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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
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Accelerated Filer | ☐ | ||||||||
Non-accelerated Filer | ☐ | Smaller reporting company |
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Emerging growth company |
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Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
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PART I – FINANCIAL INFORMATION | Page | |||||||
PART II – OTHER INFORMATION | ||||||||
BRUNSWICK CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(unaudited)
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Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(in millions, except per share data) |
September 26,
2020 |
September 28,
2019 |
September 26,
2020 |
September 28,
2019 |
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Net sales | $ |
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Cost of sales |
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Selling, general and administrative expense |
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Research and development expense |
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Restructuring, exit and impairment charges |
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Operating earnings |
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Equity earnings |
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Pension settlement (charge) benefit |
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Other (expense) income, net |
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Earnings (loss) before interest and income taxes |
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Interest expense |
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Interest income |
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Earnings (loss) before income taxes |
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Income tax provision |
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Net earnings (loss) from continuing operations |
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Discontinued operations: | |||||||||||||||||||||||
Earnings (loss) from discontinued operations, net of tax |
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Loss on disposal of discontinued operations, net of tax |
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Net earnings (loss) from discontinued operations, net of tax |
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Net earnings (loss) | $ |
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Earnings (loss) per common share: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Earnings (loss) from continuing operations | $ |
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Earnings (loss) from discontinued operations |
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Net earnings (loss) | $ |
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$ |
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$ |
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$ |
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Diluted | |||||||||||||||||||||||
Earnings (loss) from continuing operations | $ |
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Earnings (loss) from discontinued operations |
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Net earnings (loss) | $ |
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Weighted average shares used for computation of: | |||||||||||||||||||||||
Basic earnings (loss) per common share |
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Diluted earnings (loss) per common share |
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Comprehensive income | $ |
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$ |
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$ |
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$ |
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The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements. |
BRUNSWICK CORPORATION
Condensed Consolidated Balance Sheets
(unaudited)
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(in millions) |
September 26,
2020 |
December 31,
2019 |
September 28,
2019 |
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Assets | |||||||||||||||||||||||
Current assets | |||||||||||||||||||||||
Cash and cash equivalents, at cost, which approximates fair value | $ |
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$ |
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$ |
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Restricted cash |
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Short-term investments in marketable securities |
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Total cash and short-term investments in marketable securities |
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Accounts and notes receivable, less allowances of $
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Inventories | |||||||||||||||||||||||
Finished goods |
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Work-in-process |
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Raw materials |
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Net inventories |
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Prepaid expenses and other |
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Current assets |
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Property | |||||||||||||||||||||||
Land |
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Buildings and improvements |
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Equipment |
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Total land, buildings and improvements and equipment |
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Accumulated depreciation |
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Net land, buildings and improvements and equipment |
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Unamortized product tooling costs |
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Net property |
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Other assets | |||||||||||||||||||||||
Goodwill |
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Other intangibles, net |
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Operating lease assets |
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Deferred income tax asset |
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Equity investments |
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Other long-term assets |
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Other assets |
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Total assets | $ |
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$ |
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$ |
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The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements. |
BRUNSWICK CORPORATION
Condensed Consolidated Balance Sheets
(unaudited)
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(in millions) |
September 26,
2020 |
December 31,
2019 |
September 28,
2019 |
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Liabilities and shareholders’ equity | |||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||
Short-term debt and current maturities of long-term debt | $ |
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$ |
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$ |
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Accounts payable |
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Accrued expenses |
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Current liabilities |
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Long-term liabilities | |||||||||||||||||||||||
Debt |
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Operating lease liabilities |
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Postretirement benefits |
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Other |
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Long-term liabilities |
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Shareholders’ equity | |||||||||||||||||||||||
Common stock; authorized:
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Additional paid-in capital |
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Retained earnings |
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Treasury stock, at cost:
