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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)
|
|||||||
|
Three Months Ended
|
||||||
(in millions, except per share data)
|
March 29,
2014 |
|
March 30,
2013 |
||||
Net sales
|
$
|
969.2
|
|
|
$
|
995.3
|
|
Cost of sales
|
704.1
|
|
|
733.4
|
|
||
Selling, general and administrative expense
|
141.0
|
|
|
139.1
|
|
||
Research and development expense
|
29.4
|
|
|
27.3
|
|
||
Restructuring, exit and impairment charges
|
0.0
|
|
|
5.6
|
|
||
Operating earnings
|
94.7
|
|
|
89.9
|
|
||
Equity loss
|
(0.2
|
)
|
|
(1.2
|
)
|
||
Other income, net
|
1.2
|
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2.2
|
|
||
Earnings before interest, loss on early extinguishment of debt and income taxes
|
95.7
|
|
|
90.9
|
|
||
Interest expense
|
(8.5
|
)
|
|
(14.4
|
)
|
||
Interest income
|
0.2
|
|
|
0.4
|
|
||
Loss on early extinguishment of debt
|
—
|
|
|
(0.1
|
)
|
||
Earnings before income taxes
|
87.4
|
|
|
76.8
|
|
||
Income tax provision
|
30.4
|
|
|
21.9
|
|
||
Net earnings from continuing operations
|
57.0
|
|
|
54.9
|
|
||
|
|
|
|
||||
Discontinued operations:
|
|
|
|
||||
Loss from discontinued operations, net of tax
|
—
|
|
|
(5.1
|
)
|
||
Net loss from discontinued operations, net of tax
|
—
|
|
|
(5.1
|
)
|
||
Net earnings
|
$
|
57.0
|
|
|
$
|
49.8
|
|
|
|
|
|
||||
Earnings (loss) per common share:
|
|
|
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|
||
Basic
|
|
|
|
||||
Earnings from continuing operations
|
$
|
0.61
|
|
|
$
|
0.61
|
|
Loss from discontinued operations
|
—
|
|
|
(0.06
|
)
|
||
Net earnings
|
$
|
0.61
|
|
|
$
|
0.55
|
|
|
|
|
|
||||
Diluted
|
|
|
|
||||
Earnings from continuing operations
|
$
|
0.60
|
|
|
$
|
0.59
|
|
Loss from discontinued operations
|
—
|
|
|
(0.06
|
)
|
||
Net earnings
|
$
|
0.60
|
|
|
$
|
0.53
|
|
|
|
|
|
||||
Weighted average shares used for computation of:
|
|
|
|
|
|
||
Basic earnings (loss) per common share
|
93.3
|
|
|
90.6
|
|
||
Diluted earnings (loss) per common share
|
95.0
|
|
|
93.5
|
|
||
|
|
|
|
||||
Comprehensive income
|
$
|
58.5
|
|
|
$
|
46.7
|
|
|
|
|
|
||||
Cash dividends declared per share
|
$
|
0.10
|
|
|
$
|
—
|
|
BRUNSWICK CORPORATION
Condensed Consolidated Balance Sheets
(unaudited)
|
|||||||||||
(in millions)
|
March 29,
2014 |
|
December 31,
2013 |
|
March 30,
2013 |
||||||
Assets
|
|
|
|
|
|
||||||
Current assets
|
|
|
|
|
|
||||||
Cash and cash equivalents, at cost, which approximates market
|
$
|
226.0
|
|
|
$
|
356.5
|
|
|
$
|
242.0
|
|
Short-term investments in marketable securities
|
0.8
|
|
|
12.7
|
|
|
34.7
|
|
|||
Total cash, cash equivalents and short-term investments in marketable securities
|
226.8
|
|
|
369.2
|
|
|
276.7
|
|
|||
Restricted cash
|
8.9
|
|
|
6.5
|
|
|
13.0
|
|
|||
Accounts and notes receivable, less allowances of $22.3, $22.0 and $25.4
|
476.4
|
|
|
364.6
|
|
|
471.7
|
|
|||
Inventories
|
|
|
|
|
|
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|
||||
Finished goods
|
426.2
|
|
|
379.9
|
|
|
369.2
|
|
|||
Work-in-process
|
162.9
|
|
|
146.1
|
|
|
160.4
|
|
|||
Raw materials
|
91.0
|
|
|
73.3
|
|
|
75.2
|
|
|||
Net inventories
|
680.1
|
|
|
599.3
|
|
|
604.8
|
|
|||
Deferred income taxes
|
137.6
|
|
|
137.6
|
|
|
18.7
|
|
|||
Prepaid expenses and other
|
30.0
|
|
|
31.4
|
|
|
26.5
|
|
|||
Current assets held for sale
|
—
|
|
|
—
|
|
|
—
|
|
|||
Current assets
|
1,559.8
|
|
|
1,508.6
|
|
|
1,411.4
|
|
|||
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|
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|
||||||
Property
|
|
|
|
|
|
|
|
|
|||
Land
|
79.2
|
|
|
79.3
|
|
|
80.4
|
|
|||
Buildings and improvements
|
543.1
|
|
|
538.6
|
|
|
565.9
|
|
|||
Equipment
|
1,012.6
|
|
|
1,013.9
|
|
|
1,008.0
|
|
|||
Total land, buildings and improvements and equipment
|
1,634.9
|
|
|
1,631.8
|
|
|
1,654.3
|
|
|||
Accumulated depreciation
|
(1,104.5
|
)
|
|
(1,094.7
|
)
|
|
(1,141.8
|
)
|
|||
Net land, buildings and improvements and equipment
|
530.4
|
|
|
537.1
|
|
|
512.5
|
|
|||
Unamortized product tooling costs
|
87.4
|
|
|
80.7
|
|
|
65.6
|
|
|||
Net property
|
617.8
|
|
|
617.8
|
|
|
578.1
|
|
|||
|
|
|
|
|
|
||||||
Other assets
|
|
|
|
|
|
|
|
||||
Goodwill
|
291.7
|
|
|
291.7
|
|
|
290.5
|
|
|||
Other intangibles, net
|
34.9
|
|
|
35.4
|
|
|
37.4
|
|
|||
Long-term investments in marketable securities
|
—
|
|
|
—
|
|
|
28.5
|
|
|||
Equity investments
|
44.1
|
|
|
41.3
|
|
|
42.9
|
|
|||
Non-current deferred tax asset
|
352.9
|
|
|
377.0
|
|
|
—
|
|
|||
Other long-term assets
|
44.5
|
|
|
44.0
|
|
|
55.3
|
|
|||
Long-term assets held for sale
|
—
|
|
|
—
|
|
|
—
|
|
|||
Other assets
|
768.1
|
|
|
789.4
|
|
|
454.6
|
|
|||
|
|
|
|
|
|
||||||
Total assets
|
$
|
2,945.7
|
|
|
$
|
2,915.8
|
|
|
$
|
2,444.1
|
|
|
|
|
|
|
|
||||||
The Notes to Condensed Consolidated Financial Statements are an integral part of these consolidated statements.
