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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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36-0848180
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
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x
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Accelerated filer
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o
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Non-accelerated filer
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o
(Do not check if a smaller reporting company)
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Smaller reporting company
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o
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PART I – FINANCIAL INFORMATION
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Page
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PART II – OTHER INFORMATION
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BRUNSWICK CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(unaudited)
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|||||||||||||||
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Three Months Ended
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Nine Months Ended
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||||||||||||
(in millions, except per share data)
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September 28,
2013 |
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September 29,
2012 |
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September 28,
2013 |
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September 29,
2012 |
||||||||
Net sales
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$
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892.4
|
|
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$
|
874.3
|
|
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$
|
2,986.0
|
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$
|
2,887.8
|
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Cost of sales
|
654.1
|
|
|
641.3
|
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2,184.2
|
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2,132.7
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||||
Selling, general and administrative expense
|
143.1
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135.5
|
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414.2
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406.6
|
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||||
Research and development expense
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28.5
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26.5
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84.7
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|
76.1
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|
||||
Restructuring, exit and impairment charges
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3.1
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14.3
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12.7
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15.3
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||||
Operating earnings
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63.6
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|
56.7
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290.2
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|
257.1
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||||
Equity loss
|
(0.3
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)
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(0.7
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)
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(1.3
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)
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|
(3.1
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)
|
||||
Other income (expense), net
|
0.5
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|
|
(0.5
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)
|
|
1.6
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2.0
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||||
Earnings before interest, loss on early extinguishment of debt and income taxes
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63.8
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55.5
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|
290.5
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|
256.0
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|
||||
Interest expense
|
(8.6
|
)
|
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(16.8
|
)
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(35.6
|
)
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(52.8
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)
|
||||
Interest income
|
0.3
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0.5
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1.0
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2.2
|
|
||||
Loss on early extinguishment of debt
|
(0.3
|
)
|
|
(7.5
|
)
|
|
(32.7
|
)
|
|
(11.9
|
)
|
||||
Earnings before income taxes
|
55.2
|
|
|
31.7
|
|
|
223.2
|
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|
193.5
|
|
||||
Income tax provision (benefit)
|
(2.2
|
)
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9.2
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31.6
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30.0
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||||
Net earnings from continuing operations
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57.4
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22.5
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191.6
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163.5
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Discontinued operations:
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||||||||
Loss from discontinued operations, net of tax
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(1.2
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)
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(20.5
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)
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(5.2
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)
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(38.2
|
)
|
||||
Gain on disposal of discontinued operations, net of tax
|
1.6
|
|
|
—
|
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1.6
|
|
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—
|
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||||
Net earnings (loss) from discontinued operations, net of tax
|
0.4
|
|
|
(20.5
|
)
|
|
(3.6
|
)
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|
(38.2
|
)
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||||
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||||||
Net earnings
|
$
|
57.8
|
|
|
$
|
2.0
|
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$
|
188.0
|
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$
|
125.3
|
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||||||||
Earnings (loss) per common share:
|
|
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||||
Basic
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|
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||||||||
Earnings from continuing operations
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$
|
0.63
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$
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0.25
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$
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2.11
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$
|
1.82
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Earnings (loss) from discontinued operations
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0.00
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(0.23
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)
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(0.04
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)
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(0.42
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)
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||||
Net earnings
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$
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0.63
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$
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0.02
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$
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2.07
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$
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1.40
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Diluted
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||||||||
Earnings from continuing operations
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$
|
0.61
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|
$
|
0.24
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$
|
2.05
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$
|
1.77
|
|
Earnings (loss) from discontinued operations
|
0.00
|
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|
(0.22
|
)
|
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(0.04
|
)
|
|
(0.41
|
)
|
||||
Net earnings
|
$
|
0.61
|
|
|
$
|
0.02
|
|
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$
|
2.01
|
|
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$
|
1.36
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||||||||
Weighted average shares used for computation of:
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||||
Basic earnings (loss) per common share
|
91.3
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89.8
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91.0
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89.7
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|
||||
Diluted earnings (loss) per common share
|
94.0
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92.5
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93.7
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|
92.3
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||||
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||||||||
Comprehensive income
|
$
|
67.9
|
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|
$
|
23.1
|
|
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$
|
191.6
|
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$
|
143.1
|
|
BRUNSWICK CORPORATION
Condensed Consolidated Balance Sheets
|
|||||||||||
(in millions)
|
September 28,
2013 |
|
December 31,
2012 |
|
September 29,
2012 |
||||||
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(unaudited)
|
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(unaudited)
|
||||||
Assets
|
|
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|
||||||
Current assets
|
|
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|
||||||
Cash and cash equivalents, at cost, which approximates market
|
$
|
326.1
|
|
|
$
|
284.3
|
|
|
$
|
310.3
|
|
Short-term investments in marketable securities
|
22.3
|
|
|
92.3
|
|
|
97.5
|
|
|||
Total cash, cash equivalents and short-term investments in marketable securities
|
348.4
|
|
|
376.6
|
|
|
407.8
|
|
|||
Restricted cash
|
13.0
|
|
|
13.0
|
|
|
20.0
|
|
|||
Accounts and notes receivable, less allowances of $22.5, $27.1 and $29.1
|
416.9
|
|
|
349.2
|
|
|
403.8
|
|
|||
Inventories
|
|
|
|
|
|
|
|
||||
Finished goods
|
356.2
|
|
|
363.3
|
|
|
320.2
|
|
|||
Work-in-process
|
148.2
|
|
|
142.4
|
|
|
137.0
|
|
|||
Raw materials
|
75.6
|
|
|
70.1
|
|
|
76.9
|
|
|||
Net inventories
|
580.0
|
|
|
575.8
|
|
|
534.1
|
|
|||
Deferred income taxes
|
18.9
|
|
|
18.8
|
|
|
15.0
|
|
|||
Prepaid expenses and other
|
25.3
|
|
|
26.7
|
|
|
25.5
|
|
|||
Current assets held for sale
|
—
|
|
|
—
|
|
|
54.5
|
|
|||
Current assets
|
1,402.5
|
|
|
1,360.1
|
|
|
1,460.7
|
|
|||
|
|
|
|
|
|
||||||
Property
|
|
|
|
|
|
|
|
|
|||
Land
|
82.2
|
|
|
80.6
|
|
|
80.6
|
|
|||
Buildings and improvements
|
561.6
|
|
|
564.3
|
|
|
551.4
|
|
|||
Equipment
|
1,003.5
|
|
|
997.4
|
|
|
988.2
|
|
|||
Total land, buildings and improvements and equipment
|
1,647.3
|
|
|
1,642.3
|
|
|
1,620.2
|
|
|||
Accumulated depreciation
|
(1,121.7
|
)
|
|
(1,131.4
|
)
|
|
(1,130.4
|
)
|
|||
Net land, buildings and improvements and equipment
|
525.6
|
|
|
510.9
|
|
|
489.8
|
|
|||
Unamortized product tooling costs
|
76.8
|
|
|
70.5
|
|
|
65.6
|
|
|||
Net property
|
602.4
|
|
|
581.4
|
|
|
555.4
|
|
|||
|
|
|
|
|
|
||||||
Other assets
|
|
|
|
|
|
|
|
||||
Goodwill
|
291.5
|
|
|
291.7
|
|
|
291.4
|
|
|||
Other intangibles, net
|
36.1
|
|
|
38.1
|
|
|
39.7
|
|
|||
Long-term investments in marketable securities
|
—
|
|
|
52.1
|
|
|
47.6
|
|
|||
Equity investments
|
41.1
|
|
|
42.4
|
|
|
42.3
|
|
|||
Other long-term assets
|
43.3
|
|
|
58.4
|
|
|
59.8
|
|
|||
Long-term assets held for sale
|
—
|
|
|
—
|
|
|
11.0
|
|
|||
Other assets
|
412.0
|
|
|
482.7
|
|
|
491.8
|
|
|||
|
|
|
|
|
|
||||||
Total assets
|
$
|
2,416.9
|
|
|
$
|
2,424.2
|
|
|
$
|
2,507.9
|
|
|
|
|
|
|
|
||||||
The Notes to Condensed Consolidated Financial Statements are an integral part of these consolidated statements.
|
BRUNSWICK CORPORATION
Condensed Consolidated Balance Sheets
|
|||||||||||
(in millions)
|
September 28,
2013 |
|
December 31,
2012 |
|
September 29,
2012 |
||||||
|
(unaudited)
|
|
|
|
(unaudited)
|
||||||
Liabilities and shareholders’ equity
|
|
|
|
|
|
||||||
Current liabilities
|
|
|
|
|
|
||||||
Short-term debt, including current maturities of long-term debt
|
$
|
4.6
|
|
|
$
|
8.2
|
|
|
$
|
6.8
|
|
Accounts payable
|
328.1
|
|
|
334.4
|
|
|
332.2
|
|
|||
Accrued expenses
|
525.4
|
|
|
576.2
|
|
|
549.9
|
|
|||
Current liabilities held for sale
|
—
|
|
|
18.4
|
|
|
19.1
|
|
|||
Current liabilities
|
858.1
|
|
|
937.2
|
|
|
908.0
|
|
|||
|
|
|
|
|
|
||||||
Long-term liabilities
|
|
|
|
|
|
|
|
|
|||
Debt
|
459.9
|
|
|
563.6
|
|
|
590.9
|
|
|||
Deferred income taxes
|
94.6
|
|
|
92.7
|
|
|
85.0
|
|
|||
Postretirement benefits
|
520.7
|
|
|
552.6
|
|
|
540.0
|
|
|||
Other
|
194.3
|
|
|
197.5
|
|
|
195.4
|
|
|||
Long-term liabilities held for sale
|
—
|
|
|
2.9
|
|
|
2.8
|
|
|||
Long-term liabilities
|
1,269.5
|
|
|
1,409.3
|
|
|
1,414.1
|
|
|||
|
|
|
|
|
|
||||||
Shareholders’ equity
|
|
|
|
|
|
|
|
|
|||
Common stock; authorized: 200,000,000 shares, $0.75 par value; issued: 102,538,000 shares
|
76.9
|
|
|
76.9
|
|
|
76.9
|
|
|||
Additional paid-in capital
|
426.2
|
|
|
440.8
|
|
|
439.4
|
|
|||
Retained earnings
|
691.2
|
|
|
503.2
|
|
|
583.0
|
|
|||
Treasury stock, at cost: 11,696,000, 12,907,000 and 13,044,000 shares
|
(353.5
|
)
|
|
(388.1
|
)
|
|
(390.5
|
)
|
|||
Accumulated other comprehensive loss, net of tax
|
(551.5
|
)
|
|
(555.1
|
)
|
|
(523.0
|
)
|
|||
Shareholders’ equity
|
289.3
|
|
|
77.7
|
|
|
185.8
|
|
|||
|
|
|
|
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
2,416.9
|
|
|
$
|
2,424.2
|
|
|
$
|
2,507.9
|
|
BRUNSWICK CORPORATION
Condensed Consolidated Statements of Cash Flows
(unaudited)
|
|||||||
|
Nine Months Ended
|
||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
||||
Cash flows from operating activities
|
|
|
|
||||
Net earnings
|
$
|
188.0
|
|
|
$
|
125.3
|
|
Less: net loss from discontinued operations, net of tax
|
(3.6
|
)
|
|
(38.2
|
)
|
||
Net earnings from continuing operations
|
191.6
|
|
|
163.5
|
|
||
Depreciation and amortization
|
64.7
|
|
|
67.7
|
|
||
Pension funding, net of expense
|
(11.9
|
)
|
|
(23.8
|
)
|
||
Gains on sale of property, plant and equipment, net
|
(6.0
|
)
|
|
(3.2
|
)
|
||
Other long-lived asset impairment charges
|
3.4
|
|
|
9.2
|
|
||
Deferred income taxes
|
(5.1
|
)
|
|
8.3
|
|
||
Loss on early extinguishment of debt
|
32.7
|
|
|
11.9
|
|
||
Changes in certain current assets and current liabilities
|
(129.1
|
)
|
|
(124.2
|
)
|
||
Income taxes
|
13.1
|
|
|
6.0
|
|
||
Other, net
|
4.3
|
|
|
19.7
|
|
||
Net cash provided by operating activities of continuing operations
|
157.7
|
|
|
135.1
|
|
||
Net cash used for operating activities of discontinued operations
|
(33.5
|
)
|
|
(28.4
|
)
|
||
Net cash provided by operating activities
|
124.2
|
|
|
106.7
|
|
||
|
|
|
|
||||
Cash flows from investing activities
|
|
|
|
|
|
||
Capital expenditures
|
(96.1
|
)
|
|
(65.8
|
)
|
||
Purchases of marketable securities
|
(21.6
|
)
|
|
(157.4
|
)
|
||
Sales or maturities of marketable securities
|
143.1
|
|
|
179.6
|
|
||
Investments
|
(0.3
|
)
|
|
2.4
|
|
||
Proceeds from the sale of property, plant and equipment
|
8.2
|
|
|
18.6
|
|
||
Other, net
|
1.3
|
|
|
3.0
|
|
||
Net cash provided by (used for) investing activities of continuing operations
|
34.6
|
|
|
(19.6
|
)
|
||
Net cash provided by (used for) investing activities of discontinued operations
|
11.5
|
|
|
(2.8
|
)
|
||
Net cash provided by (used for) investing activities
|
46.1
|
|
|
(22.4
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
|
|
||
Net (payments) issuances of short-term debt
|
(1.7
|
)
|
|
0.8
|
|
||
Net proceeds from issuances of long-term debt
|
146.6
|
|
|
—
|
|
||
Payments of long-term debt including current maturities
|
(258.5
|
)
|
|
(103.2
|
)
|
||
Net premium paid on early extinguishment of debt
|
(24.6
|
)
|
|
(11.0
|
)
|
||
Net proceeds from stock compensation activity, including excess tax benefits
|
9.7
|
|
|
1.2
|
|
||
Net cash used for financing activities of continuing operations
|
(128.5
|
)
|
|
(112.2
|
)
|
||
Net cash used for financing activities of discontinued operations
|
—
|
|
|
—
|
|
||
Net cash used for financing activities
|
(128.5
|
)
|
|
(112.2
|
)
|
||
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents
|
41.8
|
|
|
(27.9
|
)
|
||
Cash and cash equivalents at beginning of period
|
284.3
|
|
|
338.2
|
|
||
|
|
|
|
||||
Cash and cash equivalents at end of period
|
$
|
326.1
|
|
|
$
|
310.3
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
September 28,
2013 |
|
September 29,
2012 |
||||||||
Net sales
|
$
|
2.0
|
|
|
$
|
10.5
|
|
|
$
|
23.0
|
|
|
$
|
38.2
|
|
|
|
|
|
|
|
|
|
||||||||
Loss from discontinued operations before income taxes
|
(2.0
|
)
|
|
(19.2
|
)
|
|
(8.0
|
)
|
|
(37.2
|
)
|
||||
Income tax provision (benefit)
|
(0.8
|
)
|
|
1.3
|
|
|
(2.8
|
)
|
|
1.0
|
|
||||
Loss from discontinued operations, net of tax
|
(1.2
|
)
|
|
(20.5
|
)
|
|
(5.2
|
)
|
|
(38.2
|
)
|
||||
Gain on disposal of discontinued operations, net of tax
(A)
|
1.6
|
|
|
—
|
|
|
1.6
|
|
|
—
|
|
||||
Net earnings (loss) from discontinued operations, net of tax
|
$
|
0.4
|
|
|
$
|
(20.5
|
)
|
|
$
|
(3.6
|
)
|
|
$
|
(38.2
|
)
|
(in millions)
|
December 31,
2012 |
||
Accounts and notes receivable, net
|
$
|
—
|
|
Net inventory
|
—
|
|
|
Current assets held for sale
|
—
|
|
|
|
|
||
Long-term assets held for sale
|
—
|
|
|
Assets held for sale
(B)
|
$
|
—
|
|
|
|
||
Accounts payable
|
$
|
3.8
|
|
Accrued expenses
|
14.6
|
|
|
Current liabilities held for sale
|
18.4
|
|
|
|
|
||
Other liabilities
|
2.9
|
|
|
Long-term liabilities held for sale
|
2.9
|
|
|
Liabilities held for sale
|
$
|
21.3
|
|
•
|
Employee termination and other benefits
|
•
|
Costs to retain and relocate employees
|
•
|
Consulting costs
|
•
|
Consolidation of manufacturing footprint
|
•
|
Employee termination and other benefits
|
•
|
Lease exit costs
|
•
|
Inventory write-downs
|
•
|
Facility shutdown costs
|
•
|
Fixed assets
|
•
|
Tooling
|
•
|
Patents and proprietary technology
|
•
|
Dealer networks
|
•
|
Trade names
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
September 28,
2013 |
|
September 29,
2012 |
||||||||
Restructuring activities:
|
|
|
|
|
|
|
|
||||||||
Employee termination and other benefits
|
$
|
0.1
|
|
|
$
|
0.7
|
|
|
$
|
2.4
|
|
|
$
|
0.4
|
|
Current asset write-downs
|
0.7
|
|
|
0.9
|
|
|
1.0
|
|
|
0.9
|
|
||||
Transformation and other costs:
|
|
|
|
|
|
|
|
|
|
||||||
Consolidation of manufacturing footprint
|
1.9
|
|
|
1.5
|
|
|
5.1
|
|
|
5.2
|
|
||||
Retention and relocation costs
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
||||
Exit activities:
|
|
|
|
|
|
|
|
|
|
||||||
Employee termination and other benefits
|
0.3
|
|
|
—
|
|
|
0.9
|
|
|
—
|
|
||||
Transformation and other costs:
|
|
|
|
|
|
|
|
|
|
||||||
Consolidation of manufacturing footprint
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
||||
Loss on sale of non-strategic assets
|
0.1
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
||||
Asset disposition actions:
|
|
|
|
|
|
|
|
|
|
||||||
Trade name impairments
|
—
|
|
|
0.7
|
|
|
—
|
|
|
0.7
|
|
||||
Definite-lived asset impairments on disposal
|
—
|
|
|
10.5
|
|
|
2.3
|
|
|
8.3
|
|
||||
Total restructuring, exit and impairment charges
|
$
|
3.1
|
|
|
$
|
14.3
|
|
|
$
|
12.7
|
|
|
$
|
15.3
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
(in millions)
|
September 28,
2013 |
|
September 28,
2013 |
||||
Boat
|
$
|
2.5
|
|
|
$
|
7.4
|
|
Bowling & Billiards
|
0.5
|
|
|
2.0
|
|
||
Corporate
|
—
|
|
|
0.7
|
|
||
Total
|
$
|
3.0
|
|
|
$
|
10.1
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
(in millions)
|
September 28,
2013 |
|
September 28,
2013 |
||||
Restructuring activities:
|
|
|
|
||||
Employee termination and other benefits
|
$
|
0.1
|
|
|
$
|
2.2
|
|
Current asset write-downs
|
0.7
|
|
|
1.0
|
|
||
Transformation and other costs:
|
|
|
|
|
|
||
Consolidation of manufacturing footprint
|
1.8
|
|
|
3.4
|
|
||
Retention and relocation costs
|
—
|
|
|
0.4
|
|
||
Exit activities:
|
|
|
|
|
|
||
Employee termination and other benefits
|
0.3
|
|
|
0.9
|
|
||
Transformation and other costs:
|
|
|
|
|
|
||
Loss on sale of non-strategic assets
|
0.1
|
|
|
0.6
|
|
||
Asset disposition actions:
|
|
|
|
|
|
||
Definite-lived asset impairments
|
—
|
|
|
1.6
|
|
||
Total restructuring, exit and impairment charges
|
$
|
3.0
|
|
|
$
|
10.1
|
|
(in millions)
|
Boat
|
|
Bowling & Billiards
|
|
Corporate
|
|
Total
|
||||||||
Employee termination and other benefits
|
$
|
1.0
|
|
|
$
|
1.4
|
|
|
$
|
0.7
|
|
|
$
|
3.1
|
|
Current asset write-downs
|
1.0
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
||||
Transformation and other costs
|
3.8
|
|
|
0.6
|
|
|
—
|
|
|
4.4
|
|
||||
Asset disposition actions
|
1.6
|
|
|
—
|
|
|
—
|
|
|
1.6
|
|
||||
Total restructuring, exit and impairment charges
|
$
|
7.4
|
|
|
$
|
2.0
|
|
|
$
|
0.7
|
|
|
$
|
10.1
|
|
(in millions)
|
Costs Recognized in 2013
|
|
Non-cash (Charges)/Gains
|
|
Net Cash Payments
|
|
Accrued Costs as of Sept. 28, 2013
|
||||||||
Employee termination and other benefits
|
$
|
3.1
|
|
|
$
|
—
|
|
|
$
|
(0.8
|
)
|
|
$
|
2.3
|
|
Current asset write-downs
|
1.0
|
|
|
(1.0
|
)
|
|
—
|
|
|
—
|
|
||||
Transformation and other costs:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidation of manufacturing footprint
|
3.4
|
|
|
—
|
|
|
(2.6
|
)
|
|
0.8
|
|
||||
Retention and relocation costs
|
0.4
|
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
||||
Loss on sale of non-strategic assets
|
0.6
|
|
|
0.7
|
|
|
(1.2
|
)
|
|
0.1
|
|
||||
Asset disposition actions:
|
|
|
|
|
|
|
|
|
|||||||
Definite-lived asset impairments
|
1.6
|
|
|
(1.6
|
)
|
|
—
|
|
|
—
|
|
||||
Total restructuring, exit and impairment charges
|
$
|
10.1
|
|
|
$
|
(1.9
|
)
|
|
$
|
(5.0
|
)
|
|
$
|
3.2
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
September 28,
2013 |
|
September 29,
2012 |
||||||||
Boat
|
$
|
0.1
|
|
|
13.8
|
|
|
$
|
2.6
|
|
|
13.8
|
|
||
Fitness
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
||||
Total
|
$
|
0.1
|
|
|
$
|
13.9
|
|
|
$
|
2.6
|
|
|
$
|
13.9
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
September 28,
2013 |
|
September 29,
2012 |
||||||||
Restructuring activities:
|
|
|
|
|
|
|
|
||||||||
Employee termination and other benefits
|
$
|
—
|
|
|
$
|
0.7
|
|
|
$
|
0.2
|
|
|
$
|
0.7
|
|
Current asset write-downs
|
—
|
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
||||
Transformation and other costs:
|
|
|
|
|
|
|
|
|
|
||||||
Consolidation of manufacturing footprint
|
0.1
|
|
|
1.1
|
|
|
1.7
|
|
|
1.1
|
|
||||
Asset disposition actions:
|
|
|
|
|
|
|
|
|
|
||||||
Trade name impairments
|
—
|
|
|
0.7
|
|
|
—
|
|
|
0.7
|
|
||||
Definite-lived asset impairments
|
—
|
|
|
10.5
|
|
|
0.7
|
|
|
10.5
|
|
||||
Total restructuring, exit and impairment charges
|
$
|
0.1
|
|
|
$
|
13.9
|
|
|
$
|
2.6
|
|
|
$
|
13.9
|
|
(in millions)
|
Boat
|
|
Total
|
||||
Employee termination and other benefits
|
$
|
0.2
|
|
|
$
|
0.2
|
|
Transformation and other costs
|
1.7
|
|
|
1.7
|
|
||
Asset disposition actions
|
0.7
|
|
|
0.7
|
|
||
Total restructuring, exit and impairment charges
|
$
|
2.6
|
|
|
$
|
2.6
|
|
(in millions)
|
Boat
|
|
Fitness
|
|
Total
|
||||||
Employee termination and other benefits
|
$
|
0.6
|
|
|
$
|
0.1
|
|
|
$
|
0.7
|
|
Current asset write-downs
|
0.9
|
|
|
—
|
|
|
0.9
|
|
|||
Transformation and other costs
|
1.1
|
|
|
—
|
|
|
1.1
|
|
|||
Asset disposition actions
|
11.2
|
|
|
—
|
|
|
11.2
|
|
|||
Total restructuring, exit and impairment charges
|
$
|
13.8
|
|
|
$
|
0.1
|
|
|
$
|
13.9
|
|
(in millions)
|
Accrued Costs as of
Jan. 1, 2013
|
|
Costs Recognized in 2013
|
|
Non-cash Charges
|
|
Net Cash Payments
|
|
Accrued Costs as of Sept. 28, 2013
|
||||||||||
Employee termination and other benefits
|
$
|
1.9
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
(1.8
|
)
|
|
$
|
0.3
|
|
Transformation and other costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Consolidation of manufacturing footprint
|
5.2
|
|
|
1.7
|
|
|
—
|
|
|
(4.0
|
)
|
|
2.9
|
|
|||||
Asset disposition actions:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Definite-lived asset impairments
|
—
|
|
|
0.7
|
|
|
(0.7
|
)
|
|
—
|
|
|
—
|
|
|||||
Total restructuring, exit and impairment charges
|
$
|
7.1
|
|
|
$
|
2.6
|
|
|
$
|
(0.7
|
)
|
|
$
|
(5.8
|
)
|
|
$
|
3.2
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
(in millions)
|
September 29,
2012 |
|
September 29,
2012 |
||||
Marine Engine
|
$
|
0.4
|
|
|
$
|
3.0
|
|
Boat
|
—
|
|
|
(1.4
|
)
|
||
Corporate
|
—
|
|
|
(0.2
|
)
|
||
Total
|
$
|
0.4
|
|
|
$
|
1.4
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
(in millions)
|
September 29,
2012 |
|
September 29,
2012 |
||||
Restructuring activities:
|
|
|
|
||||
Employee termination and other benefits
|
$
|
—
|
|
|
$
|
(0.3
|
)
|
Transformation and other costs:
|
|
|
|
|
|
||
Consolidation of manufacturing footprint
|
0.4
|
|
|
4.1
|
|
||
Exit activities:
|
|
|
|
|
|
||
Transformation and other costs:
|
|
|
|
|
|
||
Consolidation of manufacturing footprint
|
—
|
|
|
(0.2
|
)
|
||
Asset disposition actions:
|
|
|
|
|
|
||
Definite-lived asset gains on disposal
|
—
|
|
|
(2.2
|
)
|
||
Total restructuring, exit and impairment charges
|
$
|
0.4
|
|
|
$
|
1.4
|
|
(in millions)
|
Marine Engine
|
|
Boat
|
|
Corporate
|
|
Total
|
||||||||
Employee termination and other benefits
|
$
|
(0.3
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.3
|
)
|
Transformation and other costs
|
4.2
|
|
|
(0.1
|
)
|
|
(0.2
|
)
|
|
3.9
|
|
||||
Asset disposition actions
|
(0.9
|
)
|
|
(1.3
|
)
|
|
—
|
|
|
(2.2
|
)
|
||||
Total restructuring, exit and impairment charges
|
$
|
3.0
|
|
|
$
|
(1.4
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
1.4
|
|
(in millions)
|
Accrued Costs as of
Jan. 1, 2013
|
|
Costs Recognized in 2013
|
|
Non-cash Charges
|
|
Net Cash Payments
|
|
Accrued Costs as of Sept. 28, 2013
|
||||||||||
Employee termination and other benefits
|
$
|
1.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.7
|
)
|
|
$
|
0.5
|
|
Transformation and other costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Consolidation of manufacturing footprint
|
2.2
|
|
|
—
|
|
|
—
|
|
|
(1.0
|
)
|
|
1.2
|
|
|||||
Total restructuring, exit and impairment charges
|
$
|
3.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1.7
|
)
|
|
$
|
1.7
|
|
(in millions)
|
|
|
|
|
||||||||
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||
Instrument
|
|
Balance Sheet Location
|
|
Fair Value
|
|
Balance Sheet Location
|
|
Fair Value
|
||||
Derivatives Designated as Cash Flow Hedges
|
|
|
|
|
|
|
|
|
||||
Foreign exchange contracts
|
|
Prepaid expenses and other
|
|
$
|
1.6
|
|
|
Accrued expenses
|
|
$
|
2.8
|
|
Commodity contracts
|
|
Prepaid expenses and other
|
|
—
|
|
|
Accrued expenses
|
|
1.8
|
|
||
Total
|
|
|
|
$
|
1.6
|
|
|
|
|
$
|
4.6
|
|
|
|
|
|
|
|
|
|
|
||||
Other Hedging Activity
|
|
|
|
|
|
|
|
|
||||
Foreign exchange contracts
|
|
Prepaid expenses and other
|
|
$
|
—
|
|
|
Accrued expenses
|
|
$
|
1.4
|
|
Total
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1.4
|
|
(in millions)
|
|
|
|
|
||||||||
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||
Instrument
|
|
Balance Sheet Location
|
|
Fair Value
|
|
Balance Sheet Location
|
|
Fair Value
|
||||
Derivatives Designated as Cash Flow Hedges
|
|
|
|
|
|
|
|
|
||||
Foreign exchange contracts
|
|
Prepaid expenses and other
|
|
0.8
|
|
|
Accrued expenses
|
|
3.7
|
|
||
Commodity contracts
|
|
Prepaid expenses and other
|
|
0.7
|
|
|
Accrued expenses
|
|
1.0
|
|
||
Interest rate contracts
|
|
Prepaid expenses and other
|
|
0.1
|
|
|
Accrued expenses
|
|
5.8
|
|
||
Total
|
|
|
|
$
|
1.6
|
|
|
|
|
$
|
10.5
|
|
|
|
|
|
|
|
|
|
|
||||
Other Hedging Activity
|
|
|
|
|
|
|
|
|
||||
Foreign exchange contracts
|
|
Prepaid expenses and other
|
|
—
|
|
|
Accrued expenses
|
|
0.2
|
|
||
Total
|
|
|
|
$
|
—
|
|
|
|
|
$
|
0.2
|
|
(in millions)
|
|
|
|
|
|
|
||||
Derivatives Designated as Cash Flow Hedging Instruments
|
|
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion)
|
|
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings (Effective Portion)
|
|
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss
into Earnings (Effective Portion)
|
||||
Foreign exchange contracts
|
|
(3.0
|
)
|
|
Cost of sales
|
|
(0.3
|
)
|
||
Commodity contracts
|
|
0.1
|
|
|
Cost of sales
|
|
(0.9
|
)
|
||
Total
|
|
$
|
(2.9
|
)
|
|
|
|
$
|
(1.2
|
)
|
Other Hedging Activity
|
|
Location of Gain (Loss) on Derivatives
Recognized in Earnings
|
|
Amount of Gain (Loss) on Derivatives Recognized in Earnings
|
||
Foreign exchange contracts
|
|
Cost of sales
|
|
$
|
(1.6
|
)
|
Foreign exchange contracts
|
|
Other income (expense), net
|
|
(0.3
|
)
|
|
Total
|
|
|
|
$
|
(1.9
|
)
|
(in millions)
|
|
|
|
|
|
|
||||
Derivatives Designated as Cash Flow Hedging Instruments
|
|
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion)
|
|
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings (Effective Portion)
|
|
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss
into Earnings (Effective Portion)
|
||||
Interest rate contracts
|
|
$
|
(0.2
|
)
|
|
Interest expense
|
|
$
|
1.5
|
|
Foreign exchange contracts
|
|
(1.0
|
)
|
|
Cost of sales
|
|
(3.2
|
)
|
||
Commodity contracts
|
|
(3.6
|
)
|
|
Cost of sales
|
|
(1.8
|
)
|
||
Total
|
|
$
|
(4.8
|
)
|
|
|
|
$
|
(3.5
|
)
|
Other Hedging Activity
|
|
Location of Gain (Loss) on Derivatives
Recognized in Earnings
|
|
Amount of Gain (Loss) on Derivatives Recognized in Earnings
|
||
Foreign exchange contracts
|
|
Cost of sales
|
|
$
|
(0.9
|
)
|
Total
|
|
|
|
$
|
(0.9
|
)
|
(in millions)
|
|
|
|
|
|
|
||||
Derivatives Designated as Cash Flow Hedging Instruments
|
|
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion)
|
|
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings (Effective Portion)
|
|
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss
into Earnings (Effective Portion)
|
||||
Interest rate contracts
|
|
$
|
(0.8
|
)
|
|
Interest expense
|
|
$
|
0.2
|
|
Foreign exchange contracts
|
|
(2.7
|
)
|
|
Cost of sales
|
|
0.6
|
|
||
Commodity contracts
|
|
3.0
|
|
|
Cost of sales
|
|
(1.4
|
)
|
||
Total
|
|
$
|
(0.5
|
)
|
|
|
|
$
|
(0.6
|
)
|
Other Hedging Activity
|
|
Location of Gain (Loss) on Derivatives
Recognized in Earnings
|
|
Amount of Gain (Loss) on Derivatives Recognized in Earnings
|
||
Foreign exchange contracts
|
|
Cost of sales
|
|
$
|
(0.4
|
)
|
Foreign exchange contracts
|
|
Other income (expense), net
|
|
(0.2
|
)
|
|
Total
|
|
|
|
$
|
(0.6
|
)
|
(in millions)
|
|
|
|
|
|
|
||||
Derivatives Designated as Cash Flow Hedging Instruments
|
|
Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss (Effective Portion)
|
|
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings (Effective Portion)
|
|
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss
into Earnings (Effective Portion)
|
||||
Interest rate contracts
|
|
$
|
(3.7
|
)
|
|
Interest expense
|
|
$
|
0.7
|
|
Foreign exchange contracts
|
|
(4.2
|
)
|
|
Cost of sales
|
|
0.4
|
|
||
Commodity contracts
|
|
0.1
|
|
|
Cost of sales
|
|
(3.5
|
)
|
||
Total
|
|
$
|
(7.8
|
)
|
|
|
|
$
|
(2.4
|
)
|
Other Hedging Activity
|
|
Location of Gain (Loss) on Derivatives
Recognized in Earnings
|
|
Amount of Gain (Loss) on Derivatives Recognized in Earnings
|
||
Foreign exchange contracts
|
|
Cost of sales
|
|
$
|
0.9
|
|
Foreign exchange contracts
|
|
Other income (expense), net
|
|
(0.2
|
)
|
|
Total
|
|
|
|
$
|
0.7
|
|
•
|
Level 1 - Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets or liabilities.
|
•
|
Level 2 - Inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. These are typically obtained from readily available pricing sources for comparable instruments. The Company performs additional procedures to ensure its third party pricing sources are reasonable including: reviewing documentation explaining third parties' pricing methodologies and evaluating whether those methodologies were in compliance with GAAP; performing independent testing of period-end valuations and recent transactions against other available pricing sources; and reviewing available Service Organization Controls Reports, as defined in Statement on
|
•
|
Level 3 - Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own assumptions of the data that market participants would use in pricing the asset or liability, based on the best information available in the circumstances.