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Accumulated other comprehensive loss |
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(
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(
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Shareholders’ equity
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Total liabilities and shareholders’ equity | $ |
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$ |
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$ |
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The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements. |
BRUNSWICK CORPORATION
Condensed Consolidated Statements of Cash Flows
(unaudited)
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Nine Months Ended | |||||||||||
(in millions) |
September 26,
2020 |
September 28,
2019 |
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Cash flows from operating activities | |||||||||||
Earnings (loss) | $ |
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$ |
(
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Less: net loss from discontinued operations, net of tax |
(
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(
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Net earnings (loss) from continuing operations, net of tax |
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Stock compensation expense |
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Depreciation and amortization |
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Pension expense, net of (funding) |
(
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Asset impairment charges |
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Deferred income taxes |
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Changes in certain current assets and current liabilities |
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(
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Extended warranty contracts and other deferred revenue |
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Income taxes |
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Other, net |
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Net cash provided by operating activities of continuing operations |
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Net cash provided by (used for) operating activities of discontinued operations |
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(
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Net cash provided by operating activities |
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Cash flows from investing activities | |||||||||||
Capital expenditures |
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Investments |
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Acquisition of businesses, net of cash acquired |
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Proceeds from the sale of property, plant and equipment |
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Net cash used for investing activities of continuing operations |
(
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(
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Net cash (used for) provided by investing activities of discontinued operations |
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Net cash (used for) provided by investing activities |
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Cash flows from financing activities | |||||||||||
Proceeds from issuances of short-term debt |
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Payments of short-term debt |
(
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(
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Net proceeds from issuances of long-term debt |
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Payments of long-term debt including current maturities |
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Common stock repurchases |
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Cash dividends paid |
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(
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Proceeds from share-based compensation activity |
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Tax withholding associated with shares issued for share-based compensation |
(
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(
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Other, net |
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(
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Net cash used for financing activities |
(
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(
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Effect of exchange rate changes |
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(
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Net increase in Cash and cash equivalents and Restricted cash |
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Cash and cash equivalents and Restricted cash at beginning of period |
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Cash and cash equivalents and Restricted cash at end of period |
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Less: Restricted cash |
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Cash and cash equivalents at end of period | $ |
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$ |
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The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements. |
BRUNSWICK CORPORATION
Condensed Consolidated Statements of Shareholders' Equity
(unaudited)
|
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(in millions, except per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ |
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$ |
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$ |
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$ |
(
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$ |
(
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$ |
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Net earnings |
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Other comprehensive loss |
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Dividends ($
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(
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Compensation plans and other |
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Common stock repurchases |
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(
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Balance at March 28, 2020 |
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Net earnings |
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Other comprehensive income |
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Dividends ($
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Compensation plans and other |
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Balance at June 27, 2020 |
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Net earnings |
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Other comprehensive income |
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Dividends ($
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Compensation plans and other |
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Common stock repurchases |
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(
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Balance at September 26, 2020 | $ |
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$ |
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$ |
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$ |
(
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$ |
(
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$ |
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(in millions, except per share data) | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ |
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$ |
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$ |
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$ |
(
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$ |
(
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$ |
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Net loss |
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Other comprehensive income |
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Dividends ($
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Compensation plans and other |
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Balance at March 30, 2019 |
