000001493012/3175,729,9172022Q1FALSE11.29.79.8200,000,000200,000,000200,000,000200,000,000200,000,0000.750.750.750.750.75102,538,000102,538,000102,538,000102,538,000102,538,00076,338,00076,933,00077,941,00026,200,00025,605,00024,597,00011Discontinued Operations On June 27, 2019, the Company completed the sale of its Fitness business to KPS Capital Partners, LP. As a result, this business, which was previously reported in the Company's Fitness segment, is being reported as discontinued operations in the Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Cash Flows for all periods presented. Refer to Note 3 in the 2021 Form 10-K for further information.
In connection with the sale of its Fitness business, the Company retained assets of $26.4 million primarily related to VAT receivables, and retained liabilities of $45.1 million primarily related to VAT payables, product warranty liabilities and certain employee benefits. As of April 2, 2022, retained assets and liabilities were $4.0 million and $2.2 million, respectively. As of April 3, 2021, retained assets and liabilities were $4.1 million and $2.2 million, respectively.
26.445.14.02.24.12.2Restructuring, Exit and Impairment Activities The Company recorded restructuring, exit and impairment charges in the Condensed Consolidated Statements of Comprehensive Income in 2022 and 2021.
The following table is a summary of those expenses for the three months ended April 2, 2022 and April 3, 2021:
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| | | | | April 2, 2022 | | April 3, 2021 |
| (in millions) | | | | | Boat | | | | | | Parts & Accessories | | Boat | | Corporate | | Total |
| Restructuring and exit activities: | | | | | | | | | | | | | | | | | |
| Employee termination and other benefits | | | | | $ | — | | | | | | | $ | 0.5 | | | $ | — | | | $ | — | | | $ | 0.5 | |
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| Other | | | | | $ | — | | | | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
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| Total restructuring, exit and impairment charges | | | | | $ | — | | | | | | | $ | 0.5 | | | $ | — | | | $ | — | | | $ | 0.5 | |
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Total cash payments for restructuring, exit and impairment charges (A) | | | | | $ | 0.1 | | | | | | | $ | 0.3 | | | $ | 0.2 | | | $ | 1.6 | | | $ | 2.1 | |
Accrued charges at end of the period (B) | | | | | $ | 0.1 | | | | | | | $ | 0.5 | | | $ | 1.0 | | | $ | 0.1 | | | $ | 1.6 | |
(A) Cash payments for the three months ended April 2, 2022 and April 3, 2021 may include payments related to prior period charges.
(B) Restructuring, exit and impairment charges accrued as of April 2, 2022 are expected to be paid primarily during 2022.
The following table is a summary of those expenses for the three months ended April 2, 2022 and April 3, 2021:
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| | | | | April 2, 2022 | | April 3, 2021 |
| (in millions) | | | | | Boat | | | | | | Parts & Accessories | | Boat | | Corporate | | Total |
| Restructuring and exit activities: | | | | | | | | | | | | | | | | | |
| Employee termination and other benefits | | | | | $ | — | | | | | | | $ | 0.5 | | | $ | — | | | $ | — | | | $ | 0.5 | |
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| Other | | | | | $ | — | | | | | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
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| Total restructuring, exit and impairment charges | | | | | $ | — | | | | | | | $ | 0.5 | | | $ | — | | | $ | — | | | $ | 0.5 | |
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Total cash payments for restructuring, exit and impairment charges (A) | | | | | $ | 0.1 | | | | | | | $ | 0.3 | | | $ | 0.2 | | | $ | 1.6 | | | $ | 2.1 | |
Accrued charges at end of the period (B) | | | | | $ | 0.1 | | | | | | | $ | 0.5 | | | $ | 1.0 | | | $ | 0.1 | | | $ | 1.6 | |
(A) Cash payments for the three months ended April 2, 2022 and April 3, 2021 may include payments related to prior period charges.
(B) Restructuring, exit and impairment charges accrued as of April 2, 2022 are expected to be paid primarily during 2022.
