Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition (Notes)

v3.20.2
Revenue Recognition (Notes)
6 Months Ended
Jun. 27, 2020
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue [Table Text Block] The following table presents the Company's revenue into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors:
 
Three Months Ended
 
June 27, 2020
(in millions)
Propulsion
 
Parts & Accessories
 
Boat
 
Total
Geographic Markets
 
 
 
 
 
 
 
United States
$
224.9

 
$
293.8

 
$
183.2

 
$
701.9

Europe
69.8

 
41.9

 
35.3

 
147.0

Asia-Pacific
66.5

 
24.6

 
3.2

 
94.3

Canada
13.4

 
19.5

 
23.7

 
56.6

Rest-of-World
20.8

 
6.7

 
4.5

 
32.0

Segment Eliminations
(39.8
)
 
(4.2
)
 

 
(44.0
)
Total
$
355.6

 
$
382.3

 
$
249.9

 
$
987.8

 
 
 
 
 
 
 
 
Major Product Lines
 
 
 
 
 
 
 
Outboard Engines
$
314.3

 
$

 
$

 
$
314.3

Controls, Rigging, and Propellers
53.2

 

 

 
53.2

Sterndrive Engines
27.9

 

 

 
27.9

Distribution Parts and Accessories

 
190.7

 

 
190.7

Advanced Systems Group

 
86.8

 

 
86.8

Engine Parts and Accessories

 
109.0

 

 
109.0

Aluminum Freshwater Boats

 

 
94.2

 
94.2

Recreational Fiberglass Boats

 

 
89.6

 
89.6

Saltwater Fishing Boats

 

 
59.0

 
59.0

Business Acceleration

 

 
8.3

 
8.3

Boat Eliminations/Other

 

 
(1.2
)
 
(1.2
)
Segment Eliminations
(39.8
)
 
(4.2
)
 

 
(44.0
)
Total
$
355.6

 
$
382.3

 
$
249.9

 
$
987.8


 
Six Months Ended
 
June 27, 2020
(in millions)
Propulsion
 
Parts & Accessories
 
Boat
 
Total
Geographic Markets
 
 
 
 
 
 
 
United States
$
515.8

 
$
504.7

 
$
398.7

 
$
1,419.2

Europe
139.4

 
84.7

 
70.4

 
294.5

Asia-Pacific
115.8

 
49.3

 
8.8

 
173.9

Canada
27.5

 
33.2

 
55.5

 
116.2

Rest-of-World
45.5

 
16.2

 
8.0

 
69.7

Segment Eliminations
(108.9
)
 
(11.3
)
 

 
(120.2
)
Total
$
735.1

 
$
676.8

 
$
541.4

 
$
1,953.3

 
 
 
 
 
 
 
 
Major Product Lines
 
 
 
 
 
 
 
Outboard Engines
$
668.1

 
$

 
$

 
$
668.1

Controls, Rigging, and Propellers
110.7

 

 

 
110.7

Sterndrive Engines
65.2

 

 

 
65.2

Distribution Parts and Accessories

 
312.0

 

 
312.0

Advanced Systems Group

 
189.9

 

 
189.9

Engine Parts and Accessories

 
186.2

 

 
186.2

Aluminum Freshwater Boats

 

 
214.7

 
214.7

Recreational Fiberglass Boats

 

 
191.4

 
191.4

Saltwater Fishing Boats

 

 
118.8

 
118.8

  Business Acceleration

 

 
18.3

 
18.3

Boat Eliminations/Other

 

 
(1.8
)
 
(1.8
)
Segment Eliminations
(108.9
)
 
(11.3
)
 

 
(120.2
)
Total
$
735.1

 
$
676.8

 
$
541.4

 
$
1,953.3


 
Three Months Ended
 
June 29, 2019
(in millions)
Propulsion
 
Parts & Accessories
 
Boat
 
Total
Geographic Markets
 
 
 
 
 
 
 
United States
$
309.9

 
$
300.8

 
$
271.2

 
$
881.9

Europe
75.1

 
50.6

 
34.6

 
160.3

Asia-Pacific
33.5

 
23.9

 
6.4

 
63.8

Canada
16.2

 
23.3

 
47.4

 
86.9

Rest-of-World
26.8

 
11.4

 
7.0

 
45.2

Segment Eliminations
(67.9
)
 
(6.7
)
 

 
(74.6
)
Total
$
393.6

 
$
403.3

 
$
366.6

 
$
1,163.5

 
 
 
 
 
 
 
 
Major Product Lines
 
 
 
 
 
 
 
Outboard Engines
$
353.9

 
$

 
$

 
$
353.9

Controls, Rigging, and Propellers
57.8

 

 

 
57.8

Sterndrive Engines
49.8

 

 

 
49.8

Distribution Parts and Accessories

 
174.6

 

 
174.6

Advanced Systems Group

 
120.8

 

 
120.8

Engine Parts and Accessories

 
114.6

 

 
114.6

Aluminum Freshwater Boats

 

 
160.8

 
160.8

Recreational Fiberglass Boats

 