|
(in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
150.9
|
|
|
$
|
9.9
|
|
|
$
|
—
|
|
|
$
|
160.8
|
|
Short-term investments in marketable securities
|
0.8
|
|
|
21.5
|
|
|
—
|
|
|
22.3
|
|
||||
Restricted cash
|
13.0
|
|
|
—
|
|
|
—
|
|
|
13.0
|
|
||||
Derivatives
|
—
|
|
|
1.6
|
|
|
—
|
|
|
1.6
|
|
||||
Equity investments
|
0.6
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
||||
Total assets
|
$
|
165.3
|
|
|
$
|
33.0
|
|
|
$
|
—
|
|
|
$
|
198.3
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives
|
$
|
—
|
|
|
$
|
6.0
|
|
|
$
|
—
|
|
|
$
|
6.0
|
|
Other
|
9.8
|
|
|
46.2
|
|
|
—
|
|
|
56.0
|
|
||||
Total liabilities
|
$
|
9.8
|
|
|
$
|
52.2
|
|
|
$
|
—
|
|
|
$
|
62.0
|
|
(in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
94.7
|
|
|
$
|
12.7
|
|
|
$
|
—
|
|
|
$
|
107.4
|
|
Short-term investments in marketable securities
|
7.9
|
|
|
84.4
|
|
|
—
|
|
|
92.3
|
|
||||
Long-term investments in marketable securities
|
52.1
|
|
|
—
|
|
|
—
|
|
|
52.1
|
|
||||
Restricted cash
|
13.0
|
|
|
—
|
|
|
—
|
|
|
13.0
|
|
||||
Derivatives
|
—
|
|
|
1.6
|
|
|
—
|
|
|
1.6
|
|
||||
Equity investments
|
0.8
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
||||
Total assets
|
$
|
168.5
|
|
|
$
|
98.7
|
|
|
$
|
—
|
|
|
$
|
267.2
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives
|
$
|
—
|
|
|
$
|
10.7
|
|
|
$
|
—
|
|
|
$
|
10.7
|
|
Other
|
8.7
|
|
|
36.0
|
|
|
—
|
|
|
44.7
|
|
||||
Total liabilities
|
$
|
8.7
|
|
|
$
|
46.7
|
|
|
$
|
—
|
|
|
$
|
55.4
|
|
|
2012
|
|
Risk-free interest rate
|
1.1
|
%
|
Dividend yield
|
0.2
|
%
|
Volatility factor
(A)
|
58.3
|
%
|
Weighted average expected life
|
5.2 - 6.7 years
|
|
|
2013
|
|
2012
|
||
Risk-free interest rate
|
0.4
|
%
|
|
0.4
|
%
|
Dividend yield
|
0.1
|
%
|
|
0.2
|
%
|
Volatility factor
|
53.0
|
%
|
|
67.9
|
%
|
Expected life of award
|
2.9 years
|
|
|
2.9 years
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions, except per share data)
|
September 28,
2013 |
|
September 29,
2012 |
|
September 28,
2013 |
|
September 29,
2012 |
||||||||
Net earnings from continuing operations
|
$
|
57.4
|
|
|
$
|
22.5
|
|
|
$
|
191.6
|
|
|
$
|
163.5
|
|
Net earnings (loss) from discontinued operations, net of tax
|
0.4
|
|
|
(20.5
|
)
|
|
(3.6
|
)
|
|
(38.2
|
)
|
||||
Net earnings
|
$
|
57.8
|
|
|
$
|
2.0
|
|
|
$
|
188.0
|
|
|
$
|
125.3
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average outstanding shares – basic
|
91.3
|
|
|
89.8
|
|
|
91.0
|
|
|
89.7
|
|
||||
Dilutive effect of common stock equivalents
|
2.7
|
|
|
2.7
|
|
|
2.7
|
|
|
2.6
|
|
||||
Weighted average outstanding shares – diluted
|
94.0
|
|
|
92.5
|
|
|
93.7
|
|
|
92.3
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per common share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
0.63
|
|
|
$
|
0.25
|
|
|
$
|
2.11
|
|
|
$
|
1.82
|
|
Discontinued operations
|
0.00
|
|
|
(0.23
|
)
|
|
(0.04
|
)
|
|
(0.42
|
)
|
||||
Net earnings
|
$
|
0.63
|
|
|
$
|
0.02
|
|
|
$
|
2.07
|
|
|
$
|
1.40
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (loss) per common share:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
0.61
|
|
|
$
|
0.24
|
|
|
$
|
2.05
|
|
|
$
|
1.77
|
|
Discontinued operations
|
0.00
|
|
|
(0.22
|
)
|
|
(0.04
|
)
|
|
(0.41
|
)
|
||||
Net earnings
|
$
|
0.61
|
|
|
$
|
0.02
|
|
|
$
|
2.01
|
|
|
$
|
1.36
|
|
|
Single Year Obligation
|
|
Maximum Obligation
|
||||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
September 28,
2013 |
|
September 29,
2012 |
||||||||
Marine Engine
|
$
|
5.3
|
|
|
$
|
4.1
|
|
|
$
|
5.3
|
|
|
$
|
4.1
|
|
Boat
|
2.1
|
|
|
2.5
|
|
|
2.1
|
|
|
2.5
|
|
||||
Fitness
|
27.2
|
|
|
26.9
|
|
|
32.4
|
|
|
31.5
|
|
||||
Bowling & Billiards
|
0.6
|
|
|
1.2
|
|
|
1.0
|
|
|
2.0
|
|
||||
Total
|
$
|
35.2
|
|
|
$
|
34.7
|
|
|
$
|
40.8
|
|
|
$
|
40.1
|
|
|
Single Year Obligation
|
|
Maximum Obligation
|
||||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
September 28,
2013 |
|
September 29,
2012 |
||||||||
Marine Engine
|
$
|
2.1
|
|
|
$
|
1.5
|
|
|
$
|
2.1
|
|
|
$
|
1.5
|
|
Boat
|
61.7
|
|
|
81.0
|
|
|
61.7
|
|
|
101.0
|
|
||||
Bowling & Billiards
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
||||
Total
|
$
|
64.0
|
|
|
$
|
82.5
|
|
|
$
|
64.0
|
|
|
$
|
102.5
|
|
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
||||
Balance at beginning of period
|
$
|
127.7
|
|
|
$
|
129.9
|
|
Payments made
|
(48.7
|
)
|
|
(55.2
|
)
|
||
Provisions/additions for contracts issued/sold
|
43.1
|
|
|
47.4
|
|
||
Aggregate changes for preexisting warranties
|
(2.8
|
)
|
|
(2.2
|
)
|
||
Warranty liability assumed from joint venture
|
—
|
|
|
7.4
|
|
||
Warranty liability retained from discontinued operations
|
3.0
|
|
|
—
|
|
||
Balance at end of period
|
$
|
122.3
|
|
|
$
|
127.3
|
|
(in millions)
|
Marine
Engine
|
|
Boat
|
|
Fitness
|
|
Bowling & Billiards
|
|
Corporate
|
|
Total
|
||||||||||||
Recourse Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.0
|
|
|
$
|
5.4
|
|
|
$
|
—
|
|
|
$
|
6.4
|
|
Long-term
|
—
|
|
|
—
|
|
|
0.4
|
|
|
2.9
|
|
|
—
|
|
|
3.3
|
|
||||||
Allowance for credit loss
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
(4.4
|
)
|
|
—
|
|
|
(4.9
|
)
|
||||||
Total
|
—
|
|
|
—
|
|
|
0.9
|
|
|
3.9
|
|
|
—
|
|
|
4.8
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Third-Party Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Short-term
|
9.5
|
|
|
1.6
|
|
|
22.5
|
|
|
—
|
|
|
—
|
|
|
33.6
|
|
||||||
Long-term
|
—
|
|
|
—
|
|
|
17.5
|
|
|
—
|
|
|
—
|
|
|
17.5
|
|
||||||
Allowance for credit loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
9.5
|
|
|
1.6
|
|
|
40.0
|
|
|
—
|
|
|
—
|
|
|
51.1
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Short-term
|
9.2
|
|
|
0.3
|
|
|
0.8
|
|
|
—
|
|
|
0.2
|
|
|
10.5
|
|
||||||
Long-term
|
1.0
|
|
|
0.6
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
1.8
|
|
||||||
Allowance for credit loss
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
||||||
Total
|
10.2
|
|
|
0.3
|
|
|
1.0
|
|
|
—
|
|
|
0.2
|
|
|
11.7
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Financing Receivables
|
$
|
19.7
|
|
|
$
|
1.9
|
|
|
$
|
41.9
|
|
|
$
|
3.9
|
|
|
$
|
0.2
|
|
|
$
|
67.6
|
|
(in millions)
|
Marine
Engine
|
|
Boat
|
|
Fitness
|
|
Bowling & Billiards
|
|
Corporate
|
|
Total
|
||||||||||||
Recourse Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.2
|
|
|
$
|
7.0
|
|
|
$
|
—
|
|
|
$
|
8.2
|
|
Long-term
|
—
|
|
|
—
|
|
|
0.6
|
|
|
5.3
|
|
|
—
|
|
|
5.9
|
|
||||||
Allowance for credit loss
|
—
|
|
|
—
|
|
|
(0.9
|
)
|
|
(5.4
|
)
|
|
—
|
|
|
(6.3
|
)
|
||||||
Total
|
—
|
|
|
—
|
|
|
0.9
|
|
|
6.9
|
|
|
—
|
|
|
7.8
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Third-Party Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Short-term
|
4.3
|
|
|
3.2
|
|
|
29.3
|
|
|
—
|
|
|
—
|
|
|
36.8
|
|
||||||
Long-term
|
—
|
|
|
—
|
|
|
24.1
|
|
|
—
|
|
|
—
|
|
|
24.1
|
|
||||||
Allowance for credit loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
4.3
|
|
|
3.2
|
|
|
53.4
|
|
|
—
|
|
|
—
|
|
|
60.9
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Short-term
|
9.2
|
|
|
3.1
|
|
|
1.3
|
|
|
—
|
|
|
0.9
|
|
|
14.5
|
|
||||||
Long-term
|
3.7
|
|
|
0.6
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
4.7
|
|
||||||
Allowance for credit loss
|
—
|
|
|
(2.8
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
(3.0
|
)
|
||||||
Total
|
12.9
|
|
|
0.9
|
|
|
1.5
|
|
|
—
|
|
|
0.9
|
|
|
16.2
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Financing Receivables
|
$
|
17.2
|
|
|
$
|
4.1
|
|
|
$
|
55.8
|
|
|
$
|
6.9
|
|
|
$
|
0.9
|
|
|
$
|
84.9
|
|
(in millions)
|
Boat
|
|
Fitness
|
|
Bowling & Billiards
|
|
Total
|
||||||||
Recourse Receivables:
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
$
|
—
|
|
|
$
|
0.9
|
|
|
$
|
5.4
|
|
|
$
|
6.3
|
|
Current period provision
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
||||
Direct write-downs
|
—
|
|
|
(0.3
|
)
|
|
(0.8
|
)
|
|
(1.1
|
)
|
||||
Recoveries
|
—
|
|
|
(0.3
|
)
|
|
(0.2
|
)
|
|
(0.5
|
)
|
||||
Ending balance
|
$
|
—
|
|
|
$
|
0.5
|
|
|
$
|
4.4
|
|
|
$
|
4.9
|
|
|
|
|
|
|
|
|
|
||||||||
Other Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Beginning balance
|
$
|
2.8
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
3.0
|
|
Current period provision
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Direct write-downs
|
(2.2
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
(2.4
|
)
|
||||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Ending balance
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.6
|
|
(in millions)
|
Boat
|
|
Fitness
|
|
Bowling & Billiards
|
|
Total
|
||||||||
Recourse Receivables:
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
$
|
—
|
|
|
$
|
1.8
|
|
|
$
|
6.6
|
|
|
$
|
8.4
|
|
Current period provision
|
—
|
|
|
1.2
|
|
|
0.2
|
|
|
1.4
|
|
||||
Direct write-downs
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|
(0.8
|
)
|
||||
Recoveries
|
—
|
|
|
(2.1
|
)
|
|
—
|
|
|
(2.1
|
)
|
||||
Ending balance
|
$
|
—
|
|
|
$
|
0.9
|
|
|
$
|
6.0
|
|
|
$
|
6.9
|
|
|
|
|
|
|
|
|
|
||||||||
Other Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Beginning balance
|
$
|
2.6
|
|
|
$
|
0.4
|
|
|
$
|
—
|
|
|
$
|
3.0
|
|
Current period provision
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
||||
Direct write-downs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Recoveries
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
||||
Ending balance
|
$
|
2.9
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
3.1
|
|
|
Net Sales
|
|
Operating Earnings (Loss)
|
||||||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
September 28,
2013 |
|
September 29,
2012 |
||||||||
Marine Engine
|
$
|
511.1
|
|
|
$
|
503.5
|
|
|
$
|
75.2
|
|
|
$
|
74.5
|
|
Boat
|
191.7
|
|
|
195.4
|
|
|
(16.9
|
)
|
|
(24.3
|
)
|
||||
Marine eliminations
|
(49.1
|
)
|
|
(51.0
|
)
|
|
—
|
|
|
—
|
|
||||
Total Marine
|
653.7
|
|
|
647.9
|
|
|
58.3
|
|
|
50.2
|
|
||||
Fitness
|
165.9
|
|
|
151.9
|
|
|
25.3
|
|
|
23.1
|
|
||||
Bowling & Billiards
|
72.8
|
|
|
74.5
|
|
|
1.0
|
|
|
3.2
|
|
||||
Pension - non-service costs
|
—
|
|
|
—
|
|
|
(4.6
|
)
|
|
(6.1
|
)
|
||||
Corporate/Other
|
—
|
|
|
—
|
|
|
(16.4
|
)
|
|
(13.7
|
)
|
||||
Total
|
$
|
892.4
|
|
|
$
|
874.3
|
|
|
$
|
63.6
|
|
|
$
|
56.7
|
|
|
Net Sales
|
|
Operating Earnings (Loss)
|
||||||||||||
|
Nine Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
September 28,
2013 |
|
September 29,
2012 |
||||||||
Marine Engine
|
$
|
1,664.6
|
|
|
$
|
1,584.1
|
|
|
$
|
266.1
|
|
|
$
|
227.3
|
|
Boat
|
792.3
|
|
|
795.9
|
|
|
0.1
|
|
|
4.9
|
|
||||
Marine eliminations
|
(182.8
|
)
|
|
(181.5
|
)
|
|
—
|
|
|
—
|
|
||||
Total Marine
|
2,274.1
|
|
|
2,198.5
|
|
|
266.2
|
|
|
232.2
|
|
||||
Fitness
|
482.9
|
|
|
452.3
|
|
|
70.6
|
|
|
66.7
|
|
||||
Bowling & Billiards
|
229.0
|
|
|
237.0
|
|
|
17.5
|
|
|
20.0
|
|
||||
Pension - non-service costs
|
—
|
|
|
—
|
|
|
(14.1
|
)
|
|
(17.9
|
)
|
||||
Corporate/Other
|
—
|
|
|
—
|
|
|
(50.0
|
)
|
|
(43.9
|
)
|
||||
Total
|
$
|
2,986.0
|
|
|
$
|
2,887.8
|
|
|
$
|
290.2
|
|
|
$
|
257.1
|
|
|
Total Assets
|
||||||
(in millions)
|
September 28,
2013 |
|
December 31,
2012 |
||||
Marine Engine
|
$
|
809.9
|
|
|
$
|
728.0
|
|
Boat
|
338.9
|
|
|
333.7
|
|
||
Total Marine
|
1,148.8
|
|
|
1,061.7
|
|
||
Fitness
|
539.1
|
|
|
558.9
|
|
||
Bowling & Billiards
|
258.6
|
|
|
251.7
|
|
||
Corporate/Other
|
470.4
|
|
|
551.9
|
|
||
Total
|
$
|
2,416.9
|
|
|
$
|
2,424.2
|
|
(in millions)
|
Amortized
cost |
|
Gross
unrealized gains |
|
Gross
unrealized losses |
|
Fair value
(net carrying amount) |
||||||||
Corporate Bonds
|
$
|
21.5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21.5
|
|
U.S. Treasury Bills
|
0.8
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
||||
Total available-for-sale securities
|
$
|
22.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22.3
|
|
(in millions)
|
Amortized
cost |
|
Gross
unrealized gains |
|
Gross
unrealized losses |
|
Fair value
(net carrying amount) |
||||||||
Agency Bonds
|
$
|
59.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
59.2
|
|
Corporate Bonds
|
66.4
|
|
|
—
|
|
|
—
|
|
|
66.4
|
|
||||
Commercial Paper
|
16.0
|
|
|
—
|
|
|
—
|
|
|
16.0
|
|
||||
Certificate of Deposit
|
2.0
|
|
|
—
|
|
|
—
|
|
|
2.0
|
|
||||
U.S. Treasury Bills
|
0.8
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
||||
Total available-for-sale securities
|
$
|
144.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
144.4
|
|
(in millions)
|
Amortized
cost |
|
Fair value
(net carrying amount) |
||||
Available-for-sale debt securities:
|
|
|
|
||||
Due in one year or less
|
$
|
22.3
|
|
|
$
|
22.3
|
|
Total available-for-sale debt securities
|
$
|
22.3
|
|
|
$
|
22.3
|
|
(in millions)
|
Amortized
cost |
|
Fair value
(net carrying amount) |
||||
Available-for-sale debt securities:
|
|
|
|
||||
Due in one year or less
|
$
|
92.3
|
|
|
$
|
92.3
|
|
Due after one year through two years
|
52.1
|
|
|
52.1
|
|
||
Total available-for-sale debt securities
|
$
|
144.4
|
|
|
$
|
144.4
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
September 28,
2013 |
|
September 29,
2012 |
||||||||
Net earnings
|
$
|
57.8
|
|
|
$
|
2.0
|
|
|
$
|
188.0
|
|
|
$
|
125.3
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign currency cumulative translation adjustment
|
7.3
|
|
|
11.1
|
|
|
(6.1
|
)
|
|
4.7
|
|
||||
Net change in unrealized losses on investments
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.2
|
|
||||
Net change in unamortized prior service credits
|
(1.7
|
)
|
|
(1.9
|
)
|
|
(5.2
|
)
|
|
(5.5
|
)
|
||||
Net change in unamortized actuarial losses
|
5.5
|
|
|
11.8
|
|
|
17.0
|
|
|
23.8
|
|
||||
Net change in unrealized derivative losses
|
(1.0
|
)
|
|
—
|
|
|
(2.1
|
)
|
|
(5.4
|
)
|
||||
Total other comprehensive income
|
10.1
|
|
|
21.1
|
|
|
3.6
|
|
|
17.8
|
|
||||
Comprehensive income
|
$
|
67.9
|
|
|
$
|
23.1
|
|
|
$
|
191.6
|
|
|
$
|
143.1
|
|
(in millions)
|
Foreign currency translation
|
|
Prior service credits
|
|
Actuarial losses
|
|
Derivative losses
|
|
Total
|
||||||||||
Beginning balance
|
$
|
5.0
|
|
|
$
|
0.9
|
|
|
$
|
(555.7
|
)
|
|
$
|
(11.8
|
)
|
|
$
|
(561.6
|
)
|
Other comprehensive income (loss) before reclassifications
|
7.3
|
|
|
—
|
|
|
(0.1
|
)
|
|
(2.5
|
)
|
|
4.7
|
|
|||||
Amounts reclassified from Accumulated other comprehensive loss
|
—
|
|
|
(1.7
|
)
|
|
5.6
|
|
|
1.5
|
|
|
5.4
|
|
|||||
Net current-period other comprehensive income (loss)
|
7.3
|
|
|
(1.7
|
)
|
|
5.5
|
|
|
(1.0
|
)
|
|
10.1
|
|
|||||
Ending balance
|
$
|
12.3
|
|
|
$
|
(0.8
|
)
|
|
$
|
(550.2
|
)
|
|
$
|
(12.8
|
)
|
|
$
|
(551.5
|
)
|
(in millions)
|
Foreign currency translation
|
|
Prior service credits
|
|
Actuarial losses
|
|
Derivatives losses
|
|
Total
|
||||||||||
Beginning balance
|
$
|
18.4
|
|
|
$
|
4.4
|
|
|
$
|
(567.2
|
)
|
|
$
|
(10.7
|
)
|
|
$
|
(555.1
|
)
|
Other comprehensive income (loss) before reclassifications
|
(5.4
|
)
|
|
—
|
|
|
0.1
|
|
|
(5.8
|
)
|
|
(11.1
|
)
|
|||||
Amounts reclassified from Accumulated other comprehensive loss
|
(0.7
|
)
|
|
(5.2
|
)
|
|
16.9
|
|
|
3.7
|
|
|
14.7
|
|
|||||
Net current-period other comprehensive income (loss)
|
(6.1
|
)
|
|
(5.2
|
)
|
|
17.0
|
|
|
(2.1
|
)
|
|
3.6
|
|
|||||
Ending balance
|
$
|
12.3
|
|
|
$
|
(0.8
|
)
|
|
$
|
(550.2
|
)
|
|
$
|
(12.8
|
)
|
|
$
|
(551.5
|
)
|
(in millions)
|
|
|
|
|
||
Details about Accumulated other comprehensive income (loss) components
|
|
Amount reclassified from Accumulated other comprehensive income (loss)
|
|
Affected line item in the statement where net income is presented
|
||
Amortization of defined benefit items:
|
|
|
|
|
||
Prior service credits
|
|
$
|
1.7
|
|
|
(B)
|
Net actuarial losses
|
|
(5.6
|
)
|
|
(B)
|
|
|
|
(3.9
|
)
|
|
Total before tax
|
|
|
|
—
|
|
|
Tax benefit
(A)
|
|
|
|
$
|
(3.9
|
)
|
|
Net of tax
|
|
|
|
|
|
||
|
|
|
|
|
||
Amount of loss reclassified into earnings on derivative contracts:
|
|
|
|
|
||
Interest rate contracts
|
|
$
|
—
|
|
|
Interest expense
|
Foreign exchange contracts
|
|
(0.3
|
)
|
|
Cost of sales
|
|
Commodity contracts
|
|
(0.9
|
)
|
|
Cost of sales
|
|
|
|
(1.2
|
)
|
|
Total before tax
|
|
|
|
(0.3
|
)
|
|
Tax expense
(A)
|
|
|
|
$
|
(1.5
|
)
|
|
Net of tax
|
(in millions)
|
|
|
|
|
||
Details about Accumulated other comprehensive income (loss) components
|
|
Amount reclassified from Accumulated other comprehensive income (loss)
|
|
Affected line item in the statement where net income is presented
|
||
Amount of gain reclassified into earnings on foreign currency:
|
|
|
|
|
||
Foreign currency cumulative translation adjustment
|
|
$
|
0.7
|
|
|
Selling, general and administrative expense
|
|
|
0.7
|
|
|
Total before tax
|
|
|
|
—
|
|
|
Tax benefit
(A)
|
|
|
|
$
|
0.7
|
|
|
Net of tax
|
|
|
|
|
|
||
Amortization of defined benefit items:
|
|
|
|
|
||
Prior service credits
|
|
$
|
5.2
|
|
|
(B)
|
Net actuarial losses
|
|
(16.9
|
)
|
|
(B)
|
|
|
|
(11.7
|
)
|
|
Total before tax
|
|
|
|
—
|
|
|
Tax benefit
(A)
|
|
|
|
$
|
(11.7
|
)
|
|
Net of tax
|
|
|
|
|
|
||
|
|
|
|
|
||
Amount of gain (loss) reclassified into earnings on derivative contracts:
|
|
|
|
|
||
Interest rate contracts
|
|
$
|
1.5
|
|
|
Interest expense
|
Foreign exchange contracts
|
|
(3.2
|
)
|
|
Cost of sales
|
|
Commodity contracts
|
|
(1.8
|
)
|
|
Cost of sales
|
|
|
|
(3.5
|
)
|
|
Total before tax
|
|
|
|
(0.2
|
)
|
|
Tax expense
(A)
|
|
|
|
$
|
(3.7
|
)
|
|
Net of tax
|
(in millions)
|
September 28,
2013 |
|
December 31,
2012 |
||||
Investment
|
$
|
10.6
|
|
|
$
|
10.5
|
|
Repurchase and recourse obligations
(A)
|
51.7
|
|
|
72.3
|
|
||
Liabilities
(B)
|
(1.2
|
)
|
|
(1.6
|
)
|
||
Total maximum loss exposure
|
$
|
61.1
|
|
|
$
|
81.2
|
|
(A)
|
Repurchase and recourse obligations are off-balance sheet obligations provided by the Company for the Boat and Marine Engine segments, respectively, and are included within the Maximum Potential Obligations disclosed in
Note 8 – Commitments and Contingencies
. Repurchase and recourse obligations are mainly related to a global repurchase agreement with GECDF and could be reduced by repurchase activity occurring under other similar agreements with GECDF and affiliates. The Company’s risk under these repurchase arrangements is partially mitigated by the value of the products repurchased as part of the transaction. Amounts above exclude any potential recoveries from the value of the repurchased product.
|
(B)
|
Represents accrued amounts for potential losses related to recourse exposure and the Company’s expected losses on obligations to repurchase products, after giving effect to proceeds anticipated to be received from the resale of these products to alternative dealers.
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
September 28,
2013 |
|
September 29,
2012 |
||||||||
Service cost
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
13.5
|
|
|
14.4
|
|
|
0.5
|
|
|
0.4
|
|
||||
Expected return on plan assets
|
(14.2
|
)
|
|
(13.7
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of prior service credits
|
—
|
|
|
—
|
|
|
(1.4
|
)
|
|
(1.6
|
)
|
||||
Amortization of net actuarial losses (gains)
|
5.3
|
|
|
5.4
|
|
|
0.3
|
|
|
(0.6
|
)
|
||||
Net pension and other benefit costs
|
$
|
4.6
|
|
|
$
|
6.2
|
|
|
$
|
(0.6
|
)
|
|
$
|
(1.8
|
)
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
|
Nine Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
September 28,
2013 |
|
September 29,
2012 |
||||||||
Service cost
|
$
|
0.1
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
40.5
|
|
|
43.2
|
|
|
1.5
|
|
|
1.8
|
|
||||
Expected return on plan assets
|
(42.7
|
)
|
|
(41.3
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of prior service credits
|
—
|
|
|
—
|
|
|
(4.3
|
)
|
|
(4.7
|
)
|
||||
Amortization of net actuarial losses
|
16.0
|
|
|
16.4
|
|
|
0.9
|
|
|
0.5
|
|
||||
Net pension and other benefit costs
|
$
|
13.9
|
|
|
$
|
18.5
|
|
|
$
|
(1.9
|
)
|
|
$
|
(2.4
|
)
|
(in millions)
|
September 28,
2013 |
|
December 31,
2012 |
||||
Current maturities of long-term debt
|
$
|
4.6
|
|
|
$
|
6.5
|
|
Other short-term debt
|
—
|
|
|
1.7
|
|
||
Total short-term debt
|
$
|
4.6
|
|
|
$
|
8.2
|
|
(in millions)
|
September 28,
2013 |
|
December 31,
2012 |
||||
Senior notes, 11.25% due 2016, net of discount of $4.1 in 2012
|
$
|
—
|
|
|
$
|
245.7
|
|
Notes, 7.125% due 2027, net of discount of $0.5 and $0.6
|
163.1
|
|
|
166.0
|
|
||
Senior notes, 4.625% due 2021
|
150.0
|
|
|
—
|
|
||
Debentures, 7.375% due 2023, net of discount of $0.3 and $0.3
|
103.9
|
|
|
108.4
|
|
||
Loan with Fond du Lac County Economic Development Corporation, 2.0% due 2021, net of discount of $6.1 and $6.6
|
40.0
|
|
|
41.1
|
|
||
Notes, various up to 5.892% payable through 2022
|
7.5
|
|
|
8.9
|
|
||
Total long-term debt
|
464.5
|
|
|
570.1
|
|
||
Current maturities of long-term debt
|
(4.6
|
)
|
|
(6.5
|
)
|
||
Long-term debt, net of current maturities
|
$
|
459.9
|
|
|
$
|
563.6
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions)
|
September 28,
2013 |
|
September 29, 2012
|
|
September 28, 2013
|
|
September 29, 2012
|
||||||||
Senior notes, 11.25%, due 2016
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
249.8
|
|
|
$
|
19.0
|
|
Debentures, 7.375%, due 2023
|
4.5
|
|
|
6.0
|
|
|
4.5
|
|
|
6.0
|
|
||||
Notes, 7.125%, due 2027
|
2.0
|
|
|
—
|
|
|
3.0
|
|
|
1.2
|
|
||||
Senior notes, 11.25%, due 2013
|
—
|
|
|
71.5
|
|
|
—
|
|
|
73.0
|
|
||||
Total debt repurchases
|
$
|
6.5
|
|
|
$
|
77.5
|
|
|
$
|
257.3
|
|
|
$
|
99.2
|
|
Loss on early extinguishment of debt
|
$
|
0.3
|
|
|
$
|
7.5
|
|
|
$
|
32.7
|
|
|
$
|
11.9
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
September 28,
2013 |
|
September 29,
2012 |
||||||||
Marine Engine
|
$
|
—
|
|
|
$
|
0.4
|
|
|
$
|
—
|
|
|
$
|
3.0
|
|
Boat
|
2.6
|
|
|
13.8
|
|
|
10.0
|
|
|
12.4
|
|
||||
Fitness
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
||||
Bowling & Billiards
|
0.5
|
|
|
—
|
|
|
2.0
|
|
|
—
|
|
||||
Corporate
|
—
|
|
|
—
|
|
|
0.7
|
|
|
(0.2
|
)
|
||||
Total
|
$
|
3.1
|
|
|
$
|
14.3
|
|
|
$
|
12.7
|
|
|
$
|
15.3
|
|
|
Three Months Ended
|
|
2013 vs. 2012
Increase/(Decrease)
|
|||||||||||
(in millions, except per share data)
|
September 28,
2013 |
|
September 29,
2012 |
|
$
|
|
%
|
|||||||
Net sales
|
$
|
892.4
|
|
|
$
|
874.3
|
|
|
$
|
18.1
|
|
|
2.1
|
%
|
Gross margin
(A)
|
238.3
|
|
|
233.0
|
|
|
5.3
|
|
|
2.3
|
%
|
|||
Restructuring, exit and impairment charges
|
3.1
|
|
|
14.3
|
|
|
(11.2
|
)
|
|
(78.3
|
)%
|
|||
Operating earnings
|
63.6
|
|
|
56.7
|
|
|
6.9
|
|
|
12.2
|
%
|
|||
Net earnings from continuing operations
|
57.4
|
|
|
22.5
|
|
|
34.9
|
|
|
NM
|
|
|||
|
|
|
|
|
|
|
|
|||||||
Diluted earnings per common share from continuing operations
|
$
|
0.61
|
|
|
$
|
0.24
|
|
|
$
|
0.37
|
|
|
NM
|
|
|
|
|
|
|
|
|
|
|||||||
Expressed as a percentage of Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Gross margin
|
26.7
|
%
|
|
26.6
|
%
|
|
|
|
|
10 bpts
|
|
|||
Selling, general and administrative expense
|
16.0
|
%
|
|
15.5
|
%
|
|
|
|
|
50 bpts
|
|
|||
Research and development expense
|
3.2
|
%
|
|
3.0
|
%
|
|
|
|
|
20 bpts
|
|
|||
Restructuring, exit and impairment charges
|
0.3
|
%
|
|
1.6
|
%
|
|
|
|
|
(130) bpts
|
|
|||
Operating margin
|
7.1
|
%
|
|
6.5
|
%
|
|
|
|
|
60 bpts
|
|
(A)
|
Gross margin is defined as Net sales less Cost of sales as presented in the Condensed Consolidated Statements of Comprehensive Income.
|
|
Nine Months Ended
|
|
2013 vs. 2012
Increase/(Decrease)
|
|||||||||||
(in millions, except per share data)
|
September 28,
2013 |
|
September 29,
2012 |
|
$
|
|
%
|
|||||||
Net sales
|
$
|
2,986.0
|
|
|
$
|
2,887.8
|
|
|
$
|
98.2
|
|
|
3.4
|
%
|
Gross margin
(A)
|
801.8
|
|
|
755.1
|
|
|
46.7
|
|
|
6.2
|
%
|
|||
Restructuring, exit and impairment charges
|
12.7
|
|
|
15.3
|
|
|
(2.6
|
)
|
|
(17.0
|
)%
|
|||
Operating earnings
|
290.2
|
|
|
257.1
|
|
|
33.1
|
|
|
12.9
|
%
|
|||
Net earnings from continuing operations
|
191.6
|
|
|
163.5
|
|
|
28.1
|
|
|
17.2
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Diluted earnings per common share from continuing operations
|
$
|
2.05
|
|
|
$
|
1.77
|
|
|
$
|
0.28
|
|
|
15.8
|
%
|
|
|
|
|
|
|
|
|
|||||||
Expressed as a percentage of Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Gross margin
|
26.9
|
%
|
|
26.1
|
%
|
|
|
|
|
80 bpts
|
|
|||
Selling, general and administrative expense
|
13.9
|
%
|
|
14.1
|
%
|
|
|
|
|
(20) bpts
|
|
|||
Research and development expense
|
2.8
|
%
|
|
2.6
|
%
|
|
|
|
|
20 bpts
|
|
|||
Restructuring, exit and impairment charges
|
0.4
|
%
|
|
0.5
|
%
|
|
|
|
|
(10) bpts
|
|
|||
Operating margin
|
9.7
|
%
|
|
8.9
|
%
|
|
|
|
|
80 bpts
|
|
(A)
|
Gross margin is defined as Net sales less Cost of sales as presented in the Condensed Consolidated Statements of Comprehensive Income.
|
|
Three Months Ended
|
|
2013 vs. 2012
Increase/(Decrease)
|
|||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
$
|
|
%
|
|||||||
Net sales
|
$
|
511.1
|
|
|
$
|
503.5
|
|
|
$
|
7.6
|
|
|
1.5
|
%
|
Restructuring, exit and impairment charges
|
—
|
|
|
0.4
|
|
|
(0.4
|
)
|
|
NM
|
|
|||
Operating earnings
|
75.2
|
|
|
74.5
|
|
|
0.7
|
|
|
0.9
|
%
|
|||
Operating margin
|
14.7
|
%
|
|
14.8
|
%
|
|
|
|
|
(10) bpts
|
|
|||
Capital expenditures
|
$
|
19.3
|
|
|
$
|
11.8
|
|
|
$
|
7.5
|
|
|
63.6
|
%
|
|
Nine Months Ended
|
|
2013 vs. 2012
Increase/(Decrease)
|
|||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
$
|
|
%
|
|||||||
Net sales
|
$
|
1,664.6
|
|
|
$
|
1,584.1
|
|
|
$
|
80.5
|
|
|
5.1
|
%
|
Restructuring, exit and impairment charges
|
—
|
|
|
3.0
|
|
|
(3.0
|
)
|
|
NM
|
|
|||
Operating earnings
|
266.1
|
|
|
227.3
|
|
|
38.8
|
|
|
17.1
|
%
|
|||
Operating margin
|
16.0
|
%
|
|
14.3
|
%
|
|
|
|
|
170 bpts
|
|
|||
Capital expenditures
|
$
|
44.9
|
|
|
$
|
25.8
|
|
|
$
|
19.1
|
|
|
74.0
|
%
|
|
Three Months Ended
|
|
2013 vs. 2012
Increase/(Decrease)
|
|||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
$
|
|
%
|
|||||||
Net sales
|
$
|
191.7
|
|
|
$
|
195.4
|
|
|
$
|
(3.7
|
)
|
|
(1.9
|
)%
|
Restructuring, exit and impairment charges
|
2.6
|
|
|
13.8
|
|
|
(11.2
|
)
|
|
(81.2
|
)%
|
|||
Operating loss
|
(16.9
|
)
|
|
(24.3
|
)
|
|
7.4
|
|
|
(30.5
|
)%
|
|||
Operating margin
|
(8.8
|
)%
|
|
(12.4
|
)%
|
|
|
|
|
360 bpts
|
|
|||
Capital expenditures
|
$
|
7.9
|
|
|
$
|
10.6
|
|
|
$
|
(2.7
|
)
|
|
(25.5
|
)%
|
|
Nine Months Ended
|
|
2013 vs. 2012
Increase/(Decrease)
|
|||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
$
|
|
%
|
|||||||
Net sales
|
$
|
792.3
|
|
|
$
|
795.9
|
|
|
$
|
(3.6
|
)
|
|
(0.5
|
)%
|
Restructuring, exit and impairment charges
|
10.0
|
|
|
12.4
|
|
|
(2.4
|
)
|
|
(19.4
|
)%
|
|||
Operating earnings
|
0.1
|
|
|
4.9
|
|
|
(4.8
|
)
|
|
(98.0
|
)%
|
|||
Operating margin
|
0.0
|
%
|
|
0.6
|
%
|
|
|
|
|
(60) bpts
|
|
|||
Capital expenditures
|
$
|
27.9
|
|
|
$
|
22.7
|
|
|
$
|
5.2
|
|
|
22.9
|
%
|
|
Three Months Ended
|
|
2013 vs. 2012
Increase/(Decrease)
|
|||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
$
|
|
%
|
|||||||
Net sales
|
$
|
165.9
|
|
|
$
|
151.9
|
|
|
$
|
14.0
|
|
|
9.2
|
%
|
Restructuring, exit and impairment charges
|
—
|
|
|
0.1
|
|
|
(0.1
|
)
|
|
NM
|
|
|||
Operating earnings
|
25.3
|
|
|
23.1
|
|
|
2.2
|
|
|
9.5
|
%
|
|||
Operating margin
|
15.3
|
%
|
|
15.2
|
%
|
|
|
|
|
10 bpts
|
|
|||
Capital expenditures
|
$
|
2.0
|
|
|
$
|
2.4
|
|
|
$
|
(0.4
|
)
|
|
(16.7
|
)%
|
|
Nine Months Ended
|
|
2013 vs. 2012
Increase/(Decrease)
|
|||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
$
|
|
%
|
|||||||
Net sales
|
$
|
482.9
|
|
|
$
|
452.3
|
|
|
$
|
30.6
|
|
|
6.8
|
%
|
Restructuring, exit and impairment charges
|
—
|
|
|
0.1
|
|
|
(0.1
|
)
|
|
NM
|
|
|||
Operating earnings
|
70.6
|
|
|
66.7
|
|
|
3.9
|
|
|
5.8
|
%
|
|||
Operating margin
|
14.6
|
%
|
|
14.7
|
%
|
|
|
|
|
(10) bpts
|
|
|||
Capital expenditures
|
$
|
4.7
|
|
|
$
|
5.0
|
|
|
$
|
(0.3
|
)
|
|
(6.0
|
)%
|
|
Three Months Ended
|
|
2013 vs. 2012
Increase/(Decrease)
|
|||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
$
|
|
%
|
|||||||
Net sales
|
$
|
72.8
|
|
|
$
|
74.5
|
|
|
$
|
(1.7
|
)
|
|
(2.3
|
)%
|
Restructuring, exit and impairment charges
|
0.5
|
|
|
—
|
|
|
0.5
|
|
|
NM
|
|
|||
Operating earnings
|
1.0
|
|
|
3.2
|
|
|
(2.2
|
)
|
|
(68.8
|
)%
|
|||
Operating margin
|
1.4
|
%
|
|
4.3
|
%
|
|
|
|
|
(290) bpts
|
|
|||
Capital expenditures
|
$
|
5.3
|
|
|
$
|
4.8
|
|
|
$
|
0.5
|
|
|
10.4
|
%
|
|
Nine Months Ended
|
|
2013 vs. 2012
Increase/(Decrease)
|
|||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
$
|
|
%
|
|||||||
Net sales
|
$
|
229.0
|
|
|
$
|
237.0
|
|
|
$
|
(8.0
|
)
|
|
(3.4
|
)%
|
Restructuring, exit and impairment charges
|
2.0
|
|
|
—
|
|
|
2.0
|
|
|
NM
|
|
|||
Operating earnings
|
17.5
|
|
|
20.0
|
|
|
(2.5
|
)
|
|
(12.5
|
)%
|
|||
Operating margin
|
7.6
|
%
|
|
8.4
|
%
|
|
|
|
|
(80) bpts
|
|
|||
Capital expenditures
|
$
|
17.1
|
|
|
$
|
12.1
|
|
|
$
|
5.0
|
|
|
41.3
|
%
|
|
Three Months Ended
|
|
2013 vs. 2012
Increase/(Decrease)
|
||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
$
|
|
%
|
||||
Operating loss
|
(16.4
|
)
|
|
(13.7
|
)
|
|
(2.7
|
)
|
|
19.7
|
%
|
|
Nine Months Ended
|
|
2013 vs. 2012
Increase/(Decrease)
|
|||||||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
|
$
|
|
%
|
|||||||
Restructuring, exit and impairment charges (gains)
|
$
|
0.7
|
|
|
$
|
(0.2
|
)
|
|
$
|
0.9
|
|
|
NM
|
|
Operating loss
|
(50.0
|
)
|
|
(43.9
|
)
|
|
(6.1
|
)
|
|
13.9
|
%
|
|
Nine Months Ended
|
||||||
(in millions)
|
September 28,
2013 |
|
September 29,
2012 |
||||
Net cash provided by operating activities of continuing operations
|
$
|
157.7
|
|
|
$
|
135.1
|
|
Net cash provided by (used for):
|
|
|
|
|
|
||
Capital expenditures
|
(96.1
|
)
|
|
(65.8
|
)
|
||
Proceeds from the sale of property, plant and equipment
|
8.2
|
|
|
18.6
|
|
||
Other, net
|
1.3
|
|
|
3.0
|
|
||
Free cash flow
(A)
|
$
|
71.1
|
|
|
$
|
90.9
|
|
(in millions)
|
September 28,
2013 |
|
December 31,
2012 |
|
September 29,
2012 |
||||||
Cash and cash equivalents
|
$
|
326.1
|
|
|
$
|
284.3
|
|
|
$
|
310.3
|
|
Short-term investments in marketable securities
|
22.3
|
|
|
92.3
|
|
|
97.5
|
|
|||
Long-term investments in marketable securities
|
—
|
|
|
52.1
|
|
|
47.6
|
|
|||
Total cash, cash equivalents and marketable securities
|
$
|
348.4
|
|
|
$
|
428.7
|
|
|
$
|
455.4
|
|
(in millions)
|
September 28,
2013 |
|
December 31,
2012 |
|
September 29,
2012 |
||||||
Short-term debt, including current maturities of long-term debt
|
$
|
4.6
|
|
|
$
|
8.2
|
|
|
$
|
6.8
|
|
Long-term debt
|
459.9
|
|
|
563.6
|
|
|
590.9
|
|
|||
Total debt
|
464.5
|
|
|
571.8
|
|
|
597.7
|
|
|||
Less: Cash, cash equivalents and marketable securities
|
348.4
|
|
|
428.7
|
|
|
455.4
|
|
|||
Net debt
(A)
|
$
|
116.1
|
|
|
$
|
143.1
|
|
|
$
|
142.3
|
|
(in millions)
|
September 28,
2013 |
|
December 31,
2012 |
|
September 29,
2012 |
||||||
Cash, cash equivalents and marketable securities
|
$
|
348.4
|
|
|
$
|
428.7
|
|
|
$
|
455.4
|
|
Amounts available under its asset-based lending facilities
|
279.0
|
|
|
272.8
|
|
|
275.8
|
|
|||
Total liquidity
(A)
|
$
|
627.4
|
|
|
$
|
701.5
|
|
|
$
|
731.2
|
|
31.1
|
Certification of CEO Pursuant to 15 U.S.C. Section 7241, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
|
Certification of CFO Pursuant to 15 U.S.C. Section 7241, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1
|
Certification of CEO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
32.2
|
Certification of CFO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
BRUNSWICK CORPORATION
|
|
October 31, 2013
|
By:
|
/s/ ALAN L. LOWE
|
|
|
Alan L. Lowe
|
|
|
Vice President – Finance and Controller
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|---|---|---|
Capital World Investors | 54,282,374 | 4,716,604,029 | |
FMR LLC | 47,387,099 | 4,117,465,032 | |
PRIMECAP MANAGEMENT CO/CA/ | 37,280,768 | 3,239,325,935 | |
SUSQUEHANNA INTERNATIONAL GROUP, LLP | 31,137,501 | 2,705,537,462 | |
GEODE CAPITAL MANAGEMENT, LLC | 25,376,002 | 2,198,213,826 | |
Capital International Investors | 21,329,392 | 1,853,545,523 | |
JANE STREET GROUP, LLC | 20,850,123 | 1,811,667,187 | |
CITADEL ADVISORS LLC | 17,149,712 | 1,490,138,476 | |
Capital Research Global Investors | 16,709,877 | 1,451,953,695 | |
SIMPLEX TRADING, LLC | 7,725,338 | 671,253 | |
Legal & General Group Plc | 7,195,405 | 625,208,736 | |
INFINITUM ASSET MANAGEMENT, LLC | 6,951,200 | 80,000 | |
CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 6,938,848 | 602,916,503 | |
Teilinger Capital Ltd. | 6,928,600 | 602,026,052 | |
DIMENSIONAL FUND ADVISORS LP | 6,800,052 | 590,807,478 | |
IMC-Chicago, LLC | 6,614,339 | 574,719,916 | |
PRICE T ROWE ASSOCIATES INC /MD/ | 6,345,278 | 551,342 | |
AMUNDI ASSET MANAGEMENT US, INC. | 5,808,779 | 512,391 | |
D. E. Shaw & Co., Inc. | 5,408,004 | 469,901,468 | |
MILLENNIUM MANAGEMENT LLC | 5,062,309 | 439,864,029 | |
Boston Partners | 4,883,112 | 420,496,384 | |
PICTET ASSET MANAGEMENT LTD | 4,656,092 | 395,675 | |
EATON VANCE MANAGEMENT | 4,553,536 | 228,132 | |
Optiver Holding B.V. | 4,529,554 | 393,572,947 | |
Nuveen Asset Management, LLC | 4,444,456 | 374,045,416 | |
Parametric Portfolio Associates LLC | 4,434,518 | 345,405 | |
BNP PARIBAS FINANCIAL MARKETS | 4,349,394 | 578,124,353 | |
PEAK6 Investments LLC | 4,290,171 | 444,933,634 | |
Nuveen, LLC | 4,248,949 | 369,191,178 | |
NATIONAL BANK OF CANADA /FI/ | 4,104,201 | 607,552,725 | |
Pictet Asset Management Holding SA | 3,829,233 | 332,757,735 | |
DEUTSCHE BANK AG\ | 3,813,960 | 331,394,984 | |
Swedbank AB | 3,449,556 | 290,314,633 | |
1832 Asset Management L.P. | 3,400,000 | 295,426,000 | |
Squarepoint Ops LLC | 3,326,461 | 289,036,196 | |
Qube Research & Technologies Ltd | 3,280,500 | 285,042,645 | |
Swiss National Bank | 3,142,500 | 273,051,825 | |
HSBC HOLDINGS PLC | 3,129,528 | 270,819,565 | |
MACQUARIE GROUP LTD | 3,067,077 | 257,630,144 | |
Rafferty Asset Management, LLC | 2,995,396 | 260,269,958 | |
Parallax Volatility Advisers, L.P. | 2,940,953 | 255,539,406 | |
PEAK6 LLC | 2,803,000 | 243,552,670 | |
National Pension Service | 2,743,110 | 238,348,828 | |
AMUNDI | 2,513,732 | 186,870,837 | |
NOMURA ASSET MANAGEMENT CO LTD | 2,482,599 | 215,713,027 | |
Orbis Allan Gray Ltd | 2,301,640 | 199,989,500 | |
MANUFACTURERS LIFE INSURANCE COMPANY, THE | 2,118,523 | 184,078,463 | |
Manning & Napier Group, LLC | 2,115,762 | 249,426 | |
Mitsubishi UFJ Asset Management Co., Ltd. | 2,085,294 | 181,191,196 | |
FIRST TRUST ADVISORS LP | 2,021,737 | 175,668,845 | |
Aspex Management (HK) Ltd | 2,020,350 | 175,548 | |
SUSQUEHANNA ADVISORS GROUP, INC. | 2,000,000 | 173,780,000 | |
California Public Employees Retirement System | 1,854,914 | 161,173,477 | |
CAPITAL FUND MANAGEMENT S.A. | 1,829,700 | 158,982,633 | |
ProShare Advisors LLC | 1,821,472 | 158,267,701 | |
CTC LLC | 1,789,985 | 150,645,138 | |
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | 1,705,736 | 148,211,401 | |
PICTET ASSET MANAGEMENT SA | 1,647,483 | 103,972,652 | |
Polar Capital Holdings Plc | 1,548,741 | 134,570,105 | |
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | 1,535,297 | 133,401,956 | |
Clearbridge Investments, LLC | 1,515,459 | 131,678,254 | |
Aptus Capital Advisors, LLC | 1,514,585 | 131,602,302 | |
DRW Securities, LLC | 1,495,580 | 129,950,938 | |
CREDIT SUISSE AG/ | 1,466,135 | 172,842,655 | |
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 1,454,623 | 126,520,138 | |
Balyasny Asset Management L.P. | 1,426,858 | 123,979,692 | |
Mirae Asset Global Investments Co., Ltd. | 1,418,191 | 124,461,743 | |
BRANDES INVESTMENT PARTNERS, LP | 1,289,030 | 112,003,788 | |
GROUPAMA ASSET MANAGMENT | 1,278,276 | 113,050,729 | |
GROUP ONE TRADING LLC | 1,247,001 | 108,351,917 | |
CANADA LIFE ASSURANCE Co | 1,192,082 | 103,736 | |
Capital Markets Trading UK LLP | 1,176,584 | 102,233 | |
ADAGE CAPITAL PARTNERS GP, L.L.C. | 1,170,903 | 101,739,762 | |
Eisler Capital Management Ltd. | 1,157,709 | 100,506,508 | |
MENORA MIVTACHIM HOLDINGS LTD. | 1,108,850 | 96,347,976 | |
KEYSTONE INVESTORS PTE LTD | 1,107,756 | 96,252,919 | |
Candriam S.C.A. | 1,106,241 | 96,121,280 | |
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | 1,088,296 | 94,562,039 | |
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | 1,060,590 | 92,154,665 | |
Schonfeld Strategic Advisors LLC | 1,037,121 | 90,115,441 | |
RAYMOND JAMES & ASSOCIATES | 1,007,475 | 104,485,179 | |
MASTERS CAPITAL MANAGEMENT LLC | 1,000,000 | 86,890,000 | |
ROTHSCHILD & CO ASSET MANAGEMENT US INC. | 988,652 | 49,412,800 | |
DekaBank Deutsche Girozentrale | 980,785 | 84,569 | |
PARNASSUS INVESTMENTS, LLC | 978,092 | 84,986,414 | |
PLATINUM INVESTMENT MANAGEMENT LTD | 936,814 | 81,399,768 | |
Crake Asset Management LLP | 936,000 | 81,329,040 | |
NEW YORK STATE TEACHERS RETIREMENT SYSTEM | 935,644 | 81,298 | |
SHAPIRO CAPITAL MANAGEMENT LLC | 929,062 | 80,726,214 | |
LPL Financial LLC | 926,139 | 80,472,235 | |
Oak Grove Capital LLC | 905,920 | 29,437,946 | |
Atreides Management, LP | 889,842 | 77,318,371 | |
Aberdeen Group plc | 880,889 | 75,056,147 | |
Korea Investment CORP | 864,878 | 75,149,249 | |
Hudson Bay Capital Management LP | 860,826 | 74,797,171 | |
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | 852,030 | 74,032,906 | |
Aperio Group, LLC | 810,715 | 60,950 | |
MAVERICK CAPITAL LTD | 809,170 | 70,308,781 | |
Russell Investments Group, Ltd. | 796,799 | 69,272,450 | |
GREAT LAKES ADVISORS, LLC | 775,482 | 65,264,586 |
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|---|---|---|
Mr. Gomo’s experience as the chief financial officer of a public technology company provides our Board expertise in the technology industry, particularly in the areas of finance, accounting, treasury, investor relations, and securities, which contribute valuable insights and perspectives to our business and operations. We believe these experiences, qualifications, attributes, and skills qualify Mr. Gomo to serve as a member of our Board. | |||
Robert Swan Independent Age | 64 Director Since | 2024 Committees Audit, Finance | |||
Robert Swan Independent Age | 64 Director Since | 2024 Committees Audit, Finance | |||
Mr. Beyer’s experience as the chief executive officer and a director at leading technology companies provides our Board expertise in the technology industry and also in corporate strategy, financial management, operations, marketing, and research and development, all of which are critical to achieving our strategic objectives. We believe these experiences, qualifications, attributes, and skills qualify Mr. Beyer to serve as a member of our Board. | |||
MaryAnn Wright Independent Age | 62 Director Since | 2019 Committees Compensation, Governance and Sustainability (Chair) | |||
Mary Pat McCarthy Independent Age | 69 Director Since | 2018 Committees Audit (Chair), Finance | |||
Lynn A. Dugle Independent Age | 65 Director Since | 2020 Committees Governance and Sustainability, Security | |||
Ms. Haynesworth’s experience as the sector vice president and general manager of a public defense and space company provides our Board expertise in technology integration, cybersecurity (including a Certificate in Cybersecurity Oversight), enterprise strategy, risk management, and large complex system development, delivery, and deployment, and contributes valuable insights and perspectives to our business and operations. Additionally, Ms. Haynesworth became a Member of the Defense Business Board of the United States Department of Defense in November 2021. We believe these experiences, qualifications, attributes, and skills qualify Ms. Haynesworth to serve as a member of our Board. |
Name and Principal Position | Year | Salary | Bonus | Stock Awards | Non-Equity Incentive Plan Compensation | All Other Compensation | Total | |||||||||||||||||||
Sanjay Mehrotra | 2024 | $ | 1,416,909 | $ | — | $ | 23,749,623 | $ | 4,847,433 | $ | 46,161 | $ | 30,060,126 | |||||||||||||
President and Chief | 2023 | 1,255,476 | — | 23,750,005 | — | 271,472 | 25,276,953 | |||||||||||||||||||
Executive Officer | 2022 | 1,409,893 | — | 23,499,965 | 3,435,275 | 495,676 | 28,840,809 | |||||||||||||||||||
Mark Murphy
|
2024 | 765,654 | — | 8,499,848 | 1,540,313 | 26,188 | 10,832,003 | |||||||||||||||||||
Executive Vice President and | 2023 | 639,827 | — | 7,749,991 | — | 14,284 | 8,404,102 | |||||||||||||||||||
Chief Financial Officer | 2022 | 266,538 | 250,000 | 12,631,963 | 326,555 | 99,986 | 13,575,042 | |||||||||||||||||||
Manish Bhatia | 2024 | 791,203 | — | 8,999,852 | 1,590,000 | 17,250 | 11,398,305 | |||||||||||||||||||
Executive Vice President, | 2023 | 667,020 | — | 8,250,009 | — | 17,118 | 8,934,147 | |||||||||||||||||||
Global Operations | 2022 | 725,607 | — | 7,999,991 | 904,511 | 8,887,720 | 18,517,829 | |||||||||||||||||||
Scott DeBoer | 2024 | 690,668 | — | 7,249,849 | 1,335,600 | 18,450 | 9,294,567 | |||||||||||||||||||
Executive Vice President, | 2023 | 571,046 | — | 6,500,022 | — | 18,352 | 7,089,420 | |||||||||||||||||||
Chief Technology and Products Officer | 2022 | 621,203 | — | 6,249,944 | 703,968 | 17,450 | 7,592,565 | |||||||||||||||||||
Sumit Sadana | 2024 | 819,452 | — | 8,999,852 | 1,803,656 | 17,250 | 11,640,210 | |||||||||||||||||||
Executive Vice President | 2023 | 715,007 | — | 8,500,024 | — | 16,500 | 9,231,531 | |||||||||||||||||||
and Chief Business Officer | 2022 | 777,809 | — | 8,250,001 | 1,057,727 | 15,893 | 10,101,430 |
Customers
Customer name | Ticker |
---|---|
Hilton Worldwide Holdings Inc. | HLT |
MGM Resorts International | MGM |
MGM Resorts International | MGM |
Caesars Entertainment, Inc. | CZR |
Wyndham Destinations, Inc. | WYND |
Suppliers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
MEHROTRA SANJAY | - | 651,759 | 532,935 |
MEHROTRA SANJAY | - | 394,675 | 675,000 |
BHATIA MANISH H | - | 278,469 | 0 |
BHATIA MANISH H | - | 260,347 | 0 |
Sadana Sumit | - | 218,048 | 0 |
Sadana Sumit | - | 208,987 | 0 |
Murphy Mark J. | - | 196,442 | 0 |
Deboer Scott J | - | 188,340 | 0 |
Bokan Michael W | - | 179,032 | 17,201 |
ARNZEN APRIL S | - | 164,769 | 0 |
Deboer Scott J | - | 158,617 | 0 |
ARNZEN APRIL S | - | 155,052 | 0 |
Bokan Michael W | - | 133,177 | 17,201 |
ARNZEN APRIL S | - | 118,885 | 0 |
BEYER RICHARD M | - | 99,245 | 0 |
RAY MICHAEL CHARLES | - | 92,437 | 0 |
ALLEN SCOTT R. | - | 58,457 | 0 |
ALLEN SCOTT R. | - | 53,108 | 0 |
Beard Robert P | - | 48,439 | 0 |
McCarthy Mary Pat | - | 24,954 | 0 |
Haynesworth Linnie M | - | 13,632 | 0 |
SWAN ROBERT HOLMES | - | 4,444 | 0 |
Simons Anna C | - | 2,456 | 0 |