| Schedule of quarterly financial information |
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Quarter Ended |
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(in millions, except per share data) |
April 1,
2017 |
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July 1,
2017 |
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September 30,
2017 |
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December 31,
2017 |
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Year Ended December 31, 2017 |
Net sales |
$ |
1,082.1 |
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$ |
1,253.9 |
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$ |
1,083.1 |
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$ |
1,090.9 |
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$ |
4,510.0 |
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Gross margin (A) (D)
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293.2 |
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357.4 |
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312.4 |
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271.7 |
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1,234.7 |
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Pension settlement charge (B)
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— |
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— |
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— |
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96.6 |
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96.6 |
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Restructuring, exit, integration and impairment charges (C)
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8.3 |
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4.8 |
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6.8 |
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16.7 |
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36.6 |
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Net earnings (loss) from continuing operations (D)
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74.2 |
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118.8 |
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84.7 |
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(90.4 |
) |
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187.3 |
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Earnings (loss) from discontinued operations, net of tax |
(9.3 |
) |
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0.6 |
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(5.7 |
) |
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(26.5 |
) |
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(40.9 |
) |
Net earnings (loss) |
64.9 |
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119.4 |
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79.0 |
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(116.9 |
) |
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146.4 |
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Basic earnings (loss) per common share: |
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Net earnings (loss) from continuing operations |
$ |
0.82 |
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$ |
1.32 |
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$ |
0.95 |
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$ |
(1.02 |
) |
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$ |
2.10 |
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Net earnings (loss) from discontinued operations |
(0.10 |
) |
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0.01 |
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(0.06 |
) |
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(0.30 |
) |
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(0.46 |
) |
Net earnings (loss) |
$ |
0.72 |
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$ |
1.33 |
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$ |
0.89 |
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$ |
(1.32 |
) |
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$ |
1.64 |
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Diluted earnings (loss) per common share: |
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Net earnings (loss) from continuing operations |
$ |
0.81 |
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$ |
1.31 |
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$ |
0.94 |
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$ |
(1.02 |
) |
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$ |
2.08 |
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Net earnings (loss) from discontinued operations |
(0.10 |
) |
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0.01 |
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(0.06 |
) |
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(0.30 |
) |
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(0.46 |
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Net earnings (loss) |
$ |
0.71 |
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$ |
1.32 |
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$ |
0.88 |
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$ |
(1.32 |
) |
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$ |
1.62 |
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Dividends declared |
$ |
0.165 |
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$ |
0.165 |
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$ |
0.165 |
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$ |
0.19 |
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$ |
0.685 |
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Common stock price (NYSE symbol: BC): |
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High |
$ |
61.74 |
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$ |
63.82 |
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$ |
63.79 |
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$ |
60.25 |
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$ |
63.82 |
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Low |
$ |
53.95 |
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$ |
54.16 |
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$ |
48.72 |
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$ |
48.04 |
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$ |
48.04 |
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Quarter Ended |
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(in millions, except per share data) |
April 2,
2016 |
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July 2,
2016 |
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October 1,
2016 |
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December 31,
2016 |
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December 31, 2016 |
Net sales |
$ |
994.1 |
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$ |
1,159.1 |
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$ |
1,014.4 |
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$ |
986.3 |
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$ |
4,153.9 |
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Gross margin (A)
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270.9 |
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344.2 |
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298.3 |
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266.9 |
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1,180.3 |
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Pension settlement charge (B)
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— |
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— |
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— |
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55.1 |
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55.1 |
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Restructuring, exit, integration and impairment charges (C)
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3.8 |
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2.6 |
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2.4 |
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6.4 |
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15.2 |
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Net earnings from continuing operations |
63.4 |
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108.4 |
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84.1 |
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16.7 |
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272.6 |
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Earnings (loss) from discontinued operations, net of tax |
1.4 |
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(0.3 |
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1.3 |
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1.0 |
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3.4 |
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Net earnings |
64.8 |
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108.1 |
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85.4 |
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17.7 |
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276.0 |
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Basic earnings (loss) per common share: |
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Net earnings from continuing operations |
$ |
0.69 |
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$ |
1.18 |
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$ |
0.93 |
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$ |
0.19 |
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$ |
2.99 |
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Net earnings (loss) from discontinued operations |
0.02 |
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(0.00 |
) |
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0.01 |
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0.01 |
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0.04 |
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Net earnings |
$ |
0.71 |
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$ |
1.18 |
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$ |
0.94 |
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$ |
0.20 |
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$ |
3.03 |
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Diluted earnings (loss) per common share: |
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Net earnings from continuing operations |
$ |
0.68 |
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$ |
1.17 |
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$ |
0.92 |
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$ |
0.18 |
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$ |
2.96 |
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Net earnings (loss) from discontinued operations |
0.02 |
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(0.00 |
) |
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0.01 |
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0.01 |
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0.04 |
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Net earnings |
$ |
0.70 |
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$ |
1.17 |
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$ |
0.93 |
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$ |
0.19 |
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$ |
3.00 |
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Dividends declared |
$ |
0.15 |
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$ |
0.15 |
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$ |
0.15 |
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$ |
0.165 |
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$ |
0.615 |
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Common stock price (NYSE symbol: BC): |
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High |
$ |
50.31 |
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$ |
51.59 |
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$ |
50.96 |
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$ |
56.30 |
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$ |
56.30 |
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Low |
$ |
36.05 |
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$ |
41.19 |
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$ |
44.10 |
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$ |
42.02 |
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$ |
36.05 |
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(A) Gross margin is defined as Net sales less Cost of sales as presented in the Consolidated Statements of Operations.
(B) Pension settlement charges are discussed in Note 17 – Postretirement Benefits in the Notes to Consolidated Financial Statements.
(C) Restructuring, exit, integration and impairment charges are discussed in Note 3 – Restructuring, Exit, Integration and Impairment Activities in the Notes to Consolidated Financial Statements.
(D) In the fourth quarter of 2017, Gross margin and Net earnings from continuing operations include $8.4 million and $13.5 million, respectively, of charges for costs related to field campaigns pertaining to certain Cybex products designed prior to the acquisition. Refer to Note 13 – Commitments and Contingencies for further details.
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