 
119.5

 
119.5

Saltwater Fishing Boats

 

 
82.6

 
82.6

  Business Acceleration

 

 
4.3

 
4.3

Boat Eliminations/Other

 

 
(0.6
)
 
(0.6
)
Segment Eliminations
(67.9
)
 
(6.7
)
 

 
(74.6
)
Total
$
393.6

 
$
403.3

 
$
366.6

 
$
1,163.5


 
Six Months Ended
 
June 29, 2019
(in millions)
Propulsion
 
Parts & Accessories
 
Boat
 
Total
Geographic Markets
 
 
 
 
 
 
 
United States
$
619.7

 
$
515.2

 
$
545.1

 
$
1,680.0

Europe
148.2

 
96.7

 
71.3

 
316.2

Asia-Pacific
64.9

 
48.6

 
11.8

 
125.3

Canada
31.1

 
39.7

 
97.4

 
168.2

Rest-of-World
50.0

 
23.4

 
14.3

 
87.7

Segment Eliminations
(146.9
)
 
(16.3
)
 

 
(163.2
)
Total
$
767.0

 
$
707.3

 
$
739.9

 
$
2,214.2

 
 
 
 
 
 
 
 
Major Product Lines
 
 
 
 
 
 
 
Outboard Engines
$
706.2

 
$

 
$

 
$
706.2

Controls, Rigging, and Propellers
111.0

 

 

 
111.0

Sterndrive Engines
96.7

 

 

 
96.7

Distribution Parts and Accessories

 
298.8

 

 
298.8

Advanced Systems Group

 
224.8

 

 
224.8

Engine Parts and Accessories

 
200.0

 

 
200.0

Aluminum Freshwater Boats

 

 
327.0

 
327.0

Recreational Fiberglass Boats

 

 
234.5

 
234.5

Saltwater Fishing Boats

 

 
172.8

 
172.8

  Business Acceleration

 

 
6.7

 
6.7

Boat Eliminations/Other

 

 
(1.1
)
 
(1.1
)
Segment Eliminations
(146.9
)
 
(16.3
)
 

 
(163.2
)
Total
$
767.0

 
$
707.3

 
$
739.9

 
$
2,214.2


Revenue from Contract with Customer [Text Block] Revenue Recognition

Consistent with the Company's change in reportable segments described in Note 1 – Significant Accounting Policies, the Company has made a change to its revenue disaggregation presentation to align with the new segment structure. The following table presents the Company's revenue into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors:
 
Three Months Ended
 
June 27, 2020
(in millions)
Propulsion
 
Parts & Accessories
 
Boat
 
Total
Geographic Markets
 
 
 
 
 
 
 
United States
$
224.9

 
$
293.8

 
$
183.2

 
$
701.9

Europe
69.8

 
41.9

 
35.3

 
147.0

Asia-Pacific
66.5

 
24.6

 
3.2

 
94.3

Canada
13.4

 
19.5

 
23.7

 
56.6

Rest-of-World
20.8

 
6.7

 
4.5

 
32.0

Segment Eliminations
(39.8
)
 
(4.2
)
 

 
(44.0
)
Total
$
355.6

 
$
382.3

 
$
249.9

 
$
987.8

 
 
 
 
 
 
 
 
Major Product Lines
 
 
 
 
 
 
 
Outboard Engines
$
314.3

 
$

 
$

 
$
314.3

Controls, Rigging, and Propellers
53.2

 

 

 
53.2

Sterndrive Engines
27.9

 

 

 
27.9

Distribution Parts and Accessories

 
190.7

 

 
190.7

Advanced Systems Group

 
86.8

 

 
86.8

Engine Parts and Accessories

 
109.0

 

 
109.0

Aluminum Freshwater Boats

 

 
94.2

 
94.2

Recreational Fiberglass Boats

 

 
89.6

 
89.6

Saltwater Fishing Boats

 

 
59.0

 
59.0

Business Acceleration

 

 
8.3

 
8.3

Boat Eliminations/Other

 

 
(1.2
)
 
(1.2
)
Segment Eliminations
(39.8
)
 
(4.2
)
 

 
(44.0
)
Total
$
355.6

 
$
382.3

 
$
249.9

 
$
987.8


 
Six Months Ended
 
June 27, 2020
(in millions)
Propulsion
 
Parts & Accessories
 
Boat
 
Total
Geographic Markets
 
 
 
 
 
 
 
United States
$
515.8

 
$
504.7

 
$
398.7

 
$
1,419.2

Europe
139.4

 
84.7

 
70.4

 
294.5

Asia-Pacific
115.8

 
49.3

 
8.8

 
173.9

Canada
27.5

 
33.2

 
55.5

 
116.2

Rest-of-World
45.5

 
16.2

 
8.0

 
69.7

Segment Eliminations
(108.9
)
 
(11.3
)
 

 
(120.2
)
Total
$
735.1

 
$
676.8

 
$
541.4

 
$
1,953.3

 
 
 
 
 
 
 
 
Major Product Lines
 
 
 
 
 
 
 
