Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 13, 2023 | Jul. 02, 2022 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 1-1043 | ||
Entity Registrant Name | Brunswick Corporation | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 36-0848180 | ||
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 Information [Line Items] | |||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,909,564,035 | ||
Entity Common Stock, Shares Outstanding | 71,151,779 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000014930 | ||
Current Fiscal Year End Date | --12-31 | ||
Common Stock | NEW YORK STOCK EXCHANGE, INC. [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common stock, par value $0.75 per share | ||
Trading Symbol | BC | ||
Security Exchange Name | NYSE | ||
Common Stock | CHICAGO STOCK EXCHANGE, INC [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common stock, par value $0.75 per share | ||
Trading Symbol | BC | ||
Security Exchange Name | CHX | ||
6.500% Senior Notes due 2048 [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 6.500% Senior Notes due 2048 | ||
Trading Symbol | BC-A | ||
Security Exchange Name | NYSE | ||
6.625% Senior Notes due 2049 [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 6.625% Senior Notes due 2049 | ||
Trading Symbol | BC-B | ||
Security Exchange Name | NYSE | ||
6.375% Senior Notes due 2049 [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 6.375% Senior Notes due 2049 | ||
Trading Symbol | BC-C | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | Chicago, Illinois |
Auditor Firm ID | 34 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Net Sales | $ 6,812.2 | $ 5,846.2 | $ 4,347.5 |
Cost of Sales | 4,865 | 4,180.2 | 3,134.5 |
Selling, General and Administrative Expense | 771.4 | 697.8 | 543.7 |
Research And Development Expense | 202.9 | 154.5 | 125.9 |
Restructuring, Exit and Impairment Charges | 25.1 | 0.8 | 4.1 |
Operating Earnings | 947.8 | 812.9 | 539.3 |
Equity Earnings | 4 | 2.3 | 4.5 |
Pension Settlement Charge | 0 | 0 | 1.1 |
Other Expense, Net | (6.1) | (6.8) | (6.1) |
Earnings Before Interest and Income Taxes | 945.7 | 808.4 | 538.8 |
Interest Expense | (98.1) | (65.9) | (67.3) |
Interest Income | 6.1 | 2.1 | 1.2 |
Transaction Financing Charges | (0.1) | (4.2) | 0 |
Business Combination, Acquisition Related Costs | 0 | (4) | 0 |
Earnings Before Income Taxes | 853.6 | 736.4 | 472.7 |
Income Tax Provision | 172.3 | 141 | 98 |
Net Earnings from Continuing Operations | 681.3 | 595.4 | 374.7 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | |||
(Loss) Earnings from Discontinued Operations, Net of Tax | (4.3) | (2.1) | (0.5) |
Gain on disposal of discontinued operations, net of tax | 0 | 0 | (1.5) |
Net (Loss) Earnings from Discontinued Operations, Net of Tax | (4.3) | (2.1) | (2) |
Net Earnings (Loss) | $ 677 | $ 593.3 | $ 372.7 |
Basic | |||
Earnings from Continuing Operations (in Dollars Per Share) | $ 9.11 | $ 7.65 | $ 4.73 |
Earnings (Loss) from Discontinued Operations (in Dollars Per Share) | (0.06) | (0.02) | (0.03) |
Net Earnings (Loss) (in Dollars per Share) | 9.05 | 7.63 | 4.70 |
Diluted | |||
Earnings from Continuing Operations (in Dollars per Share) | 9.06 | 7.59 | 4.70 |
Earnings (Loss) from Discontinued Operations (in Dollars per Share) | (0.06) | (0.02) | (0.02) |
Net Earnings (Loss) (in Dollars per Share) | $ 9 | $ 7.57 | $ 4.68 |
Weighted Average Shares Used for Computation of: | |||
Basic Earnings Per Common Share (in Shares) | 74.8 | 77.8 | 79.2 |
Diluted Earnings Per Common Share (in Shares) | 75.2 | 78.4 | 79.7 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Comprehensive Income (Loss) [Abstract] | ||||
Net Earnings | $ 677 | $ 593.3 | $ 372.7 | |
Foreign Currency Translation [Abstract] | ||||
Net Foreign Currency Translation | (36.8) | (19.4) | 22.5 | |
Defined Benefit Plans [Abstract] | ||||
Net Actuarial Losses | [1] | 12.5 | 4.5 | (2.4) |
Amortization of Prior Service Credits | [2] | (0.4) | (0.2) | (0.5) |
Amortization of Net Actuarial Losses | [2] | 0.6 | 1 | 0.8 |
Net Defined Benefit Plans | 12.7 | 5.3 | (2.1) | |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax | 0 | 0.2 | 0 | |
Derivatives [Abstract] | ||||
Net Deferred Gains (Losses) on Derivatives | [1] | 46.1 | 22.2 | (4.7) |
Reclassification to Earnings | [2] | (20) | 2.9 | (5) |
Net Deferred Gains (Losses) on Derivatives | 26.1 | 25.1 | (9.7) | |
Other Comprehensive Income | 2 | 11.2 | 10.7 | |
Comprehensive Income | 679 | 604.5 | 383.4 | |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent [Abstract] | ||||
Foreign Currency Translation Adjustments, Tax Effect | 5.9 | (1.7) | (1.2) | |
Net Actuarial Gains (Losses), Tax Effect | (4.2) | (1.5) | 0.3 | |
Gains (Losses) on Derivatives, Tax Effect | $ (15.9) | $ (7.4) | $ 1.8 | |
[1]The tax effects for the year ended December 31, 2022 were $5.9 million for foreign currency translat ion, $(4.2) million for net actuarial gains arising during the period and $(15.9) million for derivatives. The tax effects for the year ended December 31, 2021 were $(1.7) million for foreign currency translation, $(1.5) million for net actuarial losses arising during the period and $(7.4) million for derivatives. The tax effects for the year ended December 31, 2020 were $(1.2) million for foreign currency translation, $0.3 million for net actuarial losses arising during the period and $1.8 million for derivatives. Note 18 – Comprehensive Income (Loss) for the tax effects for the years ended December 31, 2022, December 31, 2021 and December 31, 2020. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and Cash Equivalents, at Cost, Which Approximates Fair Value | $ 595.6 | $ 354.5 |
Less: Restricted Cash | 12.9 | 12.2 |
Short-Term Investments in Marketable Securities | 4.5 | 0.8 |
Total Cash and Short-Term Investments in Marketable Securities | 613 | 367.5 |
Accounts and Notes Receivable, Less Allowances of $11.3 and $9.2 | 543 | 485.3 |
Inventories | ||
Finished Goods | 836.1 | 685.5 |
Work-In-Process | 209.1 | 176.8 |
Raw Materials | 426.2 | 345.7 |
Net Inventories | 1,471.4 | 1,208 |
Prepaid Expenses and Other | 67.8 | 63.8 |
Current Assets | 2,695.2 | 2,124.6 |
Property | ||
Land | 42.4 | 34.7 |
Buildings and Improvements | 564.4 | 479.3 |
Equipment | 1,488.1 | 1,332.4 |
Total Land, Buildings and Improvements and Equipment | 2,094.9 | 1,846.4 |
Accumulated Depreciation | (1,051.4) | (989.6) |
Net Land, Buildings and Improvements and Equipment | 1,043.5 | 856.8 |
Unamortized Product Tooling Costs | 227.3 | 190.1 |
Net Property | 1,270.8 | 1,046.9 |
Other Assets | ||
Goodwill | 967.6 | 888.4 |
Other Intangibles, Net | 997.4 | 1,052.1 |
Equity Investments | 54 | 43.8 |
Deferred Revenue | 203.3 | 146 |
Operating lease assets | 114.8 | 92.8 |
Other long-term assets | 18.2 | 30.4 |
Other Assets | 2,355.3 | 2,253.5 |
Total Assets | 6,321.3 | 5,425 |
Current Liabilities | ||
Short-Term Debt and Current Maturities of Long-Term Debt | 89 | 37.4 |
Accounts Payable | 662.6 | 693.5 |
Accrued Expenses | 738.3 | 711.3 |
Current Liabilities | 1,489.9 | 1,442.2 |
Long-Term Liabilities | ||
Debt | 2,420 | 1,779 |
Non-Current Operating Lease Liabilities | 97.8 | 75.5 |
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 60.7 | 3.1 |
Postretirement Benefits | 49.5 | 66.5 |
Other | 161.1 | 144.5 |
Long-Term Liabilities | 2,789.1 | 2,068.6 |
Shareholders' Equity | ||
Common Stock; Authorized: 200,000,000 Shares, $0.75 Par Value; Issued: 102,538,000 Shares; Outstanding: 86,757,000 and 87,537,000 Shares | 76.9 | 76.9 |
Additional Paid-In Capital | 391.3 | 394.5 |
Retained Earnings | 3,288.5 | 2,720.1 |
Treasury Stock, at Cost: 15,781,000 and 15,001,000 Shares | (1,684.9) | (1,245.8) |
Accumulated Other Comprehensive Loss, Net of Tax: | ||
Foreign Currency Translation | (71.3) | (34.5) |
Prior Service Credits | (4.1) | (3.7) |
Net Actuarial Losses | 9.7 | (3.4) |
Unrealized Gain (Loss) on Investments | 0.2 | 0.2 |
Unrealized Losses on Derivatives | 36 | 9.9 |
Total Accumulated Other Comprehensive Loss, Net of Tax | (29.5) | (31.5) |
Shareholders' Equity | 2,042.3 | 1,914.2 |
Total Liabilities and Shareholders' Equity | $ 6,321.3 | $ 5,425 |
Common Stock, Shares Authorized (in Shares) | 200,000,000 | 200,000,000 |
Common Stock, Par Value (in Dollars per Share) | $ 0.75 | $ 0.75 |
Common Stock, Shares Outstanding | 71,365,000 | 76,933,000 |
Common Stock, Shares Issued (in Shares) | 102,538,000 | 102,538,000 |
Treasury Stock, Shares (in Shares) | 31,173,000 | 25,605,000 |
Accounts and Notes Receivable, Allowances | $ 10.2 | $ 9.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||||
Accounts and Notes Receivable, Allowances | $ 10.2 | $ 9.7 | ||
Shareholders' Equity | ||||
Common Stock, Shares Authorized (in Shares) | 200,000,000 | 200,000,000 | ||
Common Stock, Par Value (in Dollars per Share) | $ 0.75 | $ 0.75 | ||
Common Stock, Shares Issued (in Shares) | 102,538,000 | 102,538,000 | ||
Common Stock, Shares Outstanding | 71,365,000 | 76,933,000 | ||
Treasury Stock, Shares (in Shares) | 31,173,000 | 25,605,000 | 24,663,000 | 22,969,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows From Operating Activities | |||
Net Earnings | $ 677 | $ 593.3 | $ 372.7 |
Net (Loss) Earnings from Discontinued Operations, Net of Tax | 4.3 | 2.1 | 2 |
Net Earnings from Continuing Operations | 681.3 | 595.4 | 374.7 |
Depreciation and Amortization | 231.2 | 178.1 | 153.4 |
Stock Compensation Expense | 21.9 | 29.7 | 27.1 |
Pension Expense Including Settlement Charges, Net of (Funding) | (1.2) | (2.1) | (3.2) |
Asset Impairment Charges | 18.9 | 0.8 | 1.5 |
Deferred Income Taxes | (18.9) | (21.8) | (17.6) |
Changes in Certain Current Assets and Current Liabilities | |||
Change in Accounts and Notes Receivable | (74.6) | (85.1) | (19.9) |
Change in Inventory | (292.8) | (343.2) | 109.3 |
Change in Prepaid Expenses and Other, Excluding Income Taxes | 37.9 | (10.3) | (2.6) |
Change in Accounts Payable | (12.2) | 134.2 | 64.5 |
Change in Accrued Expenses | (8.9) | 73.8 | 75.3 |
Increase (Decrease) in Contract with Customer, Liability | 13 | 12.1 | 12.1 |
Income Taxes | (1) | 18 | 6.1 |
Other, Net | (14.2) | 6.6 | 19.3 |
Net Cash Provided by Operating Activities of Continuing Operations | 580.4 | 586.2 | 800 |
Net Cash Used for Operating Activities of Discontinued Operations | 5.7 | (12.2) | (1.7) |
Net Cash Provided by Operating Activities | 586.1 | 574 | 798.3 |
Cash Flows from Investing Activities | |||
Capital Expenditures | (388.3) | (267.1) | (182.4) |
Payments to Acquire Debt Securities, Available-for-sale | (60.1) | 0 | (55.9) |
Payments for (Proceeds from) Investments | 11.2 | 11.3 | 4 |
Acquisition of Businesses, Net of Cash Acquired | (93.8) | (1,138.6) | 0 |
Proceeds from the Sale of Property, Plant and Equipment | 11.3 | 7.2 | 2.9 |
Other, net | 42.5 | 0 | 0 |
Net cash used for investing activities of continuing operations | (443.2) | (1,353.9) | (239.4) |
Net cash provided by (used for) investing activities of discontinued operations | 0 | 0 | (7.5) |
Net Cash Used for Investing Activities | (443.2) | (1,353.9) | (246.9) |
Cash Flows from Financing Activities | |||
Net Proceeds From Issuances of Short-Term Debt | 132.2 | 0 | 610 |
Repayment of Short-Term Debt | (125) | 0 | (610) |
Net Proceeds from Issuances of Long-Term Debt | 741.8 | 994.4 | 0 |
Payments of Long-Term Debt Including Current Maturities | (59.1) | (128.4) | (159.1) |
Payment for Debt Extinguishment or Debt Prepayment Cost | (0.1) | (4.2) | 0 |
Common Stock Repurchases | (450) | (120.1) | (118.3) |
Cash Dividends Paid | (108.6) | (98.9) | (78.3) |
Proceeds from Share-Based Compensation Activity | 0 | 0.5 | 1.5 |
Tax Witholding Associated with Shares Issued for Share-Based Compensation | (16.4) | (13.7) | (7.7) |
Other, Net | (4) | (7.8) | 0.1 |
Net Cash Used for Financing Activities | 110.8 | 621.8 | (361.8) |
Effect of Exchange Rate Changes | (11.9) | (5.5) | 8.8 |
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash | 241.8 | (163.6) | 198.4 |
Cash and Cash Equivalents and Restricted Cash at Beginning of Period | 366.7 | 530.3 | 331.9 |
Cash and Cash Equivalents and Restricted Cash at End of Period | 608.5 | 366.7 | 530.3 |
Less: Restricted Cash | 12.9 | 12.2 | 10.7 |
Cash and Cash Equivalents at End of Period | 595.6 | 354.5 | 519.6 |
Supplemental Cash Flow Disclosures: | |||
Interest Paid | 95.3 | 72.7 | 72.8 |
Income Taxes Paid, Net | 196.9 | 146.7 | 111.5 |
Sales or Maturities of Marketable Securities | $ 56.4 | $ 55.9 | $ 0 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Balance, at Beginning of Year at Dec. 31, 2019 | $ 1,300.9 | $ 76.9 | $ 369.2 | $ 1,931.3 | $ (1,023.1) | $ (53.4) |
Net Earnings | 372.7 | 0 | 0 | 372.7 | 0 | 0 |
Other Comprehensive Income | 10.7 | 0 | 0 | 0 | 0 | 10.7 |
Dividends | (78.3) | 0 | 0 | (78.3) | 0 | 0 |
Compensation Plans and Other | (22.3) | 0 | 14.6 | 0 | (7.7) | 0 |
Common Stock Repurchases | (118.3) | 0 | 0 | 0 | (118.3) | 0 |
Balance, at End of Year at Dec. 31, 2020 | $ 1,510 | 76.9 | 383.8 | 2,225.7 | (1,133.7) | (42.7) |
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 0.99 | |||||
Net Earnings | $ 593.3 | 0 | 0 | 593.3 | 0 | 0 |
Other Comprehensive Income | 11.2 | 0 | 0 | 0 | 0 | 11.2 |
Dividends | (98.9) | 0 | 0 | (98.9) | 0 | 0 |
Compensation Plans and Other | (18.7) | 0 | 10.7 | 0 | (8) | 0 |
Common Stock Repurchases | (120.1) | 0 | 0 | 0 | (120.1) | 0 |
Balance, at End of Year at Dec. 31, 2021 | $ 1,914.2 | 76.9 | 394.5 | 2,720.1 | (1,245.8) | (31.5) |
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 1.275 | |||||
Net Earnings | $ 677 | 0 | 0 | 677 | 0 | 0 |
Other Comprehensive Income | 2 | 0 | 0 | 0 | 0 | 2 |
Dividends | (108.6) | 0 | 0 | (108.6) | 0 | 0 |
Compensation Plans and Other | (7.7) | 0 | 3.2 | 0 | (10.9) | 0 |
Common Stock Repurchases | (450) | 0 | 0 | 0 | (450) | 0 |
Balance, at End of Year at Dec. 31, 2022 | $ 2,042.3 | $ 76.9 | $ 391.3 | $ 3,288.5 | $ (1,684.9) | $ (29.5) |
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 1.46 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 1.46 | $ 1.275 | $ 0.99 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation. Brunswick Corporation (we, us, our, the Company, or Brunswick) has prepared its consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain previously reported amounts have been reclassified to conform with current period presentation. Brunswick's results reflect continuing operations only, unless otherwise noted. Principles of Consolidation. Brunswick's consolidated financial statements include the accounts of all majority owned and controlled domestic and foreign subsidiaries. Intercompany balances and transactions have been eliminated. Use of Estimates. The preparation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates. Actual results could differ materially from those estimates. These estimates affect: • The reported amounts of revenues and expenses during the reporting periods; • The reported amounts of assets and liabilities at the date of the financial statements; and • The disclosure of contingent assets and liabilities at the date of the financial statements. Estimates in these consolidated financial statements include, but are not limited to: • Allowances for doubtful accounts; • Inventory valuation reserves; • Variable consideration related to recorded revenue; • Reserves related to repurchase and recourse obligations; • Warranty related reserves; • Losses on litigation and other contingencies; • Environmental reserves; • Insurance reserves; • Valuation of goodwill and other intangible assets; • Impairments of long-lived assets; • Reserves related to restructuring, exit and impairment activities; • Postretirement benefit liabilities; • Valuation allowances on deferred tax assets; and • Income tax reserves. Cash and Cash Equivalents. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. These investments include, but are not limited to, investments in money market funds, bank deposits, federal government and agency debt securities and commercial paper. Restricted Cash. Restricted Cash is primarily related to cash deposited in a trust that is pledged as collateral against certain workers' compensation-related obligations. Refer to Note 12 – Commitments and Contingencies for more information. Investments in Marketable Securities . The Company classifies investments in debt securities that are not considered to be cash equivalents as Short-term investments in marketable securities as discussed in Note 8 – Investments . Short-term investments in marketable securities have a stated maturity of twelve months or less from the balance sheet date. These securities are considered as available-for-sale and are reported at fair value. Unrealized gains and losses on these debt securities are recorded net of tax as a component of Accumulated other comprehensive loss in Unrealized investment gains within Shareholders' equity. Declines in market value from the original cost deemed to be "other-than-temporary" are charged to Other expense, net in the Consolidated Statements of Operations in the period in which the loss occurs. The Company considers both the duration and extent of which a decline in value has occurred in its determination of whether a decline in value has been "other-than-temporary." Realized gains and losses are calculated based on the specific identification method and are included in Other expense, net in the Consolidated Statements of Operations. Accounts and Notes Receivable and Allowance for Doubtful Accounts. The Company carries its accounts and notes receivable at their face amounts less an allowance for doubtful accounts. On a regular basis, the Company records an allowance for uncollectible receivables based upon known bad debt risks and past loss history, customer payment practices and economic conditions. Actual collection experience may differ from the current estimate of net receivables. A change to the allowance for doubtful accounts may be required if a future event or other change in circumstances results in a change in the estimate of the ultimate collectability of a specific account. Inventories. Inventories are valued at the lower of co st or net realizable value, with net realizable value equal to the estimated selling price less the estimated costs to transact. Approximately 54 percent and 55 percent of the Company's inventories were determined by the first-in, first-out method (FIFO) as of December 31, 2022 and December 31, 2021, respectively. Remaining inventories valued at the last-in, first-out method (LIFO) were $170.6 million and $152.7 million lower than the FIFO cost of inventories as of December 31, 2022 and 2021, respectively. Inventory cost includes material, labor and manufacturing overhead. During 2020, a reduction in inventory quantities resulted in a liquidation of applicable LIFO inventory quantities carried at lower costs in prior years. This LIFO liquidation resulted in a decrease in cost of sales of approximately $7.0 million in 2020. There were no liquidations of LIFO inventory layers in 2022 or 2021. Property. Property, including major improvements and product tooling costs, is recorded at cost. Product tooling costs principally comprise the cost to acquire and construct various long-lived molds, dies and other tooling the Company uses in its manufacturing processes. Design and prototype development costs associated with product tooling are expensed as incurred. Maintenance and repair costs are also expensed as incurred. Depreciation is recorded over the estimated service lives of the related assets, principally using the straight-line method. Buildings and improvements are depreciated over a useful life of five to forty years. Equipment is depreciated over a useful life of two to twenty years. Product tooling costs are amortized over the shorter of the useful life of the tooling or the anticipated life of the applicable product, for a period up to eight years. The Company capitalizes interest on qualifying assets during the construction period and capitalized $6.9 million and $4.2 million in the periods ending December 31, 2022 and 2021, respectively. The Company presents capital expenditures on a cash basis within the Consolidated Statements of Cash Flows. There were $56.2 million and $63.9 million of unpaid capital expenditures within Accounts payable as of December 31, 2022 and 2021, respectively. The Company includes gains and losses recognized on the sale and disposal of property in either Selling, general and administrative expenses or Restructuring, exit and impairment charges as appropriate. The amount of gains and losses for the years ended December 31 were as follows: (in millions) 2022 2021 2020 Gains on the sale of property $ 3.5 $ 1.4 $ 0.7 Losses on the sale and disposal of property (1.2) (0.9) (0.5) Net gains on sale and disposal of property $ 2.3 $ 0.5 $ 0.2 Software Development Costs for Internal Use. The Company expenses all software development and implementation costs incurred until the Company has determined that the software will result in probable future economic benefit and management has committed to funding the project. Once this is determined, external direct costs of material and services, payroll-related costs of employees working on the project and related interest costs incurred during the application development stage are capitalized. These capitalized costs are amortized over three to seven years. All other related costs, including training costs and costs to re-engineer business processes, are expensed as incurred. Goodwill. Goodwill results from the excess of purchase price over the net assets of businesses acquired. The Company reviews goodwill for impairment annually and whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. As part of the annual test, the Company may perform a qualitative, rather than quantitative, assessment to determine whether the fair values of its reporting units are "more likely than not" to exceed their carrying values. In performing this qualitative analysis, the Company considers various factors, including the effect of market or industry changes and the reporting units' actual results compared to projected results. If the fair value of a reporting unit does not meet the "more likely than not" criteria discussed above, the Company performs a quantitative assessment which begins by measuring the fair value of the reporting unit. If the carrying value of the reporting unit exceeds its fair value, a goodwill impairment is recorded equal to the carrying value of the reporting unit less its fair value, not to exceed the carrying value of goodwill. The Company calculates the fair value of its reporting units considering both the income approach and the guideline public company method. The income approach calculates the fair value of the reporting unit using a discounted cash flow approach utilizing a Gordon Growth model. Internally forecasted future cash flows, which the Company believes reasonably approximate market participant assumptions, are discounted using a weighted average cost of capital (Discount Rate) developed for each reporting unit. The Discount Rate is developed using market observable inputs, as well as considering whether or not there is a measure of risk related to the specific reporting unit’s forecasted performance. Fair value under the guideline public company method is determined for each reporting unit by applying market multiples for comparable public companies to the reporting unit’s current and forecasted financial results. The key uncertainties in these calculations are the assumptions used in determining the reporting unit’s forecasted future performance, including revenue growth and operating margins, as well as the perceived risk associated with those forecasts in determining the Discount Rate, along with selecting representative market multiples. The Company did not record any goodwill impairments in 2022, 2021 or 2020. Other intangible assets. The Company's primary other intangible assets are customer relationships, trade names, and developed technology acquired in business combinations. Intangible assets are initially valued using a methodology commensurate with the intended use of the asset. Customer relationships, trade names, and developed technology are valued using the income approach. The fair value of customer relationships is measured using the multi-period excess earnings method (MPEEM). The fair value of trade names and developed technology are measured using a relief-from-royalty (RFR) approach, which assumes the value of the trade name or technology is the discounted amount of cash flows that would be paid to third parties had the Company not owned the trade name or technology and instead licensed the trade name or technology from another company. Higher royalty rates are assigned to premium brands within the marketplace based on name recognition and profitability, while other brands receive lower royalty rates. The basis for future sales projections for both the RFR and MPEEM are internal revenue forecasts which the Company believes represent reasonable market participant assumptions. The future cash flows are discounted using an applicable Discount Rate as well as any potential risk premium to reflect the inherent risk of holding a standalone intangible asset. The key uncertainties in the RFR and MPEEM calculations, as applicable, are: the selection of an appropriate royalty rate, assumptions used in developing internal revenue growth and expense forecasts, assumed customer attrition rates, as well as the perceived risk associated with those forecasts in determining the discount rate and risk premium. The costs of amortizable intangible assets are recognized over their expected useful lives, typically between three and fifteen years, using the straight-line method. Intangible assets that are subject to amortization are evaluated for impairment using a process similar to that used to evaluate long-lived assets described below. Intangible assets not subject to amortization are assessed for impairment at least annually and whenever events or changes in circumstances indicate that it is more likely than not that an asset may be impaired. The impairment test for indefinite-lived intangible assets consists of a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized for the amount by which the carrying value exceeds the fair value of the asset. The Company recorded $17.4 million of intangible asset impairment charges in 2022 recognized in Restructuring, exit and impairment charges in the Consolidated Statements of Operations related to capitalized software intangible assets that will not be placed into service. The Company did not record any intangible asset impairments in 2021 or 2020. Refer to Note 4 – Acquisitions and Note 10 – Goodwill and Other Intangibles in the Notes to Consolidated Financial Statements for more information. Equity Investments. For investments in which the Company owns or controls from 20 percent to 50 percent of the voting shares, the Company uses the equity method of accounting. The Company's share of net earnings or losses from equity method investments is included in the Consolidated Statements of Operations. The Company carries other investments, for which the Company does not have the ability to exercise significant influence, at fair value, with changes in fair value recognized in net income. For equity investments that do not have a readily determinable fair value, the Company measures the investment at cost less impairment, plus or minus observable equity price changes. The Company periodically evaluates the carrying value of its investments. See Note 8 – Investments for further details about the Company's evaluation of the fair value of its investments. Long-Lived Assets. The Company continually evaluates whether events and circumstances have occurred that indicate the remaining estimated useful lives of its definite-lived intangible assets and other long-lived assets may warrant revision or that the remaining balance of such assets may not be recoverable. Once an impairment indicator is identified, the Company tests for recoverability of the related asset group using an estimate of undiscounted cash flows over the asset group's remaining life. If an asset group's carrying value is not recoverable, the Company records an impairment loss based on the excess of the carrying value of the asset group over the long-lived asset group's fair value. Fair value is determined using observable inputs, including the use of appraisals from independent third parties, when available, and, when observable inputs are not available, based on the Company's assumptions of the data that market participants would use in pricing the asset, based on the best information available in the circumstances. Specifically, the Company uses discounted cash flows to determine the fair value of the asset when observable inputs are unavailable. The Company tested its long-lived asset balances for impairment as indicators arose during 2022, 2021 and 2020, resulting in impairment charges of $1.5 million, $0.8 million and $0.9 million, respectively, which are recognized either in Restructuring, exit and impairment charges or Selling, general and administrative expense in the Consolidated Statements of Operations. Other Long-Term Assets. Other long-term assets consists mainly of capitalized financing costs and deposits. Revenue Recognition. Revenue is recognized as performance obligations under the terms of contracts with customers are satisfied; this occurs when control of promised goods is transferred to the customer. The Company recognizes revenue related to the sale of extended warranty contracts that extend the coverage period beyond the standard warranty period over the life of the extended warranty period. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for transferring goods or providing services. The Company has excluded sales, value add, and other taxes collected concurrent with revenue-producing activities from the determination of the transaction price for all contracts. The Company has elected to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment activity. For all contracts with customers, the Company has not adjusted the promised amount of consideration for the effects of a significant financing component as the period between the transfer of the promised goods and the customer's payment is expected to be one year or less. For product sales, the Company transfers control and recognizes revenue at the time the product ships from a manufacturing or distribution facility ("free on board shipping point"), or at the time the product arrives at the customer's facility ("free on board destination"). When the shipping terms are "free on board shipping point", the customer obtains control and is able to direct the use of, and obtain substantially all of the benefits from, the products at the time the products are shipped. For shipments provided under "free on board destination", control transfers to the customer upon delivery. Payment terms vary but are generally due within 30 days of transferring control. For the Company's Boat and Propulsion segments, most product sales to dealers are wholesale financed through the Company's joint venture, Brunswick Acceptance Company, LLC (BAC), or other lending institutions, and payment is typically due in the month of shipment. For further information on the BAC joint venture, refer to Note 9 – Financing Joint Venture . In addition, periodically the Company may require the customer to provide upfront cash deposits in advance of performance. The Company also sells separately priced, extended warranty contracts that extend the coverage period beyond the standard warranty period. When determining an appropriate allocation of the transaction price to the extended warranty performance obligation, the Company uses an observable price to determine the stand-alone selling price. Extended warranties typically range from an additional 1 to 3 years. The Company receives payment at the inception of the contract and recognizes revenue over the extended warranty coverage period. This time-elapsed method is used to measure progress because the Company, on average, satisfies its performance obligation evenly over the warranty period. See Note 2 – Revenue Recognition for more information. Advertising Costs. The Company records advertising and promotion costs in Selling, general and administrative expense in the Consolidated Statements of Operations in the period when the advertising first takes place. Advertising and promotion costs were $39.9 million, $33.2 million and $29.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. Foreign Currency. The functional currency for the majority of Brunswick's operations is the U.S. dollar. All assets and liabilities of operations with a functional currency other than the U.S. dollar are translated at period-end currency exchange rates. The resulting translation adjustments are recorded in Accumulated other comprehensive loss, net of tax. Revenues and expenses of operations with a functional currency other than the U.S. dollar are translated at the average exchange rates for the period. Transaction gains and losses resulting from changes in foreign currency exchange rates are recorded in either Cost of sales or Other expense, net in the Consolidated Statements of Operations. Share-Based Compensation. The Company records amounts for all share-based compensation, including non-vested stock awards and performance-based share awards over the vesting period in the Consolidated Statements of Operations based upon their fair values at the date of the grant. Share-based compensation costs are included in Selling, general and administrative expense in the Consolidated Statements of Operations. See Note 17 – Stock Plans and Management Compensation for a description of the Company's accounting for share-based compensation plans. Research and Development . Research and development costs are expensed as incurred. Derivatives. The Company uses derivative financial instruments to manage its risk associated with movements in foreign currency exchange rates, interest rates, and commodity prices. These instruments are used in accordance with guidelines established by the Company's management and are not used for trading or speculative purposes. The Company records all derivatives on the Consolidated Balance Sheets at fair value. See Note 13 – Financial Instruments for further discussion. Recently Adopted Accounting Standards Revenue Contracts Acquired in Business Combinations : In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08, Accounting for Contract Assets and Contract Liabilities From Contracts With Customers , which amended the guidance in Accounting Standards Codification ("ASC") 805 to require that the acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606. The Company early adopted the guidance in ASU 2021-08 on July 2, 2022. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Standards Fair Value Hedge Accounting : In March 2022, the FASB issued ASU 2022-01, Fair Value Hedging — Portfolio Layer Method , which clarifies the guidance in ASC 815 on fair value hedge accounting of interest-rate risk for portfolios of financial assets. The ASU amends the guidance that established the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible. The amendment is effective for financial statements for interim and annual periods beginning after December 15, 2022. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. Supplier Finance Programs : In September 2022, the FASB issued ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations , which adds disclosure requirements associated with participation in supplier finance programs. ASU 2022-04 requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program including key terms and obligations outstanding at the end of the reporting period. ASU 2022-04 is effective for financial statements for interim and annual periods beginning after December 15, 2022. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Changes in the Company's goodwill by segment during the periods ended December 31, 2022 and 2021 are summarized below: (in millions) Propulsion Parts & Accessories Boat Total December 31, 2020 $ 15.3 $ 372.5 $ 29.9 $ 417.7 Acquisitions — 442.9 29.0 471.9 Adjustments (0.6) (0.5) (0.1) (1.2) December 31, 2021 $ 14.7 $ 814.9 $ 58.8 $ 888.4 Acquisitions — — 66.6 66.6 Adjustments (0.7) 13.7 (0.4) 12.6 December 31, 2022 $ 14.0 $ 828.6 $ 125.0 $ 967.6 See Note 4 – 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. In addition, adjustments during the year ended December 31, 2022 also include $24.1 million of purchase accounting adjustments from 2021 acquisitions, primarily related to taxes and contingency reserves. The Company performed its required annual goodwill impairment assessment on the first day of the fourth quarter and determined the fair value of its reporting units exceeded the carrying value, and therefore, no goodwill impairment was recorded. As part of the impairment assessment, we determined that our Navico reporting unit had an estimated fair value that was not significantly in excess of its carrying value due to the short period of time since the acquisition. The Navico reporting unit has goodwill assigned to it of $382.4 million as of December 31, 2022 and its fair value exceeded its carrying value by 16% in the current year impairment assessment. As the fair value is not significantly in excess of the carrying value, we performed sensitivity analyses on certain assumptions. Holding other assumptions constant, a 100 basis point increase in the discount rate would not result in an impairment. Holding other assumptions constant, a 100 basis point decrease in the long-term growth rate would not result in an impairment. A 10% decrease in the fair value of the reporting unit would also not result in an impairment. There was no accumulated impairment loss on Goodwill as of December 31, 2022 or 2021. The Company's intangible assets, included within Other intangibles, net on the Consolidated Balance Sheets as of December 31, 2022 and 2021, are summarized by intangible asset type below: 2022 2021 (in millions) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Intangible assets: Customer relationships (A) $ 897.4 $ (386.1) $ 889.4 $ (340.9) Trade names 305.4 — 306.1 — Developed technology (A) 160.0 (13.3) 160.0 (2.7) Other (A) 67.6 (33.6) 62.0 (21.8) Total $ 1,430.4 $ (433.0) $ 1,417.5 $ (365.4) (A) The weighted average remaining amortization period for Customer relationships, Developed technology and Other intangibles assets was 11.1 years, 13.8 years, and 4.9 years, respectively, as of December 31, 2022. Other intangible assets primarily consist of software, patents and franchise agreements. Gross and related accumulated amortization amounts include adjustments related to the impact of foreign currency translation. See Note 4 – Acquisitions for further details on intangibles acquired during 2022 and 2021. Aggregate amortization expense for intangibles was $63.3 million, $36.0 million and $31.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. Estimated amortization expense for intangible assets is $63.3 million for each of the years ending December 31, 2023, 2024, 2025, and 2026, and $60.7 million for the year ending December 31, 2027. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Recognition The following table presents the Company's revenue into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors: Year Ended December 31, 2022 Year Ended December 31, 2021 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Geographic Markets United States $ 1,909.9 $ 1,562.1 $ 1,617.0 $ 5,089.0 $ 1,641.9 $ 1,383.7 $ 1,259.1 $ 4,284.7 Europe 391.5 351.8 181.8 925.1 376.8 275.8 162.5 815.1 Asia-Pacific 223.0 213.3 35.7 472.0 236.9 172.4 32.8 442.1 Canada 114.2 128.6 251.7 494.5 102.0 117.1 217.1 436.2 Rest-of-World 185.4 67.9 33.2 286.5 147.1 59.1 31.6 237.8 Segment Eliminations (398.3) (56.3) (0.3) (454.9) (337.5) (32.2) — (369.7) Total $ 2,425.7 $ 2,267.4 $ 2,119.1 $ 6,812.2 $ 2,167.2 $ 1,975.9 $ 1,703.1 $ 5,846.2 Major Product Lines Outboard Engines $ 2,221.5 $ — $ — $ 2,221.5 $ 1,935.1 $ — $ — $ 1,935.1 Controls, Rigging, and Propellers 382.1 — — 382.1 352.4 — — 352.4 Sterndrive Engines 220.4 — — 220.4 217.2 — — 217.2 Distribution Parts and Accessories — 781.7 — 781.7 — 820.1 — 820.1 Engine Parts and Accessories — 524.7 — 524.7 — 551.5 — 551.5 Navico Group (A) — 1,017.3 — 1,017.3 — 636.5 — 636.5 Aluminum Freshwater Boats — — 874.1 874.1 — — 712.4 712.4 Recreational Fiberglass Boats — — 727.4 727.4 — — 571.6 571.6 Saltwater Fishing Boats — — 404.3 404.3 — — 371.9 371.9 Business Acceleration — — 126.0 126.0 — — 60.1 60.1 Boat Eliminations/Other — — (12.4) (12.4) — — (12.9) (12.9) Segment Eliminations (398.3) (56.3) (0.3) (454.9) (337.5) (32.2) — (369.7) Total $ 2,425.7 $ 2,267.4 $ 2,119.1 $ 6,812.2 $ 2,167.2 $ 1,975.9 $ 1,703.1 $ 5,846.2 (A) Navico Group was formed in 2022 and consists of the former Advanced Systems Group businesses and the three P&A businesses acquired in 2021: Navico, RELiON and SemahTronix. Year Ended December 31, 2020 (in millions) Propulsion Parts & Accessories Boat Total Geographic Markets United States $ 1,207.8 $ 1,091.0 $ 957.5 $ 3,256.3 Europe 255.2 180.5 128.5 564.2 Asia-Pacific 240.4 117.9 27.7 386.0 Canada 66.7 80.9 114.2 261.8 Rest-of-World 108.3 38.5 22.4 169.2 Segment Eliminations (263.1) (26.9) — (290.0) Total $ 1,615.3 $ 1,481.9 $ 1,250.3 $ 4,347.5 Major Product Lines Outboard Engines $ 1,471.8 $ — $ — $ 1,471.8 Controls, Rigging, and Propellers 258.4 — — 258.4 Sterndrive Engines 148.2 — — 148.2 Distribution Parts and Accessories — 664.2 — 664.2 Engine Parts and Accessories — 432.5 — 432.5 Navico Group (A) — 412.1 — 412.1 Aluminum Freshwater Boats — — 488.5 488.5 Recreational Fiberglass Boats — — 427.1 427.1 Saltwater Fishing Boats — — 298.7 298.7 Business Acceleration — — 40.5 40.5 Boat Eliminations/Other — — (4.5) (4.5) Segment Eliminations (263.1) (26.9) — (290.0) Total $ 1,615.3 $ 1,481.9 $ 1,250.3 $ 4,347.5 (A) Navico Group was formed in 2022 and consists of the former Advanced Systems Group businesses and the three P&A businesses acquired in 2021: Navico, RELiON and SemahTronix. As of January 1, 2022, $142.1 million of contract liabilities associated with extended warranties and customer deposits were reported in Accrued expenses and Other Long-term liabilities, of which $42.9 million of this amount was recognized as revenue during year ended December 31, 2022. As of December 31, 2022, total contract liabilities were $178.5 million. The total amount of the transaction price allocated to unsatisfied performance obligations as of December 31, 2022 is $170.1 million for contracts greater than one year, which includes extended warranties. The Company expects to recognize approximately $52.9 million of this amount in 2023 and $117.2 million thereafter. Contract assets as of January 1, 2022 and December 31, 2022 were not material. In addition, costs to obtain and fulfill contracts during the period were not material. |
Restructuring, Exit, Impairment
Restructuring, Exit, Impairment and Integration Activities | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activities | Restructuring, Exit and Impairment Activities The Company has announced and implemented a number of initiatives designed to improve its cost structure, general operating efficiencies, and its utilization of production capacity. These initiatives resulted in the recognition of restructuring, exit and impairment charges in the Consolidated Statements of Operations during 2022, 2021 and 2020. Restructuring, exit and impairment costs include employee termination and other benefits, inventory adjustments to lower of cost or net realizable value, costs to retain and relocate employees, consulting costs, consolidation of manufacturing footprint, facility shutdown costs, and asset disposition and impairment actions. The Company recognizes the expense in the accounting period when it has committed to or incurred the cost, as appropriate. The following table is a summary of the net expense associated with the restructuring, exit and impairment activities. Restructuring, exit and impairment charges in 2022 primarily relate to asset related impairments and headcount reductions associated with the integration of Navico and are included in the Corporate and Parts & Accessories segments. Restructuring, exit and impairment charges in 2021 primarily relate to organizational realignment within the Parts & Accessories segment, specifically in Europe. Restructuring, exit and impairment charges in 2020 primarily relate to the consolidation of our Greenville manufacturing location within th e Boat segment in order to streamline the overall cost structure. (in millions) Parts & Accessories Boat Corporate (A) Total Restructuring, exit and impairment activities: Employee termination and other benefits $ 7.7 $ — $ — $ 7.7 Asset related — — 17.4 17.4 Total 2022 restructuring, exit and impairment charges $ 7.7 $ — $ 17.4 $ 25.1 Employee termination and other benefits $ 0.7 $ 0.1 $ — $ 0.8 Total 2021 restructuring, exit and impairment charges $ 0.7 $ 0.1 $ — $ 0.8 Employee termination and other benefits $ 0.8 $ 0.3 $ 1.9 $ 3.0 Asset related — 0.5 — 0.5 Other — 0.5 0.1 0.6 Total 2020 restructuring, exit and impairment charges $ 0.8 $ 1.3 $ 2.0 $ 4.1 (A) Includes impairment charges of $17.4 million related to the Company's decision not to place certain capitalized software intangible assets into service during the year ended December 31, 2022. The following tables summarize the change in accrued restructuring, exit and impairment charges within Accrued expenses in the Consolidated Balance Sheets for the years ended December 31, 2022, 2021 and 2020: (in millions) Parts & Accessories Boat Corporate Total Accrued Charges as of December 31, 2019 $ 1.2 $ 6.1 $ 1.5 $ 8.8 Total Charges 0.8 1.3 2.0 4.1 Non-Cash Charges — (0.5) — (0.5) Payments (A) (1.7) (5.7) (1.8) $ (9.2) Accrued Charges as of December 31, 2020 $ 0.3 $ 1.2 $ 1.7 $ 3.2 Total Charges 0.7 0.1 — 0.8 Payments (A) (1.0) (1.1) (1.7) $ (3.8) Accrued Charges as of December 31, 2021 $ — $ 0.2 $ — $ 0.2 Total Charges 7.7 — 17.4 25.1 Non-Cash Charges — — (17.4) (17.4) Payments (A) (3.6) (0.2) — $ (3.8) Accrued Charges as of December 31, 2022 (B) $ 4.1 $ — $ — $ 4.1 (A) Cash payments may include payments related to prior period charges. (B) The accrued charges as of December 31, 2022 are expected to be paid in the next twelve months. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions 2022 Acquisitions During the second quarter of 2022, the Company acquired certain Freedom Boat Club franchise operations and territory rights as well as certain marine assets in the Southeast United States. These acquisitions enable opportunities across a wide spectrum, building upon the growth Brunswick has cultivated throughout the Company's shared access portfolio and new digital platforms. These acquisitions are included as part of the Company's Boat segment. The Company paid net cash consideration of $93.9 million for these acquisitions. The opening balance sheets, which are preliminary and subject to change in the measurement period as the Company finalizes the purchase price allocation and fair value estimates, include $66.6 million of goodwill and $11.9 million of customer relationships. The amount assigned to customer relationships will be amortized over the estimated useful life of 10 years. Transaction costs associated with these acquisitions of $1.4 million were expensed as incurred within Selling, general and administrative expense. The acquisitions are not material to the Company's net sales, results of operations, or total assets during any period presented. Accordingly, the Company's consolidated results of operations do not differ materially from historical performance as a result of the acquisitions, and pro forma results for prior periods are not presented. 2021 Acquisitions - Navico On October 4, 2021, the Company acquired all the issued and outstanding shares of Navico for $1.094 billion net cash consideration. The Company used a combination of the 2024 and 2031 Notes, as described in Note 15 – Debt , and cash on hand to fund the acquisition. Navico was a privately held global company based in Egersund, Norway, and is a global leader in marine electronics and sensors, including multi-function displays, fish finders, autopilots, sonar, radar, and cartography. The acquisition of Navico accelerates the Company's ACES (Autonomy, Connectivity, Electrification, and Shared access) strategy and strengthens the Company's ability to provide complete, innovative digital solutions to consumers and comprehensive, integrated system offerings to our original equipment manufacturer customers. Navico is managed as part of the Company's Parts & Accessories segment. The Company used the acquisition method of accounting in accordance with ASC 805, Business Combinations , with Brunswick being the acquiring entity, and reflecting estimates and assumptions deemed appropriate by Company management. Transaction costs related to the acquisition were expensed as incurred within Selling, general and administrative expense and totaled $1.0 million and $13.8 million for the years ended December 31, 2022 and 2021, respectively. The net sales and operating loss, respectively, of Navico included in Brunswick's consolidated financial statements since the date of acquisition through December 31, 2021 was $120.4 million and $7.4 million, which includes $9.0 million of expense related to inventory fair value adjustments and $5.8 million of intangible asset amortization. The following table is a summary of the assets acquired, liabilities assumed and net cash consideration paid, net of cash acquired, for the Navico acquisition: (in millions) Fair Value Useful Life Accounts and notes receivable $ 59.3 Inventory (A) 159.9 Goodwill (A)(B)(C)(D) 459.2 Trade names 133.0 Indefinite Developed technology 160.0 15 years Customer relationships 185.0 15 years Property and equipment 46.1 Other assets 26.6 Total assets acquired 1,229.1 Accounts payable 66.0 Accrued expenses (C) 48.6 Other liabilities (D) 23.4 Deferred tax liabilities (D) 18.7 Total liabilities assumed 156.7 Net cash consideration paid, net of cash acquired $ 1,072.4 (A) Includes $1.8 million of purchase accounting adjustments related to inventory reserves. (B) The goodwill recorded for the acquisition of Navico is partially deductible for tax purposes. (C) Includes $3.5 million of purchase accounting adjustments related to contingency reserves. (D) Includes $18.4 million of purchase accounting adjustments related to taxes. Pro Forma Financial Information (Unaudited) The pro forma information has been prepared as if the Navico acquisition and the related debt financing had occurred on January 1, 2021. These pro forma results are based on estimates and assumptions which the Company believes to be reasonable. They are not the results that would have been realized had the acquisition actually occurred on January 1, 2021 and are not necessarily indicative of Brunswick's consolidated net earnings in future periods. The pro forma results include adjustments primarily related to the amortization of intangible assets and interest expense on the notes issued in the third quarter of 2021 as noted in Note 15 – Debt . Additionally, non-recurring pro forma adjustments include transaction costs of $13.8 million and expenses related to inventory fair value adjustments of $18.1 million, recognized as part of the application of purchase accounting. (in millions) Year Ended Year Ended Pro forma Net sales $ 6,812.2 $ 6,218.7 Pro forma Net earnings 684.9 589.6 The pro forma results reflect an effective income tax rate of 21 percent for the years ended December 31, 2022 and December 31, 2021. Purchase accounting is final as of December 31, 2022. Other 2021 Acquisitions On September 1, 2021, the Company acquired substantially all the net assets of RELiON Battery, LLC ("RELiON"). RELiON is a global provider of lithium batteries and related products to multiple industry sectors. The acquisition of RELiON complements the Company's existing portfolio of advanced battery and power management brands. On September 17, 2021, the Company acquired substantially all the net assets of SemahTronix, LLC, a global supplier of high-complexity electrical wiring harnesses for advanced products in the marine, mobile, and defense industries. The acquisition of the SemahTronix assets enhances the Company's integrated systems offerings by providing the Company and the Company's global customers access to high-quality, large, complex electrical wire harnessing systems that further enable the Company's end-to-end systems solutions and capabilities. These acquisitions are included as part of the Parts & Accessories segment. Purchase accounting is final for these acquisitions. On July 9, 2021, the Company acquired Fanautic Club, one of the largest European boat clubs with 23 locations in major coastal cities and tourist centers across Spain. The Company also acquired certain Freedom Boat Club franchise operations and territory rights in the United States during 2021. Acquiring such assets enables Brunswick to accelerate growth by increasing its investments in these markets. These acquisitions are included as part of the Boat segment. Purchase accounting is final for these acquisitions. The Company paid net cash consideration of $66.1 million for these acquisitions. The opening balance sheets included $36.8 million of goodwill and $24.1 million of identifiable intangible assets, including customer relationships and trade names of $17.2 million and $6.9 million, respectively. The amount assigned to customer relationships will be amortized over the estimated useful life of 10 years. Transaction costs associated with these acquisitions of $1.8 million were expensed as incurred within Selling, general and administrative expense during 2021. 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 for prior periods are not presented. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Data | Segment Information 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 aggregated operating segments. 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). Company-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, B&G, Blue Sea Systems, C-MAP, CZone, Garelick, Lenco Marine, Lowrance, Marinco, Mastervolt, MotorGuide, ParkPower, ProMariner, RELiON, Simrad, and Whale brand names. Products include marine electronics, sensors, 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; Thunder Jet heavy-gauge aluminum boats; and Veer recreational and fishing boats, designed specifically to support electric propulsion. 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 its performance based on segment operating earnings. Segment operating earnings do not include the expenses of corporate administration, impairments or gains on the sale of equity investments, earnings from unconsolidated affiliates, other expenses and income of a non-operating nature, transaction financing charges, interest expense, and income or provisions or benefits for income taxes. Corporate/Other results include items such as corporate staff and administrative costs, investments in technology solutions, business development and other growth-related expenses, including IT enhancements. Corporate/Other total assets consist of mainly cash, cash equivalents and investments in short-term marketable securities, restricted cash, income tax balances and investments in unconsolidated affiliates. Segment eliminations adjust for sales between the Company's reportable segments and primarily relate to the sale of engines and parts and accessories to various boat brands, which are consummated at established arm's length transfer prices as the intersegment pricing for these engines and parts and accessories are based upon and consistent with selling prices to third-party customers. Information about the operations of Brunswick's reportable segments is set forth below: Net Sales Operating Earnings (Loss) Total Assets (in millions) 2022 2021 2020 2022 2021 2020 2022 2021 Propulsion $ 2,824.0 $ 2,504.7 $ 1,878.4 $ 522.9 $ 449.7 $ 285.5 $ 1,516.7 $ 1,225.2 Parts & Accessories 2,323.7 2,008.1 1,508.8 336.2 335.8 275.4 3,037.6 2,939.4 Boat 2,119.4 1,703.1 1,250.3 212.8 142.3 70.2 829.8 609.9 Corporate/Other — — — (124.1) (114.9) (91.8) 937.2 650.5 Segment Eliminations (454.9) (369.7) (290.0) — — — — — Total $ 6,812.2 $ 5,846.2 $ 4,347.5 $ 947.8 $ 812.9 $ 539.3 $ 6,321.3 $ 5,425.0 Depreciation Amortization (in millions) 2022 2021 2020 2022 2021 2020 Propulsion $ 98.8 $ 84.2 $ 72.0 $ 3.1 $ — $ — Parts & Accessories 24.5 18.7 14.3 55.9 34.2 30.1 Boat 42.1 36.7 30.7 3.3 1.8 1.8 Corporate/Other 2.5 2.5 4.5 1.0 — — Total $ 167.9 $ 142.1 $ 121.5 $ 63.3 $ 36.0 $ 31.9 Capital Expenditures Research & Development Expense (in millions) 2022 2021 2020 2022 2021 2020 Propulsion $ 236.1 $ 162.2 $ 113.7 $ 104.6 $ 93.8 $ 85.4 Parts & Accessories 50.1 30.5 21.1 67.4 36.3 19.8 Boat 86.6 63.6 37.6 26.7 21.1 20.7 Corporate/Other 15.5 10.8 10.0 4.2 3.3 — Total $ 388.3 $ 267.1 $ 182.4 $ 202.9 $ 154.5 $ 125.9 Geographic Segments Net sales Net property (in millions) 2022 2021 2020 2022 2021 United States $ 4,699.2 $ 3,961.9 $ 2,998.0 $ 1,165.8 $ 937.7 International 2,113.0 1,884.3 1,349.5 92.8 97.2 Corporate/Other — — — 12.2 12.0 Total $ 6,812.2 $ 5,846.2 $ 4,347.5 $ 1,270.8 $ 1,046.9 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable. • Level 1 - Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets or liabilities. • Level 2 - Inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. These are typically obtained from readily available pricing sources for comparable instruments. • Level 3 - Unobservable inputs for which there is little or no market activity for the asset or liability. These inputs reflect the reporting entity's own assumptions of the data that market participants would use in pricing the asset or liability, based on the best information available in the circumstances. 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 December 31, 2022 December 31, 2021 Cash equivalents 1 $ 0.4 $ 0.4 Short-term investments in marketable securities 1 4.5 0.8 Restricted cash 1 12.9 12.2 Derivative assets 2 16.1 25.1 Derivative liabilities 2 9.9 2.9 Deferred compensation 1 1.6 1.4 Deferred compensation 2 14.1 17.7 Liabilities measured at net asset value 10.4 10.2 Refer to Note 13 – Financial Instruments for additional information related to the fair value of derivative assets and liabilities by class. |
