Revenue from Contract with Customer [Text Block] |
Revenue Recognition The following tables present 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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July 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 |
$ |
496.8
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$ |
242.4
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$ |
139.6
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$ |
418.2
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$ |
1,297.0
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Europe |
89.9
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28.9
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60.5
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56.3
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235.6
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Asia-Pacific |
49.8
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23.8
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18.6
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8.3
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100.5
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Canada |
20.6
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22.0
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4.4
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70.3
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117.3
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Rest-of-World |
46.2
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11.8
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4.7
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7.7
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70.4
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Segment Eliminations |
(91.4) |
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(1.8) |
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(25.2) |
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(0.1) |
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(118.5) |
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Total |
$ |
611.9
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$ |
327.1
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$ |
202.6
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$ |
560.7
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$ |
1,702.3
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Three Months Ended |
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July 2, 2022 |
(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 |
$ |
483.6 |
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$ |
276.6 |
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$ |
183.5 |
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$ |
423.1 |
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$ |
1,366.8 |
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Europe |
118.4 |
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33.1 |
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67.2 |
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56.0 |
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274.7 |
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Asia-Pacific |
59.5 |
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27.7 |
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24.0 |
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7.5 |
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118.7 |
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Canada |
24.5 |
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28.4 |
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8.9 |
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70.4 |
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132.2 |
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Rest-of-World |
48.2 |
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13.7 |
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2.5 |
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11.4 |
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75.8 |
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Segment Eliminations |
(102.3) |
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(2.1) |
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(28.0) |
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(0.2) |
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(132.6) |
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Total |
$ |
631.9 |
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$ |
377.4 |
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$ |
258.1 |
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$ |
568.2 |
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$ |
1,835.6 |
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Six Months Ended |
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July 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 |
$ |
992.6
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$ |
445.3
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$ |
321.9
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$ |
858.2
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$ |
2,618.0
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Europe |
205.4
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55.9
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125.9
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107.4
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494.6
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Asia-Pacific |
108.3
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51.7
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37.2
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15.6
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212.8
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Canada |
49.0
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40.8
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9.6
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136.2
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235.6
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Rest-of-World |
99.6
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23.8
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10.5
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18.6
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152.5
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Segment Eliminations |
(205.1) |
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(3.8) |
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(58.3) |
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(0.4) |
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(267.6) |
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Total |
$ |
1,249.8
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$ |
613.7
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$ |
446.8
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$ |
1,135.6
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$ |
3,445.9
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Six Months Ended |
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July 2, 2022 |
(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 |
$ |
936.3 |
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$ |
501.2 |
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$ |
386.6 |
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$ |
791.5 |
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$ |
2,615.6 |
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Europe |
231.8 |
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68.6 |
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140.4 |
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101.6 |
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542.4 |
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Asia-Pacific |
122.8 |
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59.8 |
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46.2 |
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16.6 |
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245.4 |
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Canada |
57.7 |
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52.4 |
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17.2 |
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132.6 |
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259.9 |
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Rest-of-World |
91.5 |
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27.8 |
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7.3 |
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18.9 |
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145.5 |
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Segment Eliminations |
(211.5) |
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(4.2) |
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(61.6) |
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(0.2) |
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(277.5) |
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Total |
$ |
1,228.6 |
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$ |
705.6 |
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$ |
536.1 |
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$ |
1,061.0 |
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$ |
3,531.3 |
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Three Months Ended |
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July 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 |
Major Product Lines |
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Outboard Engines |
$ |
552.6
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$ |
—
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$ |
—
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$ |
—
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$ |
552.6
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Controls, Rigging, and Propellers |
105.1
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—
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—
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—
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105.1
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Sterndrive Engines |
45.6
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—
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—
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—
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45.6
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Distribution Parts & Accessories |
—
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197.2
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—
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—
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197.2
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Products |
—
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131.7
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—
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—
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131.7
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Navico Group |
—
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—
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227.8
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—
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227.8
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Aluminum Freshwater Boats |
—
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—
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—
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210.3
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210.3
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Recreational Fiberglass Boats |
—
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—
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—
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187.1
