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Revenue Recognition
Consistent with the Company's change in reportable segments as described in Note 1 – Significant Accounting Policies, the Company has made a change to its revenue disaggregation presentation to align with the new segment structure. 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:
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Three Months Ended |
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March 28, 2020 |
(in millions) |
Propulsion |
|
Parts & Accessories |
|
Boat |
|
Total |
Geographic Markets |
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|
|
|
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United States |
$ |
290.9 |
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|
$ |
210.9 |
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|
$ |
215.5 |
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|
$ |
717.3 |
|
Europe |
69.6 |
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|
42.8 |
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|
35.1 |
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|
147.5 |
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Asia-Pacific |
49.3 |
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|
24.7 |
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|
5.6 |
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|
79.6 |
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Canada |
14.1 |
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|
13.7 |
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|
31.8 |
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|
59.6 |
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Rest-of-World |
24.7 |
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|
9.5 |
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|
3.5 |
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|
37.7 |
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Segment Eliminations |
(69.1 |
) |
|
(7.1 |
) |
|
— |
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|
(76.2 |
) |
Total |
$ |
379.5 |
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$ |
294.5 |
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$ |
291.5 |
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|
$ |
965.5 |
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Major Product Lines |
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Outboard Engines |
$ |
353.8 |
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$ |
— |
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$ |
— |
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$ |
353.8 |
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Controls, Rigging, and Propellers |
57.5 |
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— |
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— |
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|
57.5 |
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Sterndrive Engines |
37.3 |
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|
— |
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|
— |
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|
37.3 |
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Distribution Parts and Accessories |
— |
|
|
121.3 |
|
|
— |
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|
121.3 |
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Advanced Systems Group |
— |
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|
103.1 |
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|
— |
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|
103.1 |
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Engine Parts and Accessories |
— |
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|
77.2 |
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|
— |
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|
77.2 |
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Aluminum Freshwater Boats |
— |
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— |
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|
120.5 |
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|
120.5 |
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Recreational Fiberglass Boats |
— |
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— |
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|
101.8 |
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|
101.8 |
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Saltwater Fishing Boats |
— |
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— |
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|
59.8 |
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|
59.8 |
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Business Acceleration |
— |
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|
— |
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|
9.4 |
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|
9.4 |
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Segment Eliminations |
(69.1 |
) |
|
(7.1 |
) |
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— |
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|
(76.2 |
) |
Total |
$ |
379.5 |
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$ |
294.5 |
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$ |
291.5 |
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$ |
965.5 |
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Three Months Ended |
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March 30, 2019 |
(in millions) |
Propulsion |
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Parts & Accessories |
|
Boat |
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Total |
Geographic Markets |
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United States |
$ |
309.8 |
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$ |
214.4 |
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$ |
273.9 |
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$ |
798.1 |
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Europe |
73.1 |
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46.1 |
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36.7 |
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|
155.9 |
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Asia-Pacific |
31.4 |
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24.7 |
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|
5.4 |
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|
61.5 |
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Canada |
14.9 |
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|
16.4 |
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|
50.0 |
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|
81.3 |
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Rest-of-World |
23.2 |
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|
12.0 |
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|
7.3 |
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|
42.5 |
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Segment Eliminations |
(79.0 |
) |
|
(9.6 |
) |
|
— |
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(88.6 |
) |
Total |
$ |
373.4 |
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$ |
304.0 |
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$ |
373.3 |
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$ |
1,050.7 |
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Major Product Lines |
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Outboard Engines |
$ |
352.3 |
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|
$ |
— |
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$ |
— |
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$ |
352.3 |
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Controls, Rigging, and Propellers |
53.2 |
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|
— |
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— |
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|
53.2 |
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Sterndrive Engines |
46.9 |
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|
— |
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— |
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|
46.9 |
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Distribution Parts and Accessories |
— |
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|
124.2 |
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|
— |
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|
124.2 |
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Advanced Systems Group |
— |
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|
104.0 |
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— |
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|
104.0 |
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Engine Parts and Accessories |
— |
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|
85.4 |
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|
— |
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|
85.4 |
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Aluminum Freshwater Boats |
— |
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|
— |
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|
166.2 |
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|
166.2 |
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Recreational Fiberglass Boats |
— |
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|
— |
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|
115.0 |
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|
115.0 |
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Saltwater Fishing Boats |
— |
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|
— |
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|
90.2 |
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|
90.2 |
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Business Acceleration |
— |
|
|
— |
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|
1.9 |
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|
1.9 |
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Segment Eliminations |
(79.0 |
) |
|
(9.6 |
) |
|
— |
|
|
(88.6 |
) |
Total |
$ |
373.4 |
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$ |
304.0 |
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$ |
373.3 |
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$ |
1,050.7 |
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As of January 1, 2020, $96.2 million of contract liabilities associated with extended warranties and customer deposits were reported in Accrued expenses and Other Long-term liabilities, of which $13.1 million was recognized as revenue during the three months ended March 28, 2020. As of March 28, 2020, total contract liabilities were $95.5 million. The total amount of the transaction price allocated to unsatisfied performance obligations as of March 28, 2020 was $88.8 million for contracts greater than one year, which primarily relates to extended warranties. The Company expects to recognize approximately $19.1 million of this amount in 2020, $20.1 million in 2021, and $49.6 million thereafter.
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