|
Restructuring Activities (Tables)
|
6 Months Ended |
|
Jul. 02, 2011
|
| Restructuring and Related Activities [Abstract] |
|
| Summary of total charges, by type of cost, 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 July 2, 2011and July 3, 2010. 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:
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
(in millions) |
|
July 2, 2011 |
|
|
July 3, 2010 |
|
|
July 2, 2011 |
|
|
July 3, 2010 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Employee termination and other benefits |
|
$ |
0.4 |
|
|
$ |
2.0 |
|
|
$ |
1.6 |
|
|
$ |
5.8 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
|
|
3.9 |
|
|
|
3.0 |
|
|
|
7.8 |
|
|
|
6.2 |
|
Exit activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee termination and other benefits |
|
|
- |
|
|
|
0.7 |
|
|
|
- |
|
|
|
0.7 |
|
Current asset write-downs |
|
|
- |
|
|
|
0.9 |
|
|
|
- |
|
|
|
0.9 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
|
|
- |
|
|
|
- |
|
|
|
0.6 |
|
|
|
- |
|
Asset disposition actions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade name impairments |
|
|
- |
|
|
|
1.1 |
|
|
|
- |
|
|
|
1.1 |
|
Definite-lived asset impairments and (gains) on disposal |
|
|
(4.6 |
) |
|
|
16.5 |
|
|
|
(5.0 |
) |
|
|
16.9 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total restructuring, exit and impairment charges |
|
$ |
(0.3 |
) |
|
$ |
24.2 |
|
|
$ |
5.0 |
|
|
$ |
31.6 |
|
|
| Schedule of 2011 and 2010 restructuring, exit and impairment charges by reportable segment |
The restructuring, exit and impairment charges recorded in the three months and six months ended July 2, 2011 and July 3, 2010, related to actions initiated in 2011 and 2010, by reportable segment, are summarized below:
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
(in millions) |
|
July 2, 2011 |
|
|
July 3, 2010 |
|
|
July 2, 2011 |
|
|
July 3, 2010 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Marine Engine |
|
$ |
(0.2 |
) |
|
$ |
- |
|
|
$ |
(0.2 |
) |
|
$ |
- |
|
Boat |
|
|
(0.6 |
) |
|
|
18.7 |
|
|
|
0.8 |
|
|
|
18.7 |
|
Fitness |
|
|
0.1 |
|
|
|
- |
|
|
|
0.1 |
|
|
|
- |
|
Bowling & Billiards |
|
|
- |
|
|
|
0.1 |
|
|
|
- |
|
|
|
0.2 |
|
Corporate |
|
|
- |
|
|
|
- |
|
|
|
0.1 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
(0.7 |
) |
|
$ |
18.8 |
|
|
$ |
0.8 |
|
|
$ |
18.9 |
|
|
| Summary of 2011 and 2010 charges, by type of cost, 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 |
|
|
Six Months Ended |
|
(in millions) |
|
July 2, 2011 |
|
|
July 3, 2010 |
|
|
July 2, 2011 |
|
|
July 3, 2010 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Employee termination and other benefits |
|
$ |
(0.2 |
) |
|
$ |
0.2 |
|
|
$ |
- |
|
|
$ |
0.3 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
|
|
0.5 |
|
|
|
- |
|
|
|
1.2 |
|
|
|
- |
|
Exit activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee termination and other benefits |
|
|
- |
|
|
|
0.7 |
|
|
|
- |
|
|
|
0.7 |
|
Current asset write-downs |
|
|
- |
|
|
|
0.9 |
|
|
|
- |
|
|
|
0.9 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
|
|
- |
|
|
|
- |
|
|
|
0.6 |
|
|
|
- |
|
Asset disposition actions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade name impairments |
|
|
- |
|
|
|
1.1 |
|
|
|
- |
|
|
|
1.1 |
|
Definite-lived asset impairments and (gains) on disposal |
|
|
(1.0 |
) |
|
|
15.9 |
|
|
|
(1.0 |
) |
|
|
15.9 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total restructuring, exit and impairment charges |
|
$ |
(0.7 |
) |
|
$ |
18.8 |
|
|
$ |
0.8 |
|
|
$ |
18.9 |
|
|
| Schedule of 2011 and 2010 restructuring, exit and impairment charges, by reportable segment |