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(
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Net earnings |
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Other comprehensive income |
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Dividends ($
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Compensation plans and other |
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Common stock repurchases |
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(
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Balance at June 29, 2019 |
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(
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(
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Net loss |
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Other comprehensive income |
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Dividends ($
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Compensation plans and other |
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Common stock repurchases |
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(
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(
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Balance at September 28, 2019 | $ |
|
$ |
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$ |
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$ |
(
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$ |
(
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$ |
|
Three Months Ended | |||||||||||||||||||||||
September 26, 2020 | |||||||||||||||||||||||
(in millions) | Propulsion | Parts & Accessories | Boat | Total | |||||||||||||||||||
Geographic Markets | |||||||||||||||||||||||
United States | $ |
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$ |
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$ |
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$ |
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Europe |
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Asia-Pacific |
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Canada |
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Rest-of-World |
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Segment Eliminations |
(
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(
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(
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Total | $ |
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$ |
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$ |
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$ |
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Major Product Lines | |||||||||||||||||||||||
Outboard Engines | $ |
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$ |
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$ |
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$ |
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Controls, Rigging, and Propellers |
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Sterndrive Engines |
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Distribution Parts and Accessories |
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Advanced Systems Group |
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Engine Parts and Accessories |
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Aluminum Freshwater Boats |
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Recreational Fiberglass Boats |
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Saltwater Fishing Boats |
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Business Acceleration |
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Boat Eliminations/Other |
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(
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(
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Segment Eliminations |
(
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(
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(
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|||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
Nine Months Ended | |||||||||||||||||||||||
September 26, 2020 | |||||||||||||||||||||||
(in millions) | Propulsion | Parts & Accessories | Boat | Total | |||||||||||||||||||
Geographic Markets | |||||||||||||||||||||||
United States | $ |
|
$ |
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$ |
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$ |
|
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Europe |
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Asia-Pacific |
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|
|
|||||||||||||||||||
Canada |
|
|
|
|
|||||||||||||||||||
Rest-of-World |
|
|
|
|
|||||||||||||||||||
Segment Eliminations |
(
|
(
|
|
(
|
|||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Major Product Lines | |||||||||||||||||||||||
Outboard Engines | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Controls, Rigging, and Propellers |
|
|
|
|
|||||||||||||||||||
Sterndrive Engines |
|
|
|
|
|||||||||||||||||||
Distribution Parts and Accessories |
|
|
|
|
|||||||||||||||||||
Advanced Systems Group |
|
|
|
|
|||||||||||||||||||
Engine Parts and Accessories |
|
|
|
|
|||||||||||||||||||
Aluminum Freshwater Boats |
|
|
|
|
|||||||||||||||||||
Recreational Fiberglass Boats |
|
|
|
|
|||||||||||||||||||
Saltwater Fishing Boats |
|
|
|
|
|||||||||||||||||||
Business Acceleration |
|
|
|
|
|||||||||||||||||||
Boat Eliminations/Other |
|
|
(
|
(
|
|||||||||||||||||||
Segment Eliminations |
(
|
(
|
|
(
|
|||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
Three Months Ended | |||||||||||||||||||||||
September 28, 2019 | |||||||||||||||||||||||
(in millions) | Propulsion | Parts & Accessories | Boat | Total | |||||||||||||||||||
Geographic Markets | |||||||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Europe |
|
|
|
|
|||||||||||||||||||
Asia-Pacific |
|
|
|
|
|||||||||||||||||||
Canada |
|
|
|
|
|||||||||||||||||||
Rest-of-World |
|
|
|
|
|||||||||||||||||||
Segment Eliminations |
(
|
(
|
|
(
|
|||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Major Product Lines | |||||||||||||||||||||||
Outboard Engines | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Controls, Rigging, and Propellers |
|
|
|
|
|||||||||||||||||||
Sterndrive Engines |
|
|
|
|
|||||||||||||||||||
Distribution Parts and Accessories |
|
|
|
|
|||||||||||||||||||
Advanced Systems Group |
|
|
|
|
|||||||||||||||||||
Engine Parts and Accessories |
|
|
|
|
|||||||||||||||||||
Aluminum Freshwater Boats |
|
|
|
|
|||||||||||||||||||
Recreational Fiberglass Boats |
|
|
|
|
|||||||||||||||||||
Saltwater Fishing Boats |
|
|
|
|
|||||||||||||||||||
Business Acceleration |
|
|
|
|
|||||||||||||||||||
Boat Eliminations/Other |
|
|
(
|
(
|
|||||||||||||||||||
Segment Eliminations |
(
|
(
|
|
(
|
|||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
Nine Months Ended | |||||||||||||||||||||||
September 28, 2019 | |||||||||||||||||||||||
(in millions) | Propulsion | Parts & Accessories | Boat | Total | |||||||||||||||||||
Geographic Markets | |||||||||||||||||||||||
United States | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Europe |
|
|
|
|
|||||||||||||||||||
Asia-Pacific |
|
|
|
|
|||||||||||||||||||
Canada |
|
|
|
|
|||||||||||||||||||
Rest-of-World |
|
|
|
|
|||||||||||||||||||
Segment Eliminations |
(
|
(
|
|
(
|
|||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Major Product Lines | |||||||||||||||||||||||
Outboard Engines | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Controls, Rigging, and Propellers |
|
|
|
|
|||||||||||||||||||
Sterndrive Engines |
|
|
|
|
|||||||||||||||||||
Distribution Parts and Accessories |
|
|
|
|
|||||||||||||||||||
Advanced Systems Group |
|
|
|
|
|||||||||||||||||||
Engine Parts and Accessories |
|
|
|
|
|||||||||||||||||||
Aluminum Freshwater Boats |
|
|
|
|
|||||||||||||||||||
Recreational Fiberglass Boats |
|
|
|
|
|||||||||||||||||||
Saltwater Fishing Boats |
|
|
|
|
|||||||||||||||||||
Business Acceleration |
|
|
|
|
|||||||||||||||||||
Boat Eliminations/Other |
|
|
(
|
(
|
|||||||||||||||||||
Segment Eliminations |
(
|
(
|
|
(
|
|||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(in millions) | Sep 26, 2020 | Sep 28, 2019 | Sep 26, 2020 | Sep 28, 2019 | |||||||||||||||||||
Net sales | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Cost of sales |
|
|
|
|
|||||||||||||||||||
Selling, general and administrative expense
(A)
|
(
|
|
(
|
|
|||||||||||||||||||
Research and development expense |
