10-Q 1 bcorp-20240928.htm 10-Q bcorp-20240928
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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
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
____________
 Brunswick Logo_Midnight Blue (1).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) (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, 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.
Large Accelerated Filer
Accelerated Filer
Non-accelerated FilerSmaller 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 ClassTrading 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



PART I - FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

BRUNSWICK CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)

 Three Months EndedNine 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 sales940.3 1,148.9 2,984.6 3,616.9 
Selling, general and administrative expense180.7 187.1 566.2 613.5 
Research and development expense41.7 45.2 130.5 142.8 
Restructuring, exit and impairment charges12.2 16.3 33.6 39.7 
Operating earnings98.4 196.1 367.3 626.6 
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 taxes98.9 184.8 372.4 620.6 
Interest expense(33.0)(28.1)(94.2)(85.1)
Interest income4.0 3.4 11.2 7.6 
Earnings before income taxes69.9 160.1 289.4 543.1 
Income tax provision22.6 46.2 68.9 181.5 
Net earnings from continuing operations47.3 113.9 220.5 361.6 
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 
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 
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 
Weighted average shares used for computation of:
Basic earnings per common share66.6 69.8 67.4 70.7 
Diluted earnings per common share66.6 70.0 67.6 70.9 
Comprehensive income$59.5 $99.2 $210.6 $346.9 
The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements.

3

BRUNSWICK CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(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 cash16.8 11.1 11.1 
Short-term investments in marketable securities0.8 0.8 0.8 
Total cash and short-term investments in marketable securities301.7 479.7 342.8 
Accounts and notes receivable, less allowances of $10.5, $10.8, and $10.4500.8 493.2 568.2 
Inventories
Finished goods937.0 932.0 825.4 
Work-in-process173.5 181.6 194.5 
Raw materials354.2 363.2 425.1 
Net inventories1,464.7 1,476.8 1,445.0 
Prepaid expenses and other80.8 60.0 85.3 
Current assets2,348.0 2,509.7 2,441.3 
Property   
Land44.1 44.1 44.0 
Buildings and improvements635.8 619.7 609.3 
Equipment1,578.3 1,551.5 1,529.0 
Total land, buildings and improvements and equipment2,258.2 2,215.3 2,182.3 
Accumulated depreciation(1,199.4)(1,135.5)(1,111.0)
Net land, buildings and improvements and equipment1,058.8 1,079.8 1,071.3 
Unamortized product tooling costs219.5 236.0 240.3 
Net property1,278.3 1,315.8 1,311.6 
Other assets   
Goodwill1,059.7 1,030.7 1,007.6 
Other intangibles, net939.9 978.0 999.8 
Deferred income tax asset187.0 186.8 150.9 
Operating lease assets162.5 152.2 136.2 
Equity investments32.9 38.7 35.6 
Other long-term assets15.2 18.6 17.9 
Other assets2,397.2 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.
4

(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 payable369.1 558.0 493.4 
Accrued expenses625.8 739.4 710.5 
Current liabilities1,194.1 1,752.1 1,659.2 
Long-term liabilities   
Debt2,372.7 1,975.7 1,975.7 
Operating lease liabilities144.1 133.9 117.8 
Postretirement benefits48.6 52.5 45.6 
Deferred income tax liability12.4 12.4 12.4 
Other217.3 216.5 204.4 
Long-term liabilities2,795.1 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 capital398.0 392.0 385.2 
Retained earnings3,724.9 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' equity2,034.3 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.
5

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 operations220.5 361.6 
Depreciation and amortization212.0 201.4 
Stock compensation expense20.4 15.0 
Pension funding, net of expense(0.9)(1.2)
Asset impairment charges6.7 6.4 
Deferred income taxes8.5 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 revenue11.4 14.0 
Income taxes(22.9)21.2 
Other, net5.5 (19.2)
Net cash provided by operating activities of continuing operations137.5 458.1 
Net cash used for operating activities of discontinued operations(12.5)(7.8)
Net cash provided by operating activities125.0 450.3 
Cash flows from investing activities  
Capital expenditures(137.1)(233.1)
Purchases of marketable securities(80.9) 
Sales or maturities of marketable securities82.1 3.8 
Investments5.5 (1.6)
Acquisition of businesses, net of cash acquired(31.8)(89.6)
Proceeds from the sale of property, plant and equipment8.2 10.6 
Net cash used for investing activities(154.0)(309.9)
Cash flows from financing activities  
Proceeds from issuances of short-term debt200.8 2.3 
Payments of short-term debt(7.4)(5.4)
Net proceeds from issuances of long-term debt396.9  
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 period478.9 608.5 
Cash and cash equivalents and Restricted cash at end of period300.9 342.0 
Less: Restricted cash16.8 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.

6

Brunswick Corporation
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
(in millions, except per share data)Common StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated other comprehensive lossTotal
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, 202476.9 383.4 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, 202476.9 389.2 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 StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated other comprehensive lossTotal
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, 202376.9 376.0 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, 202376.9 383.8 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.
7

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.
8

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)PropulsionEngine P&ANavico GroupBoatTotal
Geographic Markets
United States$308.1 $235.9 $106.3 $290.2 $940.5 
Europe70.9 31.2 48.6 19.3 170.0 
Asia-Pacific38.3 27.6 18.9 4.3 89.1 
Canada20.0 28.6 3.0 25.2 76.8 
Rest-of-World48.6 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)PropulsionEngine P&ANavico GroupBoatTotal
Geographic Markets
United States$498.2 $248.0 $137.4 $345.6 $1,229.2 
Europe88.0 30.3 48.0 28.2 194.5 
Asia-Pacific46.5 25.0 19.1 8.3 98.9 
Canada26.8 28.4 3.8 37.2 96.2 
Rest-of-World58.7 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)PropulsionEngine P&ANavico GroupBoatTotal
Geographic Markets
United States$1,037.4 $660.9 $355.3 $961.4 $3,015.0 
Europe255.0 90.7 169.7 93.8 609.2 
Asia-Pacific125.6 75.8 51.9 15.0 268.3 
Canada50.2 65.8 10.8 106.3 233.1 
Rest-of-World153.9 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)PropulsionEngine P&ANavico GroupBoatTotal
Geographic Markets
United States$1,490.8 $693.3 $459.3 $1,203.8 $3,847.2 
Europe293.4 86.2 173.9 135.6 689.1 
Asia-Pacific154.8 76.7 56.3 23.9 311.7 
Canada75.8 69.2 13.4 173.4 331.8 
Rest-of-World158.3 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 

9

BRUNSWICK CORPORATION
Notes to Condensed Consolidated Financial Statements
(unaudited)
    
Three Months Ended
September 28, 2024
(in millions)PropulsionEngine P&ANavico GroupBoatTotal
Major Product Lines
Outboard Engines$373.5 $ $ $ $373.5 
Controls, Rigging, and Propellers83.7    83.7 
Sterndrive Engines28.7    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)PropulsionEngine P&ANavico GroupBoatTotal
Major Product Lines
Outboard Engines$580.3 $ $ $ $580.3 
Controls, Rigging, and Propellers99.7    99.7 
Sterndrive Engines38.2