Restructuring, Exit, Impairment and Integration Activities (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Restructuring Cost and Reserve [Line Items] |
|
| Summary of the Expense Associated with Restructuring, Exit, Impairment and Integration Activities |
The following table is a summary of the net expense associated with the restructuring, exit, integration and impairment activities.
|
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|
(in millions) |
2018 |
|
2017 |
|
2016 |
Restructuring and exit activities: |
|
|
|
|
|
Employee termination and other benefits |
$ |
13.0 |
|
|
$ |
9.4 |
|
|
$ |
1.0 |
|
Current asset write-downs |
18.2 |
|
|
9.9 |
|
|
— |
|
Professional fees |
8.0 |
|
|
1.1 |
|
|
— |
|
Other (A)
|
10.7 |
|
|
1.5 |
|
|
— |
|
Asset disposition and impairment actions: |
|
|
|
|
|
Trade name impairment |
22.1 |
|
|
13.9 |
|
|
— |
|
Definite-lived and other asset impairments |
13.1 |
|
|
31.0 |
|
|
2.3 |
|
Valuation allowance (reversal) on disposal group |
(5.0 |
) |
|
5.0 |
|
|
— |
|
Integration activities: |
|
|
|
|
|
Employee termination and other benefits |
0.0 |
|
|
2.5 |
|
|
4.0 |
|
Professional fees |
0.7 |
|
|
5.2 |
|
|
5.9 |
|
Other |
0.1 |
|
|
1.8 |
|
|
2.4 |
|
Total restructuring, exit, integration and impairment charges |
$ |
80.9 |
|
|
$ |
81.3 |
|
|
$ |
15.6 |
|
(A) The charges in 2018 relate to warranty adjustments in connection with the wind-down of Sport Yacht and Yacht operations.
|
| Schedule of Restructuring Reserve by Segment [Table Text Block] |
The following tables summarize the change in accrued restructuring, exit, integration and impairment charges within Accrued expenses in the Consolidated Balance Sheets for the years ended December 31, 2018, 2017 and 2016:
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Dec 31, 2017 |
|
2018 Activity |
|
Dec 31, 2018 |
(in millions) |
Accrued Charges |
|
Total Charges |
|
Non-Cash Charges |
|
Payments (A)
|
|
Accrued Charges (B)
|
Fitness |
$ |
5.0 |
|
|
$ |
25.3 |
|
|
$ |
(21.8 |
) |
|
$ |
(5.0 |
) |
|
$ |
3.5 |
|
Boat |
3.7 |
|
|
54.1 |
|
|
(26.6 |
) |
|
(15.8 |
) |
|
15.4 |
|
Corporate |
0.5 |
|
|
1.5 |
|
|
— |
|
|
(1.0 |
) |
|
1.0 |
|
Accrued balance |
$ |
9.2 |
|
|
$ |
80.9 |
|
|
$ |
(48.4 |
) |
|
$ |
(21.8 |
) |
|
$ |
19.9 |
|
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|
Dec 31, 2016 |
|
2017 Activity |
|
Dec 31, 2017 |
(in millions) |
Accrued Charges |
|
Total Charges |
|
Non-Cash Charges |
|
Payments (A)
|
|
Accrued Charges |
Fitness |
$ |
3.9 |
|
|
$ |
30.3 |
|
|
$ |
(16.6 |
) |
|
$ |
(12.6 |
) |
|
$ |
5.0 |
|
Boat |
0.7 |
|
|
48.6 |
|
|
(43.2 |
) |
|
(2.4 |
) |
|
3.7 |
|
Corporate |
— |
|
|
2.4 |
|
|
(0.8 |
) |
|
(1.1 |
) |
|
0.5 |
|
Accrued balance |
$ |
4.6 |
|
|
$ |
81.3 |
|
|
$ |
(60.6 |
) |
|
$ |
(16.1 |
) |
|
$ |
9.2 |
|
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|
Dec 31, 2015 |
|
2016 Activity |
|
Dec 31, 2016 |
(in millions) |
Accrued Charges |
|
Total Charges |
|
Non-Cash Charges |
|
Payments (A)
|
|
Accrued Charges |
Fitness |
$ |
— |
|
|
$ |
12.7 |
|
|
$ |
— |
|
|
$ |
(8.8 |
) |
|
$ |
3.9 |
|
Boat |
1.0 |
|
|
0.6 |
|
|
— |
|
|
(0.9 |
) |
|
0.7 |
|
Corporate |
0.5 |
|
|
2.3 |
|
|
(2.3 |
) |
|
(0.5 |
) |
|
— |
|
Accrued balance |
$ |
1.5 |
|
|
$ |
15.6 |
|
|
$ |
(2.3 |
) |
|
$ |
(10.2 |
) |
|
$ |
4.6 |
|
(A) Cash payments may include payments related to prior period charges.
(B) The accrued charges as of December 31, 2018 are expected to be paid during 2019.
|
| Actions Initiated in 2018 [Member] |
|
| Restructuring Cost and Reserve [Line Items] |
|
| Schedule of Restructuring, Exit, Impairment and Integration Charges by Type of Cost and Reportable Segment [Table Text Block] |
The following table is a summary of the expenses associated with the restructuring, exit, integration and impairment activities for the year ended December 31, 2018, related to actions initiated in 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
Fitness |
|
Boat |
|
Corporate |
|
Total |
Restructuring and exit activities: |
|
|
|
|
|
|
|
Employee termination and other benefits |
$ |
2.7 |
|
|
$ |
4.7 |
|
|
$ |
1.5 |
|
|
$ |
8.9 |
|
Current asset write-downs |
— |
|
|
18.9 |
|
|
— |
|
|
18.9 |
|
Professional fees |
— |
|
|
3.9 |
|
|
— |
|
|
3.9 |
|
Other |
— |
|
|
10.7 |
|
|
— |
|
|
10.7 |
|
Asset disposition and impairment actions: |
|
|
|
|
|
|
|
Trade name impairment |
22.1 |
|
|
— |
|
|
— |
|
|
22.1 |
|
Definite-lived and other asset impairments |
0.4 |
|
|
12.7 |
|
|
— |
|
|
13.1 |
|
Total restructuring, exit, integration and impairment charges |
$ |
25.2 |
|
|
$ |
50.9 |
|
|
$ |
1.5 |
|
|
$ |
77.6 |
|
|
| Actions Initiated in 2017 [Member] |
|
| Restructuring Cost and Reserve [Line Items] |
|
| Schedule of Restructuring, Exit, Impairment and Integration Charges by Type of Cost and Reportable Segment [Table Text Block] |
The following table is a summary of the expense associated with the restructuring, exit, integration and impairment activities for the years ended December 31, 2018 and 2017, related to actions initiated in 2017:
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|
2018 |
|
2017 |
(in millions) |
Fitness |
|
Boat |
|
Total |
|
Fitness |
|
Boat |
|
Corporate |
|
Total |
Restructuring and exit activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee termination and other benefits |
$ |
— |
|
|
$ |
4.1 |
|
|
$ |
4.1 |
|
|
$ |
3.8 |
|
|
$ |
3.2 |
|
|
$ |
2.4 |
|
|
$ |
9.4 |
|
Current asset write-downs (reversals) |
(0.7 |
) |
|
— |
|
|
(0.7 |
) |
|
2.7 |
|
|
7.2 |
|
|
— |
|
|
9.9 |
|
Professional fees |
— |
|
|
4.1 |
|
|
4.1 |
|
|
— |
|
|
1.1 |
|
|
— |
|
|
1.1 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
0.4 |
|
|
1.1 |
|
|
— |
|
|
1.5 |
|
Asset disposition and impairment actions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade name impairment |
— |
|
|
— |
|
|
— |
|
|
13.9 |
|
|
— |
|
|
— |
|
|
13.9 |
|
Definite-lived and other asset impairments |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
31.0 |
|
|
— |
|
|
31.0 |
|
Valuation allowance (reversal) on disposal |
— |
|
|
(5.0 |
) |
|
(5.0 |
) |
|
— |
|
|
5.0 |
|
|
— |
|
|
5.0 |
|
Total restructuring, exit, integration and impairment charges |
$ |
(0.7 |
) |
|
$ |
3.2 |
|
|
$ |
2.5 |
|
|
$ |
20.8 |
|
|
$ |
48.6 |
|
|
$ |
2.4 |
|
|
$ |
71.8 |
|
|
| Actions Initiated in 2016 [Member] |
|
| Restructuring Cost and Reserve [Line Items] |
|
| Schedule of Restructuring, Exit, Impairment and Integration Charges by Type of Cost and Reportable Segment [Table Text Block] |
The following table is a summary of the expense associated with the restructuring, exit, integration and impairment activities for the years ended December 31, 2018, 2017 and 2016, related to actions initiated in 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
2018 |
|
2017 |
|
2016 |
(in millions) |
Fitness |
|
Total |
|
Fitness |
|
Total |
|
Fitness |
|
Boat |
|
Corporate |
|
Total |
Restructuring and exit activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee termination and other benefits |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.4 |
|
|
$ |
0.6 |
|
|
$ |
— |
|
|
$ |
1.0 |
|
Asset disposition and impairment actions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Definite-lived and other asset impairments |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1.4 |
|
|
1.4 |
|
Integration activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee termination and other benefits |
0.0 |
|
|
0.0 |
|
|
2.5 |
|
|
2.5 |
|
|
4.0 |
|
|
— |
|
|
— |
|
|
4.0 |
|
Professional fees |
0.7 |
|
|
0.7 |
|
|
5.2 |
|
|
5.2 |
|
|
5.9 |
|
|
— |
|
|
— |
|
|
5.9 |
|
Other |
0.1 |
|
|
0.1 |
|
|
1.8 |
|
|
1.8 |
|
|
2.4 |
|
|
— |
|
|
— |
|
|
2.4 |
|
Total restructuring, exit, integration and impairment charges |
$ |
0.8 |
|
|
$ |
0.8 |
|
|
$ |
9.5 |
|
|
$ |
9.5 |
|
|
$ |
12.7 |
|
|
$ |
0.6 |
|
|
$ |
1.4 |
|
|
$ |
14.7 |
|
|