|
|
|
|
|||||||||||||||||||
Restructuring, exit and impairment charges
(B)
|
|
|
|
|
|||||||||||||||||||
Earnings (loss) from discontinued operations before income taxes
(A) (B)
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||||
Income tax provision (benefit) |
|
(
|
|
(
|
|||||||||||||||||||
Earnings (loss) from discontinued operations, net of tax
(A) (B)
|
|
(
|
|
(
|
|||||||||||||||||||
Loss on disposal of discontinued operations, net of tax
(C)
|
(
|
(
|
(
|
(
|
|||||||||||||||||||
Net earnings (loss) from discontinued operations, net of tax | $ |
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||
September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parts & Accessories | Boat | Corporate | Total | Parts & Accessories | Boat | Corporate | Total | |||||||||||||||||||||||||||||||||||||||||||||
Restructuring and exit activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee termination and other benefits | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||
Professional fees |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Other |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Definite-lived and other asset impairments |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Total restructuring, exit and impairment charges | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||
Total cash payments for restructuring, exit and impairment charges
(A)
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||
Accrued charges at end of the period
(B)
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Parts & Accessories | Boat | Corporate | Total | Parts & Accessories | Boat | Corporate | Total | |||||||||||||||||||||||||||||||||||||||||||||
Restructuring and exit activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee termination and other benefits | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||
Current asset write-downs |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Professional fees |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Other |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Definite-lived and other asset impairments |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Total restructuring, exit and impairment charges | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||
Total cash payments for restructuring, exit and impairment charges
(A)
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||
Accrued charges at end of the period
(B)
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||
Instrument | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||
Sep 26, 2020 | Dec 31, 2019 | Sep 28, 2019 | Sep 26, 2020 | Dec 31, 2019 | Sep 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other | $ |
|
$ |
|
$ |
|
Accrued expenses | $ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||
Commodity contracts
|
Prepaid expenses and other |
|
|
|
Accrued expenses |
|
|
|
||||||||||||||||||||||||||||||||||||||||||
Total
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Fair Value Hedges | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts
|
Other long-term assets | $ |
|
$ |
|
$ |
|
Other long-term liabilities | $ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||
Total
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||||
Other Hedging Activity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Prepaid expenses and other | $ |
|
$ |
|
$ |
|
Accrued expenses | $ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives Designated as Cash Flow Hedging Instruments | Amount of Gain (Loss) on Derivatives Recognized in Accumulated Other Comprehensive Loss | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Earnings |
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss
into Earnings
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep 26,
2020 |
Sep 28,
2019 |
Sep 26,
2020 |
Sep 28,
2019 |
Sep 26,
2020 |
Sep 28,
2019 |
Sep 26,
2020 |
Sep 28,
2019 |
|||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ |
|
$ |
|
$ |
|
$ |
|
Interest expense | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts |
(
|
|
|
|
Cost of sales |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts |
|
|
(
|
|
Cost of sales |
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Total | $ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Derivatives Designated as Fair Value Hedging Instruments |
Location of Gain (Loss) on Derivatives
Recognized in Earnings |
Amount of Gain (Loss) on Derivatives Recognized in Earnings | ||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Sep 26,
2020 |
Sep 28,
2019 |
Sep 26,
2020 |
Sep 28,
2019 |
|||||||||||||||||||||||||||||
Interest rate contracts | Interest expense | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
Other Hedging Activity
|
Location of Gain (Loss) on Derivatives
Recognized in Earnings |
Amount of Gain (Loss) on Derivatives Recognized in Earnings | ||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Sep 26, 2020 | Sep 28, 2019 | Sep 26, 2020 | Sep 28, 2019 | |||||||||||||||||||||||||||||
Foreign exchange contracts | Cost of sales | $ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
Foreign exchange contracts | Other expense, net |
(
|
(
|
|
(
|
|||||||||||||||||||||||||||
Total | $ |
(
|
$ |
|
$ |
|
$ |
|
(in millions) | Level 1 | Level 2 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents | $ |
|
$ |
|
$ |
|
|||||||||||||||||
Short-term investments in marketable securities |
|
|
|
||||||||||||||||||||
Restricted cash |
|
|
|
||||||||||||||||||||
Derivatives |
|
|
|
||||||||||||||||||||
Total assets | $ |
|
$ |
|
$ |
|
|||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivatives | $ |
|
$ |
|
$ |
|
|||||||||||||||||
Deferred compensation |
|
|
|
||||||||||||||||||||
Total liabilities at fair value | $ |
|
$ |
|
$ |
|
|||||||||||||||||
Liabilities measured at net asset value |
|
||||||||||||||||||||||
Total liabilities | $ |
|
(in millions) | Level 1 | Level 2 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents | $ |
|
$ |
|
$ |
|
|||||||||||||||||
Short-term investments in marketable securities |
|
|
|
||||||||||||||||||||
Restricted cash |
|
|
|
||||||||||||||||||||
Derivatives |
|
|
|
||||||||||||||||||||
Total assets | $ |
|
$ |
|
$ |
|
|||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivatives | $ |
|
$ |
|
$ |
|
|||||||||||||||||
Deferred compensation |
|
|
|
||||||||||||||||||||
Total liabilities at fair value | $ |
|
$ |
|
$ |
|
|||||||||||||||||
Liabilities measured at net asset value |
|
||||||||||||||||||||||
Total liabilities | $ |
|
(in millions) | Level 1 | Level 2 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents | $ |
|
$ |
|
$ |
|
|||||||||||||||||
Short-term investments in marketable securities |
|
|
|
||||||||||||||||||||
Restricted cash |
|
|
|
||||||||||||||||||||
Derivatives |
|
|
|
||||||||||||||||||||
Total assets | $ |
|
$ |
|
$ |
|
|||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivatives | $ |
|
$ |
|
$ |
|
|||||||||||||||||
Deferred compensation |
|
|
|
||||||||||||||||||||
Total liabilities at fair value | $ |
|
$ |
|
$ |
|
|||||||||||||||||
Liabilities measured at net asset value |
|
||||||||||||||||||||||
Total liabilities | $ |
|
2020 | 2019 | |||||||||||||||||||
Risk-free interest rate |
|
% |
|
% | ||||||||||||||||
Dividend yield |
|
% |
|
% | ||||||||||||||||
Volatility factor |
|
% |
|
% | ||||||||||||||||
Expected life of award | 2.9 years | 2.9 years |
(in millions) |
September 26,
2020 |
September 28,
2019 |
|||||||||
Balance at beginning of period | $ |
|
$ |
|
|||||||
Payments - Recurring |
(
|
(
|
|||||||||
Payments - Sport Yacht and Yachts and Fitness businesses |
(
|
(
|
|||||||||
Provisions/additions for contracts issued/sold |
|
|
|||||||||
Aggregate changes for preexisting warranties |
(
|
|
|||||||||
Foreign currency translation |
(
|
(
|
|||||||||
Other
(A)
|
(
|
|
|||||||||
Balance at end of period | $ |
|
$ |
|
(in millions) |
September 26,
2020 |
September 28,
2019 |
|||||||||
Balance at beginning of period | $ |
|
$ |
|
|||||||
Extended warranty contracts sold |
|
|
|||||||||
Revenue recognized on existing extended warranty contracts |
(
|
(
|
|||||||||
Foreign currency translation |
(
|
|
|||||||||
Other |
(
|
(
|
|||||||||
Balance at end of period | $ |
|
$ |
|
(in millions) |
December 31,
2019 |
Acquisitions | Adjustments |
September 26,
2020 |
|||||||||||||||||||||||||
Propulsion
(A)
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||
Parts and Accessories
(A)
|
|
|
|
|
|||||||||||||||||||||||||
Boat |
|
|
|
|
|||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
