459.9 1,502.5 1,148.0 100.6 99.9 306.9 226.2 Boat 401.5 328.1 1,270.1 869.5 24.9 28.3 109.9 35.4 Corporate/Other — — — — (29.0) (29.7) (84.8) (61.9) Segment Eliminations (95.2) (81.4) (291.6) (201.6) — — — — Total $ 1,427.2 $ 1,233.1 $ 4,415.2 $ 3,186.4 $ 209.0 $ 192.6 $ 691.1 $ 402.8 Total Assets (in millions) October 2, December 31, September 26, Propulsion $ 1,133.7 $ 962.4 $ 895.7 Parts and Accessories 1,698.5 1,500.6 1,473.4 Boat (A) 590.5 488.1 470.4 Corporate/Other (B) 1,757.9 819.5 851.3 Total $ 5,180.6 $ 3,770.6 $ 3,690.8 (A) The Company had $3.0 million of net assets classified as held for sale which were not related to discontinued operations as of both December 31, 2020 and September 26, 2020. These assets were recorded within Net Property. (B) Corporate/Other total assets at October 2, 2021 include net proceeds received from the Notes issued to finance the acquisition of Navico. Refer to Note 14 – Debt for further details regarding the Notes and Note 15 – Subsequent Events |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Oct. 02, 2021 | |
Comprehensive Income [Abstract] | |
Comprehensive Income | Comprehensive Income Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets includes foreign currency cumulative translation adjustments; net changes in 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 nine months ended October 2, 2021 and September 26, 2020 are as follows: Three Months Ended Nine Months Ended (in millions) October 2, September 26, October 2, September 26, Net earnings $ 143.1 $ 137.9 $ 491.8 $ 277.6 Other comprehensive income (loss): Foreign currency cumulative translation adjustment (9.9) 12.2 (14.2) 4.7 Net change in unamortized prior service credits — (0.1) (0.2) (0.4) Net change in unamortized actuarial gains 0.3 (0.2) 0.6 0.2 Net change in unrealized derivative gains (losses) 7.1 (3.2) 21.5 (3.0) Total other comprehensive income (loss) (2.5) 8.7 7.7 1.5 Comprehensive income $ 140.6 $ 146.6 $ 499.5 $ 279.1 The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended October 2, 2021: (in millions) Foreign currency translation Prior service credits Net actuarial losses Net derivative losses Total Beginning balance $ (19.4) $ (3.7) $ (8.6) $ (0.8) $ (32.5) Other comprehensive income (loss) before reclassifications (A) (9.9) — 0.1 6.9 (2.9) Amounts reclassified from Accumulated other comprehensive loss (B) — — 0.2 0.2 0.4 Net other comprehensive (loss) income (9.9) — 0.3 7.1 (2.5) Ending balance $ (29.3) $ (3.7) $ (8.3) $ 6.3 $ (35.0) (A) The tax effects for the three months ended October 2, 2021 were $0.4 million for foreign currency translation and $(2.5) million for derivatives. (B) See the table below for the tax effects for the three months ended October 2, 2021. The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the nine months ended October 2, 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 income (loss) before reclassifications (A) (14.2) — 0.1 17.0 2.9 Amounts reclassified from Accumulated other comprehensive loss (B) — (0.2) 0.5 4.5 4.8 Net other comprehensive (loss) income (14.2) (0.2) 0.6 21.5 7.7 Ending balance $ (29.3) $ (3.7) $ (8.3) $ 6.3 $ (35.0) (A) The tax effects for the nine months ended October 2, 2021 were $0.4 million for foreign currency translation and $(5.9) million for derivatives. (B) See the table below for the tax effects for the nine months ended October 2, 2021. The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended September 26, 2020: (in millions) Foreign currency translation Prior service credits Net actuarial losses Net derivative losses Total Beginning balance $ (45.1) $ (3.3) $ (6.9) $ (5.3) $ (60.6) Other comprehensive income (loss) before reclassifications (A) 12.2 0.1 (0.3) (2.1) 9.9 Amounts reclassified from Accumulated other comprehensive loss (B) — (0.2) 0.1 (1.1) (1.2) Net other comprehensive (loss) income 12.2 (0.1) (0.2) (3.2) 8.7 Ending balance $ (32.9) $ (3.4) $ (7.1) $ (8.5) $ (51.9) (A) The tax effects for the three months ended September 26, 2020 were $(0.3) million for foreign currency translation and $0.9 million for derivatives. (B) See the table below for the tax effects for the three months ended September 26, 2020. The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the nine months ended September 26, 2020: (in millions) Foreign currency translation Prior service credits Net actuarial losses Net derivative losses Total Beginning balance $ (37.6) $ (3.0) $ (7.3) $ (5.5) $ (53.4) Other comprehensive income (loss) before reclassifications (A) 4.7 0.1 (0.2) 2.8 7.4 Amounts reclassified from Accumulated other comprehensive loss (B) — (0.5) 0.4 (5.8) (5.9) Net other comprehensive (loss) income 4.7 (0.4) 0.2 (3.0) 1.5 Ending balance $ (32.9) $ (3.4) $ (7.1) $ (8.5) $ (51.9) (A) The tax effects for the nine months ended September 26, 2020 were $0.5 million for foreign currency translation and $(0.7) million for derivatives. (B) See the table below for the tax effects for the nine months ended September 26, 2020. The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the three and nine months ended October 2, 2021 and September 26, 2020: Three Months Ended Nine Months Ended Details about Accumulated other comprehensive income (loss) components (in millions) Oct 2, Sep 26, Oct 2, Sep 26, Affected line item in the statement where net income is presented Amortization of defined benefit items: Prior service credits $ — $ 0.2 $ 0.2 $ 0.5 Other expense, net Net actuarial losses (0.2) (0.1) (0.6) (0.4) Other expense, net (0.2) 0.1 (0.4) 0.1 Earnings before income taxes — — 0.1 — Income tax provision $ (0.2) $ 0.1 $ (0.3) $ 0.1 Net earnings from continuing operations Amount of gain (loss) reclassified into earnings on derivative contracts: Interest rate contracts $ (0.2) $ (0.1) $ (0.5) $ (0.4) Interest expense Foreign exchange contracts (1.7) 1.4 (8.8) 8.1 Cost of sales Commodity contracts 1.6 — 3.1 — Cost of sales (0.3) 1.3 (6.2) 7.7 Earnings before income taxes 0.1 (0.2) 1.7 (1.9) Income tax provision $ (0.2) $ 1.1 $ (4.5) $ 5.8 Net earnings from continuing operations |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 02, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recognized an income tax provision for the three and nine months ended October 2, 2021 of $38.8 million and $141.4 million, respectively, which included a net charge of $2.0 million and $5.2 million, respectively. The net charge of $2.0 million is primarily associated with the change in estimates for prior period tax returns. The net charge of $5.2 million includes the aforementioned change in estimates for prior period tax returns, along with branch restructuring charges offset by net excess tax benefits related to share-based compensation and valuation allowance adjustments. The Company recognized an income tax provision for the three and nine months ended September 26, 2020 of $38.9 million and $74.9 million, respectively, which included a net benefit of $0.7 million and $0.6 million, respectively. These net benefits primarily related to a change in unrecognized tax benefits and changes in the valuation allowance. The effective tax rate, which is calculated as the income tax provision as a percentage of earnings before income taxes, for the three and nine months ended October 2, 2021 was 21.2 percent and 22.3 percent, respectively. The effective tax rate for the three and nine months ended September 26, 2020 was 22.1 percent and 21.2 percent, respectively. No deferred income taxes have been provided as of October 2, 2021, December 31, 2020 or September 26, 2020 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 October 2, 2021, December 31, 2020 and September 26, 2020, the Company had $4.5 million, $4.1 million and $4.1 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 October 2, 2021 could decrease by approximately $0.5 million in the next 12 months 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 2021, but the amount cannot be estimated at this time. |
Postretirement Benefits
Postretirement Benefits | 9 Months Ended |
Oct. 02, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Benefits [Text Block] | Postretirement Benefits The Company has defined contribution plans, nonqualified defined benefit pension plans, and other postretirement benefit plans covering substantially all of its employees. The Company's contributions to its defined contribution plans include matching and annual discretionary contributions which are based on various percentages of compensation, and in some instances are based on the amount of the employees' contributions to the plans. See Note 17 in the Notes to Consolidated Financial Statements in the 2020 Form 10-K for further details regarding these plans. Pension and other postretirement benefit costs included the following components for the three months ended October 2, 2021 and September 26, 2020: Pension Benefits Other Postretirement Benefits (in millions) October 2, September 26, October 2, September 26, |
