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Debt | 9 Months Ended
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Sep. 28, 2024
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | Debt The following table provides the changes in the Company's debt for the nine months ended September 28, 2024:
(in millions) |  | Short-term debt and current maturities of long-term debt |  | Long-term debt |  | Total
Balance as of December 31, 2023 |  | $ | 454.7 |  |  | $ | 1,975.7 |  |  | $ | 2,430.4 |
Proceeds from issuances of debt (A) (B) |  | 200.8 |  |  | 396.9 |  |  | 597.7 |
Repayments of debt (C) |  | (459.3) |  |  | — |  |  | (459.3) |
Reclassification of long-term debt |  | 1.9 |  |  | (1.9) |  |  | — |
Other |  | 1.1 |  |  | 2.0 |  |  | 3.1 |
Balance as of September 28, 2024 |  | $ | 199.2 |  |  | $ | 2,372.7 |  |  | $ | 2,571.9 |
(A) During the third quarter of 2024, the Company had short-term borrowings under its unsecured commercial paper program of $195.0 million. (B) During the first quarter of 2024, $400.0 million of 5.850% Senior Notes due 2029 were issued. (C) During the third quarter of 2024, the Company made the remaining principal repayments, totaling $450.0 million, of its 0.850% Senior Notes due 2024. As of September 28, 2024, Brunswick was in compliance with the financial covenants associated with its debt. 2024 Notes During the third quarter of 2024, the Company made the remaining principal repayments, totaling $450.0 million, of its 0.850% Senior Notes due 2024. The 2024 Notes were repaid at 100 percent of the principal amount plus accrued interest in accordance with the provisions of the notes. 2029 Notes In March 2024, the Company issued an aggregate principal amount of $400.0 million of 5.850% Senior Notes due 2029 (the 2029 Notes) in a public offering, which resulted in aggregate net proceeds to the Company of $396.9 million. The Company intends to use the net proceeds from the sale of the 2029 Notes for general corporate purposes, which may include the repayment, repurchase or redemption of certain of its outstanding securities. The 2029 Notes bear interest at a rate of 5.850% per year. Interest on the 2029 Notes is payable semiannually in arrears on March 18 and September 18 of each year, and the first interest payment date was September 18, 2024. The 2029 Notes will mature on March 18, 2029. The Company may, at its option, redeem the 2029 Notes, in whole or in part, at any time and from time to time prior to maturity. If the Company elects to redeem any (or all) of the 2029 Notes at any time prior to February 18, 2029 (the date that is one month prior to the maturity of the 2029 Notes), it will pay a "make-whole" redemption price set forth in the Sixth Supplemental Indenture dated as of March 18, 2024 (Sixth Supplemental Indenture) to the Indenture dated as of October 3, 2018. On or after February 18, 2029, the Company may, at its option, redeem the 2029 Notes, in whole or in part at any time and from time to time, at a redemption price equal to 100% of the principal amount thereof. In addition to the redemption price, the Company will pay accrued and unpaid interest, if any. If the Company experiences a change of control triggering event with respect to the 2029 Notes, as defined in the Sixth Supplemental Indenture, each holder of the 2029 Notes may require the Company to repurchase some or all of its 2029 Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest. Debentures During the third quarter of 2023, the Company made the remaining principal repayments, totaling $79.7 million, of its 7.375% debentures due 2023. The debentures were repaid at 100 percent of the principal amount plus accrued interest in accordance with the provisions of the debentures. Credit Facility The Company maintains a Revolving Credit Agreement (Credit Facility). During the nine months ended September 28, 2024 and September 30, 2023, there were no borrowings under the Credit Facility. As of September 28, 2024, available borrowing capacity totaled $747.0 million, net of $3.0 million of letters of credit outstanding under the Credit Facility. As of September 30, 2023, available borrowing capacity totaled $741.9 million, net of $8.1 million of letters of credit outstanding under the Credit Facility. Refer to Note 14 in the Notes to Consolidated Financial Statements in the 2023 Form 10-K for details regarding Brunswick's Credit Facility. Commercial Paper The Company maintains an unsecured commercial paper program (CP Program) pursuant to which the Company may issue short-term, unsecured commercial paper notes (CP Notes). During the nine months ended September 28, 2024, borrowings under the CP Program totaled $720.0 million. As of September 28, 2024, the Company had $195.0 million of borrowings outstanding under the CP Program. During the nine months ended September 28, 2024, the maximum amount utilized under the CP Program was $245.0 million. During the nine months ended September 30, 2023, borrowings under the CP Program totaled $410.0 million, all of which were repaid during the period. During the nine months ended September 30, 2023, the maximum amount utilized under the CP Program was $125.0 million. Refer to Note 14 in the Notes to Consolidated Financial Statements in the 2023 Form 10-K for details regarding Brunswick's CP Program. Refer to Note 14 – Subsequent Events for a discussion of the Company's redemption of its 7.125% Notes due 2027 and amendment to its Credit Facility and CP Program.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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