|6 Months Ended|
Jul. 03, 2021
|Debt Disclosure [Abstract]|
|Debt Disclosure [Text Block]||Debt
The following table provides the changes in the Company's long-term debt for the six months ended July 3, 2021:
As of July 3, 2021, Brunswick was in compliance with the financial covenants associated with its debt.
On June 23, 2021, the Company entered into a commitment letter with JPMorgan Chase Bank, N.A. ("JP Morgan") to obtain a 364-day senior unsecured bridge facility in an aggregate amount of principal not to exceed $900.0 million. This commitment letter was completed in anticipation of the acquisition of Navico. Refer to Note 5 – Acquisitions for further details regarding the acquisition.
Credit FacilityThe Company maintains an Amended and Restated Credit Agreement (Credit Facility) providing for $400.0 million of borrowing capacity in effect through September 2024. The Credit Facility includes provisions to add up to $100.0 million of additional borrowing capacity and extend the facility for two additional one-year terms, subject to lender approval. As of July 3, 2021 there were no borrowings outstanding, and available borrowing capacity totaled $397.2 million, net of $2.8 million of letters of credit outstanding under the Credit Facility. Refer to Note 16 in the Notes to Consolidated Financial Statements in the 2020 Form 10-K for details regarding Brunswick's Credit Facility and Note 15 – Subsequent Events for details regarding amendments to the Credit Facility.
No definition available.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef