Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 30, 2023 | |
Entity Information Line Items [Abstract] | ||
Entity File Number | 001-01043 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2023 | |
Entity Registrant Name | Brunswick Corporation | |
Entity Address, Address Line One | 26125 N. Riverwoods Blvd., Suite 500 | |
Entity Address, City or Town | Mettawa | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60045-3420 | |
City Area Code | 847 | |
Local Phone Number | 735-4700 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 68,812,648 | |
Entity Incorporation, State or Country Code | DE | |
Entity Central Index Key | 0000014930 | |
Entity Tax Identification Number | 36-0848180 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
NEW YORK STOCK EXCHANGE, INC. [Member] | Common Stock [Member] | ||
Entity Information [Line Items] | ||
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common stock, par value $0.75 per share | |
Trading Symbol | BC | |
NEW YORK STOCK EXCHANGE, INC. [Member] | 6.500% Senior Notes due 2048 [Member] | ||
Entity Information [Line Items] | ||
Security Exchange Name | NYSE | |
Title of 12(b) Security | 6.500% Senior Notes due 2048 | |
Trading Symbol | BC-A | |
NEW YORK STOCK EXCHANGE, INC. [Member] | 6.625% Senior Notes due 2049 [Member] | ||
Entity Information [Line Items] | ||
Security Exchange Name | NYSE | |
Title of 12(b) Security | 6.625% Senior Notes due 2049 | |
Trading Symbol | BC-B | |
NEW YORK STOCK EXCHANGE, INC. [Member] | 6.375% Senior Notes due 2049 [Member] | ||
Entity Information [Line Items] | ||
Security Exchange Name | NYSE | |
Title of 12(b) Security | 6.375% Senior Notes due 2049 | |
Trading Symbol | BC-C | |
CHICAGO STOCK EXCHANGE, INC [Member] | Common Stock [Member] | ||
Entity Information [Line Items] | ||
Security Exchange Name | CHX | |
Title of 12(b) Security | Common stock, par value $0.75 per share | |
Trading Symbol | BC |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Income Statement [Abstract] | ||||
Net Sales | $ 1,593.6 | $ 1,698.2 | $ 5,039.5 | $ 5,229.5 |
Cost of Sales | 1,148.9 | 1,199.3 | 3,616.9 | 3,710.6 |
Selling, General and Administrative Expense | 187.1 | 186.2 | 613.5 | 586.1 |
Research and Development Expense | 45.2 | 50.4 | 142.8 | 152 |
Restructuring, Exit and Impairment Charges | 16.3 | 24.6 | 39.7 | 24.6 |
Operating Earnings | 196.1 | 237.7 | 626.6 | 756.2 |
Equity Earnings | (17.3) | 1.3 | (12.9) | 2.8 |
Other Income (Expense), Net | 6 | (0.1) | 6.9 | (1.3) |
Earnings Before Interest and Income Taxes | 184.8 | 238.9 | 620.6 | 757.7 |
Interest Expense | (28.1) | (26.1) | (85.1) | (70.4) |
Interest Income | 3.4 | 1.9 | 7.6 | 2.5 |
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | 0 | 0 | (0.1) |
Earnings Before Income Taxes | 160.1 | 214.7 | 543.1 | 689.7 |
Income Tax Provision | 46.2 | 46.5 | 181.5 | 148.7 |
Net Earnings from Continuing Operations | 113.9 | 168.2 | 361.6 | 541 |
Discontinued operations: | ||||
Net Loss From Discontinued Operations, Net of Tax | (1.4) | (4.4) | (2.1) | (5.7) |
Net Earnings (Loss) | $ 112.5 | $ 163.8 | $ 359.5 | $ 535.3 |
Basic | ||||
Earnings from Continuing Operations | $ 1.63 | $ 2.27 | $ 5.11 | $ 7.16 |
Loss from Discontinued Operations | (0.02) | (0.06) | (0.03) | (0.08) |
Net Earnings (Loss) | 1.61 | 2.21 | 5.08 | 7.08 |
Diluted | ||||
Earnings from Continuing Operations | 1.63 | 2.26 | 5.10 | 7.12 |
Loss from Discontinued Operations | (0.02) | (0.06) | (0.03) | (0.08) |
Net Earnings (Loss) | $ 1.61 | $ 2.20 | $ 5.07 | $ 7.04 |
Weighted Average Shares Used for Computation of [Abstract] | ||||
Basic Earnings (Loss) Per Common Share | 69.8 | 74.2 | 70.7 | 75.6 |
Diluted Earnings (Loss) per Common Share | 70 | 74.5 | 70.9 | 76 |
Comprehensive Income (loss) | $ 99.2 | $ 158 | $ 346.9 | $ 527.1 |
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 0.40 | $ 0.365 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Oct. 01, 2022 |
Current Assets | |||
Cash and Cash Equivalents, at Cost, Which Approximates Fair Value | $ 330.9 | $ 595.6 | $ 457.4 |
Restricted cash | 11.1 | 12.9 | 11.7 |
Short-Term Investments in Marketable Securities | 0.8 | 4.5 | 34.5 |
Total Cash and Short-Term Investments in Marketable Securities | 342.8 | 613 | 503.6 |
Accounts and Notes Receivable, less Allowances of $12.0, $8.5 and $8.1 | 568.2 | 543 | 557.7 |
Inventories | |||
Finished Goods | 825.4 | 836.1 | 754.4 |
Work-In-Process | 194.5 | 209.1 | 224 |
Raw Materials | 425.1 | 426.2 | 451.4 |
Net Inventories | 1,445 | 1,471.4 | 1,429.8 |
Prepaid Expenses and Other | 85.3 | 67.8 | 103.9 |
Current Assets | 2,441.3 | 2,695.2 | 2,595 |
Property | |||
Land | 44 | 42.4 | 42.2 |
Buildings and Improvements | 609.3 | 564.4 | 547.2 |
Equipment | 1,529 | 1,488.1 | 1,425.1 |
Total Land, Buildings and Improvements and Equipment | 2,182.3 | 2,094.9 | 2,014.5 |
Accumulated Depreciation | (1,111) | (1,051.4) | (1,031) |
Net Land, Buildings and Improvements and Equipment | 1,071.3 | 1,043.5 | 983.5 |
Unamortized Product Tooling Costs | 240.3 | 227.3 | 237.6 |
Net Property | 1,311.6 | 1,270.8 | 1,221.1 |
Other Assets | |||
Goodwill | 1,007.6 | 967.6 | 962.2 |
Other Intangibles, Net | 999.8 | 997.4 | 1,005.4 |
Operating Lease Assets | 136.2 | 114.8 | 111.4 |
Deferred Income Tax Asset | 150.9 | 203.3 | 137.7 |
Equity Investments | 35.6 | 54 | 47.7 |
Other Long-Term Assets | 17.9 | 18.2 | 44.4 |
Other Assets | 2,348 | 2,355.3 | 2,308.8 |
Total Assets | 6,100.9 | 6,321.3 | 6,124.9 |
Current Liabilities | |||
Short-Term Debt and Current Maturities of Long-Term Debt | 455.3 | 89 | 84.9 |
Accounts Payable | 493.4 | 662.6 | 631.6 |
Accrued Expenses | 710.5 | 738.3 | 662.8 |
Current Liabilities | 1,659.2 | 1,489.9 | 1,379.3 |
Long-Term Liabilities | |||
Debt | 1,975.7 | 2,420 | 2,419.1 |
Operating Lease Liabilities | 117.8 | 97.8 | 95.7 |
Postretirement Benefits | 45.6 | 49.5 | 62.7 |
Other | 204.4 | 161.1 | 164.5 |
Long-Term Liabilities | 2,355.9 | 2,789.1 | 2,744.6 |
Shareholders' equity | |||
Common Stock; Authorized: 200,000,000 Shares, $0.75 Par Value; Issued: 102,538,000 Shares; Outstanding: 79,114,000, 79,569,000 and 87,063,000 Shares | 76.9 | 76.9 | 76.9 |
Additional Paid-In Capital | 385.2 | 391.3 | 386 |
Retained Earnings | 3,563.4 | 3,288.5 | 3,173 |
Treasury Stock, at Cost: 23,424,000, 22,969,000 and 15,475,000 Shares | (1,897.6) | (1,684.9) | (1,595.2) |
Accumulated Other Comprehensive Loss | (42.1) | (29.5) | (39.7) |
Shareholders' Equity | 2,085.8 | 2,042.3 | 2,001 |
Total Liabilities and Shareholders' Equity | $ 6,100.9 | $ 6,321.3 | $ 6,124.9 |
Common Stock, Shares Authorized (in Shares) | 200,000,000 | 200,000,000 | 200,000,000 |
Common Stock, Par Value (in Dollars per Share) | $ 0.75 | $ 0.75 | $ 0.75 |
Common Stock, Shares Issued (in Shares) | 102,538,000 | 102,538,000 | 102,538,000 |
Accounts and Notes Receivable, Allowances | $ 10.4 | $ 10.2 | $ 8.9 |
Common Stock, Shares Outstanding (in Shares) | 68,939,000 | 71,365,000 | 72,612,000 |
Treasury Stock, Shares (in Shares) | 33,599,000 | 31,173,000 | 29,926,000 |
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | $ 12.4 | $ 60.7 | $ 2.6 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Oct. 01, 2022 |
Current Assets | |||
Accounts and Notes Receivable, Allowances | $ 10.4 | $ 10.2 | $ 8.9 |
Shareholders' equity | |||
Common Stock, Shares Authorized (in Shares) | 200,000,000 | 200,000,000 | 200,000,000 |
Common Stock, Par Value (in Dollars per Share) | $ 0.75 | $ 0.75 | $ 0.75 |
Common Stock, Shares Issued (in Shares) | 102,538,000 | 102,538,000 | 102,538,000 |
Common Stock, Shares Outstanding (in Shares) | 68,939,000 | 71,365,000 | 72,612,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Oct. 01, 2022 | |
Cash Flows from Operating Activities | ||
Net Earnings (Loss) | $ 359,500,000 | $ 535,300,000 |
Less: Net loss from Discontinued Operations, Net of Tax | (2,100,000) | (5,700,000) |
Net Earnings from Continuing Operations, net of tax | 361,600,000 | 541,000,000 |
Stock Compensation Expense | 15,000,000 | 16,800,000 |
Depreciation and Amortization | 201,400,000 | 167,900,000 |
Pension Expense, Net of (Funding) | (1,200,000) | (500,000) |
Deferred Income Taxes | 900,000 | 4,000,000 |
Changes in Certain Current Assets and Current Liabilities | (161,200,000) | (426,800,000) |
Long-Term Extended Warranty Contracts and Other Deferred Revenue | 14,000,000 | 12,200,000 |
Income Taxes | 21,200,000 | (17,000,000) |
Other, net | (19,200,000) | (3,000,000) |
Asset Impairment Charges | 6,400,000 | 19,200,000 |
Equity Method Investment, Other than Temporary Impairment | 19,200,000 | 0 |
Net Cash used by Operating Activities of Continuing Operations | 458,100,000 | 313,800,000 |
Net Cash Provided by (Used for) Operating Activities of Discontinued Operations | (7,800,000) | (2,400,000) |
Net Cash used for Operating Activities | 450,300,000 | 311,400,000 |
Payments for (Proceeds from) Investments [Abstract] | ||
Investments | (1,600,000) | (4,900,000) |
Proceeds from Sale, Maturity and Collection of Investments [Abstract] | ||
Proceeds from Sale and Maturity of Marketable Securities | 3,800,000 | 26,300,000 |
Capital Expenditures | (233,100,000) | (299,300,000) |
Payments to Acquire Marketable Securities | 0 | (60,000,000) |
Payments to Acquire Businesses and Interest in Affiliates | (89,600,000) | (95,700,000) |
Proceeds from the Sale of Property, Plant and Equipment | 10,600,000 | 5,700,000 |
Net Cash Used for Investing Activities | (309,900,000) | (411,200,000) |
Cash Flows from Financing Activities | ||
Repayments of Long-term Debt | 81,800,000 | 58,500,000 |
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | (100,000) |
Proceeds From Issuances of Short-Term Debt | 2,300,000 | 127,800,000 |
Payments of Short-Term Debt | (5,400,000) | (125,000,000) |
Net Proceeds from Issuances of Long-Term Debt | 0 | 741,800,000 |
Payments of Long-Term Debt Including Current Maturities | (81,800,000) | (58,500,000) |
Common Stock Repurchases | (220,000,000) | (360,000,000) |
Cash Dividends Paid | (84,600,000) | (82,400,000) |
Tax Withholding Associated with Shares Issued for Share-Based Compensation | (13,400,000) | (16,400,000) |
Other, net | 0 | (3,900,000) |
Net Cash Provided by Financing Activities | (402,900,000) | 223,400,000 |
Effect of Exchange Rate Changes | (4,000,000) | (21,200,000) |
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash | (266,500,000) | 102,400,000 |
Cash and Cash Equivalents and Restricted Cash at Beginning of Period | 608,500,000 | 366,700,000 |
Cash and Cash Equivalents and Restricted Cash at End of Period | 342,000,000 | 469,100,000 |
Less: Restricted Cash | 11,100,000 | 11,700,000 |
Cash and Cash Equivalents at End of Period | 330,900,000 | 457,400,000 |
Payments for (Proceeds from) Other Investing Activities | $ 0 | $ (16,700,000) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock, Common |
Balance, at Beginning of the Period at Dec. 31, 2021 | $ 1,914.2 | $ 76.9 | $ 394.5 | $ 2,720.1 | $ (31.5) | $ (1,245.8) |
Net Earnings (Loss) | 174.2 | 0 | 0 | 174.2 | 0 | 0 |
Other Comprehensive Income | 9.9 | 0 | 0 | 0 | 9.9 | 0 |
Dividends | 28 | 0 | 0 | 28 | 0 | 0 |
Compensation Plans and Other | (10.6) | 0 | (20) | 0 | 0 | (9.4) |
Common Stock Repurchases | (79.8) | 0 | 0 | 0 | 0 | (79.8) |
Balance, at End of Period at Apr. 02, 2022 | 1,979.9 | 76.9 | 374.5 | 2,866.3 | (21.6) | (1,316.2) |
Balance, at Beginning of the Period at Dec. 31, 2021 | 1,914.2 | 76.9 | 394.5 | 2,720.1 | (31.5) | (1,245.8) |
Net Earnings (Loss) | 535.3 | |||||
Other Comprehensive Income | (8.2) | |||||
Balance, at End of Period at Oct. 01, 2022 | 2,001 | 76.9 | 386 | 3,173 | (39.7) | (1,595.2) |
Balance, at Beginning of the Period at Apr. 02, 2022 | 1,979.9 | 76.9 | 374.5 | 2,866.3 | (21.6) | (1,316.2) |
Net Earnings (Loss) | 197.3 | 0 | 0 | 197.3 | 0 | 0 |
Other Comprehensive Income | (12.3) | 0 | 0 | 0 | (12.3) | 0 |
Dividends | 27.4 | 0 | 0 | 27.4 | 0 | 0 |
Compensation Plans and Other | (7.3) | 0 | (6.3) | 0 | 0 | (1) |
Common Stock Repurchases | (140.2) | 0 | 0 | 0 | 0 | (140.2) |
Balance, at End of Period at Jul. 02, 2022 | 2,004.6 | 76.9 | 380.8 | 3,036.2 | (33.9) | (1,455.4) |
Net Earnings (Loss) | 163.8 | 0 | 0 | 163.8 | 0 | 0 |
Other Comprehensive Income | (5.8) | 0 | 0 | 0 | (5.8) | 0 |
Dividends | 27 | 0 | 0 | 27 | 0 | 0 |
Compensation Plans and Other | (5.4) | 0 | (5.2) | 0 | 0 | (0.2) |
Common Stock Repurchases | (140) | 0 | 0 | 0 | 0 | (140) |
Balance, at End of Period at Oct. 01, 2022 | $ 2,001 | 76.9 | 386 | 3,173 | (39.7) | (1,595.2) |
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 0.365 | |||||
Balance, at Beginning of the Period at Dec. 31, 2022 | $ 2,042.3 | 76.9 | 391.3 | 3,288.5 | (29.5) | (1,684.9) |
Net Earnings (Loss) | 112.3 | 0 | 0 | 112.3 | 0 | 0 |
Other Comprehensive Income | 3.6 | 0 | 0 | 0 | 3.6 | 0 |
Dividends | 28.5 | 0 | 0 | 28.5 | 0 | 0 |
Compensation Plans and Other | (6.8) | 0 | (15.3) | 0 | 0 | (8.5) |
Common Stock Repurchases | (60.4) | 0 | 0 | 0 | 0 | (60.4) |
Balance, at End of Period at Apr. 01, 2023 | $ 2,062.5 | 76.9 | 376 | 3,372.3 | (25.9) | (1,736.8) |
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 0.40 | |||||
Balance, at Beginning of the Period at Dec. 31, 2022 | $ 2,042.3 | 76.9 | 391.3 | 3,288.5 | (29.5) | (1,684.9) |
Net Earnings (Loss) | 359.5 | |||||
Other Comprehensive Income | (12.6) | |||||
Balance, at End of Period at Sep. 30, 2023 | 2,085.8 | 76.9 | 385.2 | 3,563.4 | (42.1) | (1,897.6) |
Balance, at Beginning of the Period at Apr. 01, 2023 | 2,062.5 | 76.9 | 376 | 3,372.3 | (25.9) | (1,736.8) |
Net Earnings (Loss) | 134.7 | 0 | 0 | 134.7 | 0 | 0 |
Other Comprehensive Income | (2.9) | 0 | 0 | 0 | (2.9) | 0 |
Dividends | 28.3 | 0 | 0 | 28.3 | 0 | 0 |
Compensation Plans and Other | (8.3) | 0 | (7.8) | 0 | 0 | (0.5) |
Common Stock Repurchases | (72.9) | 0 | 0 | 0 | 0 | (72.9) |
Balance, at End of Period at Jul. 01, 2023 | $ 2,101.4 | 76.9 | 383.8 | 3,478.7 | (28.8) | (1,809.2) |
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 0.40 | |||||
Net Earnings (Loss) | $ 112.5 | 0 | 0 | 112.5 | 0 | 0 |
Other Comprehensive Income | (13.3) | 0 | 0 | 0 | (13.3) | 0 |
Dividends | 27.8 | 0 | 0 | 27.8 | 0 | 0 |
Compensation Plans and Other | (1.7) | 0 | (1.4) | 0 | 0 | (0.3) |
Common Stock Repurchases | (88.7) | 0 | 0 | 0 | 0 | (88.7) |
Balance, at End of Period at Sep. 30, 2023 | $ 2,085.8 | $ 76.9 | $ 385.2 | $ 3,563.4 | $ (42.1) | $ (1,897.6) |
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 0.40 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Note 1 – Significant Accounting Policies Basis of Presentation. Effective January 1, 2023, Brunswick Corporation ("Brunswick" or "the Company") changed its management reporting and updated its reportable segments to Propulsion, Engine Parts and Accessories ("Engine P&A"), Navico Group and Boat to align with our internal operating structure. As a result of this change, the Company has recast all segment information for all prior periods presented. For further information, refer to Note 9 – Segment Data. Interim Financial Statements. Brunswick's unaudited interim condensed consolidated financial statements have been prepared pursuant to SEC rules and regulations. Therefore, certain information and disclosures normally included in financial statements and related notes prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted. These financial statements should be read in conjunction with, and have been prepared in conformity with, the accounting principles reflected in the consolidated financial statements and related notes included in Brunswick's 2022 Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Form 10-K"). These results include, in management's opinion, all normal and recurring adjustments necessary to present fairly Brunswick's financial position, results of operations and cash flows. Due to the seasonality of Brunswick's businesses, the interim results are not necessarily indicative of the results that may be expected for the remainder of the year. The Company maintains its financial records on the basis of a fiscal year ending on December 31, with the fiscal quarters spanning approximately thirteen weeks. The first quarter ends on the Saturday closest to the end of the first thirteen-week period. The second and third quarters are thirteen weeks in duration and the fourth quarter is the remainder of the year. The third quarter of fiscal year 2023 ended on September 30, 2023 and the third quarter of fiscal year 2022 ended on October 1, 2022. IT Security Incident As previously announced on June 13, 2023, the Company experienced an IT security incident that impacted some of its systems and global facilities. The Company activated its response protocols, including pausing operations in some locations, engaging leading security experts and coordinating with relevant law enforcement agencies. Normal global business operations resumed over the course of nine days following the incident. While we were able to quickly restore our operations, the incident resulted in disruption to sales as well as non-recurring costs. We will attempt to recover a portion of the lost operating earnings from lost sales and non-recurring costs from our insurance carriers. Non-recurring costs include labor while plants were idle, IT-related costs and costs for legal, consulting and other professional services directly related to this incident. During the three and nine months ended September 30, 2023, we incurred non-recurring costs related to the IT security incident of $2.1 million and $10.2 million, respectively. A portion of the non-recurring costs are included in Cost of sales and a portion in Selling, general and administrative expense in the Condensed Consolidated Statements of Comprehensive Income. We estimate the incident resulted in lost revenue of approximately $80 million to $85 million and operating earnings of $35 million to $40 million in the nine months ended September 30, 2023. TN-BC Holdings LLC Joint Venture Impairment TN-BC Holdings LLC (the "Joint Venture") is a 50% owned joint venture, accounted for as an equity method investment, between the Company and TechNexus Holdings LLC formed in 2017. During the three months ended September 30, 2023, the Company recorded an impairment charge of $19.2 million due to a decline in the fair value of its investment in the Joint Venture, as a result of a reduction in value of certain of the Joint Venture's underlying investments. The impairment charge is included in Equity (loss) earnings in the Condensed Consolidated Statements of Comprehensive Income. Recently Adopted Accounting Standards Supplier Finance Programs : In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 Company adopted the guidance in ASU 2022-04 on January 1, 2023. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Recognition The following tables present the Company's revenue in categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors: Three Months Ended September 30, 2023 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 498.2 $ 248.0 $ 137.4 $ 345.6 $ 1,229.2 Europe 88.0 30.3 48.0 28.2 194.5 Asia-Pacific 46.5 25.0 19.1 8.3 98.9 Canada 26.8 28.4 3.8 37.2 96.2 Rest-of-World 58.7 12.9 5.1 9.3 86.0 Segment Eliminations (86.2) (2.0) (23.0) — (111.2) Total $ 632.0 $ 342.6 $ 190.4 $ 428.6 $ 1,593.6 Three Months Ended October 1, 2022 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 514.1 $ 257.1 $ 155.1 $ 397.7 $ 1,324.0 Europe 75.1 28.4 48.2 39.3 191.0 Asia-Pacific 49.7 29.0 23.3 7.8 109.8 Canada 28.4 33.6 3.7 57.1 122.8 Rest-of-World 47.1 12.2 4.5 8.8 72.6 Segment Eliminations (99.2) (1.6) (21.2) — (122.0) Total $ 615.2 $ 358.7 $ 213.6 $ 510.7 $ 1,698.2 Nine Months Ended September 30, 2023 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 1,490.8 $ 693.3 $ 459.3 $ 1,203.8 $ 3,847.2 Europe 293.4 86.2 173.9 135.6 689.1 Asia-Pacific 154.8 76.7 56.3 23.9 311.7 Canada 75.8 69.2 13.4 173.4 331.8 Rest-of-World 158.3 36.7 15.6 27.9 238.5 Segment Eliminations (291.3) (5.8) (81.3) (0.4) (378.8) Total $ 1,881.8 $ 956.3 $ 637.2 $ 1,564.2 $ 5,039.5 Nine Months Ended October 1, 2022 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 1,450.4 $ 758.3 $ 541.7 $ 1,189.2 $ 3,939.6 Europe 306.9 97.0 188.6 140.9 733.4 Asia-Pacific 172.5 88.8 69.5 24.4 355.2 Canada 86.1 86.0 20.9 189.7 382.7 Rest-of-World 138.6 40.0 11.8 27.7 218.1 Segment Eliminations (310.7) (5.8) (82.8) (0.2) (399.5) Total $ 1,843.8 $ 1,064.3 $ 749.7 $ 1,571.7 $ 5,229.5 Three Months Ended September 30, 2023 (in millions) Propulsion Engine P&A Navico Group Boat Total Major Product Lines Outboard Engines $ 580.3 $ — $ — $ — $ 580.3 Controls, Rigging, and Propellers 99.7 — — — 99.7 Sterndrive Engines 38.2 — — — 38.2 Distribution Parts & Accessories — 186.0 — — 186.0 Products — 158.6 — — 158.6 Navico Group — — 213.4 — 213.4 Aluminum Freshwater Boats — — — 141.3 141.3 Recreational Fiberglass Boats — — — 137.0 137.0 Saltwater Fishing Boats — — — 110.4 110.4 Business Acceleration — — — 43.6 43.6 Boat Eliminations/Other — — — (3.7) (3.7) Segment Eliminations (86.2) (2.0) (23.0) — (111.2) Total $ 632.0 $ 342.6 $ 190.4 $ 428.6 $ 1,593.6 Three Months Ended October 1, 2022 (in millions) Propulsion Engine P&A Navico Group Boat Total Major Product Lines Outboard Engines $ 565.2 $ — $ — $ — $ 565.2 Controls, Rigging, and Propellers 96.9 — — — 96.9 Sterndrive Engines 52.3 — — — 52.3 Distribution Parts & Accessories — 207.7 — — 207.7 Products — 152.6 — — 152.6 Navico Group — — 234.8 — 234.8 Aluminum Freshwater Boats — — — 208.2 208.2 Recreational Fiberglass Boats — — — 180.8 180.8 Saltwater Fishing Boats — — — 86.6 86.6 Business Acceleration — — — 38.7 38.7 Boat Eliminations/Other — — — (3.6) (3.6) Segment Eliminations (99.2) (1.6) (21.2) — (122.0) Total $ 615.2 $ 358.7 $ 213.6 $ 510.7 $ 1,698.2 Nine Months Ended September 30, 2023 (in millions) Propulsion Engine P&A Navico Group Boat Total Major Product Lines Outboard Engines $ 1,726.1 $ — $ — $ — $ 1,726.1 Controls, Rigging, and Propellers 310.8 — — — 310.8 Sterndrive Engines 136.2 — — — 136.2 Distribution Parts & Accessories — 558.5 — — 558.5 Products — 403.6 — — 403.6 Navico Group — — 718.5 — 718.5 Aluminum Freshwater Boats — — — 582.0 582.0 Recreational Fiberglass Boats — — — 522.5 522.5 Saltwater Fishing Boats — — — 348.4 348.4 Business Acceleration — — — 129.9 129.9 Boat Eliminations/Other — — — (18.2) (18.2) Segment Eliminations (291.3) (5.8) (81.3) (0.4) (378.8) Total $ 1,881.8 $ 956.3 $ 637.2 $ 1,564.2 $ 5,039.5 Nine Months Ended October 1, 2022 (in millions) Propulsion Engine P&A Navico Group Boat Total Major Product Lines Outboard Engines $ 1,677.1 $ — $ — $ — $ 1,677.1 Controls, Rigging, and Propellers 301.8 — — — 301.8 Sterndrive Engines 175.6 — — — 175.6 Distribution Parts & Accessories — 642.7 — — 642.7 Products — 427.4 — — 427.4 Navico Group — — 832.5 — 832.5 Aluminum Freshwater Boats — — — 666.2 666.2 Recreational Fiberglass Boats — — — 532.6 532.6 Saltwater Fishing Boats — — — 286.1 286.1 Business Acceleration — — — 94.1 94.1 Boat Eliminations/Other — — — (7.1) (7.1) Segment Eliminations (310.7) (5.8) (82.8) (0.2) (399.5) Total $ 1,843.8 $ 1,064.3 $ 749.7 $ 1,571.7 $ 5,229.5 As of December 31, 2022, $178.5 million of contract liabilities associated with extended warranties and customer deposits were reported in Accrued expenses and Other long-term liabilities, o f which $12.8 million and $45.9 million were recognized as revenue during the three and nine months ended September 30, 2023, respectively. As of September 30, 2023, total contract liabilities were $193.6 million. The total amount of the transaction price allocated to unsatisfied performance obligations as of September 30, 2023 was $187.2 million for contracts greater than one year, which primarily relates to extended warranties. The Company expects to recognize $20.3 million of this amount in 2023, $58.0 million in 2024, and $108.9 million thereafter. |
Restructuring, Exit and Integra
Restructuring, Exit and Integration Activities | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Exit and Integration Activities [Text Block] | Restructuring, Exit and Impairment Activities The Company recorded restructuring, exit and impairment charges in the Condensed Consolidated Statements of Comprehensive Income in 2023. During the three and nine months ended September 30, 2023, the Company recorded restructuring charges within all segments related to headcount reductions and related costs associated with streamlining the enterprise-wide cost structure and improving operating efficiencies. The Company estimates approximately $35 to $40 million of charges will be incurred related to these actions during 2023. The Company estimates these actions will result in approximately $40 million of annualized cost savings. The following table is a summary of these expenses for the three months ended September 30, 2023: (in millions) Propulsion Engine P&A Navico Group Boat Corporate Total Restructuring, exit and impairment activities: Employee termination and other benefits $ 2.7 $ 2.3 $ 0.6 $ 5.1 $ 1.2 $ 11.9 Asset-related (A) — — 4.4 — — 4.4 Total restructuring, exit and impairment charges $ 2.7 $ 2.3 $ 5.0 $ 5.1 $ 1.2 $ 16.3 Total cash payments for restructuring, exit and impairment charges (B) $ 0.8 $ 1.4 $ 3.2 $ 3.7 $ 2.4 $ 11.5 Accrued charges at end of the period (C) $ 1.9 $ 1.4 $ 5.7 $ 2.6 $ 0.8 $ 12.4 (A) Includes impairment charges of $3.0 million associated with the Company's decision to no longer go to market under the Garelick trade name. (B) Cash payments for the three months ended September 30, 2023 may include payments related to prior period charges. (C) Restructuring, exit and impairment charges accrued as of September 30, 2023 are expected to be paid in the next twelve months. The following table is a summary of these expenses for the nine months ended September 30, 2023: (in millions) Propulsion Engine P&A Navico Group Boat Corporate Total Restructuring, exit and impairment activities: Employee termination and other benefits $ 2.7 $ 3.3 $ 10.1 $ 11.0 $ 1.9 $ 29.0 Asset-related (A) — — 5.8 — — 5.8 Professional fees — — — — 4.9 4.9 Total restructuring, exit and impairment charges $ 2.7 $ 3.3 $ 15.9 $ 11.0 $ 6.8 $ 39.7 Total cash payments for restructuring, exit and impairment charges (B) $ 0.8 $ 1.9 $ 8.5 $ 8.4 $ 6.0 $ 25.6 Accrued charges at end of the period (C) $ 1.9 $ 1.4 $ 5.7 $ 2.6 $ 0.8 $ 12.4 (A) Includes impairment charges of $3.0 million associated with the Company's decision to no longer go to market under the Garelick trade name. (B) Cash payments for the nine months ended September 30, 2023 may include payments related to prior period charges. (C) Restructuring, exit and impairment charges accrued as of September 30, 2023 are expected to be paid in the next twelve months. The following table is a summary of these expenses for the three months ended October 1, 2022: (in millions) Navico Group Boat (A) Corporate (B) Total Restructuring, exit and impairment activities: Employee termination and other benefits $ 6.9 $ — $ — $ 6.9 Asset-related — 0.3 17.4 17.7 Total restructuring, exit and impairment charges $ 6.9 $ 0.3 $ 17.4 $ 24.6 Total cash payments for restructuring, exit and impairment charges (C) $ 1.5 $ 0.1 $ — $ 1.6 Accrued charges at end of the period $ 5.4 $ — $ — $ 5.4 (A) Includes asset-related impairment charges, net of insurance recoveries, associated with Hurricane Ian. (B) 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 three months ended October 1, 2022. (C) Cash payments for the three months ended October 1, 2022 may include payments related to prior period charges. The following table is a summary of these expenses for the nine months ended October 1, 2022: (in millions) Navico Group Boat (A) Corporate (B) Total Restructuring, exit and impairment activities: Employee termination and other benefits $ 6.9 $ — $ — $ 6.9 Asset-related — 0.3 17.4 17.7 Total restructuring, exit and impairment charges $ 6.9 $ 0.3 $ 17.4 $ 24.6 Total cash payments for restructuring, exit and impairment charges (C) $ 1.5 $ 0.2 $ — $ 1.7 Accrued charges at end of the period $ 5.4 $ — $ — $ 5.4 (A) Includes asset-related impairment charges, net of insurance recoveries, associated with Hurricane Ian. (B) 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 three months ended October 1, 2022. (C) Cash payments for the nine months ended October 1, 2022 may include payments related to prior period charges. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments The Company operates globally with manufacturing and sales facilities around the world. Due to the Company’s global operations, the Company engages in activities involving both financial and market risks. The Company utilizes normal operating and financing activities, along with derivative financial instruments, to minimize these risks. See Note 13 in the Notes to Consolidated Financial Statements in the 2022 Form 10-K for further details regarding the Company's financial instruments and hedging policies. Cross-Currency Swaps. The Company enters into cross-currency swaps to hedge Euro currency exposures of the net investment in certain foreign subsidiaries. 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 September 30, 2023 and December 31, 2022 , respectively. As of October 1, 2022, the notional value of cross-currency swap contracts outstanding was $250.0 million. The cross-currency swaps were designated as net investment hedges, with the amount of gain or loss associated with the change in fair value of these instruments included within Accumulated other comprehensive loss and recognized upon termination of the respective investment. In the first quarter of 2022, the Company settled $200.0 million of cross-currency swap contracts resulting in a deferred gain of $16.7 million within Accumulated other comprehensive loss. Commodity Price. The Company uses commodity swaps to hedge anticipated purchases of aluminum and copper. As of September 30, 2023, December 31, 2022 and October 1, 2022, the notional value of commodity swap contracts outstanding wa s $28.1 million , $24.1 million and $22.3 million, respectively, and the contracts mature through 2024. 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 September 30, 2023, the Company estimates that, during the next 12 months, it will reclassify approximately $1.2 million in net losses (based on current prices) from Accumulated other comprehensive loss to Cost of sales. Foreign Currency Derivatives. Forward exchange contracts outstanding as of September 30, 2023, December 31, 2022 and October 1, 2022 had notional contract values of $625.6 million , $684.8 million and $544.4 million, respectively. The forward contracts outstanding as of September 30, 2023 mature through 2025 and mainly relate to the Euro, Australian dollar, Norwegian krone and Canadian dollar. As of September 30, 2023, the Company estimates that during the next 12 months, it will reclassify approximately $9.9 million of net gains (based on current rates) from Accumulated other comprehensive loss to Cost of sales. Interest-Rate Derivatives. During the first quarter of 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. There were no treasury-lock swaps outstanding as of September 30, 2023, December 31, 2022 or October 1, 2022. The Company had net deferred gains associated with previously settled forward-starting interest-rate swaps and the treasury-lock swaps discussed above of $3.3 million , $3.2 million, and $3.1 million as of September 30, 2023, December 31, 2022 , and October 1, 2022, respectively. These instruments were designated as cash flow hedges with gains and losses included in Accumulated other comprehensive loss. As of September 30, 2023, the Company estimates that during the next 12 months, it will reclassify approximately $0.1 million of net gains from Accumulated other comprehensive loss to Interest expense. As of September 30, 2023, December 31, 2022 and October 1, 2022, the fair values of the Company’s derivative instruments were: (in millions) Fair Value Asset Derivatives Sep 30, 2023 Dec 31, 2022 Oct 1, 2022 Derivatives Designated as Cash Flow Hedges Foreign exchange contracts $ 13.8 $ 15.2 $ 37.3 Commodity contracts 0.4 0.3 — Total $ 14.2 $ 15.5 $ 37.3 Derivatives Designated as Net Investment Hedges Cross-currency swaps $ — $ — $ 26.6 Other Hedging Activity Foreign exchange contracts $ 0.4 $ 0.6 $ 1.3 Liability Derivatives Derivatives Designated as Cash Flow Hedges Foreign exchange contracts $ 3.3 $ 8.0 $ 3.5 Commodity contracts 1.5 1.1 4.0 Total $ 4.8 $ 9.1 $ 7.5 Other Hedging Activity Foreign exchange contracts $ 0.6 $ 0.8 $ — As of September 30, 2023, December 31, 2022 and October 1, 2022, asset derivatives are included within Prepaid expenses and other and Other long-term assets, and liability derivatives are included within Accrued expenses and Other long-term liabilities in the Condensed Consolidated Balance Sheets. The effect of derivative instruments on the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and October 1, 2022 is as shown in the tables below. The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive loss was as follows: (in millions) Three Months Ended Nine Months Ended Derivatives Designated as Cash Flow Hedging Instruments Sep 30, 2023 Oct 1, 2022 Sep 30, 2023 Oct 1, 2022 Interest-rate contracts $ — $ — $ — $ 5.3 Foreign exchange contracts 10.2 20.7 13.3 48.6 Commodity contracts 0.8 (3.2) (2.4) (3.9) Total $ 11.0 $ 17.5 $ 10.9 $ 50.0 Derivatives Designated as Net Investment Hedging Instruments Cross-currency swaps $ — $ 12.4 $ — $ 29.0 The amount of gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows: (in millions) Three Months Ended Nine Months Ended Derivatives Designated as Cash Flow Hedging Instruments Location of Gain (Loss) Sep 30, 2023 Oct 1, 2022 Sep 30, 2023 Oct 1, 2022 Interest-rate contracts Interest expense $ — $ (0.1) $ (0.1) $ (0.2) Foreign exchange contracts Cost of sales 2.4 7.7 14.0 15.7 Commodity contracts Cost of sales (1.1) (0.8) (2.2) 3.1 Total $ 1.3 $ 6.8 $ 11.7 $ 18.6 Derivatives Designated as Fair Value Hedging Instruments Interest-rate contracts Interest expense $ 0.1 $ 0.2 $ 0.4 $ 0.5 Other Hedging Activity Foreign exchange contracts Cost of sales $ 1.6 $ 0.3 $ (0.6) $ 2.1 Foreign exchange contracts Other Income (expense), net (2.4) 0.6 (2.9) 0.8 Total $ (0.8) $ 0.9 $ (3.5) $ 2.9 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 September 30, 2023, December 31, 2022 and October 1, 2022, the fair value of the Company’s long-term debt, including current maturities, and short-term debt was approximately $2,102.3 million, $2,225.0 million and $2,132.8 million, respectively, and was determined using Level 1 and Level 2 inputs described in Note 6 to the Notes to Consolidated Financial Statements in the 2022 Form 10-K. The carrying value of long-term debt, including current maturities, and short-term debt was $2,460.5 million, $2,540.5 million and $2,536.2 million as of September 30, 2023, December 31, 2022 and October 1, 2022, respectively. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis: (in millions) Fair Value Category Fair Value Level Sep 30, 2023 Dec 31, 2022 Oct 1, 2022 Cash equivalents 1 $ 0.3 $ 0.4 $ 42.1 Short-term investments in marketable securities 1 0.8 4.5 34.5 Restricted cash 1 11.1 12.9 11.7 Derivative assets 2 14.6 16.1 65.2 Derivative liabilities 2 5.4 9.9 7.5 Deferred compensation 1 1.3 1.6 1.4 Deferred compensation 2 16.5 14.1 12.6 Liabilities measured at net asset value 12.1 10.4 9.6 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Product Warranties The following activity related to product warranty liabilities was recorded in Accrued expenses during the nine months ended September 30, 2023 and October 1, 2022: (in millions) Sep 30, 2023 Oct 1, 2022 Balance at beginning of period $ 146.7 $ 129.3 Payments (65.5) (47.3) Provisions/additions for contracts issued/sold 67.7 62.5 Aggregate changes for preexisting warranties 8.6 (3.0) Foreign currency translation (0.3) (3.0) Other 1.2 (0.4) Balance at end of period $ 158.4 $ 138.1 Extended Product Warranties The following activity related to deferred revenue for extended product warranty contracts was recorded in Accrued expenses and Other long-term liabilities during the nine months ended September 30, 2023 and October 1, 2022: (in millions) Sep 30, 2023 Oct 1, 2022 Balance at beginning of period $ 112.5 $ 99.5 Extended warranty contracts sold 34.1 29.8 Revenue recognized on existing extended warranty contracts (19.7) (16.6) Foreign currency translation — (0.5) Other (0.3) (0.5) Balance at end of period $ 126.6 $ 111.7 |
Goodwill and Intangibles
Goodwill and Intangibles | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles [Text Block] | Goodwill and Other Intangibles Changes in the Company's goodwill during the nine months ended September 30, 2023 and October 1, 2022, by segment, are summarized below: (in millions) Propulsion Engine P&A Navico Group Boat Total December 31, 2022 $ 14.0 $ 232.8 $ 595.8 $ 125.0 $ 967.6 Acquisitions 37.1 — — — 37.1 Adjustments (0.5) (0.1) (1.3) 4.8 2.9 September 30, 2023 $ 50.6 $ 232.7 $ 594.5 $ 129.8 $ 1,007.6 December 31, 2021 $ 14.7 $ 233.1 $ 581.8 $ 58.8 $ 888.4 Acquisitions — — — 75.0 75.0 Adjustments (1.6) (0.7) 1.8 (0.7) (1.2) October 1, 2022 $ 13.1 $ 232.4 $ 583.6 $ 133.1 $ 962.2 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 nine months ended September 30, 2023 include $4.8 million of purchase accounting adjustments from the 2022 Freedom Boat Club acquisitions, a majority of which relate to boat fleet fair market value adjustments. There was no accumulated impairment loss on goodwill as of September 30, 2023, December 31, 2022 or October 1, 2022. As discussed in Note 1 – Significant Accounting Policies , effective January 1, 2023, we changed our reportable segments. Concurrent with the change in reportable segments, the Navico Group operating segment is now also the reporting unit at which we evaluate goodwill for impairment. As a result of this change, we evaluated impairment indicators at the previous reporting units immediately prior to the change and at the Navico Group reporting unit immediately following the change and concluded there were no indicators of impairment. The Company's intangible assets, included within Other intangibles, net on the Condensed Consolidated Balance Sheets as of September 30, 2023, December 31, 2022 and October 1, 2022, are summarized by intangible asset type below: Sep 30, 2023 Dec 31, 2022 Oct 1, 2022 (in millions) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Intangible assets: Customer relationships $ 905.1 $ (416.7) $ 897.4 $ (386.1) $ 899.5 $ (374.5) Trade names 322.2 — 305.4 — 305.0 — Developed technology 166.4 (21.3) 160.0 (13.3) 160.0 (10.7) Other 86.8 (42.7) 67.6 (33.6) 55.9 (29.8) Total $ 1,480.5 $ (480.7) $ 1,430.4 $ (433.0) $ 1,420.4 $ (415.0) Other intangible assets primarily consist of software, patents and franchise agreements. Gross amounts and related accumulated amortization amounts include adjustments related to the impact of foreign currency translation. Aggregate amortization expense for intangibles was $17.0 million and $50.8 million for three and nine months ended September 30, 2023, respectively. Aggregate amortization expense for intangibles was $15.9 million and $47.2 million for three and nine months ended October 1, 2022, respectively. The Company tests its intangible assets for impairment during the fourth quarter of each year, or whenever a significant change in events and circumstances (triggering event) occurs that indicates the fair value of intangible assets may be below their carrying values. The Company recorded impairment charges of $3.0 million during the three months ended September 30, 2023, associated with the Company's decision to no longer go to market under the Garelick trade name. The Company did not record any other impairment charge during the nine months ended September 30, 2023 or October 1, 2022. |
Segment Data
Segment Data | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Data | Segment Data Change in Reportable Segments Effective January 1, 2023, the Company changed its management reporting and updated its reportable segments to Propulsion, Engine P&A, Navico Group and Boat to align with our internal operating structure. Reportable Segments The Company's segments are defined by management's reporting structure and operating activities. The Company's reportable segments are the following: Propulsion . The Propulsion segment manufactures and markets a full range of outboard, sterndrive, and inboard engines, as well as propulsion-related controls, rigging, and propellers. These products are principally sold directly to boat builders, including Brunswick's Boat segment, and through marine retail dealers worldwide. The Propulsion segment primarily markets under the Mercury, Mercury MerCruiser, Mariner, Mercury Racing, Mercury Diesel and Fliteboard 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. Engine P&A. The Engine P&A segment manufactures, markets, supplies and distributes products 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 products include consumables, such as engine oils and lubricants, and are sold under the Mercury, Mercury Precision Parts, Quicksilver, and Seachoice brands. The Engine P&A segment also 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 segment's manufacturing and distribution facilities are primarily located in North America, Europe, Australia, and New Zealand. Navico Group. The Navico Group segment designs, develops, manufactures, and markets products and systems for the marine, RV, specialty vehicle and industrial markets. Navico Group's brand portfolio includes the Ancor, Attwood, B&G, BEP, Blue Sea Systems, C-MAP, CZone, Lenco, Lowrance, Marinco, Mastervolt, MotorGuide, Progressive Industries, ProMariner, RELiON, Simrad and Whale brand names. These brands span multiple categories, including marine electronics, sensors, control systems, instruments, power systems, and general accessories. The 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 includes Business Acceleration which, through innovative service models, shared access solutions, including the Freedom Boat Club business acquired in 2019, dealer services and emerging technology, aims to provide exceptional experiences to attract a wide range of customers to the marine industry and shape the future of boating. The Company evaluates performance based on segment operating earnings. Segment operating earnings do not include the expenses of corporate administration, impairments or gains on the sale of equity investments, earnings from unconsolidated affiliates, other expenses and income of a non-operating nature, transaction financing charges, interest expense, and income or provisions or benefits for income taxes. Corporate/Other results include items such as corporate staff and administrative costs, investments in technology solutions, business development and other growth-related expenses, including IT enhancements. Corporate/Other total assets consist of mainly cash, cash equivalents and investments in short-term marketable securities, restricted cash, income tax balances and investments in unconsolidated affiliates. Segment eliminations adjust for sales between the Company's reportable segments and primarily relate to the sale of engines and parts and accessories to various boat brands, which are consummated at established arm's length transfer prices as the intersegment pricing for these engines and parts and accessories are based upon and consistent with selling prices to third-party customers. Information about the operations of Brunswick's reportable segments is set forth below: Net Sales Operating Earnings (Loss) Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended (in millions) Sep 30, Oct 1, Sep 30, Oct 1, Sep 30, Oct 1, Sep 30, Oct 1, Propulsion $ 718.2 $ 714.4 $ 2,173.1 $ 2,154.5 $ 129.2 $ 143.0 $ 391.4 $ 410.3 Engine P&A 344.6 360.3 962.1 1,070.1 75.0 88.9 189.2 235.7 Navico Group 213.4 234.8 718.5 832.5 2.7 (1.8) 19.7 51.2 Boat 428.6 510.7 1,564.6 1,571.9 20.3 49.7 131.3 153.9 Corporate/Other — — — — (31.1) (42.1) (105.0) (94.9) Segment Eliminations (111.2) (122.0) (378.8) (399.5) — — — — Total $ 1,593.6 $ 1,698.2 $ 5,039.5 $ 5,229.5 $ 196.1 $ 237.7 $ 626.6 $ 756.2 Total Assets (in millions) Sep 30, Dec 31, Oct 1, Propulsion $ 1,654.3 $ 1,516.7 $ 1,460.7 Engine P&A 857.2 868.6 881.4 Navico Group 2,106.4 2,169.0 2,147.6 Boat 867.6 829.8 839.2 Corporate/Other 615.4 937.2 796.0 Total $ 6,100.9 $ 6,321.3 $ 6,124.9 |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2023 | |
Comprehensive Income [Abstract] | |
Comprehensive Income | Comprehensive Income Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets includes foreign currency cumulative translation adjustments; prior service costs and credits and net actuarial gains and losses for defined benefit plans; and unrealized derivative gains and losses, all net of tax. Changes in the components of Accumulated other comprehensive loss, all net of tax, for the three and nine months ended September 30, 2023 and October 1, 2022 are as follows: Three Months Ended Nine Months Ended (in millions) Sep 30, Oct 1, Sep 30, Oct 1, Net earnings $ 112.5 $ 163.8 $ 359.5 $ 535.3 Other comprehensive income (loss): Foreign currency cumulative translation adjustments (20.7) (27.5) (12.2) (58.0) Net change in unamortized actuarial gains 0.1 0.4 0.3 0.9 Net change in unrealized derivative gains 7.3 21.3 (0.7) 48.9 Total other comprehensive (loss) income (13.3) (5.8) (12.6) (8.2) Comprehensive income $ 99.2 $ 158.0 $ 346.9 $ 527.1 The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended September 30, 2023: (in millions) Foreign currency translation Prior service credits Net actuarial gains Unrealized investment gains Net derivative gains Total Beginning balance $ (62.8) $ (4.1) $ 9.9 $ 0.2 $ 28.0 $ (28.8) Other comprehensive income before reclassifications (A) (20.7) — — — 8.1 (12.6) Amounts reclassified from Accumulated other comprehensive loss (B) — — 0.1 — (0.8) (0.7) Net other comprehensive income (loss) (20.7) — 0.1 — 7.3 (13.3) Ending balance $ (83.5) $ (4.1) $ 10.0 $ 0.2 $ 35.3 $ (42.1) (A) The tax effects for the three months ended September 30, 2023 were $1.1 million for foreign currency translation and $(2.9) million for derivatives. (B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the three months ended September 30, 2023. The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the nine months ended September 30, 2023: (in millions) Foreign currency translation Prior service credits Net actuarial gains Unrealized investment gains Net derivative gains Total Beginning balance $ (71.3) $ (4.1) $ 9.7 $ 0.2 $ 36.0 $ (29.5) Other comprehensive income before reclassifications (A) (12.2) — — — 7.6 (4.6) Amounts reclassified from Accumulated other comprehensive loss (B) — — 0.3 — (8.3) (8.0) Net other comprehensive income (loss) (12.2) — 0.3 — (0.7) (12.6) Ending balance $ (83.5) $ (4.1) $ 10.0 $ 0.2 $ 35.3 $ (42.1) (A) The tax effects for the nine months ended September 30, 2023 were $0.6 million for foreign currency translation and $(3.3) million for derivatives. (B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the nine months ended September 30, 2023 The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended October 1, 2022: (in millions) Foreign currency translation Prior service credits Net actuarial losses Unrealized investment gains Net derivative gains Total Beginning balance $ (65.0) $ (3.7) $ (2.9) $ 0.2 $ 37.5 $ (33.9) Other comprehensive (loss) income before reclassifications (A) (27.5) — 0.3 — 26.3 (0.9) Amounts reclassified from Accumulated other comprehensive loss (B) — — 0.1 — (5.0) (4.9) Net other comprehensive income (loss) (27.5) — 0.4 — 21.3 (5.8) Ending balance $ (92.5) $ (3.7) $ (2.5) $ 0.2 $ 58.8 $ (39.7) (A) The tax effects for the three months ended October 1, 2022 were $5.4 million for foreign currency translation and $(3.6) million for derivatives. (B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the three months ended October 1, 2022. The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the nine months ended October 1, 2022: (in millions) Foreign currency translation Prior service credits Net actuarial losses Unrealized investment gains Net derivative gains Total Beginning balance $ (34.5) $ (3.7) $ (3.4) $ 0.2 $ 9.9 $ (31.5) Other comprehensive (loss) income before reclassifications (A) (58.0) — 0.3 — 62.7 5.0 Amounts reclassified from Accumulated other comprehensive loss (B) — — 0.6 — (13.8) (13.2) Net other comprehensive income (loss) (58.0) — 0.9 — 48.9 (8.2) Ending balance $ (92.5) $ (3.7) $ (2.5) $ 0.2 $ 58.8 $ (39.7) (A) The tax effects for the nine months ended October 1, 2022 were $8.5 million for foreign currency translation and $(16.3) million for derivatives. (B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the nine months ended October 1, 2022 The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the three and nine months ended September 30, 2023 and October 1, 2022: Three Months Ended Nine Months Ended Details about Accumulated other comprehensive (loss) income components (in millions) Sep 30, Oct 1, Sep 30, Oct 1, Affected line item in the statement where net income is presented Amortization of defined benefit items: Net actuarial losses $ (0.1) $ (0.4) $ (0.3) $ (0.9) Other income (expense), net (0.1) (0.4) (0.3) (0.9) Earnings before income taxes — 0.3 — 0.3 Income tax provision $ (0.1) $ (0.1) $ (0.3) $ (0.6) Net earnings from continuing operations Amount of gain (loss) reclassified into earnings on derivative contracts: Interest-rate contracts $ — $ (0.1) $ (0.1) $ (0.2) Interest expense Foreign exchange contracts 2.4 7.7 14.0 15.7 Cost of sales Commodity contracts (1.1) (0.8) (2.2) 3.1 Cost of sales 1.3 6.8 11.7 18.6 Earnings before income taxes (0.5) (1.8) (3.4) (4.8) Income tax provision $ 0.8 $ 5.0 $ 8.3 $ 13.8 Net earnings from continuing operations |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 01, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate for the three months ended September 30, 2023 and October 1, 2022 was 28.9 percent and 21.7 percent, respectively. The effective tax rate for the three months ended September 30, 2023 was higher than the same period in the prior year, primarily due to completing two additional intercompany sales of certain intellectual property rights ("IP rights"), from the Netherlands and New Zealand, to the United States. The completion of these intercompany sales resulted in an $11.8 million discrete income tax expense. The effective tax rate for the nine months ended September 30, 2023 and October 1, 2022 was 33.4 percent and 21.6 percent, respectively. The effective tax rate for the nine months ended September 30, 2023 was higher than the same period in the prior year, primarily due to intercompany sales of certain IP rights in the first and third quarters of 2023, to better align the ownership of these rights with how our business operates. The completion of the IP rights sales from our affiliates in Norway, the Netherlands and New Zealand to the United States resulted in a discrete income tax expense of $52.9 million in the first quarter of 2023 and $11.8 million in the third quarter of 2023. The $52.9 million income tax expense will be paid over time, as permitted under current Norwegian tax law. There is no deferment of the $11.8 million income tax expense. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt The following table provides the changes in the Company's debt for the nine months ended September 30, 2023: (in millions) Short-term debt and current maturities of long-term debt Long-term debt Total Balance as of December 31, 2022 $ 89.0 $ 2,420.0 $ 2,509.0 Proceeds from issuances of debt 2.3 — 2.3 Repayments of debt (86.7) (0.5) (87.2) Reclassification of long-term debt (A) 450.2 (450.2) — Other 0.5 6.4 6.9 Balance as of September 30, 2023 $ 455.3 $ 1,975.7 $ 2,431.0 (A) During the third quarter of 2023, $450.0 million of 0.85% Senior Notes due 2024 were reclassified from Long-term debt to Current maturities of long-term debt. As of September 30, 2023, Brunswick was in compliance with the financial covenants associated with its debt. 2032 and 2052 Notes In March 2022, the Company issued an aggregate principal amount of $450.0 million of 4.400% Senior Notes due 2032 (the "2032 Notes") and $300.0 million of 5.100% Senior Notes due 2052 (the "2052 Notes" and, together with the 2032 Notes, the "Notes") in a public offering, which resulted in aggregate net proceeds to the Company of $741.8 million. The Company used the net proceeds from the sale of the Notes for general corporate purposes. The 2032 Notes bear interest at a rate of 4.400% per year and the 2052 Notes bear interest at a rate of 5.100% per year. Interest on the 2032 Notes is payable semiannually in arrears on March 15 and September 15 of each year and the first interest payment date was September 15, 2022. Interest on the 2052 Notes is payable semiannually in arrears on April 1 and October 1 of each year, and the first interest payment date was October 1, 2022. The 2032 Notes will mature on September 15, 2032, and the 2052 Notes will mature on April 1, 2052. The Company may redeem the Notes of each series, in whole or in part, at any time and from time to time prior to maturity. If the Company elects to redeem the Notes at any time prior to (i) with respect to the 2032 Notes, June 15, 2032 (the date that is three months prior to the maturity of the 2032 Notes) or (ii) with respect to the 2052 Notes, October 1, 2051 (the date that is six months prior to the maturity of the 2052 Notes), it will pay a “make-whole” redemption price set forth in the Fifth Supplemental Indenture dated as of March 29, 2022 ("Fifth Supplemental Indenture"). On or after June 15, 2032, in the case of the 2032 Notes, or October 1, 2051, in the case of the 2052 Notes, the Company may, at its option, redeem the Notes of each series, in whole or in part at any time and from time to time, at a redemption price equal to 100% of the principal amount thereof. In addition to the redemption price, the Company will pay accrued and unpaid interest, if any, to, but not including, the redemption date. If the Company experiences a change-of-control triggering event with respect to a series of Notes, as defined in the Fifth Supplemental Indenture, each holder of such series of Notes may require the Company to repurchase some or all of its Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to, but not including, the repurchase date. Debentures During the third quarter of 2023, the Company made the remaining principal repayments, totaling $79.7 million, of its 7.375% debentures due 2023. The debentures were repaid at 100 percent of the principal amount plus accrued interest in accordance with the provisions of the debentures. Term Loan During the nine months ended October 1, 2022, the Company made the remaining principal repayments, totaling $56.3 million, of its 2023 floating-rate term loan. The term loan was redeemed at 100 percent of the principal amount plus accrued interest in accordance with the redemption provisions of the term loan. The Company recognized a loss on early extinguishment of debt of $0.1 million related to the term loan redemption. Credit Facility The Company maintains a Revolving Credit Agreement ("Credit Facility"). In March 2022, the Company amended its Credit Facility with certain wholly-owned subsidiaries of the Company as subsidiary borrowers and lenders as parties, and JPMorgan Chase Bank, N.A., as administrative agent. This amends and restates the Credit Facility, dated as of March 21, 2011, as amended and restated on July 16, 2021. The amended Credit Facility increased the revolving commitments to $750.0 million, with the capacity to add up to $100.0 million of additional revolving commitments, and amended the Credit Facility in certain respects, including, among other things: • Extending the maturity date to March 31, 2027, with up to two one-year extensions available. • Transitioning the reference rate for loans denominated in U.S. dollars from the London Interbank Offered Rate ("LIBOR") to the term Secured Overnight Financing Rate ("SOFR"), with a credit-spread adjustment of 10 basis points to be added to the reference rate for borrowings of U.S. dollar loans for each interest period. During the nine months ended September 30, 2023, there were no borrowings under the Credit Facility, and available borrowing capacity totaled $741.9 million, net of $8.1 million of letters of credit outstanding, under the Credit Facility. During the nine months ended October 1, 2022, gross borrowings under the Credit Facility totaled $125.0 million. As of October 1, 2022, there were no borrowings outstanding and available borrowing capacity totaled $747.2 million, net of $2.8 million of letters of credit outstanding, under the Credit Facility. The maximum amount utilized under the Credit Facility during the nine months ended October 1, 2022, including letters of credit outstanding under the Credit Facility, was $127.8 million. Refer to Note 15 in the Notes to Consolidated Financial Statements in the 2022 Form 10-K for details regarding Brunswick's Credit Facility. Commercial Paper In December 2019, the Company entered into an unsecured commercial paper program ("CP Program") pursuant to which the Company may issue short-term, unsecured commercial paper notes ("CP Notes"). During the second quarter of 2022, the Company increased the size of its CP Program to allow the issuance of CP Notes in an aggregate principal amount not to exceed $500.0 million outstanding at any time. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of CP Notes outstanding under the CP Program at any time not exceeding the lower of $500.0 million or the available borrowing amount under the Credit Facility. During the first nine months of 2023, borrowings under the CP Program totaled $410.0 million, all of which were repaid during the period. During the nine months ended September 30, 2023, the maximum amount utilized under the CP Program was $125.0 million. Refer to Note 15 in the Notes to Consolidated Financial Statements in the 2022 Form 10-K for details regarding Brunswick's CP Program. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Presentation. Effective January 1, 2023, Brunswick Corporation ("Brunswick" or "the Company") changed its management reporting and updated its reportable segments to Propulsion, Engine Parts and Accessories ("Engine P&A"), Navico Group and Boat to align with our internal operating structure. As a result of this change, the Company has recast all segment information for all prior periods presented. For further information, refer to Note 9 – Segment Data. Interim Financial Statements. Brunswick's unaudited interim condensed consolidated financial statements have been prepared pursuant to SEC rules and regulations. Therefore, certain information and disclosures normally included in financial statements and related notes prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted. |
Fiscal Period Policy | The Company maintains its financial records on the basis of a fiscal year ending on December 31, with the fiscal quarters spanning approximately thirteen weeks. The first quarter ends on the Saturday closest to the end of the first thirteen-week period. The second and third quarters are thirteen weeks in duration and the fourth quarter is the remainder of the year. The third quarter of fiscal year 2023 ended on September 30, 2023 and the third quarter of fiscal year 2022 ended on October 1, 2022. IT Security Incident As previously announced on June 13, 2023, the Company experienced an IT security incident that impacted some of its systems and global facilities. The Company activated its response protocols, including pausing operations in some locations, engaging leading security experts and coordinating with relevant law enforcement agencies. Normal global business operations resumed over the course of nine days following the incident. While we were able to quickly restore our operations, the incident resulted in disruption to sales as well as non-recurring costs. We will attempt to recover a portion of the lost operating earnings from lost sales and non-recurring costs from our insurance carriers. Non-recurring costs include labor while plants were idle, IT-related costs and costs for legal, consulting and other professional services directly related to this incident. During the three and nine months ended September 30, 2023, we incurred non-recurring costs related to the IT security incident of $2.1 million and $10.2 million, respectively. A portion of the non-recurring costs are included in Cost of sales and a portion in Selling, general and administrative expense in the Condensed Consolidated Statements of Comprehensive Income. We estimate the incident resulted in lost revenue of approximately $80 million to $85 million and operating earnings of $35 million to $40 million in the nine months ended September 30, 2023. TN-BC Holdings LLC Joint Venture Impairment TN-BC Holdings LLC (the "Joint Venture") is a 50% owned joint venture, accounted for as an equity method investment, between the Company and TechNexus Holdings LLC formed in 2017. During the three months ended September 30, 2023, the Company recorded an impairment charge of $19.2 million due to a decline in the fair value of its investment in the Joint Venture, as a result of a reduction in value of certain of the Joint Venture's underlying investments. The impairment charge is included in Equity (loss) earnings in the Condensed Consolidated Statements of Comprehensive Income. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Supplier Finance Program | Supplier Finance Programs : In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 Company adopted the guidance in ASU 2022-04 on January 1, 2023. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following tables present the Company's revenue in categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors: Three Months Ended September 30, 2023 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 498.2 $ 248.0 $ 137.4 $ 345.6 $ 1,229.2 Europe 88.0 30.3 48.0 28.2 194.5 Asia-Pacific 46.5 25.0 19.1 8.3 98.9 Canada 26.8 28.4 3.8 37.2 96.2 Rest-of-World 58.7 12.9 5.1 9.3 86.0 Segment Eliminations (86.2) (2.0) (23.0) — (111.2) Total $ 632.0 $ 342.6 $ 190.4 $ 428.6 $ 1,593.6 Three Months Ended October 1, 2022 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 514.1 $ 257.1 $ 155.1 $ 397.7 $ 1,324.0 Europe 75.1 28.4 48.2 39.3 191.0 Asia-Pacific 49.7 29.0 23.3 7.8 109.8 Canada 28.4 33.6 3.7 57.1 122.8 Rest-of-World 47.1 12.2 4.5 8.8 72.6 Segment Eliminations (99.2) (1.6) (21.2) — (122.0) Total $ 615.2 $ 358.7 $ 213.6 $ 510.7 $ 1,698.2 Nine Months Ended September 30, 2023 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 1,490.8 $ 693.3 $ 459.3 $ 1,203.8 $ 3,847.2 Europe 293.4 86.2 173.9 135.6 689.1 Asia-Pacific 154.8 76.7 56.3 23.9 311.7 Canada 75.8 69.2 13.4 173.4 331.8 Rest-of-World 158.3 36.7 15.6 27.9 238.5 Segment Eliminations (291.3) (5.8) (81.3) (0.4) (378.8) Total $ 1,881.8 $ 956.3 $ 637.2 $ 1,564.2 $ 5,039.5 Nine Months Ended October 1, 2022 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 1,450.4 $ 758.3 $ 541.7 $ 1,189.2 $ 3,939.6 Europe 306.9 97.0 188.6 140.9 733.4 Asia-Pacific 172.5 88.8 69.5 24.4 355.2 Canada 86.1 86.0 20.9 189.7 382.7 Rest-of-World 138.6 40.0 11.8 27.7 218.1 Segment Eliminations (310.7) (5.8) (82.8) (0.2) (399.5) Total $ 1,843.8 $ 1,064.3 $ 749.7 $ 1,571.7 $ 5,229.5 Three Months Ended September 30, 2023 (in millions) Propulsion Engine P&A Navico Group Boat Total Major Product Lines Outboard Engines $ 580.3 $ — $ — $ — $ 580.3 Controls, Rigging, and Propellers 99.7 — — — 99.7 Sterndrive Engines 38.2 — — — 38.2 Distribution Parts & Accessories — 186.0 — — 186.0 Products — 158.6 — — 158.6 Navico Group — — 213.4 — 213.4 Aluminum Freshwater Boats — — — 141.3 141.3 Recreational Fiberglass Boats — — — 137.0 137.0 Saltwater Fishing Boats — — — 110.4 110.4 Business Acceleration — — — 43.6 43.6 Boat Eliminations/Other — — — (3.7) (3.7) Segment Eliminations (86.2) (2.0) (23.0) — (111.2) Total $ 632.0 $ 342.6 $ 190.4 $ 428.6 $ 1,593.6 Three Months Ended October 1, 2022 (in millions) Propulsion Engine P&A Navico Group Boat Total Major Product Lines Outboard Engines $ 565.2 $ — $ — $ — $ 565.2 Controls, Rigging, and Propellers 96.9 — — — 96.9 Sterndrive Engines 52.3 — — — 52.3 Distribution Parts & Accessories — 207.7 — — 207.7 Products — 152.6 — — 152.6 Navico Group — — 234.8 — 234.8 Aluminum Freshwater Boats — — — 208.2 208.2 Recreational Fiberglass Boats — — — 180.8 180.8 Saltwater Fishing Boats — — — 86.6 86.6 Business Acceleration — — — 38.7 38.7 Boat Eliminations/Other — — — (3.6) (3.6) Segment Eliminations (99.2) (1.6) (21.2) — (122.0) Total $ 615.2 $ 358.7 $ 213.6 $ 510.7 $ 1,698.2 Nine Months Ended September 30, 2023 (in millions) Propulsion Engine P&A Navico Group Boat Total Major Product Lines Outboard Engines $ 1,726.1 $ — $ — $ — $ 1,726.1 Controls, Rigging, and Propellers 310.8 — — — 310.8 Sterndrive Engines 136.2 — — — 136.2 Distribution Parts & Accessories — 558.5 — — 558.5 Products — 403.6 — — 403.6 Navico Group — — 718.5 — 718.5 Aluminum Freshwater Boats — — — 582.0 582.0 Recreational Fiberglass Boats — — — 522.5 522.5 Saltwater Fishing Boats — — — 348.4 348.4 Business Acceleration — — — 129.9 129.9 Boat Eliminations/Other — — — (18.2) (18.2) Segment Eliminations (291.3) (5.8) (81.3) (0.4) (378.8) Total $ 1,881.8 $ 956.3 $ 637.2 $ 1,564.2 $ 5,039.5 Nine Months Ended October 1, 2022 (in millions) Propulsion Engine P&A Navico Group Boat Total Major Product Lines Outboard Engines $ 1,677.1 $ — $ — $ — $ 1,677.1 Controls, Rigging, and Propellers 301.8 — — — 301.8 Sterndrive Engines 175.6 — — — 175.6 Distribution Parts & Accessories — 642.7 — — 642.7 Products — 427.4 — — 427.4 Navico Group — — 832.5 — 832.5 Aluminum Freshwater Boats — — — 666.2 666.2 Recreational Fiberglass Boats — — — 532.6 532.6 Saltwater Fishing Boats — — — 286.1 286.1 Business Acceleration — — — 94.1 94.1 Boat Eliminations/Other — — — (7.1) (7.1) Segment Eliminations (310.7) (5.8) (82.8) (0.2) (399.5) Total $ 1,843.8 $ 1,064.3 $ 749.7 $ 1,571.7 $ 5,229.5 |
Financial Instruments Financial
Financial Instruments Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Instruments | As of September 30, 2023, December 31, 2022 and October 1, 2022, the fair values of the Company’s derivative instruments were: (in millions) Fair Value Asset Derivatives Sep 30, 2023 Dec 31, 2022 Oct 1, 2022 Derivatives Designated as Cash Flow Hedges Foreign exchange contracts $ 13.8 $ 15.2 $ 37.3 Commodity contracts 0.4 0.3 — Total $ 14.2 $ 15.5 $ 37.3 Derivatives Designated as Net Investment Hedges Cross-currency swaps $ — $ — $ 26.6 Other Hedging Activity Foreign exchange contracts $ 0.4 $ 0.6 $ 1.3 Liability Derivatives Derivatives Designated as Cash Flow Hedges Foreign exchange contracts $ 3.3 $ 8.0 $ 3.5 Commodity contracts 1.5 1.1 4.0 Total $ 4.8 $ 9.1 $ 7.5 Other Hedging Activity Foreign exchange contracts $ 0.6 $ 0.8 $ — As of September 30, 2023, December 31, 2022 and October 1, 2022, asset derivatives are included within Prepaid expenses and other and Other long-term assets, and liability derivatives are included within Accrued expenses and Other long-term liabilities in the Condensed Consolidated Balance Sheets. |
Effect of Derivative Instruments on the Condensed Consolidated Statements of Comprehensive Income | The effect of derivative instruments on the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and October 1, 2022 is as shown in the tables below. The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive loss was as follows: (in millions) Three Months Ended Nine Months Ended Derivatives Designated as Cash Flow Hedging Instruments Sep 30, 2023 Oct 1, 2022 Sep 30, 2023 Oct 1, 2022 Interest-rate contracts $ — $ — $ — $ 5.3 Foreign exchange contracts 10.2 20.7 13.3 48.6 Commodity contracts 0.8 (3.2) (2.4) (3.9) Total $ 11.0 $ 17.5 $ 10.9 $ 50.0 Derivatives Designated as Net Investment Hedging Instruments Cross-currency swaps $ — $ 12.4 $ — $ 29.0 The amount of gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows: (in millions) Three Months Ended Nine Months Ended Derivatives Designated as Cash Flow Hedging Instruments Location of Gain (Loss) Sep 30, 2023 Oct 1, 2022 Sep 30, 2023 Oct 1, 2022 Interest-rate contracts Interest expense $ — $ (0.1) $ (0.1) $ (0.2) Foreign exchange contracts Cost of sales 2.4 7.7 14.0 15.7 Commodity contracts Cost of sales (1.1) (0.8) (2.2) 3.1 Total $ 1.3 $ 6.8 $ 11.7 $ 18.6 Derivatives Designated as Fair Value Hedging Instruments Interest-rate contracts Interest expense $ 0.1 $ 0.2 $ 0.4 $ 0.5 Other Hedging Activity Foreign exchange contracts Cost of sales $ 1.6 $ 0.3 $ (0.6) $ 2.1 Foreign exchange contracts Other Income (expense), net (2.4) 0.6 (2.9) 0.8 Total $ (0.8) $ 0.9 $ (3.5) $ 2.9 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 Sep 30, 2023 Dec 31, 2022 Oct 1, 2022 Cash equivalents 1 $ 0.3 $ 0.4 $ 42.1 Short-term investments in marketable securities 1 0.8 4.5 34.5 Restricted cash 1 11.1 12.9 11.7 Derivative assets 2 14.6 16.1 65.2 Derivative liabilities 2 5.4 9.9 7.5 Deferred compensation 1 1.3 1.6 1.4 Deferred compensation 2 16.5 14.1 12.6 Liabilities measured at net asset value 12.1 10.4 9.6 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Product Warranty Liabilities | The following activity related to product warranty liabilities was recorded in Accrued expenses during the nine months ended September 30, 2023 and October 1, 2022: (in millions) Sep 30, 2023 Oct 1, 2022 Balance at beginning of period $ 146.7 $ 129.3 Payments (65.5) (47.3) Provisions/additions for contracts issued/sold 67.7 62.5 Aggregate changes for preexisting warranties 8.6 (3.0) Foreign currency translation (0.3) (3.0) Other 1.2 (0.4) Balance at end of period $ 158.4 $ 138.1 |
Extended Product Warranty Liabilities | The following activity related to deferred revenue for extended product warranty contracts was recorded in Accrued expenses and Other long-term liabilities during the nine months ended September 30, 2023 and October 1, 2022: (in millions) Sep 30, 2023 Oct 1, 2022 Balance at beginning of period $ 112.5 $ 99.5 Extended warranty contracts sold 34.1 29.8 Revenue recognized on existing extended warranty contracts (19.7) (16.6) Foreign currency translation — (0.5) Other (0.3) (0.5) Balance at end of period $ 126.6 $ 111.7 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Changes in the Company's goodwill during the nine months ended September 30, 2023 and October 1, 2022, by segment, are summarized below: (in millions) Propulsion Engine P&A Navico Group Boat Total December 31, 2022 $ 14.0 $ 232.8 $ 595.8 $ 125.0 $ 967.6 Acquisitions 37.1 — — — 37.1 Adjustments (0.5) (0.1) (1.3) 4.8 2.9 September 30, 2023 $ 50.6 $ 232.7 $ 594.5 $ 129.8 $ 1,007.6 December 31, 2021 $ 14.7 $ 233.1 $ 581.8 $ 58.8 $ 888.4 Acquisitions — — — 75.0 75.0 Adjustments (1.6) (0.7) 1.8 (0.7) (1.2) October 1, 2022 $ 13.1 $ 232.4 $ 583.6 $ 133.1 $ 962.2 |
Schedule of Other Intangible Assets [Table Text Block] | The Company's intangible assets, included within Other intangibles, net on the Condensed Consolidated Balance Sheets as of September 30, 2023, December 31, 2022 and October 1, 2022, are summarized by intangible asset type below: Sep 30, 2023 Dec 31, 2022 Oct 1, 2022 (in millions) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Intangible assets: Customer relationships $ 905.1 $ (416.7) $ 897.4 $ (386.1) $ 899.5 $ (374.5) Trade names 322.2 — 305.4 — 305.0 — Developed technology 166.4 (21.3) 160.0 (13.3) 160.0 (10.7) Other 86.8 (42.7) 67.6 (33.6) 55.9 (29.8) Total $ 1,480.5 $ (480.7) $ 1,430.4 $ (433.0) $ 1,420.4 $ (415.0) Other intangible assets primarily consist of software, patents and franchise agreements. Gross amounts and related accumulated amortization amounts include adjustments related to the impact of foreign currency translation. Aggregate amortization expense for intangibles was $17.0 million and $50.8 million for three and nine months ended September 30, 2023, respectively. Aggregate amortization expense for intangibles was $15.9 million and $47.2 million for three and nine months ended October 1, 2022, respectively. |
Segment Data (Tables)
Segment Data (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Operating Segments | Net Sales Operating Earnings (Loss) Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended (in millions) Sep 30, Oct 1, Sep 30, Oct 1, Sep 30, Oct 1, Sep 30, Oct 1, Propulsion $ 718.2 $ 714.4 $ 2,173.1 $ 2,154.5 $ 129.2 $ 143.0 $ 391.4 $ 410.3 Engine P&A 344.6 360.3 962.1 1,070.1 75.0 88.9 189.2 235.7 Navico Group 213.4 234.8 718.5 832.5 2.7 (1.8) 19.7 51.2 Boat 428.6 510.7 1,564.6 1,571.9 20.3 49.7 131.3 153.9 Corporate/Other — — — — (31.1) (42.1) (105.0) (94.9) Segment Eliminations (111.2) (122.0) (378.8) (399.5) — — — — Total $ 1,593.6 $ 1,698.2 $ 5,039.5 $ 5,229.5 $ 196.1 $ 237.7 $ 626.6 $ 756.2 Total Assets (in millions) Sep 30, Dec 31, Oct 1, Propulsion $ 1,654.3 $ 1,516.7 $ 1,460.7 Engine P&A 857.2 868.6 881.4 Navico Group 2,106.4 2,169.0 2,147.6 Boat 867.6 829.8 839.2 Corporate/Other 615.4 937.2 796.0 Total $ 6,100.9 $ 6,321.3 $ 6,124.9 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Comprehensive Income [Abstract] | |
Changes in the Components in Accumulated Other Comprehensive Income (Loss) | Changes in the components of Accumulated other comprehensive loss, all net of tax, for the three and nine months ended September 30, 2023 and October 1, 2022 are as follows: Three Months Ended Nine Months Ended (in millions) Sep 30, Oct 1, Sep 30, Oct 1, Net earnings $ 112.5 $ 163.8 $ 359.5 $ 535.3 Other comprehensive income (loss): Foreign currency cumulative translation adjustments (20.7) (27.5) (12.2) (58.0) Net change in unamortized actuarial gains 0.1 0.4 0.3 0.9 Net change in unrealized derivative gains 7.3 21.3 (0.7) 48.9 Total other comprehensive (loss) income (13.3) (5.8) (12.6) (8.2) Comprehensive income $ 99.2 $ 158.0 $ 346.9 $ 527.1 The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the three months ended September 30, 2023: (in millions) Foreign currency translation Prior service credits Net actuarial gains Unrealized investment gains Net derivative gains Total Beginning balance $ (62.8) $ (4.1) $ 9.9 $ 0.2 $ 28.0 $ (28.8) Other comprehensive income before reclassifications (A) (20.7) — — — 8.1 (12.6) Amounts reclassified from Accumulated other comprehensive loss (B) — — 0.1 — (0.8) (0.7) Net other comprehensive income (loss) (20.7) — 0.1 — 7.3 (13.3) Ending balance $ (83.5) $ (4.1) $ 10.0 $ 0.2 $ 35.3 $ (42.1) (A) The tax effects for the three months ended September 30, 2023 were $1.1 million for foreign currency translation and $(2.9) million for derivatives. (B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the three months ended September 30, 2023. The following table presents the changes in Accumulated other comprehensive loss by component, all net of tax, for the nine months ended September 30, 2023: (in millions) Foreign currency translation Prior service credits Net actuarial gains Unrealized investment gains Net derivative gains Total Beginning balance $ (71.3) $ (4.1) $ 9.7 $ 0.2 $ 36.0 $ (29.5) Other comprehensive income before reclassifications (A) (12.2) — — — 7.6 (4.6) Amounts reclassified from Accumulated other comprehensive loss (B) — — 0.3 — (8.3) (8.0) Net other comprehensive income (loss) (12.2) — 0.3 — (0.7) (12.6) Ending balance $ (83.5) $ (4.1) $ 10.0 $ 0.2 $ 35.3 $ (42.1) (A) The tax effects for the nine months ended September 30, 2023 were $0.6 million for foreign currency translation and $(3.3) million for derivatives. (B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the nine months ended September 30, 2023 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the three and nine months ended September 30, 2023 and October 1, 2022: Three Months Ended Nine Months Ended Details about Accumulated other comprehensive (loss) income components (in millions) Sep 30, Oct 1, Sep 30, Oct 1, Affected line item in the statement where net income is presented Amortization of defined benefit items: Net actuarial losses $ (0.1) $ (0.4) $ (0.3) $ (0.9) Other income (expense), net (0.1) (0.4) (0.3) (0.9) Earnings before income taxes — 0.3 — 0.3 Income tax provision $ (0.1) $ (0.1) $ (0.3) $ (0.6) Net earnings from continuing operations Amount of gain (loss) reclassified into earnings on derivative contracts: Interest-rate contracts $ — $ (0.1) $ (0.1) $ (0.2) Interest expense Foreign exchange contracts 2.4 7.7 14.0 15.7 Cost of sales Commodity contracts (1.1) (0.8) (2.2) 3.1 Cost of sales 1.3 6.8 11.7 18.6 Earnings before income taxes (0.5) (1.8) (3.4) (4.8) Income tax provision $ 0.8 $ 5.0 $ 8.3 $ 13.8 Net earnings from continuing operations |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | The following table provides the changes in the Company's debt for the nine months ended September 30, 2023: (in millions) Short-term debt and current maturities of long-term debt Long-term debt Total Balance as of December 31, 2022 $ 89.0 $ 2,420.0 $ 2,509.0 Proceeds from issuances of debt 2.3 — 2.3 Repayments of debt (86.7) (0.5) (87.2) Reclassification of long-term debt (A) 450.2 (450.2) — Other 0.5 6.4 6.9 Balance as of September 30, 2023 $ 455.3 $ 1,975.7 $ 2,431.0 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | |||||
