| Schedule of quarterly financial information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
| (in millions, except per share data) |
March 28,
2020 |
|
June 27,
2020 |
|
September 26,
2020 |
|
December 31,
2020 |
|
Year Ended December 31, 2020 |
| Net sales |
$ |
965.5 |
|
|
$ |
987.8 |
|
|
$ |
1,233.1 |
|
|
$ |
1,161.1 |
|
|
$ |
4,347.5 |
|
| Gross margin |
243.8 |
|
|
256.0 |
|
|
376.9 |
|
|
336.3 |
|
|
1,213.0 |
|
Restructuring, exit and impairment charges (C)
|
0.4 |
|
|
2.1 |
|
|
1.8 |
|
|
(0.2) |
|
|
4.1 |
|
|
|
|
|
|
|
|
|
|
|
Pension settlement benefit (charge) (D)
|
— |
|
|
1.3 |
|
|
(0.2) |
|
|
— |
|
|
1.1 |
|
|
|
|
|
|
|
|
|
|
|
Net earnings from continuing operations (E)
|
70.7 |
|
|
71.2 |
|
|
136.8 |
|
|
96.0 |
|
|
374.7 |
|
| Net (loss) earnings from discontinued operations, net of tax |
(1.7) |
|
|
(0.5) |
|
|
1.1 |
|
|
(0.9) |
|
|
(2.0) |
|
| Net earnings |
69.0 |
|
|
70.7 |
|
|
137.9 |
|
|
95.1 |
|
|
372.7 |
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
| Net earnings from continuing operations |
$ |
0.88 |
|
|
$ |
0.89 |
|
|
$ |
1.72 |
|
|
$ |
1.22 |
|
|
$ |
4.73 |
|
| Net (loss) earnings from discontinued operations |
(0.02) |
|
|
(0.00) |
|
|
0.02 |
|
|
(0.01) |
|
|
(0.03) |
|
| Net earnings |
$ |
0.86 |
|
|
$ |
0.89 |
|
|
$ |
1.74 |
|
|
$ |
1.21 |
|
|
$ |
4.70 |
|
| Diluted earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
| Net earnings from continuing operations |
$ |
0.88 |
|
|
$ |
0.89 |
|
|
$ |
1.71 |
|
|
$ |
1.22 |
|
|
$ |
4.70 |
|
| Net (loss) earnings from discontinued operations |
(0.02) |
|
|
(0.00) |
|
|
0.02 |
|
|
(0.02) |
|
|
(0.02) |
|
| Net earnings |
$ |
0.86 |
|
|
$ |
0.89 |
|
|
$ |
1.73 |
|
|
$ |
1.20 |
|
|
$ |
4.68 |
|
|
|
|
|
|
|
|
|
|
|
| Dividends declared |
$ |
0.24 |
|
|
$ |
0.24 |
|
|
$ |
0.24 |
|
|
$ |
0.27 |
|
|
$ |
0.99 |
|
|
|
|
|
|
|
|
|
|
|
| Common stock price (NYSE symbol: BC): |
|
|
|
|
|
|
|
|
|
| High |
$ |
66.32 |
|
|
$ |
67.39 |
|
|
$ |
73.99 |
|
|
$ |
84.00 |
|
|
$ |
84.00 |
|
| Low |
$ |
25.22 |
|
|
$ |
25.61 |
|
|
$ |
56.50 |
|
|
$ |
58.74 |
|
|
$ |
25.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
| (in millions, except per share data) |
March 30,
2019 |
|
June 29,
2019 |
|
September 28,
2019 |
|
December 31,
2019 |
|
Year Ended December 31, 2019 |
Net sales (A)
|
$ |
1,050.7 |
|
|
$ |
1,163.5 |
|
|
$ |
976.6 |
|
|
$ |
917.6 |
|
|
$ |
4,108.4 |
|
Gross margin (B)
|
279.5 |
|
|
328.0 |
|
|
276.9 |
|
|
236.6 |
|
|
1,121.0 |
|
Restructuring, exit and impairment charges (C)
|
3.2 |
|
|
5.4 |
|
|
7.4 |
|
|
2.8 |
|
|
18.8 |
|
|
|
|
|
|
|
|
|
|
|
Pension settlement (charge) benefit (D)
|
— |
|
|
— |
|
|
(294.1) |
|
|
1.3 |
|
|
(292.8) |
|
Net earnings (loss) from continuing operations (E)
|
76.2 |
|
|
112.1 |
|
|
(232.9) |
|
|
75.0 |
|
|
30.4 |
|
| Net loss from discontinued operations, net of tax |
(112.5) |
|
|
(34.6) |
|
|
(6.4) |
|
|
(7.9) |
|
|
(161.4) |
|
| Net (loss) earnings |
(36.3) |
|
|
77.5 |
|
|
(239.3) |
|
|
67.1 |
|
|
(131.0) |
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
| Net earnings (loss) from continuing operations |
