10-Q 1 bcorp-20211002.htm 10-Q bcorp-20211002
000001493012/3177,095,3282021Q3FALSE11P1Y2M12DP2Y10M24DP2Y10M24DP1Y0M0D77.779.478.379.8P13Y3M18DP11Y8M12D000Postretirement Benefits
The Company has defined contribution plans, nonqualified defined benefit pension plans, and other postretirement benefit plans covering substantially all of its employees. The Company's contributions to its defined contribution plans include matching and annual discretionary contributions which are based on various percentages of compensation, and in some instances are based on the amount of the employees' contributions to the plans. See Note 17 in the Notes to Consolidated Financial Statements in the 2020 Form 10-K for further details regarding these plans.

Pension and other postretirement benefit costs included the following components for the three months ended October 2, 2021 and September 26, 2020:
Pension BenefitsOther Postretirement Benefits
(in millions)October 2,
2021
September 26,
2020
October 2,
2021
September 26,
2020
Pension and other postretirement benefit costs included the following components for the three months ended October 2, 2021 and September 26, 2020:
Pension BenefitsOther Postretirement Benefits
(in millions)October 2,
2021
September 26,
2020
October 2,
2021
September 26,
2020
0
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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 October 02, 2021
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
____________
 bcorp-20211002_g1.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, 2021 was 77,095,328.



BRUNSWICK CORPORATION
INDEX TO QUARTERLY REPORT ON FORM 10-Q
October 2, 2021
 
 
TABLE OF CONTENTS

PART I – FINANCIAL INFORMATIONPage
  
  
 
 
  
 
  
  
  
  
  
PART II – OTHER INFORMATION


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)October 2,
2021
September 26,
2020
October 2,
2021
September 26,
2020
Net sales$1,427.2 $1,233.1 $4,415.2 $3,186.4 
Cost of sales1,016.8 856.2 3,126.0 2,309.7 
Selling, general and administrative expense165.9 151.3 490.3 381.8 
Research and development expense35.5 31.2 107.1 87.8 
Restructuring, exit and impairment charges 1.8 0.7 4.3 
Operating earnings209.0 192.6 691.1 402.8 
Equity earnings0.3 0.6 1.5 3.5 
Pension settlement (charge) benefit (0.2) 1.1 
Other expense, net(1.6)(1.2)(4.4)(2.7)
Earnings before interest and income taxes207.7 191.8 688.2 404.7 
Interest expense(16.9)(16.4)(47.1)(52.0)
Interest income0.8 0.3 1.9 0.9 
Loss on early extinguishment of debt(4.2) (4.2) 
Transaction financing charges(4.0) (4.0) 
Earnings before income taxes183.4 175.7 634.8 353.6 
Income tax provision38.8 38.9 141.4 74.9 
Net earnings from continuing operations144.6 136.8 493.4 278.7 
Discontinued operations:
(Loss) earnings from discontinued operations, net of tax(1.5)1.5 (1.6)0.4 
Loss on disposal of discontinued operations, net of tax (0.4) (1.5)
Net (loss) earnings from discontinued operations, net of tax
(1.5)1.1 (1.6)(1.1)
Net earnings$143.1 $137.9 $491.8 $277.6 
Earnings (loss) per common share:
Basic
Earnings from continuing operations$1.86 $1.72 $6.33 $3.51 
(Loss) earnings from discontinued operations(0.02)0.02 (0.02)(0.02)
Net earnings$1.84 $1.74 $6.31 $3.49 
Diluted
Earnings from continuing operations$1.85 $1.71 $6.28 $3.49 
(Loss) earnings from discontinued operations(0.02)0.02 (0.02)(0.02)
Net earnings$1.83 $1.73 $6.26 $3.47 
Weighted average shares used for computation of:
Basic earnings per common share77.7 79.4 78.0 79.4 
Diluted earnings per common share78.3 79.8 78.6 79.9 
Comprehensive income$140.6 $146.6 $499.5 $279.1 
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)October 2,
2021
December 31,
2020
September 26,
2020
Assets
Current assets  
Cash and cash equivalents, at cost, which approximates fair value$1,486.4 $519.6 $650.4 
Restricted cash10.9 10.7 9.1 
Short-term investments in marketable securities0.8 56.7 0.8 
Total cash and short-term investments in marketable securities1,498.1 587.0 660.3 
Accounts and notes receivable, less allowances of $10.3, $10.7, $11.1
451.1 337.6 398.8 
Inventories
Finished goods520.2 446.8 347.6 
Work-in-process162.7 94.0 91.6 
Raw materials257.6 171.0 150.2 
Net inventories940.5 711.8 589.4 
Prepaid expenses and other52.3 34.1 32.7 
Current assets2,942.0 1,670.5 1,681.2 
Property   
Land18.9 17.7 17.6 
Buildings and improvements453.3 435.5 426.4 
Equipment1,299.5 1,184.9 1,141.4 
Total land, buildings and improvements and equipment1,771.7 1,638.1 1,585.4 
Accumulated depreciation(982.6)(929.8)(912.9)
Net land, buildings and improvements and equipment789.1 708.3 672.5 
Unamortized product tooling costs172.4 155.3 146.6 
Net property961.5 863.6 819.1 
Other assets   
Goodwill443.8 417.7 416.3 
Other intangibles, net549.2 552.3 559.6 
Deferred income tax asset132.7 136.6 93.7 
Operating lease assets83.1 83.0 82.0 
Equity investments41.3 32.5 25.5 
Other long-term assets27.0 14.4 13.4 
Other assets1,277.1 1,236.5 1,190.5 
Total assets$5,180.6 $3,770.6 $3,690.8 
The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements.
4

