|
Restructuring Activities (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| Restructuring Cost and Reserve [Line Items] |
|
| Summary of the expense associated with restructuring, exit and impairment activities |
The following table is a summary of the expense associated with the restructuring, exit and impairment activities for 2012, 2011 and 2010. The 2012 charges consist of expenses related to actions initiated in 2012, 2011, 2010, 2009 and 2008. The 2011 charges consist of expenses related to actions initiated in 2011, 2010, 2009 and 2008. The 2010 charges consist of expenses related to actions initiated in 2010, 2009 and 2008.
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
2012 |
|
2011 |
|
2010 |
Restructuring activities: |
|
|
|
|
|
Employee termination and other benefits |
$ |
1.6 |
|
|
$ |
5.7 |
|
|
$ |
12.3 |
|
Current asset write-downs |
1.3 |
|
|
0.1 |
|
|
1.9 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
12.1 |
|
|
13.0 |
|
|
14.9 |
|
Retention and relocation costs |
0.1 |
|
|
— |
|
|
0.5 |
|
Exit activities: |
|
|
|
|
|
|
|
Employee termination and other benefits |
— |
|
|
— |
|
|
0.8 |
|
Current asset write-downs |
— |
|
|
— |
|
|
1.0 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
(0.3 |
) |
|
10.6 |
|
|
3.4 |
|
Loss on sale of non-strategic assets |
— |
|
|
— |
|
|
3.6 |
|
Asset disposition actions: |
|
|
|
|
|
|
|
Trade name impairments |
1.5 |
|
|
— |
|
|
1.1 |
|
Definite-lived asset impairments and (gains) on disposal |
9.5 |
|
|
(8.1 |
) |
|
14.7 |
|
Total restructuring, exit and impairment charges |
$ |
25.8 |
|
|
$ |
21.3 |
|
|
$ |
54.2 |
|
|
|
Actions initiated in 2012 [Member]
|
|
| Restructuring Cost and Reserve [Line Items] |
|
| Summary of the expense associated with restructuring, exit and impairment activities |
The following is a summary of the charges by category associated with the Company’s 2012 restructuring initiatives:
|
|
|
|
|
(in millions) |
2012 |
Restructuring activities: |
|
Employee termination and other benefits |
$ |
2.0 |
|
Current asset write-downs |
1.3 |
|
Transformation and other costs: |
|
|
Consolidation of manufacturing footprint |
7.1 |
|
Retention and relocation costs |
0.1 |
|
Asset disposition actions: |
|
|
Trade name impairments |
1.5 |
|
Definite-lived asset impairments |
11.3 |
|
Total restructuring, exit and impairment charges |
$ |
23.3 |
|
|
| Schedule of restructuring, exit and impairment charges by reportable segment |
The restructuring, exit and impairment charges recorded in 2012, related to actions initiated in 2012, by reportable segment, are summarized below:
|
|
|
|
|
(in millions) |
2012 |
Marine Engine |
$ |
0.4 |
|
Boat |
22.8 |
|
Fitness |
0.1 |
|
Total |
$ |
23.3 |
|
|
| Schedule of restructuring, exit and impairment charges by type of cost and reportable segment |
The restructuring charges recorded in 2012 related to actions initiated in 2012, by reportable segment, are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
Marine
Engine
|
|
Boat |
|
Fitness |
|
Total |
Employee termination and other benefits |
$ |
0.4 |
|
|
$ |
1.5 |
|
|
$ |
0.1 |
|
|
$ |
2.0 |
|
Current asset write-downs |
— |
|
|
1.3 |
|
|
— |
|
|
1.3 |
|
Transformation and other costs |
— |
|
|
7.2 |
|
|
— |
|
|
7.2 |
|
Asset disposition actions |
— |
|
|
12.8 |
|
|
— |
|
|
12.8 |
|
Total restructuring, exit and impairment charges |
$ |
0.4 |
|
|
$ |
22.8 |
|
|
$ |
0.1 |
|
|
$ |
23.3 |
|
|
| Schedule of changes in restructuring reserve |
The following table summarizes the activity for restructuring, exit and impairment charges during the year ended December 31, 2012 related to actions initiated in 2012. The accrued costs as of December 31, 2012 represent cash expenditures needed to satisfy remaining obligations, the majority of which are expected to be paid by the end of 2013 and are included in Accrued expenses in the Consolidated Balance Sheets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
Costs Recognized in 2012 |
|
Non-cash Charges |
|
Net Cash Payments |
|
Accrued Costs as of Dec. 31, 2012 |
Employee termination and other benefits |
$ |
2.0 |
|
|
$ |
— |
|
|
$ |
(0.1 |
) |
|
$ |
1.9 |
|
Current asset write-downs |
1.3 |
|
|
(1.3 |
) |
|
— |
|
|
— |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
7.1 |
|
|
(0.4 |
) |
|
(1.5 |
) |
|
5.2 |
|
Retention and relocation costs |
0.1 |
|
|
— |
|
|
(0.1 |
) |
|
— |
|
Asset disposition actions: |
|
|
|
|
|
|
|
|
Trade name impairments |
1.5 |
|
|
(1.5 |
) |
|
— |
|
|
— |
|
Definite-lived asset impairments |
11.3 |
|
|
(11.3 |
) |
|
— |
|
|
— |
|
Total restructuring, exit and impairment charges |
$ |
23.3 |
|
|
$ |
(14.5 |
) |
|
$ |
(1.7 |
) |
|
$ |
7.1 |
|
|
|
Actions initiated in 2011 and 2010 [Member]
|
|
| Restructuring Cost and Reserve [Line Items] |
|
| Summary of the expense associated with restructuring, exit and impairment activities |
The following is a summary of the charges by category associated with the Company’s 2011 and 2010 restructuring initiatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
2012 |
|
2011 |
|
2010 |
Restructuring activities: |
|
|
|
|
|
Employee termination and other benefits |
$ |
— |
|
|
$ |
1.3 |
|
|
$ |
4.0 |
|
Current asset write-downs |
— |
|
|
0.1 |
|
|
1.0 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
0.1 |
|
|
1.2 |
|
|
2.9 |
|
Retention and relocation costs |
— |
|
|
— |
|
|
0.3 |
|
Exit activities: |
|
|
|
|
|
|
|
Employee termination and other benefits |
— |
|
|
— |
|
|
0.8 |
|
Current asset write-downs |
— |
|
|
— |
|
|
1.0 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
(0.3 |
) |
|
10.3 |
|
|
3.5 |
|
Loss on sale of non-strategic assets |
— |
|
|
— |
|
|
3.6 |
|
Asset disposition actions: |
|
|
|
|
|
|
|
Trade name impairments |
— |
|
|
— |
|
|
1.1 |
|
Definite-lived asset impairments and (gains) on disposal |
0.4 |
|
|
(0.6 |
) |
|
12.1 |
|
Total restructuring, exit and impairment charges |
$ |
0.2 |
|
|
$ |
12.3 |
|
|
$ |
30.3 |
|
|
| Schedule of restructuring, exit and impairment charges by reportable segment |
The restructuring, exit and impairment charges recorded in 2012, 2011 and 2010, related to actions initiated in 2011 and 2010, by reportable segment, are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
2012 |
|
2011 |
|
2010 |
Marine Engine |
$ |
— |
|
|
$ |
0.2 |
|
|
$ |
2.6 |
|
Boat |
(0.2 |
) |
|
10.3 |
|
|
26.1 |
|
Fitness |
— |
|
|
0.1 |
|
|
0.1 |
|
Bowling & Billiards |
0.4 |
|
|
1.6 |
|
|
1.5 |
|
Corporate |
— |
|
|
0.1 |
|
|
— |
|
Total |
$ |
0.2 |
|
|
$ |
12.3 |
|
|
$ |
30.3 |
|
|
| Schedule of restructuring, exit and impairment charges by type of cost and reportable segment |
The restructuring charges recorded in 2012 related to actions initiated in 2011 and 2010, by reportable segment, are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
Boat |
|
Bowling & Billiards |
|
Total |
Transformation and other costs |
$ |
(0.2 |
) |
|
$ |
— |
|
|
$ |
(0.2 |
) |
Asset disposition actions |
— |
|
|
0.4 |
|
|
0.4 |
|
Total restructuring, exit and impairment charges |
$ |
(0.2 |
) |
|
0.4 |
|
|
$ |
0.2 |
|
The restructuring charges recorded in 2011 related to actions initiated in 2011 and 2010, by reportable segment, are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
Marine Engine |
|
Boat |
|
Fitness |
|
Bowling & Billiards |
|
Corporate |
|
Total |
Employee termination and other benefits |
$ |
— |
|
|
$ |
1.0 |
|
|
$ |
— |
|
|
$ |
0.2 |
|
|
$ |
0.1 |
|
|
