Quarterly report pursuant to Section 13 or 15(d)

Restructuring Activities (Tables)

v2.4.0.6
Restructuring Activities (Tables)
 6 Months Ended
Jun. 30, 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 the three months and six months ended June 30, 2012 and July 2, 2011.  The 2012 charges consist of expenses related to actions initiated in 2012, 2010, 2009 and 2008.  The 2011 charges consist of expenses related to actions initiated in 2011, 2010, 2009 and 2008:
 
Three Months Ended
 
Six Months Ended
(in millions)
June 30,
2012
 
July 2,
2011
 
June 30,
2012
 
July 2,
2011
Restructuring activities:
 
 
 
 
 
 
 
Employee termination and other benefits
$
0.2

 
$
0.4

 
$
(0.1
)
 
$
1.6

Transformation and other costs:
 

 
 

 
 

 
 

Consolidation of manufacturing footprint
1.6

 
3.9

 
3.7

 
7.8

Exit activities:
 

 
 

 
 

 
 

Transformation and other costs:
 

 
 

 
 

 
 

Consolidation of manufacturing footprint
0.1

 
—

 
(0.2
)
 
0.6

Asset disposition actions:
 

 
 

 
 

 
 

Definite-lived asset impairments and (gains) on disposal
(0.9
)
 
(4.6
)
 
(2.2
)
 
(5.0
)
Total restructuring, exit and impairment charges
$
1.0

 
$
(0.3
)
 
$
1.2

 
$
5.0

Actions initiated in 2012 2011 and 2010 [Member]
  
Restructuring Cost and Reserve [Line Items]  
Schedule of restructuring, exit and impairment charges by reportable segment
The restructuring, exit and impairment charges recorded in the three months and six months ended June 30, 2012 and July 2, 2011, related to actions initiated in 2012, 2011 and 2010, by reportable segment, are summarized below:
 
Three Months Ended
 
Six Months Ended
(in millions)
June 30,
2012
 
July 2,
2011
 
June 30,
2012
 
July 2,
2011
Marine Engine
$
—

 
$
(0.2
)
 
$
—

 
$
(0.2
)
Boat
0.3

 
(0.6
)
 
0.1

 
0.8

Fitness
—

 
0.1

 
—

 
0.1

Corporate
—

 
—

 
—

 
0.1

Total
$
0.3

 
$
(0.7
)
 
$
0.1

 
$
0.8

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, 2011 and 2010 restructuring initiatives:
 
Three Months Ended
 
Six Months Ended
(in millions)
June 30,
2012
 
July 2,
2011
 
June 30,
2012
 
July 2,
2011
Restructuring activities:
 
 
 
 
 
 
 
Employee termination and other benefits
$
0.2

 
$
(0.2
)
 
$
0.2

 
$
—

Transformation and other costs:
 

 
 

 
 

 
 

Consolidation of manufacturing footprint
—

 
0.5

 
0.1

 
1.2

Exit activities:
 

 
 

 
 

 
 

Transformation and other costs:
 

 
 

 
 

 
 

Consolidation of manufacturing footprint
0.1

 
—

 
(0.2
)
 
0.6

Asset disposition actions:
 

 
 

 
 

 
 

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

 
(1.0
)
 
—

 
(1.0
)
Total restructuring, exit and impairment charges
$
0.3

 
$
(0.7
)
 
$
0.1

 
$
0.8

Schedule of restructuring, exit and impairment charges by type of cost and reportable segment
The restructuring charges related to actions initiated in 2012, 2011 and 2010, by reportable segment, for the six months ended June 30, 2012, are summarized below:
(in millions)
Boat
 
Total
Employee termination and other benefits
$
0.2

 
$
0.2

Transformation and other costs
(0.1
)
 
(0.1
)
Total restructuring, exit and impairment charges
$
0.1

 
$
0.1






The restructuring charges related to actions initiated in 2011 and 2010, by reportable segment, for the six months ended July 2, 2011, are summarized below:
 
(in millions)
Marine Engine
 
Boat
 
Fitness
 
Corporate
 
Total
Employee termination and other benefits
$
(0.2
)
 
$
0.1

 
$
—

 
$
0.1

 
$
—

Transformation and other costs
—

 
1.7

 
0.1

 
—

 
1.8

Asset disposition actions
—

 
(1.0
)
 
—

 
—

 
(1.0
)
Total restructuring, exit and impairment charges
$
(0.2
)
 
$
0.8

 
$
0.1

 
$
0.1

 
$
0.8

Schedule of changes in restructuring reserve
The following table summarizes the activity for restructuring, exit and impairment charges related to actions initiated in 2012, 2011 and 2010 during the six months ended June 30, 2012.  The accrued costs as of June 30, 2012, represent cash expenditures needed to satisfy remaining obligations, the majority of which are expected to be paid by the end of 2012 and are included in Accrued expenses in the Condensed Consolidated Balance Sheets.
(in millions)
Accrued Costs as of
Jan. 1, 2012
 
