Brunswick Corporation
Segment Restatement - Continuing Operations
(in millions)
(unaudited)
The following is selected restated financial data reflecting the new segment structure of Brunswick Corporation effective January 1, 2023, for the three months ended April 2, 2022, the three and six months ended July 2, 2022, the three and nine months ended October 1, 2022, the three and twelve months ended December 31, 2022, and the twelve months ended December 31, 2021. For completeness, reconciliations to Non-GAAP measures are also included for the Boat Segment and Corporate/Other, as applicable, but there have been no changes to GAAP or Non-GAAP results for these segments for any periods presented.
Segment Information - GAAP
| | | | | | | | | | | |
| Three Months Ended |
| Net Sales | | Operating Earnings (Loss) |
| April 2, 2022 | | April 2, 2022 |
| Propulsion | $ | 705.9 | | | $ | 125.3 | |
| Engine Parts & Accessories | 330.3 | | | 61.0 | |
| Navico Group | 311.6 | | | 30.6 | |
| Boat | 492.8 | | | 45.3 | |
| Corporate/Other | — | | | (22.7) | |
| Segment Eliminations | (144.9) | | | — | |
| Total | $ | 1,695.7 | | | $ | 239.5 | |
Segment Information - As Adjusted (Non-GAAP) | | | | | | | | | | | |
| Three Months Ended |
| Net Sales | | Operating Earnings (Loss) |
| April 2, 2022 | | April 2, 2022 |
| Propulsion | $ | 705.9 | | | $ | 125.3 | |
| Engine Parts & Accessories | 330.3 | | | 61.0 | |
| Navico Group | 311.6 | | | 55.6 | |
| Boat | 492.8 | | | 48.3 | |
| Corporate/Other | — | | | (22.7) | |
| Segment Eliminations | (144.9) | | | — | |
| Total | $ | 1,695.7 | | | $ | 267.5 | |
Reconciliation to Non-GAAP Measures - Segment Information
| | | | | | | | |
| Navico Group Segment | | Three Months Ended |
| | April 2, 2022 |
| Net sales | | $ | 311.6 | |
| | |
| GAAP operating earnings | | $ | 30.6 | |
| | |
| Purchase accounting amortization | | 22.4 | |
| Acquisition, integration, and IT related costs | | 2.6 | |
| Adjusted operating earnings | | $ | 55.6 | |
| | |
| GAAP operating margin | | 9.8% |
| Adjusted operating margin | | 17.8% |
Brunswick Corporation
April 10, 2023
Page 2 of 10
Brunswick Corporation
Segment Restatement - Continuing Operations
(in millions)
(unaudited)
| | | | | | | | |
| Boat Segment | | Three Months Ended |
| | April 2, 2022 |
| Net sales | | $ | 492.8 | |
| | |
| GAAP operating earnings | | $ | 45.3 | |
| | |
| Acquisition, integration, and IT related costs | | 2.4 | |
| Purchase accounting amortization | | 0.6 | |
| Adjusted operating earnings | | $ | 48.3 | |
| | |
| GAAP operating margin | | 9.2% |
| Adjusted operating margin | | 9.8% |
Segment Information - GAAP
| | | | | | | | | | | |
| Three Months Ended |
| Net Sales | | Operating Earnings (Loss) |
| July 2, 2022 | | July 2, 2022 |
| Propulsion | $ | 734.2 | | | $ | 142.0 | |
| Engine Parts & Accessories | 379.5 | | | 85.8 | |
| Navico Group | 286.1 | | | 22.4 | |
| Boat | 568.4 | | | 58.9 | |
| Corporate/Other | — | | | (30.1) | |
| Segment Eliminations | (132.6) | | | — | |
| Total | $ | 1,835.6 | | | $ | 279.0 | |
Segment Information - As Adjusted (Non-GAAP)
| | | | | | | | | | | |
| Three Months Ended |
| Net Sales | | Operating Earnings (Loss) |
| July 2, 2022 | | July 2, 2022 |
| Propulsion | $ | 734.2 | | | $ | 142.0 | |
| Engine Parts & Accessories | 379.5 | | | 85.8 | |
| Navico Group | 286.1 | | | 41.1 | |
| Boat | 568.4 | | | 61.4 | |
| Corporate/Other | — | | | (30.1) | |
| Segment Eliminations | (132.6) | | | — | |
| Total | $ | 1,835.6 | | | $ | 300.2 | |
Brunswick Corporation
April 10, 2023
Page 3 of 10
Brunswick Corporation
Segment Restatement - Continuing Operations
(in millions)
(unaudited)
Reconciliation to Non-GAAP Measures - Segment Information
| | | | | | | | |
| Navico Group Segment | | Three Months Ended |
| | July 2, 2022 |
| Net sales | | $ | 286.1 | |
| | |
| GAAP operating earnings | | $ | 22.4 | |
| | |
| Purchase accounting amortization | | 13.4 | |
| Acquisition, integration, and IT related costs | | 5.3 | |
| Adjusted operating earnings | | $ | 41.1 | |
| | |
| GAAP operating margin | | 7.8% |
| Adjusted operating margin | | 14.4% |
| | | | | | | | |
| Boat Segment | | Three Months Ended |
| | July 2, 2022 |
| Net sales | | $ | 568.4 | |
| | |
| GAAP operating earnings | | $ | 58.9 | |
| | |
| Acquisition, integration, and IT related costs | | 1.8 | |
| Purchase accounting amortization | | 0.7 | |
| Adjusted operating earnings | | $ | 61.4 | |
| | |
| GAAP operating margin | | 10.4% |
| Adjusted operating margin | | 10.8% |
Segment Information - GAAP
| | | | | | | | | | | |
| Six Months Ended |
| Net Sales | | Operating Earnings (Loss) |
| July 2, 2022 | | July 2, 2022 |
| Propulsion | $ | 1,440.1 | | | $ | 267.3 | |
| Engine Parts & Accessories | 709.8 | | | 146.8 | |
| Navico Group | 597.7 | | | 53.0 | |
| Boat | 1,061.2 | | | 104.2 | |
| Corporate/Other | — | | | (52.8) | |
| Segment Eliminations | (277.5) | | | — | |
| Total | $ | 3,531.3 | | | $ | 518.5 | |
Brunswick Corporation
April 10, 2023
Page 4 of 10
Brunswick Corporation
Segment Restatement - Continuing Operations
(in millions)
(unaudited)
Segment Information - As Adjusted (Non-GAAP)
| | | | | | | | | | | |
| Six Months Ended |
| Net Sales | | Operating Earnings (Loss) |
| July 2, 2022 | | July 2, 2022 |
| Propulsion | $ | 1,440.1 | | | $ | 267.3 | |
| Engine Parts & Accessories | 709.8 | | | 146.8 | |
| Navico Group | 597.7 | | | 96.7 | |
| Boat | 1,061.2 | | | 109.7 | |
| Corporate/Other | — | | | (52.8) | |
| Segment Eliminations | (277.5) | | | — | |
| Total | $ | 3,531.3 | | | $ | 567.7 | |
Reconciliation to Non-GAAP Measures - Segment Information
| | | | | | | | |
| Navico Group Segment | | Six Months Ended |
| | July 2, 2022 |
| Net sales | | $ | 597.7 | |
| | |
| GAAP operating earnings | | $ | 53.0 | |
| | |
| Purchase accounting amortization | | 35.8 | |
| Acquisition, integration, and IT related costs | | 7.9 | |
| Adjusted operating earnings | | $ | 96.7 | |
| | |
| GAAP operating margin | | 8.9% |
| Adjusted operating margin | | 16.2% |
| | | | | | | | |
| Boat Segment | | Six Months Ended |
| | July 2, 2022 |
| Net sales | | $ | 1,061.2 | |
| | |
| GAAP operating earnings | | $ | 104.2 | |
| | |
| Acquisition, integration, and IT related costs | | 4.2 | |
| Purchase accounting amortization | | 1.3 | |
| Adjusted operating earnings | | $ | 109.7 | |
| | |
| GAAP operating margin | | 9.8% |
| Adjusted operating margin | | 10.3% |
Brunswick Corporation
April 10, 2023
Page 5 of 10
Brunswick Corporation
Segment Restatement - Continuing Operations
(in millions)
(unaudited)
Segment Information - GAAP
| | | | | | | | | | | |
| Three Months Ended |
| Net Sales | | Operating Earnings (Loss) |
| October 1, 2022 | | October 1, 2022 |
| Propulsion | $ | 714.4 | | | $ | 143.0 | |