$ |
1.3 |
|
Current asset write-downs |
0.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.1 |
|
Transformation and other costs |
0.1 |
|
|
10.8 |
|
|
0.1 |
|
|
0.5 |
|
|
— |
|
|
11.5 |
|
Asset disposition actions |
— |
|
|
(1.5 |
) |
|
— |
|
|
0.9 |
|
|
— |
|
|
(0.6 |
) |
Total restructuring, exit and impairment charges |
$ |
0.2 |
|
|
$ |
10.3 |
|
|
$ |
0.1 |
|
|
$ |
1.6 |
|
|
$ |
0.1 |
|
|
$ |
12.3 |
|
The restructuring charges recorded in 2010 related to actions initiated in 2010, by reportable segment, are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
Marine Engine |
|
Boat |
|
Fitness |
|
Bowling & Billiards |
|
Total |
Employee termination and other benefits |
$ |
2.0 |
|
|
$ |
2.3 |
|
|
$ |
0.1 |
|
|
$ |
0.4 |
|
|
$ |
4.8 |
|
Current asset write-downs |
— |
|
|
1.8 |
|
|
— |
|
|
0.2 |
|
|
2.0 |
|
Transformation and other costs |
0.6 |
|
|
8.8 |
|
|
— |
|
|
0.9 |
|
|
10.3 |
|
Asset disposition actions |
— |
|
|
13.2 |
|
|
— |
|
|
— |
|
|
13.2 |
|
Total restructuring, exit and impairment charges |
$ |
2.6 |
|
|
$ |
26.1 |
|
|
$ |
0.1 |
|
|
$ |
1.5 |
|
|
$ |
30.3 |
|
|
| Schedule of changes in restructuring reserve |
The following table summarizes the activity for restructuring, exit and impairment charges during the year ended December 31, 2012 related to actions initiated in 2011 and 2010. The accrued costs as of December 31, 2012 represent cash expenditures needed to satisfy remaining obligations, the majority of which are expected to be paid by the end of 2013 and are included in Accrued expenses in the Consolidated Balance Sheets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
Accrued Costs as of
Jan. 1, 2012
|
|
Costs/(Gains) Recognized in 2012 |
|
Non-cash (Charges)/Gains |
|
Net Cash Payments |
|
Accrued Costs as of Dec. 31, 2012 |
Employee termination and other benefits |
$ |
0.8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.6 |
) |
|
$ |
0.2 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
0.7 |
|
|
(0.2 |
) |
|
0.3 |
|
|
(0.1 |
) |
|
0.7 |
|
Retention and relocation costs |
0.2 |
|
|
— |
|
|
— |
|
|
(0.2 |
) |
|
— |
|
Asset disposition actions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Definite-lived asset impairments on disposal |
— |
|
|
0.4 |
|
|
(0.4 |
) |
|
— |
|
|
— |
|
Total restructuring, exit and impairment charges |
$ |
1.7 |
|
|
$ |
0.2 |
|
|
$ |
(0.1 |
) |
|
$ |
(0.9 |
) |
|
$ |
0.9 |
|
|
|
Actions initiated in 2009 and 2008 [Member]
|
|
| Restructuring Cost and Reserve [Line Items] |
|
| Summary of the expense associated with restructuring, exit and impairment activities |
The following is a summary of the charges by category associated with the 2009 and 2008 restructuring activities recognized during 2012, 2011 and 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
2012 |
|
2011 |
|
2010 |
Restructuring activities: |
|
|
|
|
|
Employee termination and other benefits |
$ |
(0.4 |
) |
|
$ |
4.4 |
|
|
$ |
8.3 |
|
Current asset write-downs |
— |
|
|
— |
|
|
0.9 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
4.9 |
|
|
11.8 |
|
|
12.0 |
|
Retention and relocation costs |
— |
|
|
— |
|
|
0.2 |
|
Exit activities: |
|
|
|
|
|
|
|
Transformation and other costs: |
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
— |
|
|
0.3 |
|
|
(0.1 |
) |
Asset disposition actions: |
|
|
|
|
|
|
|
Definite-lived asset impairments and (gains) on disposal |
(2.2 |
) |
|
(7.5 |
) |
|
2.6 |
|
Total restructuring, exit and impairment charges |
$ |
2.3 |
|
|
$ |
9.0 |
|
|
$ |
23.9 |
|
|
| Schedule of restructuring, exit and impairment charges by reportable segment |
The restructuring, exit and impairment charges recorded in 2012, 2011 and 2010, related to actions initiated in 2009 and 2008, by reportable segment, are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
