Quarterly report pursuant to Section 13 or 15(d)

Restructuring, Exit and Integration Activities

v3.20.1
Restructuring, Exit and Integration Activities
 3 Months Ended
Mar. 28, 2020
Restructuring and Related Activities [Abstract]  
Restructuring, Exit and Integration Activities [Text Block] Restructuring, Exit and Impairment Activities

During 2019, the Company recorded restructuring charges within the Boat segment related to consolidating its commercial and government products operations in order to rationalize its product line to better align with customer demand. In addition, the Company announced headcount reductions aimed at streamlining the cost structure of its enterprise-wide general and administrative functions. These actions resulted in charges during the three months ended March 28, 2020 and March 30, 2019.

The Company recorded restructuring, exit and impairment charges in the Condensed Consolidated Statements of Comprehensive Income as a result of the activities described above. The following table is a summary of the expense associated with the restructuring, exit and impairment activities discussed above for the three months ended March 28, 2020 and March 30, 2019:
 
March 28, 2020
 
March 30, 2019
(in millions)
Parts & Accessories
 
Boat
 
Corporate
 
Total
 
Boat
 
Corporate
 
Total
Restructuring and exit activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee termination and other benefits
$
0.3

 
$
(0.0
)
 
$
0.1

 
$
0.4

 
$
0.4

 
$
1.2

 
$
1.6

Current asset write-downs
—

 
—

 
—

 
—

 
0.2

 
—

 
0.2

Other
—

 
—

 
—

 
—

 
0.1

 
—

 
0.1

Definite-lived and other asset impairments
—

 
—

 
—

 
—

 
1.3

 
—

 
1.3

Total restructuring, exit and impairment charges
$
0.3

 
$
(0.0
)
 
$
0.1

 
$
0.4

 
$
2.0

 
$
1.2

 
$
3.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total cash payments for restructuring, exit and impairment charges (A)
$
0.6

 
$
2.2

 
$
1.0

 
$
3.8

 
$
5.0

 
$
0.2

 
$
5.2

Accrued charges at end of the period (B)
$
1.0

 
$
3.8

 
$
0.6

 
$
5.4

 
$
10.8

 
$
1.7

 
$
12.5



(A) Cash payments for the three months ended March 28, 2020 and March 30, 2019 may include payments related to prior period charges.
(B) Restructuring, exit and impairment charges accrued as of March 28, 2020 are expected to be paid primarily during 2020.