Quarterly report pursuant to Section 13 or 15(d)

Restructuring, Exit and Integration Activities

v3.20.2
Restructuring, Exit and Integration Activities
 9 Months Ended
Sep. 26, 2020
Restructuring and Related Activities [Abstract]  
Restructuring, Exit and Integration Activities [Text Block] Restructuring, Exit and Impairment Activities
During 2020, the Company recorded restructuring charges within the Boat segment related to the consolidation of its Greenville manufacturing location in order to streamline the overall cost structure.

During 2019, the Company recorded restructuring charges within the Boat segment related to consolidating its commercial and government products operations in order to rationalize its product line to better align with customer demand. In addition, the Company announced headcount reductions aimed at streamlining the cost structure of its enterprise-wide general and administrative functions. The Company recorded restructuring, exit and impairment charges in the Condensed Consolidated Statements of Comprehensive Income as a result of these activities in 2019 and 2020.

The following table is a summary of the expense associated with restructuring, exit and impairment activities discussed above, for the three months ended September 26, 2020 and September 28, 2019:
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 $ 0.5  $ 0.4  $ 0.1  $ 1.0  $ 3.5  $ 2.5  $ 0.1  $ 6.1 
Professional fees —  —  0.0  0.0  —  0.8  0.4  1.2 
Other —  0.4  —  0.4  —  0.1  —  0.1 
Definite-lived and other asset impairments —  0.4  —  0.4  —  —  —  — 
Total restructuring, exit and impairment charges $ 0.5  $ 1.2  $ 0.1  $ 1.8  $ 3.5  $ 3.4  $ 0.5  $ 7.4 
Total cash payments for restructuring, exit and impairment charges (A)
$ 0.5  $ 1.3  $ 0.5  $ 2.3  $ 1.7  $ 2.9  $ 1.4  $ 6.0 
Accrued charges at end of the period (B)
$ 0.6  $ 2.0  $ 1.7  $ 4.3  $ 2.4  $ 9.4  $ 3.2  $ 15.0 

(A) Cash payments for the three months ended September 26, 2020 and September 28, 2019 may include payments related to prior period charges.
(B) Restructuring, exit and impairment charges accrued as of September 26, 2020 are expected to be paid primarily during 2020.
The following table is a summary of the expense associated with the restructuring, exit and impairment activities discussed above for the nine months ended September 26, 2020 and September 28, 2019:
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 $ 0.8  $ 0.6  $ 1.9  $ 3.3  $ 4.1  $ 3.1  $ 2.4  $ 9.6 
Current asset write-downs —  —  —  —  —  0.4  —  0.4 
Professional fees —  —  0.1  0.1  —  1.1  1.5  2.6 
Other —  0.4  —  0.4  —  0.5  —  0.5 
Definite-lived and other asset impairments —  0.5  —  0.5  —  2.9  —  2.9 
Total restructuring, exit and impairment charges $ 0.8  $ 1.5  $ 2.0  $ 4.3  $ 4.1  $ 8.0  $ 3.9  $ 16.0 
Total cash payments for restructuring, exit and impairment charges (A)
$ 1.5  $ 5.1  $ 1.8  $ 8.4  $ 1.7  $ 10.6  $ 1.7  $ 14.0 
Accrued charges at end of the period (B)
$ 0.6  $ 2.0  $ 1.7  $ 4.3  $ 2.4  $ 9.4  $ 3.2  $ 15.0 

(A) Cash payments for the nine months ended September 26, 2020 and September 28, 2019 may include payments related to prior period charges.
(B) Restructuring, exit and impairment charges accrued as of September 26, 2020 are expected to be paid primarily during 2020.