Company Quick10K Filing
Quick10K
Brunswick
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$51.19 87 $4,460
10-Q 2019-06-29 Quarter: 2019-06-29
10-Q 2019-03-30 Quarter: 2019-03-30
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-29 Quarter: 2018-09-29
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-07-01 Quarter: 2017-07-01
10-Q 2017-04-01 Quarter: 2017-04-01
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-10-01 Quarter: 2016-10-01
10-Q 2016-07-02 Quarter: 2016-07-02
10-Q 2016-04-02 Quarter: 2016-04-02
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-10-03 Quarter: 2015-10-03
10-Q 2015-07-04 Quarter: 2015-07-04
10-Q 2015-04-04 Quarter: 2015-04-04
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-27 Quarter: 2014-09-27
10-Q 2014-06-28 Quarter: 2014-06-28
10-Q 2014-03-29 Quarter: 2014-03-29
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-06-27 M&A, Exhibits
8-K 2019-05-13 Officers, Shareholder Vote
8-K 2019-05-06 Regulation FD, Exhibits
8-K 2019-05-05 Enter Agreement, Impairments, Exhibits
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-04-04 Officers, Exhibits
8-K 2019-03-15 Officers, Exhibits
8-K 2019-03-04 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-01-31 Earnings, Exhibits
8-K 2018-12-18 Other Events, Exhibits
8-K 2018-12-07 Officers, Exhibits
8-K 2018-12-03 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-10-25 Officers, Exhibits
8-K 2018-10-16 Other Events, Exhibits
8-K 2018-10-03 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-09-26 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-08-07 M&A, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-07-19 Regulation FD
8-K 2018-07-18 Officers, Exhibits
8-K 2018-06-28 Enter Agreement, Other Events, Exhibits
8-K 2018-06-26 Exit Costs, Exhibits
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-03-01 Other Events, Exhibits
8-K 2018-02-01 Earnings, Exhibits
ASGN ASGN 3,150
PS Pluralsight 3,100
CMPR Cimpress 2,760
HMSY HMS Holdings 2,680
WAGE WageWorks 1,940
NMFC New Mountain Finance 1,140
HFWA Heritage Financial 1,130
ZUMZ Zumiez 636
TLRA Telaria 369
EPE EP Energy 64
BC 2019-06-29
Part I - Financial Information
Item 1. Condensed Consolidated Financial Statements
Note 1 - Significant Accounting Policies
Note 2 - Revenue Recognition
Note 4 - Restructuring, Exit and Impairment Activities
Note 5 - Acquisitions
Note 6 - Financial Instruments
Note 7 - Fair Value Measurements
Note 8 - Share-Based Compensation
Note 9 - Commitments and Contingencies
Note 10 -Goodwill and Other Intangibles
Note 11 -Segment Data
Note 12 -Comprehensive Income
Note 13 -Income Taxes
Note 14 - Postretirement Benefits
Note 15 -Debt
Note 16 -Leases
Note 17 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 bc2019629ex311.htm
EX-31.2 bc2019629ex312.htm
EX-32.1 bc2019629ex321.htm
EX-32.2 bc2019629ex322.htm

Brunswick Earnings 2019-06-29

BC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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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 June 29, 2019
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
____________
 smallhiresc15.jpg
Brunswick Corporation

(Exact name of registrant as specified in its charter)
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, including zip code)
(847) 735-4700  

(Registrant’s telephone number, including area code) 
 N/A

(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, 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. (Check one):
Large Accelerated Filer
Accelerated Filer
 
 
 
 
Non-accelerated Filer
Smaller reporting company
 
 
 
 
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:
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
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 July 31, 2019 was 85,724,337.



BRUNSWICK CORPORATION
INDEX TO QUARTERLY REPORT ON FORM 10-Q
June 29, 2019
 
 
TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PART II – OTHER INFORMATION
 
 
 
 
 
 
 
 
 
 
 


Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

BRUNSWICK CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(unaudited)

 
Three Months Ended
 
Six Months Ended
(in millions, except per share data)
June 29,
2019
 
June 30,
2018
 
June 29,
2019
 
June 30,
2018
Net sales
$
1,163.5

 
$
1,148.7

 
$
2,214.2

 
$
2,115.7

Cost of sales
835.5

 
867.5

 
1,606.7

 
1,591.4

Selling, general and administrative expense
126.4

 
121.4

 
259.9

 
237.6

Research and development expense
33.5

 
32.5

 
62.2

 
62.3

Restructuring, exit and impairment charges
5.4

 
34.2

 
8.6

 
36.8

Operating earnings
162.7

 
93.1

 
276.8

 
187.6

Equity earnings
1.6

 
1.4

 
3.5

 
2.4

Other expense, net
(0.1
)
 
(2.4
)
 
(1.7
)
 
(2.8
)
Earnings before interest and income taxes
164.2

 
92.1

 
278.6

 
187.2

Interest expense
(20.8
)
 
(8.2
)
 
(40.6
)
 
(14.9
)
Interest income
0.4

 
0.6

 
0.8

 
1.3

Earnings before income taxes
143.8

 
84.5

 
238.8

 
173.6

Income tax provision
31.7

 
16.4

 
50.5

 
41.7

Net earnings from continuing operations
112.1

 
68.1

 
188.3

 
131.9

 
 
 
 
 
 
 
 
Discontinued operations:
 
 
 
 
 
 
 
Earnings (loss) from discontinued operations, net of tax
6.9

 
10.9

 
(105.6
)
 
20.0

Loss on disposal of discontinued operations, net of tax
(41.5
)
 

 
(41.5
)
 

Net (loss) earnings from discontinued operations, net of tax
(34.6
)
 
10.9

 
(147.1
)
 
20.0

Net earnings
$
77.5

 
$
79.0

 
$
41.2

 
$
151.9

 
 
 
 
 
 
 
 
Earnings (loss) per common share:
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
Earnings from continuing operations
$
1.29

 
$
0.78

 
$
2.16

 
$
1.50

Earnings (loss) from discontinued operations
(0.40
)
 
0.12

 
(1.69
)
 
0.23

Net earnings
$
0.89

 
$
0.90

 
$
0.47

 
$
1.73

 
 
 
 
 
 
 
 
Diluted
 
 
 
 
 
 
 
Earnings from continuing operations
$
1.28

 
$
0.77

 
$
2.15

 
$
1.49

Earnings (loss) from discontinued operations
(0.39
)
 
0.13

 
(1.68
)
 
0.23

Net earnings
$
0.89

 
$
0.90

 
$
0.47

 
$
1.72

 
 
 
 
 
 
 
 
Weighted average shares used for computation of:
 
 
 
 
 
 
 
Basic earnings (loss) per common share
86.9

 
87.6

 
87.2

 
87.8

Diluted earnings (loss) per common share
87.3

 
88.2

 
87.7

 
88.5

 
 
 
 
 
 
 
 
Comprehensive income
$
93.1

 
$
68.6

 
$
57.8

 
$
152.5

 
 
 
 
 
 
 
 
The Notes to Condensed Consolidated Financial Statements are an integral part of these consolidated statements.

 
 
 
 

3

Table of Contents

BRUNSWICK CORPORATION
Condensed Consolidated Balance Sheets
(unaudited)
(in millions)
June 29,
2019
 
December 31,
2018
 
June 30,
2018
Assets
 
 
 
 
 
Current assets
 
 
 
 
 
Cash and cash equivalents, at cost, which approximates fair value
$
656.1

 
$
294.4

 
$
435.9

Restricted cash
11.6

 
9.0

 
9.4

Short-term investments in marketable securities
0.8

 
0.8

 
0.8

Total cash and short-term investments in marketable securities
668.5

 
304.2

 
446.1

Accounts and notes receivable, less allowances of $8.7, $8.7 and $7.3
484.5

 
351.8

 
412.4

Inventories
 
 
 
 
 
Finished goods
528.8

 
490.8

 
371.1

Work-in-process
98.2

 
94.1

 
106.3

Raw materials
174.8

 
189.1

 
163.9

Net inventories
801.8

 
774.0

 
641.3

Prepaid expenses and other
56.6

 
72.9

 
36.8

Current assets held for sale

 
377.2

 
354.4

Current assets
2,011.4

 
1,880.1

 
1,891.0

 
 
 
 
 
 
Property
 

 
 

 
 

Land
17.9

 
16.5

 
17.1

Buildings and improvements
396.8

 
359.8

 
337.8

Equipment
1,043.9

 
983.0

 
914.5

Total land, buildings and improvements and equipment
1,458.6

 
1,359.3

 
1,269.4

Accumulated depreciation
(836.5
)
 
(791.9
)
 
(802.7
)
Net land, buildings and improvements and equipment
622.1

 
567.4

 
466.7

Unamortized product tooling costs
124.9

 
127.1

 
128.3

Net property
747.0

 
694.5

 
595.0

 
 
 
 
 
 
Other assets
 

 
 

 
 

Goodwill
410.7

 
377.3

 
33.5

Other intangibles, net
599.4

 
585.8

 
58.5

Operating lease assets
80.4

 

 

Deferred income tax asset
144.2

 
97.8

 
176.6

Equity investments
32.7

 
32.6

 
30.0

Other long-term assets
15.0

 
13.1

 
12.5

Long-term assets held for sale

 
610.3

 
639.6

Other assets
1,282.4

 
1,716.9

 
950.7

 
 
 
 
 
 
Total assets
$
4,040.8

 
$
4,291.5

 
$
3,436.7

 
 
 
 
 
 
The Notes to Condensed Consolidated Financial Statements are an integral part of these consolidated statements.

4

Table of Contents

BRUNSWICK CORPORATION
Condensed Consolidated Balance Sheets
(unaudited)

(in millions)
June 29,
2019
 
December 31,
2018
 
June 30,
2018
Liabilities and shareholders’ equity
 
 
 
 
 
Current liabilities
 
 
 
 
 
Short-term debt and current maturities of long-term debt
$
40.3

 
$
41.3

 
$
4.7

Accounts payable
412.9

 
458.2

 
374.6

Accrued expenses
562.5

 
502.1

 
503.8

Current liabilities held for sale

 
255.0

 
232.1

Current liabilities
1,015.7

 
1,256.6

 
1,115.2

 
 
 
 
 
 
Long-term liabilities
 

 
 

 
 

Debt
1,240.1

 
1,179.5

 
429.0

Operating lease liabilities
67.1

 

 

Postretirement benefits
69.2

 
71.6

 
180.6

Other
111.4

 
101.6

 
114.4

Long-term liabilities held for sale

 
99.6

 
96.5

Long-term liabilities
1,487.8

 
1,452.3

 
820.5

 
 
 
 
 
 
Shareholders’ equity
 

 
 

 
 

Common stock; authorized: 200,000,000 shares, $0.75 par value; issued: 102,538,000 shares; outstanding: 85,687,000, 86,757,000 and 86,792,000 shares
76.9

 
76.9

 
76.9

Additional paid-in capital
363.0

 
371.1

 
361.8

Retained earnings
2,140.5

 
2,135.7

 
2,056.9

Treasury stock, at cost: 16,851,000, 15,781,000 and 15,746,000 shares
(696.6
)
 
(638.0
)
 
(635.4
)
Accumulated other comprehensive loss
(346.5
)
 
(363.1
)
 
(359.2
)
Shareholders’ equity
1,537.3

 
1,582.6

 
1,501.0

 
 
 
 
 
 
Total liabilities and shareholders’ equity
$
4,040.8

 
$
4,291.5

 
$
3,436.7

 
 
 
 
 
 
The Notes to Condensed Consolidated Financial Statements are an integral part of these consolidated statements.

5

Table of Contents

BRUNSWICK CORPORATION
Condensed Consolidated Statements of Cash Flows
(unaudited)
 
Six Months Ended
(in millions)
June 29,
2019
 
June 30,
2018
Cash flows from operating activities
 
 
 
Net earnings
$
41.2

 
$
151.9

Less: net earnings (loss) from discontinued operations, net of tax
(147.1
)
 
20.0

Net earnings from continuing operations
188.3

 
131.9

Stock compensation expense
7.0

 
6.2

Depreciation and amortization
66.4

 
49.9

Pension expense, net of (funding)
1.2

 
(33.3
)
Asset impairment charges
2.9

 
24.9

Deferred income taxes
29.3

 
14.0

Changes in certain current assets and current liabilities
(154.0
)
 
(58.7
)
Long-term extended warranty contracts and other deferred revenue
6.1

 
6.0

Income taxes
6.4

 
29.9

Other, net
(6.2
)
 
(3.8
)
Net cash provided by operating activities of continuing operations
147.4

 
167.0

Net cash (used for) provided by for operating activities of discontinued operations
(8.1
)
 
33.9

Net cash provided by operating activities
139.3

 
200.9

 
 
 
 
Cash flows from investing activities
 

 
 

Capital expenditures
(135.2
)
 