|
BRUNSWICK CORPORATION
Condensed Consolidated Balance Sheets
(unaudited)
|
|||||||||||
(in millions)
|
March 29,
2014 |
|
December 31,
2013 |
|
March 30,
2013 |
||||||
Liabilities and shareholders’ equity
|
|
|
|
|
|
||||||
Current liabilities
|
|
|
|
|
|
||||||
Short-term debt, including current maturities of long-term debt
|
$
|
5.7
|
|
|
$
|
6.4
|
|
|
$
|
6.8
|
|
Accounts payable
|
383.4
|
|
|
315.6
|
|
|
376.9
|
|
|||
Accrued expenses
|
478.4
|
|
|
561.1
|
|
|
506.6
|
|
|||
Current liabilities held for sale
|
—
|
|
|
—
|
|
|
10.4
|
|
|||
Current liabilities
|
867.5
|
|
|
883.1
|
|
|
900.7
|
|
|||
|
|
|
|
|
|
||||||
Long-term liabilities
|
|
|
|
|
|
|
|
|
|||
Debt
|
453.5
|
|
|
453.4
|
|
|
562.9
|
|
|||
Deferred income taxes
|
—
|
|
|
—
|
|
|
96.3
|
|
|||
Postretirement benefits
|
344.4
|
|
|
347.3
|
|
|
549.1
|
|
|||
Other
|
187.0
|
|
|
193.6
|
|
|
201.5
|
|
|||
Long-term liabilities held for sale
|
—
|
|
|
—
|
|
|
3.0
|
|
|||
Long-term liabilities
|
984.9
|
|
|
994.3
|
|
|
1,412.8
|
|
|||
|
|
|
|
|
|
||||||
Shareholders’ equity
|
|
|
|
|
|
|
|
|
|||
Common stock; authorized: 200,000,000 shares, $0.75 par value; issued: 102,538,000 shares; outstanding: 92,716,000, 92,409,000 and 90,421,000 shares
|
76.9
|
|
|
76.9
|
|
|
76.9
|
|
|||
Additional paid-in capital
|
387.2
|
|
|
393.0
|
|
|
429.4
|
|
|||
Retained earnings
|
1,311.1
|
|
|
1,263.3
|
|
|
553.0
|
|
|||
Treasury stock, at cost: 9,822,000, 10,129,000 and 12,117,000 shares
|
(281.9
|
)
|
|
(293.3
|
)
|
|
(370.5
|
)
|
|||
Accumulated other comprehensive loss, net of tax
|
(400.0
|
)
|
|
(401.5
|
)
|
|
(558.2
|
)
|
|||
Shareholders’ equity
|
1,093.3
|
|
|
1,038.4
|
|
|
130.6
|
|
|||
|
|
|
|
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
2,945.7
|
|
|
$
|
2,915.8
|
|
|
$
|
2,444.1
|
|
BRUNSWICK CORPORATION
Condensed Consolidated Statements of Cash Flows
(unaudited)
|
|||||||
|
Three Months Ended
|
||||||
(in millions)
|
March 29,
2014 |
|
March 30,
2013 |
||||
Cash flows from operating activities
|
|
|
|
||||
Net earnings
|
$
|
57.0
|
|
|
$
|
49.8
|
|
Less: net loss from discontinued operations, net of tax
|
—
|
|
|
(5.1
|
)
|
||
Net earnings from continuing operations
|
57.0
|
|
|
54.9
|
|
||
Depreciation and amortization
|
21.9
|
|
|
21.6
|
|
||
Pension expense, net of funding
|
3.1
|
|
|
4.0
|
|
||
Gains on sale of property, plant and equipment, net
|
—
|
|
|
(5.3
|
)
|
||
Other long-lived asset impairment charges
|
—
|
|
|
2.3
|
|
||
Deferred income taxes
|
21.0
|
|
|
2.1
|
|
||
Excess tax benefits from share-based compensation
|
(3.5
|
)
|
|
(10.6
|
)
|
||
Loss on early extinguishment of debt
|
—
|
|
|
0.1
|
|
||
Changes in certain current assets and current liabilities
|
(209.7
|
)
|
|
(175.9
|
)
|
||
Income taxes
|
3.5
|
|
|
10.8
|
|
||
Other, net
|
(1.5
|
)
|
|
2.2
|
|
||
Net cash used for operating activities of continuing operations
|
(108.2
|
)
|
|
(93.8
|
)
|
||
Net cash used for operating activities of discontinued operations
|
—
|
|
|
(14.4
|
)
|
||
Net cash used for operating activities
|
(108.2
|
)
|
|
(108.2
|
)
|
||
|
|
|
|
||||
Cash flows from investing activities
|
|
|
|
|
|
||
Capital expenditures
|
(21.9
|
)
|
|
(21.2
|
)
|
||
Sales or maturities of marketable securities
|
11.9
|
|
|
80.6
|
|
||
Transfer to restricted cash
|
(2.4
|
)
|
|
—
|
|
||
Investments
|
(4.2
|
)
|
|
(2.3
|
)
|
||
Proceeds from the sale of property, plant and equipment
|
0.1
|
|
|
6.1
|
|
||
Net cash (used for) provided by investing activities of continuing operations
|
(16.5
|
)
|
|
63.2
|
|
||
Net cash (used for) provided by investing activities of discontinued operations
|
—
|
|
|
—
|
|
||
Net cash (used for) provided by investing activities
|
(16.5
|
)
|
|
63.2
|
|
||
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
|
|
||
Net payments of short-term debt
|
—
|
|
|
(0.8
|
)
|
||
Payments of long-term debt including current maturities
|
(0.3
|
)
|
|
(1.4
|
)
|
||
Net premium paid on early extinguishment of debt
|
—
|
|
|
(0.1
|
)
|
||
Cash dividends paid
|
(9.3
|
)
|
|
—
|
|
||
Excess tax benefits from share-based compensation
|
3.5
|
|
|
10.6
|
|
||
Proceeds from stock compensation activity, net of withholdings
|
0.3
|
|
|
(5.6
|
)
|
||
Net cash (used for) provided by financing activities of continuing operations
|
(5.8
|
)
|
|
2.7
|
|
||
Net cash (used for) provided by financing activities of discontinued operations
|
—
|
|
|
—
|
|
||
Net cash (used for) provided by financing activities
|
(5.8
|
)
|
|
2.7
|
|
||
|
|
|
|
||||
Net decrease in cash and cash equivalents
|
(130.5
|
)
|
|
(42.3
|
)
|
||
Cash and cash equivalents at beginning of period
|
356.5
|
|
|
284.3
|
|
||
|
|
|
|
||||
Cash and cash equivalents at end of period
|
$
|
226.0
|
|
|
$
|
242.0
|
|
(in millions)
|
March 30,
2013 |
||
Net sales
