|
Restructuring Activities (Tables)
|
9 Months Ended |
|
Sep. 29, 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 nine months ended September 29, 2012 and October 1, 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 |
|
Nine Months Ended |
(in millions) |
September 29,
2012 |
|
October 1,
2011 |
|
September 29,
2012 |
|
October 1,
2011 |
Restructuring activities: |
|
|
|
|
|
|
|
Employee termination and other benefits |
$ |
0.9 |
|
|
$ |
1.3 |
|
|
$ |
0.8 |
|
|
$ |
2.9 |
|
Current asset write-downs |
0.9 |
|
|
— |
|
|
0.9 |
|
|
— |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
1.4 |
|
|
3.5 |
|
|
5.1 |
|
|
11.3 |
|
Exit activities: |
|
|
|
|
|
|
|
|
|
|
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
— |
|
|
9.8 |
|
|
(0.2 |
) |
|
10.4 |
|
Asset disposition actions: |
|
|
|
|
|
|
|
|
|
|
|
Trade name impairments |
1.2 |
|
|
— |
|
|
1.2 |
|
|
— |
|
Definite-lived asset impairments and (gains) on disposal |
23.8 |
|
|
(1.4 |
) |
|
21.6 |
|
|
(6.4 |
) |
Total restructuring, exit and impairment charges |
$ |
28.2 |
|
|
$ |
13.2 |
|
|
$ |
29.4 |
|
|
$ |
18.2 |
|
|
|
Actions initiated in 2012 [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 nine months ended September 29, 2012, related to actions initiated in 2012, by reportable segment, are summarized below:
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Nine Months Ended |
(in millions) |
September 29,
2012 |
|
September 29,
2012 |
Boat |
$ |
27.7 |
|
|
$ |
27.9 |
|
Fitness |
0.1 |
|
|
0.1 |
|
Total |
$ |
27.8 |
|
|
$ |
28.0 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Nine Months Ended |
(in millions) |
September 29,
2012 |
|
September 29,
2012 |
Restructuring activities: |
|
|
|
Employee termination and other benefits |
$ |
0.9 |
|
|
$ |
1.1 |
|
Current asset write-downs |
0.9 |
|
|
0.9 |
|
Transformation and other costs: |
|
|
|
|
|
Consolidation of manufacturing footprint |
1.0 |
|
|
1.0 |
|
Asset disposition actions: |
|
|
|
|
|
Trade name impairments |
1.2 |
|
|
1.2 |
|
Definite-lived asset impairments |
23.8 |
|
|
23.8 |
|
Total restructuring, exit and impairment charges |
$ |
27.8 |
|
|
$ |
28.0 |
|
|
| Schedule of restructuring, exit and impairment charges by type of cost and reportable segment |
The restructuring charges related to actions initiated in 2012, by reportable segment, for the nine months ended September 29, 2012, are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
Boat |
|
Fitness |
|
Total |
Employee termination and other benefits |
$ |
1.0 |
|
|
$ |
0.1 |
|
|
$ |
1.1 |
|
Current asset write-downs |
0.9 |
|
|
— |
|
|
0.9 |
|
Transformation and other costs |
1.0 |
|
|
— |
|
|
1.0 |
|
Asset disposition actions |
25.0 |
|
|
— |
|
|
25.0 |
|
Total restructuring, exit and impairment charges |
$ |
27.9 |
|
|
$ |
0.1 |
|
|
$ |
28.0 |
|
|
| Schedule of changes in restructuring reserve |
The following table summarizes the activity for restructuring, exit and impairment charges related to actions initiated in 2012 during the nine months ended September 29, 2012. The accrued costs as of September 29, 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 Condensed Consolidated Balance Sheets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
Costs Recognized in 2012 |
|
Non-cash Charges |
|
Net Cash Payments |
|
Accrued Costs as of Sept. 29, 2012 |
Employee termination and other benefits |
$ |
1.1 |
|
|
$ |
— |
|
|
$ |
(0.1 |
) |
|
$ |
1.0 |
|
Current asset write-downs |
0.9 |
|
|
(0.9 |
) |
|
— |
|
|
— |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
1.0 |
|
|
(0.3 |
) |
|
— |
|
|
0.7 |
|
Asset disposition actions: |
|
|
|
|
|
|
|
|
Trade name impairments |
1.2 |
|
|
(1.2 |
) |
|
— |
|
|
— |
|
Definite-lived asset impairments |
23.8 |
|
|
(23.8 |
) |
|
— |
|
|
— |
|
Total restructuring, exit and impairment charges |
$ |
28.0 |
|
|
$ |
(26.2 |
) |
|
$ |
(0.1 |
) |
|
$ |
1.7 |
|
|
|
Actions initiated in 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 nine months ended September 29, 2012 and October 1, 2011, related to actions initiated in 2011 and 2010, by reportable segment, are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
(in millions) |
September 29,
2012 |
|
October 1,
2011 |
|
September 29,
2012 |
|
October 1,
2011 |
Marine Engine |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.2 |
) |
Boat |
— |
|
|
9.0 |
|
|
(0.1 |
) |
|
9.8 |
|
Fitness |
— |
|
|
— |
|
|
— |
|
|
0.1 |
|
Bowling & Billiards |
— |
|
|
0.1 |
|
|
— |
|
|
0.1 |
|
Corporate |
— |
|
|
— |
|
|
— |
|
|
0.1 |
|
Total |
$ |
— |
|
|
$ |
9.1 |
|
|
$ |
(0.1 |
) |
|
$ |
9.9 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
(in millions) |
September 29,
2012 |
|
October 1,
2011 |
|
September 29,
2012 |
|
October 1,
2011 |
Restructuring activities: |
|
|
|
|
|
|
|
Employee termination and other benefits |
$ |
— |
|
|
$ |
0.1 |
|
|
$ |
— |
|
|
$ |
0.1 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
— |
|
|
0.5 |
|
|
0.1 |
|
|
1.7 |
|
Exit activities: |
|
|
|
|
|
|
|
|
|
|
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
— |
|
|
9.6 |
|
|
(0.2 |
) |
|
10.2 |
|
Asset disposition actions: |
|
|
|
|
|
|
|
|
|
|
|
Definite-lived asset gains on disposal |
— |
|
|
(1.1 |
) |
|
— |
|
|
(2.1 |
) |
Total restructuring, exit and impairment charges |
$ |
— |
|
|
$ |
9.1 |
|
|
$ |
(0.1 |
) |
|
$ |
9.9 |
|
|
| Schedule of restructuring, exit and impairment charges by type of cost and reportable segment |
The restructuring charges related to actions initiated in 2011 and 2010, by reportable segment, for the nine months ended September 29, 2012, are summarized below:
|
|
|
|
|
|
|
|
|
(in millions) |
Boat |
|
Total |
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 nine months ended October 1, 2011, are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
Marine Engine |
|
Boat |
|
Fitness |
|
Bowling & Billiards |
|
Corporate |
|
Total |
Employee termination and other benefits |
$ |
(0.2 |
) |
|
$ |
0.1 |
|
|
$ |
— |
|
|
$ |
0.1 |
|
|
$ |
0.1 |
|
|
$ |
0.1 |
|
Transformation and other costs |
— |
|
|
11.8 |
|
|
0.1 |
|
|
— |
|
|
— |
|
|
11.9 |
|
Asset disposition actions |
— |
|
|
(2.1 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2.1 |
) |
Total restructuring, exit and impairment charges |
$ |
(0.2 |
) |
|
$ |
9.8 |
|
|
$ |
0.1 |
|
|
$ |
0.1 |
|
|
$ |
0.1 |
|
|
$ |
9.9 |
|
|
| Schedule of changes in restructuring reserve |
The following table summarizes the activity for restructuring, exit and impairment charges related to actions initiated in 2011 and 2010 during the nine months ended September 29, 2012. The accrued costs as of September 29, 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 Condensed Consolidated Balance Sheets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
Accrued Costs as of
Jan. 1, 2012
|
|
Gains Recognized in 2012 |
|
Non-cash Gains |
|
Net Cash Payments |
|
Accrued Costs as of Sept. 29, 2012 |
Employee termination and other benefits |
$ |
0.8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.1 |
) |
|
$ |
0.7 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
0.7 |
|
|
(0.1 |
) |
|
0.3 |
|
|
(0.1 |
) |
|
0.8 |
|
Retention and relocation costs |
0.2 |
|
|
— |
|
|
— |
|
|
(0.2 |
) |
|
— |
|
Total restructuring, exit and impairment charges |
$ |
1.7 |
|
|