(in millions) | December 31, 2018 | Acquisitions | Adjustments |
September 28,
2019 |
|||||||||||||||||||||||||
Propulsion
(A)
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||||
Parts and Accessories
(A)
|
|
|
|
|
|||||||||||||||||||||||||
Boat |
|
|
|
|
|||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
September 26, 2020 | December 31, 2019 | September 28, 2019 | |||||||||||||||||||||||||||||||||
(in millions) | Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | |||||||||||||||||||||||||||||
Intangible assets: | |||||||||||||||||||||||||||||||||||
Customer relationships
(A)
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||||||||||||
Trade names |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Other
(A)
|
|
(
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||
Total | $ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
September 26, 2020 | December 31, 2019 | September 28, 2019 | |||||||||||||||||||||||||||||||||
(in millions) | Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | |||||||||||||||||||||||||||||
Propulsion | $ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||||||||||||
Parts and Accessories |
|
(
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||
Boat |
|
(
|
|
(
|
|
(
|
|||||||||||||||||||||||||||||
Total | $ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
Net Sales | Operating Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) |
Sep 26,
2020 |
Sep 28,
2019 |
Sep 26,
2020 |
Sep 28,
2019 |
Sep 26,
2020 |
Sep 28,
2019 |
Sep 26,
2020 |
Sep 28,
2019 |
|||||||||||||||||||||||||||||||||||||||
Propulsion | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||
Parts and Accessories |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Boat |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Corporate/Other |
|
|
|
|
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||
Segment Eliminations |
(
|
(
|
(
|
(
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total Assets | |||||||||||||||||
(in millions) |
September 26,
2020 |
December 31,
2019 |
September 28,
2019 |
||||||||||||||
Propulsion | $ |
|
$ |
|
$ |
|
|||||||||||
Parts and Accessories |
|
|
|
||||||||||||||
Boat
(A)
|
|
|
|
||||||||||||||
Corporate/Other |
|
|
|
||||||||||||||
Total | $ |
|
$ |
|
$ |
|
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(in millions) |
September 26,
2020 |
September 28,
2019 |
September 26,
2020 |
September 28,
2019 |
|||||||||||||||||||
Net earnings (loss) | $ |
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Foreign currency cumulative translation adjustment |
|
(
|
|
|
|||||||||||||||||||
Net change in unamortized prior service credits |
(
|
|
(
|
|
|||||||||||||||||||
Net change in unamortized actuarial losses |
(
|
|
|
|
|||||||||||||||||||
Net change in unrealized derivative losses |
(
|
|
(
|
|
|||||||||||||||||||
Total other comprehensive income |
|
|
|
|
|||||||||||||||||||
Comprehensive income | $ |
|
$ |
|
$ |
|
$ |
|
(in millions) | Foreign currency translation | Prior service credits | Net actuarial losses | Net derivative losses | Total | ||||||||||||||||||||||||
Beginning balance | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||||
Other comprehensive income (loss) before reclassifications
(A)
|
|
|
(
|
(
|
|
||||||||||||||||||||||||
Amounts reclassified from Accumulated other comprehensive income (loss)
(B)
|
|
(
|
|
(
|
(
|
||||||||||||||||||||||||
Net other comprehensive income (loss) |
|
(
|
(
|
(
|
|
||||||||||||||||||||||||
Ending balance | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
(in millions) | Foreign currency translation | Prior service credits | Net actuarial losses | Net derivative losses | Total | ||||||||||||||||||||||||
Beginning balance | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||||
Other comprehensive income (loss) before reclassifications
(A)
|
|
|
(
|
|
|
||||||||||||||||||||||||
Amounts reclassified from Accumulated other comprehensive income (loss)
(B)
|
|
(
|
|
(
|
(
|
||||||||||||||||||||||||
Net other comprehensive income (loss) |
|
(
|
|
(
|
|
||||||||||||||||||||||||
Ending balance | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
(in millions) | Foreign currency translation | Prior service credits | Net actuarial losses | Net derivative losses | Total | ||||||||||||||||||||||||
Beginning balance | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||||
Other comprehensive income (loss) before reclassifications
(A)
|
(
|
|
(
|
|
(
|
||||||||||||||||||||||||
Amounts reclassified from Accumulated other comprehensive income (loss)
(B)
|
|
|
|
(
|
|
||||||||||||||||||||||||
Net other comprehensive income (loss) |
(
|
|
|
|
|
||||||||||||||||||||||||
Ending balance | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
(in millions) | Foreign currency translation | Prior service credits | Net actuarial losses | Net derivative losses | Total | ||||||||||||||||||||||||
Beginning balance | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||||
Other comprehensive income (loss) before reclassifications
(A)
|
(
|
|
(
|
|
(
|
||||||||||||||||||||||||
Amounts reclassified from Accumulated other comprehensive income (loss)
(B)
|
|
|
|
(
|
|
||||||||||||||||||||||||
Net other comprehensive income |
|
|
|
|
|
||||||||||||||||||||||||
Ending balance | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Details about Accumulated other comprehensive income (loss) components (in millions) |
Sep 26,
2020 |
Sep 28,
2019 |
Sep 26,
2020 |
Sep 28,
2019 |
Affected line item in the statement where net income is presented | |||||||||||||||||||||||||||
Amount of loss reclassified into earnings on foreign currency:
|
||||||||||||||||||||||||||||||||
Foreign currency cumulative translation adjustment
|
$ |
|
$ |
|
$ |
|
$ |
(
|
Net earnings (loss) from discontinued operations, net of tax | |||||||||||||||||||||||
|
|
|
(
|
Net earnings (loss) from discontinued operations, net of tax | ||||||||||||||||||||||||||||
|
|
|
|
Net earnings (loss) from discontinued operations, net of tax | ||||||||||||||||||||||||||||
$ |
|
$ |
|
$ |
|
$ |
(
|
Net earnings (loss) from discontinued operations, net of tax | ||||||||||||||||||||||||
Amortization of defined benefit items:
|
||||||||||||||||||||||||||||||||
Prior service credits
|
$ |
|
$ |
|
$ |
|
$ |
|
Other (expense) income, net | |||||||||||||||||||||||
Net actuarial losses
|
(
|
(
|
(
|
(
|
Other (expense) income, net | |||||||||||||||||||||||||||
Net actuarial losses |
|
(
|
|
(
|
Pension settlement charge
(A)
|
|||||||||||||||||||||||||||
|
(
|
|
(
|
Earnings (loss) before income taxes | ||||||||||||||||||||||||||||
|
(
|
|
(
|
Income tax provision
(A)
|
||||||||||||||||||||||||||||
$ |
|
$ |
(
|
$ |
|
$ |
(
|
Net earnings (loss) from continuing operations | ||||||||||||||||||||||||
Amount of gain (loss) reclassified into earnings on derivative contracts:
|
||||||||||||||||||||||||||||||||
Interest rate contracts
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
Interest expense | |||||||||||||||||||||||
Foreign exchange contracts
|
|
|
|
|
Cost of sales | |||||||||||||||||||||||||||
Commodity contracts
|
(
|
|
(
|
|
Cost of sales | |||||||||||||||||||||||||||
|
|
|
|
Earnings (loss) before income taxes | ||||||||||||||||||||||||||||
(
|
(
|
(
|
(
|
Income tax provision | ||||||||||||||||||||||||||||
$ |
|
$ |
|
$ |
|
$ |
|
Net earnings (loss) from continuing operations |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) |
Sep 26,
2020 |
Sep 28,
2019 |
Sep 26,
2020 |
Sep 28,
2019 |
Sep 26,
2020 |
Sep 28,
2019 |
Sep 26,
2020 |
Sep 28,
2019 |
|||||||||||||||||||||||||||||||||||||||
Interest cost | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||
Expected return on plan assets |
|
(
|
|
(
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Amortization of prior service credits |
|
|
|
|
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial losses |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Settlement charge (benefit) |
|
|
(
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Net pension and other benefit costs | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
(in millions) | |||||
Remainder of 2020 | $ |
|
|||
2021 |
|
||||
2022 |
|
||||
2023 |
|
||||
2024 |
|
||||
Thereafter |
|
||||
Total debt | $ |
|
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | 2020 vs. 2019 | Net Sales | 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) |
Sep 26,
2020 |
Sep 28,
2019 |
GAAP | Constant Currency |
Sep 26,
2020 |
Sep 28,
2019 |