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 2010 restructuring, exit and impairment charges, by reportable segment |
The restructuring charges related to actions initiated in 2010, by reportable segment, for the six months ended July 3, 2010, are summarized below:
|
(in millions)
|
|
Boat |
|
|
Bowling & Billiards |
|
|
Total |
|
| |
|
|
|
|
|
|
|
|
|
Employee termination and other benefits |
|
$ |
0.8 |
|
|
$ |
0.2 |
|
|
$ |
1.0 |
|
Current asset write-downs |
|
|
0.9 |
|
|
|
- |
|
|
|
0.9 |
|
Asset disposition actions |
|
|
17.0 |
|
|
|
- |
|
|
|
17.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total restructuring, exit and impairment charges |
|
$ |
18.7 |
|
|
$ |
0.2 |
|
|
$ |
18.9 |
|
|
| Schedule of 2009 charges, by type of cost, associated with restructuring, exit and impairment activities |
The following table summarizes the 2011 charges recorded for restructuring, exit and impairment charges related to actions initiated in 2011 and 2010 and the related status as of July 2, 2011. The accrued amounts remaining as of July 2, 2011 represent cash expenditures needed to satisfy remaining obligations. The majority of the accrued costs is expected to be paid by the end of 2011 and is included in Accrued expenses in the Condensed Consolidated Balance Sheets.
(in millions) |
|
Accrued Costs as of Jan. 1, 2011 |
|
|
Costs (Gains) Recognized in 2011 |
|
|
Non-cash Gains |
|
|
Net Cash Payments |
|
|
Accrued Costs as of July 2, 2011 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee termination and other benefits |
|
$ |
0.8 |
|
|
$ |
- |
|
|
$ |
0.2 |
|
|
$ |
(0.9 |
) |
|
$ |
0.1 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
|
|
1.4 |
|
|
|
1.8 |
|
|
|
- |
|
|
|
(3.2 |
) |
|
|
- |
|
Retention and relocation costs |
|
|
0.5 |
|
|
|
- |
|
|
|
- |
|
|
|
(0.1 |
) |
|
|
0.4 |
|
Asset disposition actions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Definite-lived asset impairments (gains) on disposal |
|
|
- |
|
|
|
(1.0 |
) |
|
|
1.0 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total restructuring, exit and impairment charges |
|
$ |
2.7 |
|
|
$ |
0.8 |
|
|
$ |
1.2 |
|
|
$ |
(4.2 |
) |
|
$ |
0.5 |
|
|
| Schedule of 2009 restructuring, exit and impairment charges, by reportable segments |
The restructuring, exit and impairment charges recorded in the three months and six months ended July 2, 2011 and July 3, 2010, related to actions initiated in 2009, by reportable segment, are summarized below:
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
(in millions) |
|
July 2, 2011 |
|
|
July 3, 2010 |
|
|
July 2, 2011 |
|
|
July 3, 2010 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Marine Engine |
|
$ |
(0.1 |
) |
|
$ |
2.1 |
|
|
$ |
4.2 |
|
|
$ |
4.5 |
|
Boat |
|
|
- |
|
|
|
1.2 |
|
|
|
(0.4 |
) |
|
|
3.9 |
|
Fitness |
|
|
- |
|
|
|
0.1 |
|
|
|
- |
|
|
|
0.1 |
|
Bowling & Billiards |
|
|
- |
|
|
|
0.1 |
|
|
|
- |
|
|
|
0.2 |
|
Corporate |
|
|
- |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
|
|
0.4 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
(0.1 |
) |
|
$ |
3.6 |
|
|
$ |
3.7 |
|
|
$ |
9.1 |
|
|
| Detail of 2009 charges, by type of cost, associated with restructuring, exit and impairment activities |
The following is a summary of the charges by category associated with the 2009 restructuring activities recognized during the three months and six months ended July 2, 2011 and July 3, 2010:
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
(in millions) |
|
July 2, 2011 |
|
|
July 3, 2010 |
|
|
July 2, 2011 |
|
|
July 3, 2010 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Employee termination and other benefits |
|
$ |
0.6 |
|
|
$ |
1.7 |
|
|
$ |
1.6 |
|
|
$ |
5.4 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
|
|
3.4 |
|
|
|
1.9 |
|
|
|
6.6 |
|
|
|
3.7 |
|
Asset disposition actions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Definite-lived asset impairments and (gains) on disposal |
|
|
(4.1 |
) |
|
|
- |
|
|
|
(4.5 |
) |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total restructuring, exit and impairment charges |
|
$ |
(0.1 |
) |
|
$ |
3.6 |
|
|
$ |
3.7 |
|
|
$ |
9.1 |
|
|
| Schedule of 2009 restructuring, exit and impairment charges, by reportable segment |
The restructuring charges related to actions initiated in 2009, 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 |
) |
|
|
(0.4 |
) |
|
|
- |
|
|
|
(4.5 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total restructuring, exit and impairment charges |
|
$ |
4.2 |
|
|
$ |
(0.4 |
) |
|
$ |
(0.1 |
) |
|
$ |
3.7 |
|
|
| Schedule of 2009 restructuring, exit and impairment charge, by reportable segment |
The restructuring charges related to actions initiated in 2009, by reportable segment, for the six months ended July 3, 2010, are summarized below:
(in millions) |
|
Marine Engine |
|
|
Boat |
|
|
Fitness |
|
|
Bowling & Billiards |
|
|
Corporate |
|
|
Total |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee termination and other benefits |
|
$ |
2.1 |
|
|
$ |
2.7 |
|
|
$ |
0.1 |
|
|
$ |
0.2 |
|
|
$ |
0.3 |
|
|
$ |
5.4 |
|
Transformation and other costs |
|
|
2.4 |
|
|
|
1.2 |
|
|
|
- |
|
|
|
- |
|
|
|
0.1 |
|
|
|
3.7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total restructuring, exit and impairment charges |
|
$ |
4.5 |
|
|
$ |
3.9 |
|
|
$ |
0.1 |
|
|
$ |
0.2 |
|
|
$ |
0.4 |
|
|
$ |
9.1 |
|
|
| Schedule of 2009 charges and accrued costs related to restructuring, exit and impairment charges by type of cost |
The following table summarizes the 2011 charges recorded for restructuring, exit and impairment charges related to actions initiated in 2009 and the related status as of July 2, 2011. The accrued amounts remaining as of July 2, 2011 represent cash expenditures needed to satisfy remaining obligations. The majority of the accrued costs is expected to be paid by the end of 2011 and is included in Accrued expenses in the Condensed Consolidated Balance Sheets.
(in millions) |
|
Accrued Costs as of Jan. 1, 2011 |
|
|
Costs (Gains) Recognized in 2011 |
|
|
Non-cash Gains |
|
|
Net Cash Payments |
|
|
Accrued Costs as of July 2, 2011 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee termination and other benefits |
|
$ |
6.8 |
|
|
$ |
1.6 |
|
|
$ |
- |
|
|
$ |
(1.8 |
) |
|
$ |
6.6 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
|
|
1.5 |
|
|
|
6.6 |
|
|
|
- |
|
|
|
(6.8 |
) |
|
|
1.3 |
|
Asset disposition actions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Definite-lived asset impairments and (gains) on disposal |
|
|
- |
|
|
|
(4.5 |
) |
|
|
4.5 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total restructuring, exit and impairment charges |
|
$ |
8.3 |
|
|
$ |
3.7 |
|
|
$ |
4.5 |
|
|
$ |
(8.6 |
) |
|
$ |
7.9 |
|
|
| Schedule of 2008 restructuring, exit and impairment charges, by reportable segments |
The restructuring, exit and impairment charges recorded in the three months and six months ended July 2, 2011 and July 3, 2010, related to actions initiated in 2008, by reportable segment, are summarized below:
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
(in millions) |
|
|
|
|
July 3, 2010 |
|
|
July 2, 2011 |
|
|
July 3, 2010 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Boat |
|
$ |
0.5 |
|
|
$ |
1.8 |
|
|
$ |
0.5 |
|
|
$ |
3.2 |
|