—0.5——0.5——————0.5——0.50.10.30.21.62.10.10.51.00.11.6(A) Cash payments for the three months ended April 2, 2022 and April 3, 2021 may include payments related to prior period charges.(B) Restructuring, exit and impairment charges accrued as of April 2, 2022 are expected to be paid primarily during 2022.151510————————0P1Y7M6DP2Y10M24DP2Y10M24DP1Y6M0D76.978.277.478.8———P13Y3M18DP11Y8M12DPostretirement BenefitsThe Company has defined contribution plans, nonqualified defined benefit pension plans, and other postretirement benefit plans covering substantially all of its employees. The Company's contributions to its defined contribution plans include matching and annual discretionary contributions which are based on various percentages of compensation, and in some instances are based on the amount of the employees' contributions to the plans. See Note 17 in the Notes to Consolidated Financial Statements in the 2021 Form 10-K for further details regarding these plans.
Pension and other postretirement benefit costs included the following components for the three months ended April 2, 2022 and April 3, 2021:
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| | | | | Pension Benefits | | | | | | Other Postretirement Benefits |
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| (in millions) | | | | | April 2,
2022 | | April 3,
2021 | | | | | | April 2,
2022 | | April 3,
2021 |
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Pension and other postretirement benefit costs included the following components for the three months ended April 2, 2022 and April 3, 2021:
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| | | | | Pension Benefits | | | | | | Other Postretirement Benefits |
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| (in millions) | | | | | April 2,
2022 | | April 3,
2021 | | | | | | April 2,
2022 | | April 3,
2021 |
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q | | | | | |
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended April 02, 2022
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| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 001-01043
____________
(Exact name of registrant as specified in its charter)
| | | | | | | | |
| Delaware | | 36-0848180 |
| (State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
26125 N. Riverwoods Blvd., Suite 500, Mettawa, IL 60045-3420
(Address of principal executive offices) (Zip code)
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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| Large Accelerated Filer | ☒ | Accelerated Filer | ☐ |
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| Non-accelerated Filer | ☐ | Smaller reporting company | ☐ |
| | | |
| Emerging growth company | ☐ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Securities registered pursuant to Section 12(b) of the Act:
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| Title of Each Class | | Trading Symbol(s) | | Name of Each Exchange on Which Registered |
Common stock, par value $0.75 per share | | BC | | New York Stock Exchange |
| | Chicago Stock Exchange |
6.500% Senior Notes due 2048 | | BC-A | | New York Stock Exchange |
6.625% Senior Notes due 2049 | | BC-B | | New York Stock Exchange |
6.375% Senior Notes due 2049 | | BC-C | | New York Stock Exchange |
The number of shares of Common Stock ($0.75 par value) of the registrant outstanding as of May 6, 2022 was 75,729,917.
BRUNSWICK CORPORATION
INDEX TO QUARTERLY REPORT ON FORM 10-Q
April 2, 2022
TABLE OF CONTENTS
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| PART I – FINANCIAL INFORMATION | Page |
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| PART II – OTHER INFORMATION | |
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PART I - FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
BRUNSWICK CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | | | |
| | Three Months Ended | | |
| (in millions, except per share data) | April 2,
2022 | | April 3,
2021 | | | | |
| Net sales | $ | 1,695.7 | | | $ | 1,433.2 | | | | | |
| Cost of sales | 1,212.1 | | | 1,015.9 | | | | | |
| Selling, general and administrative expense | 192.7 | | | 150.8 | | | | | |
| Research and development expense | 51.4 | | | 34.1 | | | | | |
| Restructuring, exit and impairment charges | — | | | 0.5 | | | | | |
| Operating earnings | 239.5 | | | 231.9 | | | | | |
| Equity earnings | 0.8 | | | 0.8 | | | | | |
| | | | | | | |
| Other expense, net | (1.5) | | | (1.3) | | | | | |
| Earnings before interest and income taxes | 238.8 | | | 231.4 | | | | | |
| Interest expense | (18.4) | | | (14.8) | | | | | |
| Interest income | 0.1 | | | 0.2 | | | | | |
| | | | | | | |
| Loss on early extinguishment of debt | (0.1) | | | — | | | | | |
| Earnings before income taxes | 220.4 | | | 216.8 | | | | | |
| Income tax provision | 46.4 | | | 47.4 | | | | | |
| Net earnings from continuing operations | 174.0 | | | 169.4 | | | | | |
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| Net earnings (loss) from discontinued operations, net of tax | 0.2 | | | (0.1) | | | | | |
| Net earnings | $ | 174.2 | | | $ | 169.3 | | | | | |
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| Earnings per common share: | | | | | | | |
| Basic | | | | | | | |
| Earnings from continuing operations | $ | 2.26 | | | $ | 2.17 | | | | | |
| Earnings (loss) from discontinued operations | 0.00 | | | (0.00) | | | | | |
| Net earnings | $ | 2.26 | | | $ | 2.17 | | | | | |
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| Diluted | | | | | | | |
| Earnings from continuing operations | $ | 2.25 | | | $ | 2.15 | | | | | |
| Earnings (loss) from discontinued operations | 0.00 | | | (0.00) | | | | | |
| Net earnings | $ | 2.25 | | | $ | 2.15 | | | | | |
| | | | | | | |
| Weighted average shares used for computation of: | | | | | | | |
| Basic earnings per common share | 76.9 | | | 78.2 | | | | | |
| Diluted earnings per common share | 77.4 | | | 78.8 | | | | | |
| | | | | | | |
| Comprehensive income | $ | 184.1 | | | $ | 174.9 | | | | | |
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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)
| | | | | | | | | | | | | | | | | | | |
| (in millions) | April 2,
2022 | | December 31,
2021 | | April 3,
2021 | | |
| Assets | | | | | | | |
| Current assets | | | | | | | |
| Cash and cash equivalents, at cost, which approximates fair value | $ | 680.1 | | | $ | 354.5 | | | $ | 471.9 | | | |
| Restricted cash | 12.2 | | | 12.2 | | | 9.7 | | | |
| Short-term investments in marketable securities | 6.8 | | | 0.8 | | | 7.3 | | | |
| Total cash and short-term investments in marketable securities | 699.1 | | | 367.5 | | | 488.9 | | | |
Accounts and notes receivable, less allowances of $11.2, $9.7, $9.8 | 664.7 | | | 485.3 | | | 539.1 | | | |
| Inventories | | | | | | | |
| Finished goods | 752.4 | | | 685.5 | | | 463.7 | | | |
| Work-in-process | 195.4 | | | 176.8 | | | 125.4 | | | |
| Raw materials | 397.9 | | | 345.7 | | | 176.5 | | | |
| Net inventories | 1,345.7 | | | 1,208.0 | | | 765.6 | | | |
| Prepaid expenses and other | 81.7 | | | 63.8 | | | 42.1 | | | |
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| Current assets | 2,791.2 | | | 2,124.6 | | | 1,835.7 | | | |
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| Property | | | | | | | |
| Land | 34.5 | | | 34.7 | | | 17.6 | | | |
| Buildings and improvements | 497.5 | | | 479.3 | | | 440.3 | | | |
| Equipment | 1,351.8 | | | 1,332.4 | | | 1,198.2 | | | |
| | | | | | | |
| Total land, buildings and improvements and equipment | 1,883.8 | | | 1,846.4 | | | 1,656.1 | | | |
| Accumulated depreciation | (1,002.3) | | | (989.6) | | | (944.9) | | | |
| Net land, buildings and improvements and equipment | 881.5 | | | 856.8 | | | 711.2 | | | |
| Unamortized product tooling costs | 196.6 | | | 190.1 | | | 161.2 | | | |
| Net property | 1,078.1 | | | 1,046.9 | | | 872.4 | | | |
| | | | | | | |
| Other assets | | | | | | | |
| Goodwill | 889.4 | | | 888.4 | | | 422.7 | | | |
| Other intangibles, net | 1,038.4 | | | 1,052.1 | | | 544.3 | | | |
| Deferred income tax asset | 137.9 | | | 146.0 | | | 126.4 | | | |
| Operating lease assets | 92.4 | | | 92.8 | | | 80.7 | | | |
| Equity investments | 48.1 | | | 43.8 | | | 36.3 | | | |
| Other long-term assets | 17.5 | | | 30.4 | | | 24.7 | | | |
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| Other assets | 2,223.7 | | | 2,253.5 | | | 1,235.1 | | | |
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| Total assets | $ | 6,093.0 | | | $ | 5,425.0 | | | $ | 3,943.2 | | | |
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| The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements. | | |