$ |
0.87 |
|
|
$ |
1.29 |
|
|
$ |
(2.74) |
|
|
$ |
0.92 |
|
|
$ |
0.36 |
|
| Net loss from discontinued operations |
(1.29) |
|
|
(0.40) |
|
|
(0.08) |
|
|
(0.10) |
|
|
(1.90) |
|
| Net (loss) earnings |
$ |
(0.42) |
|
|
$ |
0.89 |
|
|
$ |
(2.82) |
|
|
$ |
0.82 |
|
|
$ |
(1.54) |
|
| Diluted earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
| Net earnings (loss) from continuing operations |
$ |
0.87 |
|
|
$ |
1.28 |
|
|
$ |
(2.74) |
|
|
$ |
0.92 |
|
|
$ |
0.36 |
|
| Net loss from discontinued operations |
(1.29) |
|
|
(0.39) |
|
|
(0.08) |
|
|
(0.10) |
|
|
(1.89) |
|
| Net (loss) earnings |
$ |
(0.42) |
|
|
$ |
0.89 |
|
|
$ |
(2.82) |
|
|
$ |
0.82 |
|
|
$ |
(1.53) |
|
|
|
|
|
|
|
|
|
|
|
| Dividends declared |
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.24 |
|
|
$ |
0.87 |
|
|
|
|
|
|
|
|
|
|
|
| Common stock price (NYSE symbol: BC): |
|
|
|
|
|
|
|
|
|
| High |
$ |
55.35 |
|
|
$ |
54.76 |
|
|
$ |
54.75 |
|
|
$ |
62.23 |
|
|
$ |
62.23 |
|
| Low |
$ |
44.89 |
|
|
$ |
41.02 |
|
|
$ |
42.57 |
|
|
$ |
49.36 |
|
|
$ |
41.02 |
|
(A) In the second quarter of 2018, the Company announced its intention to wind down Sport Yacht & Yachts (SYY) operations. During the second quarter and the full-year of 2019, SYY had Net sales of $(0.7) million.
(B) Gross margin is defined as Net sales less Cost of sales (COS) as presented in the Consolidated Statements of Operations. During the second and fourth quarter and the full-year of 2019, the Company recorded $3.2 million, $3.9 million and $7.1 million in COS, respectively, related to SYY.
(C) Restructuring, exit, integration and impairment charges are discussed in Note 4 – Restructuring, Exit and Impairment Activities.
(D) Pension settlement charges are discussed in Note 17 – Postretirement Benefits
(E) During the first, second, third and fourth quarter and full-year of 2020, Net earnings (loss) from continuing operations includes $6.9 million, $7.0 million, $6.5 million, $7.2 million and $27.6 million, respectively, related to purchase accounting amortization, IT transformation costs, and acquisition-related costs, related to the purchase of Power products and Freedom Boat Club. Net earnings (loss) from continuing operations also includes $(0.3) million, $0.4 million, $(0.7) million, $0.9 million and $0.3 million related to discrete tax items. During the first, second, third and fourth quarter and full-year ended 2019, Net earnings (loss) from continuing operations includes $5.7 million, $9.0 million, $6.1 million, $8.2 million and $29.0 million, respectively, related to SYY, purchase accounting amortization, IT transformation costs, and acquisition-related costs, related to the purchase of Power products and Freedom Boat Club. Refer to Note 5 – Acquisitions for further details. Net earnings (loss) from continuing operations also includes $(1.7) million, $1.8 million, $(2.5) million, $(14.8) million and $(17.2) million related to discrete tax items. In the third quarter and full-year of 2019, the Company had a loss of extinguishment of debt, net of tax, of $0.8 million.
|