Supplier Finance Program, Obligation | $ 13,900,000 | $ 18,100,000 | $ 13,900,000 | $ 18,100,000 | $ 18,200,000 |
Other Nonrecurring Expense | $ 2,100,000 | 10,200,000 | |||
Low Range - Lost Revenue | 80,000,000 | ||||
High Range - Lost Revenue | 85,000,000 | ||||
Low Range - Lost Operating Earnings | 35,000,000 | ||||
High Range - Lost Operating Earnings | $ 40,000,000 | ||||
Effective Tax Rate From Continuing Operations | 28.90% | 21.70% | 33.40% | 21.60% | |
Equity Method Investment, Other than Temporary Impairment | $ 19,200,000 | $ 19,200,000 | $ 0 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,593.6 | $ 1,698.2 | $ 5,039.5 | $ 5,229.5 |
Rest-of-World [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 86 | 72.6 | 238.5 | 218.1 |
Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 96.2 | 122.8 | 331.8 | 382.7 |
United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,229.2 | 1,324 | 3,847.2 | 3,939.6 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 194.5 | 191 | 689.1 | 733.4 |
Asia-Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 98.9 | 109.8 | 311.7 | 355.2 |
Boat Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (3.7) | (3.6) | (18.2) | (7.1) |
Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 428.6 | 510.7 | 1,564.2 | 1,571.7 |
Boat [Member] | Rest-of-World [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9.3 | 8.8 | 27.9 | 27.7 |
Boat [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 37.2 | 57.1 | 173.4 | 189.7 |
Boat [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 345.6 | 397.7 | 1,203.8 | 1,189.2 |
Boat [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 28.2 | 39.3 | 135.6 | 140.9 |
Boat [Member] | Asia-Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 8.3 | 7.8 | 23.9 | 24.4 |
Boat [Member] | Boat Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (3.7) | (3.6) | (18.2) | (7.1) |
Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 632 | 615.2 | 1,881.8 | 1,843.8 |
Propulsion [Member] | Rest-of-World [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 58.7 | 47.1 | 158.3 | 138.6 |
Propulsion [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 26.8 | 28.4 | 75.8 | 86.1 |
Propulsion [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 498.2 | 514.1 | 1,490.8 | 1,450.4 |
Propulsion [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 88 | 75.1 | 293.4 | 306.9 |
Propulsion [Member] | Asia-Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 46.5 | 49.7 | 154.8 | 172.5 |
Propulsion [Member] | Boat Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Navico Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 190.4 | 213.6 | 637.2 | 749.7 |
Navico Group | Rest-of-World [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5.1 | 4.5 | 15.6 | 11.8 |
Navico Group | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3.8 | 3.7 | 13.4 | 20.9 |
Navico Group | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 137.4 | 155.1 | 459.3 | 541.7 |
Navico Group | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 48 | 48.2 | 173.9 | 188.6 |
Navico Group | Asia-Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 19.1 | 23.3 | 56.3 | 69.5 |
Navico Group | Boat Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 342.6 | 358.7 | 956.3 | 1,064.3 |
Engine Parts and Accessories [Member] | Rest-of-World [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 12.9 | 12.2 | 36.7 | 40 |
Engine Parts and Accessories [Member] | Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 28.4 | 33.6 | 69.2 | 86 |
Engine Parts and Accessories [Member] | United States [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 248 | 257.1 | 693.3 | 758.3 |
Engine Parts and Accessories [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 30.3 | 28.4 | 86.2 | 97 |
Engine Parts and Accessories [Member] | Asia-Pacific [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 25 | 29 | 76.7 | 88.8 |
Engine Parts and Accessories [Member] | Boat Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Outboard Engines [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 580.3 | 565.2 | 1,726.1 | 1,677.1 |
Outboard Engines [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Outboard Engines [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 580.3 | 565.2 | 1,726.1 | 1,677.1 |
Outboard Engines [Member] | Navico Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Outboard Engines [Member] | Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Controls, Rigging, and Propellers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 99.7 | 96.9 | 310.8 | 301.8 |
Controls, Rigging, and Propellers [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Controls, Rigging, and Propellers [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 99.7 | 96.9 | 310.8 | 301.8 |
Controls, Rigging, and Propellers [Member] | Navico Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Controls, Rigging, and Propellers [Member] | Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Sterndrive Engine [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 38.2 | 52.3 | 136.2 | 175.6 |
Sterndrive Engine [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Sterndrive Engine [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 38.2 | 52.3 | 136.2 | 175.6 |
Sterndrive Engine [Member] | Navico Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Sterndrive Engine [Member] | Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Distribution [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 186 | 207.7 | 558.5 | 642.7 |
Distribution [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Distribution [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Distribution [Member] | Navico Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Distribution [Member] | Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 186 | 207.7 | 558.5 | 642.7 |
Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 158.6 | 152.6 | 403.6 | 427.4 |
Engine Parts and Accessories [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Engine Parts and Accessories [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Engine Parts and Accessories [Member] | Navico Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Engine Parts and Accessories [Member] | Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 158.6 | 152.6 | 403.6 | 427.4 |
Aluminum Freshwater Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 141.3 | 208.2 | 582 | 666.2 |
Aluminum Freshwater Boats [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 141.3 | 208.2 | 582 | 666.2 |
Aluminum Freshwater Boats [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Aluminum Freshwater Boats [Member] | Navico Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Aluminum Freshwater Boats [Member] | Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Recreational Fiberglass Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 137 | 180.8 | 522.5 | 532.6 |
Recreational Fiberglass Boats [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 137 | 180.8 | 522.5 | 532.6 |
Recreational Fiberglass Boats [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Recreational Fiberglass Boats [Member] | Navico Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Recreational Fiberglass Boats [Member] | Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Saltwater Fishing Boats [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 110.4 | 86.6 | 348.4 | 286.1 |
Saltwater Fishing Boats [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 110.4 | 86.6 | 348.4 | 286.1 |
Saltwater Fishing Boats [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Saltwater Fishing Boats [Member] | Navico Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Saltwater Fishing Boats [Member] | Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Business Acceleration [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 43.6 | 38.7 | 129.9 | 94.1 |
Business Acceleration [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 43.6 | 38.7 | 129.9 | 94.1 |
Business Acceleration [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Business Acceleration [Member] | Navico Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Business Acceleration [Member] | Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Navico Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 213.4 | 234.8 | 718.5 | 832.5 |
Navico Group | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Navico Group | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Navico Group | Navico Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 213.4 | 234.8 | 718.5 | 832.5 |
Navico Group | Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 |
Segment Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (111.2) | (122) | (378.8) | (399.5) |
Segment Eliminations [Member] | Boat [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | (0.4) | (0.2) |
Segment Eliminations [Member] | Propulsion [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (86.2) | (99.2) | (291.3) | (310.7) |
Segment Eliminations [Member] | Navico Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (23) | (21.2) | (81.3) | (82.8) |
Segment Eliminations [Member] | Engine Parts and Accessories [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (2) | $ (1.6) | $ (5.8) | $ (5.8) |
Revenue Recognition - Contracts
Revenue Recognition - Contracts with Customer (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |||
Contract with Customer, Liability | $ 193.6 | $ 193.6 | $ 178.5 |
Contract with Customer, Liability, Revenue Recognized | $ 12.8 | $ 45.9 |
Revenue Recognition - Performan
Revenue Recognition - Performance Obligations (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 187.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 20.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 58 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 108.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Sep. 01, 2023 | Dec. 31, 2022 | May 10, 2022 | Dec. 31, 2021 | |
Business Combinations [Abstract] | ||||||||
Business Combination Disclosure [Text Block] | Acquisitions 2023 Acquisitions On September 1, 2023, the Company acquired all of the issued and outstanding shares of Fliteboard Pty Ltd ("Fliteboard") for $89.6 million net cash consideration. Fliteboard is a leader in eFoiling technology, which combines advanced hydrofoils and electric propulsion on the water. The acquisition of Fliteboard allows the Company to enter the emerging, electric-foiling surfboard market and presents the opportunity for technological, manufacturing, commercial, and consumer synergies with our existing portfolio. Fliteboard is included as part of the Company's Propulsion segment. The opening balance sheet, which is preliminary and subject to change in the measurement period as the Company finalizes the purchase price allocation and fair value estimates, includes $37.1 million of goodwill, $20.0 million of trade names, $11.6 million of customer relationships, and $6.5 million of developed technology. The amounts assigned to customer relationships and developed technology will be amortized over the estimated useful lives, which will be determined in accordance with our existing accounting policies. Transaction costs associated with the acquisition of $0.8 million were expensed as incurred within Selling, general and administrative expense. The acquisition is 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 acquisition, and pro forma results for prior periods are not presented. 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 include $71.4 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 in 2022. The acquisitions are not material to the Company's net sales, results of operations, or total assets during any period presented. Accordingly, the Company's consolidated results of operations do not differ materially from historical performance as a result of the acquisitions, and pro forma results for prior periods are not presented. Purchase accounting for these acquisitions is final as of July 1, 2023. | |||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 1,007.6 | $ 962.2 | $ 1,007.6 | $ 962.2 | $ 967.6 | $ 888.4 | ||
Effective Tax Rate From Continuing Operations | 28.90% | 21.70% | 33.40% | 21.60% | ||||
Goodwill, Purchase Accounting Adjustments | $ 4.8 | |||||||
Amortization Expense for Intangibles | 17 | $ 15.9 | $ 50.8 | $ 47.2 | ||||
Interest Expense | 28.1 | 26.1 | $ 85.1 | $ 70.4 | ||||
Freedom Boat Club Franchises | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred | 93.9 | |||||||
Goodwill | $ 71.4 | |||||||
Freedom Boat Club Franchises | Selling, General and Administrative Expenses [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Transaction Costs | $ 1.4 | |||||||
Fliteboard | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred | 89.6 | |||||||
Goodwill | $ 37.1 | |||||||
Business Combination, Acquisition Related Costs | 0.8 | |||||||
Indefinite-Lived Trade Names | 20 | |||||||
Technology-Based Intangible Assets | Fliteboard | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | $ 6.5 | |||||||
Customer Relationships [Member] | Freedom Boat Club Franchises | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred | $ 11.9 | |||||||
Useful Life | 10 years | |||||||
Customer Relationships [Member] | Fliteboard | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred | $ 11.6 |
Restructuring, Exit and Integ_2
Restructuring, Exit and Integration Activities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Dec. 31, 2023 | |||
Restructuring Cost and Reserve [Line Items] | |||||||
Total Restructuring, Exit and Impairment Charges | $ 16,300,000 | $ 24,600,000 | $ 39,700,000 | $ 24,600,000 | |||
Restructuring Reserve [Abstract] | |||||||
Total Cash Payments for Restructuring, Exit, Integration and Impairment Charges | 11,500,000 | 1,600,000 | [1] | 25,600,000 | 1,700,000 | [2] | |
