XML 34 R12.htm IDEA: XBRL DOCUMENT
v3.19.3

Restructuring, Exit and Integration Activities | 9 Months Ended
--- | ---
Sep. 28, 2019
Restructuring and Related Activities [Abstract] |
Restructuring, Exit and Integration Activities [Text Block] | Restructuring, Exit and Impairment Activities During 2019, the Company recorded restructuring charges within the Boat segment related to consolidating its commercial and government products operations in order to rationalize its product line to better align with customer demand. In addition, the Company announced headcount reductions aimed at streamlining the cost structure of its enterprise-wide general and administrative functions. The Company estimates approximately $13 million of charges will be incurred across the organization related to this action, with the majority recognized in the first nine months of 2019. 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. In connection with this action, the Company recorded charges beginning in the second quarter of 2018 associated 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 for estimated transaction costs which was recorded when the assets and liabilities of Sea Ray were initially reclassified as held for sale. In 2018, the Company also executed headcount reductions in the Boat segment aimed at improving general operating efficiencies as well as recorded charges within Corporate related to the transition of certain corporate officers. The Company recorded restructuring, exit and impairment charges in the Condensed Consolidated Statements of Comprehensive Income as a result of the activities described above. The following table is a summary of the expense associated with the restructuring, exit and impairment activities discussed above for the three months ended September 28, 2019 and September 29, 2018:
| September 28, 2019 |  | September 29, 2018
(in millions) | Boat |  | Corporate |  | Marine Engine |  | Total |  | Boat |  | Total
Restructuring and exit activities: |  |  |  |  |  |  |  |  |  |  |
Employee termination and other benefits | $ | 2.5 |  |  | $ | 0.1 |  |  | $ | 3.5 |  |  | $ | 6.1 |  |  | $ | 1.7 |  |  | $ | 1.7 |
Current asset write-downs | — |  |  | — |  |  | — |  |  | — |  |  | 3.2 |  |  | 3.2 |
Professional fees | 0.8 |  |  | 0.4 |  |  | — |  |  | 1.2 |  |  | 1.2 |  |  | 1.2 |
Other | 0.1 |  |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | — |
Asset disposition and impairment actions: |  |  |  |  |  |  |  |  |  |  |
Definite-lived and other asset impairments | — |  |  | — |  |  | — |  |  | — |  |  | 3.3 |  |  | 3.3 |
Total restructuring, exit and impairment charges | $ | 3.4 |  |  | $ | 0.5 |  |  | $ | 3.5 |  |  | $ | 7.4 |  |  | $ | 9.4 |  |  | $ | 9.4 |
Total cash payments for restructuring, exit and impairment charges (A) | $ | 2.9 |  |  | $ | 1.4 |  |  | $ | 1.7 |  |  | $ | 6.0 |  |  | $ | 7.4 |  |  | $ | 7.6 |
Accrued charges at end of the period (B) | $ | 9.4 |  |  | $ | 3.2 |  |  | $ | 2.4 |  |  | $ | 15.0 |  |  | $ | 11.5 |  |  | $ | 12.2 |
(A) Cash payments for the three months ended September 28, 2019 and September 29, 2018 may include payments related to prior period charges. Total cash payments for the three months ended September 29, 2018 also include $0.2 million of payments for Corporate restructuring, exit and impairment charges. (B) Restructuring, exit and impairment charges accrued as of September 28, 2019 are expected to be paid during 2019 and 2020. Restructuring, exit and impairment charges accrued as of September 29, 2018 also include $0.7 million of Corporate charges. The following table is a summary of the expense associated with the restructuring, exit and impairment activities discussed above for the nine months ended September 28, 2019 and September 29, 2018:
| September 28, 2019 |  | September 29, 2018
(in millions) | Boat |  | Corporate |  | Marine Engine |  | Total |  | Boat |  | Corporate |  | Total
Restructuring and exit activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Employee termination and other benefits | $ | 3.1 |  |  | $ | 2.4 |  |  | $ | 4.1 |  |  | $ | 9.6 |  |  | $ | 8.4 |  |  | $ | 0.7 |  |  | $ | 9.1 |
Current asset write-downs | 0.4 |  |  | — |  |  | — |  |  | 0.4 |  |  | 18.7 |  |  | — |  |  | 18.7 |
Professional fees | 1.1 |  |  | 1.5 |  |  | — |  |  | 2.6 |  |  | 4.7 |  |  | — |  |  | 4.7 |
Other | 0.5 |  |  | — |  |  | — |  |  | 0.5 |  |  | 6.0 |  |  | — |  |  | 6.0 |
Asset disposition and impairment actions: |  |  |  |  |  |  |  |  |  |  |  |  |
Definite-lived and other asset impairments | 2.9 |  |  | — |  |  | — |  |  | 2.9 |  |  | 12.7 |  |  | — |  |  | 12.7 |
Valuation allowance reversal | — |  |  | — |  |  | — |  |  | — |  |  | (5.0 | ) |  | — |  |  | (5.0 | )
Total restructuring, exit and impairment charges | $ | 8.0 |  |  | $ | 3.9 |  |  | $ | 4.1 |  |  | $ | 16.0 |  |  | $ | 45.5 |  |  | $ | 0.7 |  |  | $ | 46.2 |
Total cash payments for restructuring, exit and impairment charges (A) | $ | 10.6 |  |  | $ | 1.7 |  |  | $ | 1.7 |  |  | $ | 14.0 |  |  | $ | 8.6 |  |  | $ | 0.5 |  |  | $ | 9.1 |
Accrued charges at end of the period (B) | $ | 9.4 |  |  | $ | 3.2 |  |  | $ | 2.4 |  |  | $ | 15.0 |  |  | $ | 11.5 |  |  | $ | 0.7 |  |  | $ | 12.2 |
(A) Cash payments for the nine months ended September 28, 2019 and September 29, 2018 may include payments related to prior period charges. (B) Restructuring, exit and impairment charges accrued as of September 28, 2019 are expected to be paid during 2019 and 2020.

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration