000001493012/3177,897,7712021Q1FALSE9.810.712.0200,000,000200,000,000200,000,000200,000,000200,000,0000.750.750.750.750.75102,538,000102,538,000102,538,000102,538,000102,538,00077,941,00077,875,00079,114,00024,597,00024,663,00023,424,0000.240.240.240.2411P1Y8M12DP1Y9M18DP2Y10M24DP2Y10M24DP1Y6M0DP1Y6M0D78.280.078.880.3P13Y3M18DP11Y8M12D000Postretirement 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 April 3, 2021 and March 28, 2020:
Pension BenefitsOther Postretirement Benefits
(in millions)April 3,
2021
March 28,
2020
April 3,
2021
March 28,
2020
Pension and other postretirement benefit costs included the following components for the three months ended April 3, 2021 and March 28, 2020:
Pension BenefitsOther Postretirement Benefits
(in millions)April 3,
2021
March 28,
2020
April 3,
2021
March 28,
2020
4/15/2049100.00
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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 April 03, 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
____________
 
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 May 6, 2021 was 77,897,771.



BRUNSWICK CORPORATION
INDEX TO QUARTERLY REPORT ON FORM 10-Q
April 3, 2021
 
 
TABLE OF CONTENTS

PART I – FINANCIAL INFORMATIONPage
  
  
 
 
  
 
  
  
  
  
  
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
(in millions, except per share data)April 3,
2021
March 28,
2020
Net sales$1,433.2 $965.5 
Cost of sales1,015.9 721.7 
Selling, general and administrative expense150.8 111.3 
Research and development expense34.1 28.9 
Restructuring, exit and impairment charges0.5 0.4 
Operating earnings231.9 103.2 
Equity earnings0.8 1.8 
Other (expense) income, net(1.3)0.7 
Earnings before interest and income taxes231.4 105.7 
Interest expense(14.8)(16.9)
Interest income0.2 0.3 
Earnings before income taxes216.8 89.1 
Income tax provision47.4 18.4 
Net earnings from continuing operations169.4 70.7 
Discontinued operations:
Loss from discontinued operations, net of tax(0.1)(0.6)
Loss on disposal of discontinued operations, net of tax (1.1)
Net loss from discontinued operations, net of tax
(0.1)(1.7)
Net earnings$169.3 $69.0 
Earnings per common share:
Basic
Earnings from continuing operations$2.17 $0.88 
Loss from discontinued operations(0.00)(0.02)
Net earnings$2.17 $0.86 
Diluted
Earnings from continuing operations$2.15 $0.88 
Loss from discontinued operations(0.00)(0.02)
Net earnings$2.15 $0.86 
Weighted average shares used for computation of:
Basic earnings per common share78.2 80.0 
Diluted earnings per common share78.8 80.3 
Comprehensive income$174.9 $61.1 
The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements.

3

Table of Contents
BRUNSWICK CORPORATION
Condensed Consolidated Balance Sheets
(unaudited)