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| (in millions) | April 2,
2022 | | December 31,
2021 | | April 3,
2021 | | |
| Liabilities and shareholders' equity | | | | | | | |
| Current liabilities | | | | | | | |
| Short-term debt and current maturities of long-term debt | $ | 2.3 | | | $ | 37.4 | | | $ | 43.8 | | | |
| Accounts payable | 660.0 | | | 693.5 | | | 532.4 | | | |
| Accrued expenses | 665.9 | | | 711.3 | | | 552.8 | | | |
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| Current liabilities | 1,328.2 | | | 1,442.2 | | | 1,129.0 | | | |
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| Long-term liabilities | | | | | | | |
| Debt | 2,498.2 | | | 1,779.0 | | | 900.9 | | | |
| Postretirement benefits | 65.5 | | | 66.5 | | | 72.3 | | | |
| Operating lease liabilities | 72.2 | | | 75.5 | | | 64.9 | | | |
| Other | 149.0 | | | 147.6 | | | 133.5 | | | |
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| Long-term liabilities | 2,784.9 | | | 2,068.6 | | | 1,171.6 | | | |
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| Shareholders' equity | | | | | | | |
Common stock; authorized: 200,000,000 shares, $0.75 par value; issued: 102,538,000 shares; outstanding: 76,338,000, 76,933,000 and 77,941,000 shares | 76.9 | | | 76.9 | | | 76.9 | | | |
| Additional paid-in capital | 374.5 | | | 394.5 | | | 371.2 | | | |
| Retained earnings | 2,866.3 | | | 2,720.1 | | | 2,374.0 | | | |
Treasury stock, at cost: 26,200,000, 25,605,000 and 24,597,000 shares | (1,316.2) | | | (1,245.8) | | | (1,142.4) | | | |
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| Accumulated other comprehensive loss | (21.6) | | | (31.5) | | | (37.1) | | | |
| Shareholders' equity | 1,979.9 | | | 1,914.2 | | | 1,642.6 | | | |
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| Total liabilities and shareholders' equity | $ | 6,093.0 | | | $ | 5,425.0 | | | $ | 3,943.2 | | | |
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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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| | Three Months Ended |
| (in millions) | April 2,
2022 | | April 3,
2021 |
| Cash flows from operating activities | | | |
| Net earnings | $ | 174.2 | | | $ | 169.3 | |
| Less: net earnings (loss) from discontinued operations, net of tax | 0.2 | | | (0.1) | |
| Net earnings from continuing operations, net of tax | 174.0 | | | 169.4 | |
| Stock compensation expense | 4.4 | | | 6.1 | |
| Depreciation and amortization | 53.6 | | | 41.6 | |
| Pension funding, net of expense | (0.2) | | | (0.8) | |
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| Deferred income taxes | 4.5 | | | 7.9 | |
| | | |
| Changes in certain current assets and current liabilities | (394.5) | | | (236.2) | |
| Long-term extended warranty contracts and other deferred revenue | 2.4 | | | 2.4 | |
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| Income taxes | 16.2 | | | 29.6 | |
| Other, net | (1.3) | | | (2.7) | |
| Net cash (used for) provided by operating activities of continuing operations | (140.9) | | | 17.3 | |
| Net cash used for operating activities of discontinued operations | (1.0) | | | (9.0) | |
| Net cash (used for) provided by operating activities | (141.9) | | | 8.3 | |
| | | |
| Cash flows from investing activities | | | |
| Capital expenditures | (100.9) | | | (42.9) | |
| Purchases of marketable securities | (6.0) | | | — | |
| Sales or maturities of marketable securities | — | | | 49.4 | |
| Investments | (4.2) | | | (3.9) | |
| Acquisition of businesses, net of cash acquired | — | | | (5.3) | |
| Proceeds from the sale of property, plant and equipment | 2.2 | | | 4.2 | |
| Cross currency swap settlement | 16.7 | | | — | |
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| Net cash (used for) provided by investing activities | (92.2) | | | 1.5 | |
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| Cash flows from financing activities | | | |
| Proceeds from issuances of short-term debt | 125.0 | | | — | |
| Payments of short-term debt | (125.0) | | | — | |
| Net proceeds from issuances of long-term debt | 741.8 | | | 1.9 | |
| Payments of long-term debt including current maturities | (57.1) | | | (9.2) | |
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| Common stock repurchases | (79.8) | | | (15.9) | |