Outboard Engines
$
668.1

 
$

 
$

 
$
668.1

Controls, Rigging, and Propellers
110.7

 

 

 
110.7

Sterndrive Engines
65.2

 

 

 
65.2

Distribution Parts and Accessories

 
312.0

 

 
312.0

Advanced Systems Group

 
189.9

 

 
189.9

Engine Parts and Accessories

 
186.2

 

 
186.2

Aluminum Freshwater Boats

 

 
214.7

 
214.7

Recreational Fiberglass Boats

 

 
191.4

 
191.4

Saltwater Fishing Boats

 

 
118.8

 
118.8

  Business Acceleration

 

 
18.3

 
18.3

Boat Eliminations/Other

 

 
(1.8
)
 
(1.8
)
Segment Eliminations
(108.9
)
 
(11.3
)
 

 
(120.2
)
Total
$
735.1

 
$
676.8

 
$
541.4

 
$
1,953.3


 
Three Months Ended
 
June 29, 2019
(in millions)
Propulsion
 
Parts & Accessories
 
Boat
 
Total
Geographic Markets
 
 
 
 
 
 
 
United States
$
309.9

 
$
300.8

 
$
271.2

 
$
881.9

Europe
75.1

 
50.6

 
34.6

 
160.3

Asia-Pacific
33.5

 
23.9

 
6.4

 
63.8

Canada
16.2

 
23.3

 
47.4

 
86.9

Rest-of-World
26.8

 
11.4

 
7.0

 
45.2

Segment Eliminations
(67.9
)
 
(6.7
)
 

 
(74.6
)
Total
$
393.6

 
$
403.3

 
$
366.6

 
$
1,163.5

 
 
 
 
 
 
 
 
Major Product Lines
 
 
 
 
 
 
 
Outboard Engines
$
353.9

 
$

 
$

 
$
353.9

Controls, Rigging, and Propellers
57.8

 

 

 
57.8

Sterndrive Engines
49.8

 

 

 
49.8

Distribution Parts and Accessories

 
174.6

 

 
174.6

Advanced Systems Group

 
120.8

 

 
120.8

Engine Parts and Accessories

 
114.6

 

 
114.6

Aluminum Freshwater Boats

 

 
160.8

 
160.8

Recreational Fiberglass Boats

 

 
119.5

 
119.5

Saltwater Fishing Boats

 

 
82.6

 
82.6

  Business Acceleration

 

 
4.3

 
4.3

Boat Eliminations/Other

 

 
(0.6
)
 
(0.6
)
Segment Eliminations
(67.9
)
 
(6.7
)
 

 
(74.6
)
Total
$
393.6

 
$
403.3

 
$
366.6

 
$
1,163.5


 
Six Months Ended
 
June 29, 2019
(in millions)
Propulsion
 
Parts & Accessories
 
Boat
 
Total
Geographic Markets
 
 
 
 
 
 
 
United States
$
619.7

 
$
515.2

 
$
545.1

 
$
1,680.0

Europe
148.2

 
96.7

 
71.3

 
316.2

Asia-Pacific
64.9

 
48.6

 
11.8

 
125.3

Canada
31.1

 
39.7

 
97.4

 
168.2

Rest-of-World
50.0

 
23.4

 
14.3

 
87.7

Segment Eliminations
(146.9
)
 
(16.3
)
 

 
(163.2
)
Total
$
767.0

 
$
707.3

 
$
739.9

 
$
2,214.2

 
 
 
 
 
 
 
 
Major Product Lines
 
 
 
 
 
 
 
Outboard Engines
$
706.2

 
$

 
$

 
$
706.2

Controls, Rigging, and Propellers
111.0

 

 

 
111.0

Sterndrive Engines
96.7

 

 

 
96.7

Distribution Parts and Accessories

 
298.8

 

 
298.8

Advanced Systems Group

 
224.8

 

 
224.8

Engine Parts and Accessories

 
200.0

 

 
200.0

Aluminum Freshwater Boats

 

 
327.0

 
327.0

Recreational Fiberglass Boats

 

 
234.5

 
234.5

Saltwater Fishing Boats

 

 
172.8

 
172.8

  Business Acceleration

 

 
6.7

 
6.7

Boat Eliminations/Other

 

 
(1.1
)
 
(1.1
)
Segment Eliminations
(146.9
)
 
(16.3
)
 

 
(163.2
)
Total
$
767.0

 
$
707.3

 
$
739.9

 
$
2,214.2



As of January 1, 2020, $96.2 million of contract liabilities associated with extended warranties and customer deposits were reported in Accrued expenses and Other Long-term liabilities, of which $7.7 million and $20.8 million were recognized as revenue during the three and six months ended June 27, 2020. As of June 27, 2020, total contract liabilities were $104.9 million. The total amount of the transaction price allocated to unsatisfied performance obligations as of June 27, 2020 was $97.3 million for contracts greater than one year, which primarily relates to extended warranties. The Company expects to recognize approximately $16.3 million of this amount in 2020, $22.5 million in 2021, and $58.5 million thereafter.