(in millions)April 3,
2021
December 31,
2020
March 28,
2020
Assets
Current assets  
Cash and cash equivalents, at cost, which approximates fair value$471.9 $519.6 $502.9 
Restricted cash9.7 10.7 11.6 
Short-term investments in marketable securities7.3 56.7 0.8 
Total cash and short-term investments in marketable securities488.9 587.0 515.3 
Accounts and notes receivable, less allowances of $9.8, $10.7, $12.0
539.1 337.6 465.4 
Inventories
Finished goods463.7 446.8 549.3 
Work-in-process125.4 94.0 108.3 
Raw materials176.5 171.0 182.5 
Net inventories765.6 711.8 840.1 
Prepaid expenses and other42.1 34.1 49.0 
Current assets1,835.7 1,670.5 1,869.8 
Property   
Land17.6 17.7 17.8 
Buildings and improvements440.3 435.5 419.7 
Equipment1,198.2 1,184.9 1,107.3 
Total land, buildings and improvements and equipment1,656.1 1,638.1 1,544.8 
Accumulated depreciation(944.9)(929.8)(877.3)
Net land, buildings and improvements and equipment711.2 708.3 667.5 
Unamortized product tooling costs161.2 155.3 143.1 
Net property872.4 863.6 810.6 
Other assets   
Goodwill422.7 417.7 414.0 
Other intangibles, net544.3 552.3 575.0 
Deferred income tax asset126.4 136.6 109.7 
Operating lease assets80.7 83.0 82.3 
Equity investments36.3 32.5 31.3 
Other long-term assets24.7 14.4 11.9 
Other assets1,235.1 1,236.5 1,224.2 
Total assets$3,943.2 $3,770.6 $3,904.6 
The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements.
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(in millions)April 3,
2021
December 31,
2020
March 28,
2020
Liabilities and shareholders' equity  
Current liabilities  
Short-term debt and current maturities of long-term debt$43.8 $43.1 $425.7 
Accounts payable532.4 457.6 366.8 
Accrued expenses552.8 578.5 493.7 
Current liabilities1,129.0 1,079.2 1,286.2 
Long-term liabilities   
Debt900.9 908.3 1,069.0 
Postretirement benefits72.3 74.7 72.1 
Operating lease liabilities64.9 69.8 69.6 
Other133.5 128.6 104.0 
Long-term liabilities1,171.6 1,181.4 1,314.7 
Shareholders' equity   
Common stock; authorized: 200,000,000 shares, $0.75 par value; issued: 102,538,000 shares; outstanding: 77,941,000, 77,875,000 and 79,114,000 shares
76.9 76.9 76.9 
Additional paid-in capital371.2 383.8 358.8 
Retained earnings2,374.0 2,225.7 1,981.1 
Treasury stock, at cost: 24,597,000, 24,663,000 and 23,424,000 shares
(1,142.4)(1,133.7)(1,051.8)
Accumulated other comprehensive loss(37.1)(42.7)(61.3)
Shareholders' equity1,642.6 1,510.0 1,303.7 
Total liabilities and shareholders' equity$3,943.2 $3,770.6 $3,904.6 
The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements.
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BRUNSWICK CORPORATION
Condensed Consolidated Statements of Cash Flows
(unaudited)
 Three Months Ended
(in millions)April 3,
2021
March 28,
2020
Cash flows from operating activities  
Net earnings$169.3 $69.0 
Less: net loss from discontinued operations, net of tax(0.1)(1.7)
Net earnings from continuing operations, net of tax169.4 70.7 
Stock compensation expense6.1 (0.1)
Depreciation and amortization41.6 35.2 
Pension funding, net of expense(0.8)(0.6)
Deferred income taxes7.9 10.6 
Changes in certain current assets and current liabilities(236.2)(196.9)
Long-term extended warranty contracts and other deferred revenue2.4 1.0 
Income taxes29.6 (2.5)
Other, net(2.7)(1.3)
Net cash provided by (used for) operating activities of continuing operations17.3 (83.9)
Net cash (used for) provided by operating activities of discontinued operations(9.0)4.8 
Net cash provided by (used for) operating activities8.3 (79.1)
Cash flows from investing activities  
Capital expenditures(42.9)(55.9)
Sales or maturities of marketable securities49.4  
Investments(3.9)(3.6)
Acquisition of businesses, net of cash acquired(5.3) 
Proceeds from the sale of property, plant and equipment4.2 0.4 
Net cash provided by (used for) investing activities1.5 (59.1)
Cash flows from financing activities  
Proceeds from issuances of short-term debt 610.0 
Payments of short-term debt (225.0)
Net proceeds from issuances of long-term debt1.9  
Payments of long-term debt including current maturities(9.2)(0.3)
Common stock repurchases(15.9)(34.1)
Cash dividends paid(21.0)(19.2)
Proceeds from share-based compensation activity0.5 0.4 
Tax withholding associated with shares issued for share-based compensation(12.7)(6.5)
Other, net(0.1)(0.1)
Net cash (used for) provided by financing activities(56.5)325.2 
Effect of exchange rate changes(2.0)(4.4)
Net (decrease) increase in Cash and cash equivalents and Restricted cash(48.7)182.6 
Cash and cash equivalents and Restricted cash at beginning of period530.3 331.9 
Cash and cash equivalents and Restricted cash at end of period481.6 514.5 
Less: Restricted cash9.7 11.6 
Cash and cash equivalents at end of period$471.9 $502.9 
The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements.

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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, 2021$76.9 $371.2 $2,374.0 $(1,142.4)$(37.1)$1,642.6 

(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 $369.2 $1,931.3 $(1,023.1)$(53.4)$1,300.9 
Net earnings  69.0   69.0 
Other comprehensive loss    (7.9)(7.9)
Dividends ($0.24 per common share)  (19.2)  (19.2)
Compensation plans and other (10.4) 5.4  (5.0)
Common stock repurchases   (34.1) (34.1)
Balance at March 28, 2020$76.9 $358.8 $1,981.1 $(1,051.8)$(61.3)$1,303.7 

The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements.
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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 Securities and Exchange Commission (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 2020 Annual Report on Form 10-K for the year ended December 31, 2020 (the 2020 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 first quarter of fiscal year 2021 ended on April 3, 2021 and the first quarter of fiscal year 2020 ended on March 28, 2020.

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Notes to Condensed Consolidated Financial Statements
(unaudited)
    
Note 2 – Revenue Recognition

The following table presents the Company's revenue into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors:
Three Months Ended
April 3, 2021
(in millions)PropulsionParts & AccessoriesBoatTotal
Geographic Markets
United States$421.3 $312.3 $312.6 $1,046.2 
Europe109.0 63.5 41.6 214.1 
Asia-Pacific65.7 42.5 6.7 114.9 
Canada25.2 25.4 48.4 99.0 
Rest-of-World36.6 15.9 10.2 62.7 
Segment Eliminations(94.9)(8.8) (103.7)
Total$562.9 $450.8 $419.5 $1,433.2 
Three Months Ended
March 28, 2020
PropulsionParts & AccessoriesBoatTotal
Geographic Markets
United States$290.9 $210.9 $215.5 $717.3 
Europe69.6 42.8 35.1 147.5 
Asia-Pacific49.3 24.7 5.6 79.6 
Canada14.1 13.7 31.8 59.6 
Rest-of-World24.7 9.5 3.5 37.7 
Segment Eliminations(69.1)(7.1) (76.2)
Total$379.5 $294.5 $291.5 $965.5 
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Notes to Condensed Consolidated Financial Statements
(unaudited)
    
Three Months Ended
April 3, 2021
(in millions)PropulsionParts & AccessoriesBoatTotal
Major Product Lines
Outboard Engines$504.5 $ $ $504.5 
Controls, Rigging, and Propellers94.9   94.9 
Sterndrive Engines58.4   58.4 
Distribution Parts and Accessories 200.6  200.6 
Advanced Systems Group 134.8  134.8 
Engine Parts and Accessories 124.2  124.2 
Aluminum Freshwater Boats  177.8 177.8 
Recreational Fiberglass Boats  135.4 135.4 
Saltwater Fishing Boats  96.8 96.8 
Business Acceleration  12.7 12.7 
Boat Eliminations/Other  (3.2)(3.2)
Segment Eliminations(94.9)(8.8) (103.7)
Total$562.9 $450.8 $419.5 $1,433.2 
Three Months Ended
March 28, 2020
PropulsionParts & AccessoriesBoatTotal
Major Product Lines
Outboard Engines$353.8 $ $ $353.8 
Controls, Rigging, and Propellers57.5   57.5 
Sterndrive Engines37.3   37.3 
Distribution Parts and Accessories 121.3  121.3 
Advanced Systems Group 103.1  103.1 
Engine Parts and Accessories 77.2  77.2 
Aluminum Freshwater Boats  120.5 120.5 
Recreational Fiberglass Boats  101.8 101.8 
Saltwater Fishing Boats  59.8 59.8 
Business Acceleration  10.0 10.0 
Boat Eliminations/Other  (0.6)(0.6)
Segment Eliminations(69.1)(7.1) (76.2)
Total$379.5 $294.5 $291.5 $965.5 

As of December 31, 2020, $113.0 million of contract liabilities associated with extended warranties and customer deposits were reported in Accrued expenses and Other Long-term liabilities, of which $11.6 million was recognized as revenue during the three months ended April 3, 2021. As of April 3, 2021, total contract liabilities were $121.0 million. The total amount of the transaction price allocated to unsatisfied performance obligations as of April 3, 2021 was $112.3 million for contracts greater than one year, which primarily relates to extended warranties. The Company expects to recognize $24.9 million of this amount in 2021, $25.9 million in 2022, and $61.5 million thereafter.

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Notes to Condensed Consolidated Financial Statements
(unaudited)
    

Note 3 – Discontinued Operations

On June 27, 2019, the Company completed the sale of its Fitness business to KPS Capital Partners, LP. As a result, this business, which was previously reported in the Company's Fitness segment, is being reported as discontinued operations in the Condensed Consolidated Statements of Comprehensive Income and Condensed Consolidated Statements of Cash Flows for all periods presented. Refer to Note 3 in the 2020 Form 10-K for further information.

In connection with the sale of its Fitness business, the Company retained assets of $26.4 million primarily related to VAT receivables, and retained liabilities of $45.1 million primarily related to VAT payables, product warranty liabilities and certain employee benefits. As of April 3, 2021, retained assets and liabilities were $4.1 million and $2.2 million, respectively. As of March 28, 2020, retained assets and liabilities were $11.1 million and $30.4 million, respectively.

Note 4 – Restructuring, Exit and Impairment Activities

The Company recorded restructuring, exit and impairment charges in the Condensed Consolidated Statements of Comprehensive Income in 2021 and 2020.

The following table is a summary of those expenses for the three months ended April 3, 2021 and March 28, 2020:
April 3, 2021March 28, 2020
(in millions)Parts & AccessoriesBoatCorporateTotalParts & AccessoriesBoatCorporateTotal
Restructuring and exit activities:
Employee termination and other benefits$0.5 $(0.0)$ $0.5 $0.3 $(0.0)$0.1 $0.4 
Other 0.0       
Total restructuring, exit and impairment charges