Corporate |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.4 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
0.5 |
|
|
$ |
1.8 |
|
|
$ |
0.5 |
|
|
$ |
3.6 |
|
|
| Summary of 2008 charges by type of cost, associated with restructuring, exit and impairment activities |
The following is a summary of the charges by category associated with the 2008 restructuring activities recognized during the three months and six months ended July 2, 2011 and July 3, 2010:
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
(in millions) |
|
July 2, 2011 |
|
|
July 3, 2010 |
|
|
July 2, 2011 |
|
|
July 3, 2010 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Employee termination and other benefits |
|
$ |
- |
|
|
$ |
0.1 |
|
|
$ |
- |
|
|
$ |
0.1 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
|
|
- |
|
|
|
1.1 |
|
|
|
- |
|
|
|
2.5 |
|
Asset disposition actions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Definite-lived asset impairments |
|
|
0.5 |
|
|
|
0.6 |
|
|
|
0.5 |
|
|
|
1.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total restructuring, exit and impairment charges |
|
$ |
0.5 |
|
|
$ |
1.8 |
|
|
$ |
0.5 |
|
|
$ |
3.6 |
|
|
| Detail of 2008 restructuring, exit and impairment charges, by type of cost and reportable segment |
The restructuring charges related to actions initiated in 2008, by reportable segment for the six months ended July 2, 2011, are summarized below:
|
(in millions)
|
|
Boat |
|
|
Total |
|
| |
|
|
|
|
|
|
Asset disposition actions |
|
$ |
0.5 |
|
|
$ |
0.5 |
|
| |
|
|
|
|
|
|
|
|
Total restructuring, exit and impairment charges |
|
$ |
0.5 |
|
|
$ |
0.5 |
|
|
| Detail of 2008 restructuring, exit and impairment charge, by type of cost and reportable segment |
The restructuring charges related to actions initiated in 2008, by reportable segment for the six months ended July 3, 2010, are summarized below:
|
(in millions)
|
|
Boat |
|
|
Corporate |
|
|
Total |
|
| |
|
|
|
|
|
|
|
|
|
Employee termination and other benefits |
|
$ |
0.1 |
|
|
$ |
- |
|
|
$ |
0.1 |
|
Transformation and other costs |
|
|
2.5 |
|
|
|
- |
|
|
|
2.5 |
|
Asset disposition actions |
|
|
0.6 |
|
|
|
0.4 |
|
|
|
1.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Total restructuring, exit and impairment charges |
|
$ |
3.2 |
|
|
$ |
0.4 |
|
|
$ |
3.6 |
|
|
| Schedule of 2008 charges and accrued costs related to restructuring, exit and impairment charges by type of cost |
The following table summarizes the related status of actions initiated in 2008 as of July 2, 2011. The accrued amounts remaining as of July 2, 2011, represent cash expenditures needed to satisfy remaining obligations. The majority of the accrued costs is expected to be paid by the end of 2011 and is included in Accrued expenses in the Consolidated Balance Sheets.
(in millions) |
|
Accrued Costs as of Jan. 1, 2011 |
|
|
Costs Recognized in 2011 |
|
|
Non-cash Charges |
|
|
Net Cash Payments |
|
|
Accrued Costs as of July 2, 2011 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee termination and other benefits |
|
$ |
0.7 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(0.3 |
) |
|
$ |
0.4 |
|
Transformation and other costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidation of manufacturing footprint |
|
|
1.5 |
|
|
|
- |
|
|
|
- |
|
|
|
(0.3 |
) |
|
|
1.2 |
|
Asset disposition actions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Definite-lived asset impairments |
|
|
- |
|
|
|
0.5 |
|
|
|
(0.5 |
) |
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total restructuring, exit and impairment charges |
|
$ |
2.2 |
|
|
$ |
0.5 |
|
|
$ |
(0.5 |
) |
|
$ |
(0.6 |
) |
|
$ |
1.6 |
|
|