GAAP | Constant Currency | Acquisition Benefit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Propulsion | $ | 526.5 | $ | 396.9 | 32.7 | % | 32.9 | % | $ | 1,370.5 | $ | 1,310.8 | 4.6 | % | 5.7 | % | — | % | |||||||||||||||||||||||||||||||||||||||||
Parts & Accessories | 459.9 | 373.0 | 23.3 | % | 22.8 | % | 1,148.0 | 1,096.6 | 4.7 | % | 5.2 | % | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Boat | 328.1 | 277.4 | 18.3 | % | 18.0 | % | 869.5 | 1,017.3 | (14.5) | % | (14.3) | % | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
Segment eliminations | (81.4) | (70.7) | 15.1 | % | 15.0 | % | (201.6) | (233.9) | (13.8) | % | (13.8) | % | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,233.1 | $ | 976.6 | 26.3 | % | 26.1 | % | $ | 3,186.4 | $ | 3,190.8 | (0.1) | % | 0.6 | % | 0.3 | % |
Three Months Ended | 2020 vs. 2019 | Nine Months Ended | 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) |
Sep 26,
2020 |
Sep 28,
2019 |
$
Change |
%
Change |
Sep 26,
2020 |
Sep 28,
2019 |
$
Change |
%
Change |
|||||||||||||||||||||||||||||||||||||||
Net sales | $1,233.1 | $976.6 | $256.5 | 26.3% | $3,186.4 | $3,190.8 | $(4.4) | (0.1)% | |||||||||||||||||||||||||||||||||||||||
Gross margin
(A)
|
376.9 | 276.9 | 100.0 | 36.1% | 876.7 | 884.4 | (7.7) | (0.9)% | |||||||||||||||||||||||||||||||||||||||
Restructuring, exit and impairment charges | 1.8 | 7.4 | (5.6) | (75.7)% | 4.3 | 16.0 | (11.7) | (73.1)% | |||||||||||||||||||||||||||||||||||||||
Operating earnings | 192.6 | 119.7 | 72.9 | 60.9% | 402.8 | 396.5 | 6.3 | 1.6% | |||||||||||||||||||||||||||||||||||||||
Net earnings (loss) from continuing operations | 136.8 | (232.9) | 369.7 | NM | 278.7 | (44.6) | 323.3 | NM | |||||||||||||||||||||||||||||||||||||||
Diluted earnings (loss) per common share from continuing operations | $1.71 | $(2.74) | $4.45 | NM | $3.49 | $(0.52) | $4.01 | NM | |||||||||||||||||||||||||||||||||||||||
Expressed as a percentage of Net sales: | |||||||||||||||||||||||||||||||||||||||||||||||
Gross margin
(A)
|
30.6 | % | 28.4 | % | 220 bpts | 27.5 | % | 27.7 | % | (20) bpts | |||||||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 12.3 | % | 12.3 | % | (0) bpts | 12.0 | % | 11.9 | % | 10 bpts | |||||||||||||||||||||||||||||||||||||
Research and development expense | 2.5 | % | 3.0 | % | (50) bpts | 2.8 | % | 2.9 | % | (10) bpts | |||||||||||||||||||||||||||||||||||||
Restructuring, exit and impairment charges | 0.1 | % | 0.8 | % | (70) bpts | 0.1 | % | 0.5 | % | (40) bpts | |||||||||||||||||||||||||||||||||||||
Operating margin | 15.6 | % | 12.3 | % | 330 bpts | 12.6 | % | 12.4 | % | 20 bpts |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings | Diluted Earnings (Loss) Per Share | Operating Earnings | Diluted Earnings (Loss) Per Share | ||||||||||||||||||||||||||||||||||||||||||||
(in millions, except per share data) |
Sep 26,
2020 |
Sep 28,
2019 |
Sep 26,
2020 |
Sep 28,
2019 |
Sep 26,
2020 |
Sep 28,
2019 |
Sep 26,
2020 |
Sep 28,
2019 |
|||||||||||||||||||||||||||||||||||||||
GAAP
|
$ | 192.6 | $ | 119.7 | $ | 1.71 | $ | (2.74) | $ | 402.8 | $ | 396.5 | $ | 3.49 | $ | (0.52) | |||||||||||||||||||||||||||||||
Restructuring, exit, and impairment charges | 1.8 | 7.4 | 0.02 | 0.14 | 4.3 | 16.0 | 0.03 | 0.19 | |||||||||||||||||||||||||||||||||||||||
Purchase accounting amortization | 7.5 | 7.5 | 0.07 | 0.05 | 22.6 | 22.0 | 0.22 | 0.18 | |||||||||||||||||||||||||||||||||||||||
Acquisition and IT related costs | 1.0 | 1.2 | 0.01 | 0.01 | 3.6 | 3.0 | 0.04 | 0.03 | |||||||||||||||||||||||||||||||||||||||
Transaction financing charges | — | — | — | 0.01 | — | — | — | 0.01 | |||||||||||||||||||||||||||||||||||||||
Special tax items
|
— | — | (0.01) | (0.03) | — | — | (0.01) | (0.03) | |||||||||||||||||||||||||||||||||||||||
Sport Yacht & Yachts | — | — | — | — | — | 2.9 | — | 0.03 | |||||||||||||||||||||||||||||||||||||||
Pension settlement charge (benefit) | — | — | 0.00 | 3.66 | — | — | (0.01) | 3.60 | |||||||||||||||||||||||||||||||||||||||
As Adjusted
|
$ | 202.9 | $ | 135.8 | $ | 1.80 | $ | 1.10 | $ | 433.3 | $ | 440.4 | $ | 3.76 | $ | 3.49 | |||||||||||||||||||||||||||||||
Operating margin GAAP
|
15.6 | % | 12.3 | % | 12.6 | % | 12.4 | % | |||||||||||||||||||||||||||||||||||||||
Operating margin, as adjusted | 16.5 | % | 13.9 | % | 13.6 | % | 13.8 | % |
Three Months Ended | 2020 vs. 2019 | Nine Months Ended | 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) |
Sep 26,
2020 |
Sep 28,
2019 |
$
Change |
%
Change |
Sep 26,
2020 |
Sep 28,
2019 |
$
Change |
%
Change |
|||||||||||||||||||||||||||||||||||||||
Net sales | $526.5 | $396.9 | $129.6 | 32.7% | $1,370.5 | $1,310.8 | $59.7 | 4.6% | |||||||||||||||||||||||||||||||||||||||
Operating earnings | 94.1 | 58.2 | 35.9 | 61.7% | 203.1 | 189.1 | 14.0 | 7.4% | |||||||||||||||||||||||||||||||||||||||
Operating margin | 17.9% | 14.7% | 320 bpts | 14.8% | 14.4% | 40 bpts |
Three Months Ended | 2020 vs. 2019 | Nine Months Ended | 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) |
Sep 26,
2020 |
Sep 28,
2019 |
$
Change |
%
Change |
Sep 26,
2020 |
Sep 28,
2019 |
$
Change |
%
Change |
|||||||||||||||||||||||||||||||||||||||
Net sales | $459.9 | $373.0 | $86.9 | 23.3 % | $1,148.0 | $1,096.6 | $51.4 | 4.7 % | |||||||||||||||||||||||||||||||||||||||
Operating Earnings GAAP | $99.9 | $73.0 | $26.9 | 36.8 % | $226.2 | $209.0 | $17.2 | 8.2 % | |||||||||||||||||||||||||||||||||||||||
Purchase accounting amortization | 7.1 | 7.1 | — | —% | 21.5 | 21.5 | — | —% | |||||||||||||||||||||||||||||||||||||||
Restructuring, exit and impairment charges | 0.5 | 3.5 | (3.0) | (85.7)% | 0.8 | 4.1 | (3.3) | (80.5)% | |||||||||||||||||||||||||||||||||||||||
Operating Earnings, as adjusted | $107.5 | $83.6 | $23.9 | 28.6 % | $248.5 | $234.6 | $13.9 | 5.9 % | |||||||||||||||||||||||||||||||||||||||
Operating margin GAAP | 21.7 % | 19.6 % | 210 bpts | 19.7 % | 19.1 % | 60 bpts | |||||||||||||||||||||||||||||||||||||||||
Operating margin, as adjusted | 23.4 % | 22.4 % | 100 bpts | 21.6 % | 21.4 % | 20 bpts |
Three Months Ended | 2020 vs. 2019 | Nine Months Ended | 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) |
Sep 26,
2020 |
Sep 28,
2019 |
$
Change |
%
Change |
Sep 26,
2020 |
Sep 28,
2019 |
$
Change |
%
Change |
|||||||||||||||||||||||||||||||||||||||
Net sales | $328.1 | $277.4 | $50.7 | 18.3% | $869.5 | $1,017.3 | $(147.8) | (14.5)% | |||||||||||||||||||||||||||||||||||||||
Operating Earnings GAAP | $28.3 | $8.1 | $20.2 | NM | $35.4 | $60.9 | $(25.5) | (41.9)% | |||||||||||||||||||||||||||||||||||||||
Restructuring, exit and impairment charges | 1.2 | 3.4 | (2.2) | (64.7)% | 1.5 | 8.0 | (6.5) | (81.3)% | |||||||||||||||||||||||||||||||||||||||
Acquisition related costs | 0.4 | 0.5 | (0.1) | (20.0)% | 1.7 | 1.8 | (0.1) | (5.6)% | |||||||||||||||||||||||||||||||||||||||
Purchase accounting amortization | 0.4 | 0.4 | — | — | 1.1 | 0.5 | 0.6 | NM | |||||||||||||||||||||||||||||||||||||||
Sport Yacht & Yachts | — | — | — | — | — | 2.9 | (2.9) | NM | |||||||||||||||||||||||||||||||||||||||
Operating Earnings, as adjusted | $30.3 | $12.4 | 17.9 | NM | $39.7 | $74.1 | (34.4) | (46.4)% | |||||||||||||||||||||||||||||||||||||||
Operating margin GAAP | 8.6% | 2.9% | 570 bpts | 4.1% | 6.0% | (190) bpts | |||||||||||||||||||||||||||||||||||||||||
Operating margin, as adjusted | 9.2% | 4.5% | 470 bpts | 4.6% | 7.3% | (270) bpts |
Three Months Ended | 2020 vs. 2019 | Nine Months Ended | 2020 vs. 2019 | ||||||||||||||||||||||||||||||||||||||||||||
(in millions) |
Sep 26,
2020 |
Sep 28,
2019 |
$
Change |
%
Change |
Sep 26,
2020 |
Sep 28,
2019 |
$
Change |
%
Change |
|||||||||||||||||||||||||||||||||||||||
Operating loss GAAP | $(29.7) | $(19.6) | $(10.1) | (51.5)% | $(61.9) | $(62.5) | $0.6 | 1.0% | |||||||||||||||||||||||||||||||||||||||
Restructuring, exit and impairment charges | 0.1 | 0.5 | (0.4) | (80.0)% | 2.0 | 3.9 | (1.9) | (48.7)% | |||||||||||||||||||||||||||||||||||||||
IT transformation cost | 0.6 | 0.7 | (0.1) | (14.3)% | 1.9 | 1.2 | 0.7 | 58.3% | |||||||||||||||||||||||||||||||||||||||
Operating loss, as adjusted | $(29.0) | $(18.4) | (10.6) | (57.6)% | $(58.0) | $(57.4) | (0.6) | (1.0)% |
(in millions) |
September 26,
2020 |
September 28,
2019 |
|||||||||
Net cash provided by operating activities of continuing operations | $ | 637.4 | $ | 254.2 | |||||||
Net cash provided by (used for): | |||||||||||
Capital expenditures | (120.6) | (178.4) | |||||||||
Proceeds from the sale of property, plant and equipment | 2.0 | 6.4 | |||||||||
Effect of exchange rate changes | 1.2 | (3.2) | |||||||||
Total free cash flow from continuing operations
(A)
|
$ | 520.0 | $ | 79.0 |
(in millions) |