Financing Receivables
Financing Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Financing Receivables | Financing Receivables The Company has recorded financing receivables, which are defined as a contractual right to receive money, as assets on its Consolidated Balance Sheets as of December 31, 2022 and 2021. Substantially all of the Company’s financing receivables, which includes receivables sold to third-party finance companies (Third-Party Receivables) and customer notes and other (Other Receivables), stem from commercial customers. Third-Party Receivables are accounts that have been sold to third-party finance companies, but do not meet the definition of a true sale and are therefore recorded as an asset with an offsetting balance recorded as a secured obligation in Accrued expenses. Other Receivables are mostly comprised of notes from customers, which are originated by the Company in the normal course of business. Financing receivables are carried at their face amounts less an allowance for credit losses. The Company sells a broad range of marine products to a worldwide customer base and extends credit to its customers based upon an ongoing credit evaluation program. The Company’s business units maintain credit departments to manage financial exposure and perform credit-risk assessments on an individual account basis. Accounts are not aggregated into categories for credit-risk determinations. Due to the composition of the account portfolio, the Company does not believe that the credit risk posed by the Company’s financing receivables is significant to its operations, financial condition or cash flows. There were no significant troubled debt restructurings during the years ended December 31, 2022, 2021 or 2020. The Company’s financing receivables, excluding trade accounts receivable contractually due within one year, as of December 31, 2022 and December 31, 2021 were $6.1 million and $4.3 million, respectively. The activity related to the allowance for credit loss on financing receivables during the years ended December 31, 2022 and December 31, 2021 was not material. |
Financing Joint Venture
Financing Joint Venture | 12 Months Ended |
Dec. 31, 2022 | |
Financial Services [Abstract] | |
Financial Services | Financing Joint Venture The Company, through its Brunswick Financial Services Corporation (BFS) subsidiary, owns a 49 percent interest in a joint venture, Brunswick Acceptance Company, LLC (BAC). CDF Joint Ventures, LLC (CDFJV), a subsidiary of Wells Fargo and Company, owns the remaining 51 percent. In March of 2021, the parties entered into an amended and restated joint venture agreement (JV Agreement) to extend the term of their financial services through December 31, 2025, which included expanded financing to FBC franchisees. The JV Agreement contains a financial covenant that conforms to the maximum leverage ratio test in the Credit Facility described in Note 15 – Debt . The JV Agreement contains provisions allowing for the renewal of the agreement or the purchase of the other party's interest in the joint venture at the end of its term. Alternatively, either partner may terminate the agreement at the end of its term. BAC is funded in part through a $1.0 billion secured borrowing facility from Wells Fargo Commercial Distribution Finance, LLC (WFCDF), which is in place through the term of the joint venture, and with equity contributions from both partners. BAC also sells a portion of its receivables to a securitization facility, the Wells Fargo Dealer Floorplan Master Note Trust, which is arranged by Wells Fargo. The sales of these receivables meet the requirements of a "true sale" and are therefore not retained on the financial statements of BAC. Neither the Company nor any of its subsidiaries guarantee the indebtedness of BAC. In addition, BAC is not responsible for any continuing servicing costs or obligations with respect to the securitized receivables. The Company considers BFS's investment in BAC as an investment in a variable interest entity of which the Company is not the primary beneficiary. As a result, the Company accounts for BFS's investment in BAC under the equity method and records it as a component of Equity investments in its Consolidated Balance Sheets. The Company records BFS's share of income or loss in BAC based on its ownership percentage in the joint venture in Equity earnings in its Consolidated Statements of Operations. BFS's equity investment is adjusted monthly to maintain a 49 percent interest in accordance with the capital provisions of the JV Agreement. The Company funds its investment in BAC through cash contributions and reinvested earnings. BFS's total investment in BAC as of December 31, 2022 and December 31, 2021 was $20.3 million and $11.0 million, respectively. The Company's maximum loss exposure relating to BAC is detailed as follows: (in millions) December 31, December 31, Investment $ 20.3 $ 11.0 Repurchase and recourse obligations (A) 41.4 38.8 Liabilities (B) (1.1) (0.5) Total maximum loss exposure $ 60.6 $ 49.3 (A) Repurchase and recourse obligations are off-balance sheet obligations provided by the Company for the Propulsion, Parts & Accessories and Boat segments, respectively, and are included within the Maximum Potential Obligations disclosed in Note 12 – Commitments and Contingencies . Repurchase and recourse obligations include a North American repurchase agreement with WFCDF and could be reduced by repurchase activity occurring under other similar agreements with WFCDF and affiliates. The Company's risk under these repurchase arrangements is partially mitigated by the value of the products repurchased as part of the transaction. Amounts above exclude any potential recoveries from the value of the repurchased product. (B) Represents accrued amounts for potential losses related to recourse exposure and the Company's expected losses on obligations to repurchase products, after giving effect to proceeds anticipated to be received from the resale of these products to alternative dealers. BFS recorded income related to the operations of BAC of $4.5 million, $2.1 million and $4.6 million in Equity earnings in the Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020, respectively. Cash Flows BFS reported cash flows from operating activities of $4.3 million, $2.1 million and $4.3 million within Other, net on the Consolidated Statements of Cash Flows in 2022, 2021 and 2020, respectively. In 2022, BFS reported net cash flows from investing activities within Investments on the Consolidated Statements of Cash Flows. Such cash flows for 2022 were $(9.2) million, consisting of $2.8 million of cash received and $(12.0) million of cash contributions; in 2021 were $2.5 million, consisting of $6.5 million of cash received and $(4.0) million of cash contributions; and in 2020 were $7.2 million, consisting of $10.3 million of cash received and $(3.1) million of cash contributions. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Changes in the Company's goodwill by segment during the periods ended December 31, 2022 and 2021 are summarized below: (in millions) Propulsion Parts & Accessories Boat Total December 31, 2020 $ 15.3 $ 372.5 $ 29.9 $ 417.7 Acquisitions — 442.9 29.0 471.9 Adjustments (0.6) (0.5) (0.1) (1.2) December 31, 2021 $ 14.7 $ 814.9 $ 58.8 $ 888.4 Acquisitions — — 66.6 66.6 Adjustments (0.7) 13.7 (0.4) 12.6 December 31, 2022 $ 14.0 $ 828.6 $ 125.0 $ 967.6 See Note 4 – 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. In addition, adjustments during the year ended December 31, 2022 also include $24.1 million of purchase accounting adjustments from 2021 acquisitions, primarily related to taxes and contingency reserves. The Company performed its required annual goodwill impairment assessment on the first day of the fourth quarter and determined the fair value of its reporting units exceeded the carrying value, and therefore, no goodwill impairment was recorded. As part of the impairment assessment, we determined that our Navico reporting unit had an estimated fair value that was not significantly in excess of its carrying value due to the short period of time since the acquisition. The Navico reporting unit has goodwill assigned to it of $382.4 million as of December 31, 2022 and its fair value exceeded its carrying value by 16% in the current year impairment assessment. As the fair value is not significantly in excess of the carrying value, we performed sensitivity analyses on certain assumptions. Holding other assumptions constant, a 100 basis point increase in the discount rate would not result in an impairment. Holding other assumptions constant, a 100 basis point decrease in the long-term growth rate would not result in an impairment. A 10% decrease in the fair value of the reporting unit would also not result in an impairment. There was no accumulated impairment loss on Goodwill as of December 31, 2022 or 2021. The Company's intangible assets, included within Other intangibles, net on the Consolidated Balance Sheets as of December 31, 2022 and 2021, are summarized by intangible asset type below: 2022 2021 (in millions) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Intangible assets: Customer relationships (A) $ 897.4 $ (386.1) $ 889.4 $ (340.9) Trade names 305.4 — 306.1 — Developed technology (A) 160.0 (13.3) 160.0 (2.7) Other (A) 67.6 (33.6) 62.0 (21.8) Total $ 1,430.4 $ (433.0) $ 1,417.5 $ (365.4) (A) The weighted average remaining amortization period for Customer relationships, Developed technology and Other intangibles assets was 11.1 years, 13.8 years, and 4.9 years, respectively, as of December 31, 2022. Other intangible assets primarily consist of software, patents and franchise agreements. Gross and related accumulated amortization amounts include adjustments related to the impact of foreign currency translation. See Note 4 – Acquisitions for further details on intangibles acquired during 2022 and 2021. Aggregate amortization expense for intangibles was $63.3 million, $36.0 million and $31.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. Estimated amortization expense for intangible assets is $63.3 million for each of the years ending December 31, 2023, 2024, 2025, and 2026, and $60.7 million for the year ending December 31, 2027. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The sources of Earnings before income taxes were as follows: (in millions) 2022 2021 2020 United States $ 603.2 $ 537.0 $ 354.5 Foreign 250.4 199.4 118.2 Earnings before income taxes $ 853.6 $ 736.4 $ 472.7 The Income tax provision consisted of the following: (in millions) 2022 2021 2020 Current tax expense: U.S. Federal $ 109.8 $ 84.3 $ 66.9 State and local 20.3 11.2 9.8 Foreign 61.1 67.3 38.9 Total current 191.2 162.8 115.6 Deferred tax (benefit) expense: U.S. Federal (24.6) (4.9) (17.3) State and local 1.5 (5.9) 1.1 Foreign 4.2 (11.0) (1.4) Total deferred (18.9) (21.8) (17.6) Income tax provision $ 172.3 $ 141.0 $ 98.0 Temporary differences and carryforwards giving rise to deferred tax assets and liabilities as of December 31, 2022 and 2021 are summarized in the table below: (in millions) 2022 2021 Deferred tax assets: Loss carryforwards $ 56.8 $ 92.6 Tax credit carryforwards 52.9 57.6 Deferred revenue 36.3 23.0 Product warranties 33.6 28.1 Sales incentives and discounts 29.2 21.7 Operating lease liabilities 24.4 15.7 Interest expense 18.0 0.1 Equity compensation 13.5 13.8 Compensation and benefits 3.8 26.9 Other 62.4 68.7 Gross deferred tax assets 330.9 348.2 Valuation allowance (52.8) (97.9) Deferred tax assets 278.1 250.3 Deferred tax liabilities: Depreciation and amortization (81.7) (59.3) State and local income taxes (22.7) (22.7) Operating lease assets (21.8) (14.4) Other (9.3) (11.0) Deferred tax liabilities (135.5) (107.4) Total net deferred tax assets $ 142.6 $ 142.9 As of December 31, 2022, the Company had a total valuation allowance against its deferred tax a ssets of $52.8 million . The remaining realizable value of deferred tax assets as of December 31, 2022 was determined by evaluating the potential to recover the value of these assets through the utilization of tax loss and credit carrybacks, the reversal of existing taxable temporary differences and carryforwards, certain tax planning strategies and future taxable income exclusive of reversing temporary differences and carryforwards. As of December 31, 2022, the Company retained valuation allowance reserves of $31.3 million against deferred tax assets in the U.S. primarily related to non-amortizable intangibles, various state operating loss carryforwards and state tax credits that are subject to restrictive rules for future utilization and valuation allowances of $21.5 million for deferred tax assets related to foreign jurisdictions, primarily Luxembourg. As of December 31, 2022, the tax benefit of loss carryforwards totaling $69.7 million was available to reduce future tax liabilities. This deferred tax asset was comprised of $1.3 million for the tax benefit of federal net operating loss (NOL) carryforwards, $25.1 million for the tax benefit of state NOL carryforwards and $43.3 million for the tax benefit of foreign NOL carryforwards. NOL carryforwards of $47.6 million expire at various intervals between the years 2023 and 2040, while $22.1 million have an unlimited life. As of December 31, 2022, tax credit carryforwards totaling $52.9 million were available to reduce future tax liabilities. This deferred tax asset was comprised of $5.7 million related to federal tax credits and $47.2 million of various state tax credits related to research and development, capital investment and job incentives. These tax credit carryforwards expire at various intervals between the years 2023 and 2037. No deferred income taxes have been provided as of December 31, 2022 or 2021 on the applicable undistributed earnings of the non-U.S. subsidiaries where the indefinite reinvestment assertion has been applied. If at some future date these earnings cease to be indefinitely reinvested and are repatriated, the Company may be subject to additional U.S. income taxes and foreign withholding and other taxes on such amounts. Remittances from foreign subsidiaries are generally not subject to U.S. income taxation. These remittances are either excluded from U.S. taxable income as earnings that have already been subjected to taxation or in the alternative are subject to a 100 percent foreign dividends received deduction. The Company continues to provide deferred taxes, primarily related to foreign withholding taxes, 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, although such amounts were immaterial as of December 31, 2022 and 2021. As of December 31, 2022, 2021 and 2020 the Company had $7.8 million, $10.1 million and $4.1 million of gross unrecognized tax benefits, including interest, respectively. Substantially all of these amounts, if recognized, would impact the Company's tax provision and the effective tax rate. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. As of December 31, 2022, 2021 and 2020, the amounts accrued for interest and penalties were not material. The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for the 2022, 2021 and 2020 annual reporting periods: (in millions) 2022 2021 2020 Balance as of January 1 $ 9.7 $ 3.7 $ 3.7 Gross increases - tax positions prior periods 0.5 5.9 0.1 Gross decreases - tax positions prior periods (2.1) (0.2) — Gross increases - current period tax positions — 0.5 0.6 Decreases - settlements with taxing authorities (0.6) (0.2) (0.1) Reductions - lapse of statute of limitations — — (0.6) Balance as of December 31 $ 7.5 $ 9.7 $ 3.7 The Company believes it is reasonably possible that the total amount of gross unrecognized tax benefits as of December 31, 2022 could decrease by approx imately $0.2 million in 2023 due to settlements with taxing authorities or lapses in applicable statutes of limitation. Due to the various jurisdictio ns 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 2023, but the amount cannot be estimated at this time. The Company is regularly audited by federal, state and foreign tax authorities. The Internal Revenue Service ("IRS") has completed its field examination and has issued its Revenue Agents Report through the 2014 tax year and all open issues have been resolved. The Company is currently open to tax examinations by the IRS for the 2019 through 2021 tax years. Primarily as a result of filing amended returns, which were generated by the closing of federal income tax audits, the Company is open to state and local tax audits in major tax jurisdictions dating back to the 2014 taxable year. The Company is no longer subject to income tax examinations by any major foreign tax jurisdiction for years prior to 2013. The difference between the actual income tax provision and the tax provision computed by applying the statutory Federal income tax rate to Earnings before income taxes is attributable to the following: (in millions) 2022 2021 2020 Income tax provision at 21 percent $ 179.3 $ 154.6 $ 99.2 State and local income taxes, net of Federal income tax effect 19.5 18.0 11.6 Deferred tax asset valuation allowance (10.4) (24.2) (0.2) Equity compensation (2.9) (1.8) (1.1) Change in estimates related to prior years and prior years amended tax return filings (1.3) 3.5 0.9 Federal and state tax credits (16.6) (14.9) (12.0) Taxes related to foreign income, net of credits 12.1 5.5 0.7 Deferred tax reassessment 6.4 6.4 5.4 FDII deduction (18.4) (15.3) (11.4) Other 4.6 9.2 4.9 Actual income tax provision $ 172.3 $ 141.0 $ 98.0 Effective tax rate 20.2 % 19.1 % 20.7 % During 2021, the Company recorded a $21.0 million income tax benefit related to the release of a portion of the Company’s valuation allowance. This was due to a reassessment of the realizability of certain federal tax credits, state tax credits and state NOL’s. The conclusion to release the valuation allowance was based upon sustained positive operating performance of its U.S. operations and the availability of expected future taxable income, leading the Company to believe that it is more likely than not that the benefit of these U.S. deferred tax assets will be realized. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Financial Commitments The Company has entered into guarantees of indebtedness of third parties, primarily in connection with customer financing programs. Under these arrangements, the Company has guaranteed customer obligations to the financial institutions in the event of customer default, generally subject to a maximum amount that is less than the total outstanding obligations. The Company has also extended guarantees to third parties that have purchased customer receivables from Brunswick and, in certain instances, has guaranteed secured term financing of its customers. Potential payments in connection with these customer financing arrangements generally extend over several years. The single year and maximum potential cash obligations associated with these customer financing arrangements as of December 31, 2022 and December 31, 2021 were $71.7 million and $48.0 million, respectively. In most instances, upon repurchase of the receivable or note, the Company receives rights to the collateral securing the financing. The Company’s risk under these arrangements is partially mitigated by the value of the collateral that secures the financing. The Company has accounts receivable sale arrangements with third parties which are included in the guarantee arrangements discussed above. The Company treats the sale of receivables in which the Company retains an interest as a secured obligation as the transfers of the receivables under these arrangements do not meet the requirements of a "true sale." Accordingly, the current portion of receivables underlying these arrangements of $4.1 million and $1.9 million was recorded in Accounts and notes receivable and Accrued expenses as of December 31, 2022 and December 31, 2021, respectively. As of December 31, 2022 and 2021, the Company did not have any long-term receivables related to these arrangements. The Company has also entered into arrangements with third-party lenders in which it has agreed, in the event of a customer or franchisee default, to repurchase from the third-party lender those Brunswick products repossessed from the customer or franchisee. These arrangements are typically subject to a maximum repurchase amount. The single year and maximum potential cash payments the Company could be required to make to repurchase collateral as of December 31, 2022 and December 31, 2021 were $69.9 million and $58.5 million, respectively. Included within this repurchase amount are amounts related to BAC, as discussed in Note 9 – Financing Joint Venture . The Company’s risk under these repurchase arrangements is partially mitigated by the value of the products repurchased as part of the transaction. The Company had $0.8 million and $0.4 million accrued for potential losses related to repurchase exposure as of December 31, 2022 and December 31, 2021, respectively. The Company’s repurchase accrual represents the expected losses that could result from obligations to repurchase products, after giving effect to proceeds anticipated to be received from the resale of those products to alternative dealers. The Company has recorded its estimated net liability associated with losses from these guarantee and repurchase obligations on its Consolidated Balance Sheets based on historical experience and current facts and circumstances. Historical cash requirements and losses associated with these obligations have not been significant, but could increase if dealer defaults exceed current expectations. Financial institutions have issued standby letters of credit and surety bonds conditionally guaranteeing obligations on behalf of the Company totaling $3.4 million and $18.5 million, respectively, as of December 31, 2022. A large portion of these standby letters of credit and surety bonds are related to the Company’s self-insured workers' compensation program as required by its insurance companies and various state agencies. The Company has recorded reserves to cover the anticipated liabilities associated with these programs. Under certain circumstances, such as an event of default under the Company's revolving credit facility, or, in the case of surety bonds, a ratings downgrade, the Company could be required to post collateral to support the outstanding letters of credit and surety bonds. The Company was not required to post letters of credit as collateral against surety bonds as of December 31, 2022. The Company has a collateral trust arrangement with insurance carriers and a trustee bank. The trust is owned by the Company, but the assets are pledged as collateral against workers’ compensation related obligations in lieu of other forms of collateral including letters of credit. In connection with this arrangement, the Company had $8.0 million and $12.2 million of cash in the trust as of December 31, 2022 and December 31, 2021, respectively, which was classified as Restricted cash in the Company's Consolidated Balance Sheets. Product Warranties The Company records a liability for product warranties at the time of the related product sale. The liability is estimated using historical warranty experience, projected claim rates and expected costs per claim. The Company adjusts its liability for specific warranty matters when they become known and the exposure can be estimated. Product failure rates as well as material usage and labor costs incurred in correcting a product failure affect the Company's warranty liabilities. If actual costs differ from estimated costs, the Company must make a revision to the warranty liability. Changes in the Company's warranty liabilities resulting from the Company's experience and adjustments related to changes in estimates are included as aggregate changes for preexisting warranties presented in the table below. The following activity related to product warranty liabilities was recorded in Accrued expenses during the years ended December 31, 2022 and December 31, 2021: (in millions) 2022 2021 Balance at beginning of period $ 129.3 $ 115.9 Payments (63.1) (64.9) Provisions/additions for contracts issued/sold 82.7 80.4 Aggregate changes for preexisting warranties (0.7) (2.6) Foreign currency translation (1.2) (1.2) Acquisitions — 9.1 Other (0.3) (7.4) Balance at end of period $ 146.7 $ 129.3 Extended Product Warranties End users of the Company's products may purchase a contract from the Company that extends product warranty beyond the standard period. For certain extended warranty contracts in which the Company retains the warranty or administration obligation, a deferred revenue liability is recorded based on the aggregate sales price for contracts sold. The liability is reduced and revenue is recognized on a straight-line basis over the contract period during which corresponding costs are expected to be incurred. The following activity related to deferred revenue for extended product warranty contracts was recorded in Accrued expenses and Other long-term liabilities during the years ended December 31, 2022 and December 31, 2021: (in millions) 2022 2021 Balance at beginning of period $ 99.5 $ 87.4 Extended warranty contracts sold 37.0 32.7 Revenue recognized on existing extended warranty contracts (23.2) (20.2) Foreign currency translation (0.4) — Other (0.4) (0.4) Balance at end of period $ 112.5 $ 99.5 Legal The Company accrues for litigation exposure when it is probable that future costs will be incurred and such costs can be reasonably estimated. Adjustments to estimates are recorded in the period they are identified. Management does not believe that there is a reasonable possibility that a material loss exceeding the amounts already recognized for the Company's litigation claims and matters, if any, has been incurred. In light of existing accruals, the Company's litigation claims, when finally resolved, are not expected, in the opinion of management, to have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows. Environmental The Company is involved in certain legal and administrative proceedings under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 and other federal and state legislation governing the generation and disposal of certain hazardous wastes. These proceedings, which involve both on- and off-site waste disposal or other contamination, in many instances seek compensation or remedial action from the Company as a waste generator under Superfund legislation, which authorizes action regardless of fault, legality of original disposition or ownership of a disposal site. The Company has established accruals based on a range of cost estimates for all known claims. The environmental remediation and clean-up projects in which the Company is involved have an aggregate estimated range of exposure of approximately $15.1 million to $39.5 million as of December 31, 2022. As of December 31, 2022 and 2021, the Company had accruals for environmental liabilities of $15.4 million and $16.4 million, respectively, which were recorded within Accrued expenses and Other long-term liabilities in the Consolidated Balance Sheets. The Company recorded $0.1 million, $0.4 million and $1.6 million of environmental provisions for the years ended December 31, 2022, 2021 and 2020, respectively. The Company accrues for environmental remediation-related activities for which commitments or clean-up plans have been developed and for which costs can be reasonably estimated. All accrued amounts are generally determined in consultation with third-party experts on an undiscounted basis and do not consider recoveries from third parties until such recoveries are realized. In light of existing accruals, the Company's environmental claims, when finally resolved, are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