$ |
(0.1 |
) |
|
$ |
0.3 |
|
|
$ |
(0.4 |
) |
|
$ |
1.5 |
|
|
|
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 nine months ended September 29, 2012 and October 1, 2011, related to actions initiated in 2009 and 2008, by reportable segment, are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
(in millions) |
September 29,
2012 |
|
October 1,
2011 |
|
September 29,
2012 |
|
October 1,
2011 |
Marine Engine |
$ |
0.4 |
|
|
$ |
4.2 |
|
|
$ |
3.0 |
|
|
$ |
8.4 |
|
Boat |
— |
|
|
(0.3 |
) |
|
(1.3 |
) |
|
(0.2 |
) |
Bowling & Billiards |
— |
|
|
0.2 |
|
|
— |
|
|
0.2 |
|
Corporate |
— |
|
|
— |
|
|
(0.2 |
) |
|
(0.1 |
) |
Total |
$ |
0.4 |
|
|
$ |
4.1 |
|
|
$ |
1.5 |
|
|
$ |
8.3 |
|
|
| 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 nine months ended September 29, 2012 and October 1, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
(in millions)
|
September 29,
2012 |
|
October 1,
2011 |
|
September 29,
2012 |
|
October 1,
2011 |
Restructuring activities: |
|
|
|
|
|
|
|
Employee termination and other benefits |
$ |
— |
|
|
$ |
1.2 |
|
|
$ |
(0.3 |
) |
|
$ |
2.8 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
0.4 |
|
|
3.0 |
|
|
4.0 |
|
|
9.6 |
|
Exit activities: |
|
|
|
|
|
|
|
|
|
|
|
Transformation and other adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
— |
|
|
0.2 |
|
|
— |
|
|
0.2 |
|
Asset disposition actions: |
|
|
|
|
|
|
|
|
|
|
|
Definite-lived asset gains on disposal |
— |
|
|
(0.3 |
) |
|
(2.2 |
) |
|
(4.3 |
) |
Total restructuring, exit and impairment charges |
$ |
0.4 |
|
|
$ |
4.1 |
|
|
$ |
1.5 |
|
|
$ |
8.3 |
|
|
| 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 nine months ended September 29, 2012, are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
Marine
Engine
|
|
Boat |
|
Corporate |
|
Total |
Employee termination and other benefits |
$ |
(0.3 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(0.3 |
) |
Transformation and other costs |
4.2 |
|
|
— |
|
|
(0.2 |
) |
|
4.0 |
|
Asset disposition actions |
(0.9 |
) |
|
(1.3 |
) |
|
— |
|
|
(2.2 |
) |
Total restructuring, exit and impairment charges |
$ |
3.0 |
|
|
$ |
(1.3 |
) |
|
$ |
(0.2 |
) |
|
$ |
1.5 |
|
The restructuring charges related to actions initiated in 2009 and 2008, by reportable segment, for the nine months ended October 1, 2011, are summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
Marine
Engine
|
|
Boat |
|
Bowling & Billiards |
|
Corporate |
|
Total |
Employee termination and other benefits |
$ |
2.8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2.8 |
|
Transformation and other costs |
9.7 |
|
|
— |
|
|
0.2 |
|
|
(0.1 |
) |
|
9.8 |
|
Asset disposition actions |
(4.1 |
) |
|
(0.2 |
) |
|
— |
|
|
— |
|
|
(4.3 |
) |
Total restructuring, exit and impairment charges |
$ |
8.4 |
|
|
$ |
(0.2 |
) |
|
$ |
0.2 |
|
|
$ |
(0.1 |
) |
|
$ |
8.3 |
|
|
| 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 nine months ended September 29, 2012. The accrued costs as of September 29, 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 Condensed 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 Sept. 29, 2012 |
Employee termination and other benefits |
$ |
9.3 |
|
|
$ |
(0.3 |
) |
|
$ |
— |
|
|
$ |
(7.2 |
) |
|
$ |
1.8 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
2.4 |
|
|
4.0 |
|
|
— |
|
|
(4.7 |
) |
|
1.7 |
|
Asset disposition actions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Definite-lived asset impairments and (gains) on disposal |
— |
|
|
(2.2 |
) |
|
2.2 |
|
|
— |
|
|
— |
|
Total restructuring, exit and impairment charges |
$ |
11.7 |
|
|
$ |
1.5 |
|
|
$ |
2.2 |
|
|
$ |
(11.9 |
) |
|
$ |
3.5 |
|
|