2012 |
|
2011 |
|
2010 |
Marine Engine |
$ |
3.8 |
|
|
$ |
10.8 |
|
|
$ |
9.9 |
|
Boat |
(1.3 |
) |
|
(2.0 |
) |
|
12.9 |
|
Fitness |
— |
|
|
— |
|
|
0.1 |
|
Bowling & Billiards |
— |
|
|
0.3 |
|
|
0.3 |
|
Corporate |
(0.2 |
) |
|
(0.1 |
) |
|
0.7 |
|
Total |
$ |
2.3 |
|
|
$ |
9.0 |
|
|
$ |
23.9 |
|
|
| Schedule of restructuring, exit and impairment charges by type of cost and reportable segment |
The restructuring charges recorded in 2012 related to actions initiated in 2009 and 2008, by reportable segment, are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
Marine
Engine
|
|
Boat |
|
Corporate |
|
Total |
Employee termination and other benefits |
$ |
(0.4 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.4 |
) |
Transformation and other costs |
5.1 |
|
|
— |
|
|
(0.2 |
) |
|
4.9 |
|
Asset disposition actions |
(0.9 |
) |
|
(1.3 |
) |
|
— |
|
|
(2.2 |
) |
Total restructuring, exit and impairment charges |
$ |
3.8 |
|
|
$ |
(1.3 |
) |
|
$ |
(0.2 |
) |
|
$ |
2.3 |
|
The restructuring charges recorded in 2011, related to actions initiated in 2009 and 2008, by reportable segment, are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
Marine
Engine
|
|
Boat |
|
Bowling & Billiards |
|
Corporate |
|
Total |
Employee termination and other benefits |
$ |
3.0 |
|
|
$ |
1.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4.4 |
|
Transformation and other costs |
11.9 |
|
|
— |
|
|
0.3 |
|
|
(0.1 |
) |
|
12.1 |
|
Asset disposition actions |
(4.1 |
) |
|
(3.4 |
) |
|
— |
|
|
— |
|
|
(7.5 |
) |
Total restructuring, exit and impairment charges |
$ |
10.8 |
|
|
$ |
(2.0 |
) |
|
$ |
0.3 |
|
|
$ |
(0.1 |
) |
|
$ |
9.0 |
|
The restructuring charges recorded in 2010, related to actions initiated in 2009 and 2008, by reportable segment, are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
Marine Engine |
|
Boat |
|
Fitness |
|
Bowling & Billiards |
|
Corporate |
|
Total |
Employee termination and other benefits |
$ |
2.8 |
|
|
$ |
4.8 |
|
|
$ |
0.1 |
|
|
$ |
0.3 |
|
|
$ |
0.3 |
|
|
$ |
8.3 |
|
Current asset write-downs |
— |
|
|
0.9 |
|
|
— |
|
|
— |
|
|
— |
|
|
0.9 |
|
Transformation and other costs |
7.1 |
|
|
5.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
12.1 |
|
Asset disposition actions |
— |
|
|
2.2 |
|
|
— |
|
|
— |
|
|
0.4 |
|
|
2.6 |
|
Total restructuring, exit and impairment charges |
$ |
9.9 |
|
|
$ |
12.9 |
|
|
$ |
0.1 |
|
|
$ |
0.3 |
|
|
$ |
0.7 |
|
|
$ |
23.9 |
|
|
| Schedule of changes in restructuring reserve |
The following table summarizes the activity for restructuring, exit and impairment charges during the year ended December 31, 2012 related to actions initiated in 2009 and 2008. The accrued costs as of December 31, 2012 represent cash expenditures needed to satisfy remaining obligations, the majority of which are expected to be paid by the end of 2015 and are included in Accrued expenses in the Consolidated Balance Sheets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
Accrued Costs as of
Jan. 1, 2012
|
|
Costs/(Gains) Recognized in 2012 |
|
Non-cash Gains |
|
Net Cash Payments |
|
Accrued Costs as of Dec. 31, 2012 |
Employee termination and other benefits |
$ |
9.3 |
|
|
$ |
(0.4 |
) |
|
$ |
— |
|
|
$ |
(7.9 |
) |
|
$ |
1.0 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
2.4 |
|
|
4.9 |
|
|
— |
|
|
(5.8 |
) |
|
1.5 |
|
Asset disposition actions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Definite-lived asset impairments and (gains) on disposal |
— |
|
|
(2.2 |
) |
|
2.2 |
|
|
— |
|
|
— |
|
Total restructuring, exit and impairment charges |
$ |
11.7 |
|
|
$ |
2.3 |
|
|
$ |
2.2 |
|
|
$ |
(13.7 |
) |
|
$ |
2.5 |
|
|