|
$
|
10.7
|
|
|
|
||
Loss from discontinued operations before income taxes
|
(6.5
|
)
|
|
Income tax benefit
|
(1.4
|
)
|
|
Net loss from discontinued operations, net of tax
|
$
|
(5.1
|
)
|
(in millions)
|
March 30,
2013 |
||
Current assets held for sale
|
$
|
—
|
|
Long-term assets held for sale
|
—
|
|
|
Assets held for sale
(A)
|
$
|
—
|
|
|
|
||
Accounts payable
|
$
|
—
|
|
Accrued expenses
|
10.4
|
|
|
Current liabilities held for sale
|
10.4
|
|
|
|
|
||
Other liabilities
|
3.0
|
|
|
Long-term liabilities held for sale
|
3.0
|
|
|
Liabilities held for sale
|
$
|
13.4
|
|
•
|
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
|
(in millions)
|
March 29,
2014 |
|
March 30,
2013 |
||||
Restructuring activities:
|
|
|
|
||||
Employee termination and other benefits
|
$
|
—
|
|
|
$
|
1.8
|
|
Current asset write-downs (recoveries)
|
(0.3
|
)
|
|
0.3
|
|
||
Transformation and other costs:
|
|
|
|
|
|
||
Consolidation of manufacturing footprint
|
0.3
|
|
|
1.1
|
|
||
Retention and relocation costs
|
—
|
|
|
0.1
|
|
||
Asset disposition actions:
|
|
|
|
|
|
||
Definite-lived asset impairments on disposal
|
—
|
|
|
2.3
|
|
||
Total restructuring, exit and impairment charges
|
$
|
0.0
|
|
|
$
|
5.6
|
|
(in millions)
|
March 29,
2014 |
|
March 30,
2013 |
||||
Boat
|
$
|
0.0
|
|
|
$
|
3.1
|
|
Corporate
|
—
|
|
|
0.7
|
|
||
Total
|
$
|
0.0
|
|
|
$
|
3.8
|
|
(in millions)
|
March 29,
2014 |
|
March 30,
2013 |
||||
Restructuring activities:
|
|
|
|
||||
Employee termination and other benefits
|
$
|
—
|
|
|
$
|
1.7
|
|
Current asset write-downs (recoveries)
|
(0.3
|
)
|
|
0.3
|
|
||
Transformation and other costs:
|
|
|
|
|
|
||
Consolidation of manufacturing footprint
|
0.3
|
|
|
0.1
|
|
||
Retention and relocation costs
|
—
|
|
|
0.1
|
|
||
Asset disposition actions:
|
|
|
|
|
|
||
Definite-lived asset impairments
|
—
|
|
|
1.6
|
|
||
Total restructuring, exit and impairment charges
|
$
|
0.0
|
|
|
$
|
3.8
|
|
(in millions)
|
Boat
|
|
Total
|
||||
Current asset write-downs (recoveries)
|
$
|
(0.3
|
)
|
|
$
|
(0.3
|
)
|
Transformation and other costs
|
0.3
|
|
|
0.3
|
|
||
Total restructuring, exit and impairment charges
|
$
|
0.0
|
|
|
$
|
0.0
|
|
(in millions)
|
Boat
|
|
Corporate
|
|
Total
|
||||||
Employee termination and other benefits
|
$
|
1.0
|
|
|
$
|
0.7
|
|
|
$
|
1.7
|
|
Current asset write-downs
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|||
Transformation and other costs
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|||
Asset disposition actions
|
1.6
|
|
|
—
|
|
|
1.6
|
|
|||
Total restructuring, exit and impairment charges
|
$
|
3.1
|
|
|
$
|
0.7
|
|
|
$
|
3.8
|
|
(in millions)
|
Accrued Costs as of
Jan. 1, 2014
|
|
Costs/(Income)Recognized in 2014
|
|
Non-cash (Charges)/Gains
|
|
Net Cash (Payments)/Receipts
|
|
Accrued Costs as of March 29, 2014
|
||||||||||
Employee termination and other benefits
|
$
|
2.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1.2
|
)
|
|
$
|
1.1
|
|
Current asset write-downs (recoveries)
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|||||
Transformation and other costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Consolidation of manufacturing footprint
|
—
|
|
|
0.3
|
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|||||
Loss on sale of non-strategic assets
|
0.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|||||
Total restructuring, exit and impairment charges
|
$
|
3.0
|
|
|
$
|
0.0
|
|
|
$
|
—
|
|
|
$
|
(1.2
|
)
|
|
$
|
1.8
|
|
(in millions)
|
March 30,
2013 |
||
Boat
|
$
|
1.8
|
|
Total
|
$
|
1.8
|
|
(in millions)
|
March 30,
2013 |
||
Restructuring activities:
|
|
||
Employee termination and other benefits
|
$
|
0.1
|
|
Transformation and other costs:
|
|
||
Consolidation of manufacturing footprint
|
1.0
|
|
|
Asset disposition actions:
|
|
||
Definite-lived asset impairments
|
0.7
|
|
|
Total restructuring, exit and impairment charges
|
$
|
1.8
|
|
(in millions)
|
Boat
|
|
Total
|
||||
Employee termination and other benefits
|
$
|
0.1
|
|
|
$
|
0.1
|
|
Transformation and other costs
|
1.0
|
|
|
1.0
|
|
||
Asset disposition actions
|
0.7
|
|
|
0.7
|
|
||
Total restructuring, exit and impairment charges
|
$
|
1.8
|
|
|
$
|
1.8
|
|
(in millions)
|
Accrued Costs as of
Jan. 1, 2014
|
|
Costs Recognized in 2014
|
|
Non-cash Charges
|
|
Net Cash Payments
|
|
Accrued Costs as of March 29, 2014
|
||||||||||
Employee termination and other benefits
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
$
|
0.1
|
|
Transformation and other costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Consolidation of manufacturing footprint
|
2.5
|
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
2.0
|
|
|||||
Total restructuring, exit and impairment charges
|
$
|