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 risk. The Company utilizes normal operating and financing activities, along with derivative financial instruments, to minimize these risks. Derivative Financial Instruments. The Company uses derivative financial instruments to manage its risks associated with movements in foreign currency exchange rates and interest rates. Derivative instruments are not used for trading or speculative purposes. The Company formally documents its hedge relationships, including identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction. This process includes linking derivatives that are designated as hedges to specific forecasted transactions. The Company also assesses, both at the hedge’s inception and monthly thereafter, whether the derivatives used in hedging transactions are highly effective in offsetting the changes in the anticipated cash flows of the hedged item. If the hedging relationship ceases to be highly effective, or it becomes probable that a forecasted transaction is no longer expected to occur, the Company discontinues hedge accounting prospectively and immediately recognizes the gains and losses associated with those hedges. There were no material adjustments as a result of ineffectiveness to the results of operations for the years ended December 31, 2022, 2021 and 2020. The fair value of derivative financial instruments is determined through market-based valuations and may not be representative of the actual gains or losses that will be recorded when these instruments mature due to future fluctuations in the markets in which they are traded. The effects of derivative financial instruments are not expected to be material to the Company’s financial position or results of operations when considered together with the underlying exposure being hedged. Use of derivative financial instruments exposes the Company to credit-risk with its counterparties when the fair value of a derivative contract is an asset. The Company mitigates this risk by entering into derivative contracts with highly rated counterparties. The maximum amount of loss due to counterparty credit-risk is limited to the asset value of derivative financial instruments. Cash Flow Hedges. The Company enters into certain derivative instruments that are designated and qualify as cash flow hedges. The Company executes both forward and option contracts, based on forecasted transactions, to manage foreign currency exchange exposure mainly related to inventory purchase and sales transactions. A cash flow hedge requires that as changes in the fair value of derivatives occur, the portion of the change deemed to be effective is recorded temporarily in Accumulated other comprehensive loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of December 31, 2022, the term of derivative instruments hedging forecasted transactions ranged up to 21 months. The following activity related to cash flow hedges was recorded in Accumulated other comprehensive loss as of December 31: Accumulated Unrealized Derivative Gains (Losses) 2022 2021 (in millions) Pre-tax After-tax Pre-tax After-tax Beginning balance $ 21.6 $ 9.9 $ (12.1) $ (15.2) Net change in value of outstanding hedges 62.0 46.1 29.5 22.2 Net amount recognized into earnings (27.1) (20.0) 4.2 2.9 Ending balance $ 56.5 $ 36.0 $ 21.6 $ 9.9 Other Hedging Activity. The Company has entered into certain foreign currency forward contracts that have not been designated as a hedge for accounting purposes. These contracts are used to manage foreign currency exposure related to changes in the value of assets or liabilities caused by changes in foreign exchange rates. The change in the fair value of the foreign currency derivative contract and the corresponding change in the fair value of the asset or liability of the Company are both recorded through earnings, each period as incurred. Cross-Currency Swaps. The Company enters into cross-currency swaps to hedge Euro currency exposures of the net investment in certain foreign subsidiaries. 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 deferred within Accumulated other comprehensive loss and recognized upon termination of the respective investment. During 2022, the company settled $450.0 million of cross-currency swap contracts resulting in a deferred gain of $42.5 million within Accumulated other comprehensive loss. As a result, there were no cross-currency swaps outstanding as of December 31, 2022. As of December 31, 2021, the notional value of cross-currency swap contracts outstanding was $200.0 million. Commodity Price. The Company uses commodity swaps to hedge anticipated purchases of aluminum. As of December 31, 2022 and 2021, the notional value of commodity swap contracts outstanding w as $24.1 million and $25.3 million, respectively. 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 December 31, 2022, the Company estimates that during the next 12 months it will reclassify $1.9 million of net losses (based on current prices) from Accumulated other comprehensive loss to Cost of sales. Foreign Currency Derivatives. The Company enters into forward and option contracts to manage foreign exchange exposure related to forecasted transactions and assets and liabilities that are subject to risk from foreign currency rate changes. These exposures include: product costs; revenues and expenses; associated receivables and payables; intercompany obligations and receivables and other related cash flows. Forward exchange contracts outstanding as of December 31, 2022 and December 31, 2021 had notional contract values of $684.8 million and $519.8 million, respectively. There were no option contracts outstanding as of December 31, 2022 or December 31, 2021. The forward contracts outstanding as of December 31, 2022 mature during 2023 and 2024 and mainly relate to the Euro, Australian dollar, Japanese yen and Canadian dollar. As of December 31, 2022, the Company estimates that, during the next 12 months, it will reclassify approximately $18.2 million of net gains (based on rates as of December 31, 2022) from Accumulated other comprehensive loss to Cost of sales. Interest-Rate Derivatives. 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 were no forward-starting interest-rate swaps outstanding as of December 31, 2022 or December 31, 2021. During 2022, the Company entered into and settled a series of treasury-lock swaps to hedge the interest-rate risk associated with debt issuances, resulting in a net deferred gain of $5.1 million. As a result, there were no treasury-lock swaps outstanding as of December 31, 2022 or December 31, 2021. The Company had net deferred gains (losses) associated with the forward-starting interest-rate swaps and treasury-lock swaps discussed above of $3.2 million and $(2.4) million, as of December 31, 2022 and December 31, 2021, respectively. These instruments were designated as cash flow hedges with gains and losses included in Accumulated other comprehensive loss. As of December 31, 2022, the Company estimates that during the next 12 months, it will reclassify approximately $0.1 million of net losses resulting from Accumulated other comprehensive loss to Interest expense. As of December 31, 2022 and December 31, 2021, the fair values of the Company’s derivative instruments were: (in millions) Fair Value Asset Derivatives December 31, 2022 December 31, 2021 Derivatives Designated as Cash Flow Hedges Foreign exchange contracts $ 15.2 $ 8.8 Commodity contracts 0.3 1.9 Total $ 15.5 $ 10.7 Derivatives Designated as Net Investment Hedges Cross-currency swaps $ — $ 14.3 Other Hedging Activity Foreign exchange contracts $ 0.6 $ 0.1 Liability Derivatives Derivatives Designated as Cash Flow Hedges Foreign exchange contracts $ 8.0 $ 2.6 Commodity contracts 1.1 — Total $ 9.1 $ 2.6 Other Hedging Activity Foreign exchange contracts $ 0.8 $ 0.3 As of December 31, 2022 and December 31, 2021, asset derivatives are included within Prepaid expenses and other and Other long-term assets, and liability derivatives are included within Accrued expenses in the Consolidated Balance Sheets. The effect of derivative instruments on the Consolidated Statements of Operations for the years ended December 31, 2022 and December 31, 2021 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) Derivatives Designated as Cash Flow Hedging Instruments December 31, 2022 December 31, 2021 Interest-rate contracts $ 5.3 $ (1.6) Foreign exchange contracts 30.6 10.7 Commodity contracts (2.1) 6.1 Total $ 33.8 $ 15.2 Derivatives Designated as Net Investment Hedging Instruments Cross-currency swaps $ 28.2 $ 14.3 The amount of gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows: (in millions) Derivatives Designated as Cash Flow Hedging Instruments Location of Gain (Loss) December 31, 2022 December 31, 2021 Interest-rate contracts Interest expense $ (0.3) $ (0.6) Foreign exchange contracts Cost of sales 26.0 (8.3) Commodity contracts Cost of sales 1.4 4.7 Total $ 27.1 $ (4.2) Derivatives Designated as Fair Value Hedging Instruments Interest-rate contracts Interest expense $ 0.7 $ 0.7 Other Hedging Activity Foreign exchange contracts Cost of sales $ 1.0 $ 0.3 Foreign exchange contracts Other expense, net 0.9 (4.1) Total $ 1.9 $ (3.8) 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 December 31, 2022 and December 31, 2021, the fair value of the Company’s long-term debt was approximately $2,225.0 million and $1,914.7 million, respectively, and was determined using Level 1 and Level 2 inputs described in Note 6 – Fair Value Measurements , including quoted market prices or discounted cash flows based on quoted market rates for similar types of debt. The carrying value of long-term debt, including current maturities, was $2,540.5 million and $1,843.1 million as of December 31, 2022 and December 31, 2021, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued Expenses as of December 31, 2022 and 2021 were as follows: (in millions) 2022 2021 Compensation and benefit plans $ 180.9 $ 234.3 Product warranties 146.7 129.3 Sales incentives and discounts 164.2 127.6 Deferred revenue and customer deposits 70.3 61.4 Current operating lease liabilities 27.8 25.8 Interest 30.6 20.9 Income taxes 10.1 17.0 Real, personal and other non-income taxes 6.2 16.1 Insurance reserves 13.9 14.4 Environmental reserves 6.3 7.0 Legal fees 14.6 6.1 Derivatives 9.9 2.9 Other 56.8 48.5 Total accrued expenses $ 738.3 $ 711.3 |
Postretirement Benefits
Postretirement Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Postretirement Benefits | Postretirement Benefits Defined Contribution Plan and Other Pension/Postretirement Benefit Plans . The Company has defined contribution plans and makes contributions including 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. The expense related to the defined contribution plans was $58.0 million in 2022, $47.1 million in 2021 and $49.4 million in 2020. The Company also maintains a nonqualified pension plan and an other postretirement benefit plan. The funded status of the nonqualified pension plan includes projected and accumulated benefit obligations of $18.6 million and $24.7 million as of December 31, 2022 and 2021, respectively. The other postretirement plan is frozen. The funded status of the other postretirement benefit plan includes projected and accumulated benefit obligations of $21.1 million and $29.4 million as of December 31, 2022 and 2021, respectively. The Company's foreign pension and other postretirement plans are not significant, individually or in the aggregate. The projected benefit obligation, net of plan assets for the Company's foreign pension plans, was $11.5 million and $16.2 million as of December 31, 2022 and 2021, respectively. Activity impacting the Consolidated Statements of Operations and Consolidated Statements of Cash Flows related to these plans was immaterial in 2022, 2021, and 2020. |
Stock Plans and Management Comp
Stock Plans and Management Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock Plans and Management Compensation | Stock Plans and Management 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 with shares from treasury shares and from authorized, but unissued, shares of common stock initially available for grant, in addition to: (i) the forfeiture of past awards; (ii) shares not issued upon the net settlement of SARs; or (iii) shares delivered to or withheld by the Company to pay the withholding taxes related to awards. As of December 31, 2022, 4.4 million shares remained available for grant. Share grant amounts, fair values, and fair value assumptions reflect all outstanding 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. Non-vested stock units have vesting periods of three years. Non-vested stock units are eligible for dividends, which are reinvested, and are non-voting. All non-vested units have restrictions on the sale or transfer of such awards during the vesting period. Generally, grants of non-vested stock units are forfeited if employment is terminated prior to vesting. Non-vested stock units vest pro rata over one year if (i) the grantee has attained the age of 62, or (ii) the grantee's age plus total years of service equals 70 or more. The Company recognizes the cost of non-vested stock units on a straight-line basis over the requisite service 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. During the years ended December 31, 2022, 2021 and 2020, the Company charged $18.2 million, $16.3 million and $13.3 million, respectively, to compensation expense for non-vested stock units. The related income tax benefit recognized in 2022, 2021 and 2020 was $4.5 million, $4.0 million and $3.3 million, respectively. The fair value of shares vested during 2022, 2021 and 2020 was $16.7 million, $11.3 million and $6.6 million, respectively. The weighted average price per non-vested stock unit at grant date was $93.62, $91.14 and $64.13 for units granted in 2022, 2021 and 2020, respectively. Non-vested stock unit activity for the year ended December 31, 2022 was as follows: (in thousands, except grant date fair value) Non-vested Stock Unit Activity Weighted Average Grant Date Fair Non-vested units, unvested as of January 1, 2022 635 66.81 Awarded 226 93.62 Forfeited (28) 83.15 Vested (232) 51.32 Non-vested units, unvested as of December 31, 2022 601 82.14 As of December 31, 2022, there was $12.5 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. The Company expects this expense to be recognized over a weighted average period of 1.2 years. Performance Awards In February 2022, 2021 and 2020, the Company granted performance shares to certain senior executives. 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 stock returns measured against stock returns of a predefined comparator group over a three-year performance period. Additionally, in February 2022, 2021 and 2020, the Company granted 24,320, 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 a TSR modifier. The fair values of the senior executives' performance share award grants with a TSR modifier at the grant date in 2022, 2021 and 2020 were $94.59, $91.44 and $64.72, respectively, which were estimated using the Monte Carlo valuation model, and incorporated the following assumptions: 2022 2021 2020 Risk-free interest rate 1.7 % 0.2 % 1.4 % Dividend yield 1.5 % 1.2 % 1.5 % Volatility factor 54.8 % 65.6 % 46.6 % Expected life of award 2.9 years 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 $91.62, $87.48 and $61.91, which was equal to the stock price on the date of grant in 2022, 2021 and 2020, respectively, less the present value of dividend payments over the vesting period. The Company recorded compensation expense related to performance awards of $3.6 million, $13.5 million and $13.8 million in 2022, 2021 and 2020, respectively. The related income tax benefit recognized in 2022, 2021 and 2020 was $0.9 million, $3.3 million and $3.4 million, respectively. The fair value of awards vested during 2022, 2021 and 2020 was $14.6 million, $18.6 million and $3.4 million, respectively. Performance award activity for the year ended December 31, 2022 was as follows: (in thousands, except grant date fair value) Performance Awards Weighted Average Grant Date Fair Value ($) Performance awards, unvested at January 1 192 76.15 Awarded 207 70.32 Forfeited (5) 81.31 Vested and earned (203) 56.11 Performance awards, unvested at December 31 191 90.97 As of December 31, 2022, the Company had $3.3 million of total unrecognized compensation expense related to performance awards. The Company expects this expense to be recognized over a weighted average period of 1.5 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 units with a 20 percent premium. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2022 | |
Comprehensive Income [Abstract] | |
Comprehensive Income | Comprehensive Income (Loss) The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the years ended December 31, 2022, 2021 and 2020: (in millions) Details about Accumulated other comprehensive loss components 2022 2021 2020 Affected line item in the statement where net income is presented Amortization of defined benefit items: Prior service credits $ 0.7 $ 0.2 $ 0.7 Other expense, net Net actuarial losses (0.9) (1.1) (1.1) Other expense, net (0.2) (0.9) (0.4) Earnings before income taxes — 0.1 0.1 Income tax provision $ (0.2) $ (0.8) $ (0.3) Net earnings from continuing operations Amount of gain (loss) reclassified into earnings on derivative contracts: Interest rate contracts $ (0.3) $ (0.6) $ (0.6) Interest expense Foreign exchange contracts 26.0 (8.3) 7.4 Cost of sales Commodity contracts 1.4 4.7 — Cost of sales 27.1 (4.2) 6.8 Earnings before income taxes (7.1) 1.3 (1.8) Income tax provision $ 20.0 $ (2.9) $ 5.0 Net earnings from continuing operations |
Treasury Stock
Treasury Stock | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Treasury Stock | Treasury Stock The Company has executed share repurchases against authorizations approved by the Board of Directors in 2021 and 2022. In 2022, the Company rep urchased $450.0 million of stock under these authorizations and as of December 31, 2022, the remaining authorization was $396.4 million . Treasury stock activity for the years ended December 31, 2022, 2021 and 2020 was as follows: (Shares in thousands) 2022 2021 2020 Balance as of January 1 25,605 24,663 22,969 Compensation plans and other (343) (303) (263) Share repurchases 5,911 1,245 1,957 Balance as of December 31 31,173 25,605 24,663 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Note 20 – Leases The Company has operating lease agreements for offices, branches, factories, distribution and service facilities and certain personal property. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. Finance leases are not material to the Company's consolidated financial statements. The Company determines if an arrangement is a lease at lease inception. Operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company's lease contracts do not include an implicit rate, the Company uses its incremental borrowing rate, based on information available at commencement date, in determining the present value of future payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The operating lease asset also includes any initial direct costs and lease payments made prior to lease commencement and excludes lease incentives incurred. Several leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at our sole discretion. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Certain of our lease agreements include rental payments that vary based on changes in volume activity, storage activity or changes in the Consumer Price Index or other indices. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company has certain lease agreements that contain both lease and non-lease components, which it has elected to account for as a single lease component for all asset classes. A summary of the Company's lease assets and lease liabilities as of December 31, 2022 and December 31, 2021 is as follows: (in millions) Classification 2022 2021 Lease Assets Operating lease assets Operating lease assets $ 114.8 $ 92.8 Lease Liabilities Current operating lease liabilities Accrued expenses 27.8 25.8 Non-current operating lease liabilities Operating lease liabilities 97.8 75.5 Total lease liabilities $ 125.6 $ 101.3 A summary of the Company's total lease cost for the years ended December 31, 2022, December 31, 2021 and December 31, 2020 is as follows: (in millions) Classification 2022 2021 2020 Operating lease cost Selling, general, and administrative expense $ 16.2 $ 13.4 $ 13.2 Cost of sales 34.0 28.6 24.9 Variable lease cost Selling, general, and administrative expense 1.3 1.1 1.1 Cost of sales 5.5 5.2 4.8 Total lease cost (A) $ 57.0 $ 48.3 $ 44.0 (A) Includes total short-term lease cost which is immaterial. The Company's maturity analysis of its operating lease liabilities as of December 31, 2022 is as follows: (in millions) 2023 $ 33.0 2024 30.3 2025 18.9 2026 13.7 2027 11.3 Thereafter 49.5 Total lease payments 156.7 Less: Interest (31.1) Present value of lease liabilities $ 125.6 The total weighted-average discount rate and remaining lease term for the Company's operating leases were 5.35 percent and 8.02 years, respectively, as of December 31, 2022. Total operating lease payments reflected in operating cash flows were $30.0 million for the year ended December 31, 2022. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II | (in millions) Allowances for Losses on Receivables Balance at Charges to Write-offs Recoveries Other Balance at End of Year 2022 $ 9.7 $ 2.0 $ (2.6) $ 0.3 $ 0.8 $ 10.2 2021 10.7 0.4 (1) 0.1 (0.5) 9.7 2020 8.5 3.3 (1.6) 0.1 0.4 10.7 Deferred Tax Asset Valuation Allowance Balance at Charges to Profit and Loss (A) Write-offs Recoveries Other (B) Balance at End of Year 2022 $ 97.9 $ (10.4) $ — $ — $ (34.7) $ 52.8 2021 93.4 (24.2) — — 28.7 97.9 2020 93.3 (0.2) — — 0.3 93.4 (A) For the year ended December 31, 2022, the deferred tax asset valuation benefit activity primarily relates to reassessments for state tax credits and NOL’s and certain federal losses . For the year ended December 31, 2021, the deferred tax asset valuation benefit activity primarily relates to reassessments for state tax credits and NOL’s and to certain federal tax credits. For the year ended December 31, 2020, the deferred tax asset valuation benefit activity primarily relates to reassessments for state purposes and to certain federal tax credits. (B) For the year ended December 31, 2022, the activity primarily relates to final adjustments to the opening balances of Foreign entities acquired during the fourth quarter of 2021. For the year ended December 31, 2021, the activity primarily relates to the opening balances of Foreign entities acquired during the year. For the year ended December 31, 2020, the activity primarily relates to foreign currency translation. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. Brunswick Corporation (we, us, our, the Company, or Brunswick) has prepared its consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain previously reported amounts have been reclassified to conform with current period presentation. Brunswick's results reflect continuing operations only, unless otherwise noted. |
Principles of Consolidation | Principles of Consolidation. Brunswick's consolidated financial statements include the accounts of all majority owned and controlled domestic and foreign subsidiaries. Intercompany balances and transactions have been eliminated. |
Use of Estimates | Use of Estimates. The preparation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates. Actual results could differ materially from those estimates. These estimates affect: • The reported amounts of revenues and expenses during the reporting periods; • The reported amounts of assets and liabilities at the date of the financial statements; and • The disclosure of contingent assets and liabilities at the date of the financial statements. Estimates in these consolidated financial statements include, but are not limited to: • Allowances for doubtful accounts; • Inventory valuation reserves; • Variable consideration related to recorded revenue; • Reserves related to repurchase and recourse obligations; • Warranty related reserves; • Losses on litigation and other contingencies; • Environmental reserves; • Insurance reserves; • Valuation of goodwill and other intangible assets; • Impairments of long-lived assets; • Reserves related to restructuring, exit and impairment activities; • Postretirement benefit liabilities; • Valuation allowances on deferred tax assets; and • Income tax reserves. |
Cash and Cash Equivalents | Cash and Cash Equivalents. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. These investments include, but are not limited to, investments in money market funds, bank deposits, federal government and agency debt securities and commercial paper. |
Restricted Cash | Restricted Cash. Restricted Cash is primarily related to cash deposited in a trust that is pledged as collateral against certain workers' compensation-related obligations. Refer to Note 12 – Commitments and Contingencies for more information. |
Accounts and Notes Receivable and Allowance for Doubtful Accounts | Accounts and Notes Receivable and Allowance for Doubtful Accounts. The Company carries its accounts and notes receivable at their face amounts less an allowance for doubtful accounts. On a regular basis, the Company records an allowance for uncollectible receivables based upon known bad debt risks and past loss history, customer payment practices and economic conditions. Actual collection experience may differ from the current estimate of net receivables. A change to the allowance for doubtful accounts may be required if a future event or other change in circumstances results in a change in the estimate of the ultimate collectability of a specific account. |
Inventories | Inventories. Inventories are valued at the lower of co st or net realizable value, with net realizable value |
Property | Property. Property, including major improvements and product tooling costs, is recorded at cost. Product tooling costs principally comprise the cost to acquire and construct various long-lived molds, dies and other tooling the Company uses in its manufacturing processes. Design and prototype development costs associated with product tooling are expensed as incurred. Maintenance and repair costs are also expensed as incurred. Depreciation is recorded over the estimated service lives of the related assets, principally using the straight-line method. Buildings and improvements are depreciated over a useful life of five to forty years. Equipment is depreciated over a useful life of two to twenty years. Product tooling costs are amortized over the shorter of the useful life of the tooling or the anticipated life of the applicable product, for a period up to eight years. The Company capitalizes interest on qualifying assets during the construction period and capitalized $6.9 million and $4.2 million in the periods ending December 31, 2022 and 2021, respectively. The Company presents capital expenditures on a cash basis within the Consolidated Statements of Cash Flows. There were $56.2 million and $63.9 million of unpaid capital expenditures within Accounts payable as of December 31, 2022 and 2021, respectively. The Company includes gains and losses recognized on the sale and disposal of property in either Selling, general and administrative expenses or Restructuring, exit and impairment charges as appropriate. The amount of gains and losses for the years ended December 31 were as follows: (in millions) 2022 2021 2020 Gains on the sale of property $ 3.5 $ 1.4 $ 0.7 Losses on the sale and disposal of property (1.2) (0.9) (0.5) Net gains on sale and disposal of property $ 2.3 $ 0.5 $ 0.2 |
Software Development Costs | Software Development Costs for Internal Use. The Company expenses all software development and implementation costs incurred until the Company has determined that the software will result in probable future economic benefit and management has committed to funding the project. Once this is determined, external direct costs of material and services, payroll-related costs of employees working on the project and related interest costs incurred during the application development stage are capitalized. These capitalized costs are amortized over three to seven years. All other related costs, including training costs and costs to re-engineer business processes, are expensed as incurred. |
Equity Investments | Equity Investments. For investments in which the Company owns or controls from 20 percent to 50 percent of the voting shares, the Company uses the equity method of accounting. The Company's share of net earnings or losses from equity method investments is included in the Consolidated Statements of Operations. The Company carries other investments, for which the Company does not have the ability to exercise significant influence, at fair value, with changes in fair value recognized in net income. For equity investments that do not have a readily determinable fair value, the Company measures the investment at cost less impairment, plus or minus observable equity price changes. The Company periodically evaluates the carrying value of its investments. See Note 8 – Investments for further details about the Company's evaluation of the fair value of its investments. |
