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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q | | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 28, 2024
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 001-01043
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(Exact name of registrant as specified in its charter)
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Delaware | | 36-0848180 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
26125 N. Riverwoods Blvd., Suite 500, Mettawa, IL 60045-3420
(Address of principal executive offices) (Zip code)
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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Large Accelerated Filer | ☒ | Accelerated Filer | ☐ |
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Non-accelerated Filer | ☐ | Smaller reporting company | ☐ |
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Emerging growth company | ☐ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class | | Trading Symbol(s) | | Name of Each Exchange on Which Registered |
Common stock, par value $0.75 per share | | BC | | New York Stock Exchange |
| | Chicago Stock Exchange |
6.500% Senior Notes due 2048 | | BC-A | | New York Stock Exchange |
6.625% Senior Notes due 2049 | | BC-B | | New York Stock Exchange |
6.375% Senior Notes due 2049 | | BC-C | | New York Stock Exchange |
The number of shares of Common Stock ($0.75 par value) of the registrant outstanding as of October 28, 2024 was 65,983,222.
BRUNSWICK CORPORATION
INDEX TO QUARTERLY REPORT ON FORM 10-Q
September 28, 2024
TABLE OF CONTENTS
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PART I – FINANCIAL INFORMATION | Page |
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PART II – OTHER INFORMATION | |
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PART I - FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
BRUNSWICK CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
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| Three Months Ended | | Nine Months Ended | | |
(in millions, except per share data) | September 28, 2024 | | September 30, 2023 | | September 28, 2024 | | September 30, 2023 | | | | |
Net sales | $ | 1,273.3 | | | $ | 1,593.6 | | | $ | 4,082.2 | | | $ | 5,039.5 | | | | | |
Cost of sales | 940.3 | | | 1,148.9 | | | 2,984.6 | | | 3,616.9 | | | | | |
Selling, general and administrative expense | 180.7 | | | 187.1 | | | 566.2 | | | 613.5 | | | | | |
Research and development expense | 41.7 | | | 45.2 | | | 130.5 | | | 142.8 | | | | | |
Restructuring, exit and impairment charges | 12.2 | | | 16.3 | | | 33.6 | | | 39.7 | | | | | |
Operating earnings | 98.4 | | | 196.1 | | | 367.3 | | | 626.6 | | | | | |
Equity earnings (loss) | 1.6 | | | (17.3) | | | 7.0 | | | (12.9) | | | | | |
Other (expense) income, net | (1.1) | | | 6.0 | | | (1.9) | | | 6.9 | | | | | |
Earnings before interest and income taxes | 98.9 | | | 184.8 | | | 372.4 | | | 620.6 | | | | | |
Interest expense | (33.0) | | | (28.1) | | | (94.2) | | | (85.1) | | | | | |
Interest income | 4.0 | | | 3.4 | | | 11.2 | | | 7.6 | | | | | |
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Earnings before income taxes | 69.9 | | | 160.1 | | | 289.4 | | | 543.1 | | | | | |
Income tax provision | 22.6 | | | 46.2 | | | 68.9 | | | 181.5 | | | | | |
Net earnings from continuing operations | 47.3 | | | 113.9 | | | 220.5 | | | 361.6 | | | | | |
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Net loss from discontinued operations, net of tax | (2.7) | | | (1.4) | | | (7.9) | | | (2.1) | | | | | |
Net earnings | $ | 44.6 | | | $ | 112.5 | | | $ | 212.6 | | | $ | 359.5 | | | | | |
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Earnings per common share: | | | | | | | | | | | |
Basic | | | | | | | | | | | |
Earnings from continuing operations | $ | 0.71 | | | $ | 1.63 | | | $ | 3.27 | | | $ | 5.11 | | | | | |
Loss from discontinued operations | (0.04) | | | (0.02) | | | (0.12) | | | (0.03) | | | | | |
Net earnings | $ | 0.67 | | | $ | 1.61 | | | $ | 3.15 | | | $ | 5.08 | | | | | |
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Diluted | | | | | | | | | | | |
Earnings from continuing operations | $ | 0.71 | | | $ | 1.63 | | | $ | 3.26 | | | $ | 5.10 | | | | | |
Loss from discontinued operations | (0.04) | | | (0.02) | | | (0.12) | | | (0.03) | | | | | |
Net earnings | $ | 0.67 | | | $ | 1.61 | | | $ | 3.14 | | | $ | 5.07 | | | | | |
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Weighted average shares used for computation of: | | | | | | | | | | | |
Basic earnings per common share | 66.6 | | | 69.8 | | | 67.4 | | | 70.7 | | | | | |
Diluted earnings per common share | 66.6 | | | 70.0 | | | 67.6 | | | 70.9 | | | | | |
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Comprehensive income | $ | 59.5 | | | $ | 99.2 | | | $ | 210.6 | | | $ | 346.9 | | | | | |
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The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements. | | | | |
BRUNSWICK CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
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(in millions) | September 28, 2024 | | December 31, 2023 | | September 30, 2023 | | |
Assets | | | | | | | |
Current assets | | | | | | | |
Cash and cash equivalents, at cost, which approximates fair value | $ | 284.1 | | | $ | 467.8 | | | $ | 330.9 | | | |
Restricted cash | 16.8 | | | 11.1 | | | 11.1 | | | |
Short-term investments in marketable securities | 0.8 | | | 0.8 | | | 0.8 | | | |
Total cash and short-term investments in marketable securities | 301.7 | | | 479.7 | | | 342.8 | | | |
Accounts and notes receivable, less allowances of $10.5, $10.8, and $10.4 | 500.8 | | | 493.2 | | | 568.2 | | | |
Inventories | | | | | | | |
Finished goods | 937.0 | | | 932.0 | | | 825.4 | | | |
Work-in-process | 173.5 | | | 181.6 | | | 194.5 | | | |
Raw materials | 354.2 | | | 363.2 | | | 425.1 | | | |
Net inventories | 1,464.7 | | | 1,476.8 | | | 1,445.0 | | | |
Prepaid expenses and other | 80.8 | | | 60.0 | | | 85.3 | | | |
| | | | | | | |
Current assets | 2,348.0 | | | 2,509.7 | | | 2,441.3 | | | |
| | | | | | | |
Property | | | | | | | |
Land | 44.1 | | | 44.1 | | | 44.0 | | | |
Buildings and improvements | 635.8 | | | 619.7 | | | 609.3 | | | |
Equipment | 1,578.3 | | | 1,551.5 | | | 1,529.0 | | | |
| | | | | | | |
Total land, buildings and improvements and equipment | 2,258.2 | | | 2,215.3 | | | 2,182.3 | | | |
Accumulated depreciation | (1,199.4) | | | (1,135.5) | | | (1,111.0) | | | |
Net land, buildings and improvements and equipment | 1,058.8 | | | 1,079.8 | | | 1,071.3 | | | |
Unamortized product tooling costs | 219.5 | | | 236.0 | | | 240.3 | | | |
Net property | 1,278.3 | | | 1,315.8 | | | 1,311.6 | | | |
| | | | | | | |
Other assets | | | | | | | |
Goodwill | 1,059.7 | | | 1,030.7 | | | 1,007.6 | | | |
Other intangibles, net | 939.9 | | | 978.0 | | | 999.8 | | | |
Deferred income tax asset | 187.0 | | | 186.8 | | | 150.9 | | | |
Operating lease assets | 162.5 | | | 152.2 | | | 136.2 | | | |
Equity investments | 32.9 | | | 38.7 | | | 35.6 | | | |
Other long-term assets | 15.2 | | | 18.6 | | | 17.9 | | | |
| | | | | | | |
Other assets | 2,397.2 | | | 2,405.0 | | | 2,348.0 | | | |
| | | | | | | |
Total assets | $ | 6,023.5 | | | $ | 6,230.5 | | | $ | 6,100.9 | | | |
| | | | | | | |
The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements. | | |
| | | | | | | | | | | | | | | | | | | |
(in millions) | September 28, 2024 | | December 31, 2023 | | September 30, 2023 | | |
Liabilities and shareholders' equity | | | | | | | |
Current liabilities | | | | | | | |
Short-term debt and current maturities of long-term debt | $ | 199.2 | | | $ | 454.7 | | | $ | 455.3 | | | |
Accounts payable | 369.1 | | | 558.0 | | | 493.4 | | | |
Accrued expenses | 625.8 | | | 739.4 | | | 710.5 | | | |
| | | | | | | |
Current liabilities | 1,194.1 | | | 1,752.1 | | | 1,659.2 | | | |
| | | | | | | |
Long-term liabilities | | | | | | | |
Debt | 2,372.7 | | | 1,975.7 | | | 1,975.7 | | | |
Operating lease liabilities | 144.1 | | | 133.9 | | | 117.8 | | | |
Postretirement benefits | 48.6 | | | 52.5 | | | 45.6 | | | |
Deferred income tax liability | 12.4 | | | 12.4 | | | 12.4 | | | |
Other | 217.3 | | | 216.5 | | | 204.4 | | | |
| | | | | | | |
Long-term liabilities | 2,795.1 | | | 2,391.0 | | | 2,355.9 | | | |
| | | | | | | |
Shareholders' equity | | | | | | | |
Common stock; authorized: 200,000,000 shares, $0.75 par value; issued: 102,538,000 shares; outstanding: 66,101,000, 68,227,000 and 68,939,000 shares | 76.9 | | | 76.9 | | | 76.9 | | | |
Additional paid-in capital | 398.0 | | | 392.0 | | | 385.2 | | | |
Retained earnings | 3,724.9 | | | 3,596.9 | | | 3,563.4 | | | |
Treasury stock, at cost: 36,437,000, 34,311,000 and 33,599,000 shares | (2,137.8) | | | (1,952.7) | | | (1,897.6) | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Accumulated other comprehensive loss | (27.7) | | | (25.7) | | | (42.1) | | | |
Shareholders' equity | 2,034.3 | | | 2,087.4 | | | 2,085.8 | | | |
| | | | | | | |
Total liabilities and shareholders' equity | $ | 6,023.5 | | | $ | 6,230.5 | | | $ | 6,100.9 | | | |
| | | | | | | |
The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements. | | |
BRUNSWICK CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| | | | | | | | | | | |
| Nine Months Ended |
(in millions) | September 28, 2024 | | September 30, 2023 |
Cash flows from operating activities | | | |
Net earnings | $ | 212.6 | | | $ | 359.5 | |
Less: net loss from discontinued operations, net of tax | (7.9) | | | (2.1) | |
Net earnings from continuing operations | 220.5 | | | 361.6 | |
Depreciation and amortization | 212.0 | | | 201.4 | |
Stock compensation expense | 20.4 | | | 15.0 | |
Pension funding, net of expense | (0.9) | | | (1.2) | |
| | | |
Asset impairment charges | 6.7 | | | 6.4 | |
| | | |
Deferred income taxes | 8.5 | | | 0.9 | |
Impairment of equity method investment | — | | | 19.2 | |
| | | |
Changes in certain current assets and current liabilities | (323.7) | | | (161.2) | |
Long-term extended warranty contracts and other deferred revenue | 11.4 | | | 14.0 | |
| | | |
| | | |
Income taxes | (22.9) | | | 21.2 | |
Other, net | 5.5 | | | (19.2) | |
Net cash provided by operating activities of continuing operations | 137.5 | | | 458.1 | |
Net cash used for operating activities of discontinued operations | (12.5) | | | (7.8) | |
Net cash provided by operating activities | 125.0 | | | 450.3 | |
| | | |
Cash flows from investing activities | | | |
Capital expenditures | (137.1) | | | (233.1) | |
Purchases of marketable securities | (80.9) | | | — | |
Sales or maturities of marketable securities | 82.1 | | | 3.8 | |
Investments | 5.5 | | | (1.6) | |
Acquisition of businesses, net of cash acquired | (31.8) | | | (89.6) | |
Proceeds from the sale of property, plant and equipment | 8.2 | | | 10.6 | |
| | | |
| | | |
| | | |
Net cash used for investing activities | (154.0) | | | (309.9) | |
| | | |
Cash flows from financing activities | | | |
Proceeds from issuances of short-term debt | 200.8 | | | 2.3 | |
Payments of short-term debt | (7.4) | | | (5.4) | |
Net proceeds from issuances of long-term debt | 396.9 | | | — | |
Payments of long-term debt including current maturities | (451.9) | | | (81.8) | |
| | | |
Common stock repurchases | (190.0) | | | (220.0) | |
Cash dividends paid | (84.6) | | | (84.6) | |
| | | |
Tax withholding associated with shares issued for share-based compensation | (9.3) | | | (13.4) | |
Other, net | (1.5) | | | — | |
| | | |
| | | |
Net cash used for financing activities | (147.0) | | | (402.9) | |
| | | |
Effect of exchange rate changes on cash and cash equivalents | (2.0) | | | (4.0) | |
Net decrease in Cash and cash equivalents and Restricted cash | (178.0) | | | (266.5) | |
Cash and cash equivalents and Restricted cash at beginning of period | 478.9 | | | 608.5 | |
| | | |
Cash and cash equivalents and Restricted cash at end of period | 300.9 | | | 342.0 | |
Less: Restricted cash | 16.8 | | | 11.1 | |
Cash and cash equivalents at end of period | $ | 284.1 | | | $ | 330.9 | |
| | | |
The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements.
|
Brunswick Corporation
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in millions, except per share data) | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Treasury Stock | | Accumulated other comprehensive loss | | Total |
Balance at December 31, 2023 | $ | 76.9 | | | $ | 392.0 | | | $ | 3,596.9 | | | $ | (1,952.7) | | | $ | (25.7) | | | $ | 2,087.4 | |
Net earnings | — | | | — | | | 68.0 | | | — | | | — | | | 68.0 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | (10.5) | | | (10.5) | |
Dividends ($0.42 per common share) | — | | | — | | | (28.6) | | | — | | | — | | | (28.6) | |
Compensation plans and other | — | | | (8.6) | | | — | | | 6.0 | | | — | | | (2.6) | |
Common stock repurchases | — | | | — | | | — | | | (64.1) | | | — | | | (64.1) | |
Balance at March 30, 2024 | 76.9 | | | 383.4 | | | 3,636.3 | | | (2,010.8) | | | (36.2) | | | 2,049.6 | |
Net earnings | — | | | — | | | 100.0 | | | — | | | — | | | 100.0 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | (6.4) | | | (6.4) | |
Dividends ($0.42 per common share) | — | | | — | | | (28.2) | | | — | | | — | | | (28.2) | |
Compensation plans and other | — | | | 5.8 | | | — | | | 0.2 | | | — | | | 6.0 | |
Common stock repurchases | — | | | — | | | — | | | (107.4) | | | — | | | (107.4) | |
Balance at June 29, 2024 | 76.9 | | | 389.2 | | | 3,708.1 | | | (2,118.0) | | | (42.6) | | | 2,013.6 | |
Net earnings | — | | | — | | | 44.6 | | | — | | | — | | | 44.6 | |
Other comprehensive income | — | | | — | | | — | | | — | | | 14.9 | | | 14.9 | |
Dividends ($0.42 per common share) | — | | | — | | | (27.8) | | | — | | | — | | | (27.8) | |
Compensation plans and other | — | | | 8.8 | | | — | | | 0.4 | | | — | | | 9.2 | |
Common stock repurchases | — | | | — | | | — | | | (20.2) | | | — | | | (20.2) | |
Balance at September 28, 2024 | $ | 76.9 | | | $ | 398.0 | | | $ | 3,724.9 | | | $ | (2,137.8) | | | $ | (27.7) | | | $ | 2,034.3 | |
| | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in millions, except per share data) | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Treasury Stock | | Accumulated other comprehensive loss | | Total |
Balance at December 31, 2022 | $ | 76.9 | | | $ | 391.3 | | | $ | 3,288.5 | | | $ | (1,684.9) | | | $ | (29.5) | | | $ | 2,042.3 | |
Net earnings | — | | | — | | | 112.3 | | | — | | | — | | | 112.3 | |
Other comprehensive income | — | | | — | | | — | | | — | | | 3.6 | | | 3.6 | |
Dividends ($0.40 per common share) | — | | | — | | | (28.5) | | | — | | | — | | | (28.5) | |
Compensation plans and other | — | | | (15.3) | | | — | | | 8.5 | | | — | | | (6.8) | |
Common stock repurchases | — | | | — | | | — | | | (60.4) | | | — | | | (60.4) | |
Balance at April 1, 2023 | 76.9 | | | 376.0 | | | 3,372.3 | | | (1,736.8) | | | (25.9) | | | 2,062.5 | |
Net earnings | — | | | — | | | 134.7 | | | — | | | — | | | 134.7 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | (2.9) | | | (2.9) | |
Dividends ($0.40 per common share) | — | | | — | | | (28.3) | | | — | | | — | | | (28.3) | |
Compensation plans and other | — | | | 7.8 | | | — | | | 0.5 | | | — | | | 8.3 | |
Common stock repurchases | — | | | — | | | — | | | (72.9) | | | — | | | (72.9) | |
Balance at July 1, 2023 | 76.9 | | | 383.8 | | | 3,478.7 | | | (1,809.2) | | | (28.8) | | | 2,101.4 | |
Net earnings | — | | | — | | | 112.5 | | | — | | | — | | | 112.5 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | (13.3) | | | (13.3) | |
Dividends ($0.40 per common share) | — | | | — | | | (27.8) | | | — | | | — | | | (27.8) | |
Compensation plans and other | — | | | 1.4 | | | — | | | 0.3 | | | — | | | 1.7 | |
Common stock repurchases | — | | | — | | | — | | | (88.7) | | | — | | | (88.7) | |
Balance at September 30, 2023 | $ | 76.9 | | | $ | 385.2 | | | $ | 3,563.4 | | | $ | (1,897.6) | | | $ | (42.1) | | | $ | 2,085.8 | |
| | | | | | | | | | | |
The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements.
BRUNSWICK CORPORATION
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1 – Significant Accounting Policies
Interim Financial Statements. Brunswick's unaudited interim condensed consolidated financial statements have been prepared pursuant to SEC rules and regulations. Therefore, certain information and disclosures normally included in financial statements and related notes prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted.
These financial statements should be read in conjunction with, and have been prepared in conformity with, the accounting principles reflected in the consolidated financial statements and related notes included in Brunswick's 2023 Annual Report on Form 10-K for the year ended December 31, 2023 (the 2023 Form 10-K). These results include, in management's opinion, all normal and recurring adjustments necessary to present fairly Brunswick's financial position, results of operations and cash flows. Due to the seasonality of Brunswick's businesses, the interim results are not necessarily indicative of the results that may be expected for the remainder of the year.
The Company maintains its financial records on the basis of a fiscal year ending on December 31, with the fiscal quarters spanning approximately thirteen weeks. The first quarter ends on the Saturday closest to the end of the first thirteen-week period. The second and third quarters are thirteen weeks in duration and the fourth quarter is the remainder of the year. The third quarter of fiscal year 2024 ended on September 28, 2024 and the third quarter of fiscal year 2023 ended on September 30, 2023.
