Restructuring, Exit and Integration Activities
|9 Months Ended|
Oct. 01, 2022
|Restructuring and Related Activities [Abstract]|
|Restructuring, Exit and Integration Activities [Text Block]||Restructuring, Exit and Impairment Activities
The Company recorded restructuring, exit and impairment charges in the Condensed Consolidated Statements of Comprehensive Income in 2022 and 2021.
During the three months ended October 1, 2022, the Company recorded restructuring charges within the Parts & Accessories segment related to headcount reductions associated with the integration of Marine Innovations Group AS ("Navico"). The restructuring activities were substantially completed as of October 1, 2022.
The following table is a summary of expenses for the three months ended October 1, 2022 and October 2, 2021:
(A) Includes asset-related impairment charges, net of insurance recoveries, associated with Hurricane Ian.
(B) Includes impairment charges of $17.4 million related to the Company's decision not to place certain capitalized software intangible assets into service during the three months ended October 1, 2022.
(C) Cash payments for the three months ended October 1, 2022 and October 2, 2021 may include payments related to prior period charges.
(D) Restructuring, exit and impairment charges accrued as of October 1, 2022 are expected to be paid in the next twelve months.
The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef