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Financing Receivables | 3 Months Ended
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Mar. 31, 2012
Receivables [Abstract] |
Financing Receivables | Note 8 – Financing Receivables The Company has recorded financing receivables, which are defined as a contractual right to receive money, recognized as assets on its Condensed Consolidated Balance Sheets as of March 31, 2012, December 31, 2011 and April 2, 2011. Substantially all of the Company’s financing receivables are for commercial customers. The Company classifies its financing receivables into three categories: receivables repurchased under recourse provisions (Recourse Receivables); receivables sold to third-party finance companies (Third-Party Receivables) and customer notes and other (Other Receivables). Recourse Receivables are the result of the contingent recourse arrangements discussed in Note 7 – Commitments and Contingencies. Third-Party Receivables are accounts that have been sold to third-party finance companies, but do not meet the definition of a true sale, and are therefore recorded as an asset with an offsetting balance recorded as a secured obligation in Accrued expenses and Other long-term liabilities as discussed in Note 7 – Commitments and Contingencies. Other Receivables are mostly comprised of notes from customers, which are originated by the Company in the normal course of business. Financing receivables are carried at their face amounts less an allowance for doubtful accounts. The Company sells a broad range of recreation products to a worldwide customer base and extends credit to its customers based upon an ongoing credit evaluation program. The Company’s business units maintain credit organizations to manage financial exposure and perform credit risk assessments on an individual account basis. Accounts are not aggregated into categories for credit risk determinations. Due to the composition of the account portfolio, the Company does not believe that the credit risk posed by the Company’s financing receivables is significant to its operations or financial position. There were no significant troubled debt restructurings during the three months ended March 31, 2012. The following are the Company’s financing receivables, excluding trade accounts receivable contractually due within one year, by segment as of March 31, 2012:
(in millions) | Marine Engine |  | Boat |  | Fitness |  | Bowling & Billiards |  | Corporate |  | Total
Recourse Receivables: |  |  |  |  |  |  |  |  |  |  |
Short-term | $ | — |  |  | $ | — |  |  | $ | 2.6 |  |  | $ | 8.1 |  |  | $ | — |  |  | $ | 10.7 |
Long-term | — |  |  | — |  |  | 1.6 |  |  | 4.8 |  |  | — |  |  | 6.4 |
Allowance for credit loss | — |  |  | — |  |  | (1.6 | ) |  | (6.4 | ) |  | — |  |  | (8.0 | )
Total | — |  |  | — |  |  | 2.6 |  |  | 6.5 |  |  | — |  |  | 9.1 |
Third-Party Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term | 5.1 |  |  | 2.7 |  |  | 32.6 |  |  | 0.2 |  |  | — |  |  | 40.6 |
Long-term | — |  |  | — |  |  | 29.5 |  |  | — |  |  | — |  |  | 29.5 |
Allowance for credit loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 5.1 |  |  | 2.7 |  |  | 62.1 |  |  | 0.2 |  |  | — |  |  | 70.1 |
Other Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term | 9.1 |  |  | 2.9 |  |  | 3.4 |  |  | — |  |  | 4.6 |  |  | 20.0 |
Long-term | 4.0 |  |  | 0.6 |  |  | 0.4 |  |  | — |  |  | — |  |  | 5.0 |
Allowance for credit loss | — |  |  | (2.5 | ) |  | (0.4 | ) |  | — |  |  | — |  |  | (2.9 | )
Total | 13.1 |  |  | 1.0 |  |  | 3.4 |  |  | — |  |  | 4.6 |  |  | 22.1 |
