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 |
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April 1, 2023 |
(in millions) |
Propulsion |
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Engine P&A |
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Navico Group |
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Boat |
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Total |
Geographic Markets |
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United States |
$ |
495.8
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$ |
202.9
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$ |
182.3
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$ |
440.0
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$ |
1,321.0
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Europe |
115.5
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27.0
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65.4
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51.1
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259.0
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Asia-Pacific |
58.5
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27.9
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18.6
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7.3
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112.3
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Canada |
28.4
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18.8
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5.2
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65.9
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118.3
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Rest-of-World |
53.4
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12.0
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5.8
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10.9
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82.1
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Segment Eliminations |
(113.7) |
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(2.0) |
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(33.1) |
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(0.3) |
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(149.1) |
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Total |
$ |
637.9
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$ |
286.6
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$ |
244.2
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$ |
574.9
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$ |
1,743.6
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Three Months Ended |
|
April 2, 2022 |
(in millions) |
Propulsion |
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Engine P&A |
|
Navico Group |
|
Boat |
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Total |
Geographic Markets |
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United States |
$ |
452.7 |
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$ |
224.6 |
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$ |
203.1 |
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$ |
368.4 |
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$ |
1,248.8 |
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Europe |
113.4 |
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35.5 |
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73.2 |
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45.6 |
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267.7 |
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Asia-Pacific |
63.3 |
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32.1 |
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22.2 |
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9.1 |
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|
126.7 |
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Canada |
33.2 |
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24.0 |
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8.3 |
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62.2 |
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127.7 |
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Rest-of-World |
43.3 |
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14.1 |
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4.8 |
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7.5 |
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69.7 |
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Segment Eliminations |
(109.2) |
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(2.1) |
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(33.6) |
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— |
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(144.9) |
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Total |
$ |
596.7 |
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$ |
328.2 |
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$ |
278.0 |
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$ |
492.8 |
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$ |
1,695.7 |
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Three Months Ended |
|
April 1, 2023 |
(in millions) |
Propulsion |
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Engine P&A |
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Navico Group |
|
Boat |
|
Total |
Major Product Lines |
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Outboard Engines |
$ |
593.2
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$ |
—
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$ |
—
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$ |
—
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$ |
593.2
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Controls, Rigging, and Propellers |
106.0
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—
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—
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—
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106.0
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Sterndrive Engines |
52.4
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—
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—
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—
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52.4
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Distribution Parts & Accessories |
—
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175.3
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—
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—
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175.3
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Products |
—
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113.3
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—
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—
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113.3
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Navico Group |
—
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—
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277.3
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—
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277.3
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Aluminum Freshwater Boats |
—
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—
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—
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230.4
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230.4
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Recreational Fiberglass Boats |
—
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—
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—
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198.4
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198.4
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Saltwater Fishing Boats |
—
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—
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—
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113.1
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113.1
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Business Acceleration |
—
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—
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—
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39.8
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39.8
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Boat Eliminations/Other |
—
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—
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—
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(6.5) |
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(6.5) |
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Segment Eliminations |
(113.7) |
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(2.0) |
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(33.1) |
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(0.3) |
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(149.1) |
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Total |
$ |
637.9
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$ |
286.6
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$ |
244.2
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$ |
574.9
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$ |
1,743.6
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Three Months Ended |
|
April 2, 2022 |
(in millions) |
Propulsion |
|
Engine P&A |
|
Navico Group |
|
Boat |
|
Total |
Major Product Lines |
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Outboard Engines |
$ |
546.1 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
546.1 |
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Controls, Rigging, and Propellers |
98.5 |
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— |
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— |
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— |
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98.5 |
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Sterndrive Engines |
61.3 |
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— |
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— |
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— |
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61.3 |
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Distribution Parts & Accessories |
— |
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203.5 |
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— |
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— |
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203.5 |
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Products |
— |
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|
126.8 |
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— |
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— |
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|
126.8 |
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Navico Group |
— |
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— |
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|
311.6 |
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— |
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311.6 |
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Aluminum Freshwater Boats |
— |
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— |
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— |
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220.6 |
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|
220.6 |
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Recreational Fiberglass Boats |
— |
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— |
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— |
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|
164.4 |
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|
164.4 |
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Saltwater Fishing Boats |
— |
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— |
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— |
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|
89.2 |
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|
89.2 |
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Business Acceleration |
— |
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— |
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— |
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|
19.6 |
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|
19.6 |
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Boat Eliminations/Other |
— |
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— |
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— |
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(1.0) |
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|
(1.0) |
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Segment Eliminations |
(109.2) |
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(2.1) |
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(33.6) |
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— |
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(144.9) |
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Total |
$ |
596.7 |
|
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$ |
328.2 |
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$ |
278.0 |
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$ |
492.8 |
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$ |
1,695.7 |
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As of December 31, 2022, $178.5 million of contract liabilities associated with extended warranties and customer deposits were reported in Accrued expenses and Other long-term liabilities, of which $19.0 million were recognized as revenue during the three months ended April 1, 2023. As of April 1, 2023, total contract liabilities were $189.4 million. The total amount of the transaction price allocated to unsatisfied performance obligations as of April 1, 2023 was $179.9 million for contracts greater than one year, which primarily relates to extended warranties. The Company expects to recognize $48.8 million of this amount in 2023, $40.4 million in 2024, and $90.7 million thereafter.
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