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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 01, 2022
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-20221001_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 27, 2022 was 72,506,515.



BRUNSWICK CORPORATION
INDEX TO QUARTERLY REPORT ON FORM 10-Q
October 1, 2022
 
 
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)October 1,
2022
October 2,
2021
October 1,
2022
October 2,
2021
Net sales$1,698.2 $1,427.2 $5,229.5 $4,415.2 
Cost of sales1,199.3 1,016.8 3,710.6 3,126.0 
Selling, general and administrative expense186.2 165.9 586.1 490.3 
Research and development expense50.4 35.5 152.0 107.1 
Restructuring, exit and impairment charges24.6  24.6 0.7 
Operating earnings237.7 209.0 756.2 691.1 
Equity earnings1.3 0.3 2.8 1.5 
Other expense, net(0.1)(1.6)(1.3)(4.4)
Earnings before interest and income taxes238.9 207.7 757.7 688.2 
Interest expense(26.1)(16.9)(70.4)(47.1)
Interest income1.9 0.8 2.5 1.9 
Loss on early extinguishment of debt (4.2)(0.1)(4.2)
Transaction financing charges (4.0) (4.0)
Earnings before income taxes214.7 183.4 689.7 634.8 
Income tax provision46.5 38.8 148.7 141.4 
Net earnings from continuing operations168.2 144.6 541.0 493.4 
Net loss from discontinued operations, net of tax(4.4)(1.5)(5.7)(1.6)
Net earnings$163.8 $143.1 $535.3 $491.8 
Earnings per common share:
Basic
Earnings from continuing operations$2.27 $1.86 $7.16 $6.33 
Loss from discontinued operations(0.06)(0.02)(0.08)(0.02)
Net earnings$2.21 $1.84 $7.08 $6.31 
Diluted
Earnings from continuing operations$2.26 $1.85 $7.12 $6.28 
Loss from discontinued operations(0.06)(0.02)(0.08)(0.02)
Net earnings$2.20 $1.83 $7.04 $6.26 
Weighted average shares used for computation of:
Basic earnings per common share74.2 77.7 75.6 78.0 
Diluted earnings per common share74.5 78.3 76.0 78.6 
Comprehensive income$158.0 $140.6 $527.1 $499.5 
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 1,
2022
December 31,
2021
October 2,
2021
Assets
Current assets  
Cash and cash equivalents, at cost, which approximates fair value$457.4 $354.5 $1,486.4 
Restricted cash11.7 12.2 10.9 
Short-term investments in marketable securities34.5 0.8 0.8 
Total cash and short-term investments in marketable securities503.6 367.5 1,498.1 
Accounts and notes receivable, less allowances of $8.9, $9.7, $10.3
557.7 485.3 451.1 
Inventories
Finished goods754.4 685.5 520.2 
Work-in-process224.0 176.8 162.7 
Raw materials451.4 345.7 257.6 
Net inventories1,429.8 1,208.0 940.5 
Prepaid expenses and other103.9 63.8 52.3 
Current assets2,595.0 2,124.6 2,942.0 
Property   
Land42.2 34.7 18.9 
Buildings and improvements547.2 479.3 453.3 
Equipment1,425.1 1,332.4 1,299.5 
Total land, buildings and improvements and equipment2,014.5 1,846.4 1,771.7 
Accumulated depreciation(1,031.0)(989.6)(982.6)
Net land, buildings and improvements and equipment983.5 856.8 789.1 
Unamortized product tooling costs237.6 190.1 172.4 
Net property1,221.1 1,046.9 961.5 
Other assets   
Goodwill962.2 888.4 443.8 
Other intangibles, net1,005.4 1,052.1 549.2 
Deferred income tax asset137.7 146.0 132.7 
Operating lease assets111.4 92.8 83.1 
Equity investments47.7 43.8 41.3 
Other long-term assets44.4 30.4 27.0 
Other assets2,308.8 2,253.5 1,277.1 
Total assets$6,124.9 $5,425.0 $5,180.6 
The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements.
4

(in millions)October 1,
2022
December 31,
2021
October 2,
2021
Liabilities and shareholders' equity  
Current liabilities  
Short-term debt and current maturities of long-term debt$84.9 $37.4 $43.2 
Accounts payable631.6 693.5 589.8 
Accrued expenses662.8 711.3 623.3 
Current liabilities1,379.3 1,442.2 1,256.3 
Long-term liabilities   
Debt2,419.1 1,779.0 1,787.7 
Postretirement benefits62.7 66.5 70.8 
Operating lease liabilities95.7 75.5 67.6 
Other167.1 147.6 148.5 
Long-term liabilities2,744.6 2,068.6 2,074.6 
Shareholders' equity   
Common stock; authorized: 200,000,000 shares, $0.75 par value; issued: 102,538,000 shares; outstanding: 72,612,000, 76,933,000 and 77,134,000 shares
76.9 76.9 76.9 
Additional paid-in capital386.0 394.5 388.3 
Retained earnings3,173.0 2,720.1 2,644.5 
Treasury stock, at cost: 29,926,000, 25,605,000 and 25,404,000 shares
(1,595.2)(1,245.8)(1,225.0)
Accumulated other comprehensive loss(39.7)(31.5)(35.0)
Shareholders' equity2,001.0 1,914.2 1,849.7 
Total liabilities and shareholders' equity$6,124.9 $5,425.0 $5,180.6 
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 1,
2022
October 2,
2021
Cash flows from operating activities  
Net earnings$535.3 $491.8 
Less: net loss from discontinued operations, net of tax(5.7)(1.6)
Net earnings from continuing operations, net of tax541.0 493.4 
Stock compensation expense16.8 22.7 
Depreciation and amortization167.9 127.9 
Pension funding, net of expense(0.5)(1.7)
Asset impairment charges19.2 0.8 
Deferred income taxes4.0 (5.3)
Changes in certain current assets and current liabilities(426.8)(223.4)
Long-term extended warranty contracts and other deferred revenue12.2 12.0 
Income taxes(17.0)29.0 
Other, net(3.0)19.7 
Net cash provided by operating activities of continuing operations313.8 475.1 
Net cash used for operating activities of discontinued operations(2.4)(10.5)
Net cash provided by operating activities311.4 464.6 
Cash flows from investing activities  
Capital expenditures(299.3)(180.2)
Purchases of marketable securities(60.0) 
Sales or maturities of marketable securities26.3 55.9 
Investments(4.9)(9.1)
Acquisition of businesses, net of cash acquired(95.7)(50.3)
Proceeds from the sale of property, plant and equipment5.7 5.6 
Cross currency swap settlement16.7  
Net cash used for investing activities(411.2)(178.1)
Cash flows from financing activities  
Proceeds from issuances of short-term debt127.8  
Payments of short-term debt(125.0) 
Net proceeds from issuances of long-term debt741.8 994.4 
Payments of long-term debt including current maturities(58.4)(113.6)
Net premium paid on early extinguishment of debt(0.1)(4.2)
Common stock repurchases(360.0)(98.7)
Cash dividends paid(82.4)(73.0)
Proceeds from share-based compensation activity 0.5 
Tax withholding associated with shares issued for share-based compensation(16.4)(13.2)
Other, net(3.9)(7.8)
Net cash provided by financing activities223.4 684.4 
Effect of exchange rate changes(21.2)(3.9)
Net increase in Cash and cash equivalents and Restricted cash102.4 967.0 
Cash and cash equivalents and Restricted cash at beginning of period366.7 530.3 
Cash and cash equivalents and Restricted cash at end of period469.1 1,497.3 
Less: Restricted cash11.7 10.9 
Cash and cash equivalents at end of period$457.4 $1,486.4 
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, 2021$76.9 $394.5 $2,720.1 $(1,245.8)$(31.5)$1,914.2 
Net earnings  174.2   174.2 
Other comprehensive income    9.9 9.9 
Dividends ($0.365 per common share)
  (28.0)  (28.0)
Compensation plans and other (20.0) 9.4  (10.6)
Common stock repurchases   (79.8) (79.8)
Balance at April 2, 202276.9 374.5 2,866.3 (1,316.2)(21.6)1,979.9 
Net earnings  197.3   197.3 
Other comprehensive loss    (12.3)(12.3)
Dividends ($0.365 per common share)
  (27.4)  (27.4)
Compensation plans and other 6.3  1.0  7.3 
Common stock repurchases   (140.2) (140.2)
Balance at July 2, 202276.9 380.8 3,036.2 (1,455.4)(33.9)2,004.6 
Net earnings  163.8   163.8 
Other comprehensive loss    (5.8)(5.8)
Dividends ($0.365 per common share)
  (27.0)  (27.0)
Compensation plans and other 5.2  0.2  5.4 
Common stock repurchases   (140.0) (140.0)
Balance at October 1, 2022$76.9 $386.0 $3,173.0 $(1,595.2)$(39.7)$2,001.0 

(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