Annual report pursuant to Section 13 and 15(d)

Quarterly Data (unaudited) (Tables)

v3.19.3.a.u2
Quarterly Data (unaudited) (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Schedule of quarterly financial information
 
Quarter Ended
 
   
(in millions, except per share data)
March 30,
2019
 
June 29,
2019
 
September 28,
2019
 
December 31,
2019
 
Year Ended December 31, 2019
Net sales (A)
$
1,050.7

 
$
1,163.5

 
$
976.6

 
$
917.6

 
$
4,108.4

Gross margin (B)
279.5

 
328.0

 
276.9

 
236.6

 
1,121.0

Restructuring, exit and impairment charges (C)
3.2

 
5.4

 
7.4

 
2.8

 
18.8

Pension settlement charge (D)
—

 
—

 
(294.1
)
 
1.3

 
(292.8
)
Net earnings (loss) from continuing operations (F)
76.2

 
112.1

 
(232.9
)
 
75.0

 
30.4

Net loss from discontinued operations, net of tax
(112.5
)
 
(34.6
)
 
(6.4
)
 
(7.9
)
 
(161.4
)
Net (loss) earnings
(36.3
)
 
77.5

 
(239.3
)
 
67.1

 
(131.0
)
 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per common share:
 
 
 
 
 
 
 
 
 
   Net earnings (loss) from continuing operations
$
0.87

 
$
1.29

 
$
(2.74
)
 
$
0.92

 
$
0.36

   Net loss from discontinued operations
(1.29
)
 
(0.40
)
 
(0.08
)
 
(0.10
)
 
(1.90
)
      Net (loss) earnings
$
(0.42
)
 
$
0.89

 
$
(2.82
)
 
$
0.82

 
$
(1.54
)
Diluted earnings (loss) per common share:
 
 
 
 
 
 
 
 
 
   Net earnings (loss) from continuing operations
$
0.87

 
$
1.28

 
$
(2.74
)
 
$
0.92

 
$
0.36

   Net loss from discontinued operations
(1.29
)
 
(0.39
)
 
(0.08
)
 
(0.10
)
 
(1.89
)
      Net (loss) earnings
$
(0.42
)
 
$
0.89

 
$
(2.82
)
 
$
0.82

 
$
(1.53
)
 
 
 
 
 
 
 
 
 
 
Dividends declared
$
0.21

 
$
0.21

 
$
0.21

 
$
0.24

 
$
0.87

 
 
 
 
 
 
 
 
 
 
Common stock price (NYSE symbol: BC):
 
 
 
 
 
 
 
 
 
High
$
55.35

 
$
54.76

 
$
54.75

 
$
62.23

 
$
62.23

Low
$
44.89

 
$
41.02

 
$
42.57

 
$
49.36

 
$
41.02

 
 
 
 
 
 
 
 
 
 
 
Quarter Ended
 
 
(in millions, except per share data)
March 31,
2018
 
June 30,
2018
 
September 29,
2018
 
December 31,
2018
 
Year Ended December 31, 2018
Net sales (A)
$
967.0

 
$
1,148.7

 
$
1,044.1

 
$
961.1

 
$
4,120.9

Gross margin (B)
243.1

 
281.2

 
278.3

 
244.4

 
1,047.0

Restructuring, exit and impairment charges (C)
2.6

 
34.2

 
9.4

 
8.6

 
54.8

Transaction financing charges (E)
—

 
—

 
(5.1
)
 
—

 
(5.1
)
Net earnings from continuing operations (F)
63.8

 
68.1

 
75.2

 
46.3

 
253.4

Net earnings (loss) from discontinued operations, net of tax
9.1

 
10.9

 
(5.2
)
 
(2.9
)
 
11.9

Net earnings
72.9

 
79.0

 
70.0

 
43.4

 
265.3

 
 
 
 
 
 
 
 
 
 
Basic (loss) earnings per common share:
 
 
 
 
 
 
 
 
 