Debt
Debt | 9 Months Ended |
Oct. 02, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt The following table provides the changes in the Company's long-term debt for the nine months ended October 2, 2021: (in millions) Current maturities of long-term debt Long-term debt Total Balance as of December 31, 2020 $ 43.1 $ 908.3 $ 951.4 Proceeds from issuances of long-term debt 0.4 994.0 994.4 Repayments of long-term debt (0.1) (113.5) (113.6) Other (0.2) (1.1) (1.3) Balance as of October 2, 2021 $ 43.2 $ 1,787.7 $ 1,830.9 As of October 2, 2021, Brunswick was in compliance with the financial covenants associated with its debt. Bridge Facility In June 2021, the Company entered into a commitment letter with JPMorgan Chase Bank, N.A. ("JP Morgan") to obtain a 364-day senior unsecured bridge facility in an aggregate amount of principal not to exceed $900.0 million (the "Bridge Facility"). The Company obtained the bridge commitment in anticipation of the acquisition of Navico, and the commitment was terminated in August 2021 when the Company obtained the Notes, as defined below. Refer to Note 15 – Subsequent Events for further details regarding the acquisition of Navico. 2024 and 2031 Notes In August 2021, the Company issued aggregate principal amount of $450.0 million of 0.850% Senior Notes due 2024 (the "2024 Notes") and $550.0 million of 2.400% Senior Notes due 2031 (the "2031 Notes" and, together with the 2024 Notes, the "Notes") in a public offering, which resulted in aggregate net proceeds to the Company of $992.9 million. Net proceeds from the offering were used for the acquisition of Navico and for general corporate purposes. The 2024 Notes and 2031 Notes bear interest at rates of 0.850% and 2.400% per year, respectively, each payable semiannually in arrears on February 18 and August 18, and the first interest payment date will be February 18, 2022. The 2024 Notes will mature on August 18, 2024, and the 2031 Notes will mature on August 18, 2031. The 2024 Notes are not redeemable prior to August 18, 2022. The Company may redeem the 2031 Notes, in whole or in part, at any time and from time to time prior to maturity. If the Company elects to redeem the 2031 Notes at any time prior to May 18, 2031 (the date that is three months prior to the maturity of the 2031 Notes), it will pay a "make-whole" redemption price set forth in the Fourth Supplemental Indenture to the Indenture dated as of October 3, 2018 ("Fourth Supplemental Indenture"). On or after August 18, 2022, in the case of the 2024 Notes, or May 18, 2031, in the case of the 2031 Notes, the Company may, at its option, redeem the 2024 Notes and the 2031 Notes, 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 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 Fourth 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. Pursuant to the terms of the Notes, the Company and its restricted subsidiaries will be subject to, among other covenants, restrictions on the incurrence of debt secured by liens on Principal Property (as defined in the Indenture dated as of October 3, 2018) or shares of capital stock of such restricted subsidiaries, entering into sale and leaseback transactions in respect of Principal Property and mergers or consolidations with another entity or sales, transfers or leases of the Company's properties and assets substantially as an entirety to another person. Tender Offers In August 2021, the Company commenced tender offers to purchase for cash the 7.375% Debentures due 2023 ("2023 Debentures") and 7.125% Notes due 2027 ("2027 Notes"). The tender offers expired on August 10, 2021. At the expiration date, $23.4 million of the $103.1 million aggregate principal amount of outstanding 2023 Debentures and $2.5 million of the $163.3 million aggregate principal amount of outstanding 2027 Notes were validly tendered and not validly withdrawn. This amount excludes outstanding securities tendered pursuant to the guaranteed delivery procedures described in the tender offer documents, which remain subject to the holders' performance of the delivery requirements under such procedures. The Company recognized a loss on early extinguishment of debt of $4.2 million related to the tender offers. Credit Facility In July 2021, the Company entered into an Amended and Restated Credit Agreement (the "Amended Credit Facility") with certain wholly-owned subsidiaries of the Company as subsidiary borrowers and lenders as parties, and JPMorgan as administrative agent. The Amended Credit Facility amends and restates the Credit Facility dated as of March 21, 2011, as amended and restated through November 12, 2019. The Amended Credit Facility increases the revolving commitments to $500.0 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 July 16, 2026, with up to two one-year extensions available. • Modifying the applicable interest rate margin range such that the highest applicable interest rate margin is reduced from 1.90 percent per annum to 1.70 percent per annum. • Increasing the net cash offset for purposes of determining the leverage ratio from $150.0 million to $350.0 million. • Modifying the leverage ratio maintenance covenant to allow for a 12-month increase of the maximum leverage ratio to 4.00 to 1.00 following the consummation of a Qualified Acquisition (as such term is defined in the Amended Credit Facility). • Including "hardwired" LIBOR transition provisions substantially consistent with those published by the Alternative Reference Rates Committee. |
Subsequent Event (Notes)
Subsequent Event (Notes) | 9 Months Ended |
Oct. 02, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events 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, as described in Note 14 – Debt |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 02, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Interim Financial Statements. Brunswick's 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 third quarter of fiscal year 2021 ended on October 2, 2021 and the third quarter of fiscal year 2020 ended on September 26, 2020. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
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 October 2, 2021 September 26, 2020 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Geographic Markets United States $ 433.9 $ 351.8 $ 306.9 $ 1,092.6 $ 355.2 $ 336.7 $ 264.3 $ 956.2 Europe 78.1 57.9 33.7 169.7 56.0 51.2 25.5 132.7 Asia-Pacific 51.8 35.5 6.6 93.9 67.9 31.4 7.4 106.7 Canada 26.2 35.3 49.0 110.5 19.7 30.2 22.9 72.8 Rest-of-World 36.9 13.5 5.3 55.7 27.7 10.4 8.0 46.1 Segment Eliminations (86.8) (8.4) — (95.2) (73.4) (8.0) — (81.4) Total $ 540.1 $ 485.6 $ 401.5 $ 1,427.2 $ 453.1 $ 451.9 $ 328.1 $ 1,233.1 Nine Months Ended October 2, 2021 September 26, 2020 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Geographic Markets United States $ 1,259.6 $ 1,055.8 $ 933.6 $ 3,249.0 $ 871.0 $ 841.4 $ 663.0 $ 2,375.4 Europe 306.8 191.3 127.8 625.9 195.4 135.9 95.9 427.2 Asia-Pacific 184.1 117.9 20.6 322.6 183.7 80.7 16.2 280.6 Canada 75.5 94.9 164.2 334.6 47.2 63.4 78.4 189.0 Rest-of-World 108.2 42.6 23.9 174.7 73.2 26.6 16.0 115.8 Segment Eliminations (267.3) (24.3) — (291.6) (182.3) (19.3) — (201.6) Total $ 1,666.9 $ 1,478.2 $ 1,270.1 $ 4,415.2 $ 1,188.2 $ 1,128.7 $ 869.5 $ 3,186.4 Three Months Ended October 2, 2021 September 26, 2020 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Major Product Lines Outboard Engines $ 486.3 $ — $ — $ 486.3 $ 410.3 $ — $ — $ 410.3 Controls, Rigging, and Propellers 87.8 — — 87.8 76.9 — — 76.9 Sterndrive Engines 52.8 — — 52.8 39.3 — — 39.3 Distribution Parts and Accessories — 215.7 — 215.7 — 205.0 — 205.0 Advanced Systems Group — 128.8 — 128.8 — 113.1 — 113.1 Engine Parts and Accessories — 149.5 — 149.5 — 141.8 — 141.8 Aluminum Freshwater Boats — — 167.5 167.5 — — 124.5 124.5 Recreational Fiberglass Boats — — 135.9 135.9 — — 111.0 111.0 Saltwater Fishing Boats — — 86.4 86.4 — — 82.6 82.6 Business Acceleration — — 15.6 15.6 — — 11.2 11.2 Boat Eliminations/Other — — (3.9) (3.9) — — (1.2) (1.2) Segment Eliminations (86.8) (8.4) — (95.2) (73.4) (8.0) — (81.4) Total $ 540.1 $ 485.6 $ 401.5 $ 1,427.2 $ 453.1 $ 451.9 $ 328.1 $ 1,233.1 Nine Months Ended October 2, 2021 September 26, 2020 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Major Product Lines Outboard Engines $ 1,485.0 $ — $ — $ 1,485.0 $ 1,078.4 $ — $ — $ 1,078.4 Controls, Rigging, and Propellers 278.8 — — 278.8 187.6 — — 187.6 Sterndrive Engines 170.4 — — 170.4 104.5 — — 104.5 Distribution Parts and Accessories — 671.5 — 671.5 — 517.0 — 517.0 Advanced Systems Group — 401.9 — 401.9 — 303.0 — 303.0 Engine Parts and Accessories — 429.1 — 429.1 — 328.0 — 328.0 Aluminum Freshwater Boats — — 535.4 535.4 — — 339.2 339.2 Recreational Fiberglass Boats — — 425.5 425.5 — — 302.4 302.4 Saltwater Fishing Boats — — 276.2 276.2 — — 201.4 201.4 Business Acceleration — — 43.6 43.6 — — 29.5 29.5 Boat Eliminations/Other — — (10.6) (10.6) — — (3.0) (3.0) Segment Eliminations (267.3) (24.3) — (291.6) (182.3) (19.3) — (201.6) Total $ 1,666.9 $ 1,478.2 $ 1,270.1 $ 4,415.2 $ 1,188.2 $ 1,128.7 $ 869.5 $ 3,186.4 |