Recently Issued Accounting Standards
Segment Reporting: In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures, which adds new disclosure requirements related to significant segment expenses regularly provided to the chief operating decision maker (CODM) and included in each reported measure of segment profit or loss, other segment items that constitute the difference between segment revenues less significant segment expenses and the measure of profit or loss, disclosure of the CODM's title and position as well as an explanation of how the CODM uses the reported measures and expanded interim disclosures. ASU 2023-07 is effective for financial statements for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and as a result, will require additional segment expense disclosures when adopted in the Company's Form 10-K for the year ended December 31, 2024 and in periodic reports thereafter.
Income Taxes: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures. Under this ASU, entities must disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires entities to disclose additional information about income taxes paid. ASU 2023-09 is effective for financial statements for annual periods beginning after December 15, 2024. We are currently evaluating the potential impact of adopting this guidance on the consolidated financial statements and the notes to consolidated financial statements.
BRUNSWICK CORPORATION
Notes to Condensed Consolidated Financial Statements
(unaudited)
Note 2 – Revenue Recognition
The following tables present the Company's revenue in categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended |
| September 28, 2024 |
(in millions) | Propulsion | | Engine P&A | | Navico Group | | Boat | | Total |
Geographic Markets | | | | | | | | | |
United States | $ | 308.1 | | | $ | 235.9 | | | $ | 106.3 | | | $ | 290.2 | | | $ | 940.5 | |
Europe | 70.9 | | | 31.2 | | | 48.6 | | | 19.3 | | | 170.0 | |
Asia-Pacific | 38.3 | | | 27.6 | | | 18.9 | | | 4.3 | | | 89.1 | |
Canada | 20.0 | | | 28.6 | | | 3.0 | | | 25.2 | | | 76.8 | |
Rest-of-World | 48.6 | | | 12.8 | | | 7.3 | | | 6.3 | | | 75.0 | |
Segment Eliminations | (58.8) | | | (1.4) | | | (17.9) | | | — | | | (78.1) | |
Total | $ | 427.1 | | | $ | 334.7 | | | $ | 166.2 | | | $ | 345.3 | | | $ | 1,273.3 | |
| | | | | | | | | |
| Three Months Ended |
| September 30, 2023 |
(in millions) | Propulsion | | Engine P&A | | Navico Group | | Boat | | Total |
Geographic Markets | | | | | | | | | |
United States | $ | 498.2 | | | $ | 248.0 | | | $ | 137.4 | | | $ | 345.6 | | | $ | 1,229.2 | |
Europe | 88.0 | | | 30.3 | | | 48.0 | | | 28.2 | | | 194.5 | |
Asia-Pacific | 46.5 | | | 25.0 | | | 19.1 | | | 8.3 | | | 98.9 | |
Canada | 26.8 | | | 28.4 | | | 3.8 | | | 37.2 | | | 96.2 | |
Rest-of-World | 58.7 | | | 12.9 | | | 5.1 | | | 9.3 | | | 86.0 | |
Segment Eliminations | (86.2) | | | (2.0) | | | (23.0) | | | — | | | (111.2) | |
Total | $ | 632.0 | | | $ | 342.6 | | | $ | 190.4 | | | $ | 428.6 | | | $ | 1,593.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended |
| September 28, 2024 |
(in millions) | Propulsion | | Engine P&A | | Navico Group | | Boat | | Total |
Geographic Markets | | | | | | | | | |
United States | $ | 1,037.4 | | | $ | 660.9 | | | $ | 355.3 | | | $ | 961.4 | | | $ | 3,015.0 | |
Europe | 255.0 | | | 90.7 | | | 169.7 | | | 93.8 | | | 609.2 | |
Asia-Pacific | 125.6 | | | 75.8 | | | 51.9 | | | 15.0 | | | 268.3 | |
Canada | 50.2 | | | 65.8 | | | 10.8 | | | 106.3 | | | 233.1 | |
Rest-of-World | 153.9 | | | 41.4 | | | 17.4 | | | 28.7 | | | 241.4 | |
Segment Eliminations | (212.7) | | | (5.1) | | | (67.0) | | | — | | | (284.8) | |
Total | $ | 1,409.4 | | | $ | 929.5 | | | $ | 538.1 | | | $ | 1,205.2 | | | $ | 4,082.2 | |
| | | | | | | | | |
| Nine Months Ended |
| September 30, 2023 |
(in millions) | Propulsion | | Engine P&A | | Navico Group | | Boat | | Total |
Geographic Markets | | | | | | | | | |
United States | $ | 1,490.8 | | | $ | 693.3 | | | $ | 459.3 | | | $ | 1,203.8 | | | $ | 3,847.2 | |
Europe | 293.4 | | | 86.2 | | | 173.9 | | | 135.6 | | | 689.1 | |
Asia-Pacific | 154.8 | | | 76.7 | | | 56.3 | | | 23.9 | | | 311.7 | |
Canada | 75.8 | | | 69.2 | | | 13.4 | | | 173.4 | | | 331.8 | |
Rest-of-World | 158.3 | | | 36.7 | | | 15.6 | | | 27.9 | | | 238.5 | |
Segment Eliminations | (291.3) | | | (5.8) | | | (81.3) | | | (0.4) | | | (378.8) | |
Total | $ | 1,881.8 | | | $ | 956.3 | | | $ | 637.2 | | | $ | 1,564.2 | | | $ | 5,039.5 | |
BRUNSWICK CORPORATION
Notes to Condensed Consolidated Financial Statements
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended |
| September 28, 2024 |
(in millions) | Propulsion | | Engine P&A | | Navico Group | | Boat | | Total |
Major Product Lines | | | | | | | | | |
Outboard Engines | $ | 373.5 | | | $ | — | | | $ | — | | | $ | — | | | $ | 373.5 | |
Controls, Rigging, and Propellers | 83.7 | | | — | | | — | | | — | | | 83.7 | |
Sterndrive Engines | 28.7 | | | — | | | — | | | — | | | 28.7 | |
Distribution | — | | | 182.3 | | | — | | | — | | | 182.3 | |
Products | — | | | 153.8 | | | — | | | — | | | 153.8 | |
Navico Group | — | | | — | | | 184.1 | | | — | | | 184.1 | |
Aluminum Freshwater Boats | — | | | — | | | — | | | 119.7 | | | 119.7 | |
Recreational Fiberglass Boats | — | | | — | | | — | | | 88.3 | | | 88.3 | |
Saltwater Fishing Boats | — | | | — | | | — | | | 90.3 | | | 90.3 | |
Business Acceleration | — | | | — | | | — | | | 50.0 | | | 50.0 | |
Boat Eliminations/Other | — | | | — | | | — | | | (3.0) | | | (3.0) | |
Segment Eliminations | (58.8) | | | (1.4) | | | (17.9) | | | — | | | (78.1) | |
Total | $ | 427.1 | | | $ | 334.7 | | | $ | 166.2 | | | $ | 345.3 | | | $ | 1,273.3 | |
| | | | | | | | | |
| Three Months Ended |
| September 30, 2023 |
(in millions) | Propulsion | | Engine P&A | | Navico Group | | Boat | | Total |
Major Product Lines | | | | | | | | | |
Outboard Engines | $ | 580.3 | | | $ | — | | | $ | — | | | $ | — | | | $ | 580.3 | |
Controls, Rigging, and Propellers | 99.7 | | | — | | | — | | | — | | | 99.7 | |
Sterndrive Engines | 38.2 | | | — | | | — | | | — | | | |