Brunswick Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Restructuring Activities (Tables)

Restructuring Activities (Tables)

6 Months Ended

Jun. 28, 2014

Restructuring Cost and Reserve [Line Items]

Summary of the expense associated with restructuring, exit and impairment activities

The following table is a summary of the expense associated with the restructuring, exit and impairment activities for the three months and six months ended June 28, 2014 and June 29, 2013. The 2014 charges consist of expenses related to actions initiated in 2014, 2013 and 2010. The 2013 charges consist of expenses related to actions initiated in 2013 and 2012.



	Three Months Ended					Six Months Ended
(in millions)	June 28, 2014			June 29, 2013		June 28, 2014			June 29, 2013
Restructuring activities:
Employee termination and other benefits	$	2.8		$	0.5	$	2.8		$	2.3
Current asset write-downs	0.5			—		0.2			0.3
Transformation and other costs:
Consolidation of manufacturing footprint	0.7			2.1		1.0			3.2
Retention and relocation costs	0.1			0.3		0.1			0.4
Exit activities:
Employee termination and other benefits	—			0.6		—			0.6
Transformation and other costs:
Loss on sale of non-strategic assets	—			0.5		—			0.5
Asset disposition actions:
Definite-lived asset impairments and (gain) on disposal	(1.0		)	—		(1.0		)	2.3
Total restructuring, exit and impairment charges	$	3.1		$	4.0	$	3.1		$	9.6

Actions initiated in 2014 [Member]

Restructuring Cost and Reserve [Line Items]

Summary of the expense associated with restructuring, exit and impairment activities

The following is a summary of the charges by category associated with the Company’s 2014 restructuring initiatives:



	Three Months Ended		Six Months Ended
(in millions)	June 28, 2014		June 28, 2014
Restructuring activities:
Employee termination and other benefits	$	2.7	$	2.7
Total restructuring, exit and impairment charges	$	2.7	$	2.7

Schedule of restructuring, exit and impairment charges by reportable segment

The restructuring, exit and impairment charges recorded in the three months and six months ended June 28, 2014 related to actions initiated in 2014, by reportable segment, are summarized below:



	Three Months Ended		Six Months Ended
(in millions)	June 28, 2014		June 28, 2014
Corporate	$	2.7	$	2.7
Total	$	2.7	$	2.7

Schedule of changes in restructuring reserve

The following table summarizes the activity for restructuring, exit and impairment charges during the six months ended June 28, 2014 related to actions initiated in 2014. The accrued costs as of June 28, 2014 represent cash expenditures needed to satisfy remaining obligations, the majority of which are expected to be paid by the end of 2015 and are included in Accrued expenses in the Condensed Consolidated Balance Sheets.



(in millions)	Costs Recognized in 2014		Non-cash Charges			Net Cash Payments			Accrued Costs as of June 28, 2014
Employee termination and other benefits	$	2.7	$	(1.3	)	$	(0.1	)	$	1.3
Total restructuring, exit and impairment charges	$	2.7	$	(1.3	)	$	(0.1	)	$	1.3

Actions initiated in 2013 [Member]

Restructuring Cost and Reserve [Line Items]

Summary of the expense associated with restructuring, exit and impairment activities

The following is a summary of the charges by category associated with the Company’s 2013 restructuring initiatives:



	Three Months Ended				Six Months Ended
(in millions)	June 28, 2014		June 29, 2013		June 28, 2014		June 29, 2013
Restructuring activities:
Employee termination and other benefits	$	0.1	$	0.4	$	0.1	$	2.1
Current asset write-downs	0.5		—		0.2		0.3
Transformation and other costs:
Consolidation of manufacturing footprint	0.7		1.5		1.0		1.6
Retention and relocation costs	0.1		0.3		0.1		0.4
Exit activities:
Employee termination and other benefits	—		0.6		—		0.6
Transformation and other costs:
Loss on sale of non-strategic assets	—		0.5		—		0.5
Asset disposition actions:
Definite-lived asset impairments	—		—		—		1.6
Total restructuring, exit and impairment charges	$	1.4	$	3.3	$	1.4	$	7.1

Schedule of restructuring, exit and impairment charges by reportable segment

The restructuring, exit and impairment charges recorded in the three months and six months ended June 28, 2014 and June 29, 2013, related to actions initiated in 2013, by reportable segment, are summarized below:



	Three Months Ended				Six Months Ended
(in millions)	June 28, 2014		June 29, 2013		June 28, 2014		June 29, 2013
Boat	$	1.4	$	1.8	$	1.4	$	4.9
Bowling & Billiards	—		1.5		—		1.5
Corporate	—		—		—		0.7
Total	$	1.4	$	3.3	$	1.4	$	7.1

Schedule of restructuring, exit and impairment charges by reportable segment and category

The restructuring, exit and impairment charges recorded in the six months ended June 28, 2014 related to actions initiated in 2013, by reportable segment and category, are summarized below:



(in millions)	Boat		Total
Employee termination and other benefits	$	0.1	$	0.1
Current asset write-downs	0.2		0.2
Transformation and other costs	1.1		1.1
Total restructuring, exit and impairment charges	$	1.4	$	1.4

The restructuring, exit and impairment charges recorded in the six months ended June 29, 2013 related to actions initiated in 2013, by reportable segment and category, are summarized below:



(in millions)	Boat		Bowling & Billiards		Corporate		Total
Employee termination and other benefits	$	1.0	$	1.0	$	0.7	$	2.7
Current asset write-downs	0.3		—		—		0.3
Transformation and other costs	2.0		0.5		—		2.5
Asset disposition actions	1.6		—		—		1.6
Total restructuring, exit and impairment charges	$	4.9	$	1.5	$	0.7	$	7.1

Schedule of changes in restructuring reserve

The following table summarizes the activity for restructuring, exit and impairment charges during the six months ended June 28, 2014 related to actions initiated in 2013. The accrued costs as of June 28, 2014 represent cash expenditures needed to satisfy remaining obligations, the majority of which are expected to be paid by the end of 2014 and are included in Accrued expenses in the Condensed Consolidated Balance Sheets.



(in millions)	Accrued Costs as of Jan. 1, 2014		Costs Recognized in 2014		Non-cash Charges			Net Cash (Payments)/Receipts			Accrued Costs as of June 28, 2014
Employee termination and other benefits	$	2.3	$	0.1	$	—		$	(1.5	)	$	0.9
Current asset write-downs	—		0.2		(0.5		)	0.3			—
Transformation and other costs:
Consolidation of manufacturing footprint	—		1.0		—			(1.0		)	—
Retention and relocation costs	—		0.1		—			(0.1		)	—
Loss on sale of non-strategic assets	0.7		—		—			—			0.7
Total restructuring, exit and impairment charges	$	3.0	$	1.4	$	(0.5	)	$	(2.3	)	$	1.6

Actions initiated in 2012 [Member]

Restructuring Cost and Reserve [Line Items]

Summary of the expense associated with restructuring, exit and impairment activities

The following is a summary of the charges by category associated with the Company’s 2012 restructuring initiatives:



	Three Months Ended		Six Months Ended
(in millions)	June 29, 2013		June 29, 2013
Restructuring activities:
Employee termination and other benefits	$	0.1	$	0.2
Transformation and other costs:
Consolidation of manufacturing footprint	0.6		1.6
Asset disposition actions:
Definite-lived asset impairments	—		0.7
Total restructuring, exit and impairment charges	$	0.7	$	2.5

Schedule of restructuring, exit and impairment charges by reportable segment

There were no restructuring, exit and impairment charges recorded during the three months and six months ended June 28, 2014, related to actions initiated in 2012. The restructuring, exit and impairment charges recorded in the three months and six months ended June 29, 2013, related to actions initiated in 2012, by reportable segment, are summarized below:



	Three Months Ended		Six Months Ended
(in millions)	June 29, 2013		June 29, 2013
Boat	$	0.7	$	2.5
Total	$	0.7	$	2.5

Schedule of changes in restructuring reserve

The following table summarizes the activity for restructuring, exit and impairment charges during the six months ended June 28, 2014 related to actions initiated in 2012. The accrued costs as of June 28, 2014 represent cash expenditures needed to satisfy remaining obligations, the majority of which are expected to be paid by the end of 2014 and are included in Accrued expenses in the Condensed Consolidated Balance Sheets.



(in millions)	Accrued Costs as of Jan. 1, 2014		Costs Recognized in 2014		Non-cash Charges		Net Cash Payments			Accrued Costs as of June 28, 2014
Employee termination and other benefits	$	0.2	$	—	$	—	$	(0.2	)	$	—
Transformation and other costs:
Consolidation of manufacturing footprint	2.5		—		—		(0.8		)	1.7
Total restructuring, exit and impairment charges	$	2.7	$	—	$	—	$	(1.0	)	$	1.7