Restructuring, Exit and Integ_2
Restructuring, Exit and Integration Activities (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | The following table is a summary of those expenses for the three months ended October 2, 2021 and September 26, 2020: October 2, 2021 September 26, 2020 (in millions) Parts & Accessories Boat Corporate Total Parts & Accessories Boat Corporate Total Restructuring and exit activities: Employee termination and other benefits $ — $ — $ — $ — $ 0.5 $ 0.4 $ 0.1 $ 1.0 Asset-related — — — — — 0.4 — 0.4 Other — — — — — 0.4 — 0.4 Total restructuring, exit and impairment charges $ — $ — $ — $ — $ 0.5 $ 1.2 $ 0.1 $ 1.8 Total cash payments for restructuring, exit and impairment charges (A) $ 0.3 $ 0.6 $ — $ 0.9 $ 0.5 $ 1.3 $ 0.5 $ 2.3 Accrued charges at end of the period (B) $ 0.1 $ 0.1 $ — $ 0.2 $ 0.6 $ 2.0 $ 1.7 $ 4.3 (A) Cash payments for the three months ended October 2, 2021 and September 26, 2020 may include payments related to prior period charges. (B) Restructuring, exit and impairment charges accrued as of October 2, 2021 are expected to be paid primarily during 2021. The following table is a summary of those expenses for the nine months ended October 2, 2021 and September 26, 2020: October 2, 2021 September 26, 2020 (in millions) Parts & Accessories Boat Corporate Total Parts & Accessories Boat Corporate Total Restructuring and exit activities: Employee termination and other benefits $ 0.7 $ — $ — $ 0.7 $ 0.8 $ 0.6 $ 1.9 $ 3.3 Asset-related — — — — — 0.5 — 0.5 Other — — — — — 0.4 0.1 0.5 Total restructuring, exit and impairment charges $ 0.7 — $ — $ 0.7 $ 0.8 $ 1.5 $ 2.0 $ 4.3 Total cash payments for restructuring, exit and impairment charges (A) $ 0.9 $ 1.1 $ 1.7 $ 3.7 $ 1.5 $ 5.1 $ 1.8 $ 8.4 Accrued charges at end of the period (B) $ 0.1 $ 0.1 $ — $ 0.2 $ 0.6 $ 2.0 $ 1.7 $ 4.3 (A) Cash payments for the nine months ended October 2, 2021 and September 26, 2020 may include payments related to prior period charges. (B) Restructuring, exit and impairment charges accrued as of October 2, 2021 are expected to be paid primarily during 2021. |
Financial Instruments Financial
Financial Instruments Financial Instruments (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Instruments | As of October 2, 2021, December 31, 2020, and September 26, 2020, the fair values of the Company's derivative instruments were: (in millions) Fair Value Asset Derivatives Oct 2, 2021 Dec 31, 2020 Sep 26, 2020 Derivatives Designated as Cash Flow Hedges Foreign exchange contracts $ 7.3 $ 1.3 $ 2.1 Commodity contracts 2.8 0.9 0.0 Total $ 10.1 $ 2.2 $ 2.1 Derivatives Designated as Net Investment Hedges Cross-currency swaps $ 10.3 $ — $ — Other Hedging Activity Foreign exchange contracts $ 0.2 $ — $ 0.5 Liability Derivatives Derivatives Designated as Cash Flow Hedges Foreign exchange contracts $ 2.2 $ 11.3 $ 3.2 Commodity contracts — — 0.1 Total $ 2.2 $ 11.3 $ 3.3 Other Hedging Activity Foreign exchange contracts $ — $ 0.7 $ 0.4 As of October 2, 2021, December 31, 2020 and September 26, 2020, asset derivatives 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 Sheets. |
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 nine months ended October 2, 2021 and September 26, 2020 is as shown in the tables below. The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive loss was as follows: (in millions) Three Months Ended Nine Months Ended Derivatives Designated as Cash Flow Hedging Instruments Oct 2, 2021 Sep 26, 2020 Oct 2, 2021 Sep 26, 2020 Interest rate contracts $ (4.4) $ — $ (1.6) $ — Foreign exchange contracts 8.1 (3.0) 8.5 3.6 Commodity contracts 1.3 — 5.6 (0.1) Total $ 5.0 $ (3.0) $ 12.5 $ 3.5 Derivatives Designated as Net Investment Hedging Instruments Cross-currency swaps $ 4.4 $ — $ 10.3 $ — The amount of gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows: (in millions) Three Months Ended Nine Months Ended Derivatives Designated as Cash Flow Hedging Instruments Location of Gain (Loss) Oct 2, 2021 Sep 26, 2020 Oct 2, 2021 Sep 26, 2020 Interest rate contracts Interest expense $ (0.2) $ (0.1) $ (0.5) $ (0.4) Foreign exchange contracts Cost of sales (1.7) 1.4 (8.8) 8.1 Commodity contracts Cost of sales 1.6 — 3.1 $ — Total $ (0.3) $ 1.3 $ (6.2) $ 7.7 Derivatives Designated as Fair Value Hedging Instruments Interest rate contracts Interest expense $ 0.2 $ 0.2 $ 0.5 $ 0.5 Other Hedging Activity Foreign exchange contracts Cost of sales $ 1.1 $ (0.5) $ 0.1 $ 2.9 Foreign exchange contracts Other expense, net (1.3) (0.1) (3.7) 1.1 Total $ (0.2) $ (0.6) $ (3.6) $ 4.0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
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 October 2, 2021 December 31, 2020 September 26, 2020 Cash equivalents 1 $ 0.3 $ 19.3 $ 0.3 Short-term investments in marketable securities 1 0.8 56.7 0.8 Restricted cash 1 10.9 10.7 9.1 Derivative assets 2 20.6 2.2 2.6 Derivative liabilities 2 2.2 12.0 3.7 Deferred compensation 2 17.6 19.8 17.3 Liabilities measured at net asset value 10.0 10.7 10.1 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Fair Value Assumptions for Performance Awards | The fair value of the senior executives' performance share award grants with a TSR modifier for grants in 2021 and 2020 was $91.44 and $64.72, respectively. The fair values were estimated using the Monte Carlo valuation model, and incorporated the following assumptions: 2021 2020 Risk-free interest rate 0.2 % 1.4 % Dividend yield 1.2 % 1.5 % Volatility factor 65.6 % 46.6 % Expected life of award 2.9 years 2.9 years |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Product Warranty Liabilities | The following activity related to product warranty liabilities was recorded in Accrued expenses during the nine months ended October 2, 2021 and September 26, 2020: (in millions) October 2, September 26, 2020 Balance at beginning of period $ 115.9 $ 117.6 Payments - recurring (48.2) (37.6) (Payments)/Provisions - Sport Yacht and Yachts and Fitness businesses (2.6) (4.4) Provisions/additions for contracts issued/sold 57.9 41.2 Aggregate changes for preexisting warranties (2.8) (2.0) Foreign currency translation (0.7) (0.1) Acquisitions 1.3 — Other (1.7) (1.8) Balance at end of period $ 119.1 $ 112.9 |
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 nine months ended October 2, 2021 and September 26, 2020: (in millions) October 2, September 26, Balance at beginning of period $ 87.4 $ 75.3 Extended warranty contracts sold 27.1 23.7 Revenue recognized on existing extended warranty contracts (14.9) (12.5) Foreign currency translation 0.1 (0.1) Other (0.2) (0.2) Balance at end of period $ 99.5 $ 86.2 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Changes in the Company's goodwill during the nine months ended October 2, 2021 and September 26, 2020, by segment, are summarized below: (in millions) Propulsion Parts and Accessories Boat Total December 31, 2020 $ 15.3 $ 372.5 $ 29.9 $ 417.7 Acquisitions — 7.1 19.8 26.9 Adjustments (0.4) (0.2) (0.2) (0.8) October 2, 2021 $ 14.9 $ 379.4 $ 49.5 $ 443.8 December 31, 2019 $ 14.5 $ 371.9 $ 28.6 $ 415.0 Adjustments — — 1.3 1.3 September 26, 2020 $ 14.5 $ 371.9 $ 29.9 $ 416.3 |
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 October 2, 2021, December 31, 2020 and September 26, 2020, are summarized by intangible asset type below: October 2, 2021 December 31, 2020 September 26, 2020 (in millions) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Intangible assets: Customer relationships $ 701.7 $ (329.9) $ 687.7 $ (306.4) $ 687.0 $ (298.2) Trade names 173.0 — 166.2 — 165.8 — Other 18.5 (14.1) 18.5 (13.7) 18.4 (13.4) Total $ 893.2 $ (344.0) $ 872.4 $ (320.1) $ 871.2 $ (311.6) Other intangible assets primarily consist of 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 $8.3 million and $24.3 million for three and nine months ended October 2, 2021, respectively. Aggregate amortization expense for intangibles was $8.0 million and $24.0 million for the three and nine months ended September 26, 2020, respectively. The Company's intangible assets, included within Other intangibles, net on the Condensed Consolidated Balance Sheets as of October 2, 2021, December 31, 2020 and September 26, 2020, are summarized by segment below: October 2, 2021 December 31, 2020 September 26, 2020 (in millions) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Propulsion $ 1.0 $ (0.5) $ 1.0 $ (0.5) $ 1.0 $ (0.5) Parts and Accessories 637.3 (134.8) 618.8 (112.4) 617.6 (104.5) Boat 254.9 (208.7) 252.6 (207.2) 252.6 (206.6) Total $ 893.2 $ (344.0) $ 872.4 $ (320.1) $ 871.2 $ (311.6) |