   Net earnings from continuing operations
$
0.72

 
$
0.78

 
$
0.86

 
$
0.53

 
$
2.89

   Net earnings (loss) from discontinued operations
0.11

 
0.12

 
(0.06
)
 
(0.03
)
 
0.14

      Net earnings
$
0.83

 
$
0.90

 
$
0.80

 
$
0.50

 
$
3.03

Diluted (loss) earnings per common share:
 
 
 
 
 
 
 
 
 
   Net earnings from continuing operations
$
0.72

 
$
0.77

 
$
0.86

 
$
0.53

 
$
2.87

   Net earnings (loss) from discontinued operations
0.10

 
0.13

 
(0.06
)
 
(0.04
)
 
0.14

      Net earnings
$
0.82

 
$
0.90

 
$
0.80

 
$
0.49

 
$
3.01

 
 
 
 
 
 
 
 
 
 
Dividends declared
$
0.19

 
$
0.19

 
$
0.19

 
$
0.21

 
$
0.78

 
 
 
 
 
 
 
 
 
 
Common stock price (NYSE symbol: BC):
 
 
 
 
 
 
 
 
 
High
$
64.45

 
$
69.27

 
$
69.82

 
$
67.92

 
$
69.82

Low
$
55.35

 
$
54.76

 
$
61.78

 
$
41.92

 
$
41.92


(A) In the second quarter of 2018, the Company announced its intention to wind down Sport Yacht & Yachts (SYY) operations. During the second quarter and the full-year of 2019, SYY had Net sales of $(0.7) million. During the first, second, third and fourth quarters and the full-year of 2018, SYY had Net sales of $15.1 million, $19.9 million, $9.0 million, $5.4 million and $49.4 million, respectively.
(B) Gross margin is defined as Net sales less Cost of sales (COS) as presented in the Consolidated Statements of Operations. In the second and fourth quarter and the full-year of 2019, the company recorded $3.2 million, $3.9 million and $7.1 million in COS, respectively, related to SYY. During the first, second, third and fourth quarter and the full-year of 2018, the Company recorded $18.7 million, $43.1 million, $17.3 million, $10.0 million and $89.1 million in COS, respectively, related to SYY. During the third and fourth quarter and the full-year of 2018, the company recorded $4.6 million, $4.6 million and $9.2 million in COS, respectively, of purchase accounting amortization related to the purchase of Power Products.
(C) Restructuring, exit, integration and impairment charges are discussed in Note 4 – Restructuring, Exit and Impairment Activities.
(D) Pension settlement charges are discussed in Note 17 – Postretirement Benefits.
(E) In the third quarter and full-year of 2018, the company recorded $5.1 million of Transaction financing charges related to the acquisition of Power Products.
(F) During the first, second, third and fourth quarter and full-year of 2019, Net (loss) earnings from continuing operations includes $5.7 million, $9.0 million, $6.1 million, $8.2 million and $29.0 million, respectively, related to SYY, IT transformation costs, purchase accounting amortization and acquisition-related costs, related to the purchase of Freedom Boat Club and Power Products. Net earnings (loss) from continuing operations also includes $(1.7) million, $1.8 million, $(2.5) million, $(14.8) million and $(17.2) million related to discrete tax items. During the first, second, third and fourth quarter and full-year ended 2018, Net earnings from continuing operations includes $6.4 million, $23.3 million, $25.0 million, $16.9 million and $71.6 million, respectively, related to SYY, purchase accounting amortization and acquisition-related costs. Refer to Note 5 – Acquisitions for further details. Net earnings from continuing operations also includes $6.7 million, $(1.1) million, $(10.7) million, $0.3 million and $(4.8) million related to discrete tax items. In the third and fourth quarter and full-year of 2019, the Company had a loss (gain) of extinguishment of debt, net of tax, of $0.7 million, $(0.1) million and $0.6 million, respectively. In the fourth quarter of 2018, the Company sold its non-controlling interest in a marine joint venture and recorded a gain of $1.8 million, net of tax, within Equity earnings.