Annual report pursuant to Section 13 and 15(d)

Quarterly Data (unaudited)

v3.20.4
Quarterly Data (unaudited)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Data (unaudited) Quarterly Data (unaudited)
The Company maintains its financial records on the basis of a fiscal year ended on December 31, with the fiscal quarters spanning approximately thirteen weeks. The first quarter ends on the Saturday closest to the end of the first thirteen-week period. The second and third quarters are thirteen weeks in duration and the fourth quarter is the remainder of the year. The first three quarters of fiscal year 2020 ended on March 28, 2020, June 27, 2020, and September 26, 2020, and the first three quarters of fiscal year 2019 ended on March 30, 2019, June 29, 2019, and September 28, 2019.
Quarter Ended    
(in millions, except per share data) March 28,
2020		 June 27,
2020		 September 26,
2020		 December 31,
2020		 Year Ended December 31, 2020
Net sales $ 965.5  $ 987.8  $ 1,233.1  $ 1,161.1  $ 4,347.5 
Gross margin 243.8  256.0  376.9  336.3  1,213.0 
Restructuring, exit and impairment charges (C)
0.4  2.1  1.8  (0.2) 4.1 
Pension settlement benefit (charge) (D)
—  1.3  (0.2) —  1.1 
Net earnings from continuing operations (E)
70.7  71.2  136.8  96.0  374.7 
Net (loss) earnings from discontinued operations, net of tax (1.7) (0.5) 1.1  (0.9) (2.0)
Net earnings 69.0  70.7  137.9  95.1  372.7 
Basic earnings (loss) per common share:
   Net earnings from continuing operations $ 0.88  $ 0.89  $ 1.72  $ 1.22  $ 4.73 
   Net (loss) earnings from discontinued operations (0.02) (0.00) 0.02  (0.01) (0.03)
      Net earnings $ 0.86  $ 0.89  $ 1.74  $ 1.21  $ 4.70 
Diluted earnings (loss) per common share:
   Net earnings from continuing operations $ 0.88  $ 0.89  $ 1.71  $ 1.22  $ 4.70 
   Net (loss) earnings from discontinued operations (0.02) (0.00) 0.02  (0.02) (0.02)
      Net earnings $ 0.86  $ 0.89  $ 1.73  $ 1.20  $ 4.68 
Dividends declared $ 0.24  $ 0.24  $ 0.24  $ 0.27  $ 0.99 
Common stock price (NYSE symbol: BC):
High $ 66.32  $ 67.39  $ 73.99  $ 84.00  $ 84.00 
Low $ 25.22  $ 25.61  $ 56.50  $ 58.74  $ 25.22 
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) benefit (D)
—  —  (294.1) 1.3  (292.8)
Net earnings (loss) from continuing operations (E)
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 

(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.
(B) Gross margin is defined as Net sales less Cost of sales (COS) as presented in the Consolidated Statements of Operations. During 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.
(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) During the first, second, third and fourth quarter and full-year of 2020, Net earnings (loss) from continuing operations includes $6.9 million, $7.0 million, $6.5 million, $7.2 million and $27.6 million, respectively, related to purchase accounting amortization, IT transformation costs, and acquisition-related costs, related to the purchase of Power products and Freedom Boat Club. Net earnings (loss) from continuing operations also includes $(0.3) million, $0.4 million, $(0.7) million, $0.9 million and $0.3 million related to discrete tax items. During the first, second, third and fourth quarter and full-year ended 2019, Net earnings (loss) from continuing operations includes $5.7 million, $9.0 million, $6.1 million, $8.2 million and $29.0 million, respectively, related to SYY, purchase accounting amortization, IT transformation costs, and acquisition-related costs, related to the purchase of Power products and Freedom Boat Club. Refer to Note 5 – Acquisitions for further details. 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. In the third quarter and full-year of 2019, the Company had a loss of extinguishment of debt, net of tax, of $0.8 million.
[1],[2]
[1] (B) Gross margin is defined as Net sales less Cost of sales (COS) as presented in the Consolidated Statements of Operations. During 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.
[2] (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.