| Engine Parts & Accessories | 360.3 | | | 88.9 | |
| Navico Group | 234.8 | | | (1.8) | |
| Boat | 510.7 | | | 49.7 | |
| Corporate/Other | — | | | (42.1) | |
| Segment Eliminations | (122.0) | | | — | |
| Total | $ | 1,698.2 | | | $ | 237.7 | |
Segment Information - As Adjusted (Non-GAAP)
| | | | | | | | | | | |
| Three Months Ended |
| Net Sales | | Operating Earnings (Loss) |
| October 1, 2022 | | October 1, 2022 |
| Propulsion | $ | 714.4 | | | $ | 143.0 | |
| Engine Parts & Accessories | 360.3 | | | 88.9 | |
| Navico Group | 234.8 | | | 19.5 | |
| Boat | 510.7 | | | 52.0 | |
| Corporate/Other | — | | | (24.6) | |
| Segment Eliminations | (122.0) | | | — | |
| Total | $ | 1,698.2 | | | $ | 278.8 | |
Reconciliation to Non-GAAP Measures - Segment Information
| | | | | | | | |
| Navico Group Segment | | Three Months Ended |
| | October 1, 2022 |
| Net sales | | $ | 234.8 | |
| | |
| GAAP operating loss | | $ | (1.8) | |
| Restructuring, exit and impairment charges | | 6.9 | |
| Purchase accounting amortization | | 13.4 | |
| Acquisition, integration, and IT related costs | | 1.0 | |
| Adjusted operating earnings | | $ | 19.5 | |
| | |
| GAAP operating margin | | (0.8)% |
| Adjusted operating margin | | 8.3% |
Brunswick Corporation
April 10, 2023
Page 6 of 10
Brunswick Corporation
Segment Restatement - Continuing Operations
(in millions)
(unaudited)
| | | | | | | | |
| Boat Segment | | Three Months Ended |
| | October 1, 2022 |
| Net sales | | $ | 510.7 | |
| | |
| GAAP operating earnings | | $ | 49.7 | |
| Restructuring, exit and impairment charges | | 0.3 | |
| Acquisition, integration, and IT related costs | | 1.0 | |
| Purchase accounting amortization | | 1.0 | |
| Adjusted operating earnings | | $ | 52.0 | |
| | |
| GAAP operating margin | | 9.7% |
| Adjusted operating margin | | 10.2% |
| | | | | | | | |
| Corporate/Other | | Three Months Ended |
| | October 1, 2022 |
| | |
| | |
| GAAP operating loss | | $ | (42.1) | |
| Restructuring, exit and impairment charges | | 17.4 | |
| Acquisition, integration, and IT related costs | | 0.1 | |
| Adjusted operating loss | | $ | (24.6) | |
Segment Information - GAAP
| | | | | | | | | | | |
| Nine Months Ended |
| Net Sales | | Operating Earnings (Loss) |
| October 1, 2022 | | October 1, 2022 |
| Propulsion | $ | 2,154.5 | | | $ | 410.3 | |
| Engine Parts & Accessories | 1,070.1 | | | 235.7 | |
| Navico Group | 832.5 | | | 51.2 | |
| Boat | 1,571.9 | | | 153.9 | |
| Corporate/Other | — | | | (94.9) | |
| Segment Eliminations | (399.5) | | | — | |
| Total | $ | 5,229.5 | | | $ | 756.2 | |
Segment Information - As Adjusted (Non-GAAP)
| | | | | | | | | | | |
| Nine Months Ended |
| Net Sales | | Operating Earnings (Loss) |
| October 1, 2022 | | October 1, 2022 |
| Propulsion | $ | 2,154.5 | | | $ | 410.3 | |
| Engine Parts & Accessories | 1,070.1 | | | 235.7 | |
| Navico Group | 832.5 | | | 116.2 | |
| Boat | 1,571.9 | | | 161.7 | |
| Corporate/Other | — | | | (77.4) | |
| Segment Eliminations | (399.5) | | | — | |
| Total | $ | 5,229.5 | | | $ | 846.5 | |
Brunswick Corporation
April 10, 2023
Page 7 of 10
Brunswick Corporation
Segment Restatement - Continuing Operations
(in millions)
(unaudited)
Reconciliation to Non-GAAP Measures - Segment Information
| | | | | | | | |
| Navico Group Segment | | Nine Months Ended |
| | October 1, 2022 |
| Net sales | | $ | 832.5 | |
| | |
| GAAP operating earnings | | $ | 51.2 | |
| Restructuring, exit and impairment charges | | 6.9 | |
| Purchase accounting amortization | | 49.2 | |
| Acquisition, integration, and IT related costs | | 8.9 | |
| Adjusted operating earnings | | $ | 116.2 | |
| | |
| GAAP operating margin | | 6.2% |
| Adjusted operating margin | | 14.0% |
| | | | | | | | |
| Boat Segment | | Nine Months Ended |
| | October 1, 2022 |
| Net sales | | $ | 1,571.9 | |
| | |
| GAAP operating earnings | | $ | 153.9 | |
| Restructuring, exit and impairment charges | | 0.3 | |
| Acquisition, integration, and IT related costs | | 5.2 | |
| Purchase accounting amortization | | 2.3 | |
| Adjusted operating earnings | | $ | 161.7 | |
| | |
| GAAP operating margin | | 9.8% |
| Adjusted operating margin | | 10.3% |
| | | | | | | | |
| Corporate/Other | | Nine Months Ended |
| | October 1, 2022 |
| | |
| | |
| GAAP operating loss | | $ | (94.9) | |
| Restructuring, exit and impairment charges | | 17.4 | |
| Acquisition, integration, and IT related costs | | 0.1 | |
| Adjusted operating loss | | $ | (77.4) | |
Segment Information - GAAP
| | | | | | | | | | | |
| Three Months Ended |
| Net Sales | | Operating Earnings (Loss) |
| December 31, 2022 | | December 31, 2022 |
| Propulsion | $ | 669.5 | | | $ | 112.6 | |
| Engine Parts & Accessories | 240.1 | | | 32.3 | |
| Navico Group | 236.8 | | | 17.0 | |
| Boat | 547.5 | | | 58.9 | |
| Corporate/Other | — | | | (29.2) | |
| Segment Eliminations | (111.2) | | | — | |
| Total | $ | 1,582.7 | | | $ | 191.6 | |
Brunswick Corporation
April 10, 2023
Page 8 of 10
Brunswick Corporation
Segment Restatement - Continuing Operations
(in millions)
(unaudited)
Segment Information - As Adjusted (Non-GAAP)
| | | | | | | | | | | |
| Three Months Ended |
| Net Sales | | Operating Earnings (Loss) |
| December 31, 2022 | | December 31, 2022 |
| Propulsion | $ | 669.5 | | | $ | 112.6 | |
| Engine Parts & Accessories | 240.1 | | | 32.3 | |
| Navico Group | 236.8 | | | 31.3 | |
| Boat | 547.5 | | | 54.8 | |
| Corporate/Other | — | | | (28.8) | |
| Segment Eliminations | (111.2) | | | — | |
| Total | $ | 1,582.7 | | | $ | 202.2 | |
Reconciliation to Non-GAAP Measures - Segment Information
| | | | | | | | |
| Navico Group Segment | | Three Months Ended |
| | December 31, 2022 |
| Net sales | | $ | 236.8 | |
| | |
| GAAP operating earnings | | $ | 17.0 | |
| Restructuring, exit and impairment charges | | 0.8 | |
| Purchase accounting amortization | | 12.7 | |
| Acquisition, integration, and IT related costs | | 0.8 | |
| Adjusted operating earnings | | $ | 31.3 | |
| | |
| GAAP operating margin | | 7.2% |
| Adjusted operating margin | | 13.2% |
| | | | | | | | |
| Boat Segment | | Three Months Ended |
| | December 31, 2022 |
| Net sales | | $ | 547.5 | |
| | |
| GAAP operating earnings | | $ | 58.9 | |
| Restructuring, exit and impairment charges | | (0.3) | |
| Purchase accounting amortization | | 0.8 | |
| Acquisition, integration, and IT related costs | | (4.6) | |
| Adjusted operating earnings | | $ | 54.8 | |
| | |
| GAAP operating margin | | 10.8% |
| Adjusted operating margin | | 10.0% |
| | | | | | | | |
| Corporate/Other | | Three Months Ended |
| | December 31, 2022 |
| GAAP operating loss | | $ | (29.2) | |
| Acquisition, integration, and IT related costs | | 0.4 | |
| Adjusted operating loss | | $ | (28.8) | |
Brunswick Corporation
April 10, 2023