BRUNSWICK CORPORATION
Condensed Consolidated Balance Sheets
(unaudited)

(in millions)October 2,
2021
December 31,
2020
September 26,
2020
Liabilities and shareholders' equity  
Current liabilities  
Short-term debt and current maturities of long-term debt$43.2 $43.1 $48.4 
Accounts payable589.8 457.6 392.9 
Accrued expenses623.3 578.5 508.3 
Current liabilities1,256.3 1,079.2 949.6 
Long-term liabilities   
Debt1,787.7 908.3 1,013.2 
Postretirement benefits70.8 74.7 71.9 
Operating lease liabilities67.6 69.8 69.3 
Other148.5 128.6 128.6 
Long-term liabilities2,074.6 1,181.4 1,283.0 
Shareholders' equity   
Common stock; authorized: 200,000,000 shares, $0.75 par value; issued: 102,538,000 shares; outstanding: 77,134,000, 77,875,000 and 78,421,000 shares
76.9 76.9 76.9 
Additional paid-in capital388.3 383.8 377.0 
Retained earnings2,644.5 2,225.7 2,151.7 
Treasury stock, at cost: 25,404,000, 24,663,000 and 24,117,000 shares
(1,225.0)(1,133.7)(1,095.5)
Accumulated other comprehensive loss(35.0)(42.7)(51.9)
Shareholders' equity1,849.7 1,510.0 1,458.2 
Total liabilities and shareholders' equity$5,180.6 $3,770.6 $3,690.8 
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)October 2,
2021
September 26,
2020
Cash flows from operating activities  
Net earnings$491.8 $277.6 
Less: net loss from discontinued operations, net of tax(1.6)(1.1)
Net earnings from continuing operations, net of tax493.4 278.7 
Stock compensation expense22.7 19.6 
Depreciation and amortization127.9 110.5 
Deferred income taxes(5.3)26.5 
Changes in certain current assets and current liabilities(223.4)166.0 
Long-term extended warranty contracts and other deferred revenue12.0 10.9 
Income taxes29.0 8.8 
Other, net18.8 16.4 
Net cash provided by operating activities of continuing operations475.1 637.4 
Net cash (used for) provided by operating activities of discontinued operations(10.5)3.5 
Net cash provided by operating activities464.6 640.9 
Cash flows from investing activities  
Capital expenditures(180.2)(120.6)
Sales or maturities of marketable securities55.9  
Investments(9.1)2.5 
Acquisition of businesses, net of cash acquired(50.3) 
Proceeds from the sale of property, plant and equipment5.6 2.0 
Net cash used for investing activities of continuing operations(178.1)(116.1)
Net cash used for investing activities of discontinued operations (7.5)
Net cash used for investing activities(178.1)(123.6)
Cash flows from financing activities  
Proceeds from issuances of short-term debt 610.0 
Payments of short-term debt (610.0)
Net proceeds from issuances of long-term debt994.4  
Payments of long-term debt including current maturities(113.6)(48.4)
Net premium paid on early extinguishment of debt(4.2) 
Common stock repurchases(98.7)(79.1)
Cash dividends paid(73.0)(57.2)
Proceeds from share-based compensation activity0.5 1.1 
Tax withholding associated with shares issued for share-based compensation(13.2)(7.3)
Other, net(7.8) 
Net cash provided by (used for) financing activities684.4 (190.9)
Effect of exchange rate changes(3.9)1.2 
Net increase in Cash and cash equivalents and Restricted cash967.0 327.6 
Cash and cash equivalents and Restricted cash at beginning of period530.3 331.9 
Cash and cash equivalents and Restricted cash at end of period1,497.3 659.5 
Less: Restricted cash10.9 9.1 
Cash and cash equivalents at end of period$1,486.4 $650.4 
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 Income (Loss)Total
Balance at December 31, 2020$76.9 $383.8 $2,225.7 $(1,133.7)$(42.7)$1,510.0 
Net earnings  169.3   169.3 
Other comprehensive income    5.6 5.6 
Dividends ($0.27 per common share)
  (21.0)  (21.0)
Compensation plans and other (12.6) 7.2  (5.4)
Common stock repurchases   (15.9) (15.9)
Balance at April 3, 202176.9 371.2 2,374.0 (1,142.4)(37.1)1,642.6 
Net earnings  179.4   179.4 
Other comprehensive income    4.6 4.6 
Dividends ($0.335 per common share)
  (26.2)  (26.2)
Compensation plans and other 8.9  0.2  9.1 
Common stock repurchases   (40.0) (40.0)
Balance at July 3, 202176.9 380.1 2,527.2 (1,182.2)(32.5)1,769.5 
Net earnings  143.1   143.1 
Other comprehensive loss    (2.5)(2.5)
Dividends ($0.335 per common share)
  (25.8)  (25.8)
Compensation plans and other 8.2    8.2 
Common stock repurchases   (42.8) (42.8)
Balance at October 2, 2021$76.9 $388.3 $2,644.5 $(1,225.0)$(35.0)$1,849.7 
(in millions, except per share data)Common StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss)Total
Balance at December 31, 2019$76.9