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Restructuring, Exit and Integration Activities | 9 Months Ended
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Sep. 30, 2023
Restructuring and Related Activities [Abstract] |
Restructuring, Exit and Integration Activities [Text Block] | Restructuring, Exit and Impairment Activities The Company recorded restructuring, exit and impairment charges in the Condensed Consolidated Statements of Comprehensive Income in 2023. During the three and nine months ended September 30, 2023, the Company recorded restructuring charges within all segments related to headcount reductions and related costs associated with streamlining the enterprise-wide cost structure and improving operating efficiencies. The Company estimates approximately $35 to $40 million of charges will be incurred related to these actions during 2023. The Company estimates these actions will result in approximately $40 million of annualized cost savings. The following table is a summary of these expenses for the three months ended September 30, 2023:
(in millions) | Propulsion |  | Engine P&A |  | Navico Group |  | Boat |  | Corporate |  | Total |  |  |  |  |  |  |  |
Restructuring, exit and impairment activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee termination and other benefits | $ | 2.7 |  |  | $ | 2.3 |  |  | $ | 0.6 |  |  | $ | 5.1 |  |  | $ | 1.2 |  |  | $ | 11.9 |  |  |  |  |  |  |  |  |
Asset-related (A) | — |  |  | — |  |  | 4.4 |  |  | — |  |  | — |  |  | 4.4 |  |  |  |  |  |  |  |  |
Total restructuring, exit and impairment charges | $ | 2.7 |  |  | $ | 2.3 |  |  | $ | 5.0 |  |  | $ | 5.1 |  |  | $ | 1.2 |  |  | $ | 16.3 |  |  |  |  |  |  |  |  |
Total cash payments for restructuring, exit and impairment charges (B) | $ | 0.8 |  |  | $ | 1.4 |  |  | $ | 3.2 |  |  | $ | 3.7 |  |  | $ | 2.4 |  |  | $ | 11.5 |  |  |  |  |  |  |  |  |
Accrued charges at end of the period (C) | $ | 1.9 |  |  | $ | 1.4 |  |  | $ | 5.7 |  |  | $ | 2.6 |  |  | $ | 0.8 |  |  | $ | 12.4 |  |  |  |  |  |  |  |  |
(A) Includes impairment charges of $3.0 million associated with the Company's decision to no longer go to market under the Garelick trade name. (B) Cash payments for the three months ended September 30, 2023 may include payments related to prior period charges. (C) Restructuring, exit and impairment charges accrued as of September 30, 2023 are expected to be paid in the next twelve months. The following table is a summary of these expenses for the nine months ended September 30, 2023:
(in millions) | Propulsion |  | Engine P&A |  | Navico Group |  | Boat |  | Corporate |  | Total |  |  |  |  |  |  |  |
Restructuring, exit and impairment activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee termination and other benefits | $ | 2.7 |  |  | $ | 3.3 |  |  | $ | 10.1 |  |  | $ | 11.0 |  |  | $ | 1.9 |  |  | $ | 29.0 |  |  |  |  |  |  |  |  |
Asset-related (A) | — |  |  | — |  |  | 5.8 |  |  | — |  |  | — |  |  | 5.8 |  |  |  |  |  |  |  |  |
Professional fees | — |  |  | — |  |  | — |  |  | — |  |  | 4.9 |  |  | 4.9 |  |  |  |  |  |  |  |  |
Total restructuring, exit and impairment charges | $ | 2.7 |  |  | $ | 3.3 |  |  | $ | 15.9 |  |  | $ | 11.0 |  |  | $ | 6.8 |  |  | $ | 39.7 |  |  |  |  |  |  |  |  |
Total cash payments for restructuring, exit and impairment charges (B) | $ | 0.8 |  |  | $ | 1.9 |  |  | $ | 8.5 |  |  | $ | 8.4 |  |  | $ | 6.0 |  |  | $ | 25.6 |  |  |  |  |  |  |  |  |
Accrued charges at end of the period (C) | $ | 1.9 |  |  | $ | 1.4 |  |  | $ | 5.7 |  |  | $ | 2.6 |  |  | $ | 0.8 |  |  | $ | 12.4 |  |  |  |  |  |  |  |  |
(A) Includes impairment charges of $3.0 million associated with the Company's decision to no longer go to market under the Garelick trade name. (B) Cash payments for the nine months ended September 30, 2023 may include payments related to prior period charges. (C) Restructuring, exit and impairment charges accrued as of September 30, 2023 are expected to be paid in the next twelve months. The following table is a summary of these expenses for the three months ended October 1, 2022:
(in millions) |  |  | Navico Group |  | Boat (A) |  | Corporate (B) |  | Total |  |  |  |  |  |  |  |
Restructuring, exit and impairment activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee termination and other benefits |  |  | $ | 6.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 6.9 |  |  |  |  |  |  |  |  |
Asset-related |  |  | — |  |  | 0.3 |  |  | 17.4 |  |  | 17.7 |  |  |  |  |  |  |  |  |
Total restructuring, exit and impairment charges |  |  | $ | 6.9 |  |  | $ | 0.3 |  |  | $ | 17.4 |  |  | $ | 24.6 |  |  |  |  |  |  |  |  |
Total cash payments for restructuring, exit and impairment charges (C) |  |  | $ | 1.5 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 1.6 |  |  |  |  |  |  |  |  |
Accrued charges at end of the period |  |  | $ | 5.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 5.4 |  |  |  |  |  |  |  |  |
(A) Includes asset-related impairment charges, net of insurance recoveries, associated with Hurricane Ian. (B) Includes impairment charges of $17.4 million related to the Company's decision not to place certain capitalized software intangible assets into service during the three months ended October 1, 2022. (C) Cash payments for the three months ended October 1, 2022 may include payments related to prior period charges. The following table is a summary of these expenses for the nine months ended October 1, 2022:
(in millions) |  |  | Navico Group |  | Boat (A) |  | Corporate (B) |  | Total |  |  |  |  |  |  |  |
Restructuring, exit and impairment activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee termination and other benefits |  |  | $ | 6.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 6.9 |  |  |  |  |  |  |  |  |
Asset-related |  |  | — |  |  | 0.3 |  |  | 17.4 |  |  | 17.7 |  |  |  |  |  |  |  |  |
Total restructuring, exit and impairment charges |  |  | $ | 6.9 |  |  | $ | 0.3 |  |  | $ | 17.4 |  |  | $ | 24.6 |  |  |  |  |  |  |  |  |
Total cash payments for restructuring, exit and impairment charges (C) |  |  | $ | 1.5 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | 1.7 |  |  |  |  |  |  |  |  |
Accrued charges at end of the period |  |  | $ | 5.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 5.4 |  |  |  |  |  |  |  |  |
(A) Includes asset-related impairment charges, net of insurance recoveries, associated with Hurricane Ian. (B) Includes impairment charges of $17.4 million related to the Company's decision not to place certain capitalized software intangible assets into service during the three months ended October 1, 2022. (C) Cash payments for the nine months ended October 1, 2022 may include payments related to prior period charges.

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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/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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