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Acquisitions (Notes) | 6 Months Ended
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Jun. 29, 2019
Business Combinations [Abstract] |
Business Combination Disclosure [Text Block] | Acquisitions 2019 Acquisitions On May 21, 2019, the Company acquired 100 percent of Freedom Boat Club, a leading boat club operator based in Florida. The acquisition expands the Company's presence and scale within the emerging and fast-growing boat club market, providing its over 20,000 members access to a fleet of nearly 2,500 boats. Freedom Boat Club is included as part of the Company's Boat segment. The net cash consideration the Company paid to acquire Freedom Boat Club was $64.4 million. The preliminary opening balance sheet included $29.2 million of identifiable intangible assets, including customer relationships, franchise agreements and trade names for $11.1 million, $4.9 million and $13.2 million, respectively, along with $26.0 million of goodwill, most of which is deductible for tax purposes. The amount assigned to Freedom Boat Club's customer relationships and franchise agreements will be amortized over their estimated useful lives of approximately 10 years and 15 years, respectively. These amounts recorded are preliminary and are subject to change within the measurement period as the Company finalizes its fair value estimates. 2018 Acquisitions On August 9, 2018, the Company completed its acquisition of the Global Marine & Mobile business of Power Products Holdings, LLC (Power Products) for $909.6 million in cash, on a cash-free, debt-free basis. Brunswick used proceeds from a combination of 364-day, three-year and five-year term loans (Term Loans) totaling $800.0 million as described in the 2018 Form 10-K along with cash on hand to fund this acquisition. Power Products is a leading provider of electrical products to marine and other recreational and specialty vehicle markets. The acquisition advances Brunswick’s leadership by adding integrated electrical systems solutions to the marine market and an array of other mobile, specialty vehicle and industrial applications. Power Products is managed as part of the Marine Engine segment. The purchase price allocation for certain deferred tax balances and contingency reserves is preliminary and subject to change within the allowed measurement period as the Company finalizes its fair value estimates. The following table is a summary of the assets acquired, liabilities assumed and net cash consideration paid for the Power Products acquisition during 2018:
(in millions) | Fair Value |  | Useful Life
Accounts and notes receivable | $ | 38.3 |  |  |
Inventory | 64.3 |  |  |
Goodwill (A) (B) | 351.6 |  |  |
Trade names | 111.0 |  |  | Indefinite
Customer relationships | 430.0 |  |  | 15 years
Property and equipment | 10.6 |  |  |
Other assets | 5.6 |  |  |
Total assets acquired | 1,011.4 |  |  |
Accounts payable (B) | 27.3 |  |  |
Accrued expenses (B) | 19.8 |  |  |
Deferred tax liabilities | 54.7 |  |  |
Total liabilities assumed | 101.8 |  |  |
Net cash consideration paid | $ | 909.6 |  |  |
(A) The goodwill recorded for the acquisition of Power Products is partially deductible for tax purposes. (B) Includes $4.4 million and $3.0 million of purchase accounting adjustments in the first and second quarters of 2019, respectively, primarily related to contingency reserves. Pro Forma Financial Information (Unaudited) The pro forma information has been prepared as if the Power Products acquisition and the related debt financing had occurred on January 1, 2018. These pro forma results are based on estimates and assumptions which the Company believes to be reasonable. They are not the results that would have been realized had the acquisition actually occurred on January 1, 2018 and are not necessarily indicative of Brunswick's consolidated net earnings in future periods. The pro forma results include adjustments primarily related to interest expense on the Term Loans and amortization of intangible assets.
| Three Months Ended |  | Six Months Ended
(in millions) | June 29, 2019 |  | June 30, 2018 |  | June 29, 2019 |  | June 30, 2018
Pro forma Net sales | $ | 1,163.5 |  |  | $ | 1,212.1 |  |  | $ | 2,214.2 |  |  | $ | 2,240.4 |
Pro forma Operating earnings | 162.7 |  |  | 100.5 |  |  | 276.8 |  |  | 183.7 |
Pro forma Net earnings from continuing operations | 112.0 |  |  | 64.9 |  |  | 189.7 |  |  | 118.0 |
The pro forma results reflect an effective income tax rate of 22.0 percent and 20.3 percent for the three months ended June 29, 2019 and June 30, 2018, respectively, and 21.1 percent and 21.7 percent for the six months ended June 29, 2019 and June 30, 2018, respectively.

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