Accrued Charges at End of the Period | 12,400,000 | 5,400,000 | 12,400,000 | 5,400,000 | |||
Restructuring and Related Cost, Expected Annualized Savings | $ 40,000,000 | ||||||
Low Range | |||||||
Restructuring Reserve [Abstract] | |||||||
Restructuring and Related Cost, Expected Cost Remaining | 35,000,000 | ||||||
High Range | |||||||
Restructuring Reserve [Abstract] | |||||||
Restructuring and Related Cost, Expected Cost Remaining | $ 40,000,000 | ||||||
Restructuring and Exit Activities [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Employee Termination and Other Benefits | 11,900,000 | 6,900,000 | 29,000,000 | 6,900,000 | |||
Restructuring Reserve [Abstract] | |||||||
Asset Impairment Charges | 4,400,000 | 17,700,000 | 5,800,000 | 17,700,000 | |||
Professional Fees | 4,900,000 | ||||||
Restructuring and Exit Activities [Member] | Garelick | |||||||
Restructuring Reserve [Abstract] | |||||||
Asset Impairment Charges | 3,000,000 | 3,000,000 | |||||
Boat [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total Restructuring, Exit and Impairment Charges | 5,100,000 | 300,000 | 11,000,000 | 300,000 | |||
Restructuring Reserve [Abstract] | |||||||
Total Cash Payments for Restructuring, Exit, Integration and Impairment Charges | 3,700,000 | 100,000 | [1] | 8,400,000 | 200,000 | [2] | |
Accrued Charges at End of the Period | 2,600,000 | 0 | 2,600,000 | 0 | |||
Boat [Member] | Restructuring and Exit Activities [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Employee Termination and Other Benefits | 5,100,000 | 0 | 11,000,000 | 0 | |||
Restructuring Reserve [Abstract] | |||||||
Asset Impairment Charges | 0 | 300,000 | [3] | 0 | 300,000 | [4] | |
Professional Fees | 0 | ||||||
Corporate Segment [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total Restructuring, Exit and Impairment Charges | 1,200,000 | 17,400,000 | 6,800,000 | 17,400,000 | |||
Restructuring Reserve [Abstract] | |||||||
Total Cash Payments for Restructuring, Exit, Integration and Impairment Charges | 2,400,000 | 0 | 6,000,000 | 0 | |||
Accrued Charges at End of the Period | 800,000 | 0 | 800,000 | 0 | |||
Corporate Segment [Member] | Restructuring and Exit Activities [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Employee Termination and Other Benefits | 1,200,000 | 0 | 1,900,000 | 0 | |||
Restructuring Reserve [Abstract] | |||||||
Asset Impairment Charges | 0 | 17,400,000 | [5] | 0 | 17,400,000 | [6] | |
Professional Fees | 4,900,000 | ||||||
Engine Parts and Accessories [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total Restructuring, Exit and Impairment Charges | 2,300,000 | 3,300,000 | |||||
Restructuring Reserve [Abstract] | |||||||
Total Cash Payments for Restructuring, Exit, Integration and Impairment Charges | 1,400,000 | 1,900,000 | |||||
Accrued Charges at End of the Period | 1,400,000 | 1,400,000 | |||||
Engine Parts and Accessories [Member] | Restructuring and Exit Activities [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Employee Termination and Other Benefits | 2,300,000 | 3,300,000 | |||||
Restructuring Reserve [Abstract] | |||||||
Asset Impairment Charges | 0 | 0 | |||||
Professional Fees | 0 | ||||||
Navico Group | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total Restructuring, Exit and Impairment Charges | 5,000,000 | 6,900,000 | 15,900,000 | 6,900,000 | |||
Restructuring Reserve [Abstract] | |||||||
Total Cash Payments for Restructuring, Exit, Integration and Impairment Charges | 3,200,000 | 1,500,000 | [1] | 8,500,000 | 1,500,000 | [2] | |
Accrued Charges at End of the Period | 5,700,000 | 5,400,000 | 5,700,000 | 5,400,000 | |||
Navico Group | Restructuring and Exit Activities [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Employee Termination and Other Benefits | 600,000 | 6,900,000 | 10,100,000 | 6,900,000 | |||
Restructuring Reserve [Abstract] | |||||||
Asset Impairment Charges | 4,400,000 | $ 0 | 5,800,000 | $ 0 | |||
Professional Fees | 0 | ||||||
Propulsion [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total Restructuring, Exit and Impairment Charges | 2,700,000 | 2,700,000 | |||||
Restructuring Reserve [Abstract] | |||||||
Total Cash Payments for Restructuring, Exit, Integration and Impairment Charges | 800,000 | 800,000 | |||||
Accrued Charges at End of the Period | 1,900,000 | 1,900,000 | |||||
Propulsion [Member] | Restructuring and Exit Activities [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Employee Termination and Other Benefits | 2,700,000 | 2,700,000 | |||||
Restructuring Reserve [Abstract] | |||||||
Asset Impairment Charges | $ 0 | 0 | |||||
Professional Fees | $ 0 | ||||||
[1](C) Cash payments for the three months ended October 1, 2022 may include payments related to prior period charges.[2](C) Cash payments for the nine months ended October 1, 2022 may include payments related to prior period charges.[3](A) Includes asset-related impairment charges, net of insurance recoveries, associated with Hurricane Ian.[4](A) Includes asset-related impairment charges, net of insurance recoveries, associated with Hurricane Ian.[5](B) 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 three months ended October 1, 2022.[6](B) Includes impairment charges of $17.4 million related to the Company's decision not to place certain capitalized software intangible assets into service during the three months ended October 1, 2022. |
Financial Instruments Financi_2
Financial Instruments Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Apr. 01, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Dec. 31, 2022 | Mar. 29, 2022 | |
Commodity Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Notional Values | $ 22.3 | $ 28.1 | $ 22.3 | $ 24.1 | ||
Cash Flow Hedge Gain (Loss) to be Reclassified Within Twelve Months | 1.2 | |||||
Foreign Exchange Forward [Member] | ||||||
Derivative [Line Items] | ||||||
Notional Values | 544.4 | 625.6 | 544.4 | 684.8 | ||
Foreign Exchange Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Cash Flow Hedge Gain (Loss) to be Reclassified Within Twelve Months | 9.9 | |||||
Forward-Starting Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
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 | 3.3 | 3.1 | |||
Cross Currency Interest Rate Contract | ||||||
Derivative [Line Items] | ||||||
Notional Values | 250 | 250 | 450 | $ 200 | ||
Gain (Loss) on Derivative Used in Net Investment Hedge, after Tax | 16.7 | 42.5 | ||||
Treasury Lock | ||||||
Derivative [Line Items] | ||||||
Amount of Gain (Loss) Estimated to be Reclassified from Accumulated Other Comprehensive Loss to Cost of Sales or Interest Expense | $ 5.1 | |||||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 37.3 | 14.2 | 37.3 | 15.5 | ||
Derivative Liability, Fair Value, Gross Liability | 7.5 | 4.8 | 7.5 | 9.1 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | Commodity Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0.4 | 0 | 0.3 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 37.3 | 13.8 | 37.3 | 15.2 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Accrued Expenses [Member] | Commodity Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 4 | 1.5 | 4 | 1.1 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Accrued Expenses [Member] | Foreign Exchange Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | $ 3.5 | $ 3.3 | $ 3.5 | $ 8 |
Financial Instruments, Fair Val
Financial Instruments, Fair Values of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Dec. 31, 2022 | |
Other Hedging Activity [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | $ (0.8) | $ 0.9 | $ (3.5) | $ 2.9 | |
Cash Flow Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 11 | 17.5 | 10.9 | 50 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1.3 | 6.8 | 11.7 | 18.6 | |
Derivative Asset, Fair Value, Gross Asset | 14.2 | 37.3 | 14.2 | 37.3 | $ 15.5 |
Derivative Liability, Fair Value, Gross Liability | 4.8 | 7.5 | 4.8 | 7.5 | 9.1 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | 0 | 0 | 5.3 | |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 10.2 | 20.7 | 13.3 | 48.6 | |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 13.8 | 37.3 | 13.8 | 37.3 | 15.2 |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Accrued Expenses [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 3.3 | 3.5 | 3.3 | 3.5 | 8 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0.8 | (3.2) | (2.4) | (3.9) | |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0.4 | 0 | 0.4 | 0 | 0.3 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Accrued Expenses [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 1.5 | 4 | 1.5 | 4 | 1.1 |
Fair Value Hedging [Member] | Foreign Exchange Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | Other Hedging Activity [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0.4 | 1.3 | 0.4 | 1.3 | 0.6 |
Fair Value Hedging [Member] | Foreign Exchange Contracts [Member] | Accrued Expenses [Member] | Other Hedging Activity [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0.6 | 0 | 0.6 | 0 | 0.8 |
Net Investment Hedging | Interest Rate Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 26.6 | 0 | 26.6 | $ 0 |
Cost of Sales [Member] | Foreign Exchange Contracts [Member] | Other Hedging Activity [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Gain (Loss) on Derivative, Net | 1.6 | 0.3 | (0.6) | 2.1 | |
Cost of Sales [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2.4 | 7.7 | 14 | 15.7 | |
Cost of Sales [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | Derivatives Designated as Hedging Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (1.1) | $ (0.8) | $ (2.2) | $ 3.1 |
Financial Instruments, Condense
Financial Instruments, Condensed Consolidated Statements of Comprehensive Income, Effect of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Other Hedging Activity [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (0.8) | $ 0.9 | $ (3.5) | $ 2.9 |
Foreign Exchange Contracts [Member] | Cost of Sales [Member] | Other Hedging Activity [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 1.6 | 0.3 | (0.6) | 2.1 |
Foreign Exchange Contracts [Member] | Other Income (Expense), Net | Other Hedging Activity [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (2.4) | 0.6 | (2.9) | 0.8 |
Cash Flow Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 11 | 17.5 | 10.9 | 50 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1.3 | 6.8 | 11.7 | 18.6 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | 0 | 0 | 5.3 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | (0.1) | (0.1) | (0.2) |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 10.2 | 20.7 | 13.3 | 48.6 |
Cash Flow Hedging [Member] | Foreign Exchange Contracts [Member] | Cost of Sales [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2.4 | 7.7 | 14 | 15.7 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0.8 | (3.2) | (2.4) | (3.9) |
Cash Flow Hedging [Member] | Commodity Contract [Member] | Cost of Sales [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1.1) | (0.8) | (2.2) | 3.1 |
Cash Flow Hedging [Member] | Cross Currency Interest Rate Contract | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | 12.4 | 0 | 29 |
Fair Value Hedging [Member] | Interest Rate Contracts [Member] | Interest Expense [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 0.1 | $ 0.2 | $ 0.4 | $ 0.5 |
Financial Instruments, Fair V_2
Financial Instruments, Fair Value of Other Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Oct. 01, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Fair Value of the Company's Long-Term Debt Including Current Maturities | $ 2,102.3 | $ 2,225 | $ 2,132.8 |
Long-Term Debt | $ 2,460.5 | $ 2,540.5 | $ 2,536.2 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Oct. 01, 2022 |
Liabilities: | |||
Fair Value Measurement [Domain] | $ 12.1 | $ 10.4 | $ 9.6 |
Level 1 [Member] | |||
Assets: | |||
Cash Equivalents | 0.3 | 0.4 | 42.1 |
Short-Term Investments in Marketable Securities | 0.8 | 4.5 | 34.5 |
Restricted Cash | 11.1 | 12.9 | 11.7 |
Liabilities: | |||
Deferred Compensation | 1.3 | 1.6 | 1.4 |
Level 2 [Member] | |||
Assets: | |||
Derivative Asset, Fair Value, Gross Asset | 14.6 | 16.1 | 65.2 |
Liabilities: | |||
Derivative Liability, Fair Value, Gross Liability | 5.4 | 9.9 | 7.5 |
Deferred Compensation | $ 16.5 | $ 14.1 | $ 12.6 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Oct. 01, 2022 | |
Activity Related to Product Warranty Liabilities [Roll Forward] | ||
Balance at Beginning of Period | $ 146.7 | $ 129.3 |
Payments Made | (65.5) | (47.3) |
Provisions/Additions for Contracts Issued/Sold | 67.7 | 62.5 |
Aggregate Changes for Preexisting Warranties | 8.6 | (3) |
Foreign Currency Translation | (0.3) | (3) |
Other | 1.2 | (0.4) |
Balance at End of Period | 158.4 | 138.1 |
Activity Related to Extended Product Warranty Accrual [Roll Forward] | ||
Balance at Beginning of Period | 112.5 | 99.5 |
Extended Warranty Contracts Sold | 34.1 | 29.8 |
Revenue Recognized on Existing Extended Warranty Contracts | (19.7) | (16.6) |
Foreign Currency Translation | 0 | (0.5) |
Other | (0.3) | (0.5) |
Balance at End of Period | $ 126.6 | $ 111.7 |
Goodwill and Intangibles Goodwi
Goodwill and Intangibles Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||||||
Acquisitions | $ 37.1 | $ 75 | ||||
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 | $ 0 | 0 | 0 | $ 0 | |
Goodwill, Other Increase (Decrease) | 2.9 | (1.2) | ||||
Goodwill | 1,007.6 | 962.2 | 1,007.6 | 962.2 | 967.6 | $ 888.4 |
Amortization Expense for Intangibles | 17 | 15.9 | 50.8 | 47.2 | ||
Goodwill, Purchase Accounting Adjustments | 4.8 | |||||
Other Nonrecurring Expense | 2.1 | 10.2 | ||||
Propulsion [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Acquisitions | 37.1 | 0 | ||||
Goodwill, Other Increase (Decrease) | (0.5) | (1.6) | ||||
Goodwill | 50.6 | 13.1 | 50.6 | 13.1 | 14 | 14.7 |
Boat [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Acquisitions | 0 | 75 | ||||
Goodwill, Other Increase (Decrease) | 4.8 | (0.7) | ||||
Goodwill | 129.8 | 133.1 | 129.8 | 133.1 | 125 | 58.8 |
Navico Group | ||||||
Goodwill [Roll Forward] | ||||||
Acquisitions | 0 | 0 | ||||
Goodwill, Other Increase (Decrease) | (1.3) | 1.8 | ||||
Goodwill | 594.5 | 583.6 | 594.5 | 583.6 | 595.8 | 581.8 |
Engine Parts and Accessories [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Acquisitions | 0 | 0 | ||||
Goodwill, Other Increase (Decrease) | (0.1) | (0.7) | ||||
Goodwill | $ 232.7 | $ 232.4 | $ 232.7 | $ 232.4 | $ 232.8 | $ 233.1 |
Customer Relationships [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Finite-Lived Intangible Asset, Weighted Average Remaining Useful Life | 13 years 3 months 18 days | |||||
Other Intangible Assets [Member] | ||||||
Goodwill [Roll Forward] | ||||||
Finite-Lived Intangible Asset, Weighted Average Remaining Useful Life | 11 years 8 months 12 days |
Goodwill and Intangibles Finite
Goodwill and Intangibles Finite-Lived Intangibles (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | $ 1,007.6 | $ 962.2 | $ 1,007.6 | $ 962.2 | $ 967.6 | $ 888.4 |
Acquisitions | 37.1 | 75 | ||||
Goodwill, Other Increase (Decrease) | 2.9 | (1.2) | ||||
Gross Amount | 1,480.5 | 1,420.4 | 1,480.5 | 1,420.4 | 1,430.4 | |
Accumulated Amortization | (480.7) | (415) | (480.7) | (415) | (433) | |
Amortization Expense for Intangibles | 17 | 15.9 | 50.8 | 47.2 | ||
Trade Names [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Amount | 322.2 | 305 | 322.2 | 305 | 305.4 | |
Accumulated Amortization | 0 | 0 | 0 | 0 | 0 | |
Customer Relationships [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Amount | 905.1 | 899.5 | 905.1 | 899.5 | 897.4 | |
Accumulated Amortization | (416.7) | (374.5) | (416.7) | (374.5) | (386.1) | |
Other Intangible Assets [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Amount | 86.8 | 55.9 | 86.8 | 55.9 | 67.6 | |
Accumulated Amortization | (42.7) | (29.8) | (42.7) | (29.8) | (33.6) | |
Developed Technology Rights | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross Amount | 166.4 | 160 | 166.4 | 160 | 160 | |
Accumulated Amortization | (21.3) | (10.7) | (21.3) | (10.7) | (13.3) | |
Propulsion [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | 50.6 | 13.1 | 50.6 | 13.1 | 14 | 14.7 |
Acquisitions | 37.1 | 0 | ||||
Goodwill, Other Increase (Decrease) | (0.5) | (1.6) | ||||
Boat [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | $ 129.8 | $ 133.1 | 129.8 | 133.1 | $ 125 | $ 58.8 |
Acquisitions | 0 | 75 | ||||
Goodwill, Other Increase (Decrease) | $ 4.8 | $ (0.7) |
Segment Data (Details)
Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Net Sales | $ 1,593.6 | $ 1,698.2 | $ 5,039.5 | $ 5,229.5 | |
Operating Income (Loss) | 196.1 | 237.7 | 626.6 | 756.2 | |
Total Assets | 6,100.9 | 6,124.9 | 6,100.9 | 6,124.9 | $ 6,321.3 |
Segment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | (111.2) | (122) | (378.8) | (399.5) | |
Operating Income (Loss) | 0 | 0 | 0 | 0 | |
Propulsion [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 1,654.3 | 1,460.7 | 1,654.3 | 1,460.7 | 1,516.7 |
Propulsion [Member] | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 718.2 | 714.4 | 2,173.1 | 2,154.5 | |
Operating Income (Loss) | 129.2 | 143 | 391.4 | 410.3 | |
Boat [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 867.6 | 839.2 | 867.6 | 839.2 | 829.8 |
Boat [Member] | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 428.6 | 510.7 | 1,564.6 | 1,571.9 | |
Operating Income (Loss) | 20.3 | 49.7 | 131.3 | 153.9 | |
Corporate/Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 615.4 | 796 | 615.4 | 796 | 937.2 |
Corporate/Other [Member] | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 0 | 0 | 0 | 0 | |
Operating Income (Loss) | (31.1) | (42.1) | (105) | (94.9) | |
Engine Parts and Accessories [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 857.2 | 881.4 | 857.2 | 881.4 | 868.6 |
Engine Parts and Accessories [Member] | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 344.6 | 360.3 | 962.1 | 1,070.1 | |
Operating Income (Loss) | 75 | 88.9 | 189.2 | 235.7 | |
Navico Group | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 2,106.4 | 2,147.6 | 2,106.4 | 2,147.6 | $ 2,169 |
Navico Group | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 213.4 | 234.8 | 718.5 | 832.5 | |
Operating Income (Loss) | $ 2.7 | $ (1.8) | $ 19.7 | $ 51.2 |
Comprehensive Income (Details)
Comprehensive Income (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | ||||
Comprehensive Income [Abstract] | |||||||||||
Net Earnings (Loss) | $ 112.5 | $ 134.7 | $ 112.3 | $ 163.8 | $ 197.3 | $ 174.2 | $ 359.5 | $ 535.3 | |||
Foreign Currency Cumulative Translation Adjustment | (20.7) | (27.5) | (12.2) | (58) | |||||||
Net Change in Unamortized Actuarial Losses | 0.1 | 0.4 | 0.3 | 0.9 | |||||||
Net Change in Unrealized Derivative Losses | 7.3 | 21.3 | (0.7) | 48.9 | |||||||
Total Other Comprehensive Income (Loss) | (13.3) | (5.8) | (12.6) | (8.2) | |||||||
Comprehensive Income (loss) | 99.2 | 158 | 346.9 | 527.1 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Beginning Balance | (28.8) | (29.5) | (33.9) | 9.9 | (29.5) | 9.9 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | (12.6) | [1] | (0.9) | (4.6) | [1] | 62.7 | [2] | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (0.7) | [3] | (4.9) | (8) | [3] | (13.8) | [4] | ||||
Net Other Comprehensive Income (Loss) | (13.3) | (2.9) | $ 3.6 | (5.8) | (12.3) | 9.9 | (12.6) | (8.2) | |||
Accumulated Other Comprehensive Loss, Net of Tax, Ending Balance | (42.1) | $ (28.8) | (39.7) | (33.9) | (42.1) | (39.7) | |||||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent [Abstract] | |||||||||||
Foreign Currency Translation Adjustments Arising During Period, Tax Effect | 1.1 | 5.4 | 0.6 | 8.5 | |||||||
Gains (Losses) on Derivatives Arising During Period, Tax Effect | $ (2.9) | $ (3.6) | (3.3) | (16.3) | |||||||
Cash Dividends Declared Per Common Share (in Dollars per Share) | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.365 | |||||||
Foreign Currency Translation | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Beginning Balance | $ (62.8) | $ (71.3) | $ (65) | (34.5) | (71.3) | (34.5) | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | (20.7) | [1] | (27.5) | (12.2) | [1] | (58) | [2] | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | 0 | 0 | |||||||
Net Other Comprehensive Income (Loss) | (20.7) | (27.5) | (12.2) | (58) | |||||||
Accumulated Other Comprehensive Loss, Net of Tax, Ending Balance | (83.5) | $ (62.8) | (92.5) | (65) | (83.5) | (92.5) | |||||
Prior Service Credits | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Beginning Balance | (4.1) | (4.1) | (3.7) | (3.7) | (4.1) | (3.7) | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | 0 | 0 | 0 | 0 | |||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | 0 | 0 | |||||||
Net Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||||
Accumulated Other Comprehensive Loss, Net of Tax, Ending Balance | (4.1) | (4.1) | (3.7) | (3.7) | (4.1) | (3.7) | |||||
Net Actuarial Losses | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Beginning Balance | 9.9 | 9.7 | (2.9) | (3.4) | 9.7 | (3.4) | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | 0 | 0.3 | 0 | 0.3 | |||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (0.1) | [3] | (0.1) | (0.3) | [3] | (0.6) | [4] | ||||
Net Other Comprehensive Income (Loss) | 0.1 | 0.4 | 0.3 | 0.9 | |||||||
Accumulated Other Comprehensive Loss, Net of Tax, Ending Balance | 10 | 9.9 | (2.5) | (2.9) | 10 | (2.5) | |||||
Net Derivative Losses | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Beginning Balance | 28 | 36 | 37.5 | 0.2 | 36 | 0.2 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | 8.1 | [1] | 26.3 | 7.6 | [1] | 0 | [2] | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0.8 | [3] | 5 | 8.3 | [3] | 0 | [4] | ||||
Net Other Comprehensive Income (Loss) | 7.3 | 21.3 | (0.7) | 48.9 | |||||||
Accumulated Other Comprehensive Loss, Net of Tax, Ending Balance | 35.3 | 28 | 58.8 | 37.5 | 35.3 | 58.8 | |||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||
Accumulated Other Comprehensive Loss, Net of Tax, Beginning Balance | 0.2 | $ 0.2 | 0.2 | $ (31.5) | 0.2 | (31.5) | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract] | |||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | 0 | 0 | 0 | 5 | |||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | 0 | 13.2 | |||||||
Net Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |||||||
Accumulated Other Comprehensive Loss, Net of Tax, Ending Balance | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.2 | |||||
[1]The tax effects for the three months ended September 30, 2023 were $1.1 million for foreign currency translation and $(2.9) million for derivatives.[2](A) The tax effects for the nine months ended September 30, 2023 were $0.6 million for foreign currency translation and $(3.3) million for derivatives.[3]See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the three months ended September 30, 2023.[4](B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the nine months ended September 30, 2023 |
Comprehensive Income, Reclassif
Comprehensive Income, Reclassification out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (42.1) | $ (28.8) | $ (39.7) | $ (33.9) | $ (42.1) | $ (39.7) | $ (29.5) | $ 9.9 | |||||
Net Actuarial Losses | (0.1) | (0.4) | (0.3) | (0.9) | |||||||||
Defined Benefit Items, Earnings Before Income Taxes | (0.1) | (0.4) | (0.3) | (0.9) | |||||||||
Defined Benefit Items, Income Tax Provision | 0 | 0.3 | 0 | 0.3 | |||||||||
Defined Benefit Items, Net Earnings From Continuing Operations | (0.1) | (0.1) | (0.3) | (0.6) | |||||||||
Derivatives, Earnings Before Income Taxes | 1.3 | 6.8 | 11.7 | 18.6 | |||||||||
Derivatives, Income Tax Provision | (0.5) | (1.8) | (3.4) | (4.8) | |||||||||
Derivatives, Net Earnings From Continuing Operations | 0.8 | 5 | 8.3 | 13.8 | |||||||||
Other Comprehensive Income (Loss) Before Reclassifications | (12.6) | [1] | (0.9) | (4.6) | [1] | 62.7 | [2] | ||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (0.7) | [3] | (4.9) | (8) | [3] | (13.8) | [4] | ||||||
Other Comprehensive Income | (13.3) | (2.9) | $ 3.6 | (5.8) | (12.3) | $ 9.9 | (12.6) | (8.2) | |||||
Interest Expense [Member] | Interest Rate Contract [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Derivatives, Earnings Before Income Taxes | 0 | (0.1) | (0.1) | (0.2) | |||||||||
Cost of Sales [Member] | Foreign Exchange Contracts [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Derivatives, Earnings Before Income Taxes | 2.4 | 7.7 | 14 | 15.7 | |||||||||
Cost of Sales [Member] | Commodity Contract [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Derivatives, Earnings Before Income Taxes | (1.1) | (0.8) | (2.2) | 3.1 | |||||||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (83.5) | (62.8) | (92.5) | (65) | (83.5) | (92.5) | (71.3) | (34.5) | |||||
Other Comprehensive Income (Loss) Before Reclassifications | (20.7) | [1] | (27.5) | (12.2) | [1] | (58) | [2] | ||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | 0 | 0 | |||||||||
Other Comprehensive Income | (20.7) | (27.5) | (12.2) | (58) | |||||||||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (4.1) | (4.1) | (3.7) | (3.7) | (4.1) | (3.7) | (4.1) | (3.7) | |||||
Other Comprehensive Income (Loss) Before Reclassifications | 0 | 0 | 0 | 0 | |||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | 0 | 0 | |||||||||
Other Comprehensive Income | 0 | 0 | 0 | 0 | |||||||||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 10 | 9.9 | (2.5) | (2.9) | 10 | (2.5) | 9.7 | (3.4) | |||||
Other Comprehensive Income (Loss) Before Reclassifications | 0 | 0.3 | 0 | 0.3 | |||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | (0.1) | [3] | (0.1) | (0.3) | [3] | (0.6) | [4] | ||||||
Other Comprehensive Income | 0.1 | 0.4 | 0.3 | 0.9 | |||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 35.3 | 28 | 58.8 | 37.5 | 35.3 | 58.8 | 36 | 0.2 | |||||
Other Comprehensive Income (Loss) Before Reclassifications | 8.1 | [1] | 26.3 | 7.6 | [1] | 0 | [2] | ||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0.8 | [3] | 5 | 8.3 | [3] | 0 | [4] | ||||||
Other Comprehensive Income | 7.3 | 21.3 | (0.7) | 48.9 | |||||||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0.2 | $ 0.2 | 0.2 | $ 0.2 | 0.2 | 0.2 | $ 0.2 | $ (31.5) | |||||
Other Comprehensive Income (Loss) Before Reclassifications | 0 | 0 | 0 | 5 | |||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | 0 | 13.2 | |||||||||
Other Comprehensive Income | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
[1]The tax effects for the three months ended September 30, 2023 were $1.1 million for foreign currency translation and $(2.9) million for derivatives.[2](A) The tax effects for the nine months ended September 30, 2023 were $0.6 million for foreign currency translation and $(3.3) million for derivatives.[3]See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the three months ended September 30, 2023.[4](B) See the table depicting reclassification adjustments out of Accumulated other comprehensive loss below for the tax effects for the nine months ended September 30, 2023 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Apr. 01, 2023 | Oct. 01, 2022 | Sep. 30, 2023 | Oct. 01, 2022 | |
Income Tax Disclosure [Abstract] | |||||
Income Tax Provision From Continuing Operations | $ 46.2 | $ 46.5 | $ 181.5 | $ 148.7 | |
Effective Tax Rate From Continuing Operations | 28.90% | 21.70% | 33.40% | 21.60% | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 11.8 | $ 52.9 |
Debt (Details)
Debt (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Mar. 22, 2022 | Sep. 30, 2023 | Sep. 30, 2023 | Oct. 01, 2022 | Dec. 31, 2022 | ||
Debt Instrument [Line Items] | ||||||
Gain (Loss) on Extinguishment of Debt | $ 100,000 | |||||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 127,800,000 | |||||
Commercial Paper, Maximum Amount Utilized | $ 125,000,000 | |||||
Net Proceeds from Issuances of Long-Term Debt | 2,300,000 | |||||
Other Debt Activity | 500,000 | |||||
Long-term Debt, Current Maturities | 455,300,000 | 455,300,000 | $ 89,000,000 | |||
Debt | 1,975,700,000 | 1,975,700,000 | 2,419,100,000 | 2,420,000,000 | ||
Debt, Long-Term and Short-Term, Combined Amount, Total | 2,431,000,000 | 2,431,000,000 | $ 2,509,000,000 | |||
Proceeds from Issuance of Long-term Debt, Excluding Current Maturities | 0 | |||||
Proceeds from Issuance of Long-term Debt, Current | 2,300,000 | |||||
Repayments of Long-term debt, Current | (86,700,000) | |||||
Repayments of Long-term Debt, Excluding Current Maturities | (500,000) | |||||
us-gaap_RepaymentsOfLongTermDebt | (87,200,000) | |||||
Repayments of Other Long-Term Debt | 0 | |||||
Other Debt Activity, Long Term | 6,400,000 | |||||
Other Debt Activity, Current and Long Term | 6,900,000 | |||||
Proceeds from Notes Payable | $ 741,800,000 | |||||
Proceeds from Issuance of Commercial Paper | 410,000,000 | |||||
commercial paper, maximum | 500,000,000 | |||||
Short-Term Debt, Refinanced, Amount | [1] | 450,200,000 | ||||
Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | 125,000,000 | 125,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 750,000,000 | 750,000,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 741,900,000 | 741,900,000 | ||||
Letters of Credit Outstanding, Amount | $ 8,100,000 | 8,100,000 | ||||
Line of Credit Facility, Increase (Decrease), Net | 100,000,000 | |||||
4.400% Senior Notes due 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes | 450,000,000 | |||||
5.100% Senior Notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Senior Notes | $ 300,000,000 | |||||
Debentures Due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Other Debt | $ 79,700,000 | |||||
0.850% Senior Notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Short-Term Debt, Refinanced, Amount | $ 450,000,000 | |||||
[1](A) During the third quarter of 2023, $450.0 million of 0.85% Senior Notes due 2024 were reclassified from Long-term debt to Current maturities of long-term debt. |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Oct. 01, 2022 | Oct. 01, 2022 | Dec. 31, 2022 | |
Freedom Boat Club Franchises | |||
Subsequent Event [Line Items] | |||
Business Combination, Consideration Transferred | $ 93.9 | ||
Freedom Boat Club Franchises | Selling, General and Administrative Expenses [Member] | |||
Subsequent Event [Line Items] | |||
Business Acquisition, Transaction Costs | $ 1.4 | ||
Term Loan Due 2023 | |||
Subsequent Event [Line Items] | |||
Repayments of Other Debt | $ 56.3 |