Annual report pursuant to Section 13 and 15(d)

Restructuring, Exit, Impairment and Integration Activities (Tables)

v3.19.3.a.u2
Restructuring, Exit, Impairment and Integration Activities (Tables)
 12 Months Ended
Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]  
Summary of the Expense Associated with Restructuring, Exit, Impairment and Integration Activities The following table is a summary of the net expense associated with the restructuring, exit and impairment activities.
(in millions)
2019
 
2018
 
2017
Restructuring and exit activities:
 
 
 
 
 
Employee termination and other benefits
$
11.7

 
$
9.5

 
$
3.2

Current asset write-downs
0.5

 
18.9

 
7.2

Professional fees
3.1

 
8.0

 
1.1

Other (A)
0.5

 
10.7

 
1.1

Asset disposition and impairment actions:
 
 
 
 
 
Definite-lived and other asset impairments
3.0

 
12.7

 
31.0

Valuation (reversal) allowance on disposal group
—

 
(5.0
)
 
5.0

Total restructuring, exit and impairment charges
$
18.8

 
$
54.8

 
$
48.6



(A) The charges in 2018 relate to warranty adjustments in connection with the wind-down of Sport Yacht & Yachts.
Schedule of Restructuring Reserve by Segment [Table Text Block]
The following tables summarize the change in accrued restructuring, exit and impairment charges within Accrued expenses in the Consolidated Balance Sheets for the years ended December 31, 2019, 2018 and 2017:
 
Dec 31, 2018
 
2019 Activity
 
Dec 31, 2019
(in millions)
Accrued Charges
 
Total Charges
 
Non-Cash Charges
 
Payments (A)
 
Accrued Charges (B)
Marine Engine
$
—

 
$
4.7

 
$
—

 
$
(3.4
)
 
$
1.3

Boat
15.4

 
9.6

 
(3.5
)
 
(15.5
)
 
6.0

Corporate
0.7

 
4.5

 
—

 
(3.7
)
 
1.5

Accrued balance
$
16.1

 
$
18.8

 
$
(3.5
)
 
$
(22.6
)
 
$
8.8

 
Dec 31, 2017
 
2018 Activity
 
Dec 31, 2018
(in millions)
Accrued Charges
 
Total Charges
 
Non-Cash Charges
 
Payments (A)
 
Accrued Charges
Boat
$
3.7

 
$
54.1

 
$
(26.6
)
 
$
(15.8
)
 
$
15.4

Corporate
—

 
0.7

 
—

 
—

 
0.7

Accrued balance
$
3.7

 
$
54.8

 
$
(26.6
)
 
$
(15.8
)
 
$
16.1

 
Dec 31, 2016
 
2017 Activity
 
Dec 31, 2017
(in millions)
Accrued Charges
 
Total Charges
 
Non-Cash Charges
 
Payments (A)
 
Accrued Charges
Boat
$
0.7

 
$
48.6

 
$
(43.2
)
 
$
(2.4
)
 
$
3.7


(A) Cash payments may include payments related to prior period charges.
(B) The accrued charges as of December 31, 2019 are expected to be paid during 2020.
Actions Initiated in 2019 [Member]  
Restructuring Cost and Reserve [Line Items]  
Schedule of Restructuring, Exit, Impairment and Integration Charges by Type of Cost and Reportable Segment [Table Text Block]
The following table is a summary of the expenses associated with the restructuring, exit and impairment activities for the year ended December 31, 2019, related to actions initiated in 2019:
(in millions)
Marine Engine
 
Boat
 
Corporate
 
Total
Restructuring and exit activities:
 
 
 
 
 
 
 
Employee termination and other benefits
$
4.7

 
$
3.9

 
$
3.1

 
$
11.7

Current asset write-downs
—

 
0.5

 
—

 
0.5

Professional fees
—

 
1.7

 
1.4

 
3.1

Other
—

 
0.5

 
—

 
0.5

Asset disposition and impairment actions:
 
 
 
 
 
 
 
Definite-lived and other asset impairments
—

 
3.0

 
—

 
3.0

Total restructuring, exit and impairment charges
$
4.7

 
$
9.6

 
$
4.5

 
$
18.8


Actions Initiated in 2018 [Member]  
Restructuring Cost and Reserve [Line Items]  
Schedule of Restructuring, Exit, Impairment and Integration Charges by Type of Cost and Reportable Segment [Table Text Block]
The following table is a summary of the expenses associated with the restructuring, exit and impairment activities for the year ended December 31, 2018, related to actions initiated in 2018:

(in millions)
Boat
 
Corporate
 
Total
Restructuring and exit activities:
 
 
 
 
 
Employee termination and other benefits
$
4.7

 
$
0.7

 
$
5.4

Current asset write-downs
18.9

 
—

 
18.9

Professional fees
3.9

 
—

 
3.9

Other
10.7

 
—

 
10.7

Asset disposition and impairment actions:
 
 
 
 
 
Definite-lived and other asset impairments
12.7

 
—

 
12.7

Total restructuring, exit and impairment charges
$
50.9

 
$
0.7

 
$
51.6


Actions Initiated in 2017 [Member]  
Restructuring Cost and Reserve [Line Items]  
Schedule of Restructuring, Exit, Impairment and Integration Charges by Type of Cost and Reportable Segment [Table Text Block]
The following table is a summary of the expense associated with the restructuring, exit and impairment activities within the Boat segment, for the years ended December 31, 2018 and 2017, related to actions initiated in 2017:
(in millions)
2018
 
2017
Restructuring and exit activities:
 
 
 
Employee termination and other benefits
$
4.1

 
$
3.2

Current asset write-downs (reversals)
—

 
7.2

Professional fees
4.1

 
1.1

Other
—

 
1.1

Asset disposition and impairment actions:
 
 
 
Definite-lived and other asset impairments
—

 
31.0

Valuation allowance (reversal) on disposal
(5.0
)
 
5.0

Total restructuring, exit, integration and impairment charges
$
3.2

 
$
48.6