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Investments | 3 Months Ended
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Mar. 31, 2012
Investments [Abstract] |
Investments | Note 10 – Investments Investments in Marketable Securities The Company invests a portion of its cash reserves in marketable debt securities. These investments, which have an original maturity of up to two years, are reported in either Short-term or Long-term investments in marketable securities on the Condensed Consolidated Balance Sheets. Furthermore, the debt securities have readily determinable market values and are being accounted for as available-for-sale investments. These investments are recorded at fair market value with unrealized gains and losses reflected in Accumulated other comprehensive loss, a component of Shareholders’ equity on the Company’s Condensed Consolidated Balance Sheets, on an after-tax basis. The following is a summary of the Company’s available-for-sale securities as of March 31, 2012:
(in millions) | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value (net carrying amount)
Agency Bonds | $ | 58.2 |  |  | $ | — |  |  | $ | (0.1 | ) |  | $ | 58.1 |
Corporate Bonds | 41.4 |  |  | — |  |  | — |  |  | 41.4 |
Commercial Paper | 19.5 |  |  | — |  |  | — |  |  | 19.5 |
U.S. Treasury Bills | 0.8 |  |  | — |  |  | — |  |  | 0.8 |
Total available-for-sale securities | $ | 119.9 |  |  | $ | — |  |  | $ | (0.1 | ) |  | $ | 119.8 |
The following is a summary of the Company’s available-for-sale securities as of December 31, 2011:
(in millions) | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value (net carrying amount)
Agency Bonds | $ | 97.7 |  |  | $ | — |  |  | $ | (0.1 | ) |  | $ | 97.6 |
Corporate Bonds | 51.7 |  |  | — |  |  | — |  |  | 51.7 |
Commercial Paper | 19.5 |  |  | — |  |  | — |  |  | 19.5 |
U.S. Treasury Bills | 0.8 |  |  | — |  |  | — |  |  | 0.8 |
Total available-for-sale securities | $ | 169.7 |  |  | $ | — |  |  | $ | (0.1 | ) |  | $ | 169.6 |
The net carrying value and estimated fair value of debt securities at March 31, 2012, by contractual maturity, are shown below:
(in millions) | Amortized cost |  | Fair value (net carrying amount)
Available-for-sale debt securities: |  |  |
Due in one year or less | $ | 63.9 |  |  | $ | 63.9 |
Due after one year through two years | 56.0 |  |  | 55.9 |
Total available-for-sale debt securities | $ | 119.9 |  |  | $ | 119.8 |
The net carrying value and estimated fair value of debt securities at December 31, 2011, by contractual maturity, are shown below:
(in millions) | Amortized cost |  | Fair value (net carrying amount)
Available-for-sale debt securities: |  |  |
Due in one year or less | $ | 76.7 |  |  | $ | 76.7 |
Due after one year through two years | 93.0 |  |  | 92.9 |
Total available-for-sale debt securities | $ | 169.7 |  |  | $ | 169.6 |
There were $52.0 million in sales and $57.5 million in redemptions of available-for-sale securities during the three months ended March 31, 2012. There were $10.0 million in sales and $10.0 million in redemptions of available-for-sale securities during the three months ended April 2, 2011. The net adjustment to Unrealized investment losses on available-for-sale securities included in Accumulated other comprehensive loss on the Condensed Consolidated Balance Sheets was $(0.1) million and $(0.1) million during the three months ended March 31, 2012 and April 2, 2011. At each reporting date, management reviews the debt securities to determine if any loss in the value of a security below its amortized cost should be considered “other-than-temporary.” For the evaluation, management determines whether it intends to sell, or if it is more likely than not that it will be required to sell, the securities. This determination considers current and forecasted liquidity requirements, regulatory and capital requirements and the strategy for managing the Company’s securities portfolio. For all impaired debt securities for which there was no intent or expected requirement to sell, the evaluation considers all available evidence to assess whether it is likely the amortized cost value will be recovered. The Company also considers the nature of the securities, the credit rating or financial condition of the issuer, the extent and duration of the unrealized loss, market conditions and whether the Company intends to sell or whether it is more likely than not the Company will be required to sell the debt securities. The Company has not made a decision to sell securities with unrealized losses and believes it is more likely than not that it would not be required to sell such securities before recovering its amortized cost. Based on the results of this evaluation, management concluded that as of March 31, 2012, the unrealized losses related to debt securities are temporary. The majority of the unrealized losses relates to changes in interest rates and market spreads subsequent to purchase. The Company does not consider the credit-related unrealized losses on its debt securities to be material. The securities that have unrealized losses at March 31, 2012, are Agency Bonds that are highly-rated. Equity Investments The Company has certain unconsolidated international and domestic affiliates that are accounted for using the equity method. Refer to Note 12 – Financial Services for more details on the Company’s Brunswick Acceptance Company, LLC joint venture. Refer to Note 7 to the consolidated financial statements in the 2011 Form 10-K for further detail relating to the Company’s investments.

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- Definition Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 -Topic 320 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 -Topic 320 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 + Details
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