Subsequent Event (Notes) |
9 Months Ended |
|---|---|
Oct. 02, 2021 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent EventsOn October 4, 2021, the Company acquired all the issued and outstanding shares of Marine Innovations Group AS, known as "Navico," for $1.094 billion net cash consideration. The Company used a combination of the Notes, as described in Note 14 – Debt, and cash on hand to fund the acquisition. Navico was a privately held global company based in Egersund, Norway, and is a global leader in marine electronics and sensors, including multi-function displays, fish finders, autopilots, sonar, radar, and cartography. The acquisition of Navico accelerates our ACES (Autonomy, Connectivity, Electrification, and Shared access) strategy and strengthens our ability to provide complete, innovative digital solutions to consumers and comprehensive, integrated system offerings to our original equipment manufacturer customers. The acquisition will be reported within the Company's Parts & Accessories segment. Given the recent date of the closing, a preliminary purchase price allocation has not yet been completed as of the date these financial statements were issued. Transaction costs associated with this acquisition of $1.6 million and $7.1 million were expensed as incurred within Selling, general and administrative expense during the three and nine months ended October 2, 2021, respectively. |