Long-Lived Assets | Long-Lived Assets. The Company continually evaluates whether events and circumstances have occurred that indicate the remaining estimated useful lives of its definite-lived intangible assets and other long-lived assets may warrant revision or that the remaining balance of such assets may not be recoverable. Once an impairment indicator is identified, the Company tests for recoverability of the related asset group using an estimate of undiscounted cash flows over the asset group's remaining life. If an asset group's carrying value is not recoverable, the Company records an impairment loss based on the excess of the carrying value of the asset group over the long-lived asset group's fair value. Fair value is determined using observable inputs, including the use of appraisals from independent third parties, when available, and, when observable inputs are not available, based on the Company's assumptions of the data that market participants would use in pricing the asset, based on the best information available in the circumstances. Specifically, the Company uses discounted cash flows to determine the fair value of the asset when observable inputs are unavailable. The Company tested its long-lived asset balances for impairment as indicators arose during 2022, 2021 and 2020, resulting in impairment charges of $1.5 million, $0.8 million and $0.9 million, respectively, which are recognized either in Restructuring, exit and impairment charges or Selling, general and administrative expense in the Consolidated Statements of Operations. |
Other Long-Term Assets | Other Long-Term Assets. Other long-term assets consists mainly of capitalized financing costs and deposits. |
Revenue Recognition | Revenue Recognition. Revenue is recognized as performance obligations under the terms of contracts with customers are satisfied; this occurs when control of promised goods is transferred to the customer. The Company recognizes revenue related to the sale of extended warranty contracts that extend the coverage period beyond the standard warranty period over the life of the extended warranty period. Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for transferring goods or providing services. The Company has excluded sales, value add, and other taxes collected concurrent with revenue-producing activities from the determination of the transaction price for all contracts. The Company has elected to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment activity. For all contracts with customers, the Company has not adjusted the promised amount of consideration for the effects of a significant financing component as the period between the transfer of the promised goods and the customer's payment is expected to be one year or less. For product sales, the Company transfers control and recognizes revenue at the time the product ships from a manufacturing or distribution facility ("free on board shipping point"), or at the time the product arrives at the customer's facility ("free on board destination"). When the shipping terms are "free on board shipping point", the customer obtains control and is able to direct the use of, and obtain substantially all of the benefits from, the products at the time the products are shipped. For shipments provided under "free on board destination", control transfers to the customer upon delivery. Payment terms vary but are generally due within 30 days of transferring control. For the Company's Boat and Propulsion segments, most product sales to dealers are wholesale financed through the Company's joint venture, Brunswick Acceptance Company, LLC (BAC), or other lending institutions, and payment is typically due in the month of shipment. For further information on the BAC joint venture, refer to Note 9 – Financing Joint Venture . In addition, periodically the Company may require the customer to provide upfront cash deposits in advance of performance. The Company also sells separately priced, extended warranty contracts that extend the coverage period beyond the standard warranty period. When determining an appropriate allocation of the transaction price to the extended warranty performance obligation, the Company uses an observable price to determine the stand-alone selling price. Extended warranties typically range from an additional 1 to 3 years. The Company receives payment at the inception of the contract and recognizes revenue over the extended warranty coverage period. This time-elapsed method is used to measure progress because the Company, on average, satisfies its performance obligation evenly over the warranty period. See Note 2 – Revenue Recognition for more information. |
Advertising Costs | Advertising Costs. The Company records advertising and promotion costs in Selling, general and administrative expense in the Consolidated Statements of Operations in the period when the advertising first takes place. Advertising and promotion costs were $39.9 million, $33.2 million and $29.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. |
Foreign Currency | Foreign Currency. The functional currency for the majority of Brunswick's operations is the U.S. dollar. All assets and liabilities of operations with a functional currency other than the U.S. dollar are translated at period-end currency exchange rates. The resulting translation adjustments are recorded in Accumulated other comprehensive loss, net of tax. Revenues and expenses of operations with a functional currency other than the U.S. dollar are translated at the average exchange rates for the period. Transaction gains and losses resulting from changes in foreign currency exchange rates are recorded in either Cost of sales or Other expense, net in the Consolidated Statements of Operations. |
Share-Based Compensation | Share-Based Compensation. The Company records amounts for all share-based compensation, including non-vested stock awards and performance-based share awards over the vesting period in the Consolidated Statements of Operations based upon their fair values at the date of the grant. Share-based compensation costs are included in Selling, general and administrative expense in the Consolidated Statements of Operations. See Note 17 – Stock Plans and Management Compensation for a description of the Company's accounting for share-based compensation plans. |
Research and Development | Research and Development. Research and development costs are expensed as incurred. |
Derivatives | Derivatives. The Company uses derivative financial instruments to manage its risk associated with movements in foreign currency exchange rates, interest rates, and commodity prices. These instruments are used in accordance with guidelines established by the Company's management and are not used for trading or speculative purposes. The Company records all derivatives on the Consolidated Balance Sheets at fair value. See Note 13 – Financial Instruments for further discussion. |
Recent Accounting Pronouncements | Recently Adopted Accounting Standards Revenue Contracts Acquired in Business Combinations : In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08, Accounting for Contract Assets and Contract Liabilities From Contracts With Customers , which amended the guidance in Accounting Standards Codification ("ASC") 805 to require that the acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606. The Company early adopted the guidance in ASU 2021-08 on July 2, 2022. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Standards Fair Value Hedge Accounting : In March 2022, the FASB issued ASU 2022-01, Fair Value Hedging — Portfolio Layer Method , which clarifies the guidance in ASC 815 on fair value hedge accounting of interest-rate risk for portfolios of financial assets. The ASU amends the guidance that established the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible. The amendment is effective for financial statements for interim and annual periods beginning after December 15, 2022. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. Supplier Finance Programs : In September 2022, the FASB issued ASU 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations , which adds disclosure requirements associated with participation in supplier finance programs. ASU 2022-04 requires the buyer in a supplier finance program to disclose qualitative and quantitative information about the program including key terms and obligations outstanding at the end of the reporting period. ASU 2022-04 is effective for financial statements for interim and annual periods beginning after December 15, 2022. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. |
Marketable Securities, Policy | Investments in Marketable Securities . The Company classifies investments in debt securities that are not considered to be cash equivalents as Short-term investments in marketable securities as discussed in Note 8 – Investments . Short-term investments in marketable securities have a stated maturity of twelve months or less from the balance sheet date. These securities are considered as available-for-sale and are reported at fair value. Unrealized gains and losses on these debt securities are recorded net of tax as a component of Accumulated other comprehensive loss in Unrealized investment gains within Shareholders' equity. Declines in market value from the original cost deemed to be "other-than-temporary" are charged to Other expense, net in the Consolidated Statements of Operations in the period in which the loss occurs. The Company considers both the duration and extent of which a decline in value has occurred in its determination of whether a decline in value has been "other-than-temporary." Realized gains and losses are calculated based on the specific identification method and are included in Other expense, net in the Consolidated Statements of Operations. |
Significant Accounting Polici_3
Significant Accounting Policies Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Net Gains (Losses) on Sale and Disposal of Property [Table Text Block] | The amount of gains and losses for the years ended December 31 were as follows: (in millions) 2022 2021 2020 Gains on the sale of property $ 3.5 $ 1.4 $ 0.7 Losses on the sale and disposal of property (1.2) (0.9) (0.5) Net gains on sale and disposal of property $ 2.3 $ 0.5 $ 0.2 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents the Company's revenue into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors: Year Ended December 31, 2022 Year Ended December 31, 2021 (in millions) Propulsion Parts & Accessories Boat Total Propulsion Parts & Accessories Boat Total Geographic Markets United States $ 1,909.9 $ 1,562.1 $ 1,617.0 $ 5,089.0 $ 1,641.9 $ 1,383.7 $ 1,259.1 $ 4,284.7 Europe 391.5 351.8 181.8 925.1 376.8 275.8 162.5 815.1 Asia-Pacific 223.0 213.3 35.7 472.0 236.9 172.4 32.8 442.1 Canada 114.2 128.6 251.7 494.5 102.0 117.1 217.1 436.2 Rest-of-World 185.4 67.9 33.2 286.5 147.1 59.1 31.6 237.8 Segment Eliminations (398.3) (56.3) (0.3) (454.9) (337.5) (32.2) — (369.7) Total $ 2,425.7 $ 2,267.4 $ 2,119.1 $ 6,812.2 $ 2,167.2 $ 1,975.9 $ 1,703.1 $ 5,846.2 Major Product Lines Outboard Engines $ 2,221.5 $ — $ — $ 2,221.5 $ 1,935.1 $ — $ — $ 1,935.1 Controls, Rigging, and Propellers 382.1 — — 382.1 352.4 — — 352.4 Sterndrive Engines 220.4 — — 220.4 217.2 — — 217.2 Distribution Parts and Accessories — 781.7 — 781.7 — 820.1 — 820.1 Engine Parts and Accessories — 524.7 — 524.7 — 551.5 — 551.5 Navico Group (A) — 1,017.3 — 1,017.3 — 636.5 — 636.5 Aluminum Freshwater Boats — — 874.1 874.1 — — 712.4 712.4 Recreational Fiberglass Boats — — 727.4 727.4 — — 571.6 571.6 Saltwater Fishing Boats — — 404.3 404.3 — — 371.9 371.9 Business Acceleration — — 126.0 126.0 — — 60.1 60.1 Boat Eliminations/Other — — (12.4) (12.4) — — (12.9) (12.9) Segment Eliminations (398.3) (56.3) (0.3) (454.9) (337.5) (32.2) — (369.7) Total $ 2,425.7 $ 2,267.4 $ 2,119.1 $ 6,812.2 $ 2,167.2 $ 1,975.9 $ 1,703.1 $ 5,846.2 (A) Navico Group was formed in 2022 and consists of the former Advanced Systems Group businesses and the three P&A businesses acquired in 2021: Navico, RELiON and SemahTronix. Year Ended December 31, 2020 (in millions) Propulsion Parts & Accessories Boat Total Geographic Markets United States $ 1,207.8 $ 1,091.0 $ 957.5 $ 3,256.3 Europe 255.2 180.5 128.5 564.2 Asia-Pacific 240.4 117.9 27.7 386.0 Canada 66.7 80.9 114.2 261.8 Rest-of-World 108.3 38.5 22.4 169.2 Segment Eliminations (263.1) (26.9) — (290.0) Total $ 1,615.3 $ 1,481.9 $ 1,250.3 $ 4,347.5 Major Product Lines Outboard Engines $ 1,471.8 $ — $ — $ 1,471.8 Controls, Rigging, and Propellers 258.4 — — 258.4 Sterndrive Engines 148.2 — — 148.2 Distribution Parts and Accessories — 664.2 — 664.2 Engine Parts and Accessories — 432.5 — 432.5 Navico Group (A) — 412.1 — 412.1 Aluminum Freshwater Boats — — 488.5 488.5 Recreational Fiberglass Boats — — 427.1 427.1 Saltwater Fishing Boats — — 298.7 298.7 Business Acceleration — — 40.5 40.5 Boat Eliminations/Other — — (4.5) (4.5) Segment Eliminations (263.1) (26.9) — (290.0) Total $ 1,615.3 $ 1,481.9 $ 1,250.3 $ 4,347.5 (A) Navico Group was formed in 2022 and consists of the former Advanced Systems Group businesses and the three P&A businesses acquired in 2021: Navico, RELiON and SemahTronix. |
Restructuring, Exit, Impairme_2
Restructuring, Exit, Impairment and Integration Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | |
Summary of the Expense Associated with Restructuring, Exit, Impairment and Integration Activities | (in millions) Parts & Accessories Boat Corporate (A) Total Restructuring, exit and impairment activities: Employee termination and other benefits $ 7.7 $ — $ — $ 7.7 Asset related — — 17.4 17.4 Total 2022 restructuring, exit and impairment charges $ 7.7 $ — $ 17.4 $ 25.1 Employee termination and other benefits $ 0.7 $ 0.1 $ — $ 0.8 Total 2021 restructuring, exit and impairment charges $ 0.7 $ 0.1 $ — $ 0.8 Employee termination and other benefits $ 0.8 $ 0.3 $ 1.9 $ 3.0 Asset related — 0.5 — 0.5 Other — 0.5 0.1 0.6 Total 2020 restructuring, exit and impairment charges $ 0.8 $ 1.3 $ 2.0 $ 4.1 (A) Includes impairment charges of $17.4 million related to the Company's decision not to place certain capitalized software intangible assets into service during the year ended December 31, 2022. |
Schedule of Restructuring Reserve by Segment [Table Text Block] | The following tables summarize the change in accrued restructuring, exit and impairment charges within Accrued expenses in the Consolidated Balance Sheets for the years ended December 31, 2022, 2021 and 2020: (in millions) Parts & Accessories Boat Corporate Total Accrued Charges as of December 31, 2019 $ 1.2 $ 6.1 $ 1.5 $ 8.8 Total Charges 0.8 1.3 2.0 4.1 Non-Cash Charges — (0.5) — (0.5) Payments (A) (1.7) (5.7) (1.8) $ (9.2) Accrued Charges as of December 31, 2020 $ 0.3 $ 1.2 $ 1.7 $ 3.2 Total Charges 0.7 0.1 — 0.8 Payments (A) (1.0) (1.1) (1.7) $ (3.8) Accrued Charges as of December 31, 2021 $ — $ 0.2 $ — $ 0.2 Total Charges 7.7 — 17.4 25.1 Non-Cash Charges — — (17.4) (17.4) Payments (A) (3.6) (0.2) — $ (3.8) Accrued Charges as of December 31, 2022 (B) $ 4.1 $ — $ — $ 4.1 (A) Cash payments may include payments related to prior period charges. (B) The accrued charges as of December 31, 2022 are expected to be paid in the next twelve months. |
Acquisitions Schedule of assets
Acquisitions Schedule of assets acquired, liabilities assumed and cash consideration paid (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table is a summary of the assets acquired, liabilities assumed and net cash consideration paid, net of cash acquired, for the Navico acquisition: (in millions) Fair Value Useful Life Accounts and notes receivable $ 59.3 Inventory (A) 159.9 Goodwill (A)(B)(C)(D) 459.2 Trade names 133.0 Indefinite Developed technology 160.0 15 years Customer relationships 185.0 15 years Property and equipment 46.1 Other assets 26.6 Total assets acquired 1,229.1 Accounts payable 66.0 Accrued expenses (C) 48.6 Other liabilities (D) 23.4 Deferred tax liabilities (D) 18.7 Total liabilities assumed 156.7 Net cash consideration paid, net of cash acquired $ 1,072.4 (A) Includes $1.8 million of purchase accounting adjustments related to inventory reserves. (B) The goodwill recorded for the acquisition of Navico is partially deductible for tax purposes. (C) Includes $3.5 million of purchase accounting adjustments related to contingency reserves. |
Business Acquisition, Pro Forma Information [Table Text Block] | (in millions) Year Ended Year Ended Pro forma Net sales $ 6,812.2 $ 6,218.7 Pro forma Net earnings 684.9 589.6 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Operating Segments | Information about the operations of Brunswick's reportable segments is set forth below: Net Sales Operating Earnings (Loss) Total Assets (in millions) 2022 2021 2020 2022 2021 2020 2022 2021 Propulsion $ 2,824.0 $ 2,504.7 $ 1,878.4 $ 522.9 $ 449.7 $ 285.5 $ 1,516.7 $ 1,225.2 Parts & Accessories 2,323.7 2,008.1 1,508.8 336.2 335.8 275.4 3,037.6 2,939.4 Boat 2,119.4 1,703.1 1,250.3 212.8 142.3 70.2 829.8 609.9 Corporate/Other — — — (124.1) (114.9) (91.8) 937.2 650.5 Segment Eliminations (454.9) (369.7) (290.0) — — — — — Total $ 6,812.2 $ 5,846.2 $ 4,347.5 $ 947.8 $ 812.9 $ 539.3 $ 6,321.3 $ 5,425.0 Depreciation Amortization (in millions) 2022 2021 2020 2022 2021 2020 Propulsion $ 98.8 $ 84.2 $ 72.0 $ 3.1 $ — $ — Parts & Accessories 24.5 18.7 14.3 55.9 34.2 30.1 Boat 42.1 36.7 30.7 3.3 1.8 1.8 Corporate/Other 2.5 2.5 4.5 1.0 — — Total $ 167.9 $ 142.1 $ 121.5 $ 63.3 $ 36.0 $ 31.9 Capital Expenditures Research & Development Expense (in millions) 2022 2021 2020 2022 2021 2020 Propulsion $ 236.1 $ 162.2 $ 113.7 $ 104.6 $ 93.8 $ 85.4 Parts & Accessories 50.1 30.5 21.1 67.4 36.3 19.8 Boat 86.6 63.6 37.6 26.7 21.1 20.7 Corporate/Other 15.5 10.8 10.0 4.2 3.3 — Total $ 388.3 $ 267.1 $ 182.4 $ 202.9 $ 154.5 $ 125.9 |
Geographic Segments | Geographic Segments Net sales Net property (in millions) 2022 2021 2020 2022 2021 United States $ 4,699.2 $ 3,961.9 $ 2,998.0 $ 1,165.8 $ 937.7 International 2,113.0 1,884.3 1,349.5 92.8 97.2 Corporate/Other — — — 12.2 12.0 Total $ 6,812.2 $ 5,846.2 $ 4,347.5 $ 1,270.8 $ 1,046.9 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis: (in millions) Fair Value Category Fair Value Level December 31, 2022 December 31, 2021 Cash equivalents 1 $ 0.4 $ 0.4 Short-term investments in marketable securities 1 4.5 0.8 Restricted cash 1 12.9 12.2 Derivative assets 2 16.1 25.1 Derivative liabilities 2 9.9 2.9 Deferred compensation 1 1.6 1.4 Deferred compensation 2 14.1 17.7 Liabilities measured at net asset value 10.4 10.2 Refer to Note 13 – Financial Instruments for additional information related to the fair value of derivative assets and liabilities by class. |
Financing Receivables (Tables)
Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Financing Receivables, Excluding Trade Accounts Receivable Contractually Due Within One Year, by Segment | The Company’s financing receivables, excluding trade accounts receivable contractually due within one year, as of December 31, 2022 and December 31, 2021 were $6.1 million and $4.3 million, respectively. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities | The following is a summary of the fair values, which were equal to the amortized costs, of the Company's available-for-sale securities, all due in one year or less, as of December 31, 2022 and 2021. (in millions) December 31, 2022 December 31, 2021 Commercial Paper $ 3.7 $ — U.S. Treasury Bills 0.8 0.8 Total available-for-sale-securities $ 4.5 $ 0.8 |
Investment | Investments in Marketable Securities The Company may invest a portion of its cash reserves in marketable debt securities. These investments are reported in Short-term investments in marketable securities on the Consolidated Balance Sheets. The following is a summary of the fair values, which were equal to the amortized costs, of the Company's available-for-sale securities, all due in one year or less, as of December 31, 2022 and 2021. (in millions) December 31, 2022 December 31, 2021 Commercial Paper $ 3.7 $ — U.S. Treasury Bills 0.8 0.8 Total available-for-sale-securities $ 4.5 $ 0.8 The Company had $56.4 million and $55.9 million of maturities of available-for-sale securities in 2022 and 2021, respectively. The Company had no maturities of available-for-sale securities in 2020. Equity Investments The Company has certain unconsolidated international and domestic affiliates that are accounted for using the equity method. The equity method is applied in situations in which the Company has the ability to exercise significant influence, but not control, over the investees. Management reviews equity investments for impairment whenever indicators are present, suggesting that the carrying value of an investment is not recoverable. The following items are examples of impairment indicators: significant, sustained declines in an investee’s revenue, earnings, and cash flow trends; adverse market conditions of the investee’s industry or geographic area; the investee’s inability to execute its operating plan; the investee’s inability to continue operations measured by several items, including liquidity; and other factors. Once an impairment indicator is identified, management uses considerable judgment to determine if the decline in value is other-than-temporary. If the decline in value is determined to be other-than-temporary, then the equity investment is written down to its estimated fair value. Such a write down could negatively impact reported results of operations. The Company has a 50 percent interest in a Japanese manufacturing company, Tohatsu Marine Corporation (TMC), which is accounted for as an equity method investment. The Company purchases engines from TMC, which are sold mostly in international markets. The Company reported a net amount payable to TMC of $43.1 million and $44.2 million as of December 31, 2022 and December 31, 2021, respectively, within Accounts payable in the Consolidated Balance Sheets. Purchases from TMC were $137.7 million, $135.1 million and $91.0 million in 2022, 2021, and 2020, respectively. Refer to Note 9 – Financing Joint Venture |
Financing Joint Ventures (Table
Financing Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Services [Abstract] | |
Maximum Loss Exposure Related to Joint Venture | The Company's maximum loss exposure relating to BAC is detailed as follows: (in millions) December 31, December 31, Investment $ 20.3 $ 11.0 Repurchase and recourse obligations (A) 41.4 38.8 Liabilities (B) (1.1) (0.5) Total maximum loss exposure $ 60.6 $ 49.3 (A) Repurchase and recourse obligations are off-balance sheet obligations provided by the Company for the Propulsion, Parts & Accessories and Boat segments, respectively, and are included within the Maximum Potential Obligations disclosed in Note 12 – Commitments and Contingencies . Repurchase and recourse obligations include a North American repurchase agreement with WFCDF and could be reduced by repurchase activity occurring under other similar agreements with WFCDF and affiliates. The Company's risk under these repurchase arrangements is partially mitigated by the value of the products repurchased as part of the transaction. Amounts above exclude any potential recoveries from the value of the repurchased product. (B) Represents accrued amounts for potential losses related to recourse exposure and the Company's expected losses on obligations to repurchase products, after giving effect to proceeds anticipated to be received from the resale of these products to alternative dealers. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the Company's goodwill by segment during the periods ended December 31, 2022 and 2021 are summarized below: (in millions) Propulsion Parts & Accessories Boat Total December 31, 2020 $ 15.3 $ 372.5 $ 29.9 $ 417.7 Acquisitions — 442.9 29.0 471.9 Adjustments (0.6) (0.5) (0.1) (1.2) December 31, 2021 $ 14.7 $ 814.9 $ 58.8 $ 888.4 Acquisitions — — 66.6 66.6 Adjustments (0.7) 13.7 (0.4) 12.6 December 31, 2022 $ 14.0 $ 828.6 $ 125.0 $ 967.6 |
Schedule of Other Intangible Assets | The Company's intangible assets, included within Other intangibles, net on the Consolidated Balance Sheets as of December 31, 2022 and 2021, are summarized by intangible asset type below: 2022 2021 (in millions) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Intangible assets: Customer relationships (A) $ 897.4 $ (386.1) $ 889.4 $ (340.9) Trade names 305.4 — 306.1 — Developed technology (A) 160.0 (13.3) 160.0 (2.7) Other (A) 67.6 (33.6) 62.0 (21.8) Total $ 1,430.4 $ (433.0) $ 1,417.5 $ (365.4) (A) The weighted average remaining amortization period for Customer relationships, Developed technology and Other intangibles assets was 11.1 years, 13.8 years, and 4.9 years, respectively, as of December 31, 2022. Other intangible assets primarily consist of software, patents and franchise agreements. Gross and related accumulated amortization amounts include adjustments related to the impact of foreign currency translation. See Note 4 – Acquisitions for further details on intangibles acquired during 2022 and 2021. Aggregate amortization expense for intangibles was $63.3 million, $36.0 million and $31.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. Estimated amortization expense for intangible assets is $63.3 million for each of the years ending December 31, 2023, 2024, 2025, and 2026, and $60.7 million for the year ending December 31, 2027. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Earnings Before Income Taxes by Jurisdiction | The sources of Earnings before income taxes were as follows: (in millions) 2022 2021 2020 United States $ 603.2 $ 537.0 $ 354.5 Foreign 250.4 199.4 118.2 Earnings before income taxes $ 853.6 $ 736.4 $ 472.7 |
Schedule of Components of Income Tax Provision (Benefit) | The Income tax provision consisted of the following: (in millions) 2022 2021 2020 Current tax expense: U.S. Federal $ 109.8 $ 84.3 $ 66.9 State and local 20.3 11.2 9.8 Foreign 61.1 67.3 38.9 Total current 191.2 162.8 115.6 Deferred tax (benefit) expense: U.S. Federal (24.6) (4.9) (17.3) State and local 1.5 (5.9) 1.1 Foreign 4.2 (11.0) (1.4) Total deferred (18.9) (21.8) (17.6) Income tax provision $ 172.3 $ 141.0 $ 98.0 |
Schedule of Deferred Tax Assets and Liabilities | Temporary differences and carryforwards giving rise to deferred tax assets and liabilities as of December 31, 2022 and 2021 are summarized in the table below: (in millions) 2022 2021 Deferred tax assets: Loss carryforwards $ 56.8 $ 92.6 Tax credit carryforwards 52.9 57.6 Deferred revenue 36.3 23.0 Product warranties 33.6 28.1 Sales incentives and discounts 29.2 21.7 Operating lease liabilities 24.4 15.7 Interest expense 18.0 0.1 Equity compensation 13.5 13.8 Compensation and benefits 3.8 26.9 Other 62.4 68.7 Gross deferred tax assets 330.9 348.2 Valuation allowance (52.8) (97.9) Deferred tax assets 278.1 250.3 Deferred tax liabilities: Depreciation and amortization (81.7) (59.3) State and local income taxes (22.7) (22.7) Operating lease assets (21.8) (14.4) Other (9.3) (11.0) Deferred tax liabilities (135.5) (107.4) Total net deferred tax assets $ 142.6 $ 142.9 |
Reconciliation of Unrecognized Tax Benefits | The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for the 2022, 2021 and 2020 annual reporting periods: (in millions) 2022 2021 2020 Balance as of January 1 $ 9.7 $ 3.7 $ 3.7 Gross increases - tax positions prior periods 0.5 5.9 0.1 Gross decreases - tax positions prior periods (2.1) (0.2) — Gross increases - current period tax positions — 0.5 0.6 Decreases - settlements with taxing authorities (0.6) (0.2) (0.1) Reductions - lapse of statute of limitations — — (0.6) Balance as of December 31 $ 7.5 $ 9.7 $ 3.7 |
Reconciliation of Income Taxes at the Statutory Federal Income Tax Rate to Income Tax Provision (Benefit) | The difference between the actual income tax provision and the tax provision computed by applying the statutory Federal income tax rate to Earnings before income taxes is attributable to the following: (in millions) 2022 2021 2020 Income tax provision at 21 percent $ 179.3 $ 154.6 $ 99.2 State and local income taxes, net of Federal income tax effect 19.5 18.0 11.6 Deferred tax asset valuation allowance (10.4) (24.2) (0.2) Equity compensation (2.9) (1.8) (1.1) Change in estimates related to prior years and prior years amended tax return filings (1.3) 3.5 0.9 Federal and state tax credits (16.6) (14.9) (12.0) Taxes related to foreign income, net of credits 12.1 5.5 0.7 Deferred tax reassessment 6.4 6.4 5.4 FDII deduction (18.4) (15.3) (11.4) Other 4.6 9.2 4.9 Actual income tax provision $ 172.3 $ 141.0 $ 98.0 Effective tax rate 20.2 % 19.1 % 20.7 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Product Warranty Liabilities | The following activity related to product warranty liabilities was recorded in Accrued expenses during the years ended December 31, 2022 and December 31, 2021: (in millions) 2022 2021 Balance at beginning of period $ 129.3 $ 115.9 Payments (63.1) (64.9) Provisions/additions for contracts issued/sold 82.7 80.4 Aggregate changes for preexisting warranties (0.7) (2.6) Foreign currency translation (1.2) (1.2) Acquisitions — 9.1 Other (0.3) (7.4) Balance at end of period $ 146.7 $ 129.3 |
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 years ended December 31, 2022 and December 31, 2021: (in millions) 2022 2021 Balance at beginning of period $ 99.5 $ 87.4 Extended warranty contracts sold 37.0 32.7 Revenue recognized on existing extended warranty contracts (23.2) (20.2) Foreign currency translation (0.4) — Other (0.4) (0.4) Balance at end of period $ 112.5 $ 99.5 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Activity Related to Cash Flow Hedges Recorded in Accumulated Other Comprehensive Loss | The following activity related to cash flow hedges was recorded in Accumulated other comprehensive loss as of December 31: Accumulated Unrealized Derivative Gains (Losses) 2022 2021 (in millions) Pre-tax After-tax Pre-tax After-tax Beginning balance $ 21.6 $ 9.9 $ (12.1) $ (15.2) Net change in value of outstanding hedges 62.0 46.1 29.5 22.2 Net amount recognized into earnings (27.1) (20.0) 4.2 2.9 Ending balance $ 56.5 $ 36.0 $ 21.6 $ 9.9 |
Fair Values Of Derivative Instruments | As of December 31, 2022 and December 31, 2021, the fair values of the Company’s derivative instruments were: (in millions) Fair Value Asset Derivatives December 31, 2022 December 31, 2021 Derivatives Designated as Cash Flow Hedges Foreign exchange contracts $ 15.2 $ 8.8 Commodity contracts 0.3 1.9 Total $ 15.5 $ 10.7 Derivatives Designated as Net Investment Hedges Cross-currency swaps $ — $ 14.3 Other Hedging Activity Foreign exchange contracts $ 0.6 $ 0.1 Liability Derivatives Derivatives Designated as Cash Flow Hedges Foreign exchange contracts $ 8.0 $ 2.6 Commodity contracts 1.1 — Total $ 9.1 $ 2.6 Other Hedging Activity Foreign exchange contracts $ 0.8 $ 0.3 |
Effect of Derivative Instruments on the Consolidated Statement of Operations | The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive loss was as follows: (in millions) Derivatives Designated as Cash Flow Hedging Instruments December 31, 2022 December 31, 2021 Interest-rate contracts $ 5.3 $ (1.6) Foreign exchange contracts 30.6 10.7 Commodity contracts (2.1) 6.1 Total $ 33.8 $ 15.2 Derivatives Designated as Net Investment Hedging Instruments Cross-currency swaps $ 28.2 $ 14.3 The amount of gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows: (in millions) Derivatives Designated as Cash Flow Hedging Instruments Location of Gain (Loss) December 31, 2022 December 31, 2021 Interest-rate contracts Interest expense $ (0.3) $ (0.6) Foreign exchange contracts Cost of sales 26.0 (8.3) Commodity contracts Cost of sales 1.4 4.7 Total $ 27.1 $ (4.2) Derivatives Designated as Fair Value Hedging Instruments Interest-rate contracts Interest expense $ 0.7 $ 0.7 Other Hedging Activity Foreign exchange contracts Cost of sales $ 1.0 $ 0.3 Foreign exchange contracts Other expense, net 0.9 (4.1) Total $ 1.9 $ (3.8) |
Accrued Expenses Accrued Expens
Accrued Expenses Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Expenses | Accrued Expenses as of December 31, 2022 and 2021 were as follows: (in millions) 2022 2021 Compensation and benefit plans $ 180.9 $ 234.3 Product warranties 146.7 129.3 Sales incentives and discounts 164.2 127.6 Deferred revenue and customer deposits 70.3 61.4 Current operating lease liabilities 27.8 25.8 Interest 30.6 20.9 Income taxes 10.1 17.0 Real, personal and other non-income taxes 6.2 16.1 Insurance reserves 13.9 14.4 Environmental reserves 6.3 7.0 Legal fees 14.6 6.1 Derivatives 9.9 2.9 Other 56.8 48.5 Total accrued expenses $ 738.3 $ 711.3 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The following table provides the changes in the Company's debt for the year ended December 31, 2022: (in millions) Short-term debt and current maturities of long-term debt Long-term debt Total Balance as of December 31, 2021 $ 37.4 $ 1,779.0 $ 1,816.4 Proceeds from issuances of debt 7.2 741.8 749.0 Repayments of long-term debt (37.3) (21.8) (59.1) Reclassification of long-term debt 81.6 (81.6) — Other 0.1 2.6 2.7 Balance as of December 31, 2022 $ 89.0 $ 2,420.0 $ 2,509.0 Long-term debt as of December 31, 2022 and December 31, 2021 consisted of the following: (in millions) 2022 2021 Senior Notes, 2.4% due 2031 $ 550.0 $ 550.0 Senior Notes, 0.85% due 2024 450.0 450.0 Senior Notes, 4.400% due 2032 450.0 — Senior Notes, 5.100% due 2052 300.0 — Senior Notes, 6.375% due 2049 230.0 230.0 Senior Notes, 6.500% due 2048 185.0 185.0 Notes, 7.125% due 2027 160.7 160.7 Senior Notes, 6.625% due 2049 125.0 125.0 Debentures, 7.375% due 2023 (A) 80.1 80.8 Term Loan, floating rate due 2023 (B) (C) — 56.3 Other Long-term debt 13.9 7.4 Total long-term debt 2,544.7 1,845.2 Unamortized discount and issuance costs (35.7) (28.8) Current maturities of long-term debt (89.0) (37.4) Long-term debt, net of current maturities, unamortized discount and debt issuance costs $ 2,420.0 $ 1,779.0 (A) Included in Debentures, 7.375% due 2023 as of December 31, 2022 and December 31, 2021, are the aggregate fair values related to the fixed-to-floating interest rate swaps as discussed in Note 13 – Financial Instruments . During the third quarter of 2022, the Debentures were reclassified from Long-term debt to Current maturities of long-term debt. (B) During 2022, the Company made the remaining principal repayments, totaling $56.3 million. (C) As of December 31, 2021, the interest rate was 1.72%. |
Schedule of Maturities of Long-term Debt, Net | Scheduled maturities: (in millions) 2023 $ 89.0 2024 451.5 2025 1.3 2026 1.1 2027 161.3 Thereafter 1,840.5 Total long-term debt including current maturities $ 2,544.7 |
Debt Instrument Redemption | The table below summarizes the general provisions of these long-term debt instruments. Senior Notes due 2031 Senior Notes due 2024 Senior Notes Due 2032 Senior Notes Due 2052 Senior Notes due 2049 Senior Notes due 2048 Notes due 2027 Senior Notes due 2049 Debentures due 2023 Coupon Rate 2.400% 0.850% 4.400% 5.100% 6.375% 6.500% 7.125% 6.625% 7.375% Maturity Date 8/18/2031 8/18/2024 9/15/2032 4/1/2052 4/15/2049 10/15/2048 8/1/2027 1/15/2049 9/1/2023 Interest Payment Frequency Semi-Annually Semi-Annually Semi-Annually Semi-Annually Quarterly Quarterly Semi-Annually Quarterly Semi-Annually Callable No Yes No No Yes Yes No Yes No Price Callable at: N/A Par N/A N/A Par Par N/A Par N/A Callable as of: N/A 8/18/2022 N/A N/A 4/15/2024 10/15/2023 N/A 1/15/2024 N/A Redeemable (A) Yes No Yes Yes No No Yes No No Redeemable at: Make-Whole Premium N/A Make-Whole Premium Make-Whole Premium N/A N/A Make-Whole Premium N/A N/A Redeemable until: 3-months prior to Maturity N/A 3-months prior to Maturity 6-months prior to Maturity N/A N/A 6-months prior to Maturity N/A N/A Change of Control (B) Yes Yes Yes Yes Yes Yes N/A Yes No (A) If the Company elects to redeem the debt instrument, it will pay a "make-whole" redemption price set forth in the respective indenture. (B) If the Company experiences a change of control, subject to certain circumstances, the Company may be required to repurchase some or all of the notes for an amount equal to 101 percent of the outstanding principal plus any accrued and unpaid interest. |
Postretirement Benefits (Tables
Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Reconciliation of the Changes in Plans Benefit Obligations, Fair Value of Plan Assets, and Statement of Funded Status | The funded status of the nonqualified pension plan includes projected and accumulated benefit obligations of $18.6 million and $24.7 million as of December 31, 2022 and 2021, respectively. The other postretirement plan is frozen. The funded status of the other postretirement benefit plan includes projected and accumulated benefit obligations of $21.1 million and $29.4 million as of December 31, 2022 and 2021, respectively. The Company's foreign pension and other postretirement plans are not significant, individually or in the aggregate. The projected benefit obligation, net of plan assets for the Company's foreign pension plans, was $11.5 million and $16.2 million as of December 31, 2022 and 2021, respectively. Activity impacting the Consolidated Statements of Operations and Consolidated Statements of Cash Flows related to these plans was immaterial in 2022, 2021, and 2020. |
Stock Plans and Management Co_2
Stock Plans and Management Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Non-Vested Stock Award Activity | The weighted average price per non-vested stock unit at grant date was $93.62, $91.14 and $64.13 for units granted in 2022, 2021 and 2020, respectively. Non-vested stock unit activity for the year ended December 31, 2022 was as follows: (in thousands, except grant date fair value) Non-vested Stock Unit Activity Weighted Average Grant Date Fair Non-vested units, unvested as of January 1, 2022 635 66.81 Awarded 226 93.62 Forfeited (28) 83.15 Vested (232) 51.32 Non-vested units, unvested as of December 31, 2022 601 82.14 |
Fair Value Assumptions for Performance Awards | The fair values of the senior executives' performance share award grants with a TSR modifier at the grant date in 2022, 2021 and 2020 were $94.59, $91.44 and $64.72, respectively, which were estimated using the Monte Carlo valuation model, and incorporated the following assumptions: 2022 2021 2020 Risk-free interest rate 1.7 % 0.2 % 1.4 % Dividend yield 1.5 % 1.2 % 1.5 % Volatility factor 54.8 % 65.6 % 46.6 % Expected life of award 2.9 years 2.9 years 2.9 years |
Performance Award Activity | Performance award activity for the year ended December 31, 2022 was as follows: (in thousands, except grant date fair value) Performance Awards Weighted Average Grant Date Fair Value ($) Performance awards, unvested at January 1 192 76.15 Awarded 207 70.32 Forfeited (5) 81.31 Vested and earned (203) 56.11 Performance awards, unvested at December 31 191 90.97 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Comprehensive Income [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the years ended December 31, 2022, 2021 and 2020: (in millions) Details about Accumulated other comprehensive loss components 2022 2021 2020 Affected line item in the statement where net income is presented Amortization of defined benefit items: Prior service credits $ 0.7 $ 0.2 $ 0.7 Other expense, net Net actuarial losses (0.9) (1.1) (1.1) Other expense, net (0.2) (0.9) (0.4) Earnings before income taxes — 0.1 0.1 Income tax provision $ (0.2) $ (0.8) $ (0.3) Net earnings from continuing operations Amount of gain (loss) reclassified into earnings on derivative contracts: Interest rate contracts $ (0.3) $ (0.6) $ (0.6) Interest expense Foreign exchange contracts 26.0 (8.3) 7.4 Cost of sales Commodity contracts 1.4 4.7 — Cost of sales 27.1 (4.2) 6.8 Earnings before income taxes (7.1) 1.3 (1.8) Income tax provision $ 20.0 $ (2.9) $ 5.0 Net earnings from continuing operations |
Treasury Stock (Tables)
Treasury Stock (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Treasury Stock Activity | Treasury stock activity for the years ended December 31, 2022, 2021 and 2020 was as follows: (Shares in thousands) 2022 2021 2020 Balance as of January 1 25,605 24,663 22,969 Compensation plans and other (343) (303) (263) Share repurchases 5,911 1,245 1,957 Balance as of December 31 31,173 25,605 24,663 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease Assets and Lease Liabilities [Table Text Block] | A summary of the Company's lease assets and lease liabilities as of December 31, 2022 and December 31, 2021 is as follows: (in millions) Classification 2022 2021 Lease Assets Operating lease assets Operating lease assets $ 114.8 $ 92.8 Lease Liabilities Current operating lease liabilities Accrued expenses 27.8 25.8 Non-current operating lease liabilities Operating lease liabilities 97.8 75.5 Total lease liabilities $ 125.6 $ 101.3 |
Lease, Cost [Table Text Block] | A summary of the Company's total lease cost for the years ended December 31, 2022, December 31, 2021 and December 31, 2020 is as follows: (in millions) Classification 2022 2021 2020 Operating lease cost Selling, general, and administrative expense $ 16.2 $ 13.4 $ 13.2 Cost of sales 34.0 28.6 24.9 Variable lease cost Selling, general, and administrative expense 1.3 1.1 1.1 Cost of sales 5.5 5.2 4.8 Total lease cost (A) $ 57.0 $ 48.3 $ 44.0 (A) Includes total short-term lease cost which is immaterial. |
Operating Lease Liability, Maturity Analysis [Table Text Block] | The Company's maturity analysis of its operating lease liabilities as of December 31, 2022 is as follows: (in millions) 2023 $ 33.0 2024 30.3 2025 18.9 2026 13.7 2027 11.3 Thereafter 49.5 Total lease payments 156.7 Less: Interest (31.1) Present value of lease liabilities $ 125.6 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 04, 2021 | |
Significant Accounting Policies [Line Items] | ||||
Percentage of the Company's Inventories Utilizing First In, First Out Method (FIFO) | 54% | 55% | ||
Amount Last In, First Out (LIFO) Inventory Method is Below First In, First Out (FIFO) Inventory Method in Inventory Calculation | $ 170.6 | $ 152.7 | ||
Accumulated Capitalized Interest Costs | 6.9 | 4.2 | ||
Capital Expenditures Incurred but Not yet Paid | 56.2 | 63.9 | ||
Gains on the Sale of Property | 3.5 | 1.4 | $ 0.7 | |
Losses on the Sale and Disposal of Property | (1.2) | (0.9) | (0.5) | |
Net Gains (Losses) on Sale and Disposal of Property | 2.3 | 0.5 | 0.2 | |
Impairment of Long-Lived Assets | 1.5 | 0.8 | 0.9 | |
Advertising Costs | 39.9 | 33.2 | 29.7 | |
Effect of LIFO Inventory Liquidation on Income | 0 | $ 0 | $ 7 | |
Customer Relationships | 24.1 | |||
Parts and Accessories [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Goodwill and Intangible Asset Impairment | 17.4 | |||
Customer Relationships [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Customer Relationships | $ 17.2 | |||
Navico | Customer Relationships [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Customer Relationships | $ 185 | |||
Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Extended Warranty Period of Coverage | 1 year | |||
Amortization Period for Customer Relationships and Trade Names | 3 years | |||
Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Extended Warranty Period of Coverage | 3 years | |||
Building and Building Improvements [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Asset Depreciable Life (in Years) | 5 years | |||
Building and Building Improvements [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Asset Depreciable Life (in Years) | 40 years | |||
Equipment [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Asset Depreciable Life (in Years) | 2 years | |||
Equipment [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Asset Depreciable Life (in Years) | 20 years | |||
Tools, Dies and Molds [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Asset Depreciable Life (in Years) | 8 years | |||
Software Development [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Asset Depreciable Life (in Years) | 3 years | |||
Software Development [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Asset Depreciable Life (in Years) | 7 years | |||
Amortization Period for Customer Relationships and Trade Names | 15 years |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 6,812.2 | $ 5,846.2 | $ 4,347.5 | |||
Boat Eliminations [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (12.4) | (12.9) | (4.5) | |||
Boat [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,119.1 | 1,703.1 | 1,250.3 | |||
Boat [Member] | Boat Eliminations [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (12.4) | (12.9) | (4.5) | |||
Parts and Accessories [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,267.4 | 1,975.9 | 1,481.9 | |||
Parts and Accessories [Member] | Boat Eliminations [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Propulsion [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,425.7 | 2,167.2 | 1,615.3 | |||
Propulsion [Member] | Boat Eliminations [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Aluminum Freshwater Boats [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 874.1 | 712.4 | 488.5 | |||
Aluminum Freshwater Boats [Member] | Boat [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 874.1 | 712.4 | 488.5 | |||
Aluminum Freshwater Boats [Member] | Parts and Accessories [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Aluminum Freshwater Boats [Member] | Propulsion [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Recreational Fiberglass Boats [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 727.4 | 571.6 | 427.1 | |||
Recreational Fiberglass Boats [Member] | Boat [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 727.4 | 571.6 | 427.1 | |||
Recreational Fiberglass Boats [Member] | Parts and Accessories [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Recreational Fiberglass Boats [Member] | Propulsion [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Saltwater Fishing Boats [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 404.3 | 371.9 | 298.7 | |||
Saltwater Fishing Boats [Member] | Boat [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 404.3 | 371.9 | 298.7 | |||
Saltwater Fishing Boats [Member] | Parts and Accessories [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Saltwater Fishing Boats [Member] | Propulsion [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Business Acceleration [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 126 | 60.1 | 40.5 | |||
Business Acceleration [Member] | Boat [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 126 | 60.1 | 40.5 | |||
Business Acceleration [Member] | Parts and Accessories [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Business Acceleration [Member] | Propulsion [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Outboard Engines [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,221.5 | 1,935.1 | 1,471.8 | |||
Outboard Engines [Member] | Boat [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Outboard Engines [Member] | Parts and Accessories [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Outboard Engines [Member] | Propulsion [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,221.5 | 1,935.1 | 1,471.8 | |||
Controls, Rigging, and Propellers [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 382.1 | 352.4 | 258.4 | |||
Controls, Rigging, and Propellers [Member] | Boat [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
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 | |||
Controls, Rigging, and Propellers [Member] | Propulsion [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 382.1 | 352.4 | 258.4 | |||
Sterndrive Engine [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 220.4 | 217.2 | 148.2 | |||
Sterndrive Engine [Member] | Boat [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Sterndrive Engine [Member] | Parts and Accessories [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Sterndrive Engine [Member] | Propulsion [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 220.4 | 217.2 | 148.2 | |||
Distribution [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 781.7 | 820.1 | 664.2 | |||
Distribution [Member] | Boat [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Distribution [Member] | Parts and Accessories [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 781.7 | 820.1 | 664.2 | |||
Distribution [Member] | Propulsion [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Engine Parts and Accessories [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 524.7 | 551.5 | 432.5 | |||
Engine Parts and Accessories [Member] | Boat [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Engine Parts and Accessories [Member] | Parts and Accessories [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 524.7 | 551.5 | 432.5 | |||
Engine Parts and Accessories [Member] | Propulsion [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |||
Navico Group | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,017.3 | [1] | 636.5 | [1] | 412.1 | [2] |
Navico Group | Boat [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | [1] | 0 | [1] | 0 | [2] |
Navico Group | Parts and Accessories [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,017.3 | [1] | 636.5 | [1] | 412.1 | [2] |
Navico Group | Propulsion [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | [1] | 0 | [1] | 0 | [2] |
Marine Eliminations [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (454.9) | (369.7) | (290) | |||
Marine Eliminations [Member] | Boat [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (0.3) | 0 | 0 | |||
Marine Eliminations [Member] | Parts and Accessories [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (56.3) | (32.2) | (26.9) | |||
Marine Eliminations [Member] | Propulsion [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (398.3) | (337.5) | (263.1) | |||
United States [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,089 | 4,284.7 | 3,256.3 | |||
United States [Member] | Boat [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,617 | 1,259.1 | 957.5 | |||
United States [Member] | Parts and Accessories [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,562.1 | 1,383.7 | 1,091 | |||
United States [Member] | Propulsion [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,909.9 | 1,641.9 | 1,207.8 | |||
Europe [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 925.1 | 815.1 | 564.2 | |||
Europe [Member] | Boat [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 181.8 | 162.5 | 128.5 | |||
Europe [Member] | Parts and Accessories [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 351.8 | 275.8 | 180.5 | |||
Europe [Member] | Propulsion [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 391.5 | 376.8 | 255.2 | |||
Asia-Pacific [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 472 | 442.1 | 386 | |||
Asia-Pacific [Member] | Boat [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 35.7 | 32.8 | 27.7 | |||
Asia-Pacific [Member] | Parts and Accessories [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 213.3 | 172.4 | 117.9 | |||
Asia-Pacific [Member] | Propulsion [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 223 | 236.9 | 240.4 | |||
Canada [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 494.5 | 436.2 | 261.8 | |||
Canada [Member] | Boat [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 251.7 | 217.1 | 114.2 | |||
Canada [Member] | Parts and Accessories [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 128.6 | 117.1 | 80.9 | |||
Canada [Member] | Propulsion [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 114.2 | 102 | 66.7 | |||
Rest of World [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 286.5 | 237.8 | 169.2 | |||
Rest of World [Member] | Boat [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 33.2 | 31.6 | 22.4 | |||
Rest of World [Member] | Parts and Accessories [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 67.9 | 59.1 | 38.5 | |||
Rest of World [Member] | Propulsion [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 185.4 | $ 147.1 | $ 108.3 | |||
[1](A) Navico Group was formed in 2022 and consists of the former Advanced Systems Group businesses and the three P&A businesses acquired in 2021: Navico, RELiON and SemahTronix.[2](A) Navico Group was formed in 2022 and consists of the former Advanced Systems Group businesses and the three P&A businesses acquired in 2021: Navico, RELiON and SemahTronix. |
Revenue Recognition Contracts w
Revenue Recognition Contracts with Customer (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2022 | |
Revenue from Contract with Customer [Abstract] | ||||
Contract with Customer, Liability | $ 178.5 | $ 142.1 | ||
Contract with Customer, Liability, Revenue Recognized | 42.9 | |||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,812.2 | $ 5,846.2 | $ 4,347.5 | |
Boat Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (12.4) | (12.9) | (4.5) | |
Outboard Engines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,221.5 | 1,935.1 | 1,471.8 | |
Controls, Rigging, and Propellers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 382.1 | 352.4 | 258.4 | |
Sterndrive Engine [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 220.4 | 217.2 | 148.2 | |
Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 781.7 | 820.1 | 664.2 | |
Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 524.7 | 551.5 | 432.5 | |
Aluminum Freshwater Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 874.1 | 712.4 | 488.5 | |
Recreational Fiberglass Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 727.4 | 571.6 | 427.1 | |
Saltwater Fishing Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 404.3 | 371.9 | 298.7 | |
Business Acceleration [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 126 | 60.1 | 40.5 | |
Marine Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (454.9) | (369.7) | (290) | |
Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,119.1 | 1,703.1 | 1,250.3 | |
Boat [Member] | Boat Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (12.4) | (12.9) | (4.5) | |
Boat [Member] | Outboard Engines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Boat [Member] | Controls, Rigging, and Propellers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Boat [Member] | Sterndrive Engine [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Boat [Member] | Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Boat [Member] | Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Boat [Member] | Aluminum Freshwater Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 874.1 | 712.4 | 488.5 | |
Boat [Member] | Recreational Fiberglass Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 727.4 | 571.6 | 427.1 | |
Boat [Member] | Saltwater Fishing Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 404.3 | 371.9 | 298.7 | |
Boat [Member] | Business Acceleration [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 126 | 60.1 | 40.5 | |
Boat [Member] | Marine Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (0.3) | 0 | 0 | |
Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,425.7 | 2,167.2 | 1,615.3 | |
Propulsion [Member] | Boat Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Propulsion [Member] | Outboard Engines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,221.5 | 1,935.1 | 1,471.8 | |
Propulsion [Member] | Controls, Rigging, and Propellers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 382.1 | 352.4 | 258.4 | |
Propulsion [Member] | Sterndrive Engine [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 220.4 | 217.2 | 148.2 | |
Propulsion [Member] | Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Propulsion [Member] | Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Propulsion [Member] | Aluminum Freshwater Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Propulsion [Member] | Recreational Fiberglass Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Propulsion [Member] | Saltwater Fishing Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Propulsion [Member] | Business Acceleration [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Propulsion [Member] | Marine Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (398.3) | (337.5) | (263.1) | |
Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,267.4 | 1,975.9 | 1,481.9 | |
Parts and Accessories [Member] | Boat Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Parts and Accessories [Member] | Outboard Engines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Parts and Accessories [Member] | Controls, Rigging, and Propellers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Parts and Accessories [Member] | Sterndrive Engine [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Parts and Accessories [Member] | Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 781.7 | 820.1 | 664.2 | |
Parts and Accessories [Member] | Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 524.7 | 551.5 | 432.5 | |
Parts and Accessories [Member] | Aluminum Freshwater Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Parts and Accessories [Member] | Recreational Fiberglass Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Parts and Accessories [Member] | Saltwater Fishing Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Parts and Accessories [Member] | Business Acceleration [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | |
Parts and Accessories [Member] | Marine Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (56.3) | (32.2) | (26.9) | |
United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,089 | 4,284.7 | 3,256.3 | |
United States [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,617 | 1,259.1 | 957.5 | |
United States [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,909.9 | 1,641.9 | 1,207.8 | |
United States [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,562.1 | 1,383.7 | 1,091 | |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 925.1 | 815.1 | 564.2 | |
Europe [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 181.8 | 162.5 | 128.5 | |
Europe [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 391.5 | 376.8 | 255.2 | |
Europe [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 351.8 | 275.8 | 180.5 | |
Asia-Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 472 | 442.1 | 386 | |
Asia-Pacific [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 35.7 | 32.8 | 27.7 | |
Asia-Pacific [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 223 | 236.9 | 240.4 | |
Asia-Pacific [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 213.3 | 172.4 | 117.9 | |
Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 494.5 | 436.2 | 261.8 | |
Canada [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 251.7 | 217.1 | 114.2 | |
Canada [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 114.2 | 102 | 66.7 | |
Canada [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 128.6 | 117.1 | 80.9 | |
Rest of World [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 286.5 | 237.8 | 169.2 | |
Rest of World [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 33.2 | 31.6 | 22.4 | |
Rest of World [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 185.4 | 147.1 | 108.3 | |
Rest of World [Member] | Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 67.9 | $ 59.1 | $ 38.5 |
Revenue Recognition Performance
Revenue Recognition Performance Obligations (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 170.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | 52.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 117.2 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | |||
(Loss) Earnings from Discontinued Operations, Net of Tax | $ (4.3) | $ (2.1) | $ (0.5) |
Gain on disposal of discontinued operations, net of tax | 0 | 0 | (1.5) |
Net (Loss) Earnings from Discontinued Operations, Net of Tax | (4.3) | (2.1) | (2) |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Restructuring, Exit, Impairme_3
Restructuring, Exit, Impairment and Integration Activities (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Restructuring Cost and Reserve [Line Items] | |||||
Employee Termination and Other Benefits | $ 7.7 | $ 0.8 | $ 3 | ||
Asset Impairment Charges | 17.4 | 0.5 | |||
Other | 0.6 | ||||
Restructuring Costs and Asset Impairment Charges | 25.1 | 0.8 | 4.1 | ||
Restructuring, Exit and Impairment Charges | 25.1 | 0.8 | 4.1 | ||
Restructuring Reserve [Roll Forward] | |||||
Accrued Charges - Beginning | 0.2 | 3.2 | 8.8 | ||
Restructuring, Exit and Impairment Charges | 25.1 | 0.8 | 4.1 | ||
Non-Cash Charges | (17.4) | (0.5) | |||
Payments | [1] | (3.8) | (3.8) | (9.2) | |
Accrued Charges - Ending | 4.1 | [2] | 0.2 | 3.2 | |
Boat [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring, Exit and Impairment Charges | 0 | 0.1 | 1.3 | ||
Restructuring Reserve [Roll Forward] | |||||
Accrued Charges - Beginning | 0.2 | 1.2 | 6.1 | ||
Restructuring, Exit and Impairment Charges | 0 | 0.1 | 1.3 | ||
Non-Cash Charges | 0 | (0.5) | |||
Payments | [1] | (0.2) | (1.1) | (5.7) | |
Accrued Charges - Ending | 0 | [2] | 0.2 | 1.2 | |
Parts and Accessories [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring, Exit and Impairment Charges | 17.4 | 0 | 2 | ||
Restructuring Reserve [Roll Forward] | |||||
Accrued Charges - Beginning | 0 | 1.7 | 1.5 | ||
Restructuring, Exit and Impairment Charges | 17.4 | 0 | 2 | ||
Non-Cash Charges | (17.4) | 0 | |||
Payments | [1] | 0 | (1.7) | (1.8) | |
Accrued Charges - Ending | 0 | [2] | 0 | 1.7 | |
Parts and Accessories [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring, Exit and Impairment Charges | 7.7 | 0.7 | 0.8 | ||
Restructuring Reserve [Roll Forward] | |||||
Accrued Charges - Beginning | 0 | 0.3 | 1.2 | ||
Restructuring, Exit and Impairment Charges | 7.7 | 0.7 | 0.8 | ||
Non-Cash Charges | 0 | 0 | |||
Payments | [1] | (3.6) | (1) | (1.7) | |
Accrued Charges - Ending | 4.1 | [2] | 0 | 0.3 | |
Restructuring and Exit Activities [Member] | Boat [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Employee Termination and Other Benefits | 0 | 0.1 | 0.3 | ||
Asset Impairment Charges | 0 | 0.5 | |||
Other | 0.5 | ||||
Restructuring Costs and Asset Impairment Charges | 0 | 0.1 | 1.3 | ||
Restructuring and Exit Activities [Member] | Parts and Accessories [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Employee Termination and Other Benefits | 0 | 0 | 1.9 | ||
Asset Impairment Charges | 17.4 | [3] | 0 | ||
Other | 0.1 | ||||
Restructuring Costs and Asset Impairment Charges | 17.4 | [3] | 0 | 2 | |
Restructuring and Exit Activities [Member] | Parts and Accessories [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Employee Termination and Other Benefits | 7.7 | 0.7 | 0.8 | ||
Asset Impairment Charges | 0 | 0 | |||
Other | 0 | ||||
Restructuring Costs and Asset Impairment Charges | $ 7.7 | $ 0.7 | $ 0.8 | ||
[1](A) Cash payments may include payments related to prior period charges.[2](B) The accrued charges as of December 31, 2022 are expected to be paid in the next twelve months.[3](A) Includes impairment charges of $17.4 million related to the Company's decision not to place certain capitalized software intangible assets into service during the year ended December 31, 2022. |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2022 | Oct. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 10, 2022 | Oct. 04, 2021 | |||
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Transferred | $ 66.1 | ||||||||
Goodwill | 967.6 | $ 967.6 | $ 888.4 | $ 417.7 | |||||
Customer Relationships | 24.1 | 24.1 | |||||||
Payments to Acquire Businesses, Net of Cash Acquired | 93.8 | 1,138.6 | 0 | ||||||
Business Combination, Acquisition Related Costs | $ 0 | $ (4) | $ 0 | ||||||
Effective Tax Rate | 20.20% | 19.10% | 20.70% | ||||||
Net Sales | $ 6,812.2 | $ 5,846.2 | $ 4,347.5 | ||||||
Operating Income (Loss) | 947.8 | 812.9 | $ 539.3 | ||||||
Trade Names [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Customer Relationships | 6.9 | 6.9 | |||||||
Other Current Assets | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill, Translation and Purchase Accounting Adjustments | 1.8 | ||||||||
Other Current Liabilities [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill, Translation and Purchase Accounting Adjustments | 18.4 | ||||||||
Accrued Expenses [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill, Translation and Purchase Accounting Adjustments | 3.5 | ||||||||
Goodwill | |||||||||
Business Acquisition [Line Items] | |||||||||
Customer Relationships | 36.8 | 36.8 | |||||||
Freedom Boat Club [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Transferred | $ 93.9 | ||||||||
Freedom Boat Club [Member] | Customer Relationships [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Trade Names | $ 11.9 | ||||||||
Navico | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Transferred | 1,094 | ||||||||
Accounts and Notes Receivable | $ 59.3 | ||||||||
Inventory | 159.9 | ||||||||
Goodwill | 382.4 | 382.4 | 459.2 | [1],[2] | |||||
Trade Names | 5.8 | 5.8 | 133 | ||||||
Property, Plant and Equipment | 46.1 | ||||||||
Other Assets | 26.6 | ||||||||
Total Assets Acquired | 1,229.1 | ||||||||
Accounts Payable | 66 | ||||||||
Accrued Expenses | [2] | 48.6 | |||||||
Accrued Expenses | 23.4 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | 18.7 | ||||||||
Total Liabilities Assumed | 156.7 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 1,072.4 | ||||||||
Pro Forma Net Sales | 6,812.2 | 6,218.7 | |||||||
Pro Forma Net Earnings | 684.9 | 589.6 | |||||||
Business Combination, Acquisition Related Costs | $ 1 | $ 13.8 | |||||||
Effective Tax Rate | 21% | ||||||||
Business Acquisition, Pro Forma Information, Description | 18.1 million | ||||||||
Net Sales | $ 120.4 | ||||||||
Operating Income (Loss) | (7.4) | ||||||||
Inventory, Noncurrent, Fair Value Disclosure | 9 | 9 | |||||||
Navico | Technology-Based Intangible Assets | |||||||||
Business Acquisition [Line Items] | |||||||||
Customer Relationships | $ 160 | ||||||||
Quarterly Acquisitions | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Acquisition Related Costs | 1.8 | ||||||||
Freedom Boat Club Franchises | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 66.6 | ||||||||
Selling, General and Administrative Expenses [Member] | Freedom Boat Club [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Transaction Costs | $ 1.4 | $ 1.4 | |||||||
[1](A) Includes $1.8 million of purchase accounting adjustments related to inventory reserves.[2] (B) The goodwill recorded for the acquisition of Navico is partially deductible for tax purposes. (C) Includes $3.5 million of purchase accounting adjustments related to contingency reserves. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 6,812.2 | $ 5,846.2 | $ 4,347.5 |
Operating Earnings (Loss) | 947.8 | 812.9 | 539.3 |
Total Assets | 6,321.3 | 5,425 | |
Depreciation | 167.9 | 142.1 | 121.5 |
Amortization | 63.3 | 36 | 31.9 |
Capital Expenditures | 388.3 | 267.1 | 182.4 |
Research & Development Expense | 202.9 | 154.5 | 125.9 |
Net property | 1,270.8 | 1,046.9 | |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 4,699.2 | 3,961.9 | 2,998 |
Net property | 1,165.8 | 937.7 | |
International [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,113 | 1,884.3 | 1,349.5 |
Net property | 92.8 | 97.2 | |
Parts and Accessories [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 0 | 0 | 0 |
Net property | 12.2 | 12 | |
Propulsion [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,824 | 2,504.7 | 1,878.4 |
Operating Earnings (Loss) | 522.9 | 449.7 | 285.5 |
Total Assets | 1,516.7 | 1,225.2 | |
Depreciation | 98.8 | 84.2 | 72 |
Amortization | 3.1 | 0 | 0 |
Capital Expenditures | 236.1 | 162.2 | 113.7 |
Research & Development Expense | 104.6 | 93.8 | 85.4 |
Parts and Accessories [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,323.7 | 2,008.1 | 1,508.8 |
Operating Earnings (Loss) | 336.2 | 335.8 | 275.4 |
Total Assets | 3,037.6 | 2,939.4 | |
Depreciation | 24.5 | 18.7 | 14.3 |
Amortization | 55.9 | 34.2 | 30.1 |
Capital Expenditures | 50.1 | 30.5 | 21.1 |
Research & Development Expense | 67.4 | 36.3 | 19.8 |
Boat [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 2,119.4 | 1,703.1 | 1,250.3 |
Operating Earnings (Loss) | 212.8 | 142.3 | 70.2 |
Total Assets | 829.8 | 609.9 | |
Depreciation | 42.1 | 36.7 | 30.7 |
Amortization | 3.3 | 1.8 | 1.8 |
Capital Expenditures | 86.6 | 63.6 | 37.6 |
Research & Development Expense | 26.7 | 21.1 | 20.7 |
Parts and Accessories [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 0 | 0 | 0 |
Operating Earnings (Loss) | (124.1) | (114.9) | (91.8) |
Total Assets | 937.2 | 650.5 | |
Depreciation | 2.5 | 2.5 | 4.5 |
Amortization | 1 | 0 | 0 |
Capital Expenditures | 15.5 | 10.8 | 10 |
Research & Development Expense | 4.2 | 3.3 | 0 |
Marine Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | (454.9) | (369.7) | (290) |
Operating Earnings (Loss) | 0 | 0 | $ 0 |
Total Assets | $ 0 | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Liabilities: | ||
Liabilities Measured at Net Asset Value | $ 10.4 | $ 10.2 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Cash Equivalents | 0.4 | 0.4 |
Short-Term Investments in Marketable Securities | 4.5 | 0.8 |
Restricted Cash | 12.9 | 12.2 |
Liabilities: | ||
Deferred Compensation | 1.6 | 1.4 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Derivatives | 16.1 | 25.1 |
Liabilities: | ||
Derivatives | 9.9 | 2.9 |
Deferred Compensation | $ 14.1 | $ 17.7 |
Financing Receivables (Details)
Financing Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Total Financing Receivables | $ 6.1 | $ 4.3 |
Investments (Details)
Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment [Line Items] | |||
Due to Affiliate | $ 43,100,000 | $ 44,200,000 | |
Related Party Transaction, Purchases from Related Party | 137,700,000 | 135,100,000 | $ 91,000,000 |
Commercial Paper | 3,700,000 | 0 | |
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 800,000 | 800,000 | |
Available-for-sale Securities | 4,500,000 | 800,000 | |
Proceeds from Maturities, Prepayments and Calls of Held-to-maturity Securities | $ 56,400,000 | $ 55,900,000 | |
TMC [Member] | |||
Investment [Line Items] | |||
Percentage of Ownership in Bella | 50% |
Financing Joint Ventures (Detai
Financing Joint Ventures (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Maximum loss exposure relating to joint venture [Abstract] | ||||
Income (Loss) from Equity Method Investments | $ 4 | $ 2.3 | $ 4.5 | |
Other Operating Activities, Cash Flow Statement | (14.2) | 6.6 | 19.3 | |
Payments for (Proceeds from) Investments | 11.2 | 11.3 | 4 | |
BAC [Member] | ||||
Maximum loss exposure relating to joint venture [Abstract] | ||||
Investment | 20.3 | 11 | ||
Repurchase and Recourse Obligations | [1] | 41.4 | 38.8 | |
Liabilities | [2] | (1.1) | (0.5) | |
Total Maximum Loss Exposure | $ 60.6 | 49.3 | ||
Percent of Ownership Held by BFS in BAC Joint Venture | 49% | |||
Percentage of Ownership Held by Third Party in Joint Venture | 51% | |||
Amount of Secured Borrowing Facility Funded for Joint Venture | $ 1,000 | |||
Total Investment of Subsidiary in Joint Venture | 20.3 | 11 | ||
Income (Loss) from Equity Method Investments | 4.5 | 2.1 | 4.6 | |
Other Operating Activities, Cash Flow Statement | 4.3 | 2.1 | 4.3 | |
Payments for (Proceeds from) Investments | 9.2 | (2.5) | (7.2) | |
(Proceeds from) [Member] | BAC [Member] | ||||
Maximum loss exposure relating to joint venture [Abstract] | ||||
Payments for (Proceeds from) Investments | (2.8) | (6.5) | (10.3) | |
Payments for [Member] | BAC [Member] | ||||
Maximum loss exposure relating to joint venture [Abstract] | ||||
Payments for (Proceeds from) Investments | $ 12 | $ 4 | $ 3.1 | |
[1] Repurchase and recourse obligations are off-balance sheet obligations provided by the Company for the Propulsion, Parts & Accessories and Boat segments, respectively, and are included within the Maximum Potential Obligations disclosed in Note 12 – Commitments and Contingencies . Repurchase and recourse obligations include a North American repurchase agreement with WFCDF and could be reduced by repurchase activity occurring under other similar agreements with WFCDF and affiliates. The Company's risk under these repurchase arrangements is partially mitigated by the value of the products repurchased as part of the transaction. Amounts above exclude any potential recoveries from the value of the repurchased product. |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles (Details 1) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 888.4 | $ 417.7 |
Acquisitions | 66.6 | 471.9 |
Adjustments | 12.6 | (1.2) |
Goodwill, Ending Balance | 967.6 | 888.4 |
Goodwill, Impaired, Accumulated Impairment Loss | 17.4 | 0 |
Business Acquisition [Line Items] | ||
Goodwill, Purchase Accounting Adjustments | $ 24.1 | |
Customer Relationships [Member] | ||
Goodwill [Roll Forward] | ||
Finite-Lived Intangible Asset, Weighted Average Remaining Useful Life | 11 years 1 month 6 days | |
Other | ||
Goodwill [Roll Forward] | ||
Finite-Lived Intangible Asset, Weighted Average Remaining Useful Life | 4 years 10 months 24 days | |
Computer Software, Intangible Asset | ||
Goodwill [Roll Forward] | ||
Finite-Lived Intangible Asset, Weighted Average Remaining Useful Life | 13 years 9 months 18 days | |
Boat [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 58.8 | 29.9 |
Acquisitions | 66.6 | 29 |
Adjustments | (0.4) | (0.1) |
Goodwill, Ending Balance | 125 | 58.8 |
Parts and Accessories [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 814.9 | 372.5 |
Acquisitions | 0 | 442.9 |
Adjustments | 13.7 | (0.5) |
Goodwill, Ending Balance | 828.6 | 814.9 |
Propulsion [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 14.7 | 15.3 |
Acquisitions | 0 | 0 |
Adjustments | (0.7) | (0.6) |
Goodwill, Ending Balance | $ 14 | $ 14.7 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles (Details 2) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Amount | $ 1,430.4 | $ 1,417.5 | ||
Accumulated Amortization | (433) | (365.4) | ||
Amortization Expense for Intangibles | 63.3 | 36 | $ 31.9 | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||
2019 | 63.3 | 60.7 | ||
Trade Names [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Amount | 305.4 | 306.1 | ||
Accumulated Amortization | 0 | 0 | ||
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Amount | [1] | 897.4 | 889.4 | |
Accumulated Amortization | [1] | $ (386.1) | (340.9) | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||
Finite-Lived Intangible Asset, Weighted Average Remaining Useful Life | 11 years 1 month 6 days | |||
Other | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Amount | [1] | $ 67.6 | 62 | |
Accumulated Amortization | [1] | $ (33.6) | (21.8) | |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||
Finite-Lived Intangible Asset, Weighted Average Remaining Useful Life | 4 years 10 months 24 days | |||
Developed Technology Rights | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Amount | $ 160 | 160 | ||
Accumulated Amortization | $ (13.3) | $ (2.7) | ||
Computer Software, Intangible Asset | ||||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||||
Finite-Lived Intangible Asset, Weighted Average Remaining Useful Life | 13 years 9 months 18 days | |||
[1](A) The weighted average remaining amortization period for Customer relationships, Developed technology and Other intangibles assets was 11.1 years, 13.8 years, and 4.9 years, respectively, as of December 31, 2022 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
United States | $ 603.2 | $ 537 | $ 354.5 |
Foreign | 250.4 | 199.4 | 118.2 |
Earnings Before Income Taxes | 853.6 | 736.4 | 472.7 |
Current tax expense (benefit) [Abstract] | |||
U.S. Federal | 109.8 | 84.3 | 66.9 |
State and Local | 20.3 | 11.2 | 9.8 |
Foreign | 61.1 | 67.3 | 38.9 |
Total Current | 191.2 | 162.8 | 115.6 |
Deferred tax expense (benefit) [Abstract] | |||
U.S. Federal | (24.6) | (4.9) | (17.3) |
State and Local | 1.5 | (5.9) | 1.1 |
Foreign | 4.2 | (11) | (1.4) |
Total Deferred | (18.9) | (21.8) | (17.6) |
Income Tax Provision | 172.3 | 141 | $ 98 |
Deferred Tax Assets: | |||
Loss Carryforwards | 56.8 | 92.6 | |
Tax Credit Carryforwards | 52.9 | 57.6 | |
Product Warranties | 33.6 | 28.1 | |
Sales Incentives and Discounts | 29.2 | 21.7 | |
Compensation and Benefits | 3.8 | 26.9 | |
Deferred Revenue | 36.3 | 23 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 24.4 | 15.7 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 13.5 | 13.8 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 18 | 0.1 | |
Other | 62.4 | 68.7 | |
Gross Deferred Tax Assets | 330.9 | 348.2 | |
Valuation Allowance | (52.8) | (97.9) | |
Deferred Tax Assets | 278.1 | 250.3 | |
Deferred Tax Liabilities, Leasing Arrangements | (21.8) | (14.4) | |
Deferred Tax Liabilities: | |||
Depreciation and Amortization | (81.7) | (59.3) | |
State and Local Income Taxes | (22.7) | (22.7) | |
Other | (9.3) | (11) | |
Deferred Tax Liabilities | (135.5) | (107.4) | |
Total Net Deferred Tax Assets | $ 142.6 | $ 142.9 |
Income Taxes, Valuation Allowan
Income Taxes, Valuation Allowances and NOL Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 69.7 | |
Tax Benefit of Loss Carryovers | 56.8 | $ 92.6 |
NOL Carryforwards which Expire | 47.6 | |
NOL Carryforwards which have an Unlimited Life | 22.1 | |
Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Valuation Allowance | (52.8) | $ (97.9) |
Foreign Jurisdictions [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Benefit of Loss Carryovers | 43.3 | |
Federal Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Benefit of Loss Carryovers | 1.3 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax Benefit of Loss Carryovers | 25.1 | |
United States [Member] | ||
Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Valuation Allowance | (31.3) | |
Foreign Jurisdictions [Member] | ||
Valuation Allowance [Abstract] | ||
Deferred Tax Assets, Valuation Allowance | $ (21.5) |
Income Taxes, Tax Credits and U
Income Taxes, Tax Credits and Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Gross Unrecognized Tax Benefits, Including Interest | $ 7.8 | $ 7.8 | $ 10.1 | $ 4.1 |
Reconciliation of the total amounts of unrecognized tax benefits [Roll Forward] | ||||
Balance at January 1 | 9.7 | 3.7 | 3.7 | |
Gross Increases - Tax Positions Prior Periods | 0.5 | 5.9 | 0.1 | |
Gross Decreases - Tax Positions Prior Periods | (2.1) | (0.2) | 0 | |
Gross Increases - Current Period Tax Positions | 0 | 0.5 | 0.6 | |
Decreases - Settlements with Taxing Authorities | (0.6) | (0.2) | (0.1) | |
Reductions - Lapse of Statute of Limitations | 0 | 0 | (0.6) | |
Balance at December 31 | 7.5 | 7.5 | 9.7 | 3.7 |
Possible Decrease in Unrecognized Tax Benefits in 2017 | 0.2 | 0.2 | ||
Tax Credit Carryforward [Line Items] | ||||
Tax Credit Carryforward, Amount | 52.9 | 52.9 | ||
Tax Credit Carryforwards | 52.9 | 52.9 | 57.6 | |
Gross Unrecognized Tax Benefits, Including Interest | 7.8 | 7.8 | 10.1 | 4.1 |
Income Tax Provision | 172.3 | $ 141 | $ 98 | |
SEC Schedule, 12-09, Valuation Allowance, Tax Credit Carryforward | ||||
Tax Credit Carryforward [Line Items] | ||||
Income Tax Provision | (21) | |||
General Business Credits [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax Credit Carryforwards | 5.7 | 5.7 | ||
State Tax Credits [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Tax Credit Carryforwards | $ 47.2 | $ 47.2 |
Income Taxes, Income Tax Reconc
Income Taxes, Income Tax Reconciliation and Allocation of Income Tax Provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Provision | $ 172.3 | $ 141 | $ 98 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Income Tax Provision at 35 Percent | 179.3 | 154.6 | 99.2 |
State and Local Income Taxes, Net of Federal Income Tax Effect | 19.5 | 18 | 11.6 |
Deferred Tax Asset Valuation Allowance | (10.4) | (24.2) | (0.2) |
Equity Compensation | (2.9) | (1.8) | (1.1) |
Change in Estimates Related to Prior Years and Prior Years Amended Tax Return Filings | (1.3) | 3.5 | 0.9 |
Federal and State Tax Credits | (16.6) | (14.9) | (12) |
Taxes Related to Foreign Income, Net of Credits | 12.1 | 5.5 | 0.7 |
Deferred Tax Reassessment | 6.4 | 6.4 | 5.4 |
FDII Deduction | (18.4) | (15.3) | (11.4) |
Other | 4.6 | 9.2 | 4.9 |
Income Tax Provision | $ 172.3 | $ 141 | $ 98 |
Effective Tax Rate | 20.20% | 19.10% | 20.70% |
Income Tax Expense (Benefit), Intraperiod Tax Allocation [Abstract] | |||
Continuing Operations | $ 172.3 | $ 141 | $ 98 |
Deferred Tax Liabilities, Undistributed Foreign Earnings | $ 0 | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | |||
Potential Cash Payments to Third Parties Recourse, Single Year Obligation | $ 71,700,000 | $ 48,000,000 | |
Amounts of Accounts Receivable Under Sale Arrangements, Current Portion | 4,100,000 | 1,900,000 | |
Potential Cash Payments To Third Parties To Repurchase Collateral Single Year Obligation | 69,900,000 | 58,500,000 | |
Amount of Accrual for Potential Losses Related to Repurchase Exposure | 800,000 | 400,000 | |
Letters of Credit Outstanding | 3,400,000 | ||
Amount of Outstanding Surety Bonds | 18,500,000 | ||
Amount of Restricted Cash Collateral Against Workers Comp Obligations | 12,900,000 | 12,200,000 | $ 10,700,000 |
Activity Related to Product Warranty Liabilities [Roll Forward] | |||
Balance at Beginning of Period | 129,300,000 | 115,900,000 | |
Payments Made | (63,100,000) | (64,900,000) | |
Provisions/Additions for Contracts Issued/Sold | 82,700,000 | 80,400,000 | |
Aggregate Changes for Preexisting Warranties | (700,000) | (2,600,000) | |
Foreign Currency Translation | (1,200,000) | (1,200,000) | |
Other | (300,000) | (7,400,000) | |
Balance at End of Period | 146,700,000 | 129,300,000 | 115,900,000 |
Activity Related to Extended Product Warranty Accrual [Roll Forward] | |||
Balance at Beginning of Period | 99,500,000 | 87,400,000 | |
Extended Warranty Contracts Sold | 37,000,000 | 32,700,000 | |
Revenue Recognized on Existing Extended Warranty Contracts | (23,200,000) | (20,200,000) | |
Foreign Currency Translation | (400,000) | 0 | |
Balance at End of Period | 112,500,000 | 99,500,000 | 87,400,000 |
Amount of Reserves for Environmental Liabilities | 15,400,000 | 16,400,000 | |
Extended Product Warranty Accrual, Other Increase (Decrease) | (400,000) | (400,000) | |
Potential Cash Payments To Third Parties To Repurchase Collateral, Maximum Obligation | 0 | 0 | |
Indemnity - CPSC Fines Receivable | 6,300,000 | ||
Amounts of Accounts Receivable Under Sale Arrangements, Long-Term Portion | 0 | 0 | |
Product Liability Contingency [Line Items] | |||
Acquisitions | 0 | 9,100,000 | |
Amount of Environmental Provisions | 100,000 | 400,000 | $ 1,600,000 |
Minimum [Member] | |||
Activity Related to Extended Product Warranty Accrual [Roll Forward] | |||
Loss Contingency, Estimate of Possible Loss | 15,100,000 | ||
Maximum [Member] | |||
Activity Related to Extended Product Warranty Accrual [Roll Forward] | |||
Loss Contingency, Estimate of Possible Loss | 39,500,000 | ||
Trustee Bank [Domain] | |||
Loss Contingencies [Line Items] | |||
Amount of Restricted Cash Collateral Against Workers Comp Obligations | $ 8,000,000 | $ 12,200,000 |
Financial Instruments Financial
Financial Instruments Financial Instruments, Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Derivatives Qualifying as Hedges, before Tax [Roll Forward] | ||||
Net Amount Recognized Into Earnings, Pretax | $ (27.1) | $ 4.2 | $ (6.8) | |
Derivatives Qualifying as Hedges, Net of Tax [Roll Forward] | ||||
Beginning Balance, After-Tax | 9.9 | |||
Net Change in Value of Outstanding Hedges, After-Tax | [1] | 46.1 | 22.2 | (4.7) |
Net Amount Recognized Into Earnings, After-Tax | [2] | (20) | 2.9 | (5) |
Ending Balance, After-Tax | 36 | 9.9 | ||
Cash Flow Hedging [Member] | ||||
Derivatives Qualifying as Hedges, before Tax [Roll Forward] | ||||
Beginning Balance, Pretax | 21.6 | (12.1) | ||
Net Change in Value of Outstanding Hedges, Pretax | 62 | 29.5 | ||
Net Amount Recognized Into Earnings, Pretax | (27.1) | 4.2 | ||
Ending Balance, Pretax | 56.5 | 21.6 | (12.1) | |
Derivatives Qualifying as Hedges, Net of Tax [Roll Forward] | ||||
Beginning Balance, After-Tax | 9.9 | (15.2) | ||
Net Change in Value of Outstanding Hedges, After-Tax | 46.1 | 22.2 | ||
Net Amount Recognized Into Earnings, After-Tax | (20) | 2.9 | ||
Ending Balance, After-Tax | $ 36 | $ 9.9 | $ (15.2) | |
[1]The tax effects for the year ended December 31, 2022 were $5.9 million for foreign currency translat ion, $(4.2) million for net actuarial gains arising during the period and $(15.9) million for derivatives. The tax effects for the year ended December 31, 2021 were $(1.7) million for foreign currency translation, $(1.5) million for net actuarial losses arising during the period and $(7.4) million for derivatives. The tax effects for the year ended December 31, 2020 were $(1.2) million for foreign currency translation, $0.3 million for net actuarial losses arising during the period and $1.8 million for derivatives. Note 18 – Comprehensive Income (Loss) for the tax effects for the years ended December 31, 2022, December 31, 2021 and December 31, 2020. |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Foreign Exchange Forward [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 684.8 | $ 519.8 |
Foreign Exchange Option [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 0 | |
Foreign Exchange Contracts [Member] | ||
Derivative [Line Items] | ||
Cash Flow Hedge Gain (Loss) to be Reclassified Within Twelve Months | 18.2 | |
Forward-Starting Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 0 | |
Cash Flow Hedge Gain (Loss) to be Reclassified Within Twelve Months | 0.1 | |
Amount of Gain (Loss) Estimated to be Reclassified From Accumulated Other Comprehensive Loss to Cost of Sales or Interest Expense | 3.2 | (2.4) |
Commodity Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 24.1 | 25.3 |
Cash Flow Hedge Gain (Loss) to be Reclassified Within Twelve Months | 1.9 | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 0 | |
Amount of Gain (Loss) Estimated to be Reclassified From Accumulated Other Comprehensive Loss to Cost of Sales or Interest Expense | 1.6 | |
Cross Currency Interest Rate Contract | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 450 | $ 200 |