Total Financing Receivables | $ | 18.2 |  |  | $ | 3.7 |  |  | $ | 68.1 |  |  | $ | 6.7 |  |  | $ | 4.6 |  |  | $ | 101.3 |
The following are the Company’s financing receivables, excluding trade accounts receivable contractually due within one year, by segment as of December 31, 2011:
(in millions) | Marine Engine |  | Boat |  | Fitness |  | Bowling & Billiards |  | Corporate |  | Total
Recourse Receivables: |  |  |  |  |  |  |  |  |  |  |
Short-term | $ | — |  |  | $ | — |  |  | $ | 3.0 |  |  | $ | 8.3 |  |  | $ | — |  |  | $ | 11.3 |
Long-term | — |  |  | — |  |  | 1.2 |  |  | 4.9 |  |  | — |  |  | 6.1 |
Allowance for credit loss | — |  |  | — |  |  | (1.8 | ) |  | (6.6 | ) |  | — |  |  | (8.4 | )
Total | — |  |  | — |  |  | 2.4 |  |  | 6.6 |  |  | — |  |  | 9.0 |
Third-Party Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term | 8.3 |  |  | 2.9 |  |  | 33.6 |  |  | 0.2 |  |  | — |  |  | 45.0 |
Long-term | — |  |  | — |  |  | 33.1 |  |  | 0.1 |  |  | — |  |  | 33.2 |
Allowance for credit loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | 8.3 |  |  | 2.9 |  |  | 66.7 |  |  | 0.3 |  |  | — |  |  | 78.2 |
Other Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term | 6.1 |  |  | 2.6 |  |  | 6.0 |  |  | — |  |  | 7.5 |  |  | 22.2 |
Long-term | 4.1 |  |  | 0.8 |  |  | 0.4 |  |  | — |  |  | 0.4 |  |  | 5.7 |
Allowance for credit loss | — |  |  | (2.6 | ) |  | (0.4 | ) |  | — |  |  | — |  |  | (3.0 | )
Total | 10.2 |  |  | 0.8 |  |  | 6.0 |  |  | — |  |  | 7.9 |  |  | 24.9 |
Total Financing Receivables | $ | 18.5 |  |  | $ | 3.7 |  |  | $ | 75.1 |  |  | $ | 6.9 |  |  | $ | 7.9 |  |  | $ | 112.1 |
The following table sets forth activity related to the allowance for credit loss on financing receivables during the three months ended March 31, 2012:
(in millions) | Boat |  | Fitness |  | Bowling & Billiards |  | Total
Recourse Receivables: |  |  |  |  |  |  |
Beginning balance | $ | — |  |  | $ | 1.8 |  |  | $ | 6.6 |  |  | $ | 8.4 |
Current period provision | — |  |  | 0.8 |  |  | — |  |  | 0.8 |
Direct write-downs | — |  |  | — |  |  | (0.2 | ) |  | (0.2 | )
Recoveries | — |  |  | (1.0 | ) |  | — |  |  | (1.0 | )
Ending balance | $ | — |  |  | $ | 1.6 |  |  | $ | 6.4 |  |  | $ | 8.0 |
Other Receivables: |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 2.6 |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 3.0 |
Current period provision | — |  |  | — |  |  | — |  |  | — |
Direct write-downs | — |  |  | — |  |  | — |  |  | — |
Recoveries | (0.1 | ) |  | — |  |  | — |  |  | (0.1 | )
Ending balance | $ | 2.5 |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 2.9 |
The following table sets forth activity related to the allowance for credit loss on financing receivables during the three months ended April 2, 2011:
(in millions) | Boat |  | Fitness |  | Bowling & Billiards |  | Corporate |  | Total
Recourse Receivables: |  |  |  |  |  |  |  |  |
Beginning balance | $ | — |  |  | $ | 1.4 |  |  | $ | 8.2 |  |  | $ | — |  |  | $ | 9.6 |
Current period provision | — |  |  | 0.9 |  |  | — |  |  | — |  |  | 0.9 |
Direct write-downs | — |  |  | (0.1 | ) |  | (0.4 | ) |  | — |  |  | (0.5 | )
Ending balance | $ | — |  |  | $ | 2.2 |  |  | $ | 7.8 |  |  | $ | — |  |  | $ | 10.0 |
Other Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 0.8 |  |  | $ | 0.7 |  |  | $ | — |  |  | $ | 2.8 |  |  | $ | 4.3 |
Recoveries | — |  |  | (0.1 | ) |  | — |  |  | (2.8 | ) |  | (2.9 | )
Ending balance | $ | 0.8 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.4 |

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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=6951925&loc=SL6953791-111525 + Details
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