Segment Data (Tables)
Segment Data (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Segment Reporting [Abstract] | |
Operating Segments | Net Sales Operating Earnings (Loss) Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended (in millions) Oct 2, Sep 26, Oct 2, Sep 26, Oct 2, Sep 26, Oct 2, Sep 26, Propulsion $ 626.9 $ 526.5 $ 1,934.2 $ 1,370.5 $ 112.5 $ 94.1 $ 359.1 $ 203.1 Parts and Accessories 494.0 459.9 1,502.5 1,148.0 100.6 99.9 306.9 226.2 Boat 401.5 328.1 1,270.1 869.5 24.9 28.3 109.9 35.4 Corporate/Other — — — — (29.0) (29.7) (84.8) (61.9) Segment Eliminations (95.2) (81.4) (291.6) (201.6) — — — — Total $ 1,427.2 $ 1,233.1 $ 4,415.2 $ 3,186.4 $ 209.0 $ 192.6 $ 691.1 $ 402.8 Total Assets (in millions) October 2, December 31, September 26, Propulsion $ 1,133.7 $ 962.4 $ 895.7 Parts and Accessories 1,698.5 1,500.6 1,473.4 Boat (A) 590.5 488.1 470.4 Corporate/Other (B) 1,757.9 819.5 851.3 Total $ 5,180.6 $ 3,770.6 $ 3,690.8 (A) The Company had $3.0 million of net assets classified as held for sale which were not related to discontinued operations as of both December 31, 2020 and September 26, 2020. These assets were recorded within Net Property. (B) Corporate/Other total assets at October 2, 2021 include net proceeds received from the Notes issued to finance the acquisition of Navico. Refer to Note 14 – Debt for further details regarding the Notes and Note 15 – Subsequent Events |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
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 nine months ended October 2, 2021 and September 26, 2020 are as follows: Three Months Ended Nine Months Ended (in millions) October 2, September 26, October 2, September 26, Net earnings $ 143.1 $ 137.9 $ 491.8 $ 277.6 Other comprehensive income (loss): Foreign currency cumulative translation adjustment (9.9) 12.2 (14.2) 4.7 Net change in unamortized prior service credits — (0.1) (0.2) (0.4) Net change in unamortized actuarial gains 0.3 (0.2) 0.6 0.2 Net change in unrealized derivative gains (losses) 7.1 (3.2) 21.5 (3.0) Total other comprehensive income (loss) (2.5) 8.7 7.7 1.5 Comprehensive income $ 140.6 $ 146.6 $ 499.5 $ 279.1 The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended October 2, 2021: (in millions) Foreign currency translation Prior service credits Net actuarial losses Net derivative losses Total Beginning balance $ (19.4) $ (3.7) $ (8.6) $ (0.8) $ (32.5) Other comprehensive income (loss) before reclassifications (A) (9.9) — 0.1 6.9 (2.9) Amounts reclassified from Accumulated other comprehensive loss (B) — — 0.2 0.2 0.4 Net other comprehensive (loss) income (9.9) — 0.3 7.1 (2.5) Ending balance $ (29.3) $ (3.7) $ (8.3) $ 6.3 $ (35.0) (A) The tax effects for the three months ended October 2, 2021 were $0.4 million for foreign currency translation and $(2.5) million for derivatives. (B) See the table below for the tax effects for the three months ended October 2, 2021. The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the nine months ended October 2, 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 income (loss) before reclassifications (A) (14.2) — 0.1 17.0 2.9 Amounts reclassified from Accumulated other comprehensive loss (B) — (0.2) 0.5 4.5 4.8 Net other comprehensive (loss) income (14.2) (0.2) 0.6 21.5 7.7 Ending balance $ (29.3) $ (3.7) $ (8.3) $ 6.3 $ (35.0) (A) The tax effects for the nine months ended October 2, 2021 were $0.4 million for foreign currency translation and $(5.9) million for derivatives. (B) See the table below for the tax effects for the nine months ended October 2, 2021. The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended September 26, 2020: (in millions) Foreign currency translation Prior service credits Net actuarial losses Net derivative losses Total Beginning balance $ (45.1) $ (3.3) $ (6.9) $ (5.3) $ (60.6) Other comprehensive income (loss) before reclassifications (A) 12.2 0.1 (0.3) (2.1) 9.9 Amounts reclassified from Accumulated other comprehensive loss (B) — (0.2) 0.1 (1.1) (1.2) Net other comprehensive (loss) income 12.2 (0.1) (0.2) (3.2) 8.7 Ending balance $ (32.9) $ (3.4) $ (7.1) $ (8.5) $ (51.9) (A) The tax effects for the three months ended September 26, 2020 were $(0.3) million for foreign currency translation and $0.9 million for derivatives. (B) See the table below for the tax effects for the three months ended September 26, 2020. The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the nine months ended September 26, 2020: (in millions) Foreign currency translation Prior service credits Net actuarial losses Net derivative losses Total Beginning balance $ (37.6) $ (3.0) $ (7.3) $ (5.5) $ (53.4) Other comprehensive income (loss) before reclassifications (A) 4.7 0.1 (0.2) 2.8 7.4 Amounts reclassified from Accumulated other comprehensive loss (B) — (0.5) 0.4 (5.8) (5.9) Net other comprehensive (loss) income 4.7 (0.4) 0.2 (3.0) 1.5 Ending balance $ (32.9) $ (3.4) $ (7.1) $ (8.5) $ (51.9) (A) The tax effects for the nine months ended September 26, 2020 were $0.5 million for foreign currency translation and $(0.7) million for derivatives. (B) See the table below for the tax effects for the nine months ended September 26, 2020. |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the three and nine months ended October 2, 2021 and September 26, 2020: Three Months Ended Nine Months Ended Details about Accumulated other comprehensive income (loss) components (in millions) Oct 2, Sep 26, Oct 2, Sep 26, Affected line item in the statement where net income is presented Amortization of defined benefit items: Prior service credits $ — $ 0.2 $ 0.2 $ 0.5 Other expense, net Net actuarial losses (0.2) (0.1) (0.6) (0.4) Other expense, net (0.2) 0.1 (0.4) 0.1 Earnings before income taxes — — 0.1 — Income tax provision $ (0.2) $ 0.1 $ (0.3) $ 0.1 Net earnings from continuing operations Amount of gain (loss) reclassified into earnings on derivative contracts: Interest rate contracts $ (0.2) $ (0.1) $ (0.5) $ (0.4) Interest expense Foreign exchange contracts (1.7) 1.4 (8.8) 8.1 Cost of sales Commodity contracts 1.6 — 3.1 — Cost of sales (0.3) 1.3 (6.2) 7.7 Earnings before income taxes 0.1 (0.2) 1.7 (1.9) Income tax provision $ (0.2) $ 1.1 $ (4.5) $ 5.8 Net earnings from continuing operations |
Postretirement Benefits (Tables
Postretirement Benefits (Tables) | 9 Months Ended |
Oct. 02, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Pension and other postretirement benefit costs included the following components for the three months ended October 2, 2021 and September 26, 2020: Pension Benefits Other Postretirement Benefits (in millions) October 2, September 26, October 2, September 26, |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,427.2 | $ 1,233.1 | $ 4,415.2 | $ 3,186.4 |
Rest-of-World [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 55.7 | 46.1 | 174.7 | 115.8 |
Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 110.5 | 72.8 | 334.6 | 189 |
United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,092.6 | 956.2 | 3,249 | 2,375.4 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 169.7 | 132.7 | 625.9 | 427.2 |
Asia-Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 93.9 | 106.7 | 322.6 | 280.6 |
Boat Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (3.9) | (1.2) | (10.6) | (3) |
Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 485.6 | 451.9 | 1,478.2 | 1,128.7 |
Parts and Accessories [Member] | Rest-of-World [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 13.5 | 10.4 | 42.6 | 26.6 |
Parts and Accessories [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 35.3 | 30.2 | 94.9 | 63.4 |
Parts and Accessories [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 351.8 | 336.7 | 1,055.8 | 841.4 |
Parts and Accessories [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 57.9 | 51.2 | 191.3 | 135.9 |
Parts and Accessories [Member] | Asia-Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 35.5 | 31.4 | 117.9 | 80.7 |
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 | 401.5 | 328.1 | 1,270.1 | 869.5 |
Boat [Member] | Rest-of-World [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5.3 | 8 | 23.9 | 16 |
Boat [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 49 | 22.9 | 164.2 | 78.4 |
Boat [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 306.9 | 264.3 | 933.6 | 663 |
Boat [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 33.7 | 25.5 | 127.8 | 95.9 |
Boat [Member] | Asia-Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6.6 | 7.4 | 20.6 | 16.2 |
Boat [Member] | Boat Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (3.9) | (1.2) | (10.6) | (3) |
Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 540.1 | 453.1 | 1,666.9 | 1,188.2 |
Propulsion [Member] | Rest-of-World [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 36.9 | 27.7 | 108.2 | 73.2 |
Propulsion [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 26.2 | 19.7 | 75.5 | 47.2 |
Propulsion [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 433.9 | 355.2 | 1,259.6 | 871 |
Propulsion [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 78.1 | 56 | 306.8 | 195.4 |
Propulsion [Member] | Asia-Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 51.8 | 67.9 | 184.1 | 183.7 |
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 | 486.3 | 410.3 | 1,485 | 1,078.4 |
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 | 486.3 | 410.3 | 1,485 | 1,078.4 |
Controls, Rigging, and Propellers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 87.8 | 76.9 | 278.8 | 187.6 |
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 | 87.8 | 76.9 | 278.8 | 187.6 |
Sterndrive Engine [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 52.8 | 39.3 | 170.4 | 104.5 |
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 | 52.8 | 39.3 | 170.4 | 104.5 |
Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 215.7 | 205 | 671.5 | 517 |
Distribution [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 215.7 | 205 | 671.5 | 517 |
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 | 128.8 | 113.1 | 401.9 | 303 |
Advanced Systems Group [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 128.8 | 113.1 | 401.9 | 303 |
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 | 149.5 | 141.8 | 429.1 | 328 |
Engine Parts and Accessories [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 149.5 | 141.8 | 429.1 | 328 |
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 | 167.5 | 124.5 | 535.4 | 339.2 |
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 | 167.5 | 124.5 | 535.4 | 339.2 |
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 | 135.9 | 111 | 425.5 | 302.4 |
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 | 135.9 | 111 | 425.5 | 302.4 |
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 | 86.4 | 82.6 | 276.2 | 201.4 |
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 | 86.4 | 82.6 | 276.2 | 201.4 |
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 | 15.6 | 11.2 | 43.6 | 29.5 |
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 | 15.6 | 11.2 | 43.6 | 29.5 |
Business Acceleration [Member] | 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 | (95.2) | (81.4) | (291.6) | (201.6) |
Segment Eliminations [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (8.4) | (8) | (24.3) | (19.3) |
Segment Eliminations [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Segment Eliminations [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (86.8) | $ (73.4) | $ (267.3) | $ (182.3) |
Revenue Recognition - Contracts
Revenue Recognition - Contracts with Customer (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Oct. 02, 2021 | Oct. 02, 2021 | Jan. 01, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Contract with Customer, Liability | $ 138.8 | $ 138.8 | $ 113 |
Contract with Customer, Liability, Revenue Recognized | $ 6.9 | $ 28 |
Revenue Recognition - Performan
Revenue Recognition - Performance Obligations (Details) $ in Millions | Oct. 02, 2021USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 130.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 12.9 |
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]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 33.8 |
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 | $ 83.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Discontinued Operations (Detail
Discontinued Operations (Details) - Fitness [Member] - USD ($) $ in Millions | Oct. 02, 2021 | Sep. 26, 2020 | Jun. 27, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Retained Assets | $ 4.1 | $ 9.6 | $ 26.4 |
Retained Liabilities | $ 2.1 | $ 22.8 | $ 45.1 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||||||
Business Combination, Consideration Transferred | $ 50,300,000 | |||||
Goodwill | 443,800,000 | $ 416,300,000 | $ 443,800,000 | $ 416,300,000 | $ 417,700,000 | $ 415,000,000 |
Business Combination, Acquisition Related Costs | 4,000,000 | $ 0 | 4,000,000 | $ 0 | ||
Customer Relationships | 21,200,000 | 21,200,000 | ||||
Navico | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Consideration Transferred | 1,094,000,000 | |||||
Business Combination, Acquisition Related Costs | 1,600,000 | 7,100,000 | ||||
Quarterly Acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquisition Related Costs | 500,000 | 1,500,000 | ||||
Goodwill | ||||||
Business Acquisition [Line Items] | ||||||
Customer Relationships | 26,900,000 | 26,900,000 | ||||
Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Customer Relationships | 14,300,000 | 14,300,000 | ||||
Trade Names [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Customer Relationships | $ 6,900,000 | $ 6,900,000 |
Restructuring, Exit and Integ_3
Restructuring, Exit and Integration Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | ||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Total Restructuring, Exit and Impairment Charges | $ 0 | $ 1.8 | $ 0.7 | $ 4.3 | |||||
Restructuring Reserve [Abstract] | |||||||||
Total Cash Payments for Restructuring, Exit, Integration and Impairment Charges | 0.9 | [1] | 2.3 | [1] | 3.7 | [2] | 8.4 | [2] | |
Accrued Charges at End of the Period | [3],[4] | 0.2 | 4.3 | 0.2 | 4.3 | ||||
Restructuring and Exit Activities [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Employee Termination and Other Benefits | 0 | 1 | 0.7 | 3.3 | |||||
Other | 0 | 0.4 | 0 | 0.5 | |||||
Restructuring Reserve [Abstract] | |||||||||
Asset Impairment Charges | 0 | 0.4 | 0 | 0.5 | |||||
Parts and Accessories [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Total Restructuring, Exit and Impairment Charges | 0 | 0.5 | 0.7 | 0.8 | |||||
Restructuring Reserve [Abstract] | |||||||||
Total Cash Payments for Restructuring, Exit, Integration and Impairment Charges | 0.3 | [1] | 0.5 | [1] | 0.9 | [2] | 1.5 | [2] | |
Accrued Charges at End of the Period | [3],[4] | 0.1 | 0.6 | 0.1 | 0.6 | ||||
Parts and Accessories [Member] | Restructuring and Exit Activities [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Employee Termination and Other Benefits | 0 | 0.5 | 0.7 | 0.8 | |||||
Other | 0 | 0 | 0 | 0 | |||||
Restructuring Reserve [Abstract] | |||||||||
Asset Impairment Charges | 0 | 0 | 0 | 0 | |||||
Boat [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Total Restructuring, Exit and Impairment Charges | 0 | 1.2 | 0 | 1.5 | |||||
Restructuring Reserve [Abstract] | |||||||||
Total Cash Payments for Restructuring, Exit, Integration and Impairment Charges | 0.6 | [1] | 1.3 | [1] | 1.1 | [2] | 5.1 | [2] | |
Accrued Charges at End of the Period | [3],[4] | 0.1 | 2 | 0.1 | 2 | ||||
Boat [Member] | Restructuring and Exit Activities [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Employee Termination and Other Benefits | 0 | 0.4 | 0 | 0.6 | |||||
Other | 0 | 0.4 | 0 | 0.4 | |||||
Restructuring Reserve [Abstract] | |||||||||
Asset Impairment Charges | 0 | 0.4 | 0 | 0.5 | |||||
Corporate Segment [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Total Restructuring, Exit and Impairment Charges | 0 | 0.1 | 0 | 2 | |||||
Restructuring Reserve [Abstract] | |||||||||
Total Cash Payments for Restructuring, Exit, Integration and Impairment Charges | 0 | [1] | 0.5 | [1] | 1.7 | [2] | 1.8 | [2] | |
Accrued Charges at End of the Period | [3],[4] | 0 | 1.7 | 0 | 1.7 | ||||
Corporate Segment [Member] | Restructuring and Exit Activities [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Employee Termination and Other Benefits | 0 | 0.1 | 0 | 1.9 | |||||
Other | 0 | 0 | 0 | 0.1 | |||||
Restructuring Reserve [Abstract] | |||||||||
Asset Impairment Charges | $ 0 | $ 0 | $ 0 | $ 0 | |||||
[1] | (A) Cash payments for the three months ended October 2, 2021 and September 26, 2020 may include payments related to prior period charges. | ||||||||
[2] | (A) Cash payments for the nine months ended October 2, 2021 and September 26, 2020 may include payments related to prior period charges. | ||||||||
[3] | (B) Restructuring, exit and impairment charges accrued as of October 2, 2021 are expected to be paid primarily during 2021 | ||||||||
[4] | (B) Restructuring, exit and impairment charges accrued as of October 2, 2021 are expected to be paid primarily during 2021. |
Financial Instruments Financi_2
Financial Instruments Financial Instruments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 02, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Dec. 31, 2020 | Aug. 04, 2021 | |
