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)

9 Months Ended

Sep. 27, 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 net expense associated with the restructuring, exit and impairment activities for the three months and nine months ended September 27, 2014 and September 28, 2013. The 2014 charges consist of expenses related to actions initiated in 2014, 2013, 2012, 2010 and 2009. The 2013 charges consist of expenses related to actions initiated in 2013 and 2012.



	Three Months Ended					Nine Months Ended
(in millions)	September 27, 2014			September 28, 2013		September 27, 2014			September 28, 2013
Restructuring activities:
Employee termination and other benefits	$	0.1		$	—	$	2.9		$	1.9
Current asset write-downs	0.3			0.7		0.5			1.0
Transformation and other costs:
Consolidation of manufacturing footprint	(0.1		)	1.9		0.9			5.1
Retention and relocation costs	0.1			—		0.2			0.4
Asset disposition actions:
Definite-lived asset impairments and (gains) on disposal	0.5			—		(0.5		)	2.3
Total restructuring, exit and impairment charges	$	0.9		$	2.6	$	4.0		$	10.7

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		Nine Months Ended
(in millions)	September 27, 2014		September 27, 2014
Restructuring activities:
Employee termination and other benefits	$	—	$	2.7
Asset disposition actions:
Definite-lived asset impairments	0.3		0.3
Total restructuring, exit and impairment charges	$	0.3	$	3.0

Schedule of restructuring, exit and impairment charges by reportable segment

The restructuring, exit and impairment charges recorded in the three months and nine months ended September 27, 2014 related to actions initiated in 2014, by reportable segment, are summarized below:



	Three Months Ended		Nine Months Ended
(in millions)	September 27, 2014		September 27, 2014
Boat	$	0.3	$	0.3
Corporate	—		2.7
Total	$	0.3	$	3.0

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

The restructuring, exit and impairment charges recorded in the nine months ended September 27, 2014 related to actions initiated in 2014, by reportable segment and category, are summarized below:



(in millions)	Boat		Corporate		Total
Employee termination and other benefits	$	—	$	2.7	$	2.7
Asset disposition actions	0.3		—		0.3
Total restructuring, exit and impairment charges	$	0.3	$	2.7	$	3.0

Schedule of changes in restructuring reserve

The following table summarizes the activity for restructuring, exit and impairment charges during the nine months ended September 27, 2014 related to actions initiated in 2014. The accrued costs as of September 27, 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 September 27, 2014
Employee termination and other benefits	$	2.7	$	(1.3	)	$	(0.3	)	$	1.1
Asset disposition actions:
Definite-lived asset impairments	0.3		(0.3		)	—			—
Total restructuring, exit and impairment charges	$	3.0	$	(1.6	)	$	(0.3	)	$	1.1

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					Nine Months Ended
(in millions)	September 27, 2014			September 28, 2013		September 27, 2014			September 28, 2013
Restructuring activities:
Employee termination and other benefits	$	0.1		$	—	$	0.2		$	1.7
Current asset write-downs	0.3			0.7		0.5			1.0
Transformation and other costs:
Consolidation of manufacturing footprint	0.7			1.8		1.7			3.4
Retention and relocation costs	0.1			—		0.2			0.4
Asset disposition actions:
Definite-lived asset impairments and (gain) on disposal	(0.1		)	—		(0.1		)	1.6
Total restructuring, exit and impairment charges	$	1.1		$	2.5	$	2.5		$	8.1

Schedule of restructuring, exit and impairment charges by reportable segment

The restructuring, exit and impairment charges recorded in the three months and nine months ended September 27, 2014 and September 28, 2013, related to actions initiated in 2013, by reportable segment, are summarized below:



	Three Months Ended				Nine Months Ended
(in millions)	September 27, 2014		September 28, 2013		September 27, 2014		September 28, 2013
Boat	$	1.1	$	2.5	$	2.5	$	7.4
Corporate	—		—		—		0.7
Total	$	1.1	$	2.5	$	2.5	$	8.1

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

The restructuring, exit and impairment charges recorded in the nine months ended September 27, 2014 related to actions initiated in 2013, by reportable segment and category, are summarized below:



(in millions)	Boat			Total
Employee termination and other benefits	$	0.2		$	0.2
Current asset write-downs	0.5			0.5
Transformation and other costs	1.9			1.9
Asset disposition actions	(0.1		)	(0.1		)
Total restructuring, exit and impairment charges	$	2.5		$	2.5

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



(in millions)	Boat		Corporate		Total
Employee termination and other benefits	$	1.0	$	0.7	$	1.7
Current asset write-downs	1.0		—		1.0
Transformation and other costs	3.8		—		3.8
Asset disposition actions	1.6		—		1.6
Total restructuring, exit and impairment charges	$	7.4	$	0.7	$	8.1

Schedule of changes in restructuring reserve

The following table summarizes the activity for restructuring, exit and impairment charges during the nine months ended September 27, 2014 related to actions initiated in 2013. The accrued costs as of September 27, 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)	Accrued Costs as of Jan. 1, 2014		Costs/(Income) Recognized in 2014			Non-cash Charges			Net Cash (Payments)/Receipts			Accrued Costs as of September 27, 2014
Employee termination and other benefits	$	1.7	$	0.2		$	—		$	(1.6	)	$	0.3
Current asset write-downs	—		0.5			(0.8		)	0.3			—
Transformation and other costs:
Consolidation of manufacturing footprint	—		1.7			—			(1.6		)	0.1
Retention and relocation costs	—		0.2			—			(0.2		)	—
Asset disposition actions:
Definite-lived asset impairments and (gain) on disposal	—		(0.1		)	—			0.1			—
Total restructuring, exit and impairment charges	$	1.7	$	2.5		$	(0.8	)	$	(3.0	)	$	0.4

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					Nine Months Ended
(in millions)	September 27, 2014			September 28, 2013		September 27, 2014			September 28, 2013
Restructuring activities:
Employee termination and other benefits	$	—		$	—	$	—		$	0.2
Transformation and other costs:
Consolidation of manufacturing footprint	(0.8		)	0.1		(0.8		)	1.7
Asset disposition actions:
Definite-lived asset impairments	0.6			—		0.6			0.7
Total restructuring, exit and impairment charges	$	(0.2	)	$	0.1	$	(0.2	)	$	2.6

Schedule of restructuring, exit and impairment charges by reportable segment

The restructuring, exit and impairment charges recorded in the three months and nine months ended September 27, 2014 and September 28, 2013, related to actions initiated in 2012, by reportable segment, are summarized below:



	Three Months Ended					Nine Months Ended
(in millions)	September 27, 2014			September 28, 2013		September 27, 2014			September 28, 2013
Boat	$	(0.2	)	$	0.1	$	(0.2	)	$	2.6
Total	$	(0.2	)	$	0.1	$	(0.2	)	$	2.6

Schedule of changes in restructuring reserve

The following table summarizes the activity for restructuring, exit and impairment charges during the nine months ended September 27, 2014 related to actions initiated in 2012. The accrued costs as of September 27, 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)	Accrued Costs as of Jan. 1, 2014		Costs/(Income) Recognized in 2014			Non-cash Charges			Net Cash Payments			Accrued Costs as of September 27, 2014
Employee termination and other benefits	$	0.2	$	—		$	—		$	(0.2	)	$	—
Transformation and other costs:
Consolidation of manufacturing footprint	2.5		(0.8		)	—			(1.2		)	0.5
Asset disposition actions:
Definite-lived asset impairments	—		0.6			(0.6		)	—			—
Total restructuring, exit and impairment charges	$	2.7	$	(0.2	)	$	(0.6	)	$	(1.4	)	$	0.5