Costs (Gains)  Recognized in 2012
 
Non-cash Gains (Charges)
 
Net Cash Payments
 
Accrued Costs as of June 30, 2012
Employee termination and other benefits
$
0.8

 
$
0.2

 
$
—

 
$
(0.7
)
 
$
0.3

Transformation and other costs:
 

 
 

 
 

 
 

 
 

Consolidation of manufacturing footprint
0.7

 
(0.1
)
 
0.3

 
(0.2
)
 
0.7

Retention and relocation costs
0.2

 
—

 
—

 
(0.2
)
 
—

Total restructuring, exit and impairment charges
$
1.7

 
$
0.1

 
$
0.3

 
$
(1.1
)
 
$
1.0

Actions initiated in 2009 and 2008 [Member]
  
Restructuring Cost and Reserve [Line Items]  
Schedule of restructuring, exit and impairment charges by reportable segment
The restructuring, exit and impairment charges recorded in the three months and six months ended June 30, 2012 and July 2, 2011, related to actions initiated in 2009 and 2008, by reportable segment, are summarized below:
 
Three Months Ended
 
Six Months Ended
(in millions)
June 30,
2012
 
July 2,
2011
 
June 30,
2012
 
July 2,
2011
Marine Engine
$
0.9

 
$
(0.1
)
 
$
2.6

 
$
4.2

Boat
—

 
0.5

 
(1.3
)
 
0.1

Corporate
(0.2
)
 
—

 
(0.2
)
 
(0.1
)
Total
$
0.7

 
$
0.4

 
$
1.1

 
$
4.2

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 the three months and six months ended June 30, 2012 and July 2, 2011:
 
Three Months Ended
 
Six Months Ended
(in millions)
June 30,
2012
 
July 2,
2011
 
June 30,
2012
 
July 2,
2011
Restructuring activities:
 
 
 
 
 
 
 
Employee termination and other benefits
$
—

 
$
0.6

 
$
(0.3
)
 
$
1.6

Transformation and other costs:
 

 
 

 
 

 
 

Consolidation of manufacturing footprint
1.6

 
3.4

 
3.6

 
6.6

Asset disposition actions:
 

 
 

 
 

 
 

Definite-lived asset impairments and (gains) on disposal
(0.9
)
 
(3.6
)
 
(2.2
)
 
(4.0
)
Total restructuring, exit and impairment charges
$
0.7

 
$
0.4

 
$
1.1

 
$
4.2

Schedule of restructuring, exit and impairment charges by type of cost and reportable segment
The restructuring charges related to actions initiated in 2009 and 2008, by reportable segment, for the six months ended June 30, 2012, are summarized below:
(in millions)
Marine
Engine
 
Boat
 
Corporate
 
Total
Employee termination and other benefits
$
(0.3
)
 
$
—

 
$
—

 
$
(0.3
)
Transformation and other costs
3.8

 
—

 
(0.2
)
 
3.6

Asset disposition actions
(0.9
)
 
(1.3
)
 
—

 
(2.2
)
Total restructuring, exit and impairment charges
$
2.6

 
$
(1.3
)
 
$
(0.2
)
 
$
1.1


The restructuring charges related to actions initiated in 2009 and 2008, by reportable segment, for the six months ended July 2, 2011, are summarized below:
(in millions)
Marine
Engine
 
Boat
 
Corporate
 
Total
Employee termination and other benefits
$
1.6

 
$
—

 
$
—

 
$
1.6

Transformation and other costs
6.7

 
—

 
(0.1
)
 
6.6

Asset disposition actions
(4.1
)
 
0.1

 
—

 
(4.0
)
Total restructuring, exit and impairment charges
$
4.2

 
$
0.1

 
$
(0.1
)
 
$
4.2

Schedule of changes in restructuring reserve
The following table summarizes the activity for restructuring, exit and impairment charges related to actions initiated in 2009 and 2008 during the six months ended June 30, 2012.  The accrued costs as of June 30, 2012, represent cash expenditures needed to satisfy remaining obligations, the majority of which are expected to be paid by the end of 2012 and are included in Accrued expenses in the Condensed Consolidated Balance Sheets.
(in millions)
Accrued Costs as of
Jan. 1, 2012
 
Costs/(Gains)  Recognized in 2012
 
Non-cash Charges
 
Net Cash Payments
 
Accrued Costs as of June 30, 2012
Employee termination and other benefits
$
9.3

 
$
(0.3
)
 
$
—

 
$
(5.0
)
 
$
4.0

Transformation and other costs:
 

 
 

 
 

 
 

 
 

Consolidation of manufacturing footprint
2.4

 
3.6

 
—

 
(4.0
)
 
2.0

Asset disposition actions:
 

 
 

 
 

 
 

 
 

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

 
(2.2
)
 
2.2

 
—

 
—

Total restructuring, exit and impairment charges
$
11.7

 
$
1.1

 
$
2.2

 
$
(9.0
)
 
$
6.0