Minimum [Member] | ||
Derivative [Line Items] | ||
Term of Derivative Instruments (in Months) | 1 month | |
Maximum [Member] | ||
Derivative [Line Items] | ||
Term of Derivative Instruments (in Months) | 18 months |
Financial Instruments, Fair Val
Financial Instruments, Fair Values of Derivative Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Foreign Exchange Contracts [Member] | Prepaid Expenses and Other [Member] | Other Hedging Activity [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Derivative Assets | $ 0.6 | $ 0.1 |
Foreign Exchange Contracts [Member] | Accrued Expenses [Member] | Other Hedging Activity [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Derivative Liabilities | 0.8 | 0.3 |
Cross Currency Interest Rate Contract | ||
Derivatives, Fair Value [Line Items] | ||
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | 42.5 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | 42.5 | |
Cash Flow Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Derivative Assets | 15.5 | 10.7 |
Total Derivative Liabilities | 9.1 | 2.6 |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Prepaid Expenses and Other [Member] | Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Derivative Assets | 15.2 | 8.8 |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Accrued Expenses [Member] | Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Derivative Liabilities | 8 | 2.6 |
Cash Flow Hedging [Member] | Commodity Contracts [Member] | Prepaid Expenses and Other [Member] | Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Derivative Assets | 0.3 | 1.9 |
Cash Flow Hedging [Member] | Commodity Contracts [Member] | Accrued Expenses [Member] | Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Derivative Liabilities | 1.1 | 0 |
Net Investment Hedging | Cross Currency Interest Rate Contract | Other Long-Term Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Derivative Assets | $ 0 | $ 14.3 |
Financial Instruments, Consolid
Financial Instruments, Consolidated Statements of Operations, Effect of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Foreign Exchange Contracts [Member] | Other Hedging Activity [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) on Derivatives Recognized in Earnings | $ 1.9 | $ (3.8) | ||
Foreign Exchange Contracts [Member] | Cost of Sales [Member] | Other Hedging Activity [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) on Derivatives Recognized in Earnings | 1 | 0.3 | ||
Foreign Exchange Contracts [Member] | Other Income, Net [Member] | Other Hedging Activity [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) on Derivatives Recognized in Earnings | 0.9 | (4.1) | ||
Cross Currency Interest Rate Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | 42.5 | |||
Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion) | 62 | 29.5 | ||
Cash Flow Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion) | 33.8 | 15.2 | ||
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Loss Into Earnings (Effective Portion) | 27.1 | (4.2) | ||
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion) | 5.3 | (1.6) | ||
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Loss Into Earnings (Effective Portion) | (0.3) | (0.6) | ||
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion) | 30.6 | 10.7 | ||
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Cost of Sales [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Loss Into Earnings (Effective Portion) | 26 | (8.3) | ||
Cash Flow Hedging [Member] | Commodity Contracts [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion) | (2.1) | 6.1 | ||
Cash Flow Hedging [Member] | Commodity Contracts [Member] | Cost of Sales [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Reclassified From Accumulated Other Comprehensive Loss Into Earnings (Effective Portion) | 1.4 | 4.7 | ||
Cash Flow Hedging [Member] | Cross Currency Interest Rate Contract | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion) | $ 28.2 | $ 14.3 | ||
Fair Value Hedging [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) on Derivatives Recognized in Earnings | $ 0.7 | $ 0.7 |
Financial Instruments, Fair V_2
Financial Instruments, Fair Value of Other Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Fair Value of the Company's Long-Term Debt Including Current Maturities | $ 2,225 | $ 1,914.7 |
Long-Term Debt | 2,540.5 | $ 1,843.1 |
Treasury Lock | ||
Derivatives, Fair Value [Line Items] | ||
Amount of Gain (Loss) Estimated to be Reclassified From Accumulated Other Comprehensive Loss to Cost of Sales or Interest Expense | $ 5.1 |
Accrued Expenses Accrued Expe_2
Accrued Expenses Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued Liabilities, Current [Abstract] | ||
Compensation and Benefit Plans | $ 180.9 | $ 234.3 |
Product Warranties | 146.7 | 129.3 |
Sales Incentives and Discounts | 164.2 | 127.6 |
Deferred Revenue and Customer Deposits | 70.3 | 61.4 |
Current Operating Lease Liabilities | 27.8 | 25.8 |
Legal reserves and contingencies | 14.6 | 6.1 |
Accrued Insurance, Current | 13.9 | 14.4 |
Derivatives | 9.9 | 2.9 |
Interest | 30.6 | 20.9 |
Accrued Income Taxes, Current | 10.1 | 17 |
Accrual for Taxes Other than Income Taxes, Current | 6.2 | 16.1 |
Environmental Reserves | 6.3 | 7 |
Other | 56.8 | 48.5 |
Total Accrued Expenses | $ 738.3 | $ 711.3 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 22, 2022 | Mar. 04, 2019 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 02, 2021 | Jul. 16, 2021 | Dec. 31, 2019 | Jul. 03, 2019 | ||||
Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | $ 2,544.7 | $ 2,544.7 | $ 1,845.2 | ||||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (35.7) | (35.7) | (28.8) | ||||||||||
Other Long-term Debt | 13.9 | 13.9 | 7.4 | ||||||||||
Current Maturities of Long-term Debt | (89) | (89) | (37.4) | ||||||||||
Long-Term Debt, Net | 2,420 | 2,420 | 1,779 | ||||||||||
Proceeds from Issuance of Long-term Debt, Current and Long-term | 749 | ||||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||||
2019 | 89 | 89 | |||||||||||
2020 | 451.5 | 451.5 | |||||||||||
2021 | 1.3 | 1.3 | |||||||||||
2022 | 1.1 | 1.1 | |||||||||||
2023 | 161.3 | 161.3 | |||||||||||
Thereafter | 1,840.5 | 1,840.5 | |||||||||||
Total Long-Term Debt Including Current Maturities | 2,544.7 | 2,544.7 | 1,845.2 | ||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Letters of Credit Outstanding, Amount | 3.4 | 3.4 | |||||||||||
Proceeds from Issuance of Commercial Paper | 500 | 200 | |||||||||||
Commercial Paper, Maximum Amount Utilized | 300 | 100 | |||||||||||
Proceeds from Notes Payable | $ 741.8 | 992.9 | |||||||||||
Less: Restricted Cash | 12.9 | 12.9 | 12.2 | $ 10.7 | |||||||||
Proceeds from Issuance of Long-term Debt, Excluding Current Maturities | 741.8 | ||||||||||||
Repayments of Long-term Debt, Current | (37.3) | ||||||||||||
Repayments of Long-term Debt, Current and Long-term | (59.1) | ||||||||||||
Other Debt Activity, Excluding Current Maturities | 2.6 | ||||||||||||
Other Debt Activity, Current | 0.1 | ||||||||||||
Other Debt Activity, Current and Long-term | 2.7 | ||||||||||||
Debt, Long-term and Short-term, Combined Amount | 2,509 | 2,509 | 1,816.4 | ||||||||||
Proceeds from Issuance of Long-term Debt, Current | 7.2 | ||||||||||||
Repayments of Long-term Debt, Excluding Current Maturities | (21.8) | ||||||||||||
Short-Term Debt, Refinanced, Amount | (81.6) | ||||||||||||
Reclassification of total debt | 0 | ||||||||||||
Payments of Debt Issuance Costs | 8.2 | 7.1 | |||||||||||
Transaction Financing Charges | 0.1 | 4.2 | 0 | ||||||||||
Line of Credit Facility, Maximum Amount Outstanding During Period | 127.8 | ||||||||||||
Commercial Paper, Maximum Amount Allowed to be Utilized | 500 | ||||||||||||
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 52.8 | 52.8 | 97.9 | 93.4 | $ 93.3 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||||
Trustee Bank [Domain] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Less: Restricted Cash | 8 | 8 | 12.2 | ||||||||||
Total Pension Plan Net Assets [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Amount | 0 | 0 | |||||||||||
Nonqualified Plan [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 0 | $ 0 | 0 | ||||||||||
Commercial Paper [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 | ||||||||||||
Maximum [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Debt Instrument, Covenant, Leverage Ratio | 3.50 | ||||||||||||
Minimum [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Debt Instrument, Covenant, Interest Coverage Ratio | 3 | ||||||||||||
6.375% Senior Notes due 2049 [Member] | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | 230 | $ 230 | 230 | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | 230 | $ 230 | 230 | ||||||||||
Senior Notes Due 2021 [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Debt Instrument, Redemption Price, Triggering Event | 101% | ||||||||||||
Debentures Due 2023 [Member] | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | 80.1 | [1] | $ 80.1 | [1] | 80.8 | ||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | $ 80.1 | [1] | $ 80.1 | [1] | $ 80.8 | ||||||||
Loan With Fond Du Lac County Economic Development Corporation Due 2021 [Member] | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Interest Rate | 7.375% | 7.375% | 7.375% | ||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Total Loan Forgiveness | $ 2.1 | $ 2.1 | |||||||||||
Annual Forgiveness Percent | 43% | 43% | |||||||||||
Notes Due 2027 [Member] | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | $ 160.7 | $ 160.7 | $ 160.7 | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | 160.7 | $ 160.7 | 160.7 | ||||||||||
Senior Notes Due 2048 [Member] [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Debt Instrument, Redemption Price, Triggering Event | 101% | ||||||||||||
Term Loan Due 2023 [Member] | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | [2],[3] | $ 0 | $ 0 | 56.3 | |||||||||
Interest Rate | 1.72% | 1.72% | |||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | [2],[3] | $ 0 | $ 0 | 56.3 | |||||||||
6.625% Senior Notes due 2049 [Member] | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | 125 | 125 | 125 | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | 125 | 125 | 125 | ||||||||||
6.500% Senior Notes due 2048 [Member] | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | 185 | 185 | 185 | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | 185 | 185 | 185 | ||||||||||
Senior Notes, 2.4% due 2031 | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | 550 | 550 | 550 | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | 550 | 550 | 550 | ||||||||||
0.85% Senior Note Due 2024 | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | 450 | 450 | 450 | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | 450 | 450 | 450 | ||||||||||
5.100% Senior Notes due 2052 | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | 300 | 300 | 0 | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | 300 | 300 | 0 | ||||||||||
4.400% Senior Notes due 2032 | |||||||||||||
Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | 450 | 450 | 0 | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||||
Total Long-Term Debt Including Current Maturities | 450 | 450 | $ 0 | ||||||||||
Line of Credit [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750 | ||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 747.2 | 747.2 | |||||||||||
Letters of Credit Outstanding, Amount | 2.8 | 2.8 | |||||||||||
Line of Credit Facility, Increase (Decrease), Other, Net | $ 100 | ||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | ||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 125 | $ 125 | |||||||||||
Line of Credit [Member] | Maximum [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.35% | ||||||||||||
Line of Credit [Member] | Minimum [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.125% | ||||||||||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Line of Credit Facility, Interest Rate During Period | 1.10% | ||||||||||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Line of Credit Facility, Interest Rate During Period | 1.90% | ||||||||||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Line of Credit Facility, Interest Rate During Period | 1% | ||||||||||||
Line of Credit [Member] | Base Rate [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Line of Credit Facility, Interest Rate During Period | 0.10% | ||||||||||||
Line of Credit [Member] | Base Rate [Member] | Maximum [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Line of Credit Facility, Interest Rate During Period | 0.90% | ||||||||||||
Line of Credit [Member] | Base Rate [Member] | Minimum [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Line of Credit Facility, Interest Rate During Period | 0% | ||||||||||||
Senior Notes Due 2021 [Member] | Unsecured Debt [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Senior Notes | $ 150 | ||||||||||||
6.375% Senior Notes due 2049 [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Debt Instrument, Redemption Price, Triggering Event | 101% | ||||||||||||
6.625% Senior Notes due 2049 [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Debt Instrument, Redemption Price, Triggering Event | 101% | ||||||||||||
Senior Notes Due 2049 [Member] | Unsecured Debt [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Debt Instrument, Face Amount | $ 230 | ||||||||||||
Proceeds from Issuance of Debt | $ 222 | ||||||||||||
Term Loan Due 2023 [Member] | Unsecured Debt [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Repayments of Other Debt | $ 95 | ||||||||||||
0.850% Senior Notes due 2024 | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Senior Notes | 450 | 450 | |||||||||||
2,400% Senior Notes due 2031 | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Senior Notes | 550 | 550 | |||||||||||
Debentures Due 2023 [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Debt Instrument, Face Amount | 103.1 | 103.1 | |||||||||||
Debt Instrument, Repurchase Amount | 23.4 | 23.4 | |||||||||||
Notes Due 2027 [Member] | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Debt Instrument, Repurchase Amount | $ 2.5 | $ 2.5 | |||||||||||
4.400% Senior Notes due 2032 | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Senior Notes | 450 | ||||||||||||
5.100% Senior Notes due 2052 | |||||||||||||
Line of Credit Facility [Abstract] | |||||||||||||
Senior Notes | $ 300 | ||||||||||||
[1] (A) Included in Debentures, 7.375% due 2023 as of December 31, 2022 and December 31, 2021, are the aggregate fair values related to the fixed-to-floating interest rate swaps as discussed in Note 13 – Financial Instruments . During the third quarter of 2022, the Debentures were reclassified from Long-term debt to Current maturities of long-term debt. |
Postretirement Benefits (Detail
Postretirement Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan Expense | $ 58 | $ 47.1 | $ 49.4 |
Settlement Loss | 0 | 0 | $ (1.1) |
Other Postretirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ 21.1 | $ 29.4 |
Postretirement Benefits Schedul
Postretirement Benefits Schedule of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement Loss | $ 0 | $ 0 | $ (1.1) |
Postretirement Benefits Benefit
Postretirement Benefits Benefit Obligations, Plan Assets and Funded Status (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Nonqualified Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $ 18.6 | $ 24.7 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | $ 11.5 | $ 16.2 |
Postretirement Benefits Pretax
Postretirement Benefits Pretax Activity in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Prior Service Costs (Credits) [Abstract] | |||
Amount Recognized as Component of Net Benefit Costs | $ (0.7) | $ (0.2) | $ (0.7) |
Net Actuarial Losses [Abstract] | |||
Amount Recognized as Component of Net Benefit Costs | $ 0.9 | $ 1.1 | $ 1.1 |
Postretirement Benefits Fair Va
Postretirement Benefits Fair Values of Trust's Pension Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan Expense | $ 58 | $ 47.1 | $ 49.4 |
Stock Plans and Management Co_3
Stock Plans and Management Compensation (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Available for Grant (in shares) | 4,400 | ||
Non-Vested Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Age of Grantee | 62 years | ||
Share-Based Compensation Expense | $ 18.2 | $ 16.3 | $ 13.3 |
Share-Based Compensation Expense, Tax Benefit | 4.5 | 4 | 3.3 |
Fair Value of Shares Vested During the Period | $ 16.7 | $ 11.3 | $ 6.6 |
Weighted Average Grant Date Fair Value | $ 82.14 | $ 66.81 | |
Awarded - Weighted Average Grant Date Fair Value | 93.62 | $ 91.14 | $ 64.13 |
Forfeited - Weighted Average Grant Date Fair Value | 83.15 | ||
Vested - Weighted Average Grant Date Fair Value | $ 51.32 | ||
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Outstanding at January 1 | 635 | ||
Awarded | 226 | ||
Forfeited | (28) | ||
Vested | (232) | ||
Outstanding at December 31 | 601 | 635 | |
Unrecognized Compensation Cost | $ 12.5 | ||
Non-Vested Stock Awards [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Age of Grantee plus Grantees Total Number of Years of Service | 70 years | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-Based Compensation Expense | $ 3.6 | $ 13.5 | $ 13.8 |
Share-Based Compensation Expense, Tax Benefit | 0.9 | 3.3 | 3.4 |
Fair Value of Shares Vested During the Period | $ 14.6 | $ 18.6 | $ 3.4 |
Weighted Average Grant Date Fair Value | $ 90.97 | $ 76.15 | |
Awarded - Weighted Average Grant Date Fair Value | 70.32 | ||
Forfeited - Weighted Average Grant Date Fair Value | 81.31 | ||
Vested - Weighted Average Grant Date Fair Value | $ 56.11 | ||
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Outstanding at January 1 | 192 | ||
Awarded | 207 | ||
Forfeited | (5) | ||
Vested | (203) | ||
Outstanding at December 31 | 191 | 192 | |
Unrecognized Compensation Cost | $ 3.3 |
Stock Plans and Management Co_4
Stock Plans and Management Compensation (Details 3) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Percentage of Premium Paid Out in Deferred Company Common Stock | 20% | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-Based Compensation Expense | $ 3.6 | $ 13.5 | $ 13.8 |
Share-Based Compensation Expense, Tax Benefit | 0.9 | 3.3 | 3.4 |
Fair Value of Shares Vested During the Period | $ 14.6 | $ 18.6 | $ 3.4 |
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding at January 1 | 192,000 | ||
Awarded Grants in Period | 207,000 | ||
Forfeited | (5,000) | ||
Vested | (203,000) | ||
Outstanding at December 31 | 191,000 | 192,000 | |
Weighted Average Grant Date Fair Value | $ 90.97 | $ 76.15 | |
Awarded - Weighted Average Grant Date Fair Value | 70.32 | ||
Forfeited - Weighted Average Grant Date Fair Value | 81.31 | ||
Vested - Weighted Average Grant Date Fair Value | $ 56.11 | ||
Unrecognized Compensation Cost | $ 3.3 | ||
Unrecognized Compensation Cost, Period for Recognition | 1 year 6 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 2 years 10 months 24 days | 2 years 10 months 24 days | 2 years 10 months 24 days |
Non-Vested Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-Based Compensation Expense | $ 18.2 | $ 16.3 | $ 13.3 |
Share-Based Compensation Expense, Tax Benefit | 4.5 | 4 | 3.3 |
Fair Value of Shares Vested During the Period | $ 16.7 | $ 11.3 | $ 6.6 |
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding at January 1 | 635,000 | ||
Awarded Grants in Period | 226,000 | ||
Forfeited | (28,000) | ||
Vested | (232,000) | ||
Outstanding at December 31 | 601,000 | 635,000 | |
Weighted Average Grant Date Fair Value | $ 82.14 | $ 66.81 | |
Awarded - Weighted Average Grant Date Fair Value | 93.62 | $ 91.14 | $ 64.13 |
Forfeited - Weighted Average Grant Date Fair Value | 83.15 | ||
Vested - Weighted Average Grant Date Fair Value | $ 51.32 | ||
Unrecognized Compensation Cost | $ 12.5 | ||
Age of Grantee | 62 years | ||
Unrecognized Compensation Cost, Period for Recognition | 1 year 2 months 12 days | ||
Awards Vesting Period (in years) | 3 years | ||
Stock Options and SAR's [Member] | |||
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Period for Stock Options and SARs to be Exercisable (in years) | 10 years | ||
Awards Vesting Period (in years) | 4 years | ||
Outstanding on December 31 | 1 month 6 days | ||
Exercisable and Vested on December 31 | 1 month 6 days | ||
Vested and Expected to Vest on December 31 | 1 month 6 days | ||
Stock Options and SAR's [Member] | $23.79 [Member] | |||
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding Options, Weighted Average Remaining Years of Contractual Life (in years) | 1 year 1 month 6 days | ||
Stock Options and SAR's [Member] | Greater Than $14.68 [Member] | |||
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding Options, Weighted Average Remaining Years of Contractual Life (in years) | 1 month 6 days | ||
Stock Options and SAR's [Member] | $5.87 to $14.68 [Member] | |||
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding Options, Weighted Average Remaining Years of Contractual Life (in years) | 8 months 12 days | ||
Stock Options and SAR's [Member] | $5.86 [Member] | |||
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding Options, Weighted Average Remaining Years of Contractual Life (in years) | 0 years | ||
Share-based Payment Arrangement, Tranche Two [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) | $ 91.62 | $ 87.48 | $ 61.91 |
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Awarded Grants in Period | 24,320 | 24,560 | 26,750 |
Share-based Payment Arrangement, Tranche One [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) | $ 94.59 | $ 91.44 | $ 64.72 |
Risk-Free Interest Rate | 1.70% | 0.20% | 1.40% |
Dividend Yield | 1.50% | 1.20% | 1.50% |
Volatility Factor | 54.80% | 65.60% | 46.60% |
Comprehensive Income (Details)
Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain on disposal of discontinued operations, net of tax | $ 0 | $ 0 | $ (1.5) | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 853.6 | 736.4 | 472.7 | |
Income Tax Expense (Benefit) | (172.3) | (141) | (98) | |
Net Earnings from Continuing Operations | 681.3 | 595.4 | 374.7 | |
Prior Service Credits | 0.7 | 0.2 | 0.7 | |
Net Actuarial Losses | 0.9 | 1.1 | 1.1 | |
Defined Benefit Items, Earnings Before Income Taxes | (0.2) | (0.9) | (0.4) | |
Defined Benefit Items, Income Tax Provision | 0 | 0.1 | 0.1 | |
Defined Benefit Items, Earnings From Continuing Operations, Net of Tax | (0.2) | (0.8) | (0.3) | |
Derivatives, Earnings Before Income Taxes | 27.1 | (4.2) | 6.8 | |
Derivatives, Income Tax Provision | (7.1) | 1.3 | (1.8) | |
Derivatives, Net Earnings From Continuing Operations | [1] | 20 | (2.9) | 5 |
Interest Expense [Member] | Interest Rate Contracts [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Derivatives, Earnings Before Income Taxes | (0.3) | (0.6) | (0.6) | |
Cost of Sales [Member] | Foreign Exchange Contracts [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Derivatives, Earnings Before Income Taxes | 26 | (8.3) | 7.4 | |
Cost of Sales [Member] | Commodity Contracts [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Derivatives, Earnings Before Income Taxes | $ 1.4 | $ 4.7 | $ 0 | |
[1]See Note 18 – Comprehensive Income (Loss) for the tax effects for the years ended December 31, 2022, December 31, 2021 and December 31, 2020. |
Treasury Stock (Details)
Treasury Stock (Details) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | |||
Payments for Repurchase of Common Stock | $ 450 | $ 120.1 | $ 118.3 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 396,400 | ||
Treasury Stock Activity [Roll Forward] | |||
Balance at January 1 | 25,605 | 24,663 | 22,969 |
Compensation Plans and Other | (343) | (303) | (263) |
Share Repurchases | 5,911 | 1,245 | 1,957 |
Balance as of December 31 | 31,173 | 25,605 | 24,663 |
Leases Leases Assets and Lease
Leases Leases Assets and Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating lease assets | $ 114.8 | $ 92.8 |
Current Operating Lease Liabilities | 27.8 | 25.8 |
Non-Current Operating Lease Liabilities | 97.8 | 75.5 |
Total Lease Liabilities | 125.6 | 101.3 |
Lessee, Lease, Description [Line Items] | ||
Current Operating Lease Liabilities | 27.8 | 25.8 |
Other Current Liabilities [Member] | ||
Leases [Abstract] | ||
Current Operating Lease Liabilities | 27.8 | 25.8 |
Lessee, Lease, Description [Line Items] | ||
Current Operating Lease Liabilities | $ 27.8 | $ 25.8 |
Leases Operating Lease Liabilit
Leases Operating Lease Liability, Maturity Analysis (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months | $ 33 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 30.3 | |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 18.9 | |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 13.7 | |
Lessee, Operating Lease, Liability, to be Paid, Year Five | 11.3 | |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 49.5 | |
Total Lease Payments | 156.7 | |
Less: Interest | 31.1 | |
Present value of lease liabilities | $ 125.6 | $ 101.3 |
Leases Lease Cost (Details)
Leases Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Lessee, Lease, Description [Line Items] | |||||
Lease Cost | $ 57 | [1] | $ 48.3 | [1] | $ 44 |
Selling, General and Administrative Expenses [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating Lease, Cost | 16.2 | 13.4 | 13.2 | ||
Variable Lease, Cost | 1.3 | 1.1 | 1.1 | ||
Cost of Sales [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating Lease, Cost | 34 | 28.6 | 24.9 | ||
Variable Lease, Cost | $ 5.5 | $ 5.2 | $ 4.8 | ||
[1](A) Includes total short-term lease cost which is immaterial. |
Leases Other Lease Disclosures
Leases Other Lease Disclosures (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.35% |
Operating Cash Flows From Operating Leases | $ 30 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 3 months 30 days |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Lessee, Lease, Description [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Lessee, Lease, Description [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Quarterly Data (unaudited) (Det
Quarterly Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Net Sales | $ 6,812.2 | $ 5,846.2 | $ 4,347.5 |
Restructuring, Exit and Impairment Charges | 25.1 | 0.8 | 4.1 |
Pension Settlement Charge | 0 | 0 | 1.1 |
Net Earnings from Continuing Operations | 681.3 | 595.4 | 374.7 |
Net (Loss) Earnings from Discontinued Operations, Net of Tax | (4.3) | (2.1) | (2) |
Net Earnings | $ 677 | $ 593.3 | $ 372.7 |
Dividends Declared | $ 1.46 | $ 1.275 | $ 0.99 |
Basic Earnings Per Common Share | |||
Earnings from Continuing Operations (in Dollars Per Share) | 9.11 | 7.65 | 4.73 |
Net Earnings (Loss) from Discontinued Operations (in Dollars Per Share) | (0.06) | (0.02) | (0.03) |
Net Earnings (in Dollars per Share) | 9.05 | 7.63 | 4.70 |
Diluted Earnings Per Common Share | |||
Net Earnings (Loss) from Continuing Operations (in Dollars per Share) | 9.06 | 7.59 | 4.70 |
Net Earnings (Loss) from Discontinued Operations (in Dollars per Share) | (0.06) | (0.02) | (0.02) |
Net Earnings (in Dollars per Share) | $ 9 | $ 7.57 | $ 4.68 |
Field Campaigns Charges [Line Items] | |||
Net Sales | $ 6,812.2 | $ 5,846.2 | $ 4,347.5 |
Cost of Sales | 4,865 | 4,180.2 | 3,134.5 |
Net Earnings from Continuing Operations | $ 681.3 | $ 595.4 | $ 374.7 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Year | $ 9.7 | $ 10.7 | $ 8.5 | |
Charges to Profit and Loss | (2) | (0.4) | (3.3) | |
Write-offs | (2.6) | (1) | (1.6) | |
Recoveries | 0.3 | 0.1 | 0.1 | |
Other | 0.8 | (0.5) | 0.4 | |
Balance at End of Year | 10.2 | 9.7 | 10.7 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Year | 97.9 | 93.4 | 93.3 | |
Charges to Profit and Loss | [1] | (10.4) | (24.2) | 0.2 |
Write-offs | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | |
Other | [2] | (34.7) | 28.7 | 0.3 |
Balance at End of Year | $ 52.8 | $ 97.9 | $ 93.4 | |
[1] (A) For the year ended December 31, 2022, the deferred tax asset valuation benefit activity primarily relates to reassessments for state tax credits and NOL’s and certain federal losses . For the year ended December 31, 2021, the deferred tax asset valuation benefit activity primarily relates to reassessments for state tax credits and NOL’s and to certain federal tax credits. For the year ended December 31, 2020, the deferred tax asset valuation benefit activity primarily relates to reassessments for state purposes and to certain federal tax credits. (B) For the year ended December 31, 2022, the activity primarily relates to final adjustments to the opening balances of Foreign entities acquired during the fourth quarter of 2021. For the year ended December 31, 2021, the activity primarily relates to the opening balances of Foreign entities acquired during the year. For the year ended December 31, 2020, the activity primarily relates to foreign currency translation. |