| Cash dividends paid | (28.0) | | | (21.0) | |
| Proceeds from share-based compensation activity | — | | | 0.5 | |
| Tax withholding associated with shares issued for share-based compensation | (15.8) | | | (12.7) | |
| Other, net | (2.0) | | | (0.1) | |
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| Net cash provided by (used for) financing activities | 559.1 | | | (56.5) | |
| | | |
| Effect of exchange rate changes | 0.6 | | | (2.0) | |
| Net increase (decrease) in Cash and cash equivalents and Restricted cash | 325.6 | | | (48.7) | |
| Cash and cash equivalents and Restricted cash at beginning of period | 366.7 | | | 530.3 | |
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| Cash and cash equivalents and Restricted cash at end of period | 692.3 | | | 481.6 | |
| Less: Restricted cash | 12.2 | | | 9.7 | |
| Cash and cash equivalents at end of period | $ | 680.1 | | | $ | 471.9 | |
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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, 2021 | $ | 76.9 | | | $ | 394.5 | | | $ | 2,720.1 | | | $ | (1,245.8) | | | $ | (31.5) | | | $ | 1,914.2 | |
| Net earnings | — | | | — | | | 174.2 | | | — | | | — | | | 174.2 | |
| Other comprehensive income | — | | | — | | | — | | | — | | | 9.9 | | | 9.9 | |
Dividends ($0.365 per common share) | — | | | — | | | (28.0) | | | — | | | — | | | (28.0) | |
| Compensation plans and other | — | | | (20.0) | | | — | | | 9.4 | | | — | | | (10.6) | |
| Common stock repurchases | — | | | — | | | — | | | (79.8) | | | — | | | (79.8) | |
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| Balance at April 2, 2022 | $ | 76.9 | | | $ | 374.5 | | | $ | 2,866.3 | | | $ | (1,316.2) | | | $ | (21.6) | | | $ | 1,979.9 | |
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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, 2020 | $ | 76.9 | | | $ | 383.8 | | | $ | 2,225.7 | | | $ | (1,133.7) | | | $ | (42.7) | | | $ | 1,510.0 | |
| Net earnings | — | | | — | | | 169.3 | | | — | | | — | | | 169.3 | |
| Other comprehensive income | — | | | — | | | — | | | — | | | 5.6 | | | 5.6 | |
Dividends ($0.27 per common share) | — | | | — | | | (21.0) | | | — | | | — | | | (21.0) | |
| Compensation plans and other | — | | | (12.6) | | | — | | | 7.2 | | | — | | | (5.4) | |
| Common stock repurchases | — | | | — | | | — | | | (15.9) | | | — | | | (15.9) | |
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| Balance at April 3, 2021 | $ | 76.9 | | | $ | 371.2 | | | $ | 2,374.0 | | | $ | (1,142.4) | | | $ | (37.1) | | | $ | 1,642.6 | |
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The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements.
BRUNSWICK CORPORATION
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1 – Significant Accounting Policies
Interim Financial Statements. Brunswick's unaudited interim condensed consolidated financial statements have been prepared pursuant to Securities and Exchange Commission ("SEC") rules and regulations. Therefore, certain information and disclosures normally included in financial statements and related notes prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted.
These financial statements should be read in conjunction with, and have been prepared in conformity with, the accounting principles reflected in the consolidated financial statements and related notes included in Brunswick's 2021 Annual Report on Form 10-K for the year ended December 31, 2021 (the 2021 Form 10-K). These results include, in management's opinion, all normal and recurring adjustments necessary to present fairly Brunswick's financial position, results of operations and cash flows. Due to the seasonality of Brunswick's businesses, the interim results are not necessarily indicative of the results that may be expected for the remainder of the year.
The Company maintains its financial records on the basis of a fiscal year ending on December 31, with the fiscal quarters spanning approximately thirteen weeks. The first quarter ends on the Saturday closest to the end of the first thirteen-week period. The second and third quarters are thirteen weeks in duration and the fourth quarter is the remainder of the year. The first quarter of fiscal year 2022 ended on April 2, 2022 and the first quarter of fiscal year 2021 ended on April 3, 2021.
