Annual report pursuant to Section 13 and 15(d)

Restructuring Activities (Tables)

v2.4.0.8
Restructuring Activities (Tables)
12 Months Ended
Dec. 31, 2013
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 2013, 2012 and 2011.  The 2013 charges consist of expenses related to actions initiated in 2013, 2012, 2011 and 2009. 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.
(in millions)
2013
 
2012
 
2011
Restructuring activities:
 
 
 
 
 
Employee termination and other benefits
$
3.2

 
$
1.6

 
$
5.7

Current asset write-downs
1.0

 
1.3

 
0.1

Transformation and other costs:
 

 
 

 
 
Consolidation of manufacturing footprint
6.7

 
12.1

 
13.0

Retention and relocation costs
0.4

 
0.1

 

Exit activities:
 

 
 

 
 
Employee termination and other benefits
1.0

 

 

Transformation and other costs:
 

 
 

 
 
Consolidation of manufacturing footprint

 
(0.3
)
 
10.6

Loss on sale of non-strategic assets
2.7

 

 

Asset disposition actions:
 

 
 

 
 
Trade name impairments

 
1.5

 

Definite-lived asset impairments and (gains) on disposal
6.4

 
9.5

 
(8.1
)
Total restructuring, exit and impairment charges
$
21.4

 
$
25.8

 
$
21.3

Actions initiated in 2013 [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 2013 restructuring initiatives:
(in millions)
2013
Restructuring activities:
 
Employee termination and other benefits
$
3.0

Current asset write-downs
1.0

Transformation and other costs:
 

Consolidation of manufacturing footprint
4.9

Retention and relocation costs
0.4

Exit activities:
 

Employee termination and other benefits
1.0

Transformation and other costs:
 

Loss on sale of non-strategic assets
2.7

Asset disposition actions:
 

Definite-lived asset impairments
3.9

Total restructuring, exit and impairment charges
$
16.9

Schedule of restructuring, exit and impairment charges by reportable segment
The restructuring, exit and impairment charges recorded in 2013, related to actions initiated in 2013, by reportable segment, are summarized below:
(in millions)
2013
Boat
$
12.0

Bowling & Billiards
4.2

Corporate
0.7

Total
$
16.9

Schedule of restructuring, exit and impairment charges by reportable segment and category
The restructuring, exit and impairment charges recorded in 2013 related to actions initiated in 2013, by reportable segment and category, are summarized below:
(in millions)
Boat
 
Bowling & Billiards
 
Corporate
 
Total
Employee termination and other benefits
$
1.8

 
$
1.5

 
$
0.7

 
$
4.0

Current asset write-downs
1.0

 

 

 
1.0

Transformation and other costs
5.3

 
2.7

 

 
8.0

Asset disposition actions
3.9

 

 

 
3.9

Total restructuring, exit and impairment charges
$
12.0

 
$
4.2

 
$
0.7

 
$
16.9

Schedule of changes in restructuring reserve
The following table summarizes the activity for restructuring, exit and impairment charges during the year ended December 31, 2013 related to actions initiated in 2013. The accrued costs as of December 31, 2013 represent cash expenditures needed to satisfy remaining obligations, the majority of which are expected to be paid by the end of 2014 and are included in Accrued expenses in the Consolidated Balance Sheets.
(in millions)
Costs Recognized in 2013
 
Non-cash (Charges)/Gains
 
Net Cash Payments
 
Accrued Costs as of Dec. 31, 2013
Employee termination and other benefits
$
4.0

 
$

 
$
(1.7
)
 
$
2.3

Current asset write-downs
1.0

 
(1.0
)
 

 

Transformation and other costs:
 

 
 

 
 

 
 

Consolidation of manufacturing footprint
4.9

 

 
(4.9
)
 

Retention and relocation costs
0.4

 

 
(0.4
)
 

Loss on sale of non-strategic assets
2.7

 
0.2

 
(2.2
)
 
0.7

Asset disposition actions:
 
 
 
 
 
 
 

  Definite-lived asset impairments
3.9

 
(3.9
)
 

 

Total restructuring, exit and impairment charges
$
16.9

 
$
(4.7
)
 
$
(9.2
)
 
$
3.0

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)
2013
 
2012
Restructuring activities:
 
 
 
Employee termination and other benefits
$
0.2

 
$
2.0

Current asset write-downs

 
1.3

Transformation and other costs:
 

 
 

Consolidation of manufacturing footprint
1.8

 
7.1

Retention and relocation costs

 
0.1

Asset disposition actions:
 

 
 

Trade name impairments

 
1.5

Definite-lived asset impairments
0.9

 
11.3

Total restructuring, exit and impairment charges
$
2.9

 
$
23.3

Schedule of restructuring, exit and impairment charges by reportable segment
The restructuring, exit and impairment charges recorded in 2013 and 2012, related to actions initiated in 2012, by reportable segment, are summarized below:
(in millions)
2013
 
2012
Marine Engine
$

 
$
0.4

Boat
2.9

 
22.8

Fitness

 
0.1

Total
$
2.9

 
$
23.3

Schedule of restructuring, exit and impairment charges by reportable segment and category
The restructuring, exit and impairment charges recorded in 2013 related to actions initiated in 2012, by reportable segment and category, are summarized below:
(in millions)
Boat
 
Total
Employee termination and other benefits
$
0.2

 
$
0.2

Transformation and other costs
1.8

 
1.8

Asset disposition actions
0.9

 
0.9

Total restructuring, exit and impairment charges
$
2.9

 
$
2.9


The restructuring, exit and impairment charges recorded in 2012 related to actions initiated in 2012, by reportable segment and category, 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, 2013 related to actions initiated in 2012.  The accrued costs as of December 31, 2013 represent cash expenditures needed to satisfy remaining obligations, the majority of which are expected to be paid by the end of 2014 and are included in Accrued expenses in the Consolidated Balance Sheets.
(in millions)
Accrued Costs as of
Jan. 1, 2013
 
Costs  Recognized in 2013
 
Non-cash Charges
 
Net Cash Payments
 
Accrued Costs as of Dec. 31, 2013
Employee termination and other benefits
$
1.9

 
$
0.2

 
$

 
$
(1.9
)
 
$
0.2

Transformation and other costs:
 

 
 

 
 

 
 

 
 

Consolidation of manufacturing footprint
5.2

 
1.8

 

 
(4.5
)
 
2.5

Asset disposition actions:
 

 
 

 
 

 
 

 
 

Definite-lived asset impairments

 
0.9

 
(0.9
)
 

 

Total restructuring, exit and impairment charges
$
7.1

 
$
2.9

 
$
(0.9
)
 
$
(6.4
)
 
$
2.7

Actions initiated between 2008 and 2011 [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, 2010, 2009 and 2008 restructuring initiatives:
(in millions)
2013
 
2012
 
2011
Restructuring activities:
 
 
 
 
 
Employee termination and other benefits
$

 
$
(0.4
)
 
$
5.7

Current asset write-downs

 

 
0.1

Transformation and other costs:
 

 
 

 
 
Consolidation of manufacturing footprint

 
5.0

 
13.0

Exit activities:
 

 
 

 
 
Transformation and other costs:
 

 
 

 
 
Consolidation of manufacturing footprint

 
(0.3
)
 
10.6

Asset disposition actions:
 

 
 

 
 
Definite-lived asset impairments and (gains) on disposal
1.6

 
(1.8
)
 
(8.1
)
Total restructuring, exit and impairment charges
$
1.6

 
$
2.5

 
$
21.3

Schedule of restructuring, exit and impairment charges by reportable segment
The restructuring, exit and impairment charges recorded in 2013, 2012 and 2011, related to actions initiated between 2008 and 2011, by reportable segment, are summarized below:
(in millions)
2013
 
2012
 
2011
Marine Engine
$

 
$
3.8

 
$
11.0

Boat
0.9

 
(1.5
)
 
8.3

Fitness

 

 
0.1

Bowling & Billiards
0.7

 
0.4

 
1.9

Corporate

 
(0.2
)
 

Total
$
1.6

 
$
2.5

 
$
21.3

Schedule of restructuring, exit and impairment charges by reportable segment and category
The restructuring, exit and impairment charges recorded in 2013, related to actions initiated between 2008 and 2011, by reportable segment and category, are summarized below:
(in millions)
Boat
 
Bowling & Billiards
 
Total
Asset disposition actions
$
0.9

 
$
0.7

 
$
1.6

Total restructuring, exit and impairment charges
$
0.9

 
$
0.7

 
$
1.6


The restructuring, exit and impairment charges recorded in 2012, related to actions initiated between 2008 and 2011, by reportable segment and category, are summarized below:
(in millions)
Marine
Engine
 
Boat
 
Bowling & Billiards
 
Corporate
 
Total
Employee termination and other benefits
$
(0.4
)
 
$

 
$

 
$

 
$
(0.4
)
Transformation and other costs
5.1

 
(0.2
)
 

 
(0.2
)
 
4.7

Asset disposition actions
(0.9
)
 
(1.3
)
 
0.4

 

 
(1.8
)
Total restructuring, exit and impairment charges
$
3.8

 
$
(1.5
)
 
$
0.4

 
$
(0.2
)
 
$
2.5



The restructuring, exit and impairment charges recorded in 2011, related to actions initiated between 2008 and 2011, by reportable segment and category, are summarized below:
 
(in millions)
Marine Engine
 
Boat
 
Fitness
 
Bowling & Billiards
 
Corporate
 
Total
Employee termination and other benefits
$
3.0

 
$
2.4

 
$

 
$
0.2

 
$
0.1

 
$
5.7

Current asset write-downs
0.1

 

 

 

 

 
0.1

Transformation and other costs
12.0

 
10.8

 
0.1

 
0.8

 
(0.1
)
 
23.6

Asset disposition actions
(4.1
)
 
(4.9
)
 

 
0.9

 

 
(8.1
)
Total restructuring, exit and impairment charges
$
11.0

 
$
8.3

 
$
0.1

 
$
1.9

 
$

 
$
21.3

Schedule of changes in restructuring reserve
The following table summarizes the activity for restructuring, exit and impairment charges during the year ended December 31, 2013 related to actions initiated between 2008 and 2011.  The accrued costs as of December 31, 2013 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, 2013
 
Costs Recognized in 2013
 
Non-cash Charges
 
Net Cash Payments
 
Accrued Costs as of Dec. 31, 2013
Employee termination and other benefits
$
1.2

 
$

 
$

 
$
(0.8
)
 
$
0.4

Transformation and other costs:
 

 
 

 
 

 
 

 
 

Consolidation of manufacturing footprint
2.2

 

 

 
(1.1
)
 
1.1

Asset disposition actions:
 

 
 

 
 

 
 

 
 

Definite-lived asset impairments

 
1.6

 
(1.6
)
 

 

Total restructuring, exit and impairment charges
$
3.4

 
$
1.6

 
$
(1.6
)
 
$
(1.9
)
 
$
1.5