Derivative [Line Items] | |||||||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value, Net | $ 200,000,000 | $ 200,000,000 | |||||
Commodity Contract [Member] | |||||||
Derivative [Line Items] | |||||||
Notional Values | 9,600,000 | $ 5,200,000 | 9,600,000 | $ 5,200,000 | $ 10,000,000 | ||
Cash Flow Hedge Gain (Loss) to be Reclassified Within Twelve Months | 3,500,000 | ||||||
Foreign Exchange Forward [Member] | |||||||
Derivative [Line Items] | |||||||
Notional Values | 454,100,000 | 293,300,000 | 454,100,000 | 293,300,000 | 395,900,000 | ||
Foreign Exchange Option [Member] | |||||||
Derivative [Line Items] | |||||||
Notional Values | 0 | 10,400,000 | 0 | 10,400,000 | 0 | ||
Foreign Exchange Contracts [Member] | |||||||
Derivative [Line Items] | |||||||
Cash Flow Hedge Gain (Loss) to be Reclassified Within Twelve Months | 4,300,000 | ||||||
Debentures Due 2023 [Member] | |||||||
Derivative [Line Items] | |||||||
Amount of Gain (Loss) Estimated to be Reclassified from Accumulated Other Comprehensive Loss to Cost of Sales or Interest Expense | $ 2,500,000 | ||||||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ 700,000 | ||||||
Interest Rate Swap [Member] | |||||||
Derivative [Line Items] | |||||||
Notional Values | 0 | 0 | 0 | 0 | 0 | ||
Forward-Starting Interest Rate Swap [Member] | |||||||
Derivative [Line Items] | |||||||
Cash Flow Hedge Gain (Loss) to be Reclassified Within Twelve Months | (900,000) | ||||||
Amount of Gain (Loss) Estimated to be Reclassified from Accumulated Other Comprehensive Loss to Cost of Sales or Interest Expense | (2,600,000) | (1,500,000) | (1,400,000) | ||||
Unrealized Loss on Derivative Instrument settlement | $ (1,600,000) | ||||||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | 10,100,000 | 2,100,000 | 10,100,000 | 2,100,000 | 2,200,000 | ||
Derivative Liability, Fair Value, Gross Liability | 2,200,000 | 3,300,000 | 2,200,000 | 3,300,000 | 11,300,000 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 5,000,000 | (3,000,000) | 12,500,000 | 3,500,000 | |||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | |||||||
Derivative [Line Items] | |||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 1,300,000 | 0 | 5,600,000 | (100,000) | |||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | |||||||
Derivative [Line Items] | |||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 8,100,000 | (3,000,000) | 8,500,000 | 3,600,000 | |||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Cross Currency Interest Rate Contract | |||||||
Derivative [Line Items] | |||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 4,400,000 | 0 | 10,300,000 | 0 | |||
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 | 2,800,000 | 0 | 2,800,000 | 0 | 900,000 | ||
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 | 7,300,000 | 2,100,000 | 7,300,000 | 2,100,000 | 1,300,000 | ||
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 | 0 | 100,000 | 0 | 100,000 | 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 | 2,200,000 | 3,200,000 | 2,200,000 | 3,200,000 | 11,300,000 | ||
Other Hedging Activity [Member] | Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Contracts [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | 200,000 | 500,000 | 200,000 | 500,000 | 0 | ||
Other Hedging Activity [Member] | Accrued Expenses [Member] | Foreign Exchange Contracts [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 400,000 | $ 0 | $ 400,000 | $ 700,000 |
Financial Instruments, Fair Val
Financial Instruments, Fair Values of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Dec. 31, 2020 | |
Other Hedging Activity [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | $ (0.2) | $ (0.6) | $ (3.6) | $ 4 | |
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 | 0.2 | 0.5 | 0.2 | 0.5 | $ 0 |
Foreign Exchange Contracts [Member] | Accrued Expenses [Member] | Other Hedging Activity [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0.4 | 0 | 0.4 | 0.7 |
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 | 5 | (3) | 12.5 | 3.5 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.3) | 1.3 | (6.2) | 7.7 | |
Derivative Asset, Fair Value, Gross Asset | 10.1 | 2.1 | 10.1 | 2.1 | 2.2 |
Derivative Liability, Fair Value, Gross Liability | 2.2 | 3.3 | 2.2 | 3.3 | 11.3 |
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 | (4.4) | 0 | (1.6) | 0 | |
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 | 8.1 | (3) | 8.5 | 3.6 | |
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 | 7.3 | 2.1 | 7.3 | 2.1 | 1.3 |
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 | 2.2 | 3.2 | 2.2 | 3.2 | 11.3 |
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 | 1.3 | 0 | 5.6 | (0.1) | |
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 | 2.8 | 0 | 2.8 | 0 | 0.9 |
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 | 0 | 0.1 | 0 | 0.1 | 0 |
Net Investment Hedging | Net Investment Hedging | Other Long-Term Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 10.3 | 0 | 10.3 | 0 | $ 0 |
Cost of Sales [Member] | Foreign Exchange Contracts [Member] | Other Hedging Activity [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | 1.1 | (0.5) | 0.1 | 2.9 | |
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 | (1.7) | 1.4 | (8.8) | 8.1 | |
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 | $ 1.6 | $ 0 | $ 3.1 | $ 0 |
Financial Instruments, Condense
Financial Instruments, Condensed Consolidated Statements of Comprehensive Income, Effect of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Other Hedging Activity [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (0.2) | $ (0.6) | $ (3.6) | $ 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 | 1.1 | (0.5) | 0.1 | 2.9 |
Foreign Exchange Contracts [Member] | Other Income (Expense), Net | Other Hedging Activity [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (1.3) | (0.1) | (3.7) | 1.1 |
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 | 5 | (3) | 12.5 | 3.5 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.3) | 1.3 | (6.2) | 7.7 |
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 | (4.4) | 0 | (1.6) | 0 |
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 | (0.2) | (0.1) | (0.5) | (0.4) |
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 | 8.1 | (3) | 8.5 | 3.6 |
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 | (1.7) | 1.4 | (8.8) | 8.1 |
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 | 1.3 | 0 | 5.6 | (0.1) |
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 | 1.6 | 0 | 3.1 | 0 |
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 | 4.4 | 0 | 10.3 | 0 |
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 | $ 0.2 | $ 0.2 | $ 0.5 | $ 0.5 |
Financial Instruments, Fair V_2
Financial Instruments, Fair Value of Other Financial Instruments (Details) - USD ($) $ in Millions | Oct. 02, 2021 | Dec. 31, 2020 | Sep. 26, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Fair Value of the Company's Long-Term Debt Including Current Maturities | $ 1,941.1 | $ 1,062.3 | $ 1,192.4 |
Long-Term Debt | $ 1,848.1 | $ 972.1 | $ 1,082.9 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions | Oct. 02, 2021 | Dec. 31, 2020 | Sep. 26, 2020 |
Liabilities: | |||
Fair Value Measurement [Domain] | $ 10 | $ 10.7 | $ 10.1 |
Level 1 [Member] | |||
Assets: | |||
Cash Equivalents | 0.3 | 19.3 | 0.3 |
Short-Term Investments in Marketable Securities | 0.8 | 56.7 | 0.8 |
Restricted Cash | 10.9 | 10.7 | 9.1 |
Level 2 [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 20.6 | 2.2 | 2.6 |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 2.2 | 12 | 3.7 |
Deferred Compensation | $ 17.6 | $ 19.8 | $ 17.3 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares Available for Grant (in Shares) | 4,700,000 | 4,700,000 | ||
Percentage of Premium Paid Out in Deferred Company Common Stock | 20.00% | |||
Non-Vested Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Expense | $ 4.3 | $ 3 | $ 11.6 | $ 9.4 |
Unrecognized Compensation Cost | 15.3 | $ 15.3 | ||
Unrecognized Compensation Cost, Period for Recognition | 1 year 2 months 12 days | |||
Number of Performance Shares Granted (in Shares) | 200,000 | 300,000 | ||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Expense | 3.5 | $ 7.8 | $ 11 | $ 10.2 |
Unrecognized Compensation Cost | $ 9.8 | $ 9.8 | ||
Unrecognized Compensation Cost, Period for Recognition | 1 year | |||
Certain Senior Executives [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Price at Grant Date (in Dollars per Share) | $ 91.44 | $ 64.72 | $ 91.44 | $ 64.72 |
Risk-Free Interest Rate | 0.20% | 1.40% | ||
Dividend Yield | 1.20% | 1.50% | ||
Volatility Factor | 65.60% | 46.60% | ||
Expected Life of Award | 2 years 10 months 24 days | 2 years 10 months 24 days | ||
Number of Performance Shares Granted (in Shares) | 0 | 0 | 200,000 | 100,000 |
Certain Senior Executives [Member] | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Performance Shares Granted (in Shares) | 0 | 0 | ||
Certain Officers and Certain Senior Managers [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted Average Price at Grant Date (in Dollars per Share) | $ 87.48 | $ 61.91 | $ 87.48 | $ 61.91 |
Number of Performance Shares Granted (in Shares) | 24,560 | 26,750 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |
Activity Related to Product Warranty Liabilities [Roll Forward] | ||||
Balance at Beginning of Period | $ 115.9 | $ 117.6 | ||
Payments Made | (48.2) | (37.6) | ||
Standard Product Warranty Accrual Payments and Provisions for Discontinued Operations | 2.6 | 4.4 | ||
Provisions/Additions for Contracts Issued/Sold | 57.9 | 41.2 | ||
Aggregate Changes for Preexisting Warranties | (2.8) | (2) | ||
Foreign Currency Translation | (0.7) | (0.1) | ||
Standard and Extended Product Warranty Accrual, Additions from Business Acquisition | 1.3 | |||
Other | (1.7) | (1.8) | ||
Balance at End of Period | $ 119.1 | $ 112.9 | 119.1 | 112.9 |
Business Combination, Acquisition Related Costs | 4 | 0 | 4 | 0 |
Activity Related to Extended Product Warranty Accrual [Roll Forward] | ||||
Balance at Beginning of Period | 87.4 | 75.3 | ||
Extended Warranty Contracts Sold | 27.1 | 23.7 | ||
Revenue Recognized on Existing Extended Warranty Contracts | (14.9) | (12.5) | ||
Foreign Currency Translation | 0.1 | (0.1) | ||
Other | (0.2) | (0.2) | ||
Balance at End of Period | $ 99.5 | $ 86.2 | $ 99.5 | $ 86.2 |
Goodwill and Intangibles Goodwi
Goodwill and Intangibles Goodwill (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Oct. 02, 2021 | Sep. 26, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||||
Acquisitions | $ 26.9 | |||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | $ 0 | $ 0 | |
Goodwill, Other Increase (Decrease) | (0.8) | 1.3 | ||
Goodwill | 443.8 | 416.3 | 417.7 | $ 415 |
Propulsion [Member] | ||||
Goodwill [Roll Forward] | ||||
Acquisitions | 0 | |||
Goodwill, Other Increase (Decrease) | (0.4) | 0 | ||
Goodwill | 14.9 | 14.5 | 15.3 | 14.5 |
Parts and Accessories [Member] | ||||
Goodwill [Roll Forward] | ||||
Acquisitions | 7.1 | |||
Goodwill, Other Increase (Decrease) | (0.2) | 0 | ||
Goodwill | 379.4 | 371.9 | 372.5 | 371.9 |
Boat [Member] | ||||
Goodwill [Roll Forward] | ||||
Acquisitions | 19.8 | |||
Goodwill, Other Increase (Decrease) | (0.2) | 1.3 | ||
Goodwill | $ 49.5 | $ 29.9 | $ 29.9 | $ 28.6 |
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 | 9 Months Ended | ||||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | $ 443.8 | $ 416.3 | $ 443.8 | $ 416.3 | $ 417.7 | $ 415 |
Acquisitions | 26.9 | |||||
Goodwill, Other Increase (Decrease) | (0.8) | 1.3 | ||||
Gross Amount | 893.2 | 871.2 | 893.2 | 871.2 | 872.4 | |
Accumulated Amortization | (344) | (311.6) | (344) | (311.6) | (320.1) | |
Amortization Expense for Intangibles | 8.3 | 8 | 24.3 | 24 | ||
Trade Names [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Amount | 173 | 165.8 | 173 | 165.8 | 166.2 | |
Accumulated Amortization | 0 | 0 | 0 | 0 | 0 | |
Customer Relationships [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Amount | 701.7 | 687 | 701.7 | 687 | 687.7 | |
Accumulated Amortization | (329.9) | (298.2) | (329.9) | (298.2) | (306.4) | |
Other Intangible Assets [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Amount | 18.5 | 18.4 | 18.5 | 18.4 | 18.5 | |
Accumulated Amortization | (14.1) | (13.4) | (14.1) | (13.4) | (13.7) | |
Propulsion [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | 14.9 | 14.5 | 14.9 | 14.5 | 15.3 | 14.5 |
Acquisitions | 0 | |||||
Goodwill, Other Increase (Decrease) | (0.4) | 0 | ||||
Gross Amount | 1 | 1 | 1 | 1 | 1 | |
Accumulated Amortization | (0.5) | (0.5) | (0.5) | (0.5) | (0.5) | |
Parts and Accessories [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | 379.4 | 371.9 | 379.4 | 371.9 | 372.5 | 371.9 |
Acquisitions | 7.1 | |||||
Goodwill, Other Increase (Decrease) | (0.2) | 0 | ||||
Gross Amount | 637.3 | 617.6 | 637.3 | 617.6 | 618.8 | |
Accumulated Amortization | (134.8) | (104.5) | (134.8) | (104.5) | (112.4) | |
Boat [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | 49.5 | 29.9 | 49.5 | 29.9 | 29.9 | $ 28.6 |
Acquisitions | 19.8 | |||||
Goodwill, Other Increase (Decrease) | (0.2) | 1.3 | ||||
Gross Amount | 254.9 | 252.6 | 254.9 | 252.6 | 252.6 | |
Accumulated Amortization | $ (208.7) | $ (206.6) | $ (208.7) | $ (206.6) | $ (207.2) |
Segment Data (Details)
Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Dec. 31, 2020 | ||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | $ 1,427.2 | $ 1,233.1 | $ 4,415.2 | $ 3,186.4 | ||||
Operating Income (Loss) | 209 | 192.6 | 691.1 | 402.8 | ||||
Total Assets | 5,180.6 | 3,690.8 | 5,180.6 | 3,690.8 | $ 3,770.6 | |||
Assets Held-For-Sale | 3 | 3 | 3 | |||||
Segment Eliminations [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | (95.2) | (81.4) | (291.6) | (201.6) | ||||
Operating Income (Loss) | 0 | 0 | 0 | 0 | ||||
Propulsion [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 626.9 | 526.5 | 1,934.2 | 1,370.5 | ||||
Operating Income (Loss) | 112.5 | 94.1 | 359.1 | 203.1 | ||||
Total Assets | 1,133.7 | 895.7 | 1,133.7 | 895.7 | 962.4 | |||
Parts and Accessories [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 494 | 459.9 | 1,502.5 | 1,148 | ||||
Operating Income (Loss) | 100.6 | 99.9 | 306.9 | 226.2 | ||||
Total Assets | 1,698.5 | 1,473.4 | 1,698.5 | 1,473.4 | 1,500.6 | |||
Boat [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 401.5 | 328.1 | 1,270.1 | 869.5 | ||||
Operating Income (Loss) | 24.9 | 28.3 | 109.9 | 35.4 | ||||
Total Assets | [1] | 590.5 | 470.4 | 590.5 | 470.4 | 488.1 | ||
Corporate/Other [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net Sales | 0 | 0 | 0 | 0 | ||||
Operating Income (Loss) | (29) | (29.7) | (84.8) | (61.9) | ||||
Total Assets | $ 1,757.9 | [2] | $ 851.3 | $ 1,757.9 | [2] | $ 851.3 | $ 819.5 | |
[1] | (A) The Company had $3.0 million of net assets classified as held for sale which were not related to discontinued operations as of both December 31, 2020 and September 26, 2020. These assets were recorded within Net Property. (B) Corporate/Other total assets at October 2, 2021 include net proceeds received from the Notes issued to finance the acquisition of Navico. Refer to Note 14 – Debt for further details regarding the Notes and Note 15 – Subsequent Events for further details regarding the acquisition of Navico. | |||||||
[2] | (B) Corporate/Other total assets at October 2, 2021 include net proceeds received from the Notes issued to finance the acquisition of Navico. Refer to Note 14 – Debt for further details regarding the Notes and Note 15 – Subsequent Events for further details regarding the acquisition of Navico. |
Comprehensive Income (Details)
Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||||
Oct. 02, 2021 | Jul. 03, 2021 | Apr. 03, 2021 | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | |||||
Comprehensive Income [Abstract] | ||||||||||||
Net Earnings (Loss) | $ 143.1 | $ 179.4 | $ 169.3 | $ 137.9 | $ 70.7 | $ 69 | $ 491.8 | $ 277.6 | ||||
Foreign Currency Cumulative Translation Adjustment | (9.9) | 12.2 | (14.2) | 4.7 | ||||||||
Net Change in Unamortized Prior Service Credits | 0 | (0.1) | (0.2) | (0.4) | ||||||||
Net Change in Unamortized Actuarial Losses | 0.3 | (0.2) | 0.6 | 0.2 | ||||||||
Net Change in Unrealized Derivative Losses | 7.1 | (3.2) | 21.5 | (3) | ||||||||
Total Other Comprehensive Income (Loss) | (2.5) | 8.7 | 7.7 | 1.5 | ||||||||
Comprehensive Income (loss) | 140.6 | 146.6 | 499.5 | 279.1 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Beginning Balance | (32.5) | (42.7) | (60.6) | (53.4) | (42.7) | (53.4) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | (2.9) | 9.9 | 2.9 | 7.4 | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0.4 | (1.2) | 4.8 | (5.9) | ||||||||
Net Other Comprehensive Income (Loss) | (2.5) | 4.6 | 5.6 | 8.7 | 0.7 | (7.9) | 7.7 | 1.5 | ||||
Accumulated Other Comprehensive Loss, Net of Tax, Ending Balance | (35) | (32.5) | (51.9) | (60.6) | (35) | (51.9) | ||||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent [Abstract] | ||||||||||||
Foreign Currency Translation Adjustments Arising During Period, Tax Effect | 0.4 | (0.3) | 0.4 | 0.5 | ||||||||
Gains (Losses) on Derivatives Arising During Period, Tax Effect | (2.5) | 0.9 | (5.9) | (0.7) | ||||||||
Foreign Currency Translation | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Beginning Balance | (19.4) | (15.1) | (45.1) | (37.6) | (15.1) | (37.6) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | (9.9) | [1] | 12.2 | [2] | (14.2) | [3] | 4.7 | [4] | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | 0 | 0 | ||||||||