Recently Issued Accounting Standards
Fair Value Hedge Accounting: In March 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-01, Fair Value Hedging — Portfolio Layer Method, which clarifies the guidance in Accounting Standards Codification ("ASC") 815 on fair value hedge accounting of interest-rate risk for portfolios of financial assets. The ASU amends the guidance that established the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible. The amendment is effective for financial statements for interim and annual periods beginning after December 15, 2022. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements.
Notes to Condensed Consolidated Financial Statements
(unaudited)
Note 2 – Revenue Recognition
The following table presents the Company's revenue in categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors:
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| Three Months Ended |
| April 2, 2022 |
| (in millions) | Propulsion | | Parts & Accessories | | Boat | | Total |
| Geographic Markets | | | | | | | |
| United States | $ | 452.7 | | | $ | 407.5 | | | $ | 368.4 | | | $ | 1,228.6 | |
| Europe | 113.4 | | | 108.0 | | | 45.6 | | | 267.0 | |
| Asia-Pacific | 63.3 | | | 52.9 | | | 9.1 | | | 125.3 | |
| Canada | 33.2 | | | 30.5 | | | 62.2 | | | 125.9 | |
| Rest-of-World | 43.3 | | | 18.9 | | | 7.5 | | | 69.7 | |
| Segment Eliminations | (109.2) | | | (11.6) | | | — | | | (120.8) | |
| Total | $ | 596.7 | | | $ | 606.2 | | | $ | 492.8 | | | $ | 1,695.7 | |
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| Three Months Ended |
| April 3, 2021 |
| Propulsion | | Parts & Accessories | | Boat | | Total |
| Geographic Markets | | | | | | | |
| United States | $ | 421.3 | | | $ | 312.3 | | | $ | 312.6 | | | $ | 1,046.2 | |
| Europe | 109.0 | | | 63.5 | | | 41.6 | | | 214.1 | |
| Asia-Pacific | 65.7 | | | 42.5 | | | 6.7 | | | 114.9 | |
| Canada | 25.2 | | | 25.4 | | | 48.4 | | | 99.0 | |
| Rest-of-World | 36.6 | | | 15.9 | | | 10.2 | | | 62.7 | |
| Segment Eliminations | (94.9) | | | (8.8) | | | — | | | (103.7) | |
| Total | $ | 562.9 | | | $ | 450.8 | | | $ | 419.5 | | | $ | 1,433.2 | |
Notes to Condensed Consolidated Financial Statements
(unaudited)
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| Three Months Ended |
| April 2, 2022 |
| (in millions) | Propulsion | | Parts & Accessories | | Boat | | Total |
| Major Product Lines | | | | | | | |
| Outboard Engines | $ | 546.1 | | | $ | — | | | $ | — | | | $ | 546.1 | |
| Controls, Rigging, and Propellers | 98.5 | | | — | | | — | | | 98.5 | |
| Sterndrive Engines | 61.3 | | | — | | | — | | | 61.3 | |
| Distribution Parts & Accessories | — | | | 203.5 | | | — | | | 203.5 | |
| Engine Parts & Accessories | — | | | 125.6 | | | — | | | 125.6 | |
| Advanced Systems Group | — | | | 151.9 | | | — | | | 151.9 | |
| Navico | — | | | 136.8 | | | — | | | 136.8 | |
| Aluminum Freshwater Boats | — | | | — | | | 220.6 | | | 220.6 | |
| Recreational Fiberglass Boats | — | | | — | | | 164.4 | | | 164.4 | |
| Saltwater Fishing Boats | — | | | — | | | 89.2 | | | 89.2 | |
| Business Acceleration | — | | | — | | | 19.6 | | | 19.6 | |
| Boat Eliminations/Other | — | | | — | | | (1.0) | | | (1.0) | |
| Segment Eliminations | (109.2) | | | (11.6) | | | — | | | (120.8) | |
| Total | $ | 596.7 | | | $ | 606.2 | | | $ | 492.8 | | | $ | 1,695.7 | |
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| Three Months Ended |
| April 3, 2021 |
| Propulsion | | Parts & Accessories | | Boat | | Total |