September 26,
2020 |
December 31,
2019 |
September 28,
2019 |
||||||||||||||
Cash and cash equivalents | $ | 650.4 | $ | 320.3 | $ | 366.2 | |||||||||||
Short-term investments in marketable securities | 0.8 | 0.8 | 0.8 | ||||||||||||||
Total cash, cash equivalents and marketable securities | $ | 651.2 | $ | 321.1 | $ | 367.0 |
(in millions) |
September 26,
2020 |
December 31,
2019 |
September 28,
2019 |
||||||||||||||
Cash, cash equivalents and marketable securities | $ | 651.2 | $ | 321.1 | $ | 367.0 | |||||||||||
Amounts available under lending facility
(A)
|
387.9 | 387.9 | 387.9 | ||||||||||||||
Total liquidity
(B)
|
$ | 1,039.1 | $ | 709.0 | $ | 754.9 |
Period | Total Number of Shares Purchased | Weighted Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Amount of Dollars that May Yet Be Used to Purchase Shares Under the Program | ||||||||||||||||||||||
June 28 to July 25 | — | $ | — | — | ||||||||||||||||||||||
July 26 to August 22 | — | — | — | |||||||||||||||||||||||
August 23 to September 26 | 738,926 | 60.90 | 738,926 | $ | 155,728,550 | |||||||||||||||||||||
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 | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||
BRUNSWICK CORPORATION
|
||||||||
November 4, 2020 | By: | /s/ RANDALL S. ALTMAN | ||||||
Randall S. Altman | ||||||||
Vice President 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 |
---|---|---|---|
STEPHEN E. STERRETT Chairman of the Board Mr. Sterrett retired on December 31, 2014 as the Sr. Executive Vice President and Chief Financial Officer of Indianapolis-based Simon Property Group, Inc., a position he held since 2000. From 1993 to 2000 Mr. Sterrett held the position of Treasurer with Simon. Prior to joining the Simon organization in 1988 he was a senior manager with the international accounting firm of Price Waterhouse. Mr. Sterrett was previously a member of the board of directors of Realty Income Corporation, also an S&P 500 company, from 2014 to 2019. In 2018 he became a Trustee of Butler University, a private university in Indianapolis, Indiana. He serves as a Trustee of Tindley Accelerated Schools, a K-12 charter school network in Indianapolis, Indiana. In 2021 he became a member of the Board of Governors of The First Tee. Mr. Sterrett also serves on the board of directors of the following not-for-profit companies: the Indiana Golf Foundation, the Indiana University Center for Real Estate Studies and the Kelley School of Business Dean’s Council. Other Public Company Boards: • Lead Independent Director of Equity Residential, an S&P 500 company Education Mr. Sterrett holds a B.S. degree in accounting and an M.B.A. in finance, both from Indiana University. Skills and Qualifications | |||
ROBERT A. STEELE Director In 2011, Mr. Steele retired from Procter & Gamble as the company’s Vice Chairman Health Care. During his 35 year tenure with Procter & Gamble, he served in a variety of executive leadership positions, including Vice Chairman Global Health and Well-being, Group President Global Household Care, and Group President of North American Operations. Mr. Steele was previously a member of the board of directors of the Keurig/Green Mountain Coffee Company, Beam Inc., LSI Industries, Inc., Kellogg Company and Newell Inc. Other Public Company Boards: • Board member of BJ’s Wholesale Club Holdings, Inc., where he serves as the Lead Director and on the Audit Committee Education Mr. Steele has a bachelor’s degree in Economics from College of Wooster and a M.B.A. from Cleveland State University. Skills and Qualifications | |||
PETER T. THOMAS Director Mr. Thomas served as President, Chief Executive Officer and Chairman of the board of directors of Ferro Corporation from November 2012 to April 2022. Mr. Thomas served in various roles at Ferro from 1999 to 2012, including as Operating Vice President the Polymer and Ceramic Engineered Materials Group, Director of Sales for Polymer Additives, Commercial Director for Performance and Fine Chemicals, and Vice President of Organic Specialties. Mr. Thomas served in various roles at Witco Corporation from 1991 to 1998, including as Vice President of the Oleochemical-Derivatives business unit, Vice President of Sales, and Global Market Director. Mr. Thomas previously served on the board of directors of Innophos Holdings, Inc. from January 2016 to February 2020, including serving as its lead director from December 2017 to February 2020 and as a member of its Audit and Nominating and Governance Committees from January 2016 to February 2020. Education Mr. Thomas has a B.S. in Chemistry and BioChemistry from Duquesne University and an M.B.A. in Finance and Marketing from Loyola University. Skills and Qualifications | |||
MEREDITH R. HARPER Director Ms. Harper has been the Senior Vice President and Chief Information Security Officer of Synchrony Financial since June 2022. She leads a multi-national team responsible for Security Operations, Incident Response, Identity & Access Management, Application Security, IS Risk Management, and IS Tools & Technology. Prior to joining Synchrony Financial, Ms. Harper served as the Vice President, Chief Information Security Officer for Eli Lilly & Company from August 2018 to June 2022. Prior to joining Eli Lilly & Company, Ms. Harper served as Vice President, Chief Information Privacy & Security Officer at Henry Ford Health System from 2002 to August 2018. Ms. Harper is an active member of the Health Care Compliance Association and is also certified as a HealthCare Information Security & Privacy Practitioner through the International Information System Security Certification Consortium, Inc. and a Certified Information Security Manager through the Information Systems Audit and Control Association. She continues to provide leadership for several industry groups, serves her alma mater as a Trustee for the University of Detroit Mercy and has provided 31 years of community service through her Diamond Life membership in Delta Sigma Theta Sorority, Inc. Education Ms. Harper earned a Bachelor of Science in Computer Information Systems from the University of Detroit Mercy and a Master’s in Health Service Administration and a Master’s of Jurisprudence in Health Law from the Loyola Chicago School of Law. Skills and Qualifications | |||
KEVIN J. KWILINSKI Chief Executive Officer and Director Mr. Kwilinski has been Chief Executive Officer of Berry since October 2023. Prior to becoming Chief Executive Officer of Berry, Mr. Kwilinski was employed by Multicolor Corporation (Multicolor, MCC Label) as the President and Chief Executive Officer and member of the Board of Directors from October 2021 until September 2023. Prior to working for Multicolor, Mr. Kwilinski was the President and Chief Executive Officer and member of the Board of Directors of Fort Dearborn Company from May 2017 until October 2021. Education Mr. Kwilinski holds a Bachelor of Arts degree in Physics and Mathematics from Greenville University in Greenville, Illinois and a Master of Science degree in Industrial and Operations Engineering from the University of Michigan in Ann Arbor, Michigan. Skills and Qualifications | |||
JONATHAN F. FOSTER Director Since 2008 Mr. Foster has served as Founder and a Managing Director of Current Capital Partners LLC, a mergers and acquisitions advisory, corporate management services and private equity investing firm. From 2007 until 2008, Mr. Foster served as a Managing Director and Co-Head of Diversified Industrials and Services at Wachovia Securities. Mr. Foster has served in numerous key executive leadership positions including: Executive Vice President — Finance and Business Development of Revolution LLC; Managing Director of The Cypress Group; Senior Managing Director and Head of Industrial Products and Services Mergers and Acquisitions at Bear Stearns & Co; and Executive Vice President, Chief Operating Officer, and Chief Financial Officer of ToysRUs.com, Inc. Prior to the aforementioned positions, Mr. Foster was with Lazard, including as a Managing Director, for over 10 years, primarily in mergers and acquisitions. He was previously a member of the board of directors of Sabine Oil & Gas Corporation, Smurfit-Stone Container Corporation, Chemtura Corporation, and Masonite International Corporation, as well as a Trustee of the New York Power Authority. Other Public Company Boards: • Board member of Lear Corporation • Board member of Five Point Holdings Education Mr. Foster has a bachelor’s degree in Accounting from Emory University, a master’s degree in Accounting and Finance from the London School of Economics and has attended the Executive Education Program at Harvard Business School. Skills and Qualifications | |||