Net Other Comprehensive Income (Loss) | (9.9) | 12.2 | (14.2) | 4.7 | ||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Ending Balance | (29.3) | (19.4) | (32.9) | (45.1) | (29.3) | (32.9) | ||||||
Prior Service Credits | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Beginning Balance | (3.7) | (3.5) | (3.3) | (3) | (3.5) | (3) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | 0 | 0.1 | 0 | 0.1 | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | (0.2) | [5] | (0.2) | [6] | (0.5) | [7] | |||||
Net Other Comprehensive Income (Loss) | 0 | (0.1) | (0.2) | (0.4) | ||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Ending Balance | (3.7) | (3.7) | (3.4) | (3.3) | (3.7) | (3.4) | ||||||
Net Actuarial Losses | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Beginning Balance | (8.6) | (8.9) | (6.9) | (7.3) | (8.9) | (7.3) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | 0.1 | (0.3) | 0.1 | (0.2) | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0.2 | [8] | 0.1 | [5] | 0.5 | [6] | 0.4 | [7] | ||||
Net Other Comprehensive Income (Loss) | 0.3 | (0.2) | 0.6 | 0.2 | ||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Ending Balance | (8.3) | (8.6) | (7.1) | (6.9) | (8.3) | (7.1) | ||||||
Net Derivative Losses | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Beginning Balance | (0.8) | $ (15.2) | (5.3) | $ (5.5) | (15.2) | (5.5) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | ||||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | 6.9 | [1] | (2.1) | [2] | 17 | [3] | 2.8 | [4] | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0.2 | [8] | (1.1) | [5] | 4.5 | [6] | (5.8) | [7] | ||||
Net Other Comprehensive Income (Loss) | 7.1 | (3.2) | 21.5 | (3) | ||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Ending Balance | $ 6.3 | $ (0.8) | $ (8.5) | $ (5.3) | $ 6.3 | $ (8.5) | ||||||
[1] | (A) The tax effects for the three months ended October 2, 2021 were $0.4 million for foreign currency translation and $(2.5) million for derivatives. | |||||||||||
[2] | (A) The tax effects for the three months ended September 26, 2020 were $(0.3) million for foreign currency translation and $0.9 million for derivatives. | |||||||||||
[3] | (A) The tax effects for the nine months ended October 2, 2021 were $0.4 million for foreign currency translation and $(5.9) million for derivatives. | |||||||||||
[4] | (A) The tax effects for the nine months ended September 26, 2020 were $0.5 million for foreign currency translation and $(0.7) million for derivatives. | |||||||||||
[5] | (B) See the table below for the tax effects for the three months ended September 26, 2020. | |||||||||||
[6] | (B) See the table below for the tax effects for the nine months ended October 2, 2021. | |||||||||||
[7] | (B) See the table below for the tax effects for the nine months ended September 26, 2020. | |||||||||||
[8] | (B) See the table below for the tax effects for the three months ended October 2, 2021. |
Comprehensive Income, Reclassif
Comprehensive Income, Reclassification out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Jul. 03, 2021 | Dec. 31, 2020 | Jun. 27, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (35) | $ (51.9) | $ (35) | $ (51.9) | $ (32.5) | $ (42.7) | $ (60.6) | $ (53.4) |
Prior Service Credits | 0 | 0.2 | 0.2 | 0.5 | ||||
Net Actuarial Losses | (0.2) | (0.1) | (0.6) | (0.4) | ||||
Defined Benefit Items, Earnings Before Income Taxes | (0.2) | 0.1 | (0.4) | 0.1 | ||||
Defined Benefit Items, Income Tax Provision | 0 | 0 | 0.1 | 0 | ||||
Defined Benefit Items, Net Earnings From Continuing Operations | (0.2) | 0.1 | (0.3) | 0.1 | ||||
Derivatives, Earnings Before Income Taxes | (0.3) | 1.3 | (6.2) | 7.7 | ||||
Derivatives, Income Tax Provision | 0.1 | (0.2) | 1.7 | (1.9) | ||||
Derivatives, Net Earnings From Continuing Operations | (0.2) | 1.1 | (4.5) | 5.8 | ||||
Gains (Losses) on Derivatives Arising During Period, Tax Effect | (2.5) | 0.9 | (5.9) | (0.7) | ||||
Interest Expense [Member] | Interest Rate Contract [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Derivatives, Earnings Before Income Taxes | (0.2) | (0.1) | (0.5) | (0.4) | ||||
Cost of Sales [Member] | Foreign Exchange Contracts [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Derivatives, Earnings Before Income Taxes | (1.7) | 1.4 | (8.8) | 8.1 | ||||
Cost of Sales [Member] | Commodity Contract [Member] | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Derivatives, Earnings Before Income Taxes | 1.6 | 0 | 3.1 | 0 | ||||
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 | (29.3) | (32.9) | (29.3) | (32.9) | (19.4) | (15.1) | (45.1) | (37.6) |
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) | (3.4) | (3.7) | (3.4) | (3.7) | (3.5) | (3.3) | (3) |
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 | (8.3) | (7.1) | (8.3) | (7.1) | (8.6) | (8.9) | (6.9) | (7.3) |
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 | $ 6.3 | $ (8.5) | $ 6.3 | $ (8.5) | $ (0.8) | $ (15.2) | $ (5.3) | $ (5.5) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Income Tax Provision From Continuing Operations | $ 38,800,000 | $ 38,900,000 | $ 141,400,000 | $ 74,900,000 | |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | $ 2,000,000 | $ 700,000 | $ 5,200,000 | $ 600,000 | |
Effective Tax Rate From Continuing Operations | 21.20% | 22.10% | 22.30% | 21.20% | |
Gross Unrecognized Tax Benefits, Including Interest | $ 4,500,000 | $ 4,100,000 | $ 4,500,000 | $ 4,100,000 | $ 4,100,000 |
Possible Decrease in Unrecognized Tax Benefits in the Next 12 Months | 500,000 | 500,000 | |||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Debt (Details)
Debt (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Jul. 16, 2021 | Jun. 23, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||||||
Net Proceeds from Issuances of Long-Term Debt | $ 994,400,000 | ||||||
Other Debt Activity | (200,000) | ||||||
Long-term Debt, Current Maturities | $ 43,200,000 | 43,200,000 | $ 43,100,000 | ||||
Debt | 1,787,700,000 | $ 1,013,200,000 | 1,787,700,000 | $ 1,013,200,000 | 908,300,000 | ||
Debt, Long-term and Short-term, Combined Amount | 1,830,900,000 | 1,830,900,000 | $ 951,400,000 | ||||
Proceeds from Issuance of Long-term Debt, Excluding Current Maturities | 994,000,000 | ||||||
Proceeds from Issuance of Long-term Debt, Current | 400,000 | ||||||
Repayments of Long-term debt, Current | (100,000) | ||||||
Repayments of Long-term Debt, Excluding Current Maturities | (113,500,000) | ||||||
us-gaap_RepaymentsOfLongTermDebt | (113,600,000) | ||||||
Other Debt Activity, Long Term | (1,100,000) | ||||||
Other Debt Activity, Current and Long Term | (1,300,000) | ||||||
Proceeds from (Repayments of) Commercial Paper | 0 | ||||||
Proceeds from Issuance of Commercial Paper | 0 | ||||||
Bridge Loan | $ 900,000,000 | ||||||
Proceeds from Notes Payable | 992,900,000 | ||||||
Gain (Loss) on Extinguishment of Debt | (4,200,000) | $ 0 | (4,200,000) | $ 0 | |||
Debentures Due 2023 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | 103,100,000 | 103,100,000 | |||||
Debt Instrument, Repurchase Amount | 23,400,000 | 23,400,000 | |||||
Notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | 163,300,000 | 163,300,000 | |||||
Debt Instrument, Repurchase Amount | 2,500,000 | 2,500,000 | |||||
0.850% Senior Notes due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Senior Notes | 450,000,000 | 450,000,000 | |||||
2,400% Senior Notes due 2031 | |||||||
Debt Instrument [Line Items] | |||||||
Senior Notes | 550,000,000 | 550,000,000 | |||||
Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000,000 | ||||||
Line of Credit Facility, Increase (Decrease), Other, Net | 100,000,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 497,200,000 | 497,200,000 | |||||
Letters of Credit Outstanding, Amount | $ 2,800,000 | $ 2,800,000 | |||||
Line of Credit Facility, Interest Rate at Period End | 1.70% | 1.70% | 1.90% | ||||
Net Cash Offset for Credit Facility | $ 350,000,000 | $ 350,000,000 | $ 150,000,000 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 02, 2021 | Sep. 26, 2020 | Oct. 02, 2021 | Sep. 26, 2020 | Jul. 16, 2021 | |
Subsequent Event [Line Items] | |||||
Business Combination, Acquisition Related Costs | $ 4,000,000 | $ 0 | $ 4,000,000 | $ 0 | |
Business Combination, Consideration Transferred | 50,300,000 | ||||
Navico | |||||
Subsequent Event [Line Items] | |||||
Business Combination, Acquisition Related Costs | $ 1,600,000 | 7,100,000 | |||
Business Combination, Consideration Transferred | 1,094,000,000 | ||||
Line of Credit [Member] | |||||
Subsequent Event [Line Items] | |||||
Line of Credit Facility, Increase (Decrease), Other, Net | $ 100,000,000 | ||||
Line of Credit Facility, Interest Rate at Period End | 1.70% | 1.70% | 1.90% | ||
Net Cash Offset for Credit Facility | $ 350,000,000 | $ 350,000,000 | $ 150,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000,000 |