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Restructuring, Exit and Integration Activities | 9 Months Ended
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Sep. 29, 2018
Restructuring and Related Activities [Abstract] |
Restructuring, Exit and Integration Activities [Text Block] | Restructuring, Exit, Integration and Impairment Activities In the third quarter of 2018, the Company recorded an impairment charge for the Cybex trade name as a result of declining operating performance and projected declines in sales. The Company used a relief-from-royalty analysis, using Level 3 inputs, to assess the fair value of the Cybex trade name. The impairment charge was recorded within the Fitness segment. In the second quarter of 2018, the Company ended the sale process of its Sea Ray business and as a result of a change in the plan of sale, recorded an impairment of long-lived assets as discussed in Note 3 – Discontinued Operations. During the second and third quarters of 2018, the Company recorded additional charges in connection with the wind down of Sport Yacht and Yacht production, mainly relating to inventory write-downs, increased warranty liabilities and employee severance and retention bonuses. The Company also incurred transaction costs during the sale process. These costs were partially offset by the reversal of the valuation allowance in the second quarter of 2018 for estimated transaction costs which was recorded when the assets and liabilities of Sea Ray were initially reclassified as held for sale. In 2018 and 2017, the Company executed headcount reductions in the Fitness and Boat segments aimed at improving general operating efficiencies. In 2018 and 2017, the Company recorded charges within Corporate related to the transition of certain corporate officers. In 2018 and 2017, the Company executed integration activities within the Fitness segment related to its acquisition of Cybex. In the first quarter of 2017, the Company announced the closure of its boat manufacturing facility in Joinville, Santa Catarina, Brazil, as a result of continued market weakness due partially to unfavorable foreign currency impacts in the region. As a result, the Company recorded restructuring, exit, integration and impairment charges, including the write-down of inventory. The facility manufactured certain Bayliner and Sea Ray boat models for the Latin American market. The long-lived assets at this facility were previously fully impaired. The following table is a summary of the expense associated with the restructuring, exit, integration and impairment activities for the three months ended September 29, 2018 and September 30, 2017, as discussed above:
| September 29, 2018 |  | September 30, 2017
(in millions) | Fitness |  | Boat |  | Total |  | Fitness |  | Total
Restructuring and exit activities: |  |  |  |  |  |  |  |  |
Employee termination and other benefits | $ | 0.3 |  |  | $ | 1.7 |  |  | $ | 2.0 |  |  | $ | 1.6 |  |  | $ | 1.6 |
Current asset write-downs (gains on disposal) | (0.1 | ) |  | 3.2 |  |  | 3.1 |  |  | 2.6 |  |  | 2.6 |
Professional fees | — |  |  | 1.2 |  |  | 1.2 |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | 0.4 |  |  | 0.4 |
Asset disposition and impairment actions: |  |  |  |  |  |  |  |  |
Trade name impairment | 8.1 |  |  | — |  |  | 8.1 |  |  | — |  |  | — |
Definite-lived and other asset impairments | — |  |  | 3.3 |  |  | 3.3 |  |  | — |  |  | — |
Integration activities: |  |  |  |  |  |  |  |  |
Employee termination and other benefits | — |  |  | — |  |  | — |  |  | 0.4 |  |  | 0.4 |
Professional fees | — |  |  | — |  |  | — |  |  | 1.6 |  |  | 1.6 |
Other | — |  |  | — |  |  | — |  |  | 0.2 |  |  | 0.2 |
Total restructuring, exit, integration and impairment charges | $ | 8.3 |  |  | $ | 9.4 |  |  | $ | 17.7 |  |  | $ | 6.8 |  |  | $ | 6.8 |