JILL A. RAHMAN Director Ms. Rahman is the Chief Operating Officer of the Greater Chicago Food Depository, a role she began in June 2020. From 2009 until June 2020 she served in several executive roles at Conagra Brands, Inc. including International Division President from 2016 to 2020 and U.S. Sweet and Salty Snacks Vice President and General Manager from 2010 to 2016. Ms. Rahman also held a variety of marketing, brand management, and strategic planning roles during her 15-year career at Kraft Foods and at Newell Rubbermaid. While at Conagra, she held board of director roles at joint venture companies in India, Mexico, and the Philippines. Other Public Company Boards: • Board of directors of TreeHouse Foods Inc. Education Ms. Rahman earned a B.B.A. from Howard University and an M.B.A. from Indiana University. Skills and Qualifications | |||
JAMES T. GLERUM, JR. Director Mr. Glerum retired as Vice Chairman, Investment Banking at Citigroup in July 2024. Prior to joining Citigroup in 2011, Mr. Glerum held senior leadership positions in investment banking at UBS and Credit Suisse in Chicago and New York City. Over his 40-year investment banking career, Mr. Glerum executed more than 325 corporate finance and strategic transactions with an aggregate value of over $500 billion. Mr. Glerum’s clients spanned multiple industry sectors, including manufacturing, healthcare, consumer and retail. Mr. Glerum serves on the board of trustees for several Midwest non-profit institutions, including Denison University, The Ravina Festival and The Griffin Museum of Science. Education Mr. Glerum earned an M.B.A. from The Harvard Business School and a B.A., cum laude, in Economics and Mathematics from Denison University. Skills and Qualifications | |||
IDALENE F. KESNER Director Dr. Kesner served as dean for Indiana University’s Kelley School of Business from July 2013 until July 31, 2022. Dr. Kesner joined the Kelley School faculty in 1995, coming from a titled faculty position at the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. While at Indiana University, Dr. Kesner has served as co-director of the School’s Consulting Academy, Chairwoman of Kelley’s Full-Time M.B.A. Program, Chairwoman of the Department of Management and Entrepreneurship, and Associate Dean for Faculty & Research. In addition to teaching various graduate-level courses in the area of strategic management, Dr. Kesner has taught in more than 100 executive programs and served as a consultant for many national and international firms, working on strategic issues. Her research has focused on the areas of corporate boards of directors, corporate governance, and mergers and acquisitions. She was previously a member of the board of directors of Main Street America Group and Sun Life Financial. Dr. Kesner also served on several non-profit boards including the Association to Advance Collegiate Schools of Business, and the Kelley Executive Education Foundation, Inc. She also serves on the board of advisors of Lincoln Industries, a privately held company, and the board of directors of American Family Insurance, a mutual insurance company. Other Public Company Boards: • Board of directors of Olympic Steel, Inc. • Board of directors of Duke Energy Corporation Education Dr. Kesner holds an M.B.A. and Ph.D. in business administration from Indiana University and a bachelor’s degree in business administration from Southern Methodist University. Skills and Qualifications | |||
B. EVAN BAYH Director Mr. Bayh is a senior advisor with Apollo Global Management and is a former U.S. Senator and Indiana Governor. He was a member of the U.S. Senate from the State of Indiana from 1998 until his retirement in 2011. While in the Senate, he served on a variety of committees, including the Banking, Housing and Urban Affairs Committee, and the Committee on Small Business and Entrepreneurship. Prior to serving in the Senate, Mr. Bayh served as Indiana Governor from 1988 to 1997. He previously served on the board of directors of McGraw-Hill Education Inc. and Zenith American. Other Public Company Boards: • Board of directors for Fifth Third Bancorp, Inc. • Board of directors for Marathon Petroleum Corporation • Board of directors for RLJ Lodging Trust Skills and Qualifications | |||
CHANEY M. SHEFFIELD, JR. Director Mr. Sheffield is a Partner at Canyon Partners, LLC, a worldwide investment firm, a position he has held since 2008. At Canyon, Mr. Sheffield also serves as a portfolio manager, and is a member of Canyon’s ESG and Investment committees. He has 20 years of experience in investment banking. Prior to joining Canyon Partners, Mr. Sheffield served as Vice President — Special Situations Group at Morgan Stanley Fixed Income Division from 2004 — 2008. From 2002 — 2004, Mr. Sheffield served as an Analyst for Morgan Stanley’s Investment Banking Division. Education Mr. Sheffield graduated Cum Laude from Harvard University with a Bachelor of Arts in Economics. Skills and Qualifications |
|
Name and Principal Position
|
| |
Fiscal
Year |
| |
Salary
($) |
| |
Stock-Based
Awards ($) |
| |
Option
Awards ($) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| |||||||||||||||||||||
|
Kevin J. Kwilinski
Chief Executive Officer |
| | | | 2024 | | | | | | 1,029,808 | | | | | | 14,071,727 | | | | | | 2,879,994 | | | | | | 1,535,625 | | | | | | 500,564 | | | | | | 20,017,718 | | |
|
Thomas E. Salmon
Former Chairman and Chief Executive Officer |
| | | | 2024 | | | | | | 323,615 | | | | | | — | | | | | | — | | | | | | 438,277 | | | | | | 198,584 | | | | | | 960,476 | | |
| | | 2023 | | | | | | 1,202,000 | | | | | | 5,167,001 | | | | | | 2,971,726 | | | | | | 1,893,150 | | | | | | 476,734 | | | | | | 11,710,612 | | | |||
| | | 2022 | | | | | | 1,208,289 | | | | | | 4,361,776 | | | | | | 3,599,993 | | | | | | 909,220 | | | | | | 343,729 | | | | | | 10,423,007 | | | |||
|
Mark W. Miles
Chief Financial Officer |
| | | | 2024 | | | | | | 665,077 | | | | | | 1,408,813 | | | | | | 800,005 | | | | | | 617,760 | | | | | | 59,434 ( 6) | | | | | | 3,551,091 | | |
| | | 2023 | | | | | | 660,000 | | | | | | 1,435,233 | | | | | | 825,475 | | | | | | 665,280 | | | | | | 49,867 | | | | | | 3,635,854 | | | |||
| | | 2022 | | | | | | 638,230 | | | | | | 1,211,569 | | | | | | 999,994 | | | | | | 319,792 | | | | | | 68,349 | | | | | | 3,237,934 | | | |||
|
Curt L. Begle
President – Health, Hygiene & Specialties Division |
| | | | 2024 | | | | | | 660,000 | | | | | | 915,766 | | | | | | 519,997 | | | | | | 617,760 | | | | | | 44,210 | | | | | | 2,757,734 | | |
| | | 2023 | | | | | | 660,000 | | | | | | 932,976 | | | | | | 536,558 | | | | | | 665,280 | | | | | | 48,239 | | | | | | 2,843,054 | | | |||
| | | 2022 | | | | | | 637,845 | | | | | | 757,271 | | | | | | 625,010 | | | | | | 319,286 | | | | | | 57,694 | | | | | | 2,397,104 | | | |||
|
Jean-Marc Galvez
President – Consumer Packaging International Division |
| | | | 2024 | | | | | | 680,864 | | | | | | 915,766 | | | | | | 519,997 | | | | | | 613,978 | | | | | | 19,521 | | | | | | 2,750,127 | | |
| | | 2023 | | | | | | 667,725 | | | | | | 932,976 | | | | | | 536,558 | | | | | | 673,067 | | | | | | 36,853 | | | | | | 2,847,180 | | | |||
| | | 2022 | | | | | | 733,501 | | | | | | 908,676 | | | | | | 749,991 | | | | | | 305,239 | | | | | | 97,032 | | | | | | 2,794,439 | | | |||
|
Jason K. Greene
Executive Vice President, Chief Legal Officer and Secretary |
| | | | 2024 | | | | | | 556,557 | | | | | | 1,056,648 | | | | | | 599,993 | | | | | | 518,544 | | | | | | 57,113 | | | | | | 2,788,855 | | |
| | | 2023 | | | | | | 554,000 | | | | | | 1,076,459 | | | | | | 619,106 | | | | | | 558,432 | | | | | | 41,281 | | | | | | 2,849,278 | | | |||
| | | 2022 | | | | | | 540,615 | | | | | | 757,271 | | | | | | 625,010 | | | | | | 272,228 | | | | | | 50,362 | | | | | | 2,245,485 | | |
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 |
---|---|---|---|
Miles Mark W | - | 119,384 | 0 |
Miles Mark W | - | 84,502 | 0 |
Kesner Idalene Fay | - | 43,728 | 0 |
Kwilinski Kevin J. | - | 37,004 | 0 |
STERRETT STEPHEN E | - | 33,608 | 0 |
Bayh Evan | - | 28,258 | 3,488 |
FOSTER JONATHAN F | - | 14,224 | 0 |
Steele Robert Allan | - | 4,728 | 0 |
Rahman Jill A | - | 4,728 | 0 |
Thomas Peter T | - | 4,407 | 0 |
RICKERTSEN CARL J | - | 2,758 | 0 |
Harper Meredith | - | 1,407 | 0 |
Greene Jason K. | - | 250 | 0 |
Begle Curt | - | 0 | 1,016 |