Annual report pursuant to Section 13 and 15(d)

Restructuring, Exit, Impairment and Integration Activities (Tables)

v3.20.4
Restructuring, Exit, Impairment and Integration Activities (Tables)
 12 Months Ended
Dec. 31, 2020
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 and impairment activities.
(in millions) 2020 2019 2018
Restructuring and exit activities:
Employee termination and other benefits $ 3.0  $ 11.7  $ 9.5 
Current asset write-downs —  0.5  18.9 
Professional fees 0.1  3.1  8.0 
Other (A)
0.5  0.5  10.7 
Asset disposition and impairment actions:
Definite-lived and other asset impairments 0.5  3.0  12.7 
Valuation (reversal) allowance on disposal group —  —  (5.0)
Total restructuring, exit and impairment charges $ 4.1  $ 18.8  $ 54.8 
(A) The charges in 2018 primarily relate to warranty adjustments in connection with the wind-down of Sport Yacht & Yachts.
Schedule of Restructuring Reserve by Segment [Table Text Block]
The following tables summarize the change in accrued restructuring, exit and impairment charges within Accrued expenses in the Consolidated Balance Sheets for the years ended December 31, 2020, 2019 and 2018:
Dec 31, 2019 2020 Activity Dec 31, 2020
(in millions) Accrued Charges Total Charges Non-Cash Charges
Payments (A)
Accrued Charges (B)
Parts & Accessories $ 1.2  $ 0.8  $ —  $ (1.7) $ 0.3 
Boat 6.1  1.3  (0.5) (5.7) 1.2 
Corporate 1.5  2.0  —  (1.8) 1.7 
Total $ 8.8  $ 4.1  $ (0.5) $ (9.2) $ 3.2 
Dec 31, 2018 2019 Activity Dec 31, 2019
(in millions) Accrued Charges Total Charges Non-Cash Charges
Payments (A)
Accrued Charges
Parts & Accessories $ —  $ 4.6  $ —  $ (3.4) $ 1.2 
Boat 15.4  9.7  (3.5) (15.5) 6.1 
Corporate 0.7  4.5  —  (3.7) 1.5 
Total $ 16.1  $ 18.8  $ (3.5) $ (22.6) $ 8.8 
Dec 31, 2017 2018 Activity Dec 31, 2018
(in millions) Accrued Charges Total Charges Non-Cash Charges
Payments (A)
Accrued Charges
Boat $ 3.7  $ 54.1  $ (26.6) $ (15.8) $ 15.4 
Corporate —  0.7  —  —  0.7 
Total $ 3.7  $ 54.8  $ (26.6) $ (15.8) $ 16.1 

(A) Cash payments may include payments related to prior period charges.
(B) The accrued charges as of December 31, 2020 are expected to be paid during 2021.
Actions Initiated in 2020 [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 and impairment activities for the year ended December 31, 2020, related to actions initiated in 2020:
(in millions) Parts & Accessories Boat Corporate Total
Restructuring and exit activities:
Employee termination and other benefits $ 0.5  $ 0.4  $ 1.8  $ 2.7 
Other —  0.5  —  0.5 
Asset disposition and impairment actions:
Definite-lived and other asset impairments —  0.5  —  0.5 
Total restructuring, exit and impairment charges $ 0.5  $ 1.4  $ 1.8  $ 3.7 
Actions Initiated in 2019 [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 and impairment activities for the year ended December 31, 2020 and December 31, 2019, related to actions initiated in 2019:
December 31, 2020 December 31, 2019
(in millions) Parts & Accessories Boat Corporate Total Parts & Accessories Boat Corporate Total
Restructuring and exit activities:
Employee termination and other benefits $ 0.3  $ (0.1) $ 0.1  $ 0.3  $ 4.6  $ 4.0  $ 3.1  $ 11.7 
Current asset write-downs —  —  —  —  —  0.5  —  0.5 
Professional fees —  —  0.1  0.1  —  1.7  1.4  3.1 
Other —  —  —  —  —  0.5  —  0.5 
Asset disposition and impairment actions:
Definite-lived and other asset impairments —  —  —  —  —  3.0  —  3.0 
Total restructuring, exit and impairment charges $ 0.3  $ (0.1) $ 0.2  $ 0.4  $ 4.6  $ 9.7  $ 4.5  $ 18.8 
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 and impairment activities for the year ended December 31, 2018, related to actions initiated in 2018:

(in millions) Boat Corporate Total
Restructuring and exit activities:
Employee termination and other benefits $ 4.7  $ 0.7  $ 5.4 
Current asset write-downs 18.9  —  18.9 
Professional fees 3.9  —  3.9 
Other 10.7  —  10.7 
Asset disposition and impairment actions:
Definite-lived and other asset impairments 12.7  —  12.7 
Total restructuring, exit and impairment charges $ 50.9  $ 0.7  $ 51.6 
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 and impairment activities within the Boat segment, for the year ended December 31, 2018, related to actions initiated in 2017:
(in millions)
Restructuring and exit activities:
Employee termination and other benefits $ 4.1 
Professional fees 4.1 
Asset disposition and impairment actions:
Valuation allowance (reversal) on disposal (5.0)
Total restructuring, exit, integration and impairment charges $ 3.2