2.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.6
|
)
|
|
$
|
2.1
|
|
(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
|
|
$
|
2.1
|
|
|
Accrued expenses
|
|
$
|
1.5
|
|
Commodity contracts
|
|
Prepaid expenses and other
|
|
0.0
|
|
|
Accrued expenses
|
|
1.5
|
|
||
Total
|
|
|
|
$
|
2.1
|
|
|
|
|
$
|
3.0
|
|
|
|
|
|
|
|
|
|
|
||||
Other Hedging Activity
|
|
|
|
|
|
|
|
|
||||
Foreign exchange contracts
|
|
Prepaid expenses and other
|
|
$
|
0.2
|
|
|
Accrued expenses
|
|
$
|
0.1
|
|
Total
|
|
|
|
$
|
0.2
|
|
|
|
|
$
|
0.1
|
|
(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
|
|
$
|
2.6
|
|
|
Accrued expenses
|
|
$
|
2.4
|
|
Commodity contracts
|
|
Prepaid expenses and other
|
|
0.0
|
|
|
Accrued expenses
|
|
1.2
|
|
||
Total
|
|
|
|
$
|
2.6
|
|
|
|
|
$
|
3.6
|
|
|
|
|
|
|
|
|
|
|
||||
Other Hedging Activity
|
|
|
|
|
|
|
|
|
||||
Foreign exchange contracts
|
|
Prepaid expenses and other
|
|
$
|
0.1
|
|
|
Accrued expenses
|
|
$
|
0.9
|
|
Total
|
|
|
|
$
|
0.1
|
|
|
|
|
$
|
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)
|
||||
Foreign exchange contracts
|
|
$
|
0.0
|
|
|
Cost of sales
|
|
$
|
(0.4
|
)
|
Commodity contracts
|
|
(1.1
|
)
|
|
Cost of sales
|
|
(2.2
|
)
|
||
Total
|
|
$
|
(1.1
|
)
|
|
|
|
$
|
(2.6
|
)
|
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
|
|
$
|
(0.5
|
)
|
Foreign exchange contracts
|
|
Other income, net
|
|
(0.1
|
)
|
|
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
|
|
$
|
1.0
|
|
|
Interest expense
|
|
$
|
0.3
|
|
Foreign exchange contracts
|
|
(0.2
|
)
|
|
Cost of sales
|
|
(1.3
|
)
|
||
Commodity contracts
|
|
(1.7
|
)
|
|
Cost of sales
|
|
(0.4
|
)
|
||
Total
|
|
$
|
(0.9
|
)
|
|
|
|
$
|
(1.4
|
)
|
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, net
|
|
0.1
|
|
|
Total
|
|
|
|
$
|
1.0
|
|
•
|
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
|
$
|
68.8
|
|
|
$
|
1.0
|
|
|
$
|
—
|
|
|
$
|
69.8
|
|
Short-term investments in marketable securities
|
0.8
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
||||
Restricted cash
|
8.9
|
|
|
—
|
|
|
—
|
|
|
8.9
|
|
||||
Derivatives
|
—
|
|
|
2.3
|
|
|
—
|
|
|
2.3
|
|
||||
Total assets
|
$
|
78.5
|
|
|
$
|
3.3
|
|
|
$
|
—
|
|
|
$
|
81.8
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives
|
$
|
—
|
|
|
$
|
3.1
|
|
|
$
|
—
|
|
|
$
|
3.1
|
|
Other
|
4.4
|
|
|
45.9
|
|
|
—
|
|
|
50.3
|
|
||||
Total liabilities
|
$
|
4.4
|
|
|
$
|
49.0
|
|
|
$
|
—
|
|
|
$
|
53.4
|
|
(in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
119.7
|
|
|
$
|
59.7
|
|
|
$
|
—
|
|
|
$
|
179.4
|
|
Short-term investments in marketable securities
|
0.8
|
|
|
11.9
|
|
|
—
|
|
|
12.7
|
|
||||
Restricted cash
|
6.5
|
|
|
—
|
|
|
—
|
|
|
6.5
|
|
||||
Derivatives
|
—
|
|
|
2.7
|
|
|
—
|
|
|
2.7
|
|
||||
Total assets
|
$
|
127.0
|
|
|
$
|
74.3
|
|
|
$
|
—
|
|
|
$
|
201.3
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Derivatives
|
$
|
—
|
|
|
$
|
4.5
|
|
|
$
|
—
|
|
|
$
|
4.5
|
|
Other
|
4.6
|
|
|
47.8
|
|
|
—
|
|
|
52.4
|
|
||||
Total liabilities
|
$
|
4.6
|
|
|
$
|
52.3
|
|
|
$
|
—
|
|
|
$
|
56.9
|
|
|
2014
|
|
2013
|
||
Risk-free interest rate
|
0.6
|
%
|
|
0.4
|
%
|
Dividend yield
(A)
|
—
|
|
|
0.1
|
%
|
Volatility factor
|
43.7
|
%
|
|
53.0
|
%
|
Expected life of award
|
2.9 years
|
|
|
2.9 years
|
|
(in millions, except per share data)
|
March 29,
2014 |
|
March 30,
2013 |
||||
Net earnings from continuing operations
|
$
|
57.0
|
|
|
$
|
54.9
|
|
Net loss from discontinued operations, net of tax
|
—
|
|
|
(5.1
|
)
|
||
Net earnings
|
$
|
57.0
|
|
|
$
|
49.8
|
|
|
|
|
|
||||
Weighted average outstanding shares – basic
|
93.3
|
|
|
90.6
|
|
||
Dilutive effect of common stock equivalents
|
1.7
|
|
|
2.9
|
|
||
Weighted average outstanding shares – diluted
|
95.0
|
|
|
93.5
|
|
||
|
|
|
|
||||
Basic earnings (loss) per common share:
|
|
|
|
||||
Continuing operations
|
$
|
0.61
|
|
|
$
|
0.61
|
|
Discontinued operations
|
—
|
|
|
(0.06
|
)
|
||
Net earnings
|
$
|
0.61
|
|
|
$
|
0.55
|
|
|
|
|
|
||||
Diluted earnings (loss) per common share:
|
|
|
|
||||
Continuing operations
|
$
|
0.60
|
|
|
$
|
0.59
|
|
Discontinued operations
|
—
|
|
|
(0.06
|
)
|
||
Net earnings
|
$
|
0.60
|
|
|
$
|
0.53
|
|
|
Single Year Obligation
|
|
Maximum Obligation
|
||||||||||||
(in millions)
|
March 29,
2014 |
|
December 31,
2013 |
|
March 29,
2014 |
|
December 31,
2013 |
||||||||
Marine Engine
|
$
|
8.9
|
|
|
$
|
8.8
|
|
|
$
|
8.9
|
|
|
$
|
8.8
|
|
Boat
|
2.7
|
|
|
3.1
|
|
|
2.7
|
|
|
3.1
|
|
||||
Fitness
|
25.7
|
|
|
24.4
|
|
|
29.6
|
|
|
28.9
|
|
||||
Bowling & Billiards
|
0.4
|
|
|
0.5
|
|
|
0.7
|
|
|
0.9
|
|
||||
Total
|
$
|
37.7
|
|
|
$
|
36.8
|
|
|
$
|
41.9
|
|
|
$
|
41.7
|
|
|
Single Year Obligation
|
|
Maximum Obligation
|
||||||||||||
(in millions)
|
March 29,
2014 |
|
December 31,
2013 |
|
March 29,