(81.7
)
Investments
(0.2
)
 
(5.8
)
Acquisition of businesses, net of cash acquired
(64.4
)
 

Proceeds from the sale of property, plant and equipment

 
0.1

Other, net

 
(0.2
)
Net cash used for investing activities of continuing operations
(199.8
)
 
(87.6
)
Net cash provided by (used for) investing activities of discontinued operations
481.9

 
(8.5
)
Net cash provided by (used for) investing activities
282.1

 
(96.1
)
 
 
 
 
Cash flows from financing activities
 

 
 

Proceeds from issuances of short-term debt
655.0

 

Payments of short-term debt
(655.0
)
 

Net proceeds from issuances of long-term debt
223.1

 

Payments of long-term debt including current maturities
(168.1
)
 
(0.3
)
Common stock repurchases
(69.8
)
 
(70.0
)
Cash dividends paid
(36.4
)
 
(33.1
)
Proceeds from share-based compensation activity
0.9

 
1.2

Tax withholding associated with shares issued for share-based compensation
(8.0
)
 
(12.0
)
Other, net
(0.2
)
 

Net cash used for financing activities
(58.5
)
 
(114.2
)
 
 
 
 
Effect of exchange rate changes
1.4

 
(3.5
)
Net increase (decrease) in Cash and cash equivalents and Restricted cash
364.3

 
(12.9
)
Cash and cash equivalents and Restricted cash at beginning of period
303.4

 
458.2

 
 
 
 
Cash and cash equivalents and Restricted cash at end of period
667.7

 
445.3

     Less: Restricted cash
11.6

 
9.4

Cash and cash equivalents at end of period
$
656.1

 
$
435.9

 
 
 
 
The Notes to Condensed Consolidated Financial Statements are an integral part of these consolidated statements.

 
 
 

6

Table of Contents

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 Income (Loss)
 
Total
Balance at December 31, 2018
$
76.9

 
$
371.1

 
$
2,135.7

 
$
(638.0
)
 
$
(363.1
)
 
$
1,582.6

Net loss

 

 
(36.3
)
 

 

 
(36.3
)
Other comprehensive income

 

 

 

 
1.0

 
1.0

Dividends ($0.21 per common share)

 

 
(18.3
)
 

 

 
(18.3
)
Compensation plans and other

 
(11.2
)
 

 
9.1

 

 
(2.1
)
Balance at March 30, 2019
76.9

 
359.9

 
2,081.1

 
(628.9
)
 
(362.1
)
 
1,526.9

Net earnings

 

 
77.5

 

 

 
77.5

Other comprehensive income

 

 

 

 
15.6

 
15.6

Dividends ($0.21 per common share)

 

 
(18.1
)
 

 

 
(18.1
)
Compensation plans and other

 
3.1

 

 
2.1

 

 
5.2

Common stock repurchases

 

 

 
(69.8
)
 

 
(69.8
)
Balance at June 29, 2019
$
76.9

 
$
363.0

 
$
2,140.5

 
$
(696.6
)
 
$
(346.5
)
 
$
1,537.3


(in millions, except per share data)
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Treasury Stock
 
Accumulated Other Comprehensive Income (Loss)
 
Total
Balance at December 31, 2017
$
76.9

 
$
374.4

 
$
1,966.8

 
$
(575.4
)
 
$
(359.8
)
 
$
1,482.9

Net earnings

 

 
72.9

 

 

 
72.9

Other comprehensive income

 

 

 

 
11.0

 
11.0

Dividends ($0.19 per common share)

 

 
(16.6
)
 

 

 
(16.6
)
Compensation plans and other

 
(17.0
)
 

 
11.3

 

 
(5.7
)
Common stock repurchases

 

 

 
(35.0
)
 

 
(35.0
)
ASU No. 2014-09 adoption

 

 
(28.7
)
 

 

 
(28.7
)
Balance at March 31, 2018
76.9

 
357.4

 
1,994.4

 
(599.1
)
 
(348.8
)
 
1,480.8

Net earnings

 

 
79.0

 

 

 
79.0

Other comprehensive loss

 

 

 

 
(10.4
)
 
(10.4
)
Dividends ($0.19 per common share)

 

 
(16.5
)
 

 

 
(16.5
)
Compensation plans and other

 
4.4

 

 
(1.3
)
 

 
3.1

Common stock repurchases

 

 

 
(