Page 9 of 10
Brunswick Corporation
Segment Restatement - Continuing Operations
(in millions)
(unaudited)
Segment Information - GAAP
| | | | | | | | | | | | | | | | | | | | | | | |
| Twelve Months Ended |
| Net Sales | | Operating Earnings (Loss) |
| Dec 31, 2022 | | Dec 31, 2021 | | Dec 31, 2022 | | Dec 31, 2021 |
| Propulsion | $ | 2,824.0 | | | $ | 2,504.7 | | | $ | 522.9 | | | $ | 449.7 | |
| Engine Parts & Accessories | 1,310.2 | | | 1,371.7 | | | 268.0 | | | 282.4 | |
| Navico Group | 1,069.3 | | | 688.3 | | | 68.2 | | | 53.4 | |
| Boat | 2,119.4 | | | 1,703.1 | | | 212.8 | | | 142.3 | |
| Corporate/Other | — | | | — | | | (124.1) | | | (114.9) | |
| Segment Eliminations | (510.7) | | | (421.6) | | | — | | | — | |
| Total | $ | 6,812.2 | | | $ | 5,846.2 | | | $ | 947.8 | | | $ | 812.9 | |
Segment Information - As Adjusted (Non-GAAP)
| | | | | | | | | | | | | | | | | | | | | | | |
| Twelve Months Ended |
| Net Sales | | Operating Earnings (Loss) |
| Dec 31, 2022 | | Dec 31, 2021 | | Dec 31, 2022 | | Dec 31, 2021 |
| Propulsion | $ | 2,824.0 | | | $ | 2,504.7 | | | $ | 522.9 | | | $ | 449.7 | |
| Engine Parts & Accessories | 1,310.2 | | | 1,371.7 | | | 268.0 | | | 282.4 | |
| Navico Group | 1,069.3 | | | 688.3 | | | 147.5 | | | 114.5 | |
| Boat | 2,119.4 | | | 1,703.1 | | | 216.5 | | | 154.9 | |
| Corporate/Other | — | | | — | | | (106.2) | | | (114.7) | |
| Segment Eliminations | (510.7) | | | (421.6) | | | — | | | — | |
| Total | $ | 6,812.2 | | | $ | 5,846.2 | | | $ | 1,048.7 | | | $ | 886.8 | |
Reconciliation to Non-GAAP Measures - Segment Information
| | | | | | | | | | | |
| Navico Group Segment | Twelve Months Ended |
| December 31, 2022 | | December 31, 2021 |
| Net sales | $ | 1,069.3 | | | $ | 688.3 | |
| | | |
| GAAP operating earnings | $ | 68.2 | | | $ | 53.4 | |
| Restructuring, exit and impairment charges | 7.7 | | | 0.7 | |
| Purchase accounting amortization | 61.9 | | | 44.1 | |
| Acquisition, integration, and IT related costs | 9.7 | | | 17.8 | |
| Gain on sale of assets | — | | | (1.5) | |
| Adjusted operating earnings | $ | 147.5 | | | $ | 114.5 | |
| | | |
| GAAP operating margin | 6.4% | | 7.8% |
| Adjusted operating margin | 13.8% | | 16.6% |
Brunswick Corporation
April 10, 2023
Page 10 of 10
Brunswick Corporation
Segment Restatement - Continuing Operations
(in millions)
(unaudited)
| | | | | | | | | | | |
| Boat Segment | Twelve Months Ended |
| December 31, 2022 | | December 31, 2021 |
| Net sales | $ | 2,119.4 | | | $ | 1,703.1 | |
| | | |
| GAAP operating earnings | $ | 212.8 | | | $ | 142.3 | |
| Restructuring, exit and impairment charges | — | | | 0.1 | |
| Purchase accounting amortization | 3.1 | | | 1.6 | |
| Acquisition, integration, and IT related costs | 0.6 | | | 6.3 | |
| Sport Yacht & Yachts | — | | | 3.8 | |
| Palm Coast reclassified from held-for-sale | — | | | 0.8 | |
| Adjusted operating earnings | $ | 216.5 | | | $ | 154.9 | |
| | | |
| GAAP operating margin | 10.0% | | 8.4% |
| Adjusted operating margin | 10.2% | | 9.1% |
| | | | | | | | | | | |
| Corporate/Other | Twelve Months Ended |
| December 31, 2022 | | December 31, 2021 |
| GAAP operating loss | $ | (124.1) | | | $ | (114.9) | |
| Restructuring, exit and impairment charges | 17.4 | | | — | |
| Acquisition, integration, and IT related costs | 0.5 | | | 0.2 | |
| Adjusted operating loss | $ | (106.2) | | | $ | (114.7) | |