2014 |
|
December 31,
2013 |
||||||||
Marine Engine
|
$
|
2.3
|
|
|
$
|
2.2
|
|
|
$
|
2.3
|
|
|
$
|
2.2
|
|
Boat
|
61.5
|
|
|
62.5
|
|
|
61.5
|
|
|
62.5
|
|
||||
Bowling & Billiards
|
0.2
|
|
|
0.3
|
|
|
0.2
|
|
|
0.3
|
|
||||
Total
|
$
|
64.0
|
|
|
$
|
65.0
|
|
|
$
|
64.0
|
|
|
$
|
65.0
|
|
(in millions)
|
March 29,
2014 |
|
March 30,
2013 |
||||
Balance at beginning of period
|
$
|
120.8
|
|
|
$
|
127.7
|
|
Payments made
|
(11.4
|
)
|
|
(13.3
|
)
|
||
Provisions/additions for contracts issued/sold
|
11.2
|
|
|
13.5
|
|
||
Aggregate changes for preexisting warranties
|
(3.6
|
)
|
|
(1.1
|
)
|
||
Balance at end of period
|
$
|
117.0
|
|
|
$
|
126.8
|
|
(in millions)
|
Marine
Engine
|
|
Boat
|
|
Fitness
|
|
Bowling & Billiards
|
|
Corporate
|
|
Total
|
||||||||||||
Recourse Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.7
|
|
|
$
|
5.0
|
|
|
$
|
—
|
|
|
$
|
5.7
|
|
Long-term
|
—
|
|
|
—
|
|
|
0.2
|
|
|
2.7
|
|
|
—
|
|
|
2.9
|
|
||||||
Allowance for doubtful accounts
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
(4.4
|
)
|
|
—
|
|
|
(4.7
|
)
|
||||||
Total
|
—
|
|
|
—
|
|
|
0.6
|
|
|
3.3
|
|
|
—
|
|
|
3.9
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Third-Party Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Short-term
|
11.4
|
|
|
2.3
|
|
|
19.8
|
|
|
—
|
|
|
—
|
|
|
33.5
|
|
||||||
Long-term
|
—
|
|
|
—
|
|
|
18.9
|
|
|
—
|
|
|
—
|
|
|
18.9
|
|
||||||
Allowance for doubtful accounts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
11.4
|
|
|
2.3
|
|
|
38.7
|
|
|
—
|
|
|
—
|
|
|
52.4
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Short-term
|
9.0
|
|
|
0.3
|
|
|
0.5
|
|
|
—
|
|
|
0.2
|
|
|
10.0
|
|
||||||
Long-term
|
0.9
|
|
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
1.3
|
|
|
2.4
|
|
||||||
Allowance for doubtful accounts
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
||||||
Total
|
9.9
|
|
|
0.1
|
|
|
0.6
|
|
|
—
|
|
|
1.5
|
|
|
12.1
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Financing Receivables
|
$
|
21.3
|
|
|
$
|
2.4
|
|
|
$
|
39.9
|
|
|
$
|
3.3
|
|
|
$
|
1.5
|
|
|
$
|
68.4
|
|
(in millions)
|
Marine
Engine
|
|
Boat
|
|
Fitness
|
|
Bowling & Billiards
|
|
Corporate
|
|
Total
|
||||||||||||
Recourse Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.7
|
|
|
$
|
5.2
|
|
|
$
|
—
|
|
|
$
|
5.9
|
|
Long-term
|
—
|
|
|
—
|
|
|
0.2
|
|
|
2.7
|
|
|
—
|
|
|
2.9
|
|
||||||
Allowance for doubtful accounts
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
(4.4
|
)
|
|
—
|
|
|
(4.8
|
)
|
||||||
Total
|
—
|
|
|
—
|
|
|
0.5
|
|
|
3.5
|
|
|
—
|
|
|
4.0
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Third-Party Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Short-term
|
12.0
|
|
|
3.1
|
|
|
21.1
|
|
|
—
|
|
|
—
|
|
|
36.2
|
|
||||||
Long-term
|
—
|
|
|
—
|
|
|
18.9
|
|
|
—
|
|
|
—
|
|
|
18.9
|
|
||||||
Allowance for doubtful accounts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
12.0
|
|
|
3.1
|
|
|
40.0
|
|
|
—
|
|
|
—
|
|
|
55.1
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Short-term
|
10.2
|
|
|
0.3
|
|
|
0.6
|
|
|
—
|
|
|
0.2
|
|
|
11.3
|
|
||||||
Long-term
|
0.9
|
|
|
0.2
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
||||||
Allowance for doubtful accounts
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
||||||
Total
|
11.1
|
|
|
0.2
|
|
|
0.7
|
|
|
—
|
|
|
0.2
|
|
|
12.2
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Financing Receivables
|
$
|
23.1
|
|
|
$
|
3.3
|
|
|
$
|
41.2
|
|
|
$
|
3.5
|
|
|
$
|
0.2
|
|
|
$
|
71.3
|
|
(in millions)
|
Boat
|
|
Fitness
|
|
Bowling & Billiards
|
|
Total
|
||||||||
Recourse Receivables:
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
$
|
—
|
|
|
$
|
0.4
|
|
|
$
|
4.4
|
|
|
$
|
4.8
|
|
Current period provision
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||||
Direct write-downs
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||
Recoveries
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
||||
Ending balance
|
$
|
—
|
|
|
$
|
0.3
|
|
|
$
|
4.4
|
|
|
$
|
4.7
|
|
|
|
|
|
|
|
|
|
||||||||
Other Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Beginning balance
|
$
|
0.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.3
|
|
Current period provision
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Direct write-downs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Ending balance
|
$
|
0.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.3
|
|
(in millions)
|
Boat
|
|
Fitness
|
|
Bowling & Billiards
|
|
Total
|
||||||||
Recourse Receivables:
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
$
|
—
|
|
|
$
|
0.9
|
|
|
$
|
5.4
|
|
|
$
|
6.3
|
|
Current period provision
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|
0.2
|
|
||||
Direct write-downs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Recoveries