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187.1
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Saltwater Fishing Boats |
—
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—
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—
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124.9
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124.9
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Business Acceleration |
—
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—
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—
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46.5
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46.5
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Boat Eliminations/Other |
—
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—
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—
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(8.0) |
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(8.0) |
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Segment Eliminations |
(91.4) |
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(1.8) |
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(25.2) |
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(0.1) |
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(118.5) |
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Total |
$ |
611.9
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$ |
327.1
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$ |
202.6
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$ |
560.7
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$ |
1,702.3
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Three Months Ended |
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July 2, 2022 |
(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 |
Major Product Lines |
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Outboard Engines |
$ |
565.8 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
565.8 |
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Controls, Rigging, and Propellers |
106.4 |
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— |
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— |
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— |
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106.4 |
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Sterndrive Engines |
62.0 |
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— |
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— |
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— |
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62.0 |
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Distribution Parts & Accessories |
— |
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231.4 |
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— |
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— |
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231.4 |
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Products |
— |
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148.1 |
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— |
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— |
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148.1 |
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Navico Group |
— |
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— |
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|
286.1 |
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— |
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286.1 |
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Aluminum Freshwater Boats |
— |
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— |
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— |
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237.4 |
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237.4 |
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Recreational Fiberglass Boats |
— |
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— |
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— |
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187.4 |
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187.4 |
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Saltwater Fishing Boats |
— |
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— |
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— |
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110.3 |
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110.3 |
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Business Acceleration |
— |
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— |
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— |
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35.8 |
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35.8 |
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Boat Eliminations/Other |
— |
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— |
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— |
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(2.5) |
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(2.5) |
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Segment Eliminations |
(102.3) |
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(2.1) |
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(28.0) |
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(0.2) |
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(132.6) |
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Total |
$ |
631.9 |
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$ |
377.4 |
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$ |
258.1 |
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$ |
568.2 |
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$ |
1,835.6 |
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Six Months Ended |
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July 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 |
Major Product Lines |
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|
Outboard Engines |
$ |
1,145.8
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$ |
—
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$ |
—
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$ |
—
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$ |
1,145.8
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Controls, Rigging, and Propellers |
211.1
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—
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—
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—
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211.1
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Sterndrive Engines |
98.0
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—
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—
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—
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98.0
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Distribution Parts & Accessories |
—
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372.5
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—
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—
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372.5
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Products |
—
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245.0
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—
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—
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245.0
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Navico Group |
—
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—
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|
505.1
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—
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505.1
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Aluminum Freshwater Boats |
—
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—
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—
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440.7
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440.7
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Recreational Fiberglass Boats |
—
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—
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—
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|
385.5
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385.5
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Saltwater Fishing Boats |
—
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—
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—
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|
238.0
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|
238.0
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Business Acceleration |
—
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—
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|
—
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|
86.3
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|
86.3
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Boat Eliminations/Other |
—
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—
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—
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(14.5) |
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(14.5) |
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Segment Eliminations |
(205.1) |
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(3.8) |
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(58.3) |
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(0.4) |
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(267.6) |
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Total |
$ |
1,249.8
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|
|
$ |
613.7
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$ |
446.8
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$ |
1,135.6
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$ |
3,445.9
|
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Six Months Ended |
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July 2, 2022 |
(in millions) |
Propulsion |
|
Engine P&A |
|
Navico Group |
|
Boat |
|
Total |
Major Product Lines |
|
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|
|
|
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|
Outboard Engines |
$ |
1,111.9 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,111.9 |
|
Controls, Rigging, and Propellers |
204.9 |
|
|
— |
|
|
— |
|
|
— |
|
|
204.9 |
|
Sterndrive Engines |
123.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
123.3 |
|
Distribution Parts & Accessories |
— |
|
|
434.9 |
|
|
— |
|
|
— |
|
|
434.9 |
|
Products |
— |
|
|
274.9 |
|
|
— |
|
|
— |
|
|
274.9 |
|
Navico Group |
— |
|
|
— |
|
|
597.7 |
|
|
— |
|
|
597.7 |
|
Aluminum Freshwater Boats |
— |
|
|
— |
|
|
— |
|
|
458.0 |
|
|
458.0 |
|
Recreational Fiberglass Boats |
— |
|
|
— |
|
|
— |
|
|
351.8 |
|
|
351.8 |
|
Saltwater Fishing Boats |
— |
|
|
— |
|
|
— |
|
|
199.5 |
|
|
199.5 |
|
Business Acceleration |
— |
|
|
— |
|
|
— |
|
|
55.4 |
|
|
55.4 |
|
Boat Eliminations/Other |
— |
|
|
— |
|
|
— |
|
|
(3.5) |
|
|
(3.5) |
|
Segment Eliminations |
(211.5) |
|
|
(4.2) |
|
|
(61.6) |
|
|
(0.2) |
|
|
(277.5) |
|
Total |
$ |
1,228.6 |
|
|
$ |
705.6 |
|
|
$ |
536.1 |
|
|
$ |
1,061.0 |
|
|
$ |
3,531.3 |
|
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 $14.1 million and $33.1 million were recognized as revenue during the three and six months ended July 1, 2023, respectively. As of July 1, 2023, total contract liabilities were $194.6 million. The total amount of the transaction price allocated to unsatisfied performance obligations as of July 1, 2023 was $185.6 million for contracts greater than one year, which primarily relates to extended warranties. The Company expects to recognize $36.6 million of this amount in 2023, $47.3 million in 2024, and $101.7 million thereafter.
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