Total cash payments for restructuring, exit, integration and impairment charges (A) | $ | 0.7 |  |  | $ | 7.4 |  |  | $ | 8.3 |  |  | $ | 3.1 |  |  | $ | 4.1 |
Accrued charges at end of the period (B) | $ | 0.6 |  |  | $ | 11.5 |  |  | $ | 12.8 |  |  | $ | 7.0 |  |  | $ | 10.4 |
(A) Total cash payments for the three months ended September 29, 2018 also include $0.2 million of payments for Corporate restructuring, exit, integration and impairment charges. Total cash payments for the three months ended September 30, 2017 also include $0.7 million and $0.3 million of payments for Boat and Corporate restructuring, exit, integration and impairment charges, respectively. Cash payments may include payments related to prior period charges. (B) Restructuring, exit, integration and impairment charges accrued as of September 29, 2018 also include $0.7 million of Corporate charges. Restructuring, exit, integration and impairment charges accrued as of September 30, 2017 also include $2.8 million and $0.6 million of Boat and Corporate charges, respectively. The accrued charges are expected to be paid during 2018 and 2019. The following table is a summary of the expense associated with the restructuring, exit, integration and impairment activities for the nine months ended September 29, 2018 and September 30, 2017, as discussed above:
| September 29, 2018 |  | September 30, 2017
(in millions) | Corporate |  | Fitness |  | Boat |  | Total |  | Corporate |  | Fitness |  | Boat |  | Total
Restructuring and exit activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee termination and other benefits | $ | 0.7 |  |  | $ | 1.5 |  |  | $ | 8.4 |  |  | $ | 10.6 |  |  | $ | 2.4 |  |  | $ | 3.7 |  |  | $ | 2.6 |  |  | $ | 8.7 |
Current asset write-downs (gains on disposal) | — |  |  | (0.7 | ) |  | 18.7 |  |  | 18.0 |  |  | — |  |  | 2.6 |  |  | 7.2 |  |  | 9.8 |
Professional fees | — |  |  | — |  |  | 4.7 |  |  | 4.7 |  |  | — |  |  | — |  |  | 0.8 |  |  | 0.8 |
Other | — |  |  | — |  |  | 6.0 |  |  | 6.0 |  |  | — |  |  | 0.4 |  |  | 1.0 |  |  | 1.4 |
Asset disposition and impairment actions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade name impairment | — |  |  | 8.1 |  |  | — |  |  | 8.1 |  |  | — |  |  | — |  |  | — |  |  | — |
Definite-lived and other asset impairments | — |  |  | 0.4 |  |  | 12.7 |  |  | 13.1 |  |  | — |  |  | — |  |  | — |  |  | — |
Valuation allowance reversal | — |  |  | — |  |  | (5.0 | ) |  | (5.0 | ) |  | — |  |  | — |  |  | — |  |  | — |
Integration activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee termination and other benefits | — |  |  | 0.0 |  |  | — |  |  | 0.0 |  |  | — |  |  | 2.4 |  |  | — |  |  | 2.4 |
Professional fees | — |  |  | 0.7 |  |  | — |  |  | 0.7 |  |  | — |  |  | 4.2 |  |  | — |  |  | 4.2 |
Other | — |  |  | 0.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.4 |  |  | — |  |  | 0.4 |
Total restructuring, exit, integration and impairment charges | $ | 0.7 |  |  | $ | 10.1 |  |  | $ | 45.5 |  |  | $ | 56.3 |  |  | $ | 2.4 |  |  | $ | 13.7 |  |  | $ | 11.6 |  |  | $ | 27.7 |
Total cash payments for restructuring, exit, integration and impairment charges (A) | $ | 0.5 |  |  | $ | 6.5 |  |  | $ | 8.6 |  |  | $ | 15.6 |  |  | $ | 1.0 |  |  | $ | 8.0 |  |  | $ | 3.5 |  |  | $ | 12.5 |
Accrued charges at end of the period (B) | $ | 0.7 |  |  | $ | 0.6 |  |  | $ | 11.5 |  |  | $ | 12.8 |  |  | $ | 0.6 |  |  | $ | 7.0 |  |  | $ | 2.8 |  |  | $ | 10.4 |
(A) Cash payments may include payments related to prior period charges. (B) The accrued charges are expected to be paid during 2018 and 2019.

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- References No definition available. + Details
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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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