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||
Ending balance
|
$
|
—
|
|
|
$
|
0.9
|
|
|
$
|
5.5
|
|
|
$
|
6.4
|
|
|
|
|
|
|
|
|
|
||||||||
Other Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Beginning balance
|
$
|
2.8
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
3.0
|
|
Current period provision
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Direct write-downs
|
(1.5
|
)
|
|
—
|
|
|
—
|
|
|
(1.5
|
)
|
||||
Recoveries
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Ending balance
|
$
|
1.3
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
1.5
|
|
|
Net Sales
|
|
Operating Earnings (Loss)
|
||||||||||||
(in millions)
|
March 29,
2014 |
|
March 30,
2013 |
|
March 29,
2014 |
|
March 30,
2013 |
||||||||
Marine Engine
|
$
|
505.1
|
|
|
$
|
521.8
|
|
|
$
|
61.7
|
|
|
$
|
71.5
|
|
Boat
|
282.8
|
|
|
289.7
|
|
|
8.4
|
|
|
2.4
|
|
||||
Marine eliminations
|
(73.1
|
)
|
|
(67.6
|
)
|
|
—
|
|
|
—
|
|
||||
Total Marine
|
714.8
|
|
|
743.9
|
|
|
70.1
|
|
|
73.9
|
|
||||
Fitness
|
175.6
|
|
|
166.2
|
|
|
29.8
|
|
|
24.5
|
|
||||
Bowling & Billiards
|
78.8
|
|
|
85.2
|
|
|
12.7
|
|
|
14.9
|
|
||||
Pension - non-service costs
|
—
|
|
|
—
|
|
|
(3.7
|
)
|
|
(4.9
|
)
|
||||
Corporate/Other
|
—
|
|
|
—
|
|
|
(14.2
|
)
|
|
(18.5
|
)
|
||||
Total
|
$
|
969.2
|
|
|
$
|
995.3
|
|
|
$
|
94.7
|
|
|
$
|
89.9
|
|
|
Total Assets
|
||||||
(in millions)
|
March 29,
2014 |
|
December 31,
2013 |
||||
Marine Engine
|
$
|
975.2
|
|
|
$
|
803.6
|
|
Boat
|
366.1
|
|
|
330.3
|
|
||
Total Marine
|
1,341.3
|
|
|
1,133.9
|
|
||
Fitness
|
545.0
|
|
|
551.2
|
|
||
Bowling & Billiards
|
248.6
|
|
|
250.6
|
|
||
Corporate/Other
|
810.8
|
|
|
980.1
|
|
||
Total
|
$
|
2,945.7
|
|
|
$
|
2,915.8
|
|
(in millions)
|
Amortized
cost |
|
Gross
unrealized gains |
|
Gross
unrealized losses |
|
Fair value
(net carrying amount) |
||||||||
U.S. Treasury Bills
|
$
|
0.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.8
|
|
Total available-for-sale securities
|
$
|
0.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.8
|
|
(in millions)
|
Amortized
cost |
|
Gross
unrealized gains |
|
Gross
unrealized losses |
|
Fair value
(net carrying amount) |
||||||||
Corporate Bonds
|
$
|
11.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11.9
|
|
U.S. Treasury Bills
|
0.8
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
||||
Total available-for-sale securities
|
$
|
12.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12.7
|
|
(in millions)
|
Amortized
cost |
|
Fair value
(net carrying amount) |
||||
Available-for-sale debt securities:
|
|
|
|
||||
Due in one year or less
|
$
|
0.8
|
|
|
$
|
0.8
|
|
Total available-for-sale debt securities
|
$
|
0.8
|
|
|
$
|
0.8
|
|
(in millions)
|
Amortized
cost |
|
Fair value
(net carrying amount) |
||||
Available-for-sale debt securities:
|
|
|
|
||||
Due in one year or less
|
$
|
12.7
|
|
|
$
|
12.7
|
|
Total available-for-sale debt securities
|
$
|
12.7
|
|
|
$
|
12.7
|
|
(in millions)
|
March 29,
2014 |
|
March 30,
2013 |
||||
Net earnings
|
$
|
57.0
|
|
|
$
|
49.8
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||
Foreign currency cumulative translation adjustment
|
(1.6
|
)
|
|
(7.0
|
)
|
||
Net change in unamortized prior service credits
|
(0.3
|
)
|
|
(1.7
|
)
|
||
Net change in unamortized actuarial losses
|
2.5
|
|
|
5.9
|
|
||
Net change in unrealized derivative losses
|
0.9
|
|
|
(0.3
|
)
|
||
Total other comprehensive income (loss)
|
1.5
|
|
|
(3.1
|
)
|
||
Comprehensive income
|
$
|
58.5
|
|
|
$
|
46.7
|
|
(in millions)
|
Foreign currency translation
|
|
Prior service credits
|
|
Actuarial losses
|
|
Derivative losses
|
|
Total
|
||||||||||
Beginning balance
|
$
|
11.0
|
|
|
$
|
(2.6
|
)
|
|
$
|
(398.6
|
)
|
|
$
|
(11.3
|
)
|
|
$
|
(401.5
|
)
|
Other comprehensive income (loss) before reclassifications
|
(1.6
|
)
|
|
—
|
|
|
0.2
|
|
|
(0.7
|
)
|
|
(2.1
|
)
|
|||||
Amounts reclassified from Accumulated other comprehensive loss
|
—
|
|
|
(0.3
|
)
|
|
2.3
|
|
|
1.6
|
|
|
3.6
|
|
|||||
Net current-period other comprehensive income (loss)
|
(1.6
|
)
|
|
(0.3
|
)
|
|
2.5
|
|
|
0.9
|
|
|
1.5
|
|
|||||
Ending balance
|
$
|
9.4
|
|
|
$
|
(2.9
|
)
|
|
$
|
(396.1
|
)
|
|
$
|
(10.4
|
)
|
|
$
|
(400.0
|
)
|
(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
|
(7.0
|
)
|
|
—
|
|
|
0.2
|
|
|
(1.6
|
)
|
|
(8.4
|
)
|
|||||
Amounts reclassified from Accumulated other comprehensive loss
|
—
|
|
|
(1.7
|
)
|
|
5.7
|
|
|
1.3
|
|
|
5.3
|
|
|||||
Net current-period other comprehensive income (loss)
|
(7.0
|
)
|
|
(1.7
|
)
|
|
5.9
|
|
|
(0.3
|
)
|
|
(3.1
|
)
|
|||||
Ending balance
|
$
|
11.4
|
|
|
$
|
2.7
|
|
|
$
|
(561.3
|
)
|
|
$
|
(11.0
|
)
|
|
$
|
(558.2
|
)
|
(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
|
|
$
|
0.5
|
|
|
(A)
|
Net actuarial losses
|
|
(3.7
|
)
|
|
(A)
|
|
|
|
(3.2
|
)
|
|
Total before tax
|
|
|
|
1.2
|
|
|
Tax benefit
|
|
|
|
$
|
(2.0
|
)
|
|
Net of tax
|
|
|
|
|
|
||
Amount of loss reclassified into earnings on derivative contracts:
|
|
|
|
|
||
Foreign exchange contracts
|
|
$
|
(0.4
|
)
|
|
Cost of sales
|
Commodity contracts
|
|
(2.2
|
)
|
|
Cost of sales
|
|
|
|
(2.6
|
)
|
|
Total before tax
|
|
|
|
1.0
|
|
|
Tax benefit
|
|
|
|
$
|
(1.6
|
)
|
|
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
|
||
Amortization of defined benefit items:
|
|
|
|
|
||
Prior service credits
|
|
$
|
1.7
|
|
|
(A)
|
Net actuarial losses
|
|
(5.7
|
)
|
|
(A)
|
|
|
|
(4.0
|
)
|
|
Total before tax
|
|
|
|
—
|
|
|
Tax benefit
(B)
|
|
|
|
$
|
(4.0
|
)
|
|
Net of tax
|
|
|
|
|
|
||
Amount of gain (loss) reclassified into earnings on derivative contracts:
|
|
|
|
|
||
Interest rate contracts
|
|
$
|
0.3
|
|
|
Interest expense
|
Foreign exchange contracts
|
|
(1.3
|
)
|
|
Cost of sales
|
|
Commodity contracts
|
|
(0.4
|
)
|
|
Cost of sales
|
|
|
|
(1.4
|
)
|
|
Total before tax
|
|
|
|
0.1
|
|
|
Tax benefit
(B)
|
|
|
|
$
|
(1.3
|
)
|
|
Net of tax
|
(in millions)
|
March 29,
2014 |
|
December 31,
2013 |
||||
Investment
|
$
|
13.8
|
|
|
$
|
11.2
|
|
Repurchase and recourse obligations
(A)
|
51.7
|
|
|
51.8
|
|
||
Liabilities
(B)
|
(1.2
|
)
|
|
(1.4
|
)
|
||
Total maximum loss exposure
|
$
|
64.3
|
|
|
$
|
61.6
|
|
(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
|
||||||||||||
(in millions)
|
March 29,
2014 |
|
March 30,
2013 |
|
March 29,
2014 |
|
March 30,
2013 |
||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
14.7
|
|
|
13.5
|
|
|
0.5
|
|
|
0.5
|
|
||||
Expected return on plan assets
|
(14.7
|
)
|
|
(14.3
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of prior service credits
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
(1.4
|
)
|
||||
Amortization of net actuarial losses
|
3.7
|
|
|
5.4
|
|
|
—
|
|
|
0.3
|
|
||||
Net pension and other benefit costs
|
$
|
3.7
|
|
|
$
|
4.6
|
|
|
$
|
0.3
|
|
|
$
|
(0.6
|
)
|
(in millions)
|
March 29,
2014 |
|
December 31,
2013 |
||||
Notes, 7.125% due 2027, net of discount of $0.5 and $0.5
|
$
|
162.7
|
|
|
$
|
162.7
|
|
Senior notes, 4.625% due 2021
|
150.0
|
|
|
150.0
|
|
||
Debentures, 7.375% due 2023, net of discount of $0.2 and $0.2
|
103.7
|
|
|
103.7
|
|
||
Loan with Fond du Lac County Economic Development Corporation, 2.0% due 2021, net of discount of $5.7 and $5.9
|
36.5
|
|
|
36.8
|
|
||
Notes, various up to 5.892% payable through 2022
|
6.3
|
|
|
6.6
|
|
||
Total long-term debt
|
459.2
|
|
|
459.8
|
|
||
Current maturities of long-term debt
|
(5.7
|
)
|
|
(6.4
|
)
|
||
Long-term debt, net of current maturities
|
$
|
453.5
|
|
|
$
|
453.4
|
|
|
Three Months Ended
|
||||||
(in millions)
|
March 29,
2014 |
|
March 30,
2013 |
||||
Boat
|
$
|
0.0
|
|
|
$
|
4.9
|
|
Corporate
|
—
|
|
|
0.7
|
|
||
Total
|
$
|
0.0
|
|
|
$
|
5.6
|
|
|
Three Months Ended
|
|
2014 vs. 2013
Increase/(Decrease)
|
|||||||||||
(in millions, except per share data)
|
March 29,
2014 |
|
March 30,
2013 |
|
$
|
|
%
|
|||||||
Net sales
|
$
|
969.2
|
|
|
$
|
995.3
|
|
|
$
|
(26.1
|
)
|
|
(2.6
|
)%
|
Gross margin
(A)
|
265.1
|
|
|
261.9
|
|
|
3.2
|
|
|
1.2
|
%
|
|||
Restructuring, exit and impairment charges
|
0.0
|
|
|
5.6
|
|
|
(5.6
|
)
|
|
NM
|
|
|||
Operating earnings
|
94.7
|
|
|
89.9
|
|
|
4.8
|
|
|
5.3
|
%
|
|||
Net earnings from continuing operations
|
57.0
|
|
|
54.9
|
|
|
2.1
|
|
|
3.8
|
%
|
|||
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per common share from continuing operations
|
$
|
0.60
|
|
|
$
|
0.59
|
|
|
$
|
0.01
|
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
|||||||
Expressed as a percentage of Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Gross margin
|
27.4
|
%
|
|
26.3
|
%
|
|
|
|
|
110 bpts
|
|
|||
Selling, general and administrative expense
|
14.5
|
%
|
|
14.0
|
%
|
|
|
|
|
50 bpts
|
|
|||
Research and development expense
|
3.0
|
%
|
|
2.7
|
%
|
|
|
|
|
30 bpts
|
|
|||
Restructuring, exit and impairment charges
|
0.0
|
%
|
|
0.6
|
%
|
|
|
|
|
(60) bpts
|
|
|||
Operating margin
|
9.8
|
%
|
|
9.0
|
%
|
|
|
|
|
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
|
|
2014 vs. 2013
Increase/(Decrease)
|
|||||||||||
(in millions)
|
March 29,
2014 |
|
March 30,
2013 |
|
$
|
|
%
|
|||||||
Net sales
|
$
|
505.1
|
|
|
$
|
521.8
|
|
|
$
|
(16.7
|
)
|
|
(3.2
|
)%
|
Operating earnings
|
61.7
|
|
|
71.5
|
|
|
(9.8
|
)
|
|
(13.7
|
)%
|
|||
Operating margin
|
12.2
|
%
|
|
13.7
|
%
|
|
|
|
|
(150) bpts
|
|
|||
Capital expenditures
|
$
|
11.8
|
|
|
$
|
11.8
|
|
|
$
|
—
|
|
|
—
|
%
|
|
Three Months Ended
|
|
2014 vs. 2013
Increase/(Decrease) |
|||||||||||
(in millions)
|
March 29,
2014 |
|
March 30,
2013 |
|
$
|
|
%
|
|||||||
Net sales
|
$
|
282.8
|
|
|
$
|
289.7
|
|
|
$
|
(6.9
|
)
|
|
(2.4
|
)%
|
Restructuring, exit and impairment charges
|
0.0
|
|
|
4.9
|
|
|
(4.9
|
)
|
|
NM
|
|
|||
Operating earnings
|
8.4
|
|
|
2.4
|
|
|
6.0
|
|
|
NM
|
|
|||
Operating margin
|
3.0
|
%
|
|
0.8
|
%
|
|
|
|
|
220 bpts
|
|
|||
Capital expenditures
|
$
|
7.0
|
|
|
$
|
6.0
|
|
|
$
|
1.0
|
|
|
16.7
|
%
|
|
Three Months Ended
|
|
2014 vs. 2013
Increase/(Decrease) |
|||||||||||
(in millions)
|
March 29,
2014 |
|
March 30,
2013 |
|
$
|
|
%
|
|||||||
Net sales
|
$
|
175.6
|
|
|
$
|
166.2
|
|
|
$
|
9.4
|
|
|
5.7
|
%
|
Operating earnings
|
29.8
|
|
|
24.5
|
|
|
5.3
|
|
|
21.6
|
%
|
|||
Operating margin
|
17.0
|
%
|
|
14.7
|
%
|
|
|
|
|
230 bpts
|
|
|||
Capital expenditures
|
$
|
2.2
|
|
|
$
|
1.0
|
|
|
$
|
1.2
|
|
|
NM
|
|
|
Three Months Ended
|
|
2014 vs. 2013
Increase/(Decrease) |
|||||||||||
(in millions)
|
March 29,
2014 |
|
March 30,
2013 |
|
$
|
|
%
|
|||||||
Net sales
|
$
|
78.8
|
|
|
$
|
85.2
|
|
|
$
|
(6.4
|
)
|
|
(7.5
|
)%
|
Operating earnings
|
12.7
|
|
|
14.9
|
|
|
(2.2
|
)
|
|
(14.8
|
)%
|
|||
Operating margin
|
16.1
|
%
|
|
17.5
|
%
|
|
|
|
|
(140) bpts
|
|
|||
Capital expenditures
|
$
|
0.9
|
|
|
$
|
1.2
|
|
|
$
|
(0.3
|
)
|
|
(25.0
|
)%
|
|
Three Months Ended
|
|
2014 vs. 2013
Increase/(Decrease) |
|||||||||||
(in millions)
|
March 29,
2014 |
|
March 30,
2013 |
|
$
|
|
%
|
|||||||
Restructuring, exit and impairment charges
|
$
|
—
|
|
|
$
|
0.7
|
|
|
$
|
(0.7
|
)
|
|
NM
|
|
Operating loss
|
(14.2
|
)
|
|
(18.5
|
)
|
|
(4.3
|
)
|
|
(23.2
|
)%
|
|
Three Months Ended
|
||||||
(in millions)
|
March 29,
2014 |
|
March 30,
2013 |
||||
Net cash used for operating activities of continuing operations
|
$
|
(108.2
|
)
|
|
$
|
(93.8
|
)
|
Net cash provided by (used for):
|
|
|
|
|
|
||
Capital expenditures
|
(21.9
|
)
|
|
(21.2
|
)
|
||
Proceeds from the sale of property, plant and equipment
|
0.1
|
|
|
6.1
|
|
||
Free cash flow
(A)
|
$
|
(130.0
|
)
|
|
$
|
(108.9
|
)
|
(in millions)
|
March 29,
2014 |
|
December 31,
2013 |
|
March 30,
2013 |
||||||
Cash and cash equivalents
|
$
|
226.0
|
|
|
$
|
356.5
|
|
|
$
|
242.0
|
|
Short-term investments in marketable securities
|
0.8
|
|
|
12.7
|
|
|
34.7
|
|
|||
Long-term investments in marketable securities
|
—
|
|
|
—
|
|
|
28.5
|
|
|||
Total cash, cash equivalents and marketable securities
|
$
|
226.8
|
|
|
$
|
369.2
|
|
|
$
|
305.2
|
|
(in millions)
|
March 29,
2014 |
|
December 31,
2013 |
|
March 30,
2013 |
||||||
Short-term debt, including current maturities of long-term debt
|
$
|
5.7
|
|
|
$
|
6.4
|
|
|
$
|
6.8
|
|
Long-term debt
|
453.5
|
|
|
453.4
|
|
|
562.9
|
|
|||
Total debt
|
459.2
|
|
|
459.8
|
|
|
569.7
|
|
|||
Less: Cash, cash equivalents and marketable securities
|
226.8
|
|
|
369.2
|
|
|
305.2
|
|
|||
Net debt
(A)
|
$
|
232.4
|
|
|
$
|
90.6
|
|
|
$
|
264.5
|
|
(in millions)
|
March 29,
2014 |
|
December 31,
2013 |
|
March 30,
2013 |
||||||
Cash, cash equivalents and marketable securities
|
$
|
226.8
|
|
|
$
|
369.2
|
|
|
$
|
305.2
|
|
Amounts available under its asset-based lending facilities
|
283.2
|
|
|
277.9
|
|
|
270.8
|
|
|||
Total liquidity
(A)
|
$
|
510.0
|
|
|
$
|
647.1
|
|
|
$
|
576.0
|
|
10.1*
|
2014 Brunswick Performance Plan
|
10.2*
|
2014 Brunswick Performance Plan - Senior Management Incentive Plan Participants
|
10.3*
|
2014 Brunswick Performance Plan - Performance Share Plan Participants
|
10.4*
|
2014 Performance Share Grant Terms and Conditions Pursuant to the Brunswick Corporation 2003 Stock Incentive Plan
|
10.5*
|
2014 Performance Share Grant Terms and Conditions Pursuant to the Brunswick Corporation 2003 Stock Incentive Plan - TSR Participants
|
10.6*
|
2014 Stock-Settled Stock Appreciation Right Grant Terms and Conditions Pursuant to the Brunswick Corporation 2003 Stock Incentive Plan
|
10.7*
|
2014 Cash-Settled Restricted Stock Unit Grant Terms and Conditions Pursuant to the Brunswick Corporation 2003 Stock Incentive Plan
|
10.8*
|
2014 Stock-Settled Restricted Stock Unit Grant Terms and Conditions Pursuant to the Brunswick Corporation 2003 Stock Incentive Plan
|
10.9*
|
2013 Amended Performance Share Grant Terms and Conditions Pursuant to the Brunswick Corporation 2003 Stock Incentive Plan - TSR Participants
|
10.10*
|
2012 Amended Performance Share Grant Terms and Conditions Pursuant to the Brunswick Corporation 2003 Stock Incentive Plan - TSR Participants
|
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
|
|
April 30, 2014
|
By:
|
/s/ ALAN L. LOWE
|
|
|
Alan L. Lowe
|
|
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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 |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
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 |
---|